Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 62

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 62
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Although retroactive reinsurance accounting may result in volatility to our results in the short-term, the loss portfolio transfer reinsurance agreement will provide significant protection from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreement.

Bermuda Corporate Income Tax

The effective tax rates of 20.1% and 19.4%, for the three and six months ended June 30, 2025 were attributable to the distribution of net income (loss) among tax jurisdictions. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025. 

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CONSOLIDATED RESULTS OF OPERATIONS

  Three months ended June 30,Six months ended June 30,  2025% Change20242025% Change2024Underwriting revenues:Gross premiums written$2,515,971 3%$2,440,236 $5,310,622 4%$5,094,663 Net premiums written1,635,434 4%1,573,744 3,385,473 3%3,295,817 Net premiums earned1,393,431 7%1,304,478 2,734,251 7%2,562,519 Other insurance related income8,662 2%8,526 12,240 (27%)16,867 Underwriting expenses:Net losses and loss expenses(801,754)5%(765,988)(1,587,679)6%(1,494,659)Acquisition costs(275,897)4%(265,091)(540,477)4%(519,345)Underwriting-related general and administrative expenses(1)(135,241)12%(120,768)(265,679)3%(258,561)Underwriting income (2)189,201 161,157 352,656 306,821 Net investment income187,297 (2%)190,975 395,009 10%358,358 Net investment gains (losses)43,468 nm(53,479)13,462 nm(62,687)Corporate expenses(1)(25,837)(7%)(27,673)(54,562)2%(53,252)Foreign exchange (losses) gains(94,885)nm7,384 (151,920)nm30,936 Interest