AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

	AXIS CAPITAL HOLDINGS LIMITED
	92 Pitts Bay Road
	Pembroke HM 08 Bermuda
	Contact Information:
	Miranda Hunter
	Investor Contact
	(441) 405-2635
	investorrelations@axiscapital.com
	Website Information:
	www.axiscapital.com
This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

	Page(s)
Basis of Presentation	i - iv
I. Financial Highlights	1
II. Income Statements
a. Consolidated Statement of Operations	2-6
b. Consolidated Segment Data	7
c. Gross Premiums Written by Segment by Line of Business	8
d. Consolidated Data	9
e. Segment Data	10-11
f. Strategic Capital Partners	12
g. Net Investment Income	13
III. Balance Sheets
a. Consolidated Balance Sheets	14
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	15
•    Cash and Invested Assets Composition	16
•    Corporate Debt Composition	17
•    Ten Largest Corporate Debt Holdings	18
•    Mortgage-Backed and Asset-Backed Securities Composition	19
c. Reinsurance Recoverable Analysis	20-21
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis	22
b. Paid to Incurred Analysis by Segment	23-25
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	26
V. Share Analysis
a. Earnings Per Common Share Information	27
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method	28
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	29
c. Rationale for the Use of Non-GAAP Financial Measures	30-32
VII. Additional Information Regarding the Company's Announcement to Exit Catastrophe and Property Business	33-40
VIII. Additional Information Regarding the Net Financial Impact of the Company's Loss Portfolio Transfer ("LPT") Reinsurance Transaction	41-42

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 catastrophe and property reinsurance lines of business, our expectations regarding pricing and 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;

i

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.

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

ii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

Our insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The following are the lines of business in our insurance segment:

Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, 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.

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, and physical damage and business interruption following an act of terrorism. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

Liability: primarily targets primary and low to mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products

liability businesspredominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

Cyber: provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, payment card industry data security standard and media liability.

Marine and Aviation: Marine provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include 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. 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.

Accident and Health: includes personal accident, travel insurance and specialty health products for employer and affinity groups, and pet insurance.

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.

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The following are the lines of business in our reinsurance segment:

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.

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.

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

Credit and Surety: Credit reinsurance 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.

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.

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: Marine 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. The Company exited Aviation business effective January 1, 2023.

Run-off lines

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 exited 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 exited this line of business in June 2022.

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.

