AXIS Capital Holdings Limited (AXS): Business Model Canvas [Dec-2025 Updated]

You're looking for a clear, no-fluff breakdown of AXIS Capital Holdings Limited's current business model, and honestly, the recent financial data from late 2025 gives us a very defintely sharp picture of their strategic pivot. After two decades analyzing complex balance sheets, I can tell you this isn't just another insurance story; it's about focused specialty underwriting-look at that 9M 2025 combined ratio of 89.5%-backed by $6.4 billion in total shareholders' equity as of September 30, 2025. So, if you want to see exactly how AXIS Capital Holdings Limited is structuring its global specialty insurance and reinsurance bets, from their Enstar reinsurance agreement to their focus on cyber and D&O, you need to see the full canvas below.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that power AXIS Capital Holdings Limited's strategy as of late 2025. These aren't just vendor agreements; these are strategic capital and knowledge alliances.

The major move to reshape the balance sheet involved the reinsurance segment. AXIS Capital Holdings Limited finalized a significant transaction with Enstar Group Limited in the first half of 2025.

This Loss Portfolio Transfer (LPT) reinsurance agreement was structured as a 75% ground-up quota share. It covered reinsurance segment reserves totaling \$3.1 billion as of September 30, 2024. Specifically, AXIS retroceded \$2.3 billion of those reserves to Enstar's subsidiary, Cavello Bay Reinsurance Limited. As a result of this transfer, AXIS expects to recognize an approximate \$60 million benefit over the reserve payment period. Honestly, this frees up capital to lean harder into specialty insurance.

The push for third-party capital is clear, especially with the launch of Axis Capacity Solutions earlier in 2025, which is dedicated to structured portfolio deals. The most recent example is the Ryan Alternative Capital Re (RAC Re) sidecar, launched in September 2025 in partnership with Ryan Specialty. This vehicle is designed to bring external capital onto AXIS Capital's Lloyd's syndicate 1686.

Here's the quick math on the RAC Re structure:

Partner/Metric	Committed Capital/Capacity	AXIS Capital Retention
RAC Re Total Capacity	Anticipated \$900 million in multi-year premium capacity	Retains about one-third of Gross Written Premiums (GWP)
Third-Party Capital Backers	\$400 million in committed capital	Earns fees on ceded earned premiums

What this estimate hides is that the earned premium impact from fees will ramp up slowly, being 'pretty de minimis' in the first full calendar year, 2026, and building through 2029.

Knowledge partnerships are also key to their risk management framework. AXIS Capital Holdings Limited continues its corporate partnership with the University of Illinois' Gies College of Business. As part of the renewed agreement, AXIS committed \$1 million over four years to fund faculty research and develop talent programs, including the AXIS Risk Management Academy. This research supports their internal modeling, including work from University of Illinois research fellows.

On the environmental front, AXIS Capital Holdings Limited is an active member of industry groups driving climate action, such as the Insurance Development Forum (IDF). This aligns with their investment strategy, which includes a commitment made back in 2021.

That commitment was a \$20 million investment in BlackRock's Climate Finance Partnership (CFP). The CFP, which ultimately raised \$673 million from 22 investors, targets climate-infrastructure investments in emerging markets. You can see the firm is putting capital behind its stated climate focus.

You should track the performance metrics from these key relationships:

• LPT completion: April 2025
• RAC Re launch: September 2025
• University of Illinois funding commitment: \$1 million over four years
• BlackRock CFP investment: \$20 million

Finance: review the Q4 2025 investor presentation for updated capital deployment from the Enstar LPT proceeds by January 15th.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Key Activities

The core of AXIS Capital Holdings Limited's business model revolves around its role as a global specialty underwriter and reinsurer. This requires constant, disciplined execution across underwriting, portfolio management, and capital deployment. You see this activity reflected clearly in their 2025 performance metrics.

