AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2025

	AXIS Capital Holdings Limited
	92 Pitts Bay Road
	Pembroke HM 08 Bermuda
	Contact Information:
	Cliff Gallant
	Investor Contact
	(415) 262-6843
	investorrelations@axiscapital.com
	Website Information:
	www.axiscapital.com
This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

	Page(s)
Basis of Presentation	i - iv
I. Financial Highlights	1
II. Income Statements
a. Consolidated Statement of Operations	2-6
b. Consolidated Segment Data	7
c. Gross Premiums Written by Segment by Line of Business	8
d. Consolidated Data	9
e. Segment Data	10-11
f. Net Investment Income	12
III. Balance Sheets
a. Consolidated Balance Sheets	13
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	14
•    Cash and Invested Assets Composition	15
•    Mortgage-Backed and Asset-Backed Securities Composition	16
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis	17
b. Paid to Incurred Analysis by Segment	18
V. Share Analysis
a. Earnings Per Common Share Information	19
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method	20
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	21
b. Rationale for the Use of Non-GAAP Financial Measures	22-25

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.

DEFINITIONS AND PRESENTATION

•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2024 and consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023.

•Amounts may not reconcile due to rounding differences.

•Unless otherwise noted, all data is in thousands, except for ratio information.

•NM - Not meaningful is defined as a variance greater than +/- 100%; NA - Not applicable

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this document, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States ("U.S.") federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates for losses and loss expenses, measurements of potential losses in the fair value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including the loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, the impact of the current trade and geopolitical environment on our business, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

Insurance Risk

•the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;

•the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;

•the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;

•actual claims exceeding reserves for losses and loss expenses;

•losses related to the conflict in the Middle East, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•the adverse impact of social and economic inflation;

•the failure of any of the loss limitation methods we employ;

•the failure of our cedants to adequately evaluate risks;

•the use of industry models and changes to these models;

Strategic Risk

•increased competition and consolidation in the insurance and reinsurance industry;

•general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates and the evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures);

•changes in the political environment of certain countries in which we operate or underwrite business;

•the loss of business provided to us by major brokers;

•a decline in our ratings with rating agencies;

•the loss of one or more of our key executives;

i

•increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;

•the adverse impact of contagious diseases on our business, results of operations, financial condition, and liquidity;

Credit and Market Risk

•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;

•the failure of our policyholders or intermediaries to pay premiums;

•breaches by third parties in our program business of their obligations to us;

Liquidity Risk

•the inability to access sufficient cash to meet our obligations when they are due;

Operational Risk

•changes in accounting policies or practices;

•difficulties with technology and/or data security;

•the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

Regulatory Risk

•changes in governmental regulations and potential government intervention in our industry;

•inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and

Risks Related to Taxation

•changes in tax laws.

Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

ii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

Our insurance segment offers specialty insurance products to a variety of markets on a worldwide basis. The following are the lines of business in our insurance segment:

Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, medical malpractice, environmental liability risks predominantly in the U.S. wholesale markets and other financial insurance related covers for public and private commercial enterprises, financial institutions, not-for-profit organizations and other professional service providers. This business is predominantly written on a claims-made basis.

Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects, property in transit, onshore renewable energy installations, and physical damage and business interruption following an act of terrorism. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

Liability: provides cover for primary and low to mid-level excess and umbrella commercial liability, and primary and excess of loss employers, public, and products liability business predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, life sciences and other services.

Cyber: provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, Payment Card Industry Data Security Standard and media liability.

Marine and Aviation: Marine provides cover for a range of exposures including offshore energy, offshore renewable energy, ocean marine, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases. Aviation provides hull and liability, and specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.

Accident and Health: includes personal accident, travel insurance and specialty health products for employer and affinity groups, and pet insurance.

Credit and Political Risk: provides credit and political risk insurance products for banks, commodity traders, corporations and multilateral and export credit agencies. Cover is provided for a range of risks including sovereign and corporate credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events. Surety bonds are also provided to large corporate and commercial clients and to mid to large sized construction clients.

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis written on an excess of loss or a proportional basis. For excess of loss business, we typically indemnify the reinsured for a portion of losses, individually and in the aggregate, in excess of a specified individual or aggregate loss deductible. For proportional business, we assume an agreed percentage of the underlying premiums and accept liability for the same percentage of losses and loss expenses. Our business is primarily produced through reinsurance brokers worldwide. The following are the lines of business in our reinsurance segment:

Liability: provides protection to insurers of admitted casualty business, excess and surplus lines casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, workers' compensation, auto liability, environmental liability, and excess casualty.

Accident and Health: includes personal accident, specialty health, accidental death, travel, life and disability reinsurance products which are offered on a proportional and catastrophic or per life excess of loss basis.

Professional Lines: provides protection for directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, cyber and miscellaneous errors and omissions insurance risks. The underlying business is predominantly written on a claims-made basis. This business is written on a proportional and excess of loss basis.

Credit and Surety: Credit reinsurance provides protection for trade credit insurance and credit and political risk insurance. Trade credit insurance protects sellers of goods and services in the event of a payment default by the buyer of those goods and services. Credit and political risk insurance covers a range of risks predominantly corporate and sovereign non-payment. Surety reinsurance provides protection for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands, contract, and commercial obligations in a variety of jurisdictions around the world. Mortgage reinsurance is provided to mortgage guaranty insurers and U.S. government-sponsored entities and other mortgage market participants. These entities seek to manage their credit risk exposure emanating from defined pools of mortgage loans.

Motor: provides protection to insurers for motor liability and motor property damage losses arising out of any one occurrence. A loss occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence. Traditional non-proportional and proportional reinsurance as well as structured solutions are offered predominantly relating to U.K. and European exposures.

Agriculture: provides protection for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. This business is written on a proportional and aggregate stop loss reinsurance basis.

Marine and Aviation: Marine includes specialty marine exposures such as cargo, hull, pleasure craft, marine liability, inland marine and offshore energy. The principal perils covered by policies in this portfolio include physical loss, damage and/or liability arising from natural perils of the seas or land, man-made events including fire and explosion, stranding/sinking/salvage, pollution, shipowners and maritime employers liability. This business is written on a non-proportional and proportional basis. Aviation provides cover for airline, aerospace and general aviation exposures. This business is written on a proportional and non-proportional basis. The Company exited Aviation business effective January 1, 2023.

Run-off lines

Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. The underlying policies principally cover property-related exposures but other exposures including personal accident are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis. The Company exited this line of business in June 2022.

Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage, but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, flood, industrial explosions, fire, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis. The Company exited this line of business in June 2022.

