EX-99.2 3 q32022financialsupplement.htm EX-99.2 Document







 

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AXIS CAPITAL HOLDINGS LIMITED








INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2022











AXIS Capital Holdings Limited
92 Pitts Bay Road
Pembroke HM 08 Bermuda
Contact Information:
Mei Feng A. Zhang
Investor Contact
 (212) 940-3312;
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)
  
i - iv
  
II. Income Statements  
  
  
  
  
III. Balance Sheets  
  
b. Cash and Invested Assets:  
  
  
  
  
  
  
IV. Losses Reserve Analysis  
  
  
V. Share Analysis  
  
  
VI. Non-GAAP Financial Measures  
  
VII. Reinsurance and Group Consolidated Segment Data - Catastrophe and Property


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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, 2021 and consolidated statements of operations for the years ended December 31, 2021 and December 31, 2020.
•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 including our exit from property reinsurance business, our expectations regarding pricing, other market conditions and economic conditions including inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

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

COVID-19
•the adverse impact of the ongoing COVID-19 pandemic on our business, results of operations, financial condition, and liquidity;

Insurance Risk
•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, including the potential increase of our exposure to natural catastrophe losses due to climate change;
•actual claims exceeding loss reserves;
•the failure of any of the loss limitation methods we employ;
•the effects of emerging claims, coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;
•the failure of our cedants to adequately evaluate risks;
•the adverse impact of inflation;

Strategic Risk
•losses from war including losses related to the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;
•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;
•the loss of business provided to us by major brokers;
•a decline in our ratings with rating agencies;
•the loss of one or more of our key executives;
•difficulties with technology and/or data security;


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Credit Risk
•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;
•the failure of our policyholders or intermediaries to pay premiums;
•general economic, capital and credit market conditions, including fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates;
•breaches by third parties in our program business of their obligations to us;

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

Operational Risk
•changes in accounting policies or practices;
•the use of industry models and changes to these models;

Regulatory Risk
•changes in governmental regulations and potential government intervention in our industry;
•inadvertent failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices; and

Risks Related to Taxation
•changes in tax laws.

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


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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 an excess of loss basis. The Company announced its exit from this line of business in June 2022.

Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, 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. The Company announced its exit from this line of business in June 2022.
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 provided to mortgage guaranty insurers and U.S. government-sponsored entities for losses related to credit risk transfer into the private sector.
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.
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.
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.
Agriculture: provides protection for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. This business is written on a proportional and aggregate stop loss reinsurance basis.
Marine and Aviation: 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 a proportional and catastrophic or per life excess of loss basis.

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AXIS CAPITAL HOLDINGS LIMITED
FINANCIAL HIGHLIGHTS
  Three months ended September 30,Nine months ended September 30,
  20222021Change20222021Change
HIGHLIGHTSGross premiums written$1,707,808 $1,646,489 3.7 %$6,455,899 $6,123,156 5.4 %
Gross premiums written - Insurance77.2 %71.5 %5.7 pts63.7 %57.9 %5.8 pts
Gross premiums written - Reinsurance22.8 %28.5 %(5.7)pts36.3 %42.1 %(5.8)pts
Net premiums written$1,036,784 $996,471 4.0 %$4,166,502 $3,979,215 4.7 %
Net premiums earned$1,284,866 $1,211,427 6.1 %$3,820,163 $3,472,090 10.0 %
Net premiums earned - Insurance60.9 %56.2 %4.7 pts60.3 %55.6 %4.7 pts
Net premiums earned - Reinsurance39.1 %43.8 %(4.7)pts39.7 %44.4 %(4.7)pts
Net income (loss) available (attributable) to common shareholders$(16,947)$47,385 nm$151,904 $391,028 (61.2 %)
Operating income (loss) [a]
$2,507 $1,044 nm$331,323 $254,289 30.3 %
Annualized return on average common equity [b]
(1.7 %)3.9 %(5.6)pts4.7 %10.9 %(6.2)pts
Annualized operating return on average common equity [c]
0.3 %0.1 %0.2 pts10.2 %7.1 %3.1 pts
Total shareholders’ equity$4,343,423 $5,335,055 (18.6 %)$4,343,423 $5,335,055 (18.6 %)
PER COMMON SHARE AND COMMON SHARE DATAEarnings (loss) per diluted common share($0.20)$0.56 nm$1.77 $4.59 (61.4 %)
Operating income (loss) per diluted common share [d]
$0.03 $0.01 nm$3.86 $2.98 29.5 %
Weighted average diluted common shares outstanding84,660 85,336 (0.8 %)85,674 85,191 0.6 %
Book value per common share$44.80 $56.45 (20.6 %)$44.80 $56.45 (20.6 %)
Book value per diluted common share (treasury stock method)$43.50 $54.86 (20.7 %)$43.50 $54.86 (20.7 %)
Tangible book value per diluted common share (treasury stock method) [a]
$40.64 $51.89 (21.7 %)$40.64 $51.89 (21.7 %)
FINANCIAL RATIOSCurrent accident year loss ratio, excluding catastrophe and weather-related losses57.1 %55.4 %1.7 pts55.5 %55.4 %0.1 pts
Catastrophe and weather-related losses ratio16.6 %20.7 %(4.1)pts8.9 %11.3 %(2.4)pts
Current accident year loss ratio73.7 %76.1 %(2.4)pts64.4 %66.7 %(2.3)pts
Prior year reserve development ratio(0.4 %)(0.9 %)0.5 pts(0.4 %)(0.7 %)0.3 pts
Net losses and loss expenses ratio73.3 %75.2 %(1.9)pts64.0 %66.0 %(2.0)pts
Acquisition cost ratio18.7 %19.1 %(0.4)pts19.5 %19.3 %0.2 pts
General and administrative expense ratio [e]
12.3 %13.1 %(0.8)pts12.9 %13.8 %(0.9)pts
Combined ratio104.3 %107.4 %(3.1)pts96.4 %99.1 %(2.7)pts
INVESTMENT DATATotal assets$27,119,753 $27,935,137 (2.9 %)$27,119,753 $27,935,137 (2.9 %)
Total cash and invested assets [f]
$15,640,704 $16,470,740 (5.0 %)$15,640,704 $16,470,740 (5.0 %)
Net investment income$88,177 $107,339 (17.9 %)$271,744 $326,174 (16.7 %)
Net investment gains (losses)$(146,458)$10,932 nm$(414,231)$113,868 nm
Book yield of fixed maturities2.9 %1.9 %1.0 pts2.9 %1.9 %1.0 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.
[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
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021
Three months ended September 30,Nine months ended September 30,
2022202120222021
Revenues
Net premiums earned$1,284,866 $1,211,427 $3,820,163 $3,472,090 
Net investment income88,177 107,339 271,744 326,174 
Net investment gains (losses)(146,458)10,932 (414,231)113,868 
Other insurance related income1,092 7,665 9,998 16,262 
Total revenues1,227,677 1,337,363 3,687,674 3,928,394 
Expenses
Net losses and loss expenses941,911 911,369 2,444,196 2,292,559 
Acquisition costs240,511 231,712 746,443 669,654 
General and administrative expenses158,245 157,960 492,872 478,820 
Foreign exchange gains(135,660)(28,032)(236,934)(4,316)
Interest expense and financing costs15,915 15,954 46,720 46,759 
Reorganization expenses6,213 — 21,941 — 
Amortization of value of business acquired— 1,028 — 3,083 
Amortization of intangible assets2,729 3,149 8,188 9,163 
Total expenses1,229,864 1,293,140 3,523,426 3,495,722 
Income (loss) before income taxes and interest in income (loss) of equity method investments(2,187)44,223 164,248 432,672 
Income tax (expense) benefit 363 (1,186)5,304 (49,827)
Interest in income (loss) of equity method investments(7,560)11,911 5,040 30,871 
Net income (loss)(9,384)54,948 174,592 413,716 
Preferred share dividends7,563 7,563 22,688 22,688 
Net income (loss) available (attributable) to common shareholders$(16,947)$47,385 $151,904 $391,028 




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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
Year ended December 31,
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 20202021
UNDERWRITING REVENUES
Gross premiums written$1,707,808 $2,113,483 $2,634,608 $1,562,828 $1,646,489 $1,331,178 $7,685,984 
Ceded premiums written(671,024)(796,636)(821,736)(615,420)(650,018)(515,196)(2,759,360)
Net premiums written1,036,784 1,316,847 1,812,872 947,408 996,471 815,982 4,926,624 
Gross premiums earned2,012,426 1,971,208 1,902,508 1,936,521 1,879,280 1,680,529 7,281,709 
Ceded premiums earned(727,560)(694,156)(644,262)(698,761)(667,853)(589,217)(2,571,859)
Net premiums earned1,284,866 1,277,052 1,258,246 1,237,760 1,211,427 1,091,312 4,709,850 
Other insurance related income1,092 2,213 6,693 7,033 7,665 1,440 23,295 
Total underwriting revenues1,285,958 1,279,265 1,264,939 1,244,793 1,219,092 1,092,752 4,733,145 
UNDERWRITING EXPENSES
Net losses and loss expenses941,911 769,587 732,699 716,225 911,369 879,677 3,008,783 
Acquisition costs240,511 257,582 248,352 252,180 231,712 230,564 921,834 
Underwriting-related general and administrative expenses [a]
132,570 135,403 145,096 140,379 134,826 117,835 536,834 
Total underwriting expenses1,314,992 1,162,572 1,126,147 1,108,784 1,277,907 1,228,076 4,467,451 
UNDERWRITING INCOME (LOSS) [b](29,034)116,693 138,792 136,009 (58,815)(135,324)265,694 
OTHER (EXPENSES) REVENUES
Net investment income88,177 92,214 91,355 128,128 107,339 101,956 454,301 
Net investment gains (losses)(146,458)(173,263)(94,508)20,410 10,932 55,609 134,279 
Corporate expenses [a]
(25,675)(30,183)(23,945)(44,105)(23,134)(20,988)(126,470)
Foreign exchange (losses) gains135,660 57,000 44,273 (4,632)28,032 (60,734)(315)
Interest expense and financing costs(15,915)(15,241)(15,564)(15,543)(15,954)(15,574)(62,302)
Reorganization expenses(6,213)(15,728)— — — (1,413)— 
Amortization of value of business acquired— — — (771)(1,028)(1,028)(3,854)
Amortization of intangible assets(2,729)(2,729)(2,729)(3,260)(3,149)(2,838)(12,424)
Total other (expenses) revenues26,847 (87,930)(1,118)80,227 103,038 54,990 383,215 
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS(2,187)28,763 137,674 216,236 44,223 (80,334)648,909 
Income tax (expense) benefit363 4,965 (24)(12,557)(1,186)12,056 (62,384)
Interest in income (loss) of equity method investments(7,560)1,050 11,550 1,213 11,911 2,896 32,084 
NET INCOME (LOSS) (9,384)34,778 149,200 204,892 54,948 (65,382)618,609 
Preferred share dividends(7,563)(7,563)(7,563)(7,563)(7,563)(7,563)(30,250)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS$(16,947)$27,215 $141,637 $197,329 $47,385 $(72,945)$588,359 
[a]    Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.
[b]    Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED KEY RATIOS
Year ended December 31,
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 20202021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses57.1 %55.3 %54.2 %54.3 %55.4 %58.5 %55.1 %
Catastrophe and weather-related losses ratio16.6 %5.3 %4.7 %4.3 %20.7 %22.2 %9.5 %
Current accident year loss ratio73.7 %60.6 %58.9 %58.6 %76.1 %80.7 %64.6 %
Prior year reserve development ratio(0.4 %)(0.3 %)(0.7 %)(0.7 %)(0.9 %)(0.1 %)(0.7 %)
Net losses and loss expenses ratio73.3 %60.3 %58.2 %57.9 %75.2 %80.6 %63.9 %
Acquisition cost ratio18.7 %20.2 %19.7 %20.4 %19.1 %21.1 %19.6 %
General and administrative expense ratio [a]
12.3 %12.9 %13.5 %14.8 %13.1 %12.8 %14.0 %
Combined ratio104.3 %93.4 %91.4 %93.1 %107.4 %114.5 %97.5 %
Weighted average common shares outstanding84,66085,17384,96184,77484,77184,30884,707
Weighted average diluted common shares outstanding  [b]
84,66085,84385,80885,59185,33684,30885,291
Earnings (loss) per common share($0.20)$0.32$1.67$2.33$0.56($0.87)$6.95
Earnings (loss) per diluted common share($0.20)$0.32$1.65$2.31$0.56($0.87)$6.90
Annualized ROACE(1.7 %)2.5 %12.0 %16.4 %3.9 %(6.2 %)12.2 %
Annualized operating ROACE0.3 %13.7 %15.3 %15.1 %0.1 %(5.5 %)9.1 %
[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 three months ended September 30, 2022 and September 30, 2020, the share equivalents were anti-dilutive.























