Axis Capital Holdings Ltd

Latest Results (12.05.2026):

Axis Capital Holdings Ltd — fourth quarter 2025 (Q4 2025): The company reported continued profitable growth with strong underwriting performance in Q4 and for the full year. Key Q4 metrics include a 90.4% combined ratio, $184 million of underwriting income (up 42% y/y) and an annualized ROACE of 19.4%; for the year Axis reported $979 million net income available to common shareholders ($12.35 diluted EPS), $1.0 billion operating income ($12.92 operating EPS), an 89.8% combined ratio and record gross premiums written of $9.6 billion.

Profitability & returns

Q4 annualized return on average common equity (ROACE) was 19.4% and annualized operating ROACE was 17.2%. For the year ended 2025, ROACE was 17.3% and operating ROACE 18.1%; operating income for the year was $1.0 billion (up 8% y/y).

Underwriting performance

Consolidated combined ratio was 90.4% in Q4 (down 3.8 points vs. Q4 2024) and 89.8% for the year (improved 2.5 points). Underwriting income was $184 million in Q4 (up $55M, +42%) and $725 million for the year (up $154M, +27%).

Premium growth

Q4 gross premiums written rose 12% to $2.21 billion and net premiums written increased 13% to $1.38 billion. For 2025 gross premiums written hit a record $9.6 billion (up 7% y/y) driven by a 9% increase in the Insurance segment to $7.2 billion.

Segment dynamics — Insurance vs. Reinsurance

The Insurance segment delivered stronger underwriting results: 86.1% combined ratio for the year and $597 million of underwriting income in 2025 (up 39.5% y/y). The Reinsurance segment produced a weaker but steady result with a 92.6% combined ratio for the year and $128 million underwriting income.

Catastrophes, reserves and loss trends

Q4 pre-tax catastrophe and weather-related losses were $30 million (2.0 points), including $17 million from Hurricane Melissa; net favorable prior-year reserve development was $30 million in Q4 and $87 million for the year, supporting combined-ratio improvement.

Investments & yields

Q4 net investment income was $187 million (year: $767 million). Book yield on fixed maturities was 4.6% at December 31, 2025 (market yield 4.7%). Q4 net investment gains were $14.6 million and the quarter saw a pre-tax increase in unrealized gains on fixed maturities of about $21 million.

Capital returns & book value

Axis returned $1.0 billion of capital to common shareholders in 2025 (repurchases $888M, dividends $139M). Book value per diluted common share was $77.20 at December 31, 2025 — up $11.93 (18.3%) versus December 31, 2024 and up $3.38 (4.6%) versus September 30, 2025.

Other notable items

Effective tax rates were 13.7% for the quarter and 17.7% for the year (reflecting operations across Bermuda, U.K., U.S. and Europe and Bermuda corporate tax changes). Management emphasized execution on its specialty strategy, operational efficiency programs and growth in new/expanded business lines.