AXIS Capital (AXS) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 net income of $216 million ($2.72 per diluted share) and operating income of $261 million ($3.29 per diluted share), both up year-over-year, with annualized operating ROE of 19% and record diluted book value per share of $70.34, up 18.6% year-over-year.

• Gross premiums written reached $2.5 billion, up 3.1% year-over-year, with $732 million in new business.

• Insurance segment set records in premium volume ($1.9 billion) and underwriting income ($152 million) with an 85.3% combined ratio.

• Completed a $2 billion loss portfolio transfer reinsurance agreement to retrocede reserves to Enstar.

• Book value per diluted share rose 5.8% sequentially and 18.6% year-over-year to $70.34.

Financial highlights

• Net income available to common shareholders was $216 million ($2.72 per diluted share); operating income was $261 million ($3.29 per diluted share).

• Combined ratio improved to 88.9%, reflecting strong underwriting and disciplined risk management.

• Net investment income for Q2 was $187 million, with a $16.3 billion investment portfolio.

• Debt to total capital ratio at 17.6%, supporting a strong balance sheet.

• Book value per diluted share increased 18.6% to $70.34 over the past 12 months.

Outlook and guidance

• Management remains focused on profitable growth, operational enhancements, and technology investments.

• Insurance premium growth in the second half of 2025 anticipated to exceed the 6% seen in the first half.

• Reinsurance premium growth expected to be flat to low single digits for the full year.

• Investment income outlook remains favorable, with market yields above book yield.

• Ongoing uncertainty from trade and geopolitical factors is being actively managed through underwriting practices.