AXS AXIS Capital (AXS) Q1 FY26 earnings call
AXIS Capital delivered a strong Q1 FY26, marked by robust underwriting performance and strategic growth initiatives, particularly in its insurance segment. The company's focus on portfolio remediation and expanded classes drove an 11% increase in gross written premiums and an 18% operating ROE, while efficiency gains lowered the G&A ratio to 10.7%. Management remains disciplined in navigating market softening in property and cyber, actively reallocating capital to attractive markets and leveraging AI for operational efficiency.
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AXS operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Combined ratio | 89.8%First, an annualized return on average common equity of 17%, a combined ratio of 89.8% gross written premiums of $3.1 billion, up nearly 11% over the prior year, driven predominantly by growth in attractive short-tail lines with short tail lines now constituting 60% of our overall premiums.Source: earnings call transcript | 93.1%The combined ratio was 93.1%.Source: earnings call transcript | +3.3 pt |
| Combined ratio Insurance | 86.3%It was a strong quarter for our insurance business, highlighted by premium generations of $1.98 billion, underwriting income of $157 million, representing a 17% increase year-over-year and a combined ratio of 86.3%, a 0.4% improvement over the prior year.Source: earnings call transcript | 90%It was a strong quarter for our Insurance business, highlighted by premium generation of $2.2 billion, which was up 15% over the prior year, underwriting income of $119 million, a 90% combined ratio and a current accident year ex-CAT combined ratio of 84.5%.Source: earnings call transcript | +3.7 pt |
| Combined ratio Reinsurance | 92.7%We produced a combined ratio of 92.7% and underwriting income of $30 million and fee income of $20 million.Source: earnings call transcript | 94.5%We generated $90 million in new business with 94% coming from short-tail lines, and we produced a 94.5% combined ratio.Source: earnings call transcript | +1.8 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.