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- **Record Growth**: Insurance segment premium up 11% YoY to $1.7 billion, driven by North American E&S (12.5%) and lower middle market expansion.
- **AI-Driven Efficiency**: North America quotes up 27% YoY, reducing manual effort and improving underwriting speed.
- **RAC Re Strategic Win**: First deal with Ryan Specialty targets $150 million in 2026 net premiums, offsetting G&A through fees.
- **Profitability Resilience**: 89.4% combined ratio with 3.9-point cat loss ratio, supported by short-tail line mix and reserve releases.
- **Capital Discipline**: $600 million in buybacks and dividends YTD, with $400 million authorization for future opportunistic returns.

**【CEO Summary Section】**
- Delivered a 14% year-over-year increase in diluted book value per share to $7,382, with an 18% annualized operating return on equity.
- Insurance segment achieved record third-quarter premium production of $1.7 billion (11% YoY), driven by North American E&S growth (12.5%) and lower middle market expansion.
- Emphasized AI-driven efficiency, with a modern underwriting platform reducing manual effort and a 20% increase in quotes year-over-year in North America.
- Reinsurance segment maintained profitability with a 6% premium growth and a combined ratio of 92.2%, focusing on specialty short-tail lines.
- Launched AXIS Capacity Solutions, transacting its first deal with Ryan Specialty (RAC Re), targeting mid- to high single-digit premium growth in 2026.

**【CFO Financial Commentary】**
- Net income available to common shareholders: $294 million ($3.74 per diluted share), with operating income of $255 million ($3.25 per diluted share).
- Combined ratio of 89.4%, including a 3.9-point cat loss ratio and $19 million reserve releases.
- G&A ratio improved to 11.7% (from 12.1% YoY), driven by operational efficiency and technology investments.
- Investment income of $185 million, with a 4.8% market yield, supporting capital returns ($600 million in buybacks and dividends YTD).
- RAC Re expected to contribute $150 million in net premiums in 2026, with fees offsetting G&A expenses over time.

**【Q&A Highlights】**
- **Property Growth Sustainability**: CEO highlighted premium adequacy, non-cat exposure (40% of property), and 8% YoY growth in underwriting income. CFO noted short-tail line mix offsetting rate pressure, maintaining ex-cat loss ratio stability.
- **RAC Re Impact**: CFO projected RAC Re to add $150 million in net premiums in 2026, with fees offsetting G&A. CEO emphasized alignment of economic interests with partners.
- **Reserve Confidence**: CFO detailed $19 million reserve releases (short-tail lines) and a 118% closing ratio in North America, supporting 89.4% combined ratio.
- **Capital Allocation**: CFO reaffirmed focus on profitable growth, with $400 million buyback authorization, while maintaining a strong capital position.

AXIS Capital Holdings Limited(AXS)-20251030-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AXS

AXS fundamentals

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