Engineering: provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment, and electronic equipment as well as business interruption. The Company exited this line of business in 2020.

iv

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

		Three months ended June 30,									Six months ended June 30,
		2025			2024			Change			2025			2024			Change
HIGHLIGHTS	Gross premiums written	$	2,515,971		$	2,440,236		3.1	%		$	5,310,622		$	5,094,663		4.2	%
	Gross premiums written - Insurance	76.8		%	74.3		%	2.5		pts	67.6		%	66.5		%	1.1		pts
	Gross premiums written - Reinsurance	23.2		%	25.7		%	(2.5)		pts	32.4		%	33.5		%	(1.1)		pts
	Net premiums written	$	1,635,434		$	1,573,744		3.9	%		$	3,385,473		$	3,295,817		2.7	%
	Net premiums earned	$	1,393,431		$	1,304,478		6.8	%		$	2,734,251		$	2,562,519		6.7	%
	Net premiums earned - Insurance	74.1		%	73.5		%	0.6		pts	74.7		%	73.2		%	1.5		pts
	Net premiums earned - Reinsurance	25.9		%	26.5		%	(0.6)		pts	25.3		%	26.8		%	(1.5)		pts
	Net income available to common shareholders	$	215,795		$	204,401		5.6	%		$	402,302		$	592,300		(32.1	%)
	Operating income [a]	$	261,304		$	249,989		4.5	%		$	523,118		$	470,154		11.3	%
	Annualized return on average common equity [b]	15.7		%	16.2		%	(0.5)		pts	14.4		%	24.1		%	(9.7)		pts
	Annualized operating return on average common equity [c]	19.0		%	19.9		%	(0.9)		pts	18.7		%	19.1		%	(0.4)		pts
	Total shareholders’ equity	$	6,174,398		$	5,659,471		9.1	%		$	6,174,398		$	5,659,471		9.1	%
PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$2.72			$2.40			13.3	%		$4.98			$6.93			(28.1	%)
	Operating income per diluted common share [d]	$3.29			$2.93			12.3	%		$6.47			$5.50			17.6	%
	Weighted average diluted common shares outstanding	79,329			85,326			(7.0	%)		80,845			85,509			(5.5	%)
	Book value per common share	$71.95			$60.70			18.5	%		$71.95			$60.70			18.5	%
	Book value per diluted common share (treasury stock method)	$70.34			$59.29			18.6	%		$70.34			$59.29			18.6	%
	Tangible book value per diluted common share (treasury stock method) [a]	$67.95			$56.59			20.1	%		$67.95			$56.59			20.1	%
FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses [a]	56.4		%	55.1		%	1.3		pts	56.3		%	55.7		%	0.6		pts
	Catastrophe and weather-related losses ratio [a]	2.6		%	3.6		%	(1.0)		pts	3.2		%	2.6		%	0.6		pts
	Current accident year loss ratio [a]	59.0		%	58.7		%	0.3		pts	59.5		%	58.3		%	1.2		pts
	Prior year reserve development ratio	(1.5		%)	—		%	(1.5)		pts	(1.4		%)	—		%	(1.4)		pts
	Net losses and loss expenses ratio	57.5		%	58.7		%	(1.2)		pts	58.1		%	58.3		%	(0.2)		pts
	Acquisition cost ratio	19.8		%	20.3		%	(0.5)		pts	19.8		%	20.3		%	(0.5)		pts
	General and administrative expense ratio [e]	11.6		%	11.4		%	0.2		pts	11.6		%	12.2		%	(0.6)		pts
	Combined ratio	88.9		%	90.4		%	(1.5)		pts	89.5		%	90.8		%	(1.3)		pts
INVESTMENT DATA	Total assets	$	34,151,036		$	32,078,882		6.5	%		$	34,151,036		$	32,078,882		6.5	%
	Total cash and invested assets [f]	$	16,274,059		$	17,211,911		(5.4	%)		$	16,274,059		$	17,211,911		(5.4	%)
	Net investment income	$	187,297		$	190,975		(1.9	%)		$	395,009		$	358,358		10.2	%
	Net investment gains (losses)	$	43,468		$	(53,479)		nm			$	13,462		$	(62,687)		nm
	Book yield of fixed maturities	4.6		%	4.4		%	0.2		pts	4.6		%	4.4		%	0.2		pts

[a]    Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/later in this document.

[b]    Annualized ROACE is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the

common shareholders’ equity balances at the beginning and end of the period.

[c]    Annualized operating ROACE is calculated by dividing annualized operating income (loss) for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

[d]    Operating income (loss) per diluted common share is calculated by dividing operating income (loss) for the period by weighted average diluted common shares outstanding.

[e]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

[f]    Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).

1

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

		Three months ended June 30,				Six months ended June 30,
		2025		2024		2025		2024
Revenues
	Net premiums earned	$	1,393,431	$	1,304,478	$	2,734,251	$	2,562,519
	Net investment income	187,297		190,975		395,009		358,358
	Net investment gains (losses)	43,468		(53,479)		13,462		(62,687)
	Other insurance related income	8,662		8,526		12,240		16,867
	Total revenues	1,632,858		1,450,500		3,154,962		2,875,057
Expenses
	Net losses and loss expenses	801,754		765,988		1,587,679		1,494,659
	Acquisition costs	275,897		265,091		540,477		519,345
	General and administrative expenses	161,078		148,441		320,241		311,813
	Foreign exchange losses (gains)	94,885		(7,384)		151,920		(30,936)
	Interest expense and financing costs	16,586		17,010		33,158		34,157
	Reorganization expenses	—		14,014		—		26,312
	Amortization of intangible assets	2,396		2,729		5,125		5,458
	Total expenses	1,352,596		1,205,889		2,638,600		2,360,808
Income before income taxes and interest in income (loss) of equity method investments		280,262		244,611		516,362		514,249
	Income tax (expense) benefit	(56,199)		(40,547)		(100,521)		84,107
	Interest in income (loss) of equity method investments	(705)		7,900		1,586		9,069
Net income		223,358		211,964		417,427		607,425
	Preferred share dividends	7,563		7,563		15,125		15,125
Net income available to common shareholders		$	215,795	$	204,401	$	402,302	$	592,300

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

													Year ended December 31,
	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q2 2023		2024
UNDERWRITING REVENUES
Gross premiums written	$	2,515,971	$	2,794,652	$	1,975,324	$	1,935,902	$	2,440,236	$	2,284,378	$	9,005,888
Ceded premiums written	(880,537)		(1,044,613)		(749,775)		(699,917)		(866,492)		(838,021)		(3,248,537)
Net premiums written	1,635,434		1,750,039		1,225,549		1,235,985		1,573,744		1,446,357		5,757,351
Gross premiums earned	2,229,370		2,147,045		2,207,338		2,159,646		2,117,937		1,969,662		8,529,567
Ceded premiums earned	(835,939)		(806,225)		(830,324)		(792,945)		(813,459)		(703,917)		(3,223,332)
Net premiums earned	1,393,431		1,340,820		1,377,014		1,366,701		1,304,478		1,265,745		5,306,235
Other insurance related income	8,662		3,578		7,016		6,838		8,526		5,524		30,721
Total underwriting revenues	1,402,093		1,344,398		1,384,030		1,373,539		1,313,004		1,271,269		5,336,956
UNDERWRITING EXPENSES
Net losses and loss expenses	801,754		785,925		831,956		831,872		765,988		736,257		3,158,487
Acquisition costs	275,897		264,581		276,273		274,935		265,091		253,265		1,070,551
Underwriting-related general and administrative expenses [a]	135,241		130,438		146,299		131,582		120,768		133,255		536,442
Total underwriting expenses	1,212,892		1,180,944		1,254,528		1,238,389		1,151,847		1,122,777		4,765,480
UNDERWRITING INCOME [b]	189,201		163,454		129,502		135,150		161,157		148,492		571,476
OTHER (EXPENSES) REVENUES
Net investment income	187,297		207,713		195,773		205,100		190,975		136,829		759,229
Net investment gains (losses)	43,468		(30,005)		(108,030)		32,182		(53,479)		(24,370)		(138,534)
Corporate expenses [a]	(25,837)		(28,725)		(42,887)		(33,621)		(27,673)		(35,248)		(129,760)
Foreign exchange (losses) gains	(94,885)		(57,034)		112,090		(92,204)		7,384		(30,104)		50,822
Interest expense and financing costs	(16,586)		(16,572)		(16,761)		(16,849)		(17,010)		(16,738)		(67,766)
Reorganization expenses	—		—		—		—		(14,014)		—		(26,312)
Amortization of intangible assets	(2,396)		(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(10,917)
Total other (expenses) revenues	91,061		72,648		137,456		91,879		83,454		27,640		436,762
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	280,262		236,102		266,958		227,029		244,611		176,132		1,008,238
Income tax (expense) benefit	(56,199)		(44,322)		19,410		(47,922)		(40,547)		(27,558)		55,595
Interest in income (loss) of equity method investments	(705)		2,291		7,264		1,621		7,900		2,100		17,953
NET INCOME	223,358		194,071		293,632		180,728		211,964		150,674		1,081,786
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	215,795	$	186,508	$	286,069	$	173,165	$	204,401	$	143,111	$	1,051,536

[a]    Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.

