AXIS Capital sets new $400 million share buyback

PEMBROKE, Bermuda - AXIS Capital Holdings Limited (NYSE: AXS), a global specialty underwriter, announced a new share repurchase program on Wednesday, which authorizes the company to buy back up to $400 million of its common shares. This new initiative replaces the previous $300 million program that has been fully utilized. The announcement comes as AXS trades near its 52-week high of $94.89, having delivered an impressive 51% return over the past year. According to InvestingPro analysis, management has demonstrated a consistent commitment to shareholder returns through aggressive share buybacks.

The company also declared a quarterly dividend of $0.44 per common share, which will be payable on April 17, 2025, to shareholders of record as of March 31, 2025. Additionally, AXIS Capital will pay a dividend of $34.375 per Series E 5.50% preferred share, equivalent to $0.34375 per depositary share, on the same date to shareholders on record by the end of March. The company has maintained dividend payments for 22 consecutive years, currently yielding 1.92%.

The share repurchase program is designed to be open-ended, allowing AXIS Capital to repurchase shares on an as-needed basis in the open market or through privately negotiated transactions. The company has stated that repurchases will be made opportunistically, with the timing and amount dependent on market conditions, economic factors, and corporate and regulatory considerations.

AXIS Capital’s operating subsidiaries are known for providing insurance and reinsurance solutions globally, with shareholders’ equity reported at $6.1 billion as of December 31, 2024. The company has locations in Bermuda, the United States, Europe, Singapore, and Canada. It boasts financial strength ratings of "A+" ("Strong") by Standard & Poor’s and "A" ("Excellent") by A.M. Best.

This announcement is based on a press release statement from AXIS Capital Holdings Limited.

In other recent news, Axis Capital (NYSE:AXS) Holdings Ltd reported its fourth-quarter 2024 earnings, surpassing analysts’ expectations with earnings per share (EPS) of $2.97 compared to the anticipated $2.57. Despite this positive earnings surprise, the company’s revenue fell short of forecasts, recording $1.47 billion against the expected $1.52 billion. The full year 2024 saw Axis Capital achieving a record operating EPS of $11.18 and a return on equity of 18.6%. The firm also reported a 7.8% growth in gross premiums, amounting to $9 billion, and a record net investment income of $759 million. The company’s combined ratio improved to 92.3%, reflecting better underwriting results. Axis Capital’s performance in specialty lines, particularly in cyber and energy transition sectors, showed significant growth. Looking ahead, the company anticipates mid to high single-digit growth in 2025, with a focus on specialty lines and a disciplined capital allocation strategy.

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