Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 85

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 85
---
,023 Net unrealized gains (losses) on equity securities54,201 5,817 31,671 (2,222)Net investment gains (losses)$43,468 $(53,479)$13,462 $(62,687)

(1)Related to instances where we intend to sell securities, or it is more likely than not that we will be required to sell securities before their anticipated recovery.

On Sale of Investments and Net Unrealized Gains (Losses) on Equity Securities

Generally, sales of individual securities occur when there are changes in the relative value, credit quality, or duration of a particular issue. We may also sell securities to re-balance our investment portfolio in order to change exposure to particular asset classes or sectors. 

Net investment gains for the three and six months ended June 30, 2025 were $43 million and $13 million, respectively, compared to net investment losses of $53 million and $63 million, respectively, for the three and six months ended June 30, 2024. 

For the three months ended June 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities, partially offset by net realized losses on the sale of corporate debt and Agency RMBS. For the three months ended June 30, 2024, the net investment losses were primarily due to net realized losses on the sale of Agency RMBS, U.S. government and corporate debt securities, partially offset by net unrealized gains on equity securities.

For the six months ended June 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities and net realized gains on the sale of equity securities, partially offset by net realized losses on the sale of corporate debt, Agency RMBS and U.S. government securities. For the six months ended June 30, 2024, the net investment losses were primarily due to net realized losses on the sale of U.S. government, Agency RMBS and corporate debt securities, partially offset by net realized gains on the sale of equity securities.

(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale

For the six months ended June 30, 2024, the allowance for expected credit losses decreased by $6 million primarily related to the sale of securities. Refer to Note 3(i) to the Consolidated Financial Statements 'Investments'.

(Increase) decrease in allowance for expected credit losses,