AXIS Capital Holdings Limited (AXS): PESTLE Analysis [Nov-2025 Updated]

You're tracking AXIS Capital Holdings Limited (AXS) because their nine-month 2025 operating return on average common equity (ROACE) of 18.2% shows serious momentum, but in the re/insurance world, performance is always under pressure from macro forces. We need to map out how Bermuda's new 15% corporate income tax and their own $150 million technology overhaul will actually impact the forecast 2025 EPS of $11.19. This PESTLE analysis cuts through the noise to show you exactly where the near-term risks-like rising social inflation and climate volatility-meet the opportunities in specialty lines, so you can make a defintely informed decision now.

AXIS Capital Holdings Limited (AXS) - PESTLE Analysis: Political factors

Bermuda's new corporate income tax of 15% is now effective (Jan 1, 2025).

The political landscape for AXIS Capital Holdings Limited (AXS) has fundamentally shifted with the introduction of Bermuda's new corporate income tax (CIT) regime, effective January 1, 2025. This move aligns Bermuda with the OECD's global minimum tax (GloBE Pillar Two) initiative, ensuring large multinational enterprise (MNE) groups with annual revenue of €750 million or more pay a minimum tax rate.

This is a direct hit to the historical tax advantage of the Bermuda domicile, requiring a complex overhaul of tax provisioning (ASC 740) and financial disclosures. For the third quarter of 2025, AXIS Capital reported an effective tax rate of 18.9%, up from near zero in prior years, with the 15% CIT applied to Bermuda pre-tax income. To be fair, the rate is higher than 15% because of taxes incurred in other operating jurisdictions like the U.K., U.S., and Europe.

Here's the quick math on the 2025 performance impact, showing the new reality for a Bermuda-based insurer:

The key action here is managing deferred tax assets (DTAs) and liabilities under the new regime.

Geopolitical and trade tensions increase demand for political risk insurance.

Rising global instability is a clear opportunity for AXIS Capital's specialty underwriting business, particularly in its Capital, Credit & Political Risk segment. The market is defintely responding to a volatile world.

A 2025 survey of multinational corporates indicated that demand for political risk insurance is likely to rise by 33%, driven by tariff uncertainty and the instability of the current trading environment. This is a massive demand signal for the specialty insurance sector.

The broader Credit and Political Risk Insurance (CPRI) and surety market is robust, valued at approximately $49 billion in premium base, which is a larger segment than high-profile specialty markets like marine and energy. AXIS Capital is well-positioned, as this market has demonstrated consistent underwriting profitability, with an average net combined ratio for trade credit insurers at 78% since 2015.

• Demand for CPRI is strong, with a 19% increase in deals sent to market in 2024.
• Trade credit premiums grew at a Compound Annual Growth Rate (CAGR) of 14% between 2019 and 2023.
• Insurers are shifting exposure, with renewables now sometimes surpassing oil and gas in some CPRI books.

Increased government focus on climate-related financial disclosures.

While the US Securities and Exchange Commission (SEC) withdrew its proposed climate disclosure rule in February 2025, the regulatory pressure is still intense, especially from Europe. AXIS Capital, as a global entity with European operations, must comply with the European Union's Corporate Sustainability Reporting Directive (CSRD) and its European Sustainability Reporting Standards (ESRS).

For many large companies not previously subject to the EU's Non-Financial Reporting Directive (NFRD), data capture for the CSRD begins for Financial Year 2025, with reports due in 2026. This is a significant compliance cost and risk.

The complexity is real, even after industry pushback led to revisions in mid-2025:

• The European Financial Reporting Advisory Group (EFRAG) cut the number of mandatory and voluntary data points by 68% in July 2025.
• The core challenge remains the double materiality assessment, forcing companies to report on both the financial impact of climate change on the business and the business's impact on the environment.

AXIS Capital already publishes reports aligned with the Task Force on Climate-Related Financial Disclosures (TCFD), so the structure is there, but the regulatory bar for disclosure is now legally binding in Europe, not just voluntary best practice.

Regulatory uncertainty from global trade policy shifts and potential tariffs.

The political risk from global trade policy is exceptionally high in late 2025, creating a volatile underwriting environment for global supply chains and trade credit. The ongoing US-China trade tensions are the primary driver of this uncertainty.

