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Insurance - Property & casualty · Financial Services · Fiscal year ends Dec 31
Axis Capital reported revenue of $6.6B in the fiscal year ended Dec 2025, up 10.2% from the year before. Operating income was $1.3B, an operating margin of 19.7%, and net income was $1B.
Ranks among the 30 insurance - property & casualty companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 5,322 | 5,135 | 5,643 | 5,958 | 6,564 |
| Selling, general & admin | 663 | 680 | 684 | 666 | 704 |
| Operating incomederived: pre-tax income + interest | 743 | 308 | 471 | 1,094 | 1,292 |
| Interest expense | 62.3 | 63.1 | 68.4 | 67.8 | 66.7 |
| Pre-tax income | 681 | 245 | 403 | 1,026 | 1,226 |
| Income tax | 62.4 | 22.0 | 26.3 | −55.6 | 217 |
| Net income | 619 | 223 | 376 | 1,082 | 1,009 |
| Diluted EPS | 6.90 | 2.25 | 4.02 | 12.35 | 12.35 |
| Diluted shares | 85.3 | 85.7 | 86.0 | 85.2 | 79.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 845 | 751 | 953 | 2,143 | 820 |
| Goodwill | 101 | 101 | 101 | 66.5 | 66.5 |
| Total assets | 27,369 | 27,683 | 30,251 | 32,681 | 34,462 |
| Total liabilities | 21,958 | 23,043 | 24,987 | 26,592 | 28,105 |
| Shareholders' equity | 5,411 | 4,640 | 5,263 | 6,089 | 6,356 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,198 | 798 | 1,256 | 1,845 | −40.9 |
| Stock-based compensation | 37.7 | 48.5 | 54.1 | 42.7 | 45.2 |
| Share buybacks | 0.0 | 35.0 | 0.0 | 200 | 888 |
| Dividends paid | 146 | 149 | 154 | 152 | 143 |
| Dividend per share | 1.69 | 1.73 | 1.76 | 1.76 | 1.76 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −3.5% | 9.9% | 5.6% | 10.2% |
| Operating income growth (YoY) | – | −58.5% | 52.8% | 132.2% | 18.1% |
| EPS growth (YoY) | – | −67.4% | 78.7% | 207.2% | 0.0% |
| Operating margin | 14.0% | 6.0% | 8.3% | 18.4% | 19.7% |
| Net margin | 11.6% | 4.3% | 6.7% | 18.2% | 15.4% |
| Return on equityBlank when equity is negative | 11.4% | 4.8% | 7.1% | 17.8% | 15.9% |
| Cash conversion (CFO ÷ net income) | 1.94x | 3.58x | 3.34x | 1.71x | −0.04x |
| Interest cover | 11.9x | 4.88x | 6.88x | 16.1x | 19.4x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.