AXIS Capital(US:AXS)2025-10-29 20:23Financial Performance - Gross premiums written for Q3 2025 reached $2,124,184, a 9.7% increase from $1,935,902 in Q3 2024[18] - Net income available to common shareholders for Q3 2025 was $294,301, reflecting a 70.0% increase compared to $173,165 in Q3 2024[18] - Operating income for Q3 2025 was $255,275, an 11.0% increase from $230,063 in Q3 2024[18] - Earnings per diluted common share for Q3 2025 was $3.74, an 83.3% increase from $2.04 in Q3 2024[18] - Total revenues for the nine months ended September 30, 2025, were $4,829,244, up 7.7% from $4,485,880 in the same period of 2024[22] - Net income available to common shareholders for the nine months ended September 30, 2025, was $696,601, compared to $765,465 in 2024, a decrease of 9.0%[31] - For Q3 2025, AXIS Capital Holdings reported gross premiums written of $2,124,184, a decrease from $2,515,971 in Q2 2025[42] - The net premiums written for Q3 2025 were $1,352,989, compared to $1,635,434 in Q2 2025, reflecting a decline of approximately 17.3%[42] - The total net incurred losses and loss expenses for the nine months ended September 30, 2025, amounted to $2.43 billion, with net paid losses and loss expenses at $2.35 billion[64] Underwriting Performance - The combined ratio improved to 89.4%, a decrease of 3.7 percentage points from 93.1% in Q3 2024[18] - The combined ratio for Q3 2025 improved to 89.4%, down from 93.1% in Q3 2024, indicating better underwriting performance[28] - The combined ratio improved to 89.5% for the nine months ended September 30, 2025, down from 91.6% in 2024, indicating better underwriting performance[35] - The combined ratio for Q3 2025 was 89.4%, slightly higher than 88.9% in Q2 2025, indicating a deterioration in underwriting performance[42] - The current accident year loss ratio for Q3 2025 was 59.3%, slightly up from 59.0% in Q2 2025[28] - The current accident year loss ratio, excluding catastrophe and weather-related losses, was 56.3% for the nine months ended September 30, 2025, slightly up from 55.7% in 2024[35] - The current accident year loss ratio, excluding catastrophe and weather-related losses, was 67.9% for Q3 2025, consistent with Q2 2025[47] Investment Performance - Net investment income decreased to $184,903, down 9.8% from $205,100 in Q3 2024[18] - Net investment income for Q3 2025 was $184,903, a decrease from $205,100 in Q3 2024[22] - Net investment income increased to $579,911 for the nine months ended September 30, 2025, compared to $563,458 in 2024, an increase of 3.8%[31] - Net investment losses for Q3 2025 were $30.9 million, slightly improved from losses of $32.2 million in Q3 2024[71] - Net investment income for Q3 2025 was $184,903 million, compared to $154,201 million in Q3 2023, reflecting a year-over-year increase of 19.9%[49] Shareholder Equity - Total shareholders' equity rose to $6,367,009, a 4.7% increase from $6,083,227 in Q3 2024[18] - The average common shareholders' equity increased to $5.72 billion in Q3 2025 from $5.32 billion in Q3 2024, a growth of 7.7%[71] - The book value per diluted common share increased to $73.82 at September 30, 2025, compared to $65.27 at December 31, 2024[68] - The tangible book value per diluted common share was $71.42 for Q3 2025, up from $62.97 in Q4 2024[69] Costs and Expenses - Acquisition costs for Q3 2025 were $285,618, a 3.3% increase from $274,935 in Q3 2024[22] - Total underwriting expenses for Q3 2025 were $1,270,164, an increase from $1,212,892 in Q2 2025, indicating a rise of about 4.7%[42] - Acquisition costs for the nine months ended September 30, 2025, were $826,094, up from $794,280 in 2024, reflecting an increase of 4.0%[31] Reserves and Losses - The reserve for losses and loss expenses at the end of Q3 2025 was $17.996 billion, with incurred losses of $1.365 billion for the quarter[60] - The net reserve for losses and loss expenses was $8.953 billion at the end of Q3 2025, reflecting a stable position compared to previous periods[60] - The gross reserve for losses and loss expenses stood at $18.0 billion as of September 30, 2025, unchanged from the previous period[64] - The reserve for incurred but not reported (IBNR) losses was $12.3 billion, representing 68% of the total reserve for losses and loss expenses[61] Other Financial Metrics - Annualized return on average common equity increased to 20.6%, up 7.6 percentage points from 13.0% in Q3 2024[18] - The annualized ROACE for Q3 2025 was 20.6%, an increase from 13.0% in Q3 2024, indicating improved return on capital[28] - The annualized ROACE for the nine months ended September 30, 2025, was 16.4%, down from 19.9% in 2024, indicating a decline in return on average common equity[35] - The debt to total capital ratio improved to 17.1% as of September 30, 2025, compared to 17.8% at December 31, 2024[51] Currency and Foreign Exchange - Foreign exchange losses for Q3 2025 were $13.5 million, a significant decrease from gains of $92.2 million in Q3 2024[71] Non-GAAP Measures - The company emphasizes the importance of non-GAAP financial measures to provide a clearer understanding of operational performance[74]