The US Supreme Court heard arguments on November 5, 2025, challenging the constitutionality of tariffs imposed under the International Emergency Economic Powers Act (IEEPA), with a decision expected by year-end. This could instantly remove a significant portion of existing tariffs.

Despite a temporary truce in October 2025, which lowered the effective US tariff rate on Chinese goods from 42% to 32% by suspending a 24% reciprocal tariff, the overall IEEPA tariffs on China remain at 20% as of November 2025.

Further complicating the landscape, new Section 232 tariffs of 25% on imported medium- and heavy-duty vehicles and their parts were signed in October 2025. This kind of targeted, high-rate tariff action directly impacts the automotive and manufacturing sectors that AXIS insures. The uncertainty is causing more than half of surveyed global businesses to look for alternatives to the U.S. and Chinese markets.

Next step: Underwriting teams need to model a 0% tariff scenario and a high-tariff scenario for key trade credit and political risk policies by the end of the year.

AXIS Capital Holdings Limited (AXS) - PESTLE Analysis: Economic factors

Analysts forecast 2025 fiscal year EPS of $11.19, showing strong profitability.

The consensus Earnings Per Share (EPS) forecast for AXIS Capital Holdings Limited for the 2025 fiscal year is strong, sitting at approximately $11.19 per share. This is a key economic indicator of the company's profitability and capital efficiency, especially when considering the Q3 2025 operating EPS of $3.25, which beat analyst consensus by over 19%. The market is clearly anticipating continued robust earnings performance, driven by disciplined underwriting and favorable investment income.

This positive outlook is supported by the company's strong annualized operating return on average common equity (ROACE), which reached 17.8% in the third quarter of 2025. For a specialty insurer and reinsurer, maintaining this level of return in a volatile market environment signals effective risk selection and capital management.

Improved underwriting efficiency reflected by a Q3 2025 combined ratio of 89.4%.

A major driver of AXIS Capital's economic strength is its underwriting performance, which is best measured by the combined ratio (the sum of the loss ratio and expense ratio). The consolidated combined ratio for Q3 2025 improved significantly to an excellent 89.4%. A ratio below 100% means the company is profitable purely from its insurance and reinsurance operations, before factoring in investment income.

Here's the quick math: The 89.4% combined ratio translates to an underwriting profit of 10.6 cents for every dollar of premium earned. This efficiency is a direct result of strategic investments in data, technology, and artificial intelligence (AI) to improve risk selection and operational processes.

US investment yields expected to modestly rise to approximately 4% in 2025.

For an insurance company like AXIS Capital, investment income is a critical profit center. The general forecast for US investment yields in 2025 is a modest rise to around 4%. This is a positive tailwind, as higher yields allow the company to generate more income from its substantial investment portfolio, which is largely comprised of fixed-income assets.

This environment allows for a stronger reinvestment yield, mitigating the risk of book yield dilution. Still, the Federal Reserve's interest rate policy, which saw a 25-basis-point cut in September 2025, means the rate of new investment income gains could slow. The focus remains on strategic asset allocation, including continued exploration of private credit for higher spreads.

Global inflation is easing, projected to fall to around 3.4% in 2025.

The easing of global inflation is a net positive for the insurance sector, as it helps stabilize claims costs. Global inflation is projected to steadily fall to approximately 3.4% in 2025, down from 4.5% in 2024.

Lower inflation helps AXIS Capital in a few ways:

• Reduces claims severity, especially in long-tail lines where claims are paid years into the future.
• Slows the rise in repair and replacement costs for property and casualty (P&C) insurance.
• Supports more accurate pricing of new and renewal policies.

To be fair, while the global average is easing, regional inflation and supply chain issues still pose a risk to claims reserves, especially in property lines.

The stock's current 7.4x Price-to-Earnings Ratio is a defintely attractive discount to the industry average of 13.2x.

From a valuation perspective, AXIS Capital's stock appears significantly undervalued. The current Price-to-Earnings (P/E) ratio of 7.4x is a defintely attractive discount compared to the broader insurance industry average of approximately 13.2x. This valuation gap suggests the market may not fully recognize the company's recent improvements in underwriting efficiency and strong earnings trajectory.

The discount is substantial, offering a clear opportunity for value-focused investors. For reference, the P/E ratio for AXIS Capital is also well below its own 3-year historical average of 12.14x.

