Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 143

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 143
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 from corporate expenses of 2.1% for the three months ended June 30, 2024, mainly driven by a decrease in professional fees and an increase in net premiums earned.

As a percentage of net premiums earned, corporate expenses of 2.0% for the six months ended June 30, 2025, were comparable to corporate expenses of 2.1% for the six months ended June 30, 2024, mainly driven by an increase in information technology costs, largely offset by a decrease in fees related to arrangements with strategic capital partners.

Foreign Exchange Losses (Gains)

Foreign exchange losses of $95 million for the three months ended June 30, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro, pound sterling and Canadian dollar. 

Foreign exchange losses of $152 million for the six months ended June 30, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling, euro and Canadian dollar.

Foreign exchange gains of $7 million for the three months ended June 30, 2024 reflected the impact of the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro, Australian dollar, and Canadian dollar, partially offset by the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling. 

Foreign exchange gains of $31 million for the six months ended June 30, 2024 reflected the impact of the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro, Canadian dollar and Australian dollar, partially offset by the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in Japanese yen.

Interest Expense and Financing Costs

Interest expense and financing costs are related to interest due on senior unsecured notes, junior subordinated notes and the Federal Home Loan advances ("FHLB advances") received in 2024 and 2023.

75

Income Tax Expense (Benefit)

Income tax expense (benefit) primarily results from income (loss) in our global operations. Our effective tax rate which is calculated as income tax expense (benefit) divided by income (loss) before tax including interest in income (loss) of equity method investments was 20.1% and 19.4%, for