8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 30,2019

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda	001-31721	98-0395986
(State of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

92 Pitts Bay Road

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares, par value $0.0125 per share	AXS	New York Stock Exchange
5.50% Series D preferred shares	AXS PRD	New York Stock Exchange
Depositary Shares, each representing a 1/100th interest in a 5.50% Series E preferred share	AXS PRE	New York Stock Exchange

Item 2.02 Results of Operations and Financial Condition.

On July 30,2019, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its second quarter 2019 results and the availability of its second quarter 2019 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1	Press release dated July 30, 2019
99.2	Second quarter 2019 Investor Financial Supplement

EXHIBIT INDEX

Exhibit Number	Description of Document
99.1	Press release dated July 30, 2019
99.2	Second quarter 2019 Investor Financial Supplement

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 30,2019

AXIS CAPITAL HOLDINGS LIMITED
By:	/s/ Conrad D. Brooks
	Conrad D. Brooks
	General Counsel

EX-99.1

Matthew Rohrmann (Investor Contact):	(212) 940-3339;	investorrelations@axiscapital.com
Anna Kukowski (Media Contact):	(212) 715-3574;	anna.kukowski@axiscapital.com

AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME OF $166 MILLION, OR $1.97 PER DILUTED COMMON SHARE; EX-PGAAP OPERATING INCOME OF $143 MILLION, OR $1.69 PER DILUTED COMMON SHARE

For the second quarter of 2019, the Company reports:

• Current accident year loss ratio improved 2.7 points compared to the same period in the prior year

• Pricing momentum continues to build across substantially all business lines

• Annualized return on average common equity of 14.3% and annualized ex-PGAAP operating return on average common equity of 12.3%

• Book value per diluted common share of $55.99, an increase of $3.15, or 6.0% compared to March 31,2019

Pembroke, Bermuda, July 30,2019 - AXIS Capital Holdings Limited ("AXIS Capital" or "the Company") (NYSE: AXS) today reported net income available to common shareholders for the second quarter of 2019 of $166 million, or $1.97 per diluted common share, compared to net income of $93 million, or $1.11 per diluted common share, for the second quarter of 2018. Net income available to common shareholders for the six months endedJune 30,2019 was $265 million, or $3.14 per diluted common share, compared to net income of $155 million, or $1.85 per diluted common share, for the same period in 2018.

Operating income¹ for the second quarter of 2019 was $137 million, or $1.62 per diluted common share¹, compared to operating income of $103 million, or $1.23 per diluted common share, for the second quarter of 2018. For the six months endedJune 30,2019, AXIS Capital reported operating income of $242 million, or $2.86 per diluted common share, compared to operating income of $226 million, or $2.69 per diluted common share, for the same period in 2018.

EX-PGAAP operating income² for the second quarter of 2019 was $143 million, or $1.69 per diluted common share², compared to ex-PGAAP operating income of $117 million, or $1.39 per diluted common share, for the second quarter of 2018. For the six months endedJune 30,2019, AXIS Capital reported ex-PGAAP operating income of $255 million, or $3.03 per diluted common share, compared to ex-PGAAP operating income of $253 million, or $3.02 per diluted common share, for the same period in 2018.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Commenting on the second quarter 2019 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:

"We are pleased to report strong second quarter results, which were highlighted by continuing improvement in our core underwriting margins, operating ROE of 12.3% ex PGAAP, and 6.0% growth in book value per share. 

"Our results speak to the progress made as we continue executing on our strategy to strengthen our market position and improve our underwriting profitability, which includes disciplined corrective actions on under-performing business, and reducing portfolio volatility. Furthermore, the actions we have taken to enhance our franchise in our chosen markets give us excellent opportunities for profitable growth. With our strong presence at Lloyd’s, U.S. E&S markets, professional lines and global reinsurance, we believe AXIS is in a superior position to take advantage of the necessary firming in re/insurance markets.

"In addition, we are continuing to invest in technology and data & analytics - all to enhance our ability to deliver differentiated service and value to our clients and partners in distribution.  

"While there is more work that needs to be done, we’re on the right path and are seeing tangible results as we continue to advance on our strategy and focus on driving long-term profitable growth and increased shareholder value."

¹Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.

²Ex-PGAAP operating income (loss), ex-PGAAP operating income (loss) per diluted common share and annualized ex-PGAAP operating return on average common equity ("ex-PGAAP operating ROACE") are non-GAAP financial measures as defined in SEC 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, and annualized return on average common equity ("ROACE"), respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 2 -

Second Quarter Highlights³ 

• Gross premiums written decreased by $3 million (increased $21 million or 1% on a constant currency basis⁴), to $1.6 billion with a decrease of $58 million or 6% in the insurance segment and an increase of $55 million, or 9% in the reinsurance segment. The increase in gross premiums written on a constant currency basis was principally due to improved market penetration in Japan which increased the reinsurance segment's gross premiums written, partially offset by a decrease in gross premiums written in the insurance segment due to the repositioning of the segment’s property book.

• Net premiums written increased by $70 million, or 7% ($93 million or 9% on a constant currency basis), to $1.1 billion.

KEY RATIOS	Q2 2019		Q2 2018		Change
Current accident year loss ratio excluding catastrophe and weather-related losses	59.7	%	61.5	%	(1.8	pts)
Catastrophe and weather-related losses ratio	2.3	%	3.2	%	(0.9	pts)
Current accident year loss ratio	62.0	%	64.7	%	(2.7	pts)
Prior year reserve development ratio	(2.2	%)	(5.1	%)	2.9	pts
Net losses and loss expenses ratio	59.8	%	59.6	%	0.2	pts
Acquisition cost ratio	21.6	%	19.6	%	2.0	pts
General and administrative expense ratio	14.7	%	13.9	%	0.8	pts
Combined ratio	96.1	%	93.1	%	3.0	pts

• Net favorable prior year reserve development of $24 million (Insurance $21 million; Reinsurance $2 million), compared to $60 million (Insurance $24 million; Reinsurance $36 million). The decrease in favorable prior year reserve development was primarily driven by catastrophe and weather events largely in the reinsurance segment.

• Underwriting income for the second quarter of 2019 and 2018 included the recognition of premium attributable to Novae's balance sheet at October 2, 2017, without the recognition of the associated acquisition costs, which were written off at the closing date. The absence of $3 million and $40 million of acquisition expense related to premiums earned in the second quarter of 2019 and 2018, respectively, benefited our acquisition cost ratio by 0.3 points and 3.3 points, respectively.

• Amortization of value of business acquired ("VOBA") of $7 million and $53 million, recognized in the second quarter of 2019 and 2018, respectively. This expense impacted our operating income, but was not included in the results of our insurance and reinsurance segments.

• Adjusted for dividends, book value per diluted common share increased by $3.55, or 7% in the quarter.

³ All comparisons are with the same period of the prior year, unless otherwise stated.

⁴Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures are provided in this release, as is a discussion of the rationale for the presentation of these items.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Segment Highlights

Insurance Segment

	Three Months Ended June 30,
($ in thousands)	2019			2018			Change
Gross premiums written	$	968,325		$	1,026,644		(5.7)%
Net premiums written	591,909			598,179			(1.0)%
Net premiums earned	537,260			577,271			(6.9)%
Underwriting income	11,309			56,479			(80.0)%
Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	58.7		%	57.2		%	1.5	pts
Catastrophe and weather-related losses ratio	2.7		%	4.0		%	(1.3	pts)
Current accident year loss ratio	61.4		%	61.2		%	0.2	pts
Prior year reserve development ratio	(3.9		%)	(4.2		%)	0.3	pts
Net losses and loss expenses ratio	57.5		%	57.0		%	0.5	pts
Acquisition cost ratio	20.8		%	15.7		%	5.1	pts
Underwriting-related general and administrative expense ratio	19.5		%	17.7		%	1.8	pts
Combined ratio	97.8		%	90.4		%	7.4	pts

• Gross premiums written decreased by $58 million, or 6%, ($43 million or 4% on a constant currency basis), attributable to property lines due to the repositioning of the portfolio, and accident and health lines due to the non-renewal of a significant contract, partially offset by increases in liability and professional lines driven by new business and favorable rate changes.

• Net premiums written decreased by $6 million, or 1% (increased $8 million or 1% on a constant currency basis) reflecting the decrease in gross premiums written and changes in business mix in the quarter.

• The current accident year loss ratio excluding catastrophe and weather-related losses increased by 1.5 points in the second quarter compared to the same period in 2018, primarily due to mid-size losses in marine lines and credit and political risk lines, as well as changes in business mix, partially offset by a decrease in attritional loss experience in property lines, and the impact of improved pricing over loss trend in business written in prior periods.

• Pre-tax catastrophe and weather-related losses were $14 million, primarily attributable to weather events this quarter, compared to $23 million in 2018.

• Net favorable prior year reserve development was $21 million this quarter, compared to $24 million in 2018.

• Underwriting income for the second quarter of 2019 and 2018 included the recognition of premium attributable to Novae's balance sheet at October 2, 2017, without the recognition of the associated acquisition costs, which were written off at the closing date. The absence of $3 million and $38 million of acquisition expense related to premiums earned in the second quarter of 2019 and 2018, respectively, benefited the acquisition cost ratio by 0.5 points and 6.6 points, respectively. Adjusting the acquisition cost ratio for these amounts, the acquisition cost ratio decreased 1.0 points in the quarter compared to the same period in 2018 due to changes in business mix.

• The general and administrative expense ratio increased by 1.8 points in the quarter attributable to a decrease in net premiums earned.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 4 -

	Six Months Ended June 30,
($ in thousands)	2019			2018			Change
Gross premiums written	$	1,819,421		$	1,907,492		(4.6	)%
Net premiums written	1,121,149			1,146,071			(2.2	)%
Net premiums earned	1,094,022			1,157,330			(5.5	)%
Underwriting income	32,227			125,920			(74	)%
Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	57.4		%	55.8		%	1.6
Catastrophe and weather-related losses ratio	2.1		%	4.5		%	(2.4	)
Current accident year loss ratio	59.5		%	60.3		%	(0.8	)
Prior year reserve development ratio	(2.6		%)	(4.1		%)	1.5
Net losses and loss expenses ratio	56.9		%	56.2		%	0.7
Acquisition cost ratio	21.0		%	15.4		%	5.6
Underwriting-related general and administrative expense ratio	19.2		%	17.7		%	1.5
Combined ratio	97.1		%	89.3		%	7.8

• Gross premiums written decreased by $88 million, or 5%, ($62 million or 3% on a constant currency basis), attributable to property lines due to the repositioning of the portfolio and timing differences, and accident and health lines due to the non-renewal of a significant program, partially offset by increases in liability, professional lines and marine lines driven by new business and favorable rate changes.

• Net premiums written decreased by $25 million, or 2% (increased $3 million on a constant currency basis) reflecting the decrease in gross premiums written in the quarter, changes in business mix and an increase in premiums ceded in liability lines.

• Underwriting income for the six months endedJune 30, 2019 and 2018 included the recognition of premium attributable to Novae's balance sheet at October 2, 2017, without the recognition of the associated acquisition costs, which were written off at the closing date. The absence of $9 million and $76 million of acquisition expense related to premiums earned in the six months endedJune 30, 2019 and 2018, respectively, benefited the acquisition cost ratio by 0.8 points and 6.6 points, respectively. Adjusting the acquisition cost ratio for these amounts, the acquisition cost ratio decreased 0.2 points for the six months endedJune 30, 2019 compared to the same period in 2018.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 5 -

Reinsurance Segment

	Three Months Ended June 30,
($ in thousands)	2019			2018			Change
Gross premiums written	$	679,435		$	624,181		8.9%
Net premiums written	478,412			402,276			18.9%
Net premiums earned	586,347			608,277			(3.6)%
Underwriting income	67,350			59,247			13.7%
Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	60.5		%	65.5		%	(5.0	pts)
Catastrophe and weather-related losses ratio	1.9		%	2.5		%	(0.6	pts)
Current accident year loss ratio	62.4		%	68.0		%	(5.6	pts)
Prior year reserve development ratio	(0.4		%)	(5.9		%)	5.5	pts
Net losses and loss expenses ratio	62.0		%	62.1		%	(0.1	pts)
Acquisition cost ratio	22.3		%	23.2		%	(0.9	pts)
Underwriting-related general and administrative expense ratio	4.8		%	5.4		%	(0.6	pts)
Combined ratio	89.1		%	90.7		%	(1.6	pts)

• Gross premiums written increased by $55 million, or 9% ($64 million or 10% on a constant currency basis) primarily attributable to catastrophe and liability lines driven by new business. The increase in catastrophe lines was due to improved pricing achieved during the Japanese and U.S. renewals season. These increases were partially offset by a decrease in professional lines due to the timing of the renewal of a significant contract, a decrease in motor lines due to premium adjustments, and a decrease in property lines associated with the repositioning of the portfolio.

• Net premiums written increased by $76 million, or 19% ($85 million or 21% on a constant currency basis) reflecting the increase in gross premiums written in the quarter, together with decreases in premiums ceded in agriculture, and accident and health lines, partially offset by increases in premiums ceded in catastrophe and liability lines.

• The current accident year loss ratio excluding catastrophe and weather-related losses decreased by 5.0 points in the second quarter compared to the same period in 2018, primarily due to a decrease in mid-size loss experience in property, engineering, and credit and surety lines, a decrease in attritional loss experience in credit and surety lines, the impact of changes in business mix, as well as improved pricing over loss trend in business written in prior periods.

• Pre-tax catastrophe and weather-related losses were $11 million primarily attributable to weather events this quarter, compared to $15 million in 2018.

• Net favorable prior year reserve development was $2 million this quarter, compared to $36 million in the second quarter of 2018. The decrease in favorable prior year reserve development was primarily driven by additional losses attributable to Typhoon Jebi and the late notification of property claims related to recent accident years.

• The acquisition cost ratio decreased by 0.9 points in the quarter, due to adjustments related to loss sensitive features and changes in business mix, partially offset by the impact of retrocessional contracts.

