AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FIRST QUARTER 2023

	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	2-4
b. Consolidated Segment Data	5
c. Gross Premiums Written by Segment by Line of Business	6
d. Consolidated Data	7
e. Segment Data	8-9
f. Strategic Capital Partners	10
g. Net Investment Income	11
III. Balance Sheets
a. Consolidated Balance Sheets	12
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	13
•    Cash and Invested Assets Composition	14
•    Corporate Debt Composition	15
•    Ten Largest Corporate Debt Holdings	16
•    Mortgage-Backed and Asset-Backed Securities Composition	17
c. Reinsurance Recoverable Analysis	18-19
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis	20
b. Paid to Incurred Analysis by Segment	21-23
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	24
V. Share Analysis
a. Earnings Per Common Share Information	25
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method	26
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	27
b. Rationale for the Use of Non-GAAP Financial Measures	28-30
VII. Additional Information Regarding the Company's Announcement to Exit Catastrophe and Property Business	31-38

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, 2022 and consolidated statements of operations for the years ended December 31, 2022 and December 31, 2021.

•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 and economic conditions including the liquidity of financial markets, 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:

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 and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks.;

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

•actual claims exceeding reserves for losses and loss expenses;

•the adverse impact of inflation;

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

•the failure of our cedants to adequately evaluate risks;

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;

•increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;

i

COVID-19

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

Credit and Market 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 banking sector instability, financial market illiquidity and 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 access sufficient cash to meet our obligations when they are due;

Operational Risk

•changes in accounting policies or practices;

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

•difficulties with technology and/or data security;

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, foreign corrupt practices, data protection and privacy; 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 business predominately 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, written on an excess of loss or a proportional basis. For excess of loss business, we typically indemnify the reinsured for a portion of losses, individually and in the aggregate, in excess of a specified individual or aggregate loss deductible. For proportional business, we assume an agreed percentage of the underlying premiums and accept liability for the same percentage of losses and loss expenses. Our business is primarily produced through reinsurance brokers worldwide. 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

		Three months ended March 31,
		2023			2022			Change
HIGHLIGHTS	Gross premiums written	$	2,381,976		$	2,634,608		(9.6	%)
	Gross premiums written - Insurance	59.4		%	50.4		%	9.0		pts
	Gross premiums written - Reinsurance	40.6		%	49.6		%	(9.0)		pts
	Net premiums written	$	1,608,356		$	1,812,872		(11.3	%)
	Net premiums earned	$	1,230,199		$	1,258,246		(2.2	%)
	Net premiums earned - Insurance	66.4		%	59.8		%	6.6		pts
	Net premiums earned - Reinsurance	33.6		%	40.2		%	(6.6)		pts
	Net income available to common shareholders	$	172,534		$	141,637		21.8%
	Operating income [a]	$	200,054		$	179,825		11.2%
	Annualized return on average common equity [b]	16.2		%	12.0		%	4.2		pts
	Annualized operating return on average common equity [c]	18.8		%	15.3		%	3.5		pts
	Total shareholders’ equity	$	4,960,229		$	5,120,540		(3.1	%)
PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$2.01			$1.65			21.8%
	Operating income per diluted common share [d]	$2.33			$2.09			11.5%
	Weighted average diluted common shares outstanding	85,853			85,808			0.1	%
	Book value per common share	$51.77			$53.60			(3.4	%)
	Book value per diluted common share (treasury stock method)	$50.31			$51.97			(3.2	%)
	Tangible book value per diluted common share (treasury stock method) [a]	$47.53			$49.08			(3.2	%)
FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	55.8		%	54.2		%	1.6		pts
	Catastrophe and weather-related losses ratio	3.1		%	4.7		%	(1.6)		pts
	Current accident year loss ratio	58.9		%	58.9		%	—		pts
	Prior year reserve development ratio	(0.3		%)	(0.7		%)	0.4		pts
	Net losses and loss expenses ratio	58.6		%	58.2		%	0.4		pts
	Acquisition cost ratio	18.7		%	19.7		%	(1.0)		pts
	General and administrative expense ratio [e]	13.6		%	13.5		%	0.1		pts
	Combined ratio	90.9		%	91.4		%	(0.5)		pts
INVESTMENT DATA	Total assets	$	28,564,977		$	27,808,558		2.7	%
	Total cash and invested assets [f]	$	15,983,741		$	16,023,182		(0.2	%)
	Net investment income	$	133,771		$	91,355		46.4	%
	Net investment losses	$	(20,190)		$	(94,508)		(78.6	%)
	Book yield of fixed maturities	3.7		%	2.1		%	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 net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the

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

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

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

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

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

1

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2023 AND 2022

		Three months ended March 31,
		2023		2022
Revenues
	Net premiums earned	$	1,230,199	$	1,258,246
	Net investment income	133,771		91,355
	Net investment losses	(20,190)		(94,508)
	Other insurance related income	577		6,693
	Total revenues	1,344,357		1,261,786
Expenses
	Net losses and loss expenses	720,642		732,699
	Acquisition costs	230,373		248,352
	General and administrative expenses	166,811		169,041
	Foreign exchange losses (gains)	8,710		(44,273)
	Interest expense and financing costs	16,894		15,564
	Amortization of intangible assets	2,729		2,729
	Total expenses	1,146,159		1,124,112
Income before income taxes and interest in income (loss) of equity method investments		198,198		137,674
	Income tax expense	(15,896)		(24)
	Interest in income (loss) of equity method investments	(2,205)		11,550
Net income		180,097		149,200
	Preferred share dividends	7,563		7,563
Net income available to common shareholders		$	172,534	$	141,637

2

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

													Year ended December 31,
	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q1 2021		2022
UNDERWRITING REVENUES
Gross premiums written	$	2,381,976	$	1,758,696	$	1,707,808	$	2,113,483	$	2,634,608	$	2,535,481	$	8,214,595
Ceded premiums written	(773,620)		(662,142)		(671,024)		(796,636)		(821,736)		(756,595)		(2,951,539)
Net premiums written	1,608,356		1,096,554		1,036,784		1,316,847		1,812,872		1,778,886		5,263,056
Gross premiums earned	1,921,768		2,050,239		2,012,426		1,971,208		1,902,508		1,671,139		7,936,382
Ceded premiums earned	(691,569)		(710,077)		(727,560)		(694,156)		(644,262)		(567,417)		(2,776,056)
Net premiums earned	1,230,199		1,340,162		1,284,866		1,277,052		1,258,246		1,103,722		5,160,326
Other insurance related income	577		3,076		1,092		2,213		6,693		2,781		13,073
Total underwriting revenues	1,230,776		1,343,238		1,285,958		1,279,265		1,264,939		1,106,503		5,173,399
UNDERWRITING EXPENSES
Net losses and loss expenses	720,642		798,214		941,911		769,587		732,699		714,718		3,242,410
Acquisition costs	230,373		275,573		240,511		257,582		248,352		218,871		1,022,017
Underwriting-related general and administrative expenses [a]	140,395		137,220		132,570		135,403		145,096		132,668		550,289
Total underwriting expenses	1,091,410		1,211,007		1,314,992		1,162,572		1,126,147		1,066,257		4,814,716
UNDERWRITING INCOME (LOSS) [b]	139,366		132,231		(29,034)		116,693		138,792		40,246		358,683
OTHER (EXPENSES) REVENUES
Net investment income	133,771		147,085		88,177		92,214		91,355		114,165		418,829
Net investment gains (losses)	(20,190)		(42,558)		(146,458)		(173,263)		(94,508)		29,645		(456,789)
Corporate expenses [a]	(26,416)		(50,252)		(25,675)		(30,183)		(23,945)		(25,740)		(130,054)
Foreign exchange (losses) gains	(8,710)		(78,989)		135,660		57,000		44,273		(4,113)		157,945
Interest expense and financing costs	(16,894)		(16,426)		(15,915)		(15,241)		(15,564)		(15,571)		(63,146)
Reorganization expenses	—		(9,485)		(6,213)		(15,728)		—		—		(31,426)
Amortization of value of business acquired	—		—		—		—		—		(1,028)		—
Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(2,690)		(10,917)
Total other (expenses) revenues	58,832		(53,354)		26,847		(87,930)		(1,118)		94,668		(115,558)
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	198,198		78,877		(2,187)		28,763		137,674		134,914		243,125
Income tax (expense) benefit	(15,896)		(27,341)		363		4,965		(24)		(20,776)		(22,037)
Interest in income (loss) of equity method investments	(2,205)		(3,045)		(7,560)		1,050		11,550		9,162		1,995
NET INCOME (LOSS)	180,097		48,491		(9,384)		34,778		149,200		123,300		223,083
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	$	172,534	$	40,928	$	(16,947)	$	27,215	$	141,637	$	115,737	$	192,833

[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,
	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q1 2021		2022
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.8	%	55.5	%	57.1	%	55.3	%	54.2	%	55.1	%	55.5	%
Catastrophe and weather-related losses ratio	3.1	%	4.7	%	16.6	%	5.3	%	4.7	%	10.1	%	7.8	%
Current accident year loss ratio	58.9	%	60.2	%	73.7	%	60.6	%	58.9	%	65.2	%	63.3	%
Prior year reserve development ratio	(0.3	%)	(0.6	%)	(0.4	%)	(0.3	%)	(0.7	%)	(0.4	%)	(0.5	%)
Net losses and loss expenses ratio	58.6	%	59.6	%	73.3	%	60.3	%	58.2	%	64.8	%	62.8	%
Acquisition cost ratio	18.7	%	20.6	%	18.7	%	20.2	%	19.7	%	19.8	%	19.8	%
General and administrative expense ratio [a]	13.6	%	13.9	%	12.3	%	12.9	%	13.5	%	14.3	%	13.2	%
Combined ratio	90.9	%	94.1	%	104.3	%	93.4	%	91.4	%	98.9	%	95.8	%
Weighted average common shares outstanding	84,864		84,667		84,660		85,173		84,961		84,514		84,864
Weighted average diluted common shares outstanding  [b]	85,853		85,655		84,660		85,843		85,808		84,965		85,669
Earnings (loss) per common share	$2.03		$0.48		($0.20)		$0.32		$1.67		$1.37		$2.27
Earnings (loss) per diluted common share	$2.01		$0.48		($0.20)		$0.32		$1.65		$1.36		$2.25
Annualized ROACE	16.2	%	4.2	%	(1.7	%)	2.5	%	12.0	%	9.9	%	4.3	%
Annualized operating ROACE	18.8	%	16.9	%	0.3	%	13.7	%	15.3	%	7.1	%	11.1	%

