AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FIRST QUARTER 2024

	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	2-4
b. Consolidated Segment Data	5
c. Gross Premiums Written by Segment by Line of Business	6
d. Consolidated Data	7
e. Segment Data	8-9
g. Net Investment Income	10
III. Balance Sheets
a. Consolidated Balance Sheets	11
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	12
•    Cash and Invested Assets Composition	13
•    Mortgage-Backed and Asset-Backed Securities Composition	14
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis	15
b. Paid to Incurred Analysis by Segment	16
V. Share Analysis
a. Earnings Per Common Share Information	17
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method	18
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	19
b. Rationale for the Use of Non-GAAP Financial Measures	20-22

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, 2023 and consolidated statements of operations for the years ended December 31, 2023 and December 31, 2022.

•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 value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing, and other market 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 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 and the associated conflict in the Red Sea, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•the adverse impact of social and economic inflation;

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

•the failure of our cedants to adequately evaluate risks;

Strategic Risk

•increased competition and consolidation in the insurance and reinsurance industry;

•changes in the political environment of certain countries in which we operate or underwrite business;

•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

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

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, 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, and environmental liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products liability business predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

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

Marine and Aviation: Marine provides cover for a range of exposures 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 motor 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 predominantly relating to European exposures.

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 exposures 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 are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis. The Company exited this line of business in June 2022.

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

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

iv

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

		Three months ended March 31,
		2024			2023			Change
HIGHLIGHTS	Gross premiums written	$	2,654,427		$	2,381,976		11.4	%
	Gross premiums written - Insurance	59.3		%	59.4		%	(0.1)		pts
	Gross premiums written - Reinsurance	40.7		%	40.6		%	0.1		pts
	Net premiums written	$	1,722,073		$	1,608,356		7.1	%
	Net premiums earned	$	1,258,041		$	1,230,199		2.3	%
	Net premiums earned - Insurance	73.0		%	66.4		%	6.6		pts
	Net premiums earned - Reinsurance	27.0		%	33.6		%	(6.6)		pts
	Net income available to common shareholders	$	387,896		$	172,534		nm
	Operating income [a]	$	220,162		$	200,054		10.1%
	Annualized return on average common equity [b]	32.1		%	16.2		%	15.9		pts
	Annualized operating return on average common equity [c]	18.2		%	18.8		%	(0.6)		pts
	Total shareholders’ equity	$	5,505,155		$	4,960,229		11.0	%
PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$4.53			$2.01			nm
	Operating income per diluted common share [d]	$2.57			$2.33			10.3%
	Weighted average diluted common shares outstanding	85,693			85,853			(0.2	%)
	Book value per common share	$58.51			$51.77			13.0	%
	Book value per diluted common share (treasury stock method)	$57.13			$50.31			13.6	%
	Tangible book value per diluted common share (treasury stock method) [a]	$54.42			$47.53			14.5	%
FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	56.4		%	55.8		%	0.6		pts
	Catastrophe and weather-related losses ratio	1.5		%	3.1		%	(1.6)		pts
	Current accident year loss ratio	57.9		%	58.9		%	(1.0)		pts
	Prior year reserve development ratio	—		%	(0.3		%)	0.3		pts
	Net losses and loss expenses ratio	57.9		%	58.6		%	(0.7)		pts
	Acquisition cost ratio	20.2		%	18.7		%	1.5		pts
	General and administrative expense ratio [e]	13.0		%	13.6		%	(0.6)		pts
	Combined ratio	91.1		%	90.9		%	0.2		pts
INVESTMENT DATA	Total assets	$	31,758,690		$	28,564,977		11.2	%
	Total cash and invested assets [f]	$	16,808,240		$	15,983,741		5.2	%
	Net investment income	$	167,383		$	133,771		25.1	%
	Net investment gains (losses)	$	(9,207)		$	(20,190)		(54.4	%)
	Book yield of fixed maturities	4.3		%	3.7		%	0.6		pts

[a]    Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE") and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE") and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this document.

