Total equity has expanded to $6.4 billion as of 2026Q1, suggesting a strengthened capital base capable of supporting the firm's shift into niche specialty insurance markets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Assets | 35.62B | 34.46B | 32.68B | 30.25B | 27.68B | 27.37B | 25.88B | 25.6B | 24.13B | 24.76B | 20.81B | 19.98B | 19.96B | 19.63B | 18.85B | 17.81B | 16.45B | 15.31B | 14.28B | 14.68B | 13.67B | 11.93B | 9.04B | 5.17B | 2.99B |
| Asset Growth % | 23.97% | 5.45% | 8.04% | 9.28% | 1.15% | 5.76% | 1.07% | 6.1% | -2.53% | 18.96% | 4.16% | 0.13% | 1.63% | 4.15% | 5.88% | 8.27% | 7.44% | 7.17% | -2.67% | 7.39% | 14.58% | 31.95% | 74.74% | 73.21% | - |
| Total Investment Assets | 4M | 15.99B | 15.29B | 15.57B | 14.44B | 15.13B | 14.26B | 14.3B | 13.16B | 14.78B | 13.46B | 13.38B | 13.77B | 13.78B | 13.55B | 12.47B | 11.52B | 10.62B | 8.61B | 8.98B | 7.66B | 6.42B | 4.26B | 0 | 0 |
| Long-Term Investments | 43.45B | 11.09B | 10.51B | 11.21B | 10.25B | 10.47B | 12.84B | 13.1B | 12.07B | 13.45B | 12.28B | 12.35B | 12.8B | 12.73B | 12.7B | 11.77B | 11.52B | 10.62B | 8.61B | 8.11B | 6.87B | 5.42B | 4.26B | 0 | 0 |
| Short-Term Investments | 4.94B | 4.9B | 4.78B | 4.35B | 4.19B | 4.67B | 5.11B | 5.12B | 11.58B | 13.34B | 12.16B | 12.35B | 12.8B | 12.73B | 12.7B | 149.91M | 692.01M | 699.37M | 492.08M | 645.99M | 1.13B | 409.5M | 0 | 0 | 0 |
| Total Current Assets | 22.25B | 21.36B | 20.11B | 17.73B | 16.13B | 15.71B | 0 | 0 | 17.4B | 18.75B | 16.81B | 16.33B | 16.5B | 14.6B | 14.16B | 14.86B | 17.38B | 15.22B | 14.22B | 14.61B | 13.64B | 11.89B | 9.01B | 5.15B | 16.5M |
| Cash & Equivalents | 862.4M | 820.25M | 2.14B | 953.48M | 751.41M | 844.59M | 902.83M | 1.24B | 1.83B | 1.36B | 1.24B | 1.17B | 1.21B | 987.88M | 850.55M | 1.08B | 929.51M | 864.05M | 1.82B | 1.33B | 1.99B | 1.28B | 632.33M | 605.17M | 0 |
| Receivables | 53.86B | 13B | 10.33B | 10.08B | 9.21B | 8.35B | 7.74B | 7.39B | 6.9B | 6.44B | 4.74B | 4.16B | 3.82B | 3.72B | 3.44B | 3.29B | 3.02B | 102.3M | 79.23M | 173.69M | 2.56B | 2.6B | 1.56B | 818.33M | 355.91M |
| Other Current Assets | 525.72M | 500.93M | 920.15M | 430.51M | 423.24M | 473.1M | -14.94B | -14.86B | -20.73B | -20.91B | -18.5B | -17.9B | -17.9B | -17.71B | -17.22B | -16.27B | -15.17B | -1.89B | -2.81B | -2.33B | -5.92B | -4.58B | -2.57B | -1.59B | -1.13B |
| Goodwill & Intangibles | 3.97B | 1.03B | 928.32M | 738.63M | 772.17M | 775.11M | 324.29M | 341.55M | 343.57M | 359.99M | 85.05M | 86.86M | 88.96M | 89.53M | 97.49M | 99.59M | 103.23M | 91.5M | 60.42M | 61.65M | 29.04M | 37.01M | 31.73M | 24.58M | 14.08M |
| Goodwill | 66.5M | 66.5M | 66.5M | 100.8M | 100.8M | 100.8M | 100.8M | 102M | 102M | 102M | 47.15M | 47.15M | 47.15M | 46.42M | 49.63M | 49.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.1B | 967.83M | 861.82M | 637.83M | 671.37M | 674.31M | 223.49M | 239.54M | 241.57M | 257.99M | 37.9M | 39.71M | 41.81M | 43.11M | 47.86M | 50.24M | 103.23M | 91.5M | 60.42M | 61.65M | 29.04M | 37.01M | 31.73M | 24.58M | 14.08M |
