AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2023

	AXIS CAPITAL HOLDINGS LIMITED
	92 Pitts Bay Road
	Pembroke HM 08 Bermuda
	Contact Information:
	Cliff Gallant
	Investor Contact
	(415) 262-6843
	investorrelations@axiscapital.com
	Website Information:
	www.axiscapital.com
This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

	Page(s)
Basis of Presentation	i - iv
I. Financial Highlights	1
II. Income Statements
a. Consolidated Statement of Operations	2-6
b. Consolidated Segment Data	7
c. Gross Premiums Written by Segment by Line of Business	8
d. Consolidated Data	9
e. Segment Data	10-11
f. Strategic Capital Partners	12
g. Net Investment Income	13
III. Balance Sheets
a. Consolidated Balance Sheets	14
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	15
•    Cash and Invested Assets Composition	16
•    Corporate Debt Composition	17
•    Ten Largest Corporate Debt Holdings	18
•    Mortgage-Backed and Asset-Backed Securities Composition	19
c. Reinsurance Recoverable Analysis	20-21
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis	22
b. Paid to Incurred Analysis by Segment	23-25
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	26
V. Share Analysis
a. Earnings Per Common Share Information	27
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method	28
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	29
c. Rationale for the Use of Non-GAAP Financial Measures	30-32
VII. Additional Information Regarding the Company's Exit from Catastrophe and Property Lines of Business	33-35

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 losses and loss expenses, 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, developments in the commercial real estate market, 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;

•losses related to the Israel-Hamas conflict, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•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

•underwriting and investment exposure in light of the recent disruption in the banking sector, which we expect to be within our risk appetite for an event of this nature;

•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;

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

•the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;

i

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 and commercial real estate 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;

•the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

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, property in transit, 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: provides cover for primary and low to mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products liability businesspredominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

Cyber: provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, Payment Card Industry Data Security Standard and media liability.

Marine and Aviation: Marine provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases. Aviation provides hull and liability, and specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.

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

Credit and Political Risk: provides credit and political risk insurance products for banks, commodity traders, corporations and multilateral and export credit agencies. Cover is provided for a range of risks including sovereign and corporate credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events.

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis 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 personal accident is also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis. The Company exited this line of business in June 2022.

Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage, but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, floods, industrial explosions, fires, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis. The Company exited this line of business in June 2022.

Engineering: provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment and electronic equipment as well as business interruption. The Company exited this line of business in 2020.

iv

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

		Quarters ended December 31,									Years ended December 31,
		2023			2022			Change			2023			2022			Change
HIGHLIGHTS	Gross premiums written	$	1,784,293		$	1,758,696		1.5	%		$	8,356,525		$	8,214,595		1.7	%
	Gross premiums written - Insurance	88.7		%	83.6		%	5.1		pts	73.5		%	68.0		%	5.5		pts
	Gross premiums written - Reinsurance	11.3		%	16.4		%	(5.1)		pts	26.5		%	32.0		%	(5.5)		pts
	Net premiums written	$	1,072,255		$	1,096,554		(2.2	%)		$	5,102,325		$	5,263,056		(3.1	%)
	Net premiums earned	$	1,265,273		$	1,340,162		(5.6	%)		$	5,083,781		$	5,160,326		(1.5	%)
	Net premiums earned - Insurance	72.5		%	62.0		%	10.5		pts	68.1		%	60.7		%	7.4		pts
	Net premiums earned - Reinsurance	27.5		%	38.0		%	(10.5)		pts	31.9		%	39.3		%	(7.4)		pts
	Net income (loss) available (attributable) to common shareholders	$	(150,145)		$	40,928		nm			$	346,042		$	192,833		79.5	%
	Operating income (loss) [a]	$	(106,991)		$	166,608		nm			$	486,133		$	497,931		(2.4	%)
	Annualized return on average common equity [b]	(13.1		%)	4.2		%	(17.3)		pts	7.9		%	4.3		%	3.6		pts
	Annualized operating return on average common equity [c]	(9.3		%)	16.9		%	(26.2)		pts	11.0		%	11.1		%	(0.1)		pts
	Total shareholders’ equity	$	5,263,196		$	4,639,910		13.4	%		$	5,263,196		$	4,639,910		13.4	%
PER COMMON SHARE AND COMMON SHARE DATA	Earnings (loss) per diluted common share	($1.76)			$0.48			nm			$4.02			$2.25			78.7	%
	Operating income (loss) per diluted common share [d]	($1.25)			$1.95			nm			$5.65			$5.81			(2.8	%)
	Weighted average diluted common shares outstanding	85,268			85,655			(0.5	%)		86,012			85,669			0.4	%
	Book value per common share	$55.26			$48.31			14.4	%		$55.26			$48.31			14.4	%
	Book value per diluted common share (treasury stock method)	$54.06			$46.95			15.1	%		$54.06			$46.95			15.1	%
	Tangible book value per diluted common share (treasury stock method) [a]	$51.34			$44.13			16.3	%		$51.34			$44.13			16.3	%
FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	55.4		%	55.5		%	(0.1)		pts	55.9		%	55.5		%	0.4		pts
	Catastrophe and weather-related losses ratio	2.1		%	4.7		%	(2.6)		pts	2.7		%	7.8		%	(5.1)		pts
	Current accident year loss ratio	57.5		%	60.2		%	(2.7)		pts	58.6		%	63.3		%	(4.7)		pts
	Prior year reserve development ratio	33.6		%	(0.6		%)	34.2		pts	8.1		%	(0.5		%)	8.6		pts
	Net losses and loss expenses ratio	91.1		%	59.6		%	31.5		pts	66.7		%	62.8		%	3.9		pts
	Acquisition cost ratio	20.1		%	20.6		%	(0.5)		pts	19.7		%	19.8		%	(0.1)		pts
	General and administrative expense ratio [e]	13.4		%	13.9		%	(0.5)		pts	13.5		%	13.2		%	0.3		pts
	Combined ratio	124.6		%	94.1		%	30.5		pts	99.9		%	95.8		%	4.1		pts
INVESTMENT DATA	Total assets	$	30,250,672		$	27,682,971		9.3	%		$	30,250,672		$	27,682,971		9.3	%
	Total cash and invested assets [f]	$	16,733,674		$	15,618,714		7.1	%		$	16,733,674		$	15,618,714		7.1	%
	Net investment income	$	186,937		$	147,085		27.1	%		$	611,742		$	418,829		46.1	%
	Net investment gains (losses)	$	23,041		$	(42,558)		nm			$	(74,630)		$	(456,789)		(83.7	%)
	Book yield of fixed maturities	4.2		%	3.5		%	0.7		pts	4.2		%	3.5		%	0.7		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 QUARTERS AND YEARS ENDED DECEMBER 31, 2023 AND 2022

		Quarters ended December 31,				Years ended December 31,
		2023		2022		2023		2022
Revenues
	Net premiums earned	$	1,265,273	$	1,340,162	$	5,083,781	$	5,160,326
	Net investment income	186,937		147,085		611,742		418,829
	Net investment gains (losses)	23,041		(42,558)		(74,630)		(456,789)
	Other insurance related income	6,050		3,076		22,495		13,073
	Total revenues	1,481,301		1,447,765		5,643,388		5,135,439
Expenses
	Net losses and loss expenses	1,152,262		798,214		3,393,102		3,242,410
	Acquisition costs	253,918		275,573		1,000,945		1,022,017
	General and administrative expenses	169,849		187,472		684,446		680,343
	Foreign exchange losses (gains)	69,871		78,989		58,115		(157,945)
	Interest expense and financing costs	18,344		16,426		68,421		63,146
	Reorganization expenses	—		9,485		28,997		31,426
	Amortization of intangible assets	2,729		2,729		10,917		10,917
	Total expenses	1,666,973		1,368,888		5,244,943		4,892,314
Income (loss) before income taxes and interest in income (loss) of equity method investments		(185,672)		78,877		398,445		243,125
	Income tax (expense) benefit	41,762		(27,341)		(26,316)		(22,037)
	Interest in income (loss) of equity method investments	1,328		(3,045)		4,163		1,995
Net income (loss)		(142,582)		48,491		376,292		223,083
	Preferred share dividends	7,563		7,563		30,250		30,250
Net income (loss) available (attributable) to common shareholders		$	(150,145)	$	40,928	$	346,042	$	192,833

