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    AXIS Capital Reports Fourth Quarter Net Income Available to Common Shareholders of $286 Million, or $3.38 Per Diluted Common Share and Operating Income of $252 Million, or $2.97 Per Diluted Common Share

    1/29/25 4:15:00 PM ET
    $AXS
    Property-Casualty Insurers
    Finance
    Get the next $AXS alert in real time by email

    For the fourth quarter of 2024, the Company reports:

    • Annualized return on average common equity ("ROACE") of 20.7% and annualized operating ROACE of 18.2%
    • Combined ratio of 94.2%
    • Gross premiums written increased by $191 million, or 11%

    For the year ended 2024, the Company reports:

    • Net income available to common shareholders of $1.1 billion, or $12.35 per diluted common share, and operating income of $952 million, or $11.18 per diluted common share
    • Return on average common equity ("ROACE") of 20.5% and operating ROACE of 18.6%
    • Combined ratio of 92.3%
    • Book value per diluted common share of $65.27, an increase of $11.21, or 20.7%, compared to December 31, 2023

    AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE:AXS) today announced financial results for the fourth quarter ended December 31, 2024.

    Commenting on the 2024 financial results, Vince Tizzio, President and CEO of AXIS Capital, said:

    "2024 was an excellent year for AXIS. We delivered on the financial and operational guideposts that we shared at our Investor Day this past May, highlighted by an operating return-on-equity of 18.6% and 20.7% growth in diluted book value per share.

    As a global leader in specialty underwriting, we continued to find attractive opportunities for growth. In our Insurance business, profitability was highlighted by an 89.1% combined ratio for the full year and we grew 7.7%, to reach $6.6 billion in premiums. Our Reinsurance business is producing strong, consistent profits with a 91.8% combined ratio for the full year while growing 7.9% to $2.4 billion in premiums.

    In 2024, we made significant strides in enhancing our operating model through our 'How We Work program'. This included building new capabilities, investing in technology and data, and adding strong talent to complement our existing team. As we progress into 2025, we believe AXIS is poised to build on its positive momentum, while leveraging our specialty expertise to help our customers navigate an increasingly dynamic risk landscape."

    Consolidated Highlights*

    • Net income available to common shareholders for the year ended December 31, 2024 was $1.1 billion, or $12.35 per diluted common share, compared to net income available to common shareholders of $346 million, or $4.02 per diluted common share, for the same period in 2023.
    • Operating income1 for the year ended December 31, 2024 was $952 million, or $11.18 per diluted common share1, compared to operating income of $486 million, or $5.65 per diluted common share, for the same period in 2023.
    • Current accident year combined ratio, excluding catastrophe and weather-related losses of 89.5% for the fourth quarter of 2024, and 88.5% for the year ended December 31, 2024, increased by 0.6 points compared to the fourth quarter of 2023, and improved by 0.6 points compared to the prior year, respectively.
    • Net investment income for the fourth quarter of 2024 was $196 million, compared to $187 million, for the fourth quarter of 2023, an increase of $9 million or 5%, primarily attributable to income from our fixed maturities portfolio due to increased yields, partially offset by lower returns on alternative investments.
    • Book yield of fixed maturities was 4.5% at December 31, 2024, compared to 4.2% at December 31, 2023. The market yield was 5.3% at December 31, 2024.
    • Fees related to arrangements with strategic capital partners for the year ended December 31, 2024 of $85 million, compared to $61 million in the prior year.
    • Income tax benefit for the fourth quarter of 2024 was $19 million principally due to adjustments related to certain deferred tax assets and deferred tax liabilities that are no longer required and an increase in the Bermuda net deferred tax asset associated with Bermuda corporate income tax, effective January 1, 2025. Excluding these tax benefits, the effective tax rate was 5.4% driven by pre-tax income in our U.K. and U.S operations. Income tax benefit for the year ended December 31, 2024, was $56 million principally due to the Bermuda net deferred tax asset, and adjustments related to certain deferred tax assets and deferred tax liabilities that are no longer required. Excluding these tax benefits, the effective tax rate was 13.8% driven by pre-tax income in our U.S., U.K., and European operations.
    • Book value per diluted common share was $65.27 at December 31, 2024, an increase of $0.62, or 1.0%, compared to September 30, 2024, driven by net income, partially offset by net unrealized investment losses, and common share dividends declared of $0.44 per share.
    • Book value per diluted common share increased by $11.21, or 20.7%, over the past twelve months, driven by net income, and net unrealized investment gains, partially offset by common share dividends declared of $1.76 per share.
    • Adjusted for net unrealized investment losses, after-tax, book value per diluted common share was $67.93 at December 31, 2024, an increase of $2.69, or 4.1%, compared to $65.24 at September 30, 2024, and an increase of $9.88, or 17.0%, compared to $58.05 at December 31, 2023.
    • Total capital returned to common shareholders was $350 million year to date, including share repurchases of $200 million pursuant to our Board-authorized share repurchase programs, and dividends of $150 million.

    * Amounts may not reconcile due to rounding differences.

    1 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.

    Fourth Quarter Consolidated Underwriting Highlights2

    • Gross premiums written increased by $191 million, or 11% ($178 million, or 10%, on a constant currency basis(3)), to $2.0 billion with an increase of $117 million, or 7% in the insurance segment, and an increase of $74 million, or 37% in the reinsurance segment.
    • Net premiums written increased by $153 million, or 14%, to $1.2 billion with an increase of $88 million, or 9% in the insurance segment, and an increase of $65 million, or 64% in the reinsurance segment.

