Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 135

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 135
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17518,714(29%)26,412Cash and cash equivalents12,597(13%)14,40262,62650%41,796Short-term investments355(91%)3,9192,882(74%)11,148Gross investment income192,703(9%)212,621601,9053%584,694Investment expense(7,800)4%(7,521)(21,994)4%(21,236)Net investment income$184,903(10%)$205,100$579,9113%$563,458Pre-tax yield:(1)Fixed maturities4.8 %4.6 %4.7 %4.5 %

(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 nine months ended September 30, 2025 was $156 million and $452 million, respectively, compared to net investment income attributable to fixed maturities of $163 million and $456 million, respectively, for the three and nine months ended September 30, 2024. The decrease for the three and nine months ended September 30, 2025, compared to same period in 2024, was due to 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 September 30,Nine months ended September 30,  2025202420252024Multi-strategy, direct lending, private equity and real estate funds$11,694$19,523$39,294$37,004Other privately held investments3,3254216,0292,527CLO-Equities—2958438Total net investment income from other investments$15,019$19,594$55,907$39,569Pre-tax return on other investments(1)1.6%2.1%5.9%4.2%

(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 nine months ended September 30, 2025 was $15 million and $56 million, respectively, compared to net investment income attributable to other investments of $20 million and