AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FIRST QUARTER 2020

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	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.

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AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

	Page(s)
Basis of Presentation	i - iv
I. Financial Highlights	1
II. Income Statements
a. Consolidated Statement of Operations - As Reported, U.S.GAAP	2
b. Consolidated Statements of Operations - Quarter	3-4
d. Consolidated Segment Data	5
e. Gross Premiums Written by Segment by Line of Business	6
f. Consolidated Segment Data - Quarter	7
g. Segment Data - Quarter	8-9
h. Strategic Capital Partners	10
i. Net Investment Income - Quarter	11
III. Balance Sheets
a. Consolidated Balance Sheets	12
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	13
•    Cash and Invested Assets Composition - Quarter	14
•    Corporate Debt Composition	15
•    Ten Largest Corporate Debt Holdings	16
•    Mortgage-Backed and Asset-Backed Securities Composition	17
c. Reinsurance Recoverable Analysis	18-19
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis	20
b. Paid to Incurred Analysis by Segment	21
c. Paid to Incurred Analysis by Segment - Quarter	22-23
d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	24
V. Share Analysis
a. Earnings Per Common Share Information - As Reported, U.S. GAAP	25
b. Earnings Per Common Share Information and Common Shares Rollforward - Quarter	26
c. Book Value Per Diluted Common Share Analysis - Treasury Stock Method	27
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	28
b. Ex-PGAAP Operating Income and Ex-PGAAP Operating Return on Average Common Equity	29
c. Value of Business Acquired	30
d. Tangible Book Value Per Diluted Common Share	31
e. Non-GAAP Financial Measures	32

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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, 2019.

•Amounts may not reconcile 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 on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates of losses related to catastrophes and other large losses including losses related to the COVID-19 pandemic, 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 adverse impact of the recent COVID-19 outbreak and resulting pandemic;

•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 of our 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;

i

•increased competition;

•changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom's 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 to 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

•other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC (including as those factors are updated in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2020). These filings are accessible on the SEC's website at www.sec.gov. Readers are urged to carefully consider all such factors and we note that the COVID-19 pandemic may have the effect of heightening many of the risks and uncertainties described.

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

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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 renewable energy installations. This line of business includes 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, operator's 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 to 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 U.K. 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, and international direct and facultative property.

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

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

Credit and Surety: provides reinsurance of trade credit insurance products and includes 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. Surety reinsurance provides protection 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. Mortgage reinsurance is also provided to mortgage guaranty insurers and U.S. government sponsored entities for losses related to credit risk transfer into the private sector.

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

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

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 and aviation reinsurance.

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

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AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

		Three months ended March 31,
		2020			2019			Change
HIGHLIGHTS	Gross premiums written	$	2,431,158		$	2,583,226		(5.9	%)
	Gross premiums written - Insurance	38.7		%	32.9		%	5.8		pts
	Gross premiums written - Reinsurance	61.3		%	67.1		%	(5.8)		pts
	Net premiums written	$	1,679,044		$	1,777,059		(5.5	%)
	Net premiums earned	$	1,088,625		$	1,134,212		(4.0	%)
	Net premiums earned - Insurance	51.6		%	49.1		%	2.5		pts
	Net premiums earned - Reinsurance	48.4		%	50.9		%	(2.5)		pts
	Net income (loss) available (attributable) to common shareholders	$	(185,390)		$	98,125		nm
	Operating income (loss) [a]	(164,412)			104,610			nm
	Annualized return on average common equity [b]	nm			8.9		%	nm		pts
	Annualized operating return on average common equity [c]	nm			9.5		%	nm		pts
	Total shareholders’ equity	$	4,839,578		$	5,300,156		(8.7	%)
PER COMMON SHARE AND COMMON SHARE DATA	Earnings (loss) per diluted common share	($2.20)			$1.16			nm
	Operating income (loss) per diluted common share [d]	($1.94)			$1.24			nm
	Weighted average diluted common shares outstanding	84,094			84,272			(0.2	%)
	Book value per common share	$50.89			$53.91			(5.6	%)
	Book value per diluted common share (treasury stock method)	$49.78			$52.84			(5.8	%)
	Tangible book value per diluted common share (treasury stock method) [a]	$46.45			$49.37			(5.9	%)
FINANCIAL RATIOS	Current accident year loss ratio excluding catastrophe and weather-related losses	57.1		%	58.9		%	(1.8)		pts
	Catastrophe and weather-related losses ratio	26.9		%	0.9		%	26.0		pts
	Current accident year loss ratio	84.0		%	59.8		%	24.2		pts
	Prior year reserve development ratio	(0.6		%)	(1.3		%)	0.7		pts
	Net losses and loss expenses ratio	83.4		%	58.5		%	24.9		pts
	Acquisition cost ratio	21.9		%	23.0		%	(1.1)		pts
	General and administrative expense ratio [e]	14.5		%	15.4		%	(0.9)		pts
	Combined ratio	119.8		%	96.9		%	22.9		pts
INVESTMENT DATA	Total assets	$	25,948,768		$	25,557,582		1.5	%
	Total cash and invested assets [f]	15,195,556			15,090,504			0.7	%
	Net investment income	93,101			107,303			(13.2	%)
	Net investment gains (losses)	(62,877)			12,767			nm
	Book yield of fixed maturities	2.7		%	3.1		%	(0.4)		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 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. Loss per diluted common share and operating loss per diluted common share for the three months ended March 31, 2020, were

calculated using weighted average common shares outstanding due to the net loss attributable to common shareholders and operating loss recognized in the period.

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

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

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

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

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

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

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - AS REPORTED, U.S. GAAP

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

		Three months ended March 31,
		2020		2019
Revenues
	Net premiums earned	$	1,088,625	$	1,134,212
	Net investment income	93,101		107,303
	Net investment gains (losses)	(62,877)		12,767
	Other insurance related income (loss)	(8,707)		6,929
	Total revenues	1,110,142		1,261,211
Expenses
	Net losses and loss expenses	908,073		664,028
	Acquisition costs	238,650		260,418
	General and administrative expenses	157,060		175,091
	Foreign exchange losses (gains)	(61,683)		7,056
	Interest expense and financing costs	23,472		15,895
	Reorganization expenses	(982)		14,820
	Amortization of value of business acquired	1,799		13,104
	Amortization of intangible assets	2,870		3,003
	Total expenses	1,269,259		1,153,415
Income (loss) before income taxes and interest in income (loss) of equity method investments		(159,117)		107,796
	Income tax (expense) benefit	4,867		(1,234)
	Interest in income (loss) of equity method investments	(23,577)		2,219
Net income (loss)		(177,827)		108,781
	Preferred share dividends	7,563		10,656
Net income (loss) available (attributable) to common shareholders		$	(185,390)	$	98,125

