For the second quarter of 2025, the Company reports:
- Annualized return on average common equity (“ROACE”) of 15.7% and annualized operating ROACE of 19.0%
- Combined ratio of 88.9%
- Book value per diluted common share of $70.34, an increase of $3.86, or 5.8%, compared to March 31, 2025 and an increase of $11.05, or 18.6% compared to June 30, 2024
For the six months ended June 30, 2025, the Company reports:
- Net income available to common shareholders of $402 million, or $4.98 per diluted common share and operating income of $523 million, or $6.47 per diluted common share
- Annualized return on average common equity (“ROACE”) of 14.4% and annualized operating ROACE of 18.7%
- Combined ratio of 89.5%
- Book value per diluted common share of $70.34, an increase of $5.07, or 7.8%, compared to December 31, 2024
PEMBROKE, Bermuda–(BUSINESS WIRE)–$AXS #insurance–AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS” or “the Company”) (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2025.
Commenting on the second quarter 2025 financial results, Vince Tizzio, President and CEO of AXIS Capital said:
“AXIS delivered an excellent second quarter highlighted by record profitability and we continued our trend of strong performance, with 18.6% diluted book value per share growth over the prior year. In the quarter, we produced an annualized operating return-on-equity of 19% and an 88.9% combined ratio. In addition, we set new company records for first half underwriting income and production, while targeting premium adequate business that meets our risk-adjusted returns.
Our Insurance segment continued to excel, generating an 85.3% combined ratio and all time highs in premium volume at $1.9 billion and underwriting income at $152 million, with increasing contributions from our new and expanded products. Our reinsurance business again generated steady positive bottom-line results, with a 92% combined ratio.
Our sustained profitable growth is supported by the ongoing enhancement of our operations through our “How We Work” program, which is enabled by investments in technology and AI. While we acknowledge the progress achieved, we remain steadfast in advancing our strategy and providing value to our customers and the broader market.”
Second Quarter Consolidated Results*
- Net income available to common shareholders for the second quarter of 2025 was $216 million, or $2.72 per diluted common share, compared to net income available to common shareholders of $204 million, or $2.40 per diluted common share, for the second quarter of 2024.
- Operating income1 for the second quarter of 2025 was $261 million, or $3.29 per diluted common share1, compared to operating income of $250 million, or $2.93 per diluted common share, for the second quarter of 2024.
- Completed loss portfolio transfer reinsurance agreement (“LPT”) to retrocede net reserves for losses and loss expenses of approximately $2 billion to Enstar.
- Net investment income for the second quarter of 2025 was $187 million, compared to $191 million, for the second quarter of 2024, with lower income from fixed maturities resulting from lower fixed maturity assets due to the LPT transaction, partially offset by higher returns on alternative investments.
- Book yield of fixed maturities was 4.6% at June 30, 2025, compared to 4.4% at June 30, 2024. The market yield was 5.0% at June 30, 2025.
- The effective tax rate of 20.1% for the quarter was due to pre-tax income in our Bermuda, U.K., U.S., and European operations. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025.
- Common share repurchases pursuant to our Board-authorized share repurchase program of $50 million and common share dividends of $35 million.
- Book value per diluted common share was $70.34 at June 30, 2025, an increase of $3.86, or 5.8%, compared to March 31, 2025, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $0.44 per share.
- Book value per diluted common share increased by $11.05, or 18.6%, over the past twelve months, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $1.76 per share.
- Adjusted for net unrealized investment gains (losses), after-tax, book value per diluted common share was $70.29 at June 30, 2025, an increase of $2.44, or 3.6%, compared to $67.85 at March 31, 2025, and an increase of $6.75, or 10.6%, compared to $63.54 at June 30, 2024.
|
* Amounts may not reconcile due to rounding differences. |
|
1 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release. |
Second Quarter Consolidated Underwriting Highlights2
- Gross premiums written increased by $76 million, or 3%, to $2.5 billion with an increase of $118 million, or 7% in the insurance segment, partially offset by a decrease of $43 million, or 7% in the reinsurance segment.
