Press Release

PEMBROKE, Bermuda--(BUSINESS WIRE)-- AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2024.

Commenting on the second quarter 2024 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

"This was an excellent quarter and first half of the year for AXIS defined by consistent, profitable results and strong diluted book value per share growth as we pursued our ambition of achieving specialty underwriting leadership. In the quarter, we delivered on our stated goals, producing an annualized operating ROE of 20%, record operating EPS of $2.93, and a combined ratio of 90.4%.

"We continued to lean into attractive specialty markets where we hold leadership positions, while tapping into our deep distribution relationships. In our specialty insurance business, we delivered a solid 87.9% combined ratio while generating an 8% increase in gross premiums written, 17% net premiums written growth, and record second quarter new business volume. Within reinsurance, we produced an 89.3% combined ratio and a 4% increase in premiums highlighted by targeted growth in specialty lines, reflecting our repositioning of AXIS Re as a focused, specialist reinsurer.

"During the quarter, we also took important steps forward in enhancing our operations through our "How We Work" transformation program. This included implementing operating model changes to improve productivity, reduce our cost structure, and allow for reinvestment into the business. In summary, we are pleased with our second quarter results, feel good about the actions we are taking across all aspects of our business, and are intent on building on our momentum."

Second Quarter Consolidated Results*

• Net income available to common shareholders for the second quarter of 2024 was $204 million, or $2.40 per diluted common share, compared to net income available to common shareholders of $143 million, or $1.67 per diluted common share, for the second quarter of 2023.
• Operating income ¹ for the second quarter of 2024 was $250 million, or $2.93 per diluted common share ¹ , compared to operating income of $191 million, or $2.23 per diluted common share, for the second quarter of 2023.
• Net investment income for the second quarter of 2024 was $191 million, compared to $137 million, for the second quarter of 2023, an increase of $54 million or 40%, primarily attributable to income from our fixed maturities portfolio due to increased yields.
• Book yield of fixed maturities was 4.4% at June 30, 2024, compared to 3.9% at June 30, 2023. The market yield was 5.7% at June 30, 2024.
• Reorganization expenses of $14 million primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are excluded from operating income (loss).
• Book value per diluted common share was $59.29 at June 30, 2024, an increase of $2.16, or 3.8%, compared to March 31, 2024, driven by net income, partially offset by common share dividends declared of $0.44 per share.
• Book value per diluted common share increased by $8.31, or 16.3%, over the past twelve months, driven by net income, and net unrealized investment gains, partially offset by common share dividends declared of $1.76 per share.
• Adjusted for net unrealized investment losses, after-tax, book value per diluted common share was $63.54 at June 30, 2024, compared to $61.56 at March 31, 2024 and $58.01 at June 30, 2023.
• Total capital returned to common shareholders was $176 million year to date, including share repurchases of $100 million pursuant to our Board-authorized share repurchase program, and dividends of $76 million.

* Amounts may not reconcile due to rounding differences.

1 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.

Second Quarter Consolidated Underwriting Highlights ²

• Gross premiums written increased by $156 million, or 7%, to $2.4 billion with an increase of $130 million, or 8% in the insurance segment, and an increase of $26 million, or 4% in the reinsurance segment.
• Net premiums written increased by $127 million, or 9%, to $1.6 billion with an increase of $173 million, or 17% in the insurance segment, partially offset by a decrease of $46 million, or 11% in the reinsurance segment.

	Three months ended June 30,
KEY RATIOS	2024			2023			Change
Current accident year loss ratio, excluding catastrophe and weather-related losses (3) (4)	55.1	%		56.1	%		(1.0 pts)
Catastrophe and weather-related losses ratio (4)	3.6	%		2.6	%		1.0 pts
Current accident year loss ratio (4)	58.7	%		58.7	%		— pts
Prior year reserve development ratio	—	%		(0.5	%)		0.5 pts
Net losses and loss expenses ratio	58.7	%		58.2	%		0.5 pts
Acquisition cost ratio	20.3	%		20.0	%		0.3 pts
General and administrative expense ratio	11.4	%		13.3	%		(1.9 pts)
Combined ratio	90.4	%		91.5	%		(1.1 pts)
Current accident year combined ratio	90.4	%		92.0	%		(1.6 pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses	86.8	%		89.4	%		(2.6 pts)

• Pre-tax catastrophe and weather-related losses, net of reinsurance, were $47 million ($38 million, after-tax),(Insurance: $46 million; Reinsurance: $1 million), or 3.6 points, including $9 million, or 0.7 points attributable to the Red Sea Conflict.
• General and administrative expense ratio decreased by 1.9 points, mainly driven by continued expense discipline, increases in fees related to arrangements with strategic capital partners and net premiums earned.