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTER

	Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q1 2018
UNDERWRITING REVENUES
Gross premiums written	$	2,431,158	$	1,261,366	$	1,406,506	$	1,647,760	$	2,583,226	$	2,662,795
Ceded premiums written	(752,114)		(475,212)		(550,425)		(577,439)		(806,167)		(676,924)
Net premiums written	1,679,044		786,154		856,081		1,070,321		1,777,059		1,985,871
Gross premiums earned	1,657,412		1,789,084		1,756,116		1,680,663		1,684,814		1,639,833
Ceded premiums earned	(568,787)		(617,033)		(598,809)		(557,056)		(550,602)		(472,431)
Net premiums earned	1,088,625		1,172,051		1,157,307		1,123,607		1,134,212		1,167,402
Other insurance related income (loss)	(8,707)		5,059		1,533		2,925		6,929		6,606
Total underwriting revenues	1,079,918		1,177,110		1,158,840		1,126,532		1,141,141		1,174,008
UNDERWRITING EXPENSES
Net losses and loss expenses	908,073		857,394		850,913		672,463		664,028		661,345
Acquisition costs	238,650		261,775		260,026		242,363		260,418		229,260
Underwriting-related general and administrative expenses [a]	129,962		107,195		126,619		133,047		138,873		139,666
Total underwriting expenses	1,276,685		1,226,364		1,237,558		1,047,873		1,063,319		1,030,271
UNDERWRITING INCOME (LOSS) [b]	(196,767)		(49,254)		(78,718)		78,659		77,822		143,737
OTHER (EXPENSES) REVENUES
Net investment income	93,101		117,557		115,763		137,949		107,303		100,999
Net investment gains (losses)	(62,877)		42,712		14,527		21,225		12,767		(14,830)
Corporate expenses [a]	(27,098)		(31,628)		(28,903)		(32,348)		(36,218)		(30,171)
Foreign exchange (losses) gains	61,683		(52,827)		59,543		12,381		(7,056)		(37,860)
Interest expense and financing costs	(23,472)		(18,562)		(18,042)		(15,607)		(15,895)		(16,763)
Reorganization expenses	982		(8,074)		(11,215)		(3,276)		(14,820)		(13,054)
Amortization of value of business acquired	(1,799)		(2,056)		(4,368)		(7,194)		(13,104)		(57,110)
Amortization of intangible assets	(2,870)		(2,853)		(2,831)		(2,912)		(3,003)		(2,782)
Total other (expenses) revenues	37,650		44,269		124,474		110,218		29,974		(71,571)
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	(159,117)		(4,985)		45,756		188,877		107,796		72,166
Income tax (expense) benefit	4,867		159		(8,147)		(14,469)		(1,234)		1,036
Interest in income (loss) of equity method investments	(23,577)		4,073		792		2,635		2,219		—
NET INCOME (LOSS)	(177,827)		(753)		38,401		177,043		108,781		73,202
Preferred share dividends	(7,563)		(9,144)		(10,656)		(10,656)		(10,656)		(10,656)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	(185,390)	$	(9,897)	$	27,745	$	166,387	$	98,125	$	62,546

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

comparable GAAP financial measure, also included 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.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - QUARTER

	Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q1 2018
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	57.1	%	62.2	%	61.7	%	59.7	%	58.9	%	58.3	%
Catastrophe and weather-related losses ratio	26.9	%	12.1	%	14.1	%	2.3	%	0.9	%	3.0	%
Current accident year loss ratio	84.0	%	74.3	%	75.8	%	62.0	%	59.8	%	61.3	%
Prior year reserve development ratio	(0.6	%)	(1.1	%)	(2.3	%)	(2.2	%)	(1.3	%)	(4.6	%)
Net losses and loss expenses ratio	83.4	%	73.2	%	73.5	%	59.8	%	58.5	%	56.7	%
Acquisition cost ratio	21.9	%	22.3	%	22.5	%	21.6	%	23.0	%	19.6	%
General and administrative expense ratio [a]	14.5	%	11.8	%	13.4	%	14.7	%	15.4	%	14.5	%
Combined ratio	119.8	%	107.3	%	109.4	%	96.1	%	96.9	%	90.8	%
Weighted average common shares outstanding	84,094		83,957		83,947		83,941		83,725		83,322
Weighted average diluted common shares outstanding	84,094		83,957		84,582		84,401		84,272		83,721
Earnings (loss) per common share	($2.20)		($0.12)		$0.33		$1.98		$1.17		$0.75
Earnings (loss) per diluted common share	($2.20)		($0.12)		$0.33		$1.97		$1.16		$0.75
Annualized ROACE	nm		(0.8	%)	2.3	%	14.3	%	8.9	%	5.5	%
Annualized operating ROACE	nm		0.4	%	(2.7	%)	11.8	%	9.5	%	10.8	%

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

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AXIS CAPITAL HOLDINGS LIMITED

EX-PGAAP CONSOLIDATED SEGMENT DATA

	Three months ended March 31, 2020									Three months ended March 31, 2019
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	940,715		$	1,490,443		$	2,431,158		$	851,096		$	1,732,130		$	2,583,226
Ceded premiums written	(359,065)			(393,049)			(752,114)			(321,857)			(484,310)			(806,167)
Net premiums written	581,650			1,097,394			1,679,044			529,239			1,247,820			1,777,059
Gross premiums earned	932,078			725,334			1,657,412			909,951			774,863			1,684,814
Ceded premiums earned	(370,014)			(198,773)			(568,787)			(353,189)			(197,413)			(550,602)
Net premiums earned	562,064			526,561			1,088,625			556,762			577,450			1,134,212
Other insurance related income (loss)	647			(9,354)			(8,707)			1,742			5,187			6,929
Total underwriting revenues	562,711			517,207			1,079,918			558,504			582,637			1,141,141
UNDERWRITING EXPENSES
Net losses and loss expenses	471,812			436,261			908,073			313,776			350,252			664,028
Acquisition costs	112,751			125,899			238,650			117,775			142,643			260,418
Underwriting-related general and administrative expenses	100,778			29,184			129,962			106,034			32,839			138,873
Total underwriting expenses	685,341			591,344			1,276,685			537,585			525,734			1,063,319
UNDERWRITING INCOME (LOSS)	$	(122,630)		$	(74,137)		$	(196,767)		$	20,919		$	56,903		$	77,822
Acquisition costs adjustment	478			—			478			6,202			65			6,267
EX-PGAAP UNDERWRITING INCOME (LOSS) [a]	$	(123,108)		$	(74,137)		$	(197,245)		$	14,717		$	56,838		$	71,555
Catastrophe and weather-related losses, net of reinstatement premiums	$	177,583		$	122,112		$	299,695		8,004			2,680			10,684
Net favorable prior year reserve development	3,832			2,281			6,113			6,913			7,759			14,672
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	54.2		%	60.2		%	57.1		%	56.2		%	61.5		%	58.9		%
Catastrophe and weather-related losses ratio	30.4		%	23.1		%	26.9		%	1.4		%	0.5		%	0.9		%
Current accident year loss ratio	84.6		%	83.3		%	84.0		%	57.6		%	62.0		%	59.8		%
Prior year reserve development ratio	(0.7		%)	(0.4		%)	(0.6		%)	(1.2		%)	(1.3		%)	(1.3		%)
Net losses and loss expenses ratio	83.9		%	82.9		%	83.4		%	56.4		%	60.7		%	58.5		%
Acquisition cost ratio	20.1		%	23.9		%	21.9		%	21.2		%	24.7		%	23.0		%
Underwriting-related general and administrative expense ratio	17.9		%	5.5		%	12.0		%	19.0		%	5.6		%	12.2		%
Corporate expense ratio							2.5		%							3.2		%
Combined ratio	121.9		%	112.3		%	119.8		%	96.6		%	91.0		%	96.9		%
Acquisition cost ratio adjustment	0.1		%	—		%	0.1		%	1.1		%	—		%	0.5		%
Ex-PGAAP Combined ratio	122.0		%	112.3		%	119.9		%	97.7		%	91.0		%	97.4		%

[a] Ex-PGAAP underwriting income (loss) is a non-GAAP financial measure as defined by 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 provided in the 'Consolidated Statements of Operations - Quarter' section of this document, and a discussion of the rationale for its presentation is provided later in this document.

