Growth across AXIS Capital’s insurance and reinsurance segments contributed to a net income of US$294 million for the third quarter of 2025, or US$3.74 per diluted share, as the company reported improved underwriting performance and lower combined ratios in both divisions.
The insurance segment reported gross premiums written of US$1.7 billion, up 11% year over year, and net premiums written of US$1.08 billion, an 11% increase. The combined ratio improved to 85.9%, compared with 90.4% a year earlier, while underwriting income rose 55% to US$153 million.
AXIS said this growth was seen across most business lines except cyber, which saw reduced premiums linked to programme business.
In reinsurance, gross premiums written rose 6% to US$432 million, with a 92.2% combined ratio compared to 91.4% in the prior-year period. The segment reported US$35 million in underwriting income and steady loss ratios consistent with recent quarters.
At the consolidated level, AXIS recorded underwriting income of US$188 million, up 39% from 2024, and operating income of US$255 million, an 11% increase. The combined ratio improved to 89.4%, and the company achieved an annualised return on average common equity of 20.6% and operating ROACE of 17.8%.
President and CEO Vince Tizzio said AXIS delivered “another strong quarter” and linked the results to continued enhancements in its product portfolio, operating model, and data-driven approach through the company’s “How We Work” programme. He added that investments in technology and artificial intelligence are supporting ongoing operational improvements.
For the nine months ended September 30, 2025, net income totalled US$697 million, or US$8.70 per diluted share, and operating income reached US$775 million, or US$9.67 per share. Book value per diluted common share rose to US$73.82, a 13.1% increase since December 2024, and 4.9% higher than at the end of June 2025.
Catastrophe and weather-related losses for the quarter were US$44 million, or 3.0 points of the combined ratio, including US$20 million linked to the Middle East conflict. Net favourable prior-year reserve development was US$19 million, compared to US$8 million in the same period last year.
Net investment income declined to US$185 million from US$205 million in the third quarter of 2024, primarily due to lower income from fixed maturities. The book yield of fixed maturities was 4.6%, compared to 4.4% a year earlier. During the quarter, AXIS repurchased US$110 million in common shares and paid US$35 million in dividends.
AXIS has also announced leadership changes as part of its ongoing strategy. Erik Rasmussen was appointed head of US Healthcare Reinsurance, while Matthew Kirk will become chief financial officer in March 2026, succeeding Peter J. Vogt, who will remain as strategic advisor through the end of that year.
Read next: AXIS Capital launches new business unit
In a recent appearance on McKinsey’s Inside the Strategy Room podcast, Tizzio discussed AXIS’s ongoing transformation since he became CEO in May 2023. He described the company as a specialist underwriter focused on customised risk solutions and noted that today’s corporate leaders must consider exposures such as cyber threats, natural catastrophes, and energy resilience as part of effective risk management
Tizzio said AXIS remains focused on disciplined execution and on continuing the progress achieved under its transformation programme.
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