Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 92

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 92
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Table of Contents

ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three months ended March 31, 2025 and 2024 and our financial condition at March 31, 2025 and December 31, 2024. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.

  Page  First Quarter 2025 Financial Highlights49Overview50Consolidated Results of Operations52Results by Segment:i) Insurance Segment54ii) Reinsurance Segment58Net Investment Income and Net Investment Gains (Losses)62Other Expenses (Revenues), Net65Financial Measures66Non-GAAP Financial Measures Reconciliation68Cash and Investments72Liquidity and Capital Resources75Critical Accounting Estimates77Recent Accounting Pronouncements77

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Table of Contents

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