SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

a) Common Shares

The Company's authorized share capital is 800,000,000 common shares, par value of $0.0125 per share.

The following table presents changes in common shares issued and outstanding:



Year ended December 31,	2025	2024	2023

Shares issued, balance at beginning of year	176,580	176,580	176,580
Shares issued	—	—	—
Total shares issued at end of year	176,580	176,580	176,580

Treasury shares, balance at beginning of year	(93,596)	(91,294)	(91,912)
Shares repurchased	(9,616)	(3,061)	(398)
Shares reissued	767	759	1,016
Total treasury shares at end of year	(102,445)	(93,596)	(91,294)

Total shares outstanding	74,135	82,984	85,286

Treasury Shares

On December 7, 2023, the Company's Board of Directors renewed its authorization for the repurchase of up to $100 million of the Company's common shares, effective January 1, 2024, through December 31, 2024. At June 30, 2024, authorization under this plan was exhausted.

On May 16, 2024, the Company's Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. This share repurchase program was open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. On February 6, 2025, authorization under this plan was exhausted.

On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. This share repurchase program was open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. On September 3, 2025, authorization under this plan was exhausted.

On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.

The following table presents common shares repurchased from shares held in Treasury:



Year ended December 31,	2025		2024		2023

Publicly announced programs: (1)
Total shares	9,342		2,806		—
Total cost	$	887,717	$	199,943	$	—
Average price per share(2)	$	95.02	$	71.27	$	—

From employees:(3)
Total shares	274		255		398
Total cost	$	26,559	$	15,925	$	23,596
Average price per share(2)	$	96.80	$	62.45	$	59.15






Total shares repurchased:
Total shares	9,616		3,061		398
Total cost	$	914,276	$	215,868	$	23,596
Average price per share(2)	$	95.07	$	70.53	$	59.15

(1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase programs.

(2) Calculated using whole numbers.

(3) Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units.

b) Preferred Shares

Series E Preferred Shares

On November 7, 2016, the Company issued $550 million of 5.50% Series E preferred shares, par value $0.0125 per share, with a liquidation preference of $2,500 per share. The Company could redeem the Series E preferred shares on or after November 7, 2021 at a redemption price of $2,500 per share. Dividends on the Series E preferred shares are non-cumulative. Holders of the Series E preferred shares are entitled to receive, only when, as and if declared by the Board of Directors, non-cumulative cash dividends from the original issue date, quarterly in arrears on the fifteenth day of January, April, July and October of each year, commencing on January 15, 2017. To the extent declared, dividends accumulate, with respect to each dividend period, in an amount per share equal to 5.50% of the liquidation preference per annum.

Dividends

The following table presents dividends declared and paid related to the Company's common and preferred shares:


	Per share data
	Dividends declared		Dividends paid in year of declaration		Dividends paid in year following declaration

Year ended December 31, 2025
Common shares	$	1.76	$	1.32	$	0.44
Series E preferred shares	$	137.50	$	103.13	$	34.38
Year ended December 31, 2024
Common shares	$	1.76	$	1.32	$	0.44
Series E preferred shares	$	137.50	$	103.13	$	34.38
Year ended December 31, 2023
Common shares	$	1.76	$	1.32	$	0.44


Series E preferred shares	$	137.50	$	103.13	$	34.38

- Definition

The entire disclosure for equity.

+ References

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+ Details

AXIS CAPITAL HOLDINGS LTD 10-K