Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 57

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 57
---
 jointly sponsored by the Company and Stone Point.Loans to Monarch Point ReDuring 2025, the Company advanced $192 million (2024: $253 million) to Monarch Point Re. These loans will be repaid in a manner consistent with the timing of amounts due to Monarch Point Re under retrocession agreements. At September 30, 2025, an amount of $188 million (2024: $236 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. These loans are expected to be repaid in full by November 15, 2026. The loan balance receivable at September 30, 2025 of $247 million (2024: $243 million) is included in loan advances made in the consolidated balance sheets. At September 30, 2025, the Company had committed to advance a further $36 million (2024: $nil) to Monarch Point Re.Interest on this loan is payable for this period at interest rates between 4.6% and 4.8% (2024: interest rates between 4.7% and 5.5%) Interest related to this loan of $9 million (2024: $7 million) was received in advance and is included in other liabilities in the consolidated balance sheets.

15.    INCOME TAXES

The change in the effective rate for the three months ended September 30, 2025 to 18.9% from 21.0% for three months ended September 30, 2024 is attributable to the distribution of net income (loss) among tax jurisdictions.The change in the effective rate for the nine months ended September 30, 2025 to 19.2% from (4.8%) for the nine months ended September 30, 2024 is attributable to Bermuda corporate income tax that applies a 15% tax on Bermuda pre-tax income in 2025 compared to the benefit of the Bermuda economic transition adjustment recognized in 2024.

47

ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2025 and 2024 and our financial condition at September 30, 2025 and December 31, 2024. This should be read in