Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 58

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 58
---
ains (Losses)72Other Expenses (Revenues), Net75Financial Measures77Non-GAAP Financial Measures Reconciliation79Cash and Investments83Liquidity and Capital Resources86Critical Accounting Estimates88Recent Accounting Pronouncements88

52

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 $56 million

Second Quarter 2025 Consolidated Financial Condition 

•Total cash and invested assets of $16.3 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 86% of total cash and investments and have an average credit rating of AA-

•Total assets of $34.2 billion 

•Reserve for losses and loss expenses of $17.9 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.7 billion 

•Debt of $1.3 billion and debt to total capital ratio(3) of 17.6% 

•Total common shares repurchased were 0.5 million shares for a total of $51 million, including $50 million repurchased pursuant to our Board-authorized share repurchase program, and $1 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units 

•Common shareholders’ equity of $5.6 billion; book value per diluted