EX-99.2 3 q12025financialsupplement.htm EX-99.2 Document
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AXIS CAPITAL HOLDINGS LIMITED








INVESTOR FINANCIAL SUPPLEMENT

FIRST QUARTER 2025


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AXIS Capital Holdings Limited
92 Pitts Bay Road
Pembroke HM 08 Bermuda
Contact Information:
Cliff Gallant
Investor Contact
 (415) 262-6843
investorrelations@axiscapital.com
Website Information:
www.axiscapital.com
This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.


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AXIS CAPITAL HOLDINGS LIMITED
FINANCIAL SUPPLEMENT TABLE OF CONTENTS
   Page(s)
  
i - iv
  
II. Income Statements  
  
  
  
  
III. Balance Sheets  
  
b. Cash and Invested Assets:  
  
  
IV. Losses Reserve Analysis  
  
b. Paid to Incurred Analysis by Segment
  
V. Share Analysis  
  
  
VI. Non-GAAP Financial Measures  
  


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AXIS CAPITAL HOLDINGS LIMITED
BASIS OF PRESENTATION

AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.

DEFINITIONS AND PRESENTATION
•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2024 and consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023.
•Amounts may not reconcile due to rounding differences.
•Unless otherwise noted, all data is in thousands, except for ratio information.
•NM - Not meaningful is defined as a variance greater than +/- 100%; NA - Not applicable

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this document, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States ("U.S.") federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates for losses and loss expenses, measurements of potential losses in the fair value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including the loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, the impact of the current trade and and geopolitical environment on our business, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

Insurance Risk
•the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;
•the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;
•the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;
•actual claims exceeding reserves for losses and loss expenses;
•losses related to the conflict in the Middle East, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;
•the adverse impact of social and economic inflation;
•the failure of any of the loss limitation methods we employ;
•the failure of our cedants to adequately evaluate risks;
•the use of industry models and changes to these models;

Strategic Risk
•increased competition and consolidation in the insurance and reinsurance industry;
•general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity and fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates and the evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures);
•changes in the political environment of certain countries in which we operate or underwrite business;
•the loss of business provided to us by major brokers;
•a decline in our ratings with rating agencies;
•the loss of one or more of our key executives;
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•increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;
•the adverse impact of contagious diseases on our business, results of operations, financial condition, and liquidity;

Credit and Market Risk
•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;
•the failure of our policyholders or intermediaries to pay premiums;
•breaches by third parties in our program business of their obligations to us;

Liquidity Risk
•the inability to access sufficient cash to meet our obligations when they are due;

Operational Risk
•changes in accounting policies or practices;
•difficulties with technology and/or data security;
•the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

Regulatory Risk
•changes in governmental regulations and potential government intervention in our industry;
•inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and

Risks Related to Taxation
•changes in tax laws.

Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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AXIS CAPITAL HOLDINGS LIMITED
BASIS OF PRESENTATION
BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

Our insurance segment offers specialty insurance products to a variety of markets on a worldwide basis. The following are the lines of business in our insurance segment:
Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, medical malpractice and other financial insurance related covers for public and private commercial enterprises, financial institutions, not-for-profit organizations and other professional service providers. This business is predominantly written on a claims-made basis.

Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

Liability: provides cover for primary and low to mid-level excess and umbrella commercial liability, and environmental liability risks predominantly in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products liability business predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, life sciences and other services.

Cyber: provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, Payment Card Industry Data Security Standard and media liability.

Marine and Aviation: Marine provides cover for a range of exposures including offshore energy, offshore renewable energy, ocean marine, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases. Aviation provides hull and liability, and specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.

Accident and Health: includes personal accident, travel insurance and specialty health products for employer and affinity groups, and pet insurance.

Credit and Political Risk: provides credit and political risk insurance products for banks, commodity traders, corporations and multilateral and export credit agencies. Cover is provided for a range of risks including sovereign and corporate credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events. Surety bonds are also provided to large corporate and commercial clients and to mid to large sized construction clients.


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AXIS CAPITAL HOLDINGS LIMITED
BASIS OF PRESENTATION
 
BUSINESS DESCRIPTIONS (CONTINUED)
REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis written on an excess of loss or a proportional basis. For excess of loss business, we typically indemnify the reinsured for a portion of losses, individually and in the aggregate, in excess of a specified individual or aggregate loss deductible. For proportional business, we assume an agreed percentage of the underlying premiums and accept liability for the same percentage of losses and loss expenses. Our business is primarily produced through reinsurance brokers worldwide. The following are the lines of business in our reinsurance segment:
Liability: provides protection to insurers of admitted casualty business, excess and surplus lines casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, workers' compensation, auto liability, environmental liability, and excess casualty.
Accident and Health: includes personal accident, specialty health, accidental death, travel, life and disability reinsurance products which are offered on a proportional and catastrophic or per life excess of loss basis.
Professional Lines: provides protection for directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, cyber and miscellaneous errors and omissions insurance risks. The underlying business is predominantly written on a claims-made basis. This business is written on a proportional and excess of loss basis.
Credit and Surety: Credit reinsurance provides protection for trade credit insurance and credit and political risk insurance. Trade credit insurance protects sellers of goods and services in the event of a payment default by the buyer of those goods and services. Credit and political risk insurance covers a range of risks predominantly corporate and sovereign non-payment. Surety reinsurance provides protection for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands, contract, and commercial obligations in a variety of jurisdictions around the world. Mortgage reinsurance is provided to mortgage guaranty insurers and U.S. government-sponsored entities and other mortgage market participants. These entities seek to manage their credit risk exposure emanating from defined pools of mortgage loans.
Motor: provides protection to insurers for motor liability and motor property damage losses arising out of any one occurrence. A loss occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence. Traditional non-proportional and proportional reinsurance as well as structured solutions are offered predominantly relating to U.K. and European exposures.
Agriculture: provides protection for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. This business is written on a proportional and aggregate stop loss reinsurance basis.
Marine and Aviation: Marine includes specialty marine exposures such as cargo, hull, pleasure craft, marine liability, inland marine and offshore energy. The principal perils covered by policies in this portfolio include physical loss, damage and/or liability arising from natural perils of the seas or land, man-made events including fire and explosion, stranding/sinking/salvage, pollution, shipowners and maritime employers liability. This business is written on a non-proportional and proportional basis. Aviation provides cover for airline, aerospace and general aviation exposures. This business is written on a proportional and non-proportional basis. The Company exited Aviation business effective January 1, 2023.
Run-off lines
Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. The underlying policies principally cover property-related exposures but other exposures including personal accident are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis. The Company exited this line of business in June 2022.
Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage, but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, flood, industrial explosions, fire, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis. The Company exited this line of business in June 2022.
Engineering: provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment, and electronic equipment as well as business interruption. The Company exited this line of business in 2020.

