Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
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Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 3
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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 June 30, 2025Net managed assets (liabilities), excluding derivatives$106,107 $433,641 $15,135 $247,698 $(14,681)$144,967 $932,867 Foreign currency derivatives, net(110,680)(401,071)(74,688)(233,681)17,680 (121,570)(924,010)Net managed foreign currency exposure(4,573)32,570 (59,553)14,017 2,999 23,397 8,857 Other net foreign currency exposure— 173 (358)92 — 1 (92)Total net foreign currency exposure$(4,573)$32,743 $(59,911)$14,109 $2,999 $23,398 $8,765 Net foreign currency exposure as a percentage of total shareholders’ equity(0.1 %)0.5 %(1.0 %)0.2 %— %0.4 %0.1 %Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1)$(457)$3,274 $(5,991)$1,411 $300 $2,340 $877 

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

Total Net Foreign Currency Exposure

At June 30, 2025, total net foreign currency assets were $9 million primarily driven by exposures to the Canadian dollar, pound sterling, Japanese yen and Other currencies. During the six months ended June 30, 2025, the change in total net foreign currency exposure was primarily due to new business written in the period.

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