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

													Year ended December 31,
	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q4 2021		2022
UNDERWRITING REVENUES
Gross premiums written	$	1,784,293	$	1,905,878	$	2,284,378	$	2,381,976	$	1,758,696	$	1,562,828	$	8,214,595
Ceded premiums written	(712,038)		(930,521)		(838,021)		(773,620)		(662,142)		(615,420)		(2,951,539)
Net premiums written	1,072,255		975,357		1,446,357		1,608,356		1,096,554		947,408		5,263,056
Gross premiums earned	2,035,926		2,046,222		1,969,662		1,921,768		2,050,239		1,936,521		7,936,382
Ceded premiums earned	(770,653)		(723,658)		(703,917)		(691,569)		(710,077)		(698,761)		(2,776,056)
Net premiums earned	1,265,273		1,322,564		1,265,745		1,230,199		1,340,162		1,237,760		5,160,326
Other insurance related income	6,050		10,344		5,524		577		3,076		7,033		13,073
Total underwriting revenues	1,271,323		1,332,908		1,271,269		1,230,776		1,343,238		1,244,793		5,173,399
UNDERWRITING EXPENSES
Net losses and loss expenses	1,152,262		783,940		736,257		720,642		798,214		716,225		3,242,410
Acquisition costs	253,918		263,389		253,265		230,373		275,573		252,180		1,022,017
Underwriting-related general and administrative expenses [a]	139,216		138,601		133,255		140,395		137,220		140,379		550,289
Total underwriting expenses	1,545,396		1,185,930		1,122,777		1,091,410		1,211,007		1,108,784		4,814,716
UNDERWRITING INCOME (LOSS) [b]	(274,073)		146,978		148,492		139,366		132,231		136,009		358,683
OTHER (EXPENSES) REVENUES
Net investment income	186,937		154,201		136,829		133,771		147,085		128,128		418,829
Net investment gains (losses)	23,041		(53,114)		(24,370)		(20,190)		(42,558)		20,410		(456,789)
Corporate expenses [a]	(30,633)		(40,682)		(35,248)		(26,416)		(50,252)		(44,105)		(130,054)
Foreign exchange (losses) gains	(69,871)		50,570		(30,104)		(8,710)		(78,989)		(4,632)		157,945
Interest expense and financing costs	(18,344)		(16,445)		(16,738)		(16,894)		(16,426)		(15,543)		(63,146)
Reorganization expenses	—		(28,997)		—		—		(9,485)		—		(31,426)
Amortization of value of business acquired	—		—		—		—		—		(771)		—
Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(3,260)		(10,917)
Total other (expenses) revenues	88,401		62,804		27,640		58,832		(53,354)		80,227		(115,558)
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	(185,672)		209,782		176,132		198,198		78,877		216,236		243,125
Income tax (expense) benefit	41,762		(24,624)		(27,558)		(15,896)		(27,341)		(12,557)		(22,037)
Interest in income (loss) of equity method investments	1,328		2,940		2,100		(2,205)		(3,045)		1,213		1,995
NET INCOME (LOSS)	(142,582)		188,098		150,674		180,097		48,491		204,892		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	$	(150,145)	$	180,535	$	143,111	$	172,534	$	40,928	$	197,329	$	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,
	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q4 2021		2022
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.4	%	56.3	%	56.1	%	55.8	%	55.5	%	54.3	%	55.5	%
Catastrophe and weather-related losses ratio	2.1	%	3.2	%	2.6	%	3.1	%	4.7	%	4.3	%	7.8	%
Current accident year loss ratio	57.5	%	59.5	%	58.7	%	58.9	%	60.2	%	58.6	%	63.3	%
Prior year reserve development ratio	33.6	%	(0.2	%)	(0.5	%)	(0.3	%)	(0.6	%)	(0.7	%)	(0.5	%)
Net losses and loss expenses ratio	91.1	%	59.3	%	58.2	%	58.6	%	59.6	%	57.9	%	62.8	%
Acquisition cost ratio	20.1	%	19.9	%	20.0	%	18.7	%	20.6	%	20.4	%	19.8	%
General and administrative expense ratio [a]	13.4	%	13.5	%	13.3	%	13.6	%	13.9	%	14.8	%	13.2	%
Combined ratio	124.6	%	92.7	%	91.5	%	90.9	%	94.1	%	93.1	%	95.8	%
Weighted average common shares outstanding	85,268		85,223		85,207		84,864		84,667		84,774		84,864
Weighted average diluted common shares outstanding [b]	85,268		86,108		85,812		85,853		85,655		85,591		85,669
Earnings (loss) per common share	($1.76)		$2.12		$1.68		$2.03		$0.48		$2.33		$2.27
Earnings (loss) per diluted common share	($1.76)		$2.10		$1.67		$2.01		$0.48		$2.31		$2.25
Annualized ROACE	(13.1	%)	16.1	%	12.9	%	16.2	%	4.2	%	16.4	%	4.3	%
Annualized operating ROACE	(9.3	%)	18.0	%	17.2	%	18.8	%	16.9	%	15.1	%	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 December 31, 2023, the share equivalents were anti-dilutive.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

	Years ended December 31,
	2023		2022		2021
UNDERWRITING REVENUES
Gross premiums written	$	8,356,525	$	8,214,595	$	7,685,984
Ceded premiums written	(3,254,200)		(2,951,539)		(2,759,360)
Net premiums written	5,102,325		5,263,056		4,926,624
Gross premiums earned	7,973,577		7,936,382		7,281,709
Ceded premiums earned	(2,889,796)		(2,776,056)		(2,571,859)
Net premiums earned	5,083,781		5,160,326		4,709,850
Other insurance related income	22,495		13,073		23,295
Total underwriting revenues	5,106,276		5,173,399		4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses	3,393,102		3,242,410		3,008,783
Acquisition costs	1,000,945		1,022,017		921,834
Underwriting-related general and administrative expenses [a]	551,467		550,289		536,834
Total underwriting expenses	4,945,514		4,814,716		4,467,451
UNDERWRITING INCOME [b]	160,762		358,683		265,694
OTHER (EXPENSES) REVENUES
Net investment income	611,742		418,829		454,301
Net investment gains (losses)	(74,630)		(456,789)		134,279
Corporate expenses [a]	(132,979)		(130,054)		(126,470)
Foreign exchange (losses) gains	(58,115)		157,945		(315)
Interest expense and financing costs	(68,421)		(63,146)		(62,302)
Reorganization expenses	(28,997)		(31,426)		—
Amortization of value of business acquired	—		—		(3,854)
Amortization of intangible assets	(10,917)		(10,917)		(12,424)
Total other (expenses) revenues	237,683		(115,558)		383,215
INCOME BEFORE INCOME TAX AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	398,445		243,125		648,909
Income tax expense	(26,316)		(22,037)		(62,384)
Interest in income of equity method investments	4,163		1,995		32,084
NET INCOME	376,292		223,083		618,609
Preferred share dividends	(30,250)		(30,250)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	346,042	$	192,833	$	588,359

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

[b]    Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.

5

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

	Years ended December 31,
	2023		2022		2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.9	%	55.5	%	55.1	%
Catastrophe and weather-related losses ratio	2.7	%	7.8	%	9.5	%
Current accident year loss ratio	58.6	%	63.3	%	64.6	%
Prior year reserve development ratio	8.1	%	(0.5	%)	(0.7	%)
Net losses and loss expenses ratio	66.7	%	62.8	%	63.9	%
Acquisition cost ratio	19.7	%	19.8	%	19.6	%
General and administrative expense ratio [a]	13.5	%	13.2	%	14.0	%
Combined ratio	99.9	%	95.8	%	97.5	%
Weighted average common shares outstanding	85,142		84,864		84,707
Weighted average diluted common shares outstanding	86,012		85,669		85,291
Earnings per common share	$4.06		$2.27		$6.95
Earnings per diluted common share	$4.02		$2.25		$6.90
ROACE	7.9	%	4.3	%	12.2	%
Operating ROACE	11.0	%	11.1	%	9.1	%

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

6

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

	Quarter ended December 31, 2023									Year ended December 31, 2023
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,583,378		$	200,915		$	1,784,293		$	6,140,764		$	2,215,761		$	8,356,525
Ceded premium written	(613,507)			(98,531)			(712,038)			(2,382,044)			(872,156)			(3,254,200)
Net premiums written	969,871			102,384			1,072,255			3,758,720			1,343,605			5,102,325
Gross premiums earned	1,485,956			549,970			2,035,926			5,713,667			2,259,910			7,973,577
Ceded premiums earned	(569,177)			(201,476)			(770,653)			(2,251,967)			(637,829)			(2,889,796)
Net premiums earned	916,779			348,494			1,265,273			3,461,700			1,622,081			5,083,781
Other insurance related income (loss)	(289)			6,339			6,050			(198)			22,693			22,495
Total underwriting revenues	916,490			354,833			1,271,323			3,461,502			1,644,774			5,106,276
UNDERWRITING EXPENSES
Net losses and loss expenses	681,515			470,747			1,152,262			2,080,001			1,313,101			3,393,102
Acquisition costs	175,050			78,868			253,918			648,463			352,482			1,000,945
Underwriting-related general and administrative expenses	121,600			17,616			139,216			472,094			79,373			551,467
Total underwriting expenses	978,165			567,231			1,545,396			3,200,558			1,744,956			4,945,514
UNDERWRITING INCOME (LOSS)	$	(61,675)		$	(212,398)		$	(274,073)		$	260,944		$	(100,182)		$	160,762
Catastrophe and weather-related losses, net of reinstatement premiums	$	23,074		$	2,792		$	25,866		$	111,040		$	26,662		$	137,702
Net favorable (adverse) prior year reserve development	$	(181,787)		$	(243,214)		$	(425,001)		$	(176,353)		$	(235,529)		$	(411,882)
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.0		%	64.5		%	55.4		%	51.8		%	64.8		%	55.9		%
Catastrophe and weather-related losses ratio	2.5		%	0.8		%	2.1		%	3.2		%	1.6		%	2.7		%
Current accident year loss ratio	54.5		%	65.3		%	57.5		%	55.0		%	66.4		%	58.6		%
Prior year reserve development ratio	19.8		%	69.8		%	33.6		%	5.1		%	14.6		%	8.1		%
Net losses and loss expenses ratio	74.3		%	135.1		%	91.1		%	60.1		%	81.0		%	66.7		%
Acquisition cost ratio	19.1		%	22.6		%	20.1		%	18.7		%	21.7		%	19.7		%
Underwriting-related general and administrative expense ratio	13.3		%	5.1		%	11.0		%	13.7		%	4.9		%	10.9		%
Corporate expense ratio							2.4		%							2.6		%
Combined ratio	106.7		%	162.8		%	124.6		%	92.5		%	107.6		%	99.9		%

