Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 75

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 75
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(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-agency RMBS189,739 2 %122,536 1 %ABS1,554,608 13 %1,860,966 15 %Municipals(1)72,227 1 %110,817 1 %Total$12,249,307 100 %$12,589,504 100 %Credit ratings:U.S. government and agency$2,553,843 21 %$2,802,986 22 %AAA(2)2,483,839 20 %2,665,334 21 %AA2,665,026 21 %2,354,372 19 %A2,053,447 17 %2,090,516 17 %BBB1,167,845 10 %1,190,381 9 %Below BBB(3)1,325,307 11 %1,485,915 12 %Total$12,249,307 100 %$12,589