[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 quarter ended September 30, 2022, the share equivalents were anti-dilutive.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

	Three months ended March 31, 2023									Three months ended March 31, 2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,415,612		$	966,364		$	2,381,976		$	1,327,264		$	1,307,344		$	2,634,608
Ceded premiums written	(533,036)			(240,584)			(773,620)			(483,352)			(338,384)			(821,736)
Net premiums written	882,576			725,780			1,608,356			843,912			968,960			1,812,872
Gross premiums earned	1,370,696			551,072			1,921,768			1,233,281			669,227			1,902,508
Ceded premiums earned	(554,240)			(137,329)			(691,569)			(480,465)			(163,797)			(644,262)
Net premiums earned	816,456			413,743			1,230,199			752,816			505,430			1,258,246
Other insurance related income	54			523			577			82			6,611			6,693
Total underwriting revenues	816,510			414,266			1,230,776			752,898			512,041			1,264,939
UNDERWRITING EXPENSES
Net losses and loss expenses	449,467			271,175			720,642			405,745			326,954			732,699
Acquisition costs	147,058			83,315			230,373			138,812			109,540			248,352
Underwriting-related general and administrative expenses	116,630			23,765			140,395			113,950			31,146			145,096
Total underwriting expenses	713,155			378,255			1,091,410			658,507			467,640			1,126,147
UNDERWRITING INCOME	$	103,355		$	36,011		$	139,366		$	94,391		$	44,401		$	138,792
Catastrophe and weather-related losses, net of reinstatement premiums	$	24,333		$	13,390		$	37,723		$	32,730		$	27,346		$	60,076
Net favorable prior year reserve development	$	1,041		$	2,997		$	4,038		$	7,062		$	1,894		$	8,956
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.2		%	63.0		%	55.8		%	50.5		%	59.7		%	54.2		%
Catastrophe and weather-related losses ratio	3.0		%	3.3		%	3.1		%	4.3		%	5.4		%	4.7		%
Current accident year loss ratio	55.2		%	66.3		%	58.9		%	54.8		%	65.1		%	58.9		%
Prior year reserve development ratio	(0.1		%)	(0.8		%)	(0.3		%)	(0.9		%)	(0.4		%)	(0.7		%)
Net losses and loss expenses ratio	55.1		%	65.5		%	58.6		%	53.9		%	64.7		%	58.2		%
Acquisition cost ratio	18.0		%	20.1		%	18.7		%	18.4		%	21.7		%	19.7		%
Underwriting-related general and administrative expense ratio	14.2		%	5.8		%	11.5		%	15.2		%	6.1		%	11.6		%
Corporate expense ratio							2.1		%							1.9		%
Combined ratio	87.3		%	91.4		%	90.9		%	87.5		%	92.5		%	91.4		%

5

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

													Year ended December 31,
	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q1 2021		2022
INSURANCE SEGMENT
Professional Lines	$	221,615	$	378,336	$	317,074	$	323,141	$	304,415	$	238,942	$	1,322,966
Property	381,339		351,503		297,537		400,529		307,919		281,530		1,357,489
Liability	284,026		312,327		266,615		306,541		253,162		193,254		1,138,645
Cyber	152,788		157,794		182,367		173,134		131,451		98,824		644,746
Marine and Aviation	233,424		133,712		140,661		153,796		224,517		208,350		652,687
Accident and Health	79,384		68,551		66,153		65,396		58,301		44,847		258,399
Credit and Political Risk	63,036		68,582		47,483		47,085		47,499		37,451		210,649
TOTAL INSURANCE SEGMENT	$	1,415,612	$	1,470,805	$	1,317,890	$	1,469,622	$	1,327,264	$	1,103,198	$	5,585,581
REINSURANCE SEGMENT
Liability	$	198,861	$	88,911	$	156,500	$	190,072	$	284,348	$	269,201	$	719,831
Accident and Health	295,985		11,875		59,313		9,971		330,732		301,318		411,891
Professional Lines	136,201		66,597		27,575		173,056		133,579		131,255		400,807
Credit and Surety	115,237		63,873		53,944		76,872		103,876		83,221		298,565
Motor	140,115		30,231		22,035		35,814		151,714		223,524		239,794
Agriculture	22,399		10,904		39,312		49,971		27,826		16,441		128,012
Marine and Aviation	30,531		8,863		8,823		25,198		50,485		32,340		93,371
Run-off lines
Catastrophe	16,301		1,110		21,227		62,077		138,396		250,956		222,810
Property	9,605		4,611		2,173		20,386		76,323		126,455		103,492
Engineering	1,129		916		(984)		444		10,065		(2,428)		10,441
Total run-off lines	27,035		6,637		22,416		82,907		224,784		374,983		336,743
TOTAL REINSURANCE SEGMENT	$	966,364	$	287,891	$	389,918	$	643,861	$	1,307,344	$	1,432,283	$	2,629,014
CONSOLIDATED TOTAL	$	2,381,976	$	1,758,696	$	1,707,808	$	2,113,483	$	2,634,608	$	2,535,481	$	8,214,595

6

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																			Year ended December 31,
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q1 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	2,381,976		$	1,758,696		$	1,707,808		$	2,113,483		$	2,634,608		$	2,535,481		$	8,214,595
Ceded premiums written	(773,620)			(662,142)			(671,024)			(796,636)			(821,736)			(756,595)			(2,951,539)
Net premiums written	1,608,356			1,096,554			1,036,784			1,316,847			1,812,872			1,778,886			5,263,056
Gross premiums earned	1,921,768			2,050,239			2,012,426			1,971,208			1,902,508			1,671,139			7,936,382
Ceded premiums earned	(691,569)			(710,077)			(727,560)			(694,156)			(644,262)			(567,417)			(2,776,056)
Net premiums earned	1,230,199			1,340,162			1,284,866			1,277,052			1,258,246			1,103,722			5,160,326
Other insurance related income	577			3,076			1,092			2,213			6,693			2,781			13,073
Total underwriting revenues	1,230,776			1,343,238			1,285,958			1,279,265			1,264,939			1,106,503			5,173,399
UNDERWRITING EXPENSES
Net losses and loss expenses	720,642			798,214			941,911			769,587			732,699			714,718			3,242,410
Acquisition costs	230,373			275,573			240,511			257,582			248,352			218,871			1,022,017
Underwriting-related general and administrative expenses	140,395			137,220			132,570			135,403			145,096			132,668			550,289
Total underwriting expenses	1,091,410			1,211,007			1,314,992			1,162,572			1,126,147			1,066,257			4,814,716
UNDERWRITING INCOME (LOSS)	$	139,366		$	132,231		$	(29,034)		$	116,693		$	138,792		$	40,246		$	358,683
Catastrophe and weather-related losses, net of reinstatement premiums	$	37,723		$	63,610		$	211,969		$	67,119		$	60,076		$	110,250		$	402,803
Net favorable prior year reserve development	$	4,038		$	7,901		$	4,735		$	3,940		$	8,956		$	5,317		$	25,533
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.8		%	55.5		%	57.1		%	55.3		%	54.2		%	55.1		%	55.5		%
Catastrophe and weather-related losses ratio	3.1		%	4.7		%	16.6		%	5.3		%	4.7		%	10.1		%	7.8		%
Current accident year loss ratio	58.9		%	60.2		%	73.7		%	60.6		%	58.9		%	65.2		%	63.3		%
Prior year reserve development ratio	(0.3		%)	(0.6		%)	(0.4		%)	(0.3		%)	(0.7		%)	(0.4		%)	(0.5		%)
Net losses and loss expenses ratio	58.6		%	59.6		%	73.3		%	60.3		%	58.2		%	64.8		%	62.8		%
Acquisition cost ratio	18.7		%	20.6		%	18.7		%	20.2		%	19.7		%	19.8		%	19.8		%
General and administrative expenses ratio [a]	13.6		%	13.9		%	12.3		%	12.9		%	13.5		%	14.3		%	13.2		%
Combined ratio	90.9		%	94.1		%	104.3		%	93.4		%	91.4		%	98.9		%	95.8		%

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

7

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																			Year ended December 31,
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q1 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	1,415,612		$	1,470,805		$	1,317,890		$	1,469,622		$	1,327,264		$	1,103,198		$	5,585,581
Ceded premiums written	(533,036)			(584,019)			(540,101)			(600,203)			(483,352)			(395,384)			(2,207,675)
Net premiums written	882,576			886,786			777,789			869,419			843,912			707,814			3,377,906
Gross premiums earned	1,370,696			1,368,859			1,331,887			1,285,275			1,233,281			1,012,941			5,219,303
Ceded premiums earned	(554,240)			(538,345)			(549,786)			(516,551)			(480,465)			(396,655)			(2,085,148)
Net premiums earned	816,456			830,514			782,101			768,724			752,816			616,286			3,134,155
Other insurance related income	54			89			151			237			82			415			559
Total underwriting revenues	816,510			830,603			782,252			768,961			752,898			616,701			3,134,714
UNDERWRITING EXPENSES
Net losses and loss expenses	449,467			439,268			519,006			421,836			405,745			356,898			1,785,854
Acquisition costs	147,058			154,859			139,436			144,732			138,812			117,679			577,838
Underwriting-related general and administrative expenses	116,630			113,106			108,072			108,577			113,950			103,303			443,704
Total underwriting expenses	713,155			707,233			766,514			675,145			658,507			577,880			2,807,396
UNDERWRITING INCOME	$	103,355		$	123,370		$	15,738		$	93,816		$	94,391		$	38,821		$	327,318
Catastrophe and weather-related losses, net of reinstatement premiums	$	24,333		$	33,218		$	112,799		$	27,989		$	32,730		$	36,026		$	206,735
Net favorable prior year reserve development	$	1,041		$	3,955		$	2,558		$	2,773		$	7,062		$	1,505		$	16,350
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.2		%	49.3		%	52.6		%	51.6		%	50.5		%	52.3		%	51.0		%
Catastrophe and weather-related losses ratio	3.0		%	4.1		%	14.1		%	3.6		%	4.3		%	5.9		%	6.5		%
Current accident year loss ratio	55.2		%	53.4		%	66.7		%	55.2		%	54.8		%	58.2		%	57.5		%
Prior year reserve development ratio	(0.1		%)	(0.5		%)	(0.3		%)	(0.3		%)	(0.9		%)	(0.3		%)	(0.5		%)
Net losses and loss expenses ratio	55.1		%	52.9		%	66.4		%	54.9		%	53.9		%	57.9		%	57.0		%
Acquisition cost ratio	18.0		%	18.6		%	17.8		%	18.8		%	18.4		%	19.1		%	18.4		%
Underwriting-related general and administrative expenses ratio	14.2		%	13.7		%	13.8		%	14.1		%	15.2		%	16.8		%	14.2		%
Combined ratio	87.3		%	85.2		%	98.0		%	87.8		%	87.5		%	93.8		%	89.6		%

