AXIS Capital Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	1,082	376.29	223.08	618.61
Depreciation & Amortization	-	55.31	75.55	68.29	66.98
Other Amortization	-	-	-	-	3.85
Gain (Loss) on Sale of Investments	-	58.54	34.78	427.17	-278.77
Stock-Based Compensation	-	42.73	54.12	48.49	37.74
Reinsurance Recoverable	-	-547.21	-554.69	-732.83	-738.02
Change in Unearned Revenue	-	482.87	388.75	287.08	409.86
Change in Insurance Reserves / Liabilities	-	841.73	1,273	544.46	737.34
Change in Other Net Operating Assets	-	-78.48	-409.58	-55.17	406.57
Operating Cash Flow	-	1,845	1,256	798.04	1,198
Operating Cash Flow Growth	-	46.93%	57.33%	-33.37%	248.67%
Investment in Securities	-	168.81	-486.13	-586.31	-1,075
Other Investing Activities	-	230.1	-31.14	-36.83	-38.73
Investing Cash Flow	-	280.45	-855.61	-761.62	-1,197
Long-Term Debt Issued	-	-	5.25	78.95	-
Total Debt Repaid	-	-19.41	-	-	-
Net Debt Issued (Repaid)	-	-19.41	5.25	78.95	-
Repurchases of Common Stock	-	-215.87	-23.6	-48.98	-10.24
Common Dividends Paid	-	-151.77	-153.78	-149.34	-145.6
Preferred Dividends Paid	-	-30.25	-30.25	-30.25	-30.25
Total Dividends Paid	-	-182.02	-184.03	-179.59	-175.85
Financing Cash Flow	-	-417.29	-202.37	-149.62	-186.1
Foreign Exchange Rate Adjustments	-	-28.34	11.75	-29.83	-0.07
Net Cash Flow	-	1,680	209.33	-143.04	-185.54
Cash Interest Paid	-	64.18	63.6	59.89	59.4
Cash Income Tax Paid	-	80.56	77.48	33.42	45.08
Levered Free Cash Flow	-	-11,180	944.97	-80.56	1,066
Unlevered Free Cash Flow	-	-11,138	987.74	-41.09	1,105
Change in Working Capital	-	624.4	718.98	33	781.36

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.