AXIS Capital Q1 operating income rises to $261M; combined ratio 90.2%

AXIS CAPITAL HOLDINGS LTD

2025-Q1 EPS reported $2.26 revenue$1,522,106,000

Net income available to common shareholders $187M ($2.26 diluted EPS) vs $388M ($4.53) Q1 2024; operating income $261M ($3.17) vs $220M ($2.57).
Combined ratio of 90.2%; current accident year combined ratio ex-cat improved 1.7 pts to 87.9%.
Book value per diluted common share $66.48, up 16.4% YoY; $440M in share repurchases during Q1.
Net investment income $208M, +24% YoY; book yield on fixed maturities 4.5% at quarter end.
Insurance segment gross premiums $1.7B (highest ever Q1) with 86.7% combined ratio; Reinsurance combined ratio 92.3%.

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