AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2021

	AXIS CAPITAL HOLDINGS LIMITED
	92 Pitts Bay Road
	Pembroke HM 08 Bermuda
	Contact Information:
	Matt 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. Consolidated Statement of Operations	2
b. Consolidated Statements of Operations - Quarter	3-4
c. Consolidated Statements of Operations - Year	5-6
d. Consolidated Segment Data	7
e. Gross Premiums Written by Segment by Line of Business	8
f. Consolidated Data - Quarter and Prior Year	9
g. Segment Data - Quarter and Prior Year	10-11
h. Strategic Capital Partners	12
i. Net Investment Income - Quarter and Year	13
III. Balance Sheets
a. Consolidated Balance Sheets	14
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	15-16
•    Cash and Invested Assets Composition - Quarter	17
•    Corporate Debt Composition	18
•    Ten Largest Corporate Debt Holdings	19
•    Mortgage-Backed and Asset-Backed Securities Composition	20
c. Reinsurance Recoverable Analysis	21-22
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis	23
b. Paid to Incurred Analysis by Segment	24
c. Paid to Incurred Analysis by Segment - Quarter	25-26
d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	27
V. Share Analysis
a. Earnings Per Common Share Information - As Reported, U.S.GAAP	28
b. Earnings Per Common Share Information and Common Shares Rollforward - Quarter	29
c. Book Value Per Diluted Common Share Analysis -Treasury Stock Method	30
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	31
b. Tangible Book Value Per Diluted Common Share	32
c. Rationale for the 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, 2020 and consolidated statements of operations for the years ended December 31, 2020 and 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 is defined as a variance greater than +/-100%; NA - Not applicable

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates for catastrophes and other weather-related 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 pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, 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 ongoing COVID-19 pandemic on our business, results of operations, financial condition, and liquidity;

•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 loss reserves;

•general economic, capital and credit market conditions, including fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency rates;

•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;

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

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

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

•difficulties with technology and/or data security;

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

•the failure of our cedants to adequately evaluate risks;

•the 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;

•changes in accounting policies or practices;

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

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

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

i

•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;

•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, which are accessible on the SEC's website at www.sec.gov. Readers are urged to carefully consider all such factors as the COVID-19 pandemic may have the effect of heightening many of the other 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.

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 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, renewable offshore energy, cargo, liability, recreational marine, fine art, specie, and hull 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 and corporate 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, cyber and privacy insurance, medical malpractice and other financial insurance related covers for public and private commercial enterprises, financial institutions, not-for-profit organizations and other professional service providers. This business is predominantly

written on a claims-made basis.

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 businesspredominately 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 Group plc ("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.

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 an 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 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 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. 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 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. The 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. The Company exited this line of business in 2020.

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

Accident and Health: includes personal accident, specialty health, accidental death, 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

		Quarters ended December 31,									Years ended December 31,
		2021			2020			Change			2021			2020			Change
HIGHLIGHTS	Gross premiums written	$	1,562,828		$	1,348,419		15.9	%		$	7,685,984		$	6,826,938		12.6	%
	Gross premiums written - Insurance	84.1		%	81.9		%	2.2		pts	63.3		%	58.9		%	4.4		pts
	Gross premiums written - Reinsurance	15.9		%	18.1		%	(2.2)		pts	36.7		%	41.1		%	(4.4)		pts
	Net premiums written	$	947,408		$	785,449		20.6	%		$	4,926,624		$	4,336,409		13.6	%
	Net premiums earned	$	1,237,760		$	1,087,368		13.8	%		$	4,709,850		$	4,371,309		7.7	%
	Net premiums earned - Insurance	58.4		%	54.2		%	4.2		pts	56.3		%	52.6		%	3.7		pts
	Net premiums earned - Reinsurance	41.6		%	45.8		%	(4.2)		pts	43.7		%	47.4		%	(3.7)		pts
	Net income (loss) available (attributable) to common shareholders	$	197,329		$	(4,819)		nm			$	588,359		$	(150,674)		nm
	Operating income (loss) [a]	182,187			(16,245)			nm			436,477			(174,222)			nm
	Annualized return on average common equity [b]	16.4		%	(0.4		%)	16.8		pts	12.2		%	(3.2		%)	15.4		pts
	Annualized operating return on average common equity [c]	15.1		%	(1.4		%)	16.5		pts	9.1		%	(3.7		%)	12.8		pts
	Total shareholders’ equity	$	5,410,656		$	5,295,694		2.2	%		$	5,410,656		$	5,295,694		2.2	%
PER COMMON SHARE AND COMMON SHARE DATA	Earnings (loss) per diluted common share	$2.31			($0.06)			nm			$6.90			($1.79)			nm
	Operating income (loss) per diluted common share [d]	$2.13			($0.20)			nm			$5.12			($2.08)			nm
	Weighted average diluted common shares outstanding	85,591			84,341			1.5	%		85,291			84,262			1.2	%
	Book value per common share	$57.34			$56.26			1.9	%		$57.34			$56.26			1.9	%
	Book value per diluted common share (treasury stock method)	$55.78			$55.09			1.3	%		$55.78			$55.09			1.3	%
	Tangible book value per diluted common share (treasury stock method) [a]	$52.84			$51.90			1.8	%		$52.84			$51.90			1.8	%
FINANCIAL RATIOS	Current accident year loss ratio excluding catastrophe and weather-related losses	54.3		%	57.4		%	(3.1)		pts	55.1		%	57.7		%	(2.6)		pts
	Catastrophe and weather-related losses ratio	4.3		%	18.4		%	(14.1)		pts	9.5		%	17.7		%	(8.2)		pts
	Current accident year loss ratio	58.6		%	75.8		%	(17.2)		pts	64.6		%	75.4		%	(10.8)		pts
	Prior year reserve development ratio	(0.7		%)	(0.6		%)	(0.1)		pts	(0.7		%)	(0.3		%)	(0.4)		pts
	Net losses and loss expenses ratio	57.9		%	75.2		%	(17.3)		pts	63.9		%	75.1		%	(11.2)		pts
	Acquisition cost ratio	20.4		%	21.3		%	(0.9)		pts	19.6		%	21.3		%	(1.7)		pts
	General and administrative expense ratio [e]	14.8		%	13.1		%	1.7		pts	14.0		%	13.2		%	0.8		pts
	Combined ratio	93.1		%	109.6		%	(16.5)		pts	97.5		%	109.6		%	(12.1)		pts
INVESTMENT DATA	Total assets	$	27,368,970		$	25,877,687		5.8	%		$	27,368,970		$	25,877,687		5.8	%
	Total cash and invested assets [f]	16,489,369			15,724,421			4.9	%		16,489,369			15,724,421			4.9	%
	Net investment income	128,128			109,503			17.0	%		454,301			349,601			29.9	%
	Net investment gains	20,410			83,356			(75.5	%)		134,279			129,133			4.0	%
	Book yield of fixed maturities	1.9		%	2.3		%	(0.4)		pts	1.9		%	2.3		%	(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 quarter and year ended December 31, 2020, were calculated using weighted average common shares outstanding due to the net loss attributable to common shareholders or operating loss recognized in these periods.