• The general and administrative expense ratio decreased by 0.6 points in the quarter, largely attributable to benefits related to arrangements with strategic capital partners.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 6 -

	Six Months Ended June 30,
($ in thousands)	2019			2018			Change
Gross premiums written	$	2,411,565		$	2,406,128		0.2	%
Net premiums written	1,726,232			1,840,255			(6.2	)%
Net premiums earned	1,163,797			1,195,620			(2.7	)%
Underwriting income	124,252			133,543			(7	)%
Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	61.0		%	63.8		%	(2.8	)
Catastrophe and weather-related losses ratio	1.2		%	1.9		%	(0.7	)
Current accident year loss ratio	62.2		%	65.7		%	(3.5	)
Prior period reserve development	(0.8		%)	(5.7		%)	4.9
Net losses and loss expenses ratio	61.4		%	60.0		%	1.4
Acquisition cost ratio	23.5		%	23.7		%	(0.2	)
Underwriting-related general and administrative expense ratio	5.2		%	5.8		%	(0.6	)
Combined ratio	90.1		%	89.5		%	0.6

• Gross premiums written increased by $5 million ($55 million or 2% on a constant currency basis) attributable to catastrophe, liability, and accident and health lines driven by new business. The increase in catastrophe lines was due to improved pricing achieved during the Japanese and U.S. renewals season. Increased line sizes on a number of treaties and the restructuring of several treaties which impacted the timing of premium recognition. In addition, liability lines increased due to premium adjustments and the restructuring of a large treaty. The decreases in motor, and credit and surety lines were due to non-renewals and premium adjustments. The decrease in property lines was primarily due to non-renewals associated with the repositioning of the portfolio and decreased line sizes on a number of treaties.

• Net premiums written decreased by $114 million, or 6% ($65 million or 4% on a constant currency basis) reflecting the increase in premiums ceded in catastrophe, liability, credit and surety, and accident and health, partially offset by a decrease in premiums ceded in agriculture and property lines.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 7 -

Investments

Net investment income of $138 million for the quarter included a realized gain of $13 million associated with the sale of an alternative investment and represents an increase of $28 million from the second quarter of 2018. Net realized and unrealized gains recognized in net income for the quarter were $21 million, compared to net realized and unrealized losses of $45 million in the second quarter of 2018.

Pre-tax total return on cash and investments⁵ was 2.0% including foreign exchange movements (2.1% excluding foreign exchange movements⁶), primarily due to net unrealized gains following an increase in market value of our fixed income portfolio and net investment income generated in the quarter. The prior year period pre-tax total return was 0% including foreign exchange movements (0.3% excluding foreign exchange movements). Our fixed income portfolio book yield at June 30, 2019 was 3.0% compared to 2.8% June 30, 2018. The market yield was 2.7% at June 30, 2019.

Capitalization / Shareholders’ Equity

Total capital⁷ at June 30, 2019 was $7.0 billion, including $1.4 billion of senior notes and $775 million of preferred equity, compared to $6.4 billion at December 31, 2018. The increase in total capital is attributable to net income generated in the six months endedJune 30, 2019, and net unrealized investment gains reported in other comprehensive income following an increase in the market value of our fixed income portfolio, partially offset by common share dividends declared.

On April 1, 2019, we repaid the $250 million aggregate principal amount of 2.65% senior unsecured notes. On June 19, 2019, we issued $300 million aggregate principal amount of 3.90% senior unsecured notes. We intend to use the proceeds from the issuance of these notes to partially repay or redeem our 5.875% senior unsecured notes due on June 1, 2020.

Book value per diluted common share, calculated on a treasury stock basis, increased by $3.15 in the current quarter, and by $3.52 over the past twelve months, to $55.99. The increase in the quarter and over the past twelve months was driven by net income generated and net unrealized investment gains reported in other comprehensive income, partially offset by common share dividends declared. During the second quarter of 2019, the Company declared dividends of $0.40 per common share, with total dividends declared of $1.59 per common share over the past twelve months. Adjusted for dividends declared, the book value per diluted common share increased by $3.55, or 7%, for the quarter and increased by $5.11 or 10%, over the past twelve months.

⁵ Pre-tax total return on cash and investments includes net investment income (loss), net investment gains (losses), interest in income (loss) of equity method investments and change in unrealized investment gains (losses) generated by average cash and investment balances. 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).

⁶ Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(8)m and $(59)m for the three months ended June 30,2019 and 2018, respectively, and foreign exchange (losses) gains of $2m and $(19)m for six months ended June 30, 2019 and 2018, respectively.

⁷ Total capital represents the sum of total shareholders' equity and senior notes.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 8 -

Conference Call

We will host a conference call on Wednesday, July 31, 2019 at 10:00 a.m. (Eastern) to discuss the second quarter financial results and related matters. The teleconference can be accessed by dialing (888) 317-6003 (U.S. callers) or (412) 317-6061 (international callers) approximately ten minutes in advance of the call and entering the passcode 7666282. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing (877) 344-7529 (U.S. callers) or (412) 317-0088 (international callers) and entering the passcode 10133136. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement relating to our financial results for the quarter ended June 30,2019 is available in the Investor Information section of the our website.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at June 30,2019 of $5.6 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A+" ("Superior") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

Website and Social Media Disclosure

We use our website (www.axiscapital.com) and our corporate Twitter (@AXIS_Capital) and LinkedIn (AXIS Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material.  Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received when enrolled in our "E-mail Alerts" program, which can be found in the Investor Information section of our website (www.axiscapital.com). The contents of our website and social media channels are not, however, part of this press release.

Please be sure to follow AXIS Capital on LinkedIn.

LinkedIn: http://bit.ly/2kRYbZ5

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 9 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

JUNE 30,2019 (UNAUDITED) AND DECEMBER 31,2018

		2019			2018
		(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value		$	12,522,955		$	11,435,347
Equity securities, at fair value		433,407			381,633
Mortgage loans, held for investment, at fair value		394,179			298,650
Other investments, at fair value		802,064			787,787
Equity method investments		112,956			108,103
Short-term investments, at fair value		32,421			144,040
Total investments		14,297,982			13,155,560
Cash and cash equivalents		712,463			1,232,814
Restricted cash and cash equivalents		382,251			597,206
Accrued interest receivable		82,567			80,335
Insurance and reinsurance premium balances receivable		3,732,529			3,007,296
Reinsurance recoverable on unpaid losses and loss expenses		3,564,812			3,501,669
Reinsurance recoverable on paid losses and loss expenses		364,536			280,233
Deferred acquisition costs		657,275			566,622
Prepaid reinsurance premiums		1,291,979			1,013,573
Receivable for investments sold		25,850			32,627
Goodwill		102,003			102,003
Intangible assets		236,009			241,568
Value of business acquired		15,416			35,714
Operating lease right-of-use assets		132,940			—
Other assets		271,562			285,346
	Total assets	$	25,870,174		$	24,132,566
Liabilities
Reserve for losses and loss expenses		$	12,254,711		$	12,280,769
Unearned premiums		4,503,132			3,635,758
Insurance and reinsurance balances payable		1,484,285			1,338,991
Senior notes		1,387,748			1,341,961
Payable for investments purchased		181,274			111,838
Operating lease liabilities		133,257			—
Other liabilities		359,290			393,178
	Total liabilities	20,303,697			19,102,495
Shareholders' equity
Preferred shares		775,000			775,000
Common shares		2,206			2,206
Additional paid-in capital		2,303,592			2,308,583
Accumulated other comprehensive income (loss)		156,145			(177,110		)
Retained earnings		6,108,577			5,912,812
Treasury shares, at cost		(3,779,043		)	(3,791,420		)
	Total shareholders' equity	5,566,477			5,030,071
	Total liabilities and shareholders' equity	$	25,870,174		$	24,132,566

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 10 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDEDJUNE 30,2019 AND 2018

		Three months ended						Six months ended
		2019			2018			2019			2018
		(in thousands, except per share amounts)
Revenues
	Net premiums earned	$	1,123,607		$	1,185,548		$	2,257,819		$	2,352,950
	Net investment income	137,949			109,960			245,254			210,961
	Net investment gains (losses)	21,225			(45,093		)	33,996			(59,923		)
	Other insurance related income	2,925			3,730			9,852			10,335
	Total revenues	1,285,706			1,254,145			2,546,921			2,514,323
Expenses
	Net losses and loss expenses	672,463			706,641			1,336,491			1,367,986
	Acquisition costs	242,363			231,952			502,781			461,212
	General and administrative expenses	165,395			165,213			340,486			335,049
	Foreign exchange gains	(12,381		)	(44,099		)	(5,325		)	(6,239		)
	Interest expense and financing costs	15,607			17,098			31,502			33,861
	Transaction and reorganization expenses	3,276			18,772			18,096			31,825
	Amortization of value of business acquired	7,194			53,407			20,298			110,517
	Amortization of intangible assets	2,912			4,029			5,914			6,811
	Total expenses	1,096,829			1,153,013			2,250,243			2,341,022
Income before income taxes and interest in income of equity method investments		188,877			101,132			296,678			173,301
	Income tax (expense) benefit	(14,469		)	(996		)	(15,703		)	40
	Interest in income of equity method investments	2,635			3,378			4,853			3,378
Net income		177,043			103,514			285,828			176,719
	Preferred share dividends	10,656			10,656			21,313			21,313
Net income available to common shareholders		$	166,387		$	92,858		$	264,515		$	155,406
Per share data
Earnings per common share:
Earnings per common share		$	1.98		$	1.11		$	3.16		$	1.86
Earnings per diluted common share		$	1.97		$	1.11		$	3.14		$	1.85
Weighted average common shares outstanding		83,941			83,539			83,834			83,431
Weighted average diluted common shares outstanding		84,401			83,984			84,338			83,853
Cash dividends declared per common share		$	0.40		$	0.39		$	0.80		$	0.78

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 11 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30,2019 AND 2018

	2019									2018
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	(in thousands)
Gross premiums written	$	968,325		$	679,435		$	1,647,760		$	1,026,644		$	624,181		$	1,650,825
Net premiums written	591,909			478,412			1,070,321			598,179			402,276			1,000,455
Net premiums earned	537,260			586,347			1,123,607			577,271			608,277			1,185,548
Other insurance related income (losses)	(695		)	3,620			2,925			1,214			2,516			3,730
Net losses and loss expenses	(308,703		)	(363,760		)	(672,463		)	(328,773		)	(377,868		)	(706,641		)
Acquisition costs	(111,655		)	(130,708		)	(242,363		)	(90,864		)	(141,088		)	(231,952		)
Underwriting-related general and
administrative expenses(8)	(104,898		)	(28,149		)	(133,047		)	(102,369		)	(32,590		)	(134,959		)
Underwriting income (9)	$	11,309		$	67,350		78,659			$	56,479		$	59,247		115,726
Net investment income							137,949									109,960
Net investment gains (losses)							21,225									(45,093		)
Corporate expenses(8)							(32,348		)							(30,254		)
Foreign exchange gains							12,381									44,099
Interest expense and financing costs							(15,607		)							(17,098		)
Transaction and reorganization expenses							(3,276		)							(18,772		)
Amortization of value of business acquired							(7,194		)							(53,407		)
Amortization of intangible assets							(2,912		)							(4,029		)
Income before income taxes and interest in income of equity method investments							$	188,877								$	101,132
Net losses and loss expenses ratio	57.5		%	62.0		%	59.8		%	57.0		%	62.1		%	59.6		%
Acquisition cost ratio	20.8		%	22.3		%	21.6		%	15.7		%	23.2		%	19.6		%
General and administrative
expense ratio	19.5		%	4.8		%	14.7		%	17.7		%	5.4		%	13.9		%
Combined ratio	97.8		%	89.1		%	96.1		%	90.4		%	90.7		%	93.1		%

⁸Underwriting-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 included corporate expenses of $32 million and $30 million for the three months endedJune 30,2019 and 2018, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

⁹Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented above.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 12 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE SIX MONTHS ENDEDJUNE 30,2019 AND 2018

	2019									2018
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	(in thousands)
Gross premiums written	$	1,819,421		$	2,411,565		$	4,230,986		$	1,907,492		$	2,406,128		$	4,313,620
Net premiums written	1,121,149			1,726,232			2,847,381			1,146,071			1,840,255			2,986,326
Net premiums earned	1,094,022			1,163,797			2,257,819			1,157,330			1,195,620			2,352,950
Other insurance related income	1,046			8,806			9,852			1,833			8,502			10,335
Net losses and loss expenses	(622,479		)	(714,012		)	(1,336,491		)	(650,312		)	(717,674		)	(1,367,986		)
Acquisition costs	(229,430		)	(273,351		)	(502,781		)	(178,193		)	(283,019		)	(461,212		)
Underwriting-related general and
administrative expenses(10)	(210,932		)	(60,988		)	(271,920		)	(204,738		)	(69,886		)	(274,624		)
Underwriting income(11)	$	32,227		$	124,252		156,479			$	125,920		$	133,543		259,463
Net investment income							245,254									210,961
Net investment gains (losses)							33,996									(59,923		)
Corporate expenses(10)							(68,566		)							(60,425		)
Foreign exchange gains							5,325									6,239
Interest expense and financing costs							(31,502		)							(33,861		)
Transaction and reorganization expenses							(18,096		)							(31,825		)
Amortization of value of business acquired							(20,298		)							(110,517		)
Amortization of intangible assets							(5,914		)							(6,811		)
Income before income taxes and interest in income of equity method investments							$	296,678								$	173,301
Net losses and loss expenses ratio	56.9		%	61.4		%	59.2		%	56.2		%	60.0		%	58.1		%
Acquisition cost ratio	21.0		%	23.5		%	22.3		%	15.4		%	23.7		%	19.6		%
General and administrative
expense ratio	19.2		%	5.2		%	15.0		%	17.7		%	5.8		%	14.3		%
Combined ratio	97.1		%	90.1		%	96.5		%	89.3		%	89.5		%	92.0		%

¹⁰Underwriting-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 included corporate expenses of $69 million and $60 million for the six months endedJune 30,2019 and 2018, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

¹¹Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented above.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 13 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND SIX MONTHS ENDEDJUNE 30,2019 AND 2018

