AXIS Capital has kicked off 2026 with double-digit top-line growth, posting first-quarter gross premiums written of US$3.1 billion, an 11% jump on the same period a year earlier, as its pivot deeper into specialty insurance continues to feed the bottom line.

The Bermuda-headquartered group, listed on the NYSE under the ticker AXS, said its combined ratio came in at 89.8% for the three months to March 31, while annualised operating return on average common equity reached 17.7%. Diluted book value per share rose 17.6% over the past twelve months.

President and chief executive Vince Tizzio said the company had entered the year "building on the profitable growth that has defined our performance over the past three years", flagging continued investment in products, distribution, innovation and talent as the engine behind its specialty strategy.

The Q1 results come on the back of a record 2025, in which Tizzio said the fourth quarter "capped an outstanding year for AXIS".

Full-year gross premiums written hit a record US$9.6 billion, up 7%, with the group logging a 13th straight quarter of diluted book value per share growth and a cumulative 77% rise over the period.

Standout insurance division

Insurance was the standout division in the latest quarter, contributing US$1.9 billion in gross premiums written and an 86.3% combined ratio. AXIS pointed to a wider mix of business classes and momentum from its recently launched AXIS Capacity Solutions unit, which targets structured and multi-line portfolio capacity deals.

Reinsurance arm AXIS Re produced a 92.7% combined ratio, with short-tail lines making up more than 60% of premiums written in the quarter as the unit leans further into less volatile classes.

Net income available to common shareholders jumped 33%, or US$60 million, to US$247 million. Operating income slipped 2% to US$257 million, while underwriting income climbed 15% to US$187 million.

Net investment income, by contrast, fell 11% to US$185 million, which AXIS attributed largely to lower cash returns following the loss portfolio transfer reinsurance deal struck with Enstar in the second quarter of last year. Fees from strategic capital partners rose to US$23 million, from US$16 million a year earlier, underscoring the group's deepening third-party capital ties.

The book yield on fixed maturities edged up to 4.7% from 4.5%, while the market yield stood at 5.1%. The effective tax rate eased to 18.0%, from 18.6%.

Reorganisation costs totalled US$23 million, tied mainly to streamlining the reinsurance unit and executive leadership changes.

AXIS returned US$93 million to common shareholders, comprising US$60 million in buy-backs and US$33 million in dividends. Book value per diluted common share closed the quarter at US$78.19, up 1.3% from December and 17.6% higher year on year.