Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 316

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 316
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$7,537,447 $(467,578)100 %

The decrease in gross unrealized losses on investment grade fixed maturities primarily reflected the realization of losses throughout the year.

Non-investment grade fixed maturities, available for sale 

The severity of the unrealized loss position as a percentage of amortized cost for all non-investment grade fixed maturities in an unrealized loss position including any impact of foreign exchange losses (gains) was as follows:

  December 31, 2024December 31, 2023Severity ofUnrealized LossFair valueGrossunrealizedlosses% oftotal grossunrealizedlossesFair valueGrossunrealizedlosses% oftotal grossunrealizedlosses0-10%$643,929 $(11,655)82 %$348,188 $(9,597)74 %10-20%12,210 (1,601)11 %23,295 (3,073)24 %20-30%1,387 (354)2 %1,475 (112)1 %30-40%1,557 (602)4 %— — — %40-50%289 (75)1 %— — — %> 50%4 (4)— %45 (155)1 %Total$659,376 $(14,291)100 %$373,003 $(12,937)100 %

The increase in gross unrealized losses on non-investment grade fixed maturities was a result of an increase in non-investment grade fixed income holdings.

89

Equity Securities

At December 31, 2024, net unrealized gains on equity securities were $59 million (2023: $45 million). The increase was driven by the rally in global equity markets.

Mortgage Loans

During 2024, investment in commercial mortgage loans decreased to $506 million from $610 million, a decrease of $104 million. The commercial mortgage loans are high quality, and collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At December 31, 2024, the allowance for expected credit loss of $23 million (2023: $6 million) was primarily related to commercial properties exposed to the office sector.

Other