[b]    Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

													Year ended December 31,
	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q2 2023		2024
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.4	%	56.3	%	55.7	%	55.7	%	55.1	%	56.1	%	55.7	%
Catastrophe and weather-related losses ratio	2.6	%	3.7	%	5.9	%	5.8	%	3.6	%	2.6	%	4.3	%
Current accident year loss ratio	59.0	%	60.0	%	61.6	%	61.5	%	58.7	%	58.7	%	60.0	%
Prior year reserve development ratio	(1.5	%)	(1.4	%)	(1.2	%)	(0.6	%)	—	%	(0.5	%)	(0.5	%)
Net losses and loss expenses ratio	57.5	%	58.6	%	60.4	%	60.9	%	58.7	%	58.2	%	59.5	%
Acquisition cost ratio	19.8	%	19.7	%	20.1	%	20.1	%	20.3	%	20.0	%	20.2	%
General and administrative expense ratio [a]	11.6	%	11.9	%	13.7	%	12.1	%	11.4	%	13.3	%	12.6	%
Combined ratio	88.9	%	90.2	%	94.2	%	93.1	%	90.4	%	91.5	%	92.3	%
Weighted average common shares outstanding	78,378		81,152		83,380		83,936		84,475		85,207		84,165
Weighted average diluted common shares outstanding	79,329		82,378		84,695		85,000		85,326		85,812		85,176
Earnings per common share	$2.75		$2.30		$3.43		$2.06		$2.42		$1.68		$12.49
Earnings per diluted common share	$2.72		$2.26		$3.38		$2.04		$2.40		$1.67		$12.35
Annualized ROACE	15.7	%	13.7	%	20.7	%	13.0	%	16.2	%	12.9	%	20.5	%
Annualized operating ROACE	19.0	%	19.2	%	18.2	%	17.3	%	19.9	%	17.2	%	18.6	%

[a]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

4

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

	Six months ended June 30,						Year ended December 31,
	2025		2024		2023		2024		2023
UNDERWRITING REVENUES
Gross premiums written	$	5,310,622	$	5,094,663	$	4,666,354	$	9,005,888	$	8,356,525
Ceded premiums written	(1,925,149)		(1,798,846)		(1,611,641)		(3,248,537)		(3,254,200)
Net premiums written	3,385,473		3,295,817		3,054,713		5,757,351		5,102,325
Gross premiums earned	4,376,414		4,162,584		3,891,430		8,529,567		7,973,577
Ceded premiums earned	(1,642,163)		(1,600,065)		(1,395,486)		(3,223,332)		(2,889,796)
Net premiums earned	2,734,251		2,562,519		2,495,944		5,306,235		5,083,781
Other insurance related income	12,240		16,867		6,100		30,721		22,495
Total underwriting revenues	2,746,491		2,579,386		2,502,044		5,336,956		5,106,276
UNDERWRITING EXPENSES
Net losses and loss expenses	1,587,679		1,494,659		1,456,899		3,158,487		3,393,102
Acquisition costs	540,477		519,345		483,638		1,070,551		1,000,945
Underwriting-related general and administrative expenses [a]	265,679		258,561		273,650		536,442		551,467
Total underwriting expenses	2,393,835		2,272,565		2,214,187		4,765,480		4,945,514
UNDERWRITING INCOME [b]	352,656		306,821		287,857		571,476		160,762
OTHER (EXPENSES) REVENUES
Net investment income	395,009		358,358		270,601		759,229		611,742
Net investment gains (losses)	13,462		(62,687)		(44,558)		(138,534)		(74,630)
Corporate expenses [a]	(54,562)		(53,252)		(61,664)		(129,760)		(132,979)
Foreign exchange (losses) gains	(151,920)		30,936		(38,814)		50,822		(58,115)
Interest expense and financing costs	(33,158)		(34,157)		(33,632)		(67,766)		(68,421)
Reorganization expenses	—		(26,312)		—		(26,312)		(28,997)
Amortization of intangible assets	(5,125)		(5,458)		(5,458)		(10,917)		(10,917)
Total other (expenses) revenues	163,706		207,428		86,475		436,762		237,683
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	516,362		514,249		374,332		1,008,238		398,445
Income tax (expense) benefit	(100,521)		84,107		(43,454)		55,595		(26,316)
Interest in income (loss) of equity method investments	1,586		9,069		(105)		17,953		4,163
NET INCOME	417,427		607,425		330,773		1,081,786		376,292
Preferred share dividends	(15,125)		(15,125)		(15,125)		(30,250)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	402,302	$	592,300	$	315,648	$	1,051,536	$	346,042

[a]   Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to total general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.

[b] Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.

5

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

	Six months ended June 30,						Year ended December 31,
	2025		2024		2023		2024		2023
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3	%	55.7	%	56.0	%	55.7	%	55.9	%
Catastrophe and weather-related losses ratio	3.2	%	2.6	%	2.8	%	4.3	%	2.7	%
Current accident year loss ratio	59.5	%	58.3	%	58.8	%	60.0	%	58.6	%
Prior year reserve development ratio	(1.4	%)	—	%	(0.4	%)	(0.5	%)	8.1	%
Net losses and loss expenses ratio	58.1	%	58.3	%	58.4	%	59.5	%	66.7	%
Acquisition cost ratio	19.8	%	20.3	%	19.4	%	20.2	%	19.7	%
General and administrative expense ratio [a]	11.6	%	12.2	%	13.4	%	12.6	%	13.5	%
Combined ratio	89.5	%	90.8	%	91.2	%	92.3	%	99.9	%
Weighted average common shares outstanding	79,757		84,677		85,036		84,165		85,142
Weighted average diluted common shares outstanding	80,845		85,509		85,833		85,176		86,012
Earnings per common share	$5.04		$6.99		$3.71		$12.49		$4.06
Earnings per diluted common share	$4.98		$6.93		$3.68		$12.35		$4.02
Annualized ROACE	14.4	%	24.1	%	14.7	%	20.5	%	7.9	%
Annualized operating ROACE	18.7	%	19.1	%	18.3	%	18.6	%	11.0	%

[a] Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

6

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

	Three months ended June 30, 2025									Six months ended June 30, 2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,932,435		$	583,536		$	2,515,971		$	3,588,337		$	1,722,285		$	5,310,622
Ceded premiums written	(641,925)			(238,612)			(880,537)			(1,253,247)			(671,902)			(1,925,149)
Net premiums written	1,290,510			344,924			1,635,434			2,335,090			1,050,383			3,385,473
Gross premiums earned	1,633,396			595,974			2,229,370			3,231,945			1,144,469			4,376,414
Ceded premiums earned	(600,435)			(235,504)			(835,939)			(1,188,898)			(453,265)			(1,642,163)
Net premiums earned	1,032,961			360,470			1,393,431			2,043,047			691,204			2,734,251
Other insurance related income	6			8,656			8,662			162			12,078			12,240
Total underwriting revenues	1,032,967			369,126			1,402,093			2,043,209			703,282			2,746,491
UNDERWRITING EXPENSES
Net losses and loss expenses	561,770			239,984			801,754			1,123,858			463,821			1,587,679
Acquisition costs	194,912			80,985			275,897			388,933			151,544			540,477
Underwriting-related general and administrative expenses	124,646			10,595			135,241			244,238			21,441			265,679
Total underwriting expenses	881,328			331,564			1,212,892			1,757,029			636,806			2,393,835
UNDERWRITING INCOME	$	151,639		$	37,562		$	189,201		$	286,180		$	66,476		$	352,656
Catastrophe and weather-related losses, net of reinstatement premiums	$	36,440		$	186		$	36,626		$	83,970		$	1,726		$	85,696
Net favorable prior year reserve development	$	15,216		$	5,013		$	20,229		$	29,194		$	8,972		$	38,166
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.3		%	67.9		%	56.4		%	52.3		%	68.2		%	56.3		%
Catastrophe and weather-related losses ratio	3.6		%	0.1		%	2.6		%	4.1		%	0.2		%	3.2		%
Current accident year loss ratio	55.9		%	68.0		%	59.0		%	56.4		%	68.4		%	59.5		%
Prior year reserve development ratio	(1.5		%)	(1.4		%)	(1.5		%)	(1.4		%)	(1.3		%)	(1.4		%)
Net losses and loss expenses ratio	54.4		%	66.6		%	57.5		%	55.0		%	67.1		%	58.1		%
Acquisition cost ratio	18.9		%	22.5		%	19.8		%	19.0		%	21.9		%	19.8		%
Underwriting-related general and administrative expense ratio	12.0		%	2.9		%	9.7		%	12.0		%	3.1		%	9.6		%
Corporate expense ratio							1.9		%							2.0		%
Combined ratio	85.3		%	92.0		%	88.9		%	86.0		%	92.1		%	89.5		%

7

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

													Six months ended June 30,				Year ended December 31,
	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q2 2023		2025		2024		2024
INSURANCE SEGMENT
Professional Lines	$	343,370	$	257,159	$	340,463	$	286,108	$	299,087	$	294,403	$	600,529	$	535,752	$	1,162,323
Property	645,476		495,417		496,504		433,843		641,147		533,479		1,140,894		1,119,982		2,050,329
Liability	365,542		303,758		331,130		321,205		311,563		328,768		669,300		599,268		1,251,603
Cyber	136,562		113,945		134,939		129,543		164,518		182,049		250,507		297,454		561,937
Marine and Aviation	224,393		267,151		169,470		163,838		219,850		205,153		491,544		481,860		815,168
Accident and Health	126,985		124,843		125,277		119,686		101,243		85,836		251,826		205,849		450,810
Credit and Political Risk	90,107		93,630		102,554		72,453		76,658		54,462		183,737		148,406		323,414
TOTAL INSURANCE SEGMENT	$	1,932,435	$	1,655,903	$	1,700,337	$	1,526,676	$	1,814,066	$	1,684,150	$	3,588,337	$	3,388,571	$	6,615,584
REINSURANCE SEGMENT
Liability	$	168,566	$	253,070	$	95,980	$	132,245	$	169,933	$	159,234	$	421,637	$	388,108	$	616,333
Accident and Health	22,337		281,355		45,675		47,452		32,376		20,696		303,692		343,169		436,296
Professional Lines	171,851		188,445		28,001		44,013		203,001		186,233		360,296		349,833		421,846
Credit and Surety	116,290		204,666		65,041		100,352		88,281		103,430		320,956		252,324		417,717
Motor	26,066		124,380		25,481		35,295		26,039		26,966		150,445		178,184		238,961
Agriculture	55,256		48,901		3,317		33,265		74,290		66,985		104,157		113,791		150,373
Marine and Aviation	18,871		33,492		2,201		11,059		22,881		22,034		52,365		69,015		82,274
Total	579,237		1,134,309		265,696		403,681		616,801		585,578		1,713,548		1,694,424		2,363,800
Run-off lines
Catastrophe	249		967		3,346		1,564		4,491		10,874		1,216		5,913		10,823
Property	848		1,646		(527)		1,800		2,013		3,842		2,493		1,857		3,130
Engineering	3,202		1,827		6,472		2,181		2,865		(66)		5,028		3,898		12,551
Total run-off lines	4,299		4,440		9,291		5,545		9,369		14,650		8,737		11,668		26,504
TOTAL REINSURANCE SEGMENT	$	583,536	$	1,138,749	$	274,987	$	409,226	$	626,170	$	600,228	$	1,722,285	$	1,706,092	$	2,390,304
CONSOLIDATED TOTAL	$	2,515,971	$	2,794,652	$	1,975,324	$	1,935,902	$	2,440,236	$	2,284,378	$	5,310,622	$	5,094,663	$	9,005,888

8

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																			Year ended December 31,
	Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q2 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	2,515,971		$	2,794,652		$	1,975,324		$	1,935,902		$	2,440,236		$	2,284,378		$	9,005,888
Ceded premiums written	(880,537)			(1,044,613)			(749,775)			(699,917)			(866,492)			(838,021)			(3,248,537)
Net premiums written	1,635,434			1,750,039			1,225,549			1,235,985			1,573,744			1,446,357			5,757,351
Gross premiums earned	2,229,370			2,147,045			2,207,338			2,159,646			2,117,937			1,969,662			8,529,567
Ceded premiums earned	(835,939)			(806,225)			(830,324)			(792,945)			(813,459)			(703,917)			(3,223,332)
Net premiums earned	1,393,431			1,340,820			1,377,014			1,366,701			1,304,478			1,265,745			5,306,235
Other insurance related income	8,662			3,578			7,016			6,838			8,526			5,524			30,721
Total underwriting revenues	1,402,093			1,344,398			1,384,030			1,373,539			1,313,004			1,271,269			5,336,956
UNDERWRITING EXPENSES
Net losses and loss expenses	801,754			785,925			831,956			831,872			765,988			736,257			3,158,487
Acquisition costs	275,897			264,581			276,273			274,935			265,091			253,265			1,070,551
Underwriting-related general and administrative expenses	135,241			130,438			146,299			131,582			120,768			133,255			536,442
Total underwriting expenses	1,212,892			1,180,944			1,254,528			1,238,389			1,151,847			1,122,777			4,765,480
UNDERWRITING INCOME	$	189,201		$	163,454		$	129,502		$	135,150		$	161,157		$	148,492		$	571,476
Catastrophe and weather-related losses, net of reinstatement premiums	$	36,626		$	49,070		$	81,063		$	78,120		$	47,060		$	32,228		$	225,996
Net favorable prior year reserve development	$	20,229		$	17,937		$	16,311		$	8,012		$	—		$	6,319		$	24,323
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.4		%	56.3		%	55.7		%	55.7		%	55.1		%	56.1		%	55.7		%
Catastrophe and weather-related losses ratio	2.6		%	3.7		%	5.9		%	5.8		%	3.6		%	2.6		%	4.3		%
Current accident year loss ratio	59.0		%	60.0		%	61.6		%	61.5		%	58.7		%	58.7		%	60.0		%
Prior year reserve development ratio	(1.5		%)	(1.4		%)	(1.2		%)	(0.6		%)	—		%	(0.5		%)	(0.5		%)
Net losses and loss expenses ratio	57.5		%	58.6		%	60.4		%	60.9		%	58.7		%	58.2		%	59.5		%
Acquisition cost ratio	19.8		%	19.7		%	20.1		%	20.1		%	20.3		%	20.0		%	20.2		%
General and administrative expenses ratio [a]	11.6		%	11.9		%	13.7		%	12.1		%	11.4		%	13.3		%	12.6		%
Combined ratio	88.9		%	90.2		%	94.2		%	93.1		%	90.4		%	91.5		%	92.3		%