7

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

													Years ended December 31,
	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q4 2021		2023		2022
INSURANCE SEGMENT
Professional Lines	$	338,938	$	285,739	$	294,403	$	221,615	$	378,336	$	395,150	$	1,140,695	$	1,322,966
Property	426,500		395,269		533,479		381,339		351,503		290,972		1,736,586		1,357,489
Liability	327,723		316,433		328,768		284,026		312,327		267,726		1,256,951		1,138,645
Cyber	166,312		148,011		182,049		152,788		157,794		153,862		649,160		644,746
Marine and Aviation	162,766		169,819		205,153		233,424		133,712		108,066		771,162		652,687
Accident and Health	79,597		88,742		85,836		79,384		68,551		43,927		333,559		258,399
Credit and Political Risk	81,542		53,611		54,462		63,036		68,582		55,360		252,651		210,649
TOTAL INSURANCE SEGMENT	$	1,583,378	$	1,457,624	$	1,684,150	$	1,415,612	$	1,470,805	$	1,315,063	$	6,140,764	$	5,585,581
REINSURANCE SEGMENT
Liability	$	100,041	$	184,665	$	159,234	$	198,861	$	88,911	$	104,956	$	642,801	$	719,831
Accident and Health	15,524		64,463		20,696		295,985		11,875		19,461		396,668		411,891
Professional Lines	13,838		42,950		186,233		136,201		66,597		49,739		379,222		400,807
Credit and Surety	61,930		70,486		103,430		115,237		63,873		31,667		351,083		298,565
Motor	7,273		27,113		26,966		140,115		30,231		4,511		201,466		239,794
Agriculture	(931)		37,846		66,985		22,399		10,904		10,822		126,300		128,012
Marine and Aviation	2,740		6,954		22,034		30,531		8,863		3,484		62,260		93,371
Total	200,415		434,477		585,578		939,329		281,254		224,640		2,159,800		2,292,271
Run-off lines
Catastrophe	(3,414)		6,415		10,874		16,301		1,110		19,957		30,175		222,810
Property	2,795		5,271		3,842		9,605		4,611		4,042		21,513		103,492
Engineering	1,119		2,091		(66)		1,129		916		(874)		4,273		10,441
Total run-off lines	500		13,777		14,650		27,035		6,637		23,125		55,961		336,743
TOTAL REINSURANCE SEGMENT	$	200,915	$	448,254	$	600,228	$	966,364	$	287,891	$	247,765	$	2,215,761	$	2,629,014
CONSOLIDATED TOTAL	$	1,784,293	$	1,905,878	$	2,284,378	$	2,381,976	$	1,758,696	$	1,562,828	$	8,356,525	$	8,214,595

8

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																			Year ended December 31,
	Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q4 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	1,784,293		$	1,905,878		$	2,284,378		$	2,381,976		$	1,758,696		$	1,562,828		$	8,214,595
Ceded premiums written	(712,038)			(930,521)			(838,021)			(773,620)			(662,142)			(615,420)			(2,951,539)
Net premiums written	1,072,255			975,357			1,446,357			1,608,356			1,096,554			947,408			5,263,056
Gross premiums earned	2,035,926			2,046,222			1,969,662			1,921,768			2,050,239			1,936,521			7,936,382
Ceded premiums earned	(770,653)			(723,658)			(703,917)			(691,569)			(710,077)			(698,761)			(2,776,056)
Net premiums earned	1,265,273			1,322,564			1,265,745			1,230,199			1,340,162			1,237,760			5,160,326
Other insurance related income	6,050			10,344			5,524			577			3,076			7,033			13,073
Total underwriting revenues	1,271,323			1,332,908			1,271,269			1,230,776			1,343,238			1,244,793			5,173,399
UNDERWRITING EXPENSES
Net losses and loss expenses	1,152,262			783,940			736,257			720,642			798,214			716,225			3,242,410
Acquisition costs	253,918			263,389			253,265			230,373			275,573			252,180			1,022,017
Underwriting-related general and administrative expenses	139,216			138,601			133,255			140,395			137,220			140,379			550,289
Total underwriting expenses	1,545,396			1,185,930			1,122,777			1,091,410			1,211,007			1,108,784			4,814,716
UNDERWRITING INCOME (LOSS)	$	(274,073)		$	146,978		$	148,492		$	139,366		$	132,231		$	136,009		$	358,683
Catastrophe and weather-related losses, net of reinstatement premiums	$	25,866		$	41,663		$	32,228		$	37,723		$	63,610		$	54,209		$	402,803
Net favorable (adverse) prior year reserve development	$	(425,001)		$	2,762		$	6,319		$	4,038		$	7,901		$	9,270		$	25,533
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.4		%	56.3		%	56.1		%	55.8		%	55.5		%	54.3		%	55.5		%
Catastrophe and weather-related losses ratio	2.1		%	3.2		%	2.6		%	3.1		%	4.7		%	4.3		%	7.8		%
Current accident year loss ratio	57.5		%	59.5		%	58.7		%	58.9		%	60.2		%	58.6		%	63.3		%
Prior year reserve development ratio	33.6		%	(0.2		%)	(0.5		%)	(0.3		%)	(0.6		%)	(0.7		%)	(0.5		%)
Net losses and loss expenses ratio	91.1		%	59.3		%	58.2		%	58.6		%	59.6		%	57.9		%	62.8		%
Acquisition cost ratio	20.1		%	19.9		%	20.0		%	18.7		%	20.6		%	20.4		%	19.8		%
General and administrative expense ratio [a]	13.4		%	13.5		%	13.3		%	13.6		%	13.9		%	14.8		%	13.2		%
Combined ratio	124.6		%	92.7		%	91.5		%	90.9		%	94.1		%	93.1		%	95.8		%

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

9

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																			Year ended December 31,
	Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q4 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	1,583,378		$	1,457,624		$	1,684,150		$	1,415,612		$	1,470,805		$	1,315,063		$	5,585,581
Ceded premiums written	(613,507)			(572,372)			(663,129)			(533,036)			(584,019)			(548,369)			(2,207,675)
Net premiums written	969,871			885,252			1,021,021			882,576			886,786			766,694			3,377,906
Gross premiums earned	1,485,956			1,463,578			1,393,438			1,370,696			1,368,859			1,212,644			5,219,303
Ceded premiums earned	(569,177)			(577,864)			(550,687)			(554,240)			(538,345)			(490,275)			(2,085,148)
Net premiums earned	916,779			885,714			842,751			816,456			830,514			722,369			3,134,155
Other insurance related income (loss)	(289)			(22)			58			54			89			227			559
Total underwriting revenues	916,490			885,692			842,809			816,510			830,603			722,596			3,134,714
UNDERWRITING EXPENSES
Net losses and loss expenses	681,515			491,368			457,650			449,467			439,268			383,246			1,785,854
Acquisition costs	175,050			169,384			156,972			147,058			154,859			136,172			577,838
Underwriting-related general and administrative expenses	121,600			120,330			113,534			116,630			113,106			121,505			443,704
Total underwriting expenses	978,165			781,082			728,156			713,155			707,233			640,923			2,807,396
UNDERWRITING INCOME (LOSS)	$	(61,675)		$	104,610		$	114,653		$	103,355		$	123,370		$	81,673		$	327,318
Catastrophe and weather-related losses, net of reinstatement premiums	$	23,074		$	37,145		$	26,440		$	24,333		$	33,218		$	22,654		$	206,735
Net favorable (adverse) prior year reserve development	$	(181,787)		$	1,609		$	2,784		$	1,041		$	3,955		$	5,008		$	16,350
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.0		%	51.5		%	51.5		%	52.2		%	49.3		%	50.8		%	51.0		%
Catastrophe and weather-related losses ratio	2.5		%	4.2		%	3.1		%	3.0		%	4.1		%	2.9		%	6.5		%
Current accident year loss ratio	54.5		%	55.7		%	54.6		%	55.2		%	53.4		%	53.7		%	57.5		%
Prior year reserve development ratio	19.8		%	(0.2		%)	(0.3		%)	(0.1		%)	(0.5		%)	(0.6		%)	(0.5		%)
Net losses and loss expenses ratio	74.3		%	55.5		%	54.3		%	55.1		%	52.9		%	53.1		%	57.0		%
Acquisition cost ratio	19.1		%	19.1		%	18.6		%	18.0		%	18.6		%	18.9		%	18.4		%
Underwriting-related general and administrative expense ratio	13.3		%	13.6		%	13.5		%	14.2		%	13.7		%	16.7		%	14.2		%
Combined ratio	106.7		%	88.2		%	86.4		%	87.3		%	85.2		%	88.7		%	89.6		%