| PP&E (Net) | 94.67M | 93.9M | 92.52M | 108.09M | 92.21M | 103.3M | 123.58M | 111.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 912.3M | 887.29M | 1.04B | 456.38M | 438.34M | 309.79M | -13.28B | -13.55B | -5.68B | -7.79B | -8.36B | -8.79B | -9.44B | -7.79B | -8.11B | -8.92B | -12.56B | -10.62B | -8.61B | -8.11B | -6.87B | -5.42B | -4.26B | 0 | -14.08M |
| Total Liabilities | 29.24B | 28.11B | 26.59B | 24.99B | 23.04B | 21.96B | 20.58B | 20.06B | 19.1B | 19.42B | 14.54B | 14.12B | 14.08B | 13.77B | 13.07B | 12.36B | 10.82B | 9.81B | 9.82B | 9.52B | 9.25B | 8.41B | 5.8B | 2.36B | 1.03B |
| Total Debt | 1.49B | 1.49B | 1.49B | 1.52B | 1.5B | 1.43B | 1.45B | 1.92B | 1.34B | 1.38B | 992.95M | 991.83M | 990.79M | 995.86M | 995.25M | 994.66M | 1.01B | 499.48M | 499.37M | 499.26M | 499.14M | 499.05M | 498.94M | 0 | 0 |
| Net Debt | 631.27M | 672.93M | -655.3M | 569.13M | 744.86M | 585.89M | 547.13M | 682.63M | -488.06M | 12.74M | -248.56M | -182.93M | -218.91M | 7.98M | 144.69M | -88.17M | 84.85M | -364.58M | -1.32B | -833.66M | -1.49B | -781.94M | -133.39M | -605.17M | 0 |
| Long-Term Debt | 1.38B | 1.38B | 1.38B | 1.4B | 1.39B | 1.31B | 1.31B | 1.81B | 1.34B | 1.38B | 992.95M | 991.83M | 990.79M | 995.86M | 995.25M | 994.66M | 994.11M | 499.48M | 499.37M | 499.26M | 499.14M | 499.05M | 498.94M | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 8.81B | 13.54B | 12.63B | 12.13B | 11.55B | 10.99B | 0 | 0 | 18.01B | 18.04B | 13.55B | 13.12B | 13.14B | 12.82B | 12.08B | 11.37B | 9.83B | 9.31B | 9.32B | 9.02B | 8.75B | 7.92B | 5.3B | 2.35B | 0 |
| Accounts Payable | 2.18B | 1.88B | 1.71B | 1.79B | 1.61B | 1.32B | 1.09B | 1.35B | 1.34B | 899.06M | 493.18M | 356.42M | 249.19M | 234.41M | 270.74M | 206.54M | 164.93M | 173.16M | 202.15M | 244.99M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 6.56B | 5.83B | 5.21B | 4.75B | 4.36B | 4.09B | 0 | 0 | -1.34B | -1.38B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 5.8B | 5.43B | 5.56B | 5.56B | 5.54B | -1.2B | -1.38B | -1.45B | -999.65M | -555.73M | -365.77M | -437.36M | -256.16M | -335.29M | -358.48M | -164.93M | -173.16M | -202.15M | 6.63B | 5.59B | 4.84B | 2.4B | 2.14B | -215.39M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 18.93B | 13.07B | 12.47B | 11.34B | 10B | 9.54B | -1.45B | -1.92B | 17.76B | 18.04B | 13.55B | 13.12B | 13.09B | 12.77B | -245K | -994.66M | -994.11M | -499.48M | -499.37M | -499.26M | -499.14M | -499.05M | -498.94M | 0 | 0 |
| Total Equity | 6.38B | 6.36B | 6.09B | 5.26B | 4.64B | 5.41B | 5.3B | 5.54B | 5.03B | 5.34B | 6.27B | 5.87B | 5.88B | 5.87B | 5.78B | 5.44B | 5.62B | 5.5B | 4.46B | 5.16B | 4.41B | 3.51B | 3.24B | 2.82B | 1.96B |