- Net premiums written increased by $62 million, or 4%, to $1.6 billion with an increase of $96 million, or 8% in the insurance segment, partially offset by a decrease of $35 million, or 9% in the reinsurance segment.
|
|
Three months ended June 30, |
||||||
|
KEY RATIOS |
2025 |
|
2024 |
|
Change |
||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses(3) (4) |
56.4 |
% |
|
55.1 |
% |
|
1.3 pts |
|
Catastrophe and weather-related losses ratio(4) |
2.6 |
% |
|
3.6 |
% |
|
(1.0 pts) |
|
Current accident year loss ratio(4) |
59.0 |
% |
|
58.7 |
% |
|
0.3 pts |
|
Prior year reserve development ratio |
(1.5 |
%) |
|
— |
% |
|
(1.5 pts) |
|
Net losses and loss expenses ratio |
57.5 |
% |
|
58.7 |
% |
|
(1.2 pts) |
|
Acquisition cost ratio |
19.8 |
% |
|
20.3 |
% |
|
(0.5 pts) |
|
General and administrative expense ratio |
11.6 |
% |
|
11.4 |
% |
|
0.2 pts |
|
Combined ratio |
88.9 |
% |
|
90.4 |
% |
|
(1.5 pts) |
|
|
|
|
|
|
|
||
|
Current accident year combined ratio(4) |
90.4 |
% |
|
90.4 |
% |
|
— pts |
|
|
|
|
|
|
|
||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses(4) |
87.8 |
% |
|
86.8 |
% |
|
1.0 pts |
- Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $37 million ($31 million, after-tax), (Insurance: $36.4 million; Reinsurance: $0.2 million), or 2.6 points, primarily attributable to weather-related events.
- Net favorable prior year reserve development was $20 million (Insurance: $15 million; Reinsurance: $5 million), compared to $nil in 2024.
|
2 All comparisons are with the same period of the prior year, unless otherwise stated. |
|
3 The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums. |
|
4 Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net losses and loss expenses ratio and combined ratio are provided above and a discussion of the rationale for the presentation of these items is provided later in this press release. |
Year to Date Consolidated Underwriting Highlights
- Gross premiums written increased by $216 million, or 4% ($246 million, or 5%, on a constant currency basis(5)), to $5.3 billion with an increase of $200 million, or 6% in the insurance segment, and an increase of $16 million, or 1% in the reinsurance segment.
- Net premiums written increased by $90 million, or 3% ($118 million or 4%, on a constant currency basis), to $3.4 billion with an increase of $119 million, or 5% in the insurance segment, partially offset by a decrease of $29 million, or 3% in the reinsurance segment.
|
|
Six months ended June 30, |
||||||
|
KEY RATIOS |
2025 |
|
2024 |
|
Change |
||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
56.3 |
% |
|
55.7 |
% |
|
0.6 pts |
|
Catastrophe and weather-related losses ratio |
3.2 |
% |
|
2.6 |
% |
|
0.6 pts |
|
Current accident year loss ratio |
59.5 |
% |
|
58.3 |
% |
|
1.2 pts |
|
Prior year reserve development ratio |
(1.4 |
%) |
|
— |
% |
|
(1.4 pts) |
|
Net losses and loss expenses ratio |
58.1 |
% |
|
58.3 |
% |
|
(0.2 pts) |
|
Acquisition cost ratio |
19.8 |
% |
|
20.3 |
% |
|
(0.5 pts) |
|
General and administrative expense ratio |
11.6 |
% |
|
12.2 |
% |
|
(0.6 pts) |
|
Combined ratio |
89.5 |
% |
|
90.8 |
% |
|
(1.3 pts) |
|
|
|
|
|
|
|
||
|
Current accident year combined ratio |
90.9 |
% |
|
90.8 |
% |
|
0.1 pts |
|
|
|
|
|
|
|
||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
87.7 |
% |
|
88.2 |
% |
|
(0.5 pts) |
- Pre-tax catastrophe and weather-related losses, net of reinsurance, were $86 million ($69 million after-tax), (Insurance: $84 million; Reinsurance: $2 million), or 3.2 points, including $32 million, or 1.2 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.