5

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

	Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q1 2018
INSURANCE SEGMENT
Property	$	223,603	$	242,446	$	241,517	$	259,295	$	200,502	$	295,206
Marine	156,296		73,780		91,161		99,389		146,979		126,743
Terrorism	16,520		13,317		17,284		15,157		14,362		16,900
Aviation	17,230		20,838		17,623		18,539		17,670		21,013
Credit and Political Risk	47,675		40,487		32,528		36,076		45,907		44,731
Professional Lines	258,391		356,321		272,362		321,284		227,308		207,965
Liability	170,878		180,951		186,253		190,030		142,642		105,661
Accident and Health	51,062		30,876		34,054		28,126		51,048		60,674
Discontinued Lines - Novae	(940)		2,592		2,120		429		4,678		1,955
TOTAL INSURANCE SEGMENT	$	940,715	$	961,608	$	894,902	$	968,325	$	851,096	$	880,848
REINSURANCE SEGMENT
Catastrophe	$	262,283	$	20,346	$	94,833	$	245,203	$	358,133	$	281,883
Property	133,189		20,318		67,972		43,135		172,742		200,707
Professional Lines	123,570		34,789		23,540		92,915		109,828		106,178
Credit and Surety	100,739		28,375		50,989		38,465		151,904		196,316
Motor	279,132		21,273		25,367		6,846		281,401		412,077
Liability	218,896		88,479		146,690		125,990		185,320		159,009
Agriculture	18,248		23,369		5,074		70,077		126,440		145,397
Engineering	15,920		17,821		8,841		7,600		22,766		26,506
Marine and Other	29,993		6,675		9,727		22,042		36,336		26,647
Accident and Health	307,678		38,881		78,474		27,723		287,592		227,689
Discontinued Lines - Novae	795		(568)		97		(561)		(332)		(462)
TOTAL REINSURANCE SEGMENT	$	1,490,443	$	299,758	$	511,604	$	679,435	$	1,732,130	$	1,781,947
CONSOLIDATED TOTAL	$	2,431,158	$	1,261,366	$	1,406,506	$	1,647,760	$	2,583,226	$	2,662,795

6

AXIS CAPITAL HOLDINGS LIMITED

EX-PGAAP CONSOLIDATED SEGMENT DATA - QUARTER

	Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019			Q1 2018
UNDERWRITING REVENUES
Gross premiums written	$	2,431,158		$	1,261,366		$	1,406,506		$	1,647,760		$	2,583,226		$	2,662,795
Ceded premiums written	(752,114)			(475,212)			(550,425)			(577,439)			(806,167)			(676,924)
Net premiums written	1,679,044			786,154			856,081			1,070,321			1,777,059			1,985,871
Gross premiums earned	1,657,412			1,789,084			1,756,116			1,680,663			1,684,814			1,639,833
Ceded premiums earned	(568,787)			(617,033)			(598,809)			(557,056)			(550,602)			(472,431)
Net premiums earned	1,088,625			1,172,051			1,157,307			1,123,607			1,134,212			1,167,402
Other insurance related income (loss)	(8,707)			5,059			1,533			2,925			6,929			6,606
Total underwriting revenues	1,079,918			1,177,110			1,158,840			1,126,532			1,141,141			1,174,008
UNDERWRITING EXPENSES
Net losses and loss expenses	908,073			857,394			850,913			672,463			664,028			661,345
Acquisition costs	238,650			261,775			260,026			242,363			260,418			229,260
Underwriting-related general and administrative expenses	129,962			107,195			126,619			133,047			138,873			139,666
Total underwriting expenses	1,276,685			1,226,364			1,237,558			1,047,873			1,063,319			1,030,271
UNDERWRITING INCOME (LOSS)	(196,767)			(49,254)			(78,718)			78,659			77,822			143,737
Acquisition costs adjustment	478			1,518			1,568			2,854			6,267			40,450
EX-PGAAP UNDERWRITING INCOME (LOSS)	$	(197,245)		(50,772)			(80,286)			75,805			71,555			103,287
Catastrophe and weather-related losses, net of reinstatement premiums	$	299,695		140,000			159,869			25,564			10,684			35,139
Net favorable prior year reserve development	$	6,113		13,881			26,727			23,621			14,672			54,307
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	57.1		%	62.2		%	61.7		%	59.7		%	58.9		%	58.3		%
Catastrophe and weather-related losses ratio	26.9		%	12.1		%	14.1		%	2.3		%	0.9		%	3.0		%
Current accident year loss ratio	84.0		%	74.3		%	75.8		%	62.0		%	59.8		%	61.3		%
Prior year reserve development ratio	(0.6		%)	(1.1		%)	(2.3		%)	(2.2		%)	(1.3		%)	(4.6		%)
Net losses and loss expenses ratio	83.4		%	73.2		%	73.5		%	59.8		%	58.5		%	56.7		%
Acquisition cost ratio	21.9		%	22.3		%	22.5		%	21.6		%	23.0		%	19.6		%
Underwriting-related general and administrative expenses ratio	14.5		%	11.8		%	13.4		%	14.7		%	15.4		%	14.5		%
Combined ratio	119.8		%	107.3		%	109.4		%	96.1		%	96.9		%	90.8		%
Acquisition cost ratio adjustment	0.1		%	0.1		%	0.1		%	0.3		%	0.5		%	3.5		%
Ex-PGAAP Combined ratio	119.9		%	107.4		%	109.5		%	96.4		%	97.4		%	94.3		%

7

AXIS CAPITAL HOLDINGS LIMITED

EX-PGAAP INSURANCE SEGMENT DATA - QUARTER

	Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019			Q1 2018
UNDERWRITING REVENUES
Gross premiums written	$	940,715		$	961,608		$	894,902		$	968,325		$	851,096		$	880,848
Ceded premiums written	(359,065)			(390,651)			(377,852)			(376,416)			(321,857)			(332,955)
Net premiums written	581,650			570,957			517,050			591,909			529,239			547,893
Gross premiums earned	932,078			927,599			901,150			884,480			909,951			904,421
Ceded premiums earned	(370,014)			(367,989)			(364,699)			(347,220)			(353,189)			(324,362)
Net premiums earned	562,064			559,610			536,451			537,260			556,762			580,059
Other insurance related income (loss)	647			1,079			733			(695)			1,742			620
Total underwriting revenues	562,711			560,689			537,184			536,565			558,504			580,679
UNDERWRITING EXPENSES
Net losses and loss expenses	471,812			317,234			338,966			308,703			313,776			321,538
Acquisition costs	112,751			123,300			115,551			111,655			117,775			87,329
Underwriting-related general and administrative expenses	100,778			90,472			100,559			104,898			106,034			102,370
Total underwriting expenses	685,341			531,006			555,076			525,256			537,585			511,237
UNDERWRITING INCOME (LOSS)	(122,630)			29,683			(17,892)			11,309			20,919			69,442
Acquisition costs adjustment	478			1,518			1,563			2,856			6,202			38,313
EX-PGAAP UNDERWRITING INCOME (LOSS)	$	(123,108)		$	28,165		$	(19,455)		$	8,453		$	14,717		$	31,129
Catastrophe and weather-related losses, net of reinstatement premiums	$	177,583		$	19,900		$	41,313		$	14,483		$	8,004		$	28,247
Net favorable prior year reserve development	$	3,832		$	10,455		$	14,609		$	21,326		$	6,913		$	22,775
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	54.2		%	55.0		%	58.2		%	58.7		%	56.2		%	54.5		%
Catastrophe and weather-related losses ratio	30.4		%	3.6		%	7.7		%	2.7		%	1.4		%	4.9		%
Current accident year loss ratio	84.6		%	58.6		%	65.9		%	61.4		%	57.6		%	59.4		%
Prior year reserve development ratio	(0.7		%)	(1.9		%)	(2.7		%)	(3.9		%)	(1.2		%)	(4.0		%)
Net losses and loss expenses ratio	83.9		%	56.7		%	63.2		%	57.5		%	56.4		%	55.4		%
Acquisition cost ratio	20.1		%	22.0		%	21.5		%	20.8		%	21.2		%	15.1		%
Underwriting-related general and administrative expenses ratio	17.9		%	16.2		%	18.8		%	19.5		%	19.0		%	17.6		%
Combined ratio	121.9		%	94.9		%	103.5		%	97.8		%	96.6		%	88.1		%
Acquisition cost ratio adjustment	0.1		%	0.3		%	0.3		%	0.5		%	1.1		%	6.6		%
Ex-PGAAP Combined ratio	122.0		%	95.2		%	103.8		%	98.3		%	97.7		%	94.7		%

