XML 21 R10.htm IDEA: XBRL DOCUMENT v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company's 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.

Insurance

The Company's insurance segment offers specialty insurance products to a variety of markets on a worldwide basis. The product lines in this segment are professional lines, property, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.
The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.

The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:
  20252024
Three months ended and at March 31,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,655,903$1,138,749$2,794,652$1,574,505$1,079,922$2,654,427
Net premiums written1,044,580705,4591,750,0391,022,354699,7191,722,073
Net premiums earned1,010,086330,7341,340,820917,946340,0951,258,041
Other insurance related income1563,4223,578218,3198,340
Current accident year net losses and loss expenses
(576,066)(227,796)(803,862)(496,864)(231,807)(728,671)
Net favorable prior year reserve development13,9783,95917,937———
Acquisition costs(194,021)(70,560)(264,581)(176,029)(78,225)(254,254)
Underwriting-related general and administrative expenses(119,592)(10,846)(130,438)(122,087)(15,706)(137,793)
Underwriting income$134,541$28,913163,454$122,987$22,676145,663
Net investment income207,713167,383
Net investment gains (losses)(30,005)(9,207)
Corporate expenses(28,725)(25,580)
Foreign exchange (losses) gains(57,034)23,552
Interest expense and financing costs(16,572)(17,147)
Reorganization expenses—(12,299)
Amortization of intangible assets(2,729)(2,729)
Income before income taxes and interest in income of equity method investments
236,102269,636
Income tax (expense) benefit(44,322)124,654
Interest in income of equity method investments2,2911,169
Net income194,071395,459
Preferred share dividends7,5637,563
Net income available to common shareholders$186,508$387,896
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 %
General and administrative expense ratio11.9 %3.3 %11.9 %13.3 %4.6 %13.0 %
Combined ratio86.7 %92.3 %90.2 %86.6 %95.8 %91.1 %
Goodwill and intangible assets$239,736$—$239,736$284,956$—$284,956