Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 139

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 139
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4.8 %4.5 %4.7 %4.4 %

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(1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances.

Fixed Maturities

Net investment income attributable to fixed maturities for the three and six months ended June 30, 2025 was $150 million and $297 million, respectively, compared to net investment income attributable to fixed maturities of $154 million and $293 million, respectively, for the three and six months ended June 30, 2024. The decrease for the three months ended June 30, 2025, compared to same period in 2024, was due to the decrease in fixed maturity assets associated with the LPT transaction with Enstar. The increase for the six months ended June 30, 2025, compared to the same period in 2024, was due to higher yields, partially offset bv the decrease in fixed maturity assets associated with the LPT transaction with Enstar.

Other Investments

Net investment income from other investments was as follows:

  Three months ended June 30,Six months ended June 30,  2025202420252024Multi-strategy, direct lending, private equity and real estate funds$12,431$14,145$27,601$17,480Other privately held investments6,04814612,7042,484CLO-Equities—1058410Total net investment income from other investments$18,479$14,301$40,889$19,974Pre-tax return on other investments(1)2.0 %1.5 %4.4 %2.1 %

(1)Pre-tax return on other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated.

Net investment income attributable to other investments for the three and six months ended June 30, 2025 increased to $18 million and $41 million, respectively, compared to net investment income attributable to other investments of $14 million and $20 million, respectively, for the three and six months ended June 30, 2024. The increase for the three and six months ended June 30, 2025, compared to the same period in 2024, was primarily related to higher returns from other privately held investments, real estate and direct lending funds.

72

Net Investment