0001214816-26-000203
SEC filingAXIS Capital 二季度净利大增，承保利润率承压，但投资与外汇收益强劲。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net premiums earned | $1,518,984K | $1,393,431K | +9% |
| Net investment income | $181,594K | $187,297K | -3% |
| Net investment gains | $46,735K | $43,468K | +8% |
| Total revenues | $1,752,914K | $1,632,858K | +7% |
| Net losses and loss expenses | $933,130K | $801,754K | +16% |
| Acquisition costs | $316,268K | $275,897K | +15% |
| General and administrative expenses | $164,889K | $161,078K | +2% |
| Underwriting income | $142,927K | $189,201K | -24% |
| Net income | $258,095K | $223,358K | +16% |
| Diluted EPS | $3.38 | $2.72 | +24% |
| Combined ratio | 93.1% | 88.9% | +420bps |
本季度净利增长主要受承保业务驱动，但承保利润率显著恶化。Net premiums earned 增长 9% 至 $1,518,984K，主要来自保险业务（+15%），而再保险业务下降 8%。承保利润下降 24% 至 $142,927K，综合成本率恶化 420bps 至 93.1%，主要因巨灾与天气损失增加（$80M，5.3 点）以及收购成本率上升。
盈利质量方面，净利增长 16% 至 $258,095K，但承保端利润率下滑被投资端收益部分抵消。Net investment income 下降 3% 至 $181,594K，主要因其他投资回报下降；Net investment gains 增长 8% 至 $46,735K，主要来自股票未实现收益。此外，公司确认了 $6M 重组费用，与运营精简和高管过渡相关。
| 分部 | 营收 | 同比 | 经营利润 | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Insurance | $1,187,160K | +15% | $119,362K | 10.0% | 保费增长强劲，但巨灾损失增加 |
| Reinsurance | $331,824K | -8% | $23,564K | 7.1% | 保费下降，承保利润下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Total investments | $16,588,829K | +$833,686K |
| Cash and cash equivalents | $780,002K | -$40,250K |
| Reserve for losses and loss expenses | $18,613,412K | +$491,156K |
| Debt | $1,317,502K | +$792K |
| Total shareholders' equity | $6,503,210K | +$146,775K |
| Operating cash flow | $1,150,940K | +$2,496,079K |