	Three months ended						Six months ended
	2019			2018			2019			2018
	(in thousands, except per share amounts)
Net income available to common shareholders	$	166,387		$	92,858		$	264,515		$	155,406
Net investment (gains) losses(12)	(21,225		)	45,093			(33,996		)	59,923
Foreign exchange (gains)(13)	(12,381		)	(44,099		)	(5,325		)	(6,239		)
Transaction and reorganization expenses(14)	3,276			18,772			18,096			31,825
Interest in (income) of equity method investments (15)	(2,635		)	(3,378		)	(4,853		)	(3,378		)
Income tax expense (benefit)	3,569			(5,996		)	3,164			(11,658		)
Operating income	$	136,991		$	103,250		$	241,601		$	225,879
Earnings per diluted common share	$	1.97		$	1.11		$	3.14		$	1.85
Net investment (gains) losses	(0.25		)	0.54			(0.40		)	0.71
Foreign exchange (gains)	(0.15		)	(0.53		)	(0.06		)	(0.07		)
Transaction and reorganization expenses	0.04			0.22			0.21			0.38
Interest in (income) of equity method investments	(0.03		)	(0.04		)	(0.06		)	(0.04		)
Income tax expense (benefit)	0.04			(0.07		)	0.03			(0.14		)
Operating income per diluted common share	$	1.62		$	1.23		$	2.86		$	2.69
Weighted average diluted common shares outstanding	84,401			83,984			84,338			83,853
Average common shareholders' equity	4,658,317			4,483,700			4,523,274			4,522,135
Annualized return on average common equity	14.3		%	8.3		%	11.7		%	6.9		%
Annualized operating return on average common equity(16)	11.8		%	9.2		%	10.7		%	10.0		%

¹²Tax cost (benefit) of $2,936 and ($4,531) for the three months endedJune 30, 2019 and 2018, respectively and $5,771 and $(3,388) for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

¹³Tax cost (benefit) of $1,170 and $779 for the three months endedJune 30, 2019 and 2018, respectively and $588 and $(3,555) for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

¹⁴Tax cost (benefit) of $(537) and $(2,556) for the three months endedJune 30, 2019 and 2018, respectively and ($3,195) and ($5,027) for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

¹⁵Taxcost (benefit) of $nil and $312 for the three months endedJune 30, 2019 and 2018, respectively, and $nil and $312 for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

¹⁶Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to annualized ROACE, the most comparable GAAP financial measure is presented in the table above, and a discussion of the rationale for its presentation is provided later in this release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 14 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

EX-PGAAP OPERATING INCOME AND EX-PGAAP OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND SIX MONTHS ENDEDJUNE 30,2019 AND 2018

	Three months ended						Six months ended
	2019			2018			2019			2018
	(in thousands, except per share amounts)
Net income available to common shareholders	$	166,387		$	92,858		$	264,515		$	155,406
Net investment (gains) losses(12)	(21,225		)	45,093			(33,996		)	59,923
Foreign exchange (gains)(13)	(12,381		)	(44,099		)	(5,325		)	(6,239		)
Transaction and reorganization expenses(14)	3,276			18,772			18,096			31,825
Interest in (income) of equity method investments (15)	(2,635		)	(3,378		)	(4,853		)	(3,378		)
Income tax expense (benefit)	3,569			(5,996		)	3,164			(11,658		)
Operating income	$	136,991		$	103,250		$	241,601		$	225,879
Amortization of VOBA and intangible assets(17)	10,093			56,328			26,095			113,438
Amortization of acquisition costs(18)	(2,854		)	(39,641		)	(9,121		)	(80,090		)
Income tax expense (benefit)	(1,376		)	(3,170		)	(3,225		)	(6,336		)
Ex-PGAAP operating income(2)	$	142,854		$	116,767		$	255,350		$	252,891
Earnings per diluted common share	$	1.97		$	1.11		$	3.14		$	1.85
Net investment (gains) losses	(0.25		)	0.54			(0.40		)	0.71
Foreign exchange (gains)	(0.15		)	(0.53		)	(0.06		)	(0.07		)
Transaction and reorganization expenses	0.04			0.22			0.21			0.38
Interest in (income) of equity method investments	(0.03		)	(0.04		)	(0.06		)	(0.04		)
Income tax expense (benefit)	0.04			(0.07		)	0.03			(0.14		)
Operating income per diluted common share	$	1.62		$	1.23		$	2.86		$	2.69
Amortization of VOBA and intangible assets(17)	0.12			0.67			0.31			1.35
Amortization of acquisition costs(18)	(0.03		)	(0.47		)	(0.11		)	(0.94		)
Income tax expense (benefit)	(0.02		)	(0.04		)	(0.03		)	(0.08		)
Ex-PGAAP operating income per diluted common share(2)	$	1.69		$	1.39		$	3.03		$	3.02
Weighted average diluted common shares outstanding	84,401			83,984			84,338			83,853
Average common shareholders' equity	4,658,317			4,483,700			4,523,274			4,522,135
Annualized return on average common equity	14.3		%	8.3		%	11.7		%	6.9		%
Annualized operating return on average common equity(16)	11.8		%	9.2		%	10.7		%	10.0		%
Annualized ex-PGAAP operating return on average common equity(2)	12.3		%	10.4		%	11.3		%	11.2		%

¹⁷Tax cost (benefit) of $(1,918) and $(10,702) for the three months endedJune 30, 2019 and 2018, respectively, and $(4,958) and $(21,553) for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

¹⁸Tax cost (benefit) of $542 and $7,532 for the three months endedJune 30, 2019 and 2018, respectively, and $1,733 and $15,217 for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

For the six months endedJune 30,2019, underwriting income included the recognition of premium attributable to Novae's balance sheet at October 2, 2017, without the recognition of the associated acquisition costs, which were written off at the closing date. The absence of $9 million and $80 million of acquisition expense related to premiums earned in the six months endedJune 30,2019 and 2018, respectively, benefited our acquisition cost ratio by 0.4 points and 3.4 points, respectively.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 15 -

Cautionary Note Regarding Forward-Looking Statements

This press release 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 press release, 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 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,” “intend” or similar expressions. These forward-looking statements are not historical facts, and are based upon 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 press release may include, but are not limited to, information regarding our estimates of losses related to catastrophes and other large losses, measurements of potential losses in the fair market 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, our expectations regarding estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities' prices, credit spreads and foreign currency 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:

• the cyclical nature of the 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;

• the impact of global climate change on our business, including the possibility that we do not adequately assess or reserve for the increased frequency and severity of natural catastrophes;

• losses from war, terrorism and political unrest or other unanticipated losses;

• actual claims exceeding our loss reserves;

• general economic, capital and credit market conditions;

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

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

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 16 -

• our inability to purchase reinsurance or collect amounts due to us;

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

• difficulties with technology and/or data security;

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

• the failure of our cedants to adequately evaluate risks;

• inability to obtain additional capital on favorable terms, or at all;

• the loss of one or more key executives;

• a decline in our ratings with rating agencies;

• the loss of business provided to us by our major brokers and credit risk due to our reliance on brokers;

• changes in accounting policies or practices;

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

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

• failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;

• increased competition;

• changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom's expected withdrawal from the European Union;

• fluctuations in interest rates, credit spreads, equity securities' prices and/or currency values;

• the failure to successfully integrate acquired businesses or realize the expected synergies resulting from such acquisitions;

• the failure to realize the expected benefits or synergies relating to our transformation initiative;

• changes in tax laws; and

• the other factors including but not limited to those described under Item 1A, 'Risk Factors' and Item 7, 'Management's Discussion and Analysis of Financial Condition and Results of Operations' 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.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 17 -

Non-GAAP Financial Measures

We present our results of operations in the way we believe will be most 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 press release, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), operating income (loss) (in total and on a per share basis), annualized operating ROACE, amounts presented on a constant currency basis, pre-tax total return on cash and investments excluding foreign exchange movements, ex-PGAAP operating income (loss) (in total and on a per share basis) and annualized ex-PGAAP operating ROACE 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, better 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 individual 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 individual 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 Segmental Data' section of this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 18 -

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 (losses) 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 such, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

Foreign exchange losses (gains) in our consolidated statement 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 generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) 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 senior notes. As these expenses are not incremental and/or directly attributable to our individual underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

Transaction and 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 including VOBA 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 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 income (loss) before income taxes and interest in income (loss) of equity method

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 19 -

investments, the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.

Operating Income (Loss)

Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), transaction and reorganization expenses, and interest in income (loss) of equity method investments.

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. In addition, we recognize unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized upon the sale of our available-for-sale investments and equity securities in net investment gains (losses). However, these movements are only one element of the overall impact of foreign exchange rate fluctuations on our financial position. We also recognize unrealized foreign exchange losses (gains) on our available-for-sale investments in other comprehensive income (loss). These unrealized and realized foreign exchange losses (gains) generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss) available (attributable) to common shareholders, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, the foreign exchange losses (gains) in our consolidated statement of operations in isolation are not a fair representation of the performance of our business.

Transaction and 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).

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

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 20 -

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), transaction and reorganization expenses, and interest in income (loss) of equity method investments 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 press release.

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 ROACE, respectively, in the 'Non-GAAP Financial Measures Reconciliation' of this press release.

Constant Currency Basis

We present gross premiums written and net premiums written on a constant currency basis in this press release. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums written on a constant basis. The reconciliation to gross premiums written and net premiums written on a GAAP basis is presented in the 'Insurance Segment' and 'Reinsurance Segment' sections of this press release.

Pre-Tax Total Return on Cash and Investments excluding Foreign Exchange Movement

Pre-tax total return on cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized investment gains (losses) generated by average cash and investment balances. The reconciliation of pre-tax total return on cash and investments excluding foreign exchange movements to pre-tax total return on cash and investments, the most comparable GAAP financial measure, is presented in the 'Investments' section in this release.

We believe this presentation enables investors and other users of our financial information to analyze the performance of our investments.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 21 -

Ex-PGAAP Operating Income (Loss)

Ex-PGAAP operating income (loss) represents operating income (loss) exclusive of amortization of VOBA and intangible assets, net of tax and amortization of acquisition costs, net of tax associated with Novae's balance sheet at October 2, 2017 (the "closing date" or "acquisition date"). The reconciliation of ex-PGAAP operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is also presented in the 'Non-GAAP Financial Measures Reconciliation' of this press release.

We also present ex-PGAAP operating income (loss) per diluted common share and annualized ex-PGAAP operating ROACE, which are derived from the ex-PGAAPoperating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings per diluted common share and annualized ROACE, respectively, in the 'Non-GAAP Financial Measures Reconciliation' of this press release.

We believe the presentation of ex-PGAAP operating income (loss), ex-PGAAP operating income (loss) per diluted common share and annualized ex-PGAAP operating ROACE enables investors and other users of our financial information to better analyze the performance of our business.

Acquisition of Novae

On October 2, 2017, AXIS Capital acquired Novae. We identified VOBA which represents the present value of the expected underwriting profit within policies that were in-force at the closing date of the transaction. In addition, the allocation of the acquisition price to the assets acquired and liabilities assumed of Novae based on estimated fair values at the acquisition date, resulted in the write-off of the deferred acquisition cost asset on Novae's balance sheet at the acquisition date as the value of policies in-force on that date are considered within VOBA. Consequently, underwriting income (loss) in the three and six months ended June 30, 2019 and 2018 included the recognition of premium attributable to Novae's balance sheet at the acquisition date without the recognition of the associated acquisition costs.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 22 -

EX-99.2

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2019

	AXIS Capital Holdings Limited
	92 Pitts Bay Road
	Pembroke HM 08 Bermuda
	Contact Information:
	Matthew Rohrmann
	Investor Contact
	(212) 940-3339
	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. GAAP Income Statement	2
b. Consolidated Statements of Operations - Quarterly	3-4
c. Consolidated Statements of Operations - Year to Date	5-6
d. Consolidated Segment Data	7
e. Gross Premiums Written by Segment by Line of Business	8
f. Segment Data - Quarterly and Prior Year	9-10
g. Strategic Capital Partners	11
h. Net Investment Income - Quarterly and Year to Date	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 - Quarterly	15
•    Corporate Debt Composition	16
•    Ten Largest Corporate Debt Holdings	17
•    Mortgage-Backed and Asset-Backed Securities Composition	18
c. Reinsurance Recoverable Analysis	19-20
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis	21
b. Paid to Incurred Analysis by Segment	22
c. Paid to Incurred Analysis by Segment - Quarterly	23-24
d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	25
V. Share Analysis
a. Earnings Per Common Share Information - As Reported, GAAP	26
b. Earnings Per Common Share Information and Common Shares Rollforward - Quarterly	27
c. Book Value Per Diluted Common Share Analysis - Treasury Stock Method	28
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	29
b. Ex-PGAAP Operating Income and Ex-PGAAP Operating Return on Average Common Equity	30
c. Value of Business Acquired	31
d. Tangible Book Value Per Diluted Common Share	32
e. Use of Non-GAAP Financial Measures	33

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, 2018 and consolidated statements of operations for the years ended December 31, 2018 and December 31, 2017.

• Amounts may not reconcile exactly due to rounding differences.

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

• NM - Not meaningful; 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 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,” “intend” or similar expressions. These forward-looking statements are not historical facts, and are based upon 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 of losses related to catastrophes and other large losses, measurements of potential losses in the fair market 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, our expectations regarding estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities' prices, credit spreads and foreign currency 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 results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

• the cyclical nature of the 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;

• the impact of global climate change on our business, including the possibility that we do not adequately assess or reserve for the increased frequency and severity of natural catastrophes;

• losses from war, terrorism and political unrest or other unanticipated losses;

• actual claims exceeding our loss reserves;

• general economic, capital and credit market conditions;

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

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

• our inability to purchase reinsurance or collect amounts due to us;

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

• difficulties with technology and/or data security;

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

• the failure of our cedants to adequately evaluate risks;

• inability to obtain additional capital on favorable terms, or at all;

• the loss of one or more key executives;

• a decline in our ratings with rating agencies;

• loss of business provided to us by our major brokers and credit risk due to our reliance on brokers;

• changes in accounting policies or practices;

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

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

• failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;

• increased competition;

i

• changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom's expected withdrawal from the European Union;

• fluctuations in interest rates, credit spreads, equity securities' prices and/or currency values;

• the failure to successfully integrate acquired businesses or realize the expected synergies resulting from such acquisitions;

• the failure to realize the expected benefits or synergies relating to our transformation initiative;

• changes in tax laws; and

• the other factors including but not limited to those described under Item 1A, 'Risk Factors' and Item 7, 'Management's Discussion and Analysis of Financial Condition and Results of Operations' 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 niche markets on a worldwide basis. The following are the lines of business in our insurance segment:

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 and onshore energy installations. This line of business includes both primary and excess risks, some of which are catastrophe-exposed.

