PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Axis Capital Holdings Ltd. (AXS) on Wednesday reported first-quarter net income of $254.8 million.

The Pembroke, Bermuda-based company said it had profit of $3.29 per share. Earnings, adjusted for non-recurring costs, were $3.42 per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $3.23 per share.

The insurance company posted revenue of $1.64 billion in the period. Its adjusted revenue was $1.67 billion.

Axis Capital shares have decreased 8.5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $97.96, a climb of 1% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXS at https://www.zacks.com/ap/AXS