[b]    Annualized ROACE is calculated by dividing net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

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

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

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

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

1

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2021 AND 2020

		Quarters ended December 31,				Years ended December 31,
		2021		2020		2021		2020
Revenues
	Net premiums earned	$	1,237,760	$	1,087,368	$	4,709,850	$	4,371,309
	Net investment income	128,128		109,503		454,301		349,601
	Net investment gains	20,410		83,356		134,279		129,133
	Other insurance related income (loss)	7,033		(2,819)		23,295		(8,089)
	Total revenues	1,393,331		1,277,408		5,321,725		4,841,954
Expenses
	Net losses and loss expenses	716,225		817,239		3,008,783		3,281,252
	Acquisition costs	252,180		231,800		921,834		929,517
	General and administrative expenses	184,484		143,252		663,304		579,790
	Foreign exchange losses	4,632		72,309		315		81,069
	Interest expense and financing costs	15,543		15,408		62,302		75,049
	Reorganization expenses	—		7,059		—		7,881
	Amortization of value of business acquired	771		1,028		3,854		5,139
	Amortization of intangible assets	3,260		2,827		12,424		11,390
	Total expenses	1,177,095		1,290,922		4,672,816		4,971,087
Income (loss) before income taxes and interest in income (loss) of equity method investments		216,236		(13,514)		648,909		(129,133)
	Income tax (expense) benefit	(12,557)		6,291		(62,384)		12,321
	Interest in income (loss) of equity method investments	1,213		9,967		32,084		(3,612)
Net income (loss)		204,892		2,744		618,609		(120,424)
	Preferred share dividends	7,563		7,563		30,250		30,250
Net income (loss) available (attributable) to common shareholders		$	197,329	$	(4,819)	$	588,359	$	(150,674)

2

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTER

	Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q4 2019
UNDERWRITING REVENUES
Gross premiums written	$	1,562,828	$	1,646,489	$	1,941,186	$	2,535,481	$	1,348,419	$	1,261,366
Ceded premiums written	(615,420)		(650,018)		(737,328)		(756,595)		(562,970)		(475,212)
Net premiums written	947,408		996,471		1,203,858		1,778,886		785,449		786,154
Gross premiums earned	1,936,521		1,879,280		1,794,769		1,671,139		1,735,932		1,789,084
Ceded premiums earned	(698,761)		(667,853)		(637,828)		(567,417)		(648,564)		(617,033)
Net premiums earned	1,237,760		1,211,427		1,156,941		1,103,722		1,087,368		1,172,051
Other insurance related income (loss)	7,033		7,665		5,817		2,781		(2,819)		5,059
Total underwriting revenues	1,244,793		1,219,092		1,162,758		1,106,503		1,084,549		1,177,110
UNDERWRITING EXPENSES
Net losses and loss expenses	716,225		911,369		666,473		714,718		817,239		857,394
Acquisition costs	252,180		231,712		219,070		218,871		231,800		261,775
Underwriting-related general and administrative expenses [a]	140,379		134,826		128,961		132,668		116,345		107,195
Total underwriting expenses	1,108,784		1,277,907		1,014,504		1,066,257		1,165,384		1,226,364
UNDERWRITING INCOME (LOSS) [b]	136,009		(58,815)		148,254		40,246		(80,835)		(49,254)
OTHER (EXPENSES) REVENUES
Net investment income	128,128		107,339		104,672		114,165		109,503		117,557
Net investment gains	20,410		10,932		73,293		29,645		83,356		42,712
Corporate expenses [a]	(44,105)		(23,134)		(33,491)		(25,740)		(26,907)		(31,628)
Foreign exchange (losses) gains	(4,632)		28,032		(19,602)		(4,113)		(72,309)		(52,827)
Interest expense and financing costs	(15,543)		(15,954)		(15,235)		(15,571)		(15,408)		(18,562)
Reorganization expenses	—		—		—		—		(7,059)		(8,074)
Amortization of value of business acquired	(771)		(1,028)		(1,028)		(1,028)		(1,028)		(2,056)
Amortization of intangible assets	(3,260)		(3,149)		(3,324)		(2,690)		(2,827)		(2,853)
Total other (expenses) revenues	80,227		103,038		105,285		94,668		67,321		44,269
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	216,236		44,223		253,539		134,914		(13,514)		(4,985)
Income tax (expense) benefit	(12,557)		(1,186)		(27,865)		(20,776)		6,291		159
Interest in income of equity method investments	1,213		11,911		9,799		9,162		9,967		4,073
NET INCOME (LOSS)	204,892		54,948		235,473		123,300		2,744		(753)
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(9,144)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	197,329	$	47,385	$	227,910	$	115,737	$	(4,819)	$	(9,897)

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

[b]    Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above and in the 'Consolidated Statements of Operations - Year' section of this document.

3

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - QUARTER

	Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q4 2019
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	54.3	%	55.4	%	55.7	%	55.1	%	57.4	%	62.2	%
Catastrophe and weather-related losses ratio	4.3	%	20.7	%	2.5	%	10.1	%	18.4	%	12.1	%
Current accident year loss ratio	58.6	%	76.1	%	58.2	%	65.2	%	75.8	%	74.3	%
Prior year reserve development ratio	(0.7	%)	(0.9	%)	(0.6	%)	(0.4	%)	(0.6	%)	(1.1	%)
Net losses and loss expenses ratio	57.9	%	75.2	%	57.6	%	64.8	%	75.2	%	73.2	%
Acquisition cost ratio	20.4	%	19.1	%	18.9	%	19.8	%	21.3	%	22.3	%
General and administrative expense ratio [a]	14.8	%	13.1	%	14.1	%	14.3	%	13.1	%	11.8	%
Combined ratio	93.1	%	107.4	%	90.6	%	98.9	%	109.6	%	107.3	%
Weighted average common shares outstanding	84,774		84,771		84,764		84,514		84,341		83,957
Weighted average diluted common shares outstanding [b]	85,591		85,336		85,267		84,965		84,341		83,957
Earnings (loss) per common share	$2.33		$0.56		$2.69		$1.37		($0.06)		($0.12)
Earnings (loss) per diluted common share	$2.31		$0.56		$2.67		$1.36		($0.06)		($0.12)
Annualized ROACE	16.4	%	3.9	%	19.3	%	9.9	%	(0.4	%)	(0.8	%)
Annualized operating ROACE	15.1	%	0.1	%	14.4	%	7.1	%	(1.4	%)	0.4	%

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

[b]    Due to the net loss attributable to common shareholders recognized for the quarters ended December 31, 2020 and 2019, respectively, the share equivalents were anti-dilutive.

4

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - YEAR

	Years ended December 31,
	2021		2020		2019
UNDERWRITING REVENUES
Gross premiums written	$	7,685,984	$	6,826,938	$	6,898,858
Ceded premiums written	(2,759,360)		(2,490,529)		(2,409,243)
Net premiums written	4,926,624		4,336,409		4,489,615
Gross premiums earned	7,281,709		6,768,733		6,910,677
Ceded premiums earned	(2,571,859)		(2,397,424)		(2,323,499)
Net premiums earned	4,709,850		4,371,309		4,587,178
Other insurance related income (loss)	23,295		(8,089)		16,444
Total underwriting revenues	4,733,145		4,363,220		4,603,622
UNDERWRITING EXPENSES
Net losses and loss expenses	3,008,783		3,281,252		3,044,798
Acquisition costs	921,834		929,517		1,024,582
Underwriting-related general and administrative expenses [a]	536,834		477,968		505,735
Total underwriting expenses	4,467,451		4,688,737		4,575,115
UNDERWRITING INCOME (LOSS)	265,694		(325,517)		28,507
OTHER (EXPENSES) REVENUES
Net investment income	454,301		349,601		478,572
Net investment gains	134,279		129,133		91,233
Corporate expenses [a]	(126,470)		(101,822)		(129,096)
Foreign exchange (losses) gains	(315)		(81,069)		12,041
Interest expense and financing costs	(62,302)		(75,049)		(68,107)
Reorganization expenses	—		(7,881)		(37,384)
Amortization of value of business acquired	(3,854)		(5,139)		(26,722)
Amortization of intangible assets	(12,424)		(11,390)		(11,597)
Total other (expenses) revenues	383,215		196,384		308,940
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	648,909		(129,133)		337,447
Income tax (expense) benefit	(62,384)		12,321		(23,692)
Interest in income (loss) of equity method investments	32,084		(3,612)		9,718
NET INCOME (LOSS)	618,609		(120,424)		323,473
Preferred share dividends	(30,250)		(30,250)		(41,112)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	588,359	$	(150,674)	$	282,361

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

5

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - YEAR

	Years ended December 31,
	2021		2020		2019
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	55.1	%	57.7	%	60.6	%
Catastrophe and weather-related losses ratio	9.5	%	17.7	%	7.5	%
Current accident year loss ratio	64.6	%	75.4	%	68.1	%
Prior year reserve development ratio	(0.7	%)	(0.3	%)	(1.7	%)
Net losses and loss expenses ratio	63.9	%	75.1	%	66.4	%
Acquisition cost ratio	19.6	%	21.3	%	22.3	%
General and administrative expense ratio [a]	14.0	%	13.2	%	13.9	%
Combined ratio	97.5	%	109.6	%	102.6	%
Weighted average common shares outstanding	84,707		84,262		83,894
Weighted average diluted common shares outstanding	85,291		84,262		84,473
Earnings (loss) per common share	$6.95		($1.79)		$3.37
Earnings (loss) per diluted common share [b]	$6.90		($1.79)		$3.34
ROACE	12.2	%	(3.2	%)	6.3	%
Operating ROACE	9.1	%	(3.7	%)	4.7	%

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

[b]    Due to the net loss attributable to common shareholders recognized for the year ended December 31, 2020, the share equivalents were anti-dilutive.