iv

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

		Quarters ended December 31,									Years ended December 31,
		2022			2021			Change			2022			2021			Change
HIGHLIGHTS	Gross premiums written	$	1,758,696		$	1,562,828		12.5	%		$	8,214,595		$	7,685,984		6.9	%
	Gross premiums written - Insurance	83.6		%	84.1		%	(0.5)		pts	68.0		%	63.3		%	4.7		pts
	Gross premiums written - Reinsurance	16.4		%	15.9		%	0.5		pts	32.0		%	36.7		%	(4.7)		pts
	Net premiums written	$	1,096,554		$	947,408		15.7	%		$	5,263,056		$	4,926,624		6.8	%
	Net premiums earned	$	1,340,162		$	1,237,760		8.3	%		$	5,160,326		$	4,709,850		9.6	%
	Net premiums earned - Insurance	62.0		%	58.4		%	3.6		pts	60.7		%	56.3		%	4.4		pts
	Net premiums earned - Reinsurance	38.0		%	41.6		%	(3.6)		pts	39.3		%	43.7		%	(4.4)		pts
	Net income available to common shareholders	$	40,928		$	197,329		(79.3	%)		$	192,833		$	588,359		(67.2	%)
	Operating income [a]	$	166,608		$	182,187		(8.6	%)		$	497,931		$	436,477		14.1	%
	Annualized return on average common equity [b]	4.2		%	16.4		%	(12.2)		pts	4.3		%	12.2		%	(7.9)		pts
	Annualized operating return on average common equity [c]	16.9		%	15.1		%	1.8		pts	11.1		%	9.1		%	2.0		pts
	Total shareholders’ equity	$	4,639,910		$	5,410,656		(14.2	%)		$	4,639,910		$	5,410,656		(14.2	%)
PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$0.48			$2.31			(79.2	%)		$2.25			$6.90			(67.4	%)
	Operating income per diluted common share [d]	$1.95			$2.13			(8.5	%)		$5.81			$5.12			13.5	%
	Weighted average diluted common shares outstanding	85,655			85,591			0.1	%		85,669			85,291			0.4	%
	Book value per common share	$48.31			$57.34			(15.7	%)		$48.31			$57.34			(15.7	%)
	Book value per diluted common share (treasury stock method)	$46.95			$55.78			(15.8	%)		$46.95			$55.78			(15.8	%)
	Tangible book value per diluted common share (treasury stock method) [a]	$44.13			$52.84			(16.5	%)		$44.13			$52.84			(16.5	%)
FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	54.3		%	1.2		pts	55.5		%	55.1		%	0.4		pts
	Catastrophe and weather-related losses ratio	4.7		%	4.3		%	0.4		pts	7.8		%	9.5		%	(1.7)		pts
	Current accident year loss ratio	60.2		%	58.6		%	1.6		pts	63.3		%	64.6		%	(1.3)		pts
	Prior year reserve development ratio	(0.6		%)	(0.7		%)	0.1		pts	(0.5		%)	(0.7		%)	0.2		pts
	Net losses and loss expenses ratio	59.6		%	57.9		%	1.7		pts	62.8		%	63.9		%	(1.1)		pts
	Acquisition cost ratio	20.6		%	20.4		%	0.2		pts	19.8		%	19.6		%	0.2		pts
	General and administrative expense ratio [e]	13.9		%	14.8		%	(0.9)		pts	13.2		%	14.0		%	(0.8)		pts
	Combined ratio	94.1		%	93.1		%	1.0		pts	95.8		%	97.5		%	(1.7)		pts
INVESTMENT DATA	Total assets	$	27,595,811		$	27,368,970		0.8	%		$	27,595,811		$	27,368,970		0.8	%
	Total cash and invested assets [f]	$	15,618,714		$	16,489,369		(5.3	%)		$	15,618,714		$	16,489,369		(5.3	%)
	Net investment income	$	147,085		$	128,128		14.8	%		$	418,829		$	454,301		(7.8	%)
	Net investment gains (losses)	$	(42,558)		$	20,410		nm			$	(456,789)		$	134,279		nm
	Book yield of fixed maturities	3.5		%	1.9		%	1.6		pts	3.5		%	1.9		%	1.6		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 income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

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

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

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

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

1

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2022 AND 2021

		Quarters ended December 31,				Years ended December 31,
		2022		2021		2022		2021
Revenues
	Net premiums earned	$	1,340,162	$	1,237,760	$	5,160,326	$	4,709,850
	Net investment income	147,085		128,128		418,829		454,301
	Net investment gains (losses)	(42,558)		20,410		(456,789)		134,279
	Other insurance related income	3,076		7,033		13,073		23,295
	Total revenues	1,447,765		1,393,331		5,135,439		5,321,725
Expenses
	Net losses and loss expenses	798,214		716,225		3,242,410		3,008,783
	Acquisition costs	275,573		252,180		1,022,017		921,834
	General and administrative expenses	187,472		184,484		680,343		663,304
	Foreign exchange losses (gains)	78,989		4,632		(157,945)		315
	Interest expense and financing costs	16,426		15,543		63,146		62,302
	Reorganization expenses	9,485		—		31,426		—
	Amortization of value of business acquired	—		771		—		3,854
	Amortization of intangible assets	2,729		3,260		10,917		12,424
	Total expenses	1,368,888		1,177,095		4,892,314		4,672,816
Income before income taxes and interest in income (loss) of equity method investments		78,877		216,236		243,125		648,909
	Income tax expense	(27,341)		(12,557)		(22,037)		(62,384)
	Interest in income (loss) of equity method investments	(3,045)		1,213		1,995		32,084
Net income		48,491		204,892		223,083		618,609
	Preferred share dividends	7,563		7,563		30,250		30,250
Net income available to common shareholders		$	40,928	$	197,329	$	192,833	$	588,359

