Axis Capital Posts Q1 Net Income $247M, Premiums Up 11%
Axis Capital reported Q1 net income of $247 million, or $3.29 per diluted share, and gross premiums grew 11% to $3.1 billion on an 89.8% combined ratio. Book value per share rose to $78.19, up 1.3%, and underwriting income increased 15% to $187 million.
1. Q1 Financial Results
Axis Capital generated net income available to common shareholders of $247 million, or $3.29 per diluted share, a 33% increase from Q1 2025. Operating income was $257 million, annualized ROACE reached 17.0%, and annualized operating ROACE was 17.7%.
2. Underwriting and Premium Growth
Gross premiums written rose 11% to $3.1 billion, driven by a 20% increase in the insurance segment to $1.9 billion. Underwriting income climbed 15% to $187 million on an 89.8% combined ratio, with insurance at 86.3% and reinsurance at 92.7%, while catastrophe losses were modest at 3.2%.
3. Capital Returns and Valuation Outlook
Book value per diluted share increased to $78.19, up 1.3% over the prior quarter and 17.6% year-over-year, supported by net income and reduced unrealized losses. The company returned $93 million to shareholders through $60 million of share repurchases and $33 million of dividends. Analysts projected EPS of $3.33 and revenue of $1.72 billion for Q1, and Axis trades at a trailing P/E of 7.35, debt-to-equity of 0.25, and an enterprise value to operating cash flow ratio of -184.34.