     

    Quarters ended December 31,

    KEY RATIOS

    2024

     

    2023

     

    Change

    Current accident year loss ratio, excluding catastrophe and weather-related losses(4) (5)

    55.7

    %

     

    55.4

    %

     

    0.3 pts

    Catastrophe and weather-related losses ratio(5)

    5.9

    %

     

    2.1

    %

     

    3.8 pts

    Current accident year loss ratio(5)

    61.6

    %

     

    57.5

    %

     

    4.1 pts

    Prior year reserve development ratio

    (1.2

    %)

     

    33.6

    %

     

    (34.8 pts)

    Net losses and loss expenses ratio

    60.4

    %

     

    91.1

    %

     

    (30.7 pts)

    Acquisition cost ratio

    20.1

    %

     

    20.1

    %

     

    — pts

    General and administrative expense ratio

    13.7

    %

     

    13.4

    %

     

    0.3 pts

    Combined ratio

    94.2

    %

     

    124.6

    %

     

    (30.4 pts)

     

     

     

     

     

     

    Current accident year combined ratio(5)

    95.4

    %

     

    91.0

    %

     

    4.4 pts

     

     

     

     

     

     

    Current accident year combined ratio, excluding catastrophe and weather-related losses(5)

    89.5

    %

     

    88.9

    %

     

    0.6 pts

    • Pre-tax catastrophe and weather-related losses, net of reinsurance, were $81 million ($64 million, after-tax), (Insurance: $80 million; Reinsurance: $1 million), or 5.9 points, including $53 million, or 3.9 points attributable to Hurricane Milton. The remaining losses were primarily attributable to other weather-related events.
    • Net favorable (adverse) prior year reserve development was $16 million (Insurance: $12 million; Reinsurance: $4 million), compared to $(425) million (Insurance: $(182) million; Reinsurance: $(243) million) in 2023.

    2 All comparisons are with the same period of the prior year, unless otherwise stated.

    3 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 is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.

    4 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.

    5 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 is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.

    Full Year Consolidated Underwriting Highlights

    • Gross premiums written increased by $649 million, or 8%, to $9.0 billion with an increase of $475 million, or 8% in the insurance segment, and an increase of $175 million, or 8% in the reinsurance segment.
    • Net premiums written increased by $655 million, or 13%, to $5.8 billion with an increase of $492 million, or 13% in the insurance segment, and an increase of $163 million, or 12% in the reinsurance segment.

     

    Years ended December 31,

    KEY RATIOS

    2024

     

    2023

     

    Change

    Current accident year loss ratio, excluding catastrophe and weather-related losses

    55.7

    %

     

    55.9

    %

     

    (0.2 pts)

    Catastrophe and weather-related losses ratio

    4.3

    %

     

    2.7

    %

     

    1.6 pts

    Current accident year loss ratio

    60.0

    %

     

    58.6

    %

     

    1.4 pts

    Prior year reserve development ratio

    (0.5

    %)

     

    8.1

    %

     

    (8.6 pts)

    Net losses and loss expenses ratio

    59.5

    %

     

    66.7

    %

     

    (7.2 pts)

    Acquisition cost ratio

    20.2

    %

     

    19.7

    %

     

    0.5 pts

    General and administrative expense ratio

    12.6

    %

     

    13.5

    %

     

    (0.9 pts)

    Combined ratio

    92.3

    %

     

    99.9

    %

     

    (7.6 pts)

     

     

     

     

     

     

    Current accident year combined ratio

    92.8

    %

     

    91.8

    %

     

    1.0 pts

     

     

     

     

     

     

    Current accident year combined ratio, excluding catastrophe and weather-related losses

    88.5

    %

     

    89.1

    %

     

    (0.6 pts)

    • Pre-tax catastrophe and weather-related losses, net of reinsurance, were $226 million ($182 million, after-tax), (Insurance: $216 million; Reinsurance: $10 million), or 4.3 points, including $111 million or 2.1 points attributable to Hurricane Milton, Hurricane Helene and Hurricane Beryl, together with $13 million, or 0.3 points attributable to the Red Sea Conflict. The remaining losses were primarily attributable to other weather-related events.
    • Net favorable (adverse) prior year reserve development was $24 million (Insurance: $16 million; Reinsurance: $8 million), compared to $(412) million (Insurance: $(176) million; Reinsurance: $(236) million) in 2023.
    • General and administrative expense ratio decreased by 0.9 points, mainly driven by an increase in net premiums earned and efficiencies gained through our "How We Work" program, together with an increase in fees related to arrangements with strategic capital partners, partially offset by an increase in performance-related compensation costs.

    Segment Highlights

    Insurance Segment

     

    Quarters ended December 31,

    ($ in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

    Gross premiums written

    $

    1,700,337

     

     

    $

    1,583,378

     

     

    7.4%

    Net premiums written

     

    1,058,083

     

     

     

    969,871

     

     

    9.1%

    Net premiums earned

     

    1,026,025

     

     

     

    916,779

     

     

    11.9%

    Underwriting income (loss)

     

    90,449

     

     

     

    (61,675

    )

     

    nm

     

     

     

     

     

     

    Underwriting ratios:

     

     

     

     

     

    Current accident year loss ratio, excluding catastrophe and weather-related losses

     

    52.2

    %

     

     

    52.0

    %

     

    0.2 pts

    Catastrophe and weather-related losses ratio

     

    7.8

    %

     

     

    2.5

    %

     

    5.3 pts

    Current accident year loss ratio

     

    60.0

    %

     

     

    54.5

    %

     

    5.5 pts

    Prior year reserve development ratio

     

    (1.2

    %)

     

     

    19.8

    %

     

    (21.0 pts)

    Net losses and loss expenses ratio

     

    58.8

    %

     

     

    74.3

    %

     

    (15.5 pts)

    Acquisition cost ratio

     

    19.5

    %

     

     

    19.1

    %

     

    0.4 pts

    Underwriting-related general and administrative expense ratio

     

    12.9

    %

     

     

    13.3

    %

     

    (0.4 pts)

    Combined ratio

     

    91.2

    %

     

     

    106.7

    %

     

    (15.5 pts)

     

     

     

     

     

     

    Current accident year combined ratio

     

    92.4

    %

     

     

    86.9

    %

     

    5.5 pts

     

     

     

     

     

     

    Current accident year combined ratio, excluding catastrophe and weather-related losses

     

    84.6

    %

     

     

    84.4

    %

     

    0.2 pts

    nm - not meaningful is defined as a variance greater than +/- 100%

    • Gross premiums written increased by $117 million, or 7% ($103 million, or 6%, on a constant currency basis), primarily attributable to increases in property, accident and health, and credit and political risk lines driven by new business, partially offset by a decrease in cyber lines principally due to a lower level of premiums associated with program business.
    • Net premiums written increased by $88 million, or 9% ($81 million, or 8%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with decreased cession rates in cyber and property lines, partially offset by increased cession rates in accident and health lines.
    • The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters.
    • The acquisition cost ratio increased by 0.4 points, primarily related to an increase in profit commission expense driven by improved loss performance in accident and health lines and a decrease in ceding commission mainly in professional lines.
    • The underwriting-related general and administrative expense ratio decreased by 0.4 points, mainly driven by increases in net premiums earned and efficiencies gained through our "How We Work" program, partially offset by an increase in performance-related compensation costs.

