Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 62

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 62
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ional agreements largely attributable to motor, and accident and health lines.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense decreased to 3.3% for the three months ended March 31, 2025, from 4.6% for the three months ended March 31, 2024, mainly driven by a decrease in personnel costs together with a slight increase in fees related to arrangements with strategic capital partners of $13 million for the three months ended March 31, 2025, compared to $12 million for the three months ended March 31, 2024.

61

NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income

Net investment income from our cash and investment portfolio by major asset class was as follows:

  Three months ended March 31,  2025% Change2024Fixed maturities$146,7115%$139,396Other investments22,410nm5,673Equity securities3,20816%2,762Mortgage loans6,868(25%)9,130Cash and cash equivalents33,380nm13,661Short-term investments1,986(43%)3,463Gross investment income214,56323%174,085Investment expense(6,850)2%(6,702)Net investment income$207,71324%$167,383Pre-tax yield:(1)Fixed maturities4.6 %4.2 %

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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 months ended March 31, 2025 increased to $147 million, compared to net investment income attributable to fixed maturities of $139 million for the three months ended March 31, 2024, due to an increase in yields.

Other Investments

Net investment income from other investments was as follows:

  Three months ended March 31,  20252024Multi-strategy, direct lending, private equity and real estate funds$15,170$3,335Other privately held investments6,6562,338CLO-Equities584—Total net investment income from other investments$22,410$5,673Pre-tax return on other investments(1)2.4 %0.6 %