10-Q · April 29, 2026
AXIS Capital's Q1 2026 results showed strong growth in net income and underwriting performance, although revenues fell short of expectations. With a net income of $254.8 million, or $3.29 per diluted share, operating…
Earnings analysis · 10-Q
AXS earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
AXIS delivered $1.753 billion of revenue, up 6.9% sequentially and 7.5% year over year, with Insurance growth more than offsetting a 25% decline in Reinsurance gross premiums written. GAAP EPS increased to $3.38 from…
Read full summary
AXIS delivered $1.753 billion of revenue, up 6.9% sequentially and 7.5% year over year, with Insurance growth more than offsetting a 25% decline in Reinsurance gross premiums written. GAAP EPS increased to $3.38 from $2.72 a year ago, but operating EPS fell to $2.84 from $3.29 and the combined ratio worsened to 93.1% as catastrophe and Middle East losses rose. Liquidity and capitalization remain strong, but management is navigating property-market softening, moderating reinsurance pricing, and selective deployment of capital.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.38
What stood out
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Revenue and earned premiums increased
Reported revenue was $1.753 billion, up 6.9% from $1.640 billion in Q1 2026 and 7.5% from $1.630 billion in Q2 2025. Net premiums earned in the filing rose 9% year over year to $1.519 billion.
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GAAP earnings rose year over year
GAAP diluted EPS was $3.38, up from $2.72 in Q2 2025. GAAP net income available to common shareholders increased 16% to $251 million from $216 million.
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Insurance segment drove premium growth
Insurance gross premiums written increased 15% to $2.228 billion, led by property growth of 21% to $778 million, marine and aviation growth of 23% to $276 million, and professional-lines growth of 16% to $398 million.
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Capital base and shareholder returns strengthened
Book value per diluted share reached $80.67 versus $70.34 a year earlier, while common equity rose to $5.953 billion from $5.806 billion at December 31, 2025. The company repurchased 978,000 shares for $97 million in Q2.
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Liquidity and leverage remained solid
Cash and invested assets totaled $17.8 billion; total investments increased $830 million over the first six months to $16.584 billion. Debt was essentially flat at $1.318 billion versus $1.317 billion at year-end, reducing debt-to-capital to 16.8% from 17.2%.
What to watch
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Underlying earnings and underwriting weakened
Operating EPS declined to $2.84 from $3.29 in both Q1 2026 and Q2 2025, despite GAAP EPS of $3.38. Operating income fell 19% year over year to $211 million as underwriting income declined to $143 million from $189 million.
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Higher catastrophe losses pressured margins
The consolidated combined ratio deteriorated 4.2 points year over year to 93.1%. Catastrophe and weather-related losses were $80 million, or 5.3 points, including $31 million related to the Middle East conflict.
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Reinsurance portfolio contraction continued
Reinsurance gross premiums written fell 25% to $439 million, reflecting non-renewals and reduced line sizes. Professional-lines gross premiums written declined 49% to $87 million and liability declined 36% to $108 million.
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No formal risk-factor update; market risks remain
Item 1A states there were no material changes to risk factors from the 2025 Form 10-K. Management nevertheless identified softening property pricing, moderating reinsurance pricing, and a $220 million net foreign-currency exposure, for which a hypothetical 10% currency move would have a $22 million pre-tax equity impact.
Management's outlook
The 10-Q contains no quantitative revenue or EPS outlook. Management expects moderating reinsurance pricing to persist, while property pricing faces pressure and casualty pricing retains positive rate momentum.
Earlier filings 4
10-K · February 27, 2026
AXIS Capital’s 2025 Form 10-K emphasizes its position as a global specialty underwriter, focused on targeted specialty lines and investments in data/technology (including AI). The company reported scale in 2025 with…
10-Q · October 29, 2025
AXIS reported solid top-line and earnings progression in Q3 2025 with total revenues of $1,674,284,000 and diluted EPS of $3.74, both up materially versus Q3 2024. Underwriting performance improved (combined ratio 89.4%…
10-Q · July 29, 2025
AXIS reported Q2 2025 total revenues of $1,632,858,000 (three months ended June 30, 2025) and diluted earnings per common share of $2.72, both up versus Q2 2024. Underwriting performance improved (combined ratio 88.9%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.