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AXIS CAPITAL HOLDINGS LIMITED
FINANCIAL HIGHLIGHTS
  Three months ended March 31,
  20252024Change
HIGHLIGHTSGross premiums written$2,794,652 $2,654,427 5.3 %
Gross premiums written - Insurance59.3 %59.3 %— pts
Gross premiums written - Reinsurance40.7 %40.7 %— pts
Net premiums written$1,750,039 $1,722,073 1.6 %
Net premiums earned$1,340,820 $1,258,041 6.6 %
Net premiums earned - Insurance75.3 %73.0 %2.3 pts
Net premiums earned - Reinsurance24.7 %27.0 %(2.3)pts
Net income available to common shareholders
$186,508 $387,896 (51.9 %)
Operating income [a]
$261,469 $220,162 18.8 %
Annualized return on average common equity [b]
13.7 %32.1 %(18.4)pts
Annualized operating return on average common equity [c]
19.2 %18.2 %1.0 pts
Total shareholders’ equity$5,902,799 $5,505,155 7.2 %
PER COMMON SHARE AND COMMON SHARE DATA
Earnings per diluted common share
$2.26 $4.53 (50.1 %)
Operating income per diluted common share [d]
$3.17 $2.57 23.3 %
Weighted average diluted common shares outstanding82,378 85,693 (3.9 %)
Book value per common share$68.06 $58.51 16.3 %
Book value per diluted common share (treasury stock method)$66.48 $57.13 16.4 %
Tangible book value per diluted common share (treasury stock method) [a]
$64.08 $54.42 17.8 %
FINANCIAL RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses [a]
56.3 %56.4 %(0.1)pts
Catastrophe and weather-related losses ratio [a]
3.7 %1.5 %2.2 pts
Current accident year loss ratio [a]
60.0 %57.9 %2.1 pts
Prior year reserve development ratio(1.4 %)— %(1.4)pts
Net losses and loss expenses ratio58.6 %57.9 %0.7 pts
Acquisition cost ratio19.7 %20.2 %(0.5)pts
General and administrative expense ratio [e]
11.9 %13.0 %(1.1)pts
Combined ratio90.2 %91.1 %(0.9)pts
INVESTMENT DATATotal assets$33,249,174 $31,758,690 4.7 %
Total cash and invested assets [f]
$17,818,374 $16,808,240 6.0 %
Net investment income$207,713 $167,383 24.1 %
Net investment gains (losses)
$(30,005)$(9,207)nm
Book yield of fixed maturities4.5 %4.3 %0.2 pts
[a]    Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/later in this document.
[b]    Annualized ROACE is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the
common shareholders’ equity balances at the beginning and end of the period.
[c]    Annualized operating ROACE is calculated by dividing annualized operating income (loss) for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.
[d]    Operating income (loss) per diluted common share is calculated by dividing operating income (loss) for the period by weighted average diluted common shares outstanding.
[e]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
[f]    Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Three months ended March 31,
20252024
Revenues
Net premiums earned$1,340,820 $1,258,041 
Net investment income207,713 167,383 
Net investment gains (losses)
(30,005)(9,207)
Other insurance related income3,578 8,340 
Total revenues1,522,106 1,424,557 
Expenses
Net losses and loss expenses785,925 728,671 
Acquisition costs264,581 254,254 
General and administrative expenses159,163 163,373 
Foreign exchange losses (gains)57,034 (23,552)
Interest expense and financing costs16,572 17,147 
Reorganization expenses— 12,299 
Amortization of intangible assets2,729 2,729 
Total expenses1,286,004 1,154,921 
Income before income taxes and interest in income of equity method investments
236,102 269,636 
Income tax (expense) benefit(44,322)124,654 
Interest in income of equity method investments
2,291 1,169 
Net income194,071 395,459 
Preferred share dividends7,563 7,563 
Net income available to common shareholders$186,508 $387,896 