Underwriting specialty insurance and selective treaty reinsurance globally is the engine of the business. For the third quarter of 2025, AXIS Capital generated an underwriting income of \$188 million, which was up 39% year-on-year. This was supported by a strong insurance segment underwriting result of \$153.3 million and a reinsurance result of \$35 million for the same quarter. Across the first nine months of 2025, underwriting income rose to \$541 million, a 22% increase over the prior year period. The overall effectiveness of this underwriting is captured by the group combined ratio, which stood at 89.4% for Q3 2025 and 89.5% for the nine-month period.

The specialty focus is evident in the premium growth. The insurance segment achieved record third-quarter gross premiums written of \$1.7 billion, representing 11% growth. The reinsurance segment also saw a 6% increase in gross premiums written for Q3 2025. To give you a granular view of the segment split, here are the Q2 2025 gross premiums written figures:

Segment	Gross Premiums Written (Q2 2025)	Combined Ratio (Q2 2025)
Insurance	\$1,932,435,000	85.3%
Reinsurance	\$583,536,000	92.0%

Disciplined portfolio management to optimize business mix and profitability is a continuous activity that shapes these results. A key move in Q2 2025 was completing a loss portfolio transfer reinsurance agreement with Enstar, which retroceded net reserves for losses and loss expenses of about \$2 billion. This action helps manage the risk profile. The company also reported that for the nine months ended September 30, 2025, pre-tax catastrophe and weather-related losses, net of reinsurance, amounted to \$129 million.

Managing a substantial global investment portfolio for net investment income is the second major financial activity. For the third quarter of 2025, net investment income was \$185 million, down from \$205 million in Q3 2024, primarily due to lower income from fixed maturities. However, for the nine-month period ending September 30, 2025, net investment income increased to \$578 million from \$563 million the year prior. The yield profile is shifting, as the book yield of fixed maturities was 4.6% at September 30, 2025, compared to a market yield of 4.8%.

The focus on modernization is clear through investing in technology and AI to modernize underwriting and operations. Management highlighted that technology investments are expected to total approximately \$150 million over three years. These investments are tied to the 'How We Work' program, which is driving operational improvements.

Finally, capital management, including a new \$400 million share repurchase authorization, demonstrates commitment to shareholder returns. In September 2025, the Board approved a new share repurchase program authorizing the purchase of up to an aggregate \$400 million of common shares. This followed the exhaustion of a prior program. In Q3 2025 alone, common share repurchases totaled \$110 million, alongside common share dividends of \$35 million. To be fair, the company is actively deploying this capital; in November 2025, AXIS Capital entered an agreement to buy back 2,404,133 shares for approximately \$238 million under this authorization. The company's shareholders' equity stood at \$6.1 billion at the end of 2024, growing to \$6.2 billion by June 30, 2025. This activity supported a book value per diluted common share of \$73.82 as of September 30, 2025, marking a 14% year-over-year increase.

These key activities can be summarized by their recent financial impact:

• Achieved annualized operating return on equity of 18% for Q3 2025.
• Reported net income available to common shareholders of \$294 million in Q3 2025.
• Total Group Net Premiums Written (NPW) rose 5% year-on-year to \$4.7 billion for the nine months ended September 30, 2025.
• The company has maintained common share dividend payments for 22 consecutive years.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Key Resources

You're looking at the core assets backing AXIS Capital Holdings Limited's specialty underwriting engine. These aren't just line items; they are the tangible and intangible foundations that allow AXIS Capital to take on complex risks globally.

The financial bedrock is substantial. As of September 30, 2025, AXIS Capital Holdings Limited reported $6.4 billion in total shareholders' equity. This capital base supports their operations and underpins the confidence rating agencies place in the firm.

