Axis Capital Holdings Limited · NYSE:AXS
Axis Capital — Q1 2025 Earnings Presentation
26 slides from Axis Capital's earnings presentation, May 1, 2025
Slide 1: Investor Presentation 2025 First Quarter
Investor Presentation 2025 First Quarter
Slide 2: Safe Harbor Statement
Safe Harbor Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Insurance Risk • the cyclical nature of insurance and reinsurance business leading • increasing scrutiny and evolving expectations from investors, This document contains forward-looking statements within the meaning of Sectio
Slide 3: AXIS At a Glance
AXIS At a Glance Our strategic focus is on Specialty products: Risk transfer that requires dedicated, tailored underwriting expertise delivered through differentiated distribution channels and customer profiles Gross premiums written ("GPW"), last 12 months1 As of 3/31/2025 Represented in With nearl
Slide 4: AXIS Aspiration
AXIS Aspiration Be the leading Specialty underwriter, generating consistent top-quartile diluted book value per common share (“DBVPS”) growth for shareholders 4
Slide 5: Emphasis on generating shareholder value
Emphasis on generating shareholder value Fully aligned incentives between management and shareholders Compensation clearly tied to value creation Performance-based equity program based annual adjusted DBVPS growth and relative total shareholder returns Consistent capital returns Share repurchases $4
Slide 6: Strategic Pillars
Strategic Pillars We operate in attractive markets, We are rigorously improving make decisive choices on where and how we operate to become a how to compete, and nimbly allocate more integrated, efficient resources company We invest in building strong We manage our capital capabilities in underwriti
Slide 7: Broad, diverse Specialty portfolio
Broad, diverse Specialty portfolio Insurance Product mix, GPW, last 12 months1 Includes business written out of North America, primarily in Excess and Surplus, and Wholesale, Financial Lines, Programs, and Other3 multiline products for the Canadian markets Cyber2 Property Also includes Global Market
Slide 8: Insurance Overview
Segment Highlights Insurance Overview Product mix, GPW, last 12 months1 Top carrier with leading wholesale brokers Credit & Political Risk A&H Top syndicate at Lloyd’s, rated 5% “Outperforming” 7% Cyber Property 8% 31% Active player in attractive and growing markets, including US E&S, US $6.7 Spec
Slide 9: Reinsurance Overview
Segment Highlights Reinsurance Overview Product mix, GPW, last 12 months1 Growth in Specialty lines and markets where we have strong capabilities and Marine Run-off expertise & Aviation Lines Agriculture 1% 3% Bottom-line focus driving improved 6% underwriting quality through active Liability Motor
Slide 10: Growth in Specialty Underwriting
Growth in Specialty Underwriting Portfolio Reshaping First Quarter Growth Highlights Insurance Reinsurance Gross Premiums Written ▪ Gross premiums written for the group were up 5% year over year to $2.8B for the quarter $9.0B $2.7B $2.8B $7.7B $8.2B $8.4B ▪ Insurance produced $1.7B in gross premiums
Slide 11: Improved underwriting performance
Improved underwriting performance Consistent profitability Current Accident Year ("CAY") Combined ratio1 CAY loss ratio2 Expense ratio3 90.1% 87.4% 89.5% 88.1% 32.6% Resulting in expanding returns 32.4% 31.9% 31.1% Operating ROACE Insurance 57.5% 55.0% 57.6% 57.0% 18.6% 19.2% 11.1% 11.0% 99.5% 93.5%
Slide 12: "How We Work" leverages our competitive platform
"How We Work" leverages our competitive platform How We Work program launched in 2023 to enhance how we operate and how we go to market Deliver efficiencies Simplify operating and capitalize on structures and productivity gains processes <11% Enhance ability to Increase agility Target G&A ratio by 2
Slide 13: Well-positioned portfolio driving strong investment returns