8

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA - QUARTER

	Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019			Q1 2018
UNDERWRITING REVENUES
Gross premiums written	$	1,490,443		$	299,758		$	511,604		$	679,435		$	1,732,130		$	1,781,947
Ceded premiums written	(393,049)			(84,561)			(172,573)			(201,023)			(484,310)			(343,969)
Net premiums written	1,097,394			215,197			339,031			478,412			1,247,820			1,437,978
Gross premiums earned	725,334			861,485			854,966			796,183			774,863			735,412
Ceded premiums earned	(198,773)			(249,044)			(234,110)			(209,836)			(197,413)			(148,069)
Net premiums earned	526,561			612,441			620,856			586,347			577,450			587,343
Other insurance related income (loss)	(9,354)			3,980			800			3,620			5,187			5,986
Total underwriting revenues	517,207			616,421			621,656			589,967			582,637			593,329
UNDERWRITING EXPENSES
Net losses and loss expenses	436,261			540,160			511,947			363,760			350,252			339,807
Acquisition costs	125,899			138,475			144,475			130,708			142,643			141,931
Underwriting-related general and administrative expenses	29,184			16,723			26,060			28,149			32,839			37,296
Total underwriting expenses	591,344			695,358			682,482			522,617			525,734			519,034
UNDERWRITING INCOME (LOSS)	$	(74,137)		$	(78,937)		$	(60,826)		$	67,350		$	56,903		$	74,295
Catastrophe and weather-related losses, net of reinstatement premiums	$	122,112		$	120,100		$	118,556		$	11,081		$	2,680		$	6,892
Net favorable prior year reserve development	$	2,281		3,426			12,118			2,295			7,759			31,532
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	60.2		%	68.9		%	64.8		%	60.5		%	61.5		%	62.1		%
Catastrophe and weather-related losses ratio	23.1		%	19.9		%	19.6		%	1.9		%	0.5		%	1.1		%
Current accident year loss ratio	83.3		%	88.8		%	84.4		%	62.4		%	62.0		%	63.2		%
Prior year reserve development ratio	(0.4		%)	(0.6		%)	(1.9		%)	(0.4		%)	(1.3		%)	(5.3		%)
Net losses and loss expenses ratio	82.9		%	88.2		%	82.5		%	62.0		%	60.7		%	57.9		%
Acquisition cost ratio	23.9		%	22.6		%	23.3		%	22.3		%	24.7		%	24.2		%
Underwriting-related general and administrative expense ratio	5.5		%	2.7		%	4.1		%	4.8		%	5.6		%	6.3		%
Combined ratio	112.3		%	113.5		%	109.9		%	89.1		%	91.0		%	88.4		%

9

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

	Three months ended March 31, 2020						Three months ended March 31, 2019
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	940,715	$	1,490,443	$	2,431,158	$	851,096	$	1,732,130	$	2,583,226
Premiums ceded to Harrington Re	1,119		113,551		114,670		842		107,835		108,677
Premiums ceded to Other Strategic Capital Partners	18,534		279,498		298,032		14,438		376,475		390,914
Premiums ceded to Other Reinsurers	339,412		—		339,412		306,576		—		306,576
Net premiums written	$	581,650	$	1,097,394	$	1,679,044	$	529,239	$	1,247,820	$	1,777,059
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Fee income	$	2,706	$	12,969	$	15,675	$	2,202	$	17,580	$	19,782

[a] Total managed premiums represents gross premiums written of $2.4 billion and $2.6 billion for the three months ended March 31, 2020 and 2019, respectively, and includes 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 $1 million and $5 million in other insurance related income (loss) for the three months ended March 31, 2020 and 2019, respectively. It also included $15 million as an offset to general and administrative expenses for the three months ended March 31, 2020 and 2019.

10

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME - QUARTER

	Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q1 2018
Fixed maturities	$	89,943	$	98,990	$	96,311	$	97,370	$	91,382	$	83,958
Other investments	(2,120)		10,767		11,143		31,232		6,895		13,704
Equity securities	2,125		2,678		2,232		3,197		2,328		1,758
Mortgage loans	4,053		3,977		3,984		3,689		3,063		3,125
Cash and cash equivalents	4,930		5,908		7,034		8,138		5,801		4,153
Short-term investments	1,498		1,077		973		1,108		3,894		875
Gross investment income	100,429		123,397		121,677		144,734		113,363		107,573
Investment expenses	(7,328)		(5,840)		(5,914)		(6,785)		(6,060)		(6,574)
Net investment income	$	93,101	$	117,557	$	115,763	$	137,949	$	107,303	$	100,999

