AXIS Capital (AXS) Q1 2026 earnings summary

Executive summary

• Net income available to common shareholders was $247 million ($3.29 per diluted share), up 33% year-over-year, with operating income of $257 million ($3.42 per diluted share).

• Gross premiums written increased 11% to $3.1 billion, driven by a 20% rise in the insurance segment; net premiums written rose 9%.

• Combined ratio improved to 89.8%, reflecting strong underwriting performance and operational enhancements.

• Book value per diluted common share increased 17.6% year-over-year to $78.19.

• Highest Net Promoter Scores recorded, reflecting improved customer value proposition and service.

Financial highlights

• Net income available to common shareholders: $247 million ($3.29 per diluted share); operating income: $257 million ($3.42 per diluted share).

• Annualized ROE: 17%; annualized operating ROE: 17.7%.

• Gross written premiums: $3.1 billion, up 11% year-over-year; insurance segment up 20% to $2.0 billion; reinsurance segment down 2% to $1.1 billion.

• Combined ratio: 89.8%; G&A ratio: 10.7% (down from 11.9% year-over-year).

• Underwriting income was $187 million, with catastrophe losses of $48 million (3.2% cat loss ratio), mainly from US winter weather and Middle East conflict.

Outlook and guidance

• Full-year G&A ratio target remains at 11%.

• Insurance underlying portfolio expected to grow low single digits; expanded lines high single digits; ACS to drive double-digit growth.

• Reinsurance premiums expected to be down double digits in 2026 due to selective cycle management.

• Continued focus on disciplined underwriting, capital allocation, and leveraging technology and talent for profitable growth.

• Ongoing investment in technology, data, and AI to drive efficiency and productivity.