For the third quarter of 2026, the Company reports:

• Annualized return on average common equity ("ROACE") of 13.8% and annualized operating ROACE of 15.7%
• Combined ratio of 94.0% and underwriting income of $134 million
• Book value per diluted common share of $79.06
  
  

For the nine months ended September 30, 2026, the Company reports:

• Net income available to common shareholders of $699 million, or $9.42 per diluted common share and operating income of $697 million, or $9.39 per diluted common share
• Annualized ROACE and annualized operating ROACE of 16.1%
• Combined ratio of 92.3% and underwriting income of $464 million
• Book value per diluted common share, excluding accumulated other comprehensive income (loss) ("AOCI") of $84.33, an increase of $10.64, or 14.4%, compared to $73.69 at September 30, 2025
  
  

PEMBROKE, Bermuda, Oct. 28, 2026 (GLOBE NEWSWIRE) -- AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the third quarter ended September 30, 2026.

Commenting on the third quarter 2026 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

"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 11^th 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."

Third Quarter and Year-to-date Consolidated Results^*(1)

• Net income available to common shareholders for the third quarter of 2026 was $202 million, a decrease of $92 million, or 32%, compared to the third quarter of 2025.
• Net income available to common shareholders year-to-date was $699 million, an increase of $3 million, or 0.4%, compared to the nine months ended September 30, 2025.
• Operating income⁽²⁾ for the third quarter of 2026 was $229 million, a decrease of $26 million, or 10%, compared to the third quarter of 2025.
• Operating income year-to-date was $697 million, a decrease of $78 million, or 10%, compared to the nine months ended September 30, 2025.
• Underwriting income⁽³⁾ for the third quarter of 2026 was $134 million, a decrease of $55 million, or 29%, compared to the third quarter of 2025.
• Underwriting income year-to-date was $464 million, a decrease of $77 million, or 14%, compared to the nine months ended September 30, 2025.
• Fees related to arrangements with strategic capital partners for the third quarter of 2026 were $23 million, compared to $19 million for the third quarter of 2025. Fees year-to-date were $67 million, compared to $55 million for the nine months ended September 30, 2025.
• Book yield of fixed maturities was 4.9% at September 30, 2026, compared to 4.6% at September 30, 2025. The market yield was 5.8% at September 30, 2026.
• Reorganization expenses for the third quarter were $nil and year-to-date were $29 million, primarily related to initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with transitions in executive leadership.
• Total capital returned to common shareholders was $141 million, including common share repurchases of $109 million pursuant to our Board-authorized share repurchase program, and common share dividends of $32 million in the quarter.
• Book value per diluted common share was $79.06 at September 30, 2026, a decrease of $1.61, or 2.0%, compared to June 30, 2026.
• Book value per diluted common share increased by $5.24, or 7.1%, over the past twelve months, driven by net income, partially offset by common share repurchases, common share dividends of $1.76 per share and net unrealized investment losses.
• Book value per diluted common share, excluding AOCI⁽⁴⁾ was $84.33 at September 30, 2026, an increase of $2.20, or 2.7%, compared to $82.13 at June 30, 2026, and an increase of $10.64, or 14.4%, compared to $73.69 at September 30, 2025.
  
  

<sub>Footnotes referred to above
* Amounts may not reconcile due to rounding differences.
¹ All comparisons are with the same period of the prior year, unless otherwise stated.
² Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.
³ Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to the most comparable GAAP financial measure, net income (loss), and a discussion of the rationale for its presentation is provided later in this press release.
⁴ Book value per diluted common share, excluding AOCI is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to the most comparable GAAP financial measure, book value per diluted common share, and a discussion of the rationale for its presentation is provided later in this press release.</sub>

_{Footnotes referred to on page 3
⁵ The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.
⁶ Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio and combined ratio, together with a discussion of the rationale for the presentation of these items, are provided later in this press release.
⁷ Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures, together with a discussion of the rationale for the presentation of these items, are provided later in this press release. Variances that are unchanged on a constant currency basis are omitted from the narrative.}

Third Quarter Consolidated Underwriting Highlights

Three months ended September 30, 2026

• Gross premiums written increased by $234 million, or 11%, to $2.4 billion with an increase of $217 million, or 13% in the insurance segment, and an increase of $17 million, or 4% in the reinsurance segment.
• Net premiums written increased by $132 million, or 10%, to $1.5 billion with an increase of $144 million, or 13% in the insurance segment, partially offset by a decrease of $12 million, or 5% in the reinsurance segment.
• Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $75 million ($57 million after-tax) (Insurance: $75 million; Reinsurance: $nil), or 4.6 points, including $44 million or 2.7 points attributable to the Middle East conflict and the Russia-Ukraine war. The remaining losses of $31 million or 1.9 points were attributable to weather-related events.
• Net favorable prior year reserve development was $15 million (Insurance: $12 million; Reinsurance: $3 million), compared to $19 million in 2025.
• The acquisition cost ratio increased by 2.8 points primarily related to new property and professional lines business associated with our AXIS Capacity Solutions ("ACS") capability, and a greater mix of short-tail lines, including marine war business, which have relatively higher acquisition cost ratios.
  
  

Nine months ended September 30, 2026

• Gross premiums written increased by $689 million, or 9% ($621 million, or 8%, on a constant currency basis⁽⁷⁾), to $8.1 billion with an increase of $841 million, or 16% in the insurance segment, partially offset by a decrease of $151 million, or 7% in the reinsurance segment.
• Net premiums written increased by $259 million, or 5% ($195 million, or 4%, on a constant currency basis), to $5.0 billion with an increase of $473 million, or 14% in the insurance segment, partially offset by a decrease of $214 million, or 16% in the reinsurance segment.
• Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $203 million ($159 million after-tax) (Insurance: $200 million; Reinsurance: $3 million), or 4.4 points, including natural catastrophe losses of $112 million or 2.4 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $90 million or 2.0 points were attributable to the Middle East conflict and the Russia-Ukraine war.
• Net favorable prior year reserve development was $48 million (Insurance: $39 million; Reinsurance: $9 million), compared to $57 million in 2025.
  
  

Segment Highlights

Insurance Segment