Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 107

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 107
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-related losses, the current accident year loss ratio increased to 68.4% for the three months ended March 31, 2025, from 68.0% for the three months ended March 31, 2024, principally due to higher loss ratios in several lines of business in the three months ended March 31, 2025, compared to elevated loss experience in marine and aviation lines in the three months ended March 31, 2024.

Prior Year Reserve Development 

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio decreased to 21.3% for the three months ended March 31, 2025, from 23.0% for the three months ended March 31, 2024, primarily related to adjustments attributable to loss-sensitive features in accident and health, credit and surety, and motor lines, partially offset by a decrease in ceding commissions from retrocessional agreements largely attributable to motor, and accident and health lines.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense decreased to 3.3% for the three months ended March 31, 2025, from 4.6% for the three months ended March 31, 2024, mainly driven by a decrease in personnel costs together with a slight increase in fees related to arrangements with strategic capital partners of $13 million for the three months ended March 31, 2025, compared to $12 million for the three months ended March 31, 2024.

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NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income

Net investment income from our cash and investment portfolio by major asset class was as follows:

  Three months ended March 31,  2025% Change2024Fixed maturities$146,7115%$139,396Other investments22,410nm5,673Equity securities3,20816%2,762Mortgage loans6,868(25%)9,130Cash and cash equivalents33,380nm13,661Short-term investments1,986(43%)3,463Gross investment income214,56323%174,085Investment expense(6,850)2%(6,702)Net investment income$207,