AXIS Capital Holdings Limited (NYSE: AXS) shares closed at $104.05 on Thursday, with the stock little changed intraday, as investors parsed the insurer and reinsurer’s fourth-quarter results that were reported late Wednesday. The stock’s intraday range was roughly between $103.19 and $107.09, resulting in a marginal move of about +0.3% on the session. Equity markets reflected a flat trading tone in the financial sector.
Market Capitalization
AXIS Capital’s market capitalization stood around $8.0 billion based on Thursday’s closing price and share count.
Latest Quarterly Results
For the quarter ended December 31, 2025, AXIS Capital reported net income available to common shareholders of $282 million equivalent to $3.67 per diluted common share. Operating income was $250 million or $3.25 per diluted common share.
On a year-over-year basis, total revenues for the quarter were broadly higher driven by underwriting and investment activities. Underwriting income was $184 million, up 42% compared with the year-ago quarter.
Segment Performance
Included its two major business lines, insurance and reinsurance, for the quarter:
Insurance: Gross premiums written increased by 11.7% to $1.90 billion. The segment produced underwriting income of $158 million and a combined ratio of 86.5%.
Reinsurance: Gross premiums written rose by 13.4% to $310 million. Underwriting income for the segment was $27 million, with a combined ratio of 102.7%.
Full-Year Results Context
For the full year ended December 31, 2025, AXIS Capital reported net income available to common shareholders of $979 million compared with the prior year, representing a decline versus $1.05 billion in 2024. Operating income for 2025 was about $1.0 billion, higher than the prior year. Underwriting income for the year was $725 million, and net investment income rose modestly by 1%. Combined ratios for the full year were reported at 89.8. Book value per diluted common share increased by 18.3% for the year.
Business & Operations Update
AXIS Capital underwriting performance and growth in gross premiums written reached $7.2 billion for the year, a 9% increase over the prior period driven by expanded business lines.
The company returned $1.0 billion to common shareholders in 2025 consisting of $888 million in share repurchases and $139 million in dividends.
Operational developments included:
The continued execution of the “How We Work” program aimed at generating efficiency gains.
The Insurance segment reported expansion in underwriting teams and information technology investments. This contributed to an increase in the underwriting-related general and administrative expense ratio to 12.5% for the year.
Effective January 1, 2025, a 15% corporate income tax was applied to Bermuda pre-tax income.
Guidance & Outlook
In the earnings materials, AXIS Capital did not provide a formal earnings guidance range for 2026. Analysts and industry reports note what to watch for includes underwriting results in the coming quarters, premium rate environments in property-casualty markets, and net investment income trends amid interest rate volatility.
Performance Summary
AXIS Capital’s stock finished the session at $104.05, with intraday movement of roughly +0.3%. Q4 results showed net income of $282 million and operating income of $250 million. Underwriting income rose 42%, and the combined ratio remained below 91. For the full year, net income declined while operating income increased. Shareholders will monitor premium growth and underwriting efficiency in the next quarter.