Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 84

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 84
---
PT transaction with Enstar.

Other Investments

Net investment income from other investments was as follows:

  Three months ended June 30,Six months ended June 30,  2025202420252024Multi-strategy, direct lending, private equity and real estate funds$12,431$14,145$27,601$17,480Other privately held investments6,04814612,7042,484CLO-Equities—1058410Total net investment income from other investments$18,479$14,301$40,889$19,974Pre-tax return on other investments(1)2.0 %1.5 %4.4 %2.1 %

(1)Pre-tax return on other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated.

Net investment income attributable to other investments for the three and six months ended June 30, 2025 increased to $18 million and $41 million, respectively, compared to net investment income attributable to other investments of $14 million and $20 million, respectively, for the three and six months ended June 30, 2024. The increase for the three and six months ended June 30, 2025, compared to the same period in 2024, was primarily related to higher returns from other privately held investments, real estate and direct lending funds.

72

Net Investment Gains (Losses)

Net investment gains (losses) were as follows:

  Three months ended June 30,Six months ended June 30,  2025202420252024On sale of investments:Fixed maturities, short-term investments, and cash and cash equivalents$(8,279)$(46,405)$(37,880)$(75,938)Equity securities1,313 — 28,510 22,914  (6,966)(46,405)(9,370)(53,024)(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale(859)(394)(1,104)6,128 (Increase) decrease in allowance for expected credit losses, mortgage loans(1,473)(12,569)(3,958)(14,428)Impairment losses (1)(400)(156)(2,326)(164)Change in fair value of investment derivatives(1,035)228 (1,451)1