8

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																			Year ended December 31,
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q1 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	966,364		$	287,891		$	389,918		$	643,861		$	1,307,344		$	1,432,283		$	2,629,014
Ceded premiums written	(240,584)			(78,123)			(130,923)			(196,433)			(338,384)			(361,211)			(743,864)
Net premiums written	725,780			209,768			258,995			447,428			968,960			1,071,072			1,885,150
Gross premiums earned	551,072			681,380			680,539			685,933			669,227			658,198			2,717,079
Ceded premiums earned	(137,329)			(171,732)			(177,774)			(177,605)			(163,797)			(170,762)			(690,908)
Net premiums earned	413,743			509,648			502,765			508,328			505,430			487,436			2,026,171
Other insurance related income	523			2,987			941			1,976			6,611			2,366			12,514
Total underwriting revenues	414,266			512,635			503,706			510,304			512,041			489,802			2,038,685
UNDERWRITING EXPENSES
Net losses and loss expenses	271,175			358,946			422,905			347,751			326,954			357,820			1,456,556
Acquisition costs	83,315			120,714			101,075			112,850			109,540			101,192			444,179
Underwriting-related general and administrative expenses	23,765			24,114			24,498			26,826			31,146			29,365			106,585
Total underwriting expenses	378,255			503,774			548,478			487,427			467,640			488,377			2,007,320
UNDERWRITING INCOME (LOSS)	$	36,011		$	8,861		$	(44,772)		$	22,877		$	44,401		$	1,425		$	31,365
Catastrophe and weather-related losses, net of reinstatement premiums	$	13,390		$	30,392		$	99,170		$	39,130		$	27,346		$	74,224		$	196,068
Net favorable prior year reserve development	$	2,997		$	3,946		$	2,177		$	1,167		$	1,894		$	3,812		$	9,183
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	63.0		%	65.5		%	64.2		%	60.9		%	59.7		%	58.6		%	62.6		%
Catastrophe and weather-related losses ratio	3.3		%	5.7		%	20.3		%	7.7		%	5.4		%	15.6		%	9.7		%
Current accident year loss ratio	66.3		%	71.2		%	84.5		%	68.6		%	65.1		%	74.2		%	72.3		%
Prior year reserve development ratio	(0.8		%)	(0.8		%)	(0.4		%)	(0.2		%)	(0.4		%)	(0.8		%)	(0.4		%)
Net losses and loss expenses ratio	65.5		%	70.4		%	84.1		%	68.4		%	64.7		%	73.4		%	71.9		%
Acquisition cost ratio	20.1		%	23.7		%	20.1		%	22.2		%	21.7		%	20.8		%	21.9		%
Underwriting-related general and administrative expense ratio	5.8		%	4.7		%	4.9		%	5.3		%	6.1		%	6.0		%	5.3		%
Combined ratio	91.4		%	98.8		%	109.1		%	95.9		%	92.5		%	100.2		%	99.1		%

9

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

	Three months ended March 31,
	2023						2022
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,415,612	$	966,364	$	2,381,976	$	1,327,264	$	1,307,344	$	2,634,608
Premiums ceded to Harrington Re	3,097		130,310		133,407		3,987		129,814		133,801
Premiums ceded to Other Strategic Capital Partners	—		110,274		110,274		—		208,570		208,570
Premiums ceded to Other Reinsurers	529,939		—		529,939		479,365		—		479,365
Net premiums written	$	882,576	$	725,780	$	1,608,356	$	843,912	$	968,960	$	1,812,872
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income	$	—	$	522	$	522	$	—	$	6,056	$	6,056
Offset to general and administrative expenses	—		7,389		7,389		—		11,561		11,561
Total Fee income	$	—	$	7,911	$	7,911	$	—	$	17,617	$	17,617

[a]    Total managed premiums represents gross premiums written of $2.4 billion and $2.6 billion for the three months ended March 31, 2023 and 2022, 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.

10

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

													Year ended December 31,
	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q1 2021		2022
Fixed maturities	$	118,262	$	105,077	$	87,364	$	72,607	$	64,809	$	69,470	$	329,858
Other investments	486		24,242		(7,576)		14,327		26,050		41,833		57,043
Equity securities	2,455		3,041		2,490		2,688		2,172		2,498		10,390
Mortgage loans	8,386		8,084		6,256		4,903		4,163		4,187		23,407
Cash and cash equivalents	10,012		10,127		5,350		3,679		1,118		2,336		20,273
Short-term investments	1,660		1,964		1,004		402		166		133		3,535
Gross investment income	141,261		152,535		94,888		98,606		98,478		120,457		444,506
Investment expenses	(7,490)		(5,450)		(6,711)		(6,392)		(7,123)		(6,292)		(25,677)
Net investment income	$	133,771	$	147,085	$	88,177	$	92,214	$	91,355	$	114,165	$	418,829

11

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,			September 30,			June 30,			March 31,			March 31,
	2023			2022			2022			2022			2022			2021
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	11,627,555		$	11,326,894		$	10,784,353		$	11,304,682		$	11,456,024		$	11,728,611
Fixed maturities, held to maturity, at amortized cost	716,768			698,351			690,380			641,428			493,509			404,690
Equity securities, at fair value	573,916			485,253			469,839			522,161			563,950			547,676
Mortgage loans, held for investment, at fair value	634,470			627,437			653,700			656,112			627,063			629,576
Other investments, at fair value	1,008,887			996,751			970,310			981,774			954,602			790,530
Equity method investments	146,083			148,288			151,333			158,893			157,843			123,370
Short-term investments, at fair value	70,416			70,310			80,260			65,683			70,385			185,699
Total investments	14,778,095			14,353,284			13,800,175			14,330,733			14,323,376			14,410,152
Cash and cash equivalents	1,179,295			1,174,653			1,835,262			1,497,928			1,706,711			1,560,279
Accrued interest receivable	97,983			94,418			77,771			73,873			64,906			61,222
Insurance and reinsurance premium balances receivable	3,119,158			2,733,464			2,788,484			3,174,117			3,163,990			3,367,142
Reinsurance recoverable on unpaid losses and loss expenses	5,823,417			5,831,172			5,244,263			5,008,583			4,957,080			4,533,232
Reinsurance recoverable on paid losses and loss expenses	593,013			539,676			438,497			510,613			612,027			459,411
Deferred acquisition costs	560,173			473,569			541,544			576,237			575,250			577,509
Prepaid reinsurance premiums	1,632,513			1,550,370			1,597,586			1,656,643			1,555,303			1,379,450
Receivable for investments sold	7,079			16,052			6,452			10,421			55,473			1,450
Goodwill	100,801			100,801			100,801			100,801			100,801			100,801
Intangible assets	195,071			197,800			200,529			203,259			205,988			216,904
Value of business acquired	—			—			—			—			—			2,826
Operating lease right-of-use assets	88,155			92,214			96,631			94,451			98,837			116,693
Other assets	390,224			438,338			391,758			381,768			388,816			298,756
TOTAL ASSETS	$	28,564,977		$	27,595,811		$	27,119,753		$	27,619,427		$	27,808,558		$	27,085,827
LIABILITIES
Reserve for losses and loss expenses	$	15,314,644		$	15,168,863		$	14,652,196		$	14,398,039		$	14,470,155		$	14,025,274
Unearned premiums	4,821,775			4,361,447			4,650,934			4,963,138			4,824,128			4,551,424
Insurance and reinsurance balances payable	1,574,608			1,522,764			1,569,946			1,624,184			1,522,258			1,231,403
Debt	1,312,658			1,312,314			1,312,633			1,311,637			1,311,304			1,310,009
Federal Home Loan Bank advances	85,790			81,388			80,540			—			—			—
Payable for investments purchased	78,711			19,693			78,956			186,921			127,284			389,925
Operating lease liabilities	99,130			102,577			103,345			105,129			113,340			134,002
Other liabilities	317,432			386,855			327,780			327,748			319,549			267,400
TOTAL LIABILITIES	23,604,748			22,955,901			22,776,330			22,916,796			22,688,018			21,909,437
SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,347,637			2,366,253			2,354,895			2,341,507			2,328,986			2,316,147
Accumulated other comprehensive income (loss)	(571,896)			(760,300)			(1,042,650)			(724,114)			(338,300)			214,861
Retained earnings	6,381,201			6,247,022			6,244,268			6,298,680			6,308,712			5,842,850
Treasury shares, at cost	(3,748,919)			(3,765,271)			(3,765,296)			(3,765,648)			(3,731,064)			(3,749,674)
TOTAL SHAREHOLDERS' EQUITY	4,960,229			4,639,910			4,343,423			4,702,631			5,120,540			5,176,390
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	28,564,977		$	27,595,811		$	27,119,753		$	27,619,427		$	27,808,558		$	27,085,827
Common shares outstanding	85,183			84,668			84,666			84,655			85,276			84,753
Diluted common shares outstanding [a]	87,660			87,113			87,205			87,201			87,948			87,235
Book value per common share	$51.77			$48.31			$44.80			$49.05			$53.60			$54.59
Book value per diluted common share	$50.31			$46.95			$43.50			$47.62			$51.97			$53.03
Tangible book value per diluted common share	$47.53			$44.13			$40.64			$44.74			$49.08			$49.91
Debt to total capital [b]	20.9		%	22.0		%	23.2		%	21.8		%	20.4		%	20.2		%

[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.

