Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 274

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 274
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ITEM 7.    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 years ended December 31, 2024 and 2023, and our financial condition at December 31, 2024 and 2023. This should be read in conjunction with Item 8 'Financial Statements and Supplementary Data' of this report. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts may not reconcile due to rounding differences.

   Page  2024 Financial Highlights59Overview60Consolidated Results of Operations63Results by Segment:i) Insurance Segment65ii) Reinsurance Segment69Net Investment Income and Net Investment Gains (Losses)73Other Expenses (Revenues), Net76Financial Measures78Non-GAAP Financial Measures Reconciliation80Cash and Investments84Liquidity and Capital Resources91Critical Accounting Estimates97i) Reserve for Losses and Loss Expenses98ii) Reinsurance Recoverable on Unpaid Losses and Loss Expenses104iii) Gross Premiums Written105iv) Net Premiums Earned107v) Fair Value Measurements of Financial Assets and Liabilities108vi) Impairment Losses and the Allowance for Expected Credit Losses - Fixed Maturities, Available for Sale109Recent Accounting Pronouncements110

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2024 FINANCIAL HIGHLIGHTS

2024 Consolidated Results of Operations

•Net income available to common shareholders of $1.1 billion, or $12.49 per common share, and $12.35 per diluted common share

•Operating income(1) of $952 million, or $11.18 per diluted common share(1) 

•Gross premiums written of $9.0 billion 

•Net premiums written of $5.8 billion 

•Net premiums earned of $5.3 billion 

•Pre-tax catastrophe and weather-related losses, net of reinsurance, of $226 million ($182 million, after-tax), (Insurance: $216 million; Reinsurance: $10 million), or 4.3 points including $111 million or 2.1 points attributable to Hurricanes Milton, Helene and Beryl, together with $13 million, or 0.3 points attributable to the Red Sea Conflict. 

•Net favorable prior year reserve development of $24 million 

•Underwriting income(2) of $571 million and combined ratio of 92.3% 

•