• Axis Capital Holdings average gross margin for 2023 was 22.72%, a 11.98% increase from 2022.
• Axis Capital Holdings average gross margin for 2022 was 20.29%, a 10.93% increase from 2021.
• Axis Capital Holdings average gross margin for 2021 was 22.78%, a 70.25% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.