Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 100

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 100
---
 (i.e. total investments of $14.0 billion) had a weighted average credit rating of AA- (2024: AA-) and an average duration of 2.8 years (2024: 2.5 years).

At June 30, 2025, net unrealized gains on fixed maturities, available for sale were $10 million, compared to net unrealized losses of $267 million at December 31, 2024, an improvement of $277 million due to the improvement in market values.

Equity Securities

At June 30, 2025, net unrealized gains on equity securities were $90 million, compared to $59 million at December 31, 2024. The increase of $31 million was driven by the improvement in market values, partially offset by realized gains associated with sales in the period.

84

Mortgage Loans

At June 30, 2025, investment in commercial mortgage loans was $439 million, compared to $506 million at December 31, 2024. The decrease was driven by loan repayments during the six months ended June 30, 2025. 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 June 30, 2025, the allowance for credit losses of $27 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:

June 30, 2025December 31, 2024  Fair Value% of TotalFair Value% of TotalMulti-strategy funds$15,290 2 %$24,919 3 %Direct lending funds164,979 18 %171,048 18 %Private equity funds332,835 35 %320,690 35 %Real estate funds291,173 31 %291,640 31 %Total multi-strategy, direct lending, private equity and real estate funds804,277 86 %808,297 87 %Other privately held investments134,645 14 %121,981 13 %Total other investments$938,922 100 %$930,278 100 %

Refer to Note 3(e) to the Consolidated Financial Statements 'Investments'.

Equity Method Investments

Refer to Note 3(f) to