[a]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

9

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																			Year ended December 31,
	Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q2 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	1,932,435		$	1,655,903		$	1,700,337		$	1,526,676		$	1,814,066		$	1,684,150		$	6,615,584
Ceded premiums written	(641,925)			(611,323)			(642,254)			(550,765)			(619,869)			(663,129)			(2,365,039)
Net premiums written	1,290,510			1,044,580			1,058,083			975,911			1,194,197			1,021,021			4,250,545
Gross premiums earned	1,633,396			1,598,550			1,621,228			1,592,802			1,541,766			1,393,438			6,254,836
Ceded premiums earned	(600,435)			(588,464)			(595,203)			(568,951)			(583,554)			(550,687)			(2,328,800)
Net premiums earned	1,032,961			1,010,086			1,026,025			1,023,851			958,212			842,751			3,926,036
Other insurance related income (loss)	6			156			40			93			(61)			58			94
Total underwriting revenues	1,032,967			1,010,242			1,026,065			1,023,944			958,151			842,809			3,926,130
UNDERWRITING EXPENSES
Net losses and loss expenses	561,770			562,088			603,311			602,654			542,591			457,650			2,245,420
Acquisition costs	194,912			194,021			199,606			203,255			188,026			156,972			766,915
Underwriting-related general and administrative expenses	124,646			119,592			132,699			119,249			111,894			113,534			485,929
Total underwriting expenses	881,328			875,701			935,616			925,158			842,511			728,156			3,498,264
UNDERWRITING INCOME	$	151,639		$	134,541		$	90,449		$	98,786		$	115,640		$	114,653		$	427,866
Catastrophe and weather-related losses, net of reinstatement premiums	$	36,440		$	47,530		$	80,110		$	71,038		$	45,793		$	26,440		$	216,093
Net favorable prior year reserve development	$	15,216		$	13,978		$	12,200		$	4,009		$	—		$	2,784		$	16,209
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.3		%	52.3		%	52.2		%	52.3		%	51.8		%	51.5		%	52.1		%
Catastrophe and weather-related losses ratio	3.6		%	4.7		%	7.8		%	7.0		%	4.8		%	3.1		%	5.5		%
Current accident year loss ratio	55.9		%	57.0		%	60.0		%	59.3		%	56.6		%	54.6		%	57.6		%
Prior year reserve development ratio	(1.5		%)	(1.4		%)	(1.2		%)	(0.4		%)	—		%	(0.3		%)	(0.4		%)
Net losses and loss expenses ratio	54.4		%	55.6		%	58.8		%	58.9		%	56.6		%	54.3		%	57.2		%
Acquisition cost ratio	18.9		%	19.2		%	19.5		%	19.9		%	19.6		%	18.6		%	19.5		%
Underwriting-related general and administrative expenses ratio	12.0		%	11.9		%	12.9		%	11.6		%	11.7		%	13.5		%	12.4		%
Combined ratio	85.3		%	86.7		%	91.2		%	90.4		%	87.9		%	86.4		%	89.1		%

10

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																			Year ended December 31,
	Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q2 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	583,536		$	1,138,749		$	274,987		$	409,226		$	626,170		$	600,228		$	2,390,304
Ceded premiums written	(238,612)			(433,290)			(107,521)			(149,152)			(246,623)			(174,892)			(883,498)
Net premiums written	344,924			705,459			167,466			260,074			379,547			425,336			1,506,806
Gross premiums earned	595,974			548,495			586,110			566,844			576,171			576,224			2,274,731
Ceded premiums earned	(235,504)			(217,761)			(235,121)			(223,994)			(229,905)			(153,230)			(894,532)
Net premiums earned	360,470			330,734			350,989			342,850			346,266			422,994			1,380,199
Other insurance related income	8,656			3,422			6,976			6,745			8,587			5,466			30,627
Total underwriting revenues	369,126			334,156			357,965			349,595			354,853			428,460			1,410,826
UNDERWRITING EXPENSES
Net losses and loss expenses	239,984			223,837			228,645			229,218			223,397			278,607			913,067
Acquisition costs	80,985			70,560			76,667			71,680			77,065			96,293			303,636
Underwriting-related general and administrative expenses	10,595			10,846			13,600			12,333			8,874			19,721			50,513
Total underwriting expenses	331,564			305,243			318,912			313,231			309,336			394,621			1,267,216
UNDERWRITING INCOME	$	37,562		$	28,913		$	39,053		$	36,364		$	45,517		$	33,839		$	143,610
Catastrophe and weather-related losses, net of reinstatement premiums	$	186		$	1,540		$	953		$	7,082		$	1,267		$	5,788		$	9,903
Net favorable prior year reserve development	$	5,013		$	3,959		$	4,111		$	4,003		$	—		$	3,535		$	8,114
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	67.9		%	68.4		%	66.0		%	66.0		%	64.2		%	65.3		%	66.0		%
Catastrophe and weather-related losses ratio	0.1		%	0.5		%	0.3		%	2.0		%	0.3		%	1.4		%	0.7		%
Current accident year loss ratio	68.0		%	68.9		%	66.3		%	68.0		%	64.5		%	66.7		%	66.7		%
Prior year reserve development ratio	(1.4		%)	(1.2		%)	(1.2		%)	(1.1		%)	—		%	(0.8		%)	(0.5		%)
Net losses and loss expenses ratio	66.6		%	67.7		%	65.1		%	66.9		%	64.5		%	65.9		%	66.2		%
Acquisition cost ratio	22.5		%	21.3		%	21.8		%	20.9		%	22.3		%	22.8		%	22.0		%
Underwriting-related general and administrative expense ratio	2.9		%	3.3		%	4.0		%	3.6		%	2.5		%	4.6		%	3.6		%
Combined ratio	92.0		%	92.3		%	90.9		%	91.4		%	89.3		%	93.3		%	91.8		%

