Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 96

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 96
---
 portfolio transfer reinsurance agreement, we will retain responsibility for the management of claims. 

Although retroactive reinsurance accounting may result in volatility to our results in the short-term, the loss portfolio transfer reinsurance agreement will protect us from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreement.

Bermuda Corporate Income Tax

Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025, resulting in an effective tax rate of 18.6% due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

51

CONSOLIDATED RESULTS OF OPERATIONS

  Three months ended March 31,  2025% Change2024Underwriting revenues:Gross premiums written$2,794,652 5%$2,654,427 Net premiums written1,750,039 2%1,722,073 Net premiums earned1,340,820 7%1,258,041 Other insurance related income3,578 (57%)8,340 Underwriting expenses:Net losses and loss expenses(785,925)8%(728,671)Acquisition costs(264,581)4%(254,254)Underwriting-related general and administrative expenses(1)(130,438)(5%)(137,793)Underwriting income (2)163,454 145,663 Net investment income207,713 24%167,383 Net investment gains (losses)(30,005)nm(9,207)Corporate expenses(1)(28,725)12%(25,580)Foreign exchange (losses) gains(57,034)nm23,552 Interest expense and financing costs(16,572)(3%)(17,147)Reorganization expenses— nm(12,299)Amortization of intangible assets(2,729)—%(2,729)Income before income taxes and interest in income of equity method investments236,102 269,636 Income tax (expense) benefit(44,322)nm124,654 Interest in income of equity method investments2,291 96%1,169 Net income194,071 395,459 Preferred share dividends(7,563)—%(7,563)Net income available to common shareholders$186,508 $387,896 

nm – not meaningful is defined as a variance greater than +/-100