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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended December 31,
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 20232024
UNDERWRITING REVENUES
Gross premiums written$2,794,652 $1,975,324 $1,935,902 $2,440,236 $2,654,427 $2,381,976 $9,005,888 
Ceded premiums written(1,044,613)(749,775)(699,917)(866,492)(932,354)(773,620)(3,248,537)
Net premiums written1,750,039 1,225,549 1,235,985 1,573,744 1,722,073 1,608,356 5,757,351 
Gross premiums earned2,147,045 2,207,338 2,159,646 2,117,937 2,044,647 1,921,768 8,529,567 
Ceded premiums earned(806,225)(830,324)(792,945)(813,459)(786,606)(691,569)(3,223,332)
Net premiums earned1,340,820 1,377,014 1,366,701 1,304,478 1,258,041 1,230,199 5,306,235 
Other insurance related income3,578 7,016 6,838 8,526 8,340 577 30,721 
Total underwriting revenues1,344,398 1,384,030 1,373,539 1,313,004 1,266,381 1,230,776 5,336,956 
UNDERWRITING EXPENSES
Net losses and loss expenses785,925 831,956 831,872 765,988 728,671 720,642 3,158,487 
Acquisition costs264,581 276,273 274,935 265,091 254,254 230,373 1,070,551 
Underwriting-related general and administrative expenses [a]
130,438 146,299 131,582 120,768 137,793 140,395 536,442 
Total underwriting expenses1,180,944 1,254,528 1,238,389 1,151,847 1,120,718 1,091,410 4,765,480 
UNDERWRITING INCOME [b]163,454 129,502 135,150 161,157 145,663 139,366 571,476 
OTHER (EXPENSES) REVENUES
Net investment income207,713 195,773 205,100 190,975 167,383 133,771 759,229 
Net investment gains (losses)(30,005)(108,030)32,182 (53,479)(9,207)(20,190)(138,534)
Corporate expenses [a]
(28,725)(42,887)(33,621)(27,673)(25,580)(26,416)(129,760)
Foreign exchange (losses) gains(57,034)112,090 (92,204)7,384 23,552 (8,710)50,822 
Interest expense and financing costs(16,572)(16,761)(16,849)(17,010)(17,147)(16,894)(67,766)
Reorganization expenses— — — (14,014)(12,299)— (26,312)
Amortization of intangible assets(2,729)(2,729)(2,729)(2,729)(2,729)(2,729)(10,917)
Total other (expenses) revenues72,648 137,456 91,879 83,454 123,973 58,832 436,762 
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS
236,102 266,958 227,029 244,611 269,636 198,198 1,008,238 
Income tax (expense) benefit(44,322)19,410 (47,922)(40,547)124,654 (15,896)55,595 
Interest in income (loss) of equity method investments
2,291 7,264 1,621 7,900 1,169 (2,205)17,953 
NET INCOME 194,071 293,632 180,728 211,964 395,459 180,097 1,081,786 
Preferred share dividends(7,563)(7,563)(7,563)(7,563)(7,563)(7,563)(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$186,508 $286,069 $173,165 $204,401 $387,896 $172,534 $1,051,536 
[a]    Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.
[b]    Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED KEY RATIOS
Year ended December 31,
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 20232024
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses56.3 %55.7 %55.7 %55.1 %56.4 %55.8 %55.7 %
Catastrophe and weather-related losses ratio3.7 %5.9 %5.8 %3.6 %1.5 %3.1 %4.3 %
Current accident year loss ratio60.0 %61.6 %61.5 %58.7 %57.9 %58.9 %60.0 %
Prior year reserve development ratio(1.4 %)(1.2 %)(0.6 %)— %— %(0.3 %)(0.5 %)
Net losses and loss expenses ratio58.6 %60.4 %60.9 %58.7 %57.9 %58.6 %59.5 %
Acquisition cost ratio19.7 %20.1 %20.1 %20.3 %20.2 %18.7 %20.2 %
General and administrative expense ratio [a]
11.9 %13.7 %12.1 %11.4 %13.0 %13.6 %12.6 %
Combined ratio90.2 %94.2 %93.1 %90.4 %91.1 %90.9 %92.3 %
Weighted average common shares outstanding81,15283,38083,93684,47584,87984,86484,165
Weighted average diluted common shares outstanding
82,37884,69585,00085,32685,69385,85385,176
Earnings per common share
$2.30$3.43$2.06$2.42$4.57$2.03$12.49
Earnings per diluted common share
$2.26$3.38$2.04$2.40$4.53$2.01$12.35
Annualized ROACE13.7 %20.7 %13.0 %16.2 %32.1 %16.2 %20.5 %
Annualized operating ROACE19.2 %18.2 %17.3 %19.9 %18.2 %18.8 %18.6 %
[a]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED SEGMENT DATA
Three months ended March 31, 2025Three months ended March 31, 2024
 InsuranceReinsuranceTotalInsuranceReinsuranceTotal
UNDERWRITING REVENUES
Gross premiums written$1,655,903 $1,138,749 $2,794,652 $1,574,505 $1,079,922 $2,654,427 
Ceded premiums written(611,323)(433,290)(1,044,613)(552,151)(380,203)(932,354)
Net premiums written1,044,580 705,459 1,750,039 1,022,354 699,719 1,722,073 
Gross premiums earned1,598,550 548,495 2,147,045 1,499,039 545,608 2,044,647 
Ceded premiums earned(588,464)(217,761)(806,225)(581,093)(205,513)(786,606)
Net premiums earned1,010,086 330,734 1,340,820 917,946 340,095 1,258,041 
Other insurance related income156 3,422 3,578 21 8,319 8,340 
Total underwriting revenues1,010,242 334,156 1,344,398 917,967 348,414 1,266,381 
UNDERWRITING EXPENSES
Net losses and loss expenses562,088 223,837 785,925 496,864 231,807 728,671 
Acquisition costs194,021 70,560 264,581 176,029 78,225 254,254 
Underwriting-related general and administrative expenses119,592 10,846 130,438 122,087 15,706 137,793 
Total underwriting expenses875,701 305,243 1,180,944 794,980 325,738 1,120,718 
UNDERWRITING INCOME$134,541 $28,913 $163,454 $122,987 $22,676 $145,663 
Catastrophe and weather-related losses, net of reinstatement premiums$47,530 $1,540 $49,070 $19,153 $602 $19,755 
Net favorable prior year reserve development$13,978 $3,959 $17,937 $— $— $— 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses52.3 %68.4 %56.3 %52.0 %68.0 %56.4 %
Catastrophe and weather-related losses ratio4.7 %0.5 %3.7 %2.1 %0.2 %1.5 %
Current accident year loss ratio57.0 %68.9 %60.0 %54.1 %68.2 %57.9 %
Prior year reserve development ratio(1.4 %)(1.2 %)(1.4 %)— %— %— %
Net losses and loss expenses ratio55.6 %67.7 %58.6 %54.1 %68.2 %57.9 %
Acquisition cost ratio19.2 %21.3 %19.7 %19.2 %23.0 %20.2 %
Underwriting-related general and administrative expense ratio11.9 %3.3 %9.8 %13.3 %4.6 %11.0 %
Corporate expense ratio2.1 %2.0 %
Combined ratio86.7 %92.3 %90.2 %86.6 %95.8 %91.1 %

