AXIS Capital reported fourth-quarter 2025 operating income of $3.25 per diluted common share, surpassing the Zacks Consensus Estimate by 9.4% and marking a 9.4% year-over-year increase. Net income available to common shareholders totaled $282 million, or $3.67 per diluted share. For the full year, operating income reached $1.0 billion, an 8% improvement over 2024, while net income available to common shareholders was $979 million, or $12.35 per diluted share, reflecting a 7% decrease primarily due to higher corporate taxes.

The company achieved an underwriting income of $184 million in the quarter, up 42% from the prior year, driving the combined ratio down to 90.4%, a 3.8-point improvement. Annualized operating return on average common equity was 17.2% for the quarter and 18.1% for the full year. Gross premiums written in Q4 rose 12% to $2.2 billion, supported by a 12% insurance-segment increase and a 13% rise in reinsurance. Full‐year gross premiums written grew 7% to $9.6 billion, with insurance up 9% and reinsurance up 3%.

AXIS returned $1.0 billion of capital to shareholders during 2025, comprising $888 million in share repurchases under its board-authorized program and $139 million in dividends. Book value per diluted common share ended the year at $77.20, up $11.93, or 18.3%, from December 31, 2024, and increased $3.38, or 4.6%, sequentially from September 30, 2025. The company’s fixed-maturity portfolio delivered a book yield of 4.6% and a market yield of 4.7% at year end.

Vince Tizzio, President and CEO, emphasized that AXIS capped an outstanding year by executing its specialty strategy and driving sustained profitable growth. He highlighted a 7% increase in record gross premiums written to $9.6 billion and an 86.1% combined ratio in the insurance segment. Looking ahead, the firm plans to leverage its “One AXIS” operating model and ongoing efficiency initiatives to expand specialty lines and capitalize on market opportunities while maintaining disciplined underwriting and strong capital returns.