Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 51

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 51
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(57%)8,340 Underwriting expenses:Net losses and loss expenses(785,925)8%(728,671)Acquisition costs(264,581)4%(254,254)Underwriting-related general and administrative expenses(1)(130,438)(5%)(137,793)Underwriting income (2)163,454 145,663 Net investment income207,713 24%167,383 Net investment gains (losses)(30,005)nm(9,207)Corporate expenses(1)(28,725)12%(25,580)Foreign exchange (losses) gains(57,034)nm23,552 Interest expense and financing costs(16,572)(3%)(17,147)Reorganization expenses— nm(12,299)Amortization of intangible assets(2,729)—%(2,729)Income before income taxes and interest in income of equity method investments236,102 269,636 Income tax (expense) benefit(44,322)nm124,654 Interest in income of equity method investments2,291 96%1,169 Net income194,071 395,459 Preferred share dividends(7,563)—%(7,563)Net income available to common shareholders$186,508 $387,896 

nm – not meaningful is defined as a variance greater than +/-100%

(1)Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $29 million and $26 million for the three months ended March 31, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details