Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 297

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 297
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Year ended December 31,202420232022Net investment income$759,229 $611,742 $418,829 Net investment gains (losses)(138,534)(74,630)(456,789)Change in net unrealized gains (losses) on fixed maturities(1)125,742 448,477 (909,150)Interest in income of equity method investments17,953 4,163 1,995 Total$764,390 $989,752 $(945,115)Average cash and investments(2)$17,409,516 $16,155,418 $15,963,535 Pre-tax, total return on average cash and investments:Including investment related foreign exchange movements4.4 %6.1 %(5.9 %)Excluding investment related foreign exchange movements(3)4.8 %5.8 %(5.2 %)

(1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at year end less net unrealized gains (losses) at the prior year end.

(2)The average cash and investments balance is the average of the monthly fair value balances.

(3)Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(63) million, $51 million and $(110) million for the years ended December 31, 2024, 2023 and 2022, respectively.

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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:

Year ended December 31,2024% Change2023% Change2022Corporate expenses$129,760 (2%)$132,979 2%$130,054 Foreign exchange losses (gains)(50,822)nm58,115 nm(157,945)Interest expense and financing costs67,766 (1%)68,421 8%63,146 Income tax expense (benefit)(55,595)nm26,316 19%22,037 Total$91,109 $285,831 $57,