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SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY ONLY
 12 Months Ended
Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY ONLY
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS – PARENT COMPANY
DECEMBER 31, 2022 AND 2021
 
20222021
(in thousands)
Assets
Investments in subsidiaries$4,943,126 $5,676,653 
Cash and cash equivalents1,932 1,531 
Other assets4,432 6,525 
Total assets$4,949,490 $5,684,709 
Liabilities
Intercompany payable$225,490 $192,618 
Dividends payable52,992 51,775 
Other liabilities31,098 29,660 
Total liabilities309,580 274,053 
Shareholders’ equity
Preferred shares550,000 550,000 
Common shares (shares issued 2022: 176,580; 2021: 176,580
     shares outstanding 2022: 84,668; 2021: 84,774)
2,206 2,206 
Additional paid-in capital2,366,253 2,346,179 
Accumulated other comprehensive income (loss)(760,300)56,536 
Retained earnings6,247,022 6,204,745 
Treasury shares, at cost (2022: 91,912; 2021: 91,806)
(3,765,271)(3,749,010)
Total shareholders’ equity4,639,910 5,410,656 
Total liabilities and shareholders’ equity$4,949,490 $5,684,709 

(1)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(2)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $350 million aggregate principal amount of 4.0% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(3)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $300 million aggregate principal amount of 3.9% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(4)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $425 million aggregate principal amount of 4.9% fixed-rate reset junior unsecured notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured and junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital.
SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
 
202220212020
(in thousands)
Revenues
Net investment income
$— $— $750 
Total revenues— — 750 
Expenses
General and administrative expenses60,252 62,843 37,629 
Total expenses60,252 62,843 37,629 
Income (loss) before equity in net income (loss) of subsidiaries(60,252)(62,843)(36,879)
Equity in net income (loss) of subsidiaries283,335 681,452 (83,545)
Net income (loss)223,083 618,609 (120,424)
Preferred share dividends30,250 30,250 30,250 
Net income (loss) available (attributable) to common shareholders$192,833 $588,359 $(150,674)
Comprehensive income (loss)$(593,753)$260,750 $122,261 
SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2022, 2021 AND 2020
 
202220212020
 (in thousands)
Cash flows from operating activities:
Net income (loss)$223,083 $618,609 $(120,424)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in net (income) loss of subsidiaries(283,335)(681,452)83,545 
Change in intercompany payable32,871 (96,868)73,575 
Dividends received from subsidiaries225,000 300,000 350,000 
Other items(17,140)7,882 (8,290)
Share-based compensation expense, net of cash payments48,494 37,744 29,005 
Net cash provided by operating activities228,973 185,915 407,411 
Cash flows from financing activities:
Taxes paid on withholding shares(13,994)(10,242)(10,382)
Dividends paid - common shares(149,341)(145,603)(141,590)
Repurchase of preferred shares— — (225,000)
Repurchase of common shares - open market(34,987)— — 
Dividends paid - preferred shares(30,250)(30,250)(31,831)
Net cash used in financing activities(228,572)(186,095)(408,803)
Increase (decrease) in cash, cash equivalents and restricted cash401 (180)(1,392)
Cash, cash equivalents and restricted cash - beginning of year1,531 1,711 3,103 
Cash, cash equivalents and restricted cash - end of year$1,932 $1,531 $1,711