Axis third-quarter profit falls by nearly a third. Created: Oct 28, 2026 06:14 PM (Updated: Oct 28, 2026 06:15 PM) Cycle management: Vince Tizzio, CEO of Axis Capital (File photograph) Axis Capital reported a 32 per cent fall in third-quarter profit as underwriting margins narrowed and investment losses weighed on earnings, despite double-digit premium growth. The Bermudian-based insurer and reinsurer earned net income available to common shareholders of $202 million, or $2.75 per diluted share, for the three months ended September 30, compared with $294 million, or $3.74 per share, a year earlier. Net investment income increased to $211 million from $185 million. However, Axis recorded net investment losses of $47 million, compared with gains of $31 million a year earlier. Operating income, which excludes investment gains and losses and certain other items, fell 10 per cent to $229 million, or $3.12 per diluted share. Annualised operating return on average common equity was 15.7 per cent. Gross premiums written increased 11 per cent to $2.4 billion, led by growth in the insurance business. However, underwriting income declined 29 per cent to $134 million. The group's combined ratio deteriorated to 94 per cent from 89.4 per cent a year earlier. A ratio below 100 per cent indicates an underwriting profit. Axis recorded $75 million in pre-tax catastrophe and weather-related losses, net of reinsurance, including $44 million attributable to the Middle East conflict and the Russia-Ukraine war. The remaining $31 million related to weather events. These losses added 4.6 percentage points to the combined ratio. Vince Tizzio, chief executive of Axis, said the company continued to find opportunities while managing changing market conditions. "This was a strong quarter for Axis, as our team leaned into attractive underwriting opportunities while practising disciplined cycle management in a transitioning market," he said. The insurance division increased gross premiums written by 13 per cent to $1.9 billion. Its underwriting income nevertheless fell 32 per cent to $104 million, while its combined ratio rose to 92 per cent from 85.9 per cent. Axis said an acceleration in property market softening and increasingly competitive conditions in casualty lines contributed to a higher underlying loss ratio. Axis Re produced its 11th consecutive profitable quarter. Reinsurance gross premiums written rose 4 per cent to $449 million, principally reflecting higher premiums associated with two agriculture contracts. The division's underwriting income fell 15 per cent to $30 million, while its combined ratio edged up to 92.4 per cent from 92.2 per cent. Net premiums written declined 5 per cent as Axis ceded a greater proportion of liability and motor premiums to reinsurers. For the first nine months of 2026, net income available to common shareholders was broadly steady at $699 million, while operating income declined 10 per cent to $697 million. Gross premiums written increased 9 per cent to $8.1 billion. Axis returned $141 million to common shareholders during the quarter, comprising $109 million in share repurchases and $32 million in dividends. Book value per diluted common share stood at $79.06 at September 30, down 2 per cent from June 30 but up 7.1 per cent over the preceding 12 months.

Roisin Kealy promoted to CEO of AXIS Specialty Europe. 23rd October 2026 - Author: Luke Gallin - Bermuda-based insurer and reinsurer AXIS Capital has promoted Roisin Kealy to Chief Executive Officer (CEO) of AXIS Specialty Europe SE (ASE), based in Dublin and reporting to Sara Farrup, Head of Global Markets. The appointment sees Kealy join the company's Global Markets leadership team, and also creates new opportunities within the AXIS finance team. Kealy joined the re/insurer in 2014 as finance manager before being promoted to Head of European Reporting in 2016. In 2022, she took on the additional role of Head of Finance, ASE, and has served as an executive director of ASE since 2024. Taking over as Head of European Reporting and Head of Finance, ASE, is David Fogarty, while Sarah Aherne has been appointed to the roles of Head of Accounting Services and Head of Finance, AXIS Re, the firm's global reinsurance business. Additionally, Tim Conroy, ASE Chief Underwriting Officer, will also join the ASE board.

AXIS Capital ranks No. 45 among Analyst Picks with strong share buyback activity. By Joel Kornblau, Editor, The Online Investor, Thursday, October 15, 2026, 2:37 PM ET AXIS Capital Holdings Ltd among Top Analyst Picks for companies with strong stock buybacks. AXIS Capital Holdings Ltd (AXS) ranks No. 45 among stocks identified by The Online Investor as combining notable stock buyback activity with favorable analyst sentiment. In this screen, qualifying companies repurchased at least 5% of outstanding shares over the trailing 12-month period, and rankings were then based on the average of analyst recommendations from major brokerage firms. The combination of meaningful share repurchases and constructive analyst ratings can attract attention because it brings together two separate signals. A buyback can indicate that management sees value in the stock or believes excess capital can be deployed efficiently through repurchases. Analyst support, meanwhile, may reflect expectations for earnings resilience, capital strength, underwriting discipline, or improving returns on equity. When both factors are present, investors often view the setup as potentially more compelling than either signal alone. Why strong buyback activity matters. Share repurchases can affect valuation and per-share financial metrics in several ways. When a company reduces its share count, future earnings are spread across fewer shares outstanding, which can support earnings per share even if net income is unchanged. In addition, buybacks can improve measures such as book value per share or return metrics, depending on the repurchase price and the company's capital profile. That said, the quality of a buyback matters as much as the size. Repurchases tend to be more beneficial when they are funded from durable free cash flow or surplus capital, executed at disciplined valuations, and balanced against other capital needs such as debt reduction, acquisitions, or reinvestment in the business. What analyst support may be signaling. For an insurer such as AXIS Capital, positive analyst sentiment may reflect more than a simple valuation call. Analysts typically focus on factors including: * underwriting profitability and combined ratio trends, * pricing conditions in specialty insurance and reinsurance markets, * reserve adequacy and catastrophe exposure, * investment income sensitivity to interest rates, and * capital management, including buybacks and dividends. Viewed together, a favorable analyst ranking and substantial buyback activity can suggest confidence in both the company's operating outlook and its capital allocation framework. How to interpret the ranking. The ranking does not, by itself, establish that AXS is undervalued or that future returns will be superior. Instead, it highlights AXS as part of a narrower group of companies where analyst recommendations and recent share repurchase activity align. That can be a useful starting point for further work on valuation, earnings quality, and capital deployment. Key follow-up questions include: * Were repurchases made consistently or opportunistically? * Did the company fund buybacks from excess capital rather than balance-sheet strain? * Are consensus estimates improving, stable, or weakening? * How does the stock's valuation compare with peers on earnings, book value, and return metrics? Sector context and relative performance. AXS operates in the insurance industry, where capital returns are often evaluated alongside underwriting performance and exposure management. Peer moves can also help frame sentiment across the group. Chubb Ltd (CB) was up about 1% on the day referenced, while Progressive Corp. (PGR) was trading higher by about 1.1%. Below is a three-month price history chart comparing the performance of AXS, CB, and PGR. Bottom line. AXIS Capital's inclusion among top analyst picks tied to strong stock buyback activity puts the focus on a specific investment combination: supportive sell-side sentiment and a material reduction in share count. For investors evaluating AXS, the more important question is whether those buybacks reflect durable earnings power, disciplined capital allocation, and an attractive valuation relative to insurance peers. AXS was trading roughly flat in midday Thursday action. To put this move in context, compare it with the stocks featured in Current Top Analyst Picks of the S&P 500. How to read broker darling screens and valuation. Broker darling stories highlight stocks that analysts currently favor within a large-cap or dividend-oriented screen. Valuation context helps show whether a stock looks inexpensive because fundamentals are strong or because the market is pricing in risk. The signal is most useful when analyst support is reviewed with valuation, earnings expectations, dividend quality, and business fundamentals. Investors should treat the valuation angle as context rather than a standalone signal.