Marine: provides cover for traditional marine classes, including offshore energy, cargo, liability, recreational marine, fine art, specie, and hull and war. Offshore energy coverage includes physical damage, business interruption, operators extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.

Terrorism: provides cover for physical damage and business interruption of an insured following an act of terrorism and includes kidnap and ransom, and crisis management insurance.

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.

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 default, credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events.

Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, cyberand privacy insurance, medical malpractice and other financial insurance related covers for commercial enterprises, financial institutions, not-for-profit organizations and other professional service providers. This business is predominantly written on a claims-made basis.

Liability: primarily targets primary and low/mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public and products liability predominately in the UK. Target industry sectors include construction, manufacturing, transportation and trucking and other services.

Accident and Health: includes accidental death, travel insurance and specialty health products for employer and affinity groups.

Discontinued Lines - Novae: includes those lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. These discontinued insurance lines include financial institutions, professional indemnity, international liability, international direct property.

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. The following are the lines of business in our reinsurance segment:

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 workers compensation and 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 excess of loss basis.

Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in 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, floods, industrial explosions, fires, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis.

Professional Lines: provides cover for directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, environmental liability 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: provides reinsurance of trade credit insurance products and includes both proportional and excess of loss structures. The underlying insurance indemnifies sellers of goods and services in the event of a payment default by the buyer of those goods and services. Credit insurance cover is provided to mortgage guaranty insurers and government sponsored entities. Cover for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands or contract obligations in a variety of jurisdictions around the world is also offered.

Motor: provides cover to insurers for motor liability and 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 proportional and non-proportional reinsurance as well as structured solutions are offered.

Liability: provides cover to insurers of standard casualty business, excess and surplus casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, although workers' compensation and auto liability covers are also written.

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. The business is provided on a proportional and aggregate stop loss reinsurance basis.

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.

Marine and Other: includes marine, aviation and personal accident reinsurance.

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

Discontinued Lines - Novae: includes those lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. These discontinued reinsurance lines include motor reinsurance, general liability reinsurance, and international facultative property.

iv

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

		Three months ended June 30,									Six months ended June 30,
		2019			2018			Change			2019			2018			Change
HIGHLIGHTS	Gross premiums written	$	1,647,760		$	1,650,825		(0.2	%)		$	4,230,986		$	4,313,620		(1.9	%)
	Gross premiums written - Insurance	58.8		%	62.2		%	(3.4	)	pts	43.0		%	44.2		%	(1.2	)	pts
	Gross premiums written - Reinsurance	41.2		%	37.8		%	3.4		pts	57.0		%	55.8		%	1.2		pts
	Net premiums written	$	1,070,321		$	1,000,455		7.0	%		$	2,847,381		$	2,986,326		(4.7	%)
	Net premiums earned	$	1,123,607		$	1,185,548		(5.2	%)		$	2,257,819		$	2,352,950		(4.0	%)
	Net premiums earned - Insurance	47.8		%	48.7		%	(0.9	)	pts	48.5		%	49.2		%	(0.7	)	pts
	Net premiums earned - Reinsurance	52.2		%	51.3		%	0.9		pts	51.5		%	50.8		%	0.7		pts
	Net income available to common shareholders	$	166,387		$	92,858		79.2	%		$	264,515		$	155,406		70.2	%
	Operating income [a]	136,991			103,250			32.7	%		241,601			225,879			7.0	%
	Annualized return on average common equity [b]	14.3		%	8.3		%	6.0		pts	11.7		%	6.9		%	4.8		pts
	Annualized operating return on average common equity [c]	11.8		%	9.2		%	2.6		pts	10.7		%	10.0		%	0.7		pts
	Total shareholders’ equity	$	5,566,477		$	5,253,005		6.0	%		$	5,566,477		$	5,253,005		6.0	%
PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share		$1.97			$1.11		77.5	%			$3.14			$1.85		69.7	%
	Operating income per diluted common share [d]		$1.62			$1.23		31.7	%			$2.86			$2.69		6.3	%
	Weighted average diluted common shares outstanding	84,401			83,984			0.5	%		84,338			83,853			0.6	%
	Book value per common share		$57.08			$53.59		6.5	%			$57.08			$53.59		6.5	%
	Book value per diluted common share (treasury stock method)		$55.99			$52.47		6.7	%			$55.99			$52.47		6.7	%
	Tangible book value per diluted common share (treasury stock method) [a]		$52.54			$48.87		7.5	%			$52.54			$48.87		7.5	%
FINANCIAL RATIOS	Current accident year loss ratio excluding catastrophe and weather-related losses	59.7		%	61.5		%	(1.8	)	pts	59.3		%	59.9		%	(0.6	)	pts
	Catastrophe and weather-related losses ratio	2.3		%	3.2		%	(0.9	)	pts	1.6		%	3.1		%	(1.5	)	pts
	Current accident year loss ratio	62.0		%	64.7		%	(2.7	)	pts	60.9		%	63.0		%	(2.1	)	pts
	Prior year reserve development ratio	(2.2		%)	(5.1		%)	2.9		pts	(1.7		%)	(4.9		%)	3.2		pts
	Net losses and loss expenses ratio	59.8		%	59.6		%	0.2		pts	59.2		%	58.1		%	1.1		pts
	Acquisition cost ratio	21.6		%	19.6		%	2.0		pts	22.3		%	19.6		%	2.7		pts
	General and administrative expense ratio [e]	14.7		%	13.9		%	0.8		pts	15.0		%	14.3		%	0.7		pts
	Combined ratio	96.1		%	93.1		%	3.0		pts	96.5		%	92.0		%	4.5		pts
INVESTMENT DATA	Total assets	$	25,870,174		$	25,018,486		3.4	%		$	25,870,174		$	25,018,486		3.4	%
	Total cash and invested assets [f]	15,319,839			15,132,913			1.2	%		15,319,839			15,132,913			1.2	%
	Net investment income	137,949			109,960			25.5	%		245,254			210,961			16.3	%
	Net investment gains (losses)	$	21,225		$	(45,093	)	nm			$	33,996		$	(59,923	)	nm
	Book yield of fixed maturities	3.0		%	2.8		%	0.2		pts	3.0		%	2.8		%	0.2		pts

[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE") and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations of non-GAAP financial measures 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") and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided 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 by 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 by 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 ENDEDJUNE 30,2019 AND 2018

		Three months ended June 30,						Six months ended June 30,
		2019			2018			2019			2018
Revenues
	Net premiums earned	$	1,123,607		$	1,185,548		$	2,257,819		$	2,352,950
	Net investment income	137,949			109,960			245,254			210,961
	Net investment gains (losses)	21,225			(45,093		)	33,996			(59,923		)
	Other insurance related income	2,925			3,730			9,852			10,335
	Total revenues	1,285,706			1,254,145			2,546,921			2,514,323
Expenses
	Net losses and loss expenses	672,463			706,641			1,336,491			1,367,986
	Acquisition costs	242,363			231,952			502,781			461,212
	General and administrative expenses	165,395			165,213			340,486			335,049
	Foreign exchange gains	(12,381		)	(44,099		)	(5,325		)	(6,239		)
	Interest expense and financing costs	15,607			17,098			31,502			33,861
	Transaction and reorganization expenses	3,276			18,772			18,096			31,825
	Amortization of value of business acquired	7,194			53,407			20,298			110,517
	Amortization of intangible assets	2,912			4,029			5,914			6,811
	Total expenses	1,096,829			1,153,013			2,250,243			2,341,022
Income before income taxes and interest in income of equity method investments		188,877			101,132			296,678			173,301
	Income tax (expense) benefit	(14,469		)	(996		)	(15,703		)	40
	Interest in income of equity method investments	2,635			3,378			4,853			3,378
Net income		177,043			103,514			285,828			176,719
	Preferred share dividends	10,656			10,656			21,313			21,313
Net income available to common shareholders		$	166,387		$	92,858		$	264,515		$	155,406

2

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTERLY

	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q2 2017
UNDERWRITING REVENUES
Gross premiums written	$	1,647,760		$	2,583,226		$	1,172,738		$	1,423,707		$	1,650,825		$	1,362,327
Ceded premiums written	(577,439		)	(806,167		)	(420,040		)	(503,769		)	(650,370		)	(406,310		)
Net premiums written	1,070,321			1,777,059			752,698			919,938			1,000,455			956,017
Gross premiums earned	1,680,663			1,684,814			1,777,052			1,776,379			1,688,953			1,300,648
Ceded premiums earned	(557,056		)	(550,602		)	(562,583		)	(552,304		)	(503,405		)	(319,217		)
Net premiums earned	1,123,607			1,134,212			1,214,469			1,224,075			1,185,548			981,431
Other insurance related income (losses)	2,925			6,929			(8,189		)	8,475			3,730			2,560
Total underwriting revenues	1,126,532			1,141,141			1,206,280			1,232,550			1,189,278			983,991
UNDERWRITING EXPENSES
Net losses and loss expenses	672,463			664,028			1,027,343			794,959			706,641			605,332
Acquisition costs	242,363			260,418			259,308			248,314			231,952			204,361
Underwriting-related general and administrative expenses [a]	133,047			138,873			114,293			130,251			134,959			117,286
Total underwriting expenses	1,047,873			1,063,319			1,400,944			1,173,524			1,073,552			926,979
UNDERWRITING INCOME (LOSS) [b]	78,659			77,822			(194,664		)	59,026			115,726			57,012
OTHER (EXPENSES) REVENUES
Net investment income	137,949			107,303			113,128			114,421			109,960			106,063
Net investment gains (losses)	21,225			12,767			(72,667		)	(17,628		)	(45,093		)	(4,392		)
Bargain purchase gain	—			—			—			—			—			15,044
Corporate expenses [a]	(32,348		)	(36,218		)	(23,152		)	(24,643		)	(30,254		)	(30,530		)
Foreign exchange (losses) gains	12,381			(7,056		)	31,232			(8,305		)	44,099			(36,118		)
Interest expense and financing costs	(15,607		)	(15,895		)	(16,675		)	(16,897		)	(17,098		)	(12,751		)
Transaction and reorganization expenses	(3,276		)	(14,820		)	(18,815		)	(16,300		)	(18,772		)	—
Amortization of value of business acquired	(7,194		)	(13,104		)	(22,797		)	(39,018		)	(53,407		)	—
Amortization of intangible assets	(2,912		)	(3,003		)	(5,251		)	(1,753		)	(4,029		)	—
Total other (expenses) revenues	110,218			29,974			(14,997		)	(10,123		)	(14,594		)	37,316
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	188,877			107,796			(209,661		)	48,903			101,132			94,328
Income tax (expense) benefit	(14,469		)	(1,234		)	25,921			3,525			(996		)	3,333
Interest in income (loss) of equity method investments	2,635			2,219			(4,052		)	1,667			3,378			(1,975		)
NET INCOME (LOSS)	177,043			108,781			(187,792		)	54,095			103,514			95,686
Preferred share dividends	(10,656		)	(10,656		)	(10,656		)	(10,656		)	(10,656		)	(10,656		)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	166,387		$	98,125		$	(198,448	)	$	43,439		$	92,858		$	85,030

[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 as presented above.

[b] Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented above and on page 5 (Consolidated Statements of Operations - Year to Date).

3

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - QUARTERLY

	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q2 2017
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	59.7		%	58.9		%	65.4		%	61.2		%	61.5		%	63.8		%
Catastrophe and weather-related losses ratio	2.3		%	0.9		%	22.5		%	7.5		%	3.2		%	5.1		%
Current accident year loss ratio	62.0		%	59.8		%	87.9		%	68.7		%	64.7		%	68.9		%
Prior year reserve development ratio	(2.2		%)	(1.3		%)	(3.3		%)	(3.8		%)	(5.1		%)	(7.2		%)
Net losses and loss expenses ratio	59.8		%	58.5		%	84.6		%	64.9		%	59.6		%	61.7		%
Acquisition cost ratio	21.6		%	23.0		%	21.4		%	20.3		%	19.6		%	20.8		%
General and administrative expense ratio [a]	14.7		%	15.4		%	11.3		%	12.7		%	13.9		%	15.1		%
Combined ratio	96.1		%	96.9		%	117.3		%	97.9		%	93.1		%	97.6		%
Weighted average common shares outstanding	83,941			83,725			83,582			83,558			83,539			84,141
Weighted average diluted common shares outstanding	84,401			84,272			83,582			84,107			83,984			84,511
Earnings (loss) per common share		$1.98			$1.17			($2.37	)		$0.52			$1.11			$1.01
Earnings (loss) per diluted common share		$1.97			$1.16			($2.37	)		$0.52			$1.11			$1.01
Annualized ROACE	14.3		%	8.9		%	(18.1		%)	3.9		%	8.3		%	6.7		%
Annualized operating ROACE	11.8		%	9.5		%	(13.2		%)	7.1		%	9.2		%	8.7		%

[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 - YEAR TO DATE

	Six months ended June 30,									Year ended December 31,
	2019			2018			2017			2018			2017
UNDERWRITING REVENUES
Gross premiums written	$	4,230,986		$	4,313,620		$	3,274,199		$	6,910,065		$	5,556,273
Ceded premiums written	(1,383,605		)	(1,327,294		)	(809,223		)	(2,251,103		)	(1,529,130		)
Net premiums written	2,847,381			2,986,326			2,464,976			4,658,962			4,027,143
Gross premiums earned	3,365,477			3,328,786			2,546,318			6,882,217			5,616,234
Ceded premiums earned	(1,107,658		)	(975,836		)	(626,185		)	(2,090,722		)	(1,467,474		)
Net premiums earned	2,257,819			2,352,950			1,920,133			4,791,495			4,148,760
Other insurance related income (losses)	9,852			10,335			(1,222		)	10,622			(1,240		)
Total underwriting revenues	2,267,671			2,363,285			1,918,911			4,802,117			4,147,520
UNDERWRITING EXPENSES
Net losses and loss expenses	1,336,491			1,367,986			1,212,273			3,190,287			3,287,772
Acquisition costs	502,781			461,212			394,153			968,835			823,591
Underwriting-related general and administrative expenses [a]	271,920			274,624			239,086			519,168			449,483
Total underwriting expenses	2,111,192			2,103,822			1,845,512			4,678,290			4,560,846
UNDERWRITING INCOME (LOSS)	156,479			259,463			73,399			123,827			(413,326		)
OTHER (EXPENSES) REVENUES
Net investment income	245,254			210,961			204,728			438,507			400,805
Net investment gains (losses)	33,996			(59,923		)	(29,443		)	(150,218		)	28,226
Bargain purchase gain	—			—			15,044			—			15,044
Corporate expenses [a]	(68,566		)	(60,425		)	(69,989		)	(108,221		)	(129,945		)
Foreign exchange (losses) gains	5,325			6,239			(57,583		)	29,165			(134,737		)
Interest expense and financing costs	(31,502		)	(33,861		)	(25,543		)	(67,432		)	(54,811		)
Transaction and reorganization expenses	(18,096		)	(31,825		)	—			(66,940		)	(26,718		)
Amortization of value of business acquired	(20,298		)	(110,517		)	—			(172,332		)	(50,104		)
Amortization of intangible assets	(5,914		)	(6,811		)	—			(13,814		)	(2,543		)
Total other (expenses) revenues	140,199			(86,162		)	37,214			(111,285		)	45,217
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	296,678			173,301			110,613			12,542			(368,109		)
Income tax (expense) benefit	(15,703		)	40			12,670			29,486			7,542
Interest in income (loss) of equity method investments	4,853			3,378			(7,741		)	993			(8,402		)
NET INCOME (LOSS)	285,828			176,719			115,542			43,021			(368,969		)
Preferred share dividends	(21,313		)	(21,313		)	(25,497		)	(42,625		)	(46,810		)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	264,515		$	155,406		$	90,045		$	396		$	(415,779	)

[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 as presented above.

