Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 110

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 110
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 exchange hedges resulted in $0.4 million of net losses, primarily attributable to securities denominated in euro and pound sterling. For the three months ended March 31, 2024, foreign exchange hedges resulted in net gains of $1 million, primarily attributable to securities denominated in euro and pound sterling.

Total Return

Total return on cash and investments was as follows:

  Three months ended March 31,  20252024Net investment income$207,713$167,383Net investment gains (losses)(30,005)(9,207)Change in net unrealized gains (losses) on fixed maturities (1) 135,560(51,963)Interest in income of equity method investments2,2911,169Total$315,559$107,382Average cash and investments(2) $18,019,104$16,822,621Pre-tax, total return on average cash and investments:Including investment related foreign exchange movements1.8 %0.6 %Excluding investment related foreign exchange movements(3) 1.5 %0.8 %

(1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

(2)The average cash and investments balance is the average of the monthly fair value balances.

(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $47 million and $(25) million for the three months ended March 31, 2025 and 2024, respectively.

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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:

  Three months ended March 31,  2025% Change2024Corporate expenses$28,725 12%$25,580 Foreign exchange losses (gains)57,034 nm(23,552)Interest expense and financing costs16,572 (3%)17,147 Income tax expense (benefit)44,322 nm(124,654)Total$146,653