XML 36 R25.htm IDEA: XBRL DOCUMENT v3.25.3
INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fair Value of Fixed Maturity Investments Trading and Equity Investments
The following table summarizes the fair value of fixed maturity investments trading:
At September 30, 2025At December 31, 2024
U.S. treasuries$10,423,051 $11,001,893 
Corporate (1)
8,127,496 7,862,423 
Residential mortgage-backed2,249,921 1,707,056 
Asset-backed1,456,067 1,422,393 
Non-U.S. government692,295 618,809 
Agencies521,942 623,489 
Commercial mortgage-backed301,450 326,451 
Total fixed maturity investments trading$23,772,222 $23,562,514 
(1)Corporate fixed maturity investments include non-U.S. government-backed corporate fixed maturity investments.
The following table summarizes the fair value of equity investments:
At September 30, 2025At December 31, 2024
Fixed income exchange traded funds$1,329,544 $— 
Financials134,177 116,400 
Industrial, utilities and energy1,402 312 
Basic materials437 595 
Consumer124 154 
Healthcare99 32 
Communications and technology50 263 
Total$1,465,833 $117,756 
Schedule of Contractual Maturities of Fixed Maturity Investments
Contractual maturities of fixed maturity investments trading are described in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
At September 30, 2025At December 31, 2024
Amortized 
Cost		Fair ValueAmortized CostFair Value
Due in less than one year
$1,459,627 $1,462,105 $1,374,089 $1,373,838 
Due after one through five years
12,585,181 12,742,119 12,139,153 12,131,114 
Due after five through ten years
5,135,454 5,216,558 6,339,563 6,246,506 
Due after ten years
362,812 344,002 387,413 355,156 
Mortgage-backed
2,559,465 2,551,371 2,094,190 2,033,507 
Asset-backed1,452,317 1,456,067 1,416,132 1,422,393 
Total$23,554,856 $23,772,222 $23,750,540 $23,562,514 
Schedule of Components of Net Investment Income
The components of net investment income are as follows:
Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Fixed maturity investments trading$287,139 $289,687 $854,035 $820,876 
Short term investments51,855 46,746 141,299 141,923 
Equity investments
Fixed income exchange traded funds
15,876 — 23,588 — 
Other equity investments
610 670 1,951 1,819 
Other investments
Catastrophe bonds50,503 61,175 153,205 177,860 
Other27,036 20,937 67,451 59,525 
Cash and cash equivalents12,045 10,226 35,488 40,347 
 445,064 429,441 1,277,017 1,242,350 
Investment expenses(6,710)(5,582)(20,202)(16,871)
Net investment income$438,354 $423,859 $1,256,815 $1,225,479 
Schedule of Net Realized and Unrealized Gains (Losses) on Investments
Net realized and unrealized gains (losses) on investments are as follows:
Three months endedNine months ended
September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
Gross realized gains on fixed maturity investments trading$31,036 $41,538 $83,919 $128,544 
Gross realized losses on fixed maturity investments trading(11,743)(19,486)(56,358)(162,509)
Net realized gains (losses) on fixed maturity investments trading19,293 22,052 27,561 (33,965)
Net unrealized gains (losses) on fixed maturity investments trading66,796 590,309 389,382 353,465 
Net realized and unrealized gains (losses) on fixed maturity investments trading86,089 612,361 416,943 319,500 
Net realized and unrealized gains (losses) on investment-related derivatives (1)
181,012 97,534 498,089 50,102 
Net realized gains (losses) on equity investments541 340 613 355 
Net unrealized gains (losses) on equity investments6,609 18,778 33,366 26,368 
Net realized and unrealized gains (losses) on equity investments7,150 19,118 33,979 26,723 
Net realized and unrealized gains (losses) on other investments - catastrophe bonds44,592 66,291 (9,837)51,091 
Net realized and unrealized gains (losses) on other investments - other(6,953)148,441 55,376 155,091 
Net realized and unrealized gains (losses) on investments$311,890 $943,745 $994,550 $602,507 
(1)Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives, equity investments related derivatives and commodity related derivatives. See “Note 13. Derivative Instruments” for additional information.