- AXIS Capital (AXS, Financial) reported a net income of $187 million in Q1 2025, translating to $2.26 per diluted share.
- The company's operating income for the period was $261 million, or $3.17 per diluted share.
- The book value per diluted common share reached a record $66.48, marking a 16.4% increase over the previous year.
AXIS Capital Holdings Limited (AXS) has released its financial results for the first quarter ended March 31, 2025. The company reported a net income available to common shareholders of $187 million, or $2.26 per diluted common share, compared to $388 million, or $4.53 per diluted common share, in the same quarter of 2024. The operating income was noted at $261 million, or $3.17 per diluted common share, up from $220 million, or $2.57 per diluted share, from the first quarter of the previous year.
In terms of profitability, AXIS achieved an annualized return on average common equity (ROACE) of 13.7% and an annualized operating ROACE of 19.2%. The combined ratio for the quarter was 90.2%, indicating efficient management in the face of significant catastrophe losses, which included wildfires, with AXIS’ share of these losses being only 0.09%.
The company's book value per diluted common share rose to $66.48 by March 31, 2025, an increase of $9.35 or 16.4% over the past year. This growth was driven by net income and unrealized investment gains. AXIS also announced gross premiums written of $2.8 billion, marking a 5% increase from the previous year.
In the insurance segment, AXIS reported an 86.7% combined ratio with gross premiums reaching $1.7 billion, highlighting significant contributions from the Excess & Surplus lines, particularly in North America. The reinsurance segment delivered a 92.3% combined ratio with gross premiums of $1.1 billion.
On the investment front, the company saw net investment income rise by $40 million to $208 million due to higher returns on alternative investments and increased yields on its portfolio. Meanwhile, net investment losses were $30 million, primarily from unrealized losses on equity securities.
Further developments include a completed loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, underlining AXIS's strategic initiatives to bolster its financial resilience.
AXIS Capital continues to enhance its operational framework, leveraging advancements in data, technology, and AI. The company’s proactive adjustments are reflected in the improved efficiency and strategic growth across its global operations.