6

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

	Quarter ended December 31, 2021									Year ended December 31, 2021
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,315,063		$	247,765		$	1,562,828		$	4,863,232		$	2,822,752		$	7,685,984
Ceded premium written	(548,369)			(67,051)			(615,420)			(1,968,347)			(791,013)			(2,759,360)
Net premiums written	766,694			180,714			947,408			2,894,885			2,031,739			4,926,624
Gross premiums earned	1,212,644			723,877			1,936,521			4,445,035			2,836,674			7,281,709
Ceded premiums earned	(490,275)			(208,486)			(698,761)			(1,793,696)			(778,163)			(2,571,859)
Net premiums earned	722,369			515,391			1,237,760			2,651,339			2,058,511			4,709,850
Other insurance related income	227			6,806			7,033			1,662			21,633			23,295
Total underwriting revenues	722,596			522,197			1,244,793			2,653,001			2,080,144			4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses	383,246			332,979			716,225			1,514,998			1,493,785			3,008,783
Acquisition costs	136,172			116,008			252,180			484,344			437,490			921,834
Underwriting-related general and administrative expenses	121,505			18,874			140,379			429,282			107,552			536,834
Total underwriting expenses	640,923			467,861			1,108,784			2,428,624			2,038,827			4,467,451
UNDERWRITING INCOME	$	81,673		$	54,336		$	136,009		$	224,377		$	41,317		$	265,694
Catastrophe and weather-related losses, net of reinstatement premiums	$	22,654		$	31,555		$	54,209		$	174,559		$	268,300		$	442,859
Net favorable prior year reserve development	$	5,008		$	4,262		$	9,270		$	18,360		$	14,050		$	32,410
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	50.8		%	59.2		%	54.3		%	51.4		%	59.9		%	55.1		%
Catastrophe and weather-related losses ratio	2.9		%	6.2		%	4.3		%	6.4		%	13.3		%	9.5		%
Current accident year loss ratio	53.7		%	65.4		%	58.6		%	57.8		%	73.2		%	64.6		%
Prior year reserve development ratio	(0.6		%)	(0.8		%)	(0.7		%)	(0.7		%)	(0.6		%)	(0.7		%)
Net losses and loss expenses ratio	53.1		%	64.6		%	57.9		%	57.1		%	72.6		%	63.9		%
Acquisition cost ratio	18.9		%	22.5		%	20.4		%	18.3		%	21.3		%	19.6		%
Underwriting-related general and administrative expense ratio	16.7		%	3.7		%	11.2		%	16.2		%	5.1		%	11.3		%
Corporate expense ratio							3.6		%							2.7		%
Combined ratio	88.7		%	90.8		%	93.1		%	91.6		%	99.0		%	97.5		%

7

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

													Years ended December 31,
	Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q4 2019		2021		2020
INSURANCE SEGMENT
Property	$	281,113	$	273,216	$	320,393	$	261,786	$	255,606	$	242,446	$	1,136,508	$	996,650
Marine	80,382		87,463		114,061		187,948		63,901		73,780		469,853		419,405
Terrorism	9,868		14,167		12,339		19,744		13,486		13,317		56,117		55,781
Aviation	27,711		32,954		29,742		20,402		23,946		20,838		110,809		87,671
Credit and Political Risk	55,360		27,651		43,140		37,451		56,264		40,487		163,602		156,414
Professional Lines	549,010		465,469		463,796		337,765		434,868		356,321		1,816,041		1,378,503
Liability	267,987		228,306		241,630		193,151		215,131		180,951		931,075		763,155
Accident and Health	43,928		46,644		43,481		44,847		40,843		30,876		178,899		158,585
Discontinued Lines - Novae	(296)		630		(110)		104		254		2,592		328		2,235
TOTAL INSURANCE SEGMENT	$	1,315,063	$	1,176,500	$	1,268,472	$	1,103,198	$	1,104,299	$	961,608	$	4,863,232	$	4,018,399
REINSURANCE SEGMENT
Catastrophe	$	19,957	$	88,396	$	133,089	$	250,956	$	24,497	$	20,346	$	492,397	$	551,143
Property	4,030		38,584		44,325		126,455		(1,115)		20,318		213,394		245,744
Credit and Surety	31,667		55,807		37,413		83,221		43,519		28,375		208,108		232,699
Professional Lines	49,739		24,279		148,398		131,255		45,888		34,789		353,671		312,935
Motor	4,505		12,151		39,781		223,524		(15,427)		21,273		279,960		304,439
Liability	104,923		166,085		182,106		269,201		113,591		88,479		722,316		618,913
Engineering	(874)		(660)		(2,502)		(2,428)		5,552		17,821		(6,464)		25,886
Agriculture	10,822		11,992		46,874		16,441		901		23,369		86,128		70,500
Marine and Aviation	3,484		12,427		25,613		32,340		10,900		6,675		73,866		73,103
Accident and Health	19,461		60,927		16,934		301,318		15,706		38,881		398,641		371,828
Discontinued Lines - Novae	51		1		683		—		108		(568)		735		1,349
TOTAL REINSURANCE SEGMENT	$	247,765	$	469,989	$	672,714	$	1,432,283	$	244,120	$	299,758	$	2,822,752	$	2,808,539
CONSOLIDATED TOTAL	$	1,562,828	$	1,646,489	$	1,941,186	$	2,535,481	$	1,348,419	$	1,261,366	$	7,685,984	$	6,826,938

8

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA - QUARTER AND PRIOR YEAR

																			Year ended December 31,
	Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q4 2019			2020
UNDERWRITING REVENUES
Gross premiums written	$	1,562,828		$	1,646,489		$	1,941,186		$	2,535,481		$	1,348,419		$	1,261,366		$	6,826,938
Ceded premiums written	(615,420)			(650,018)			(737,328)			(756,595)			(562,970)			(475,212)			(2,490,529)
Net premiums written	947,408			996,471			1,203,858			1,778,886			785,449			786,154			4,336,409
Gross premiums earned	1,936,521			1,879,280			1,794,769			1,671,139			1,735,932			1,789,084			6,768,733
Ceded premiums earned	(698,761)			(667,853)			(637,828)			(567,417)			(648,564)			(617,033)			(2,397,424)
Net premiums earned	1,237,760			1,211,427			1,156,941			1,103,722			1,087,368			1,172,051			4,371,309
Other insurance related income (loss)	7,033			7,665			5,817			2,781			(2,819)			5,059			(8,089)
Total underwriting revenues	1,244,793			1,219,092			1,162,758			1,106,503			1,084,549			1,177,110			4,363,220
UNDERWRITING EXPENSES
Net losses and loss expenses	716,225			911,369			666,473			714,718			817,239			857,394			3,281,252
Acquisition costs	252,180			231,712			219,070			218,871			231,800			261,775			929,517
Underwriting-related general and administrative expenses	140,379			134,826			128,961			132,668			116,345			107,195			477,968
Total underwriting expenses	1,108,784			1,277,907			1,014,504			1,066,257			1,165,384			1,226,364			4,688,737
UNDERWRITING INCOME (LOSS)	$	136,009		$	(58,815)		$	148,254		$	40,246		$	(80,835)		$	(49,254)		$	(325,517)
Catastrophe and weather-related losses, net of reinstatement premiums	$	54,209		$	249,830		$	28,562		$	110,250		$	198,028		$	140,000		$	773,919
Net favorable prior year reserve development	$	9,270		$	11,012		$	6,808		$	5,317		$	6,559		$	13,881		$	15,909
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	54.3		%	55.4		%	55.7		%	55.1		%	57.4		%	62.2		%	57.7		%
Catastrophe and weather-related losses ratio	4.3		%	20.7		%	2.5		%	10.1		%	18.4		%	12.1		%	17.7		%
Current accident year loss ratio	58.6		%	76.1		%	58.2		%	65.2		%	75.8		%	74.3		%	75.4		%
Prior year reserve development ratio	(0.7		%)	(0.9		%)	(0.6		%)	(0.4		%)	(0.6		%)	(1.1		%)	(0.3		%)
Net losses and loss expenses ratio	57.9		%	75.2		%	57.6		%	64.8		%	75.2		%	73.2		%	75.1		%
Acquisition cost ratio	20.4		%	19.1		%	18.9		%	19.8		%	21.3		%	22.3		%	21.3		%
Underwriting-related general and administrative expense ratio	14.8		%	13.1		%	14.1		%	14.3		%	13.1		%	11.8		%	13.2		%
Combined ratio	93.1		%	107.4		%	90.6		%	98.9		%	109.6		%	107.3		%	109.6		%