| Equity Growth % | 26.24% | 4.39% | 15.7% | 13.43% | -14.24% | 2.17% | -4.48% | 10.22% | -5.83% | -14.84% | 6.91% | -0.22% | 0.2% | 1.53% | 6.17% | -3.22% | 2.27% | 23.3% | -13.52% | 16.91% | 25.63% | 8.47% | 14.94% | 43.66% | - |
| Shareholders Equity | 6.38B | 6.36B | 6.09B | 5.26B | 4.64B | 5.41B | 5.3B | 5.54B | 5.03B | 5.34B | 6.27B | 5.87B | 5.82B | 5.82B | 5.78B | 5.44B | 5.62B | 5.5B | 4.46B | 5.16B | 4.41B | 3.51B | 3.24B | 2.82B | 1.96B |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 58.82M | 50M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 8.4B | 8.18B | 7.34B | 6.44B | 6.25B | 6.2B | 5.76B | 6.06B | 5.91B | 5.98B | 6.53B | 6.19B | 5.72B | 5.06B | 4.5B | 4.16B | 4.27B | 3.57B | 3.2B | 2.97B | 2.03B | 1.2B | 1.21B | 789.35M | 267.8M |
| Common Stock | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M | 2.21M | 2.2M | 2.19M | 2.17M | 2.15M | 2.13M | 1.93M | 1.9M | 1.88M | 1.85M | 1.88M | 1.86M | 1.91M | 1.91M | 1.73M |
| Accumulated OCI | -97.13M | 28.43M | -267.56M | -365.84M | -760.3M | 56.54M | 414.39M | 171.71M | -177.11M | 92.38M | -121.84M | -188.47M | -45.57M | 117.83M | 362.62M | 128.16M | 176.82M | 85.63M | -706.5M | 22.67M | -44.64M | -77.8M | 12.91M | 25.16M | 0 |
| Return on Equity (ROE) | 16.93% | 16.21% | 19.06% | 7.6% | 4.44% | 11.56% | -2.22% | 6.12% | 0.83% | -6.35% | 8.46% | 10.92% | 13.8% | 12.49% | 9.75% | 0.84% | 15.4% | 10% | 8.05% | 22.82% | 24.3% | 2.8% | 16.35% | 22.28% | 13.52% |
| Return on Assets (ROA) | 3.09% | 3.01% | 3.44% | 1.3% | 0.81% | 2.32% | -0.47% | 1.3% | 0.18% | -1.62% | 2.52% | 3.21% | 4.1% | 3.78% | 2.99% | 0.27% | 5.4% | 3.37% | 2.68% | 7.71% | 7.53% | 0.9% | 6.97% | 13.05% | 8.88% |
| Equity / Assets | 17.91% | 18.44% | 18.63% | 17.4% | 16.76% | 19.77% | 20.46% | 21.65% | 20.84% | 21.57% | 30.14% | 29.36% | 29.46% | 29.89% | 30.66% | 30.57% | 34.2% | 35.93% | 31.23% | 35.15% | 32.29% | 29.45% | 35.83% | 54.47% | 65.67% |
| Debt / Equity | 0.23x | 0.23x | 0.24x | 0.29x | 0.32x | 0.26x | 0.27x | 0.35x | 0.27x | 0.26x | 0.16x | 0.17x | 0.17x | 0.17x | 0.17x | 0.18x | 0.18x | 0.09x | 0.11x | 0.10x | 0.11x | 0.14x | 0.15x | - | - |
| Book Value per Share | 84.90 | 80.19 | 71.49 | 61.19 | 54.16 | 63.44 | 62.85 | 65.63 | 59.88 | 63.50 | 68.52 | 58.89 | 55.62 | 50.88 | 46.74 | 42.49 | 41.30 | 36.58 | 28.72 | 31.36 | 26.84 | 22.30 | 19.52 | 18.09 | 14.16 |
| Tangible BV per Share | 69.41 | 67.14 | 60.59 | 52.60 | 45.15 | 54.35 | 59.00 | 61.59 | 55.79 | 59.22 | 67.59 | 58.02 | 54.78 | 50.10 | 45.95 | 41.71 | 40.54 | 35.97 | 28.33 | 30.98 | 26.67 | 22.06 | 19.33 | 17.94 | 14.06 |
Social inflation reserve adequacy
As reported in recent financial statements, AXS grew total assets to $35.6 billion in 2026Q1, reflecting a steady upward trajectory that suggests the firm is successfully scaling its specialty insurance operations while simultaneously managing the structural transition away from its legacy property catastrophe reinsurance business model.
