Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 302

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 302
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 value per diluted common share and common share dividends declared represent the total value created for common shareholders. As companies in the insurance industry have differing dividend payout policies, we believe that investors use the book value per diluted common share adjusted for dividends metric to measure comparable performance across the industry. 

In 2024, the increase in total value of $12.97, or 24%, was driven by net income for the year, and net unrealized investment gains reported in accumulated other comprehensive income (loss).

In 2023, the increase in total value of $8.87, or 19%, was driven by net income for the year, and net unrealized investment gains reported in accumulated other comprehensive income (loss).

79

NON-GAAP FINANCIAL MEASURES RECONCILIATION

Year ended December 31,202420232022Net income available to common shareholders$1,051,536$346,042 $192,833 Net investment (gains) losses138,53474,630 456,789 Foreign exchange losses (gains)(50,822)58,115 (157,945)Reorganization expenses26,31228,997 31,426 Interest in income of equity method investments(17,953)(4,163)(1,995)Bermuda net deferred tax asset(1)(176,923)— — Income tax benefit(2)(18,649)(17,488)(23,177)Operating income$952,035$486,133 $497,931 Earnings per diluted common share $12.35$4.02$2.25Net investment (gains) losses1.630.875.33Foreign exchange losses (gains)(0.60)0.68(1.84)Reorganization expenses0.310.340.37Interest in income of equity method investments(0.21)(0.05)(0.02)Bermuda net deferred tax asset(2.08)——Income tax benefit(0.22)(0.21)(0.28)Operating income per diluted common share$11.18$5.65$5.81Weighted average diluted common shares outstanding(3)85,17686,012 85,669 Average common shareholders' equity$5,126,288$4,401,553$4,475,283Return on average common equity20.5%7.9%4.3%Operating return on average common equity18