Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 134

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 134
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 class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio increased to 21.9% for the three months ended September 30, 2025, from 20.9% for the three months ended September 30, 2024, primarily related to gross acquisition costs driven by higher adjustments attributable to loss-sensitive features driven by improved loss performance mainly in accident and health lines together with changes in business mix due to increases in credit and surety, and liability lines business written in the recent periods which is associated with relatively higher acquisition cost ratios, partially offset by ceding commissions from retrocessional contracts attributable to liability lines.

The acquisition cost ratio of 21.9% for the nine months ended September 30, 2025, was comparable to 22.1% for the nine months ended September 30, 2024, primarily related to the benefit of changes in business mix on retrocessional contracts driven by increases in credit and surety, and liability lines business ceded in recent periods and lower adjustments attributable to loss-sensitive features in liability, and credit and surety lines including mortgage business, largely offset by an increase in gross acquisition costs driven by 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 ratio decreased to 3.2% and 3.1% for the three and nine months ended  September 30, 2025, respectively from 3.6% and 3.5% for the three and nine months ended September 30, 2024, respectively 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 September 30,Nine months ended September 30,  2025% Change20242025% Change2024Fixed maturities$155,796(4%)$163,002$452,368(1%)$456,421Other investments15,019(23%)19,59455,90741%39,569Equity securities3,046(14%)3,5299,4081%9,348Mortgage loans5,890(28%)8,