The consistent growth in total assets relative to liabilities indicates that the company is effectively retaining earnings to bolster its capital base. This trend appears to validate the strategic pivot, as the firm builds the necessary financial cushion to support more complex, long-tail specialty lines.
Based on historical balance sheet data, loss reserves fluctuated significantly between $859.4 million and $1.4 billion over the last ten quarters, which suggests that management may be actively adjusting reserve levels to navigate the shifting risk profile inherent in their move toward primary specialty insurance markets.
The observed variability in loss reserves warrants further investigation into whether these movements represent prudent conservatism or a reaction to emerging claims trends. Investors should monitor whether future reserve development remains favorable, as any adverse adjustments could signal that the current underwriting discipline is being tested by external factors.
According to the latest quarterly filings, AXS increased its total equity to $6.4 billion in 2026Q1, a development that suggests a strengthening capital position capable of absorbing potential volatility as the company deepens its footprint in niche specialty markets like cyber and political risk insurance.
The steady accumulation of equity provides a robust buffer against unexpected underwriting losses, which is critical given the company's strategic focus on higher-margin, specialty lines. This capital adequacy appears to support the firm's ongoing commitment to shareholder returns through dividends and share repurchases.
While the balance sheet appears healthy, the persistent exposure to US casualty lines, as indicated by the company's reported liability structure, suggests that social inflation remains a latent risk that could potentially erode the adequacy of reserves set for long-tail professional liability and D&O insurance policies.
The potential for legal cost escalation in the US market may create a mismatch between current premium pricing and ultimate settlement costs. This risk remains a primary concern for analysts, as it could necessitate future reserve strengthening that would impact the firm's otherwise strong profitability and capital position.
Quick answers to the most common questions about buying AXS stock.
As of 2025, AXIS Capital Holdings Limited (AXS) had total assets of $34.46B including $21.36B in current assets.
AXIS Capital Holdings Limited (AXS) carries total debt of $1.49B, offset by $5.72B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AXIS Capital Holdings Limited (AXS) has total shareholders' equity (book value) of $6.36B ($80.19 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AXIS Capital Holdings Limited (AXS) reported a current ratio of 1.58x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.