Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 90

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 90
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04$8.70$8.97Net investment (gains) losses(0.39)(0.38)(0.55)0.36Foreign exchange losses (gains)(0.17)1.081.730.72Reorganization expenses———0.31Interest in income of equity method investments(0.03)(0.02)(0.05)(0.13)Bermuda net deferred tax asset———(1.91)Income tax expense (benefit)0.10(0.01)(0.16)(0.11)Operating income per diluted common share$3.25$2.71$9.67$8.21Weighted average diluted common shares outstanding(3)78,60185,00080,09085,338Average common shareholders' equity$5,720,704$5,321,349$5,678,194$5,123,212Annualized return on average common equity20.6%13.0%16.4%19.9%Annualized operating return on average common equity17.8%17.3%18.2%18.2%

(1)Net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

(2)Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

(3)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.

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Rationale for the Use of Non-GAAP Financial Measures

We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"),