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AXIS CAPITAL HOLDINGS LIMITED
GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS
Year ended December 31,
 Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 20232024
INSURANCE SEGMENT
Professional Lines$257,159 $340,463 $286,108 $299,087 $236,665 $221,615 $1,162,323 
Property495,417 496,504 433,843 641,147 478,835 381,339 2,050,329 
Liability303,758 331,130 321,205 311,563 287,705 284,026 1,251,603 
Cyber113,945 134,939 129,543 164,518 132,936 152,788 561,937 
Marine and Aviation267,151 169,470 163,838 219,850 262,010 233,424 815,168 
Accident and Health124,843 125,277 119,686 101,243 104,606 79,384 450,810 
Credit and Political Risk93,630 102,554 72,453 76,658 71,748 63,036 323,414 
TOTAL INSURANCE SEGMENT$1,655,903 $1,700,337 $1,526,676 $1,814,066 $1,574,505 $1,415,612 $6,615,584 
REINSURANCE SEGMENT
Liability$253,070 $95,980 $132,245 $169,933 $218,175 $198,861 $616,333 
Accident and Health281,355 45,675 47,452 32,376 310,792 295,985 436,296 
Professional Lines188,445 28,001 44,013 203,001 146,832 136,201 421,846 
Credit and Surety204,666 65,041 100,352 88,281 164,043 115,237 417,717 
Motor124,380 25,481 35,295 26,039 152,145 140,115 238,961 
Agriculture48,901 3,317 33,265 74,290 39,501 22,399 150,373 
Marine and Aviation33,492 2,201 11,059 22,881 46,134 30,531 82,274 
Total1,134,309 265,696 403,681 616,801 1,077,622 939,329 2,363,800 
Run-off lines
Catastrophe967 3,346 1,564 4,491 1,423 16,301 10,823 
Property1,646 (527)1,800 2,013 (156)9,605 3,130 
Engineering1,827 6,472 2,181 2,865 1,033 1,129 12,551 
Total run-off lines4,440 9,291 5,545 9,369 2,300 27,035 26,504 
TOTAL REINSURANCE SEGMENT$1,138,749 $274,987 $409,226 $626,170 $1,079,922 $966,364 $2,390,304 
CONSOLIDATED TOTAL$2,794,652 $1,975,324 $1,935,902 $2,440,236 $2,654,427 $2,381,976 $9,005,888 







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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED DATA
Year ended December 31,
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 20232024
UNDERWRITING REVENUES
Gross premiums written$2,794,652 $1,975,324 $1,935,902 $2,440,236 $2,654,427 $2,381,976 $9,005,888 
Ceded premiums written(1,044,613)(749,775)(699,917)(866,492)(932,354)(773,620)(3,248,537)
Net premiums written1,750,039 1,225,549 1,235,985 1,573,744 1,722,073 1,608,356 5,757,351 
Gross premiums earned2,147,045 2,207,338 2,159,646 2,117,937 2,044,647 1,921,768 8,529,567 
Ceded premiums earned(806,225)(830,324)(792,945)(813,459)(786,606)(691,569)(3,223,332)
Net premiums earned1,340,820 1,377,014 1,366,701 1,304,478 1,258,041 1,230,199 5,306,235 
Other insurance related income3,578 7,016 6,838 8,526 8,340 577 30,721 
  Total underwriting revenues1,344,398 1,384,030 1,373,539 1,313,004 1,266,381 1,230,776 5,336,956 
UNDERWRITING EXPENSES
Net losses and loss expenses785,925 831,956 831,872 765,988 728,671 720,642 3,158,487 
Acquisition costs264,581 276,273 274,935 265,091 254,254 230,373 1,070,551 
Underwriting-related general and administrative expenses130,438 146,299 131,582 120,768 137,793 140,395 536,442 
  Total underwriting expenses1,180,944 1,254,528 1,238,389 1,151,847 1,120,718 1,091,410 4,765,480 
UNDERWRITING INCOME$163,454 $129,502 $135,150 $161,157 $145,663 $139,366 $571,476 
Catastrophe and weather-related losses, net of reinstatement premiums$49,070 $81,063 $78,120 $47,060 $19,755 $37,723 $225,996 
Net favorable prior year reserve development
$17,937 $16,311 $8,012 $— $— $4,038 $24,323 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses56.3 %55.7 %55.7 %55.1 %56.4 %55.8 %55.7 %
Catastrophe and weather-related losses ratio3.7 %5.9 %5.8 %3.6 %1.5 %3.1 %4.3 %
Current accident year loss ratio60.0 %61.6 %61.5 %58.7 %57.9 %58.9 %60.0 %
Prior year reserve development ratio(1.4 %)(1.2 %)(0.6 %)— %— %(0.3 %)(0.5 %)
Net losses and loss expenses ratio58.6 %60.4 %60.9 %58.7 %57.9 %58.6 %59.5 %
Acquisition cost ratio19.7 %20.1 %20.1 %20.3 %20.2 %18.7 %20.2 %
General and administrative expenses ratio [a]
11.9 %13.7 %12.1 %11.4 %13.0 %13.6 %12.6 %
Combined ratio90.2 %94.2 %93.1 %90.4 %91.1 %90.9 %92.3 %
[a]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
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AXIS CAPITAL HOLDINGS LIMITED
INSURANCE SEGMENT DATA
Year ended December 31,
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 20232024
UNDERWRITING REVENUES
Gross premiums written$1,655,903 $1,700,337 $1,526,676 $1,814,066 $1,574,505 $1,415,612 $6,615,584 
Ceded premiums written(611,323)(642,254)(550,765)(619,869)(552,151)(533,036)(2,365,039)
Net premiums written1,044,580 1,058,083 975,911 1,194,197 1,022,354 882,576 4,250,545 
Gross premiums earned1,598,550 1,621,228 1,592,802 1,541,766 1,499,039 1,370,696 6,254,836 
Ceded premiums earned(588,464)(595,203)(568,951)(583,554)(581,093)(554,240)(2,328,800)
Net premiums earned1,010,086 1,026,025 1,023,851 958,212 917,946 816,456 3,926,036 
Other insurance related income (loss)156 40 93 (61)21 54 94 
Total underwriting revenues1,010,242 1,026,065 1,023,944 958,151 917,967 816,510 3,926,130 
UNDERWRITING EXPENSES
Net losses and loss expenses562,088 603,311 602,654 542,591 496,864 449,467 2,245,420 
Acquisition costs194,021 199,606 203,255 188,026 176,029 147,058 766,915 
Underwriting-related general and administrative expenses119,592 132,699 119,249 111,894 122,087 116,630 485,929 
Total underwriting expenses875,701 935,616 925,158 842,511 794,980 713,155 3,498,264 
UNDERWRITING INCOME$134,541 $90,449 $98,786 $115,640 $122,987 $103,355 $427,866 
Catastrophe and weather-related losses, net of reinstatement premiums$47,530 $80,110 $71,038 $45,793 $19,153 $24,333 $216,093 
Net favorable prior year reserve development
$13,978 $12,200 $4,009 $— $— $1,041 $16,209 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses52.3 %52.2 %52.3 %51.8 %52.0 %52.2 %52.1 %
Catastrophe and weather-related losses ratio4.7 %7.8 %7.0 %4.8 %2.1 %3.0 %5.5 %
Current accident year loss ratio57.0 %60.0 %59.3 %56.6 %54.1 %55.2 %57.6 %
Prior year reserve development ratio(1.4 %)(1.2 %)(0.4 %)— %— %(0.1 %)(0.4 %)
Net losses and loss expenses ratio55.6 %58.8 %58.9 %56.6 %54.1 %55.1 %57.2 %
Acquisition cost ratio19.2 %19.5 %19.9 %19.6 %19.2 %18.0 %19.5 %
Underwriting-related general and administrative expenses ratio11.9 %12.9 %11.6 %11.7 %13.3 %14.2 %12.4 %
Combined ratio86.7 %91.2 %90.4 %87.9 %86.6 %87.3 %89.1 %

