AXIS Capital reported operating income of $3.25 per diluted common share for Q4 2025, 9.4% above the consensus estimate of $2.97 and up 9.4% year-over-year. Net income available to common shareholders was $282 million, or $3.67 per diluted share, reflecting a combined ratio of 90.4%, an improvement of 3.8 points from the prior-year quarter. Underwriting income rose by $55 million to $184 million, driven by strong performance in both insurance and reinsurance segments. The effective tax rate for the quarter was 13.7%, supported by diversified pre-tax income in Bermuda, the U.K., the U.S. and Europe under a 15% corporate tax regime in Bermuda.

For the year ended December 31, 2025, AXIS delivered net income of $979 million, or $12.35 per diluted share, and operating income of $1.0 billion, or $12.92 per diluted share. Annualized return on average common equity (ROACE) was 17.3% (operating ROACE 18.1%), and the combined ratio improved to 89.8%, a 2.5-point reduction. Gross premiums written reached $9.6 billion, up 7%, with insurance segment growth of 9%. Book value per diluted share increased 18.3% to $77.20, driven by net income and unrealized investment gains, partially offset by $888 million in share repurchases and $139 million in dividends.

AXIS’s current accident year combined ratio excluding catastrophe and weather losses was 88.6% for the full year, up 0.1 point, while catastrophe and weather-related losses declined by 1.5 points to 2.8%. Net favorable prior-year reserve development totaled $87 million. Insurance segment underwriting generated a combined ratio of 86.1%, with gross premiums at $7.2 billion, up 9%. Reinsurance produced a combined ratio of 92.6%. The company returned a total of $1.0 billion to shareholders through share repurchases and dividends, reflecting disciplined capital management and confidence in ongoing specialty strategy execution.