AXIS Capital has achieved strong results at the beginning of 2026, with gross premiums in the first quarter reaching US$3.1 billion, a year-on-year increase of US$303 million, or 11%, and the combined ratio also improved to 89.8%.
At the same time, net income available to AXIS Capital common shareholders in the first quarter of 2026 reached $247 million, an increase of $60 million, or 33%, from the same period last year.
AXIS Capital’s underwriting revenue also strengthened in the first quarter of the year, rising $24 million, or 15%, to $187 million.
The current annual accident loss rate has dropped to 59.8% in the first quarter of 2026 from 60% in the same period last year, with disaster and weather-related losses accounting for 3.2%. Net loss and loss expense ratio were stable at 58.6%.
In terms of expenses, the acquisition cost rate increased to 20.5%, and the general and administrative expense rate improved to 10.7%, which helped support the overall improvement in profitability.
Overall, the combined ratio improved to 89.8% in the first quarter of 2026 from 90.2% in the same period of 2025. The current accident annual comprehensive cost rate is 91.0%, and after excluding catastrophe losses, it is 87.8%, both slightly improved year-on-year.
AXIS Capital disclosed that pre-tax catastrophe and weather-related losses (net of reinsurance) totaled $48 million in the first quarter of 2026.
These losses were recorded in the insurance segment and included $33 million in natural disaster losses, primarily caused by winter storms and other weather-related events in the United States. The remaining $15 million, or 1.0 percentage points, is attributable to conflicts in the Middle East.
In insurance, gross premiums increased $328 million, or 20%, in the first quarter of 2026, driven primarily by growth in property, specialty, and accident and health lines.
“Our AXIS Capacity Solutions capability contributed $173 million, or 10% of the growth, with approximately half attributable to Lloyds Trading’s discrete funds,” the company explained.
In comparison, Reinsurance segment gross written premiums decreased $25 million, or 2%, primarily due to non-renewals and reductions in liability and auto lines.
This was reportedly partially offset by increased line size and new business from credit and guarantee lines.
Vince Tizzio, President and CEO of AXIS Capital, commented: “AXIS started 2026 on the basis of earnings growth, which has defined our performance over the past three years. During the quarter, our gross written premiums reached $3.1 billion, up 11% year over year, with a combined ratio of 89.8%.
“This represents a trailing 12-month average annualized operating return on common stock of 17.7% and diluted book value per share growth of 17.6%.
“Our Insurance business delivered strong results with gross written premiums of $1.9 billion and a combined ratio of 86.3%, continuing to benefit from our expanded business categories and the recently launched AXIS Capacity Solutions capabilities.
“AXIS Re continues to generate very solid underwriting profits with a combined ratio of 92.7%, while tilting towards attractive short-tail lines, which account for over 60% of total reinsurance premiums.
“This performance highlights the continued strength of our operating model. Our investments in product, distribution, innovation and people are unlocking new opportunities to drive profitable growth as we execute our specialized strategies.”