Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 83

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 83
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 held investments and direct lending funds.

63

Net Investment Gains (Losses)

Net investment gains (losses) were as follows:

  Three months ended September 30,Nine months ended September 30,  2025202420252024On sale of investments:Fixed maturities, short-term investments, and cash and cash equivalents$10,602 $60 $(27,279)$(75,876)Equity securities— (5,872)28,510 17,041 Mortgage loans— (4,275)— (4,275) 10,602 (10,087)1,231 (63,110)(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale347 209 (757)6,338 (Increase) decrease in allowance for expected credit losses, mortgage loans(5,822)(1,343)(9,781)(15,771)Impairment losses (1)(63)(14)(2,389)(178)Change in fair value of investment derivatives169 (870)(1,282)153 Net unrealized gains (losses) on equity securities25,672 44,287 57,343 42,065 Net investment gains (losses)$30,905 $32,182 $44,365 $(30,503)

(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. 

Net investment gains for the three and nine months ended September 30, 2025 were $31 million and $44 million, respectively, compared to net investment gains of $32 million and net investment losses of $31 million, respectively, for the three and nine months ended September 30, 2024. 

For the three months ended September 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities and net realized gains on sales of Non-U.S. government and corporate debt securities. For the three months ended September 30, 202