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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS
 Nine months ended September 30,Year ended December 31,
 20222021202020212020
UNDERWRITING REVENUES
Gross premiums written$6,455,899 $6,123,156 $5,478,519 $7,685,984 $6,826,938 
Ceded premiums written(2,289,397)(2,143,941)(1,927,559)(2,759,360)(2,490,529)
Net premiums written4,166,502 3,979,215 3,550,960 4,926,624 4,336,409 
Gross premiums earned5,886,143 5,345,188 5,032,802 7,281,709 6,768,733 
Ceded premiums earned(2,065,980)(1,873,098)(1,748,861)(2,571,859)(2,397,424)
Net premiums earned3,820,163 3,472,090 3,283,941 4,709,850 4,371,309 
Other insurance related income (loss)9,998 16,262 (5,270)23,295 (8,089)
Total underwriting revenues3,830,161 3,488,352 3,278,671 4,733,145 4,363,220 
UNDERWRITING EXPENSES
Net losses and loss expenses2,444,196 2,292,559 2,464,012 3,008,783 3,281,252 
Acquisition costs746,443 669,654 697,716 921,834 929,517 
Underwriting-related general and administrative expenses [a]
413,069 396,455 361,623 536,834 477,968 
Total underwriting expenses3,603,708 3,358,668 3,523,351 4,467,451 4,688,737 
UNDERWRITING INCOME (LOSS) [b]226,453 129,684 (244,680)265,694 (325,517)
OTHER (EXPENSES) REVENUES
Net investment income271,744 326,174 240,098 454,301 349,601 
Net investment gains (losses)(414,231)113,868 45,777 134,279 129,133 
Corporate expenses [a]
(79,803)(82,365)(74,915)(126,470)(101,822)
Foreign exchange (losses) gains236,934 4,316 (8,760)(315)(81,069)
Interest expense and financing costs(46,720)(46,759)(59,641)(62,302)(75,049)
Reorganization expenses(21,941)— (822)— (7,881)
Amortization of value of business acquired— (3,083)(4,111)(3,854)(5,139)
Amortization of intangible assets(8,188)(9,163)(8,564)(12,424)(11,390)
Total other (expenses) revenues(62,205)302,988 129,062 383,215 196,384 
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS164,248 432,672 (115,618)648,909 (129,133)
Income tax (expense) benefit5,304 (49,827)6,030 (62,384)12,321 
Interest in income (loss) of equity method investments5,040 30,871 (13,579)32,084 (3,612)
NET INCOME (LOSS)174,592 413,716 (123,167)618,609 (120,424)
Preferred share dividends(22,688)(22,688)(22,688)(30,250)(30,250)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS$151,904 $391,028 $(145,855)$588,359 $(150,674)
[a]   Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to total general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.
[b] Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.
5
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED KEY RATIOS
 Nine months ended September 30,Year ended December 31,
 20222021202020212020
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses55.5 %55.4 %57.8 %55.1 %57.7 %
Catastrophe and weather-related losses ratio8.9 %11.3 %17.5 %9.5 %17.7 %
Current accident year loss ratio64.4 %66.7 %75.3 %64.6 %75.4 %
Prior year reserve development ratio(0.4 %)(0.7 %)(0.3 %)(0.7 %)(0.3 %)
Net losses and loss expenses ratio64.0 %66.0 %75.0 %63.9 %75.1 %
Acquisition cost ratio19.5 %19.3 %21.2 %19.6 %21.3 %
General and administrative expense ratio [a]
12.9 %13.8 %13.4 %14.0 %13.2 %
Combined ratio96.4 %99.1 %109.6 %97.5 %109.6 %
Weighted average common shares outstanding84,930 84,684 84,235 84,707 84,262 
Weighted average diluted common shares outstanding [b]
85,674 85,191 84,235 85,291 84,262 
Earnings (loss) per common share
$1.79 $4.62 ($1.73)$6.95 ($1.79)
Earnings (loss) per diluted common share$1.77 $4.59 ($1.73)$6.90 ($1.79)
Annualized ROACE4.7 %10.9 %(4.1 %)12.2 %(3.2 %)
Annualized operating ROACE10.2 %7.1 %(4.4 %)9.1 %(3.7 %)
[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 nine months ended September 30, 2020, and year ended December 31, 2020, the share equivalents were anti-dilutive.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED SEGMENT DATA
Three months ended September 30, 2022Nine months ended September 30, 2022
 InsuranceReinsuranceTotalInsuranceReinsuranceTotal
UNDERWRITING REVENUES
Gross premiums written$1,317,890 $389,918 $1,707,808 $4,114,776 $2,341,123 $6,455,899 
Ceded premiums written(540,101)(130,923)(671,024)(1,623,656)(665,741)(2,289,397)
Net premiums written777,789 258,995 1,036,784 2,491,120 1,675,382 4,166,502 
Gross premiums earned1,331,887 680,539 2,012,426 3,850,444 2,035,699 5,886,143 
Ceded premiums earned(549,786)(177,774)(727,560)(1,546,804)(519,176)(2,065,980)
Net premiums earned782,101 502,765 1,284,866 2,303,640 1,516,523 3,820,163 
Other insurance related income151 941 1,092 470 9,528 9,998 
Total underwriting revenues782,252 503,706 1,285,958 2,304,110 1,526,051 3,830,161 
UNDERWRITING EXPENSES
Net losses and loss expenses519,006 422,905 941,911 1,346,585 1,097,611 2,444,196 
Acquisition costs139,436 101,075 240,511 422,979 323,464 746,443 
Underwriting-related general and administrative expenses108,072 24,498 132,570 330,598 82,471 413,069 
Total underwriting expenses766,514 548,478 1,314,992 2,100,162 1,503,546 3,603,708 
UNDERWRITING INCOME (LOSS)$15,738 $(44,772)$(29,034)$203,948 $22,505 $226,453 
Catastrophe and weather-related losses, net of reinstatement premiums$112,799 $99,170 $211,969 $173,518 $165,646 $339,164 
Net favorable prior year reserve development$2,558 $2,177 $4,735 $12,396 $5,236 $17,632 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses52.6 %64.2 %57.1 %51.6 %61.6 %55.5 %
Catastrophe and weather-related losses ratio14.1 %20.3 %16.6 %7.4 %11.1 %8.9 %
Current accident year loss ratio66.7 %84.5 %73.7 %59.0 %72.7 %64.4 %
Prior year reserve development ratio(0.3 %)(0.4 %)(0.4 %)(0.5 %)(0.3 %)(0.4 %)
Net losses and loss expenses ratio66.4 %84.1 %73.3 %58.5 %72.4 %64.0 %
Acquisition cost ratio17.8 %20.1 %18.7 %18.4 %21.3 %19.5 %
Underwriting-related general and administrative expense ratio13.8 %4.9 %10.3 %14.3 %5.4 %10.8 %
Corporate expense ratio2.0 %2.1 %
Combined ratio98.0 %109.1 %104.3 %91.2 %99.1 %96.4 %

7
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AXIS CAPITAL HOLDINGS LIMITED
GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS
Nine months ended September 30,Year ended December 31,
 Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 2020202220212021
INSURANCE SEGMENT
Property$282,242 $386,350 $284,937 $281,105 $273,548 $238,640 $953,529 $855,759 $1,136,864 
Marine108,215 126,952 198,551 80,355 87,463 82,810 433,718 389,472 469,826 
Terrorism15,295 14,179 22,982 9,868 14,167 14,767 52,456 46,250 56,117 
Aviation32,446 26,844 25,967 27,711 32,954 22,702 85,256 83,098 110,809 
Credit and Political Risk47,483 47,085 47,499 55,360 27,651 24,473 142,068 108,242 163,602 
Professional Lines499,441 496,275 435,865 549,011 465,576 340,249 1,431,582 1,267,105 1,816,116 
Liability266,615 306,541 253,162 267,726 228,497 172,914 826,318 663,272 930,999 
Accident and Health66,153 65,396 58,301 43,927 46,644 39,262 189,849 134,971 178,899 
TOTAL INSURANCE SEGMENT$1,317,890 $1,469,622 $1,327,264 $1,315,063 $1,176,500 $935,817 $4,114,776 $3,548,169 $4,863,232 
REINSURANCE SEGMENT
Catastrophe$21,227 $62,077 $138,396 $19,957 $88,396 $74,656 $221,700 $472,441 $492,397 
Property2,173 20,386 76,323 4,042 38,584 58,925 98,882 209,364 213,406 
Credit and Surety53,944 76,872 103,876 31,667 55,807 38,109 234,692 176,441 208,108 
Professional Lines27,575 173,056 133,579 49,739 24,279 31,752 334,210 303,932 353,671 
Motor22,035 35,814 151,714 4,511 12,151 (2,148)209,563 275,455 279,966 
Liability156,500 190,072 284,348 104,956 166,085 137,043 630,921 617,975 722,931 
Engineering(984)444 10,065 (874)(660)1,408 9,525 (5,590)(6,464)
Agriculture39,312 49,971 27,826 10,822 11,992 7,455 117,108 75,306 86,128 
Marine and Aviation8,823 25,198 50,485 3,484 12,428 6,341 84,506 70,484 73,968 
Accident and Health59,313 9,971 330,732 19,461 60,927 41,820 400,016 379,179 398,641 
TOTAL REINSURANCE SEGMENT$389,918 $643,861 $1,307,344 $247,765 $469,989 $395,361 $2,341,123 $2,574,987 $2,822,752 
CONSOLIDATED TOTAL$1,707,808 $2,113,483 $2,634,608 $1,562,828 $1,646,489 $1,331,178 $6,455,899 $6,123,156 $7,685,984 