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AXIS CAPITAL HOLDINGS LIMITED
REINSURANCE SEGMENT DATA
Year ended December 31,
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 20232024
UNDERWRITING REVENUES
Gross premiums written$1,138,749 $274,987 $409,226 $626,170 $1,079,922 $966,364 $2,390,304 
Ceded premiums written(433,290)(107,521)(149,152)(246,623)(380,203)(240,584)(883,498)
Net premiums written705,459 167,466 260,074 379,547 699,719 725,780 1,506,806 
Gross premiums earned548,495 586,110 566,844 576,171 545,608 551,072 2,274,731 
Ceded premiums earned(217,761)(235,121)(223,994)(229,905)(205,513)(137,329)(894,532)
Net premiums earned330,734 350,989 342,850 346,266 340,095 413,743 1,380,199 
Other insurance related income3,422 6,976 6,745 8,587 8,319 523 30,627 
Total underwriting revenues334,156 357,965 349,595 354,853 348,414 414,266 1,410,826 
UNDERWRITING EXPENSES
Net losses and loss expenses223,837 228,645 229,218 223,397 231,807 271,175 913,067 
Acquisition costs70,560 76,667 71,680 77,065 78,225 83,315 303,636 
Underwriting-related general and administrative expenses10,846 13,600 12,333 8,874 15,706 23,765 50,513 
Total underwriting expenses305,243 318,912 313,231 309,336 325,738 378,255 1,267,216 
UNDERWRITING INCOME$28,913 $39,053 $36,364 $45,517 $22,676 $36,011 $143,610 
Catastrophe and weather-related losses, net of reinstatement premiums$1,540 $953 $7,082 $1,267 $602 $13,390 $9,903 
Net favorable prior year reserve development
$3,959 $4,111 $4,003 $— $— $2,997 $8,114 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses68.4 %66.0 %66.0 %64.2 %68.0 %63.0 %66.0 %
Catastrophe and weather-related losses ratio0.5 %0.3 %2.0 %0.3 %0.2 %3.3 %0.7 %
Current accident year loss ratio68.9 %66.3 %68.0 %64.5 %68.2 %66.3 %66.7 %
Prior year reserve development ratio(1.2 %)(1.2 %)(1.1 %)— %— %(0.8 %)(0.5 %)
Net losses and loss expenses ratio67.7 %65.1 %66.9 %64.5 %68.2 %65.5 %66.2 %
Acquisition cost ratio21.3 %21.8 %20.9 %22.3 %23.0 %20.1 %22.0 %
Underwriting-related general and administrative expense ratio3.3 %4.0 %3.6 %2.5 %4.6 %5.8 %3.6 %
Combined ratio92.3 %90.9 %91.4 %89.3 %95.8 %91.4 %91.8 %




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AXIS CAPITAL HOLDINGS LIMITED
NET INVESTMENT INCOME
  Year ended December 31,
 Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 20232024
Fixed maturities$146,711 $164,283 $163,002 $154,023 $139,396 $118,262 $620,704 
Other investments22,410 9,099 19,594 14,301 5,673 486 48,666 
Equity securities3,208 3,574 3,529 3,057 2,762 2,455 12,922 
Mortgage loans6,868 7,617 8,175 9,108 9,130 8,386 34,028 
Cash and cash equivalents33,380 17,804 14,402 13,733 13,661 10,012 59,600 
Short-term investments1,986 1,421 3,919 3,766 3,463 1,660 12,569 
Gross investment income214,563 203,798 212,621 197,988 174,085 141,261 788,489 
Investment expenses(6,850)(8,025)(7,521)(7,013)(6,702)(7,490)(29,260)
Net investment income$207,713 $195,773 $205,100 $190,975 $167,383 $133,771 $759,229 


