AXIS Capital (AXS) investor relations material

Executive summary

• Net income available to common shareholders for Q2 2026 was $251 million ($3.38 per diluted share), up 16% year-over-year; operating income was $211 million ($2.84 per share), down 19% year-over-year.

• Delivered strong Q2 results with 14.3% annualized operating ROE and 15% year-over-year growth in diluted book value per share, marking the 15th consecutive quarter of growth.

• Focused on specialty insurance and reinsurance, with disciplined cycle management and global distribution.

• Achieved robust insurance segment growth and maintained profitability through portfolio reshaping and disciplined underwriting.

• Strategic initiatives include technology adoption, talent acquisition, and expansion into new specialty lines.

Financial highlights

• Gross premiums written in Q2 increased 6% to $2.7 billion; insurance segment up 15% to $2.2 billion, reinsurance segment down 25% to $439 million.

• Combined ratio for Q2 was 93.1%, up 4.2 points year-over-year; insurance segment: 90.0%, reinsurance: 94.5%.

• Net income available to common shareholders was $251 million ($3.38 per diluted share); operating income was $211 million ($2.84 per share).

• Net investment income for Q2 was $182 million; book value per diluted common share was $80.67, up 14.7% year-over-year.

• Annualized ROE was 17%; annualized operating ROE was 14.3%.

Outlook and guidance

• Management expects ongoing pricing pressure and softening in property and casualty markets, with continued focus on disciplined underwriting and capital deployment.

• Full-year G&A ratio target remains at 11%, with continued investment in talent and technology.

• Technology and AI initiatives are expected to drive productivity and efficiency.

• Continued focus on expanding specialty insurance offerings and optimizing reinsurance platform.

• The company expects to generate attractive, risk-adjusted returns and profitable growth through 2026.