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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED DATA
Year ended December 31,
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 20202021
UNDERWRITING REVENUES
Gross premiums written$1,707,808 $2,113,483 $2,634,608 $1,562,828 $1,646,489 $1,331,178 $7,685,984 
Ceded premiums written(671,024)(796,636)(821,736)(615,420)(650,018)(515,196)(2,759,360)
Net premiums written1,036,784 1,316,847 1,812,872 947,408 996,471 815,982 4,926,624 
Gross premiums earned2,012,426 1,971,208 1,902,508 1,936,521 1,879,280 1,680,529 7,281,709 
Ceded premiums earned(727,560)(694,156)(644,262)(698,761)(667,853)(589,217)(2,571,859)
Net premiums earned1,284,866 1,277,052 1,258,246 1,237,760 1,211,427 1,091,312 4,709,850 
Other insurance related income1,092 2,213 6,693 7,033 7,665 1,440 23,295 
  Total underwriting revenues1,285,958 1,279,265 1,264,939 1,244,793 1,219,092 1,092,752 4,733,145 
UNDERWRITING EXPENSES
Net losses and loss expenses941,911 769,587 732,699 716,225 911,369 879,677 3,008,783 
Acquisition costs240,511 257,582 248,352 252,180 231,712 230,564 921,834 
Underwriting-related general and administrative expenses132,570 135,403 145,096 140,379 134,826 117,835 536,834 
  Total underwriting expenses1,314,992 1,162,572 1,126,147 1,108,784 1,277,907 1,228,076 4,467,451 
UNDERWRITING INCOME (LOSS)$(29,034)$116,693 $138,792 $136,009 $(58,815)$(135,324)$265,694 
Catastrophe and weather-related losses, net of reinstatement premiums$211,969 $67,119 $60,076 $54,209 $249,830 $240,025 $442,859 
Net favorable prior year reserve development$4,735 $3,940 $8,956 $9,270 $11,012 $584 $32,410 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses57.1 %55.3 %54.2 %54.3 %55.4 %58.5 %55.1 %
Catastrophe and weather-related losses ratio16.6 %5.3 %4.7 %4.3 %20.7 %22.2 %9.5 %
Current accident year loss ratio73.7 %60.6 %58.9 %58.6 %76.1 %80.7 %64.6 %
Prior year reserve development ratio(0.4 %)(0.3 %)(0.7 %)(0.7 %)(0.9 %)(0.1 %)(0.7 %)
Net losses and loss expenses ratio73.3 %60.3 %58.2 %57.9 %75.2 %80.6 %63.9 %
Acquisition cost ratio18.7 %20.2 %19.7 %20.4 %19.1 %21.1 %19.6 %
Underwriting-related general and administrative expenses ratio12.3 %12.9 %13.5 %14.8 %13.1 %12.8 %14.0 %
Combined ratio104.3 %93.4 %91.4 %93.1 %107.4 %114.5 %97.5 %

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AXIS CAPITAL HOLDINGS LIMITED
INSURANCE SEGMENT DATA
Year ended December 31,
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 20202021
UNDERWRITING REVENUES
Gross premiums written$1,317,890 $1,469,622 $1,327,264 $1,315,063 $1,176,500 $935,817 $4,863,233 
Ceded premiums written(540,101)(600,203)(483,352)(548,369)(469,008)(390,960)(1,968,347)
Net premiums written777,789 869,419 843,912 766,694 707,492 544,857 2,894,885 
Gross premiums earned1,331,887 1,285,275 1,233,281 1,212,644 1,142,550 948,478 4,445,035 
Ceded premiums earned(549,786)(516,551)(480,465)(490,275)(461,542)(378,294)(1,793,696)
Net premiums earned782,101 768,724 752,816 722,369 681,008 570,184 2,651,339 
Other insurance related income151 237 82 227 468 688 1,662 
Total underwriting revenues782,252 768,961 752,898 722,596 681,476 570,872 2,653,001 
UNDERWRITING EXPENSES
Net losses and loss expenses519,006 421,836 405,745 383,246 442,681 443,389 1,514,998 
Acquisition costs139,436 144,732 138,812 136,172 123,529 114,569 484,344 
Underwriting-related general and administrative expenses108,072 108,577 113,950 121,505 104,905 94,379 429,282 
Total underwriting expenses766,514 675,145 658,507 640,923 671,115 652,337 2,428,624 
UNDERWRITING INCOME (LOSS)$15,738 $93,816 $94,391 $81,673 $10,361 $(81,465)$224,377 
Catastrophe and weather-related losses, net of reinstatement premiums$112,799 $27,989 $32,730 $22,654 $104,873 $131,853 $174,559 
Net favorable prior year reserve development$2,558 $2,773 $7,062 $5,008 $5,418 $270 $18,360 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses52.6 %51.6 %50.5 %50.8 %50.8 %54.7 %51.4 %
Catastrophe and weather-related losses ratio14.1 %3.6 %4.3 %2.9 %15.0 %23.1 %6.4 %
Current accident year loss ratio66.7 %55.2 %54.8 %53.7 %65.8 %77.8 %57.8 %
Prior year reserve development ratio(0.3 %)(0.3 %)(0.9 %)(0.6 %)(0.8 %)— %(0.7 %)
Net losses and loss expenses ratio66.4 %54.9 %53.9 %53.1 %65.0 %77.8 %57.1 %
Acquisition cost ratio17.8 %18.8 %18.4 %18.9 %18.1 %20.1 %18.3 %
Underwriting-related general and administrative expenses ratio13.8 %14.1 %15.2 %16.7 %15.4 %16.5 %16.2 %
Combined ratio98.0 %87.8 %87.5 %88.7 %98.5 %114.4 %91.6 %

10
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AXIS CAPITAL HOLDINGS LIMITED
REINSURANCE SEGMENT DATA
Year ended December 31,
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 20202021
UNDERWRITING REVENUES
Gross premiums written$389,918 $643,861 $1,307,344 $247,765 $469,989 $395,361 $2,822,752 
Ceded premiums written(130,923)(196,433)(338,384)(67,051)(181,010)(124,236)(791,013)
Net premiums written258,995 447,428 968,960 180,714 288,979 271,125 2,031,739 
Gross premiums earned680,539 685,933 669,227 723,877 736,730 732,051 2,836,674 
Ceded premiums earned(177,774)(177,605)(163,797)(208,486)(206,311)(210,923)(778,163)
Net premiums earned502,765 508,328 505,430 515,391 530,419 521,128 2,058,511 
Other insurance related income941 1,976 6,611 6,806 7,197 752 21,633 
Total underwriting revenues503,706 510,304 512,041 522,197 537,616 521,880 2,080,144 
UNDERWRITING EXPENSES
Net losses and loss expenses422,905 347,751 326,954 332,979 468,688 436,288 1,493,785 
Acquisition costs101,075 112,850 109,540 116,008 108,183 115,995 437,490 
Underwriting-related general and administrative expenses24,498 26,826 31,146 18,874 29,921 23,456 107,552 
Total underwriting expenses548,478 487,427 467,640 467,861 606,792 575,739 2,038,827 
UNDERWRITING INCOME (LOSS)$(44,772)$22,877 $44,401 $54,336 $(69,176)$(53,859)$41,317 
Catastrophe and weather-related losses, net of reinstatement premiums$99,170 $39,130 $27,346 $31,555 $144,957 $108,172 $268,300 
Net favorable prior year reserve development$2,177 $1,167 $1,894 $4,262 $5,594 $314 $14,050 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses64.2 %60.9 %59.7 %59.2 %61.4 %62.7 %59.9 %
Catastrophe and weather-related losses ratio20.3 %7.7 %5.4 %6.2 %28.0 %21.1 %13.3 %
Current accident year loss ratio84.5 %68.6 %65.1 %65.4 %89.4 %83.8 %73.2 %
Prior year reserve development ratio(0.4 %)(0.2 %)(0.4 %)(0.8 %)(1.0 %)(0.1 %)(0.6 %)
Net losses and loss expenses ratio84.1 %68.4 %64.7 %64.6 %88.4 %83.7 %72.6 %
Acquisition cost ratio20.1 %22.2 %21.7 %22.5 %20.4 %22.3 %21.3 %
Underwriting-related general and administrative expense ratio4.9 %5.3 %6.1 %3.7 %5.6 %4.5 %5.1 %
Combined ratio109.1 %95.9 %92.5 %90.8 %114.4 %110.5 %99.0 %




11
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AXIS CAPITAL HOLDINGS LIMITED
STRATEGIC CAPITAL PARTNERS
Three months ended September 30,Nine months ended September 30,
2022202120222021
TOTAL MANAGED PREMIUMS [a]InsuranceReinsuranceTotalInsuranceReinsuranceTotalInsuranceReinsuranceTotalInsuranceReinsuranceTotal
Total Managed Premiums$1,317,890 $389,918 $1,707,808 $1,176,500 $469,989 $1,646,489 $4,114,776 $2,341,123 $6,455,899 $3,548,169 $2,574,987 $6,123,156 
Premiums ceded to Harrington Re
4,279 44,867 49,146 5,549 44,674 50,223 14,704 263,803 278,507 9,594 230,151 239,745 
Premiums ceded to Other Strategic Capital Partners
— 86,056 86,056 — 136,336 136,336 — 401,938 401,938 — 493,811 493,811 
Premiums ceded to Other Reinsurers
535,822 — 535,822 463,459 — 463,459 1,608,952 — 1,608,952 1,410,385 — 1,410,385 
Net premiums written$777,789 $258,995 $1,036,784 $707,492 $288,979 $996,471 $2,491,120 $1,675,382 $4,166,502 $2,128,190 $1,851,025 $3,979,215 
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income
$— $519 $519 $— $6,798 $6,798 $— $8,184 $8,184 $— $13,424 $13,424 
Offset to general and administrative expenses
— 10,583 10,583 — 11,499 11,499 — 32,365 32,365 — 32,568 32,568 
Total Fee income$— $11,102 $11,102 $— $18,297 $18,297 $— $40,549 $40,549 $— $45,992 $45,992 
[a] Total managed premiums represents gross premiums written of $1.7 billion and $1.6 billion for the three months ended September 30, 2022 and 2021, respectively, and $6.5 billion and $6.1 billion for the nine months ended September 30, 2022 and 2021, 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.