11

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,			September 30,			June 30,			March 31,			March 31,
	2020			2019			2019			2019			2019			2018
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,076,186		$	12,468,205		$	12,616,241		$	12,522,955		$	11,874,518		$	11,801,396
Equity securities, at fair value	404,945			474,207			429,903			433,407			418,863			435,742
Mortgage loans, held for investment, at fair value	517,181			432,748			407,790			394,179			313,421			364,769
Other investments, at fair value	797,808			770,923			779,200			802,064			795,331			1,009,587
Equity method investments	94,244			117,821			113,748			112,956			110,322			108,597
Short-term investments, at fair value	77,101			38,471			12,539			32,421			41,853			56,246
Total investments	13,967,465			14,302,375			14,359,421			14,297,982			13,554,308			13,776,337
Cash and cash equivalents	1,241,063			1,576,457			1,208,551			1,094,714			1,606,258			1,644,580
Accrued interest receivable	76,569			78,085			81,371			82,567			78,594			73,928
Insurance and reinsurance premium balances receivable	3,485,043			3,071,390			3,322,316			3,732,529			3,667,923			3,892,957
Reinsurance recoverable on unpaid losses and loss expenses	4,101,579			3,877,756			3,705,793			3,564,812			3,555,341			2,986,247
Reinsurance recoverable on paid losses and loss expenses	357,185			327,795			252,087			364,536			321,798			143,056
Deferred acquisition costs	611,229			492,119			586,440			657,275			703,028			721,820
Prepaid reinsurance premiums	1,281,808			1,101,889			1,243,040			1,291,979			1,271,303			1,015,163
Receivable for investments sold	34,137			35,659			9,711			25,850			10,888			19,433
Goodwill	102,003			102,003			102,003			102,003			102,003			102,004
Intangible assets	227,821			230,550			233,305			236,009			238,763			253,808
Value of business acquired	7,194			8,992			11,048			15,416			22,610			150,936
Operating lease right-of-use assets	140,149			111,092			116,560			132,940			143,887			—
Other assets	315,523			287,892			263,880			271,562			280,878			307,040
TOTAL ASSETS	$	25,948,768		$	25,604,054		$	25,495,526		$	25,870,174		$	25,557,582		$	25,087,309
LIABILITIES
Reserve for losses and loss expenses	$	13,082,273		$	12,752,081		$	12,498,507		$	12,254,711		$	12,275,771		$	12,034,643
Unearned premiums	4,395,240			3,626,246			4,153,003			4,503,132			4,535,163			4,659,858
Insurance and reinsurance balances payable	1,263,389			1,349,082			1,276,123			1,484,285			1,440,942			1,251,629
Debt	1,808,645			1,808,157			1,388,135			1,387,748			1,342,345			1,376,835
Payable for investments purchased	123,678			32,985			89,805			181,274			159,544			144,315
Operating lease liabilities	143,071			115,584			115,887			133,257			144,298			—
Other liabilities	292,894			375,911			388,196			359,290			359,363			355,634
TOTAL LIABILITIES	21,109,190			20,060,046			19,909,656			20,303,697			20,257,426			19,822,914
SHAREHOLDERS’ EQUITY
Preferred shares	550,000			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	2,307,998			2,317,212			2,309,483			2,303,592			2,296,639			2,289,497
Accumulated other comprehensive income (loss)	(89,919)			171,710			176,296			156,145			29,096			(85,216)
Retained earnings	5,836,007			6,056,686			6,101,902			6,108,577			5,976,603			6,076,294
Treasury shares, at cost	(3,766,714)			(3,778,806)			(3,779,017)			(3,779,043)			(3,779,388)			(3,793,386)
TOTAL SHAREHOLDERS' EQUITY	4,839,578			5,544,008			5,585,870			5,566,477			5,300,156			5,264,395
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	25,948,768		$	25,604,054		$	25,495,526		$	25,870,174		$	25,557,582		$	25,087,309
Common shares outstanding	84,298			83,959			83,947			83,947			83,934			83,518
Diluted common shares outstanding [b]	86,170			85,489			85,516			85,579			85,632			85,392
Book value per common share	$50.89			$56.80			$57.31			$57.08			$53.91			$53.75
Book value per diluted common share	$49.78			$55.79			$56.26			$55.99			$52.84			$52.57
Tangible book value per diluted common share	$46.45			$52.40			$52.84			$52.54			$49.37			$48.94
Debt to total capital [a]	27.2		%	24.6		%	19.9		%	20.0		%	20.2		%	20.7		%
Debt and preferred equity to total capital	35.5		%	35.1		%	31.0		%	31.1		%	31.9		%	32.4		%

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

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

12

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

At March 31, 2020

	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value		Percentage
Fixed Maturities, available for sale
U.S. government and agency	$	1,787,739	$	—	$	78,458	$	(57)	$	1,866,140	12.4	%
Non-U.S. government	613,672		—		4,147		(19,178)		598,641		3.9	%
Corporate debt	4,917,957		(19,884)		64,712		(183,033)		4,779,752		31.5	%
Agency RMBS	1,564,292		—		53,183		(965)		1,616,510		10.6	%
CMBS	1,402,480		—		42,896		(16,693)		1,428,683		9.4	%
Non-Agency RMBS	125,340		(118)		1,258		(3,469)		123,011		0.8	%
ABS	1,543,933		(17)		2,125		(100,862)		1,445,179		9.5	%
Municipals	210,713		—		7,728		(171)		218,270		1.4	%
Total fixed maturities	12,166,126		(20,019)		254,507		(324,428)		12,076,186		79.5	%
Equity securities
Common stocks	504		—		63		(449)		118		—	%
Exchange traded funds	200,197		—		35,729		(13,583)		222,343		1.5	%
Bond mutual funds	183,708		—		—		(8,532)		175,176		1.2	%
Preferred Stocks	6,532		—		787		(11)		7,308		—	%
Total equity securities	390,941		—		36,579		(22,575)		404,945		2.7	%
Total fixed maturities and equity securities	$	12,557,067	$	(20,019)	$	291,086	$	(347,003)	12,481,131		82.2	%
Mortgage loans, held for investment									517,181		3.4	%
Other investments (see below)									797,808		5.3	%
Equity method investments									94,244		0.6	%
Short-term investments									77,101		0.4	%
Total investments									13,967,465		91.9	%
Cash and cash equivalents [a]									1,241,063		8.2	%
Accrued interest receivable									76,569		0.5	%
Net receivable/(payable) for investments sold (purchased)									(89,541)		(0.6	%)
Total cash and invested assets									$	15,195,556	100.0	%
									Fair Value		Percentage
Other Investments:
Long/short equity funds									$	22,281	2.8	%
Multi-strategy funds									140,096		17.6	%
Direct lending funds									289,952		36.3	%
Real estate funds									157,039		19.7	%
Private equity funds									83,693		10.5	%
Other privately held investments									37,441		4.7	%
Collateralized loan obligations - equity tranches									12,793		1.6	%
Overseas deposits									$	54,513	6.8	%
Total									$	797,808	100.0	%

[a]    Includes $485 million of restricted cash and cash equivalents.

13

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION - QUARTER

	Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q1 2018
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities:
U.S. government and agency	12.4	%	13.2	%	13.6	%	15.1	%	13.1	%	11.6	%
Non-U.S. government	3.9	%	3.6	%	3.5	%	3.5	%	3.2	%	4.3	%
Corporate debt	31.5	%	30.9	%	32.6	%	32.3	%	32.1	%	30.2	%
MBS:
Agency RMBS	10.6	%	10.0	%	10.5	%	11.0	%	11.3	%	12.5	%
CMBS	9.4	%	8.6	%	8.8	%	7.7	%	7.0	%	6.7	%
Non-agency RMBS	0.8	%	0.5	%	0.4	%	0.4	%	0.3	%	0.3	%
ABS	9.5	%	10.0	%	10.3	%	10.4	%	10.7	%	10.2	%
Municipals	1.4	%	1.3	%	1.3	%	1.3	%	1.0	%	1.0	%
Total Fixed Maturities	79.5	%	78.1	%	81.0	%	81.7	%	78.7	%	76.8	%
Equity securities	2.7	%	3.0	%	2.8	%	2.8	%	2.8	%	2.8	%
Mortgage loans	3.4	%	2.7	%	2.6	%	2.6	%	2.1	%	2.4	%
Other investments	5.3	%	4.8	%	5.0	%	5.2	%	5.3	%	6.6	%
Equity method investments	0.6	%	0.7	%	0.7	%	0.7	%	0.7	%	0.7	%
Short-term investments	0.4	%	0.3	%	0.1	%	0.3	%	0.2	%	0.3	%
Total Investments	91.9	%	89.6	%	92.2	%	93.3	%	89.8	%	89.6	%
Cash and cash equivalents	8.2	%	9.9	%	7.8	%	7.1	%	10.6	%	10.7	%
Accrued interest receivable	0.5	%	0.5	%	0.5	%	0.5	%	0.5	%	0.5	%
Net receivable/(payable) for investments sold or purchased	(0.6	%)	—	%	(0.5	%)	(0.9	%)	(0.9	%)	(0.8	%)
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	15.5	%	16.9	%	16.9	%	18.5	%	16.6	%	15.2	%
AAA	39.8	%	39.3	%	38.6	%	35.8	%	38.7	%	40.2	%
AA	7.0	%	6.9	%	7.1	%	8.6	%	7.1	%	7.5	%
A	15.9	%	14.8	%	14.8	%	14.1	%	15.0	%	14.9	%
BBB	13.0	%	13.5	%	13.8	%	13.6	%	13.3	%	13.9	%
Below BBB	8.8	%	8.6	%	8.8	%	9.4	%	9.3	%	8.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.5	%	3.6	%	2.7	%	3.1	%	3.5	%	4.3	%
From one to five years	36.5	%	39.2	%	39.9	%	41.8	%	41.9	%	39.2	%
From five to ten years	19.1	%	17.3	%	17.2	%	15.7	%	14.5	%	16.2	%
Above ten years	2.7	%	2.7	%	3.3	%	3.2	%	2.9	%	1.7	%
Asset-backed and mortgage-backed securities	38.2	%	37.2	%	36.9	%	36.2	%	37.2	%	38.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	2.7	%	2.8	%	2.9	%	3.0	%	3.1	%	2.7	%
Yield to maturity of fixed maturities	2.9	%	2.4	%	2.5	%	2.7	%	3.1	%	3.2	%
Average duration of fixed maturities (inclusive of duration hedges)	3.3 yrs		3.2 yrs		3.1 yrs		3.0 yrs		2.9 yrs		3.1 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

