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Combined Ratio by Segment
Shows underwriting profitability by segment by comparing claims and operating costs to earned premiums; a ratio below 100 means the segment is making underwriting profit, while above 100 indicates losses. Segment-level trends reveal which lines (e.g., reinsurance, specialty insurance) are driving profits or carrying more catastrophe and reserve risk.
Late‑2023 showed a pronounced reinsurance shock and a temporary insurance deterioration—both later reverted to healthier underwriting levels, indicating reserve/catastrophe-driven disruption rather than secular failure. Since 2024 those improvements looked durable, but a gradual uptick through mid‑2026—especially in reinsurance—introduces renewed margin pressure. For investors, the takeaway is that management stabilized underwriting after the shock, but rising reinsurance ratios and recent drift warrant monitoring of pricing renewals, loss trends and reserve development for sustained profitability.
AXS Combined Ratio by Segment
| Date | Insurance | Reinsurance |
|---|---|---|
| Sep 30, 2026 | 92.00% | 92.40% |
| Jun 30, 2026 | 90.00% | 94.50% |
| Mar 31, 2026 | 86.30% | 92.70% |
| Dec 31, 2025 | 86.50% | 93.90% |
| Sep 30, 2025 | 85.90% | 92.20% |
| Jun 30, 2025 | 85.30% | 92.00% |
| Mar 31, 2025 | 86.70% | 92.30% |
| Dec 31, 2024 | 91.20% | 90.90% |
| Sep 30, 2024 | 90.40% | 91.40% |
| Jun 30, 2024 | 87.90% | 89.30% |
| Mar 31, 2024 | 86.60% | 95.80% |
| Dec 31, 2023 | 106.70% | 162.80% |
| Sep 30, 2023 | 88.20% | 92.70% |
| Jun 30, 2023 | 86.40% | 93.30% |
| Mar 31, 2023 | 87.30% | 91.40% |
| Dec 31, 2022 | 85.20% | 98.80% |
| Sep 30, 2022 | 98.00% | 109.10% |
| Jun 30, 2022 | 87.80% | 95.90% |
| Mar 31, 2022 | 87.50% | 92.50% |
| Dec 31, 2021 | 88.70% | 90.80% |
| Sep 30, 2021 | 98.50% | 114.40% |
| Jun 30, 2021 | 85.30% | 90.60% |
| Mar 31, 2021 | 93.80% | 100.20% |