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AXIS CAPITAL HOLDINGS LIMITED
NET INVESTMENT INCOME
   Nine months ended September 30,Year ended December 31,
 Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 2020202220212021
Fixed maturities$87,364 $72,607 $64,809 $67,623 $63,712 $73,992 $224,780 $194,426 $262,049 
Other investments(7,576)14,327 26,050 56,965 41,695 25,125 32,801 124,941 181,906 
Equity securities2,490 2,688 2,172 4,430 2,724 1,871 7,349 8,322 12,752 
Mortgage loans6,256 4,903 4,163 4,461 4,426 3,609 15,323 12,967 17,427 
Cash and cash equivalents5,350 3,679 1,118 808 692 2,491 10,147 3,645 4,454 
Short-term investments1,004 402 166 74 391 440 1,571 590 664 
Gross investment income94,888 98,606 98,478 134,361 113,640 107,528 291,971 344,891 479,252 
Investment expenses(6,711)(6,392)(7,123)(6,233)(6,301)(5,572)(20,227)(18,717)(24,951)
Net investment income$88,177 $92,214 $91,355 $128,128 $107,339 $101,956 $271,744 $326,174 $454,301 


13
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
September 30,June 30,March 31,December 31,September 30,September 30,
202220222022202120212020
ASSETS
Investments:
Fixed maturities, available for sale, at fair value$10,784,353 $11,304,682 $11,456,024 $12,313,200 $12,380,959 $12,609,241 
Fixed maturities, held to maturity, at amortized cost690,380 641,428 493,509 446,016 416,879 — 
Equity securities, at fair value469,839 522,161 563,950 655,675 618,822 417,886 
Mortgage loans, held for investment, at fair value653,700 656,112 627,063 594,088 623,487 544,095 
Other investments, at fair value970,310 981,774 954,602 947,982 892,664 760,206 
Equity method investments151,333 158,893 157,843 146,293 145,080 104,242 
Short-term investments, at fair value80,260 65,683 70,385 31,063 68,267 69,996 
Total investments13,800,175 14,330,733 14,323,376 15,134,317 15,146,158 14,505,666 
Cash and cash equivalents1,835,262 1,497,928 1,706,711 1,317,690 1,499,204 1,440,816 
Accrued interest receivable77,771 73,873 64,906 64,350 62,423 70,013 
Insurance and reinsurance premium balances receivable2,788,484 3,174,117 3,163,990 2,622,676 2,978,996 3,131,791 
Reinsurance recoverable on unpaid losses and loss expenses5,244,263 5,008,583 4,957,080 5,017,611 4,989,645 4,337,683 
Reinsurance recoverable on paid losses and loss expenses438,497 510,613 612,027 642,215 506,503 373,431 
Deferred acquisition costs541,544 576,237 575,250 465,593 544,384 520,706 
Prepaid reinsurance premiums1,597,586 1,656,643 1,555,303 1,377,358 1,460,723 1,278,672 
Receivable for investments sold6,452 10,421 55,473 4,555 2,028 17,513 
Goodwill100,801 100,801 100,801 100,801 100,801 102,003 
Intangible assets200,529 203,259 205,988 208,717 211,557 222,362 
Value of business acquired— — — — 770 4,881 
Operating lease right-of-use assets96,631 94,451 98,837 103,295 107,791 131,776 
Other assets391,758 381,768 388,816 309,792 324,154 315,683 
TOTAL ASSETS$27,119,753 $27,619,427 $27,808,558 $27,368,970 $27,935,137 $26,452,996 
LIABILITIES
Reserve for losses and loss expenses$14,652,196 $14,398,039 $14,470,155 $14,653,094 $14,658,996 $13,653,488 
Unearned premiums4,650,934 4,963,138 4,824,128 4,090,676 4,464,282 4,070,649 
Insurance and reinsurance balances payable1,569,946 1,624,184 1,522,258 1,324,620 1,442,729 1,244,846 
Debt1,312,633 1,311,637 1,311,304 1,310,975 1,310,650 1,309,384 
Federal Home Loan Bank advances80,540 — — — — — 
Payable for investments purchased78,956 186,921 127,284 31,543 239,073 458,111 
Operating lease liabilities103,345 105,129 113,340 119,512 123,874 140,058 
Other liabilities327,780 327,748 319,549 427,894 360,478 310,565 
TOTAL LIABILITIES22,776,330 22,916,796 22,688,018 21,958,314 22,600,082 21,187,101 
SHAREHOLDERS’ EQUITY
Preferred shares550,000 550,000 550,000 550,000 550,000 550,000 
Common shares2,206 2,206 2,206 2,206 2,206 2,206 
Additional paid-in capital2,354,895 2,341,507 2,328,986 2,346,179 2,336,895 2,325,196 
Accumulated other comprehensive income (loss)(1,042,650)(724,114)(338,300)56,536 150,122 350,111 
Retained earnings6,244,268 6,298,680 6,308,712 6,204,745 6,044,843 5,804,637 
Treasury shares, at cost(3,765,296)(3,765,648)(3,731,064)(3,749,010)(3,749,011)(3,766,255)
TOTAL SHAREHOLDERS' EQUITY4,343,423 4,702,631 5,120,540 5,410,656 5,335,055 5,265,895 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$27,119,753 $27,619,427 $27,808,558 $27,368,970 $27,935,137 $26,452,996 
Common shares outstanding84,666 84,655 85,276 84,774 84,773 84,309 
Diluted common shares outstanding [a]
87,205 87,201 87,948 87,147 87,216 86,132 
Book value per common share
$44.80 $49.05 $53.60 $57.34 $56.45 $55.94 
Book value per diluted common share$43.50 $47.62 $51.97 $55.78 $54.86 $54.75 
Tangible book value per diluted common share$40.64 $44.74 $49.08 $52.84 $51.89 $51.52 
Debt to total capital [b]
23.2 %21.8 %20.4 %19.5 %19.7 %19.9 %
Debt and preferred equity to total capital32.9 %31.0 %28.9 %27.7 %28.0 %28.3 %
[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
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AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS PORTFOLIO
At September 30, 2022At December 31, 2021
Cost or
Amortized 
Cost
Allowance for Expected Credit Losses
Unrealized
Gains
Unrealized
Losses
Fair Value or Net Carrying ValuePercentageFair Value or Net Carrying ValuePercentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency$2,524,837 $— $26 $(138,355)$2,386,508 15.3 %$2,682,448 16.3 %
Non-U.S. government595,713 — 254 (80,272)515,695 3.3 %795,178 4.8 %
Corporate debt4,688,443 (10,380)1,167 (539,118)4,140,112 26.5 %4,495,312 27.3 %
Agency RMBS1,128,676 — 405 (113,073)1,016,008 6.5 %1,074,589 6.5 %
CMBS1,088,174 — 21 (83,187)1,005,008 6.4 %1,248,191 7.6 %
Non-Agency RMBS160,143 (91)403 (19,099)141,356 0.9 %186,164 1.1 %
ABS1,520,653 (33)230 (84,138)1,436,712 9.2 %1,622,480 9.8 %
Municipals159,296 — — (16,342)142,954 0.9 %208,838 1.3 %
Total fixed maturities, available for sale, at fair value11,865,935 (10,504)2,506 (1,073,584)10,784,353 69.0 %12,313,200 74.7 %
Fixed maturities, held to maturity, at amortized cost
Corporate debt77,200 — — — 77,200 0.5 %37,700 0.2 %
ABS613,180 — — — 613,180 3.9 %408,316 2.5 %
Total fixed maturities, held to maturity, at amortized cost690,380 — — — 690,380 4.4 %446,016 2.7 %
Equity securities, at fair value
Common stocks13,655 — 350 (2,718)11,287 0.1 %1,364 — %
Preferred Stocks115 — — (43)72 — %179 — %
Exchange-traded funds227,847 — 56,783 (14,050)270,580 1.7 %336,815 2.0 %
Bond mutual funds278,309 — — (90,409)187,900 1.2 %317,317 2.0 %
Total equity securities, at fair value519,926 — 57,133 (107,220)469,839 3.0 %655,675 4.0 %
Total fixed maturities and equity securities$13,076,241 $(10,504)$59,639 $(1,180,804)11,944,572 76.4 %13,414,891 81.4 %
Mortgage loans, held for investment653,700 4.2 %594,088 3.6 %
Other investments970,310 6.2 %947,982 5.7 %
Equity method investments151,333 1.0 %146,293 0.9 %
Short-term investments80,260 0.4 %31,063 0.2 %
Total investments13,800,175 88.2 %15,134,317 91.8 %
Cash and cash equivalents [a]1,835,262 11.7 %1,317,690 8.0 %
Accrued interest receivable77,771 0.5 %64,350 0.4 %
Net receivable/(payable) for investments sold (purchased)(72,504)(0.4 %)(26,988)(0.2 %)
Total cash and invested assets$15,640,704 100.0 %$16,489,369 100.0 %
[a]    Includes $625 million and $473 million of restricted cash and cash equivalents at September 30, 2022 and December 31, 2021, respectively.

At September 30, 2022At December 31, 2021
Fair ValuePercentageFair ValuePercentage
Other Investments:
Long/short equity funds$— — %$3,476 0.4 %
Multi-strategy funds39,138 4.0 %56,012 5.9 %
Direct lending funds249,561 25.7 %289,867 30.6 %
Real estate funds287,932 29.7 %238,222 25.1 %
Private equity funds268,593 27.7 %249,974 26.4 %
Other privately held investments119,919 12.4 %104,521 11.0 %
Collateralized loan obligations - equity tranches5,167 0.5 %5,910 0.6 %
Total$970,310 100.0 %$947,982 100.0 %
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AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS COMPOSITION
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 2020
 Fair Value %Fair Value %Fair Value %Fair Value %Fair Value %Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency15.3 %15.5 %14.3 %16.3 %16.3 %12.8 %
Non-U.S. government3.3 %4.2 %4.6 %4.8 %4.4 %4.3 %
Corporate debt26.5 %27.6 %27.9 %27.3 %27.6 %30.8 %
MBS:
Agency RMBS6.5 %6.5 %5.8 %6.5 %7.1 %10.8 %
CMBS6.4 %6.9 %7.2 %7.6 %7.4 %8.9 %
Non-agency RMBS0.9 %0.9 %1.1 %1.1 %1.2 %0.9 %
ABS9.2 %9.3 %9.6 %9.8 %10.0 %10.7 %
Municipals0.9 %1.0 %1.0 %1.3 %1.2 %1.8 %
Total Fixed Maturities, available for sale69.0 %71.9 %71.5 %74.7 %75.2 %81.0 %
Fixed Maturities, held to maturity:
Corporate debt0.5 %0.4 %0.3 %0.2 %0.1 %— %
ABS3.9 %3.7 %2.8 %2.5 %2.4 %— %
Total Fixed Maturities, held to maturity4.4 %4.1 %3.1 %2.7 %2.5 %— %
Equity securities3.0 %3.3 %3.5 %4.0 %3.8 %2.7 %
Mortgage loans4.2 %4.2 %3.9 %3.6 %3.8 %3.5 %
Other investments6.2 %6.2 %6.0 %5.7 %5.4 %4.9 %
Equity method investments1.0 %1.0 %1.0 %0.9 %0.9 %0.7 %
Short-term investments0.4 %0.4 %0.4 %0.2 %0.4 %0.3 %
Total Investments88.2 %91.1 %89.4 %91.8 %92.0 %93.1 %
Cash and cash equivalents11.7 %9.5 %10.7 %8.0 %9.1 %9.3 %
Accrued interest receivable0.5 %0.5 %0.4 %0.4 %0.4 %0.4 %
Net receivable/(payable) for investments sold (purchased)(0.4 %)(1.1 %)(0.5 %)(0.2 %)(1.5 %)(2.8 %)
Total Cash and Invested Assets100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency20.8 %20.4 %19.0 %21.0 %21.0 %15.8 %
AAA35.2 %35.1 %35.0 %35.2 %36.1 %39.8 %
AA7.5 %7.7 %7.6 %7.7 %7.1 %7.4 %
A15.7 %15.8 %15.9 %15.0 %14.5 %15.7 %
BBB11.6 %12.0 %12.8 %12.5 %12.4 %13.4 %
Below BBB9.2 %9.0 %9.7 %8.6 %8.9 %7.9 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
MATURITY PROFILE OF FIXED MATURITIES
Within one year5.4 %4.9 %4.2 %3.9 %4.0 %2.9 %
From one to five years39.0 %39.2 %38.5 %38.5 %38.3 %35.3 %
From five to ten years17.1 %18.1 %19.5 %19.8 %19.3 %21.1 %
Above ten years1.8 %2.0 %2.3 %2.2 %2.2 %2.1 %
Asset-backed and mortgage-backed securities36.7 %35.8 %35.5 %35.6 %36.2 %38.6 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities2.9 %2.4 %2.1 %1.9 %1.9 %2.3 %
Yield to maturity of fixed maturities5.5 %4.3 %3.1 %1.7 %1.4 %1.4 %
Average duration of fixed maturities (inclusive of duration hedges)2.9 yrs3.0 yrs3.1 yrs3.0 yrs3.1 yrs3.4 yrs
Average credit qualityAA-AA-AA-AA-AA-AA-
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AXIS CAPITAL HOLDINGS LIMITED
CORPORATE DEBT INVESTED ASSETS COMPOSITION
At September 30, 2022
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$769,488 18.6 %4.9 %
Non-U.S. banks351,942 8.5 %2.3 %
Corporate/commercial finance283,155 6.8 %1.8 %
Insurance153,784 3.7 %1.0 %
Investment brokerage86,801 2.1 %0.6 %
Total financial institutions1,645,170 39.7 %10.6 %
Consumer non-cyclicals352,700 8.5 %2.3 %
Communications209,130 5.1 %1.3 %
Consumer cyclical187,898 4.5 %1.2 %
Utilities173,696 4.2 %1.1 %
Technology143,041 3.5 %0.9 %
Industrials132,711 3.2 %0.8 %
Energy116,821 2.8 %0.7 %
Non-U.S. government guaranteed 94,488 2.3 %0.6 %
Transportation91,644 2.2 %0.6 %
Total investment grade3,147,299 76.0 %20.1 %
Total non-investment grade992,813 24.0 %6.4 %
Total corporate debt, available for sale, at fair value$4,140,112 100.0 %26.5 %
Total corporate debt, held to maturity, at amortized cost$77,200 100.0 %0.5 %

