Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 113

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 113
---
Table of Contents

ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2025 and 2024 and our financial condition at June 30, 2025 and December 31, 2024. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.

  Page  Second Quarter 2025 Financial Highlights53Overview54Consolidated Results of Operations57Results by Segment:i) Insurance Segment59ii) Reinsurance Segment65Net Investment Income and Net Investment Gains (Losses)72Other Expenses (Revenues), Net75Financial Measures77Non-GAAP Financial Measures Reconciliation79Cash and Investments83Liquidity and Capital Resources86Critical Accounting Estimates88Recent Accounting Pronouncements88

52

Table of Contents

SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS

Second Quarter 2025 Consolidated Results of Operations

•Net income available to common shareholders of $216 million, or $2.75 per common share, and $2.72 per diluted common share

•Operating income(1) of $261 million, or $3.29 per diluted common share(1) 

•Gross premiums written of $2.5 billion 

•Net premiums written of $1.6 billion

•Net premiums earned of $1.4 billion 

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $37 million ($31 million, after-tax), (Insurance: $36.4 million; Reinsurance: $0.2m), or 2.6 points, primarily attributable to weather-related events.

•Net favorable prior year reserve development of $20 million (Insurance: $15 million; Reinsurance: $5 million)

•Underwriting income(2) of $189 million and combined ratio of 88.9% 

•Net investment income of $187 million

•Net investment gains of $43 million 

•Foreign exchange losses of $95 million 

•Income tax expense of $