11

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

													Six months ended June 30,				Year ended December 31,
	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q2 2023		2025		2024		2024
Fixed maturities	$	149,861	$	146,711	$	164,283	$	163,002	$	154,023	$	124,390	$	296,572	$	293,419	$	620,704
Other investments	18,479		22,410		9,099		19,594		14,301		(5,341)		40,889		19,974		48,666
Equity securities	3,155		3,208		3,574		3,529		3,057		2,990		6,363		5,819		12,922
Mortgage loans	5,956		6,868		7,617		8,175		9,108		8,880		12,824		18,237		34,028
Cash and cash equivalents	16,649		33,380		17,804		14,402		13,733		11,161		50,028		27,395		59,600
Short-term investments	541		1,986		1,421		3,919		3,766		2,129		2,527		7,229		12,569
Gross investment income	194,641		214,563		203,798		212,621		197,988		144,209		409,203		372,073		788,489
Investment expenses	(7,344)		(6,850)		(8,025)		(7,521)		(7,013)		(7,380)		(14,194)		(13,715)		(29,260)
Net investment income	$	187,297	$	207,713	$	195,773	$	205,100	$	190,975	$	136,829	$	395,009	$	358,358	$	759,229

12

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,
	2025			2025			2024			2024			2024			2023
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,137,475		$	11,865,480		$	12,152,753		$	13,768,193		$	12,585,137		$	11,564,397
Fixed maturities, held to maturity, at amortized cost	405,041			389,571			443,400			503,776			637,792			717,310
Equity securities, at fair value	619,275			574,379			579,274			604,834			589,899			596,692
Mortgage loans, held for investment, at fair value	438,571			457,907			505,697			524,929			544,859			609,274
Other investments, at fair value	938,922			938,562			930,278			939,734			936,680			970,079
Equity method investments	215,920			214,240			206,994			197,712			193,705			148,183
Short-term investments, at fair value	51,726			91,330			223,666			127,867			57,436			46,282
Total investments	14,806,930			14,531,469			15,042,062			16,667,045			15,545,508			14,652,217
Cash and cash equivalents	1,409,201			3,332,767			3,063,621			1,471,326			1,655,063			1,518,270
Accrued interest receivable	108,506			108,392			114,012			125,770			118,147			100,915
Insurance and reinsurance premium balances receivable	4,026,994			3,725,518			3,169,355			3,408,271			3,686,819			3,371,439
Reinsurance recoverable on unpaid losses and loss expenses	9,086,900			6,944,518			6,840,897			6,810,929			6,591,821			5,865,609
Reinsurance recoverable on paid losses and loss expenses	637,726			531,105			546,287			476,045			483,447			572,757
Deferred acquisition costs	654,950			626,104			524,837			574,012			592,067			586,085
Prepaid reinsurance premiums	2,223,255			2,175,425			1,936,979			2,020,952			2,113,364			1,767,474
Receivable for investments sold	29,099			39,498			3,693			871			11,899			22,102
Goodwill	66,498			66,498			66,498			100,801			100,801			100,801
Intangible assets	170,842			173,238			175,967			178,696			181,426			192,342
Operating lease right-of-use assets	89,421			92,299			92,516			97,912			101,101			108,511
Loan advances made	263,779			272,499			247,775			283,624			328,921			78,419
Other assets	576,935			629,844			695,794			506,394			568,498			401,575
TOTAL ASSETS	$	34,151,036		$	33,249,174		$	32,520,293		$	32,722,648		$	32,078,882		$	29,338,516
LIABILITIES
Reserve for losses and loss expenses	$	17,879,023		$	17,489,459		$	17,218,929		$	17,295,329		$	16,738,871		$	15,419,498
Unearned premiums	6,154,844			5,859,606			5,211,865			5,452,873			5,674,787			5,139,177
Insurance and reinsurance balances payable	1,932,269			1,883,746			1,713,798			1,828,297			2,005,126			1,806,433
Debt	1,315,936			1,315,555			1,315,179			1,314,806			1,314,438			1,313,006
Federal Home Loan Bank advances	66,380			66,380			66,380			75,580			85,790			85,790
Payable for investments purchased	79,677			193,752			269,728			127,609			118,706			81,835
Operating lease liabilities	106,544			107,289			106,614			115,176			116,264			121,922
Other liabilities	441,965			430,588			528,421			429,751			365,429			349,894
TOTAL LIABILITIES	27,976,638			27,346,375			26,430,914			26,639,421			26,419,411			24,317,555
SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,384,659			2,374,804			2,394,063			2,385,905			2,376,244			2,361,185
Accumulated other comprehensive income (loss)	(21,710)			(152,376)			(267,557)			(76,738)			(394,968)			(630,509)
Retained earnings	7,673,246			7,492,484			7,341,569			7,092,817			6,957,185			6,485,901
Treasury shares, at cost	(4,414,003)			(4,364,319)			(3,930,902)			(3,870,963)			(3,831,196)			(3,747,822)
TOTAL SHAREHOLDERS' EQUITY	6,174,398			5,902,799			6,089,379			6,083,227			5,659,471			5,020,961
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	34,151,036		$	33,249,174		$	32,520,293		$	32,722,648		$	32,078,882		$	29,338,516
Debt to total capital [a]	17.6		%	18.2		%	17.8		%	17.8		%	18.8		%	20.7		%

[a]    The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.

13

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

	At June 30, 2025												At December 31, 2024
	Cost or Amortized  Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage		Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,378,539	$	—	$	17,688	$	(9,052)	$	2,387,175	14.6	%	$	2,802,986	15.5	%
Non-U.S. government	767,027		(16)		27,373		(3,908)		790,476		4.9	%	729,939		4.1	%
Corporate debt	4,788,604		(4,773)		83,530		(55,530)		4,811,831		29.6	%	4,842,190		27.0	%
Agency RMBS	1,767,469		—		10,280		(36,769)		1,740,980		10.7	%	1,184,845		6.6	%
CMBS	840,909		—		4,906		(22,233)		823,582		5.1	%	819,608		4.6	%
Non-Agency RMBS	190,656		(199)		990		(5,296)		186,151		1.1	%	122,536		0.7	%
ABS	1,329,187		(55)		10,276		(5,729)		1,333,679		8.2	%	1,539,832		8.6	%
Municipals	65,149		—		359		(1,907)		63,601		0.4	%	110,817		0.6	%
Total fixed maturities, available for sale, at fair value	12,127,540		(5,043)		155,402		(140,424)		12,137,475		74.6	%	12,152,753		67.7	%
Fixed maturities, held to maturity, at amortized cost
Corporate debt	128,906		—		—		—		128,906		0.8	%	122,706		0.7	%
ABS	276,135		—		—		—		276,135		1.7	%	320,694		1.8	%
Total fixed maturities, held to maturity, at amortized cost	405,041		—		—		—		405,041		2.5	%	443,400		2.5	%
Equity securities, at fair value
Common stocks	3,129		—		99		(518)		2,710		—	%	2,638		—	%
Preferred Stocks	11,832		—		356		(124)		12,064		0.1	%	5,867		—	%
Exchange-traded funds	229,523		—		108,452		(266)		337,709		2.1	%	314,042		1.7	%
Bond mutual funds	284,590		—		9,505		(27,303)		266,792		1.6	%	256,727		1.5	%
Total equity securities, at fair value	529,074		—		118,412		(28,211)		619,275		3.8	%	579,274		3.2	%
Total fixed maturities and equity securities	$	13,061,655	$	(5,043)	$	273,814	$	(168,635)	13,161,791		80.9	%	13,175,427		73.4	%
Mortgage loans, held for investment									438,571		2.7	%	505,697		2.8	%
Other investments									938,922		5.8	%	930,278		5.2	%
Equity method investments									215,920		1.3	%	206,994		1.2	%
Short-term investments									51,726		0.3	%	223,666		1.2	%
Total investments									14,806,930		91.0	%	15,042,062		83.8	%
Cash and cash equivalents [a]									1,409,201		8.7	%	3,063,621		17.1	%
Accrued interest receivable									108,506		0.7	%	114,012		0.6	%
Net receivable/(payable) for investments sold (purchased)									(50,578)		(0.4	%)	(266,035)		(1.5	%)
Total cash and invested assets									$	16,274,059	100.0	%	$	17,953,660	100.0	%

[a]    Includes $557 million and $920 million of restricted cash and cash equivalents at June 30, 2025 and December 31, 2024, respectively.

