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AXIS Capital Q2 net income rises to $251 million as underwriting softens
The re/insurer reported a higher combined ratio of 93.1% in Q2’26 and gross written premiums up 6% to $2.7 billion.
Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited reported Q2’26 net income of $251 million, up $35 million or 16% from $216 million in Q2’25, according to Reinsurance News. For the first half of 2026, net income increased by $96 million or 24% to $498 million from $402 million in H1’25.
The company said underwriting income fell in the quarter, dropping $46 million or 24% to $143 million from $189 million a year earlier. For H1’26, underwriting income decreased by $22 million or 6% to $330 million from $353 million, while the combined ratio rose to 93.1% in Q2’26 from 88.9% in Q2’25, and to 91.5% in H1’26 from 89.5% in H1’25.
AXIS Capital’s gross written premiums increased, rising by $152 million or 6% to $2.7 billion in Q2’26, driven by an insurance segment increase of $296 million or 15% to $2.2 billion, partially offset by a reinsurance segment decline of $144 million or 25% to $439 million. For H1’26, gross written premiums rose by $455 million or 9% to $5.8 billion, with insurance up $624 million or 17% to $4.2 billion, partially offset by reinsurance down $169 million or 10% to $1.6 billion.
On profitability pressure, AXIS Capital reported pre-tax catastrophe and weather-related losses net of reinsurance of $80 million in the quarter, including $78 million in the insurance segment and $3 million in reinsurance. It also cited natural catastrophe losses of $49 million or 3.2 points, alongside additional losses totaling $31 million or 2.1 points.