Core Insights - AXIS Capital Holdings Limited (AXS) reported a fourth-quarter 2025 operating income of $3.25 per share, exceeding the Zacks Consensus Estimate by 9.4% and reflecting a year-over-year increase of 9.4% [1][9] - The company's total operating revenues reached $1.7 billion, surpassing the Zacks Consensus Estimate by 5.2% and showing a nearly 9% year-over-year growth driven by higher premiums earned [2][10] Financial Performance - Net premiums written increased by 13% to $1.4 billion, with a 14% rise in the Insurance segment and a 5% growth in the Reinsurance segment [2] - Net investment income decreased by 4.5% year over year to $187 million, falling short of the Zacks Consensus Estimate of $198 million [3] - Total expenses rose by 16.6% year over year to $1.4 billion, attributed to higher net losses, acquisition costs, and general administrative expenses [3] Underwriting Results - Pre-tax catastrophe and weather-related losses net of reinsurance amounted to $30 million, including $17 million from Hurricane Melissa [4] - Underwriting income increased by 42% year over year to $184 million, with the combined ratio improving to 90.4 from 94.2 a year ago [4][9] Segment Analysis - In the Insurance segment, gross premiums written improved by 11.7% year over year to $1.9 billion, with net premiums earned rising by 13.3% to $1.2 billion [5] - The Reinsurance segment saw gross premiums written increase by 13% year over year to $310.7 million, while net premiums earned rose by 4.2% to $365.6 million [6] Full-Year Highlights - For the full year 2025, AXIS reported an operating income of $12.92 per share, exceeding the Zacks Consensus Estimate by 1.9% and reflecting a 15.6% year-over-year increase [8] Capital Management - AXIS repurchased $888 million of common shares in 2025 and declared a quarterly cash dividend of 44 cents per share, totaling $139 million in annual dividends [12] - The company ended the fourth quarter with cash and cash equivalents of $820.3 million, down 61.7% from the previous year [11]

AXIS Capital (NYSE:AXS) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsAndrew Andersen - Equity Research Senior VPAndrew Kligerman - Managing DirectorChristian Getzoff - VPCliff Gallant - Head of Investor Relations and Corporate DevelopmentJosh Shanker - Managing DirectorPete Vogt - CFORowland Mayor - VPVince Tizzio - President and CEOConference Call ParticipantsCharlie Lederer - Research AnalystYaron Kinar - Research AnalystNone - AnalystOperatorGood morning, and welcome to the AXIS ...

AXIS Capital (NYSE:AXS) Q4 2025 Earnings call January 29, 2026 08:30 AM ET Company ParticipantsAndrew Andersen - Equity Research Senior VPAndrew Kligerman - Managing DirectorChristian Getzoff - VPCliff Gallant - Head of Investor Relations and Corporate DevelopmentJosh Shanker - Managing DirectorMatt Kirk - Incoming CFOPete Vogt - CFORowland Mayor - VPVince Tizzio - President and CEOConference Call ParticipantsCharlie Lederer - Research AnalystYaron Kinar - Research AnalystNone - AnalystOperatorGood morning, ...