    Insurance Segment

     

    Years ended December 31,

    ($ in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

    Gross premiums written

    $

    6,615,584

     

     

    $

    6,140,764

     

     

    7.7%

    Net premiums written

     

    4,250,545

     

     

     

    3,758,720

     

     

    13.1%

    Net premiums earned

     

    3,926,036

     

     

     

    3,461,700

     

     

    13.4%

    Underwriting income

     

    427,866

     

     

     

    260,944

     

     

    64.0%

     

     

     

     

     

     

    Underwriting ratios:

     

     

     

     

     

    Current accident year loss ratio, excluding catastrophe and weather-related losses

     

    52.1

    %

     

     

    51.8

    %

     

    0.3 pts

    Catastrophe and weather-related losses ratio

     

    5.5

    %

     

     

    3.2

    %

     

    2.3 pts

    Current accident year loss ratio

     

    57.6

    %

     

     

    55.0

    %

     

    2.6 pts

    Prior year reserve development ratio

     

    (0.4

    %)

     

     

    5.1

    %

     

    (5.5 pts)

    Net losses and loss expenses ratio

     

    57.2

    %

     

     

    60.1

    %

     

    (2.9 pts)

    Acquisition cost ratio

     

    19.5

    %

     

     

    18.7

    %

     

    0.8 pts

    Underwriting-related general and administrative expense ratio

     

    12.4

    %

     

     

    13.7

    %

     

    (1.3 pts)

    Combined ratio

     

    89.1

    %

     

     

    92.5

    %

     

    (3.4 pts)

     

     

     

     

     

     

    Current accident year combined ratio

     

    89.5

    %

     

     

    87.4

    %

     

    2.1 pts

     

     

     

     

     

     

    Current accident year combined ratio, excluding catastrophe and weather-related losses

     

    84.0

    %

     

     

    84.2

    %

     

    (0.2 pts)

    • Gross premiums written increased by $475 million, or 8% ($457 million, or 7%, on a constant currency basis), attributable to all lines of business with the exception of cyber lines which decreased principally due to lower levels of premiums associated with program business and premium adjustments, and liability lines which decreased principally due to underwriting actions taken to reposition the portfolio.
    • Net premiums written increased by $492 million, or 13%, reflecting the increase in gross premiums written together with decreased cession rates in cyber, professional lines and property lines.
    • The underwriting-related general and administrative expense ratio decreased by 1.3 points, mainly driven by an increase in net premiums earned and efficiencies gained through our "How We Work" program, partially offset by an increase in performance-related compensation costs.

    Reinsurance Segment

     

    Quarters ended December 31,

    ($ in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

    Gross premiums written

    $

    274,987

     

     

    $

    200,915

     

     

    36.9%

    Net premiums written

     

    167,466

     

     

     

    102,384

     

     

    63.6%

    Net premiums earned

     

    350,989

     

     

     

    348,494

     

     

    0.7%

    Underwriting income (loss)

     

    39,053

     

     

     

    (212,398

    )

     

    nm

     

     

     

     

     

     

    Underwriting ratios:

     

     

     

     

     

    Current accident year loss ratio, excluding catastrophe and weather-related losses

     

    66.0

    %

     

     

    64.5

    %

     

    1.5 pts

    Catastrophe and weather-related losses ratio

     

    0.3

    %

     

     

    0.8

    %

     

    (0.5 pts)

    Current accident year loss ratio

     

    66.3

    %

     

     

    65.3

    %

     

    1.0 pts

    Prior year reserve development ratio

     

    (1.2

    %)

     

     

    69.8

    %

     

    (71.0 pts)

    Net losses and loss expenses ratio

     

    65.1

    %

     

     

    135.1

    %

     

    (70.0 pts)

    Acquisition cost ratio

     

    21.8

    %

     

     

    22.6

    %

     

    (0.8 pts)

    Underwriting-related general and administrative expense ratio

     

    4.0

    %

     

     

    5.1

    %

     

    (1.1 pts)

    Combined ratio

     

    90.9

    %

     

     

    162.8

    %

     

    (71.9 pts)

     

     

     

     

     

     

    Current accident year combined ratio

     

    92.1

    %

     

     

    93.0

    %

     

    (0.9 pts)

     

     

     

     

     

     

    Current accident year combined ratio, excluding catastrophe and weather-related losses

     

    91.8

    %

     

     

    92.2

    %

     

    (0.4 pts)

    nm - not meaningful

    • Gross premiums written increased by $74 million, or 37%, primarily attributable to accident and health lines driven by new business, and motor, accident and health, and professional lines largely due to premium adjustments.
    • Net premiums written increased by $65 million, or 64%, reflecting the increase in gross premiums written in the quarter together with a decrease in premiums ceded in liability lines.
    • The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent periods.
    • The acquisition cost ratio decreased by 0.8 points, primarily related to an increase in ceding commissions from retrocessional agreements.
    • The underwriting-related general and administrative expense ratio decreased by 1.1 points, mainly driven by an increase in fees related to arrangements with strategic capital partners.

