First Read Axis Capital Holdings Ltd. 2Q26: Insurance Underlying weakens; Pressures in Casualty emerge

研报英文原文证据摘录

First Read Axis Capital Holdings Ltd. 2Q26: Insurance Underlying weakens; Pressures in Casualty emerge

Global Research

28 July 2026ab

First Read

EquitiesAxis Capital Holdings Ltd.

2Q26: Insurance Underlying weakens; Pressures Americas

in Casualty emerge Insurance, Property & Casualty

12-month rating Buy

12m price target US$131.00

Q: How would we expect investors to react?

A: We expect a negative reaction to AXS's higher than expected Insurance underlying

loss ratio. The company raised its loss picks due to faster than expected deterioration in Price (28 Jul 2026) US$119.27

property insurance pricing and more competitive casualty pricing. Insurance gross RIC: AXS.N BBG: AXS US

premium growth remains strong in large part due to Axis Capacity Solutions (ACS). We

Trading data and key metrics

expect growth may slow going forward as pricing becomes more competitive and

company evaluates its ACS programs. Moreover, we expect questions on the earnings 52-wk range US$119.27-88.25

call related to AXS's exposure to MGA/MGU business where competition is more Market cap. US$10.3b

intense. We continue to like AXS's solid growth profile, attractive ROE's and inexpensive Shares o/s 86.2m (COM)

valuation. That said, we expect the market will be looking for better visibility on growth Free float 92%

and margins going forward after this quarter's results. Avg. daily volume ('000) 220

Avg. daily value (m) US$23

Q: How did the results compare vs expectations? Common s/h equity (12/26E) US$6.87b

A: AXS reported 2Q26 Operating EPS of $2.84 vs UBSe/cons of $3.26. The miss was P/BV (12/26E) 1.4x

mainly driven by greater deterioration in the underlying combined ratio for Insurance

EPS (UBS, diluted) (USD)

(84.4% v UBSe 83.1%/cons 83.5%; weaker 120bps y/y) and Reinsurance (94.7% v

12/26E