12

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

	At March 31, 2023												At December 31, 2022
	Cost or Amortized  Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage		Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,956,074	$	—	$	15,733	$	(70,495)	$	2,901,312	18.1	%	$	2,639,330	16.8	%
Non-U.S. government	587,923		(28)		3,511		(33,329)		558,077		3.5	%	562,029		3.6	%
Corporate debt	4,619,198		(12,436)		12,264		(321,814)		4,297,212		26.9	%	4,255,556		27.2	%
Agency RMBS	1,344,187		—		9,111		(81,137)		1,272,161		8.0	%	1,202,785		7.7	%
CMBS	996,699		—		165		(73,361)		923,503		5.8	%	947,778		6.1	%
Non-Agency RMBS	145,288		(98)		134		(15,839)		129,485		0.8	%	133,534		0.9	%
ABS	1,454,488		(36)		828		(57,897)		1,397,383		8.7	%	1,429,527		9.2	%
Municipals	160,641		(47)		317		(12,489)		148,422		0.9	%	156,355		1.0	%
Total fixed maturities, available for sale, at fair value	12,264,498		(12,645)		42,063		(666,361)		11,627,555		72.7	%	11,326,894		72.5	%
Fixed maturities, held to maturity, at amortized cost
Corporate debt	85,200		—		—		—		85,200		0.5	%	85,200		0.5	%
ABS	631,568		—		—		—		631,568		4.0	%	613,151		4.0	%
Total fixed maturities, held to maturity, at amortized cost	716,768		—		—		—		716,768		4.5	%	698,351		4.5	%
Equity securities, at fair value
Common stocks	3,130		—		321		(437)		3,014		—	%	7,473		—	%
Preferred Stocks	115		—		—		(113)		2		—	%	72		—	%
Exchange-traded funds	199,212		—		83,523		(3,016)		279,719		1.8	%	269,806		1.7	%
Bond mutual funds	356,836		—		50		(65,705)		291,181		1.8	%	207,902		1.4	%
Total equity securities, at fair value	559,293		—		83,894		(69,271)		573,916		3.6	%	485,253		3.1	%
Total fixed maturities and equity securities	$	13,540,559	$	(12,645)	$	125,957	$	(735,632)	12,918,239		80.8	%	12,510,498		80.1	%
Mortgage loans, held for investment									634,470		4.0	%	627,437		4.0	%
Other investments									1,008,887		6.3	%	996,751		6.4	%
Equity method investments									146,083		0.9	%	148,288		0.9	%
Short-term investments									70,416		0.5	%	70,310		0.5	%
Total investments									14,778,095		92.5	%	14,353,284		91.9	%
Cash and cash equivalents [a]									1,179,295		7.4	%	1,174,653		7.5	%
Accrued interest receivable									97,983		0.6	%	94,418		0.6	%
Net receivable/(payable) for investments sold (purchased)									(71,632)		(0.5	%)	(3,641)		—	%
Total cash and invested assets									$	15,983,741	100.0	%	$	15,618,714	100.0	%

[a]    Includes $362 million and $423 million of restricted cash and cash equivalents at March 31, 2023 and December 31, 2022, respectively.

	At March 31, 2023				At December 31, 2022
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:
Multi-strategy funds	30,721		3.0	%	32,616		3.3	%
Direct lending funds	258,183		25.6	%	258,626		25.9	%
Real estate funds	300,152		29.8	%	298,499		29.9	%
Private equity funds	273,859		27.1	%	265,836		26.7	%
Other privately held investments	140,953		14.0	%	136,158		13.7	%
Collateralized loan obligations - equity tranches	5,019		0.5	%	5,016		0.5	%
Total	$	1,008,887	100.0	%	$	996,751	100.0	%

13

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q1 2021
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	18.1	%	16.8	%	15.3	%	15.5	%	14.3	%	14.0	%
Non-U.S. government	3.5	%	3.6	%	3.3	%	4.2	%	4.6	%	4.6	%
Corporate debt	26.9	%	27.2	%	26.5	%	27.6	%	27.9	%	28.7	%
MBS:
Agency RMBS	8.0	%	7.7	%	6.5	%	6.5	%	5.8	%	7.7	%
CMBS	5.8	%	6.1	%	6.4	%	6.9	%	7.2	%	8.1	%
Non-agency RMBS	0.8	%	0.9	%	0.9	%	0.9	%	1.1	%	1.1	%
ABS	8.7	%	9.2	%	9.2	%	9.3	%	9.6	%	9.0	%
Municipals	0.9	%	1.0	%	0.9	%	1.0	%	1.0	%	1.8	%
Total Fixed Maturities, available for sale	72.7	%	72.5	%	69.0	%	71.9	%	71.5	%	75.0	%
Fixed Maturities, held to maturity:
Corporate debt	0.5	%	0.5	%	0.5	%	0.4	%	0.3	%	—	%
ABS	4.0	%	4.0	%	3.9	%	3.7	%	2.8	%	2.6	%
Total Fixed Maturities, held to maturity	4.5	%	4.5	%	4.4	%	4.1	%	3.1	%	2.6	%
Equity securities	3.6	%	3.1	%	3.0	%	3.3	%	3.5	%	3.5	%
Mortgage loans	4.0	%	4.0	%	4.2	%	4.2	%	3.9	%	4.0	%
Other investments	6.3	%	6.4	%	6.2	%	6.2	%	6.0	%	5.1	%
Equity method investments	0.9	%	0.9	%	1.0	%	1.0	%	1.0	%	0.8	%
Short-term investments	0.5	%	0.5	%	0.4	%	0.4	%	0.4	%	1.1	%
Total Investments	92.5	%	91.9	%	88.2	%	91.1	%	89.4	%	92.1	%
Cash and cash equivalents	7.4	%	7.5	%	11.7	%	9.5	%	10.7	%	10.0	%
Accrued interest receivable	0.6	%	0.6	%	0.5	%	0.5	%	0.4	%	0.4	%
Net receivable/(payable) for investments sold (purchased)	(0.5	%)	—	%	(0.4	%)	(1.1	%)	(0.5	%)	(2.5	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	23.5	%	21.9	%	20.8	%	20.4	%	19.0	%	18.0	%
AAA	34.3	%	34.9	%	35.2	%	35.1	%	35.0	%	37.0	%
AA	7.1	%	7.3	%	7.5	%	7.7	%	7.6	%	7.8	%
A	14.9	%	15.3	%	15.7	%	15.8	%	15.9	%	15.2	%
BBB	11.3	%	11.5	%	11.6	%	12.0	%	12.8	%	13.4	%
Below BBB	8.9	%	9.1	%	9.2	%	9.0	%	9.7	%	8.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	4.5	%	3.4	%	5.4	%	4.9	%	4.2	%	5.0	%
From one to five years	42.4	%	42.5	%	39.0	%	39.2	%	38.5	%	36.9	%
From five to ten years	16.4	%	16.4	%	17.1	%	18.1	%	19.5	%	19.5	%
Above ten years	1.4	%	1.7	%	1.8	%	2.0	%	2.3	%	1.9	%
Asset-backed and mortgage-backed securities	35.3	%	36.0	%	36.7	%	35.8	%	35.5	%	36.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	3.7	%	3.5	%	2.9	%	2.4	%	2.1	%	2.1	%
Yield to maturity of fixed maturities	5.4	%	5.6	%	5.5	%	4.3	%	3.1	%	1.5	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0 yrs		3.0 yrs		2.9 yrs		3.0 yrs		3.1 yrs		3.3 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

14

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At March 31, 2023

	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	$	780,217	18.2	%	4.9	%
Non-U.S. banks	356,868		8.3	%	2.2	%
Corporate/commercial finance	293,681		6.8	%	1.8	%
Insurance	142,453		3.3	%	0.9	%
Investment brokerage	85,051		2.0	%	0.5	%
Total financial institutions	1,658,270		38.6	%	10.3	%
Consumer non-cyclicals	384,468		8.9	%	2.4	%
Communications	241,252		5.6	%	1.5	%
Consumer cyclical	188,143		4.4	%	1.2	%
Utilities	175,124		4.1	%	1.1	%
Technology	148,712		3.5	%	0.9	%
Industrials	136,480		3.2	%	0.9	%
Energy	128,244		3.0	%	0.8	%
Non-U.S. government guaranteed	105,297		2.5	%	0.7	%
Transportation	90,664		2.1	%	0.6	%
Total investment grade	3,256,654		75.9	%	20.4	%
Total non-investment grade	1,040,558		24.1	%	6.5	%
Total corporate debt, available for sale, at fair value	$	4,297,212	100.0	%	26.9	%
Total corporate debt, held to maturity, at amortized cost	$	85,200	100.0	%	0.5	%

15

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At March 31, 2023

	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	126,481	$	(11,584)	$	114,897	0.9	%
GOLDMAN SACHS GROUP	114,405		(8,792)		105,613		0.9	%
MORGAN STANLEY	115,726		(10,340)		105,386		0.9	%
WELLS FARGO & COMPANY	107,606		(8,778)		98,828		0.8	%
JP MORGAN CHASE & CO	102,635		(11,336)		91,299		0.7	%
CITIGROUP INC	86,232		(7,950)		78,282		0.6	%
AT&T INC	46,235		(5,338)		40,897		0.3	%
COMCAST CORPORATION	41,055		(2,637)		38,418		0.3	%
MITSUBISHI UFJ FINANCIAL GROUP INC	38,673		(3,777)		34,896		0.3	%
CHARTER COMMUNICATIONS INC	34,627		(2,489)		32,138		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.