This capital strength is directly reflected in the external validation from rating agencies. The operating subsidiaries maintain top-tier financial strength ratings, which is crucial for securing large, complex reinsurance and insurance placements. Here's a quick look at the key resource metrics:

Resource Metric	Value/Rating	As of Date/Scope
Total Shareholders' Equity	$6.4 billion	September 30, 2025
S&P Financial Strength Rating (Subsidiaries)	A+ (Strong)	Late 2025
A.M. Best Financial Strength Rating (Subsidiaries)	A (Excellent)	Late 2025
Holding Company Long-Term ICR (A.M. Best)	bbb+ (Good)	Late 2025

The human and operational capital is centered on deep, specialized knowledge. AXIS Capital deploys global underwriting expertise across specific, high-value specialty lines. For instance, the insurance segment saw its underwriting result increase by 55.2% to $153.3 million in the third quarter of 2025, showing the effectiveness of this focus. They maintain a leading position in areas like marine, energy, and professional lines. This expertise is supported by a necessary global footprint.

The physical and licensed presence is spread across critical financial and underwriting hubs. This allows AXIS Capital to underwrite risks locally while accessing global capital and talent. The key markets include:

• Bermuda (Headquarters location)
• The United States
• Europe (including operations in London)
• Singapore
• Canada

Furthermore, the intangible assets are increasingly important for underwriting efficiency. AXIS Capital is actively investing in proprietary technology to enhance risk selection and pricing accuracy. This includes the use of digital underwriting platforms and AI-driven tools to power ongoing operational improvements throughout the business. For the nine months ended September 30, 2025, Gross Premiums Written (GPW) grew 5% year-on-year to $4.7 billion, partly driven by these technological investments.

The combined ratio strengthened to 89.4% in the third quarter of 2025, demonstrating that these core resources-capital, expertise, and technology-are working together effectively. Finance: draft 13-week cash view by Friday.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Value Propositions

You're looking at what makes AXIS Capital Holdings Limited stand out in the specialty market. It boils down to deep expertise in tough-to-place risks, backed by serious financial muscle. This isn't about being a generalist; it's about being the specialist you call when the risk is complex.

Specialized coverage for complex risks, like renewable energy and cyber

AXIS Capital Holdings Limited targets evolving, complex exposures where technical knowledge is key. For instance, in renewable energy, they provide tailored, comprehensive coverage globally for projects including solar, on and offshore wind, and battery storage projects. Projects get assessed by dedicated underwriters and risk engineers to understand the risk from all angles. Regarding cyber, the focus is on growing the large account segment. Following a reshaping of their delegated cyber portfolio, AXIS Capital non-renewed around $60 million in written premiums from that delegated cyber book in 2024. At the January 1, 2025 renewals, they purchased "a bit" more tail cover for cyber reinsurance and placed five lines, including construction, marine and renewable energy.

The focus on specialty lines is clear across the business:

• Renewable energy coverage for solar, wind, and battery storage.
• Cyber large account segment growth focus.
• Transactional liability (TL) portfolio saw written premiums rise 24% for the full year 2024.
• Cyber Gross Premiums Written (GWP) for the full year 2024 was $561.9 million.

Global reach with local underwriting expertise in specialty insurance

The value proposition includes a broad geographic footprint combined with the ability to underwrite locally. This means they can service global clients while understanding regional nuances. You see this structure in their operational locations across Bermuda, the United States, Europe, Singapore and Canada. This structure supports their goal to seize the mantle as a global specialty leader.

Financial stability and claims-paying ability backed by high credit ratings

A core value is the assurance of claims-paying ability, which is validated by strong ratings from the major agencies. This financial stability is the ultimate proof they can deliver on promises when claims arise. As of late 2025, the operating subsidiaries of AXIS Capital Holdings Limited maintain a Financial Strength Rating of A (Excellent) by A.M. Best and A+ (Strong) by S&P for claims-paying ability. The holding company itself carries a Long-Term ICR of "bbb+" (Good) from A.M. Best. This strength is reflected on the balance sheet, with the Book value per diluted common share standing at $73.82 as of September 30, 2025, marking a 13.1% increase since December 31, 2024.

