Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 83

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 83
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 months ended June 30, 2024, mainly driven by a decrease in personnel costs, and an increase in net premiums earned.

71

NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income

Net investment income from our cash and investment portfolio by major asset class was as follows:

  Three months ended June 30,Six months ended June 30,  2025% Change20242025% Change2024Fixed maturities$149,861(3%)$154,023$296,5721%$293,419Other investments18,47929%14,30140,889nm19,974Equity securities3,1553%3,0576,3639%5,819Mortgage loans5,956(35%)9,10812,824(30%)18,237Cash and cash equivalents16,64921%13,73350,02883%27,395Short-term investments541(86%)3,7662,527(65%)7,229Gross investment income194,641(2%)197,988409,20310%372,073Investment expense(7,344)5%(7,013)(14,194)3%(13,715)Net investment income$187,297(2%)$190,975$395,00910%$358,358Pre-tax yield:(1)Fixed maturities4.8 %4.5 %4.7 %4.4 %

nm - not meaningful

(1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances.

Fixed Maturities

Net investment income attributable to fixed maturities for the three and six months ended June 30, 2025 was $150 million and $297 million, respectively, compared to net investment income attributable to fixed maturities of $154 million and $293 million, respectively, for the three and six months ended June 30, 2024. The decrease for the three months ended June 30, 2025, compared to same period in 2024, was due to the decrease in fixed maturity assets associated with the LPT transaction with Enstar. The increase for the six months ended June 30, 2025, compared to the same period in 2024, was due to higher yields, partially offset bv the decrease in fixed maturity assets associated with the L