Axis Capital Holdings Limited Stock 12‑Month Price Target Cut to $119.55, Implies 24% Upside

AXIS Capital (AXS) acquired the renewal rights to DUAL North America's Excess Liability business, which wrote $1.2B in premiums last year. AXIS reported Q2 net income up 16% to $251M, but operating and underwriting income declined. The company's book value per share rose 14.7% YoY to $80.67. AXIS trades at a forward P/E of 7.62.

AXIS Capital (NYSE: AXS) said it agreed to acquire renewal rights to DUAL North America’s excess liability business. DUAL Excess Liability executive John Kopach will join AXIS as Head of Wholesale Lower Middle Market. AXIS and DUAL plan a seamless transition for brokers and policyholders. AXIS reported $6.5bn shareholders’ equity as of June 30, 2026.

AXIS Capital Holdings (AXS) fell about 11% after its Q2 2026 results. The company reported net income of $251 million, or $3.38 per diluted share, but operating EPS of $2.84 missed expectations. Operating income and underwriting weakened, with the combined ratio rising to 93.1% from 85.3% and catastrophe and weather losses totaling $80 million.

Axis Capital (AXS) reported Q2 underwriting and reinsurance updates on an earnings call. Property gross premiums rose 21% but net property premiums fell 15% as cessions increased to 37% from 30%. Underlying loss ratio was 54% (+1.7 pts). Reinsurance gross written premiums fell 25% to $440M; combined ratio was 94.5%. Cat losses were $80M. Investment income was $182M and shareholders received $122M.

Axis Capital Holdings (AXS) shares fell 11.6% after its Q2 results missed Wall Street. Adjusted EPS was $2.84 vs $3.24 expected. Revenue and net premiums earned were also below forecasts. The combined ratio rose to 93.1% vs 89.7% expected, tied to pre-tax catastrophe and weather-related losses.

AXIS Capital Holdings (AXS) reported Q2 2026 operating income of $2.84 per share, below the Zacks Consensus of $3.23, as catastrophe and weather losses rose. Total revenues were $1.7B, slightly under estimates. Net investment income fell to $181.6M. Combined ratio worsened to 93.1. Cash was $780M; debt $1.32B.