AXIS Capital (AXS) Q4 2024 earnings summary

Executive summary

• Achieved record financial performance in 2024, including net income of $1.1 billion ($12.35 per share), record operating EPS of $11.18, and strong results across all key indices.

• Book value per share rose 20.7% to $65.27; diluted book value per share excluding AOCI increased 17.5% year-over-year.

• Delivered on full-year expectations, positioning for sustained, profitable growth and value creation in 2025 and beyond.

• Returned $350 million to shareholders in 2024 through $200 million in share repurchases and $150 million in dividends.

• Launched Syndicate 2050 and completed a loss portfolio transfer with Enstar.

Financial highlights

• Operating return on equity/ROACE reached 18.6% for the year; book value per share grew 20.7% to $65.27.

• Record operating EPS of $11.18, up 98% year-over-year; net income for the year was $1.05 billion ($12.35 per share).

• Combined ratio improved to 92.3% for the year, a 7.6-point improvement; ex-cat current accident-year combined ratio was 88.5%.

• Gross premiums written exceeded $9 billion, up 8% year-over-year; Q4 GPW up 11% to $2.0 billion.

• Net investment income hit a record $759 million, up from $611 million in 2023.

Outlook and guidance

• Expectation for continued double-digit rate increases in U.S. casualty and liability lines in 2025.

• Guidance for sustained mid to high single-digit premium growth in insurance for 2025.

• On track to achieve a G&A ratio below 11% by 2026, with 2024 G&A ratio at 12.6%.

• Effective tax rate expected in the high teens for 2025.

• Focused on consistent top-quartile DBVPS growth and further capital returns.