	At June 30, 2025				At December 31, 2024
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:
Multi-strategy funds	$	15,290	1.6	%	$	24,919	2.7	%
Direct lending funds	164,979		17.6	%	171,048		18.4	%
Real estate funds	291,173		31.0	%	291,640		31.3	%
Private equity funds	332,835		35.5	%	320,690		34.5	%
Other privately held investments	134,645		14.3	%	121,981		13.1	%
Total	$	938,922	100.0	%	$	930,278	100.0	%

14

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q2 2023
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	14.6	%	14.3	%	15.5	%	15.5	%	15.4	%	17.2	%
Non-U.S. government	4.9	%	4.0	%	4.1	%	4.5	%	4.4	%	3.6	%
Corporate debt	29.6	%	26.0	%	27.0	%	31.6	%	29.6	%	26.7	%
MBS:
Agency RMBS	10.7	%	8.7	%	6.6	%	9.6	%	9.3	%	8.7	%
CMBS	5.1	%	4.8	%	4.6	%	4.5	%	4.8	%	5.4	%
Non-agency RMBS	1.1	%	1.1	%	0.7	%	0.7	%	0.7	%	0.8	%
ABS	8.2	%	7.3	%	8.6	%	8.7	%	8.0	%	8.0	%
Municipals	0.4	%	0.4	%	0.6	%	0.8	%	0.9	%	0.9	%
Total Fixed Maturities, available for sale	74.6	%	66.6	%	67.7	%	75.9	%	73.1	%	71.3	%
Fixed Maturities, held to maturity:
Corporate debt	0.8	%	0.7	%	0.7	%	0.7	%	0.6	%	0.6	%
ABS	1.7	%	1.5	%	1.8	%	2.1	%	3.1	%	3.8	%
Total Fixed Maturities, held to maturity	2.5	%	2.2	%	2.5	%	2.8	%	3.7	%	4.4	%
Equity securities	3.8	%	3.2	%	3.2	%	3.3	%	3.4	%	3.7	%
Mortgage loans	2.7	%	2.6	%	2.8	%	2.9	%	3.2	%	3.8	%
Other investments	5.8	%	5.3	%	5.2	%	5.2	%	5.4	%	6.0	%
Equity method investments	1.3	%	1.2	%	1.2	%	1.1	%	1.1	%	0.9	%
Short-term investments	0.3	%	0.5	%	1.2	%	0.7	%	0.4	%	0.3	%
Total Investments	91.0	%	81.6	%	83.8	%	91.9	%	90.3	%	90.4	%
Cash and cash equivalents	8.7	%	18.7	%	17.1	%	8.1	%	9.6	%	9.4	%
Accrued interest receivable	0.7	%	0.6	%	0.6	%	0.7	%	0.7	%	0.6	%
Net receivable/(payable) for investments sold (purchased)	(0.4	%)	(0.9	%)	(1.5	%)	(0.7	%)	(0.6	%)	(0.4	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	19.0	%	20.8	%	22.3	%	19.7	%	20.2	%	22.7	%
AAA [a]	20.0	%	20.3	%	21.2	%	20.1	%	21.0	%	34.8	%
AA [a]	23.4	%	21.8	%	18.7	%	20.5	%	20.4	%	7.0	%
A	17.1	%	16.8	%	16.6	%	17.8	%	16.8	%	15.6	%
BBB	9.8	%	9.5	%	9.5	%	11.9	%	11.4	%	11.2	%
Below BBB	10.7	%	10.8	%	11.7	%	10.0	%	10.2	%	8.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	5.5	%	6.5	%	7.1	%	5.2	%	4.3	%	4.9	%
From one to five years	43.0	%	43.0	%	44.7	%	43.4	%	42.7	%	42.3	%
From five to ten years	15.2	%	15.2	%	14.9	%	17.1	%	18.0	%	16.2	%
Above ten years	1.6	%	1.4	%	1.6	%	1.7	%	1.3	%	1.3	%
Asset-backed and mortgage-backed securities	34.7	%	33.9	%	31.7	%	32.6	%	33.7	%	35.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.6	%	4.5	%	4.5	%	4.4	%	4.4	%	3.9	%
Yield to maturity of fixed maturities	5.0	%	5.2	%	5.3	%	4.9	%	5.7	%	5.9	%
Average duration of fixed maturities (inclusive of duration hedges)	3.1 yrs		3.0 yrs		2.8 yrs		3.0 yrs		3.1 yrs		2.9 yrs
Average credit quality of fixed maturities	A+		A+		A+		A+		A+		AA-

[a]    Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS") and reflect the downgrade of the U.S. government on August 1, 2023.

15

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At June 30, 2025

Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	1,740,980		$	179,485		$	4,807		$	251		$	77		$	1,531		$	1,927,131
Commercial MBS	162,484			590,592			63,957			5,627			—			922			823,582
ABS	—			1,136,692			103,584			58,220			33,699			1,484			1,333,679
Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,903,464		$	1,906,769		$	172,348		$	64,098		$	33,776		$	3,937		$	4,084,392
Percentage of total	46.6		%	46.7		%	4.2		%	1.6		%	0.8		%	0.1		%	100.0		%

Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
ABS	$	—		$	123,336		$	152,799		$	—		$	—		$	—		$	276,135
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	123,336		$	152,799		$	—		$	—		$	—		$	276,135
Percentage of total	—		%	44.7		%	55.3		%	—		%	—		%	—		%	100.0		%

16

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Three months ended June 30, 2025						Six months ended June 30, 2025
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses		Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period	$	17,489,459	$	(6,944,518)	$	10,544,941	$	17,218,929	$	(6,840,897)	$	10,378,032
Incurred losses and loss expenses	1,317,109		(515,355)		801,754		2,595,862		(1,008,183)		1,587,679
Paid losses and loss expenses	(1,194,110)		400,486		(793,624)		(2,346,015)		783,591		(1,562,424)
Foreign exchange and other [a]	266,565		(2,027,513)		(1,760,948)		410,247		(2,021,411)		(1,611,164)
End of period [b]	$	17,879,023	$	(9,086,900)	$	8,792,123	$	17,879,023	$	(9,086,900)	$	8,792,123

[a]    On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. At June 30, 2025, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $2.0 billion related to this transaction.

[b]  At June 30, 2025, reserve for losses and loss expenses included IBNR of $12.2 billion, or 68% (December 31, 2024: $11.8 billion, or 68%).

