Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 292

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 292
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 compared to 2023. The decrease was primarily driven by increases in ceded premiums earned in liability, professional lines, accident and health, and motor lines, together with decreases in gross premiums earned in property, catastrophe and liability lines. These amounts were partially offset by a decrease in ceded premiums earned in catastrophe lines, together with increases in gross premiums earned in professional lines, and accident and health lines.

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Other Insurance Related Income (Loss)

Other insurance related income of $31 million in 2024, compared to other insurance related income of $23 million in 2023, an increase of $8 million, primarily driven by interest on loan advances to Monarch Point Re.

Loss Ratio

The components of the loss ratio were as follows:Year ended December 31,2024% PointChange2023% PointChange2022Current accident year loss ratio66.7 %0.3 66.4 %(5.9)72.3 %Prior year reserve development ratio(0.5 %)(15.1)14.6 %15.0 (0.4 %)Loss ratio66.2 %(14.8)81.0 %9.1 71.9 %

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 66.7% in 2024 from 66.4% in 2023. 

During 2024, catastrophe and weather-related losses, net of reinsurance, were $10 million, or 0.7 points, primarily attributable to Hurricanes Milton and Helene and other weather-related events. 

Comparatively, in 2023, catastrophe and weather-related losses, net of reinsurance, were $27 million, or 1.6 points, primarily attributable to Cyclone Gabrielle and other weather-related events. 

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 66.0% in 2024 from 64.8% in 2023. The increase was principally due to a higher loss ratio in liability lines, partially offset by the impact of the loss expense related to the retrocession agreement entered into with Monarch Point Re reflected in the prior year.

Prior Year Reserve Development

Refer to Item 8, Note 8 to the Consolidated Financial Statements 'Reserve for Losses and Loss Expenses' for details of prior year reserve development by segment, line of business and accident year.

Acquisition Cost Ratio