Axis Capital Holdings Stock Earnings Reports

AXIS Capital reported an excellent Q3 2025 with continued acceleration across insurance and reinsurance. Key financials: diluted book value per share $73.82 (up 14% YoY), operating return on common equity ~18% annualized, operating EPS $3.25 (up 20% YoY), gross premiums written $2.1B (up ~10% YoY), and consolidated combined ratio 89.4%. Insurance produced a record third-quarter premium quarter ($1.7B, +11%) with strong underwriting income and an insurance combined ratio of 85.9%; growth was broad-based (notably property, professional lines and A&H/pet), driven largely by new and expanded initiatives. Reinsurance delivered its seventh straight profitable quarter with 6% premium growth and a combined ratio of 92.2%. Management emphasized premium adequacy, disciplined underwriting (especially on delegated authority and liability/professional lines), and reserve strength (recorded $19M net reserve release; low cat activity this quarter with $44M of cat losses). Strategic priorities include continued investment in technology and AI (building on a previously announced $100M operational investment, accelerated), expanding third-party capital partnerships (launch of AXIS Capacity Solutions and the RAC Re / Ryan Specialty sidecar where AXIS expects to retain ~1/3 of gross premiums and earn fees), and opportunistic capital return ($600M repurchased YTD, new $400M authorization). Management projects mid- to high-single-digit organic insurance growth in 2026 (excluding sidecars), with RAC Re having potential to push insurance growth into double digits as it earns in over multiple years. Management reiterated confidence in reserves and noted paid-to-incurred volatility tied to prior large claim payments and restructuring/improvements in claims handling.