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENT

	Three months ended June 30, 2025									Six months ended June 30, 2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	811,798		$	382,312		$	1,194,110		$	1,533,389		$	812,626		$	2,346,015
Reinsurance recoverable on paid losses and loss expenses	(310,266)			(90,220)			(400,486)			(585,083)			(198,508)			(783,591)
Net paid losses and loss expenses	501,532			292,092			793,624			948,306			614,118			1,562,424
Change in gross case reserves	68,791			(43,632)			25,159			148,517			(106,620)			41,897
Change in gross IBNR	33,847			63,993			97,840			130,550			77,400			207,950
Change in reinsurance recoverable on unpaid losses and loss expenses	(42,400)			(72,469)			(114,869)			(103,515)			(121,077)			(224,592)
Change in net unpaid losses and loss expenses	60,238			(52,108)			8,130			175,552			(150,297)			25,255
Total net incurred losses and loss expenses	$	561,770		$	239,984		$	801,754		$	1,123,858		$	463,821		$	1,587,679
Gross reserve for losses and loss expenses	$	10,942,913		$	6,936,110		$	17,879,023		$	10,942,913		$	6,936,110		$	17,879,023
Net favorable prior year reserve development	$	15,216		$	5,013		$	20,229		$	29,194		$	8,972		$	38,166
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	89.3		%	121.7		%	99.0		%	84.4		%	132.4		%	98.4		%
Net paid losses and loss expenses / Net premiums earned	48.6		%	81.0		%	57.0		%	46.4		%	88.8		%	57.1		%
Net unpaid losses and loss expenses / Net premiums earned	5.8		%	(14.4		%)	0.5		%	8.6		%	(21.7		%)	1.0		%
Net losses and loss expenses ratio	54.4		%	66.6		%	57.5		%	55.0		%	67.1		%	58.1		%

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AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, U.S. GAAP

	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Net income available to common shareholders	$	215,795	$	204,401	$	402,302	$	592,300
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	78,378		84,475		79,757		84,677
Dilutive share equivalents:
Share-based compensation plans	951		851		1,088		832
Weighted average diluted common shares outstanding	79,329		85,326		80,845		85,509
EARNINGS PER COMMON SHARE
Earnings per common share	$2.75		$2.42		$5.04		$6.99
Earnings per diluted common share	$2.72		$2.40		$4.98		$6.93

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD

	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q2 2023
Net income available to common shareholders	$	215,795	$	186,508	$	286,069	$	173,165	$	204,401	$	143,111
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	78,651		82,984		83,649		84,179		84,687		85,183
Shares issued and treasury shares reissued	32		714		28		12		37		53
Shares repurchased for treasury	(510)		(5,047)		(693)		(542)		(545)		(20)
Common shares - at end of period	78,173		78,651		82,984		83,649		84,179		85,216
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	78,378		81,152		83,380		83,936		84,475		85,207
Dilutive share equivalents:
Share-based compensation plans	951		1,226		1,315		1,064		851		605
Weighted average diluted common shares outstanding	79,329		82,378		84,695		85,000		85,326		85,812
EARNINGS PER COMMON SHARE
Earnings per common share	$2.75		$2.30		$3.43		$2.06		$2.42		$1.68
Earnings per diluted common share	$2.72		$2.26		$3.38		$2.04		$2.40		$1.67

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AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD [a]

	At June 30, 2025
		Common Shareholders’ Equity		Common Shares Outstanding, net of Treasury Shares	Per share
Closing stock price					$103.82
Book value per common share		$	5,624,398	78,173	$71.95
Dilutive securities:
Restricted stock units				1,784	(1.61)
Book value per diluted common share		$	5,624,398	79,957	$70.34
	At December 31, 2024
		Common Shareholders’ Equity		Common Shares Outstanding, net of Treasury Shares	Per share
Closing stock price					$88.62
Book value per common share		$	5,539,379	82,984	$66.75
Dilutive securities:
Restricted stock units				1,886	(1.48)
Book value per diluted common share		$	5,539,379	84,870	$65.27

[a]   Under this method, unvested restricted stock units are included in determining the diluted common shares outstanding.

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

	Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q2 2023
Common shareholders' equity	$	5,624,398	$	5,352,799	$	5,539,379	$	5,533,227	$	5,109,471	$	4,470,961
Less: goodwill	(66,498)		(66,498)		(66,498)		(100,801)		(100,801)		(100,801)
Less: intangible assets	(170,842)		(173,238)		(175,967)		(178,696)		(181,426)		(192,342)
Associated tax impact	46,357		46,909		47,530		48,507		49,128		51,613
Tangible common shareholders' equity	$	5,433,415	$	5,159,972	$	5,344,444	$	5,302,237	$	4,876,372	$	4,229,431
Diluted common shares outstanding, net of treasury shares [a]	79,957		80,520		84,870		85,583		86,172		87,706
Book value per diluted common share	$	70.34	$	66.48	$	65.27	$	64.65	$	59.29	$	50.98
Tangible book value per diluted common share	$	67.95	$	64.08	$	62.97	$	61.95	$	56.59	$	48.22

[a] Diluted common shares outstanding, net of treasury shares is calculated in the table above.

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AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

	Three months ended June 30,						Six months ended June 30,
	2025			2024			2025			2024
Net income available to common shareholders	$	215,795		$	204,401		$	402,302		$	592,300
Net investment (gains) losses	(43,468)			53,479			(13,462)			62,687
Foreign exchange losses (gains)	94,885			(7,384)			151,920			(30,936)
Reorganization expenses	—			14,014			—			26,312
Interest in (income) loss of equity method investments	705			(7,900)			(1,586)			(9,069)
Amortization of Bermuda net deferred tax asset (2025) and Bermuda net deferred tax asset (2024) [a]	3,384			—			3,384			(162,705)
Income tax benefit [b]	(9,997)			(6,621)			(19,440)			(8,435)
Operating income	$	261,304		$	249,989		$	523,118		$	470,154
Earnings per diluted common share	$	2.72		$	2.40		$	4.98		$	6.93
Net investment (gains) losses	(0.55)			0.63			(0.17)			0.73
Foreign exchange losses (gains)	1.20			(0.09)			1.88			(0.36)
Reorganization expenses	—			0.16			—			0.31
Interest in (income) loss of equity method investments	0.01			(0.09)			(0.02)			(0.11)
Amortization of Bermuda net deferred tax asset (2025) and Bermuda net deferred tax asset (2024)	0.04			—			0.04			(1.90)
Income tax benefit	(0.13)			(0.08)			(0.24)			(0.10)
Operating income per diluted common share	$	3.29		$	2.93		$	6.47		$	5.50
Weighted average diluted common shares outstanding	79,329			85,326			80,845			85,509
Average common shareholders' equity	$	5,488,599		$	5,032,313		$	5,581,889		$	4,911,334
Annualized return on average common equity	15.7		%	16.2		%	14.4		%	24.1		%
Annualized operating return on average common equity	19.0		%	19.9		%	18.7		%	19.1		%

[a] Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

[b] Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this document, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), tangible book value per diluted common share which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses

Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.

The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations' section of this document.

Consolidated Underwriting Income (Loss)

Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

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Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).

Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to our "How We Work" program. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations' section of this document.

Current Accident Year Loss Ratio

Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratioto net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.

Catastrophe and Weather-Related Losses Ratioand Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses

Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

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Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related lossesto net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.

Operating Income (Loss)

Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments, amortization of Bermuda net deferred tax asset in 2025 and Bermuda net deferred tax asset in 2024 ("Bermuda deferred tax").

Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to our "How We Work" program. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).

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Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense (benefit) is not related to the underwriting process. Therefore, this income is excluded from operating income (loss).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda deferred tax in order to understand the profitability of recurring sources of income.

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda deferred tax reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

Tangible Book Value per Diluted Common Share

Tangible book value represents common shareholders' equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share' section of this document.

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