Bermuda's AXIS Capital Q1 net income rises on insurance segment growth

AXIS Capital Holdings

29/04/2026 21:48

Overview

Bermuda specialty insurer's Q1 net income rose 33% and gross premiums written grew 11% yr/yr

Underwriting income increased 15% to $187 mln, driven by insurance segment growth

Net investment income fell 11%, mainly due to lower cash income after LPT transaction

Outlook

Company did not provide specific financial guidance or outlook for future periods in its press release

Result Drivers

INSURANCE SEGMENT GROWTH - Gross premiums written in the insurance segment rose 20%, led by property, professional lines, and accident and health, with AXIS Capacity Solutions contributing $173 mln

EXPENSE EFFICIENCIES - Underwriting-related general and administrative expense ratio fell 1.2 pts, mainly due to higher net premiums earned and efficiencies from investments in underwriting platforms

REINSURANCE SEGMENT DECLINE - Gross premiums written in reinsurance fell 2%, mainly due to non-renewals and reduced line sizes in liability and motor lines, partly offset by growth in credit and surety

Company press release: ID:nGNE797Dvf

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
$3.29
Q1 Net Income
$247 mln
Q1 Adjusted Combined Ratio
87.80%
Q1 Combined Ratio
89.80%
Q1 Expense Ratio
10.70%
Q1 Operating income
$257 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the multiline insurance & brokers peer group is "hold."

Wall Street's median 12-month price target for AXIS Capital Holdings Ltd is $123.00, about 22.6% above its April 28 closing price of $100.35

The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 8 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)