2

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

													Year ended December 31,
	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020		2021
UNDERWRITING REVENUES
Gross premiums written	$	1,758,696	$	1,707,808	$	2,113,483	$	2,634,608	$	1,562,828	$	1,348,419	$	7,685,984
Ceded premiums written	(662,142)		(671,024)		(796,636)		(821,736)		(615,420)		(562,970)		(2,759,360)
Net premiums written	1,096,554		1,036,784		1,316,847		1,812,872		947,408		785,449		4,926,624
Gross premiums earned	2,050,239		2,012,426		1,971,208		1,902,508		1,936,521		1,735,932		7,281,709
Ceded premiums earned	(710,077)		(727,560)		(694,156)		(644,262)		(698,761)		(648,564)		(2,571,859)
Net premiums earned	1,340,162		1,284,866		1,277,052		1,258,246		1,237,760		1,087,368		4,709,850
Other insurance related income (loss)	3,076		1,092		2,213		6,693		7,033		(2,819)		23,295
Total underwriting revenues	1,343,238		1,285,958		1,279,265		1,264,939		1,244,793		1,084,549		4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses	798,214		941,911		769,587		732,699		716,225		817,239		3,008,783
Acquisition costs	275,573		240,511		257,582		248,352		252,180		231,800		921,834
Underwriting-related general and administrative expenses [a]	137,220		132,570		135,403		145,096		140,379		116,345		536,834
Total underwriting expenses	1,211,007		1,314,992		1,162,572		1,126,147		1,108,784		1,165,384		4,467,451
UNDERWRITING INCOME (LOSS) [b]	132,231		(29,034)		116,693		138,792		136,009		(80,835)		265,694
OTHER (EXPENSES) REVENUES
Net investment income	147,085		88,177		92,214		91,355		128,128		109,503		454,301
Net investment gains (losses)	(42,558)		(146,458)		(173,263)		(94,508)		20,410		83,356		134,279
Corporate expenses [a]	(50,252)		(25,675)		(30,183)		(23,945)		(44,105)		(26,907)		(126,470)
Foreign exchange (losses) gains	(78,989)		135,660		57,000		44,273		(4,632)		(72,309)		(315)
Interest expense and financing costs	(16,426)		(15,915)		(15,241)		(15,564)		(15,543)		(15,408)		(62,302)
Reorganization expenses	(9,485)		(6,213)		(15,728)		—		—		(7,059)		—
Amortization of value of business acquired	—		—		—		—		(771)		(1,028)		(3,854)
Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(3,260)		(2,827)		(12,424)
Total other (expenses) revenues	(53,354)		26,847		(87,930)		(1,118)		80,227		67,321		383,215
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	78,877		(2,187)		28,763		137,674		216,236		(13,514)		648,909
Income tax (expense) benefit	(27,341)		363		4,965		(24)		(12,557)		6,291		(62,384)
Interest in income (loss) of equity method investments	(3,045)		(7,560)		1,050		11,550		1,213		9,967		32,084
NET INCOME (LOSS)	48,491		(9,384)		34,778		149,200		204,892		2,744		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	$	40,928	$	(16,947)	$	27,215	$	141,637	$	197,329	$	(4,819)	$	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,
	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020		2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5	%	57.1	%	55.3	%	54.2	%	54.3	%	57.4	%	55.1	%
Catastrophe and weather-related losses ratio	4.7	%	16.6	%	5.3	%	4.7	%	4.3	%	18.4	%	9.5	%
Current accident year loss ratio	60.2	%	73.7	%	60.6	%	58.9	%	58.6	%	75.8	%	64.6	%
Prior year reserve development ratio	(0.6	%)	(0.4	%)	(0.3	%)	(0.7	%)	(0.7	%)	(0.6	%)	(0.7	%)
Net losses and loss expenses ratio	59.6	%	73.3	%	60.3	%	58.2	%	57.9	%	75.2	%	63.9	%
Acquisition cost ratio	20.6	%	18.7	%	20.2	%	19.7	%	20.4	%	21.3	%	19.6	%
General and administrative expense ratio [a]	13.9	%	12.3	%	12.9	%	13.5	%	14.8	%	13.1	%	14.0	%
Combined ratio	94.1	%	104.3	%	93.4	%	91.4	%	93.1	%	109.6	%	97.5	%
Weighted average common shares outstanding	84,667		84,660		85,173		84,961		84,774		84,341		84,707
Weighted average diluted common shares outstanding [b]	85,655		84,660		85,843		85,808		85,591		84,341		85,291
Earnings (loss) per common share	$0.48		($0.20)		$0.32		$1.67		$2.33		($0.06)		$6.95
Earnings (loss) per diluted common share	$0.48		($0.20)		$0.32		$1.65		$2.31		($0.06)		$6.90
Annualized ROACE	4.2	%	(1.7	%)	2.5	%	12.0	%	16.4	%	(0.4	%)	12.2	%
Annualized operating ROACE	16.9	%	0.3	%	13.7	%	15.3	%	15.1	%	(1.4	%)	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 quarters ended September 30, 2022 and December 2020, the share equivalents were anti-dilutive.