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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
March 31,December 31,September 30,June 30,March 31,March 31,
202520242024202420242023
ASSETS
Investments:
Fixed maturities, available for sale, at fair value$11,865,480 $12,152,753 $13,768,193 $12,585,137 $12,269,310 $11,627,555 
Fixed maturities, held to maturity, at amortized cost389,571 443,400 503,776 637,792 693,042 716,768 
Equity securities, at fair value574,379 579,274 604,834 589,899 582,178 573,916 
Mortgage loans, held for investment, at fair value457,907 505,697 524,929 544,859 609,704 634,470 
Other investments, at fair value938,562 930,278 939,734 936,680 934,724 1,008,887 
Equity method investments214,240 206,994 197,712 193,705 182,594 146,083 
Short-term investments, at fair value91,330 223,666 127,867 57,436 75,879 70,416 
Total investments14,531,469 15,042,062 16,667,045 15,545,508 15,347,431 14,778,095 
Cash and cash equivalents3,332,767 3,063,621 1,471,326 1,655,063 1,841,574 1,179,295 
Accrued interest receivable108,392 114,012 125,770 118,147 107,131 97,983 
Insurance and reinsurance premium balances receivable3,725,518 3,169,355 3,408,271 3,686,819 3,517,242 3,119,158 
Reinsurance recoverable on unpaid losses and loss expenses6,944,518 6,840,897 6,810,929 6,591,821 6,503,188 5,823,417 
Reinsurance recoverable on paid losses and loss expenses531,105 546,287 476,045 483,447 472,660 593,013 
Deferred acquisition costs626,104 524,837 574,012 592,067 543,343 560,173 
Prepaid reinsurance premiums2,175,425 1,936,979 2,020,952 2,113,364 2,060,717 1,632,513 
Receivable for investments sold39,498 3,693 871 11,899 5,686 7,079 
Goodwill66,498 66,498 100,801 100,801 100,801 100,801 
Intangible assets173,238 175,967 178,696 181,426 184,155 195,071 
Operating lease right-of-use assets92,299 92,516 97,912 101,101 104,162 88,155 
Loan advances made
272,499 247,775 283,624 328,921 345,065 79,684 
Other assets629,844 695,794 506,394 568,498 625,535 390,224 
TOTAL ASSETS$33,249,174 $32,520,293 $32,722,648 $32,078,882 $31,758,690 $28,644,661 
LIABILITIES
Reserve for losses and loss expenses$17,489,459 $17,218,929 $17,295,329 $16,738,871 $16,630,897 $15,314,644 
Unearned premiums5,859,606 5,211,865 5,452,873 5,674,787 5,353,827 4,821,775 
Insurance and reinsurance balances payable1,883,746 1,713,798 1,828,297 2,005,126 1,909,309 1,654,292 
Debt1,315,555 1,315,179 1,314,806 1,314,438 1,314,074 1,312,658 
Federal Home Loan Bank advances66,380 66,380 75,580 85,790 85,790 85,790 
Payable for investments purchased193,752 269,728 127,609 118,706 493,582 78,711 
Operating lease liabilities107,289 106,614 115,176 116,264 119,124 99,130 
Other liabilities430,588 528,421 429,751 365,429 346,932 317,432 
TOTAL LIABILITIES27,346,375 26,430,914 26,639,421 26,419,411 26,253,535 23,684,432 
SHAREHOLDERS’ EQUITY
Preferred shares550,000 550,000 550,000 550,000 550,000 550,000 
Common shares2,206 2,206 2,206 2,206 2,206 2,206 
Additional paid-in capital2,374,804 2,394,063 2,385,905 2,376,244 2,368,144 2,347,637 
Accumulated other comprehensive income (loss)(152,376)(267,557)(76,738)(394,968)(411,849)(571,896)
Retained earnings7,492,484 7,341,569 7,092,817 6,957,185 6,790,558 6,381,201 
Treasury shares, at cost(4,364,319)(3,930,902)(3,870,963)(3,831,196)(3,793,904)(3,748,919)
TOTAL SHAREHOLDERS' EQUITY5,902,799 6,089,379 6,083,227 5,659,471 5,505,155 4,960,229 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$33,249,174 $32,520,293 $32,722,648 $32,078,882 $31,758,690 $28,644,661 
Debt to total capital [a]
18.2 %17.8 %17.8 %18.8 %19.3 %20.9 %
[a]    The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.
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AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS PORTFOLIO
At March 31, 2025At December 31, 2024
Cost or
Amortized 
Cost
Allowance for Expected Credit Losses
Unrealized
Gains
Unrealized
Losses
Fair Value or Net Carrying ValuePercentageFair Value or Net Carrying ValuePercentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency$2,550,984 $— $14,930 $(12,071)$2,553,843 14.3 %$2,802,986 15.5 %
Non-U.S. government719,115 (59)8,044 (12,575)714,525 4.0 %729,939 4.1 %
Corporate debt4,690,383 (3,875)38,761 (97,659)4,627,610 26.0 %4,842,190 27.0 %
Agency RMBS1,591,388 — 8,903 (42,737)1,557,554 8.7 %1,184,845 6.6 %
CMBS879,004 — 3,347 (26,243)856,108 4.8 %819,608 4.6 %
Non-Agency RMBS195,220 (196)731 (6,016)189,739 1.1 %122,536 0.7 %
ABS1,296,928 (53)5,120 (8,121)1,293,874 7.3 %1,539,832 8.6 %
Municipals74,308 — 261 (2,342)72,227 0.4 %110,817 0.6 %
Total fixed maturities, available for sale, at fair value11,997,330 (4,183)80,097 (207,764)11,865,480 66.6 %12,152,753 67.7 %
Fixed maturities, held to maturity, at amortized cost
Corporate debt128,906 — — — 128,906 0.7 %122,706 0.7 %
ABS260,665 — — — 260,665 1.5 %320,694 1.8 %
Total fixed maturities, held to maturity, at amortized cost389,571 — — — 389,571 2.2 %443,400 2.5 %
Equity securities, at fair value
Common stocks3,061 — 64 (509)2,616 — %2,638 — %
Preferred Stocks5,843 — 157 (112)5,888 — %5,867 — %
Exchange-traded funds235,124 — 83,685 (4,301)314,508 1.8 %314,042 1.7 %
Bond mutual funds294,350 — 2,469 (45,452)251,367 1.4 %256,727 1.5 %
Total equity securities, at fair value538,378 — 86,375 (50,374)574,379 3.2 %579,274 3.2 %
Total fixed maturities and equity securities$12,925,279 $(4,183)$166,472 $(258,138)12,829,430 72.0 %13,175,427 73.4 %
Mortgage loans, held for investment457,907 2.6 %505,697 2.8 %
Other investments938,562 5.3 %930,278 5.2 %
Equity method investments214,240 1.2 %206,994 1.2 %
Short-term investments91,330 0.5 %223,666 1.2 %
Total investments14,531,469 81.6 %15,042,062 83.8 %
Cash and cash equivalents [a]3,332,767 18.7 %3,063,621 17.1 %
Accrued interest receivable108,392 0.6 %114,012 0.6 %
Net receivable/(payable) for investments sold (purchased)(154,254)(0.9 %)(266,035)(1.5 %)
Total cash and invested assets$17,818,374 100.0 %$17,953,660 100.0 %
[a]    Includes $576 million and $920 million of restricted cash and cash equivalents at March 31, 2025 and December 31, 2024, respectively.