Financial Data and Key Metrics Changes - The company reported a net income available to common shareholders of $282 million for Q4 2025, translating to $3.67 per diluted common share, and a full-year net income of $978 million, or $12.35 per diluted common share, resulting in a 17% return on common equity [18] - The diluted book value per common share increased by 18% year-over-year to $77.20, with an operating return on equity of 18% [6][18] - Gross written premiums reached a record $9.6 billion for the full year, up 7% from the previous year, with a combined ratio of 89.8, the lowest since 2010 [6][19] Business Line Data and Key Metrics Changes - The insurance segment achieved record gross written premiums of $7.2 billion, a 9% increase year-over-year, and record underwriting income of $597 million, a 40% increase from the prior year [10][19] - The reinsurance segment generated $2.5 billion in gross written premiums, reflecting a low single-digit increase over the prior year, with a combined ratio of 92.6 [15][25] Market Data and Key Metrics Changes - In North America, gross written premiums increased by 10%, driven by strategic investments in product and channel expansion [11] - The liability market saw overall rates increase by 10% in the quarter, with a 6% growth, while U.S. excess casualty generated a 13% rate increase [13] Company Strategy and Development Direction - The company is focused on profitable growth through strategic initiatives, including new and expanded business classes and investments in technology and AI solutions [6][9] - The company aims to maintain a disciplined cycle management approach, prioritizing profits over premiums [7] - The "How We Work" transformation program is a key investment area, with a commitment of $100 million to enhance operations and market approach [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its strategy and advance momentum into 2026, despite a changing risk landscape influenced by geopolitical tensions and economic uncertainties [5][12] - The company anticipates mid- to high single-digit growth in gross written premiums while maintaining premium adequacy [22] Other Important Information - The company has returned substantial capital to shareholders through $139 million in dividends and $888 million in share repurchases [28] - The effective tax rate for the quarter was 14%, with expectations of an ongoing overall effective tax rate in the 19%-20% range [28] Q&A Session Summary Question: Expense ratio targets for 2026 - The company aims for a G&A ratio of 11% by 2026, with current ratios impacted by variable compensation [32][34] Question: Sustainability of margins - Management is optimistic about maintaining a combined ratio around 90% and expects some pressure on attritional loss ratios due to rate and trend [36][39] Question: Growth in lower middle market - The company has seen sustained growth in the lower middle market due to strategic investments and customized solutions [75] Question: Performance of new product offerings - New and expanded classes contributed approximately $150 million to growth in the insurance segment in Q4 2025, with optimism for continued execution [61][62] Question: Third-party underwriting contributions - Delegated underwriting represented approximately 32% of the company's volume at the end of 2025, with expectations for stability in this range [84][86]

AXIS CAPITAL HOLDINGS LIMITED INVESTOR FINANCIAL SUPPLEMENT FOURTH QUARTER 2025 AXIS CAPITAL HOLDINGS LIMITED 29 Richmond Road Pembroke HM 08 Bermuda Contact Information: Cliff Gallant Investor Contact (415) 262-6843 investorrelations@axiscapital.com Website Information: www.axiscapital.com This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securi ...