16

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At March 31, 2023

Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	1,272,161		$	119,330		$	4,029		$	3,693		$	114		$	2,319		$	1,401,646
Commercial MBS	46,367			805,281			66,879			4,976			—			—			923,503
ABS	—			1,138,592			109,533			90,826			32,328			26,104			1,397,383
Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,318,528		$	2,063,203		$	180,441		$	99,495		$	32,442		$	28,423		$	3,722,532
Percentage of total	35.4		%	55.4		%	4.8		%	2.7		%	0.9		%	0.8		%	100.0		%

Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
ABS	$	—		$	397,530		$	234,038		$	—		$	—		$	—		$	631,568
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	397,530		$	234,038		$	—		$	—		$	—		$	631,568
Percentage of total	—		%	62.9		%	37.1		%	—		%	—		%	—		%	100.0		%

17

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q1 2021
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	438,780	$	394,817	$	294,560	$	382,001	$	445,134	$	329,210
Reinsurance	154,233		144,859		143,937		128,612		166,893		130,201
Total	$	593,013	$	539,676	$	438,497	$	510,613	$	612,027	$	459,411
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	1,152,901	$	1,152,659	$	877,360	$	808,623	$	821,432	$	870,816
Reinsurance	695,196		677,591		658,797		670,173		639,251		491,517
Total	$	1,848,097	$	1,830,250	$	1,536,157	$	1,478,796	$	1,460,683	$	1,362,333
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	3,034,739	$	3,008,010	$	2,744,920	$	2,622,990	$	2,592,388	$	2,329,090
Reinsurance	972,928		1,023,627		992,208		935,198		932,801		866,927
Total	$	4,007,667	$	4,031,637	$	3,737,128	$	3,558,188	$	3,525,189	$	3,196,017
Allowance for expected credit losses:
Insurance	$	(29,335)	$	(27,463)	$	(26,234)	$	(25,682)	$	(25,475)	$	(22,037)
Reinsurance	(3,012)		(3,252)		(2,788)		(2,719)		(3,317)		(3,081)
Total	$	(32,347)	$	(30,715)	$	(29,022)	$	(28,401)	$	(28,792)	$	(25,118)
Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	4,597,085	$	4,528,023	$	3,890,606	$	3,787,932	$	3,833,479	$	3,507,079
Reinsurance	1,819,345		1,842,825		1,792,154		1,731,264		1,735,628		1,485,564
Total	$	6,416,430	$	6,370,848	$	5,682,760	$	5,519,196	$	5,569,107	$	4,992,643

18

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At March 31, 2023

Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net  of Collateral	% of Total Shareholders’ Equity	Allowance for expected credit losses		Allowance for expected credit losses as % of Reinsurance  Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverables	$	3,474,178	$	(1,356,024)	$	2,118,154	47.3%	42.7%	$	(12,293)	0.4%	$	3,461,885
Other reinsurers balances > $20 million	2,512,112		(489,710)		2,022,402		45.2%	40.8%	(16,442)		0.7%	2,495,670
Other reinsurers balances < $20 million	462,487		(126,818)		335,669		7.5%	6.7%	(3,612)		0.8%	458,875
Total	$	6,448,777	$	(1,972,552)	$	4,476,225	100.0%	90.2%	$	(32,347)	0.5%	$	6,416,430

At March 31, 2023, reinsurance recoverable balances, gross of collateral, of 82.5% (December 31, 2022: 81.8%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

Top 10 Reinsurers, Net of Collateral		% of  Total Reinsurance Recoverable, Net of Collateral	% of  Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	13.0%	11.8%
2	Lloyds of London	7.2%	6.5%
3	Harrington Re Ltd.	6.9%	6.2%
4	Transatlantic Reinsurance Co	6.0%	5.4%
5	Hannover Ruck SE	5.7%	5.1%
6	SCOR Reinsurance Company	4.3%	3.9%
7	Partner Reinsurance Co of the US	4.2%	3.8%
8	Everest Reinsurance Company	3.4%	3.1%
9	Munich Reinsurance America, Inc	3.3%	2.9%
10	Swiss Reinsurance Company Ltd.	2.9%	2.7%
		56.9%	51.4%

19

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Three months ended March 31, 2023						Three months ended March 31, 2022
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses		Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period	$	15,168,863	$	(5,831,172)	$	9,337,691	$	14,653,094	$	(5,017,611)	$	9,635,483
Incurred losses and loss expenses	1,060,937		(340,295)		720,642		1,055,949		(323,250)		732,699
Paid losses and loss expenses	(979,500)		366,300		(613,200)		(1,159,441)		375,995		(783,446)
Foreign exchange and other	64,344		(18,250)		46,094		(79,447)		7,786		(71,661)
End of period [a]	$	15,314,644	$	(5,823,417)	$	9,491,227	$	14,470,155	$	(4,957,080)	$	9,513,075

[a]  At March 31, 2023, reserve for losses and loss expenses included IBNR of $9.6 billion, or 63% (December 31, 2022: $9.6 billion, or 63%).

20

AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended March 31, 2023									Three months ended March 31, 2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	557,669		$	421,831		$	979,500		$	699,362		$	460,079		$	1,159,441
Reinsurance recoverable on paid losses and loss expenses	(285,428)			(80,872)			(366,300)			(289,540)			(86,455)			(375,995)
Net paid losses and loss expenses	272,241			340,959			613,200			409,822			373,624			783,446
Gross case reserves	55,769			27,748			83,517			(202,202)			21,633			(180,569)
Gross IBNR	130,922			(133,002)			(2,080)			142,331			(65,254)			77,077
Reinsurance recoverable on unpaid losses and loss expenses	(9,465)			35,470			26,005			55,794			(3,049)			52,745
Net unpaid losses and loss expenses	177,226			(69,784)			107,442			(4,077)			(46,670)			(50,747)
Total net incurred losses and loss expenses	$	449,467		$	271,175		$	720,642		$	405,745		$	326,954		$	732,699
Gross reserve for losses and loss expenses	$	8,599,025		$	6,715,619		$	15,314,644		$	7,719,773		$	6,750,382		$	14,470,155
Net favorable prior year reserve development	$	1,041		$	2,997		$	4,038		$	7,062		$	1,894		$	8,956
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	60.6		%	125.7		%	85.1		%	101.0		%	114.3		%	106.9		%
Net paid losses and loss expenses / Net premiums earned	33.3		%	82.4		%	49.8		%	54.4		%	73.9		%	62.3		%
Net unpaid losses and loss expenses / Net premiums earned	21.8		%	(16.9		%)	8.8		%	(0.5		%)	(9.2		%)	(4.1		%)
Net losses and loss expenses ratio	55.1		%	65.5		%	58.6		%	53.9		%	64.7		%	58.2		%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE

																			Year ended December 31,
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q1 2021			2022
INSURANCE SEGMENT
Gross paid losses and loss expenses	$	557,669		$	605,505		$	474,475		$	549,819		$	699,362		$	573,209		$	2,329,161
Reinsurance recoverable on paid losses and loss expenses	(285,428)			(274,278)			(172,617)			(217,004)			(289,540)			(237,739)			(953,438)
Net paid losses and loss expenses	272,241			331,227			301,858			332,815			409,822			335,470			1,375,723
Gross case reserves	55,769			131,714			162,750			3,879			(202,202)			(19,290)			96,140
Gross IBNR	130,922			68,639			276,075			126,823			142,331			48,294			613,866
Reinsurance recoverable on unpaid losses and loss expenses	(9,465)			(92,312)			(221,677)			(41,681)			55,794			(7,576)			(299,875)
Net unpaid losses and loss expenses	177,226			108,041			217,148			89,021			(4,077)			21,428			410,131
Total net incurred losses and loss expenses	$	449,467		$	439,268		$	519,006		$	421,836		$	405,745		$	356,898		$	1,785,854
Gross reserve for losses and loss expenses	$	8,599,025		$	8,381,593		$	8,092,090		$	7,764,775		$	7,719,773		$	7,368,569		$	8,381,593
Net favorable prior year reserve development	$	1,041		$	3,955		$	2,558		$	2,773		$	7,062		$	1,505		$	16,350
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	60.6		%	75.4		%	58.2		%	78.9		%	101.0		%	94.0		%	77.0		%
Net paid losses and loss expenses / Net premiums earned	33.3		%	39.9		%	38.6		%	43.3		%	54.4		%	54.4		%	43.9		%
Net unpaid losses and loss expenses / Net premiums earned	21.8		%	13.0		%	27.8		%	11.6		%	(0.5		%)	3.5		%	13.1		%
Net losses and loss expenses ratio	55.1		%	52.9		%	66.4		%	54.9		%	53.9		%	57.9		%	57.0		%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE

																			Year ended December 31,
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q1 2021			2022
REINSURANCE SEGMENT
Gross paid losses and loss expenses	$	421,831		$	439,623		$	492,973		$	440,219		$	460,079		$	408,336		$	1,832,894
Reinsurance recoverable on paid losses and loss expenses	(80,872)			(85,613)			(100,316)			(81,162)			(86,455)			(50,723)			(353,547)
Net paid losses and loss expenses	340,959			354,010			392,657			359,057			373,624			357,613			1,479,347
Gross case reserves	27,748			22,597			(36,789)			99,716			21,633			4,616			107,158
Gross IBNR	(133,002)			17,823			127,731			(62,967)			(65,254)			77,064			17,334
Reinsurance recoverable on unpaid losses and loss expenses	35,470			(35,484)			(60,694)			(48,055)			(3,049)			(81,473)			(147,283)
Net unpaid losses and loss expenses	(69,784)			4,936			30,248			(11,306)			(46,670)			207			(22,791)
Total net incurred losses and loss expenses	$	271,175		$	358,946		$	422,905		$	347,751		$	326,954		$	357,820		$	1,456,556
Gross reserve for losses and loss expenses	$	6,715,619		$	6,787,270		$	6,560,106		$	6,633,264		$	6,750,382		$	6,656,705		$	6,787,270
Net favorable prior year reserve development	$	2,997		$	3,946		$	2,177		$	1,167		$	1,894		$	3,812		$	9,183
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	125.7		%	98.6		%	92.8		%	103.3		%	114.3		%	99.9		%	101.6		%
Net paid losses and loss expenses / Net premiums earned	82.4		%	69.5		%	78.1		%	70.6		%	73.9		%	73.4		%	73.0		%
Net unpaid losses and loss expenses / Net premiums earned	(16.9		%)	0.9		%	6.0		%	(2.2		%)	(9.2		%)	—		%	(1.1		%)
Net losses and loss expenses ratio	65.5		%	70.4		%	84.1		%	68.4		%	64.7		%	73.4		%	71.9		%

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AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF APRIL 1, 2023

		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		% of Common Shareholders' Equity		100 Year Return Period		% of Common Shareholders' Equity		250 Year Return Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	67	1.5	%	$	82	1.9	%	$	109	2.5	%
Northeast	U.S. Hurricane	11		0.2	%	31		0.7	%	65		1.5	%
Mid-Atlantic	U.S. Hurricane	24		0.5	%	51		1.2	%	82		1.9	%
Gulf of Mexico	U.S. Hurricane	63		1.4	%	81		1.8	%	107		2.4	%
Europe	Windstorm	39		0.9	%	55		1.2	%	75		1.7	%
Japan	Windstorm	11		0.2	%	13		0.3	%	21		0.5	%
Japan	Earthquake	32		0.7	%	49		1.1	%	85		1.9	%
California	Earthquake	61		1.4	%	86		2.0	%	121		2.7	%

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 April 1, 2023. 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 $82 million. 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 $82 million. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $82 million.

