Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 71

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 71
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 September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, marine and aviation, and liability lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and marine and aviation lines, and a decrease in gross premiums earned in cyber lines.

Net premiums earned for the nine months ended September 30, 2025 increased by $229 million, or 8%, compared to the nine months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, credit and political risk, professional lines, liability, and marine and aviation lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and credit and political risk lines, and a decrease in gross premiums earned in cyber lines.

Loss Ratio

The components of the loss ratio were as follows:

  Three months ended September 30,Nine months ended September 30,2025% PointChange20242025% PointChange2024Current accident year loss ratio56.2 %(3.1)59.3 %56.4 %(0.4)56.8 %Prior year reserve development ratio(1.3%)(0.9)(0.4%)(1.4%)(1.2)(0.2%)Loss ratio54.9 %(4.0)58.9 %55.0 %(1.6)56.6 %

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Current Accident Year Loss Ratio

The current accident year loss ratio decreased to 56.2% for the three months ended September 30, 2025, from 59.3% for the three months ended September 30, 2024. 

The decrease in the current accident year loss ratio for the three months ended September 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the three months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $43 million, or 3.9 points, including $20 million, or 1.8 points attributable to the Middle East Conflict. The remaining losses were primarily attributable to weather-related events. Comparatively, during