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SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
 12 Months Ended
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS – PARENT COMPANY
DECEMBER 31, 2023 AND 2022
 
20232022
(in thousands)
Assets
Investments in subsidiaries$5,415,302 $4,943,126 
Cash and cash equivalents412 1,932 
Other assets4,751 4,432 
Total assets$5,420,465 $4,949,490 
Liabilities
Intercompany payable$89,430 $225,490 
Dividends payable51,749 52,992 
Other liabilities16,090 31,098 
Total liabilities157,269 309,580 
Shareholders’ equity
Preferred shares550,000 550,000 
Common shares (shares issued 2023: 176,580; 2022: 176,580
     shares outstanding 2023: 85,286; 2022: 84,668)
2,206 2,206 
Additional paid-in capital2,383,030 2,366,253 
Accumulated other comprehensive income (loss)(365,836)(760,300)
Retained earnings6,440,528 6,247,022 
Treasury shares, at cost (2023: 91,294; 2022: 91,912)
(3,746,732)(3,765,271)
Total shareholders’ equity5,263,196 4,639,910 
Total liabilities and shareholders’ equity$5,420,465 $4,949,490 

(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, 2023, 2022 AND 2021
 
202320222021
(in thousands)
Revenues
Net investment income
$— $— $— 
Total revenues— — — 
Expenses
General and administrative expenses52,334 60,252 62,843 
Total expenses52,334 60,252 62,843 
Income (loss) before equity in net income of subsidiaries
(52,334)(60,252)(62,843)
Equity in net income of subsidiaries
428,626 283,335 681,452 
Net income376,292 223,083 618,609 
Preferred share dividends30,250 30,250 30,250 
Net income available to common shareholders$346,042 $192,833 $588,359 
Comprehensive income (loss)$770,756 $(593,753)$260,750 
SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021
 
202320222021
 (in thousands)
Cash flows from operating activities:
Net income$376,292 $223,083 $618,609 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income loss of subsidiaries
(428,626)(283,335)(681,452)
Change in intercompany payable(136,059)32,871 (96,868)
Dividends received from subsidiaries375,000 225,000 300,000 
Other items(34,626)(17,140)7,882 
Share-based compensation expense, net of cash payments54,119 48,494 37,744 
Net cash provided by operating activities206,100 228,973 185,915 
Cash flows from financing activities:
Taxes paid on withholding shares(23,595)(13,994)(10,242)
Dividends paid - common shares(153,775)(149,341)(145,603)
Repurchase of common shares - open market— (34,987)— 
Dividends paid - preferred shares(30,250)(30,250)(30,250)
Net cash used in financing activities(207,620)(228,572)(186,095)
Increase (decrease) in cash, cash equivalents and restricted cash(1,520)401 (180)
Cash, cash equivalents and restricted cash - beginning of year1,932 1,531 1,711 
Cash, cash equivalents and restricted cash - end of year$412 $1,932 $1,531