AXIS Capital Announces Quarterly Dividend and New Share Repurchase Program
AXIS Capital Holdings Limited, a prominent global specialty underwriter and provider of innovative insurance and reinsurance solutions, has made significant announcements regarding its financial strategies. In a statement released on Wednesday, the company revealed that its board of directors has declared a quarterly dividend and introduced a new share repurchase authorization.
The board has approved a quarterly dividend of $0.44 per common share, which is set to be distributed on April 17, 2025, to shareholders who are on record as of March 31, 2025. Additionally, the board sanctioned a dividend of $34.375 per Series E 5.50% preferred share, translating to $0.34375 per depositary share. This dividend will also be payable on April 17 to shareholders recorded at the close of business on March 31.
In conjunction with the dividend declarations, AXIS Capital has announced an exciting new share repurchase program. The board has authorized the company to repurchase up to $400 million of its common shares, effectively replacing the previous authorization of $300 million, which has now been fully utilized. The company indicated that these repurchases will be conducted on an opportunistic basis, taking into account various factors such as market conditions, economic climate, corporate strategies, and regulatory environments.
As of December 31, AXIS Capital reported a robust shareholders’ equity totaling $6.1 billion. The company experienced an impressive net income surge, reaching $1.1 billion in 2024, a significant increase from $346 million in 2023. Operating income also showed strong performance at $952 million, accompanied by improvements in the combined ratio. Furthermore, net investment income rose to $196 million, bolstered by increased fees and a favorable $19 million income tax credit.
AXIS Capital operates on a global scale, with a presence in Bermuda, the United States, Europe, Singapore, and Canada. The company enjoys strong financial strength ratings, being rated A+ by Standard & Poor’s and A by AM Best, demonstrating its solid position in the insurance market.
Source: Insurance Business Mag
