AXIS Capital earnings are laid out in the company’s results press release, whose headline lists THIRD QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $202 MILLION, or $2.75 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $229 MILLION, or $3.12 PER DILUTED COMMON SHARE. In its quarterly paragraph on net income, the company wrote: Net income available to common shareholders for the third quarter of 2026 was $202 million, a decrease of $92 million, or 32%, compared to the third quarter of 2025.
Headline Figures and the Quarterly Paragraphs
The headline section of the press release goes on to list these measures for the quarter:
- Annualized return on average common equity (“ROACE”) of 13.8% and annualized operating ROACE of 15.7%
- Combined ratio of 94.0% and underwriting income of $134 million
- Book value per diluted common share of $79.06
The quarterly paragraphs then give changes against the prior-year quarter for several measures. On operating income, the company wrote: Operating income (2) for the third quarter of 2026 was $229 million, a decrease of $26 million, or 10%, compared to the third quarter of 2025.
On underwriting income, it wrote: Underwriting income (3) for the third quarter of 2026 was $134 million, a decrease of $55 million, or 29%, compared to the third quarter of 2025.
The net income, operating income and underwriting income paragraphs each describe a decrease against the prior-year quarter. Book value has its own quarterly paragraph, which reads: Book value per diluted common share was $79.06 at September 30, 2026, a decrease of $1.61, or 2.0%, compared to June 30, 2026.
Nine-Month Net Income Edges Up While Operating Income Falls
For the nine-month period, the headline section lists these measures:
- Net income available to common shareholders of $699 million, or $9.42 per diluted common share and operating income of $697 million, or $9.39 per diluted common share
- Annualized ROACE and annualized operating ROACE of 16.1%
- Combined ratio of 92.3% and underwriting income of $464 million
- Book value per diluted common share, excluding accumulated other comprehensive income (loss) (“AOCI”) of $84.33, an increase of $10.64, or 14.4%, compared to $73.69 at September 30, 2025
In the nine-month paragraphs of the release, the company wrote on net income: Net income available to common shareholders year-to-date was $699 million, an increase of $3 million, or 0.4%, compared to the nine months ended September 30, 2025.
On operating income, it wrote: Operating income year-to-date was $697 million, a decrease of $78 million, or 10%, compared to the nine months ended September 30, 2025.
The nine-month net income paragraph reports an increase, the nine-month operating income paragraph reports a decrease, and the quarterly net income paragraph reports a decrease. These year-to-date measures are the company’s own reporting, given in the release. InsuraBeat has separate coverage of another recent insurer earnings report.
Insurance Premiums Rise in the Quarter, Reinsurance Premiums Fall Over Nine Months
The segment paragraphs of the release treat the two businesses separately. At group level, the quarterly gross premiums written paragraph reads: Gross premiums written increased by $234 million, or 11%, to $2.4 billion with an increase of $217 million, or 13% in the insurance segment, and an increase of $17 million, or 4% in the reinsurance segment.
For the Insurance segment, the company’s explanation of the quarterly premium change reads: Gross premiums written increased by $217 million, or 13%, primarily attributable to marine and aviation lines due to higher premiums mainly related to marine war business, property and professional lines due to new business associated with our ACS capability, and accident and health lines due to higher renewals and new business.
For the Reinsurance segment, the company’s explanation of the nine-month premium change reads: Gross premiums written decreased by $151 million, or 7% ($189 million, or 9%, on a constant currency basis), primarily attributable to non-renewals and decreased line sizes in casualty lines, partially offset by increased line sizes and new business in credit and surety lines, and a higher level of premiums associated with two contracts in agriculture lines.
The Insurance explanation names marine and aviation, property and professional, and accident and health lines, and the Reinsurance explanation names casualty, credit and surety, and agriculture lines. The group-level paragraph reports an increase for the reinsurance segment in the quarter, and the nine-month paragraph reports a decrease for the same segment. The explanations in these paragraphs are the company’s own account of the premium changes it reports.
Chief Executive Remarks in the Company’s Own Words
The release also carries remarks attributed to chief executive Vince Tizzio. On the quarter, he said: « This was a strong quarter for AXIS, as our team leaned into attractive underwriting opportunities while practicing disciplined cycle management in a transitioning market. » The description of the quarter as strong is the company’s own.
On the group’s performance, he said: « Our performance included a 15.7% annualized operating return-on-equity, $3.12 in operating earnings-per-share, and gross premiums rose 11%. » Of the Insurance business, he said: « Our Insurance business produced a 13% increase in gross premiums with a 92.0% combined ratio and an 87.2% current accident year ex-cat combined ratio. » Within AXIS Re, he said: « Within AXIS Re, we generated our 11th consecutive profitable quarter. »
Each of these statements is the chief executive’s own characterisation, as published in the company’s release. InsuraBeat has separate coverage of a recent broker earnings report.