4

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

	Years ended December 31,
	2022		2021		2020
UNDERWRITING REVENUES
Gross premiums written	$	8,214,595	$	7,685,984	$	6,826,938
Ceded premiums written	(2,951,539)		(2,759,360)		(2,490,529)
Net premiums written	5,263,056		4,926,624		4,336,409
Gross premiums earned	7,936,382		7,281,709		6,768,733
Ceded premiums earned	(2,776,056)		(2,571,859)		(2,397,424)
Net premiums earned	5,160,326		4,709,850		4,371,309
Other insurance related income (loss)	13,073		23,295		(8,089)
Total underwriting revenues	5,173,399		4,733,145		4,363,220
UNDERWRITING EXPENSES
Net losses and loss expenses	3,242,410		3,008,783		3,281,252
Acquisition costs	1,022,017		921,834		929,517
Underwriting-related general and administrative expenses [a]	550,289		536,834		477,968
Total underwriting expenses	4,814,716		4,467,451		4,688,737
UNDERWRITING INCOME (LOSS) [b]	358,683		265,694		(325,517)
OTHER (EXPENSES) REVENUES
Net investment income	418,829		454,301		349,601
Net investment gains (losses)	(456,789)		134,279		129,133
Corporate expenses [a]	(130,054)		(126,470)		(101,822)
Foreign exchange (losses) gains	157,945		(315)		(81,069)
Interest expense and financing costs	(63,146)		(62,302)		(75,049)
Reorganization expenses	(31,426)		—		(7,881)
Amortization of value of business acquired	—		(3,854)		(5,139)
Amortization of intangible assets	(10,917)		(12,424)		(11,390)
Total other (expenses) revenues	(115,558)		383,215		196,384
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	243,125		648,909		(129,133)
Income tax (expense) benefit	(22,037)		(62,384)		12,321
Interest in income (loss) of equity method investments	1,995		32,084		(3,612)
NET INCOME (LOSS)	223,083		618,609		(120,424)
Preferred share dividends	(30,250)		(30,250)		(30,250)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	192,833	$	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 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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

