NYSE : AXS
AXIS Capital Holdings Limited — Financial statements
Financials · Insurance - Specialty · Bermuda
Last price 102.84 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 7.38B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 6.15B | 5.71B | 5.31B | 5.08B | 5.16B | 4.71B |
| Total Interest & Dividend Income | 764.69M | 766.90M | 759.23M | 611.74M | 418.83M | 454.30M |
| Gain (Loss) on Sale of Investments | -12.41M | 58.95M | -138.53M | -74.63M | -456.79M | 134.28M |
| Other Revenue | 21.37M | 23.22M | 30.72M | 22.50M | 13.07M | 23.30M |
| Total Revenue | 6.92B | 6.56B | 5.96B | 5.64B | 5.14B | 5.32B |
| Policy Benefits | 3.64B | 3.29B | 3.16B | 3.39B | 3.24B | 3.01B |
| Policy Acquisition & Underwriting Costs | 1.30B | 1.14B | 1.07B | 1.00B | 1.02B | 925.69M |
| Amortization of Goodwill & Intangibles | 12.91M | 9.92M | 10.92M | 10.92M | 10.92M | 12.42M |
| Selling, General & Administrative | 709.67M | 703.93M | 666.20M | 684.45M | 680.34M | 663.30M |
| Total Operating Expenses | 5.66B | 5.14B | 4.91B | 5.09B | 4.96B | 4.61B |
| Operating Income | 1.26B | 1.42B | 1.05B | 553.98M | 179.75M | 711.53M |
| Interest Expense | -66.79M | -66.66M | -67.77M | -68.42M | -63.15M | -62.30M |
| Earnings From Equity Investments | 13.92M | 9.45M | 17.95M | 4.16M | 2.00M | 32.08M |
| Currency Exchange Gain (Loss) | 45.02M | -141.98M | 50.82M | -58.12M | 157.94M | -315.00K |
| EBT Excluding Unusual Items | 1.25B | 1.23B | 1.05B | 431.61M | 276.55M | 680.99M |
| Merger & Restructuring Charges | -28.71M | -26.31M | -29.00M | -31.43M | ||
| Pretax Income | 1.22B | 1.23B | 1.03B | 402.61M | 245.12M | 680.99M |
| Income Tax Expense | 212.59M | 216.73M | -55.59M | 26.32M | 22.04M | 62.38M |
| Net Income | 1.01B | 1.01B | 1.08B | 376.29M | 223.08M | 618.61M |
| Preferred Dividends & Other Adjustments | 30.25M | 30.25M | 30.25M | 30.25M | 30.25M | 30.25M |
| Net Income to Common | 981.29M | 978.65M | 1.05B | 346.04M | 192.83M | 588.36M |
| Shares Outstanding (Basic) | 73.99M | 78.19M | 84.17M | 85.14M | 84.86M | 84.71M |
| Shares Outstanding (Diluted) | 74.88M | 79.27M | 85.18M | 86.01M | 85.67M | 85.29M |
| EPS (Basic) | 13.26 | 12.52 | 12.49 | 4.06 | 2.27 | 6.95 |
| EPS (Diluted) | 13.11 | 12.35 | 12.35 | 4.02 | 2.25 | 6.90 |
| Dividend Per Share | 1.76 | 1.76 | 1.76 | 1.76 | 1.73 | 1.69 |
| Operating Margin | 18.22% | 21.71% | 17.65% | 9.82% | 3.50% | 13.37% |
| Profit Margin | 14.18% | 14.91% | 17.65% | 6.13% | 3.75% | 11.06% |
| EBITDA | 1.32B | 1.48B | 1.11B | 629.53M | 248.04M | 778.50M |
| EBITDA Margin | 19.12% | 22.57% | 18.58% | 11.15% | 4.83% | 14.63% |