Here's a snapshot of that financial backing:

Metric	Value (as of Sep 30, 2025)	Rating Agency
Subsidiary Financial Strength Rating	A (Excellent)	A.M. Best
Subsidiary Long-Term ICR	"a+" (Excellent)	A.M. Best
Holding Company Long-Term ICR	"bbb+" (Good)	A.M. Best
Book Value per Diluted Common Share	$73.82	Internal Data

Consistent, strong underwriting performance with a 9M 2025 combined ratio of 89.5%

Discipline in risk selection translates directly into underwriting profit. The performance for the first nine months of 2025 demonstrates this focus. The consolidated combined ratio for the nine months ended September 30, 2025, was a strong 89.5%. This performance drove underwriting income to $541 million for the nine-month period, which was an increase of 22% compared to the same period in 2024. That's real execution. The insurance segment was particularly sharp, posting an 86% combined ratio for the nine months.

Tailored reinsurance solutions focused on short-tail specialty lines

The reinsurance arm complements the insurance business by managing peak risks and focusing on profitable, less volatile business. The reinsurance segment is explicitly bottom-line focused, with a target to produce a combined ratio in the low 90s. For the second quarter of 2025, specialty short-tail lines within the reinsurance book contributed 37% of the book premiums, delivering attractive returns. The reinsurance combined ratio for the nine months ended September 30, 2025, was 92.1%.

Key segment performance metrics for 9M 2025:

• Consolidated Combined Ratio: 89.5%.
• Insurance Segment Combined Ratio: 86%.
• Reinsurance Segment Combined Ratio: 92.1%.
• Group-wide Gross Premiums Written (GWP): $7.4 billion.
• Insurance GWP: $5.3 billion.

Finance: review the Q4 2025 reinsurance premium targets against the 9M 2025 performance by next Tuesday.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Customer Relationships

You're looking at how AXIS Capital Holdings Limited maintains its connection with the clients who drive its specialty insurance and reinsurance business as of late 2025. It's all about expertise and channel alignment in this space.

Dedicated relationship management through the wholesale distribution channel

AXIS Capital Holdings Limited structures its client engagement heavily around the wholesale channel, which is essential for specialty risks. They formally launched the AXIS Wholesale division to focus resources specifically on this market, integrating units like E&S Property and wholesale broker-produced Financial Institutions coverages. This isn't just talk; the North American business coming through Managing General Agents (MGAs), a core component of the wholesale route, represented about 14% of the total insurance business as of the KBW Conference in September 2025. This structure ensures dedicated teams and resources are focused on the brokers who bring in complex, non-standard business.

• Dedicated leadership for the wholesale channel.
• Integration of E&S Property and Casualty units.
• MGA-sourced business is a 14% component of insurance.
• Strategy aims for profitable growth with aligned MGA interests.

High-touch, expert-driven service for complex specialty risks

For the complex specialty risks AXIS Capital Holdings Limited targets, the relationship is inherently high-touch, relying on deep underwriting expertise. The focus on specialty lines, which require customized and tailored offerings, demands this expert interaction. The quality of this underwriting is reflected in the combined ratio performance. For the nine months ended September 30, 2025, the overall combined ratio improved to 89.5%. The insurance segment, where much of this direct specialty underwriting occurs, saw its combined ratio improve even more sharply to 86% for the same nine-month period. This efficiency suggests underwriters are pricing risk accurately and managing claims effectively, which builds trust with brokers and clients.

