Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has reported an increase of $35 million, or 16%, in net income for the second quarter of 2026 to $251 million, compared to $216 million in Q2’25. For the first half of 2026, net income rose by $96 million, or 24%, to $498 million, compared to $402 million in H1’25.
Group-wide, for Q2’26, the re/insurer reported a dip in underwriting income of $46 million, or 24%, to $143 million from $189 million in Q2’25. For H1’26, underwriting income decreased by $22 million, or 6%, to $330 million from $353 million in H1’25.
Segment-wise, in Q2’26, the insurance segment’s underwriting income hit $119 million, while reinsurance underwriting income was $24 million. For H1’26, the insurance and reinsurance segments contributed $277 million and $54 million, respectively.
For Q2’26, AXIS recorded a higher combined ratio of 93.1% compared to 88.9% in Q2’25, the same was also elevated for H1’26 to 91.5% compared to 89.5% in H1’25. The combined ratio for the insurance and reinsurance segments also rose to 90% and 94.5%.
Gross written premiums (GWP) in Q2’26 increased by $152 million, or 6%, to $2.7 billion, with an increase of $296 million, or 15%, in the insurance segment to $2.2 billion, partially offset by a decrease of $144 million, or 25%, in the reinsurance segment to $439 million.
For H1’26, GWP increased by $455 million, or 9%, to $5.8 billion, with an increase of $624 million, or 17%, in the insurance segment to $4.2 billion, partially offset by a decrease of $169 million, or 10%, in the reinsurance segment to $1.6 billion.
Meanwhile, for Q2’26, net premiums written (NPW) decreased by $30 million, or 2%, to $1.6 billion for Q2’26, with a decrease of $110 million, or 32%, in the reinsurance segment to $234 million, partially offset by an increase of $81 million, or 6%, in the insurance segment to $1.4 billion.
For H1’26, NPW increased by $127 million, or 4%, to $3.5 billion with an increase of $329 million, or 14%, in the insurance segment to $2.7 billion, partially offset by a decrease of $202 million, or 19%, in the reinsurance segment to $848 million.
For the quarter, the Bermudian re/insurer reported pre-tax, catastrophe and weather-related losses, net of reinsurance, of $80 million, of which the insurance segment saw $78 million, while reinsurance saw $3 million, or 5.3 points, including natural catastrophe losses of $49 million or 3.2 points. The remaining losses of $31 million, or 2.1 points were attributable to the Middle East conflict.
For H1’26, AXIS reported pre-tax, catastrophe and weather-related losses, net of reinsurance, of $128 million, or 4.3 points, including natural catastrophe losses of $82 million or 2.8 points, driven by US winter storms and other weather-related events. The remaining losses of $46 million or 1.5 points were attributable to the Middle East conflict.
For Q2’26, net favourable prior year reserve development was $15 million, $12 million in insurance, and $3 million in reinsurance, compared to $20 million in Q2’25. For H1’26, net favourable prior year reserve development was $33 million, with $27 million in insurance, and $6 million in reinsurance, compared to $38 million in H1’25.
The operating income for Q2’26 was $211 million, a decrease of $51 million, or 19%, while the same for H1’26 was $468 million, a decrease of $56 million, or 11%.
On the asset side, AXIS’ net investment income for both Q2 and H1 reported a decline to $182 million and $366 million, respectively, from $187 million and $395 million in Q2’25 and H1’25, respectively.
Vince Tizzio, President and Chief Executive Officer, AXIS Capital, commented, “AXIS continued to generate consistent, profitable growth in the second quarter, amidst an evolving risk landscape impacted by the Middle East conflict and further transitioning market conditions. Our results were highlighted by 14.3% annualised operating return-on-equity, 15% year-over-year increase in book value per diluted common share, and gross premiums written of $2.7 billion, up by 6% over the prior year.
“Our insurance business performed strongly with $2.2 billion in premiums and a 90.0% combined ratio and an 84.5% current accident year ex-cat combined ratio. This was propelled by our expanded classes and contributions from our AXIS Capacity Solutions capability. Within reinsurance, we maintained a disciplined stance, with more than half of our production coming from targeted short-tail lines, complementing our broader underwriting strategy.
“In the third quarter, AXIS will celebrate its 25th anniversary. Our company was founded in the aftermath of September 11 to address an urgent need for tailored insurance solutions. Since then, that need has only intensified, reinforcing the critical role specialists play in helping clients navigate an increasingly dynamic risk environment.”