5

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - YEAR TO DATE

	Six months ended June 30,									Year ended December 31,
	2019			2018			2017			2018			2017
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	59.3		%	59.9		%	63.7		%	61.7		%	63.7		%
Catastrophe and weather-related losses ratio	1.6		%	3.1		%	4.4		%	9.0		%	20.4		%
Current accident year loss ratio	60.9		%	63.0		%	68.1		%	70.7		%	84.1		%
Prior year reserve development ratio	(1.7		%)	(4.9		%)	(5.0		%)	(4.1		%)	(4.9		%)
Net losses and loss expenses ratio	59.2		%	58.1		%	63.1		%	66.6		%	79.2		%
Acquisition cost ratio	22.3		%	19.6		%	20.5		%	20.2		%	19.9		%
General and administrative expense ratio [a]	15.0		%	14.3		%	16.2		%	13.1		%	14.0		%
Combined ratio	96.5		%	92.0		%	99.8		%	99.9		%	113.1		%
Weighted average common shares outstanding	83,834			83,431			85,076			83,501			84,108
Weighted average diluted common shares outstanding	84,338			83,853			85,647			84,007			84,108
Earnings (loss) per common share		$3.16			$1.86			$1.06			$—			($4.94	)
Earnings (loss) per diluted common share		$3.14			$1.85			$1.05			$—			($4.94	)
Annualized ROACE	11.7		%	6.9		%	3.5		%	—		%	(8.6		%)
Annualized operating ROACE	10.7		%	10.0		%	6.5		%	3.6		%	(5.3		%)

[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, 2019									Six months ended June 30, 2019
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	968,325		$	679,435		$	1,647,760		$	1,819,421		$	2,411,565		$	4,230,986
Ceded premiums written	(376,416		)	(201,023		)	(577,439		)	(698,272		)	(685,333		)	(1,383,605		)
Net premiums written	591,909			478,412			1,070,321			1,121,149			1,726,232			2,847,381
Gross premiums earned	884,480			796,183			1,680,663			1,794,431			1,571,046			3,365,477
Ceded premiums earned	(347,220		)	(209,836		)	(557,056		)	(700,409		)	(407,249		)	(1,107,658		)
Net premiums earned	537,260			586,347			1,123,607			1,094,022			1,163,797			2,257,819
Other insurance related income (losses)	(695		)	3,620			2,925			1,046			8,806			9,852
Total underwriting revenues	536,565			589,967			1,126,532			1,095,068			1,172,603			2,267,671
UNDERWRITING EXPENSES
Net losses and loss expenses	308,703			363,760			672,463			622,479			714,012			1,336,491
Acquisition costs	111,655			130,708			242,363			229,430			273,351			502,781
Underwriting-related general and administrative expenses	104,898			28,149			133,047			210,932			60,988			271,920
Total underwriting expenses	525,256			522,617			1,047,873			1,062,841			1,048,351			2,111,192
UNDERWRITING INCOME	$	11,309		$	67,350		$	78,659		$	32,227		$	124,252		$	156,479
Catastrophe and weather-related losses, net of reinstatement premiums	$	14,483		$	11,081		$	25,564		$	22,487		$	13,761		$	36,248
Favorable prior year reserve development	21,326			2,295			23,621			28,240			10,053			38,293
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	58.7		%	60.5		%	59.7		%	57.4		%	61.0		%	59.3		%
Catastrophe and weather-related losses ratio	2.7		%	1.9		%	2.3		%	2.1		%	1.2		%	1.6		%
Current accident year loss ratio	61.4		%	62.4		%	62.0		%	59.5		%	62.2		%	60.9		%
Prior year reserve development ratio	(3.9		%)	(0.4		%)	(2.2		%)	(2.6		%)	(0.8		%)	(1.7		%)
Net loss and loss expense ratio	57.5		%	62.0		%	59.8		%	56.9		%	61.4		%	59.2		%
Acquisition cost ratio	20.8		%	22.3		%	21.6		%	21.0		%	23.5		%	22.3		%
Underwriting-related general and administrative expense ratio	19.5		%	4.8		%	11.8		%	19.2		%	5.2		%	12.0		%
Corporate expense ratio							2.9		%							3.0		%
Combined ratio	97.8		%	89.1		%	96.1		%	97.1		%	90.1		%	96.5		%

7

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

																	Six months ended June 30,						Year ended December 31,
	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018		Q2 2017		2019			2018			2018
INSURANCE SEGMENT
Property	$	259,295		$	200,502		$	245,851		$	307,014		$	344,737	$	198,681	$	459,797		$	639,943		$	1,192,807
Marine	99,389			146,979			56,202			88,412			95,690		73,921		246,368			222,432			367,047
Terrorism	15,157			14,362			12,920			16,032			15,812		10,509		29,519			32,712			61,663
Aviation	18,539			17,670			23,496			24,116			21,048		21,037		36,209			42,061			89,673
Credit and Political Risk	36,076			45,907			70,206			44,761			30,736		15,139		81,983			75,466			190,433
Professional Lines	321,284			227,308			328,078			281,928			297,243		244,119		548,592			505,208			1,115,213
Liability	190,030			142,642			144,277			153,356			150,167		136,725		332,672			255,828			553,461
Accident and Health	28,126			51,048			37,080			42,883			69,860		64,071		79,174			130,537			210,502
Discontinued Lines - Novae	429			4,678			2,626			10,862			1,351		—		5,107			3,305			16,793
TOTAL INSURANCE SEGMENT	$	968,325		$	851,096		$	920,736		$	969,364		$	1,026,644	$	764,202	$	1,819,421		$	1,907,492		$	3,797,592
REINSURANCE SEGMENT
Catastrophe	$	245,203		$	358,133		$	41,137		$	64,919		$	148,304	$	135,560	$	603,336		$	430,188		$	536,243
Property	43,135			172,742			(3,345		)	85,135			60,293		56,723		215,877			261,000			342,789
Professional Lines	92,915			109,828			19,312			26,418			116,273		120,584		202,743			222,452			268,181
Credit and Surety	38,465			151,904			28,442			51,683			52,685		25,143		190,369			249,000			329,126
Motor	6,846			281,401			21,921			22,450			43,279		42,093		288,248			455,355			499,727
Liability	125,990			185,320			50,790			137,625			91,343		118,095		311,310			250,352			438,767
Agriculture	70,077			126,440			14,131			12,765			53,953		58,094		196,517			199,350			226,246
Engineering	7,600			22,766			24,099			3,149			6,604		7,347		30,365			33,110			60,358
Marine and Other	22,042			36,336			3,354			1,107			13,631		2,665		58,379			40,279			44,741
Accident and Health	27,723			287,592			51,050			49,114			37,808		31,821		315,315			265,496			365,660
Discontinued Lines - Novae	(561		)	(332		)	1,111			(22		)	8		—		(894		)	(454		)	635
TOTAL REINSURANCE SEGMENT	$	679,435		$	1,732,130		$	252,002		$	454,343		$	624,181	$	598,125	$	2,411,565		$	2,406,128		$	3,112,473
CONSOLIDATED TOTAL	$	1,647,760		$	2,583,226		$	1,172,738		$	1,423,707		$	1,650,825	$	1,362,327	$	4,230,986		$	4,313,620		$	6,910,065

8

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA - QUARTERLY AND PRIOR YEAR

																			Year ended December 31,
	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q2 2017			2018
UNDERWRITING REVENUES
Gross premiums written	$	968,325		$	851,096		$	920,736		$	969,364		$	1,026,644		$	764,202		$	3,797,592
Ceded premiums written	(376,416		)	(321,857		)	(344,130		)	(367,294		)	(428,465		)	(268,093		)	(1,472,845		)
Net premiums written	591,909			529,239			576,606			602,070			598,179			496,109			2,324,747
Gross premiums earned	884,480			909,951			937,784			990,529			924,704			639,612			3,757,436
Ceded premiums earned	(347,220		)	(353,189		)	(347,305		)	(375,734		)	(347,433		)	(222,072		)	(1,394,830		)
Net premiums earned	537,260			556,762			590,479			614,795			577,271			417,541			2,362,606
Other insurance related income (losses)	(695		)	1,742			101			1,526			1,214			508			3,460
Total underwriting revenues	536,565			558,504			590,580			616,321			578,485			418,049			2,366,066
UNDERWRITING EXPENSES
Net losses and loss expenses	308,703			313,776			428,525			415,488			328,773			275,464			1,494,323
Acquisition costs	111,655			117,775			109,111			111,888			90,864			62,391			399,193
Underwriting-related general and administrative expenses	104,898			106,034			89,858			100,656			102,369			83,126			395,252
Total underwriting expenses	525,256			537,585			627,494			628,032			522,006			420,980			2,288,768
UNDERWRITING INCOME (LOSS)	$	11,309		$	20,919		$	(36,914	)	$	(11,711	)	$	56,479		$	(2,931	)	$	77,298
Catastrophe and weather-related losses, net of reinstatement premiums	$	14,483		$	8,004		$	92,128		$	61,814		$	22,922		$	41,400		$	203,862
Favorable prior year reserve development	21,326			6,913			32,257			13,478			24,294			19,787			92,806
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	58.7		%	56.2		%	62.4		%	59.7		%	57.2		%	60.8		%	58.5		%
Catastrophe and weather-related losses ratio	2.7		%	1.4		%	15.6		%	10.1		%	4.0		%	9.9		%	8.7		%
Current accident year loss ratio	61.4		%	57.6		%	78.0		%	69.8		%	61.2		%	70.7		%	67.2		%
Prior year reserve development ratio	(3.9		%)	(1.2		%)	(5.4		%)	(2.2		%)	(4.2		%)	(4.7		%)	(4.0		%)
Net losses and loss expenses ratio	57.5		%	56.4		%	72.6		%	67.6		%	57.0		%	66.0		%	63.2		%
Acquisition cost ratio	20.8		%	21.2		%	18.5		%	18.2		%	15.7		%	14.9		%	16.9		%
Underwriting-related general and administrative expenses ratio	19.5		%	19.0		%	15.2		%	16.4		%	17.7		%	19.9		%	16.8		%
Combined ratio	97.8		%	96.6		%	106.3		%	102.2		%	90.4		%	100.8		%	96.9		%

9

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA - QUARTERLY AND PRIOR YEAR

																			Year ended December 31,
	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q2 2017			2018
UNDERWRITING REVENUES
Gross premiums written	$	679,435		$	1,732,130		$	252,002		$	454,343		$	624,181		$	598,125		$	3,112,473
Ceded premiums written	(201,023		)	(484,310		)	(75,910		)	(136,475		)	(221,905		)	(138,217		)	(778,258		)
Net premiums written	478,412			1,247,820			176,092			317,868			402,276			459,908			2,334,215
Gross premiums earned	796,183			774,863			839,268			785,850			764,249			661,035			3,124,781
Ceded premiums earned	(209,836		)	(197,413		)	(215,278		)	(176,570		)	(155,972		)	(97,145		)	(695,892		)
Net premiums earned	586,347			577,450			623,990			609,280			608,277			563,890			2,428,889
Other insurance related income (losses)	3,620			5,187			(8,290		)	6,949			2,516			2,052			7,162
Total underwriting revenues	589,967			582,637			615,700			616,229			610,793			565,942			2,436,051
UNDERWRITING EXPENSES
Net losses and loss expenses	363,760			350,252			598,818			379,471			377,868			329,867			1,695,964
Acquisition costs	130,708			142,643			150,197			136,426			141,088			141,971			569,642
Underwriting-related general and administrative expenses	28,149			32,839			24,435			29,595			32,590			34,160			123,916
Total underwriting expenses	522,617			525,734			773,450			545,492			551,546			505,998			2,389,522
UNDERWRITING INCOME (LOSS)	$	67,350		$	56,903		$	(157,750	)	$	70,737		$	59,247		$	59,944		$	46,529
Catastrophe and weather-related losses, net of reinstatement premiums	$	11,081		$	2,680		$	177,002		$	30,232		$	15,288		$	8,721		$	225,861
Favorable prior year reserve development	2,295			7,759			7,321			32,182			35,822			51,146			106,856
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	60.5		%	61.5		%	68.3		%	62.6		%	65.5		%	66.0		%	64.8		%
Catastrophe and weather-related losses ratio	1.9		%	0.5		%	28.8		%	5.0		%	2.5		%	1.6		%	9.4		%
Current accident year loss ratio	62.4		%	62.0		%	97.1		%	67.6		%	68.0		%	67.6		%	74.2		%
Prior year reserve development ratio	(0.4		%)	(1.3		%)	(1.1		%)	(5.3		%)	(5.9		%)	(9.1		%)	(4.4		%)
Net losses and loss expenses ratio	62.0		%	60.7		%	96.0		%	62.3		%	62.1		%	58.5		%	69.8		%
Acquisition cost ratio	22.3		%	24.7		%	24.1		%	22.4		%	23.2		%	25.2		%	23.5		%
Underwriting-related general and administrative expense ratio	4.8		%	5.6		%	3.9		%	4.8		%	5.4		%	6.1		%	5.1		%
Combined ratio	89.1		%	91.0		%	124.0		%	89.5		%	90.7		%	89.7		%	98.4		%

