Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 144

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 144
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 the three and six months ended June 30, 2025, and 16.1% and (16.1%) for the three and six months ended June 30, 2024, respectively. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors. 

The income tax expense of $56 million for the three months ended June 30, 2025 was principally due to pre-tax income in our U.K., U.S., Bermuda, and European operations.

The income tax expense of $101 million for the six months ended June 30, 2025 was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

The income tax expense of $41 million for the three months ended June 30, 2024 was principally due to pre-tax income in our U.S., U.K, operations.

The income tax benefit of $84 million for the six months ended June 30, 2024 was due to the recognition of an income tax benefit of $163 million related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023, partially offset by income tax expense associated with pre-tax income in our U.S., U.K. and European operations.

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FINANCIAL MEASURES

We believe the following financial indicators are important in evaluating performance and measuring the overall growth in value generated for common shareholders:

  Three months ended June 30,Six months ended June 30,  2025202420252024Annualized return on average common equity(1)15.7 %16.2 %14.4 %24.1 %Annualized operating return on average common equity(2)19.0 %19.9 %18.7 %19.1 %Book value per diluted common share(3)$70.34$59.29$70.34$59.29Cash dividends declared per common share$0.44$0.44$0.88$0.88Increase in book value per diluted common share adjusted for dividends$4.30$2.60$5.95$6.11

(1)Annualized return on average common equity ("ROACE") is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders' equity determined using