- Net favorable prior year reserve development was $38 million (Insurance: $29 million; Reinsurance: $9 million), compared to $nil in 2024.
- General and administrative expense ratio decreased by 0.6 points, mainly driven by an increase in net premiums earned and efficiencies gained through our “How We Work” program, partially offset by increases in personnel costs and information technology costs.
|
5 Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures are provided above/later in this press release, and a discussion of the rationale for the presentation of these items is provided later in this press release. Variances that are unchanged on a constant currency basis are omitted from the narrative. |
|
Segment Highlights |
||||||||||
|
Insurance Segment |
||||||||||
|
|
Three months ended June 30, |
|||||||||
|
($ in thousands) |
2025 |
|
2024 |
|
Change |
|||||
|
Gross premiums written |
$ |
1,932,435 |
|
|
$ |
1,814,066 |
|
|
6.5 |
% |
|
Net premiums written |
|
1,290,510 |
|
|
|
1,194,197 |
|
|
8.1 |
% |
|
Net premiums earned |
|
1,032,961 |
|
|
|
958,212 |
|
|
7.8 |
% |
|
Underwriting income |
|
151,639 |
|
|
|
115,640 |
|
|
31.1 |
% |
|
|
|
|
|
|
|
|||||
|
Underwriting ratios: |
|
|
|
|
|
|||||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
52.3 |
% |
|
|
51.8 |
% |
|
0.5 pts |
|
|
Catastrophe and weather-related losses ratio |
|
3.6 |
% |
|
|
4.8 |
% |
|
(1.2 pts) |
|
|
Current accident year loss ratio |
|
55.9 |
% |
|
|
56.6 |
% |
|
(0.7 pts) |
|
|
Prior year reserve development ratio |
|
(1.5 |
%) |
|
|
— |
% |
|
(1.5 pts) |
|
|
Net losses and loss expenses ratio |
|
54.4 |
% |
|
|
56.6 |
% |
|
(2.2 pts) |
|
|
Acquisition cost ratio |
|
18.9 |
% |
|
|
19.6 |
% |
|
(0.7 pts) |
|
|
Underwriting-related general and administrative expense ratio |
|
12.0 |
% |
|
|
11.7 |
% |
|
0.3 pts |
|
|
Combined ratio |
|
85.3 |
% |
|
|
87.9 |
% |
|
(2.6 pts) |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio |
|
86.8 |
% |
|
|
87.9 |
% |
|
(1.1 pts) |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
83.2 |
% |
|
|
83.1 |
% |
|
0.1 pts |
|
- Gross premiums written increased by $118 million, or 7% ($116 million, or 6%, on a constant currency basis), attributable to all lines of business with the exception of cyber lines which decreased in the quarter, principally due to a lower level of premiums associated with program business.
- Net premiums written increased by $96 million, or 8%, reflecting the increase in gross premiums written in the quarter, together with decreased cession rates in property and liability lines, partially offset by an increased cession rate in accident and health lines.
- The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters.
- The acquisition cost ratio decreased by 0.7 points, primarily related to an increase in ceding commissions.
- The underwriting-related general and administrative expense ratio increased by 0.3 points, due to the inclusion of personnel costs associated with new underwriting teams, together with investments in information technology in 2025, compared to the inclusion of elevated severance expenses in reorganization expenses in 2024.
