Earnings Releases·Oct 28, 2026, 4:45 PM ET

AXIS Capital — Third Quarter 2026 Earnings Summary

Net income available to common shareholders for Q3 2026 declined 32% to $202 million ($2.75/share) compared to Q3 2025, while year-to-date net income rose 0.4% to $699 million ($9.42/share); operating income fell 10% to $229 million for the quarter and 10% year-to-date.
Combined ratio worsened to 94.0% in Q3 2026 from 89.4% in the prior year quarter, driven by property market softening, competitive casualty conditions, and $75 million in pre-tax catastrophe and weather-related losses.
Gross premiums written increased 13% to $1.9 billion in the quarter and 16% year-to-date, with growth led by the Insurance segment, while the Reinsurance segment saw declines in net premiums written due to non-renewals and reduced line sizes.
Total capital returned to shareholders was $141 million in the quarter, comprising $109 million in share repurchases and $32 million in dividends, while book value per share excluding AOCI rose 14.4% year-over-year to $84.33.
Management expressed confidence in the company's positioning for 2026 and 2027, citing a strong balance sheet and strategic flexibility to invest in products, platforms, and talent.