9

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR

																			Year ended December 31,
	Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q4 2019			2020
UNDERWRITING REVENUES
Gross premiums written	$	1,315,063		$	1,176,500		$	1,268,472		$	1,103,198		$	1,104,299		$	961,608		$	4,018,399
Ceded premiums written	(548,369)			(469,008)			(555,587)			(395,384)			(476,066)			(390,651)			(1,660,898)
Net premiums written	766,694			707,492			712,885			707,814			628,233			570,957			2,357,501
Gross premiums earned	1,212,644			1,142,550			1,076,900			1,012,941			1,006,930			927,599			3,839,727
Ceded premiums earned	(490,275)			(461,542)			(445,225)			(396,655)			(417,160)			(367,989)			(1,540,689)
Net premiums earned	722,369			681,008			631,675			616,286			589,770			559,610			2,299,038
Other insurance related income	227			468			552			415			556			1,079			2,647
Total underwriting revenues	722,596			681,476			632,227			616,701			590,326			560,689			2,301,685
UNDERWRITING EXPENSES
Net losses and loss expenses	383,246			442,681			332,175			356,898			444,444			317,234			1,697,014
Acquisition costs	136,172			123,529			106,963			117,679			117,954			123,300			461,533
Underwriting-related general and administrative expenses	121,505			104,905			99,569			103,303			93,930			90,472			378,839
Total underwriting expenses	640,923			671,115			538,707			577,880			656,328			531,006			2,537,386
UNDERWRITING INCOME (LOSS)	$	81,673		$	10,361		$	93,520		$	38,821		$	(66,002)		$	29,683		$	(235,701)
Catastrophe and weather-related losses, net of reinstatement premiums	$	22,654		104,873			$	11,088		$	36,026		$	118,185		$	19,900		$	443,440
Net favorable prior year reserve development	$	5,008		5,418			$	6,427		$	1,505		$	4,417		$	10,455		$	8,937
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	50.8		%	50.8		%	51.8		%	52.3		%	56.1		%	55.0		%	55.1		%
Catastrophe and weather-related losses ratio	2.9		%	15.0		%	1.8		%	5.9		%	20.0		%	3.6		%	19.1		%
Current accident year loss ratio	53.7		%	65.8		%	53.6		%	58.2		%	76.1		%	58.6		%	74.2		%
Prior year reserve development ratio	(0.6		%)	(0.8		%)	(1.0		%)	(0.3		%)	(0.7		%)	(1.9		%)	(0.4		%)
Net losses and loss expenses ratio	53.1		%	65.0		%	52.6		%	57.9		%	75.4		%	56.7		%	73.8		%
Acquisition cost ratio	18.9		%	18.1		%	16.9		%	19.1		%	20.0		%	22.0		%	20.1		%
Underwriting-related general and administrative expense ratio	16.7		%	15.4		%	15.8		%	16.8		%	15.9		%	16.2		%	16.5		%
Combined ratio	88.7		%	98.5		%	85.3		%	93.8		%	111.3		%	94.9		%	110.4		%

10

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR

																			Year ended December 31,
	Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q4 2019			2020
UNDERWRITING REVENUES
Gross premiums written	$	247,765		$	469,989		$	672,714		$	1,432,283		$	244,120		$	299,758		$	2,808,539
Ceded premiums written	(67,051)			(181,010)			(181,741)			(361,211)			(86,904)			(84,561)			(829,631)
Net premiums written	180,714			288,979			490,973			1,071,072			157,216			215,197			1,978,908
Gross premiums earned	723,877			736,730			717,869			658,198			729,002			861,485			2,929,006
Ceded premiums earned	(208,486)			(206,311)			(192,603)			(170,762)			(231,404)			(249,044)			(856,735)
Net premiums earned	515,391			530,419			525,266			487,436			497,598			612,441			2,072,271
Other insurance related income (loss)	6,806			7,197			5,265			2,366			(3,375)			3,980			(10,736)
Total underwriting revenues	522,197			537,616			530,531			489,802			494,223			616,421			2,061,535
UNDERWRITING EXPENSES
Net losses and loss expenses	332,979			468,688			334,298			357,820			372,795			540,160			1,584,238
Acquisition costs	116,008			108,183			112,107			101,192			113,846			138,475			467,984
Underwriting-related general and administrative expenses	18,874			29,921			29,392			29,365			22,415			16,723			99,129
Total underwriting expenses	467,861			606,792			475,797			488,377			509,056			695,358			2,151,351
UNDERWRITING INCOME (LOSS)	$	54,336		$	(69,176)		$	54,734		$	1,425		$	(14,833)		$	(78,937)		$	(89,816)
Catastrophe and weather-related losses, net of reinstatement premiums	$	31,555		$	144,957		$	17,474		$	74,224		$	79,843		$	120,100		$	330,479
Net favorable prior year reserve development	$	4,262		$	5,594		$	381		$	3,812		$	2,142		$	3,426		$	6,972
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	59.2		%	61.4		%	60.4		%	58.6		%	59.0		%	68.9		%	60.6		%
Catastrophe and weather-related losses ratio	6.2		%	28.0		%	3.3		%	15.6		%	16.3		%	19.9		%	16.2		%
Current accident year loss ratio	65.4		%	89.4		%	63.7		%	74.2		%	75.3		%	88.8		%	76.8		%
Prior year reserve development ratio	(0.8		%)	(1.0		%)	(0.1		%)	(0.8		%)	(0.4		%)	(0.6		%)	(0.4		%)
Net losses and loss expenses ratio	64.6		%	88.4		%	63.6		%	73.4		%	74.9		%	88.2		%	76.4		%
Acquisition cost ratio	22.5		%	20.4		%	21.3		%	20.8		%	22.9		%	22.6		%	22.6		%
Underwriting-related general and administrative expenses ratio	3.7		%	5.6		%	5.7		%	6.0		%	4.5		%	2.7		%	4.8		%
Combined ratio	90.8		%	114.4		%	90.6		%	100.2		%	102.3		%	113.5		%	103.8		%

11

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

	Quarters ended December 31,												Years ended December 31,
	2021						2020						2021						2020
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,315,063	$	247,765	$	1,562,828	$	1,104,299	$	244,120	$	1,348,419	$	4,863,232	$	2,822,752	$	7,685,984	$	4,018,399	$	2,808,539	$	6,826,938
Premiums ceded to Harrington Re	7,303		35,894		43,197		3,431		37,435		40,866		16,897		266,045		282,942		11,317		246,984		258,301
Premiums ceded to Other Strategic Capital Partners	—		31,157		31,157		18,885		49,469		68,354		—		524,968		524,968		71,050		582,647		653,697
Premiums ceded to Other Reinsurers	541,066		—		541,066		453,750		—		453,750		1,951,450		—		1,951,450		1,578,531		—		1,578,531
Net premiums written	$	766,694	$	180,714	$	947,408	$	628,233	$	157,216	$	785,449	$	2,894,885	$	2,031,739	$	4,926,624	$	2,357,501	$	1,978,908	$	4,336,409
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Fee income	$	—	$	27,192	$	27,192	$	2,674	$	10,229	$	12,903	$	—	$	73,188	$	73,188	$	10,645	$	49,820	$	60,465

[a]    Total managed premiums represents gross premiums written of $1.6 billion and $1.3 billion for the quarters ended December 31, 2021 and 2020, respectively, and $7.7 billion and $6.8 billion for the years ended December 31, 2021 and 2020, 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 $5.5 million and $(3.7) million for the quarters ended December 31, 2021 and 2020, respectively and $18.9 million and $(1.7) million for the years ended December 31, 2021, and 2020, respectively in other insurance related income (loss). It also included $21.7 million and $16.6 million for the quarters ended December 31, 2021 and 2020, respectively and $54.3 million and $62.2 million for the years ended December 31, 2021 and 2020, respectively as an offset to general and administrative expenses.