The financial results for the insurance segment underscore the success of this expert-driven approach:

Metric (As of 9M'25)	Insurance Segment Value	Year-over-Year Change
Gross Premiums Written (GPW)	$5.3 billion	7% growth
Underwriting Income	$439.5 million	30% growth
Combined Ratio	86.0%	Improved by 2.4 percentage points

Strategic focus on penetrating the underserved lower middle market

AXIS Capital Holdings Limited is explicitly targeting growth in desirable and smaller accounts, which often fall into the lower middle market segment where service can be less consistent from competitors. The company is expanding digital capabilities to help create new business growth in these smaller accounts. You can see the impact of these growth initiatives; new and expanded initiatives started in 2024 contributed approximately $250 million in premium to the insurance group during the second quarter of 2025 alone. This focus on smaller, profitable business through specialized channels is a key relationship driver.

Proactive risk mitigation advice for large corporate clients

For large corporate clients, the relationship moves beyond simple policy placement into partnership on risk management. AXIS Capital Holdings Limited emphasizes its ability to help clients understand and manage evolving risks, which is part of its overall brand positioning. The investment in data and analytics is a direct enabler of this proactive advice, as tools are being implemented to help underwriters accelerate decision-making and better assess risk exposure across the portfolio. The goal is to deliver tailored solutions that turn challenges into possibilities, which requires deep, consultative engagement with major clients on their specific risk profiles, rather than just transactional service.

• Investment in data and analytics to improve underwriting.
• Tools used to enhance decision-making and risk selection.
• Focus on tailored offerings, not just standard solutions.
• The company maintains 20 offices worldwide to support global client needs.

Finance: draft 13-week cash view by Friday.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Channels

You're looking at how AXIS Capital Holdings Limited gets its specialty insurance and reinsurance products to market as of late 2025. The structure relies on a mix of established broker relationships, direct teams, and newer, technology-enabled platforms for specific deal types.

The overall Insurance segment is the primary driver of recent growth. For the third quarter of 2025, Gross Premiums Written (GWP) for the Insurance segment reached $1.7 billion, representing an 11% growth year-over-year. Net Premiums Written (NPW) for the nine-month period ended September 30, 2025, for the Insurance segment was $3.4 billion, reflecting a 7% increase from the same period in 2024. The Q3 2025 combined ratio for the Insurance segment was 85.9%.

Wholesale insurance brokers and retail agents

This channel is supported by the dedicated AXIS Wholesale division, which focuses on the excess and surplus lines market. This channel is a core component of the Insurance segment's growth.

• Wholesale broker-produced Commercial Management Solutions (CMS) and Financial Institutions (FI) coverages are included in this channel.
• The Insurance segment delivered record third quarter new business premiums of $570 million in Q3 2025.
• For the first half of 2025, Gross Premiums Written (GPW) for the total company increased 4% to $5.3 billion, with the Insurance segment contributing a 6% increase.

Direct underwriting teams in key global hubs

Direct underwriting teams operate across key hubs in Bermuda, the United States, Europe, Singapore, and Canada, serving businesses, insurance companies, and governmental entities. The Reinsurance segment also utilizes direct relationships for treaty placements.

Segment/Metric	Period Ending Q3 2025	Period Ending H1 2025
Insurance Segment GWP	$1.7 billion (Q3)	N/A
Reinsurance Segment GWP Change	6% increase (Q3)	1% increase (H1)
Reinsurance Segment NPW Change (9M)	3% increase (Q3)	2% decrease (9M)
Reinsurance Segment Combined Ratio	92.2% (Q3)	92.1% (9M)

Digital platforms for efficient processing of smaller, desirable accounts

AXIS Capital Holdings Limited is actively expanding digital capabilities to drive new business growth in smaller, desirable accounts. This is tied to operational efficiency goals.

• The company is advancing its 'How We Work' program, leveraging technology and AI to modernize underwriting pipelines.
• The goal is to achieve a general and administrative ratio of less than 11% by 2026.
• Growth in the lower middle market business is a noted trajectory supported by new and expanded product offerings.

AXIS Capacity Solutions unit for structured portfolio deals

This new unit launched in August 2025 to focus on structured, multi-line portfolio capacity deals on both facilitated and delegated bases. This addresses the trend of multi-line facilities growing faster than the broader insurance market.