    Reinsurance Segment

     

    Years ended December 31,

    ($ in thousands)

     

    2024

     

     

     

    2023

     

     

    Change

    Gross premiums written

    $

    2,390,304

     

     

    $

    2,215,761

     

     

    7.9%

    Net premiums written

     

    1,506,806

     

     

     

    1,343,605

     

     

    12.1%

    Net premiums earned

     

    1,380,199

     

     

     

    1,622,081

     

     

    (14.9%)

    Underwriting income (loss)

     

    143,610

     

     

     

    (100,182

    )

     

    nm

     

     

     

     

     

     

    Underwriting ratios:

     

     

     

     

     

    Current accident year loss ratio, excluding catastrophe and weather-related losses

     

    66.0

    %

     

     

    64.8

    %

     

    1.2 pts

    Catastrophe and weather-related losses ratio

     

    0.7

    %

     

     

    1.6

    %

     

    (0.9 pts)

    Current accident year loss ratio

     

    66.7

    %

     

     

    66.4

    %

     

    0.3 pts

    Prior year reserve development ratio

     

    (0.5

    %)

     

     

    14.6

    %

     

    (15.1 pts)

    Net losses and loss expenses ratio

     

    66.2

    %

     

     

    81.0

    %

     

    (14.8 pts)

    Acquisition cost ratio

     

    22.0

    %

     

     

    21.7

    %

     

    0.3 pts

    Underwriting-related general and administrative expense ratio

     

    3.6

    %

     

     

    4.9

    %

     

    (1.3 pts)

    Combined ratio

     

    91.8

    %

     

     

    107.6

    %

     

    (15.8 pts)

     

     

     

     

     

     

    Current accident year combined ratio

     

    92.3

    %

     

     

    93.0

    %

     

    (0.7 pts)

     

     

     

     

     

     

    Current accident year combined ratio, excluding catastrophe and weather-related losses

     

    91.6

    %

     

     

    91.4

    %

     

    0.2 pts

    nm - not meaningful

    • Gross premiums written increased by $175 million, or 8%, primarily attributable to all lines of business, with the exception of liability lines and run-off lines largely associated with new business and increased line sizes.
    • Net premiums written increased by $163 million, or 12%, reflecting the increase in gross premiums written.
    • The underwriting-related general and administrative expense ratio decreased by 1.3 points, mainly driven by an increase in fees related to arrangements with strategic capital partners, partially offset by a decrease in net premiums earned.

    Investments

     

    Quarters ended December 31,

     

    Years ended December 31,

    ($ in thousands)

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net investment income

    $

    195,773

     

     

    $

    186,937

     

     

    $

    759,229

     

     

    $

    611,742

     

    Net investments gains (losses)

     

    (108,030

    )

     

     

    23,041

     

     

     

    (138,534

    )

     

     

    (74,630

    )

    Change in net unrealized gains (losses) on fixed maturities, pre-tax(6)

     

    (228,736

    )

     

     

    466,386

     

     

     

    125,742

     

     

     

    448,477

     

    Interest in income (loss) of equity method investments

     

    7,264

     

     

     

    1,328

     

     

     

    17,953

     

     

     

    4,163

     

    Total

    $

    (133,729

    )

     

    $

    677,692

     

     

    $

    764,390

     

     

    $

    989,752

     

     

     

     

     

     

     

     

     

    Average cash and investments(7)

    $

    18,097,432

     

     

    $

    16,395,033

     

     

    $

    17,409,516

     

     

    $

    16,155,418

     

     

     

     

     

     

     

     

     

    Pre-tax, total return on average cash and investments:

     

     

     

     

     

     

     

    Including investment related foreign exchange movements

     

    (0.7

    %)

     

     

    4.1

    %

     

     

    4.4

    %

     

     

    6.1

    %

    Excluding investment related foreign exchange movements(8)

     

    (0.2

    %)

     

     

    3.8

    %

     

     

    4.8

    %

     

     

    5.8

    %

    • Net investment income increased by $9 million, or 5%, compared to the fourth quarter of 2023, primarily attributable to income from our fixed maturities portfolio due to increased yields, partially offset by lower returns on alternative investments.
    • Net investment gains (losses) recognized in net income (loss) for the quarter primarily related to net realized losses on the sale of fixed maturities and net unrealized losses on bond mutual funds included in equity securities.
    • Change in net unrealized gains (losses) on fixed maturities, pre-tax of $(229) million ($(153) million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter due to a decrease in the market value of our fixed maturities portfolio attributable to increased yields, compared to change in net unrealized gains, pre-tax of $466 million ($422 million excluding foreign exchange movements) recognized during the fourth quarter of 2023.
    • Book yield of fixed maturities was 4.5% at December 31, 2024, compared to 4.2% at December 31, 2023. The market yield was 5.3% at December 31, 2024.

    6 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

    7 The average cash and investments balance is the average of the monthly fair value balances.

    8 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(104) million and $60 million for the quarters ended December 31, 2024 and 2023, respectively and foreign exchange (losses) gains of $(63) million and $51 million for the years ended December 31, 2024 and 2023, respectively.

    Capitalization / Shareholders' Equity

     

    December 31,

     

    December 31,

     

     

    ($ in thousands)

    2024

     

    2023

     

    Change

    Total capital(9)

    $

    7,404,558

     

    $

    6,576,910

     

    $

    827,648

    • Total capital of $7.4 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $6.6 billion at December 31, 2023, with the increase driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared, and the repurchase of common shares, including $200 million repurchased pursuant to our Board-authorized share repurchase programs.
    • At December 31, 2024, we had $200 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases.

    Book Value per diluted common share

     

    December 31,

     

    September 30,

     

    December 31,

     

    2024

     

    2024

     

    2023

    Book value per diluted common share(10)

    $

    65.27

     

    $

    64.65

     

    $

    54.06

    • Dividends declared were $0.44 per common share in the current quarter and $1.76 per common share over the past twelve months.

     

    Three months ended,

     

    Twelve months ended,

     

    December 31, 2024

     

    December 31, 2024

     

    Change

     

    % Change

     

    Change

     

    % Change

    Book value per diluted common share

    $

    0.62

     

    1.0

    %

     

    $

    11.21

     

    20.7

    %

    Book value per diluted common share - adjusted for dividends declared

    $

    1.06

     

    1.6

    %

     

    $

    12.97

     

    24.0

    %

    • Book value per diluted common share increased by $0.62 in the quarter, driven by net income, partially offset by net unrealized investment losses reported in accumulated other comprehensive income (loss), and common share dividends declared, and increased by $11.21 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by the common share dividends declared.
    • Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $67.93.

    9 Total capital represents the sum of total shareholders' equity and debt.

    10 Calculated using the treasury stock method.

    Conference Call

    We will host a conference call on Thursday, January 30, 2025 at 8:30 a.m. (EST) to discuss the fourth quarter and year-end financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), or 1-412-902-6506 (international callers), and entering the passcode 0758123 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), or 1-412-317-0088 (international callers), and entering the passcode 7722438. The webcast will be archived in the Investor Information section of our website.

