Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 47

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 47
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 Net65Financial Measures66Non-GAAP Financial Measures Reconciliation68Cash and Investments72Liquidity and Capital Resources75Critical Accounting Estimates77Recent Accounting Pronouncements77

48

FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS

First Quarter 2025 Consolidated Results of Operations

•Net income available to common shareholders of $187 million, or $2.30 per common share, and $2.26 per diluted common share

•Operating income(1) of $261 million, or $3.17 per diluted common share(1) 

•Gross premiums written of $2.8 billion 

•Net premiums written of $1.8 billion

•Net premiums earned of $1.3 billion 

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $49 million ($38 million, after-tax), (Insurance: $47.5 million; Reinsurance: $1.5 million), or 3.7 points, including $32 million, 2.4 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.

•Net favorable prior year reserve development of $18 million (Insurance: $14 million; Reinsurance: $4 million)

•Underwriting income(2) of $163 million and combined ratio of 90.2% 

•Net investment income of $208 million

•Net investment losses of $30 million 

•Foreign exchange losses of $57 million 

•Income tax expense of $44 million

First Quarter 2025 Consolidated Financial Condition 

•Total cash and investments of $17.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 88% of total cash and investments and have an average credit rating of AA-

•Total assets of $33.2 billion 

•Reserve for losses and loss expenses of $17.5 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $7.5 billion 

•Debt of $1.3 billion and debt to total capital ratio(3) of 18.2% 

•Total common shares repurchased were 5.0 million shares for a total of $465 million, including $440 million repurchased pursuant to our Board-authorized share repurchase program, and $25 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units 

•Common shareholders’ equity of $5