10

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																			Year ended December 31,
	Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q4 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	200,915		$	448,254		$	600,228		$	966,364		$	287,891		$	247,765		$	2,629,014
Ceded premiums written	(98,531)			(358,149)			(174,892)			(240,584)			(78,123)			(67,051)			(743,864)
Net premiums written	102,384			90,105			425,336			725,780			209,768			180,714			1,885,150
Gross premiums earned	549,970			582,644			576,224			551,072			681,380			723,877			2,717,079
Ceded premiums earned	(201,476)			(145,794)			(153,230)			(137,329)			(171,732)			(208,486)			(690,908)
Net premiums earned	348,494			436,850			422,994			413,743			509,648			515,391			2,026,171
Other insurance related income	6,339			10,366			5,466			523			2,987			6,806			12,514
Total underwriting revenues	354,833			447,216			428,460			414,266			512,635			522,197			2,038,685
UNDERWRITING EXPENSES
Net losses and loss expenses	470,747			292,572			278,607			271,175			358,946			332,979			1,456,556
Acquisition costs	78,868			94,005			96,293			83,315			120,714			116,008			444,179
Underwriting-related general and administrative expenses	17,616			18,271			19,721			23,765			24,114			18,874			106,585
Total underwriting expenses	567,231			404,848			394,621			378,255			503,774			467,861			2,007,320
UNDERWRITING INCOME (LOSS)	$	(212,398)		$	42,368		$	33,839		$	36,011		$	8,861		$	54,336		$	31,365
Catastrophe and weather-related losses, net of reinstatement premiums	$	2,792		$	4,518		$	5,788		$	13,390		$	30,392		$	31,555		$	196,068
Net favorable (adverse) prior year reserve development	$	(243,214)		$	1,153		$	3,535		$	2,997		$	3,946		$	4,262		$	9,183
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.5		%	66.2		%	65.3		%	63.0		%	65.5		%	59.2		%	62.6		%
Catastrophe and weather-related losses ratio	0.8		%	1.0		%	1.4		%	3.3		%	5.7		%	6.2		%	9.7		%
Current accident year loss ratio	65.3		%	67.2		%	66.7		%	66.3		%	71.2		%	65.4		%	72.3		%
Prior year reserve development ratio	69.8		%	(0.2		%)	(0.8		%)	(0.8		%)	(0.8		%)	(0.8		%)	(0.4		%)
Net losses and loss expenses ratio	135.1		%	67.0		%	65.9		%	65.5		%	70.4		%	64.6		%	71.9		%
Acquisition cost ratio	22.6		%	21.5		%	22.8		%	20.1		%	23.7		%	22.5		%	21.9		%
Underwriting-related general and administrative expenses ratio	5.1		%	4.2		%	4.6		%	5.8		%	4.7		%	3.7		%	5.3		%
Combined ratio	162.8		%	92.7		%	93.3		%	91.4		%	98.8		%	90.8		%	99.1		%

11

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

	Quarters ended December 31,												Years ended December 31,
	2023						2022						2023						2022
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,583,378	$	200,915	$	1,784,293	$	1,470,805	$	287,891	$	1,758,696	$	6,140,764	$	2,215,761	$	8,356,525	$	5,585,581	$	2,629,014	$	8,214,595
Premiums ceded to Other Strategic Capital Partners	270		98,531		98,801		5,176		78,123		83,299		5,728		872,156		877,884		19,880		743,864		763,744
Premiums ceded to Other Reinsurers	613,237		—		613,237		578,843		—		578,843		2,376,316		—		2,376,316		2,187,795		—		2,187,795
Net premiums written	$	969,871	$	102,384	$	1,072,255	$	886,786	$	209,768	$	1,096,554	$	3,758,720	$	1,343,605	$	5,102,325	$	3,377,906	$	1,885,150	$	5,263,056
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Included in other insurance related income	$	—	$	2,715	$	2,715	$	—	$	788	$	788	$	—	$	14,581	$	14,581	$	—	$	8,972	$	8,972
Offset to general and administrative expenses	—		12,016		12,016		—		11,331		11,331		—		38,176		38,176		—		43,697		43,697
Total Fee income	$	—	$	14,731	$	14,731	$	—	$	12,119	$	12,119	$	—	$	52,757	$	52,757	$	—	$	52,669	$	52,669

[a]    Total managed premiums represents gross premiums written of $1.8 billion for the quarters ended December 31, 2023 and 2022, and $8.4 billion and $8.2 billion for the years ended December 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.

12

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

													Years ended December 31,
	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q4 2021		2023		2022
Fixed maturities	$	139,183	$	133,006	$	124,390	$	118,262	$	105,077	$	67,623	$	514,842	$	329,858
Other investments	24,954		312		(5,341)		486		24,242		56,965		20,411		57,043
Equity securities	3,592		3,050		2,990		2,455		3,041		4,430		12,088		10,390
Mortgage loans	9,154		8,892		8,880		8,386		8,084		4,461		35,312		23,407
Cash and cash equivalents	14,622		14,465		11,161		10,012		10,127		808		50,261		20,273
Short-term investments	2,939		2,195		2,129		1,660		1,964		74		8,924		3,535
Gross investment income	194,444		161,920		144,209		141,261		152,535		134,361		641,838		444,506
Investment expense	(7,507)		(7,719)		(7,380)		(7,490)		(5,450)		(6,233)		(30,096)		(25,677)
Net investment income	$	186,937	$	154,201	$	136,829	$	133,771	$	147,085	$	128,128	$	611,742	$	418,829

13

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	December 31,			September 30,			June 30,			March 31,			December 31,
	2023			2023			2023			2023			2022
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,234,742		$	11,723,368		$	11,564,397		$	11,627,555		$	11,326,894
Fixed maturities, held to maturity, at amortized cost	686,296			712,840			717,310			716,768			698,351
Equity securities, at fair value	588,511			556,262			596,692			573,916			485,253
Mortgage loans, held for investment, at fair value	610,148			610,277			609,274			634,470			627,437
Other investments, at fair value	949,413			954,571			970,079			1,008,887			996,751
Equity method investments	174,634			162,412			148,183			146,083			148,288
Short-term investments, at fair value	17,216			115,959			46,282			70,416			70,310
Total investments	15,260,960			14,835,689			14,652,217			14,778,095			14,353,284
Cash and cash equivalents	1,383,985			1,267,315			1,518,270			1,179,295			1,174,653
Accrued interest receivable	106,055			99,978			100,915			97,983			94,418
Insurance and reinsurance premium balances receivable	3,067,554			3,207,444			3,371,439			3,119,158			2,733,464
Reinsurance recoverable on unpaid losses and loss expenses	6,323,083			6,031,527			5,865,609			5,823,417			5,831,172
Reinsurance recoverable on paid losses and loss expenses	575,847			594,375			572,757			593,013			539,676
Deferred acquisition costs	450,950			503,617			586,085			560,173			473,569
Prepaid reinsurance premiums	1,916,087			1,973,378			1,767,474			1,632,513			1,550,370
Receivable for investments sold	8,767			17,306			22,102			7,079			16,052
Goodwill	100,801			100,801			100,801			100,801			100,801
Intangible assets	186,883			189,612			192,342			195,071			197,800
Operating lease right-of-use assets	108,093			104,240			108,511			88,155			92,214
Loan advances made	305,222			138,012			55,596			79,684			87,160
Other assets	456,385			409,230			401,575			390,224			438,338
TOTAL ASSETS	$	30,250,672		$	29,472,524		$	29,315,693		$	28,644,661		$	27,682,971
LIABILITIES
Reserve for losses and loss expenses	$	16,434,018		$	15,555,256		$	15,419,498		$	15,314,644		$	15,168,863
Unearned premiums	4,747,602			4,995,785			5,139,177			4,821,775			4,361,447
Insurance and reinsurance balances payable	1,792,719			1,900,188			1,783,610			1,654,292			1,609,924
Debt	1,313,714			1,313,358			1,313,006			1,312,658			1,312,314
Federal Home Loan Bank advances	85,790			85,790			85,790			85,790			81,388
Payable for investments purchased	26,093			87,992			81,835			78,711			19,693
Operating lease liabilities	123,101			116,547			121,922			99,130			102,577
Other liabilities	464,439			384,400			349,894			317,432			386,855
TOTAL LIABILITIES	24,987,476			24,439,316			24,294,732			23,684,432			23,043,061
SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,383,030			2,375,678			2,361,185			2,347,637			2,366,253
Accumulated other comprehensive income (loss)	(365,836)			(775,439)			(630,509)			(571,896)			(760,300)
Retained earnings	6,440,528			6,628,179			6,485,901			6,381,201			6,247,022
Treasury shares, at cost	(3,746,732)			(3,747,416)			(3,747,822)			(3,748,919)			(3,765,271)
TOTAL SHAREHOLDERS' EQUITY	5,263,196			5,033,208			5,020,961			4,960,229			4,639,910
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	30,250,672		$	29,472,524		$	29,315,693		$	28,644,661		$	27,682,971
Book value per common share	$55.26			$52.60			$52.47			$51.77			$48.31
Book value per diluted common share	$54.06			$51.17			$50.98			$50.31			$46.95
Tangible book value per diluted common share	$51.34			$48.44			$48.22			$47.53			$44.13
Debt to total capital [a]	20.0		%	20.7		%	20.7		%	20.9		%	22.0		%