    In addition, an investor financial supplement for the quarter ended December 31, 2024 is available in the Investor Information section of our website.

    About AXIS Capital

    AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.1 billion at December 31, 2024, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

    Website and Social Media Disclosure

    We use our website (www.axiscapital.com) and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program which can be found in the Investor Information section of our website (www.axiscapital.com). The contents of our website and social media channels are not part of this press release.

    Follow AXIS Capital on LinkedIn (http://bit.ly/2kRYbZ5) and X Corp (https://x.com/AXIS_Capital)

    AXIS CAPITAL HOLDINGS LIMITED

    CONSOLIDATED BALANCE SHEETS

    DECEMBER 31, 2024 (UNAUDITED) AND DECEMBER 31, 2023

     

     

     

     

     

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

    (in thousands)

    Assets

     

    Investments:

     

    Fixed maturities, available for sale, at fair value

    $

    12,152,753

     

    $

    12,234,742

     

    Fixed maturities, held to maturity, at amortized cost

     

    443,400

     

     

    686,296

     

    Equity securities, at fair value

     

    579,274

     

     

    588,511

     

    Mortgage loans, held for investment, at fair value

     

    505,697

     

     

    610,148

     

    Other investments, at fair value

     

    930,278

     

     

    949,413

     

    Equity method investments

     

    206,994

     

     

    174,634

     

    Short-term investments, at fair value

     

    223,666

     

     

    17,216

     

    Total investments

     

    15,042,062

     

     

    15,260,960

     

    Cash and cash equivalents

     

    2,143,471

     

     

    953,476

     

    Restricted cash and cash equivalents

     

    920,150

     

     

    430,509

     

    Accrued interest receivable

     

    114,012

     

     

    106,055

     

    Insurance and reinsurance premium balances receivable

     

    3,169,355

     

     

    3,067,554

     

    Reinsurance recoverable on unpaid losses and loss expenses

     

    6,840,897

     

     

    6,323,083

     

    Reinsurance recoverable on paid losses and loss expenses

     

    546,287

     

     

    575,847

     

    Deferred acquisition costs

     

    524,837

     

     

    450,950

     

    Prepaid reinsurance premiums

     

    1,936,979

     

     

    1,916,087

     

    Receivable for investments sold

     

    3,693

     

     

    8,767

     

    Goodwill

     

    66,498

     

     

    100,801

     

    Intangible assets

     

    175,967

     

     

    186,883

     

    Operating lease right-of-use assets

     

    92,516

     

     

    108,093

     

    Loan advances made

     

    247,775

     

     

    305,222

     

    Other assets

     

    695,794

     

     

    456,385

     

    Total assets

    $

    32,520,293

     

    $

    30,250,672

     

     

     

     

    Liabilities

     

     

    Reserve for losses and loss expenses

    $

    17,218,929

     

    $

    16,434,018

     

    Unearned premiums

     

    5,211,865

     

     

    4,747,602

     

    Insurance and reinsurance balances payable

     

    1,713,798

     

     

    1,792,719

     

    Debt

     

    1,315,179

     

     

    1,313,714

     

    Federal Home Loan Bank advances

     

    66,380

     

     

    85,790

     

    Payable for investments purchased

     

    269,728

     

     

    26,093

     

    Operating lease liabilities

     

    106,614

     

     

    123,101

     

    Other liabilities

     

    528,421

     

     

    464,439

     

    Total liabilities

     

    26,430,914

     

     

    24,987,476

     

     

     

     

    Shareholders' equity

     

     

    Preferred shares

     

    550,000

     

     

    550,000

     

    Common shares

     

    2,206

     

     

    2,206

     

    Additional paid-in capital

     

    2,394,063

     

     

    2,383,030

     

    Accumulated other comprehensive income (loss)

     

    (267,557

    )

     

    (365,836

    )

    Retained earnings

     

    7,341,569

     

     

    6,440,528

     

    Treasury shares, at cost

     

    (3,930,902

    )

     

    (3,746,732

    )

    Total shareholders' equity

     

    6,089,379

     

     

    5,263,196

     

     

     

     

    Total liabilities and shareholders' equity

    $

    32,520,293

     

    $

    30,250,672

     

    AXIS CAPITAL HOLDINGS LIMITED

    CONSOLIDATED STATEMENTS OF OPERATIONS

    FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2024 AND 2023

     

     

     

     

     

     

     

     

     

     

     

    Quarters ended

     

    Years ended

     

     

    2024

    (Unaudited)

     

    2023

    (Unaudited)

     

    2024

    (Unaudited)

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    (in thousands, except per share amounts)

    Revenues

     

     

     

     

    Net premiums earned

    $

    1,377,014

     

    $

    1,265,273

     

    $

    5,306,235

     

    $

    5,083,781

     

    Net investment income

     

    195,773

     

     

    186,937

     

     

    759,229

     

     

    611,742

     

    Net investment gains (losses)

     

    (108,030

    )

     

    23,041

     

     

    (138,534

    )

     

    (74,630

    )

    Other insurance related income

     

    7,016

     

     

    6,050

     

     

    30,721

     

     

    22,495

     

    Total revenues

     

    1,471,773

     

     

    1,481,301

     

     

    5,957,651

     

     

    5,643,388

     

     

     

     

     

     

    Expenses

     

     

     

     

    Net losses and loss expenses

     

    831,956

     

     

    1,152,262

     

     

    3,158,487

     

     

    3,393,102

     

    Acquisition costs

     

    276,273

     

     

    253,918

     

     

    1,070,551

     

     

    1,000,945

     

    General and administrative expenses

     

    189,186

     

     

    169,849

     

     

    666,202

     

     

    684,446

     

    Foreign exchange losses (gains)

     

    (112,090

    )

     

    69,871

     

     

    (50,822

    )

     

    58,115

     

    Interest expense and financing costs

     

    16,761

     

     

    18,344

     

     

    67,766

     

     

    68,421

     

    Reorganization expenses

     

    —

     

     

    —

     

     

    26,312

     

     

    28,997

     

    Amortization of intangible assets

     

    2,729

     

     

    2,729

     

     

    10,917

     

     

    10,917

     

    Total expenses

     

    1,204,815

     

     

    1,666,973

     

     

    4,949,413

     

