Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 108

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 108
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71324%$167,383Pre-tax yield:(1)Fixed maturities4.6 %4.2 %

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(1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances.

Fixed Maturities

Net investment income attributable to fixed maturities for the three months ended March 31, 2025 increased to $147 million, compared to net investment income attributable to fixed maturities of $139 million for the three months ended March 31, 2024, due to an increase in yields.

Other Investments

Net investment income from other investments was as follows:

  Three months ended March 31,  20252024Multi-strategy, direct lending, private equity and real estate funds$15,170$3,335Other privately held investments6,6562,338CLO-Equities584—Total net investment income from other investments$22,410$5,673Pre-tax return on other investments(1)2.4 %0.6 %

(1)Pre-tax return on other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated.

Net investment income attributable to other investments for the three months ended March 31, 2025 increased to $22 million, compared to net investment income attributable to other investments of $6 million for the three months ended March 31, 2024, primarily related to higher returns from real estate funds, other privately held investments and private equity funds.

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Net Investment Gains (Losses)

Net investment gains (losses) were as follows:

  Three months ended March 31,  20252024On sale of investments:Fixed maturities, short-term investments, and cash and cash equivalents$(29,601)$(29,533)Equity securities27,197 22,914  (2,404)(6,619)(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale(245)6,522 (Increase) decrease in allowance for expected credit losses, mortgage loans(2,484)(1,858)Impairment losses (1)(1,926)(8)Change in fair value of investment derivatives(416)795 Net unrealized gains (losses) on equity securities(22,530)(8,039)Net investment gains (losses)$(