Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 120

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 120
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 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:  March 31, 2025December 31, 2024  Fair ValueFair ValueFixed maturities, available for sale$11,865,480 $12,152,753 Fixed maturities, held to maturity(1)383,827 436,751 Equity securities574,379 579,274 Mortgage loans457,907 505,697 Other investments938,562 930,278 Equity method investments214,240 206,994 Short-term investments91,330 223,666 Total investments$14,525,725 $15,035,413 Cash and cash equivalents(2)$3,332,767 $3,063,621 

(1)Presented at net carrying value of $390 million (2024: $443 million) in the consolidated balance sheets.

(2)Includes restricted cash and cash equivalents of $576 million and $920 million at March 31, 2025 and at December 31, 2024, respectively.

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Overview

The fair value of total investments decreased by $510 million in the three months ended March 31, 2025, as market value gains, reinvestment of interest income and cashflows from operations were offset by an increase in cash and cash equivalents.

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

Fixed Maturities

Details of our fixed maturities portfolio are as follows:

  March 31, 2025December 31, 2024  Fair Value% of TotalFair Value% of TotalFixed maturities:U.S. government and agency$2,553,843 21 %$2,802,986 22 %Non-U.S. government714,525 6 %729,939 6 %Corporate debt4,750,703 37 %4,957,807 39 %Agency RMBS1,557,554 13 %1,184,845 9 %CMBS856,108 7 %819,608 7 %Non