14

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At March 31, 2020

	Fair Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	956,782	20.0	%	6.3	%
Non-U.S. banks	322,208		6.7	%	2.1	%
Corporate/commercial finance	258,449		5.4	%	1.7	%
Insurance	115,075		2.4	%	0.8	%
Investment brokerage	47,375		1.0	%	0.3	%
Total financial institutions	1,699,889		35.5	%	11.2	%
Consumer non-cyclicals	465,510		9.7	%	3.1	%
Communications	277,900		5.8	%	1.8	%
Technology	258,083		5.4	%	1.7	%
Consumer cyclical	253,002		5.3	%	1.7	%
Energy	198,728		4.2	%	1.3	%
Non-U.S. government guaranteed	188,070		3.9	%	1.2	%
Transportation	167,095		3.5	%	1.1	%
Industrials	156,562		3.3	%	1.0	%
Utilities	130,772		2.7	%	0.9	%
Total investment grade	3,795,611		79.3	%	25.0	%
Total non-investment grade	984,141		20.7	%	6.5	%
Total corporate debt	$	4,779,752	100.0	%	31.5	%

15

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At March 31, 2020

	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	122,672	$	1,587	$	124,259	1.0	%
WELLS FARGO & COMPANY	114,391		1,210		115,601		1.0	%
MORGAN STANLEY	111,544		1,267		112,811		0.9	%
JP MORGAN CHASE & CO	109,795		1,248		111,043		0.9	%
GOLDMAN SACHS GROUP	92,193		(165)		92,028		0.8	%
CITIGROUP INC	79,757		1,341		81,098		0.7	%
AT&T INC	52,617		1,348		53,965		0.4	%
COMCAST CORPORATION	51,396		1,842		53,238		0.4	%
CVS HEALTH CORP	46,456		3,022		49,478		0.4	%
MITSUBISHI UFJ FINANCIAL GROUP INC	46,682		(258)		46,424		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.

16

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At March 31, 2020

	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	1,616,510		$	104,285		$	1,017		$	854		$	1,537		$	15,318		$	1,739,521
Commercial MBS	356,083			1,032,970			36,732			2,898			—			—			1,428,683
ABS	—			1,259,662			53,831			51,951			37,891			41,844			1,445,179
Total mortgage-backed and asset-backed securities	$	1,972,593		$	2,396,917		$	91,580		$	55,703		$	39,428		$	57,162		$	4,613,383
Percentage of total	42.8		%	52.0		%	2.0		%	1.2		%	0.9		%	1.1		%	100.0		%

17

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

	Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q1 2018
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	200,990	$	196,334	$	158,491	$	159,259	$	136,923	$	58,621
Reinsurance	156,195		131,461		93,596		205,558		185,156		84,534
Total	$	357,185	$	327,795	$	252,087	$	364,817	$	322,079	$	143,155
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	892,354	$	890,036	$	869,575	$	871,493	$	859,971	$	778,498
Reinsurance	482,347		468,904		351,179		351,230		351,413		175,363
Total	$	1,374,701	$	1,358,940	$	1,220,754	$	1,222,723	$	1,211,384	$	953,861
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	2,127,989	$	1,933,657	$	1,932,766	$	1,889,003	$	1,916,176	$	1,757,091
Reinsurance	617,843		603,116		570,738		470,322		446,571		291,979
Total	$	2,745,832	$	2,536,773	$	2,503,504	$	2,359,325	$	2,362,747	$	2,049,070
Allowance for expected credit losses:
Insurance	$	(17,203)	$	(16,720)	$	(17,598)	$	(16,722)	$	(17,583)	$	(16,248)
Reinsurance	(1,751)		(1,237)		(867)		(795)		(1,488)		(535)
Total	$	(18,954)	$	(17,957)	$	(18,465)	$	(17,517)	$	(19,071)	$	(16,783)
Reinsurance recoverables on unpaid and paid losses and loss expenses
Insurance	$	3,204,130	$	3,003,307	$	2,943,234	$	2,903,033	$	2,895,487	$	2,577,962
Reinsurance	1,254,634		1,202,244		1,014,646		1,026,315		981,652		551,341
Total	$	4,458,764	$	4,205,551	$	3,957,880	$	3,929,348	$	3,877,139	$	3,129,303

18

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At March 31, 2020

Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net  of Collateral	% of Total Shareholders’ Equity	Allowance for expected credit losses		Allowance for expected credit loss as % of Reinsurance  Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverable	$	2,539,779	$	(412,342)	$	2,127,437	59.0%	44.0%	$	(8,912)	0.4%	$	2,530,867
Other reinsurers balances > $20 million	1,487,727		(347,037)		1,140,690		31.7%	23.6%	(7,256)		0.5%	1,480,471
Other reinsurers balances < $20 million	450,212		(116,097)		334,115		9.3%	6.9%	(2,786)		0.6%	447,426
Total	$	4,477,718	$	(875,476)	$	3,602,242	100.0%	74.5%	$	(18,954)	0.4%	$	4,458,764

At March 31, 2020, 88.0% (December 31, 2019: 89.1%) 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	Swiss Reinsurance America Corporation	12.8%	9.5%
2	Lloyds of London	11.8%	8.8%
3	Harrington Re Ltd.	11.1%	8.3%
4	Transatlantic Reinsurance Co	5.9%	4.3%
5	Partner Reinsurance Co of the US	4.7%	3.5%
6	Hannover Ruck SE	4.6%	3.5%
7	Everest Reinsurance Company	3.5%	2.6%
8	Munich Reinsurance America, Inc	3.2%	2.4%
9	SCOR Reinsurance Company	2.6%	1.9%
10	Liberty Mutual Insurance Company	2.0%	1.5%
		62.2%	46.3%

19

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Three months ended March 31, 2020						Three months ended March 31, 2019
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses		Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period	$	12,752,081	$	(3,877,756)	$	8,874,325	$	12,280,769	$	(3,501,669)	$	8,779,100
Incurred losses and loss expenses	1,495,475		(587,402)		908,073		1,057,280		(393,252)		664,028
Paid losses and loss expenses	(977,393)		306,298		(671,095)		(1,080,689)		351,531		(729,158)
Foreign exchange and other	(187,890)		57,281		(130,609)		18,411		(11,951)		6,460
End of period [a]	$	13,082,273	$	(4,101,579)	$	8,980,694	$	12,275,771	$	(3,555,341)	$	8,720,430

[a]   At March 31, 2020, reserve for losses and loss expenses included IBNR of $8,229 million, or 63% (December 31, 2019: $7,891 million, or 62%).