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AXIS CAPITAL HOLDINGS LIMITED
INVESTMENT PORTFOLIO
TEN LARGEST CORPORATE DEBT HOLDINGS
At September 30, 2022  
Amortized
Cost
Net Unrealized
Gain (Loss)
Fair Value
% of Total
Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP$126,051 $(18,024)$108,027 0.9 %
GOLDMAN SACHS GROUP117,073 (14,420)102,653 0.9 %
MORGAN STANLEY114,159 (15,773)98,386 0.9 %
WELLS FARGO & COMPANY107,423 (12,842)94,581 0.8 %
JP MORGAN CHASE & CO100,473 (17,057)83,416 0.7 %
CITIGROUP INC89,530 (12,814)76,716 0.7 %
AT&T INC46,470 (8,103)38,367 0.3 %
MITSUBISHI UFJ FINANCIAL GROUP INC42,426 (5,425)37,001 0.3 %
BRITISH AMERICAN TOBACCO PLC34,117 (3,213)30,904 0.3 %
AMERICAN EXPRESS COMPANY32,187 (2,022)30,165 0.3 %
[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.
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AXIS CAPITAL HOLDINGS LIMITED
MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION
At September 30, 2022
Available for sale, at fair valueAgenciesAAAAAABBB
Non-Investment
Grade
Total
Residential MBS$1,016,008 $127,848 $4,772 $4,015 $74 $4,647 $1,157,364 
Commercial MBS41,257 879,199 79,621 4,931 — — 1,005,008 
ABS— 1,178,926 112,942 91,970 27,809 25,065 1,436,712 
Total mortgage-backed and asset-backed securities, available for sale, at fair value$1,057,265 $2,185,973 $197,335 $100,916 $27,883 $29,712 $3,599,084 
Percentage of total29.4 %60.7 %5.5 %2.8 %0.8 %0.8 %100.0 %
Held to maturity, at amortized costAgenciesAAAAAABBB
Non-Investment
Grade
Total
ABS— 391,651 221,529 — — — 613,180 
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost$— $391,651 $221,529 $— $— $— $613,180 
Percentage of total— %63.9 %36.1 %— %— %— %100.0 %

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AXIS CAPITAL HOLDINGS LIMITED
REINSURANCE RECOVERABLE ANALYSIS
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 2020
Reinsurance recoverable on paid losses and loss expenses:
Insurance$294,560 $382,001 $445,134 $451,609 $338,908 $234,072 
Reinsurance143,937 128,612 166,893 190,606 167,595 139,359 
Total$438,497 $510,613 $612,027 $642,215 $506,503 $373,431 
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance$877,360 $808,623 $821,432 $922,709 $908,182 $874,612 
Reinsurance658,797 670,173 639,251 614,125 575,628 452,201 
Total$1,536,157 $1,478,796 $1,460,683 $1,536,834 $1,483,810 $1,326,813 
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance$2,744,920 $2,622,990 $2,592,388 $2,554,202 $2,569,194 $2,258,508 
Reinsurance
992,208 935,198 932,801 956,130 963,728 775,187 
Total$3,737,128 $3,558,188 $3,525,189 $3,510,332 $3,532,922 $3,033,695 
Allowance for expected credit losses:
Insurance$(26,234)$(25,682)$(25,475)$(25,869)$(23,664)$(20,369)
Reinsurance(2,788)(2,719)(3,317)(3,685)(3,423)(2,456)
Total$(29,022)$(28,401)$(28,792)$(29,554)$(27,087)$(22,825)
Reinsurance recoverable on unpaid and paid losses and loss expenses:
Insurance$3,890,606 $3,787,932 $3,833,479 $3,902,651 $3,792,620 $3,346,823 
Reinsurance1,792,154 1,731,264 1,735,628 1,757,176 1,703,528 1,364,291 
Total$5,682,760 $5,519,196 $5,569,107 $5,659,827 $5,496,148 $4,711,114 

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AXIS CAPITAL HOLDINGS LIMITED
REINSURANCE RECOVERABLE ANALYSIS
At September 30, 2022
CategoriesReinsurance Recoverable, Gross of CollateralCollateralReinsurance
Recoverable,
Net of
Collateral		% of Total
Reinsurance
Recoverable,
Net  of
Collateral
% of Total
Shareholders’
Equity
Allowance for expected credit lossesAllowance 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$2,984,236 $(857,754)$2,126,482 51.0%49.0%$(11,347)0.4%$2,972,889 
Other reinsurers balances > $20 million2,197,462 (544,698)1,652,764 39.7%38.1%(13,682)0.6%2,183,780 
Other reinsurers balances < $20 million530,084 (144,501)385,583 9.3%8.8%(3,993)0.8%526,091 
Total$5,711,782 $(1,546,953)$4,164,829 100.0%95.9%$(29,022)0.5%$5,682,760 
At September 30, 2022, reinsurance recoverable balances, gross of collateral, of 85.2% (December 31, 2021: 85.7%) 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
1Swiss Reinsurance America Corporation13.7%13.2%
2Harrington Re Ltd.8.6%8.2%
3Transatlantic Reinsurance Co6.1%5.9%
4Hannover Ruck SE5.7%5.5%
5Lloyds of London5.4%5.2%
6SCOR Reinsurance Company4.5%4.3%
7Partner Reinsurance Co of the US 4.4%4.2%
8Munich Reinsurance America, Inc3.6%3.4%
9Everest Reinsurance Company3.3%3.1%
10Swiss Reinsurance Company Ltd.2.6%2.5%
57.9%55.5%

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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES
Three months ended September 30, 2022Nine months ended September 30, 2022
 Reserve for losses and loss expensesReinsurance recoverable on unpaid losses and loss expensesNet reserve for losses and loss expensesReserve for losses and loss expensesReinsurance recoverable on unpaid losses and loss expensesNet reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period$14,398,039 $(5,008,583)$9,389,456 $14,653,094 $(5,017,611)$9,635,483 
Incurred losses and loss expenses1,497,215 (555,304)941,911 3,710,653 (1,266,457)2,444,196 
Paid losses and loss expenses(967,448)272,933 (694,515)(3,116,927)947,095 (2,169,832)
Foreign exchange and other(275,610)46,691 (228,919)(594,624)92,710 (501,914)
End of period [a]
$14,652,196 $(5,244,263)$9,407,933 $14,652,196 $(5,244,263)$9,407,933 
[a]   At September 30, 2022, reserve for losses and loss expenses included IBNR of $9.4 billion, or 64% (December 31, 2021: $9.1 billion, or 62%).