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

14

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

	At December 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	$	3,049,445	$	—	$	13,211	$	(55,128)	$	3,007,528	18.1	%	$	2,639,330	16.8	%
Non-U.S. government	729,761		(30)		13,089		(18,861)		723,959		4.3	%	562,029		3.6	%
Corporate debt	4,651,654		(10,438)		49,434		(216,478)		4,474,172		26.7	%	4,255,556		27.2	%
Agency RMBS	1,706,204		—		11,495		(83,038)		1,634,661		9.8	%	1,202,785		7.7	%
CMBS	897,553		—		551		(58,408)		839,696		5.0	%	947,778		6.1	%
Non-Agency RMBS	165,910		(194)		713		(13,033)		153,396		0.9	%	133,534		0.9	%
ABS	1,265,187		(50)		2,855		(25,021)		1,242,971		7.4	%	1,429,527		9.2	%
Municipals	168,540		(47)		414		(10,548)		158,359		0.9	%	156,355		1.0	%
Total fixed maturities, available for sale, at fair value	12,634,254		(10,759)		91,762		(480,515)		12,234,742		73.1	%	11,326,894		72.5	%
Fixed maturities, held to maturity, at amortized cost
Corporate debt	95,200		—		—		—		95,200		0.6	%	85,200		0.5	%
ABS	591,096		—		—		—		591,096		3.5	%	613,151		4.0	%
Total fixed maturities, held to maturity, at amortized cost	686,296		—		—		—		686,296		4.1	%	698,351		4.5	%
Equity securities, at fair value
Common stocks	2,843		—		101		(398)		2,546		—	%	7,473		—	%
Preferred stocks	5,496		—		218		(113)		5,601		—	%	72		—	%
Exchange-traded funds	182,989		—		105,858		(1,572)		287,275		1.7	%	269,806		1.7	%
Bond mutual funds	352,505		—		4,119		(63,535)		293,089		1.8	%	207,902		1.4	%
Total equity securities, at fair value	543,833		—		110,296		(65,618)		588,511		3.5	%	485,253		3.1	%
Total fixed maturities and equity securities	$	13,864,383	$	(10,759)	$	202,058	$	(546,133)	13,509,549		80.7	%	12,510,498		80.1	%
Mortgage loans, held for investment									610,148		3.6	%	627,437		4.0	%
Other investments									949,413		5.7	%	996,751		6.4	%
Equity method investments									174,634		1.0	%	148,288		0.9	%
Short-term investments									17,216		0.2	%	70,310		0.5	%
Total investments									15,260,960		91.2	%	14,353,284		91.9	%
Cash and cash equivalents [a]									1,383,985		8.3	%	1,174,653		7.5	%
Accrued interest receivable									106,055		0.6	%	94,418		0.6	%
Net receivable/(payable) for investments sold (purchased)									(17,326)		(0.1	%)	(3,641)		—	%
Total cash and invested assets									$	16,733,674	100.0	%	$	15,618,714	100.0	%

[a]    Includes $431 million and $423 million of restricted cash and cash equivalents at December 31, 2023 and December 31, 2022, respectively.

	At December 31, 2023				At December 31, 2022
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:
Multi-strategy funds	24,619		2.6	%	32,616		3.3	%
Direct lending funds	192,270		20.3	%	258,626		25.9	%
Real estate funds	317,325		33.4	%	298,499		29.9	%
Private equity funds	301,712		31.8	%	265,836		26.7	%
Other privately held investments	108,187		11.4	%	136,158		13.7	%
Collateralized loan obligations - equity tranches	5,300		0.5	%	5,016		0.5	%
Total	$	949,413	100.0	%	$	996,751	100.0	%

15

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q4 2021
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	18.1	%	17.6	%	17.2	%	18.1	%	16.8	%	16.3	%
Non-U.S. government	4.3	%	4.2	%	3.6	%	3.5	%	3.6	%	4.8	%
Corporate debt	26.7	%	26.2	%	26.7	%	26.9	%	27.2	%	27.3	%
MBS:
Agency RMBS	9.8	%	9.6	%	8.7	%	8.0	%	7.7	%	6.5	%
CMBS	5.0	%	5.4	%	5.4	%	5.8	%	6.1	%	7.6	%
Non-agency RMBS	0.9	%	0.9	%	0.8	%	0.8	%	0.9	%	1.1	%
ABS	7.4	%	7.9	%	8.0	%	8.7	%	9.2	%	9.8	%
Municipals	0.9	%	0.9	%	0.9	%	0.9	%	1.0	%	1.3	%
Total Fixed Maturities, available for sale	73.1	%	72.7	%	71.3	%	72.7	%	72.5	%	74.7	%
Fixed Maturities, held to maturity:
Corporate debt	0.6	%	0.6	%	0.6	%	0.5	%	0.5	%	0.2	%
ABS	3.5	%	3.8	%	3.8	%	4.0	%	4.0	%	2.5	%
Total Fixed Maturities, held to maturity	4.1	%	4.4	%	4.4	%	4.5	%	4.5	%	2.7	%
Equity securities	3.5	%	3.4	%	3.7	%	3.6	%	3.1	%	4.0	%
Mortgage loans	3.6	%	3.8	%	3.8	%	4.0	%	4.0	%	3.6	%
Other investments	5.7	%	5.9	%	6.0	%	6.3	%	6.4	%	5.7	%
Equity method investments	1.0	%	1.0	%	0.9	%	0.9	%	0.9	%	0.9	%
Short-term investments	0.2	%	0.8	%	0.3	%	0.5	%	0.5	%	0.2	%
Total investments	91.2	%	92.0	%	90.4	%	92.5	%	91.9	%	91.8	%
Cash and cash equivalents	8.3	%	7.9	%	9.4	%	7.4	%	7.5	%	8.0	%
Accrued interest receivable	0.6	%	0.6	%	0.6	%	0.6	%	0.6	%	0.4	%
Net receivable/(payable) for investments sold (purchased)	(0.1	%)	(0.5	%)	(0.4	%)	(0.5	%)	—	%	(0.2	%)
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	23.3	%	23.0	%	22.7	%	23.5	%	21.9	%	21.0	%
AAA [a]	21.3	%	22.4	%	34.8	%	34.3	%	34.9	%	35.2	%
AA [a]	20.3	%	20.4	%	7.0	%	7.1	%	7.3	%	7.7	%
A	15.5	%	15.1	%	15.6	%	14.9	%	15.3	%	15.0	%
BBB	10.7	%	10.7	%	11.2	%	11.3	%	11.5	%	12.5	%
Below BBB	8.9	%	8.4	%	8.7	%	8.9	%	9.1	%	8.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.6	%	4.4	%	4.9	%	4.5	%	3.4	%	3.9	%
From one to five years	45.1	%	43.1	%	42.3	%	42.4	%	42.5	%	38.5	%
From five to ten years	15.6	%	15.7	%	16.2	%	16.4	%	16.4	%	19.8	%
Above ten years	1.2	%	1.1	%	1.3	%	1.4	%	1.7	%	2.2	%
Asset-backed and mortgage-backed securities	34.5	%	35.7	%	35.3	%	35.3	%	36.0	%	35.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.2	%	4.1	%	3.9	%	3.7	%	3.5	%	1.9	%
Yield to maturity of fixed maturities	5.4	%	6.2	%	5.9	%	5.4	%	5.6	%	1.7	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0	yrs	3.0 yrs		2.9 yrs		3.0 yrs		3.0 yrs		3.0 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

[a]    Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS") and reflect the downgrade of the U.S. government on August 1, 2023.

