Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 118

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 118
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 expenses:Net losses and loss expenses(801,754)5%(765,988)(1,587,679)6%(1,494,659)Acquisition costs(275,897)4%(265,091)(540,477)4%(519,345)Underwriting-related general and administrative expenses(1)(135,241)12%(120,768)(265,679)3%(258,561)Underwriting income (2)189,201 161,157 352,656 306,821 Net investment income187,297 (2%)190,975 395,009 10%358,358 Net investment gains (losses)43,468 nm(53,479)13,462 nm(62,687)Corporate expenses(1)(25,837)(7%)(27,673)(54,562)2%(53,252)Foreign exchange (losses) gains(94,885)nm7,384 (151,920)nm30,936 Interest expense and financing costs(16,586)(2%)(17,010)(33,158)(3%)(34,157)Reorganization expenses— nm(14,014)— nm(26,312)Amortization of intangible assets(2,396)(12%)(2,729)(5,125)(6%)(5,458)Income before income taxes and interest in income of equity method investments280,262 244,611 516,362 514,249 Income tax (expense) benefit(56,199)39%(40,547)(100,521)nm84,107 Interest in income of equity method investments(705)nm7,900 1,586 (83%)9,069 Net income223,358 211,964 417,427 607,425 Preferred share dividends(7,563)—%(7,563)(15,125)—%(15,125)Net income available to common shareholders$215,795 $204,401 $402,302 $592,300 

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

(1)Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $26 million and $28 million for the three months