Axis Capital

Q2 FY2026 EarningsQ2 FY26 performance was mixed against consensus: Revenue reached $1.75B, exceeding the $1.72B expectation, while GAAP EPS of $3.38 significantly beat the $3.21 mean estimate. However, underlying underwriting profitability was pressured, with the consolidated combined ratio deteriorating to 93.1% (vs. 88.9% YoY) due to a 2.7pct increase in catastrophe losses and softening property markets. While the Insurance segment saw 15% gross premium growth, the Reinsurance segment experienced a 25% decline as the company prioritized disciplined non-renewals in casualty lines.