16

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At December 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	$	760,807	17.0	%	4.5	%
Non-U.S. banks	397,097		8.9	%	2.4	%
Corporate/commercial finance	316,138		7.1	%	1.9	%
Insurance	135,059		3.0	%	0.8	%
Investment brokerage	73,546		1.6	%	0.4	%
Total financial institutions	1,682,647		37.6	%	10.0	%
Consumer non-cyclicals	375,975		8.4	%	2.2	%
Communications	249,698		5.6	%	1.5	%
Consumer cyclicals	235,614		5.3	%	1.4	%
Utilities	211,024		4.7	%	1.3	%
Industrials	181,204		4.1	%	1.1	%
Technology	166,037		3.7	%	1.0	%
Energy	141,208		3.2	%	0.8	%
Non-U.S. government guaranteed	119,529		2.7	%	0.7	%
Transportation	88,901		2.0	%	0.5	%
Total investment grade	3,451,837		77.3	%	20.5	%
Total non-investment grade	1,022,335		22.7	%	6.2	%
Total corporate debt, available for sale, at fair value	$	4,474,172	100.0	%	26.7	%
Total corporate debt, held to maturity, at amortized cost	$	95,200	100.0	%	0.6	%

17

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At December 31, 2023

	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	115,029	$	(8,456)	$	106,573	0.8	%
GOLDMAN SACHS GROUP	107,385		(6,344)		101,041		0.8	%
MORGAN STANLEY	104,291		(7,337)		96,954		0.8	%
WELLS FARGO & COMPANY	102,256		(5,755)		96,501		0.7	%
JP MORGAN CHASE & CO	97,611		(8,274)		89,337		0.7	%
CITIGROUP INC	92,804		(6,182)		86,622		0.7	%
AMERICAN EXPRESS COMPANY	41,031		(486)		40,545		0.3	%
COMCAST CORPORATION	41,678		(1,476)		40,202		0.3	%
AT&T INC	44,479		(4,380)		40,099		0.3	%
TORONTO DOMINION BANK	39,492		(395)		39,097		0.3	%
Total ten largest corporate debt holdings	$	786,056	$	(49,085)	$	736,971	5.7	%
Total corporate debt, available for sale	$	4,651,654	$	(177,482)	$	4,474,172	34.6	%

[a]    The holdings represent direct investments in fixed maturities of the parent issuer and its major subsidiaries. These investments exclude asset and mortgage backed securities that were issued, sponsored or serviced by the parent.

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AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At December 31, 2023

Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	1,634,661		$	144,437		$	5,389		$	1,371		$	100		$	2,099		$	1,788,057
Commercial MBS	69,973			711,636			45,094			6,937			650			5,406			839,696
ABS	—			992,053			124,889			90,500			35,182			347			1,242,971
Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,704,634		$	1,848,126		$	175,372		$	98,808		$	35,932		$	7,852		$	3,870,724
Percentage of total	44.0		%	47.7		%	4.5		%	2.6		%	0.9		%	0.3		%	100.0		%

Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
ABS	$	—		$	357,054		$	234,042		$	—		$	—		$	—		$	591,096
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	357,054		$	234,042		$	—		$	—		$	—		$	591,096
Percentage of total	—		%	60.4		%	39.6		%	—		%	—		%	—		%	100.0		%

19

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q4 2021
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	452,826	$	471,675	$	435,052	$	438,780	$	394,817	$	451,609
Reinsurance	123,021		122,700		137,705		154,233		144,859		190,606
Total	$	575,847	$	594,375	$	572,757	$	593,013	$	539,676	$	642,215
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	1,151,375	$	1,121,359	$	1,122,667	$	1,152,901	$	1,152,659	$	922,709
Reinsurance	679,859		657,627		680,184		695,196		677,591		614,125
Total	$	1,831,234	$	1,778,986	$	1,802,851	$	1,848,097	$	1,830,250	$	1,536,834
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	3,358,948	$	3,213,455	$	3,105,627	$	3,034,739	$	3,008,010	$	2,554,202
Reinsurance	1,169,512		1,073,810		990,279		972,928		1,023,627		956,130
Total	$	4,528,460	$	4,287,265	$	4,095,906	$	4,007,667	$	4,031,637	$	3,510,332
Allowance for expected credit losses:
Insurance	$	(33,285)	$	(31,554)	$	(29,985)	$	(29,335)	$	(27,463)	$	(25,869)
Reinsurance	(3,326)		(3,170)		(3,163)		(3,012)		(3,252)		(3,685)
Total	$	(36,611)	$	(34,724)	$	(33,148)	$	(32,347)	$	(30,715)	$	(29,554)
Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	4,929,864	$	4,774,935	$	4,633,361	$	4,597,085	$	4,528,023	$	3,902,651
Reinsurance	1,969,066		1,850,967		1,805,005		1,819,345		1,842,825		1,757,176
Total	$	6,898,930	$	6,625,902	$	6,438,366	$	6,416,430	$	6,370,848	$	5,659,827

20

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At December 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	$	3,580,553	$	(1,356,555)	$	2,223,998	45.6%	42.3%	$	(12,849)	0.4%	$	3,567,704
Other reinsurers balances > $20 million	2,875,890		(579,420)		2,296,470		47.0%	43.6%	(18,524)		0.6%	2,857,366
Other reinsurers balances < $20 million	479,098		(117,010)		362,088		7.4%	6.9%	(5,238)		1.1%	473,860
Total	$	6,935,541	$	(2,052,985)	$	4,882,556	100.0%	92.8%	$	(36,611)	0.5%	$	6,898,930

At December 31, 2023, reinsurance recoverable balances, gross of collateral, of 83.1% (December 31, 2022: 81.8%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

		Reinsurance Recoverable, Net of Collateral
Top 10 Reinsurers		As a % of Total	% of  Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	12.2%	11.3%
2	Harrington Re Ltd.	7.6%	7.1%
3	Lloyds of London	6.3%	5.8%
4	Hannover Ruck SE	5.6%	5.2%
5	Transatlantic Reinsurance Co	5.4%	5.0%
6	SCOR Reinsurance Company	4.5%	4.2%
7	Partner Reinsurance Co of the US	4.0%	3.7%
8	Swiss Reinsurance Company Ltd.	3.9%	3.6%
9	Munich Reinsurance America, Inc	3.6%	3.3%
10	Everest Reinsurance Company	3.4%	3.2%
		56.5%	52.4%

At December 31, 2023, reinsurance recoverable balances, net of collateral, of 98.6% (December 31, 2022: 99.0%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Quarter ended December 31, 2023						Year ended December 31, 2023
	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	$	15,555,256	$	(6,031,527)	$	9,523,729	$	15,168,863	$	(5,831,172)	$	9,337,691
Incurred losses and loss expenses	1,756,320		(604,058)		1,152,262		5,146,976		(1,753,874)		3,393,102
Paid losses and loss expenses	(1,024,456)		353,752		(670,704)		(4,067,909)		1,394,305		(2,673,604)
Foreign exchange and other	146,898		(41,250)		105,648		186,088		(132,342)		53,746
End of period [a]	$	16,434,018	$	(6,323,083)	$	10,110,935	$	16,434,018	$	(6,323,083)	$	10,110,935

[a]    At December 31, 2023, reserve for losses and loss expenses included IBNR of $10.9 billion, or 66% (December 31, 2022: $9.6 billion, or 63%).

22

AXIS CAPITAL HOLDINGS LIMITED

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

	Quarter ended December 31, 2023									Year ended December 31, 2023
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	602,395		$	422,061		$	1,024,456		$	2,372,337		$	1,695,572		$	4,067,909
Reinsurance recoverable on paid losses and loss expenses	(272,896)			(80,856)			(353,752)			(1,071,015)			(323,290)			(1,394,305)
Net paid losses and loss expenses	329,499			341,205			670,704			1,301,322			1,372,282			2,673,604
Gross case reserves	28,355			(8,475)			19,880			63,384			(169,974)			(106,590)
Gross IBNR	464,698			247,286			711,984			1,009,766			175,891			1,185,657
Reinsurance recoverable on unpaid losses and loss expenses	(141,037)			(109,269)			(250,306)			(294,471)			(65,098)			(359,569)
Net unpaid losses and loss expenses	352,016			129,542			481,558			778,679			(59,181)			719,498
Total net incurred losses and loss expenses	$	681,515		$	470,747		$	1,152,262		$	2,080,001		$	1,313,101		$	3,393,102
Gross reserve for losses and loss expenses	$	9,507,409		$	6,926,609		$	16,434,018		$	9,507,409		$	6,926,609		$	16,434,018
Net favorable (adverse) prior year reserve development	$	(181,787)		$	(243,214)		$	(425,001)		$	(176,353)		$	(235,529)		$	(411,882)
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	48.3		%	72.5		%	58.2		%	62.6		%	104.5		%	78.8		%
Net paid losses and loss expenses / Net premiums earned	35.9		%	97.9		%	53.0		%	37.6		%	84.6		%	52.6		%
Net unpaid losses and loss expenses / Net premiums earned	38.4		%	37.2		%	38.1		%	22.5		%	(3.6		%)	14.1		%
Net losses and loss expenses ratio	74.3		%	135.1		%	91.1		%	60.1		%	81.0		%	66.7		%