Next Step: Portfolio Managers: Model a scenario where AXIS Capital's P/E ratio compresses the gap to 10.0x by Q2 2026 to quantify the potential upside.

AXIS Capital Holdings Limited (AXS) - PESTLE Analysis: Social factors

Rising social inflation (litigation costs) drives up pricing in casualty lines.

You need to understand that social inflation-the non-economic increase in claims severity due to factors like larger jury awards (nuclear verdicts), litigation funding, and shifting public sentiment against corporations-is the single biggest headwind in casualty lines right now. It's not just economic inflation; this is a structural issue. For example, a recent analysis found that total tort costs in the US grew at an average annual rate of 7.1% between 2016 and 2022, which significantly outpaced the national GDP growth rate of 5.4% during that same period.

This pressure directly impacts AXIS Capital Holdings Limited, particularly in its excess and specialty casualty segments. The primary layers of insurance are somewhat insulated, but as a specialty player, AXIS Capital's reinsurance and excess casualty writers are highly exposed to the amplified volatility of 'nuclear verdicts.' We see this clearly in the pricing environment. Umbrella coverage, a key line exposed to these trends, saw the largest premium increase in Q3 2024 at 8.6%, with large company rates expected to increase between 8% and 15% into 2025. This cost is passed on, so you're defintely paying more for the same risk.

Here's a quick look at the LSA-driven loss impact on key lines, which mandates the current pricing discipline:

AXIS Capital's underwriting discipline is crucial here; their expected combined ratio below 90% for 2025 suggests they are managing this risk better than some peers. They must continue to adjust attachment points and tighten policy wordings to keep pace with this claims severity. That's the only way to maintain underwriting profitability.

Evolving customer expectations demand faster, more convenient digital service delivery.

The digital-first mindset of customers, driven by consumer tech, has now fully permeated the commercial insurance space. You, as a client, expect the same speed, personalization, and 24/7 access from your specialty insurer that you get from a retail bank or e-commerce platform. Honestly, if the onboarding process for a complex policy takes 14+ days, the frustration is real, and the churn risk rises.

This expectation is forcing insurers like AXIS Capital to pivot from being just a risk-bearer to a risk-partner, which requires significant technology investment. Companies that master personalization are proving this out, showing a 71% higher likelihood of improved customer retention. The goal is to move from reactive service to predictive support, which is the new gold standard.

The key digital actions for 2025 are focused on efficiency and personalization:

• Intelligent Process Automation (IPA) is reducing operational costs by about 35% and improving service efficiency by 30% in back-office and customer-facing processes.
• Proactive service interactions are expected to outnumber reactive ones by the end of 2025, meaning the system flags an issue before you even know it's there.
• AI is handling up to 95% of routine customer interactions, freeing up human underwriters and agents for complex, high-stakes cases.

The industry is now playing catch-up, but the winners will be those who use data to deliver the personalized service that 76% of customers now expect. Generic service is a competitive liability.

Corporate focus on Diversity, Equity, and Inclusion (DEI) as part of corporate citizenship.

DEI is no longer a compliance checkbox; it is a strategic imperative that directly impacts talent acquisition, corporate reputation, and ultimately, underwriting perspective. AXIS Capital Holdings Limited has made a public commitment to transparency and accountability in this area, setting clear, near-term goals.

Specifically, the company set goals in early 2022 to achieve better gender parity within the organization by 2025. This focus extends to increasing senior representation for both women and ethnically diverse employees. Measuring progress is critical, so AXIS Capital tracks key metrics monthly, including diverse hiring, turnover, and promotions, plus an annual gender pay gap audit. This transparency is what investors and employees demand now.

The company's commitment is supported by a formal structure:

• A DEI Council comprised of nearly 20 members, including leaders of the seven Employee Resource Groups (ERGs).
• Mandatory Unconscious Bias training for all employees, from the CEO down.
• Participation in the Bloomberg Gender Equality Index (GEI), recognizing their commitment to gender equality disclosure.

This focus on a diverse workforce is essential for a specialty insurer, as it brings a wider range of perspectives to the complex, non-standard risks that AXIS Capital underwrites.

Demand for specialty insurance products for emerging risks like cyber and environmental liability.