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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENT
Three months ended September 30, 2022Nine months ended September 30, 2022
 InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross paid losses and loss expenses$474,475 $492,973 $967,448 $1,723,656 $1,393,271 $3,116,927 
Reinsurance recoverable on paid losses and loss expenses(172,617)(100,316)(272,933)(679,162)(267,933)(947,095)
Net paid losses and loss expenses301,858 392,657 694,515 1,044,494 1,125,338 2,169,832 
Gross case reserves162,750 (36,789)125,961 (35,574)84,561 48,987 
Gross IBNR276,075 127,731 403,806 545,228 (489)544,739 
Reinsurance recoverable on unpaid losses and loss expenses(221,677)(60,694)(282,371)(207,563)(111,799)(319,362)
Net unpaid losses and loss expenses217,148 30,248 247,396 302,091 (27,727)274,364 
Total net incurred losses and loss expenses$519,006 $422,905 $941,911 $1,346,585 $1,097,611 $2,444,196 
Gross reserve for losses and loss expenses$8,092,090 $6,560,106 $14,652,196 $8,092,090 $6,560,106 $14,652,196 
Net favorable prior year reserve development$2,558 $2,177 $4,735 $12,396 $5,236 $17,632 
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses58.2 %92.8 %73.7 %77.6 %102.5 %88.8 %
Net paid losses and loss expenses / Net premiums earned38.6 %78.1 %54.1 %45.3 %74.2 %56.8 %
Net unpaid losses and loss expenses / Net premiums earned27.8 %6.0 %19.2 %13.2 %(1.8 %)7.2 %
Net losses and loss expenses ratio66.4 %84.1 %73.3 %58.5 %72.4 %64.0 %
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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS
INSURANCE
Year ended December 31,
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 20202021
INSURANCE SEGMENT
Gross paid losses and loss expenses$474,475 $549,819 $699,362 $691,657 $441,854 $502,517 $2,200,524 
Reinsurance recoverable on paid losses and loss expenses(172,617)(217,004)(289,540)(319,661)(154,584)(203,805)(886,710)
Net paid losses and loss expenses301,858 332,815 409,822 371,996 287,270 298,712 1,313,814 
Gross case reserves162,750 3,879 (202,202)67,731 47,583 (68,443)94,651 
Gross IBNR276,075 126,823 142,331 (66,132)326,336 277,499 392,451 
Reinsurance recoverable on unpaid losses and loss expenses(221,677)(41,681)55,794 9,651 (218,508)(64,379)(285,918)
Net unpaid losses and loss expenses217,148 89,021 (4,077)11,250 155,411 144,677 201,184 
Total net incurred losses and loss expenses$519,006 $421,836 $405,745 $383,246 $442,681 $443,389 $1,514,998 
Gross reserve for losses and loss expenses$8,092,090 $7,764,775 $7,719,773 $7,803,529 $7,797,533 $7,135,537 $7,803,529 
Net favorable prior year reserve development$2,558 $2,773 $7,062 $5,008 $5,418 $270 $18,360 
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses58.2 %78.9 %101.0 %97.1 %64.9 %67.4 %86.7 %
Net paid losses and loss expenses / Net premiums earned38.6 %43.3 %54.4 %51.5 %42.2 %52.4 %49.6 %
Net unpaid losses and loss expenses / Net premiums earned27.8 %11.6 %(0.5 %)1.6 %22.8 %25.4 %7.5 %
Net losses and loss expenses ratio66.4 %54.9 %53.9 %53.1 %65.0 %77.8 %57.1 %
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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS
REINSURANCE
Year ended December 31,
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 20202021
REINSURANCE SEGMENT
Gross paid losses and loss expenses$492,973 $440,219 $460,079 $448,300 $484,553 $467,319 $1,758,039 
Reinsurance recoverable on paid losses and loss expenses(100,316)(81,162)(86,455)(98,494)(78,672)(69,218)(307,602)
Net paid losses and loss expenses392,657 359,057 373,624 349,806 405,881 398,101 1,450,437 
Gross case reserves(36,789)99,716 21,633 77,796 81,030 65,919 221,891 
Gross IBNR127,731 (62,967)(65,254)(68,857)142,067 59,996 123,080 
Reinsurance recoverable on unpaid losses and loss expenses(60,694)(48,055)(3,049)(25,766)(160,290)(87,728)(301,623)
Net unpaid losses and loss expenses30,248 (11,306)(46,670)(16,827)62,807 38,187 43,348 
Total net incurred losses and loss expenses$422,905 $347,751 $326,954 $332,979 $468,688 $436,288 $1,493,785 
Gross reserve for losses and loss expenses$6,560,106 $6,633,264 $6,750,382 $6,849,565 $6,861,463 $6,517,951 $6,849,565 
Net favorable prior year reserve development$2,177 $1,167 $1,894 $4,262 $5,594 $314 $14,050 
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses92.8 %103.3 %114.3 %105.1 %86.6 %91.2 %97.1 %
Net paid losses and loss expenses / Net premiums earned78.1 %70.6 %73.9 %67.9 %76.5 %76.4 %70.5 %
Net unpaid losses and loss expenses / Net premiums earned6.0 %(2.2 %)(9.2 %)(3.3 %)11.9 %7.3 %2.1 %
Net losses and loss expenses ratio84.1 %68.4 %64.7 %64.6 %88.4 %83.7 %72.6 %










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AXIS CAPITAL HOLDINGS LIMITED
NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF OCTOBER 1, 2022
  
Estimated Net Exposures
(millions of U.S. dollars)
TerritoryPeril
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
SoutheastU.S. Hurricane$79 2.1 %$103 2.7 %$151 4.0 %
NortheastU.S. Hurricane18 0.5 %51 1.3 %116 3.1 %
Mid-AtlanticU.S. Hurricane41 1.1 %87 2.3 %153 4.0 %
Gulf of MexicoU.S. Hurricane85 2.2 %123 3.2 %171 4.5 %
EuropeWindstorm68 1.8 %86 2.3 %112 3.0 %
JapanWindstorm30 0.8 %71 1.9 %94 2.5 %
JapanEarthquake46 1.2 %92 2.4 %160 4.2 %
CaliforniaEarthquake78 2.1 %126 3.3 %211 5.6 %
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 October 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 $0.1 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 $0.1 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $0.1 billion.
PMLs are based on results of stochastic models that consider a wide range of possible events, their losses and probabilities. It is important to consider that an actual event does not necessarily resemble one of the stochastic events and the specific characteristics of an actual event can lead to substantial differences between actual and modeled loss.
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 internal modeling, underwriting portfolios, reinsurance purchasing strategy and foreign currency exchange rates.

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AXIS CAPITAL HOLDINGS LIMITED
EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, U.S. GAAP
 Three months ended September 30,Nine months ended September 30,
2022202120222021
Net income (loss) available (attributable) to common shareholders$(16,947)$47,385 $151,904 $391,028 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding84,660 84,771 84,930 84,684 
Dilutive share equivalents:
Share-based compensation plans [a]
— 565 744 507 
Weighted average diluted common shares outstanding84,660 85,336 85,674 85,191 
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share($0.20)$0.56 $1.79 $4.62 
Earnings (loss) per diluted common share($0.20)$0.56 $1.77 $4.59 
[a] Due to the net loss attributable to common shareholders recognized for the three months ended September 30, 2022, the share equivalents were anti-dilutive.

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 2020
Net income (loss) available (attributable) to common shareholders$(16,947)$27,215 $141,637 $197,329 $47,385 $(72,945)
COMMON SHARES OUTSTANDING
Common shares - at beginning of period84,655 85,276 84,774 84,773 84,767 84,306 
Shares issued and treasury shares reissued17 19 747 5 10 5 
Shares repurchased for treasury(6)(640)(245)(4)(4)(2)
Common shares - at end of period84,666 84,655 85,276 84,774 84,773 84,309 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding84,660 85,173 84,961 84,774 84,771 84,308 
Dilutive share equivalents:
Share-based compensation plans [a]
— 670 847 817 565 — 
Weighted average diluted common shares outstanding84,660 85,843 85,808 85,591 85,336 84,308 
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share($0.20)$0.32 $1.67 $2.33 $0.56 ($0.87)
Earnings (loss) per diluted common share($0.20)$0.32 $1.65 $2.31 $0.56 ($0.87)
[a] Due to the net loss attributable to common shareholders recognized for the three months ended September 30, 2022 and September 30, 2020, 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 September 30, 2022
 
Common
Shareholders’
Equity

Common Shares Outstanding net of
Treasury Shares		Per share
Closing stock price$49.15 
Book value per common share $3,793,423 84,666 $44.80 
Dilutive securities: [b]
Restricted stock units2,539 (1.30)
Book value per diluted common share$3,793,423 87,205 $43.50 
 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 units2,373 (1.56)
Book value per diluted common share$4,860,656 87,147 $55.78 
[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.


TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q3 2020
Common shareholders' equity$3,793,423 $4,152,631 $4,570,540 $4,860,656 $4,785,055 $4,715,895 
Less: goodwill(100,801)(100,801)(100,801)(100,801)(100,801)(102,003)
Less: intangible assets(200,529)(203,259)(205,988)(208,717)(211,557)(222,362)
     Associated tax impact52,086 52,546 53,055 53,500 53,175 46,333 
Tangible common shareholders' equity$3,544,179 $3,901,117 $4,316,806 $4,604,638 $4,525,872 $4,437,863 
Diluted common shares outstanding, net of treasury shares [a]87,205 87,201 87,948 87,147 87,216 86,132 
Book value per diluted common share $43.50 $47.62 $51.97 $55.78 $54.86 $54.75 
Tangible book value per diluted common share$40.64 $44.74 $49.08 $52.84 $51.89 $51.52 
[a] Diluted common shares outstanding, net of treasury shares, is calculated in the table above.

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AXIS CAPITAL HOLDINGS LIMITED
NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)
OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY
Three months ended September 30,Nine months ended September 30,
 2022202120222021
Net income (loss) available (attributable) to common shareholders$(16,947)$47,385 $151,904 $391,028 
Net investment (gains) losses [a]
146,458 (10,932)414,231 (113,868)
Foreign exchange gains [b]
(135,660)(28,032)(236,934)(4,316)
Reorganization expenses [c]
6,213 — 21,941 — 
Interest in (income) loss of equity method investments [d]
7,560 (11,911)(5,040)(30,871)
Income tax expense (benefit)
(5,117)4,534 (14,779)12,316 
Operating income$2,507 $1,044 $331,323 $254,289 
Earnings (loss) per diluted common share$(0.20)$0.56 $1.77 $4.59 
Net investment (gains) losses1.72 (0.13)4.83 (1.34)
Foreign exchange gains(1.59)(0.33)(2.77)(0.05)
Reorganization expenses0.07 — 0.26 — 
Interest in (income) loss of equity method investments
0.09 (0.14)(0.06)(0.36)
Income tax expense (benefit)
(0.06)0.05 (0.17)0.14 
Operating income per diluted common share$0.03 $0.01 $3.86 $2.98 
Weighted average diluted common shares outstanding85,376 85,336 85,674 85,191 
Average common shareholders' equity$3,973,027 $4,812,408 $4,327,040 $4,765,375 
Annualized return on average common equity(1.7 %)3.9 %4.7 %10.9 %
Annualized operating return on average common equity0.3 %0.1 %10.2 %7.1 %
[a] Tax expense (benefit) of ($608) and $606 for the three months ended September 30, 2022 and 2021, respectively, and ($33,519) and $9,581 for the nine months ended September 30, 2022 and 2021, 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 ($3,757) and $3,928 for the three months ended September 30, 2022 and 2021, respectively and $21,191 and $2,735 for the nine months ended September 30, 2022 and 2021 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 ($752) and ($2,451) for the three and nine months ended September 30, 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
[d] Tax expense (benefit) of $nil for the three and nine months ended September 30, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED
RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

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

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

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

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

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

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Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio 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) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance, therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt. 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 include compensation-related costs and software asset impairments mainly attributable to our exit from catastrophe and property reinsurance lines of business, part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. 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' 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 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 the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business, therefore, foreign exchange losses (gains) are excluded from operating income (loss).
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Reorganization expenses include compensation-related costs and software asset impairments mainly attributable to our exit of our catastrophe and property reinsurance lines of business, part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. 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.