Well-positioned portfolio driving strong investment returns Investment portfolio as of 3/31/2025 Strong Investment Income Other 3 Total cash and investments Net investment income, in millions Fixed Maturities Fixed maturities 19% Cash and equivalents1 3% 3% Mortgage loans $208 $205 6% Equity securit
Slide 14: Capital management aligned with strategy execution
Capital management aligned with strategy execution Robust "toolbox" for Capital deployed to advance strategic priorities generating and managing Cycle management & profitable growth capital Capital allocated to businesses providing attractive long-term returns ▪ Underwriting portfolio, including Cap
Slide 15: Growth in Diluted Book Value per Common Share
Growth in Diluted Book Value per Common Share Excluding Net Unrealized Investment Movement1 and Dividends2, 3 Adjusted Book Value per Share Q4 2015-Q4 2022 CAGR: 3% Q4 2022-Q1 2025 CAGR: 12% Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2022 Q4 2023 Q4 2024 Q1 2025 1 Adjusted fo
Slide 16: First Quarter 2025 Highlights
First Quarter 2025 Highlights Operating(1) EPS of $3.17 in the first quarter is an all-time Record Diluted Book Value per Share of $66.48, an increase high for a quarter of 16.4% over the past 12 months Current Accident Year Combined Ratio, excluding On April 24, 2025 we completed our previously ann
Slide 17: AXIS: Specialty Solutions, Elevated
| ANI Specialty Solutions, Elevated
Slide 18: Appendix: Non-GAAP Financial Measures Reconciliations
Appendix: Non-GAAP Financial Measures Reconciliations 18
Slide 19: Non-GAAP Reconciliation: Operating Income and Operating ROACE
Non-GAAP Financial Measures Reconciliation (Unaudited) Operating Income and Operating Return on Average Common Equity For the three months ended March 31, 2025 and years ended December 31, 2024, 2023, and 2022 1 Net deferred tax benefit is due to the recognition of deferred tax assets net of deferre
Slide 20: Non-GAAP Reconciliation: Operating Income per Diluted Share
Non-GAAP Financial Measures Reconciliation (Unaudited) Operating Income and Operating Income per Diluted Common Share For the three months ended March 31, 2025 and 2024 1 Operating income (loss) per diluted common share is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliati
Slide 21: Non-GAAP Reconciliation: CAY Combined Ratio, Consolidated
Non-GAAP Financial Measures Reconciliation (Unaudited) Current Accident Year Combined Ratio and Current Accident Year Combined Ratio, Excluding Catastrophe and Weather- Related Losses – Consolidated For the three months ended March 31, 2025 and 2024, and years ended December 31, 2024, 2023, and 2022
Slide 22: Non-GAAP Reconciliation: CAY Combined Ratio, Insurance Segment
Non-GAAP Financial Measures Reconciliation (Unaudited) Current Accident Year Combined Ratio and Current Accident Year Combined Ratio, Excluding Catastrophe and Weather- Related Losses – Insurance Segment For the three months ended March 31, 2025 and years ended December 31, 2024, 2023, and 2022 22
Slide 23: Non-GAAP Reconciliation: CAY Combined Ratio, Reinsurance Segment
Non-GAAP Financial Measures Reconciliation (Unaudited) Current Accident Year Combined Ratio and Current Accident Year Combined Ratio, Excluding Catastrophe and Weather- Related Losses – Reinsurance Segment For the three months ended March 31, 2025 and years ended December 31, 2024, 2023, and 2022 23
Slide 24: Non-GAAP Reconciliation: Current Accident Year Loss Ratio
Non-GAAP Financial Measures Reconciliation (Unaudited) Current Accident Year Loss Ratio For the three months ended March 31, 2205 and years ended December 31, 2024, 2023, and 2022 24
Slide 25: Rationale for use of Non-GAAP Measures
Rationale for use of Non-GAAP Measures We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP fina
Slide 26: Rationale for use of Non-GAAP Measures
Rationale for use of Non-GAAP Measures We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common sha
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