10

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

	Three months ended June 30,												Six months ended June 30,
	2019						2018						2019						2018
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	968,325	$	679,435	$	1,647,760	$	1,026,644	$	624,181	$	1,650,825	$	1,819,421	$	2,411,565	$	4,230,986	$	1,907,492	$	2,406,128	$	4,313,620
Premiums ceded to Harrington Re	1,620		47,752		49,372		—		58,370		58,370		2,462		155,587		158,049		—		113,762		113,762
Premiums ceded to Other Strategic Capital Partners	14,390		153,271		167,660		—		163,535		163,535		28,828		529,746		558,574		—		452,112		452,112
Premiums ceded to Other Reinsurers	360,406		—		360,406		428,465		—		428,465		666,982		—		666,982		761,420		—		761,420
Net premiums written	$	591,909	$	478,412	$	1,070,321	$	598,179	$	402,276	$	1,000,455	$	1,121,149	$	1,726,232	$	2,847,381	$	1,146,072	$	1,840,254	$	2,986,326
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Fee income	$	1,638	$	17,517	$	19,155	$	—	$	11,355	$	11,355	$	3,840	$	35,097	$	38,937	$	—	$	24,443	$	24,443

[a] Total managed premiums represents gross premiums written of $1,647,760 and $1,650,825 for the three months endedJune 30, 2019 and 2018, respectively, and $4,230,986 and $4,313,620 for the six months endedJune 30, 2019 and 2018, respectively including premiums written by the Insurance and Reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

[b] Fee income from strategic capital partners represents service fees and reimbursement of expenses from strategic capital partners. Fee income from strategic capital partners included $3,349 and $7,988 in other insurance related income (losses) for the three and six months endedJune 30, 2019, respectively and $1,650 and $6,519 for three and six months endedJune 30, 2018, respectively. It also included $15,806 and $30,949 as offset to general and administrative expenses for the three and six months endedJune 30, 2019, respectively and $9,705 and $17,924 for three and six months endedJune 30, 2018, respectively.

11

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME - QUARTERLY AND YEAR TO DATE

																			Six months ended June 30,
	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q2 2017			2019			2018
Fixed maturities	$	97,370		$	91,382		$	94,108		$	89,887		$	88,320		$	78,218		$	188,752		$	172,279
Other investments	31,232			6,895			4,780			15,933			14,541			23,639			38,128			28,246
Equity securities	3,197			2,328			3,062			2,099			3,158			4,347			5,525			4,916
Mortgage loans	3,689			3,063			3,762			3,322			3,357			2,597			6,752			6,483
Cash and cash equivalents	8,138			5,801			10,796			6,992			5,627			3,433			13,940			9,779
Short-term investments	1,108			3,894			3,432			3,413			1,645			660			5,002			2,520
Gross investment income	144,734			113,363			119,940			121,646			116,648			112,894			258,099			224,223
Investment expenses	(6,785		)	(6,060		)	(6,812		)	(7,225		)	(6,688		)	(6,831		)	(12,845		)	(13,262		)
Net investment income	$	137,949		$	107,303		$	113,128		$	114,421		$	109,960		$	106,063		$	245,254		$	210,961

12

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,
	2019			2019			2018			2018			2018			2017
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,522,955		$	11,874,518		$	11,435,347		$	11,767,697		$	11,739,305		$	11,424,295
Equity securities, at fair value	433,407			418,863			381,633			433,311			417,212			738,489
Mortgage loans, held for investment, at fair value	394,179			313,421			298,650			333,018			344,721			349,916
Other investments, at fair value	802,064			795,331			787,787			833,563			916,191			813,617
Equity method investments	112,956			110,322			108,103			112,155			110,488			109,258
Short-term investments, at fair value	32,421			41,853			144,040			156,090			168,944			10,146
Total investments	14,297,982			13,554,308			13,155,560			13,635,834			13,696,861			13,445,721
Cash and cash equivalents	1,094,714			1,606,258			1,830,020			1,752,402			1,526,693			1,015,270
Accrued interest receivable	82,567			78,594			80,335			76,000			79,109			72,626
Insurance and reinsurance premium balances receivable	3,732,529			3,667,923			3,007,296			3,463,360			3,810,316			3,050,222
Reinsurance recoverable on unpaid losses and loss expenses	3,564,812			3,555,341			3,501,669			3,217,787			3,152,706			2,110,870
Reinsurance recoverable on paid losses and loss expenses	364,536			321,798			280,233			221,293			136,530			74,064
Deferred acquisition costs	657,275			703,028			566,622			682,785			708,679			591,397
Prepaid reinsurance premiums	1,291,979			1,271,303			1,013,573			1,114,039			1,157,228			733,836
Receivable for investments sold	25,850			10,888			32,627			2,140			16,430			18,754
Goodwill	102,003			102,003			102,003			102,003			102,003			47,148
Intangible assets	236,009			238,763			241,568			247,927			250,541			39,072
Value of business acquired	15,416			22,610			35,714			58,511			97,529			—
Operating lease right-of-use assets	132,940			143,887			—			—			—			—
Other assets	271,562			280,878			285,346			268,945			283,861			300,658
TOTAL ASSETS	$	25,870,174		$	25,557,582		$	24,132,566		$	24,843,026		$	25,018,486		$	21,499,638
LIABILITIES
Reserve for losses and loss expenses	$	12,254,711		$	12,275,771		$	12,280,769		$	12,025,947		$	11,952,734		$	9,878,662
Unearned premiums	4,503,132			4,535,163			3,635,758			4,242,108			4,594,150			3,704,003
Insurance and reinsurance balances payable	1,484,285			1,440,942			1,338,991			1,301,580			1,282,585			677,204
Senior notes and notes payable	1,387,748			1,342,345			1,341,961			1,377,582			1,377,206			993,511
Payable for investments purchased	181,274			159,544			111,838			220,183			186,180			95,865
Operating lease liabilities	133,257			144,298			—			—			—			—
Other liabilities	359,290			359,363			393,178			403,354			372,626			257,698
TOTAL LIABILITIES	20,303,697			20,257,426			19,102,495			19,570,754			19,765,481			15,606,943
SHAREHOLDERS’ EQUITY
Preferred shares	775,000			775,000			775,000			775,000			775,000			775,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,303,592			2,296,639			2,308,583			2,304,107			2,295,633			2,283,523
Accumulated other comprehensive income (loss)	156,145			29,096			(177,110		)	(162,312		)	(163,168		)	84,306
Retained earnings	6,108,577			5,976,603			5,912,812			6,145,482			6,135,625			6,551,801
Treasury shares, at cost	(3,779,043		)	(3,779,388		)	(3,791,420		)	(3,792,211		)	(3,792,291		)	(3,804,141		)
TOTAL SHAREHOLDERS' EQUITY	5,566,477			5,300,156			5,030,071			5,272,272			5,253,005			5,892,695
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	25,870,174		$	25,557,582		$	24,132,566		$	24,843,026		$	25,018,486		$	21,499,638
Common shares outstanding	83,947			83,934			83,586			83,557			83,556			83,203
Diluted common shares outstanding [b]	85,579			85,632			85,229			85,335			85,346			84,655
Book value per common share		$57.08			$53.91			$50.91			$53.82			$53.59			$61.51
Book value per diluted common share		$55.99			$52.84			$49.93			$52.70			$52.47			$60.45
Tangible book value per diluted common share		$52.54			$49.37			$46.41			$49.14			$48.87			$59.44
Debt to total capital [a]	20.0		%	20.2		%	21.1		%	20.7		%	20.8		%	14.4		%
Debt and preferred equity to total capital	31.1		%	31.9		%	33.2		%	32.4		%	32.5		%	25.7		%

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

[b] Treasury stock method was applied. Under this method, unvested restricted stock units are included to determine the diluted common shares outstanding.

13

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

At June 30, 2019

	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value			Percentage
Fixed Maturities, available for sale
U.S. government and agency	$	2,288,204	$	30,488	$	(1,265	)	$	2,317,427		15.1	%
Non-U.S. government	539,588		6,959		(8,723		)	537,824			3.5	%
Corporate debt	4,850,141		114,591		(19,147		)	4,945,585			32.3	%
Agency RMBS	1,669,160		24,127		(6,375		)	1,686,912			11.0	%
CMBS	1,150,370		34,613		(715		)	1,184,268			7.7	%
Non-Agency RMBS	55,985		1,308		(1,313		)	55,980			0.4	%
ABS	1,600,846		5,871		(5,946		)	1,600,771			10.4	%
Municipals	189,480		4,828		(120		)	194,188			1.3	%
Total fixed maturities	12,343,774		222,785		(43,604		)	12,522,955			81.7	%
Equity securities
Common stocks	695		21		(459		)	257			—	%
Exchange traded funds	213,909		61,531		(2,171		)	273,269			1.8	%
Bond mutual funds	163,291		—		(3,410		)	159,881			1.0	%
Total equity securities	377,895		61,552		(6,040		)	433,407			2.8	%
Total fixed maturities and equity securities	$	12,721,669	$	284,337	$	(49,644	)	12,956,362			84.5	%
Mortgage loans, held for investment								394,179			2.6	%
Other investments (see below)								802,064			5.2	%
Equity method investments								112,956			0.7	%
Short-term investments								32,421			0.3	%
Total investments								14,297,982			93.3	%
Cash and cash equivalents [a]								1,094,714			7.1	%
Accrued interest receivable								82,567			0.5	%
Net receivable/(payable) for investments sold (purchased)								(155,424		)	(0.9	%)
Total cash and invested assets								$	15,319,839		100.0	%
								Fair Value			Percentage
Other Investments:
Long/short equity funds								$	30,526		3.8	%
Multi-strategy funds								165,123			20.6	%
Direct lending funds								273,864			34.1	%
Real estate funds								134,763			16.8	%
Private equity funds								60,285			7.5	%
Other privately held investments								28,452			3.5	%
Collateralized loan obligations - equity tranches								17,798			2.3	%
Overseas deposits								$	91,253		11.4	%
Total								$	802,064		100.0	%

[a] Includes $382 million of restricted cash and cash equivalents.

14

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION - QUARTERLY

	Q2 2019		Q1 2019		Q4 2018		Q3 2018		Q2 2018		Q2 2017
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities:
U.S. government and agency	15.1	%	13.1	%	10.1	%	10.5	%	11.0	%	11.3	%
Non-U.S. government	3.5	%	3.2	%	3.3	%	3.6	%	3.9	%	3.7	%
Corporate debt	32.3	%	32.1	%	32.5	%	33.3	%	32.2	%	32.8	%
MBS:
Agency RMBS	11.0	%	11.3	%	11.0	%	10.8	%	11.2	%	15.9	%
CMBS	7.7	%	7.0	%	7.3	%	7.1	%	7.4	%	4.5	%
Non-agency RMBS	0.4	%	0.3	%	0.3	%	0.3	%	0.3	%	0.3	%
ABS	10.4	%	10.7	%	10.9	%	10.8	%	10.7	%	9.5	%
Municipals	1.3	%	1.0	%	0.9	%	0.8	%	0.9	%	1.0	%
Total Fixed Maturities	81.7	%	78.7	%	76.3	%	77.2	%	77.6	%	79.0	%
Equity securities	2.8	%	2.8	%	2.5	%	2.8	%	2.8	%	5.1	%
Mortgage loans	2.6	%	2.1	%	2.0	%	2.2	%	2.3	%	2.4	%
Other investments	5.2	%	5.3	%	5.3	%	5.5	%	6.1	%	5.6	%
Equity method investments	0.7	%	0.7	%	0.7	%	0.7	%	0.7	%	0.8	%
Short-term investments	0.3	%	0.2	%	1.0	%	1.0	%	1.0	%	0.1	%
Total Investments	93.3	%	89.8	%	87.8	%	89.4	%	90.5	%	93.0	%
Cash and cash equivalents	7.1	%	10.6	%	12.2	%	11.5	%	10.1	%	7.0	%
Accrued interest receivable	0.5	%	0.5	%	0.5	%	0.5	%	0.5	%	0.5	%
Net receivable/(payable) for investments sold or purchased	(0.9	%)	(0.9	%)	(0.5	%)	(1.4	%)	(1.1	%)	(0.5	%)
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	18.5	%	16.6	%	13.3	%	13.6	%	14.2	%	14.3	%
AAA	35.8	%	38.7	%	40.0	%	39.3	%	39.7	%	38.1	%
AA	8.6	%	7.1	%	7.7	%	7.7	%	7.2	%	8.1	%
A	14.1	%	15.0	%	15.5	%	16.3	%	16.4	%	15.8	%
BBB	13.6	%	13.3	%	14.7	%	14.1	%	13.9	%	14.7	%
Below BBB	9.4	%	9.3	%	8.8	%	9.0	%	8.6	%	9.0	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.1	%	3.5	%	3.7	%	4.2	%	4.0	%	3.5	%
From one to five years	41.8	%	41.9	%	41.0	%	41.5	%	41.1	%	36.2	%
From five to ten years	15.7	%	14.5	%	14.8	%	15.1	%	15.1	%	20.0	%
Above ten years	3.2	%	2.9	%	1.8	%	1.8	%	1.7	%	2.0	%
Asset-backed and mortgage-backed securities	36.2	%	37.2	%	38.7	%	37.4	%	38.1	%	38.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	3.0	%	3.1	%	3.1	%	2.9	%	2.8	%	2.6	%
Yield to maturity of fixed maturities	2.7	%	3.1	%	3.6	%	3.5	%	3.4	%	2.6	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0 yrs		2.9 yrs		2.8 yrs		2.9 yrs		3.0 yrs		3.1 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

