Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 84

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 84
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4, the net investment gains were primarily due to net unrealized gains on equity securities, partially offset by net realized losses on sales of bond mutual funds and mortgage loans.

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

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

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

(Increase) decrease in allowance for expected credit losses, mortgage loans

For the three and nine months ended September 30, 2025, the allowance for expected credit losses increased by $6 million and $10 million, respectively, primarily related to commercial properties exposed to the office sector. For the three and nine months ended September 30, 2024, the allowance for expected credit losses increased by $1 million and $16 million, respectively, primarily related to commercial properties exposed to the office sector. Refer to Note 3(d) to the Consolidated Financial Statements 'Investments'.

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Total Return

Total return on cash and investments was as follows:

  Three months ended September 30,Nine months ended September 30,  2025202420252024Net investment income$184,903$205,100$579,911$563,458Net investment gains (losses)30,90532,18244,365(30,503)Change in net unrealized gains (losses) on fixed maturities (1) 46,402385,209324,219354,478Interest in income of equity method investments2,0831,6213,66910,689Total$264,293$624,112$952,164$898,122Average cash and investments(2) $16,581,947$17,768,254$17,039,182$