Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 138

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 138
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 loss-sensitive features mainly in liability lines in 2024, partially offset by an increase in gross acquisition costs associated with changes in business mix due to increases in credit and surety, and professional lines business written in the recent periods which is associated with relatively higher acquisition cost ratios.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense increased to 2.9% for the three months ended June 30, 2025, from 2.5% for the three months ended June 30, 2024, mainly driven a decrease in fees related to arrangements with strategic capital partners of $13.6 million for the three months ended June 30, 2025, compared to $14.4 million for the three months ended June 30, 2024, partially offset by an increase in net premiums earned.

The underwriting-related general and administrative expense decreased to 3.1% for the six months ended June 30, 2025, from 3.6% for the six months ended June 30, 2024, mainly driven by a decrease in personnel costs, and an increase in net premiums earned.

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NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income

Net investment income from our cash and investment portfolio by major asset class was as follows:

  Three months ended June 30,Six months ended June 30,  2025% Change20242025% Change2024Fixed maturities$149,861(3%)$154,023$296,5721%$293,419Other investments18,47929%14,30140,889nm19,974Equity securities3,1553%3,0576,3639%5,819Mortgage loans5,956(35%)9,10812,824(30%)18,237Cash and cash equivalents16,64921%13,73350,02883%27,395Short-term investments541(86%)3,7662,527(65%)7,229Gross investment income194,641(2%)197,988409,20310%372,073Investment expense(7,344)5%(7,013)(14,194)3%(13,715)Net investment income$187,297(2%)$190,975$395,00910%$358,358Pre-tax yield:(1)Fixed maturities