     

    5,244,943

     

     

     

     

     

     

    Income (loss) before income taxes and interest in income of equity method investments

     

    266,958

     

     

    (185,672

    )

     

    1,008,238

     

     

    398,445

     

    Income tax (expense) benefit

     

    19,410

     

     

    41,762

     

     

    55,595

     

     

    (26,316

    )

    Interest in income of equity method investments

     

    7,264

     

     

    1,328

     

     

    17,953

     

     

    4,163

     

    Net income (loss)

     

    293,632

     

     

    (142,582

    )

     

    1,081,786

     

     

    376,292

     

    Preferred share dividends

     

    7,563

     

     

    7,563

     

     

    30,250

     

     

    30,250

     

    Net income (loss) available (attributable) to common shareholders

    $

    286,069

     

    $

    (150,145

    )

    $

    1,051,536

     

    $

    346,042

     

     

     

     

     

     

    Per share data

     

     

     

     

    Earnings (loss) per common share:

     

     

     

     

    Earnings (loss) per common share

    $

    3.43

     

    $

    (1.76

    )

    $

    12.49

     

    $

    4.06

     

    Earnings (loss) per diluted common share

    $

    3.38

     

    $

    (1.76

    )

    $

    12.35

     

    $

    4.02

     

    Weighted average common shares outstanding

     

    83,380

     

     

    85,268

     

     

    84,165

     

     

    85,142

     

    Weighted average diluted common shares outstanding

     

    84,695

     

     

    85,268

     

     

    85,176

     

     

    86,012

     

    Cash dividends declared per common share

    $

    0.44

     

    $

    0.44

     

    $

    1.76

     

    $

    1.76

     

    AXIS CAPITAL HOLDINGS LIMITED

    CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

    FOR THE QUARTERS ENDED DECEMBER 31, 2024 AND 2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2024

     

    2023

     

     

    Insurance

     

    Reinsurance

     

    Total

     

    Insurance

     

    Reinsurance

     

    Total

     

     

     

     

     

     

     

     

     

     

     

     

     

    (in thousands)

    Gross premiums written

    $

    1,700,337

     

     

    $

    274,987

     

     

    $

    1,975,324

     

     

    $

    1,583,378

     

     

    $

    200,915

     

     

    $

    1,784,293

     

    Net premiums written

     

    1,058,083

     

     

     

    167,466

     

     

     

    1,225,549

     

     

     

    969,871

     

     

     

    102,384

     

     

     

    1,072,255

     

    Net premiums earned

     

    1,026,025

     

     

     

    350,989

     

     

     

    1,377,014

     

     

     

    916,779

     

     

     

    348,494

     

     

     

    1,265,273

     

    Other insurance related income (loss)

     

    40

     

     

     

    6,976

     

     

     

    7,016

     

     

     

    (289

    )

     

     

    6,339

     

     

     

    6,050

     

    Net losses and loss expenses

     

    (603,311

    )

     

     

    (228,645

    )

     

     

    (831,956

    )

     

     

    (681,515

    )

     

     

    (470,747

    )

     

     

    (1,152,262

    )

    Acquisition costs

     

    (199,606

    )

     

     

    (76,667

    )

     

     

    (276,273

    )

     

     

    (175,050

    )

     

     

    (78,868

    )

     

     

    (253,918

    )

    Underwriting-related general and administrative expenses(11)

     

    (132,699

    )

     

     

    (13,600

    )

     

     

    (146,299

    )

     

     

    (121,600

    )

     

     

    (17,616

    )

     

     

    (139,216

    )

    Underwriting income (loss)(12)

    $

    90,449

     

     

    $

    39,053

     

     

     

    129,502

     

     

    $

    (61,675

    )

     

    $

    (212,398

    )

     

     

    (274,073

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Net investment income

     

     

     

     

     

    195,773

     

     

     

     

     

     

     

    186,937

     

    Net investment gains (losses)

     

     

     

     

     

    (108,030

    )

     

     

     

     

     

     

    23,041

     

    Corporate expenses(11)

     

     

     

     

     

    (42,887

    )

     

     

     

     

     

     

    (30,633

    )

    Foreign exchange (losses) gains

     

     

     

     

     

    112,090

     

     

     

     

     

     

     

    (69,871

    )

    Interest expense and financing costs

     

     

     

     

     

    (16,761

    )

     

     

     

     

     

     

    (18,344

    )

    Amortization of intangible assets

     

     

     

     

     

    (2,729

    )

     

     

     

     

     

     

    (2,729

    )

    Income (loss) before income taxes and interest in income of equity method investments

     

     

     

     

     

    266,958

     

     

     

     

     

     

     

    (185,672

    )

    Income tax benefit

     

     

     

     

     

    19,410

     

     

     

     

     

     

     

    41,762

     

    Interest in income of equity method investments

     

     

     

     

     

    7,264

     

     

     

     

     

     

     

    1,328

     

    Net income (loss)

     

     

     

     

     

    293,632

     

     

     

     

     

     

     

    (142,582

    )

    Preferred share dividends

     

     

     

     

     

    7,563

     

     

     

     

     

     

     

    7,563

     

    Net income (loss) available (attributable) to common shareholders

     

     

     

     

    $

    286,069

     

     

     

     

     

     

    $

    (150,145

    )

     

     

     

     

     

     

     

     

     

     

     

     

    Net losses and loss expenses ratio

     

    58.8

    %

     

     

    65.1

    %

     

     

    60.4

    %

     

     

    74.3

    %

     

     

    135.1

    %

     

     

    91.1

    %

    Acquisition cost ratio

     

    19.5

    %

     

     

    21.8

    %

     

     

    20.1

    %

     

     

    19.1

    %

     

     

    22.6

    %

     

     

    20.1

    %

    Underwriting-related general and administrative expense ratio

     

    12.9

    %

     

     

    4.0

    %

     

     

    10.6

    %

     

     

    13.3

    %

     

     

    5.1

    %

     

     

    11.0

    %

    Corporate expense ratio

     

     

     

     

     

    3.1

    %

     

     

     

     

     

     

    2.4

    %

    Combined ratio

     

    91.2

    %

     

     

    90.9

    %

     

     

    94.2

    %

     

     

    106.7

    %

     

     

    162.8

    %

     

     

    124.6

    %

     

     

     

     

     

     

     

     

     

     

     

     

    11 Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $43 million and $31 million for the quarters ended December 31, 2024 and 2023, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

    12 Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.

