Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 142

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 142
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:Including investment related foreign exchange movements2.3 %1.0 %4.0 %1.6 %Excluding investment related foreign exchange movements(3) 1.7 %1.0 %3.2 %1.8 %

(1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

(2)The average cash and investments balance is the average of the monthly fair value balances.

(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $97 million and $(5) million for the three months ended June 30, 2025 and 2024, respectively, and foreign exchange (losses) gains of $144 million and $(30) million for the six months ended June 30, 2025 and 2024, respectively.

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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:

  Three months ended June 30,Six months ended June 30,  2025% Change20242025% Change2024Corporate expenses$25,837 (7%)$27,673 $54,562 2%$53,252 Foreign exchange losses (gains)94,885 nm(7,384)151,920 nm(30,936)Interest expense and financing costs16,586 (2%)17,010 33,158 (3%)34,157 Income tax expense (benefit)56,199 39%40,547 100,521 nm(84,107)Total$193,507 $77,846 $340,161 $(27,634)

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Corporate Expenses

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. 

As a percentage of net premiums earned, corporate expenses decreased to 1.9% for the three months ended June 30, 2025,