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AXIS Capital (AXS) investor relations material
AXIS Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net income available to common shareholders was $294 million ($3.74–$3.79 per diluted share), with operating income of $255 million ($3.25 per diluted share), and book value per diluted share up 14% year-over-year to $73.82.
Gross premiums written reached a record $2.1 billion, up 10% year-over-year, with $670 million in new business and a combined ratio of 89.4%.
Underwriting income rose to $188 million, with insurance segment underwriting income up 55% to $153 million and reinsurance segment at $35 million.
Annualized operating ROE/ROACE was 17.8%–18.2%, and annualized return on average common equity reached 20.6%.
Transformation initiatives, technology investments, and operational improvements continue to drive profitable growth and efficiency.
Financial highlights
Net income for Q3 was $294 million; operating income was $255 million ($3.25 per share); book value per diluted share increased 14.2% year-over-year.
Gross premiums written up 9.7%–10% year-over-year to $2.1 billion; net premiums earned increased 6% to $1.5 billion.
Net investment income was $185–$208 million; operating cash flow $674 million.
Debt to total capital ratio at 17.1%; common shareholders' equity was $5.8–$6.4 billion.
Book value per diluted share increased by $3.48–$3.92 sequentially and $9.17–$9.87 year-to-date.
Outlook and guidance
Expect mid to high single-digit insurance growth in 2026, with potential for double digits from RAC Re contributions.
G&A ratio target remains below 11% for 2026, with gradual RAC Re fee impact from 2026 to 2029.
Ongoing investments in technology, data, and AI to enhance productivity and efficiency.
Portfolio expected to remain premium adequate with focus on underwriting profitability.
Company aims to drive profitable growth in 2026, leveraging diversified book and global platform.
Impact of new Bermuda tax on YTD net income?
LPT transaction's future investment strategy impact?
Outlook for cyber lines program business premiums?
AXIS Capacity Solutions deal pipeline and structure
Paid-to-incurred ratio outlook and drivers
G&A ratio target and tech investment impact
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Next AXIS Capital earnings date
Q4 202529 Jan, 2026
Next AXIS Capital earnings date
Q4 202529 Jan, 2026
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Frequently asked questions
AXIS Capital Holdings Limited is a global provider of specialty insurance and reinsurance products. The company offers solutions across various lines, including property, casualty, professional lines, and marine insurance. AXIS Capital serves businesses, governments, and institutions, focusing on risk management and tailored coverage. The company is headquartered in Pembroke, Bermuda, and its shares are listed on the NYSE.
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