Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 97

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 97
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(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.

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Underwriting Revenues

Underwriting revenues by segment were as follows:  Three months ended March 31,  2025% Change2024Gross premiums written:Insurance$1,655,9035%$1,574,505Reinsurance1,138,7495%1,079,922Total gross premiums written$2,794,6525%$2,654,427Percent of gross premiums written cededInsurance37 %2 pts35 %Reinsurance38 %3 pts35 %Total percent of gross premiums written ceded37 %2 pts35 %Net premiums written:Insurance$1,044,5802%$1,022,354Reinsurance705,4591%699,719Total net premiums written$1,750,0392%$1,722,073Net premiums earned:Insurance$1,010,08610%$917,946Reinsurance330,734(3%)340,095Total net premiums earned$1,340,8207%$1,258,041

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues.

Combined Ratio

The components of the combined ratio were as follows:  Three months ended March 31,  2025% PointChange2024Current accident year loss ratio, excluding