AXIS CAPITAL HOLDINGS LTD

Listed Company

AXSCIK 0001214816NYSELarge AcceleratedFire, Marine & Casualty InsuranceFY ends Dec 31

Period

FY 2025

Revenue

$6.56B

Net Income

$1.01B

Total Assets

$34.46B

Equity

$6.36B

Shares Out

73.72M

Op. Cash Flow

$-40.93M

+ 13F Filer

Business

AXIS CAPITAL HOLDINGS LTD is a global specialty underwriter and provider of insurance and reinsurance solutions operating through direct and indirect subsidiaries and branches. It offers specialty insurance and treaty reinsurance products including professional lines, property, liability, cyber, marine and aviation, accident and health, credit and political risk, motor, agriculture and related facultative and treaty solutions, plus investment and ILS services. Its operations are organized into two reportable segments, Insurance and Reinsurance, with dedicated underwriting, claims, risk and capital management functions. AXIS distributes products primarily through wholesale and retail brokers, managing general agents/underwriters, Lloyd’s syndicates and direct channels across Bermuda, the U.S., Europe, Singapore, Canada and other international markets.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net premiums earned	5,715	5,306	5,084	5,160	4,710
Net investment income	767	759	612	419	454
Other insurance related income	23	31	22	13	23
Increase in allowance for expected credit losses	−4	−10	−5	−11	11,000
Impairment losses	−2	−408,000	−13	−13	−22,000
Other realized and unrealized investment gains (losses)	65	−128	−57	−433	134
Total net investment gains (losses)	59	−139	−75	−457	134
Total revenues	6,564	5,958	5,643	5,135	5,322
Net losses and loss expenses	3,289	3,158	3,393	3,242	3,009
Acquisition costs	1,136	1,071	1,001	1,022	922
General and administrative expenses	704	666	684	680	663
Foreign exchange losses (gains)	142	−51	58	−158	315,000
Interest expense and financing costs	67	68	68	63	62
Reorganization expenses	0	26	29	31	0
Amortization of intangible assets	10	11	11	11	12
Total expenses	5,348	4,949	5,245	4,892	4,673
Income before income taxes and interest in income of equity method investments	1,216	1,008	398	243	649
Income tax (expense) benefit	−217	56	−26	−22	−62
Interest in income of equity method investments	9	18	4	2	32
Net income	1,009	1,082	376	223	619
Preferred share dividends	30	30	30	30	30
Net income available to common shareholders	979	1,052	346	193	588
Earnings per common share (in dollars per share)	12.52	12.49	4.06	2.27	6.95
Earnings per diluted common share (in dollars per share)	12.35	12.35	4.02	2.25	6.9
Weighted average common shares outstanding (in shares)	78	84	85	85	85
Weighted average diluted common shares outstanding (in shares)	79	85	86	86	85

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Fixed maturities, available for sale, at fair value (Amortized cost 2025: $12,937,728; 2024: $12,419,905 Allowance for expected credit losses 2025: $1,836; 2024: $3,938)	13,018	12,153	12,235	11,327	12,313
Fixed maturities, held to maturity, at amortized cost (Fair value 2025: $395,942; 2024: $436,751 Allowance for expected credit losses 2025: $nil; 2024: $nil)	397	443	686	698	446
Equity securities, at fair value (Cost 2025: $581,275; 2024: $520,743)	708	579	—	—	—
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2025: $29,742; 2024: $23,378)	357	506	610	627	594
Other investments, at fair value	1,028	930	949	997	948
Equity method investments	227	207	175	148	146
Short-term investments, at fair value	20	224	17	70	31
Total investments	15,755	15,042	15,261	14,353	15,134
Cash and cash equivalents	820	2,143	953	751	845
Restricted cash and cash equivalents	501	920	431	423	473
Accrued interest receivable	116	114	106	94	64
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2025: $15,821; 2024: $17,339)	3,200	2,800	3,000	2,733	2,623
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2025: $40,340; 2024: $43,445)	8,952	6,841	6,323	5,831	5,018
Reinsurance recoverable on paid losses and loss expenses	674	546	576	540	642
Deferred acquisition costs	802	686	451	474	466
Prepaid reinsurance premiums	2,139	1,937	1,916	1,550	1,377
Receivable for investments sold	13	4	9	16	5
Goodwill	66	66	101	101	101
Intangible assets	166	176	187	198	209
Operating lease right-of-use assets	94	93	108	92	103
Loan advances made	232	248	305	87	—
Other assets	887	1,038	456	438	310
Total assets	34,462	32,681	30,251	27,683	27,369
Reserve for losses and loss expenses	18,122	17,219	16,434	15,169	14,653
Unearned premiums	5,826	5,212	4,748	4,361	4,091
Insurance and reinsurance balances payable	1,882	1,714	1,793	1,610	1,325
Debt	1,317	1,315	1,314	1,312	1,311
Federal Home Loan Bank advances	66	66	86	81	0
Payable for investments purchased	37	270	26	20	32
Operating lease liabilities	110	107	123	103	120
Other liabilities	745	689	464	387	428
Total liabilities	28,105	26,592	24,987	23,043	21,958
Commitments and Contingencies	—	—	—	—	—
Preferred shares	550	550	550	550	550
Common shares (shares issued 2025: 176,580; 2024: 176,580 shares outstanding 2025: 74,135; 2024: 82,984)	2	2	2	2	2
Additional paid-in capital	2,406	2,394	2,383	2,366	2,346
Accumulated other comprehensive income (loss)	28	−268	−366	−760	57
Retained earnings	8,182	7,342	6,441	6,247	6,205
Treasury shares, at cost (2025: 102,445; 2024: 93,596)	−4,812	−3,931	−3,747	−3,765	−3,749
Total shareholders equity	6,356	6,089	5,263	4,640	5,411
Total liabilities and shareholders equity	34,462	32,681	30,251	27,683	27,369

