Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 149

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 149
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CASH AND INVESTMENTS

Details of cash and investments are as follows:  September 30, 2025December 31, 2024  Fair ValueFair ValueFixed maturities, available for sale$12,879,372 $12,152,753 Fixed maturities, held to maturity(1)404,106 436,751 Equity securities649,970 579,274 Mortgage loans409,699 505,697 Other investments972,867 930,278 Equity method investments220,022 206,994 Short-term investments17,185 223,666 Total investments$15,553,221 $15,035,413 Cash and cash equivalents(2)$1,358,078 $3,063,621 

(1)Presented at net carrying value of $407 million (2024: $443 million) in the consolidated balance sheets.

(2)Includes restricted cash and cash equivalents of $532 million and $920 million at September 30, 2025 and at December 31, 2024, respectively.

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Overview

The fair value of total investments increased by $518 million in the nine months ended September 30, 2025, driven by the reinvestment of interest income and cashflows from operations, and the increase in market value of fixed maturities due to the decline in yields.

An analysis of our investment portfolio by asset class is detailed below:

Fixed Maturities

Details of our fixed maturities portfolio are as follows:

  September 30, 2025December 31, 2024  Fair Value% of TotalFair Value% of TotalFixed maturities:U.S. government and agency$2,537,675 19 %$2,802,986 22 %Non-U.S. government791,850 6 %729,939 6 %Corporate debt5,279,435 41 %4,957,807 39 %Agency RMBS1,888,486 14 %1,184,845 9 %CMBS831,084 6 %819,608 7 %Non-agency RMBS197,318 1 %122,536 1 %ABS1,697,444 13 %1,860,966 15 %Municipals(1)60,186