Q4 2025 AXIS Capital Holdings Ltd Earnings Call Transcript
Key Points
- Axis Capital Holdings Ltd (AXS) reported a strong 18% year-over-year increase in diluted book value per common share, reaching $77.20.
- The company achieved a record gross written premium of $9.6 billion, marking a 7% increase over the previous year.
- Axis Capital Holdings Ltd (AXS) maintained a low combined ratio of 89.8% for the full year, the lowest since 2010.
- The Insurance segment saw record underwriting income of $597 million, a 40% increase over the prior year.
- The company has successfully implemented strategic initiatives, including new and expanded business classes, contributing to profitable growth.
- The Cyber insurance segment faces challenges due to increasing ransomware attacks and competition from MGAs, leading to downward pressure on price adequacy.
- There is an expectation of pressure on the attritional loss ratio due to rate and trend not being fully offset by mix.
- The reinsurance segment may experience a decline in gross premiums in 2026, potentially up to double digits, due to a challenging market.
- Variable compensation and increased headcount have impacted the general and administrative expense ratio, which may continue to be a headwind.
- The company anticipates some pressure on the attritional loss ratio in 2026, which may not be completely offset by mix changes.
Good morning, and welcome to the AXIS Capital fourth quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded.
I would now like to turn the conference over to Cliff Gallant, Head of Investor Relations and Corporate Development. Please go ahead.
Thank you. Good morning, and welcome to our fourth quarter 2025 conference call. Our earnings press release and financial supplement were issued last night. If you would like copies, please visit the Investor Information section of our website at axiscapital.com. We set aside an hour for today's call, which is also available as an audio webcast on our website.
Joining me on today's call are Vince Tizzio, our President and CEO; and Pete Vogt, our CFO. In addition, for the Q&A portion of our call, we'll be joined by Matt Kirk, our incoming CFO.
We I'd like to remind everyone that the statements made during this call, including the question-and-answer session, which are not historical
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