2 All comparisons are with the same period of the prior year, unless otherwise stated.

3 The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.

4 Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.

Year to Date Consolidated Underwriting Highlights

• Gross premiums written increased by $428 million, or 9%, to $5.1 billion with an increase of $289 million, or 9% in the insurance segment, and an increase of $140 million, or 9% in the reinsurance segment.
• Net premiums written increased by $241 million, or 8%, to $3.3 billion with an increase of $313 million, or 16% in the insurance segment, partially offset by a decrease of $72 million, or 6% in the reinsurance segment.

	Six months ended June 30,
KEY RATIOS	2024			2023			Change
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.7	%		56.0	%		(0.3 pts)
Catastrophe and weather-related losses ratio	2.6	%		2.8	%		(0.2 pts)
Current accident year loss ratio	58.3	%		58.8	%		(0.5 pts)
Prior year reserve development ratio	—	%		(0.4	%)		0.4 pts
Net losses and loss expenses ratio	58.3	%		58.4	%		(0.1 pts)
Acquisition cost ratio	20.3	%		19.4	%		0.9 pts
General and administrative expense ratio	12.2	%		13.4	%		(1.2 pts)
Combined ratio	90.8	%		91.2	%		(0.4 pts)
Current accident year combined ratio	90.8	%		91.6	%		(0.8 pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses	88.2	%		88.8	%		(0.6 pts)

• Pre-tax catastrophe and weather-related losses, net of reinsurance, were $67 million ($54 million after-tax), (Insurance: $65 million; Reinsurance: $2 million), or 2.6 points, including $10 million, or 0.4 points attributable to the Red Sea Conflict.
• General and administrative expense ratio decreased by 1.2 points, mainly driven by continued expense discipline, increases in fees related to arrangements with strategic capital partners and net premiums earned.

Segment Highlights
Insurance Segment
	Three months ended June 30,
($ in thousands)		2024				2023			Change
Gross premiums written	$	1,814,066			$	1,684,150			7.7	%
Net premiums written		1,194,197				1,021,021			17.0	%
Net premiums earned		958,212				842,751			13.7	%
Underwriting income		115,640				114,653			0.9	%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses		51.8	%			51.5	%		0.3 pts
Catastrophe and weather-related losses ratio		4.8	%			3.1	%		1.7 pts
Current accident year loss ratio		56.6	%			54.6	%		2.0 pts
Prior year reserve development ratio		—	%			(0.3	%)		0.3 pts
Net losses and loss expenses ratio		56.6	%			54.3	%		2.3 pts
Acquisition cost ratio		19.6	%			18.6	%		1.0 pts
Underwriting-related general and administrative expense ratio		11.7	%			13.5	%		(1.8 pts)
Combined ratio		87.9	%			86.4	%		1.5 pts
Current accident year combined ratio		87.9	%			86.7	%		1.2 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses		83.1	%			83.6	%		(0.5 pts)

• Gross premiums written increased by $130 million, or 8%, primarily attributable to increases in property, credit and political risk, and accident and health lines due to new business, and marine and aviation lines due to premium adjustments, partially offset by decreases in cyber lines principally due to a reduction in premiums associated with program business, and liability lines principally due to underwriting actions taken to reposition the portfolio.
• Net premiums written increased by $173 million, or 17%, reflecting the increase in gross premiums written in the quarter, together with a decrease in premiums ceded in property, cyber and professional lines.
• The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters.
• The acquisition cost ratio increased by 1.0 point, primarily related to decreases in ceding commissions mainly in professional lines and cyber lines.
• The underwriting-related general and administrative expense ratio decreased by 1.8 points, mainly driven by an increase in net premiums earned and continued expense discipline.

	Six months ended June 30,
($ in thousands)		2024				2023			Change
Gross premiums written	$	3,388,571			$	3,099,762			9.3	%
Net premiums written		2,216,551				1,903,597			16.4	%
Net premiums earned		1,876,159				1,659,206			13.1	%
Underwriting income		238,629				218,007			9.5	%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses		51.9	%			51.8	%		0.1 pts
Catastrophe and weather-related losses ratio		3.5	%			3.1	%		0.4 pts
Current accident year loss ratio		55.4	%			54.9	%		0.5 pts
Prior year reserve development ratio		—	%			(0.2	%)		0.2 pts
Net losses and loss expenses ratio		55.4	%			54.7	%		0.7 pts
Acquisition cost ratio		19.4	%			18.3	%		1.1 pts
Underwriting-related general and administrative expense ratio		12.5	%			13.9	%		(1.4 pts)
Combined ratio		87.3	%			86.9	%		0.4 pts
Current accident year combined ratio		87.3	%			87.1	%		0.2 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses		83.8	%			84.0	%		(0.2 pts)

