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 share).

• Gross premiums written increased 11% year-over-year to $3.1 billion, driven by a 20% rise in the insurance segment.

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

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

• Leadership team expanded with new talent and capabilities in key specialty lines.

Financial highlights

• Net premiums earned increased 10% to $1.5 billion; net premiums written rose 9% to $1.9 billion.

• Underwriting income was $187 million, up 15% year-over-year.

• Net investment income was $185 million, down 11% year-over-year.

• Annualized ROE/ROACE was 17%; operating ROE/ROACE was 17.7%.

• $93 million returned to shareholders in Q1 2026 ($60 million in share repurchases, $33 million in dividends).

Outlook and guidance

• Management expects continued profitable growth, leveraging investments in products, distribution, technology, and talent.

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

• Reinsurance premiums expected to decline double digits in 2026 as cycle management continues.

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

• Underlying loss ratio in insurance expected to remain stable barring significant market changes.