Axis Capital Holdings Ltd delivered another quarter of strong operating and underwriting performance, with higher returns and growing book value, even as reported net income eased amid higher tax expense and other below-the-line effects.

The Bermudian-based insurer reported fourth-quarter net income available to common shareholders of $282 million, or $3.67 per diluted share, alongside operating income of $250 million, or $3.25 per diluted share. Underwriting income rose 42 per cent year over year to $184 million, while the combined ratio improved to 90.4 per cent, which the company said reflected underwriting discipline across its speciality platforms.

For the full year, Axis posted net income of $979 million, down 7 per cent from 2024, while operating income increased 8 per cent to $1 billion. Underwriting income climbed 27 per cent to $725 million and the combined ratio improved to 89.8 per cent. Book value per diluted common share rose 18.3 per cent over the year to $77.20.

The decline in net income was due to higher tax expense following the introduction of Bermuda’s 15 per cent corporate income tax from January 1, as well as other non-operating items. By contrast, operating results continued to strengthen, with return on average common equity of 17.3 per cent and operating return on average capital employed of 18.1 per cent for the year.

Vince Tizzio, chief executive, said the fourth quarter capped “an outstanding year” for Axis. Gross premiums written reached a record $9.6 billion in 2025, up 7 per cent year on year, driven by growth in both insurance and targeted reinsurance lines.

Axis also returned $1 billion to shareholders during the year, including $888 million in share repurchases and $139 million in dividends.

The company said it continues to operate as “One Axis,” focusing on efficiency gains and selective growth.