Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 98

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 98
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 Financial Condition and Results of Operations – Results by Segment'.

Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements

Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Net Investment Income and Net Investment Gains (Losses)'.

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CASH AND INVESTMENTS

Details of cash and investments are as follows:  June 30, 2025December 31, 2024  Fair ValueFair ValueFixed maturities, available for sale$12,137,475 $12,152,753 Fixed maturities, held to maturity(1)400,790 436,751 Equity securities619,275 579,274 Mortgage loans438,571 505,697 Other investments938,922 930,278 Equity method investments215,920 206,994 Short-term investments51,726 223,666 Total investments$14,802,679 $15,035,413 Cash and cash equivalents(2)$1,409,201 $3,063,621 

(1)Presented at net carrying value of $405 million (2024: $443 million) in the consolidated balance sheets.

(2)Includes restricted cash and cash equivalents of $557 million and $920 million at June 30, 2025 and at December 31, 2024, respectively.

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Overview

The fair value of total investments decreased by $233 million in the six months ended June 30, 2025, due to premium paid for the LPT transaction completed with Enstar in the period and share repurchase activity, partially offset by market value gains, reinvestment of interest income and cashflows from operations.

An analysis of our investment portfolio by asset class is detailed below:

Fixed Maturities

Details of our fixed maturities portfolio are as follows: