Bermuda-based specialty insurer and reinsurer Axis Capital reported on 28 October that net income available to common shareholders fell 32% to $202m, or $2.75 per diluted share, in the third quarter of 2026. Operating income fell 10% to $229m, or $3.12 per share. The annualised operating return on average common equity was 15.7%.
The combined ratio rose to 94.0% from 89.4% a year earlier, and underwriting income fell 29% to $134m. The insurance segment earned $104m, 32% less, and reinsurance earned $30m, 15% less. Excluding catastrophe and weather losses, the current accident year combined ratio was 90.3% for the group and 87.2% for insurance.
Pre-tax catastrophe and weather losses, net of reinsurance, were $75m, or 4.6 points, and all fell in the insurance segment. Of this, $44m came from the Middle East conflict and the Russia-Ukraine war, and $31m from weather events. Over nine months, war and conflict losses reached $90m, Reinsurance News reported.
Gross premiums written rose 11% to $2.36bn. Insurance grew 13% to $1.91bn and reinsurance 4% to $449m. Reinsurance News reported that two agriculture contracts drove the reinsurance increase, and that net reinsurance premiums fell 5% as Axis ceded more liability and motor business. Net investment income rose 14% to $211m.
Diluted book value per share rose 7.1% in twelve months to $79.06, or 14.4% to $84.33 excluding accumulated other comprehensive income. Axis bought back $109m of shares and returned $141m to shareholders in total. Chief executive Vince Tizzio called it "a strong quarter" for the company.
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AXIS Capital Holdings (SEC Form 8-K, Exhibit 99.1) ↗Company · 28 Oct 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