|
|
Six months ended June 30, |
|||||||||
|
($ in thousands) |
2025 |
|
2024 |
|
Change |
|||||
|
Gross premiums written |
$ |
3,588,337 |
|
|
$ |
3,388,571 |
|
|
5.9 |
% |
|
Net premiums written |
|
2,335,090 |
|
|
|
2,216,551 |
|
|
5.3 |
% |
|
Net premiums earned |
|
2,043,047 |
|
|
|
1,876,159 |
|
|
8.9 |
% |
|
Underwriting income |
|
286,180 |
|
|
|
238,629 |
|
|
19.9 |
% |
|
|
|
|
|
|
|
|||||
|
Underwriting ratios: |
|
|
|
|
|
|||||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
52.3 |
% |
|
|
51.9 |
% |
|
0.4 pts |
|
|
Catastrophe and weather-related losses ratio |
|
4.1 |
% |
|
|
3.5 |
% |
|
0.6 pts |
|
|
Current accident year loss ratio |
|
56.4 |
% |
|
|
55.4 |
% |
|
1.0 pts |
|
|
Prior year reserve development ratio |
|
(1.4 |
%) |
|
|
— |
% |
|
(1.4 pts) |
|
|
Net losses and loss expenses ratio |
|
55.0 |
% |
|
|
55.4 |
% |
|
(0.4 pts) |
|
|
Acquisition cost ratio |
|
19.0 |
% |
|
|
19.4 |
% |
|
(0.4 pts) |
|
|
Underwriting-related general and administrative expense ratio |
|
12.0 |
% |
|
|
12.5 |
% |
|
(0.5 pts) |
|
|
Combined ratio |
|
86.0 |
% |
|
|
87.3 |
% |
|
(1.3 pts) |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio |
|
87.4 |
% |
|
|
87.3 |
% |
|
0.1 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
83.3 |
% |
|
|
83.8 |
% |
|
(0.5 pts) |
|
- Gross premiums written increased by $200 million, or 6%, attributable to all lines of business with the exception of cyber lines which decreased in the period, principally due to a lower level of premiums associated with program business.
- Net premiums written increased by $119 million, or 5% ($124 million, or 6%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decreased cession rate in property lines, partially offset by increased cession rates in accident and health, and cyber lines.
|
Reinsurance Segment |
||||||||||
|
|
Three months ended June 30, |
|||||||||
|
($ in thousands) |
2025 |
|
2024 |
|
Change |
|||||
|
Gross premiums written |
$ |
583,536 |
|
|
$ |
626,170 |
|
|
(6.8 |
%) |
|
Net premiums written |
|
344,924 |
|
|
|
379,547 |
|
|
(9.1 |
%) |
|
Net premiums earned |
|
360,470 |
|
|
|
346,266 |
|
|
4.1 |
% |
|
Underwriting income |
|
37,562 |
|
|
|
45,517 |
|
|
(17.5 |
%) |
|
|
|
|
|
|
|
|||||
|
Underwriting ratios: |
|
|
|
|
|
|||||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
67.9 |
% |
|
|
64.2 |
% |
|
3.7 pts |
|
|
Catastrophe and weather-related losses ratio |
|
0.1 |
% |
|
|
0.3 |
% |
|
(0.2 pts) |
|
|
Current accident year loss ratio |
|
68.0 |
% |
|
|
64.5 |
% |
|
3.5 pts |
|
|
Prior year reserve development ratio |
|
(1.4 |
%) |
|
|
— |
% |
|
(1.4 pts) |
|
|
Net losses and loss expenses ratio |
|
66.6 |
% |
|
|
64.5 |
% |
|
2.1 pts |
|
|
Acquisition cost ratio |
|
22.5 |
% |
|
|
22.3 |
% |
|
0.2 pts |
|
|
Underwriting-related general and administrative expense ratio |
|
2.9 |
% |
|
|
2.5 |
% |
|
0.4 pts |
|
|
Combined ratio |
|
92.0 |
% |
|
|
89.3 |
% |
|
2.7 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio |
|
93.4 |
% |
|
|
89.3 |
% |
|
4.1 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
93.3 |
% |
|
|
89.0 |
% |
|
4.3 pts |
|
- Gross premiums written decreased by $43 million, or 7%, primarily attributable to the timing of renewals in multiple lines, together with a lower level of premiums associated with accident and health lines, partially offset by premium adjustments and new business in credit and surety lines.
- Net premiums written decreased by $35 million, or 9%, reflecting the decrease in gross premiums written in the quarter, together with increased cession rates to our strategic capital partners.
