Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 97

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 97
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 %2,354,372 19 %A2,357,613 18 %2,090,516 17 %BBB1,289,152 10 %1,190,381 9 %Below BBB(3)1,480,788 11 %1,485,915 12 %Total$13,283,478 100 %$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 September 30, 2025, fixed maturities had a weighted average credit rating of A+ (2024: A+), a book yield of 4.6% (2024: 4.5%), and an average duration of 3.2 years (2024: 2.8 years). At September 30, 2025, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $14.7 billion) had a weighted average credit rating of AA- (2024: AA-) and an average duration of 2.9 years (2024: 2.5 years).

At September 30, 2025, net unrealized gains on fixed maturities, available for sale were $57 million, compared to net unrealized losses of $267 million at December 31, 2024, an increase of $324 million due to the improvement in market values.

Equity Securities

At September 30, 2025, net unrealized gains on equity securities were $116 million, compared to $59 million at December 31, 2024, an increase of $57 million driven by the improvement in market values, partially offset by realized gains associated with sales in the period.

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Mortgage Loans

At September 30, 2025, investment in commercial mortgage loans was $410 million, compared to $506 million at December 31, 2024, a decrease of $96 million mainly driven by loan repayments. 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 September 30, 2025, the allowance