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ADDITIONAL INFORMATION REGARDING THE COMPANY'S ANNOUNCEMENT TO EXIT PROPERTY CATASTROPHE BUSINESS




















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AXIS CAPITAL HOLDINGS LIMITED
Reinsurance Segment Data - Catastrophe and Property [a]
Quarter-to-date
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021Q4 2020
UNDERWRITING REVENUES
Gross written premiums$23,400 $82,463 $214,719 $23,999 $126,980 $177,414 $377,411 $23,310 
Ceded premiums written(35,425)(26,892)(82,975)(5,650)(99,619)(54,977)(134,819)(18,104)
Net premiums written(12,025)55,571 131,744 18,348 27,362 122,436 242,592 5,205 
Gross Premiums earned100,360 124,503 136,273 184,236 198,263 189,985 199,921 214,668 
Ceded premiums earned(40,327)(43,697)(41,258)(89,389)(83,351)(65,995)(63,802)(104,678)
Net premiums earned60,033 80,806 95,014 94,847 114,912 123,990 136,119 109,990 
Other insurance related income (loss)126 36 44 (1,419)1,543 15 (327)(3,845)
Total underwriting revenues60,159 80,842 95,058 93,427 116,455 124,005 135,792 106,145 
UNDERWRITING EXPENSES
Net losses and loss expenses104,330 63,548 15,981 63,085 181,543 49,422 117,446 114,637 
Acquisition costs10,347 14,208 15,689 17,747 19,224 21,771 23,149 21,812 
Underwriting-related general and administrative expenses [b]
2,596 2,850 5,739 1,119 2,659 4,322 4,572 462 
Total underwriting expenses117,272 80,606 37,410 81,951 203,425 75,515 145,167 136,910 
UNDERWRITING INCOME (LOSS)$(57,113)$237 $57,649 $11,476 $(86,970)$48,490 $(9,376)$(30,765)
Catastrophe and weather-related losses, net of reinstatement premiums$83,157 $38,020 $12,999 $29,609 $139,714 $16,876 $73,737 $68,119 
Net favorable (adverse) prior year reserve development$7,694 $1,360 $22,293 $(151)$5,937 $8,653 $3,175 $(661)
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses39.3 %32.8 %26.6 %34.0 %36.3 %33.1 %32.4 %40.0 %
Catastrophe and weather-related losses ratio147.3 %47.5 %13.7 %32.4 %126.8 %13.7 %56.2 %63.6 %
Current accident year loss ratio186.6 %80.3 %40.3 %66.4 %163.2 %46.8 %88.6 %103.6 %
Prior year reserve development ratio(12.8 %)(1.7 %)(23.5 %)0.2 %(5.2 %)(7.0 %)(2.3 %)0.6 %
Net losses and loss expenses ratio173.8 %78.6 %16.8 %66.5 %158.0 %39.9 %86.3 %104.2 %
Acquisition cost ratio17.2 %17.6 %16.5 %18.7 %16.7 %17.6 %17.0 %19.8 %
Underwriting-related general and administrative expense ratio4.3 %3.5 %6.0 %1.2 %2.3 %3.5 %3.4 %0.4 %
Combined ratio195.3 %99.8 %39.4 %86.4 %177.0 %60.9 %106.6 %124.5 %
[a]   Catastrophe and Property refers to business written by the AXIS Re as defined on page iv.
[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.


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AXIS CAPITAL HOLDINGS LIMITED
Reinsurance Segment Data - Specialty Reinsurance [a]
Quarter-to-date
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021Q4 2020
UNDERWRITING REVENUES
Gross written premiums$366,518 $561,398 $1,092,625 $223,767 $343,009 $495,300 $1,054,872 $220,810 
Ceded premiums written(95,498)(169,541)(255,410)(61,400)(81,391)(126,764)(226,391)(68,800)
Net premiums written271,020 391,857 837,215 162,366 261,618 368,536 828,481 152,010 
Gross Premiums earned580,179 561,430 532,953 539,641 538,467 527,884 458,277 514,335 
Ceded premiums earned(137,447)(133,908)(122,538)(119,096)(122,961)(126,608)(106,960)(126,728)
Net premiums earned442,732 427,522 410,415 420,545 415,507 401,276 351,317 387,607 
Other insurance related income815 1,940 6,567 8,225 5,654 5,250 2,693 470 
Total underwriting revenues443,547 429,462 416,983 428,770 421,160 406,525 354,010 388,077 
UNDERWRITING EXPENSES
Net losses and loss expenses318,575 284,203 310,973 269,895 287,146 284,876 240,374 258,158 
Acquisition costs90,728 98,642 93,850 98,261 88,959 90,336 78,043 92,035 
Underwriting-related general and administrative expenses [b]
21,903 23,977 25,407 17,755 27,262 25,070 24,792 21,954 
Total underwriting expenses431,206 406,821 430,230 385,910 403,367 400,282 343,209 372,147 
UNDERWRITING INCOME (LOSS)$12,340 $22,641 $(13,248)$42,860 $17,793 $6,243 $10,800 $15,930 
Catastrophe and weather-related losses, net of reinstatement premiums$16,013 $1,110 $14,347 $1,946 $5,243 $598 $487 $11,724 
Net favorable (adverse) prior year reserve development$(5,517)$(193)$(20,400)$4,413 $(344)$(8,271)$637 $2,803 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses67.1 %66.2 %67.3 %64.7 %67.8 %68.8 %68.5 %64.2 %
Catastrophe and weather-related losses ratio3.6 %0.3 %3.5 %0.5 %1.3 %0.1 %0.1 %3.1 %
Current accident year loss ratio70.7 %66.4 %70.8 %65.2 %69.0 %68.9 %68.6 %67.3 %
Prior year reserve development ratio1.2 %— %5.0 %(1.0 %)0.1 %2.1 %(0.2 %)(0.7 %)
Net losses and loss expenses ratio72.0 %66.5 %75.8 %64.2 %69.1 %71.0 %68.4 %66.6 %
Acquisition cost ratio20.5 %23.1 %22.9 %23.4 %21.4 %22.5 %22.2 %23.7 %
Underwriting-related general and administrative expense ratio4.9 %5.6 %6.2 %4.2 %6.6 %6.2 %7.1 %5.7 %
Combined ratio97.4 %95.2 %104.8 %91.8 %97.1 %99.8 %97.7 %96.0 %
[a]   Specialty Reinsurance refers to business written by the AXIS Re including credit and surety, professional lines, motor, liability, engineering, agriculture, marine and aviation, and accident and health as defined on page iv.
[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

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AXIS CAPITAL HOLDINGS LIMITED
Reinsurance Segment Data - Reinsurance Total [a]
Quarter-to-date
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021Q4 2020
UNDERWRITING REVENUES
Gross written premiums$389,918 $643,861 $1,307,344 $247,765 $469,989 $672,714 $1,432,283 $244,120 
Ceded premiums written(130,923)(196,433)(338,384)(67,051)(181,010)(181,741)(361,211)(86,904)
Net premiums written258,995 447,428 968,960 180,714 288,979 490,972 1,071,073 157,216 
Gross Premiums earned680,539 685,933 669,227 723,877 736,730 717,869 658,198 729,002 
Ceded premiums earned(177,774)(177,605)(163,797)(208,486)(206,311)(192,603)(170,762)(231,404)
Net premiums earned502,765 508,328 505,430 515,391 530,419 525,266 487,436 497,598 
Other insurance related income 941 1,976 6,611 6,806 7,197 5,265 2,366 (3,375)
Total underwriting revenues503,706 510,304 512,041 522,197 537,616 530,531 489,801 494,223 
UNDERWRITING EXPENSES
Net losses and loss expenses422,905 347,751 326,954 332,979 468,688 334,298 357,820 372,795 
Acquisition costs101,075 112,850 109,540 116,008 108,183 112,107 101,192 113,846 
Underwriting-related general and administrative expenses24,498 26,826 31,146 18,874 29,921 29,392 29,365 22,415 
Total underwriting expenses548,478 487,427 467,640 467,861 606,792 475,797 488,377 509,056 
UNDERWRITING INCOME (LOSS)$(44,772)$22,877 $44,401 $54,336 $(69,176)$54,733 $1,425 $(14,833)
Catastrophe and weather-related losses, net of reinstatement premiums$99,170 $39,130 $27,346 $31,555 $144,957 $17,474 $74,224 $79,843 
Net favorable prior year reserve development$2,177 $1,167 $1,894 $4,262 $5,594 $382 $3,812 $2,142 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses64.2 %60.9 %59.7 %59.2 %61.4 %60.4 %58.6 %59.0 %
Catastrophe and weather-related losses ratio20.3 %7.7 %5.4 %6.2 %28.0 %3.3 %15.6 %16.3 %
Current accident year loss ratio84.5 %68.6 %65.1 %65.4 %89.4 %63.7 %74.2 %75.3 %
Prior year reserve development ratio(0.4 %)(0.2 %)(0.4 %)(0.8 %)(1.0 %)(0.1 %)(0.8 %)(0.4 %)
Net losses and loss expenses ratio84.1 %68.4 %64.7 %64.6 %88.4 %63.6 %73.4 %74.9 %
Acquisition cost ratio20.1 %22.2 %21.7 %22.5 %20.4 %21.3 %20.8 %22.9 %
Underwriting-related general and administrative expense ratio4.9 %5.3 %6.1 %3.7 %5.6 %5.6 %6.0 %4.5 %
Combined ratio109.1 %95.9 %92.5 %90.8 %114.4 %90.6 %100.2 %102.3 %
[a]   Reinsurance Total refers to business written by the AXIS Re including Catastrophe and Property, and Specialty Reinsurance.



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AXIS CAPITAL HOLDINGS LIMITED
Reinsurance Segment Data - Reinsurance Total, Catastrophe and Property and Specialty Reinsurance
Total ReinsuranceReinsurance Catastrophe and Property [a]Specialty Reinsurance [a]
Year-to-dateYear-to-dateYear-to-date
Q3 2022Q3 2021Q3 2020Q3 2022Q3 2021Q3 2020Q3 2022Q3 2021Q3 2020
UNDERWRITING REVENUES
Gross written premiums$2,341,123 $2,574,987 $2,564,419 $320,582 $681,805 $773,679 $2,020,540 $1,893,182 $1,790,740 
Ceded premiums written(665,741)(723,962)(742,727)(145,292)(289,415)(335,355)(520,449)(434,547)(407,372)
Net premiums written1,675,382 1,851,025 1,821,692 175,290 392,390 438,324 1,500,092 1,458,635 1,383,368 
Gross Premiums earned2,035,699 2,112,797 2,200,005 361,136 588,169 651,102 1,674,563 1,524,628 1,548,902 
Ceded premiums earned(519,176)(569,677)(625,332)(125,282)(213,148)(259,835)(393,893)(356,529)(365,497)
Net premiums earned1,516,523 1,543,120 1,574,673 235,854 375,021 391,267 1,280,669 1,168,099 1,183,406 
Other insurance related income (loss)9,528 14,827 (7,361)206 1,231 1,968 9,322 13,596 (9,329)
Total underwriting revenues1,526,051 1,557,947 1,567,312 236,059 376,252 393,236 1,289,991 1,181,695 1,174,077 
UNDERWRITING EXPENSES
Net losses and loss expenses1,097,611 1,160,806 1,211,443 183,859 348,411 367,961 913,752 812,395 843,482 
Acquisition costs323,464 321,482 354,137 40,245 64,144 78,143 283,220 257,338 275,994 
Underwriting-related general and administrative expenses 82,471 88,678 76,714 11,184 11,553 6,596 71,286 77,125 70,118 
Total underwriting expenses1,503,546 1,570,966 1,642,294 235,288 424,107 452,699 1,268,258 1,146,859 1,189,595 
UNDERWRITING INCOME (LOSS)$22,505 $(13,019)$(74,982)$772 $(47,855)$(59,463)$21,733 $34,837 $(15,518)
Catastrophe and weather-related losses, net of reinstatement premiums$165,646 $236,655 $250,902 $134,206 $230,326 $229,133 $31,440 $6,329 $21,769 
Net favorable (adverse) prior year reserve development$5,236 $9,787 $4,830 $31,346 $17,765 $3,933 $(26,111)$(7,978)$898 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses61.6 %60.2 %61.1 %31.7 %33.8 %35.1 %66.9 %68.3 %69.5 %
Catastrophe and weather-related losses ratio11.1 %15.7 %16.1 %59.6 %63.9 %60.0 %2.5 %0.5 %1.8 %
Current accident year loss ratio72.7 %75.9 %77.2 %91.2 %97.6 %95.0 %69.3 %68.9 %71.4 %
Prior year reserve development ratio(0.3 %)(0.7 %)(0.3 %)(13.3 %)(4.7 %)(1.0 %)2.0 %0.7 %(0.1 %)
Net losses and loss expenses ratio72.4 %75.2 %76.9 %78.0 %92.9 %94.0 %71.3 %69.5 %71.3 %
Acquisition cost ratio21.3 %20.8 %22.5 %17.1 %17.1 %20.0 %22.1 %22.0 %23.3 %
Underwriting-related general and administrative expense ratio5.4 %5.8 %4.9 %4.7 %3.1 %1.7 %5.6 %6.6 %5.9 %
Combined ratio99.1 %101.8 %104.3 %99.8 %113.1 %115.7 %99.0 %98.2 %100.5 %
[a] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

