Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 127

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 127
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2024. 

The increase was primarily driven by increases in gross premiums earned in property, credit and political risk, and professional lines, together with decreases in ceded premiums earned in cyber, marine and aviation, and professional lines. These amounts were partially offset by a decrease in gross premiums earned in cyber lines. and an increase in ceded premiums earned in credit and political risk lines.

Loss Ratio

The components of the loss ratio were as follows:

  Three months ended June 30,Six months ended June 30,2025% PointChange20242025% PointChange2024Current accident year loss ratio55.9 %(0.7)56.6 %56.4 %1.055.4 %Prior year reserve development ratio(1.5 %)(1.5)— %(1.4 %)(1.4)— %Loss ratio54.4 %(2.2)56.6 %55.0 %(0.4)55.4 %

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Current Accident Year Loss Ratio

The current accident year loss ratio decreased to 55.9% for the three months ended June 30, 2025, from 56.6% for the three months ended June 30, 2024.

The decrease in the current accident year loss ratio for three months ended June 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the three months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $36 million, or 3.6 points, primarily attributable to weather-related events. Comparatively, during the three months ended June 30, 2024, catastrophe and weather-related losses, were $46 million, or 4.8 points, attributable to weather-related events. 

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 52.3% for the three months ended June 30, 2025, from 51.8% for the three months ended June 30, 2024, principally due to the impact of loss trends over pricing in most lines of business, partially offset by the change in business mix attributable to the increase in property business written in recent periods that is associated with a relatively lower loss ratio.

The current accident year loss ratio increased to 56.4% for the six