Q1 2026 AXIS Capital Holdings Ltd Earnings Call Transcript
Key Points
- Axis Capital Holdings Ltd (AXS) reported a strong start to 2026 with an annualized return on average common equity of 17% and a combined ratio of 89.8%.
- Gross written premiums increased by nearly 11% year-over-year to $3.1 billion, driven by growth in short-tail lines, which now constitute 60% of the overall premiums.
- The insurance segment saw a 20% year-over-year increase in gross written premiums, with underwriting income rising by 17% to $157 million.
- Axis Capital Holdings Ltd (AXS) has made significant investments in AI and technology, leading to efficiency gains and a reduction in the G&A ratio to 10.7%.
- The company has expanded its global distribution platform and enhanced customer value propositions, achieving its highest Net Promoter Scores since recording began.
- Property pricing was down 13% in the quarter, reflecting a challenging pricing environment despite previous rate improvements.
- The reinsurance segment experienced a 2% decline in gross written premiums, with a notable 24% reduction in long-tail lines due to competitive market conditions.
- Axis Capital Holdings Ltd (AXS) remains cautious in the cyber insurance market, with rates down 6% and a focus on managing exposures amid AI-related risks.
- The company incurred a $23 million charge for restructuring and senior leadership departures, impacting overall expenses.
- Axis Capital Holdings Ltd (AXS) faces geopolitical uncertainties, particularly in the Middle East, which contributed to approximately one-third of the $48 million in cat losses for the quarter.
Good day, and welcome to the AXIS Capital first quarter 2026 earnings call.
(Operator Instructions) Please note that today's event is being recorded.
I would now like to turn the conference over to Cliff Gallant, Head of Investor Relations. Please go ahead, sir.
Thank you. Good morning, and welcome to our first quarter 2026 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 Vincent Tizzio, our President and CEO; and Matt Kirk, our CFO.
I'd like to remind everyone that the statements made during this call including the question-and-answer session, which are not historical facts, may be forward-looking statements. Forward-looking statements involve risks, uncertainties and
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