Axis Capital Holdings Ltd. (AXS)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$6.9B

Revenue growth

9.8%

Net income, last twelve months

$1.0B

Earnings per share

$13.15

Operating margin

17.5%

Net margin

14.6%

Free cash flow

$2.6B

Return on equity

16.1%

Market value

$7.3B

Price to earnings

7.7x

Dividend yield

1.7%

Cash

$1.0B

Debt

$1.3B

Debt to equity

0.21

Shares outstanding

72.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 28 July 2026.

• Net income up 16%, operating income down 19%. Net income was $251 million, or $3.38 per diluted share. Operating income was $211 million, or $2.84 per diluted share, down 19% from a year earlier.
• Underwriting income fell 24%. Underwriting income was $143 million, down $46 million from the second quarter of 2025.
• Combined ratio rose to 93.1%. Combined ratio was 93.1%, against 88.9% a year earlier. The current accident year combined ratio was 94.1%, against 90.4%.
• Operating return on equity at 14.3%. Annualized ROACE was 17.0% and annualized operating ROACE was 14.3%, against 19.0% operating ROACE in the second quarter of 2025.
• Catastrophe and weather losses rose. Catastrophe and weather-related losses were 5.3 points of net earned premium, up from 2.6 points a year earlier. Natural catastrophe losses were 3.2 points of the total.
• Prior-year reserve releases narrowed. Favorable prior year reserve development was $15 million, against $20 million a year earlier. The ratio was a 1.0 point benefit, against 1.5 points.
• Insurance expense ratio improved. The insurance underwriting-related general and administrative expense ratio fell 1.6 points, mainly because net premiums earned grew.
• Reorganization costs reached $29 million. Year-to-date reorganization expenses were $29 million, for streamlining, reinsurance platform changes and executive leadership transitions.
• Gross premiums rose 6% overall. Gross premiums written reached $2.7 billion, with insurance up 15% and reinsurance down 25%.
• Net premiums written dipped 2%. Net premiums written were $1.6 billion, with reinsurance down 32% and insurance up 6%.
• Insurance loss ratio excluding cat rose. Insurance current accident year loss ratio excluding catastrophe and weather losses rose 1.7 points to 54.0%, citing property market softening and casualty competition.
• Insurance acquisition ratio rose. Insurance acquisition cost ratio rose 1.2 points to 20.1%, on business mix in accident and health, credit, political risk, property and professional lines.
• Reinsurance premiums fell on casualty. Reinsurance gross premiums fell $144 million, or 25%, from non-renewals and smaller casualty line sizes.
• Reinsurance loss ratio rose on stop loss. Reinsurance current accident year loss ratio excluding catastrophe and weather losses rose 0.4 points to 68.3%, from elevated employer stop loss experience.

Company events

The newest 8-K filings of 402 held.

Every filing

The newest filings with the SEC of 804 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

523 funds held it at 30 Jun 2026: 212 added and 185 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Berkshire Hathaway Inc. (BRK.B): revenue $384.7B, market value $1.17T
• Chubb Ltd. (CB): revenue $61.8B, market value $136.0B
• Progressive Corp. (PGR): revenue $91.1B, market value $131.2B
• Travelers Companies, Inc. (TRV): revenue $48.9B, market value $80.7B
• Allstate Corp. (ALL): revenue $70.1B, market value $63.6B
• American International Group, Inc. (AIG): revenue $26.6B, market value $41.9B
• Arch Capital Group Ltd. (ACGL): revenue $19.2B, market value $35.0B
• Hartford Insurance Group, Inc. (HIG): revenue $29.0B, market value $34.8B
• Everest Group, Ltd. (EG): revenue $16.8B, market value $28.8B
• Cincinnati Financial Corp. (CINF): revenue $13.3B, market value $27.5B

What the company does

AXIS Capital Holdings Limited describes itself as a global specialty underwriter and provider of insurance and reinsurance solutions. It is headquartered in Bermuda and has operations in the United States, Europe, Singapore and Canada. Its underwriting is organised around two global platforms, AXIS Insurance and AXIS Re, which form its two reportable segments, insurance and reinsurance. Business is placed mainly through brokers, and the company writes risks in specialty markets that it describes as complex. At 31 December 2025 it had 1,966 employees.

How the business is organised

The insurance segment offers specialty insurance products to niche markets worldwide. The reinsurance segment provides reinsurance to insurance companies worldwide. The company does not allocate assets by segment, except goodwill and intangible assets.