At March 31, 2025At December 31, 2024
Fair ValuePercentageFair ValuePercentage
Other Investments:
Multi-strategy funds$16,625 1.8 %$24,919 2.7 %
Direct lending funds167,425 17.8 %171,048 18.4 %
Real estate funds291,564 31.1 %291,640 31.3 %
Private equity funds329,542 35.1 %320,690 34.5 %
Other privately held investments133,406 14.2 %121,981 13.1 %
Total$938,562 100.0 %$930,278 100.0 %
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AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS COMPOSITION
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 2023
 Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency14.3 %15.5 %15.5 %15.4 %15.6 %18.1 %
Non-U.S. government4.0 %4.1 %4.5 %4.4 %4.4 %3.5 %
Corporate debt26.0 %27.0 %31.6 %29.6 %29.2 %26.9 %
MBS:
Agency RMBS8.7 %6.6 %9.6 %9.3 %9.4 %8.0 %
CMBS4.8 %4.6 %4.5 %4.8 %4.9 %5.8 %
Non-agency RMBS1.1 %0.7 %0.7 %0.7 %0.8 %0.8 %
ABS7.3 %8.6 %8.7 %8.0 %7.8 %8.7 %
Municipals0.4 %0.6 %0.8 %0.9 %0.9 %0.9 %
Total Fixed Maturities, available for sale66.6 %67.7 %75.9 %73.1 %73.0 %72.7 %
Fixed Maturities, held to maturity:
Corporate debt0.7 %0.7 %0.7 %0.6 %0.6 %0.5 %
ABS1.5 %1.8 %2.1 %3.1 %3.5 %4.0 %
Total Fixed Maturities, held to maturity2.2 %2.5 %2.8 %3.7 %4.1 %4.5 %
Equity securities3.2 %3.2 %3.3 %3.4 %3.5 %3.6 %
Mortgage loans2.6 %2.8 %2.9 %3.2 %3.6 %4.0 %
Other investments5.3 %5.2 %5.2 %5.4 %5.6 %6.3 %
Equity method investments1.2 %1.2 %1.1 %1.1 %1.1 %0.9 %
Short-term investments0.5 %1.2 %0.7 %0.4 %0.4 %0.5 %
Total Investments81.6 %83.8 %91.9 %90.3 %91.3 %92.5 %
Cash and cash equivalents18.7 %17.1 %8.1 %9.6 %11.0 %7.4 %
Accrued interest receivable0.6 %0.6 %0.7 %0.7 %0.6 %0.6 %
Net receivable/(payable) for investments sold (purchased)(0.9 %)(1.5 %)(0.7 %)(0.6 %)(2.9 %)(0.5 %)
Total Cash and Invested Assets100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency20.8 %22.3 %19.7 %20.2 %20.0 %23.5 %
AAA [a]
20.3 %21.2 %20.1 %21.0 %21.7 %34.3 %
AA [a]
21.8 %18.7 %20.5 %20.4 %20.4 %7.1 %
A16.8 %16.6 %17.8 %16.8 %16.1 %14.9 %
BBB9.5 %9.5 %11.9 %11.4 %11.6 %11.3 %
Below BBB10.8 %11.7 %10.0 %10.2 %10.2 %8.9 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
MATURITY PROFILE OF FIXED MATURITIES
Within one year6.5 %7.1 %5.2 %4.3 %3.3 %4.5 %
From one to five years43.0 %44.7 %43.4 %42.7 %44.7 %42.4 %
From five to ten years15.2 %14.9 %17.1 %18.0 %16.3 %16.4 %
Above ten years1.4 %1.6 %1.7 %1.3 %1.3 %1.4 %
Asset-backed and mortgage-backed securities33.9 %31.7 %32.6 %33.7 %34.4 %35.3 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities4.5 %4.5 %4.4 %4.4 %4.3 %3.7 %
Yield to maturity of fixed maturities5.2 %5.3 %4.9 %5.7 %5.6 %5.4 %
Average duration of fixed maturities (inclusive of duration hedges)3.0 yrs2.8 yrs3.0 yrs3.1 yrs3.0 yrs3.0 yrs
Average credit quality of fixed maturities
A+A+A+A+A+AA-
[a]    Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS") and reflect the downgrade of the U.S. government on August 1, 2023.
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AXIS CAPITAL HOLDINGS LIMITED
MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION
At March 31, 2025
Available for sale, at fair valueAgenciesAAAAAABBB
Non-Investment
Grade
Total
Residential MBS$1,557,554 $182,735 $5,092 $244 $81 $1,587 $1,747,293 
Commercial MBS165,781 625,751 57,961 5,605 — 1,010 856,108 
ABS— 1,095,422 105,179 57,981 33,752 1,540 1,293,874 
Total mortgage-backed and asset-backed securities, available for sale, at fair value$1,723,335 $1,903,908 $168,232 $63,830 $33,833 $4,137 $3,897,275 
Percentage of total44.2 %48.9 %4.3 %1.6 %0.9 %0.1 %100.0 %
Held to maturity, at amortized costAgenciesAAAAAABBB
Non-Investment
Grade
Total
ABS$— $105,591 $155,074 $— $— $— $260,665 
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost$— $105,591 $155,074 $— $— $— $260,665 
Percentage of total— %40.5 %59.5 %— %— %— %100.0 %

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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES
Three months ended March 31, 2025Three months ended March 31, 2024
 Reserve for losses and loss expensesReinsurance recoverable on unpaid losses and loss expensesNet reserve for losses and loss expenses
Reserve for losses and loss expenses
Reinsurance recoverable on unpaid losses and loss expensesNet reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period$17,218,929 $(6,840,897)$10,378,032 $16,434,018 $(6,323,083)$10,110,935 
Incurred losses and loss expenses1,278,752 (492,827)785,925 1,237,194 (508,523)728,671 
Paid losses and loss expenses(1,151,905)383,104 (768,801)(972,666)309,371 (663,295)
Foreign exchange and other143,683 6,102 149,785 (67,649)19,047 (48,602)
End of period [a]
$17,489,459 $(6,944,518)$10,544,941 $16,630,897 $(6,503,188)$10,127,709 
[a]  At March 31, 2025, reserve for losses and loss expenses included IBNR of $12.0 billion, or 68% (December 31, 2024: $11.8 billion, or 68%).



