Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 275

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 275
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Net investment income of $759 million 

•Net investment losses of $139 million 

•Foreign exchange gains of $51 million

•Reorganization expenses of $26 million

•Income tax benefit of $56 million, inclusive of a net deferred tax benefit of $177 million attributable to Bermuda's Corporate Income Tax Act 2023. Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Overview – Recent Developments – Bermuda Corporate Income Tax Act 2023 for further details.

2024 Consolidated Financial Condition

•Total cash and investments of $18.0 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 88% of total cash and investments and have an average credit rating of AA-

•Total assets of $32.5 billion 

•Reserve for losses and loss expenses of $17.2 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $7.4 billion.

•Debt of $1.3 billion and a debt to total capital ratio(3) of 17.8% 

•Total common shares repurchased were 3.1 million shares for a total of $216 million, including $200 million repurchased pursuant to our Board-authorized share repurchase program, and $16 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units 

•Common shareholders’ equity of $5.5 billion; book value per diluted common share of $65.27

(1) Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in