AXIS Capital (AXS) Q4 2025 earnings summary

Executive summary

• Achieved 13 consecutive quarters of diluted book value per share growth, with an 18.3% increase to $77.20 at year-end 2025.

• Delivered record gross written premiums of $9.64 billion in 2025, up 7.1% year-over-year.

• Net income for 2025 was $978.6 million ($12.35 per share), with operating income of $1.02 billion ($12.92 per share).

• Maintained a strong performance culture, investing in technology, operational efficiency, and specialty strategy.

• Returned $1.0 billion to shareholders in 2025, including $888 million in share repurchases and $139 million in dividends.

Financial highlights

• Combined ratio improved to 89.8% for 2025, the lowest since 2010; Q4 combined ratio was 90.4%.

• Net investment income for 2025 was $767 million, up 1% from 2024.

• Underwriting income for the year was $725 million, up 27% year-over-year.

• Annualized ROACE for 2025 was 17.3%; annualized operating ROACE at 18.1%.

• Catastrophe and weather-related losses ratio for the year was 2.8%.

Outlook and guidance

• Expect mid- to high single-digit growth in gross written premiums for insurance in 2026, maintaining premium adequacy.

• Combined ratio guidance for 2026 is around 90%, with normalized cat loss ratio expected at 4-5%.

• Targeting an 11% G&A ratio in 2026, with continued investment in technology and operational efficiency.

• Reinsurance gross premiums could decline by double digits in 2026, but underwriting profitability is expected to remain strong.

• Management highlights ongoing focus on underwriting discipline, portfolio optimization, and specialty strategy.