15

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At June 30, 2019

	Fair Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	954,816	19.3	%	6.2	%
Non-U.S. banks	331,796		6.7	%	2.2	%
Corporate/commercial finance	250,177		5.1	%	1.6	%
Insurance	138,169		2.8	%	0.9	%
Investment brokerage	41,136		0.8	%	0.3	%
Total financial institutions	1,716,094		34.7	%	11.2	%
Consumer non-cyclicals	509,250		10.3	%	3.3	%
Consumer cyclical	283,806		5.7	%	1.9	%
Communications	265,739		5.4	%	1.7	%
Technology	228,259		4.6	%	1.5	%
Energy	202,077		4.1	%	1.3	%
Non-U.S. government guaranteed	190,290		3.8	%	1.2	%
Transportation	154,336		3.1	%	1.0	%
Utilities	144,997		2.9	%	0.9	%
Industrials	125,821		2.5	%	0.8	%
Total investment grade	3,820,669		77.1	%	24.8	%
Total non-investment grade	1,124,916		22.9	%	7.5	%
Total corporate debt	$	4,945,585	100.0	%	32.3	%

16

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At June 30, 2019

	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	125,970	$	4,383	$	130,353	1.0	%
JP MORGAN CHASE & CO	116,736		2,877		119,613		1.0	%
MORGAN STANLEY	113,160		3,119		116,279		0.9	%
WELLS FARGO & COMPANY	111,726		2,595		114,321		0.9	%
CITIGROUP INC	91,526		2,986		94,512		0.8	%
GOLDMAN SACHS GROUP	81,896		2,019		83,915		0.7	%
AT&T INC	54,777		2,127		56,904		0.5	%
MITSUBISHI UFJ FINANCIAL GROUP INC	48,492		1,022		49,514		0.4	%
CVS HEALTH CORP	46,362		2,231		48,593		0.4	%
COMCAST CORPORATION	46,803		1,510		48,313		0.4	%

[a] These holdings represent direct investments in fixed maturities of the parent issuer and its major subsidiaries. These investments exclude asset and mortgage backed securities that were issued, sponsored or serviced by the parent.

17

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At June 30, 2019

	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	1,686,912		$	36,256		$	2,652		$	6,058		$	3,553		$	7,461		$	1,742,892
Commercial MBS	292,121			838,317			50,649			3,181			—			—			1,184,268
ABS	—			1,450,665			79,990			32,666			12,372			25,078			1,600,771
Total mortgage-backed and asset-backed securities	$	1,979,033		$	2,325,238		$	133,291		$	41,905		$	15,925		$	32,539		$	4,527,931
Percentage of total	43.7		%	51.4		%	2.9		%	0.9		%	0.4		%	0.7		%	100.0		%

18

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q2 2017
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	159,259		$	136,923		$	159,347		$	119,275		$	85,583		$	59,391
Reinsurance	205,558			185,156			121,112			102,234			51,108			14,674
Total	$	364,817		$	322,079		$	280,459		$	221,509		$	136,691		$	74,065
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	871,493		$	859,971		$	791,215		$	789,143		$	772,718		$	563,510
Reinsurance	351,230			351,413			327,067			250,812			239,986			45,525
Total	$	1,222,723		$	1,211,384		$	1,118,282		$	1,039,955		$	1,012,704		$	609,035
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	1,889,003		$	1,916,176		$	1,919,002		$	1,809,504		$	1,787,763		$	1,406,139
Reinsurance	470,322			446,571			484,754			387,508			370,161			113,485
Total	$	2,359,325		$	2,362,747		$	2,403,756		$	2,197,012		$	2,157,924		$	1,519,624
Provision against reinsurance recoverable on paid and unpaid losses and loss expenses:
Insurance	$	(16,722	)	$	(17,583	)	$	(18,191	)	$	(17,613	)	$	(17,210	)	$	(17,629	)
Reinsurance	(795		)	(1,488		)	(2,404		)	(1,783		)	(873		)	(161		)
Total	$	(17,517	)	$	(19,071	)	$	(20,595	)	$	(19,396	)	$	(18,083	)	$	(17,790	)
Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	2,903,033		$	2,895,487		$	2,851,373		$	2,700,309		$	2,628,854		$	2,011,411
Reinsurance	1,026,315			981,652			930,529			738,771			660,382			173,523
Total	$	3,929,348		$	3,877,139		$	3,781,902		$	3,439,080		$	3,289,236		$	2,184,934

19

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At June 30, 2019

Categories	Reinsurance Recoverable, Gross of Collateral		Collateral			Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net  of Collateral	% of Total Shareholders’ Equity	Provision Against Reinsurance Recoverable			Provision Against Reinsurance Recoverable as % of Reinsurance  Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses
Top 10 reinsurers based on reinsurance recoverable	$	2,282,524	$	(448,565	)	$	1,833,959	59.0%	32.9%	$	(9,251	)	0.4%	$	2,273,273
Other reinsurers balances > $20 million	1,185,253		(238,061		)	947,192		30.4%	17.0%	(5,766		)	0.5%	1,179,487
Other reinsurers balances < $20 million	479,088		(148,400		)	330,688		10.6%	6.0%	(2,500		)	0.5%	476,588
Total	$	3,946,865	$	(835,026	)	$	3,111,839	100.0%	55.9%	$	(17,517	)	0.4%	$	3,929,348

At June 30, 2019, 88.6% (December 31, 2018: 89.5%) of reinsurance recoverable, gross of collateral were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

Top 10 Reinsurers (net of collateral)		% of  Total Reinsurance Recoverable, Net of Collateral	% of  Total Shareholders’ Equity
1	Lloyds of London	14.1%	7.9%
2	Swiss Reinsurance America Corporation	12.8%	7.1%
3	Transatlantic Reinsurance Company	6.8%	3.8%
4	Partner Reinsurance Co of US	5.5%	3.1%
5	Harrington Re Ltd.	5.5%	3.1%
6	Hannover Ruck SE	4.6%	2.6%
7	Everest Reinsurance Company	4.0%	2.2%
8	Munich Reinsurance America, Inc	3.3%	1.9%
9	Liberty Mutual Insurance Company	2.4%	1.3%
10	Munchener Ruckversicherungs Gesellschaft	2.3%	1.2%
		61.3%	34.2%

20

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Three months ended June 30, 2019									Six months ended June 30, 2019
	Reserve for losses and loss expenses			Reinsurance recoverable on unpaid losses			Net reserve for losses and loss expenses			Reserve for losses and loss expenses			Reinsurance recoverable on unpaid losses			Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period	$	12,275,771		$	(3,555,341	)	$	8,720,430		$	12,280,769		$	(3,501,669	)	$	8,779,100
Incurred losses and loss expenses	947,243			(274,780		)	672,463			2,004,523			(668,032		)	1,336,491
Paid losses and loss expenses	(966,062		)	258,695			(707,367		)	(2,046,751		)	610,227			(1,436,524		)
Foreign exchange and other	(2,241		)	6,614			4,373			16,170			(5,338		)	10,832
End of period [a]	$	12,254,711		$	(3,564,812	)	$	8,689,899		$	12,254,711		$	(3,564,812	)	$	8,689,899

[a] At June 30, 2019, reserve for losses and loss expenses included IBNR of $7,455 million, or 61%, of reserves for loss and loss expenses. At December 31, 2018, the comparable amount was $7,655 million, or 62%.

21

AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended June 30, 2019									Six months ended June 30, 2019
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	537,634		$	428,428		$	966,062		$	1,097,815		$	948,936		$	2,046,751
Reinsurance recoverable on paid losses and loss expenses	(175,788		)	(82,907		)	(258,695		)	(393,952		)	(216,275		)	(610,227		)
Net paid losses and loss expenses	361,846			345,521			707,367			703,863			732,661			1,436,524
Change in:
Gross case reserves	(8,250		)	25,790			17,540			108,503			60,275			168,778
Gross IBNR	(57,015		)	20,656			(36,359		)	(143,218		)	(67,788		)	(211,006		)
Reinsurance recoverable on unpaid losses and loss expenses	12,122			(28,207		)	(16,085		)	(46,669		)	(11,136		)	(57,805		)
Total net incurred losses and loss expenses	$	308,703		$	363,760		$	672,463		$	622,479		$	714,012		$	1,336,491
Gross reserve for losses and loss expenses	$	6,395,448		$	5,859,263		$	12,254,711		$	6,395,448		$	5,859,263		$	12,254,711
Net favorable prior year reserve development	$	21,326		$	2,295		$	23,621		$	28,240		$	10,053		$	38,293
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	117.2		%	95.0		%	105.2		%	113.1		%	102.6		%	107.5		%
Net paid losses and loss expenses / Net premiums earned	67.4		%	58.9		%	63.0		%	64.3		%	63.0		%	63.6		%
Change in net losses and loss expenses / Net premiums earned	(9.9		%)	3.1		%	(3.2		%)	(7.4		%)	(1.6		%)	(4.4		%)
Net losses and loss expenses ratio	57.5		%	62.0		%	59.8		%	56.9		%	61.4		%	59.2		%

22

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTERLY

	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q2 2017
Gross paid losses and loss expenses	$	537,634		$	560,181		$	676,665		$	586,874		$	478,912		$	385,899
Reinsurance recoverable on paid losses and loss expenses	(175,788		)	(218,163		)	(254,452		)	(198,332		)	(162,291		)	(118,232		)
Net paid losses and loss expenses	361,846			342,018			422,213			388,542			316,621			267,667
Change in:
Gross case reserves	(8,250		)	116,753			(40,794		)	13,241			43,986			(47,554		)
Gross IBNR	(57,015		)	(86,204		)	117,212			55,737			10,784			73,253
Reinsurance recoverable on unpaid losses and loss expenses	12,122			(58,791		)	(70,106		)	(42,032		)	(42,618		)	(17,901		)
Total net incurred losses and loss expenses	$	308,703		$	313,776		$	428,525		$	415,488		$	328,773		$	275,465
Gross reserve for losses and loss expenses	$	6,395,448		$	6,465,347		$	6,426,309		$	6,379,962		$	6,301,363		$	5,045,223
Net favorable prior year reserve development	$	21,326		$	6,913		$	32,257		$	13,478		$	24,294		$	19,787
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	117.2		%	109.0		%	98.5		%	93.5		%	96.3		%	97.2		%
Net paid losses and loss expenses / Net premiums earned	67.4		%	61.4		%	71.5		%	63.2		%	54.8		%	64.1		%
Change in net losses and loss expenses / Net premiums earned	(9.9		%)	(5.0		%)	1.1		%	4.4		%	2.2		%	1.9		%
Net losses and loss expenses ratio	57.5		%	56.4		%	72.6		%	67.6		%	57.0		%	66.0		%

23

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTERLY

	Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q2 2017
Gross paid losses and loss expenses	$	428,428		$	520,508		$	611,056		$	422,678		$	426,314		$	292,914
Reinsurance recoverable on paid losses and loss expenses	(82,907		)	(133,368		)	(92,279		)	(79,765		)	(46,772		)	(3,936		)
Net paid losses and loss expenses	345,521			387,140			518,777			342,913			379,542			288,978
Change in:
Gross case reserves	25,790			34,485			199,227			76,880			47,664			79,737
Gross IBNR	20,656			(88,443		)	42,084			(10,986		)	(5,905		)	13,077
Reinsurance recoverable on unpaid losses and loss expenses	(28,207		)	17,070			(161,270		)	(29,336		)	(43,433		)	(51,925		)
Total net incurred losses and loss expenses	$	363,760		$	350,252		$	598,818		$	379,471		$	377,868		$	329,867
Gross reserve for losses and loss expenses	$	5,859,263		$	5,810,424		$	5,854,460		$	5,645,985		$	5,651,371		$	4,833,440
Net favorable prior year reserve development	$	2,295		$	7,759		$	7,321		$	32,182		$	35,822		$	51,146
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	95.0		%	110.5		%	86.6		%	90.4		%	100.4		%	87.6		%
Net paid losses and loss expenses / Net premiums earned	58.9		%	67.0		%	83.1		%	56.3		%	62.4		%	51.2		%
Change in net losses and loss expenses / Net premiums earned	3.1		%	(6.3		%)	12.9		%	6.0		%	(0.3		%)	7.3		%
Net losses and loss expenses ratio	62.0		%	60.7		%	96.0		%	62.3		%	62.1		%	58.5		%

24

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AT JULY 1, 2019

		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		% of Common Shareholders' Equity		100 Year Return Period		% of Common Shareholders' Equity		250 Year Return Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	363	7.6	%	$	431	9.0	%	$	613	12.8	%
Northeast	U.S. Hurricane	49		1.0	%	143		3.0	%	282		5.9	%
Mid-Atlantic	U.S. Hurricane	123		2.6	%	288		6.0	%	441		9.2	%
Gulf of Mexico	U.S. Hurricane	249		5.2	%	322		6.7	%	388		8.1	%
California	Earthquake	223		4.7	%	324		6.8	%	407		8.5	%
Europe	Windstorm	223		4.7	%	275		5.7	%	348		7.3	%
Japan	Earthquake	138		2.9	%	213		4.4	%	331		6.9	%
Japan	Windstorm	116		2.4	%	185		3.9	%	255		5.3	%

The above table shows our Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at July 1, 2019. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast hurricane, net of reinsurance, is approximately $0.4 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast hurricane event could be in excess of $0.4 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast hurricane will fall below $0.4 billion.

We have developed our PML estimates using multiple commercially available catastrophe vendor models, including AIR and RMS. We weight the use of these vendor models based upon our own judgment and experience, and include in our estimates non-modeled perils and other factors which we believe provide us with a more complete view of catastrophe risk.

A supplementary disclosure entitled “Overview of AXIS Natural Peril Catastrophe Risk Measurement and Management” dated August 3, 2011 is available in the Investor Information section of our website. This disclosure provides an overview of our PML methodology, including our approach to zonal aggregation, as well as information about zonal definitions commonly used by other external parties.

