AXIS Capital reported third-quarter 2026 net income available to common shareholders of $202 million, or $2.75 a diluted share, and operating income of $229 million, or $3.12 a share. Underwriting remained profitable, with a 94.0% combined ratio and $134 million in underwriting income. The insurer also reported 11% growth in gross premiums for the quarter.
For the first nine months of 2026, net income totaled $699 million, or $9.42 a share, while operating income was $697 million, or $9.39 a share. AXIS also released an investor financial supplement and presentation for upcoming investor meetings.
Key details
- Quarterly returns and underwriting: Annualized return on average common equity was 13.8%; the annualized operating return was 15.7%. The 94.0% combined ratio means claims and expenses were below premiums earned, consistent with the company’s $134 million of underwriting income.
- Nine-month performance: The combined ratio was 92.3%, with underwriting income of $464 million. Annualized returns on average common equity and on an operating basis were both 16.1%.
- Insurance business: AXIS said Insurance gross premiums increased 13% in the quarter. The segment’s combined ratio was 92.0%, and its current accident-year combined ratio excluding catastrophe losses was 87.2%.
- Shareholder equity: Diluted book value per common share was $79.06 at September 30. Excluding accumulated other comprehensive income or loss, book value was $84.33, up $10.64, or 14.4%, from $73.69 a year earlier.
- Investor materials: The company made its third-quarter financial supplement available and prepared a presentation for upcoming investor meetings.
Plain-English implications
AXIS reported profitable underwriting in both the quarter and the first nine months, with combined ratios below 100% in each period. The reported and operating earnings figures were close for the nine-month period; in the quarter, operating income exceeded net income available to common shareholders.