AXIS Capital reports higher Q3 premiums as acquisition costs widen

By The Financial Edition · 29 October 2026 · 09:52 GMT · Insurance Business UK · 1 min read

Premiums and Costs

AXIS Capital recorded its 11th consecutive profitable reinsurance quarter in the third period of 2026, with reinsurance gross premiums rising 4% to US$449 million. The insurance division saw gross premiums written grow by 13% to US$1.9 billion. However, the acquisition cost ratio widened by 2.8 points to 22.5%, contributing to a combined ratio deterioration from 89.4% to 94.0% year-on-year. The company attributed the higher acquisition costs to deliberate strategic choices around AXIS Capacity Solutions, a multi-line portfolio unit launched in 2025.

Earnings and Catastrophe Losses

Net income available to common shareholders fell 32% to US$202 million from US$294 million in Q3 2025, while underwriting income dropped 29% to US$134 million. Pre-tax catastrophe and weather-related losses totalled US$75 million, which included US$44 million arising from the Middle East conflict and the Russia-Ukraine war. Net investment income rose 14% to US$211 million, supported by a fixed maturity portfolio market yield of 5.8%.

Jargon, explained.

underwriting: The process of assessing risk and deciding whether to offer insurance, on what terms and at what price.
reinsurance: Insurance purchased by insurers to share part of their own exposure to large claims.
premium: The amount paid for an insurance policy.
combined ratio: An insurance measure comparing claims and operating costs with premiums earned; below 100% generally indicates an underwriting profit.

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