	Years ended December 31,
	2022		2021		2020
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5	%	55.1	%	57.7	%
Catastrophe and weather-related losses ratio	7.8	%	9.5	%	17.7	%
Current accident year loss ratio	63.3	%	64.6	%	75.4	%
Prior year reserve development ratio	(0.5	%)	(0.7	%)	(0.3	%)
Net losses and loss expenses ratio	62.8	%	63.9	%	75.1	%
Acquisition cost ratio	19.8	%	19.6	%	21.3	%
General and administrative expense ratio [a]	13.2	%	14.0	%	13.2	%
Combined ratio	95.8	%	97.5	%	109.6	%
Weighted average common shares outstanding	84,864		84,707		84,262
Weighted average diluted common shares outstanding [b]	85,669		85,291		84,262
Earnings (loss) per common share	$2.27		$6.95		($1.79)
Earnings (loss) per diluted common share	$2.25		$6.90		($1.79)
ROACE	4.3	%	12.2	%	(3.2	%)
Operating ROACE	11.1	%	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 year ended December 31, 2020, the share equivalents were anti-dilutive.

6

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

	Quarter ended December 31, 2022									Year ended December 31, 2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,470,805		$	287,891		$	1,758,696		$	5,585,581		$	2,629,014		$	8,214,595
Ceded premium written	(584,019)			(78,123)			(662,142)			(2,207,675)			(743,864)			(2,951,539)
Net premiums written	886,786			209,768			1,096,554			3,377,906			1,885,150			5,263,056
Gross premiums earned	1,368,859			681,380			2,050,239			5,219,303			2,717,079			7,936,382
Ceded premiums earned	(538,345)			(171,732)			(710,077)			(2,085,148)			(690,908)			(2,776,056)
Net premiums earned	830,514			509,648			1,340,162			3,134,155			2,026,171			5,160,326
Other insurance related income	89			2,987			3,076			559			12,514			13,073
Total underwriting revenues	830,603			512,635			1,343,238			3,134,714			2,038,685			5,173,399
UNDERWRITING EXPENSES
Net losses and loss expenses	439,268			358,946			798,214			1,785,854			1,456,556			3,242,410
Acquisition costs	154,859			120,714			275,573			577,838			444,179			1,022,017
Underwriting-related general and administrative expenses	113,106			24,114			137,220			443,704			106,585			550,289
Total underwriting expenses	707,233			503,774			1,211,007			2,807,396			2,007,320			4,814,716
UNDERWRITING INCOME	$	123,370		$	8,861		$	132,231		$	327,318		$	31,365		$	358,683
Catastrophe and weather-related losses, net of reinstatement premiums	$	33,218		$	30,392		$	63,610		$	206,735		$	196,068		$	402,803
Net favorable prior year reserve development	$	3,955		$	3,946		$	7,901		$	16,350		$	9,183		$	25,533
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	49.3		%	65.5		%	55.5		%	51.0		%	62.6		%	55.5		%
Catastrophe and weather-related losses ratio	4.1		%	5.7		%	4.7		%	6.5		%	9.7		%	7.8		%
Current accident year loss ratio	53.4		%	71.2		%	60.2		%	57.5		%	72.3		%	63.3		%
Prior year reserve development ratio	(0.5		%)	(0.8		%)	(0.6		%)	(0.5		%)	(0.4		%)	(0.5		%)
Net losses and loss expenses ratio	52.9		%	70.4		%	59.6		%	57.0		%	71.9		%	62.8		%
Acquisition cost ratio	18.6		%	23.7		%	20.6		%	18.4		%	21.9		%	19.8		%
Underwriting-related general and administrative expense ratio	13.7		%	4.7		%	10.2		%	14.2		%	5.3		%	10.7		%
Corporate expense ratio							3.7		%							2.5		%
Combined ratio	85.2		%	98.8		%	94.1		%	89.6		%	99.1		%	95.8		%

