AXIS CAPITAL HOLDINGS LTDAXS

AXIS CAPITAL HOLDINGS LTD Segments Disclosure

10-KFiled Feb 27, 20265 min read
SEGMENT INFORMATION
AXIS Capital'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 niche markets on a worldwide basis. The product lines in this segment are property, professional lines, liability, cyber, marine and aviation, accident and health, and credit and political risk.
Reinsurance
The Company's reinsurance segment provides reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, professional lines, motor, accident and health, credit and surety, 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 has identified its President and Chief Executive Officer as its chief operating decision maker ("CODM"). The CODM evaluates performance and decides how to allocate resources based on underwriting income (loss) for each of the Company's reportable segments. During quarterly Results Review meetings, an analysis of each reportable segment's underwriting income (loss) compared to the same period in the prior year, and compared to plan, is provided by business leaders to the CODM to facilitate the evaluation of segment performance.
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:
At and year ended December 31, 2025InsuranceReinsuranceTotal
Gross premiums written$7,179,206 $2,465,308 $9,644,514 
Net premiums written4,627,224 1,494,432 6,121,656 
Net premiums earned4,291,485 1,423,124 5,714,609 
Other insurance related income677 22,539 23,216 
Current accident year net losses and loss expenses(2,404,202)(971,302)(3,375,504)
Net favorable prior year reserve development
66,975 19,988 86,963 
Acquisition costs(820,324)(316,145)(1,136,469)
Underwriting-related general and administrative expenses(537,558)(50,111)(587,669)
Underwriting income$597,053 $128,093 725,146 
Net investment income766,903 
Net investment gains58,950 
Corporate expenses(116,262)
Foreign exchange (losses) gains(141,983)
Interest expense and financing costs(66,659)
Reorganization expenses— 
Amortization of intangible assets(9,917)
Income before income taxes and interest in income of equity method investments1,216,178 
Income tax expense(216,732)
Interest in income of equity method investments9,452 
Net income1,008,898 
Preferred share dividends30,250 
Net income available to common shareholders$978,648 
Current accident year loss ratio56.0%68.3%59.1%
Prior year reserve development ratio(1.5%)(1.5%)(1.6%)
Net losses and loss expenses ratio54.5 %66.8 %57.5 %
Acquisition cost ratio19.1 %22.2 %19.9 %
General and administrative expense ratio 12.5 %3.6 %12.4 %
Combined ratio86.1 %92.6 %89.8 %
Goodwill and intangible assets$232,548 $— $232,548 
At and year ended December 31, 2024InsuranceReinsuranceTotal
Gross premiums written$6,615,584 $2,390,304 $9,005,888 
Net premiums written4,250,545 1,506,806 5,757,351 
Net premiums earned3,926,036 1,380,199 5,306,235 
Other insurance related income94 30,627 30,721 
Current accident year net losses and loss expenses(2,261,629)(921,181)(3,182,810)
Net favorable prior year reserve development
16,209 8,114 24,323 
Acquisition costs(766,915)(303,636)(1,070,551)
Underwriting-related general and administrative expenses(485,929)(50,513)(536,442)
Underwriting income$427,866 $143,610 571,476 
Net investment income759,229 
Net investment gains (losses)(138,534)
Corporate expenses(129,760)
Foreign exchange gains50,822 
Interest expense and financing costs(67,766)
Reorganization expenses(26,312)
Amortization of intangible assets(10,917)
Income before income taxes and interest in income of equity method investments1,008,238 
Income tax benefit55,595 
Interest in income of equity method investments17,953 
Net income1,081,786 
Preferred share dividends30,250 
Net income available to common shareholders$1,051,536 
Current accident year loss ratio57.6%66.7%60.0%
Prior year reserve development ratio(0.4%)(0.5%)(0.5%)
Net losses and loss expenses ratio57.2 %66.2 %59.5 %
Acquisition cost ratio19.5 %22.0 %20.2 %
General and administrative expense ratio12.4 %3.6 %12.6 %
Combined ratio89.1 %91.8 %92.3 %
Goodwill and intangible assets$242,465 $— $242,465 
At and year ended December 31, 2023InsuranceReinsuranceTotal
Gross premiums written$6,140,764 $2,215,761 $8,356,525 
Net premiums written3,758,720 1,343,605 5,102,325 
Net premiums earned3,461,700 1,622,081 5,083,781 
Other insurance related income (loss)(198)22,693 22,495 
Current accident year net losses and loss expenses(1,903,648)(1,077,572)(2,981,220)
Net favorable (adverse) prior year reserve development
(176,353)(235,529)(411,882)
Acquisition costs(648,463)(352,482)(1,000,945)
Underwriting-related general and administrative expenses(472,094)(79,373)(551,467)
Underwriting income (loss)$260,944 $(100,182)160,762 
Net investment income611,742 
Net investment gains (losses)(74,630)
Corporate expenses(132,979)
Foreign exchange (losses) gains(58,115)
Interest expense and financing costs(68,421)
Reorganization expenses(28,997)
Amortization of intangible assets(10,917)
Income before income taxes and interest in income of equity method investments398,445 
Income tax (expense) benefit(26,316)
Interest in income of equity method investments4,163 
Net income376,292 
Preferred share dividends30,250 
Net income available to common shareholders$346,042 
Current accident year loss ratio55.0 %66.4 %58.6%
Prior year reserve development ratio5.1%14.6%8.1%
Net losses and loss expenses ratio60.1 %81.0 %66.7 %
Acquisition cost ratio18.7 %21.7 %19.7 %
General and administrative expense ratio 13.7 %4.9 %13.5 %
Combined ratio92.5 %107.6 %99.9 %
Goodwill and intangible assets$287,684 $— $287,684 
 
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:
Years ended December 31,202520242023
U.S.$5,204,252 $4,864,074 $4,484,789 
Ireland1,892,851 1,923,006 1,837,177 
Lloyd's of London2,346,215 1,998,217 1,759,990 
Bermuda201,196 220,591 274,569 
Gross premiums written$9,644,514 $9,005,888 $8,356,525 
The following table presents net premiums earned by segment and line of business:    
Years ended December 31,202520242023
Insurance
Property$1,347,011 $1,139,308 $878,849 
Professional lines887,533 817,535 764,558 
Liability543,627 494,561 496,381 
Cyber310,837 347,842 323,025 
Marine and aviation665,306 614,826 567,292 
Accident and health338,522 360,894 306,061 
Credit and political risk198,649 151,070 125,534 
Total Insurance4,291,485 3,926,036 3,461,700 
Reinsurance
Liability314,003 309,265 403,239 
Professional lines198,457 169,074 205,404 
Motor126,233 123,545 155,942 
Accident and health303,690 322,932 341,806 
Credit and surety273,702 231,780 236,408 
Agriculture137,367 126,549 121,628 
Marine and aviation57,667 64,609 65,658 
Run-off lines
Catastrophe406 13,412 33,963 
Property3,845 6,266 44,508 
Engineering7,754 12,767 13,525 
Total run-off lines12,005 32,445 91,996 
Total Reinsurance1,423,124 1,380,199 1,622,081 
Total$5,714,609 $5,306,235 $5,083,781 
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About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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