    AXIS CAPITAL HOLDINGS LIMITED

    CONSOLIDATED SEGMENTAL DATA

    FOR THE YEARS ENDED DECEMBER 31, 2024 (UNAUDITED) AND 2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    2024

     

    2023

     

     

    Insurance

     

    Reinsurance

     

    Total

     

    Insurance

     

    Reinsurance

     

    Total

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (in thousands)

    Gross premiums written

    $

    6,615,584

     

     

    $

    2,390,304

     

     

    $

    9,005,888

     

     

    $

    6,140,764

     

     

    $

    2,215,761

     

     

    $

    8,356,525

     

    Net premiums written

     

    4,250,545

     

     

     

    1,506,806

     

     

     

    5,757,351

     

     

     

    3,758,720

     

     

     

    1,343,605

     

     

     

    5,102,325

     

    Net premiums earned

     

    3,926,036

     

     

     

    1,380,199

     

     

     

    5,306,235

     

     

     

    3,461,700

     

     

     

    1,622,081

     

     

     

    5,083,781

     

    Other insurance related income (loss)

     

    94

     

     

     

    30,627

     

     

     

    30,721

     

     

     

    (198

    )

     

     

    22,693

     

     

     

    22,495

     

    Net losses and loss expenses

     

    (2,245,420

    )

     

     

    (913,067

    )

     

     

    (3,158,487

    )

     

     

    (2,080,001

    )

     

     

    (1,313,101

    )

     

     

    (3,393,102

    )

    Acquisition costs

     

    (766,915

    )

     

     

    (303,636

    )

     

     

    (1,070,551

    )

     

     

    (648,463

    )

     

     

    (352,482

    )

     

     

    (1,000,945

    )

    Underwriting-related general and administrative expenses(13)

     

    (485,929

    )

     

     

    (50,513

    )

     

     

    (536,442

    )

     

     

    (472,094

    )

     

     

    (79,373

    )

     

     

    (551,467

    )

    Underwriting income (loss)(14)

    $

    427,866

     

     

    $

    143,610

     

     

     

    571,476

     

     

    $

    260,944

     

     

    $

    (100,182

    )

     

     

    160,762

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net investment income

     

     

     

     

     

    759,229

     

     

     

     

     

     

     

    611,742

     

    Net investment gains (losses)

     

     

     

     

     

    (138,534

    )

     

     

     

     

     

     

    (74,630

    )

    Corporate expenses(13)

     

     

     

     

     

    (129,760

    )

     

     

     

     

     

     

    (132,979

    )

    Foreign exchange (losses) gains

     

     

     

     

     

    50,822

     

     

     

     

     

     

     

    (58,115

    )

    Interest expense and financing costs

     

     

     

     

     

    (67,766

    )

     

     

     

     

     

     

    (68,421

    )

    Reorganization expenses

     

     

     

     

     

    (26,312

    )

     

     

     

     

     

     

    (28,997

    )

    Amortization of intangible assets

     

     

     

     

     

    (10,917

    )

     

     

     

     

     

     

    (10,917

    )

    Income before income taxes and interest in income of equity method investments

     

     

     

     

     

    1,008,238

     

     

     

     

     

     

     

    398,445

     

    Income tax (expense) benefit

     

     

     

     

     

    55,595

     

     

     

     

     

     

     

    (26,316

    )

    Interest in income of equity method

    investments

     

     

     

     

     

    17,953

     

     

     

     

     

     

     

    4,163

     

    Net income

     

     

     

     

     

    1,081,786

     

     

     

     

     

     

     

    376,292

     

    Preferred share dividends

     

     

     

     

     

    30,250

     

     

     

     

     

     

     

    30,250

     

    Net income available to common shareholders

     

     

     

     

    $

    1,051,536

     

     

     

     

     

     

    $

    346,042

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net losses and loss expenses ratio

     

    57.2

    %

     

     

    66.2

    %

     

     

    59.5

    %

     

     

    60.1

    %

     

     

    81.0

    %

     

     

    66.7

    %

    Acquisition cost ratio

     

    19.5

    %

     

     

    22.0

    %

     

     

    20.2

    %

     

     

    18.7

    %

     

     

    21.7

    %

     

     

    19.7

    %

    Underwriting-related general and administrative expense ratio

     

    12.4

    %

     

     

    3.6

    %

     

     

    10.2

    %

     

     

    13.7

    %

     

     

    4.9

    %

     

     

    10.9

    %

    Corporate expense ratio

     

     

     

     

     

    2.4

    %

     

     

     

     

     

     

    2.6

    %

    Combined ratio

     

    89.1

    %

     

     

    91.8

    %

     

     

    92.3

    %

     

     

    92.5

    %

     

     

    107.6

    %

     

     

    99.9

    %

     

     

     

     

     

     

     

     

     

     

     

     

    13 Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $130 million and $133 million for the years ended December 31, 2024 and 2023, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

    14 Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.

    AXIS CAPITAL HOLDINGS LIMITED

    NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

    OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

    FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2024 AND 2023

     

     

     

     

     

     

     

     

     

     

     

    Quarters ended

     

    Years ended

     

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    (in thousands, except per share amounts)

     

     

     

     

     

     

     

     

    Net income (loss) available (attributable) to common shareholders

    $

    286,069

     

     

    $

    (150,145

    )

     

    $

    1,051,536

     

     

    $

    346,042

     

    Net investment (gains) losses

     

    108,030

     

     

     

    (23,041

    )

     

     

    138,534

     

     

     

    74,630

     

    Foreign exchange losses (gains)

     

    (112,090

    )

     

     

    69,871

     

     

     

    (50,822

    )

     

     

    58,115

     

    Reorganization expenses

     

    —

     

     

     

    —

     

     

     

    26,312

     

     

     

    28,997

     

    Interest in income of equity method investments

     

    (7,264

    )

     

     

    (1,328

    )

     

     

    (17,953

    )

     

     

    (4,163

    )

    Bermuda net deferred tax asset (15)

     

    (14,218

    )

     

     

    —

     

     

     

    (176,923

    )

     

     

