Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 114

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 114
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 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$4.53Net investment (gains) losses0.360.11Foreign exchange losses (gains)0.69(0.27)Reorganization expenses—0.14Interest in income of equity method investments(0.03)(0.01)Bermuda net deferred tax asset—(1.90)Income tax benefit(0.11)(0.03)Operating income per diluted common share$3.17$2.57Weighted average diluted common shares outstanding(3)82,37885,693Average common shareholders' equity$5,446,089$4,834,176Annualized return on average common equity13.7 %32.1 %Annualized operating return on average common equity19.2 %18.2 %

(1)Net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

(2)Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

(3)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.

68

Rationale for the Use of Non-GAAP Financial Measures

We present