• AXIS Capacity Solutions will leverage the company's global underwriting platform, including its licensing footprint at Lloyd's.
• The company's shareholders' equity through its operating subsidiaries was $6.2 billion as of June 30, 2025.
• The unit is designed to support distribution partners in sourcing multi-line portfolio structures at scale.

Finance: draft Q4 2025 channel contribution variance analysis by Monday.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Customer Segments

You're looking at how AXIS Capital Holdings Limited structures its client base across its two primary operating segments: Insurance and Reinsurance. The numbers clearly show where the bulk of the premium volume is coming from as of late 2025.

The largest customer group is served by the Insurance segment, which targets large corporations and mid-sized businesses needing specialty coverage. This segment is the primary growth engine, evidenced by its premium volume.

The second major segment comprises other insurance companies seeking treaty reinsurance coverage. This business is more volatile, as seen by the premium fluctuations, but it remains a core part of the AXIS Capital Holdings Limited structure.

Here's a quick look at the premium split for the first nine months of 2025, which gives you a clear picture of the customer segment weighting:

Segment	Gross Premiums Written (GPW) - 9M 2025 (USD)	Percentage of Group GPW (Approximate)
Insurance	$5,280,220 (in thousands)	71.0%
Reinsurance	$2,154,587 (in thousands)	29.0%
Group Total	$7,434,707 (in thousands)	100.0%

The specialty insurance business, which serves the large and mid-sized corporate clients, generated approximately 71.0% of the Group's Gross Premiums Written for the nine months ended September 30, 2025, totaling $5,280,220 thousand.

The Reinsurance segment, serving other insurance companies, accounted for the remaining portion, with GPW of $2,154,587 thousand for the same nine-month period in 2025.

For the third quarter of 2025 specifically, the Insurance segment's GPW was reported at $1.7 billion, while the Reinsurance segment's GPW was $432.3 million.

While the search results don't explicitly segment out project developers and utility companies in the renewable energy sector, you can infer their business falls within the lines of coverage offered by the Insurance segment, which is heavily focused on specialty risks. Similarly, access to lower middle market businesses via wholesale distribution is a channel supporting the Insurance segment's overall client base.

The lines of business underpinning these specialty insurance customers include:

• Property
• Professional lines
• Liability
• Cyber
• Marine and aviation
• Accident and health
• Credit and political risk

The Reinsurance segment's customers-other insurers-receive treaty coverage across lines such as:

• Liability
• Professional lines
• Motor
• Accident and health
• Credit and surety
• Agriculture
• Marine and aviation
• Run-off lines

Finance: draft 13-week cash view by Friday.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive the engine for AXIS Capital Holdings Limited as of late 2025. Honestly, for an insurer, the cost structure is dominated by claims and the cost to secure the business.

The single largest cost component is the Loss and loss adjustment expenses. This is the money set aside to pay for claims that have already happened, plus the cost to investigate and settle those claims. For the third quarter of 2025, the overall combined ratio was 89.4%, meaning that for every dollar of premium earned, 89.4 cents went to cover losses and expenses.

The costs associated with winning new business and maintaining existing policies are also substantial. The Acquisition cost ratio for Q3 2025 was reported at 19.7%. This covers commissions paid to brokers and agents, and other costs directly tied to writing premiums.

Next up are the overheads, categorized as General and administrative (G&A) expenses. This ratio stood at 11.7% for Q3 2025. This covers everything from salaries and office rent to technology infrastructure that isn't directly tied to a specific policy acquisition.

Catastrophic events are always a major variable cost. For the nine-month period ended September 30, 2025, AXIS Capital Holdings Limited reported pre-tax catastrophe and weather-related losses, net of reinsurance, totaling $129 million.

The company is actively investing in its future efficiency. This is reflected in Technology and digital transformation investment costs. AXIS Capital Holdings Limited has committed to a $150 million, three-year technology overhaul.