• Gross premiums written increased by $289 million, or 9%, primarily attributable to increases in all lines of business with the exception of cyber lines which decreased principally due to a reduction in premiums associated with program business and premium adjustments, and liability lines which decreased principally due to underwriting actions taken to reposition the portfolio.
• Net premiums written increased by $313 million, or 16%, reflecting the increase in gross premiums written, together with a decrease in premiums ceded in property, cyber and professional lines.

Reinsurance Segment
	Three months ended June 30,
($ in thousands)		2024				2023			Change
Gross premiums written	$	626,170			$	600,228			4.3	%
Net premiums written		379,547				425,336			(10.8	%)
Net premiums earned		346,266				422,994			(18.1	%)
Underwriting income		45,517				33,839			34.5	%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses		64.2	%			65.3	%		(1.1 pts)
Catastrophe and weather-related losses ratio		0.3	%			1.4	%		(1.1 pts)
Current accident year loss ratio		64.5	%			66.7	%		(2.2 pts)
Prior year reserve development ratio		—	%			(0.8	%)		0.8 pts
Net losses and loss expenses ratio		64.5	%			65.9	%		(1.4 pts)
Acquisition cost ratio		22.3	%			22.8	%		(0.5 pts)
Underwriting-related general and administrative expense ratio		2.5	%			4.6	%		(2.1 pts)
Combined ratio		89.3	%			93.3	%		(4.0 pts)
Current accident year combined ratio		89.3	%			94.1	%		(4.8 pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses		89.0	%			92.7	%		(3.7 pts)

• Gross premiums written increased by $26 million, or 4% ($28 million, or 5%, on a constant currency basis ⁽⁵⁾ ), primarily attributable to new business, increased line sizes and the timing of renewals, partially offset by a decrease in premium adjustments, and a decrease in credit and surety lines due to the timing of renewals of significant contracts.
• Net premiums written decreased by $46 million, or 11% ($44 million, or 10%, on a constant currency basis), reflecting an increase in premiums ceded to our strategic capital partners, partially offset by the increase in gross premiums written in the quarter.
• The current accident year loss ratio, excluding catastrophe and weather-related losses decreased by 1.1 points principally due to changes in business mix attributable to increases in credit and surety, and cyber business written in the recent periods which are associated with relatively lower loss ratios, and improved loss experience in marine and aviation lines, partially offset by elevated loss experience in run-off engineering lines.
• The acquisition cost ratio decreased by 0.5 points, primarily related to a decrease in costs associated with accident and health, and motor lines.
• The underwriting-related general and administrative expense ratio decreased by 2.1 points, mainly driven by an increase in fees related to arrangements with strategic capital partners and continued expense discipline, partially offset by a decrease in net premiums earned.

5 Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.

	Six months ended June 30,
($ in thousands)		2024				2023			Change
Gross premiums written	$	1,706,092			$	1,566,592			8.9	%
Net premiums written		1,079,266				1,151,116			(6.2	%)
Net premiums earned		686,360				836,738			(18.0	%)
Underwriting income		68,192				69,850			(2.4	%)
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses		66.0	%			64.2	%		1.8 pts
Catastrophe and weather-related losses ratio		0.3	%			2.3	%		(2.0 pts)
Current accident year loss ratio		66.3	%			66.5	%		(0.2 pts)
Prior year reserve development ratio		—	%			(0.8	%)		0.8 pts
Net losses and loss expenses ratio		66.3	%			65.7	%		0.6 pts
Acquisition cost ratio		22.6	%			21.5	%		1.1 pts
Underwriting-related general and administrative expense ratio		3.6	%			5.2	%		(1.6 pts)
Combined ratio		92.5	%			92.4	%		0.1 pts
Current accident year combined ratio		92.5	%			93.2	%		(0.7 pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses		92.2	%			90.9	%		1.3 pts

• Gross premiums written increased by $140 million, or 9% ($130 million, or 8%, on a constant currency basis), primarily attributable to new business, increased line sizes and the timing of renewals, partially offset by a decrease in premium adjustments.
• Net premiums written decreased by $72 million, or 6% ($81 million, or 7%, on a constant currency basis), reflecting an increase in premiums ceded to our strategic capital partners, partially offset by the increase in gross premiums written.