The shift in societal risk perception-from tangible property damage to intangible liabilities like data breaches and climate-related litigation-is creating a massive growth opportunity in specialty lines. This is where AXIS Capital, as a specialty insurer and reinsurer, is positioned to win.

The global specialty insurance market is valued at USD 97.7 billion in 2025 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 10.4% through 2034. This growth is fueled by the need for coverages like Cyber & Technology E&O and Environmental Liability, both of which are core offerings for AXIS Capital.

Cyber risk is the most prominent driver. The global cyber insurance market is projected to reach about $23 billion by the end of 2026, growing at a projected annual rate of 15% to 20%. This is a huge jump from the $14 billion market size at the end of 2023. The market is stable, but the risk is dynamic, so the focus for AXIS Capital is on clear policy wording, selective rate adjustments, and encouraging policyholders to strengthen their cybersecurity posture to maintain underwriting profitability.

The demand for environmental liability coverage is also intensifying due to increased regulatory scrutiny and Environmental, Social, and Governance (ESG) considerations influencing underwriting across all lines.

AXIS Capital Holdings Limited (AXS) - PESTLE Analysis: Technological factors

$150 million three-year technology overhaul to boost operational efficiency

You need to see technology investment not as a cost center, but as a direct lever for underwriting profit, and AXIS Capital Holdings Limited (AXS) is defintely treating it that way. The firm has committed a significant $150 million over three years to overhaul its technology infrastructure, a core part of its 'How We Work' program. This investment is already yielding operational improvements, helping to drive a strong financial performance in 2025.

The goal is simple: use technology to lower the expense ratio and improve risk selection. Here's the quick math: reducing the expense ratio by just a few points translates directly into millions in underwriting income. The company's overall combined ratio for the first nine months of 2025 improved by 2.1 percentage points to 89.5%, which is a clear signal that operational enhancements are working.

Expanded use of Generative AI (GenAI) to streamline submission clearance and claims processing

The biggest near-term opportunity for AXIS Capital is the deployment of Generative AI (GenAI) and other automation tools to speed up the underwriting process. They are actively enhancing their North American underwriting platform with several AI-powered services. This includes deploying automated clearance capabilities to facilitate more straight-through processing-meaning less human touch for routine submissions.

AXIS Capital has also expanded its partnership with mea platform to leverage GenAI for automating and accelerating inbound submission management, significantly reducing the need for manual intervention. This focus on AI-driven underwriting and operational efficiency is viewed as a key contributor to improved risk selection and profitability, which is essential for a specialty insurer.

• Enhance North American underwriting platform with AI.
• Deploy automated clearance for straight-through processing.
• Use GenAI to accelerate inbound submission management.

Persistent cyber risk and ransomware attacks pressure cyber insurance pricing and claims costs

To be fair, the cyber risk environment is a double-edged sword for AXIS Capital's cyber insurance line. While the overall volume of claims notices dropped by 53% in the first half of 2025, the severity of attacks is rising sharply. Ransomware remains the dominant driver of losses, accounting for 76% of incurred losses in H1 2025.

The financial pressure is real: the average cost of a ransomware claim rose to $1.18 million in the first half of 2025, a 17% increase year-over-year. Ransomware incidents themselves surged by 149% in early 2025 compared to the prior year, often fueled by AI-driven phishing and supply chain exploits. This persistent threat landscape is why AXIS Capital saw reduced premiums in its cyber line in Q3 2025, linked to program business remediation, as they focus on underwriting discipline in a volatile market.

Digital transformation is critical for retaining market share and reducing the combined ratio

Digital transformation, embodied by the 'How We Work' program, is not optional; it's critical for retaining market share and improving profitability. AXIS Capital's insurance segment, which is seeing the most benefit from these investments, delivered an impressive combined ratio of 85.9% in Q3 2025, a 4.5 percentage point improvement from the prior year quarter. This is a direct result of leveraging technology and data to identify profitable growth pockets and enhance the operating model.

The sustained profitable growth is supported by ongoing enhancement of operations, which is enabled by investments in technology and AI. For the first nine months of 2025, the insurance segment's underwriting income grew by 30% to $439.5 million, underscoring the financial impact of this digital push. You must invest to win.