7

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

													Years ended December 31,
	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020		2022		2021
INSURANCE SEGMENT
Professional Lines	$	378,336	$	317,074	$	323,141	$	304,415	$	395,150	$	323,832	$	1,322,966	$	1,290,767
Property	351,503		297,537		400,529		307,919		290,972		269,237		1,357,489		1,192,981
Liability	312,327		266,615		306,541		253,162		267,726		215,972		1,138,645		930,999
Cyber	157,794		182,367		173,134		131,451		153,862		110,304		644,746		525,349
Marine and Aviation	133,712		140,661		153,796		224,517		108,066		87,847		652,687		580,635
Accident and Health	68,551		66,153		65,396		58,301		43,927		40,843		258,399		178,899
Credit and Political Risk	68,582		47,483		47,085		47,499		55,360		56,264		210,649		163,602
TOTAL INSURANCE SEGMENT	$	1,470,805	$	1,317,890	$	1,469,622	$	1,327,264	$	1,315,063	$	1,104,299	$	5,585,581	$	4,863,232
REINSURANCE SEGMENT
Liability	$	88,911	$	156,500	$	190,072	$	284,348	$	104,956	$	113,791	$	719,831	$	722,931
Accident and Health	11,875		59,313		9,971		330,732		19,461		15,706		411,891		398,641
Professional Lines	66,597		27,575		173,056		133,579		49,739		45,888		400,807		353,671
Credit and Surety	63,873		53,944		76,872		103,876		31,667		43,520		298,565		208,108
Motor	30,231		22,035		35,814		151,714		4,511		(15,448)		239,794		279,966
Agriculture	10,904		39,312		49,971		27,826		10,822		901		128,012		86,128
Marine and Aviation	8,863		8,823		25,198		50,485		3,484		10,900		93,371		73,968
Run-off lines
Catastrophe	1,110		21,227		62,077		138,396		19,957		24,497		222,810		492,397
Property	4,611		2,173		20,386		76,323		4,042		(1,187)		103,492		213,406
Engineering	916		(984)		444		10,065		(874)		5,552		10,441		(6,464)
Total run-off lines	6,637		22,416		82,907		224,784		23,125		28,862		336,743		699,339
TOTAL REINSURANCE SEGMENT	$	287,891	$	389,918	$	643,861	$	1,307,344	$	247,765	$	244,120	$	2,629,014	$	2,822,752
CONSOLIDATED TOTAL	$	1,758,696	$	1,707,808	$	2,113,483	$	2,634,608	$	1,562,828	$	1,348,419	$	8,214,595	$	7,685,984

