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AXIS CAPITAL HOLDINGS LTD (AXS)
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| Income Statement |
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Annual | Quarterly | TTM |
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| In millions, except per share items | Dec-31-21 | Dec-31-20 | Dec-31-19 | Dec-31-18 | Dec-31-17 | Dec-31-16 | Dec-31-15 | Dec-31-14 |
| | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K | 10-K |
| Revenues: |
| Reinsurance | 2,058.5 | 2,072.3 | 2,397.1 | 2,428.9 | 2,332.3 | 2,171.3 | 1,888.2 | 2,040.5 |
| Insurance | 2,651.3 | 2,299.0 | 2,190.1 | 2,362.6 | 1,816.4 | 1,534.3 | 1,798.2 | 1,830.5 |
| Significant Reconciling Items | 588.6 | 478.7 | 569.8 | 288.3 | 429.0 | 292.8 | 305.3 | 342.8 |
| Other | 23.3 | | 16.4 | 10.6 | 13.8 | 7.2 | 138.6 | 132.8 |
| Total revenues | 5,321.7 | 4,842.0 | 5,173.4 | 5,090.4 | 4,591.6 | 4,005.7 | 4,130.3 | 4,346.5 |
| Revenue growth | 9.9% | -6.4% | 1.6% | 10.9% | 14.6% | -3.0% | -5.0% | 3.6% |
| Loss and loss adjustment expenses | 3,008.8 | 3,281.3 | 3,044.8 | 3,190.3 | 3,287.8 | 2,204.2 | 2,176.2 | 2,186.7 |
| Policy acquisition costs | 921.8 | 929.5 | 1,024.6 | 968.8 | 823.6 | 746.9 | 718.1 | 737.2 |
| Investment expenses | 25.0 | 24.7 | 24.6 | 27.3 | 27.2 | 30.2 | 31.7 | 35.6 |
| Other operating expenses | 622.9 | 664.2 | 664.2 | 823.0 | 774.7 | 453.3 | 508.7 | 481.8 |
| Equity in earnings | 32.1 | -3.6 | 9.7 | 1.0 | -8.4 | -2.1 | | |
| EBITDA | 807.8 | 106.5 | 515.8 | 128.5 | -128.9 | 474.3 | 665.5 | 825.7 |
| EBITDA margin | 15.2% | 2.2% | 10.0% | 2.5% | -2.8% | 11.8% | 16.1% | 19.0% |
| Depreciation | 54.6 | 54.4 | 63.6 | -4.0 | 28.8 | 24.6 | 26.3 | 25.0 |
| EBITA | 753.3 | 52.1 | 452.2 | 132.6 | -157.7 | 449.8 | 639.2 | 800.7 |
| EBITA margin | 14.2% | 1.1% | 8.7% | 2.6% | -3.4% | 11.2% | 15.5% | 18.4% |
| Amortization of intangibles | 12.4 | 11.4 | 11.6 | 13.8 | 2.5 | | | |
| EBIT | 740.9 | 40.7 | 440.6 | 118.7 | -160.2 | 449.8 | 639.2 | 800.7 |
| EBIT margin | 13.9% | 0.8% | 8.5% | 2.3% | -3.5% | 11.2% | 15.5% | 18.4% |
| Interest income, net [+] | -62.3 | -75.0 | -148.3 | -164.0 | 40.2 | -224.0 | -250.2 | -287.9 |
| Interest expense | 62.3 | 75.0 | 68.1 | 67.4 | 54.8 | 51.4 | 51.0 | 74.7 |
| Interest income | | | -80.1 | -96.6 | 95.0 | -172.7 | -199.2 | -213.2 |
| Pre-tax income | 681.0 | -132.7 | 347.2 | 13.5 | -376.5 | 519.7 | 644.7 | 830.5 |
| Income taxes | -62.4 | -12.3 | 23.7 | -29.5 | -7.5 | 6.3 | 3.0 | 25.9 |
| Tax rate | | 9.3% | 6.8% | | 2.0% | 1.2% | 0.5% | 3.1% |
| Minority interest | | | | | | | | -6.2 |
| Net income | 588.4 | -150.7 | 282.4 | 0.4 | -415.8 | 465.5 | 601.6 | 770.7 |
| Net margin | 11.1% | -3.1% | 5.5% | 0.0% | -9.1% | 11.6% | 14.6% | 17.7% |
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| Basic EPS | $6.95 | ($1.79) | $3.37 | $0.00 | ($4.94) | $5.13 | $6.10 | $7.38 |
| Diluted EPS | $6.90 | ($1.79) | $3.34 | $0.00 | ($4.94) | $5.08 | $6.04 | $7.29 |
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| Shares outstanding (basic) | 84.7 | 84.3 | 83.9 | 83.5 | 84.1 | 90.8 | 98.6 | 104.4 |
| Shares outstanding (diluted) | 85.3 | 84.3 | 84.5 | 84.0 | 84.1 | 91.5 | 99.6 | 105.7 |
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| EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges. |
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