Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 115

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 115
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ess the reserves for losses and loss expenses subject to the LPT. Any adverse prior year reserve development associated with the subject business will increase the cumulative amounts ceded to the reinsurer compared to the consideration paid and will increase the gain determined in accordance with retroactive reinsurance accounting. Consistent with our accounting policy, (refer to Item 7, Note 2 to the Consolidated Financial Statements 'Basis of Presentation and Significant Accounting Policies' included in our Annual Report on Form 10-K for the year ended December 31, 2024), gains are deferred and amortized into net income over the claims settlement period.

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 18.9% and 19.2%, for the three and nine months ended September 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 September 30,Nine months ended September 30,  2025% Change20242025% Change2024Underwriting revenues:Gross premiums written$2,124,184 10%$1,935,902 $7,434,807 6%$7,030,564 Net premiums written1,352,989 9%1,235,985 4,738,463 5%4,531,802 Net premiums earned1,451,883 6%1,366,701 4,186,133 7%3,929,221 Other insurance related income6,593 (4%)6,838 18,835 (21%)23,704 Underwriting expenses:Net losses and loss expenses(841,435)1%(831,872)(2,429,114)4%(2,326,532)Acquisition costs(285,618)4%(274,935)(826,094)4%(794,280)Underwriting-related general and administrative expenses(1)(143,111)9%(131,582)(408,790)5%(390,143)Under