8

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																			Year ended December 31,
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q4 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	1,758,696		$	1,707,808		$	2,113,483		$	2,634,608		$	1,562,828		$	1,348,419		$	7,685,984
Ceded premiums written	(662,142)			(671,024)			(796,636)			(821,736)			(615,420)			(562,970)			(2,759,360)
Net premiums written	1,096,554			1,036,784			1,316,847			1,812,872			947,408			785,449			4,926,624
Gross premiums earned	2,050,239			2,012,426			1,971,208			1,902,508			1,936,521			1,735,932			7,281,709
Ceded premiums earned	(710,077)			(727,560)			(694,156)			(644,262)			(698,761)			(648,564)			(2,571,859)
Net premiums earned	1,340,162			1,284,866			1,277,052			1,258,246			1,237,760			1,087,368			4,709,850
Other insurance related income (loss)	3,076			1,092			2,213			6,693			7,033			(2,819)			23,295
Total underwriting revenues	1,343,238			1,285,958			1,279,265			1,264,939			1,244,793			1,084,549			4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses	798,214			941,911			769,587			732,699			716,225			817,239			3,008,783
Acquisition costs	275,573			240,511			257,582			248,352			252,180			231,800			921,834
Underwriting-related general and administrative expenses	137,220			132,570			135,403			145,096			140,379			116,345			536,834
Total underwriting expenses	1,211,007			1,314,992			1,162,572			1,126,147			1,108,784			1,165,384			4,467,451
UNDERWRITING INCOME (LOSS)	$	132,231		$	(29,034)		$	116,693		$	138,792		$	136,009		$	(80,835)		$	265,694
Catastrophe and weather-related losses, net of reinstatement premiums	$	63,610		$	211,969		$	67,119		$	60,076		$	54,209		$	198,028		$	442,859
Net favorable prior year reserve development	$	7,901		$	4,735		$	3,940		$	8,956		$	9,270		$	6,559		$	32,410
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	57.1		%	55.3		%	54.2		%	54.3		%	57.4		%	55.1		%
Catastrophe and weather-related losses ratio	4.7		%	16.6		%	5.3		%	4.7		%	4.3		%	18.4		%	9.5		%
Current accident year loss ratio	60.2		%	73.7		%	60.6		%	58.9		%	58.6		%	75.8		%	64.6		%
Prior year reserve development ratio	(0.6		%)	(0.4		%)	(0.3		%)	(0.7		%)	(0.7		%)	(0.6		%)	(0.7		%)
Net losses and loss expenses ratio	59.6		%	73.3		%	60.3		%	58.2		%	57.9		%	75.2		%	63.9		%
Acquisition cost ratio	20.6		%	18.7		%	20.2		%	19.7		%	20.4		%	21.3		%	19.6		%
General and administrative expense ratio [a]	13.9		%	12.3		%	12.9		%	13.5		%	14.8		%	13.1		%	14.0		%
Combined ratio	94.1		%	104.3		%	93.4		%	91.4		%	93.1		%	109.6		%	97.5		%

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

9

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																			Year ended December 31,
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q4 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	1,470,805		$	1,317,890		$	1,469,622		$	1,327,264		$	1,315,063		$	1,104,299		$	4,863,232
Ceded premiums written	(584,019)			(540,101)			(600,203)			(483,352)			(548,369)			(476,066)			(1,968,347)
Net premiums written	886,786			777,789			869,419			843,912			766,694			628,233			2,894,885
Gross premiums earned	1,368,859			1,331,887			1,285,275			1,233,281			1,212,644			1,006,930			4,445,035
Ceded premiums earned	(538,345)			(549,786)			(516,551)			(480,465)			(490,275)			(417,160)			(1,793,696)
Net premiums earned	830,514			782,101			768,724			752,816			722,369			589,770			2,651,339
Other insurance related income	89			151			237			82			227			556			1,662
Total underwriting revenues	830,603			782,252			768,961			752,898			722,596			590,326			2,653,001
UNDERWRITING EXPENSES
Net losses and loss expenses	439,268			519,006			421,836			405,745			383,246			444,444			1,514,998
Acquisition costs	154,859			139,436			144,732			138,812			136,172			117,954			484,344
Underwriting-related general and administrative expenses	113,106			108,072			108,577			113,950			121,505			93,930			429,282
Total underwriting expenses	707,233			766,514			675,145			658,507			640,923			656,328			2,428,624
UNDERWRITING INCOME (LOSS)	$	123,370		$	15,738		$	93,816		$	94,391		$	81,673		$	(66,002)		$	224,377
Catastrophe and weather-related losses, net of reinstatement premiums	$	33,218		$	112,799		$	27,989		$	32,730		$	22,654		$	118,185		$	174,559
Net favorable prior year reserve development	$	3,955		$	2,558		$	2,773		$	7,062		$	5,008		$	4,417		$	18,360
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	49.3		%	52.6		%	51.6		%	50.5		%	50.8		%	56.1		%	51.4		%
Catastrophe and weather-related losses ratio	4.1		%	14.1		%	3.6		%	4.3		%	2.9		%	20.0		%	6.4		%
Current accident year loss ratio	53.4		%	66.7		%	55.2		%	54.8		%	53.7		%	76.1		%	57.8		%
Prior year reserve development ratio	(0.5		%)	(0.3		%)	(0.3		%)	(0.9		%)	(0.6		%)	(0.7		%)	(0.7		%)
Net losses and loss expenses ratio	52.9		%	66.4		%	54.9		%	53.9		%	53.1		%	75.4		%	57.1		%
Acquisition cost ratio	18.6		%	17.8		%	18.8		%	18.4		%	18.9		%	20.0		%	18.3		%
Underwriting-related general and administrative expense ratio	13.7		%	13.8		%	14.1		%	15.2		%	16.7		%	15.9		%	16.2		%
Combined ratio	85.2		%	98.0		%	87.8		%	87.5		%	88.7		%	111.3		%	91.6		%

