Jun 2026 (Q2 FY26) — Jul 29, 2026
AXIS Capital Q2 FY26 — Strong Profitability Amidst Softening Market and Targeted Growth
Read the full callAXIS Capital (AXS) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
AXIS Capital earnings: last reported Wed, 29 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,644 | +8.0% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Mar 2026 | Not in the filed figures for the quarter to mar 2026. No older figure is substituted. | ||
| Net profit | 255 | +31.3% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 8 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Insurance ex-cat attritional loss ratio increase | Up around 1 point in 2026 | Dec 2025 | something that you should contemplate at the year-end being in this vicinity | Revised Down |
| AXIS Capacity Solutions (ACS) fee income | About $17 million for the full year 2026 | Jun 2026 | we expect this to grow to about $17 million for the full year | New |
12 of AXIS CAPITAL HOLDINGS LTD's 20 targets are still open. See which are on track and which have gone quiet. The 2 above are the free sample; 18 more targets are in the full ledger.
Claimed
- Generated 14.3% annualized operating return on equity.
- Achieved 15% year-over-year growth in diluted book value per share, marking the 15th consecutive quarter of growth.
- Gross written premiums increased by 6% over the prior year to $2.7 billion, driven by strength in insurance.
- Insurance segment delivered a strong 90% combined ratio and $119 million in underwriting income.
- Fee income from AXIS Capacity Solutions (ACS) reached $4 million in the quarter, with a full-year target of $17 million.
Qualified
- Observed softening market conditions and increasing competition, with property rates down 17% in the quarter.
- Absorbed $31 million in losses from the Middle East conflict, classified as a cat event.
- Insurance underlying loss ratio increased by 1.7 points year-over-year to 54%, reflecting evolving market conditions and increased prudence.
- Reinsurance gross written premiums declined by 25% in the quarter due to cycle management in casualty lines.
Price
$99.71 +0.08% · +$0.08
Performance +7.8% 1Y
1Y: $92.52 on 17 Oct 2025 → $99.71. High $119.27 (28 Jul 2026), low $88.25 (29 Oct 2025).
- Previous close
- $99.63
- 52-week range
- $88.25 – $119.27
- One year
- +8.37%
Overview
- Symbol
- AXS
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 8 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Insurance ex-cat attritional loss ratio increase | Up around 1 point in 2026 | Dec 2025 | something that you should contemplate at the year-end being in this vicinity | Revised Down |
| AXIS Capacity Solutions (ACS) fee income | About $17 million for the full year 2026 | Jun 2026 | we expect this to grow to about $17 million for the full year | New |
Claimed
- Generated 14.3% annualized operating return on equity.
- Achieved 15% year-over-year growth in diluted book value per share, marking the 15th consecutive quarter of growth.
- Gross written premiums increased by 6% over the prior year to $2.7 billion, driven by strength in insurance.
- Insurance segment delivered a strong 90% combined ratio and $119 million in underwriting income.
- Fee income from AXIS Capacity Solutions (ACS) reached $4 million in the quarter, with a full-year target of $17 million.
Qualified
- Observed softening market conditions and increasing competition, with property rates down 17% in the quarter.
- Absorbed $31 million in losses from the Middle East conflict, classified as a cat event.
- Insurance underlying loss ratio increased by 1.7 points year-over-year to 54%, reflecting evolving market conditions and increased prudence.
- Reinsurance gross written premiums declined by 25% in the quarter due to cycle management in casualty lines.
The full ledger
Open AXIS CAPITAL HOLDINGS LTD’s full ledger
A free account opens 5 company ledgers a month. All 20 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
AXIS Capital Q1 FY26 — Strong Underwriting Performance and Strategic Growth
Read the full callEvery analysed call
AXIS Capital earnings calls (AXS)
Financials
What the filings say
Net profit, year on year: +31% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,451 | 1,611 | 1,472 | 1,522 | 1,633 | 1,674 | 1,734 | 1,644 |
| Interest | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 16 |
| Profit before tax | 245 | 227 | 267 | 236 | 280 | 370 | 330 | 308 |
| Tax rate | 16.6% | 21.1% | −7.3% | 18.8% | 20.1% | 19.0% | 13.9% | 18.1% |
| Net profit | 212 | 181 | 294 | 194 | 223 | 302 | 290 | 255 |
| EPS ($ per share) | 2.42 | 2.06 | — | 2.30 | 2.75 | 3.79 | — | 3.34 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 5,913 | 6,057 | 5,764 | 6,205 | 6,247 | 6,441 | 7,342 | 8,182 |
| Total liabilities | 19,102 | 20,060 | 20,582 | 21,958 | 23,043 | 24,987 | 26,592 | 28,105 |
| Total assets | 24,133 | 25,604 | 25,878 | 27,369 | 27,683 | 30,251 | 32,681 | 34,462 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 11 | 199 | 344 | 1,198 | 798 | 1,256 | 1,845 | -41 |
| Cash from investing | 639 | -774 | 490 | -1,197 | -762 | -856 | 280 | -629 |
| Cash from financing | -186 | 278 | -909 | -186 | -150 | -202 | -417 | -1,087 |
| Net cash flow | 466 | -254 | -73 | -186 | -143 | 209 | 1,680 | -1,742 |
AXS operating KPIs by quarter
| KPI | 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.
