Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 68

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 68
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 months ended March 31, 2025, book value per diluted common share increased by 1.9% due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.

During the three months ended March 31, 2024, book value per diluted common share increased by 5.7% due to net income for the period, partially offset by net unrealized investment losses reported in accumulated other comprehensive income (loss) and common share dividends declared.

Cash Dividends Declared per Common Share and Common Share Repurchases

We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-two consecutive years.

Book Value per Diluted Common Share Adjusted for Dividends

Taken together, we believe that growth in book value per diluted common share and common share dividends declared represent the total value created for common shareholders. As companies in the insurance industry have differing dividend payout policies, we believe that investors use the book value per diluted common share adjusted for dividends metric to measure comparable performance across the industry.

During the three months ended March 31, 2025, the increase in total value of $1.65, or 3%, was driven by net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases.

During the three months ended March 31, 2024, the increase in total value of $3.51, or 6%, was driven by net income for the period, partially offset by net unrealized investment losses recognized in accumulated other comprehensive income (loss).

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NON-GAAP FINANCIAL MEASURES RECONCILIATION

Three months ended March 31,20252024Net income available to common shareholders$186,508$387,896Net investment (gains) losses30,0059,207Foreign exchange losses (gains)57,034(23,552)Reorganization expenses—12,299Interest in income of equity method investments(2,291)(1,169)Bermuda net deferred tax asset(1)—(162,705)Income tax benefit(2)(9,787)(1,814)Operating income$261,469$220,162Earnings per diluted common share$2.26$4.