23

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE

																			Year ended December 31,
	Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q4 2021			2022
INSURANCE SEGMENT
Gross paid losses and loss expenses	$	602,395		$	539,511		$	672,765		$	557,669		$	605,505		$	691,657		$	2,329,161
Reinsurance recoverable on paid losses and loss expenses	(272,896)			(225,925)			(286,768)			(285,428)			(274,278)			(319,661)			(953,438)
Net paid losses and loss expenses	329,499			313,586			385,997			272,241			331,227			371,996			1,375,723
Gross case reserves	28,355			38,571			(59,310)			55,769			131,714			67,731			96,140
Gross IBNR	464,698			261,313			152,830			130,922			68,639			(66,132)			613,866
Reinsurance recoverable on unpaid losses and loss expenses	(141,037)			(122,102)			(21,867)			(9,465)			(92,312)			9,651			(299,875)
Net unpaid losses and loss expenses	352,016			177,782			71,653			177,226			108,041			11,250			410,131
Total net incurred losses and loss expenses	$	681,515		$	491,368		$	457,650		$	449,467		$	439,268		$	383,246		$	1,785,854
Gross reserve for losses and loss expenses	$	9,507,409		$	8,979,860		$	8,733,273		$	8,599,025		$	8,381,593		$	7,803,529		$	8,381,593
Net favorable (adverse) prior year reserve development	$	(181,787)		$	1,609		$	2,784		$	1,041		$	3,955		$	5,008		$	16,350
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	48.3		%	63.8		%	84.3		%	60.6		%	75.4		%	97.1		%	77.0		%
Net paid losses and loss expenses / Net premiums earned	35.9		%	35.4		%	45.8		%	33.3		%	39.9		%	51.5		%	43.9		%
Net unpaid losses and loss expenses / Net premiums earned	38.4		%	20.1		%	8.5		%	21.8		%	13.0		%	1.6		%	13.1		%
Net losses and loss expenses ratio	74.3		%	55.5		%	54.3		%	55.1		%	52.9		%	53.1		%	57.0		%

24

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE

																			Year ended December 31,
	Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q4 2021			2022
REINSURANCE SEGMENT
Gross paid losses and loss expenses	$	422,061		$	426,550		$	425,129		$	421,831		$	439,623		$	448,300		$	1,832,894
Reinsurance recoverable on paid losses and loss expenses	(80,856)			(76,752)			(84,810)			(80,872)			(85,613)			(98,494)			(353,547)
Net paid losses and loss expenses	341,205			349,798			340,319			340,959			354,010			349,806			1,479,347
Gross case reserves	(8,475)			(105,361)			(83,887)			27,748			22,597			77,796			107,158
Gross IBNR	247,286			44,678			16,932			(133,002)			17,823			(68,857)			17,334
Reinsurance recoverable on unpaid losses and loss expenses	(109,269)			3,457			5,243			35,470			(35,484)			(25,766)			(147,283)
Net unpaid losses and loss expenses	129,542			(57,226)			(61,712)			(69,784)			4,936			(16,827)			(22,791)
Total net incurred losses and loss expenses	$	470,747		$	292,572		$	278,607		$	271,175		$	358,946		$	332,979		$	1,456,556
Gross reserve for losses and loss expenses	$	6,926,609		$	6,575,396		$	6,686,225		$	6,715,619		$	6,787,270		$	6,849,565		$	6,787,270
Net favorable (adverse) prior year reserve development	$	(243,214)		$	1,153		$	3,535		$	2,997		$	3,946		$	4,262		$	9,183
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	72.5		%	119.6		%	122.2		%	125.7		%	98.6		%	105.1		%	101.6		%
Net paid losses and loss expenses / Net premiums earned	97.9		%	80.1		%	80.5		%	82.4		%	69.5		%	67.9		%	73.0		%
Net unpaid losses and loss expenses / Net premiums earned	37.2		%	(13.1		%)	(14.6		%)	(16.9		%)	0.9		%	(3.3		%)	(1.1		%)
Net losses and loss expenses ratio	135.1		%	67.0		%	65.9		%	65.5		%	70.4		%	64.6		%	71.9		%

25

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF JANUARY 1, 2024

		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	$	114	2.4	%	$	131	2.8	%	$	149	3.2	%
Northeast	U.S. Hurricane	9		0.2	%	26		0.6	%	59		1.3	%
Mid-Atlantic	U.S. Hurricane	41		0.9	%	85		1.8	%	111		2.4	%
Gulf of Mexico	U.S. Hurricane	104		2.2	%	124		2.6	%	143		3.0	%
Europe	Windstorm	59		1.3	%	87		1.8	%	107		2.3	%
Japan	Windstorm	10		0.2	%	12		0.3	%	21		0.4	%
Japan	Earthquake	41		0.9	%	67		1.4	%	114		2.4	%
California	Earthquake	115		2.4	%	137		2.9	%	163		3.5	%

The table above shows our net Probable Maximum Loss ("PML") to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at January 1, 2024. 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 $131 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 $131 million. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $131 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.

26

AXIS CAPITAL HOLDINGS LIMITED

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

	Quarters ended December 31,				Years ended December 31,
	2023		2022		2023		2022
Net income (loss) available (attributable) to common shareholders	$	(150,145)	$	40,928	$	346,042	$	192,833
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	85,268		84,667		85,142		84,864
Dilutive share equivalents:
Share-based compensation plans [a]	—		988		870		805
Weighted average diluted common shares outstanding	85,268		85,655		86,012		85,669
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	($1.76)		$0.48		$4.06		$2.27
Earnings per (loss) diluted common share	($1.76)		$0.48		$4.02		$2.25

[a] Due to the net loss attributable to common shareholders recognized for the quarter ended December 31, 2023, the share equivalents were anti-dilutive.

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLLFORWARD

	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q4 2021
Net income (loss) available (attributable) to common shareholders	$	(150,145)	$	180,535	$	143,111	$	172,534	$	40,928	$	197,329
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	85,228		85,216		85,183		84,668		84,666		84,773
Shares issued and treasury shares reissued	167		19		53		777		8		5
Shares repurchased for treasury	(109)		(7)		(20)		(262)		(6)		(4)
Common shares - at end of period	85,286		85,228		85,216		85,183		84,668		84,774
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	85,268		85,223		85,207		84,864		84,667		84,774
Dilutive share equivalents:
Share-based compensation plans [a]	—		885		605		989		988		817
Weighted average diluted common shares outstanding	85,268		86,108		85,812		85,853		85,655		85,591
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	($1.76)		$2.12		$1.68		$2.03		$0.48		$2.33
Earnings (loss) per diluted common share	($1.76)		$2.10		$1.67		$2.01		$0.48		$2.31

[a] Due to the net loss attributable to common shareholders recognized for the quarter ended December 31, 2023, 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 December 31, 2023
	Common Shareholders’ Equity		Common Shares Outstanding, net of Treasury Shares	Per share
Closing stock price				$55.37
Book value per common share	$	4,713,196	85,286	$55.26
Dilutive securities:
Restricted stock units			1,903	(1.20)
Book value per diluted common share	$	4,713,196	87,189	$54.06
	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

	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q4 2021
Common shareholders' equity	$	4,713,196	$	4,483,208	$	4,470,961	$	4,410,229	$	4,089,910	$	4,860,656
Less: Goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(100,801)
Less: Intangible assets	(186,883)		(189,612)		(192,342)		(195,071)		(197,800)		(208,717)
Associated tax impact	50,371		50,992		51,613		52,235		52,856		53,500
Tangible common shareholders' equity	$	4,475,883	$	4,243,787	$	4,229,431	$	4,166,592	$	3,844,165	$	4,604,638
Diluted common shares outstanding, net of treasury shares [a]	87,189		87,617		87,706		87,660		87,113		87,147
Book value per diluted common share	$	54.06	$	51.17	$	50.98	$	50.31	$	46.95	$	55.78
Tangible book value per diluted common share	$	51.34	$	48.44	$	48.22	$	47.53	$	44.13	$	52.84

[a]    Diluted common shares outstanding, net of treasury shares is calculated in the table above.

28

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

	Quarters ended December 31,						Years ended December 31,
	2023			2022			2023			2022
Net income (loss) available (attributable) to common shareholders	$	(150,145)		$	40,928		$	346,042		$	192,833
Net investment (gains) losses [a]	(23,041)			42,558			74,630			456,789
Foreign exchange losses (gains) [b]	69,871			78,989			58,115			(157,945)
Reorganization expenses [c]	—			9,485			28,997			31,426
Interest in (income) loss of equity method investments [d]	(1,328)			3,045			(4,163)			(1,995)
Income tax benefit	(2,348)			(8,397)			(17,488)			(23,177)
Operating income (loss)	$	(106,991)		$	166,608		$	486,133		$	497,931
Earnings (loss) per diluted common share	$	(1.76)		$	0.48		$	4.02		$	2.25
Net investment (gains) losses	(0.27)			0.50			0.87			5.33
Foreign exchange losses (gains)	0.82			0.92			0.68			(1.84)
Reorganization expenses	—			0.11			0.34			0.37
Interest in (income) loss of equity method investments	(0.02)			0.04			(0.05)			(0.02)
Income tax benefit	(0.02)			(0.10)			(0.21)			(0.28)
Operating income (loss) per diluted common share	$	(1.25)		$	1.95		$	5.65		$	5.81
Weighted average diluted common shares outstanding	85,268			85,655			86,012			85,669
Average common shareholders' equity	$	4,598,202		$	3,941,666		$	4,401,553		$	4,475,283
Annualized return on average common equity	(13.1		%)	4.2		%	7.9		%	4.3		%
Annualized operating return on average common equity	(9.3		%)	16.9		%	11.0		%	11.1		%

[a]    Tax expense (benefit) of $(1) million and $(2) million for the quarters ended December 31, 2023 and 2022, respectively, and $(10) million and $(36) million for the years ended December 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 $(1) million and $(5) million for the quarters ended December 31, 2023 and 2022, respectively, and $(3) million and $16 million for the years ended December 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 and $(1) million for the quarters ended December 31, 2023 and 2022, respectively, and $(5) million and $(4) million for the years ended December 31, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d]    Tax expense (benefit) of $nil for the quarters and years ended December 31, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

29

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.

