Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 82

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 3
Chunk 82
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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 March 31, 2025Net managed assets (liabilities), excluding derivatives$111,697 $363,391 $(236,968)$84,651 $(37,250)$122,668 $408,189 Foreign currency derivatives, net(93,621)(353,019)341,118 (96,683)45,364 (135,919)(292,760)Net managed foreign currency exposure18,076 10,372 104,150 (12,032)8,114 (13,251)115,429 Other net foreign currency exposure— 124 (447)47 — 1 (275)Total net foreign currency exposure$18,076 $10,496 $103,703 $(11,985)$8,114 $(13,250)$115,154 Net foreign currency exposure as a percentage of total shareholders’ equity0.3 %0.2 %1.8 %(0.2 %)0.1 %(0.2 %)2.0 %Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1)$1,808 $1,050 $10,370 $(1,199)$811 $(1,325)$11,515 

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

Total Net Foreign Currency Exposure

At March 31, 2025, total net foreign currency assets were $115 million primarily driven by exposures to euro, Australian dollar, Canadian dollar and Japanese yen. During the three months ended March 31, 2025, the change in total net foreign currency exposure was primarily due to new business written in the period.

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