分组1 - Axis Capital reported quarterly earnings of $3.25 per share, exceeding the Zacks Consensus Estimate of $2.97 per share, and showing an increase from $2.97 per share a year ago, resulting in an earnings surprise of +9.43% [1] - The company achieved revenues of $1.72 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 5.16%, compared to revenues of $1.58 billion in the same quarter last year [2] - Axis Capital has consistently surpassed consensus EPS estimates over the last four quarters, achieving this four times [2] 分组2 - The stock has underperformed the market, losing about 4.3% since the beginning of the year, while the S&P 500 has gained 1.9% [3] - The current consensus EPS estimate for the upcoming quarter is $2.93 on revenues of $1.6 billion, and for the current fiscal year, it is $12.70 on revenues of $6.75 billion [7] - The Zacks Industry Rank for Insurance - Property and Casualty is currently in the bottom 37% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Premiums and Revenues - Gross premiums written for Q4 2025 reached $2,209,707, an increase of 11.9% from $1,975,324 in Q4 2024[18] - Net premiums written increased by 12.9% to $1,383,193 in Q4 2025, compared to $1,225,549 in Q4 2024[18] - Total revenues for the year ended December 31, 2025, were $6,563,678, up from $5,957,651 in 2024, representing an increase of about 10.2%[26] - Gross premiums written for Q4 2025 reached $2,209,707, an increase from $2,124,184 in Q3 2025, contributing to total gross premiums of $9,644,514 for the year 2025, up from $9,005,888 in 2024[28] - Net premiums earned for Q4 2025 reached $1,528,475, an increase from $1,451,883 in Q3 2025, reflecting a growth of approximately 5.5%[23] - Total underwriting revenues for Q4 2025 amounted to $1,532,858, up from $1,458,476 in Q3 2025, leading to total underwriting revenues of $5,737,825 for 2025, compared to $5,336,956 in 2024[28] Income and Expenses - Net income available to common shareholders for the year ended December 31, 2025, was $978,648, down 6.9% from $1,051,536 in 2024[18] - Operating income for Q4 2025 was $249,544, a slight decrease of 0.9% from $251,816 in Q4 2024[18] - Total expenses for the year ended December 31, 2025, amounted to $5,347,500, compared to $4,949,413 in 2024, indicating an increase of about 8.1%[26] - Net income available to common shareholders for Q4 2025 was $282,044, compared to $294,301 in Q3 2025, a decrease of approximately 4.3%[23] - The company reported net investment losses of $14,584,000 in Q4 2025, contrasting with gains of $108,030,000 in Q4 2024[59] Investment Performance - Net investment income for Q4 2025 was $186,992, a decrease of 4.5% from $195,773 in Q4 2024[18] - Net investment income for Q4 2025 was $186,992, slightly up from $184,903 in Q3 2025[23] - Total net investment income for 2025 at $766,903, compared to $759,229 in 2024[28] - The fair value of fixed maturities available for sale increased to $13.02 billion, up from $12.15 billion, a growth of 7.1%[43] - Equity securities at fair value rose to $707.57 million, compared to $579.27 million, reflecting a 22.1% increase[43] Ratios and Returns - Annualized return on average common equity for Q4 2025 was 19.4%, down from 20.7% in Q4 2024[18] - The combined ratio improved to 90.4% in Q4 2025, down from 94.2% in Q4 2024[18] - The combined ratio for Q4 2025 was 90.4%, an increase from 89.4% in Q3 2025, with an annual combined ratio of 89.8% for 2025, down from 92.3% in 2024[28] - The current accident year loss ratio, excluding catastrophe and weather-related losses, was 56.2% in Q4 2025, compared to 55.7% in Q4 2024[18] - The net reserve for losses and loss expenses included $12.3 billion in IBNR, representing 68% of the total reserve[51] Assets and Equity - Total assets increased by 5.4% to $34,461,926 as of December 31, 2025, compared to $32,681,309 in 2024[18] - Shareholders' equity totaled $6.36 billion, slightly down from $6.09 billion, indicating a decrease of 0.4%[41] - Cash and cash equivalents decreased to $1.32 billion from $3.06 billion, a decline of 56.9%[41] - Total investments reached $15.76 billion, up from $15.04 billion, marking a 4.7% increase year-over-year[41] Shareholder Metrics - Book value per diluted common share increased to $77.20 in Q4 2025 from $65.27 in Q4 2024, reflecting a growth of 18.3% year-over-year[56] - Tangible book value per diluted common share rose to $74.71 in Q4 2025, up from $62.97 in Q4 2024, representing a year-over-year increase of 18.8%[57] - Earnings per diluted common share for Q4 2025 increased to $3.67, compared to $3.38 in Q4 2024, marking a growth of 8.6%[59] - The diluted common shares outstanding increased to 75,209 in Q4 2025 from 84,870 in Q4 2024, indicating a reduction in share dilution[57] Losses and Claims - The company reported net losses and loss expenses of $859,427 for Q4 2025, compared to $841,435 in Q3 2025, an increase of approximately 1.1%[23] - Catastrophe and weather-related losses for Q4 2025 were $29,855, compared to $43,659 in Q3 2025, with total losses for 2025 at $159,210, down from $225,996 in 2024[28] - Net losses and loss expenses for the quarter were $859,427 million, compared to $951,314 million in Q4 2024, indicating a reduction in claims[31] Foreign Exchange and Tax - Foreign exchange gains for the year 2025 amounted to $141,983,000, compared to losses of $50,822,000 in 2024, showing a significant turnaround[59] - Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax, effective December 11, 2025[83] - Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities, effective for fiscal years beginning on or after January 1, 2025[83]

