Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 121

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 121
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-agency RMBS189,739 2 %122,536 1 %ABS1,554,608 13 %1,860,966 15 %Municipals(1)72,227 1 %110,817 1 %Total$12,249,307 100 %$12,589,504 100 %Credit ratings:U.S. government and agency$2,553,843 21 %$2,802,986 22 %AAA(2)2,483,839 20 %2,665,334 21 %AA2,665,026 21 %2,354,372 19 %A2,053,447 17 %2,090,516 17 %BBB1,167,845 10 %1,190,381 9 %Below BBB(3)1,325,307 11 %1,485,915 12 %Total$12,249,307 100 %$12,589,504 100 %

(1)Includes bonds issued by states, municipalities, and political subdivisions.

(2)Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").

(3)Non-investment grade and non-rated securities.

At March 31, 2025, fixed maturities had a weighted average credit rating of A+ (2024: A+), a book yield of 4.5% (2024: 4.5%), and an average duration of 3.0 years (2024: 2.8 years). At March 31, 2025, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $15.7 billion) had a weighted average credit rating of AA- (2024: AA-) and an average duration of 2.4 years (2024: 2.5 years).

At March 31, 2025, net unrealized losses on fixed maturities, available for sale were $132 million, compared to net unrealized losses of $267 million at December 31, 2024, a decrease of $135 million due to the improvement in market values and realized losses associated with sales in the period.

Equity Securities

At March 31, 2025, net unrealized gains on equity securities were