Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 280

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 280
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)571,476 160,762 358,683 Net investment income759,229 24%611,742 46%418,829 Net investment gains (losses)(138,534)86%(74,630)(84%)(456,789)Corporate expenses(1)(129,760)(2%)(132,979)2%(130,054)Foreign exchange (losses) gains50,822 nm(58,115)nm157,945 Interest expense and financing costs(67,766)(1%)(68,421)8%(63,146)Reorganization expenses(26,312)(9%)(28,997)(8%)(31,426)Amortization of intangible assets(10,917)—%(10,917)—%(10,917)Income before income taxes and interest in income of equity method investments1,008,238 398,445 243,125 Income tax (expense) benefit55,595 nm(26,316)19%(22,037)Interest in income of equity method investments17,953 nm4,163 nm1,995 Net income1,081,786 376,292 223,083 Preferred share dividends(30,250)—%(30,250)—%(30,250)Net income available to common shareholders$1,051,536 $346,042 $192,833 

nm – not meaningful is defined as a variance greater than +/-100%

(1)Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $130 million, $133 million, and $130 million for 2024, 2023, and 2022, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and