12

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME - QUARTER AND YEAR

													Years ended December 31,
	Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q4 2019		2021		2020
Fixed maturities	$	67,623	$	63,712	$	61,244	$	69,470	$	72,727	$	98,990	$	262,049	$	317,121
Other investments	56,965		41,695		41,414		41,833		30,634		10,767		181,906		16,059
Equity securities	4,430		2,724		3,100		2,498		3,069		2,678		12,752		9,328
Mortgage loans	4,461		4,426		4,355		4,187		4,110		3,977		17,427		15,432
Cash and cash equivalents	808		692		617		2,336		3,768		5,908		4,454		13,582
Short-term investments	74		391		66		133		446		1,077		664		2,749
Gross investment income	134,361		113,640		110,796		120,457		114,754		123,397		479,252		374,271
Investment expense	(6,233)		(6,301)		(6,124)		(6,292)		(5,251)		(5,840)		(24,951)		(24,670)
Net investment income	$	128,128	$	107,339	$	104,672	$	114,165	$	109,503	$	117,557	$	454,301	$	349,601

13

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2021			2021			2021			2021			2020			2019
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,313,200		$	12,380,959		$	11,898,300		$	11,728,611		$	12,041,799		$	12,468,205
Fixed maturities, held to maturity, at amortized cost	446,016			416,879			403,370			404,690			—			—
Equity securities, at fair value	655,675			618,822			588,196			547,676			518,445			474,207
Mortgage loans, held for investment, at fair value	594,088			623,487			656,056			629,576			593,290			432,748
Other investments, at fair value	947,982			892,664			865,238			790,530			829,156			770,923
Equity method investments	146,293			145,080			133,169			123,370			114,209			117,821
Short-term investments, at fair value	31,063			68,267			112,862			185,699			161,897			38,471
Total investments	15,134,317			15,146,158			14,657,191			14,410,152			14,258,796			14,302,375
Cash and cash equivalents	1,317,690			1,499,204			1,589,443			1,560,279			1,503,232			1,576,457
Accrued interest receivable	64,350			62,423			63,215			61,222			65,020			78,085
Insurance and reinsurance premium balances receivable	2,622,676			2,978,996			3,393,777			3,367,142			2,738,342			3,071,390
Reinsurance recoverable on unpaid losses and loss expenses	5,017,611			4,989,645			4,626,454			4,533,232			4,496,641			3,877,756
Reinsurance recoverable on paid losses and loss expenses	642,215			506,503			467,180			459,411			434,201			327,795
Deferred acquisition costs	465,593			544,384			574,658			577,509			431,439			492,119
Prepaid reinsurance premiums	1,377,358			1,460,723			1,479,328			1,379,450			1,194,455			1,101,889
Receivable for investments sold	4,555			2,028			3,671			1,450			2,150			35,659
Goodwill	100,801			100,801			100,801			100,801			100,801			102,003
Intangible assets	208,717			211,557			214,286			216,904			219,633			230,550
Value of business acquired	—			770			1,798			2,826			3,854			8,992
Operating lease right-of-use assets	103,295			107,791			112,444			116,693			123,579			111,092
Other assets	309,792			324,154			297,484			298,756			305,544			287,892
TOTAL ASSETS	$	27,368,970		$	27,935,137		$	27,581,730		$	27,085,827		$	25,877,687		$	25,604,054
LIABILITIES
Reserve for losses and loss expenses	$	14,653,094		$	14,658,996		$	14,157,353		$	14,025,274		$	13,926,766		$	12,752,081
Unearned premiums	4,090,676			4,464,282			4,698,944			4,551,424			3,685,886			3,626,246
Insurance and reinsurance balances payable	1,324,620			1,442,729			1,409,772			1,231,403			1,092,042			1,349,082
Debt	1,310,975			1,310,650			1,310,328			1,310,009			1,309,695			1,808,157
Payable for investments purchased	31,543			239,073			205,895			389,925			104,777			32,985
Operating lease liabilities	119,512			123,874			130,174			134,002			140,263			115,584
Other liabilities	427,894			360,478			279,504			267,400			322,564			375,911
TOTAL LIABILITIES	21,958,314			22,600,082			22,191,970			21,909,437			20,581,993			20,060,046
SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			775,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,346,179			2,336,895			2,326,288			2,316,147			2,330,054			2,317,212
Accumulated other comprehensive income	56,536			150,122			226,317			214,861			414,395			171,710
Retained earnings	6,204,745			6,044,843			6,034,151			5,842,850			5,763,607			6,056,686
Treasury shares, at cost	(3,749,010)			(3,749,011)			(3,749,202)			(3,749,674)			(3,764,568)			(3,778,806)
TOTAL SHAREHOLDERS' EQUITY	5,410,656			5,335,055			5,389,760			5,176,390			5,295,694			5,544,008
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	27,368,970		$	27,935,137		$	27,581,730		$	27,085,827		$	25,877,687		$	25,604,054
Common shares outstanding	84,774			84,773			84,767			84,753			84,353			83,959
Diluted common shares outstanding [a]	87,147			87,216			87,197			87,235			86,143			85,489
Book value per common share	$57.34			$56.45			$57.09			$54.59			$56.26			$56.80
Book value per diluted common share	$55.78			$54.86			$55.50			$53.03			$55.09			$55.79
Tangible book value per diluted common share	$52.84			$51.89			$52.50			$49.91			$51.90			$52.40
Debt to total capital [b]	19.5		%	19.7		%	19.6		%	20.2		%	19.8		%	24.6		%
Debt and preferred equity to total capital	27.7		%	28.0		%	27.8		%	28.7		%	28.2		%	35.1		%

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

[b]    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.

14

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

At December 31, 2021

	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,693,319	$	—	$	9,776	$	(20,647)	$	2,682,448	16.3	%
Non-U.S. government	794,705		—		10,158		(9,685)		795,178		4.8	%
Corporate debt	4,446,585		(236)		87,075		(38,112)		4,495,312		27.3	%
Agency RMBS	1,065,973		—		17,397		(8,781)		1,074,589		6.5	%
CMBS	1,223,051		—		29,827		(4,687)		1,248,191		7.6	%
Non-Agency RMBS	185,854		(77)		2,410		(2,023)		186,164		1.1	%
ABS	1,628,739		—		3,406		(9,665)		1,622,480		9.8	%
Municipals	203,556		—		5,928		(646)		208,838		1.3	%
Total fixed maturities, available for sale, at fair value	12,241,782		(313)		165,977		(94,246)		12,313,200		74.7	%
Fixed maturities, held to maturity, at amortized cost
Corporate debt	37,700		—		—		—		37,700		0.2	%
ABS	408,316		—		—		—		408,316		2.5	%
Total fixed maturities, held to maturity, at amortized cost	446,016		—		—		—		446,016		2.7	%
Equity securities, at fair value
Common stocks	1,264		—		585		(485)		1,364		—	%
Preferred stocks	115		—		64		—		179		—	%
Exchange-traded funds	203,455		—		134,037		(677)		336,815		2.0	%
Bond mutual funds	324,030		—		544		(7,257)		317,317		2.0	%
Total equity securities, at fair value	528,864		—		135,230		(8,419)		655,675		4.0	%
Total fixed maturities and equity securities	$	13,216,662	$	(313)	$	301,207	$	(102,665)	13,414,891		81.4	%
Mortgage loans, held for investment									594,088		3.6	%
Other investments									947,982		5.7	%
Equity method investments									146,293		0.9	%
Short-term investments									31,063		0.2	%
Total investments									15,134,317		91.8	%
Cash and cash equivalents [a]									1,317,690		8.0	%
Accrued interest receivable									64,350		0.4	%
Net receivable/(payable) for investments sold (purchased)									(26,988)		(0.2	%)
Total cash and invested assets									$	16,489,369	100.0	%

[a]    Includes $473 million of restricted cash and cash equivalents.

