Axis Capital’s net income rose to $247 million in the first quarter — an increase of one third compared with the corresponding period last year.

The Bermudian-based specialty insurer and reinsurer wrote $3.1 billion of gross premiums, an 11 per cent year-over-year increase.

Axis recorded an 89.8 per cent combined ratio — reflecting the proportion of premium income spent on claims and expenses.

The company reported a 17.7 per cent annualised operating return on average common equity, with 17.6 per cent diluted book value per share growth over the past 12 months.

Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $48 million, related to the insurance segment, including $15 million attributable to the Middle East conflict. Net favourable prior-year reserve development was $18 million.

Vince Tizzio, chief executive of Axis, said: “Our insurance business generated strong results with $1.9 billion gross premiums written and an 86.3 per cent combined ratio, continuing to benefit from our expanded business classes and recently launched Axis Capacity Solutions capability.

“Axis Re continues to produce very solid underwriting profits, generating a 92.7 per cent combined ratio while leaning into attractive short tail lines which comprised more than 60 per cent of total reinsurance premiums.

“This performance highlights the sustained strength of our operating model. Our investments in products, distribution, innovation and talent are unlocking new opportunities to drive profitable growth as we execute on our specialty strategy.”

One of the line items in the earnings release was reorganisation expenses of $23 million for the first quarter, primarily related to “costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership”.

Operating income for the first quarter was $257 million, a year-over-year decrease of $5 million, or 2 per cent. Underwriting income for the three months was $187 million, an increase of $24 million, or 15 per cent over last year’s first quarter.

Net investment income was $185 million, a decrease of $23 million, or 11 per cent, primarily attributable to lower income from cash following the loss portfolio transfer reinsurance agreement completed with Enstar in the second quarter of 2025.

Book yield of fixed maturities was 4.7 per cent at March 31, compared with 4.5 per cent at March 31, 2025. The market yield was 5.1 per cent at March 31, 2026.

Total capital returned to common shareholders was $93 million, including common share repurchases of $60 million and common share dividends of $33 million in the quarter.

Book value per diluted common share was $78.19 at March 31, an increase of 17.6 per cent over the past 12 months.