[b]    Annualized ROACE is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the

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

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

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

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

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

1

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND 2023

		Three months ended March 31,
		2024		2023
Revenues
	Net premiums earned	$	1,258,041	$	1,230,199
	Net investment income	167,383		133,771
	Net investment gains (losses)	(9,207)		(20,190)
	Other insurance related income	8,340		577
	Total revenues	1,424,557		1,344,357
Expenses
	Net losses and loss expenses	728,671		720,642
	Acquisition costs	254,254		230,373
	General and administrative expenses	163,373		166,811
	Foreign exchange losses (gains)	(23,552)		8,710
	Interest expense and financing costs	17,147		16,894
	Reorganization expenses	12,299		—
	Amortization of intangible assets	2,729		2,729
	Total expenses	1,154,921		1,146,159
Income before income taxes and interest in income (loss) of equity method investments		269,636		198,198
	Income tax (expense) benefit	124,654		(15,896)
	Interest in income (loss) of equity method investments	1,169		(2,205)
Net income		395,459		180,097
	Preferred share dividends	7,563		7,563
Net income available to common shareholders		$	387,896	$	172,534

2

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

													Year ended December 31,
	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q1 2022		2023
UNDERWRITING REVENUES
Gross premiums written	$	2,654,427	$	1,784,293	$	1,905,878	$	2,284,378	$	2,381,976	$	2,634,608	$	8,356,525
Ceded premiums written	(932,354)		(712,038)		(930,521)		(838,021)		(773,620)		(821,736)		(3,254,200)
Net premiums written	1,722,073		1,072,255		975,357		1,446,357		1,608,356		1,812,872		5,102,325
Gross premiums earned	2,044,647		2,035,926		2,046,222		1,969,662		1,921,768		1,902,508		7,973,577
Ceded premiums earned	(786,606)		(770,653)		(723,658)		(703,917)		(691,569)		(644,262)		(2,889,796)
Net premiums earned	1,258,041		1,265,273		1,322,564		1,265,745		1,230,199		1,258,246		5,083,781
Other insurance related income	8,340		6,050		10,344		5,524		577		6,693		22,495
Total underwriting revenues	1,266,381		1,271,323		1,332,908		1,271,269		1,230,776		1,264,939		5,106,276
UNDERWRITING EXPENSES
Net losses and loss expenses	728,671		1,152,262		783,940		736,257		720,642		732,699		3,393,102
Acquisition costs	254,254		253,918		263,389		253,265		230,373		248,352		1,000,945
Underwriting-related general and administrative expenses [a]	137,793		139,216		138,601		133,255		140,395		145,096		551,467
Total underwriting expenses	1,120,718		1,545,396		1,185,930		1,122,777		1,091,410		1,126,147		4,945,514
UNDERWRITING INCOME (LOSS) [b]	145,663		(274,073)		146,978		148,492		139,366		138,792		160,762
OTHER (EXPENSES) REVENUES
Net investment income	167,383		186,937		154,201		136,829		133,771		91,355		611,742
Net investment gains (losses)	(9,207)		23,041		(53,114)		(24,370)		(20,190)		(94,508)		(74,630)
Corporate expenses [a]	(25,580)		(30,633)		(40,682)		(35,248)		(26,416)		(23,945)		(132,979)
Foreign exchange (losses) gains	23,552		(69,871)		50,570		(30,104)		(8,710)		44,273		(58,115)
Interest expense and financing costs	(17,147)		(18,344)		(16,445)		(16,738)		(16,894)		(15,564)		(68,421)
Reorganization expenses	(12,299)		—		(28,997)		—		—		—		(28,997)
Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(10,917)
Total other (expenses) revenues	123,973		88,401		62,804		27,640		58,832		(1,118)		237,683
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	269,636		(185,672)		209,782		176,132		198,198		137,674		398,445
Income tax (expense) benefit	124,654		41,762		(24,624)		(27,558)		(15,896)		(24)		(26,316)
Interest in income (loss) of equity method investments	1,169		1,328		2,940		2,100		(2,205)		11,550		4,163
NET INCOME (LOSS)	395,459		(142,582)		188,098		150,674		180,097		149,200		376,292
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	$	387,896	$	(150,145)	$	180,535	$	143,111	$	172,534	$	141,637	$	346,042