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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENT
Three months ended March 31, 2025Three months ended March 31, 2024
 InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross paid losses and loss expenses$721,591 $430,314 $1,151,905 $567,035 $405,631 $972,666 
Reinsurance recoverable on paid losses and loss expenses(274,816)(108,288)(383,104)(219,214)(90,157)(309,371)
Net paid losses and loss expenses446,775 322,026 768,801 347,821 315,474 663,295 
Change in gross case reserves
79,726 (62,988)16,738 25,899 (68,248)(42,349)
Change in gross IBNR
96,702 13,407 110,109 279,567 27,310 306,877 
Change in reinsurance recoverable on unpaid losses and loss expenses
(61,115)(48,608)(109,723)(156,423)(42,729)(199,152)
Change in net unpaid losses and loss expenses
115,313 (98,189)17,124 149,043 (83,667)65,376 
Total net incurred losses and loss expenses$562,088 $223,837 $785,925 $496,864 $231,807 $728,671 
Gross reserve for losses and loss expenses$10,731,598 $6,757,873 $17,489,459 $9,789,623 $6,841,274 $16,630,897 
Net favorable prior year reserve development$13,978 $3,959 $17,937 $— $— $— 
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses79.5 %143.9 %97.8 %70.0 %136.1 %91.0 %
Net paid losses and loss expenses / Net premiums earned44.2 %97.4 %57.3 %37.9 %92.8 %52.7 %
Net unpaid losses and loss expenses / Net premiums earned11.4 %(29.7 %)1.3 %16.2 %(24.6 %)5.2 %
Net losses and loss expenses ratio55.6 %67.7 %58.6 %54.1 %68.2 %57.9 %
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AXIS CAPITAL HOLDINGS LIMITED
EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, U.S. GAAP
 Three months ended March 31,
20252024
Net income available to common shareholders
$186,508 $387,896 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding81,152 84,879 
Dilutive share equivalents:
Share-based compensation plans
1,226 814 
Weighted average diluted common shares outstanding82,378 85,693 
EARNINGS PER COMMON SHARE
Earnings per common share
$2.30 $4.57 
Earnings per diluted common share
$2.26 $4.53 


EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 2023
Net income available to common shareholders$186,508 $286,069 $173,165 $204,401 $387,896 $172,534 
COMMON SHARES OUTSTANDING
Common shares - at beginning of period82,984 83,649 84,179 84,687 85,286 84,668 
Shares issued and treasury shares reissued714 28 12 37 682 777 
Shares repurchased for treasury(5,047)(693)(542)(545)(1,281)(262)
Common shares - at end of period78,651 82,984 83,649 84,179 84,687 85,183 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding81,152 83,380 83,936 84,475 84,879 84,864 
Dilutive share equivalents:
Share-based compensation plans
1,226 1,315 1,064 851 814 989 
Weighted average diluted common shares outstanding82,378 84,695 85,000 85,326 85,693 85,853 
EARNINGS PER COMMON SHARE
Earnings per common share
$2.30 $3.43 $2.06 $2.42 $4.57 $2.03 
Earnings per diluted common share
$2.26 $3.38 $2.04 $2.40 $4.53 $2.01 








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AXIS CAPITAL HOLDINGS LIMITED
BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD [a]
 At March 31, 2025
 
Common
Shareholders’
Equity

Common Shares Outstanding, net of
Treasury Shares		Per share
Closing stock price$100.24 
Book value per common share $5,352,799 78,651 $68.06 
Dilutive securities:
Restricted stock units1,869 (1.58)
Book value per diluted common share$5,352,799 80,520 $66.48 
 At December 31, 2024
 Common
Shareholders’ Equity
Common Shares Outstanding, net of
Treasury Shares		Per share
Closing stock price$88.62 
Book value per common share $5,539,379 82,984 $66.75 
Dilutive securities:
Restricted stock units1,886 (1.48)
Book value per diluted common share$5,539,379 84,870 $65.27 
[a]   Under this method, unvested restricted stock units are included in determining the diluted common shares outstanding.


TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE
Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q1 2023
Common shareholders' equity$5,352,799 $5,539,379 $5,533,227 $5,109,471 $4,955,155 $4,410,229 
Less: goodwill(66,498)(66,498)(100,801)(100,801)(100,801)(100,801)
Less: intangible assets(173,238)(175,967)(178,696)(181,426)(184,155)(195,071)
     Associated tax impact46,909 47,530 48,507 49,128 49,749 52,235 
Tangible common shareholders' equity$5,159,972 $5,344,444 $5,302,237 $4,876,372 $4,719,948 $4,166,592 
Diluted common shares outstanding, net of treasury shares [a]80,520 84,870 85,583 86,172 86,738 87,660 
Book value per diluted common share $66.48 $65.27 $64.65 $59.29 $57.13 $50.31 
Tangible book value per diluted common share$64.08 $62.97 $61.95 $56.59 $54.42 $47.53 
[a] Diluted common shares outstanding, net of treasury shares is calculated in the table above.

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AXIS CAPITAL HOLDINGS LIMITED
NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)
OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY
Three months ended March 31,
 20252024
Net income available to common shareholders
$186,508 $387,896 
Net investment (gains) losses
30,005 9,207 
Foreign exchange losses (gains)
57,034 (23,552)
Reorganization expenses
— 12,299 
Interest in income of equity method investments
(2,291)(1,169)
Bermuda net deferred tax asset [a]
— (162,705)
Income tax benefit [b]
(9,787)(1,814)
Operating income$261,469 $220,162 
Earnings per diluted common share$2.26 $4.53 
Net investment (gains) losses 0.36 0.11 
Foreign exchange losses (gains)
0.69 (0.27)
Reorganization expenses— 0.14 
Interest in income of equity method investments
(0.03)(0.01)
Bermuda net deferred tax asset
— (1.90)
Income tax benefit
(0.11)(0.03)
Operating income per diluted common share$3.17 $2.57 
Weighted average diluted common shares outstanding82,378 85,693 
Average common shareholders' equity$5,446,089 $4,834,176 
Annualized return on average common equity13.7 %32.1 %
Annualized operating return on average common equity19.2 %18.2 %
[a] Net deferred tax benefit 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.
[b] Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED
RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this document, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), tangible book value per diluted common share which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses
Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.

The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations' section of this document.

Consolidated Underwriting Income (Loss)
Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

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Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).
Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations' section of this document.

Current Accident Year Loss Ratio
Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

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Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.

Operating Income (Loss)
Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).

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Bermuda net deferred tax asset 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. The Bermuda net deferred tax asset is not related to the underwriting process. Therefore, this income is excluded from operating income (loss).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset in order to understand the profitability of recurring sources of income.

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

Tangible Book Value per Diluted Common Share
Tangible book value represents common shareholders' equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share' section of this document.

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