Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 282

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 282
---
 year reserve development ratio(0.5 %)(8.6)8.1 %8.6 (0.5 %)Net losses and loss expenses ratio59.5 %(7.2)66.7 %3.9 62.8 %Acquisition cost ratio20.2 %0.5 19.7 %(0.1)19.8 %General and administrative expense ratio(2)12.6 %(0.9)13.5 %0.3 13.2 %Combined ratio92.3 %(7.6)99.9 %4.1 95.8 %

(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 administration expense ratio included corporate expenses not allocated to underwriting segments of 2.4%, 2.6% and 2.5% for 2024, 2023 and 2022, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details.

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

64

RESULTS BY SEGMENT

Insurance Segment

Results for the insurance segment were as follows:Year ended December 31,2024% Change2023% Change2022Revenues:Gross premiums written$6,615,584 8%$6,140,764 10%$5,585,581 Net premiums written4,250,545 13%3,758,720 11%3,377,906 Net premiums earned3,926,036 13%3,461,700 10%3,134,155 Other insurance related income (loss)94 nm(198)nm559 Expenses:Current accident year net losses and loss expenses(2,261,629)(1,903,