Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
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Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 3
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Table of Contents

ITEM 3.      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Refer to Item 7A included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to this item since December 31, 2024, with the exception of the changes in exposure to foreign currency risk presented below. 

Foreign Currency Risk

The table below provides a sensitivity analysis of total net foreign currency exposures:

AUDCADEURGBPJPYOtherTotalAt September 30, 2025Net managed assets (liabilities), excluding derivatives$115,702 $403,362 $(3,051)$66,728 $(13,859)$165,090 $733,972 Foreign currency derivatives, net(89,627)(416,966)(588)(149,125)1,015 (137,026)(792,317)Net managed foreign currency exposure26,075 (13,604)(3,639)(82,397)(12,844)28,064 (58,345)Other net foreign currency exposure— 222 23 122 — 1 368 Total net foreign currency exposure$26,075 $(13,382)$(3,616)$(82,275)$(12,844)$28,065 $(57,977)Net foreign currency exposure as a percentage of total shareholders’ equity0.4%(0.2%)(0.1%)(1.3%)(0.2%)0.4%(0.9%)Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1)$2,608 $(1,338)$(362)$(8,228)$(1,284)$2,807 $(5,798)

(1)Assumes 10% appreciation in underlying currencies relative to the U.S. dollar.

Total Net Foreign Currency Exposure

At September 30, 2025, total net foreign currency liabilities were $58 million primarily driven by exposures to the pound sterling, Canadian dollar, Japanese yen and euro. During the nine months ended September 30, 2025, the change in total net foreign currency exposure was primarily due to new business written in the period.

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