15

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO (CONTINUED)

At December 31, 2021

	Fair Value		Percentage
Other Investments:
Long/short equity funds	$	3,476	0.4	%
Multi-strategy funds	56,012		5.9	%
Direct lending funds	289,867		30.6	%
Real estate funds	238,222		25.1	%
Private equity funds	249,974		26.4	%
Other privately held investments	104,521		11.0	%
Collateralized loan obligations - equity tranches	5,910		0.6	%
Total	$	947,982	100.0	%

16

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION - QUARTER

	Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q4 2019
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	16.3	%	16.3	%	15.9	%	14.0	%	12.2	%	13.2	%
Non-U.S. government	4.8	%	4.4	%	4.2	%	4.6	%	4.3	%	3.6	%
Corporate debt	27.3	%	27.6	%	27.9	%	28.7	%	29.6	%	30.9	%
MBS:
Agency RMBS	6.5	%	7.1	%	6.5	%	7.7	%	8.2	%	10.0	%
CMBS	7.6	%	7.4	%	7.1	%	8.1	%	8.6	%	8.6	%
Non-agency RMBS	1.1	%	1.2	%	1.3	%	1.1	%	0.9	%	0.5	%
ABS	9.8	%	10.0	%	9.3	%	9.0	%	10.9	%	10.0	%
Municipals	1.3	%	1.2	%	1.7	%	1.8	%	1.9	%	1.3	%
Total Fixed Maturities, available for sale	74.7	%	75.2	%	73.9	%	75.0	%	76.6	%	78.1	%
Fixed Maturities, held to maturity:
Corporate debt	0.2	%	0.1	%	—	%	—	%	—	%	—	%
ABS	2.5	%	2.4	%	2.5	%	2.6	%	—	%	—	%
Total Fixed Maturities, held to maturity	2.7	%	2.5	%	2.5	%	2.6	%	—	%	—	%
Equity securities	4.0	%	3.8	%	3.7	%	3.5	%	3.3	%	3.0	%
Mortgage loans	3.6	%	3.8	%	4.1	%	4.0	%	3.8	%	2.7	%
Other investments	5.7	%	5.4	%	5.4	%	5.1	%	5.3	%	4.8	%
Equity method investments	0.9	%	0.9	%	0.8	%	0.8	%	0.7	%	0.7	%
Short-term investments	0.2	%	0.4	%	0.6	%	1.1	%	1.0	%	0.3	%
Total investments	91.8	%	92.0	%	91.0	%	92.1	%	90.7	%	89.6	%
Cash and cash equivalents	8.0	%	9.1	%	9.9	%	10.0	%	9.6	%	9.9	%
Accrued interest receivable	0.4	%	0.4	%	0.4	%	0.4	%	0.4	%	0.5	%
Net receivable/(payable) for investments sold (purchased)	(0.2	%)	(1.5	%)	(1.3	%)	(2.5	%)	(0.7	%)	—	%
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	21.0	%	21.0	%	20.7	%	18.0	%	15.9	%	16.9	%
AAA	35.2	%	36.1	%	35.2	%	37.0	%	37.8	%	39.3	%
AA	7.7	%	7.1	%	7.4	%	7.8	%	7.6	%	6.9	%
A	15.0	%	14.5	%	14.6	%	15.2	%	15.7	%	14.8	%
BBB	12.5	%	12.4	%	13.2	%	13.4	%	14.4	%	13.5	%
Below BBB	8.6	%	8.9	%	8.9	%	8.6	%	8.6	%	8.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.9	%	4.0	%	4.3	%	5.0	%	3.6	%	3.6	%
From one to five years	38.5	%	38.3	%	38.7	%	36.9	%	36.0	%	39.2	%
From five to ten years	19.8	%	19.3	%	20.3	%	19.5	%	20.7	%	17.3	%
Above ten years	2.2	%	2.2	%	1.7	%	1.9	%	2.3	%	2.7	%
Asset-backed and mortgage-backed securities	35.6	%	36.2	%	35.0	%	36.7	%	37.4	%	37.2	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	1.9	%	1.9	%	2.0	%	2.1	%	2.3	%	2.8	%
Yield to maturity of fixed maturities	1.7	%	1.4	%	1.4	%	1.5	%	1.3	%	2.4	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0	yrs	3.1 yrs		3.1 yrs		3.3 yrs		3.3	yrs	3.2 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

17

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At December 31, 2021

	Fair Value or Net Carrying Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	821,500	18.3	%	5.0	%
Non-U.S. banks	383,360		8.5	%	2.3	%
Corporate/commercial finance	283,611		6.3	%	1.7	%
Insurance	147,679		3.3	%	0.9	%
Investment brokerage	69,538		1.5	%	0.4	%
Total financial institutions	1,705,688		37.9	%	10.3	%
Consumer non-cyclicals	455,259		10.1	%	2.8	%
Communications	261,450		5.8	%	1.6	%
Consumer cyclicals	205,469		4.6	%	1.2	%
Utilities	195,829		4.4	%	1.2	%
Technology	176,175		3.9	%	1.1	%
Energy	155,142		3.5	%	0.9	%
Industrials	113,346		2.5	%	0.7	%
Transportation	102,611		2.3	%	0.6	%
Non-U.S. government guaranteed	92,829		2.1	%	0.6	%
Total investment grade	3,463,798		77.1	%	21.0	%
Total non-investment grade	1,031,514		22.9	%	6.3	%
Total corporate debt, available for sale, at fair value	$	4,495,312	100.0	%	27.3	%
Total corporate debt, held to maturity, at amortized cost	$	37,700	100.0	%	0.2	%

18

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At December 31, 2021

	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed  Maturities
ISSUER [a]
MORGAN STANLEY	$	125,566	$	2,080	$	127,646	1.0	%
BANK OF AMERICA CORP	124,087		2,394		126,481		1.0	%
JP MORGAN CHASE & CO	103,486		507		103,993		0.8	%
GOLDMAN SACHS GROUP	101,852		1,552		103,404		0.8	%
WELLS FARGO & COMPANY	100,408		1,600		102,008		0.8	%
CITIGROUP INC	75,666		2,760		78,426		0.6	%
MITSUBISHI UFJ FINANCIAL GROUP INC	48,846		106		48,952		0.4	%
AT&T INC	47,415		449		47,864		0.4	%
VERIZON COMMUNICATIONS INC	37,352		745		38,097		0.3	%
COMCAST CORPORATION	35,450		1,457		36,907		0.3	%

[a]    The 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.

19

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At December 31, 2021

Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	1,074,589		$	166,553		$	3,601		$	9,936		$	621		$	5,453		$	1,260,753
Commercial MBS	83,936			1,069,276			89,813			5,166			—			—			1,248,191
ABS	—			1,328,941			123,309			99,382			38,737			32,111			1,622,480
Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,158,525		$	2,564,770		$	216,723		$	114,484		$	39,358		$	37,564		$	4,131,424
Percentage of total	28.0		%	62.1		%	5.2		%	2.8		%	1.0		%	0.9		%	100.0		%

Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
ABS	—			257,730			150,586			—			—			—			408,316
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	257,730		$	150,586		$	—		$	—		$	—		$	408,316
Percentage of total	—		%	63.1		%	36.9		%	—		%	—		%	—		%	100.0		%

