Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 141

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 141
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 government and corporate debt securities, partially offset by net unrealized gains on equity securities.

For the six months ended June 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities and net realized gains on the sale of equity securities, partially offset by net realized losses on the sale of corporate debt, Agency RMBS and U.S. government securities. For the six months ended June 30, 2024, the net investment losses were primarily due to net realized losses on the sale of U.S. government, Agency RMBS and corporate debt securities, partially offset by net realized gains on the sale of equity securities.

(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale

For the six months ended June 30, 2024, the allowance for expected credit losses decreased by $6 million primarily related to the sale of securities. Refer to Note 3(i) to the Consolidated Financial Statements 'Investments'.

(Increase) decrease in allowance for expected credit losses, mortgage loans

For the three and six months ended June 30, 2025, the allowance for expected credit losses increased by $1 million and $4 million, respectively, primarily related to commercial properties exposed to the office sector. For the three and six months ended June 30, 2024, the allowance for expected credit losses increased by $13 million and $14 million, respectively, primarily related to commercial properties exposed to the office sector. Refer to Note 3(d) to the Consolidated Financial Statements 'Investments'.

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Total Return

Total return on cash and investments was as follows:

  Three months ended June 30,Six months ended June 30,  2025202420252024Net investment income$187,297$190,975$395,009$358,358Net investment gains (losses)43,468(53,479)13,462(62,687)Change in net unrealized gains (losses) on fixed maturities (1) 142,25721,232277,817(30,731)Interest in income of equity method investments(705)7,9001,5869,069Total$372,317$166,628$687,874$274,009Average cash and investments(2) $16,520,011$16,932,010$17,191,155$16,887,183Pre-tax, total return on average cash and investments