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AXIS CAPITAL HOLDINGS LTD（AXS）与HANOVER INSURANCE GROUP, INC.（THG）财务数据对比。点击上方公司名可切换其他公司
AXIS CAPITAL HOLDINGS LTD的季度营收约是HANOVER INSURANCE GROUP, INC.的1.0倍（$1.7B vs $1.7B），AXIS CAPITAL HOLDINGS LTD净利率更高（16.7% vs 11.9%，领先4.8%），AXIS CAPITAL HOLDINGS LTD同比增速更快（17.8% vs 5.5%），过去两年AXIS CAPITAL HOLDINGS LTD的营收复合增速更高（10.3% vs 3.8%）
AXIS资本控股有限公司是AXIS集团的控股主体，通过百慕大、美国、加拿大、欧洲及新加坡的子公司与分支机构网络，提供各类风险转移产品及服务。保险业务覆盖财产、职业责任、恐怖主义、航运、能源、环境等领域，再保险业务包含财产、职业责任、信用债券等品类。
汉诺威保险集团是总部位于美国马萨诸塞州伍斯特市的保险企业，1852年成立时主营财产责任保险，以原名公开上市交易，直至上世纪90年代初更名为Allmerica财产意外伤害保险公司。
AXS vs THG — 直观对比
营收规模更大
AXS
是对方的1.0倍
$1.7B
营收增速更快
AXS
高出12.3%
5.5%
净利率更高
AXS
高出4.8%
11.9%
两年增速更快
AXS
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.7B |
| 净利润 | $289.6M | $198.5M |
| 毛利率 | — | — |
| 营业利润率 | 19.0% | 17.3% |
| 净利率 | 16.7% | 11.9% |
| 营收同比 | 17.8% | 5.5% |
| 净利润同比 | -1.4% | 18.2% |
| 每股收益（稀释后） | $3.63 | $5.46 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AXSTHG
| Q4 25 | $1.7B | $1.7B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.6B | $1.7B | ||
| Q1 25 | $1.5B | $1.6B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $1.6B | $1.6B | ||
| Q2 24 | $1.5B | $1.5B | ||
| Q1 24 | $1.4B | $1.6B |
净利润AXSTHG
| Q4 25 | $289.6M | $198.5M | ||
| Q3 25 | $301.9M | $178.7M | ||
| Q2 25 | $223.4M | $157.1M | ||
| Q1 25 | $194.1M | $128.2M | ||
| Q4 24 | $293.6M | $167.9M | ||
| Q3 24 | $180.7M | $102.1M | ||
| Q2 24 | $212.0M | $40.5M | ||
| Q1 24 | $395.5M | $115.5M |
营业利润率AXSTHG
| Q4 25 | 19.0% | 17.3% | ||
| Q3 25 | 22.1% | 14.9% | ||
| Q2 25 | 17.2% | 12.7% | ||
| Q1 25 | 15.5% | 11.6% | ||
| Q4 24 | 18.6% | 16.1% | ||
| Q3 24 | 14.2% | 9.6% | ||
| Q2 24 | 17.4% | 6.2% | ||
| Q1 24 | 19.0% | 9.7% |
净利率AXSTHG
| Q4 25 | 16.7% | 11.9% | ||
| Q3 25 | 18.0% | 10.7% | ||
| Q2 25 | 13.7% | 9.5% | ||
| Q1 25 | 12.8% | 8.0% | ||
| Q4 24 | 20.0% | 10.6% | ||
| Q3 24 | 11.2% | 6.5% | ||
| Q2 24 | 14.6% | 2.6% | ||
| Q1 24 | 27.8% | 7.4% |
每股收益（稀释后）AXSTHG
| Q4 25 | $3.63 | $5.46 | ||
| Q3 25 | $3.74 | $4.90 | ||
| Q2 25 | $2.72 | $4.30 | ||
| Q1 25 | $2.26 | $3.50 | ||
| Q4 24 | $3.38 | $4.60 | ||
| Q3 24 | $2.04 | $2.80 | ||
| Q2 24 | $2.40 | $1.12 | ||
| Q1 24 | $4.53 | $3.18 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $820.3M | $1.1B |
| 总债务越低越好 | — | $843.3M |
| 股东权益账面价值 | $6.4B | $3.6B |
| 总资产 | $34.5B | $16.9B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资AXSTHG