| D&A For EBITDA | 62.91M | 56.38M | 55.31M | 75.55M | 68.29M | 66.98M |
| EBIT | 1.26B | 1.42B | 1.05B | 553.98M | 179.75M | 711.53M |
| EBIT Margin | 18.22% | 21.71% | 17.65% | 9.82% | 3.50% | 13.37% |
| Effective Tax Rate | 17.37% | 17.68% | 6.54% | 8.99% | 9.16% | |
| Revenue as Reported | 6.92B | 6.56B | 5.96B | 5.64B | 5.14B | 5.32B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 14.14B | 13.42B | 12.60B | 12.92B | 12.03B | 12.76B |
| Investments in Equity & Preferred Securities | 1.35B | 1.30B | 1.11B | 1.07B | 904.39M | 1.06B |
| Other Investments | 635.57M | 683.72M | 833.25M | 659.62M | 796.21M | 719.68M |
| Total Investments | 16.44B | 15.76B | 15.04B | 15.26B | 14.35B | 15.13B |
| Cash & Equivalents | 1.04B | 820.25M | 2.14B | 953.48M | 751.41M | 844.59M |
| Reinsurance Recoverable | 9.62B | 9.63B | 7.39B | 6.90B | 6.37B | 5.66B |
| Other Receivables | 4.17B | 3.61B | 3.19B | 3.49B | 2.93B | 2.69B |
| Deferred Policy Acquisition Cost | 906.78M | 801.78M | 685.85M | 450.95M | 473.57M | 465.59M |
| Property, Plant & Equipment | 90.19M | 93.90M | 92.52M | 108.09M | 92.21M | 103.30M |
| Goodwill | 66.50M | 66.50M | 66.50M | 100.80M | 100.80M | 100.80M |
| Other Intangible Assets | 155.53M | 166.05M | 175.97M | 186.88M | 197.80M | 208.72M |
| Restricted Cash | 510.57M | 500.93M | 920.15M | 430.51M | 423.24M | 473.10M |
| Other Current Assets | 2.54B | 2.14B | 1.95B | 1.92B | 1.59B | 1.38B |
| Other Long-Term Assets | 941.53M | 886.36M | 1.03B | 451.96M | 400.66M | 306.68M |
| Total Assets | 36.48B | 34.46B | 32.68B | 30.25B | 27.68B | 27.37B |
| Accounts Payable | 133.12M | 36.98M | 269.73M | 26.09M | 19.69M | 31.54M |
| Accrued Expenses | 5.00M | 7.00M | 1.00M | 5.79M | 9.09M | |
| Insurance & Annuity Liabilities | 2.38B | 1.75B | 1.53B | 1.57B | 1.39B | 1.14B |
| Unpaid Claims | 18.99B | 18.12B | 17.22B | 16.43B | 15.17B | 14.65B |
| Unearned Premiums | 6.60B | 5.83B | 5.21B | 4.75B | 4.36B | 4.09B |
| Reinsurance Payable | 131.00M | 181.00M | 219.00M | 220.00M | 189.00M | |
| Current Portion of Leases | 16.94M | 17.79M | 17.54M | 19.77M | 23.26M | |
| Short-Term Debt | 50.13M | 66.38M | 66.38M | 85.79M | 81.39M | |
| Long-Term Debt | 1.32B | 1.32B | 1.32B | 1.31B | 1.31B | 1.31B |
| Long-Term Leases | 105.65M | 93.16M | 88.83M | 105.56M | 82.80M | 96.25M |
| Other Current Liabilities | 312.00K | 8.86M | 3.10M | 10.16M | 703.00K | 20.62M |
| Other Long-Term Liabilities | 614.09M | 731.49M | 679.34M | 453.27M | 380.36M | 398.19M |
| Total Liabilities | 30.18B | 28.11B | 26.59B | 24.99B | 23.04B | 21.96B |
| Preferred Stock, Redeemable | 550.00M | 550.00M | 550.00M | 550.00M | 550.00M | 550.00M |
