Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 92

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 92
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 (gains)94,885(7,384)151,920(30,936)Reorganization expenses—14,014—26,312Interest in (income) loss of equity method investments705(7,900)(1,586)(9,069)Amortization of Bermuda deferred tax asset (2025) Bermuda net deferred tax asset (2024)(1)3,384—3,384(162,705)Income tax benefit(2)(9,997)(6,621)(19,440)(8,435)Operating income$261,304$249,989$523,118$470,154Earnings per diluted common share$2.72$2.40$4.98$6.93Net investment (gains) losses(0.55)0.63(0.17)0.73Foreign exchange losses (gains)1.20(0.09)1.88(0.36)Reorganization expenses—0.16—0.31Interest in (income) loss of equity method investments0.01(0.09)(0.02)(0.11)Amortization of Bermuda deferred tax asset (2025) and Bermuda net deferred tax asset (2024)0.04—0.04(1.90)Income tax benefit(0.13)(0.08)(0.24)(0.10)Operating income per diluted common share$3.29$2.93$6.47$5.50Weighted average diluted common shares outstanding(3)79,32985,32680,84585,509Average common shareholders' equity$5,488,599$5,032,313$5,581,889$4,911,334Annualized return on average common equity15.7 %16.2 %14.4 %24.1 %Annualized operating return on average common equity19.0 %19.9 %18.7 %19.1 %

(1)Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

(2)Tax expense (benefit) associated with the adjustments to net income