Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 117

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 117
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 and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

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Underwriting Revenues

Underwriting revenues by segment were as follows:  Three months ended September 30,Nine months ended September 30,  2025% Change20242025% Change2024Gross premiums written:Insurance$1,691,88211%$1,526,676$5,280,2207%$4,915,247Reinsurance432,3026%409,2262,154,5872%2,115,317Total gross premiums written$2,124,18410%$1,935,902$7,434,8076%$7,030,564Percent of gross premiums written cededInsurance36 %— pts36 %35 %— pts35 %Reinsurance38 %2 pts36 %39 %2 pts37 %Total percent of gross premiums written ceded36 %— pts36 %36 %— pts36 %Net premiums written:Insurance$1,084,94711%$975,911$3,420,0387%$3,192,462Reinsurance268,0423%260,0741,318,425(2%)1,339,340Total net premiums written$1,352,9899%$1,235,985$4,738,4635%$4,531,802Net premiums earned:Insurance$1,085,6126%$1,023,851$3,128,6588%$2,900,011Reinsurance366,2717%342,8501,057,4753%1,029,210Total net premiums earned$1,451,8836%$1,366,701$4,186,1337%$3,929,221

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues.

Combined Ratio

The components of the combined ratio