AXIS Capital Holdings Limited (AXS) - PESTLE Analysis: Legal factors

Implementation of the new 15% minimum global corporate tax framework (Pillar Two) in Bermuda

You need to understand that the biggest near-term legal and financial shock for AXIS Capital Holdings Limited is the implementation of the Organisation for Economic Co-operation and Development's (OECD) Pillar Two framework, which establishes a global minimum corporate tax (GMT). Bermuda, where AXIS Capital Holdings Limited is domiciled, enacted its Corporate Income Tax (CIT) legislation in alignment with this, setting a 15% tax rate for large multinational enterprises (MNEs).

This new tax regime is effective for AXIS Capital Holdings Limited starting January 1, 2025. Here's the quick math: MNEs with annual consolidated revenues of €750 million or more are in scope. This fundamentally changes the tax landscape for Bermuda-based re/insurers, moving them from a zero-tax environment to a minimum of 15%.

The impact is already visible in 2025 financial reporting. For the third quarter of 2025, AXIS Capital Holdings Limited reported an effective tax rate of 18.9%, reflecting the application of the 15% corporate income tax to its Bermuda pre-tax income, alongside taxes in its other global operations (U.K., U.S., and European). The transition requires significant new compliance and reporting infrastructure, but the certainty of a local tax is better than facing a top-up tax in other jurisdictions.

Increased regulatory compliance and reporting requirements favor large, well-capitalized insurers

The global regulatory environment is getting denser, not simpler. Regulators are demanding more granular data and higher capital buffers, which defintely favors a large, well-capitalized entity like AXIS Capital Holdings Limited.

The company must navigate multiple, complex regimes simultaneously:

• Solvency II: Applies to its Ireland-domiciled entities (AXIS Specialty Europe), mandating a harmonized, risk-based solvency and reporting framework.
• BMA Equivalence: The Bermuda Monetary Authority (BMA) has full Solvency II 'equivalence,' which helps simplify capital management across the EU/Bermuda axis.
• US State-Based Regulation: In the U.S., AXIS Capital Holdings Limited must comply with state-specific regulations on policy forms, rates, and solvency standards, including risk-based capital requirements.
• 'Passporting' Approvals: The company actively seeks 'passporting' approvals, for instance, in states like New York and California, which allows a state to defer to another state's determination of a reinsurer's status, excusing it from certain collateral requirements. This is a huge efficiency win.

In 2025, the focus on data management, cybersecurity, and the accelerated use of Artificial Intelligence (AI) in the insurance lifecycle is driving new compliance demands, especially at the state level in the U.S.. You must ensure your internal controls are robust enough to manage this multi-jurisdictional compliance load, or you risk fines and reputational damage.

Growing litigation risk from climate change-related claims

Climate change is now a litigation issue, not just an underwriting one. This creates a dual risk for AXIS Capital Holdings Limited: increased claims on its property and casualty policies, and growing liability exposure on its Directors' & Officers' (D&O) coverage.

The global trend is clear: the Grantham Research Institute's 2025 snapshot shows that corporate accountability is a major focus, with approximately 20% of climate cases filed in 2024 targeting companies or their directors and senior officers. AXIS Capital Holdings Limited is exposed through its core business lines:

• Property Claims: Direct exposure from severe weather events (hurricanes, wildfires) leading to higher frequency and severity of claims, which is a core part of their risk portfolio.
• D&O Liability: Litigation is increasingly focused on 'failure-to-adapt' cases, where shareholders or activists sue directors for alleged mismanagement of climate-related risks and transition risks. This is a direct hit on the Management Liability products AXIS Capital Holdings Limited offers.
• 'Climate-Washing' Claims: Lawsuits alleging misleading statements about a company's environmental credentials are also on the rise, creating a new legal risk for corporate communications.

This is a systemic legal risk that requires not just better underwriting, but a proactive defense strategy for your insured clients.

Need for proactive compliance to manage complex, multi-jurisdictional insurance regulations

Operating as a global specialty insurer and reinsurer means AXIS Capital Holdings Limited is constantly managing a patchwork of regulations. The key action here is moving from reactive compliance to a proactive, integrated risk management framework.

This complexity is why AXIS Capital Holdings Limited emphasizes solutions like a Controlled Master Program (CMP) for its multinational clients, which aims to balance consistent global coverage with the necessity of issuing local admitted policies that comply with the legal and regulatory requirements of each jurisdiction.