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

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

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

													Year ended December 31,
	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q1 2022		2023
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.4	%	55.4	%	56.3	%	56.1	%	55.8	%	54.2	%	55.9	%
Catastrophe and weather-related losses ratio	1.5	%	2.1	%	3.2	%	2.6	%	3.1	%	4.7	%	2.7	%
Current accident year loss ratio	57.9	%	57.5	%	59.5	%	58.7	%	58.9	%	58.9	%	58.6	%
Prior year reserve development ratio	—	%	33.6	%	(0.2	%)	(0.5	%)	(0.3	%)	(0.7	%)	8.1	%
Net losses and loss expenses ratio	57.9	%	91.1	%	59.3	%	58.2	%	58.6	%	58.2	%	66.7	%
Acquisition cost ratio	20.2	%	20.1	%	19.9	%	20.0	%	18.7	%	19.7	%	19.7	%
General and administrative expense ratio [a]	13.0	%	13.4	%	13.5	%	13.3	%	13.6	%	13.5	%	13.5	%
Combined ratio	91.1	%	124.6	%	92.7	%	91.5	%	90.9	%	91.4	%	99.9	%
Weighted average common shares outstanding	84,879		85,268		85,223		85,207		84,864		84,961		85,142
Weighted average diluted common shares outstanding  [b]	85,693		85,268		86,108		85,812		85,853		85,808		86,012
Earnings (loss) per common share	$4.57		($1.76)		$2.12		$1.68		$2.03		$1.67		$4.06
Earnings (loss) per diluted common share	$4.53		($1.76)		$2.10		$1.67		$2.01		$1.65		$4.02
Annualized ROACE	32.1	%	(13.1	%)	16.1	%	12.9	%	16.2	%	12.0	%	7.9	%
Annualized operating ROACE	18.2	%	(9.3	%)	18.0	%	17.2	%	18.8	%	15.3	%	11.0	%

[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 SEGMENT DATA

	Three months ended March 31, 2024									Three months ended March 31, 2023
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,574,505		$	1,079,922		$	2,654,427		$	1,415,612		$	966,364		$	2,381,976
Ceded premiums written	(552,151)			(380,203)			(932,354)			(533,036)			(240,584)			(773,620)
Net premiums written	1,022,354			699,719			1,722,073			882,576			725,780			1,608,356
Gross premiums earned	1,499,039			545,608			2,044,647			1,370,696			551,072			1,921,768
Ceded premiums earned	(581,093)			(205,513)			(786,606)			(554,240)			(137,329)			(691,569)
Net premiums earned	917,946			340,095			1,258,041			816,456			413,743			1,230,199
Other insurance related income	21			8,319			8,340			54			523			577
Total underwriting revenues	917,967			348,414			1,266,381			816,510			414,266			1,230,776
UNDERWRITING EXPENSES
Net losses and loss expenses	496,864			231,807			728,671			449,467			271,175			720,642
Acquisition costs	176,029			78,225			254,254			147,058			83,315			230,373
Underwriting-related general and administrative expenses	122,087			15,706			137,793			116,630			23,765			140,395
Total underwriting expenses	794,980			325,738			1,120,718			713,155			378,255			1,091,410
UNDERWRITING INCOME	$	122,987		$	22,676		$	145,663		$	103,355		$	36,011		$	139,366
Catastrophe and weather-related losses, net of reinstatement premiums	$	19,153		$	602		$	19,755		$	24,333		$	13,390		$	37,723
Net favorable prior year reserve development	$	—		$	—		$	—		$	1,041		$	2,997		$	4,038
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.0		%	68.0		%	56.4		%	52.2		%	63.0		%	55.8		%
Catastrophe and weather-related losses ratio	2.1		%	0.2		%	1.5		%	3.0		%	3.3		%	3.1		%
Current accident year loss ratio	54.1		%	68.2		%	57.9		%	55.2		%	66.3		%	58.9		%
Prior year reserve development ratio	—		%	—		%	—		%	(0.1		%)	(0.8		%)	(0.3		%)
Net losses and loss expenses ratio	54.1		%	68.2		%	57.9		%	55.1		%	65.5		%	58.6		%
Acquisition cost ratio	19.2		%	23.0		%	20.2		%	18.0		%	20.1		%	18.7		%
Underwriting-related general and administrative expense ratio	13.3		%	4.6		%	11.0		%	14.2		%	5.8		%	11.5		%
Corporate expense ratio							2.0		%							2.1		%
Combined ratio	86.6		%	95.8		%	91.1		%	87.3		%	91.4		%	90.9		%

