Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 57

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 57
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ANIZATION EXPENSES

For the three and six months ended June 30, 2025, reorganization expenses were $nil (2024: $14 million and $26 million) primarily related to severance costs attributable to the Company's "How We Work" program.

16.    INCOME TAXES

The effective tax rates for the three and six months ended June 30, 2025 were 20.1% and 19.4%, and for the three and six months ended June 30, 2024 were 16.1% and (16.1%), respectively. The change in the effective rate for the three months ended June 30, 2025 to 20.1% from 16.1% for three months ended June 30, 2024 is attributable to the distribution of net income (loss) among tax jurisdictions.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)16.    INCOME TAXES (CONTINUED)

The change in the effective rate for the six months ended June 30, 2025 to 19.4% from (16.1%) for the six months ended June 30, 2024 is attributable to Bermuda corporate income tax that applies a 15% tax on Bermuda pre-tax income in 2025 compared to the benefit of the Bermuda economic transition adjustment recognized in 2024.

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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 and six months ended June 30, 2025 and 2024 and our financial condition at June 30, 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  Second Quarter 2025 Financial Highlights53Overview54Consolidated Results of Operations57Results by Segment:i) Insurance Segment59ii) Reinsurance Segment65Net Investment Income and Net Investment G