20

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

	Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q4 2019
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	451,609	$	338,908	$	318,421	$	329,210	$	265,494	$	196,334
Reinsurance	190,606		167,595		148,759		130,201		168,707		131,461
Total	$	642,215	$	506,503	$	467,180	$	459,411	$	434,201	$	327,795
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	922,709	$	908,182	$	870,602	$	870,816	$	878,107	$	890,036
Reinsurance	614,125		575,628		518,973		491,517		505,437		468,904
Total	$	1,536,834	$	1,483,810	$	1,389,575	$	1,362,333	$	1,383,544	$	1,358,940
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	2,554,202	$	2,569,194	$	2,395,835	$	2,329,090	$	2,339,557	$	1,933,657
Reinsurance	956,130		963,728		867,253		866,927		797,251		603,116
Total	$	3,510,332	$	3,532,922	$	3,263,088	$	3,196,017	$	3,136,808	$	2,536,773
Allowance for expected credit losses:
Insurance	$	(25,869)	$	(23,664)	$	(22,749)	$	(22,037)	$	(21,298)	$	(16,720)
Reinsurance	(3,685)		(3,423)		(3,460)		(3,081)		(2,413)		(1,237)
Total	$	(29,554)	$	(27,087)	$	(26,209)	$	(25,118)	$	(23,711)	$	(17,957)
Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	3,902,651	$	3,792,620	$	3,562,109	$	3,507,079	$	3,461,860	$	3,003,307
Reinsurance	1,757,176		1,703,528		1,531,525		1,485,564		1,468,982		1,202,244
Total	$	5,659,827	$	5,496,148	$	5,093,634	$	4,992,643	$	4,930,842	$	4,205,551

21

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At December 31, 2021

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 losses as % of Reinsurance Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverables	$	2,950,244	$	(643,430)	$	2,306,814	54.0%	42.6%	$	(11,553)	0.4%	$	2,938,691
Other reinsurers balances > $20 million	2,222,728		(625,506)		1,597,222		37.4%	29.5%	(13,849)		0.6%	2,208,879
Other reinsurers balances < $20 million	516,409		(148,491)		367,918		8.6%	6.8%	(4,152)		0.8%	512,257
Total	$	5,689,381	$	(1,417,427)	$	4,271,954	100.0%	78.9%	$	(29,554)	0.5%	$	5,659,827

At December 31, 2021, reinsurance recoverable balances, gross of collateral of 85.7% (December 31, 2020: 87.6%) 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	13.4%	10.6%
2	Harrington Re Ltd.	9.1%	7.2%
3	Lloyds of London	6.3%	5.0%
4	Transatlantic Reinsurance Co	5.9%	4.6%
5	Hannover Ruck SE	5.4%	4.3%
6	Partner Reinsurance Co of the US	4.3%	3.4%
7	SCOR Reinsurance Company	3.8%	3.0%
8	Munich Reinsurance America, Inc	3.3%	2.6%
9	Everest Reinsurance Company	3.1%	2.4%
10	Swiss Reinsurance Company	2.5%	2.0%
		57.1%	45.1%

22

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Quarter ended December 31, 2021						Year ended December 31, 2021
	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	$	14,658,996	$	(4,989,645)	$	9,669,351	$	13,926,766	$	(4,496,641)	$	9,430,125
Incurred losses and loss expenses	1,150,495		(434,270)		716,225		4,790,636		(1,781,853)		3,008,783
Paid losses and loss expenses	(1,139,957)		418,155		(721,802)		(3,958,563)		1,194,312		(2,764,251)
Foreign exchange and other	(16,440)		(11,851)		(28,291)		(105,745)		66,571		(39,174)
End of period [a]	$	14,653,094	$	(5,017,611)	$	9,635,483	$	14,653,094	$	(5,017,611)	$	9,635,483

[a]    At December 31, 2021, reserve for losses and loss expenses included IBNR of $9.1 billion, or 62%, (December 31, 2020: $8.6 billion, or 62%).

23

AXIS CAPITAL HOLDINGS LIMITED

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

	Quarter ended December 31, 2021									Year ended December 31, 2021
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	691,657		$	448,300		$	1,139,957		$	2,200,524		$	1,758,039		$	3,958,563
Reinsurance recoverable on paid losses and loss expenses	(319,661)			(98,494)			(418,155)			(886,710)			(307,602)			(1,194,312)
Net paid losses and loss expenses	371,996			349,806			721,802			1,313,814			1,450,437			2,764,251
Gross case reserves	67,731			77,796			145,527			94,651			221,891			316,542
Gross IBNR	(66,132)			(68,857)			(134,989)			392,451			123,080			515,531
Reinsurance recoverable on unpaid losses and loss expenses	9,651			(25,766)			(16,115)			(285,918)			(301,623)			(587,541)
Net unpaid losses and loss expenses	11,250			(16,827)			(5,577)			201,184			43,348			244,532
Total net incurred losses and loss expenses	$	383,246		$	332,979		$	716,225		$	1,514,998		$	1,493,785		$	3,008,783
Gross reserve for losses and loss expenses	$	7,803,529		$	6,849,565		$	14,653,094		$	7,803,529		$	6,849,565		$	14,653,094
Net favorable prior year reserve development	$	5,008		$	4,262		$	9,270		$	18,360		$	14,050		$	32,410
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	97.1		%	105.1		%	100.8		%	86.7		%	97.1		%	91.9		%
Net paid losses and loss expenses / Net premiums earned	51.5		%	67.9		%	58.3		%	49.6		%	70.5		%	58.7		%
Net unpaid losses and loss expenses / Net premiums earned	1.6		%	(3.3		%)	(0.4		%)	7.5		%	2.1		%	5.2		%
Net losses and loss expenses ratio	53.1		%	64.6		%	57.9		%	57.1		%	72.6		%	63.9		%

24

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTER

	Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q4 2019
Gross paid losses and loss expenses	$	691,657		$	441,854		$	493,803		$	573,209		$	683,379		$	575,688
Reinsurance recoverable on paid losses and loss expenses	(319,661)			(154,584)			(174,727)			(237,739)			(273,686)			(254,044)
Net paid losses and loss expenses	371,996			287,270			319,076			335,470			409,693			321,644
Gross case reserves	67,731			47,583			(1,372)			(19,290)			(34,344)			(31,996)
Gross IBNR	(66,132)			326,336			83,955			48,294			132,082			27,839
Reinsurance recoverable on unpaid losses and loss expenses	9,651			(218,508)			(69,484)			(7,576)			(62,987)			(253)
Net unpaid losses and loss expenses	11,250			155,411			13,099			21,428			34,751			(4,410)
Total net incurred losses and loss expenses	$	383,246		$	442,681		$	332,175		$	356,898		$	444,444		$	317,234
Gross reserve for losses and loss expenses	$	7,803,529		$	7,797,533		$	7,456,368		$	7,368,569		$	7,310,498		$	6,496,568
Net favorable prior year reserve development	$	5,008		$	5,418		$	6,427		$	1,505		$	4,417		$	10,455
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	97.1		%	64.9		%	96.1		%	94.0		%	92.2		%	101.4		%
Net paid losses and loss expenses / Net premiums earned	51.5		%	42.2		%	50.5		%	54.4		%	69.5		%	57.5		%
Net unpaid losses and loss expenses / Net premiums earned	1.6		%	22.8		%	2.1		%	3.5		%	5.9		%	(0.8		%)
Net losses and loss expenses ratio	53.1		%	65.0		%	52.6		%	57.9		%	75.4		%	56.7		%

25

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTER

	Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q4 2019
Gross paid losses and loss expenses	$	448,300		$	484,553		$	416,850		$	408,336		$	594,863		$	660,948
Reinsurance recoverable on paid losses and loss expenses	(98,494)			(78,672)			(79,713)			(50,723)			(125,680)			(132,719)
Net paid losses and loss expenses	349,806			405,881			337,137			357,613			469,183			528,229
Gross case reserves	77,796			81,030			58,448			4,616			104,547			3,236
Gross IBNR	(68,857)			142,067			(27,193)			77,064			(137,925)			89,173
Reinsurance recoverable on unpaid losses and loss expenses	(25,766)			(160,290)			(34,094)			(81,473)			(63,010)			(80,478)
Net unpaid losses and loss expenses	(16,827)			62,807			(2,839)			207			(96,388)			11,931
Total net incurred losses and loss expenses	$	332,979		$	468,688		$	334,298		$	357,820		$	372,795		$	540,160
Gross reserve for losses and loss expenses	$	6,849,565		$	6,861,463		$	6,700,985		$	6,656,705		$	6,616,268		$	6,255,513
Net favorable prior year reserve development	$	4,262		$	5,594		$	381		$	3,812		$	2,142		$	3,426
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	105.1		%	86.6		%	100.8		%	99.9		%	125.9		%	97.8		%
Net paid losses and loss expenses / Net premiums earned	67.9		%	76.5		%	64.2		%	73.4		%	94.3		%	86.2		%
Net unpaid losses and loss expenses / Net premiums earned	(3.3		%)	11.9		%	(0.6		%)	—		%	(19.4		%)	2.0		%
Net losses and loss expenses ratio	64.6		%	88.4		%	63.6		%	73.4		%	74.9		%	88.2		%

