AXIS Capital Holdings Limited, a Bermuda-based global insurance and reinsurance company, recorded net income of $202 million in the third quarter of 2026 and underwriting income of $134 million, supported by AXIS Re’s 11th consecutive profitable quarter.
Group-wide, operating income for Q3’26 amounted to $229 million, down 10% on the prior year, as underwriting income decreased 29% to the aforementioned $134 million.
Gross premiums written (GPW) increased 11% year-on-year to $2.4 billion in Q3’26, with growth of 4% to $449 million in reinsurance, and growth of 13% to $1.9 billion in insurance. Net premiums written (NPW) across the Group increased 10% to $1.5 billion, with a decrease of 5% to $256 million in reinsurance, more than offset by growth of 13% to $1.2 billon in insurance.
Within the reinsurance segment, GPW growth is attributable to a higher level of premiums associated with two contracts in agriculture lines, partially offset by decreased line sizes and non-renewals in liability lines. The NPW decrease reflects increased cession rates in liability and motor lines, partially offset by the increase in GPW.
The insurance segment’s higher GPW is primarily attributable to marine and aviation lines due to higher premiums mainly related to marine war business, property and professional lines due to new business associated with the firm’s ACS capability, and accident and health lines due to higher renewals and new business.
Although down 15% year-on-year, the reinsurance segment generated underwriting income of almost $30 million, with a combined ratio of 92.4%, compared with 92.2% a year earlier. The segment experienced no catastrophe losses in the quarter, compared with losses of $75 million in insurance. Additionally, the reinsurance arm booked $3 million of net favourable prior year reserve development.
The insurance segment delivered underwriting income of $104 million for Q3’26, which is down 32% year-on-year, as the combined ratio deteriorated by 6.1 percentage points to 92%.
Pre-tax catastrophe and weather-related losses, net of reinsurance, were $75 million in the insurance segment, including $44 million attributable to the Middle East conflict and the Russia-Ukraine war. The remaining losses of $31 million were attributable to weather-related events. The division also benefited from $12 million of net favorable prior year reserve development in the quarter.
On the asset side of the balance sheet, net investment income increased to $211 million in Q3’26 compared to $185 million in Q3’25, although net investment losses of $47 million and net unrealised losses on fixed maturities of more than $361 million, led to an overall negative investment performance of $194 million.
For the first nine months of 2026, Group-wide GPW increased 9% to $8.1 billion, with 16% growth in insurance to $6.1 billion, partially offset by a 7% decrease in reinsurance to $2 billion. NPW for the Group rose 5% to $5 billion for 9M’26, with 14% growth in insurance to $3.9 billion, partially offset by a 16% decrease in reinsurance to $1.1 billion.
Pre-tax catastrophe and weather-related losses, net of reinsurance, were $203 million for the nine month period, with $200 million in insurance and just $3 million in reinsurance, including natural catastrophe losses of $112 million, primarily attributable to US winter storms and other weather-related events. The remaining losses of $90 million were attributable to the Middle East conflict and the Russia-Ukraine war.
The insurance segment’s underwriting income for the nine-month period totalled $381 million, a decrease of 13% on the prior year with a combined ratio 89.5%, compared to 86% in 2025. The reinsurance segment’s underwriting income decreased 18% year-on-year to $83 million in 9M’26, with a combined ratio of 93.2% compared to 92.1% a year earlier.
Group-wide, net income was $699 million in 9M’26, an increase of 0.4% on the prior year’s $696 million. Operating income year-to-date was $697 million, which is down 10% year-on-year. Net investment income for the nine-month period was $578 million, compared with $579 million in 2025.
Vince Tizzio, President and CEO of AXIS Capital, commented: “This was a strong quarter for AXIS, as our team leaned into attractive underwriting opportunities while practicing disciplined cycle management in a transitioning market. Our performance included a 15.7% annualized operating return-on-equity, $3.12 in operating earnings-per-share, and gross premiums rose 11%. Over the past twelve months, AXIS has generated a 14.4% increase in diluted book value per share, ex AOCI.
“Our Insurance business produced a 13% increase in gross premiums with a 92.0% combined ratio and an 87.2% current accident year ex-cat combined ratio. Leveraging our global platform, we drove diversified premium volume with meaningful contributions from our expanded classes and AXIS Capacity Solutions capability. Within AXIS Re, we generated our 11th consecutive profitable quarter.
“As we look ahead to the remainder of this year and to 2027, AXIS is well-positioned. The strength of our balance sheet provides us with the flexibility to make smart investments in our business spanning products, platforms, and talent. We are excited about where AXIS stands today, supported by a clear strategy, balanced and resilient portfolio, enhanced operating model, and deep and capable team.”