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 Verisk Analytics, Inc..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 March 31,
	2023		2022
Net income available to common shareholders	$	172,534	$	141,637
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,864		84,961
Dilutive share equivalents:
Share-based compensation plans	989		847
Weighted average diluted common shares outstanding	85,853		85,808
EARNINGS PER COMMON SHARE
Earnings per common share	$2.03		$1.67
Earnings per diluted common share	$2.01		$1.65

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q1 2021
Net income (loss) available (attributable) to common shareholders	$	172,534	$	40,928	$	(16,947)	$	27,215	$	141,637	$	115,737
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	84,668		84,666		84,655		85,276		84,774		84,353
Shares issued and treasury shares reissued	777		8		17		19		747		589
Shares repurchased for treasury	(262)		(6)		(6)		(640)		(245)		(189)
Common shares - at end of period	85,183		84,668		84,666		84,655		85,276		84,753
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,864		84,667		84,660		85,173		84,961		84,514
Dilutive share equivalents:
Share-based compensation plans [a]	989		988		—		670		847		451
Weighted average diluted common shares outstanding	85,853		85,655		84,660		85,843		85,808		84,965
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$2.03		$0.48		($0.20)		$0.32		$1.67		$1.37
Earnings (loss) per diluted common share	$2.01		$0.48		($0.20)		$0.32		$1.65		$1.36

[a] Due to the net loss attributable to common shareholders recognized for the quarter ended September 30, 2022, the share equivalents were anti-dilutive.

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AXIS CAPITAL HOLDINGS LIMITED

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

	At March 31, 2023
		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price					$54.52
Book value per common share		$	4,410,229	85,183	$51.77
Dilutive securities: [b]
Restricted stock units				2,477	(1.46)
Book value per diluted common share		$	4,410,229	87,660	$50.31
	At December 31, 2022
		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price					$54.17
Book value per common share		$	4,089,910	84,668	$48.31
Dilutive securities: [b]
Restricted stock units				2,445	(1.36)
Book value per diluted common share		$	4,089,910	87,113	$46.95

[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

	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q1 2021
Common shareholders' equity	$	4,410,229	$	4,089,910	$	3,793,423	$	4,152,631	$	4,570,540	$	4,626,390
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(100,801)
Less: intangible assets	(195,071)		(197,800)		(200,529)		(203,259)		(205,988)		(216,904)
Associated tax impact	52,235		52,856		52,086		52,546		53,055		45,565
Tangible common shareholders' equity	$	4,166,592	$	3,844,165	$	3,544,179	$	3,901,117	$	4,316,806	$	4,354,250
Diluted common shares outstanding, net of treasury shares [a]	87,660		87,113		87,205		87,201		87,948		87,235
Book value per diluted common share	$	50.31	$	46.95	$	43.50	$	47.62	$	51.97	$	53.03
Tangible book value per diluted common share	$	47.53	$	44.13	$	40.64	$	44.74	$	49.08	$	49.91

[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 March 31,
	2023			2022
Net income available to common shareholders	$	172,534		$	141,637
Net investment (gains) losses [a]	20,190			94,508
Foreign exchange losses (gains) [b]	8,710			(44,273)
Interest in (income) loss of equity method investments[c]	2,205			(11,550)
Income tax benefit	(3,585)			(497)
Operating income	$	200,054		$	179,825
Earnings per diluted common share	$	2.01		$	1.65
Net investment (gains) losses	0.24			1.10
Foreign exchange losses (gains)	0.10			(0.52)
Interest in (income) loss of equity method investments	0.03			(0.13)
Income tax benefit	(0.05)			(0.01)
Operating income per diluted common share	$	2.33		$	2.09
Weighted average diluted common shares outstanding	85,853			85,808
Average common shareholders' equity	$	4,250,070		$	4,715,599
Annualized return on average common equity	16.2		%	12.0		%
Annualized operating return on average common equity	18.8		%	15.3		%

[a] Tax expense (benefit) of $(1,528) and $(13,313) for the three months ended March 31, 2023 and 2022, 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 $(2,057) and $12,816 for the three months ended March 31, 2023 and 2022, 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 $nil for the three months ended March 31, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

27

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.

28

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, including 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 recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments recognized in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, 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 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).

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) 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. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including 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 recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments recognized in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, 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).

29

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) and interest in income (loss) of equity method investments in order 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) 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 EXIT FROM CATASTROPHE AND PROPERTY LINES OF BUSINESS

31

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Catastrophe and Property [a]

	Quarter-to-date
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
UNDERWRITING REVENUES
Gross written premiums	$	25,906		$	5,720		$	23,400		$	82,463		$	214,719		$	23,999		$	126,980		$	177,414		$	377,411
Ceded premiums written	(5,130)			526			(35,425)			(26,892)			(82,975)			(5,650)			(99,619)			(54,977)			(134,819)
Net premiums written	20,776			6,246			(12,025)			55,571			131,744			18,348			27,362			122,436			242,592
Gross Premiums earned	42,803			84,745			100,360			124,503			136,273			184,236			198,263			189,985			199,921
Ceded premiums earned	(10,834)			(28,886)			(40,327)			(43,697)			(41,258)			(89,389)			(83,351)			(65,995)			(63,802)
Net premiums earned	31,969			55,859			60,033			80,806			95,014			94,847			114,912			123,990			136,119
Other insurance related income (loss)	91			13			126			36			44			(1,419)			1,543			15			(327)
Total underwriting revenues	32,059			55,872			60,159			80,842			95,058			93,427			116,455			124,005			135,792
UNDERWRITING EXPENSES
Net losses and loss expenses	(13,992)			20,097			104,330			63,548			15,981			63,085			181,543			49,422			117,446
Acquisition costs	7,137			11,601			10,347			14,208			15,689			17,747			19,224			21,771			23,149
Underwriting-related general and administrative expenses [b]	1,566			2,128			2,596			2,850			5,739			1,119			2,659			4,322			4,572
Total underwriting expenses	(5,289)			33,826			117,272			80,606			37,410			81,951			203,425			75,515			145,167
UNDERWRITING INCOME (LOSS)	$	37,348		$	22,046		$	(57,113)		$	237		$	57,649		$	11,476		$	(86,970)		$	48,490		$	(9,376)
Catastrophe and weather-related losses, net of reinstatement premiums	$	12,252		$	8,930		$	83,157		$	38,020		$	12,999		$	29,609		$	139,714		$	16,876		$	73,737
Net favorable (adverse) prior year reserve development	$	37,941		$	10,673		$	7,694		$	1,360		$	22,293		$	(151)		$	5,937		$	8,653		$	3,175
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	36.6		%	43.5		%	39.3		%	32.8		%	26.6		%	34.0		%	36.3		%	33.1		%	32.4		%
Catastrophe and weather-related losses ratio	38.3		%	11.6		%	147.3		%	47.5		%	13.7		%	32.4		%	126.8		%	13.7		%	56.2		%
Current accident year loss ratio	74.9		%	55.1		%	186.6		%	80.3		%	40.3		%	66.4		%	163.2		%	46.8		%	88.6		%
Prior year reserve development ratio	(118.7		%)	(19.1		%)	(12.8		%)	(1.7		%)	(23.5		%)	0.2		%	(5.2		%)	(7.0		%)	(2.3		%)
Net losses and loss expenses ratio	(43.8		%)	36.0		%	173.8		%	78.6		%	16.8		%	66.5		%	158.0		%	39.9		%	86.3		%
Acquisition cost ratio	22.3		%	20.8		%	17.2		%	17.6		%	16.5		%	18.7		%	16.7		%	17.6		%	17.0		%
Underwriting-related general and administrative expense ratio	4.9		%	3.8		%	4.3		%	3.5		%	6.0		%	1.2		%	2.3		%	3.5		%	3.4		%
Combined ratio	(16.5		%)	60.6		%	195.3		%	99.8		%	39.4		%	86.4		%	177.0		%	60.9		%	106.6		%

[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 operation.

32

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Specialty Reinsurance [a]

	Quarter-to-date
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
UNDERWRITING REVENUES
Gross written premiums	$	940,458		$	282,171		$	366,518		$	561,398		$	1,092,625		$	223,767		$	343,009		$	495,300		$	1,054,872
Ceded premiums written	(235,454)			(78,649)			(95,498)			(169,541)			(255,410)			(61,400)			(81,391)			(126,764)			(226,391)
Net premiums written	705,004			203,522			271,020			391,857			837,215			162,366			261,618			368,536			828,481
Gross Premiums earned	508,269			596,635			580,179			561,430			532,953			539,641			538,467			527,884			458,277
Ceded premiums earned	(126,494)			(142,846)			(137,447)			(133,908)			(122,538)			(119,096)			(122,961)			(126,608)			(106,960)
Net premiums earned	381,775			453,789			442,732			427,522			410,415			420,545			415,507			401,276			351,317
Other insurance related income	432			2,974			815			1,940			6,567			8,225			5,654			5,250			2,693
Total underwriting revenues	382,207			456,763			443,547			429,462			416,983			428,770			421,160			406,525			354,010
UNDERWRITING EXPENSES
Net losses and loss expenses	285,167			338,849			318,575			284,203			310,973			269,895			287,146			284,876			240,374
Acquisition costs	76,178			109,113			90,728			98,642			93,850			98,261			88,959			90,336			78,043
Underwriting-related general and administrative expenses [b]	22,199			21,986			21,903			23,977			25,407			17,755			27,262			25,070			24,792
Total underwriting expenses	383,544			469,948			431,206			406,821			430,230			385,910			403,367			400,282			343,209
UNDERWRITING INCOME (LOSS)	$	(1,337)		$	(13,185)		$	12,340		$	22,641		$	(13,248)		$	42,860		$	17,793		$	6,243		$	10,800
Catastrophe and weather-related losses, net of reinstatement premiums	$	1,138		$	21,463		$	16,013		$	1,110		$	14,347		$	1,946		$	5,243		$	598		$	487
Net favorable (adverse) prior year reserve development	$	(34,945)		$	(6,726)		$	(5,517)		$	(193)		$	(20,400)		$	4,413		$	(344)		$	(8,271)		$	637
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	65.2		%	68.4		%	67.1		%	66.2		%	67.3		%	64.7		%	67.8		%	68.8		%	68.5		%
Catastrophe and weather-related losses ratio	0.3		%	4.8		%	3.6		%	0.3		%	3.5		%	0.5		%	1.3		%	0.1		%	0.1		%
Current accident year loss ratio	65.5		%	73.2		%	70.7		%	66.4		%	70.8		%	65.2		%	69.0		%	68.9		%	68.6		%
Prior year reserve development ratio	9.2		%	1.5		%	1.2		%	—		%	5.0		%	(1.0		%)	0.1		%	2.1		%	(0.2		%)
Net losses and loss expenses ratio	74.7		%	74.7		%	72.0		%	66.5		%	75.8		%	64.2		%	69.1		%	71.0		%	68.4		%
Acquisition cost ratio	20.0		%	24.0		%	20.5		%	23.1		%	22.9		%	23.4		%	21.4		%	22.5		%	22.2		%
Underwriting-related general and administrative expense ratio	5.8		%	4.8		%	4.9		%	5.6		%	6.2		%	4.2		%	6.6		%	6.2		%	7.1		%
Combined ratio	100.5		%	103.6		%	97.4		%	95.2		%	104.8		%	91.8		%	97.1		%	99.8		%	97.7		%