- The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with the first quarter as we continue to take a cautious stance given uncertainty in the current environment.
|
|
Six months ended June 30, |
|||||||||
|
($ in thousands) |
2025 |
|
2024 |
|
Change |
|||||
|
Gross premiums written |
$ |
1,722,285 |
|
|
$ |
1,706,092 |
|
|
0.9 |
% |
|
Net premiums written |
|
1,050,383 |
|
|
|
1,079,266 |
|
|
(2.7 |
%) |
|
Net premiums earned |
|
691,204 |
|
|
|
686,360 |
|
|
0.7 |
% |
|
Underwriting income |
|
66,476 |
|
|
|
68,192 |
|
|
(2.5 |
%) |
|
|
|
|
|
|
|
|||||
|
Underwriting ratios: |
|
|
|
|
|
|||||
|
Current accident year loss ratio, excluding catastrophe and weather-related losses |
|
68.2 |
% |
|
|
66.0 |
% |
|
2.2 pts |
|
|
Catastrophe and weather-related losses ratio |
|
0.2 |
% |
|
|
0.3 |
% |
|
(0.1 pts) |
|
|
Current accident year loss ratio |
|
68.4 |
% |
|
|
66.3 |
% |
|
2.1 pts |
|
|
Prior year reserve development ratio |
|
(1.3 |
%) |
|
|
— |
% |
|
(1.3 pts) |
|
|
Net losses and loss expenses ratio |
|
67.1 |
% |
|
|
66.3 |
% |
|
0.8 pts |
|
|
Acquisition cost ratio |
|
21.9 |
% |
|
|
22.6 |
% |
|
(0.7 pts) |
|
|
Underwriting-related general and administrative expense ratio |
|
3.1 |
% |
|
|
3.6 |
% |
|
(0.5 pts) |
|
|
Combined ratio |
|
92.1 |
% |
|
|
92.5 |
% |
|
(0.4 pts) |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio |
|
93.4 |
% |
|
|
92.5 |
% |
|
0.9 pts |
|
|
|
|
|
|
|
|
|||||
|
Current accident year combined ratio, excluding catastrophe and weather-related losses |
|
93.2 |
% |
|
|
92.2 |
% |
|
1.0 pts |
|
- Gross premiums written increased by $16 million, or 1% ($40 million, or 2%, on a constant currency basis), primarily attributable to new business and premium adjustments in credit and surety lines, together with the timing of renewals in liability lines, partially offset by decreased line sizes and non-renewals in accident and health, marine and aviation, and motor lines.
- Net premiums written decreased by $29 million, or 3% ($6 million, or 1%, on a constant currency basis), reflecting the increased cession rates to our strategic capital partners in the period, partially offset by the increase in gross premiums written in the period.
|
Investments |
|||||||||||||||
|
|
Three months ended June 30, |
|
Six months ended June 30, |
||||||||||||
|
($ in thousands) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Net investment income |
$ |
187,297 |
|
|
$ |
190,975 |
|
|
$ |
395,009 |
|
|
$ |
358,358 |
|
|
Net investment gains (losses) |
|
43,468 |
|
|
|
(53,479 |
) |
|
|
13,462 |
|
|
|
(62,687 |
) |
|
Change in net unrealized gains (losses) on fixed maturities, pre-tax(6) |
|
142,257 |
|
|
|
21,232 |
|
|
|
277,817 |
|
|
|
(30,731 |
) |
|
Interest in income of equity method investments |
|
(705 |
) |
|
|
7,900 |
|
|
|
1,586 |
|
|
|
9,069 |
|
|
Total |
$ |
372,317 |
|
|
$ |
166,628 |
|
|
$ |
687,874 |
|
|
$ |
274,009 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average cash and investments(7) |
$ |
16,520,011 |
|
|
$ |
16,932,010 |
|
|
$ |
17,191,155 |
|
|
$ |
16,887,183 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Pre-tax, total return on average cash and investments: |
|
|
|
|
|
|
|
||||||||
|
Including investment related foreign exchange movements |
|
2.3 |
% |
|
|
1.0 |
% |
|
|
4.0 |
% |
|
|
1.6 |
% |
|
Excluding investment related foreign exchange movements(8) |
|
1.7 |
% |
|
|
1.0 |
% |
|
|
3.2 |
% |
|
|
1.8 |
% |
- Net investment income decreased by $4 million, or 2%, compared to the second quarter of 2024, primarily attributable to lower income from fixed maturities resulting from lower fixed maturity assets due to the LPT transaction, partially offset by higher returns on alternative investments.
