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SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY ONLY
 12 Months Ended
Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - FOOTNOTES
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS – PARENT COMPANY
DECEMBER 31, 2021 AND 2020
 
20212020
(in thousands)
Assets
Investments in subsidiaries$5,676,653 $5,633,176 
Cash and cash equivalents1,531 1,711 
Other assets6,525 5,832 
Total assets$5,684,709 $5,640,719 
Liabilities
Intercompany payable$192,618 $289,486 
Dividends payable51,775 50,153 
Other liabilities29,660 5,386 
Total liabilities274,053 345,025 
Shareholders’ equity
Preferred shares550,000 550,000 
Common shares (shares issued 2021: 176,580; 2020: 176,580
     shares outstanding 2021: 84,774; 2020: 84,353)
2,206 2,206 
Additional paid-in capital2,346,179 2,330,054 
Accumulated other comprehensive income56,536 414,395 
Retained earnings6,204,745 5,763,607 
Treasury shares, at cost (2021: 91,806; 2020: 92,227)
(3,749,010)(3,764,568)
Total shareholders’ equity5,410,656 5,295,694 
Total liabilities and shareholders’ equity$5,684,709 $5,640,719 

(1)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(2)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $350 million aggregate principal amount of 4.0% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(3)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $300 million aggregate principal amount of 3.9% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(4)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $425 million aggregate principal amount of 4.9% fixed-rate reset junior unsecured notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured and junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital.
SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019
 
202120202019
(in thousands)
Revenues
Net investment income
$— $750 $1,800 
Total revenues— 750 1,800 
Expenses
General and administrative expenses62,843 37,629 53,335 
Total expenses62,843 37,629 53,335 
Income (loss) before equity in net income (loss) of subsidiaries(62,843)(36,879)(51,535)
Equity in net income (loss) of subsidiaries681,452 (83,545)375,008 
Net income (loss)618,609 (120,424)323,473 
Preferred share dividends30,250 30,250 41,112 
Net income (loss) available (attributable) to common shareholders$588,359 $(150,674)$282,361 
Comprehensive income$260,750 $122,261 $672,293 
SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019
 
202120202019
 (in thousands)
Cash flows from operating activities:
Net income (loss)$618,609 $(120,424)$323,473 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in net (income) loss of subsidiaries(681,452)83,545 (375,008)
Change in intercompany payable(96,868)73,575 (32,081)
Dividends received from subsidiaries300,000 350,000 250,000 
Other items45,626 20,715 23,619 
Net cash provided by operating activities185,915 407,411 190,003 
Cash flows from financing activities:
Taxes paid on withholding shares(10,242)(10,382)(10,165)
Dividends paid - common shares(145,603)(141,590)(137,209)
Repurchase of preferred shares— (225,000)— 
Dividends paid - preferred shares(30,250)(31,831)(42,625)
Net cash used in financing activities(186,095)(408,803)(189,999)
Increase (decrease) in cash, cash equivalents and restricted cash(180)(1,392)4 
Cash, cash equivalents and restricted cash - beginning of year1,711 3,103 3,099 
Cash, cash equivalents and restricted cash - end of year$1,531 $1,711 $3,103