Investments
	Three months ended June 30,								Six months ended June 30,
($ in thousands)		2024				2023				2024				2023
Net investment income	$	190,975			$	136,829			$	358,358			$	270,601
Net investment gains (losses)		(53,479	)			(24,370	)			(62,687	)			(44,558	)
Change in net unrealized gains (losses) on fixed maturities (6)		21,232				(72,887	)			(30,731	)			140,034
Interest in income (loss) of equity method investments		7,900				2,100				9,069				(105	)
Total	$	166,628			$	41,672			$	274,009			$	365,972
Average cash and investments (7)	$	16,932,010			$	16,077,600			$	16,887,183			$	15,951,158
Total return on average cash and investments, pre-tax:
Including investment related foreign exchange movements		1.0	%			0.3	%			1.6	%			2.3	%
Excluding investment related foreign exchange movements (8)		1.0	%			0.1	%			1.8	%			2.0	%

• Net investment income increased by $54 million, or 40%, compared to the second quarter of 2023, primarily attributable to income from our fixed maturities portfolio due to increased yields and fixed maturity assets.
• Net investment gains (losses) recognized in net income (loss) for the quarter primarily related to net realized losses on the sale of fixed maturities, partially offset by net unrealized gains on equity securities.
• Change in net unrealized gains, pre-tax of $21 million ($22 million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter due to net realized losses recognized on the sale of fixed maturities, compared to change in net unrealized losses, pre-tax of $73 million ($93 million excluding foreign exchange movements) recognized during the second quarter of 2023.
• Book yield of fixed maturities was 4.4% at June 30, 2024, compared to 3.9% at June 30, 2023 and 4.2% at December 31, 2023. The market yield was 5.7% at June 30, 2024.

6 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

7 The average cash and investments balance is the average of the monthly fair value balances.

8 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(5) million and $21 million for the three months ended June 30, 2024 and 2023, respectively and foreign exchange (losses) gains of $(30) million and $40 million for the six months ended June 30, 2024 and 2023, respectively.

Capitalization / Shareholders’ Equity
	June 30,			December 31,
($ in thousands)	2024			2023			Change
Total capital (9)	$	6,973,909		$	6,576,910		$	396,999

• Total capital of $7.0 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $6.6 billion at December 31, 2023, with the increase driven by net income, partially offset by common share dividends declared, and the repurchase of common shares, including $100 million repurchased pursuant to our Board-authorized share repurchase program.
• At June 30, 2024, authorization under our Board-authorized share repurchase program for common share repurchases approved in December 2023 was exhausted.
• On May 16, 2024, the Company's Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.
• At June 30, 2024, we had $300 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases.

Book Value per diluted common share
	June 30,			March 31,			June 30,
	2024			2024			2023
Book value per diluted common share (10)	$	59.29		$	57.13		$	50.98

• Dividends declared were $0.44 per common share in the current quarter and $1.76 per common share over the past twelve months.

	Three months ended,						Twelve months ended,
	June 30, 2024						June 30, 2024
	Change			% Change			Change			% Change
Book value per diluted common share	$	2.16		3.8	%		$	8.31		16.3	%
Book value per diluted common share - adjusted for dividends declared	$	2.60		4.6	%		$	10.07		19.8	%

• Book value per diluted common share increased by $2.16 in the quarter, driven by net income, partially offset by common share dividends declared.
• Book value per diluted common share increased by $8.31 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared.
• Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $63.54.
• Adjusted for dividends declared, the book value per diluted common share increased by $2.60 for the quarter, and increased by $10.07 over the past twelve months.

9 Total capital represents the sum of total shareholders' equity and debt.

10 Calculated using the treasury stock method.

Conference Call

We will host a conference call on Wednesday, July 31, 2024 at 8:30 a.m. (EDT) to discuss the second quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), or 1-412-902-6506 (international callers), and entering the passcode 9099781 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com . A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), or 1-412-317-0088 (international callers), and entering the passcode 9537017. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended June 30, 2024 is available in the Investor Information section of our website.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $5.7 billion at June 30, 2024, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com .

Website and Social Media Disclosure

We use our website ( www.axiscapital.com ) and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program which can be found in the Investor Information section of our website ( www.axiscapital.com ). The contents of our website and social media channels are not part of this press release.

Follow AXIS Capital on LinkedIn and X Corp.