10

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																			Year ended December 31,
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q4 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	287,891		$	389,918		$	643,861		$	1,307,344		$	247,765		$	244,120		$	2,822,752
Ceded premiums written	(78,123)			(130,923)			(196,433)			(338,384)			(67,051)			(86,904)			(791,013)
Net premiums written	209,768			258,995			447,428			968,960			180,714			157,216			2,031,739
Gross premiums earned	681,380			680,539			685,933			669,227			723,877			729,002			2,836,674
Ceded premiums earned	(171,732)			(177,774)			(177,605)			(163,797)			(208,486)			(231,404)			(778,163)
Net premiums earned	509,648			502,765			508,328			505,430			515,391			497,598			2,058,511
Other insurance related income (loss)	2,987			941			1,976			6,611			6,806			(3,375)			21,633
Total underwriting revenues	512,635			503,706			510,304			512,041			522,197			494,223			2,080,144
UNDERWRITING EXPENSES
Net losses and loss expenses	358,946			422,905			347,751			326,954			332,979			372,795			1,493,785
Acquisition costs	120,714			101,075			112,850			109,540			116,008			113,846			437,490
Underwriting-related general and administrative expenses	24,114			24,498			26,826			31,146			18,874			22,415			107,552
Total underwriting expenses	503,774			548,478			487,427			467,640			467,861			509,056			2,038,827
UNDERWRITING INCOME (LOSS)	$	8,861		$	(44,772)		$	22,877		$	44,401		$	54,336		$	(14,833)		$	41,317
Catastrophe and weather-related losses, net of reinstatement premiums	$	30,392		$	99,170		$	39,130		$	27,346		$	31,555		$	79,843		$	268,300
Net favorable prior year reserve development	$	3,946		$	2,177		$	1,167		$	1,894		$	4,262		$	2,142		$	14,050
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	65.5		%	64.2		%	60.9		%	59.7		%	59.2		%	59.0		%	59.9		%
Catastrophe and weather-related losses ratio	5.7		%	20.3		%	7.7		%	5.4		%	6.2		%	16.3		%	13.3		%
Current accident year loss ratio	71.2		%	84.5		%	68.6		%	65.1		%	65.4		%	75.3		%	73.2		%
Prior year reserve development ratio	(0.8		%)	(0.4		%)	(0.2		%)	(0.4		%)	(0.8		%)	(0.4		%)	(0.6		%)
Net losses and loss expenses ratio	70.4		%	84.1		%	68.4		%	64.7		%	64.6		%	74.9		%	72.6		%
Acquisition cost ratio	23.7		%	20.1		%	22.2		%	21.7		%	22.5		%	22.9		%	21.3		%
Underwriting-related general and administrative expenses ratio	4.7		%	4.9		%	5.3		%	6.1		%	3.7		%	4.5		%	5.1		%
Combined ratio	98.8		%	109.1		%	95.9		%	92.5		%	90.8		%	102.3		%	99.0		%

11

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS<

Quarters ended December 31,

Years ended December 31,

2022

2021

2022

2021

TOTAL MANAGED PREMIUMS [a]

Insurance

Reinsurance

Total

Insurance

Reinsurance

Total

Insurance

Reinsurance

Total

Insurance

Reinsurance

Total

Total Managed Premiums

$

1,470,805

$

287,891

$

1,758,696