AXIS CAPITAL HOLDINGS LIMITED

SUPPLEMENTARY INSURANCE INFORMATION




	At and year ended December 31, 2018
(in thousands)	Deferred acquisition costs		Reserve for losses and loss expenses		Unearned premiums		Net premiums earned		Net investment income⁽¹⁾		Net losses and loss expenses		Acquisition costs		Other operating expenses⁽²⁾		Net premiums written
Insurance	$	209,622	$	6,426,309	$	2,061,123	$	2,362,606	$	—	$	1,494,323	$	399,193	$	395,252	$	2,324,747
Reinsurance	357,000		5,854,460		1,574,635		2,428,889		—		1,695,964		569,642		123,916		2,334,215
Corporate	—		—		—		—		438,507		—		—		108,221		—
Total	$	566,622	$	12,280,769	$	3,635,758	$	4,791,495	$	438,507	$	3,190,287	$	968,835	$	627,389	$	4,658,962

	At and year ended December 31, 2017
(in thousands)	Deferred acquisition costs		Reserve for losses and loss expenses		Unearned premiums		Net premiums earned		Net investment income⁽¹⁾		Net losses and loss expenses		Acquisition costs		Other operating expenses⁽²⁾		Net premiums written
Insurance	$	115,332	$	7,011,805	$	2,053,422	$	1,816,438	$	—	$	1,465,427	$	270,229	$	325,368	$	1,775,825
Reinsurance	358,729		5,985,748		1,587,977		2,332,322		—		1,822,345		553,362		124,115		2,251,318
Corporate	—		—		—		—		400,805		—		—		129,945		—
Total	$	474,061	$	12,997,553	$	3,641,399	$	4,148,760	$	400,805	$	3,287,772	$	823,591	$	579,428	$	4,027,143

	At and year ended December 31, 2016
(in thousands)	Deferred acquisition costs		Reserve for losses and loss expenses		Unearned premiums		Net premiums earned		Net investment income⁽¹⁾		Net losses and loss expenses		Acquisition costs		Other operating expenses⁽²⁾		Net premiums written
Insurance	$	100,149	$	5,198,070	$	1,423,891	$	1,534,282	$	—	$	977,771	$	206,619	$	327,351	$	1,519,559
Reinsurance	338,487		4,499,757		1,545,607		2,171,343		—		1,226,426		540,257		155,350		2,233,415
Corporate	—		—		—		—		353,335		—		—		120,016		—
Total	$	438,636	$	9,697,827	$	2,969,498	$	3,705,625	$	353,335	$	2,204,197	$	746,876	$	602,717	$	3,752,974


(1)	We evaluate the underwriting results of each of our reportable segments separately from the performance of our investment portfolio therefore, we believe it is appropriate to exclude net investment income from our underwriting profitability measure.

(2)

Amounts related to our reportable segments reflect underwriting-related general and administrative expenses, which includes those general and administrative expenses that are incremental and/or directly attributable to our individual underwriting operations. 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 individual underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses. The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP measure, is presented in Item 7 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Executive Summary – Results of Operations'.