Here's a quick look at how these key cost metrics stacked up for the third quarter of 2025:

Cost Component	Ratio / Amount (Q3 2025 unless noted)
Combined Ratio	89.4%
Acquisition Cost Ratio	19.7%
General and Administrative (G&A) Expense Ratio	11.7%
Pre-tax Catastrophe & Weather Losses (9M 2025)	$129 million (net of reinsurance)
Technology Overhaul Commitment (Total 3-Year)	$150 million

You can see the focus on operational improvement, as the G&A ratio target for the full year 2026 is set at 11%. Also, the company noted that for Q3 2025, net favorable prior year reserve development totaled $19 million, which effectively reduced the reported loss costs for the quarter.

The cost structure also includes other elements that make up the difference between the combined ratio and the specific components listed above. For instance, the Q3 2025 combined ratio of 89.4% is composed of:

• Loss Ratio (including catastrophe losses)
• Acquisition Cost Ratio of 19.7%
• G&A Expense Ratio of 11.7%

The remaining percentage is the loss component. If we look at the Q2 2025 data, the loss ratio was 57.5%, and the expense ratio was 11.6%. The focus on technology is meant to drive down that expense ratio over time.

Finance: draft 13-week cash view by Friday.

AXIS Capital Holdings Limited (AXS) - Canvas Business Model: Revenue Streams

You're looking at the core ways AXIS Capital Holdings Limited brings in money, which is heavily weighted toward taking on risk and managing assets. Honestly, for an insurer and reinsurer, the revenue streams are pretty straightforward, but the scale of the numbers tells the real story of their operations as of late 2025.

The primary revenue drivers come from the premiums they successfully write and keep, after accounting for what they pass on to other reinsurers. Investment income is the second major pillar, plus the fees they earn from managing capital for outside investors.

Here's a breakdown of the key financial components driving revenue for the nine months ended September 30, 2025, and the specific Q3 2025 investment income figure you asked for.

Underwriting Performance and Premiums (9M Ended September 30, 2025)

The combined ratio for the nine months ended September 30, 2025, was 89.5%, showing they kept less than 90 cents of every dollar earned in claims and expenses. This strong underwriting translated directly into significant income.

• Net premiums written (NPW) for the nine months ended September 30, 2025, totaled $4.7 billion.
• The Insurance segment drove this, with NPW increasing by 7% to $3.4 billion.
• The Reinsurance segment saw a slight contraction in NPW, decreasing by 2% to $1.3 billion for the nine-month period.

The total underwriting income for the nine months ended September 30, 2025, was a solid $541 million, up 22% year-over-year.

Investment and Fee Income

Investment returns provide a crucial buffer and boost to the bottom line. For the third quarter of 2025, net investment income was exactly $185 million. This was slightly down from the prior year's Q3 figure of $205 million. The book yield on fixed maturities stood at 4.6% as of September 30, 2025.

AXIS Capital Holdings Limited also generates revenue through managing third-party capital, such as through vehicles like RAC Re. While the specific 9M 2025 fee income isn't explicitly stated in the latest reports, prior year data shows this stream is growing; for example, fee income from strategic capital partners reached $85 million for the full year 2024 [cite: 2 from previous search].

Here's a quick look at the key revenue-related metrics for the nine months ended September 30, 2025:

Revenue Component (9M Ended 9/30/2025)	Amount (USD)	Segment/Detail
Underwriting Income	$541 million	Consolidated
Net Premiums Written (Insurance)	$3.4 billion	7% increase
Net Premiums Written (Reinsurance)	$1.3 billion	2% decrease
Net Investment Income (Q3 2025)	$185 million	Quarterly figure
Net Investment Income (9M 2025)	$578 million	Consolidated year-to-date

The growth in the Insurance segment's net premiums written, up 7% to $3.4 billion for the nine months, clearly marks it as the primary driver of the top line.