Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 309

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 309
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,063,621 $1,383,985 

(1)Presented at net carrying value of $443 million (2023: $686 million) in the consolidated balance sheets.

(2)Includes restricted cash and cash equivalents of $920 million and $431 million for 2024 and 2023, respectively.

Overview

The fair value of total investments decreased by $215 million in 2024, as market value gains, reinvestment of interest income and cashflows from operations were offset by an increase in cash and cash equivalents.

Cash and Cash equivalents

At December 31, 2024, cash and cash equivalents were $3.1 billion compared to $1.4 billion at December 31, 2023, an increase of $1.7 billion, in anticipation of premiums to be paid for the LPT Agreement (refer to '2024 Financial, Highlights'), on receipt of regulatory approval.

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

Fixed Maturities 

Details of our fixed maturities portfolio are as follows:

  December 31, 2024December 31, 2023  Fair value% of totalFair value% of totalFixed maturities:U.S. government and agency$2,802,986 22 %$3,007,528 23 %Non-U.S. government729,939 6 %723,959 6 %Corporate debt4,957,807 39 %4,560,843 35 %Agency RMBS1,184,845 9 %1,634,661 13 %CMBS819,608 7 %839,696 7 %Non-agency RMBS122,536 1 %153,396 1 %ABS1,860,966 15 %1,832,151 14 %Municipals(1)110,817 1 %158,359 1 %Total$12,589,504 100 %$12,910,593 100 %Credit ratings:U.S. government and agency$2,802,986 22 %$3,007,528 23 %AAA(2)2,665,334 21 %2,745,192 21 %AA2,354,372 19 %2,646,798 21 %A2,090,