The Bermudian-based insurer reported fourth-quarter net income available to common shareholders of $282 million, or $3.67 per diluted share, alongside operating income of $250 million, or $3.25 per diluted share. For the full year, Axis posted net income of $979 million, down 7 per cent from 2024, while operating income increased 8 per cent to $1 billion. Book value per diluted common share rose 18.3 per cent over the year to $77.20. The decline in net income was because of higher tax expense after the introduction of Bermuda’s 15 per cent corporate income tax from January 1, as well as other non-operating items. Axis also returned $1 billion to shareholders during the year, including $888 million in share repurchases and $139 million in dividends.