Core Insights - AXIS Capital reported strong financial results for the fourth quarter and the year ended December 31, 2025, highlighting an 18% year-over-year increase in diluted book value per common share and record gross premiums written of $9.6 billion, up 7% from the previous year [1][5]. Financial Performance - The company achieved an operating return on equity (ROE) of 18.1% and a combined ratio of 89.8% for the year [1][4]. - Underwriting income for the year was $725 million, reflecting a 27% increase compared to 2024 [5]. - Net income available to common shareholders for 2025 was $979 million, a decrease of 7% from the previous year, while operating income increased by 8% to $1.0 billion [5][4]. Premiums and Ratios - Gross premiums written in the insurance segment increased by 9% to $7.2 billion, with a combined ratio of 86.1% [2][5]. - The reinsurance segment saw gross premiums written rise by 3% to $2.2 billion, with a combined ratio of 93.9% [21][22]. Investment Income - Net investment income for the year was $767 million, a slight increase of 1% from 2024, primarily due to higher returns on alternative investments [5][35]. - The book yield of fixed maturities was 4.6% at year-end, compared to 4.5% in the previous year [5][35]. Shareholder Returns - Total capital returned to common shareholders was $1.0 billion, including share repurchases of $888 million and dividends of $139 million [4][13]. - The book value per diluted common share increased by 18.3% year-over-year to $77.20 [4][13]. Operational Efficiency - The company emphasized its strategy of operating as "One AXIS," focusing on efficiency gains and market differentiation [3][5]. - The current accident year loss ratio, excluding catastrophe and weather-related losses, was 56.2% for the fourth quarter, down from 60.4% in the previous year [12][18].

Core Viewpoint - Analysts expect Axis Capital (AXS) to report quarterly earnings of $2.97 per share, indicating no change from the previous year, with revenues projected at $1.64 billion, reflecting a 3.5% increase year-over-year [1]. Earnings Estimates - There have been no revisions in the consensus EPS estimate over the last 30 days, indicating stability in analysts' forecasts [1][2]. - The consensus estimate for 'Net premiums earned' is $1.43 billion, suggesting a year-over-year increase of 4% [4]. - Analysts project 'Net investment income' to reach $197.85 million, indicating a 1.1% increase from the previous year [4]. Key Metrics Projections - The average estimate for 'Net Premiums Earned - Reinsurance Segment' is $375.41 million, reflecting a 7% year-over-year increase [5]. - The 'Acquisition Cost Ratio - Total' is projected to be 18.6%, down from 20.1% in the same quarter last year [5]. - The 'Net loss and loss expense ratio - Insurance' is expected to be 63.5%, up from 58.8% in the previous year [6]. Combined Ratios - The 'Combined Ratio - Insurance' is estimated at 94.4%, compared to 91.2% in the same quarter last year [6]. - The consensus for 'Combined Ratio - Reinsurance' stands at 103.0%, up from 90.9% in the previous year [7]. - The 'Combined Ratio - Total' is projected to be 91.3%, down from 94.2% in the same quarter last year [8]. Stock Performance - Over the past month, shares of Axis Capital have decreased by 5.5%, while the Zacks S&P 500 composite has increased by 0.4% [8]. - Axis Capital currently holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [8].

Axis Capital Holdings Limited (NYSE:AXS) is expected to release its quarterly earnings with an EPS of $2.97 and projected revenue of $1.33 billion.The company has a history of surpassing earnings estimates, indicating potential for another positive earnings surprise.Axis Capital Holdings Limited (NYSE:AXS) is set to release its quarterly earnings on January 28, 2026. Analysts expect earnings per share (EPS) to be $2.97, with projected revenue of $1.33 billion. Axis Capital operates in the Zacks Insurance - ...