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AXIS CAPITAL HOLDINGS LIMITED
Group Consolidated Data
Quarter-to-date
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021Q4 2020
UNDERWRITING REVENUES
Gross written premiums$1,707,808 $2,113,483 $2,634,608 $1,562,828 $1,646,489 $1,941,186 $2,535,481 $1,348,419 
Ceded premiums written(671,024)(796,636)(821,736)(615,420)(650,018)(737,328)(756,595)(562,970)
Net premiums written1,036,784 1,316,847 1,812,872 947,408 996,471 1,203,858 1,778,886 785,449 
Gross Premiums earned2,012,426 1,971,208 1,902,508 1,936,521 1,879,280 1,794,769 1,671,139 1,735,932 
Ceded premiums earned(727,560)(694,156)(644,262)(698,761)(667,853)(637,828)(567,417)(648,564)
Net premiums earned1,284,866 1,277,052 1,258,246 1,237,760 1,211,427 1,156,941 1,103,722 1,087,368 
Other insurance related income1,092 2,213 6,693 7,033 7,665 5,817 2,781 (2,819)
Total underwriting revenues1,285,958 1,279,265 1,264,939 1,244,793 1,219,092 1,162,758 1,106,503 1,084,549 
UNDERWRITING EXPENSES
Net losses and loss expenses941,911 769,587 732,699 716,225 911,369 666,473 714,718 817,239 
Acquisition costs240,511 257,582 248,352 252,180 231,712 219,070 218,871 231,800 
Underwriting-related general and administrative expenses132,570 135,403 145,096 140,379 134,826 128,961 132,668 116,345 
Total underwriting expenses1,314,992 1,162,572 1,126,147 1,108,784 1,277,907 1,014,504 1,066,257 1,165,384 
UNDERWRITING INCOME (LOSS)$(29,034)$116,693 $138,792 $136,009 $(58,815)$148,254 $40,246 $(80,835)
Catastrophe and weather-related losses, net of reinstatement premiums$211,969 $67,119 $60,076 $54,209 $249,830 $28,562 $110,250 $198,028 
Net favorable prior year reserve development$4,735 $3,940 $8,956 $9,270 $11,012 $6,808 $5,317 $6,559 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses57.1 %55.3 %54.2 %54.3 %55.4 %55.7 %55.1 %57.4 %
Catastrophe and weather-related losses ratio16.6 %5.3 %4.7 %4.3 %20.7 %2.5 %10.1 %18.4 %
Current accident year loss ratio73.7 %60.6 %58.9 %58.6 %76.1 %58.2 %65.2 %75.8 %
Prior year reserve development ratio(0.4 %)(0.3 %)(0.7 %)(0.7 %)(0.9 %)(0.6 %)(0.4 %)(0.6 %)
Net losses and loss expenses ratio73.3 %60.3 %58.2 %57.9 %75.2 %57.6 %64.8 %75.2 %
Acquisition cost ratio18.7 %20.2 %19.7 %20.4 %19.1 %18.9 %19.8 %21.3 %
Underwriting-related general and administrative expense ratio [a]
12.3 %12.9 %13.5 %14.8 %13.1 %14.1 %14.3 %13.1 %
Combined ratio104.3 %93.4 %91.4 %93.1 %107.4 %90.6 %98.9 %109.6 %
[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
Group Consolidated Data - Excluding Reinsurance Catastrophe and Property
Quarter-to-date
Q3 2022Q2 2022Q1 2022Q4 2021Q3 2021Q2 2021Q1 2021Q4 2020
UNDERWRITING REVENUES
Gross written premiums$1,684,408 $2,031,020 $2,419,889 $1,538,830 $1,519,509 $1,763,772 $2,158,070 $1,325,110 
Ceded premiums written(635,599)(769,744)(738,761)(609,769)(550,399)(682,351)(621,776)(544,865)
Net premiums written1,048,809 1,261,275 1,681,128 929,060 969,109 1,081,422 1,536,294 780,245 
Gross Premiums earned1,912,066 1,846,705 1,766,236 1,752,285 1,681,017 1,604,784 1,471,218 1,521,264 
Ceded premiums earned(687,233)(650,460)(603,004)(609,372)(584,502)(571,833)(503,614)(543,886)
Net premiums earned1,224,833 1,196,245 1,163,231 1,142,914 1,096,515 1,032,951 967,604 977,378 
Other insurance related income965 2,177 6,650 8,452 6,122 5,802 3,108 1,026 
Total underwriting revenues1,225,798 1,198,422 1,169,881 1,151,366 1,102,637 1,038,753 970,712 978,404 
UNDERWRITING EXPENSES
Net losses and loss expenses837,581 706,039 716,718 653,140 729,826 617,051 597,271 702,602 
Acquisition costs230,164 243,373 232,662 234,433 212,488 197,299 195,723 209,989 
Underwriting-related general and administrative expenses [a]
129,975 132,553 139,357 139,259 132,168 124,639 128,096 115,883 
Total underwriting expenses1,197,720 1,081,965 1,088,736 1,026,832 1,074,482 938,990 921,089 1,028,475 
UNDERWRITING INCOME$28,078 $116,457 $81,145 $124,534 $28,155 $99,763 $49,622 $(50,072)
Catastrophe and weather-related losses, net of reinstatement premiums$128,812 $29,099 $47,077 $24,600 $110,116 $11,686 $36,513 $129,909 
Net favorable (adverse) prior year reserve development$(2,958)$2,580 $(13,337)$9,422 $5,075 $(1,845)$2,143 $7,220 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses57.8 %56.8 %56.4 %55.9 %57.2 %58.4 %58.2 %59.3 %
Catastrophe and weather-related losses ratio10.3 %2.4 %4.0 %2.1 %9.8 %1.1 %3.8 %13.3 %
Current accident year loss ratio68.1 %59.2 %60.5 %58.0 %67.0 %59.6 %61.9 %72.6 %
Prior year reserve development ratio0.2 %(0.2 %)1.1 %(0.8 %)(0.5 %)0.2 %(0.2 %)(0.7 %)
Net losses and loss expenses ratio68.4 %59.0 %61.6 %57.1 %66.6 %59.7 %61.7 %71.9 %
Acquisition cost ratio18.8 %20.3 %20.0 %20.5 %19.4 %19.1 %20.2 %21.5 %
Underwriting-related general and administrative expense ratio [b]
12.7 %13.6 %14.0 %16.0 %14.2 %15.3 %15.9 %14.6 %
Combined ratio99.9 %93.0 %95.7 %93.7 %100.1 %94.1 %97.9 %108.0 %
[a] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.
[b]        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
Group Consolidated Data - Excluding Reinsurance Catastrophe and Property
Group Total [a]Reinsurance Catastrophe and Property [b]Group Total excluding Reinsurance Catastrophe and Property [b]
Year-to-dateYear-to-dateYear-to-date
Q3 2022Q3 2021Q3 2020Q3 2022Q3 2021Q3 2020Q3 2022Q3 2021Q3 2020
UNDERWRITING REVENUES
Gross written premiums$6,455,899 $6,123,156 $5,478,519 $320,582 $681,805 $773,679 $6,135,317 $5,441,351 $4,704,840 
Ceded premiums written(2,289,397)(2,143,941)(1,927,559)(145,292)(289,415)(335,355)(2,144,105)(1,854,526)(1,592,204)
Net premiums written4,166,502 3,979,215 3,550,960 175,290 392,390 438,324 3,991,212 3,586,825 3,112,636 
Gross Premiums earned5,886,143 5,345,188 5,032,802 361,136 588,169 651,102 5,525,007 4,757,019 4,381,700 
Ceded premiums earned(2,065,980)(1,873,098)(1,748,861)(125,282)(213,148)(259,835)(1,940,698)(1,659,950)(1,489,026)
Net premiums earned3,820,163 3,472,090 3,283,941 235,854 375,021 391,267 3,584,309 3,097,069 2,892,674 
Other insurance related income (loss)9,998 16,262 (5,270)206 1,231 1,968 9,792 15,031 (7,238)
Total underwriting revenues3,830,161 3,488,352 3,278,671 236,059 376,252 393,236 3,594,102 3,112,100 2,885,435 
UNDERWRITING EXPENSES
Net losses and loss expenses2,444,196 2,292,559 2,464,012 183,859 348,411 367,961 2,260,337 1,944,148 2,096,051 
Acquisition costs746,443 669,654 697,716 40,245 64,144 78,143 706,198 605,510 619,573 
Underwriting-related general and administrative expenses413,069 396,455 361,623 11,184 11,553 6,596 401,885 384,902 355,027 
Total underwriting expenses3,603,708 3,358,668 3,523,351 235,288 424,107 452,699 3,368,420 2,934,561 3,070,652 
UNDERWRITING INCOME (LOSS)$226,453 $129,684 $(244,680)$772 $(47,855)$(59,463)$225,681 $177,539 $(185,217)
Catastrophe and weather-related losses, net of reinstatement premiums$339,164 $388,642 $575,981 $134,206 $230,326 $229,133 $204,958 $158,316 $346,848 
Net favorable (adverse) prior year reserve development$17,632 $23,138 $9,351 $31,346 $17,765 $3,933 $(13,714)$5,373 $5,418 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses55.5 %55.4 %57.8 %31.7 %33.8 %35.1 %57.0 %57.9 %60.8 %
Catastrophe and weather-related losses ratio8.9 %11.3 %17.5 %59.6 %63.9 %60.0 %5.7 %5.0 %11.8 %
Current accident year loss ratio64.4 %66.7 %75.3 %91.2 %97.6 %95.0 %62.7 %62.9 %72.6 %
Prior year reserve development ratio(0.4 %)(0.7 %)(0.3 %)(13.3 %)(4.7 %)(1.0 %)0.4 %(0.2 %)(0.2 %)
Net losses and loss expenses ratio64.0 %66.0 %75.0 %78.0 %92.9 %94.0 %63.1 %62.8 %72.5 %
Acquisition cost ratio19.5 %19.3 %21.2 %17.1 %17.1 %20.0 %19.7 %19.6 %21.4 %
Underwriting-related general and administrative expense ratio12.9 %13.8 %13.4 %4.7 %3.1 %1.7 %13.4 %15.1 %14.9 %
Combined ratio96.4 %99.1 %109.6 %99.8 %113.1 %115.7 %96.2 %97.4 %108.7 %
[a]        Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
[b]        Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations
40