| Common Stock | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M |
| Additional Paid-In Capital | 2.41B | 2.41B | 2.39B | 2.38B | 2.37B | 2.35B |
| Retained Earnings | 8.78B | 8.18B | 7.34B | 6.44B | 6.25B | 6.20B |
| Treasury Stock | -5.06B | -4.81B | -3.93B | -3.75B | -3.77B | -3.75B |
| Comprehensive Income & Other | -383.88M | 28.43M | -267.56M | -365.84M | -760.30M | 56.54M |
| Total Common Equity | 5.75B | 5.81B | 5.54B | 4.71B | 4.09B | 4.86B |
| Shareholders' Equity | 6.30B | 6.36B | 6.09B | 5.26B | 4.64B | 5.41B |
| Total Liabilities & Equity | 36.48B | 34.46B | 32.68B | 30.25B | 27.68B | 27.37B |
| Filing Date Shares Outstanding | 71.74M | 73.97M | 80.79M | 84.45M | 84.71M | 84.80M |
| Total Common Shares Outstanding | 72.08M | 74.14M | 82.98M | 85.29M | 84.67M | 84.77M |
| Total Debt | 1.47B | 1.49B | 1.49B | 1.52B | 1.50B | 1.43B |
| Net Cash (Debt) | -435.81M | -672.93M | 655.30M | -569.13M | -744.86M | -585.89M |
| Net Cash Per Share | -5.82 | -8.49 | 7.69 | -6.62 | -8.69 | -6.87 |
| Book Value Per Share | 79.76 | 78.32 | 66.75 | 55.26 | 48.31 | 57.34 |
| Tangible Book Value | 5.53B | 5.57B | 5.30B | 4.43B | 3.79B | 4.55B |
| Tangible Book Value Per Share | 76.68 | 75.19 | 63.83 | 51.89 | 44.78 | 53.69 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.01B | 1.01B | 1.08B | 376.29M | 223.08M | 618.61M |
| Depreciation & Amortization | 62.91M | 56.38M | 55.31M | 75.55M | 68.29M | 66.98M |
| Other Amortization | 3.85M | |||||
| Gain (Loss) on Sale of Investments | -80.70M | -163.62M | 58.54M | 34.78M | 427.17M | -278.77M |
| Stock-Based Compensation | 55.50M | 45.21M | 42.73M | 54.12M | 48.49M | 37.74M |
| Reinsurance Recoverable | -11.25M | -2.31B | -547.21M | -554.69M | -732.83M | -738.02M |
| Change in Unearned Revenue | 622.77M | 614.48M | 482.87M | 388.75M | 287.08M | 409.86M |
| Change in Insurance Reserves / Liabilities | 1.03B | 906.30M | 841.73M | 1.27B | 544.46M | 737.34M |
| Change in Other Net Operating Assets | 66.11M | -72.36M | -68.15M | -399.86M | -55.17M | 406.57M |
| Operating Cash Flow | 2.66B | -40.93M | 1.84B | 1.26B | 798.04M | 1.20B |
| Investment in Securities | -1.53B | -576.67M | 168.81M | -486.13M | -586.31M | -1.08B |
| Other Investing Activities | -55.63M | -51.28M | 230.10M | -31.14M | -36.83M | -38.73M |
| Investing Cash Flow | -1.71B | -628.73M | 280.45M | -855.61M | -761.62M | -1.20B |
| Long-Term Debt Issued | 5.25M | 78.95M | ||||
| Total Debt Repaid | -16.25M | -19.41M | ||||
| Net Debt Issued (Repaid) | -16.25M | -19.41M | 5.25M | 78.95M | ||
| Repurchases of Common Stock | -578.52M | -914.28M | -215.87M | -23.60M | -48.98M | -10.24M |
