Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 120

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 120
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,4704%346,266691,2041%686,360Total net premiums earned$1,393,4317%$1,304,478$2,734,2517%$2,562,519

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

Combined Ratio

The components of the combined ratio were as follows:  Three months ended June 30,Six months ended June 30,  2025% PointChange20242025% PointChange2024Current accident year loss ratio, excluding catastrophe and weather-related losses(1)56.4 %1.355.1 %56.3 %0.655.7 %Catastrophe and weather-related losses ratio(1)2.6 %(1.0)3.6 %3.2 %0.62.6 %Current accident year loss ratio(1)59.0 %0.358.7 %59.5 %1.258.3 %Prior year reserve development ratio(1.5 %)(1.5)— %(1.4 %)(1.4)— %Net losses and loss expenses ratio57.5 %(1.2)58.7 %58.1 %(0.2)58.3 %Acquisition cost ratio19.8 %(0.5)20.3 %19.8 %(0.5)20.3 %General and administrative expense ratio(2)11.6 %0.211.4 %11.6 %(0.6)12.2 %Combined ratio88.9 %(1.5)90.4 %89.5 %(1.3)90.8 %

(1)    Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measure, net losses and 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