InvestmentsNet investment income of $104 million for the quarter represented a $54 million increase from the third quarter of 2011 and a $29 million increase from the second quarter of 2012, with the variances primarily driven by the market value of our alternative investments ("other investments"). These investments generated $34 million of income in the third quarter of 2012, compared to losses of $30 million and $2 million, respectively, in the third quarter of 2011 and the second quarter of 2012. Partially offsetting these improvements were reductions in income from our fixed maturity portfolio of $10 million, or 12%, in comparison to the prior year quarter and $4 million, or 6%, in comparison to the second quarter of 2012; these declines were primarily due to lower reinvestment yields, though partially offset by an increase in the average investment balance.
AXIS Capital Reports Third Quarter Operating Income Of $201 Million
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