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 in other comprehensive income (loss), generally offset a large portion of

30

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 and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).

Reorganization expenses in 2023 include impairments of computer software assets and severance costs mainly attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2022 included severance costs and impairments of computer software assets mainly attributable to our exit from catastrophe and property reinsurance lines of business which was part of an overall approach to reduce our exposure to volatile catastrophe risk. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

Amortization of intangible assets including value of business acquired ("VOBA") arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations' section of this document.

Operating Income (Loss)

Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments.

Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. 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 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).

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Reorganization expenses in 2023 include impairments of computer software assets and severance costs mainly attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2022 included severance costs and impairments of computer software assets mainly attributable to our exit from catastrophe and property reinsurance lines of business which was part of an overall approach to reduce our exposure to volatile catastrophe risk. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated operating income (loss).

Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments to understand the profitability of recurring sources of income.

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

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

Tangible Book Value per Diluted Common Share

Tangible book value represents common shareholders' equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share' section of this document.

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ADDITIONAL INFORMATION REGARDING THE COMPANY'S EXIT FROM CATASTROPHE AND PROPERTY LINES OF BUSINESS

33

AXIS CAPITAL HOLDINGS LIMITED

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

	Total Reinsurance									Reinsurance Catastrophe and Property [a]									Specialty Reinsurance [a]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2023			Q4 2022			Q4 2021			Q4 2023			Q4 2022			Q4 2021			Q4 2023			Q4 2022			Q4 2021
UNDERWRITING REVENUES
Gross written premiums	$	2,215,761		$	2,629,014		$	2,822,752		$	51,688		$	326,303		$	705,804		$	2,164,073		$	2,302,712		$	2,116,948
Ceded premiums written	(872,156)			(743,864)			(791,013)			(10,257)			(144,766)			(295,065)			(861,899)			(599,098)			(495,947)
Net premiums written	1,343,605			1,885,150			2,031,739			41,431			181,537			410,738			1,302,174			1,703,614			1,621,001
Gross premiums earned	2,259,910			2,717,079			2,836,674			99,936			445,881			772,405			2,159,974			2,271,198			2,064,269
Ceded premiums earned	(637,829)			(690,908)			(778,163)			(21,465)			(154,168)			(302,537)			(616,364)			(536,739)			(475,625)
Net premiums earned	1,622,081			2,026,171			2,058,511			78,471			291,713			469,868			1,543,610			1,734,459			1,588,644
Other insurance related income (loss)	22,693			12,514			21,633			—			218			(188)			22,693			12,296			21,821
Total underwriting revenues	1,644,774			2,038,685			2,080,144			78,471			291,931			469,679			1,566,303			1,746,754			1,610,465
UNDERWRITING EXPENSES
Net losses and loss expenses	1,313,101			1,456,556			1,493,785			(9,074)			203,955			411,495			1,322,175			1,252,601			1,082,290
Acquisition costs	352,482			444,179			437,490			17,787			51,846			81,891			334,695			392,333			355,599
Underwriting-related general and administrative expenses	79,373			106,585			107,552			3,766			13,312			12,672			75,607			93,272			94,880
Total underwriting expenses	1,744,956			2,007,320			2,038,827			12,479			269,113			506,059			1,732,476			1,738,207			1,532,768
UNDERWRITING INCOME (LOSS)	$	(100,182)		$	31,365		$	41,317		$	65,992		22,818			(36,379)			$	(166,173)		8,548			77,697
Catastrophe and weather-related losses, net of reinstatement premiums	$	26,662		$	196,068		$	268,300		$	22,639		143,120			$	259,936		$	4,023		52,949			8,364
Net favorable (adverse) prior year reserve development	$	(235,529)		$	9,183		$	14,050		$	61,522		$	42,019		$	17,614		$	(297,051)		$	(32,837)		$	(3,565)
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.8		%	62.6		%	59.9		%	38.0		%	34.2		%	33.8		%	66.2		%	67.3		%	67.4		%
Catastrophe and weather-related losses ratio	1.6		%	9.7		%	13.3		%	28.9		%	50.2		%	57.5		%	0.3		%	3.1		%	0.5		%
Current accident year loss ratio	66.4		%	72.3		%	73.2		%	66.8		%	84.3		%	91.3		%	66.4		%	70.3		%	67.9		%
Prior year reserve development ratio	14.6		%	(0.4		%)	(0.6		%)	(78.4		%)	(14.4		%)	(3.7		%)	19.2		%	1.9		%	0.2		%
Net losses and loss expenses ratio	81.0		%	71.9		%	72.6		%	(11.6		%)	69.9		%	87.6		%	85.7		%	72.2		%	68.1		%
Acquisition cost ratio	21.7		%	21.9		%	21.3		%	22.7		%	17.8		%	17.4		%	21.7		%	22.6		%	22.4		%
Underwriting-related general and administrative expense ratio	4.9		%	5.3		%	5.1		%	4.8		%	4.6		%	2.7		%	4.9		%	5.4		%	6.0		%
Combined ratio	107.6		%	99.1		%	99.0		%	15.9		%	92.3		%	107.7		%	112.2		%	100.2		%	96.5		%

[a] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

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AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property

	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 2023			Q4 2022			Q4 2021			Q4 2023			Q4 2022			Q4 2021			Q4 2023			Q4 2022			Q4 2021
UNDERWRITING REVENUES
Gross written premiums	$	8,356,525		$	8,214,595		$	7,685,984		$	51,688		$	326,303		$	705,804		$	8,304,837		$	7,888,292		$	6,980,181
Ceded premiums written	(3,254,200)			(2,951,539)			(2,759,360)			(10,257)			(144,766)			(295,065)			(3,243,943)			(2,806,773)			(2,464,295)
Net premiums written	5,102,325			5,263,056			4,926,624			41,431			181,537			410,738			5,060,894			5,081,519			4,515,886
Gross premiums earned	7,973,577			7,936,382			7,281,709			99,936			445,881			772,405			7,873,641			7,490,501			6,509,304
Ceded premiums earned	(2,889,796)			(2,776,056)			(2,571,859)			(21,465)			(154,168)			(302,537)			(2,868,331)			(2,621,888)			(2,269,321)
Net premiums earned	5,083,781			5,160,326			4,709,850			78,471			291,713			469,868			5,005,310			4,868,613			4,239,983
Other insurance related income (loss)	22,495			13,073			23,295			—			218			(188)			22,495			12,855			23,484
Total underwriting revenues	5,106,276			5,173,399			4,733,145			78,471			291,931			469,679			5,027,805			4,881,468			4,263,466
UNDERWRITING EXPENSES
Net losses and loss expenses	3,393,102			3,242,410			3,008,783			(9,074)			203,955			411,495			3,402,176			3,038,455			2,597,288
Acquisition costs	1,000,945			1,022,017			921,834			17,787			51,846			81,891			983,158			970,171			839,943
Underwriting-related general and administrative expenses	551,467			550,289			536,834			3,766			13,312			12,672			547,701			536,977			524,162
Total underwriting expenses	4,945,514			4,814,716			4,467,451			12,479			269,113			506,059			4,933,035			4,545,602			3,961,392
UNDERWRITING INCOME (LOSS)	$	160,762		$	358,683		$	265,694		$	65,992		$	22,818		$	(36,379)		$	94,770		$	335,866		$	302,074
Catastrophe and weather-related losses, net of reinstatement premiums	$	137,702		$	402,803		$	442,859		$	22,639		$	143,120		$	259,936		$	115,063		$	259,683		$	182,923
Net favorable (adverse) prior year reserve development	$	(411,882)		$	25,533		$	32,410		$	61,522		$	42,019		$	17,614		$	(473,405)		$	(16,487)		$	14,795
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.9		%	55.5		%	55.1		%	38.0		%	34.2		%	33.8		%	56.2		%	56.8		%	57.4		%
Catastrophe and weather-related losses ratio	2.7		%	7.8		%	9.5		%	28.9		%	50.2		%	57.5		%	2.3		%	5.3		%	4.2		%
Current accident year loss ratio	58.6		%	63.3		%	64.6		%	66.8		%	84.3		%	91.3		%	58.5		%	62.1		%	61.6		%
Prior year reserve development ratio	8.1		%	(0.5		%)	(0.7		%)	(78.4		%)	(14.4		%)	(3.7		%)	9.5		%	0.3		%	(0.3		%)
Net losses and loss expenses ratio	66.7		%	62.8		%	63.9		%	(11.6		%)	69.9		%	87.6		%	68.0		%	62.4		%	61.3		%
Acquisition cost ratio	19.7		%	19.8		%	19.6		%	22.7		%	17.8		%	17.4		%	19.6		%	19.9		%	19.8		%
Underwriting-related general and administrative expense ratio	13.5		%	13.2		%	14.0		%	4.8		%	4.6		%	2.7		%	13.6		%	13.7		%	15.3		%
Combined ratio	99.9		%	95.8		%	97.5		%	15.9		%	92.3		%	107.7		%	101.2		%	96.0		%	96.4		%

[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.

35