Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 58

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 58
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 conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.

  Page  Third Quarter 2025 Financial Highlights49Overview50Consolidated Results of Operations52Results by Segment:i) Insurance Segment54ii) Reinsurance Segment58Net Investment Income and Net Investment Gains (Losses)63Other Expenses (Revenues), Net66Financial Measures68Non-GAAP Financial Measures Reconciliation70Cash and Investments74Liquidity and Capital Resources77Critical Accounting Estimates79Recent Accounting Pronouncements79

48

THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

Third Quarter 2025 Consolidated Results of Operations

•Net income available to common shareholders of $294 million, or $3.79 per common share, and $3.74 per diluted common share

•Operating income(1) of $255 million, or $3.25 per diluted common share(1) 

•Gross premiums written of $2.1 billion 

•Net premiums written of $1.4 billion

•Net premiums earned of $1.5 billion 

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $44 million ($34 million, after-tax), (Insurance: $43 million; Reinsurance: $1m), or 3.0 points, including $20 million or 1.4 points attributable to the Middle East Conflict

•Net favorable prior year reserve development of $19 million (Insurance: $15 million; Reinsurance: $4 million)

•Underwriting income(2) of $188 million and combined ratio of 89.4% 

•Net investment income of $185 million

•Net investment gains of $31 million 

•Foreign exchange gains of $13 million 

•Income tax expense of $70 million

Third Quarter 2025 Consolidated Financial Condition 

•Total cash and invested assets of $16.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 87% of total cash and investments and have an average credit rating of AA-

•Total assets of $34.3 billion 

•Reserve for losses and loss expenses of $18.0 billion and