AXIS Capital Holdings Limited reported fourth-quarter 2025 operating income of $3.25 per share, surpassing the Zacks Consensus Estimate of $2.97 by 9.4% and representing a 9.4% increase from $2.97 in the year-ago period. This performance was driven by favorable underwriting results in the specialty insurance segment, where combined ratio improvements and disciplined risk selection offset higher loss provisions in casualty lines.

Total operating expenses rose 6.8% year over year, reflecting increased technology investments and restructuring charges tied to AXIS Capital’s ongoing cost-efficiency initiatives. On the investment side, net investment income remained stable, benefiting from a higher duration portfolio, though elevated short-term yields partially weighed on realized gains compared to Q4 2024.