AXIS Capital has opened 2026 with strong results, reporting gross premiums written of $3.1 billion for Q1, up $303 million, or 11% year on year, alongside an improved combined ratio of 89.8%.
Meanwhile, net income available to AXIS Capital’s common shareholders reached $247 million for Q1 2026, up $60 million, or 33%, compared with the same period last year.
AXIS Capital’s underwriting income also strengthened in the opening quarter of the year, increasing by $24 million, or 15%, to $187 million.
The current accident year loss ratio edged down to 59.8% in Q1 2026 from 60% a year earlier, with catastrophe and weather-related losses contributing 3.2%. The net losses and loss expenses ratio remained stable at 58.6%.
On the expense side, the acquisition cost ratio increased to 20.5%, while the general and administrative expense ratio improved to 10.7%, helping support the overall improvement in profitability.
Overall, the combined ratio improved to 89.8% in Q1 2026 from from 90.2% in the same period of 2025. The current accident year combined ratio stood at 91.0%, or 87.8% excluding catastrophe losses, both representing modest year-on-year improvement.
AXIS Capital disclosed that pre-tax catastrophe and weather-related losses, net of reinsurance, totalled $48 million in Q1 2026.
These were recorded within the Insurance segment and included $33 million of natural catastrophe losses, primarily driven by U.S. winter storms and other weather-related events. The remaining $15 million, or 1.0 percentage point, was attributable to the Middle East conflict.
Within the Insurance segment, gross premiums written increased by $328 million, or 20%, in Q1 2026, driven largely by growth in property, professional lines, and accident and health lines.
“Our AXIS Capacity Solutions capability contributed $173 million, or 10% of the increase, with approximately half attributable to discrete Funds at Lloyds transactions,” the firm explained.
In contrast, the Reinsurance segment saw gross premiums written decrease by $25 million, or 2%, mainly due to non-renewals and reduced line sizes in liability and motor lines.
This was reportedly partially offset by increased line sizes and new business in credit and surety lines.
Vince Tizzio, President and CEO of AXIS Capital, commented, “AXIS began 2026 building on the profitable growth that has defined our performance over the past three years. In the quarter, we produced gross premiums written of $3.1 billion, which represents an 11% increase year-over-year, with an 89.8% combined ratio.
“This translates to a 17.7% annualized operating return on average common equity, with 17.6% diluted book value per share growth over the past twelve months.
“Our Insurance business generated strong results with $1.9 billion gross premiums written and an 86.3% combined ratio, continuing to benefit from our expanded business classes and recently launched AXIS Capacity Solutions capability.
“AXIS Re continues to produce very solid underwriting profits, generating a 92.7% combined ratio while leaning into attractive short tail lines which comprised more than 60% of total reinsurance premiums.
“This performance highlights the sustained strength of our operating model. Our investments in products, distribution, innovation and talent are unlocking new opportunities to drive profitable growth as we execute on our specialty strategy.”