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net investment (gains) losses	−56	144	75	457	—
Net realized and unrealized gains on other investments	−68	−47	−20	−56	−180
Amortization of fixed maturities	−40	−38	−20	26	36
Other amortization and depreciation	56	55	76	68	67
Share-based compensation expense, net of cash payments	45	43	54	48	38
Accrued interest receivable	−2	−8	−12	−30	633,000
Reinsurance recoverable on unpaid losses and loss expenses	−2,121	−543	−494	−826	−527
Reinsurance recoverable on paid losses and loss expenses	−191	−4	−61	93	−211
Deferred acquisition costs	−115	−85	12	−11	−34
Prepaid reinsurance premiums	−204	−31	−366	−176	−186
Reserve for losses and loss expenses	906	842	1,273	544	737
Unearned premiums	614	483	389	287	410
Insurance and reinsurance balances, net	−16	94	49	198	436
Other items	150	−123	−71	−46	156
Net cash provided by (used in) operating activities	−41	1,845	1,256	798	1,198
Fixed maturities, available for sale	−9,184	−10,530	−6,349	−7,476	−12,134
Fixed maturities, held to maturity	−125	−106	−37	−256	−197
Equity securities	−131	−115	−90	−94	−137
Mortgage loans	−15	−18	−25	−117	−146
Other investments	−170	−70	−91	−148	−264
Equity method investments	−11	−14	−22	0	0
Short-term investments	−245	−331	−247	−177	−159
Unsettled payable for reverse repurchase agreements included in cash and cash equivalents	0	247	0	0	—
Fixed maturities, available for sale	6,811	9,060	4,849	6,110	9,203
Equity securities	99	155	56	139	25
Other investments	141	136	158	157	325
Short-term investments	316	58	227	117	178
Proceeds from redemption of fixed maturities, available for sale	1,616	1,508	934	1,019	1,817
Proceeds from redemption of fixed maturities, held to maturity	171	349	50	4	156
Proceeds from redemption of short-term investments	135	69	77	20	111
Proceeds from the repayment of mortgage loans	153	98	36	84	146
Proceeds from the purchase of other assets, net	−51	−17	−31	−37	−39
Loan advances made	−139	−199	−350	−106	−83
Net cash provided by (used in) investing activities	−629	280	−856	−762	−1,197
Repurchase of common shares	−888	−200	0	−35	0
Taxes paid on withholding shares	−27	−16	−24	−14	−10
Dividends paid - common shares	−143	−152	−154	−149	−146
Dividends paid - preferred shares	−30	−30	−30	−30	−30
Federal Home Loan Bank advances, net	0	−19	5	79	—
Net cash used in financing activities	−1,087	−417	−202	−150	−186
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash	14	−28	12	−30	−74,000
Increase (decrease) in cash, cash equivalents and restricted cash	−1,742	1,680	209	−143	−186
Income taxes paid	127	81	77	33	45
Interest paid	63	64	64	60	59

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 3 positions

Reported AUM

$178.30M

Holdings

Top sector

$178.30M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$178.30M	100.0%

Top holdings

Issuer	Ticker	Shares	Value	%
VANGUARD S&P 500 ETF	—	285.0K	$118.31M	66.4%
SPDR S&P 500 ETF TRUST	—	107.3K	$48.45M	27.2%
VANGUARD FTSE All-World ex-US ETF	—	200.3K	$11.54M	6.5%