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SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS – PARENT COMPANY
DECEMBER 31, 2024 AND 2023
 
20242023
(in thousands)
Assets
Investments in subsidiaries$6,209,792 $5,415,302 
Cash and cash equivalents3,768 412 
Other assets4,465 4,751 
Total assets$6,218,025 $5,420,465 
Liabilities
Intercompany payable$70,183 $89,430 
Dividends payable50,478 51,749 
Other liabilities7,985 16,090 
Total liabilities128,646 157,269 
Shareholders’ equity
Preferred shares550,000 550,000 
Common shares (shares issued 2024: 176,580; 2023: 176,580
     shares outstanding 2024: 82,984; 2023: 85,286)
2,206 2,206 
Additional paid-in capital2,394,063 2,383,030 
Accumulated other comprehensive income (loss)(267,557)(365,836)
Retained earnings7,341,569 6,440,528 
Treasury shares, at cost (2024: 93,596; 2023: 91,294)
(3,930,902)(3,746,732)
Total shareholders’ equity6,089,379 5,263,196 
Total liabilities and shareholders’ equity$6,218,025 $5,420,465 

(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, 2024, 2023 AND 2022
 
202420232022
(in thousands)
Revenues
Net investment income
$— $— $— 
Total revenues— — — 
Expenses
General and administrative expenses52,599 52,334 60,252 
Total expenses52,599 52,334 60,252 
Income (loss) before equity in net income of subsidiaries
(52,599)(52,334)(60,252)
Equity in net income of subsidiaries
1,134,385 428,626 283,335 
Net income1,081,786 376,292 223,083 
Preferred share dividends30,250 30,250 30,250 
Net income available to common shareholders$1,051,536 $346,042 $192,833 
Comprehensive income (loss)$1,180,065 $770,756 $(593,753)
SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022
 
202420232022
 (in thousands)
Cash flows from operating activities:
Net income$1,081,786 $376,292 $223,083 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income loss of subsidiaries
(1,134,385)(428,626)(283,335)
Change in intercompany payable(19,247)(136,059)32,871 
Dividends received from subsidiaries459,000 375,000 225,000 
Other items(28,645)(34,626)(17,140)
Share-based compensation expense, net of cash payments42,731 54,119 48,494 
Net cash provided by operating activities401,240 206,100 228,973 
Cash flows from financing activities:
Taxes paid on withholding shares(15,925)(23,595)(13,994)
Dividends paid - common shares(151,765)(153,775)(149,341)
Repurchase of common shares - open market(199,944)— (34,987)
Dividends paid - preferred shares(30,250)(30,250)(30,250)
Net cash used in financing activities(397,884)(207,620)(228,572)
Increase (decrease) in cash, cash equivalents and restricted cash3,356 (1,520)401 
Cash, cash equivalents and restricted cash - beginning of year412 1,932 1,531 
Cash, cash equivalents and restricted cash - end of year$3,768 $412 $1,932