AXIS delivered an annualized operating return on equity of 19% in Q2 2025, with record diluted book value per common share of $70.34, up 18.6% year-over-year.
Catastrophe losses were $37 million, primarily from severe convective storms in the U.S., with a cat loss ratio of 2.6%.
G&A ratio was 11.6%, slightly up from 11.4% a year ago due to severance and IT investments.
Insurance segment gross premiums written were $1.9 billion, a 7% increase year-over-year, with an overall combined ratio of 85.3%.
Investment income was strong at $187 million, benefiting from FX and a market yield of 5% above the 4.6% book yield.
Net income available to common shareholders was $216 million or $2.72 per diluted common share; operating income was $261 million or $3.29 per diluted common share.
Operating earnings per share reached an all-time high of $3.29, a 12% increase over the prior year quarter.
Record second quarter premiums totaled $2.5 billion, including $732 million in new business, with a combined ratio of 88.9%.
Reinsurance segment gross premiums were down 6.8%, with a combined ratio of 92% and underwriting income of $38 million.
Reserve releases totaled $20 million from short-tail lines, split between insurance and reinsurance.
Asset quality remained strong despite one commercial borrower filing for bankruptcy, with past due loans at eight basis points, net charge-offs at two basis points, and non-performing loans at 37 basis points.
Camden National Corporation reported strong second quarter 2025 earnings of $14.1 million, with diluted earnings per share of $0.83 and adjusted non-GAAP earnings of $15.2 million or $0.89 per share.
Loan growth was 1% during the quarter, primarily from commercial and home equity loans, with a robust $150 million committed loan pipeline, a 40% increase over last quarter.
Net interest margin expanded by two basis points to 3.06%, and the non-GAAP efficiency ratio improved to 55.5%, the lowest since 2022.
Noninterest income reached $13.1 million, beating prior guidance, while noninterest expense was $37.6 million, 15% lower than the first quarter.
Pretax pre-provision income excluding one-time merger-related expenses rose 13% from the prior quarter, reflecting early success in realizing cost synergies from the Northway acquisition.
Tangible common equity ratio increased to 6.77%, with tangible book value per share rising 3% to $26.9.
Total revenues grew 4% over the prior quarter to $62.3 million, driven by net interest income and noninterest income growth.
Dafinchi