AXIS Capital earnings for the third quarter of 2026 showed gross premiums rising 11% from a year earlier to $2.4 billion, while underwriting income fell 29% to $134 million. The Bermuda-based insurer and reinsurer reported net income of $202 million for the quarter.
Key Takeaways
- Operating income fell 10% year over year to $229 million.
- Insurance recorded $75 million in pre-tax catastrophe and weather-related losses, net of reinsurance.
- Net investment income rose to $211 million from $185 million in the third quarter of 2025.
AXIS Capital earnings and premium growth
Group net premiums written rose 10% to $1.5 billion. Growth in insurance more than offset a decline in reinsurance, where higher cession rates in liability and motor lines reduced net premiums written.
In insurance, higher gross premiums reflected marine and aviation business, including marine war coverage; new property and professional lines business; and renewals and new business in accident and health lines.
New business associated with AXIS Capacity Solutions also contributed to property and professional lines growth. Launched in 2025, the unit develops structured and multi-line portfolio capacity deals.
In reinsurance, higher premiums associated with two agriculture contracts helped lift gross premiums written, partly offset by smaller liability line sizes and non-renewals.
| Item | Details |
|---|---|
| Insurance gross premiums written | $1.9 billion, up 13% year over year |
| Reinsurance gross premiums written | $449 million, up 4% |
| Insurance net premiums written | $1.2 billion, up 13% |
| Reinsurance net premiums written | $256 million, down 5% |
Catastrophe losses and segment results
Insurance underwriting income fell 32% year over year to $104 million. Its combined ratio rose by 6.1 percentage points to 92%. A combined ratio below 100% generally indicates an underwriting profit.
Of the insurance segment’s $75 million in pre-tax catastrophe and weather-related losses, $44 million was attributed to the Middle East conflict and the Russia-Ukraine war; the remaining $31 million came from weather events. The segment also recorded $12 million in net favorable prior-year reserve development.
Reinsurance underwriting income fell 15% to nearly $30 million, with a combined ratio of 92.4%, compared with 92.2% a year earlier. The segment recorded no catastrophe losses and $3 million in net favorable prior-year reserve development.
Investment and nine-month results
Although quarterly net investment income increased, net investment losses of $47 million and net unrealized losses on fixed maturities of more than $361 million contributed to an overall negative investment performance of $194 million.
For the first nine months of 2026, net income was $699 million, up from $696 million a year earlier. Gross premiums written rose 9% to $8.1 billion, while operating income fell 10% to $697 million.
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