[a] Specialty Reinsurance refers to business written by the AXIS Re including liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, and engineering 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.

33

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total [a]

	Quarter-to-date
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
UNDERWRITING REVENUES
Gross written premiums	$	966,364		$	287,891		$	389,918		$	643,861		$	1,307,344		$	247,765		$	469,989		$	672,714		$	1,432,283
Ceded premiums written	(240,584)			(78,123)			(130,923)			(196,433)			(338,384)			(67,051)			(181,010)			(181,741)			(361,211)
Net premiums written	725,780			209,768			258,995			447,428			968,960			180,714			288,979			490,972			1,071,072
Gross Premiums earned	551,072			681,380			680,539			685,933			669,227			723,877			736,730			717,869			658,198
Ceded premiums earned	(137,329)			(171,732)			(177,774)			(177,605)			(163,797)			(208,486)			(206,311)			(192,603)			(170,762)
Net premiums earned	413,743			509,648			502,765			508,328			505,430			515,391			530,419			525,266			487,436
Other insurance related income	523			2,987			941			1,976			6,611			6,806			7,197			5,265			2,366
Total underwriting revenues	414,266			512,635			503,706			510,304			512,041			522,197			537,616			530,531			489,802
UNDERWRITING EXPENSES
Net losses and loss expenses	271,175			358,946			422,905			347,751			326,954			332,979			468,688			334,298			357,820
Acquisition costs	83,315			120,714			101,075			112,850			109,540			116,008			108,183			112,107			101,192
Underwriting-related general and administrative expenses	23,765			24,114			24,498			26,826			31,146			18,874			29,921			29,392			29,365
Total underwriting expenses	378,255			503,774			548,478			487,427			467,640			467,861			606,792			475,797			488,377
UNDERWRITING INCOME (LOSS)	$	36,011		$	8,861		$	(44,772)		$	22,877		$	44,401		$	54,336		$	(69,176)		$	54,733		$	1,425
Catastrophe and weather-related losses, net of reinstatement premiums	$	13,390		$	30,392		$	99,170		$	39,130		$	27,346		$	31,555		$	144,957		$	17,474		$	74,224
Net favorable prior year reserve development	$	2,997		$	3,946		$	2,177		$	1,167		$	1,894		$	4,262		$	5,594		$	382		$	3,812
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	63.0		%	65.5		%	64.2		%	60.9		%	59.7		%	59.2		%	61.4		%	60.4		%	58.6		%
Catastrophe and weather-related losses ratio	3.3		%	5.7		%	20.3		%	7.7		%	5.4		%	6.2		%	28.0		%	3.3		%	15.6		%
Current accident year loss ratio	66.3		%	71.2		%	84.5		%	68.6		%	65.1		%	65.4		%	89.4		%	63.7		%	74.2		%
Prior year reserve development ratio	(0.8		%)	(0.8		%)	(0.4		%)	(0.2		%)	(0.4		%)	(0.8		%)	(1.0		%)	(0.1		%)	(0.8		%)
Net losses and loss expenses ratio	65.5		%	70.4		%	84.1		%	68.4		%	64.7		%	64.6		%	88.4		%	63.6		%	73.4		%
Acquisition cost ratio	20.1		%	23.7		%	20.1		%	22.2		%	21.7		%	22.5		%	20.4		%	21.3		%	20.8		%
Underwriting-related general and administrative expense ratio	5.8		%	4.7		%	4.9		%	5.3		%	6.1		%	3.7		%	5.6		%	5.6		%	6.0		%
Combined ratio	91.4		%	98.8		%	109.1		%	95.9		%	92.5		%	90.8		%	114.4		%	90.6		%	100.2		%

[a] Reinsurance Total refers tobusiness written by the AXIS Re including Catastrophe and Property, and Specialty Reinsurance.

34

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data

	Quarter-to-date
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
UNDERWRITING REVENUES
Gross written premiums	$	2,381,976		$	1,758,696		$	1,707,808		$	2,113,483		$	2,634,608		$	1,562,828		$	1,646,489		$	1,941,186		$	2,535,481
Ceded premiums written	(773,620)			(662,142)			(671,024)			(796,636)			(821,736)			(615,420)			(650,018)			(737,328)			(756,595)
Net premiums written	1,608,356			1,096,554			1,036,784			1,316,847			1,812,872			947,408			996,471			1,203,858			1,778,886
Gross Premiums earned	1,921,768			2,050,239			2,012,426			1,971,208			1,902,508			1,936,521			1,879,280			1,794,769			1,671,139
Ceded premiums earned	(691,569)			(710,077)			(727,560)			(694,156)			(644,262)			(698,761)			(667,853)			(637,828)			(567,417)
Net premiums earned	1,230,199			1,340,162			1,284,866			1,277,052			1,258,246			1,237,760			1,211,427			1,156,941			1,103,722
Other insurance related income	577			3,076			1,092			2,213			6,693			7,033			7,665			5,817			2,781
Total underwriting revenues	1,230,776			1,343,238			1,285,958			1,279,265			1,264,939			1,244,793			1,219,092			1,162,758			1,106,503
UNDERWRITING EXPENSES
Net losses and loss expenses	720,642			798,214			941,911			769,587			732,699			716,225			911,369			666,473			714,718
Acquisition costs	230,373			275,573			240,511			257,582			248,352			252,180			231,712			219,070			218,871
Underwriting-related general and administrative expenses	140,395			137,220			132,570			135,403			145,096			140,379			134,826			128,961			132,668
Total underwriting expenses	1,091,410			1,211,007			1,314,992			1,162,572			1,126,147			1,108,784			1,277,907			1,014,504			1,066,257
UNDERWRITING INCOME (LOSS)	$	139,366		$	132,231		$	(29,034)		$	116,693		$	138,792		$	136,009		$	(58,815)		$	148,254		$	40,246
Catastrophe and weather-related losses, net of reinstatement premiums	$	37,723		$	63,610		$	211,969		$	67,119		$	60,076		$	54,209		$	249,830		$	28,562		$	110,250
Net favorable prior year reserve development	$	4,038		$	7,901		$	4,735		$	3,940		$	8,956		$	9,270		$	11,012		$	6,808		$	5,317
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.8		%	55.5		%	57.1		%	55.3		%	54.2		%	54.3		%	55.4		%	55.7		%	55.1		%
Catastrophe and weather-related losses ratio	3.1		%	4.7		%	16.6		%	5.3		%	4.7		%	4.3		%	20.7		%	2.5		%	10.1		%
Current accident year loss ratio	58.9		%	60.2		%	73.7		%	60.6		%	58.9		%	58.6		%	76.1		%	58.2		%	65.2		%
Prior year reserve development ratio	(0.3		%)	(0.6		%)	(0.4		%)	(0.3		%)	(0.7		%)	(0.7		%)	(0.9		%)	(0.6		%)	(0.4		%)
Net losses and loss expenses ratio	58.6		%	59.6		%	73.3		%	60.3		%	58.2		%	57.9		%	75.2		%	57.6		%	64.8		%
Acquisition cost ratio	18.7		%	20.6		%	18.7		%	20.2		%	19.7		%	20.4		%	19.1		%	18.9		%	19.8		%
General and administrative expense ratio [a]	13.6		%	13.9		%	12.3		%	12.9		%	13.5		%	14.8		%	13.1		%	14.1		%	14.3		%
Combined ratio	90.9		%	94.1		%	104.3		%	93.4		%	91.4		%	93.1		%	107.4		%	90.6		%	98.9		%