The internal legal and compliance teams are critical. They must manage:

• Data Privacy: Ensuring compliance with varied global data protection laws, where failure can result in material fines and penalties.
• Sanctions: Continuous monitoring and adherence to international sanctions regimes, which are constantly changing due to geopolitical shifts.
• Regulatory Approvals: Securing and maintaining the necessary regulatory approvals for new products and business transactions, such as the loss portfolio transfer transaction that closed in April 2025, which required multiple regulatory sign-offs.

This continuous, multi-jurisdictional compliance is a non-negotiable cost of doing business, but it also creates a competitive moat against smaller, less-resourced competitors.

AXIS Capital Holdings Limited (AXS) - PESTLE Analysis: Environmental factors

Commitment to Phase Out Thermal Coal and Oil Sands Investments

You need to see a clear exit strategy from high-carbon assets, and AXIS Capital Holdings Limited has a firm deadline in place. The company is committed to fully phasing out existing direct investments in companies tied to thermal coal and oil sands by the end of 2025. This isn't just a vague policy; it targets specific revenue and reserve thresholds.

To be precise, the policy applies to companies that generate 20% or more of their revenues from thermal coal mining or oil sands, or those that hold more than 20% of their reserves in oil sands. Honestly, this near-term divestment is a critical move to de-risk the investment portfolio from transition risk (the financial risk associated with a shift to a low-carbon economy). For the long-term, their commitment extends further, aiming for a 0% threshold for thermal coal business in OECD countries and the EU no later than 2030, and globally by 2040.

Increasing Frequency and Severity of Catastrophic (CAT) Events

The reality of climate change hits the balance sheet directly through increased catastrophic (CAT) events. The first quarter of 2025 (Q1 2025) clearly mapped this risk, with pre-tax catastrophe and weather-related losses, net of reinsurance, totaling $49 million. This single-quarter impact represented 3.7 points on the combined ratio.

The most significant single event was the California wildfires, which alone accounted for $32 million of those losses. That's a huge hit for one event. The total nine-month 2025 (9M'25) pre-tax CAT and weather-related losses reached $129 million, showing this is a persistent, not isolated, problem. This constant pressure from physical risk means underwriting discipline and pricing accuracy are defintely non-negotiable.

Strategic Growth in the Renewable Energy Insurance Business

While managing the downside of climate risk, AXIS Capital is also leaning into the opportunity side: the energy transition. They are strategically expanding their renewable energy insurance business, which covers the entire project lifecycle, from construction to operation. This is a high-growth specialty line that mitigates the loss of revenue from phasing out fossil fuel exposure.

The company is backing this commitment with capital, evidenced by a $20 million investment in BlackRock's Climate Finance Partnership (CFP). This fund focuses on climate-infrastructure investments in emerging markets, so it's a direct play on global transition growth. Their Insurance segment's gross premiums written (GPW) grew by 11% to $1.7 billion in Q3 2025, and while renewable energy is bundled in the Property and Marine & Aviation lines, it's a clear driver of that specialty growth.

Here's the quick math: you invest in the transition, you get a seat at the table for the new risk pool.

Climate-Related Risks are Formally Integrated into the Enterprise Risk Management (ERM) Framework

The good news is that climate risk isn't just an afterthought; it's formally baked into the Enterprise Risk Management (ERM) framework. This means climate-related risks are managed at the highest level, not just in a siloed department. The Board of Directors' Risk Committee reviews and approves the ERM framework, which includes specific policies and limits to address climate risk.

The day-to-day work is driven by a dedicated Climate Change Working Group, which is chaired by the Chief Risk Officer. This group regularly shares information with the Emerging Risk Working Group, ensuring climate risk is continuously monitored as an evolving threat. The formal integration covers short-, medium-, and long-term horizons, assessing environmental risks at both the policy (underwriting) and firm level (capital adequacy).

• Risk Committee oversees climate risk exposure and initiatives.
• Climate risk is incorporated into the ERM framework.
• Chief Risk Officer chairs the Climate Change Working Group.
• Risk assessment covers underwriting and firm-level capital adequacy.

The next step is to drill down on the $150 million tech overhaul and map its projected return on investment (ROI) against the expected 2026 combined ratio target. Finance: prepare a sensitivity analysis on the 2026 combined ratio based on a 10% variance in tech-driven productivity gains by next week.