XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION
The Company'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. The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.

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 professional lines, property, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, catastrophe, property and engineering.

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:
  20232022
Three months ended and at March 31,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,415,612$966,364$2,381,976$1,327,264$1,307,344$2,634,608
Net premiums written882,576725,7801,608,356843,912968,9601,812,872
Net premiums earned816,456413,7431,230,199752,816505,4301,258,246
Other insurance related income54523577826,6116,693
Net losses and loss expenses(449,467)(271,175)(720,642)(405,745)(326,954)(732,699)
Acquisition costs(147,058)(83,315)(230,373)(138,812)(109,540)(248,352)
Underwriting-related general and administrative expenses(116,630)(23,765)(140,395)(113,950)(31,146)(145,096)
Underwriting income$103,355$36,011139,366$94,391$44,401138,792
Net investment income133,77191,355
Net investment losses(20,190)(94,508)
Corporate expenses(26,416)(23,945)
Foreign exchange (losses) gains(8,710)44,273
Interest expense and financing costs(16,894)(15,564)
Amortization of intangible assets(2,729)(2,729)
Income before income taxes and interest in income (loss) of equity method investments198,198137,674
Income tax expense(15,896)(24)
Interest in income (loss) of equity method investments(2,205)11,550
Net income180,097149,200
Preferred share dividends7,5637,563
Net income available to common shareholders$172,534$141,637
Net losses and loss expenses ratio55.1 %65.5 %58.6 %53.9 %64.7 %58.2 %
Acquisition cost ratio18.0 %20.1 %18.7 %18.4 %21.7 %19.7 %
General and administrative expense ratio14.2 %5.8 %13.6 %15.2 %6.1 %13.5 %
Combined ratio87.3 %91.4 %90.9 %87.5 %92.5 %91.4 %
Goodwill and intangible assets$295,872$—$295,872$306,789$—$306,789