LinkedIn: http://bit.ly/2kRYbZ5

AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED BALANCE SHEETS JUNE 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023
					2024				2023
				(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value				$	12,585,137			$	12,234,742
Fixed maturities, held to maturity, at amortized cost					637,792				686,296
Equity securities, at fair value					589,899				588,511
Mortgage loans, held for investment, at fair value					544,859				610,148
Other investments, at fair value					936,680				949,413
Equity method investments					193,705				174,634
Short-term investments, at fair value					57,436				17,216
Total investments					15,545,508				15,260,960
Cash and cash equivalents					1,092,567				953,476
Restricted cash and cash equivalents					562,496				430,509
Accrued interest receivable					118,147				106,055
Insurance and reinsurance premium balances receivable					3,686,819				3,067,554
Reinsurance recoverable on unpaid losses and loss expenses					6,591,821				6,323,083
Reinsurance recoverable on paid losses and loss expenses					483,447				575,847
Deferred acquisition costs					592,067				450,950
Prepaid reinsurance premiums					2,113,364				1,916,087
Receivable for investments sold					11,899				8,767
Goodwill					100,801				100,801
Intangible assets					181,426				186,883
Operating lease right-of-use assets					101,101				108,093
Loan advances made					328,921				305,222
Other assets					568,498				456,385
Total assets				$	32,078,882			$	30,250,672
Liabilities
Reserve for losses and loss expenses				$	16,738,871			$	16,434,018
Unearned premiums					5,674,787				4,747,602
Insurance and reinsurance balances payable					2,005,126				1,792,719
Debt					1,314,438				1,313,714
Federal Home Loan Bank advances					85,790				85,790
Payable for investments purchased					118,706				26,093
Operating lease liabilities					116,264				123,101
Other liabilities					365,429				464,439
Total liabilities					26,419,411				24,987,476
Shareholders' equity
Preferred shares					550,000				550,000
Common shares					2,206				2,206
Additional paid-in capital					2,376,244				2,383,030
Accumulated other comprehensive income (loss)					(394,968	)			(365,836	)
Retained earnings					6,957,185				6,440,528
Treasury shares, at cost					(3,831,196	)			(3,746,732	)
Total shareholders' equity					5,659,471				5,263,196
Total liabilities and shareholders' equity				$	32,078,882			$	30,250,672

AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023
	Three months ended								Six months ended
		2024				2023				2024				2023
	(in thousands, except per share amounts)
Revenues
Net premiums earned	$	1,304,478			$	1,265,745			$	2,562,519			$	2,495,944
Net investment income		190,975				136,829				358,358				270,601
Net investment gains (losses)		(53,479	)			(24,370	)			(62,687	)			(44,558	)
Other insurance related income		8,526				5,524				16,867				6,100
Total revenues		1,450,500				1,383,728				2,875,057				2,728,087
Expenses
Net losses and loss expenses		765,988				736,257				1,494,659				1,456,899
Acquisition costs		265,091				253,265				519,345				483,638
General and administrative expenses		148,441				168,503				311,813				335,314
Foreign exchange losses (gains)		(7,384	)			30,104				(30,936	)			38,814
Interest expense and financing costs		17,010				16,738				34,157				33,632
Reorganization expenses		14,014				—				26,312				—
Amortization of intangible assets		2,729				2,729				5,458				5,458
Total expenses		1,205,889				1,207,596				2,360,808				2,353,755
Income before income taxes and interest in income (loss) of equity method investments		244,611				176,132				514,249				374,332
Income tax (expense) benefit		(40,547	)			(27,558	)			84,107				(43,454	)
Interest in income (loss) of equity method investments		7,900				2,100				9,069				(105	)
Net income		211,964				150,674				607,425				330,773
Preferred share dividends		7,563				7,563				15,125				15,125
Net income available to common shareholders	$	204,401			$	143,111			$	592,300			$	315,648
Per share data
Earnings per common share:
Earnings per common share	$	2.42			$	1.68			$	6.99			$	3.71
Earnings per diluted common share	$	2.40			$	1.67			$	6.93			$	3.68
Weighted average common shares outstanding		84,475				85,207				84,677				85,036
Weighted average diluted common shares outstanding		85,326				85,812				85,509				85,833
Cash dividends declared per common share	$	0.44			$	0.44			$	0.88			$	0.88

AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED SEGMENTAL DATA (UNAUDITED) FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023
	2024												2023
	Insurance				Reinsurance				Total				Insurance				Reinsurance				Total
	(in thousands)
Gross premiums written	$	1,814,066			$	626,170			$	2,440,236			$	1,684,150			$	600,228			$	2,284,378
Net premiums written		1,194,197				379,547				1,573,744				1,021,021				425,336				1,446,357
Net premiums earned		958,212				346,266				1,304,478				842,751				422,994				1,265,745
Other insurance related income (loss)		(61	)			8,587