| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 93 | 6.2x | 17.8x | Top tier | |
Growth | 59 | 9.1% | 7.1% | Around median | |
Quality | 92 | — | — | Top tier | |
Safety | 24 | — | — | Bottom tier | |
Capital Return | 24 | 1.79% | 2.12% | Bottom tier | |
Momentum | 48 | 6.7% | 2.9% | Around median | |
Sentiment | 76 | 7 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
AXIS Capital Holdings Limited operates through two principal platforms, Insurance and Reinsurance, with a focus on specialty risks and short-tail policies. The company generates revenue from insurance and reinsurance premiums, as well as investment income and fees associated with AXIS Capacity Solutions, known as ACS, and insurance-linked securities investments. In Q2 FY2026, gross written premiums reached $2.7 billion, including $2.2 billion in Insurance and $440 million in Reinsurance, while short-tail business represented 57% of group premiums.
In Q2 FY2026, gross written premiums increased 6% year over year, as 15% Insurance growth offset a 25% contraction in Reinsurance premiums. The company reported net income available to common shareholders of $251 million, or $3.38 per diluted share, and operating income of $211 million, or $2.84 per diluted share. Annualized return on equity was 17%, annualized operating return on equity was approximately 14%, and diluted book value per share increased 15% year over year for the fifteenth consecutive quarter.
The group's combined ratio was 93.1% in Q2 FY2026, with a current-year combined ratio excluding catastrophes of 89% and a general and administrative expense ratio of 10.9%. The Insurance segment generated underwriting income of $119 million, a combined ratio of 90%, and a combined ratio excluding catastrophes of 84.5%, compared with a Reinsurance combined ratio of 94.5%. EDGAR data for Q1 FY2026 shows revenue of $1.6 billion, net income of $254.8 million, and earnings per share of $3.29, while revenue for the twelve-month period ended FY2026 was approximately $6.7 billion and net income was $1.1 billion.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus rates AXS a “Buy,” with an average target of $121.5 and a range of $108 to $130; the average is slightly above the 52-week high of $119.99, while the highest target exceeds it by approximately $10. The data does not include a usable earnings multiple, so the earnings anchor is FY2025 earnings per share of $12.35 and $14.23 for the twelve-month period ended FY2026, while improved earnings and book value must be weighed against declining property rates and a higher underlying loss ratio.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Gross written premiums increased 6% to $2.7 billion, driven by a 15% increase in Insurance premiums to $2.2 billion. The company generated net income available to common shareholders of $251 million and diluted earnings of $3.38 per share, in addition to operating income of $211 million. The group recorded a combined ratio of 93.1%, while annualized return on equity reached 17% and annualized operating return on equity was approximately 14%.
AXIS reduced Reinsurance premiums by 25% in Q2 FY2026 because of greater discipline in liability and professional lines. Professional lines represented 58% of the decline, while liability represented 42%, due to management's assessment of ceding commissions, loss-development risk, and pricing. Despite the contraction, the segment generated $440 million in premiums and a 94.5% combined ratio, and remained profitable for the tenth consecutive quarter.
ACS enables the company to write larger gross limits in selected classes while using third-party capital and preserving its net underwriting appetite. ACS contributed approximately 8 percentage points of Insurance segment growth in Q2 FY2026, and its fee income reached nearly $4 million. Management expects ACS fees to reach approximately $17 million for the full FY2026, within total fee income of $22 million for the quarter.
Property rates fell 17% in Q2 FY2026, with the decline in E&S property reaching 22%, while cyber insurance rates declined 7%. AXIS responded by increasing loss estimates, which pushed the Insurance underlying loss ratio to 54%, up 1.7 percentage points year over year. It also reduced its net property portfolio by 15% and increased cessions from 30% to 37%, while maintaining catastrophe protection with an attachment point of $100 million per event.
AXIS recorded catastrophe losses of $80 million in Q2 FY2026, equivalent to a catastrophe loss ratio of 5.3%. The losses included $49 million from severe convective storms in the United States and $31 million from the conflict with Iran, particularly in terrorism and marine war coverages. Management said weather losses were within its modeled expectations, but described the Middle East situation as fluid and continues to monitor exposures.
The analyst consensus is “Buy,” with an average price target of $121.5, a high target of $130, and a low target of $108. The average is slightly above the 52-week range high of $119.99, but the $22 spread between the high and low reflects clear uncertainty. The upside is linked to 15% growth in diluted book value per share and return on equity, while the cautious view is linked to declining property rates and a higher underlying loss ratio.