Our PML estimates are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. We aim to reduce the potential for model error in a number of ways, foremost by ensuring that management’s judgment supplements the model outputs. We also perform ongoing model validation both within our business units and through our catastrophe model validation unit. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

Our estimated net losses from peak zone catastrophes may change from period to period as a result of several factors, which include but are not limited to, updates to vendor catastrophe models, changes in our own modeling, changes in our underwriting portfolios, changes to our reinsurance purchasing strategy and changes in foreign exchange rates.

25

AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, GAAP

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
`
Net income available to common shareholders	$	166,387	$	92,858	$	264,515	$	155,406
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	83,941		83,539		83,834		83,431
Dilutive share equivalents:
Share-based compensation plans	460		445		504		422
Weighted average diluted common shares outstanding	84,401		83,984		84,338		83,853
EARNINGS PER COMMON SHARE
Earnings per common share		$1.98		$1.11		$3.16		$1.86
Earnings per diluted common share		$1.97		$1.11		$3.14		$1.85

26

AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLLFOWARD - QUARTERLY

	Q2 2019			Q1 2019			Q4 2018			Q3 2018		Q2 2018			Q2 2017
Net income (loss) available (attributable) to common shareholders	$	166,387		$	98,125		$	(198,448	)	$	43,439	$	92,858		$	85,030
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	83,934			83,586			83,557			83,556		83,518			85,170
Shares issued and treasury share reissued	20			505			53			1		64			37
Shares repurchased for treasury	(7		)	(157		)	(24		)	—		(26		)	(2,004		)
Common shares - at end of period	83,947			83,934			83,586			83,557		83,556			83,203
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	83,941			83,725			83,582			83,558		83,539			84,141
Dilutive share equivalents:
Share-based compensation plans [a]	460			547			—			549		445			370
Weighted average diluted common shares outstanding	84,401			84,272			83,582			84,107		83,984			84,511
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share		$1.98			$1.17			($2.37	)		$0.52		$1.11			$1.01
Earnings (loss) per diluted common share		$1.97			$1.16			($2.37	)		$0.52		$1.11			$1.01

[a] Due to the net loss incurred in the three months ended December 31, 2018, all the share equivalents were anti-dilutive.

27

AXIS CAPITAL HOLDINGS LIMITED

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

	At June 30, 2019
		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price						$59.65
Book value per common share		$	4,791,477	83,947		$57.08
Dilutive securities: [b]
Restricted stock units				1,632	(1.09		)
Book value per diluted common share		$	4,791,477	85,579		$55.99
	At December 31, 2018
		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price						$51.64
Book value per common share		$	4,255,071	83,586		$50.91
Dilutive securities: [b]
Restricted stock units				1,643	(0.98		)
Book value per diluted common share		$	4,255,071	85,229		$49.93

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

[b] Excludes cash-settled restricted stock units.

28

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Net income available to common shareholders	$	166,387		$	92,858		$	264,515		$	155,406
Net investment (gains) losses [a]	(21,225		)	45,093			(33,996		)	59,923
Foreign exchange (gains) [b]	(12,381		)	(44,099		)	(5,325		)	(6,239		)
Transaction and reorganization expenses [c]	3,276			18,772			18,096			31,825
Interest in (income) of equity method investments[d]	(2,635		)	(3,378		)	(4,853		)	(3,378		)
Income tax expense (benefit)	3,569			(5,996		)	3,164			(11,658		)
Operating income	$	136,991		$	103,250		$	241,601		$	225,879
Earnings per diluted common share	$	1.97		$	1.11		$	3.14		$	1.85
Net investment (gains) losses	(0.25		)	0.54			(0.40		)	0.71
Foreign exchange (gains)	(0.15		)	(0.53		)	(0.06		)	(0.07		)
Transaction and reorganization expenses	0.04			0.22			0.21			0.38
Interest in (income) of equity method investments	(0.03		)	(0.04		)	(0.06		)	(0.04		)
Income tax expense (benefit)	0.04			(0.07		)	0.03			(0.14		)
Operating income per diluted common share	$	1.62		$	1.23		$	2.86		$	2.69
Weighted average diluted common shares outstanding	84,401			83,984			84,338			83,853
Average common shareholders' equity	$	4,658,317		$	4,483,700		$	4,523,274		$	4,522,135
Annualized ROACE	14.3		%	8.3		%	11.7		%	6.9		%
Annualized operating ROACE	11.8		%	9.2		%	10.7		%	10.0		%

[a] Tax cost (benefit) of $2,936 and ($4,531) for the three months endedJune 30, 2019 and 2018, respectively, and $5,771 and ($3,388) for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax cost (benefit) of $1,170 and $779 for the three months endedJune 30, 2019 and 2018, respectively, and $588 and ($3,555) for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax cost (benefit) of ($537) and ($2,556) for the three months endedJune 30, 2019 and 2018, respectively, and ($3,195) and ($5,027) for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax cost (benefit) of $nil and $312 for the three months endedJune 30, 2019 and 2018, respectively, and $nil and $312 for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION

EX-PGAAP OPERATING INCOME AND EX-PGAAP OPERATING RETURN ON AVERAGE COMMON EQUITY

	Three months ended June 30,						Six months ended June 30,
	2019			2018			2019			2018
Net income available to common shareholders	$	166,387		$	92,858		$	264,515		$	155,406
Net investment (gains) losses [a]	(21,225		)	45,093			(33,996		)	59,923
Foreign exchange (gains) [a]	(12,381		)	(44,099		)	(5,325		)	(6,239		)
Transaction and reorganization expenses [a]	3,276			18,772			18,096			31,825
Interest in (income) of equity method investments [a]	(2,635		)	(3,378		)	(4,853		)	(3,378		)
Income tax expense (benefit)	3,569			(5,996		)	3,164			(11,658		)
Operating income	$	136,991		$	103,250		$	241,601		$	225,879
Amortization of VOBA and intangible assets [b]	10,093			56,328			26,095			$	113,438
Amortization of acquisition cost [c]	(2,854		)	(39,641		)	(9,121		)	(80,090		)
Income tax expense (benefit)	(1,376		)	(3,170		)	(3,225		)	(6,336		)
Ex-PGAAP operating income [d]	$	142,854		$	116,767		$	255,350		$	252,891
Earnings per diluted common share	$	1.97		$	1.11		$	3.14		$	1.85
Net investment (gains) losses	(0.25		)	0.54			(0.40		)	0.71
Foreign exchange (gains)	(0.15		)	(0.53		)	(0.06		)	(0.07		)
Transaction and reorganization expenses	0.04			0.22			0.21			0.38
Interest in (income) of equity method investments	(0.03		)	(0.04		)	(0.06		)	(0.04		)
Income tax expense (benefit)	0.04			(0.07		)	0.03			(0.14		)
Operating income per diluted common share	$	1.62		$	1.23		$	2.86		$	2.69
Amortization of VOBA and intangible assets	0.12			0.67			$	0.31		1.35
Amortization of acquisition cost	(0.03		)	(0.47		)	(0.11		)	(0.94		)
Income tax expense (benefit)	(0.02		)	(0.04		)	(0.03		)	(0.08		)
Ex-PGAAP operating income per diluted common share [d]	$	1.69		$	1.39		$	3.03		$	3.02
Weighted average diluted common shares outstanding	84,401			83,984			84,338			83,853
Average common shareholders' equity	4,658,317			4,483,700			$	4,523,274		$	4,522,135
Annualized ROACE	14.3		%	8.3		%	11.7		%	6.9		%
Annualized operating ROACE	11.8		%	9.2		%	10.7		%	10.0		%
Annualized ex-PGAAP operating ROACE [d]	12.3		%	10.4		%	11.3		%	11.2		%

[a] Tax cost (benefit) shown on previous page.

[b] Tax cost (benefit) of $(1,918) and $(10,702) for the three months endedJune 30, 2019 and 2018, respectively and $(4,958) and $(21,553) for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[c] Tax cost (benefit) of $542 and $7,532 for the three months endedJune 30, 2019 and 2018, respectively and $1,733 and $15,217for the six months endedJune 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Ex-PGAAP operating income (loss), ex-PGAAP operating income (loss) per diluted common share and annualized ex-PGAAP operating ROACE are non-GAAP financial measures as defined in SEC 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 and annualized ROACE, respectively, are provided in the table above, and a discussion of the rationale for the presentation of these items is provided later in this document.

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AXIS CAPITAL HOLDINGS LIMITED

VALUE OF BUSINESS ACQUIRED

Acquisition of Novae Group plc ("Novae")

On October 2, 2017 (the "closing date" or the "acquisition date"), AXIS Specialty UK Holdings Limited, a wholly owned subsidiary of the Company, acquired all of the issued and to be issued share capital of Novae for an aggregate purchase price of $617 million. The results of Novae are included in the results of the Company's insurance and reinsurance segments from that date. The acquisition of Novae was undertaken to accelerate the growth strategy of the Company's international insurance business, and to significantly scale up its capabilities to enable the Company to even better serve its clients and brokers.

At the acquisition date, the Company identified Value of Business Acquired ("VOBA") which represents the present value of the expected underwriting profit within policies that were in-force at the closing date of the transaction, of $257 million, pre-tax.

Amortization of Value of Business Acquired ("VOBA")

VOBA is amortized over its economic useful life and the expense is included in amortization of value of business acquired in the consolidated statement of operations. The amortization of VOBA affects the Company’s operating income, a non-GAAP financial measure but this expense is not included in the results of the Company's insurance and reinsurance segments.

The estimated amortization expense for VOBA with a finite life is as follows:

VOBA Amortization expense
	Q4 2017	$	50,104
	2018	171,124
	2019	26,722
	2020	5,139
	2021	3,853
	2022	—
	2023 and thereafter	—
	VOBA	256,942
	Associated tax impact	(48,992		)
	VOBA, net of tax [a]	$	207,950

[a] VOBA, net of tax is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to VOBA, the most comparable GAAP financial measure, is provided in the table above and a discussion of the rationale for the presentation of this item is provided later in this document.

The purchase price was allocated to the assets acquired and liabilities assumed of Novae based on estimated fair values at the closing date. This resulted in the write-off of the deferred acquisition cost asset on Novae's balance at the acquisition date as the value of policies in-force on that date are considered within VOBA. Consequently, the expense associated with VOBA is estimated to include all acquisition costs previously paid as well as future profits associated with the policies in-force at acquisition.

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AXIS CAPITAL HOLDINGS LIMITED

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE - TREASURY STOCK METHOD [a]
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,
	2019			2019			2018			2018			2018			2017
Common shareholders' equity	$	4,791,477		$	4,525,156		$	4,255,071		$	4,497,272		$	4,478,005		$	5,117,695
Less: goodwill	(102,003		)	(102,003		)	(102,003		)	(102,003		)	(102,003		)	(47,148		)
Less: intangible assets	(236,009		)	(238,763		)	(241,568		)	(247,927		)	(250,541		)	(39,072		)
Associated tax impact	43,205			43,522			43,814			46,196			45,123			14,081
Tangible common shareholders' equity	$	4,496,670		$	4,227,912		$	3,955,314		$	4,193,538		$	4,170,584		$	5,045,556
Diluted common shares outstanding, net of treasury shares	85,579			85,632			85,229			85,335			85,346			84,655
Book value per diluted common share	$	55.99		$	52.84		$	49.93		$	52.70		$	52.47		$	60.45
Tangible book value per diluted common share	$	52.54		$	49.37		$	46.41		$	49.14		$	48.87		$	59.60

[a] Under this method, unvested restricted stock units are included to determine the diluted common shares outstanding. Cash-settled restricted stock units are excluded.

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AXIS CAPITAL HOLDINGS LIMITED

USE OF NON-GAAP FINANCIAL MEASURES

We present our results of operations in the way we believe will be most 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), operating income (loss) (in total and on a per share basis), annualized operating ROACE, tangible book value per diluted common share, ex-PGAAP operating income (loss) (in total and on a per share basis) and annualized ex-PGAAP operating ROACE 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, better 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 individual 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 individual 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 - Quarterly' and 'Consolidated Statements of Operations - Year to date' sections 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 (losses) 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 such, 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 statement 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 generally offset a large portion of the foreign exchange (losses) gains arising from our underwriting portfolio. As a result, we believe that foreign exchange (losses) gains 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 senior notes and notes payable. As these expenses are not incremental and/or directly attributable to our individual underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

Transaction and 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 including VOBA 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 income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is included in the 'Consolidated Statements of Operations - Quarterly'' and 'Consolidated Statements of Operations - Year to date' sections of this document.

Operating Income (Loss)

Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange (losses) gains, transaction and reorganization expenses, and interest in income (loss) of equity method investments.

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. In addition, we recognize unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized upon the sale of our available-for-sale investments and equity securities in net investment gains (losses) in our consolidated statements of operations. However, these movements are only one element of the overall impact of foreign exchange rate fluctuations on our financial position. We also recognize unrealized foreign exchange (losses) gains on our available-for-sale investments in other comprehensive income (loss). These unrealized and realized foreign exchange (losses) gains generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss) available (attributable) to common

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shareholders, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, the foreign exchange (losses) gains in our consolidated statement of operations in isolation are not a fair representation of the performance of our business.

Transaction and 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).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange (losses) gains, transaction and reorganization expenses and interest in income (loss) of equity method investments 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, transaction and reorganization expenses, and interest in income (loss) of equity method investments 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 'Operating Income' section in 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 ROACE, respectively, in the 'Operating Income' section of this document.

Tangible Book Value per Diluted Common Share

Tangible book value represents common shareholders' equity exclusive of goodwill and intangible assets, net of tax. We also present tangible book value per diluted common share calculated under the treasury stock method. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is included in the 'Tangible Book Value per Diluted Common Share' section of this document.

Tangible book value per diluted common share excludes the impacts of certain purchase accounting adjustments. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders.

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Ex-PGAAP Operating Income (Loss)

Ex-PGAAP operating income (loss) represents operating income (loss) exclusive of amortization of VOBA and intangible assets, net of tax and amortization of acquisition costs, net of tax both associated with Novae's balance sheet at October 2, 2017 (the "closing date" or "acquisition date"). The reconciliation of ex-PGAAP operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure is provided in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

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

We believe the presentation of ex-PGAAP operating income (loss), ex-PGAAP operating income (loss) per diluted common share and annualized ex-PGAAP operating ROACE enables investors and other users of our financial information to better analyze the performance of our business.

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