| Q4 25 | $820.3M | $1.1B | ||
| Q3 25 | $825.9M | $915.7M | ||
| Q2 25 | $852.1M | $244.1M | ||
| Q1 25 | $2.8B | $315.1M | ||
| Q4 24 | $2.1B | $435.5M | ||
| Q3 24 | $981.0M | $427.1M | ||
| Q2 24 | $1.1B | $337.6M | ||
| Q1 24 | $1.1B | $264.6M |
总债务AXSTHG
| Q4 25 | — | $843.3M | ||
| Q3 25 | — | $843.0M | ||
| Q2 25 | — | $347.8M | ||
| Q1 25 | — | $722.5M | ||
| Q4 24 | — | $722.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AXSTHG
| Q4 25 | $6.4B | $3.6B | ||
| Q3 25 | $6.4B | $3.4B | ||
| Q2 25 | $6.2B | $3.2B | ||
| Q1 25 | $5.9B | $3.0B | ||
| Q4 24 | $6.1B | $2.8B | ||
| Q3 24 | $6.1B | $2.9B | ||
| Q2 24 | $5.7B | $2.6B | ||
| Q1 24 | $5.5B | $2.5B |
总资产AXSTHG
| Q4 25 | $34.5B | $16.9B | ||
| Q3 25 | $34.3B | $16.8B | ||
| Q2 25 | $34.2B | $15.7B | ||
| Q1 25 | $33.2B | $15.5B | ||
| Q4 24 | $32.5B | $15.3B | ||
| Q3 24 | $32.7B | $15.4B | ||
| Q2 24 | $32.1B | $14.9B | ||
| Q1 24 | $31.8B | $14.6B |
负债/权益比AXSTHG
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.25× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $630.4M | $378.2M |
| 自由现金流经营现金流 - 资本支出 | — | $377.0M |
| 自由现金流率自由现金流/营收 | — | 22.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | 2.18× | 1.91× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流AXSTHG
| Q4 25 | $630.4M | $378.2M | ||
| Q3 25 | $673.8M | $554.4M | ||
| Q2 25 | $-1.7B | $206.6M | ||
| Q1 25 | $309.1M | $38.9M | ||
| Q4 24 | $355.5M | $213.5M | ||
| Q3 24 | $587.0M | $394.7M | ||
| Q2 24 | $518.1M | $139.5M | ||
| Q1 24 | $384.1M | $58.7M |
自由现金流AXSTHG
| Q4 25 | — | $377.0M | ||
| Q3 25 | — | $551.4M | ||
| Q2 25 | — | $204.9M | ||
| Q1 25 | — | $37.1M | ||
| Q4 24 | — | $210.5M | ||
| Q3 24 | — | $392.3M | ||
| Q2 24 | — | $137.3M | ||
| Q1 24 | — | $56.1M |
自由现金流率AXSTHG
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 25.1% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | 3.6% |
资本支出强度AXSTHG
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.2% |
现金转化率AXSTHG
| Q4 25 | 2.18× | 1.91× | ||
| Q3 25 | 2.23× | 3.10× | ||
| Q2 25 | -7.41× | 1.32× | ||
| Q1 25 | 1.59× | 0.30× | ||
| Q4 24 | 1.21× | 1.27× | ||
| Q3 24 | 3.25× | 3.87× | ||
| Q2 24 | 2.44× | 3.44× | ||
| Q1 24 | 0.97× | 0.51× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AXS
| Reinsurance | $1.4B | 82% |
| Other | $311.3M | 18% |
THG
| Personal Lines Segment | $684.6M | 41% |
| Core Commercial Lines Segment | $617.8M | 37% |
| Specialty Lines Segment | $377.9M | 23% |
