AXS AXIS Capital (AXS) Q2 FY26 earnings call
AXIS Capital delivered a solid quarter with strong profitability and consistent book value growth, navigating a softening market by focusing on disciplined, targeted growth in specialty lines. The company proactively adjusted loss picks and reduced exposure in competitive areas like reinsurance casualty, while leveraging diversified distribution and new capabilities like ACS to drive profitable expansion.
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AXS operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | This call 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.