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

35

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property

	Quarter-to-date
	Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021
UNDERWRITING REVENUES
Gross written premiums	$	2,356,070		$	1,752,976		$	1,684,408		$	2,031,020		$	2,419,889		$	1,538,830		$	1,519,509		$	1,763,772		$	2,158,070
Ceded premiums written	(768,490)			(662,668)			(635,599)			(769,744)			(738,761)			(609,769)			(550,399)			(682,351)			(621,776)
Net premiums written	1,587,580			1,090,307			1,048,809			1,261,275			1,681,128			929,060			969,109			1,081,422			1,536,294
Gross Premiums earned	1,878,964			1,965,494			1,912,066			1,846,705			1,766,236			1,752,285			1,681,017			1,604,784			1,471,218
Ceded premiums earned	(680,734)			(681,190)			(687,233)			(650,460)			(603,004)			(609,372)			(584,502)			(571,833)			(503,614)
Net premiums earned	1,198,230			1,284,303			1,224,833			1,196,245			1,163,231			1,142,914			1,096,515			1,032,951			967,604
Other insurance related income	486			3,063			965			2,177			6,650			8,452			6,122			5,802			3,108
Total underwriting revenues	1,198,716			1,287,366			1,225,798			1,198,422			1,169,881			1,151,366			1,102,637			1,038,753			970,712
UNDERWRITING EXPENSES
Net losses and loss expenses	734,634			778,117			837,581			706,039			716,718			653,140			729,826			617,051			597,271
Acquisition costs	223,236			263,972			230,164			243,373			232,662			234,433			212,488			197,299			195,723
Underwriting-related general and administrative expenses [a]	138,829			135,091			129,975			132,553			139,357			139,259			132,168			124,639			128,096
Total underwriting expenses	1,096,699			1,177,181			1,197,720			1,081,965			1,088,736			1,026,832			1,074,482			938,990			921,089
UNDERWRITING INCOME	$	102,018		$	110,186		$	28,078		$	116,457		$	81,145		$	124,534		$	28,155		$	99,763		$	49,622
Catastrophe and weather-related losses, net of reinstatement premiums	$	25,471		$	54,680		$	128,812		$	29,099		$	47,077		$	24,600		$	110,116		$	11,686		$	36,513
Net favorable (adverse) prior year reserve development	$	(33,904)		$	(2,772)		$	(2,958)		$	2,580		$	(13,337)		$	9,422		$	5,075		$	(1,845)		$	2,143
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.4		%	56.1		%	57.8		%	56.8		%	56.4		%	55.9		%	57.2		%	58.4		%	58.2		%
Catastrophe and weather-related losses ratio	2.1		%	4.3		%	10.3		%	2.4		%	4.0		%	2.1		%	9.8		%	1.1		%	3.8		%
Current accident year loss ratio	58.5		%	60.4		%	68.1		%	59.2		%	60.5		%	58.0		%	67.0		%	59.6		%	61.9		%
Prior year reserve development ratio	2.8		%	0.2		%	0.2		%	(0.2		%)	1.1		%	(0.8		%)	(0.5		%)	0.2		%	(0.2		%)
Net losses and loss expenses ratio	61.3		%	60.6		%	68.4		%	59.0		%	61.6		%	57.1		%	66.6		%	59.7		%	61.7		%
Acquisition cost ratio	18.6		%	20.6		%	18.8		%	20.3		%	20.0		%	20.5		%	19.4		%	19.1		%	20.2		%
General and administrative expense ratio [b]	13.8		%	14.4		%	12.7		%	13.6		%	14.0		%	16.0		%	14.2		%	15.3		%	15.9		%
Combined ratio	93.7		%	95.6		%	99.9		%	93.0		%	95.7		%	93.7		%	100.1		%	94.1		%	97.9		%

[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.

36

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total, Catastrophe and Property, and Specialty Reinsurance - Prior Years

	Total Reinsurance									Reinsurance Catastrophe and Property [a]									Specialty Reinsurance [a]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	2,629,014		$	2,822,752		$	2,808,539		$	326,303		$	705,804		$	796,988		$	2,302,712		$	2,116,948		$	2,011,550
Ceded premiums written	(743,864)			(791,013)			(829,631)			(144,766)			(295,065)			(353,459)			(599,098)			(495,947)			(476,173)
Net premiums written	1,885,150			2,031,739			1,978,908			181,537			410,738			443,530			1,703,614			1,621,001			1,535,378
Gross premiums earned	2,717,079			2,836,674			2,929,006			445,881			772,405			865,770			2,271,198			2,064,269			2,063,237
Ceded premiums earned	(690,908)			(778,163)			(856,735)			(154,168)			(302,537)			(364,513)			(536,739)			(475,625)			(492,224)
Net premiums earned	2,026,171			2,058,511			2,072,271			291,713			469,868			501,258			1,734,459			1,588,644			1,571,013
Other insurance related income (loss)	12,514			21,633			(10,736)			218			(188)			(1,877)			12,296			21,821			(8,859)
Total underwriting revenues	2,038,685			2,080,144			2,061,535			291,931			469,679			499,381			1,746,754			1,610,465			1,562,154
UNDERWRITING EXPENSES
Net losses and loss expenses	1,456,556			1,493,785			1,584,238			203,955			411,495			482,598			1,252,601			1,082,290			1,101,641
Acquisition costs	444,179			437,490			467,984			51,846			81,891			99,954			392,333			355,599			368,029
Underwriting-related general and administrative expenses	106,585			107,552			99,129			13,312			12,672			7,057			93,272			94,880			92,072
Total underwriting expenses	2,007,320			2,038,827			2,151,351			269,113			506,059			589,609			1,738,207			1,532,768			1,561,742
UNDERWRITING INCOME (LOSS)	$	31,365		$	41,317		$	(89,816)		$	22,818		(36,379)			(90,229)			$	8,548		77,697			412
Catastrophe and weather-related losses, net of reinstatement premiums	$	196,068		$	268,300		$	330,479		$	143,120		259,936			$	297,304		$	52,949		8,364			33,175
Net favorable (adverse) prior year reserve development	$	9,183		$	14,050		$	6,972		$	42,019		$	17,614		$	3,272		$	(32,837)		$	(3,565)		$	3,700
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	62.6		%	59.9		%	60.6		%	34.2		%	33.8		%	36.2		%	67.3		%	67.4		%	68.2		%
Catastrophe and weather-related losses ratio	9.7		%	13.3		%	16.2		%	50.2		%	57.5		%	60.8		%	3.1		%	0.5		%	2.1		%
Current accident year loss ratio	72.3		%	73.2		%	76.8		%	84.3		%	91.3		%	96.9		%	70.3		%	67.9		%	70.4		%
Prior year reserve development ratio	(0.4		%)	(0.6		%)	(0.4		%)	(14.4		%)	(3.7		%)	(0.7		%)	1.9		%	0.2		%	(0.2		%)
Net losses and loss expenses ratio	71.9		%	72.6		%	76.4		%	69.9		%	87.6		%	96.3		%	72.2		%	68.1		%	70.1		%
Acquisition cost ratio	21.9		%	21.3		%	22.6		%	17.8		%	17.4		%	19.9		%	22.6		%	22.4		%	23.4		%
Underwriting-related general and administrative expense ratio	5.3		%	5.1		%	4.8		%	4.6		%	2.7		%	1.4		%	5.4		%	6.0		%	5.9		%
Combined ratio	99.1		%	99.0		%	103.8		%	92.3		%	107.7		%	117.6		%	100.2		%	96.5		%	99.4		%

[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 - Excluding Reinsurance Catastrophe and Property - Prior Years

	Group Total [a]									Reinsurance Catastrophe and Property [b]									Group Total excluding Reinsurance Catastrophe and Property [b]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	8,214,595		$	7,685,984		$	6,826,938		$	326,303		$	705,804		$	796,988		$	7,888,292		$	6,980,181		$	6,029,950
Ceded premiums written	(2,951,539)			(2,759,360)			(2,490,529)			(144,766)			(295,065)			(353,459)			(2,806,773)			(2,464,295)			(2,137,070)
Net premiums written	5,263,056			4,926,624			4,336,409			181,537			410,738			443,530			5,081,519			4,515,886			3,892,880
Gross premiums earned	7,936,382			7,281,709			6,768,733			445,881			772,405			865,770			7,490,501			6,509,304			5,902,963
Ceded premiums earned	(2,776,056)			(2,571,859)			(2,397,424)			(154,168)			(302,537)			(364,513)			(2,621,888)			(2,269,321)			(2,032,912)
Net premiums earned	5,160,326			4,709,850			4,371,309			291,713			469,868			501,258			4,868,613			4,239,983			3,870,051
Other insurance related income (loss)	13,073			23,295			(8,089)			218			(188)			(1,877)			12,855			23,484			(6,213)
Total underwriting revenues	5,173,399			4,733,145			4,363,220			291,931			469,679			499,381			4,881,468			4,263,466			3,863,839
UNDERWRITING EXPENSES
Net losses and loss expenses	3,242,410			3,008,783			3,281,252			203,955			411,495			482,598			3,038,455			2,597,288			2,798,654
Acquisition costs	1,022,017			921,834			929,517			51,846			81,891			99,954			970,171			839,943			829,563
Underwriting-related general and administrative expenses	550,289			536,834			477,968			13,312			12,672			7,057			536,977			524,162			470,910
Total underwriting expenses	4,814,716			4,467,451			4,688,737			269,113			506,059			589,609			4,545,602			3,961,392			4,099,127
UNDERWRITING INCOME (LOSS)	$	358,683		$	265,694		$	(325,517)		$	22,818		$	(36,379)		$	(90,229)		$	335,866		$	302,074		$	(235,288)
Catastrophe and weather-related losses, net of reinstatement premiums	$	402,803		$	442,859		$	773,919		$	143,120		$	259,936		$	297,304		$	259,683		$	182,923		$	476,615
Net favorable (adverse) prior year reserve development	$	25,533		$	32,410		$	15,909		$	42,019		$	17,614		$	3,272		$	(16,487)		$	14,795		$	12,638
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	55.1		%	57.7		%	34.2		%	33.8		%	36.2		%	56.8		%	57.4		%	60.5		%
Catastrophe and weather-related losses ratio	7.8		%	9.5		%	17.7		%	50.2		%	57.5		%	60.8		%	5.3		%	4.2		%	12.2		%
Current accident year loss ratio	63.3		%	64.6		%	75.4		%	84.3		%	91.3		%	96.9		%	62.1		%	61.6		%	72.6		%
Prior year reserve development ratio	(0.5		%)	(0.7		%)	(0.3		%)	(14.4		%)	(3.7		%)	(0.7		%)	0.3		%	(0.3		%)	(0.3		%)
Net losses and loss expenses ratio	62.8		%	63.9		%	75.1		%	69.9		%	87.6		%	96.3		%	62.4		%	61.3		%	72.3		%
Acquisition cost ratio	19.8		%	19.6		%	21.3		%	17.8		%	17.4		%	19.9		%	19.9		%	19.8		%	21.4		%
Underwriting-related general and administrative expense ratio	13.2		%	14.0		%	13.2		%	4.6		%	2.7		%	1.4		%	13.7		%	15.3		%	14.8		%
Combined ratio	95.8		%	97.5		%	109.6		%	92.3		%	107.7		%	117.6		%	96.0		%	96.4		%	108.6		%

[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.

38