What is Axis Capital Holders's reinsurance — year 9?

Axis Capital Holders (AXS) reported reinsurance — year 9 of 6.4% in Q4 2025.

What does reinsurance — year 9 mean?

This metric represents the combined ratio for the reinsurance segment, which is the sum of the loss ratio, acquisition cost ratio, and general and administrative expense ratio. It is the definitive measure of underwriting profitability, where a ratio below 100% indicates an underwriting profit. This is the most widely used metric for comparing the operational efficiency of insurance companies.

Axis Capital Holders AXS Reinsurance — Year 9

Other segment segments

Insurance

6.5%—

Similar metrics at other companies

ACGLReinsurance — Combined Ratio Percentage

75.9%-15.9pp

ACGLReinsurance — Loss ratio

51.7%-15.2pp

ACGLReinsurance — Acquisition expense ratio

19%-1.6pp

ACGLReinsurance — Underwriting Income Loss Segment

$441M+164%

ACGLReinsurance — Other operating expense ratio

5.2%+0.9pp

ACGLReinsurance — Acquisition expenses

$347M-16.8%

Other financials

Income statement

See full

Revenue$1.6B+8.0%

Net income$254.8M+31.3%

EPS (diluted)$3.29+45.6%

Balance sheet

See full

Cash & equivalents$862.4M-68.7%

Total debt$110.2M+2.7%

Total equity$6.4B+8.1%

Total assets$35.6B+7.1%

Cash flow

See full

Operating cash flow$519.4M+68.0%

CapEx$14.4M+97.9%

Free cash flow$505.0M+67.3%

Valuation

See full

Market cap$7.45B-7.4%

Enterprise value$6.69B+23.9%

P/E7×-2.2×

P/S1.1×-0.2×

Profitability

See full

Net margin16%+1.5pp

FCF margin-6.9%-32.6pp

Returns & leverage

See full

Return on equity17.4%+2.0pp

Debt / equity0×0.0×

Where this comes from

Reported directly by Axis Capital Holders in its filing.

Tagged under the XBRL concept us-gaap:ShortdurationInsuranceContractsHistoricalClaimsDurationYearNine.

The official record: Axis Capital Holders’s 10-K, filed February 27, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Axis Capital Holders's reinsurance — year 9?: Axis Capital Holders (AXS) reported reinsurance — year 9 of 6.4% in Q4 2025.
What does reinsurance — year 9 mean?: This metric represents the combined ratio for the reinsurance segment, which is the sum of the loss ratio, acquisition cost ratio, and general and administrative expense ratio. It is the definitive measure of underwriting profitability, where a ratio below 100% indicates an underwriting profit. This is the most widely used metric for comparing the operational efficiency of insurance companies.