Beyond Bermuda, it has operations in Dublin, London, Zurich, Brussels and Singapore, as well as in the United States and Canada. It serves the Latin America market through London and its other locations. It serves the Asia Pacific region through its London, Zurich and Bermuda offices. At Lloyd's, AXIS Managing Agency Ltd. manages two syndicates, Syndicate 1686 and AXIS Energy Transition Syndicate 2050. AXIS Corporate Capital UK II Limited provides 100% of the capital support to both. The Singapore branch ceased writing new business effective 1 January 2024.

What the insurance segment sells

The segment has seven lines of business.

- Property (30%): physical loss or damage, business interruption and machinery breakdown cover, including some catastrophe-exposed risks. - Professional lines (19%): directors' and officers' liability, errors and omissions, employment practices, fiduciary and similar covers, written mostly on a claims-made basis. - Liability (19%): primary and low to mid-level excess and umbrella commercial liability, with target sectors such as construction, manufacturing and transportation. - Marine and aviation (12%): offshore energy, ocean marine and aviation hull and liability, mainly for passenger airlines. - Accident and health (8%): personal accident, travel, specialty health and pet insurance. - Cyber (7%): cyber liability, technology errors and omissions, and media liability. - Credit and political risk (5%): cover for banks, commodity traders and corporations, plus surety bonds.

In the United States the company can write on an admitted basis, using forms and rates filed with state regulators, and on a non-admitted or surplus lines basis. It says the surplus lines route gives it pricing flexibility for non-standard coverages.

What the reinsurance segment sells

Reinsurance is written on an excess of loss or a proportional basis.

- Liability (27%): casualty protection for insurers. - Credit and surety (21%): trade credit, political risk, surety and mortgage reinsurance. - Professional lines (17%): protection for directors' and officers' liability, medical malpractice, cyber and similar risks. - Accident and health (15%): personal accident, specialty health, travel, life, disability and pet products. - Motor (11%): motor liability and property damage, mainly European exposures. - Agriculture (7%): crop and livestock related risks. - Marine and aviation (2%): specialty marine exposures. The company exited aviation reinsurance effective 1 January 2023.

Run-off lines are catastrophe and property, both exited in June 2022, and engineering, exited in 2020.

Who it sells through

Insurance business comes primarily from wholesale and retail brokers, with some through managing general agents and managing general underwriters. Four groups each produced 9% or more of 2025 insurance gross premiums written: AmWINS Group Inc. (12%), Ryan Specialty Group (11%), Marsh & McLennan Companies Inc. (9%) and Aon plc (9%). No insured accounted for more than 10% of the segment's gross premiums written.

Reinsurance is primarily produced through reinsurance brokers. In 2025 Marsh & McLennan Companies Inc. accounted for 25%, Aon plc for 24% and Arthur J. Gallagher & Co. for 23%. Direct business was 5% and managing general agencies and underwriters 4%. No cedant accounted for more than 10% of the segment.

How it manages risk and capital

The company buys treaty and facultative reinsurance, both proportional and non-proportional, to reduce volatility. A separate AXIS ILS team sources third-party capital to support underwriting. For natural catastrophes, it sets a limit under which, at the 1-in-100-year return period, it is not willing to expose more than 10% of common equity to a single event within a single zone.

Third-party managers handle most security selection for the investment portfolio. At 31 December 2025, fixed maturities, short-term investments, and cash and cash equivalents made up 86% of cash and investments, with an average credit rating of AA-. The operating subsidiaries are rated "A+" by Standard & Poor's and "A" by the A.M. Best Company, Inc. The company says it may return excess capital to shareholders through share repurchases and dividends.

How it is regulated

AXIS Specialty Bermuda is a Class 4 general business insurer under Bermuda's Insurance Act 1978. The Bermuda Monetary Authority acts as group supervisor of AXIS Capital. In the United States, four insurance subsidiaries are regulated by state insurance departments. AXIS Surplus is eligible to write surplus lines business throughout the United States.

In Europe, AXIS Specialty Europe and AXIS Re SE are Irish companies authorized by the Central Bank of Ireland and subject to Solvency II. AXIS Specialty Europe is authorized in 16 non-life insurance classes. Its United Kingdom branch is regulated by the Prudential Regulation Authority and the Financial Conduct Authority, which also oversee the Lloyd's managing agent. The Canadian branch is supervised by the Office of the Superintendent of Financial Institutions Canada.

*From AXIS Capital's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1214816/000121481626000097/axs-20251231.htm)*

From the company's 10-K.