20

AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended March 31, 2020									Three months ended March 31, 2019
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	509,378		$	468,015		$	977,393		$	560,181		$	520,508		$	1,080,689
Reinsurance recoverable on paid losses and loss expenses	(204,348)			(101,950)			(306,298)			(218,163)			(133,368)			(351,531)
Net paid losses and loss expenses	305,030			366,065			671,095			342,018			387,140			729,158
Change in:
Gross case reserves	18,286			80,024			98,310			116,753			34,485			151,238
Gross IBNR	380,280			39,492			419,772			(86,204)			(88,443)			(174,647)
Reinsurance recoverable on unpaid losses and loss expenses	(231,784)			(49,320)			(281,104)			(58,791)			17,070			(41,721)
Total net incurred losses and loss expenses	$	471,812		$	436,261		$	908,073		$	313,776		$	350,252		$	664,028
Gross reserve for losses and loss expenses	$	6,814,171		$	6,268,102		$	13,082,273		$	6,465,347		$	5,810,424		$	12,275,771
Net favorable prior year reserve development	$	3,832		$	2,281		$	6,113		$	6,913		$	7,759		$	14,672
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	64.7		%	83.9		%	73.9		%	109.0		%	110.5		%	109.8		%
Net paid losses and loss expenses / Net premiums earned	54.3		%	69.5		%	61.6		%	61.4		%	67.0		%	64.3		%
Change in net losses and loss expenses / Net premiums earned	29.6		%	13.4		%	21.8		%	(5.0)		%	(6.3)		%	(5.8)		%
Net losses and loss expenses ratio	83.9		%	82.9		%	83.4		%	56.4		%	60.7		%	58.5		%

21

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTER

	Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019			Q1 2018
Gross paid losses and loss expenses	$	509,378		$	575,688		$	546,316		$	537,634		$	560,181		$	488,490
Reinsurance recoverable on paid losses and loss expenses	(204,348)			(254,044)			(232,791)			(175,788)			(218,163)			(143,637)
Net paid losses and loss expenses	305,030			321,644			313,525			361,846			342,018			344,853
Change in:
Gross case reserves	18,286			(31,996)			35,106			(8,250)			116,753			28,239
Gross IBNR	380,280			27,839			42,137			(57,015)			(86,204)			32,923
Reinsurance recoverable on unpaid losses and loss expenses	(231,784)			(253)			(51,802)			12,122			(58,791)			(84,477)
Total net incurred losses and loss expenses	$	471,812		$	317,234		$	338,966		$	308,703		$	313,776		$	321,538
Gross reserve for losses and loss expenses	$	6,814,171		$	6,496,568		$	6,437,281		$	6,395,448		$	6,465,347		$	6,295,947
Net favorable prior year reserve development	$	3,832		$	10,455		$	14,609		$	21,326		$	6,913		$	22,775
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	64.7		%	101.4		%	92.5		%	117.2		%	109.0		%	107.3		%
Net paid losses and loss expenses / Net premiums earned	54.3		%	57.5		%	58.4		%	67.4		%	61.4		%	59.5		%
Change in net losses and loss expenses / Net premiums earned	29.6		%	(0.8		%)	4.8		%	(9.9)		%	(5.0)		%	(4.1)		%
Net losses and loss expenses ratio	83.9		%	56.7		%	63.2		%	57.5		%	56.4		%	55.4		%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTER

	Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019			Q1 2018
Gross paid losses and loss expenses	$	468,015		$	660,948		$	442,924		$	428,428		$	520,508		$	447,156
Reinsurance recoverable on paid losses and loss expenses	(101,950)			(132,719)			(72,222)			(82,907)			(133,368)			(67,802)
Net paid losses and loss expenses	366,065			528,229			370,702			345,521			387,140			379,354
Change in:
Gross case reserves	80,024			3,236			27,062			25,790			34,485			139,405
Gross IBNR	39,492			89,173			224,223			20,656			(88,443)			(132,388)
Reinsurance recoverable on unpaid losses and loss expenses	(49,320)			(80,478)			(110,040)			(28,207)			17,070			(46,564)
Total net incurred losses and loss expenses	$	436,261		$	540,160		$	511,947		$	363,760		$	350,252		$	339,807
Gross reserve for losses and loss expenses	$	6,268,102		$	6,255,513		$	6,061,226		$	5,859,263		$	5,810,424		$	5,738,696
Net favorable prior year reserve development	$	2,281		$	3,426		$	12,118		$	2,295		$	7,759		$	31,532
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	83.9		%	97.8		%	72.4		%	95.0		%	110.5		%	111.6		%
Net paid losses and loss expenses / Net premiums earned	69.5		%	86.2		%	59.7		%	58.9		%	67.0		%	64.6		%
Change in net losses and loss expenses / Net premiums earned	13.4		%	2.0		%	22.8		%	3.1		%	(6.3)		%	(6.7)		%
Net losses and loss expenses ratio	82.9		%	88.2		%	82.5		%	62.0		%	60.7		%	57.9		%

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AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AT APRIL 1, 2020

		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	$	254	5.9	%	$	311	7.3	%	$	456	10.6	%
Northeast	U.S. Hurricane	52		1.2	%	139		3.2	%	227		5.3	%
Mid-Atlantic	U.S. Hurricane	110		2.6	%	203		4.7	%	354		8.3	%
Gulf of Mexico	U.S. Hurricane	216		5.0	%	256		6.0	%	296		6.9	%
California	Earthquake	191		4.5	%	251		5.9	%	310		7.2	%
Europe	Windstorm	200		4.7	%	252		5.9	%	307		7.2	%
Japan	Earthquake	128		3.0	%	233		5.4	%	408		9.5	%
Japan	Windstorm	112		2.6	%	195		4.5	%	237		5.5	%

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 April 1, 2020. 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 $0.3 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 $0.3 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast hurricane will fall below $0.3 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.

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.

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AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended March 31,
	2020		2019
`
Net income (loss) available (attributable) to common shareholders	$	(185,390)	$	98,125
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,094		83,725
Dilutive share equivalents:
Share-based compensation plans [a]	—		547
Weighted average diluted common shares outstanding	84,094		84,272
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	($2.20)		$1.17
Earnings (loss) per diluted common share	($2.20)		$1.16

[a] Due to the net loss recognized for the three months ended March 31, 2020, the share equivalents were anti-dilutive.