- Net investment gains (losses) recognized in net income (loss) for the quarter primarily related to net unrealized gains on equity securities, partially offset by realized losses on the sale of fixed maturities.
- Change in net unrealized gains on fixed maturities, pre-tax of $142 million ($86 million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter due to an increase in the market value of fixed maturities attributable to the decline in yields and the strengthening of the euro and pound sterling against the US dollar, compared to change in net unrealized gains, pre-tax of $21 million ($22 million excluding foreign exchange movements) recognized during the second quarter of 2024.
- Book yield of fixed maturities was 4.6% at June 30, 2025, compared to 4.4% at June 30, 2024 and 4.5% at December 31, 2024. The market yield was 5.0% at June 30, 2025.
|
6 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end. |
|
7 The average cash and investments balance is the average of the monthly fair value balances. |
|
8 Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $97 million and $(5) million for the three months ended June 30, 2025 and 2024, respectively and foreign exchange (losses) gains of $144 million and $(30) million for the six months ended June 30, 2025 and 2024, respectively. |
|
Capitalization / Shareholders’ Equity |
|||||||||||
|
|
June 30, |
|
December 31, |
|
|
|
|
||||
|
($ in thousands) |
|
2025 |
|
|
|
2024 |
|
|
Change |
||
|
Total capital(9) |
$ |
7,490,334 |
|
|
$ |
7,404,558 |
|
|
$ |
85,776 |
|
- Total capital of $7.5 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $7.4 billion at December 31, 2024, with the increase driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common shares repurchased pursuant to our Board-authorized share repurchase programs of $490 million and common share dividends.
- On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.
- On February 19, 2025, the Company’s Board of Directors approved a new share repurchase program for up to $400 million of the Company’s common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.
- At June 30, 2025, we had $110 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases.
|
Book value per diluted common share |
|||||||||||
|
|
June 30, |
|
March 31, |
|
June 30, |
||||||
|
|
|
2025 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Book value per diluted common share(10) |
$ |
70.34 |
|
|
$ |
66.48 |
|
|
$ |
59.29 |
|
- Dividends declared were $0.44 per common share in the current quarter and $1.76 per common share over the past twelve months.
|
|
Three months ended, |
|
Twelve months ended, |
||||||||
|
|
June 30, 2025 |
|
June 30, 2025 |
||||||||
|
|
Change |
|
% Change |
|
Change |
|
% Change |
||||
|
Change in book value per diluted common share |
$ |
3.86 |
|
5.8 |
% |
|
$ |
11.05 |
|
18.6 |
% |
|
Change in book value per diluted common share – adjusted for dividends declared |
$ |
4.30 |
|
6.5 |
% |
|
$ |
12.81 |
|
21.6 |
% |
- Book value per diluted common share increased by $3.86 in the quarter, and by $11.05 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends.
- Adjusted for net unrealized investment gains (losses), after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $70.29.
|
9 Total capital represents the sum of total shareholders’ equity and debt. |
|
10 Calculated using the treasury stock method. |
Conference Call
We will host a conference call on Wednesday, July 30, 2025 at 8:30 a.m. (EDT) to discuss the second quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), 1-866-605-3850 (Canada callers), or 1-412-902-6506 (international callers), and entering the passcode 9336672 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), 1-855-669-9658 (Canada callers), or 1-412-317-0088 (international callers), and entering the passcode 4028900. The webcast will be archived in the Investor Information section of our website.
Contacts
Cliff Gallant (Investor Contact): (415) 262-6843; [email protected]
Nichola Liboro (Media Contact): (917) 705-4579; [email protected]
