AXS-PE · AXIS Capital Holdings Limited

AXIS Capital's first quarter 2026 results reflect continued execution of its specialty underwriting strategy, delivering strong profitability and growth. Net income available to common shareholders rose 33% year-over-year to $247 million, driven by a 15% increase in underwriting income to $187 million and a lower combined ratio of 89.8% (versus 90.2% in Q1 2025). The improvement in the combined ratio was primarily due to a lower catastrophe and weather-related loss ratio (3.2% vs. 3.7%) and a 1.2 percentage point reduction in the general and administrative expense ratio, reflecting efficiency gains from the 'How We Work' program. Gross premiums written grew 11% to $3.1 billion, led by a 20% surge in the Insurance segment, which benefited from expanded business classes and the new AXIS Capacity Solutions capability. The Reinsurance segment saw a slight 2% decline in gross premiums written as the company actively managed its portfolio toward short-tail lines. Net investment income decreased 11% to $185 million, primarily due to lower income from cash following the loss portfolio transfer transaction with Enstar in Q2 2025. Operating income of $257 million was down 2% year-over-year, but operating ROACE remained robust at 17.7%. The company returned $93 million to common shareholders through share repurchases ($60 million) and dividends ($33 million). Book value per diluted share increased 1.3% sequentially and 17.6% over the past twelve months to $78.19. Management highlighted the sustained strength of the operating model and the ability to drive profitable growth through investments in products, distribution, and innovation.