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AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD - QUARTER

	Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019		Q1 2018
Net income (loss) available (attributable) to common shareholders	$	(185,390)	$	(9,897)	$	27,745	$	166,387	$	98,125	$	62,546
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	83,959		83,947		83,947		83,934		83,586		83,161
Shares issued and treasury share reissued	489		23		1		20		505		506
Shares repurchased for treasury	(150)		(11)		(1)		(7)		(157)		(149)
Common shares - at end of period	84,298		83,959		83,947		83,947		83,934		83,518
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,094		83,957		83,947		83,941		83,725		83,322
Dilutive share equivalents:
Share-based compensation plans [a]	—		—		635		460		547		399
Weighted average diluted common shares outstanding	84,094		83,957		84,582		84,401		84,272		83,721
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	($2.20)		($0.12)		$0.33		$1.98		$1.17		$0.75
Earnings (loss) per diluted common share	($2.20)		($0.12)		$0.33		$1.97		$1.16		$0.75

[a] Due to the net loss recognized for the three months ended March 31, 2020, and December 31, 2019, the share equivalents were anti-dilutive.

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AXIS CAPITAL HOLDINGS LIMITED

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

	At March 31, 2020
		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price					$38.65
Book value per common share		$	4,289,578	84,298	$50.89
Dilutive securities: [b]
Restricted stock units				1,872	(1.11)
Book value per diluted common share		$	4,289,578	86,170	$49.78
	At December 31, 2019
		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price					$59.44
Book value per common share		$	4,769,008	83,959	$56.80
Dilutive securities: [b]
Restricted stock units				1,530	(1.01)
Book value per diluted common share		$	4,769,008	85,489	$55.79

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

[b]    Excludes cash-settled restricted stock units.

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AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

	Three months ended March 31,
	2020		2019
Net income (loss) available (attributable) to common shareholders	$	(185,390)	$	98,125
Net investment (gains) losses [a]	62,877		(12,767)
Foreign exchange losses (gains) [b]	(61,683)		7,056
Reorganization expenses [c]	(982)		14,820
Interest in (income) loss of equity method investments[d]	23,577		(2,219)
Income tax benefit	(2,811)		(405)
Operating income (loss)	$	(164,412)	$	104,610
Earnings (loss) per diluted common share	$	(2.20)	$	1.16
Net investment (gains) losses	0.75		(0.15)
Foreign exchange losses (gains)	(0.73)		0.08
Reorganization expenses	(0.01)		0.18
Interest in (income) loss of equity method investments	0.28		(0.03)
Income tax benefit	(0.03)		—
Operating income (loss) per diluted common share	$	(1.94)	$	1.24
Weighted average diluted common shares outstanding	84,094		84,272
Average common shareholders' equity	$	4,529,293	$	4,390,114
Annualized return on average common equity	nm		8.9		%
Annualized operating return on average common equity	nm		9.5		%

[a] Tax cost (benefit) of ($5,677) and $2,835 for the three months ended March 31, 2020 and 2019, 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 $2,527 and ($582) for the three months ended March 31, 2020 and 2019, 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 $339 and ($2,658) for the three months ended March 31, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d]  Tax cost (benefit) of $nil for the three months ended March 31, 2020 and 2019 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 (UNAUDITED)

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

	Three months ended March 31,
	2020		2019
Net income (loss) available (attributable) to common shareholders	$	(185,390)	$	98,125
Net investment (gains) losses [a]	62,877		(12,767)
Foreign exchange losses (gains) [a]	(61,683)		7,056
Reorganization expenses [a]	(982)		14,820
Interest in (income) loss of equity method investments [a]	23,577		(2,219)
Income tax benefit	(2,811)		(405)
Operating income (loss)	$	(164,412)	$	104,610
Amortization of VOBA and intangible assets [b]	4,697		16,002
Amortization of acquisition cost [c]	(478)		(6,267)
Income tax benefit	(801)		(1,849)
Ex-PGAAP operating income (loss) [d]	$	(160,994)	$	112,496
Earnings (loss) per diluted common share	$	(2.20)	$	1.16
Net investment (gains) losses	0.75		(0.15)
Foreign exchange losses (gains)	(0.73)		0.08
Reorganization expenses	(0.01)		0.18
Interest in (income) loss of equity method investments	0.28		(0.03)
Income tax benefit	(0.03)		—
Operating income (loss) per diluted common share	$	(1.94)	$	1.24
Amortization of VOBA and intangible assets	0.06		0.19
Amortization of acquisition cost	(0.01)		(0.07)
Income tax benefit	(0.01)		(0.02)
Ex-PGAAP operating income (loss) per diluted common share [d]	$	(1.90)	$	1.33
Weighted average diluted common shares outstanding	84,094		84,272
Average common shareholders' equity	4,529,293		4,390,114
Annualized return on average common equity	nm		8.9		%
Annualized operating return on average common equity	nm		9.5		%
Annualized ex-PGAAP operating return on average common equity	nm		10.2		%

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

[b]   Tax (benefit) of $(892) and $(3,040) for the three months ended March 31, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[c]   Tax cost of $91 and $1,191 for the three months ended March 31, 2020 and 2019, 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. Ex-PGAAP operating loss per diluted common share for the three months ended March 31, 2020, was calculated using weighted average common shares outstanding due to the ex-PGAAP operating loss recognized in the period.

29

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 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]
	March 31,		December 31,		September 30,		June 30,		March 31,		March 31,
	2020		2019		2019		2019		2019		2018
Common shareholders' equity	$	4,289,578	$	4,769,008	$	4,810,870	$	4,791,477	$	4,525,156	$	4,489,395
Less: goodwill	(102,003)		(102,003)		(102,003)		(102,003)		(102,003)		(102,004)
Less: intangible assets	(227,821)		(230,550)		(233,305)		(236,009)		(238,763)		(253,808)
Associated tax impact	42,857		43,199		42,881		43,205		43,522		45,524
Tangible common shareholders' equity	$	4,002,611	$	4,479,654	$	4,518,443	$	4,496,670	$	4,227,912	$	4,179,107
Diluted common shares outstanding, net of treasury shares	86,170		85,489		85,516		85,579		85,632		85,392
Book value per diluted common share	$	49.78	$	55.79	$	56.26	$	55.99	$	52.84	$	52.57
Tangible book value per diluted common share	$	46.45	$	52.40	$	52.84	$	52.54	$	49.37	$	48.94

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

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AXIS CAPITAL HOLDINGS LIMITED

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 return on average common equity ("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 underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

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

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

Consolidated Underwriting Income (Loss)

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

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

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Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio 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 debt. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

Reorganization expenses 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 presented in the 'Consolidated Statements of Operations - Quarter' section of this document.

Operating Income (Loss)

Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, 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 on the sale of our available for sale investments and equity securities in net investment gains (losses). We also recognize unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss). These unrealized foreign exchange losses (gains) generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss), thereby minimizing

33

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

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), 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), 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 document.

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

Tangible Book Value per Diluted Common Share

Tangible book value represents common shareholders' equity exclusive of 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.

34

Ex-PGAAP Operating Income (Loss)

Ex-PGAAP operating income (loss) represents operating income (loss) exclusive of after-tax amortization of VOBA and intangible assets, and after-tax amortization of acquisition costs, 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 presented 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 (loss) 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 analyze the performance of our business.

Ex-PGAAP underwriting income (loss)

Ex-PGAAP underwriting income (loss) represents underwriting income (loss) inclusive of acquisition costs associated with Novae's balance sheet at acquisition date. The reconciliation to the most comparable GAAP financial measure, income (loss) before income taxes and interest in income (loss) of equity method investments is presented in the 'Consolidated Statements of Operations - Quarter' section of this document.

We believe the presentation of ex-PGAAP underwriting income (loss) enables investors and other users of our financial information to analyze the performance of our business.

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