NYSE$AXS

AXIS Capital Holdings Limited · Q1 2025 earnings

Q1 2025 earnings · · After market close · Investor relations

Briefing

Axis Capital reported Q1 2025 total revenues of $1.52B with net income of $194.1M and diluted EPS of $2.26.

Total revenues were $1.52 billion as insurance and reinsurance segments benefited from favorable prior-year development and rate levels. Net income was $194.1 million; diluted EPS was $2.26. Catastrophe losses were manageable in the quarter.

  • Q1 total revenues $1.52B.
  • Net income $194.1M; diluted EPS $2.26.
  • Insurance and reinsurance combined ratio improvement.
  • Property cat rate increases continuing.
  • Investment income supporting underwriting results.

Headline financials

Total Revenue

$1.52B

Previous: $1.42B+6.8%
EPS (adj)

$2.26

Previous: $2.57-12.1%
Combined Ratio

90.2%

No prior period
Net Losses & Loss Expenses Ratio

58.6%

No prior period
Catastrophe & Weather Losses Ratio

3.7%

No prior period
Current AY Loss Ratio ex-Cat

56.3%

No prior period
Prior Year Reserve Dev. Ratio

-1.4%

No prior period
Acquisition Cost Ratio

19.7%

No prior period
G&A Expense Ratio

11.9%

No prior period
Annualized Operating ROACE

19.2%

No prior period
Book Value per Diluted Share

$66.48

No prior period
Gross Premiums Written

$2.79B

No prior period
Current AY Combined Ratio

91.6%

No prior period
Current AY Combined Ratio ex-Cat

87.9%

No prior period
Net Income

$194M

Previous: $395M-50.9%
Operating Income

$261M

Previous: $986M-73.5%

Revenue & EPS history

AXIS Capital · Revenue · Quarterly

$1.52B

Q1 2025+6.8%vs Q1 2024
Beat estimate in 9 of 15 quarters(60%)
ActualEstimate

Revenue by segment

AXIS Capital · $1.32B total across 2 segments · Q3 2023

  • Insurance
    $886M+13.2%
  • Reinsurance
    $437M-13.1%

Forward guidance

Axis discusses renewal pricing, cat exposure management, and book value growth; no quarterly EPS guide but cat loss assumptions in annual outlook.

Tailwinds

  • Hard market pricing in property and casualty.
  • Reserve releases and underwriting discipline.
  • Higher investment yields on float.

Headwinds

  • Catastrophe season volatility.
  • Social inflation in casualty lines.
  • Competition as market softens in select lines.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q1 2025

Historical avgQ1 2025

-0.0%

Avg return

Earnings day

+1.2%

Avg return

5 days after

+3.9%

Avg return

30 days after

44%

30 / 68 earnings

Positive

+9.2%

Q4 2022

Best reaction

-6.0%

Q2 2011

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+2.5%+0.9%-3.2%
Q4 2025+0.2%+1.0%+1.9%
Q3 2025+5.9%+8.8%+15.9%
Q1 2025+2.3%+2.7%+6.5%
Q4 2024+2.6%-0.3%+7.1%
Q3 2024-2.4%-1.0%+16.0%
Q2 2024+2.7%-0.3%+8.0%
Q1 2024+6.3%+8.7%+20.5%
Q4 2023-4.6%+5.5%+10.1%
Q3 2023-5.4%-5.7%+0.3%
Q2 2023+2.2%+0.7%-0.5%
Q1 2023-1.1%+1.1%-6.6%
Q4 2022+9.2%+6.2%+4.4%
Q3 2022-3.3%+4.9%+9.3%
Q2 2022-3.8%-7.0%+0.0%
Q1 2022+7.0%+4.9%+8.3%
Q4 2021-2.9%+1.6%-0.5%
Q3 2021+2.2%+2.3%-2.9%
Q2 2021-2.0%+1.7%+3.1%
Q1 2021+2.0%+2.8%-1.9%
Q4 2020-5.8%-4.1%-1.8%
Q3 2020-2.0%-4.1%+14.1%
Q2 2020+2.2%-1.7%+16.1%
Q1 2020+2.6%+12.7%+11.8%
Q4 2019+5.6%+4.1%-9.9%
Q3 2019-3.9%-3.7%-3.6%
Q2 2019+3.7%+2.0%+1.8%
Q1 2019-0.9%-1.4%+4.6%
Q4 2018-2.1%+0.5%+4.6%
Q3 2018+5.4%+3.6%-0.2%
Q2 2018-0.7%-2.0%-0.4%
Q1 2018+5.4%+2.9%+0.8%
Q4 2017+2.3%-2.3%+9.5%
Q3 2017-3.1%-3.8%-8.7%
Q2 2017-3.1%-1.4%-4.2%
Q1 2017-0.2%-2.7%-4.0%
Q4 2016+4.2%+4.8%+8.9%
Q3 2016+1.8%+2.4%+10.6%
Q2 2016+3.2%+3.3%+4.5%
Q1 2016-3.0%
Q4 2015-2.3%
Q3 2015-0.3%
Q2 2015-0.8%
Q1 2015+0.3%
Q4 2014-0.1%
Q3 2014-1.2%
Q2 2014-1.4%
Q1 2014-1.8%
Q4 2013-4.7%
Q3 2013+0.4%
Q2 2013-4.3%
Q1 2013+1.3%
Q4 2012-0.7%
Q3 2012-2.1%
Q2 2012-2.6%
Q1 2012+0.5%
Q4 2011-2.1%
Q3 2011+1.2%
Q2 2011-6.0%
Q1 2010-3.2%
Q1 2011+3.0%
Q4 2010-2.5%
Q4 2008-2.5%
Q4 2009-2.5%
Q3 2009+1.6%
Q3 2010+1.6%
Q2 2009-0.2%
Q2 2010-0.2%

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