AXIS Capital Announces Quarterly Dividend and New Share Repurchase Program
Global specialty underwriter and provider of insurance and reinsurance solutions, AXIS Capital Holdings Limited, has made a significant announcement regarding its financial strategies. In a statement released on Wednesday, the company disclosed that its board of directors has declared a quarterly dividend, alongside a new share repurchase authorization.
The declared quarterly dividend is set at $0.44 per common share, which will be payable on April 17, 2025, to shareholders who are on record as of March 31, 2025. In addition to the common share dividend, the board also approved a dividend of $34.375 per Series E 5.50% preferred share, translating to $0.34375 per depositary share, which will similarly be payable on April 17 to those shareholders recorded at the close of business on March 31.
In conjunction with these dividend declarations, AXIS Capital has also unveiled a new share repurchase program, empowering the company to buy back up to $400 million of its common shares. This initiative replaces the previous share repurchase program of $300 million, which has now been fully utilized. The company indicated that these repurchases would occur on an opportunistic basis, subject to prevailing market, economic, corporate, and regulatory conditions.
As of December 31, AXIS Capital reported robust shareholders’ equity amounting to $6.1 billion. The company has shown impressive financial performance, with a net income surge to $1.1 billion in 2024, a substantial increase from $346 million in 2023. Operating income reached $952 million, complemented by improvements in the combined ratio. Additionally, net investment income rose to $196 million, reflecting the company’s strong financial standing, which was further enhanced by increased fees and a $19 million income tax credit.
AXIS Capital operates across multiple regions, including Bermuda, the United States, Europe, Singapore, and Canada. The company enjoys strong financial strength ratings, holding an A+ rating from Standard & Poor’s and an A rating from AM Best.
Source: insurance business mag