| Common Dividends Paid | -134.68M | -142.73M | -151.76M | -153.78M | -149.34M | -145.60M |
| Preferred Dividends Paid | -30.25M | -30.25M | -30.25M | -30.25M | -30.25M | -30.25M |
| Total Dividends Paid | -164.93M | -172.98M | -182.01M | -184.03M | -179.59M | -175.85M |
| Financing Cash Flow | -759.70M | -1.09B | -417.29M | -202.37M | -149.62M | -186.09M |
| Foreign Exchange Rate Adjustments | -639.00K | 14.48M | -28.34M | 11.75M | -29.83M | -74.00K |
| Net Cash Flow | 190.37M | -1.74B | 1.68B | 209.33M | -143.04M | -185.54M |
| Levered Free Cash Flow | 2.08B | -13.03B | 1.19B | 944.97M | -80.56M | 1.07B |
| Unlevered Free Cash Flow | 2.12B | -12.99B | 1.24B | 987.74M | -41.09M | 1.10B |
| Cash Interest Paid | 62.09M | 62.55M | 64.18M | 63.60M | 59.89M | 59.40M |
| Cash Income Tax Paid | 168.84M | 126.84M | 80.56M | 77.48M | 33.42M | 45.08M |
| Change in Working Capital | 1.62B | -978.35M | 624.40M | 718.98M | 33.00M | 781.36M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.52B | 8.25B | 7.41B | 4.72B | 4.59B | 4.62B |
| Enterprise Value | 7.96B | 9.47B | 8.49B | 5.90B | 5.42B | 5.65B |
| PE Ratio | 8.00 | 8.43 | 7.05 | 13.64 | 23.78 | 7.85 |
| PS Ratio | 1.09 | 1.26 | 1.24 | 0.84 | 0.89 | 0.87 |
| PB Ratio | 1.31 | 1.30 | 1.22 | 0.90 | 0.99 | 0.85 |
| P/OCF Ratio | 2.83 | 4.02 | 3.76 | 5.75 | 3.85 | |
| EV/Sales Ratio | 1.15 | 1.44 | 1.43 | 1.04 | 1.06 | 1.06 |
| EV/EBITDA Ratio | 6.01 | 6.39 | 7.67 | 9.37 | 21.86 | 7.26 |
| EV/EBIT Ratio | 6.31 | 6.64 | 8.07 | 10.64 | 30.17 | 7.95 |
| Debt / Equity Ratio | 0.23 | 0.23 | 0.24 | 0.29 | 0.32 | 0.26 |
| Debt / EBITDA Ratio | 1.10 | 1.00 | 1.33 | 2.35 | 5.62 | 1.79 |
| Net Debt / Equity Ratio | 0.07 | 0.11 | -0.11 | 0.11 | 0.16 | 0.11 |
| Net Debt / EBITDA Ratio | 0.33 | 0.45 | -0.59 | 0.90 | 3.00 | 0.75 |
| Quick Ratio | 0.18 | 0.36 | 0.23 | 0.19 | 0.18 | 0.18 |
| Current Ratio | 0.68 | 1.47 | 0.68 | 0.62 | 0.61 | 0.58 |
| Asset Turnover | 0.20 | 0.20 | 0.19 | 0.20 | 0.19 | 0.20 |
| Return on Equity (ROE) | 15.97% | 16.21% | 19.06% | 7.60% | 4.44% | 11.56% |
| Return on Assets (ROA) | 2.23% | 2.65% | 2.09% | 1.20% | 0.41% | 1.67% |
| Return on Invested Capital (ROIC) | 13.22% | 15.20% | 14.64% | 8.01% | 2.52% | 9.51% |
| Earnings Yield | 12.50% | 12.23% | 14.59% | 7.97% | 4.86% | 13.40% |
| Dividend Yield | 1.68% | 1.58% | 1.97% | 3.18% | 3.19% | 3.10% |
| Payout Ratio | 13.43% | 17.15% | 16.83% | 48.91% | 80.50% | 28.43% |
| Buyback Yield / Dilution | 7.83% | 6.94% | 0.97% | -0.40% | -0.44% | -1.22% |
| Total Shareholder Return | 9.51% | 8.52% | 2.94% | 2.78% | 2.75% | 1.88% |