Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 295

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 295
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 also reported in net investment gains (losses) when securities are sold or impaired. In addition, changes in the fair values of equity securities are reported in net investment gains (losses).

Changes in the fair value of investment derivatives, mainly foreign exchange forward contracts are recorded in net investment gains (losses).

Net investment gains (losses) were as follows:

Year ended December 31,202420232022On sale of investments:Fixed maturities, short-term investments, and cash and cash equivalents$(153,249)$(125,160)$(311,822)Equity securities17,041 16,208 7,281 Mortgage loans(7,215)— — (143,423)(108,952)(304,541)(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale6,821 974 (11,421)(Increase) decrease in allowance for expected credit losses, mortgage loans(17,159)(6,220)— Impairment losses (1)(408)(12,757)(12,568)Change in fair value of investment derivatives1,783 (1,456)7,656 Net unrealized gains (losses) on equity securities13,852 53,781 (135,915)Net investment gains (losses)$(138,534)$(74,630)$(456,789)

(1)   Related to instances where we intend to sell securities, or it is more likely than not that we will be required to sell securities before their anticipated recovery.

On Sale of Investments and Net Unrealized Gains (Losses) on Equity Securities 

Generally, sales of individual securities occur when there are changes in the relative value, credit quality, or duration of a particular issue. We may also sell securities to re-balance our investment portfolio in order to change exposure to particular asset classes or sectors.

2024 versus 2023: Net investment losses in 2024 were $139 million compared to net investment losses of $75 million in 2023. Net investment losses reported in 2024 mainly reflected net realized losses on the sale of corporate debt, Agency RMBS and U.S. government, partially offset by net realized and unrealized gains on equity securities. 

Net investment losses reported in 2023 mainly reflected net realized losses on the sale of corporate debt, U.S. government and Non-Agency CMBS, partially offset by net unrealized gains on equity securities.

(Increase