Company: AXS-PE
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001214816-25-000088
Chunk: 1

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 1
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 return-on-average common equity (“OROACE”) of 18.6% (2) , and a year-end diluted book value per share ("DBVPS") of $65.27 – representing growth of 20.7% as compared to the prior year.

In addition, we produced record operating earnings per diluted common share of $11.18 (2) , a 98% increase over the prior year and 75% higher than our previous best in 2007. Notably, our top four quarters of operating earnings per share were all in 2024.

We also delivered a group combined ratio of 92.3% for the year: a 7.6 point improvement over the prior year. On an ex-cat basis, we produced a group current accident year combined ratio of 88.5% (3) for the year, consistent with our prior year results.

Our full-year total gross written premiums were a record $9 billion, up 7.8% over the prior year, including $2.6 billion in new business. Further, we generated year-over-year improvement of 90 basis points in our G&A ratio and are on track to hit our long-term target of 11% by 2026. Our net investment income was a record $759 million for the year.

Looking to our segments, our insurance business delivered excellent results. The insurance segment produced a combined ratio of 89.1% and a current accident year ex-cat combined ratio of 84% (3) . Moreover, insurance generated $6.6 billion in gross premiums written, up 7.7% over the prior year.

With respect to new and expanded insurance products, which we’ve discussed during our earnings calls and at our Investor Day, we generated $560 million in premiums while showing exciting potential for ongoing growth. This included the expansion of our North America capabilities with business units spanning Ocean Marine, Environmental, and Life Sciences, among others, while also materially growing our dedicated Lower Middle Market business. In addition, our new Energy Transition Syndicate, launched in April at Lloyd’s of London, produced more than $30 million in premiums written in 2024 and is anticipated to be an increasingly meaningful contributor to our business.

Our reinsurance segment also performed strongly in 2024, consistently delivering top and bottom-line results, while driving profitable growth in our targeted specialty reinsurance classes. AXIS Re produced a combined ratio of 91.8% and generated $2.4 billion in gross written premiums, growing nearly