Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 53

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 53
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 loss expenses ratio is provided above and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)    The general and administrative expense ratio included corporate expenses not allocated to underwriting segments of 2.1% and 2.0% for the three months ended March 31, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details.

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

53

RESULTS BY SEGMENT

Insurance Segment

Results for the insurance segment were as follows:   Three months ended March 31,  2025% Change2024Revenues:Gross premiums written$1,655,9035%$1,574,505Net premiums written1,044,5802%1,022,354Net premiums earned1,010,08610%917,946Other insurance related income156nm21Expenses:Current accident year net losses and loss expenses(576,066)(496,864)Prior year reserve development13,978—Acquisition costs(194,021)(176,029)Underwriting-related general and administrative expenses(119,592)(122,087)Underwriting income$134,541$122,987Ratios:% PointChangeCurrent accident year loss ratio, excluding catastrophe and weather-related losses52.3 %0.352.0 %Catastrophe and weather-related losses ratio4.7 %2.62.1 %Current accident year loss ratio57.0 %2.954.1 %Prior year reserve development ratio(1.4 %)(1.4)— %Net losses and loss expenses ratio55.6 %1.554.1 %Acquisition cost ratio19.2 %—19.2 %Underwriting-related general and administrative expense ratio11.9 %(1.4)13.3 %Combined ratio86.7 %0.186.6 %

nm – not meaningful

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Gross Premiums Written

Gross premiums written by line of business were as follows:  Three months ended March 31,  20252024% ChangeProperty$495,417