26

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF JANUARY 1, 2022

		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	$	131	2.7	%	$	186	3.8	%	$	262	5.4	%
Northeast	U.S. Hurricane	39		0.8	%	115		2.4	%	238		4.9	%
Mid-Atlantic	U.S. Hurricane	71		1.5	%	193		4.0	%	362		7.4	%
Gulf of Mexico	U.S. Hurricane	119		2.4	%	164		3.4	%	234		4.8	%
California	Earthquake	123		2.5	%	240		4.9	%	327		6.7	%
Europe	Windstorm	90		1.9	%	124		2.6	%	165		3.4	%
Japan	Earthquake	82		1.7	%	204		4.2	%	318		6.5	%
Japan	Windstorm	$	75	1.5	%	$	144	3.0	%	$	166	3.4	%

The table above shows our net Probable Maximum Loss ("PML") to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at January 1, 2022. 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 U.S. hurricane, net of reinsurance, is approximately $0.2 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $0.2 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast hurricane will fall below $0.2 billion.

We have developed our PML estimates by combining judgment and experience with the outputs from the catastrophe model, commercially available from AIR Worldwide. Additionally, we have included our estimate of non-modeled perils and other factors which we believe provides 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, the most important of which is by ensuring that management’s judgment supplements the model outputs. Models are continuously validated at the line of business and at a group level by our catastrophe model validation

team. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

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 to our internal modeling, underwriting portfolios, reinsurance purchasing strategy and foreign exchange rates.

27

AXIS CAPITAL HOLDINGS LIMITED

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

	Quarters ended December 31,				Years ended December 31,
	2021		2020		2021		2020
Net income (loss) available (attributable) to common shareholders	$	197,329	$	(4,819)	$	588,359	$	(150,674)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,774		84,341		84,707		84,262
Dilutive share equivalents:
Share-based compensation plans [a]	817		—		584		—
Weighted average diluted common shares outstanding	85,591		84,341		85,291		84,262
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$2.33		($0.06)		$6.95		($1.79)
Earnings (loss) per diluted common share	$2.31		($0.06)		$6.90		($1.79)

[a] Due to the net loss attributable to common shareholders recognized for the quarter and year ended December 31, 2020, the share equivalents were anti-dilutive.

28

AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLLFORWARD - QUARTER

	Q4 2021		Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q4 2019
Net income (loss) available (attributable) to common shareholders	$	197,329	$	47,385	$	227,910	$	115,737	$	(4,819)	$	(9,897)
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	84,773		84,767		84,753		84,353		84,309		83,947
Shares issued and treasury shares reissued	5		10		22		589		83		23
Shares repurchased for treasury	(4)		(4)		(8)		(189)		(39)		(11)
Common shares - at end of period	84,774		84,773		84,767		84,753		84,353		83,959
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,774		84,771		84,764		84,514		84,341		83,957
Dilutive share equivalents:
Share-based compensation plans [a]	817		565		503		451		—		—
Weighted average diluted common shares outstanding	85,591		85,336		85,267		84,965		84,341		83,957
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$2.33		$0.56		$2.69		$1.37		($0.06)		($0.12)
Earnings (loss) per diluted common share	$2.31		$0.56		$2.67		$1.36		($0.06)		($0.12)

[a] Due to the net loss attributable to common shareholders recognized for the quarters ended December 31, 2020 and 2019, respectively, the share equivalents were anti-dilutive.

29

AXIS CAPITAL HOLDINGS LIMITED

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

	At December 31, 2021
	Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price				$54.47
Book value per common share	$	4,860,656	84,774	$57.34
Dilutive securities: [b]
Restricted stock units			2,373	(1.56)
Book value per diluted common share	$	4,860,656	87,147	$55.78
	At December 31, 2020
	Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price				$50.39
Book value per common share	$	4,745,694	84,353	$56.26
Dilutive securities: [b]
Restricted stock units			1,790	(1.17)
Book value per diluted common share	$	4,745,694	86,143	$55.09

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

[b]    Cash-settled restricted stock units are excluded.

30

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

	Quarters ended December 31,						Years ended December 31,
	2021			2020			2021			2020
Net income (loss) available (attributable) to common shareholders	$	197,329		$	(4,819)		$	588,359		$	(150,674)
Net investment gains [a]	(20,410)			(83,356)			(134,279)			(129,133)
Foreign exchange losses [b]	4,632			72,309			315			81,069
Reorganization expenses [c]	—			7,059			—			7,881
Interest in (income) loss of equity method investments [d]	(1,213)			(9,967)			(32,084)			3,612
Income tax expense	1,849			2,529			14,166			13,023
Operating income (loss)	$	182,187		$	(16,245)		$	436,477		$	(174,222)
Earnings (loss) per diluted common share	$	2.31		$	(0.06)		$	6.90		$	(1.79)
Net investment gains	(0.24)			(0.99)			(1.57)			(1.53)
Foreign exchange losses	0.05			0.86			—			0.96
Reorganization expenses	—			0.08			—			0.09
Interest in (income) loss of equity method investments	(0.01)			(0.12)			(0.38)			0.04
Income tax expense	0.02			0.03			0.17			0.15
Operating income (loss) per diluted common share	$	2.13		$	(0.20)		$	5.12		$	(2.08)
Weighted average diluted common shares outstanding	85,591			84,341			85,291			84,262
Average common shareholders' equity	$	4,822,856		$	4,730,795		$	4,803,175		$	4,757,351
Annualized return on average common equity	16.4		%	(0.4		%)	12.2		%	(3.2		%)
Annualized operating return on average common equity	15.1		%	(1.4		%)	9.1		%	(3.7		%)

[a]    Tax expense (benefit) of $2 million and $9 million for the quarters ended December 31, 2021 and 2020, respectively, and $11 million and $18 million for the years ended December 31, 2021 and 2020, 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 expense (benefit) of $nil and $(5) million for the quarters ended December 31, 2021 and 2020, respectively, and $3 million and $(4) million for the years ended December 31, 2021 and 2020, 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 expense (benefit) of $(1) million for the quarter and year ended December 31, 2020. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d]    Tax expense (benefit) of $nil for the quarters and years ended December 31, 2021 and 2020, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

31

AXIS CAPITAL HOLDINGS LIMITED

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE - TREASURY STOCK METHOD [a]
	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
	2021		2021		2021		2021		2020		2019
Common shareholders' equity	$	4,860,656	$	4,785,055	$	4,839,760	$	4,626,390	$	4,745,694	$	4,769,008
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(102,003)
Less: intangible assets	(208,717)		(211,557)		(214,286)		(216,904)		(219,633)		(230,550)
Associated tax impact	53,500		53,175		53,241		45,565		45,991		43,199
Tangible common shareholders' equity	$	4,604,638	$	4,525,872	$	4,577,914	$	4,354,250	$	4,471,251	$	4,479,654
Diluted common shares outstanding, net of treasury shares	87,147		87,216		87,197		87,235		86,143		85,489
Book value per diluted common share	$	55.78	$	54.86	$	55.50	$	53.03	$	55.09	$	55.79
Tangible book value per diluted common share	$	52.84	$	51.89	$	52.50	$	49.91	$	51.90	$	52.40

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

32

AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

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

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

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

33

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 related to the transformation program which was launched in 2017. This program encompasses the integration of Novae Group plc ("Novae"), which commenced in the fourth quarter of 2017, the realignment of our accident and health business, together with other initiatives designed to increase efficiency and enhance profitability, while delivering a customer-centric operating model.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 value of business acquired ("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 net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations - Quarter' and 'Consolidated Statements of Operations - Year' 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), 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

34

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 meaningful contributor to the performance of our business.

Reorganization expenses are related to the transformation program which was launched in 2017. This program encompasses the integration of Novae, which commenced in the fourth quarter of 2017, the realignment of our accident and health business, together with other initiatives designed to increase efficiency and enhance profitability, while delivering a customer-centric operating model. 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 after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share' section of this document.

35