Insider filings
38 filings between Nov 19, 2025 and Jun 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$238.02M
2 sales by 2 insiders
Compensation
not trading decisions- 24
- Award — granted as compensation
- 12
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| DAVIS CHARLES A | — | $237.77M | Nov 19, 2025 |
| SMITH HENRY B | — | $250.9K | May 7, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 1, 2026 | Tizzio Vincent C President and CEO | Tax withheld | 2,586 | $248.0K |
| Jun 1, 2026 | Tizzio Vincent C President and CEO | Tax withheld | 31,029 | $2.98M |
| May 13, 2026 | Tizzio Vincent C President and CEO | Award | 60,662 | $0 |
| May 7, 2026 | SMITH HENRY B Director | Sale | 2,542 | $250.9K |
| Mar 1, 2026 | Draper Daniel J Grp Chief Underwriting Officer | Tax withheld | 2,941 | $310.9K |
| Mar 1, 2026 | Vogt Peter CFO | Tax withheld | 8,768 | $927.0K |
| Mar 1, 2026 | Vogt Peter CFO | Tax withheld | 4,378 | $462.8K |
| Mar 1, 2026 | Phillips David S. Chief Investment Officer | Tax withheld | 4,816 | $509.1K |
| Mar 1, 2026 | Brooks Conrad D. Chief Admin and Legal Officer | Tax withheld | 3,303 | $349.2K |
| Mar 1, 2026 | Tizzio Vincent C President and CEO | Tax withheld | 10,557 | $1.12M |
| Mar 1, 2026 | Tizzio Vincent C President and CEO | Tax withheld | 8,828 | $933.3K |
| Mar 1, 2026 | Phillips David S. Chief Investment Officer | Tax withheld | 9,511 | $1.01M |
| Mar 1, 2026 | Brooks Conrad D. Chief Admin and Legal Officer | Tax withheld | 3,983 | $421.1K |
| Mar 1, 2026 | Draper Daniel J Grp Chief Underwriting Officer | Tax withheld | 2,586 | $273.4K |
| Jan 28, 2026 | Vogt Peter CFO | Award | 20,638 | $0 |
| Jan 27, 2026 | Phillips David S. Chief Investment Officer | Award | 5,853 | $0 |
| Jan 27, 2026 | Bolovinos Athanasios Tom Principal Acct Off | Award | 2,828 | $0 |
| Jan 27, 2026 | Brooks Conrad D. Chief Admin and Legal Officer | Award | 4,682 | $0 |
| Jan 27, 2026 | Brooks Conrad D. Chief Admin and Legal Officer | Award | 8,942 | $0 |
| Jan 27, 2026 | Draper Daniel J Grp Chief Underwriting Officer | Award | 6,438 | $0 |
| Jan 27, 2026 | Draper Daniel J Grp Chief Underwriting Officer | Award | 5,502 | $0 |
| Jan 27, 2026 | Phillips David S. Chief Investment Officer | Award | 17,198 | $0 |
| Jan 27, 2026 | Tizzio Vincent C President and CEO | Award | 37,069 | $0 |
| Jan 27, 2026 | Tizzio Vincent C President and CEO | Award | 20,638 | $0 |
| Jan 27, 2026 | Vogt Peter CFO | Award | 13,657 | $0 |
| Jan 15, 2026 | Zlatkus Lizabeth H Director | Award | 1,843 | — |
| Jan 15, 2026 | Yastine Barbara A. Director | Award | 1,594 | — |
| Jan 15, 2026 | Theis Axel Director | Award | 1,594 | — |
| Jan 15, 2026 | SMITH HENRY B Director | Award | 1,594 | — |
| Jan 15, 2026 | Ramey Thomas C. Director | Award | 1,594 | — |
| Jan 15, 2026 | Millegan Michael Director | Award | 1,594 | — |
| Jan 15, 2026 | Hardwick Elanor Director | Award | 1,594 | — |
| Jan 15, 2026 | GALANSKI STANLEY A Director | Award | 1,594 | — |
| Jan 15, 2026 | Dowling Anne Melissa Director | Award | 1,594 | — |
| Jan 15, 2026 | DAVIS CHARLES A Director | Award | 2,840 | — |
| Jan 15, 2026 | BECKER W MARSTON Director | Award | 2,840 | — |
| Dec 2, 2025 | Bolovinos Athanasios Tom Principal Acct Off | Award | 2,263 | $0 |
| Nov 19, 2025 | DAVIS CHARLES A Director | Sale | 2,404,133 | $237.77M |
| Aug 21, 2025 | SMITH HENRY B Director | Sale | 3,500 | $345.3K |
| Aug 20, 2025 | Draper Daniel J Grp Chief Underwriting Officer | Sale | 4,305 | $420.0K |
| Aug 19, 2025 | Draper Daniel J Grp Chief Underwriting Officer | Sale | 2,200 | $211.2K |
| Aug 15, 2025 | Draper Daniel J Grp Chief Underwriting Officer | Sale | 2,200 | $211.5K |
| Jun 1, 2025 | Tizzio Vincent C President and CEO | Tax withheld | 2,591 | $268.9K |
| Mar 5, 2025 | DAVIS CHARLES A Director | Sale | 2,139,037 | $200.00M |
| Mar 1, 2025 | Tizzio Vincent C President and CEO | Tax withheld | 5,987 | $580.0K |
| Mar 1, 2025 | Brooks Conrad D. Chief Admin and Legal Officer | Tax withheld | 3,989 | $386.5K |
| Mar 1, 2025 | Brooks Conrad D. Chief Admin and Legal Officer | Tax withheld | 3,423 | $331.6K |
| Mar 1, 2025 | Phillips David S. Chief Investment Officer | Tax withheld | 9,472 | $917.6K |
| Mar 1, 2025 | Phillips David S. Chief Investment Officer | Tax withheld | 4,964 | $480.9K |
| Mar 1, 2025 | Draper Daniel J Grp Chief Underwriting Officer | Tax withheld | 2,899 | $280.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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