    —

     

    Income tax benefit (16)

     

    (8,711

    )

     

     

    (2,348

    )

     

     

    (18,649

    )

     

     

    (17,488

    )

    Operating income (loss)

    $

    251,816

     

     

    $

    (106,991

    )

     

    $

    952,035

     

     

    $

    486,133

     

     

     

     

     

     

     

     

     

    Earnings (loss) per diluted common share

    $

    3.38

     

     

    $

    (1.76

    )

     

    $

    12.35

     

     

    $

    4.02

     

    Net investment (gains) losses

     

    1.28

     

     

     

    (0.27

    )

     

     

    1.63

     

     

     

    0.87

     

    Foreign exchange losses (gains)

     

    (1.32

    )

     

     

    0.82

     

     

     

    (0.60

    )

     

     

    0.68

     

    Reorganization expenses

     

    —

     

     

     

    —

     

     

     

    0.31

     

     

     

    0.34

     

    Interest in income of equity method investments

     

    (0.09

    )

     

     

    (0.02

    )

     

     

    (0.21

    )

     

     

    (0.05

    )

    Bermuda net deferred tax asset

     

    (0.17

    )

     

     

    —

     

     

     

    (2.08

    )

     

     

    —

     

    Income tax benefit

     

    (0.11

    )

     

     

    (0.02

    )

     

     

    (0.22

    )

     

     

    (0.21

    )

    Operating income (loss) per diluted common share

    $

    2.97

     

     

    $

    (1.25

    )

     

    $

    11.18

     

     

    $

    5.65

     

     

     

     

     

     

     

     

     

    Weighted average diluted common shares outstanding

     

    84,695

     

     

     

    85,268

     

     

     

    85,176

     

     

     

    86,012

     

     

     

     

     

     

     

     

     

    Average common shareholders' equity

    $

    5,536,303

     

     

    $

    4,598,202

     

     

    $

    5,126,288

     

     

    $

    4,401,553

     

     

     

     

     

     

     

     

     

    Annualized return on average common equity

     

    20.7

    %

     

     

    (13.1

    %)

     

     

    20.5

    %

     

     

    7.9

    %

     

     

     

     

     

     

     

     

    Annualized operating return on average common equity (17)

     

    18.2

    %

     

     

    (9.3

    %)

     

     

    18.6

    %

     

     

    11.0

    %

     

     

     

     

     

     

     

     

    15 Net deferred tax benefit due to the recognition of deferred tax assets net of deferred tax liabilities related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023.

    16 Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

    17 Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to annualized ROACE, the most comparable GAAP financial measure is presented in the table above, and a discussion of the rationale for its presentation is provided later in this press release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this press release, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.

    Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates for losses and loss expenses, measurements of potential losses in the fair value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

    Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

    Insurance Risk

    • the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;
    • the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;
    • the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;
    • actual claims exceeding reserves for losses and loss expenses;
    • losses related to the conflict in the Middle East, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;
    • the adverse impact of social and economic inflation;
    • the failure of any of the loss limitation methods we employ;
    • the failure of our cedants to adequately evaluate risks;
    • the use of industry models and changes to these models;

    Strategic Risk

    • increased competition and consolidation in the insurance and reinsurance industry;
    • general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity and fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates;
    • changes in the political environment of certain countries in which we operate or underwrite business;
    • the loss of business provided to us by major brokers;
    • a decline in our ratings with rating agencies;
    • the loss of one or more of our key executives;
    • increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;
    • the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;

    Credit and Market Risk

    • the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;
    • the failure of our policyholders or intermediaries to pay premiums;
    • breaches by third parties in our program business of their obligations to us;

    Liquidity Risk

    • the inability to access sufficient cash to meet our obligations when they are due;

    Operational Risk

    • changes in accounting policies or practices;
    • difficulties with technology and/or data security;
    • the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

    Regulatory Risk

    • changes in governmental regulations and potential government intervention in our industry;
    • inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and

    Risks Related to Taxation

    • changes in tax laws.

    Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

    We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Rationale for the Use of Non-GAAP Financial Measures

    We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this press release, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), 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, current accident year combined ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on cash and investments excluding foreign exchange movements which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

    Underwriting-Related General and Administrative Expenses

    Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

    Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.

    The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.

    Consolidated Underwriting Income (Loss)

    Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

    We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

    Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

    Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

    Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to our "How We Work" program. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

    Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

    We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.

    Current Accident Year Loss Ratio

    Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

    Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses

    Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

    Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

    We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

    The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

    Current Accident Year Combined Ratio

    Current accident year combined ratio represents underwriting results exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year combined ratio provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year combined ratio to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

    Current Accident Year Combined Ratio, excluding Catastrophe and Weather-Related Losses

    Current accident year combined ratio, excluding catastrophe and weather-related losses represents underwriting results exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

    We believe that the presentation of current accident year combined ratio, excluding catastrophe and weather-related losses provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development and by separately identifying net losses and loss expenses associated with catastrophe and weather-related events due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

    The reconciliation of current accident year combined ratio, excluding catastrophe and weather-related losses to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

    Operating Income (Loss)

    Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

    Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.

    Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

    Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to our "How We Work" program. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

    Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).

    Bermuda net deferred tax asset is due to the recognition of deferred tax assets net of deferred tax liabilities related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023 effective for fiscal years beginning on or after January 1, 2025. The Bermuda net deferred tax asset is not related to the underwriting process. Therefore, this income is excluded from operating income (loss).

    Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset in order to understand the profitability of recurring sources of income.

    We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this press release.

    We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this press release.

    Constant Currency Basis

    We present gross premiums written and net premiums written on a constant currency basis in this press release. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums written on a constant basis. The reconciliation to gross premiums written and net premiums written on a GAAP basis is presented in the 'Insurance Segment' and 'Reinsurance Segment' sections of this press release.

    Pre-Tax Total Return on Cash and Investments excluding Foreign Exchange Movements

    Pre-tax total return on cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax total return on cash and investments excluding foreign exchange movements to pre-tax total return on cash and investments, the most comparable GAAP financial measure, is presented in the 'Investments' section of this press release.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250129220571/en/

    Cliff Gallant (Investor Contact): (415) 262-6843; [email protected]

    Nichola Liboro (Media Contact): (917) 705-4579; [email protected]

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