Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 313

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 313
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 of B+ (2023: B+) and duration of 2.2 years (2023: 2.4 years). At December 31, 2024, our corporate debt portfolio, including non-investment grade securities, had a duration of 3.2 years (2023: 3.4 years).

Mortgage-Backed Securities

Details of the fair values of our RMBS and CMBS portfolios by credit rating are as follows:

  December 31, 2024December 31, 2023  RMBSCMBSRMBSCMBSGovernment agency$1,184,845 $142,214 $1,634,661 $69,973 AAA115,115 614,801 144,437 711,636 AA5,280 51,411 5,389 45,094 A250 7,439 1,371 6,937 BBB81 2,732 100 650 Below BBB(1)1,810 1,011 2,099 5,406 Total$1,307,381 $819,608 $1,788,057 $839,696 

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

87

Residential MBS

Agency RMBS consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association, which are primarily AA+ rated and are supported by loans which are diversified across geographical areas. At December 31, 2024, agency RMBS had an average duration of 5.2 years (2023: 5.2 years). 

Non-agency RMBS mainly include investment grade bonds originated by non-agencies. At December 31, 2024, 98% (2023: 98%) of our non-agency RMBS were rated AA or better. At December 31, 2024, non-agency RMBS had an average duration of 4.3 years (2023: 4.0 years) and weighted average life of 5.4 years (2023: 5.6 years).

Commercial MBS

CMBS mainly include investment grade bonds originated by non-agencies. At December 31, 2024, 99% (2023: 98%) of our CMBS were rated AA or better. At December 31, 2024,