AXIS CAPITAL HOLDINGS has recently released its 10-K report, detailing its operations as a provider of specialty insurance and reinsurance products in Bermuda, the United States, and internationally. The company operates through two segments, Insurance and Reinsurance, offering a wide range of professional insurance products covering various commercial enterprises, financial institutions, and professional service providers, as well as property insurance, marine and aviation insurance, and liability, cyber, and credit and political risk insurance services.
The 10-K report for 2024, filed with the SEC on February 26, 2025, provides insight into AXIS CAPITAL HOLDINGS' financial condition and operations. The company is focused on advancing as a specialty underwriting leader, leveraging its market positioning, diversified book of business, and global platform to achieve consistent, profitable growth. Despite the current trade and geopolitical uncertainties, AXIS is taking steps through its underwriting practices to guard against adverse outcomes.
One notable recent development is the loss portfolio transfer reinsurance agreement with Enstar, completed on April 24, 2025, involving a consideration of $2,039 million. This transaction is structured as a 75% ground-up quota share retrocession of net reserves for losses and loss expenses of approximately $2,060 million, providing significant protection from prior year reserve development on the subject business over the contract term.
Additionally, the report addresses the impact of the Bermuda Corporate Income Tax Act of 2023, which applies a corporate income tax of 15% for fiscal years beginning on or after January 1, 2025. The company recorded a Bermuda ETA net deferred tax asset of $177 million in 2024, and subsequently released $19 million of deferred tax liabilities in 2025 due to the Corporate Income Tax Amendment (No. 2) Act 2025.
In terms of financial performance, the consolidated results of operations for the year ended December 31, 2025, showed underwriting revenues of $9,644,514 million, a 7% increase from the previous year. The net income for 2025 was $1,008,898 million, indicating a positive trend in the company's financial performance.
The report also provided a breakdown of underwriting revenues by segment, with the Insurance segment showing a 9% increase in net premiums written compared to the previous year. The combined ratio, a key metric for insurers, improved to 89.8% in 2025 from 92.3% in 2024, reflecting a positive underwriting performance.
As a result of these announcements, the company's shares have moved -0.4% on the market, and are now trading at a price of $99.94. For more information, read the company's full 10-K submission here.
