Core Insights - AXIS Capital Holdings Limited reported an improved combined ratio of 90.4% for Q4 2025 and 89.8% for the full year, driven by lower catastrophe losses and favorable prior year reserve development [1][12] - The company ended 2025 with a Group net income of $979 million, a decrease of 7% from the previous year, while operating income increased by 8% to $1 billion [3][13] Financial Performance - For Q4 2025, total revenues increased to $1.7 billion, with Group net income at $282 million, slightly down from $286.1 million in Q4 2024 [3] - Gross premiums written (GPW) rose by 12% to $2.2 billion in Q4 2025, with the insurance segment growing by 12% to $1.9 billion and the reinsurance segment by 13% to $311 million [4] - Full year 2025 GPW reached $9.6 billion, a 7% increase, with the insurance segment at $7.2 billion (up 9%) and the reinsurance segment at $2.5 billion (up 3%) [8] Underwriting and Losses - The underwriting result improved by 42% to $184 million in Q4 2025, with a combined ratio of 90.4%, compared to $130 million and a combined ratio of 94.2% in Q4 2024 [7] - Pre-tax catastrophe and weather-related losses for Q4 2025 totaled $30 million, primarily due to Hurricane Melissa and other weather events [6] - For the full year, pre-tax catastrophe and weather-related losses reached $159 million, mainly from the California Wildfires and Hurricane Melissa [10] Reserve Development - AXIS recorded net favorable prior year reserve development of $30 million in Q4 2025, compared to $16 million in Q4 2024 [6] - For the full year, net favorable prior year reserve development was $87 million, significantly higher than $24 million in 2024 [11] Strategic Outlook - The company aims to capitalize on market opportunities and enhance efficiency through its "How We Work" program, positioning itself as a differentiated specialty leader [16] - AXIS's President and CEO highlighted a strong year with an 18% increase in diluted book value per common share and a record GPW of $9.6 billion [14][15]

Core Insights - Sampo Group reported strong financial results for the first half of 2025, with significant growth in gross written premiums and underwriting profits, driven by disciplined underwriting and efficiency gains [2][3][5] Financial Performance - Gross written premiums increased by 9% year-on-year to EUR 2,542 million in Q2 2025 and by 11% to EUR 6,242 million in the first half [3] - Insurance revenue, net, rose by 10% to EUR 2,264 million in Q2 and by 9% to EUR 4,452 million in the first half [3] - The underwriting result improved by 23% to EUR 393 million in Q2 and by 26% to EUR 729 million in the first half [3] - Net profit surged by 35% to EUR 417 million in Q2 and by 8% to EUR 703 million in the first half [3] - Operating EPS increased by 26% to EUR 0.16 in Q2 and remained stable at EUR 0.26 for the first half [3] Operational Efficiency - The combined ratio improved to 82.6% in Q2 and 83.6% in the first half, reflecting better underwriting margins and a favorable claims environment [3][5] - The risk ratio decreased to 56.8% in Q2 and 57.8% in the first half, while the cost ratio slightly increased to 25.9% in Q2 and 25.8% in the first half [3] Strategic Initiatives - Sampo announced a new EUR 200 million share buyback program, funded by capital generated in 2024 [5][16] - The outlook for the 2025 underwriting result has been raised to EUR 1,425–1,525 million, indicating an expected growth of 8–16% year-on-year [22] Market Position and Growth - The private operations in the Nordics and the UK showed strong premium growth of 9% and 13% respectively, supported by improved customer retention and digital sales [2][10][12] - Digital sales in the Commercial segment increased by 30% in the first half, indicating a shift towards online purchasing among SMEs [11] Leadership Transition - Torbjörn Magnusson announced his retirement as Group CEO, with Morten Thorsrud appointed as his successor effective from October 1, 2025 [20]