AXIS Capital (AXS) Q3 2026 earnings summary

Executive summary

• Gross premiums written rose 11% YoY to $2.36B; net premiums earned increased 12% to $1.62B.

• Net income available to common shareholders was $202M, or $2.75 per diluted share; operating income was $229M, or $3.12 per diluted share.

• Diluted book value per share was $79.06, up 7.1% over 12 months; excluding AOCI, it was $84.33, up 14.4%.

Financial highlights

• Q3 revenue was $1.79B, including $211M of net investment income, up 14% YoY; net investment losses were $47M versus gains of $31M YoY.

• Underwriting income was $134M, down 29% YoY; nine-month underwriting income was $464M, down 14%.

• Q3 favorable prior-year reserve development was $15M, or 0.9 points, concentrated in shorter-tail lines.

• YTD G&A ratio was 10.7%, down from 11.8% in YTD 2025 and below the 11% full-year target.

Outlook and guidance

• Full-year reinsurance premiums are expected to decline low double digits; no 2027 insurance growth guidance was given.

• Management plans to deploy capital where pricing meets return thresholds and reduce exposure where premium adequacy is weaker; disciplined underwriting and cycle management remain priorities.

• Q4 net investment income planning estimate was ~$200M; private equity marks may be volatile quarter to quarter.