Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 85

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 85
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17,207,139Pre-tax, total return on average cash and investments:Including investment related foreign exchange movements1.6%3.5%5.6%5.2%Excluding investment related foreign exchange movements(3) 1.7%3.1%4.8%5.0%

(1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

(2)The average cash and investments balance is the average of the monthly fair value balances.

(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(15) million and $70 million for the three months ended September 30, 2025 and 2024, respectively, and foreign exchange (losses) gains of $129 million and $40 million for the nine months ended September 30, 2025 and 2024, respectively.

65

OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:

  Three months ended September 30,Nine months ended September 30,  2025% Change20242025% Change2024Corporate expenses$28,526 (15%)$33,621 $83,088 (4%)$86,873 Foreign exchange losses (gains)(13,492)nm92,204 138,428 nm61,268 Interest expense and financing costs16,657 (1%)16,849 49,816 (2%)51,005 Income tax expense (benefit)70,252 47%47,922 170,773 nm(36,185)Total$101,943 $190,596 $442,105 $162,961 

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Corporate Expenses

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. 

As a percentage of net premiums earned, corporate expenses decreased to 2.0% for the three and nine months ended