Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 76

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 76
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,504 100 %

(1)Includes bonds issued by states, municipalities, and political subdivisions.

(2)Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").

(3)Non-investment grade and non-rated securities.

At March 31, 2025, fixed maturities had a weighted average credit rating of A+ (2024: A+), a book yield of 4.5% (2024: 4.5%), and an average duration of 3.0 years (2024: 2.8 years). At March 31, 2025, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $15.7 billion) had a weighted average credit rating of AA- (2024: AA-) and an average duration of 2.4 years (2024: 2.5 years).

At March 31, 2025, net unrealized losses on fixed maturities, available for sale were $132 million, compared to net unrealized losses of $267 million at December 31, 2024, a decrease of $135 million due to the improvement in market values and realized losses associated with sales in the period.

Equity Securities

At March 31, 2025, net unrealized gains on equity securities were $36 million, compared to $59 million at December 31, 2024. The decrease of $23 million was driven by the decline in market values and realized gains associated with sales in the period.

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Mortgage Loans

At March 31, 2025, investment in commercial mortgage loans was $458 million, compared to $506 million at December 31, 2024. The decrease was driven by four loans which were repaid in full during the three months ended March 31, 2025. The commercial mortgage loans are high quality, and collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At March 31, 2025, the allowance for credit losses of $26 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:

March 31, 2025December 31, 2024  Fair Value% of TotalFair Value% of TotalMulti-strategy funds