5

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

													Year ended December 31,
	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q1 2022		2023
INSURANCE SEGMENT
Professional Lines	$	236,665	$	338,938	$	285,739	$	294,403	$	221,615	$	304,415	$	1,140,695
Property	478,835		426,500		395,269		533,479		381,339		307,919		1,736,586
Liability	287,705		327,723		316,433		328,768		284,026		253,162		1,256,951
Cyber	132,936		166,312		148,011		182,049		152,788		131,451		649,160
Marine and Aviation	262,010		162,766		169,819		205,153		233,424		224,517		771,162
Accident and Health	104,606		79,597		88,742		85,836		79,384		58,301		333,559
Credit and Political Risk	71,748		81,542		53,611		54,462		63,036		47,499		252,651
TOTAL INSURANCE SEGMENT	$	1,574,505	$	1,583,378	$	1,457,624	$	1,684,150	$	1,415,612	$	1,327,264	$	6,140,764
REINSURANCE SEGMENT
Liability	$	218,175	$	100,041	$	184,665	$	159,234	$	198,861	$	284,348	$	642,801
Accident and Health	310,792		15,524		64,463		20,696		295,985		330,732		396,668
Professional Lines	146,832		13,838		42,950		186,233		136,201		133,579		379,222
Credit and Surety	164,043		61,930		70,486		103,430		115,237		103,876		351,083
Motor	152,145		7,273		27,113		26,966		140,115		151,714		201,466
Agriculture	39,501		(931)		37,846		66,985		22,399		27,826		126,300
Marine and Aviation	46,134		2,740		6,954		22,034		30,531		50,485		62,260
Total	1,077,622		200,415		434,477		585,578		939,329		1,082,560		2,159,800
Run-off lines
Catastrophe	1,423		(3,414)		6,415		10,874		16,301		138,396		30,175
Property	(156)		2,795		5,271		3,842		9,605		76,323		21,513
Engineering	1,033		1,119		2,091		(66)		1,129		10,065		4,273
Total run-off lines	2,300		500		13,777		14,650		27,035		224,784		55,961
TOTAL REINSURANCE SEGMENT	$	1,079,922	$	200,915	$	448,254	$	600,228	$	966,364	$	1,307,344	$	2,215,761
CONSOLIDATED TOTAL	$	2,654,427	$	1,784,293	$	1,905,878	$	2,284,378	$	2,381,976	$	2,634,608	$	8,356,525

6

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																			Year ended December 31,
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q1 2022			2023
UNDERWRITING REVENUES
Gross premiums written	$	2,654,427		$	1,784,293		$	1,905,878		$	2,284,378		$	2,381,976		$	2,634,608		$	8,356,525
Ceded premiums written	(932,354)			(712,038)			(930,521)			(838,021)			(773,620)			(821,736)			(3,254,200)
Net premiums written	1,722,073			1,072,255			975,357			1,446,357			1,608,356			1,812,872			5,102,325
Gross premiums earned	2,044,647			2,035,926			2,046,222			1,969,662			1,921,768			1,902,508			7,973,577
Ceded premiums earned	(786,606)			(770,653)			(723,658)			(703,917)			(691,569)			(644,262)			(2,889,796)
Net premiums earned	1,258,041			1,265,273			1,322,564			1,265,745			1,230,199			1,258,246			5,083,781
Other insurance related income	8,340			6,050			10,344			5,524			577			6,693			22,495
Total underwriting revenues	1,266,381			1,271,323			1,332,908			1,271,269			1,230,776			1,264,939			5,106,276
UNDERWRITING EXPENSES
Net losses and loss expenses	728,671			1,152,262			783,940			736,257			720,642			732,699			3,393,102
Acquisition costs	254,254			253,918			263,389			253,265			230,373			248,352			1,000,945
Underwriting-related general and administrative expenses	137,793			139,216			138,601			133,255			140,395			145,096			551,467
Total underwriting expenses	1,120,718			1,545,396			1,185,930			1,122,777			1,091,410			1,126,147			4,945,514
UNDERWRITING INCOME (LOSS)	$	145,663		$	(274,073)		$	146,978		$	148,492		$	139,366		$	138,792		$	160,762
Catastrophe and weather-related losses, net of reinstatement premiums	$	19,755		$	25,866		$	41,663		$	32,228		$	37,723		$	60,076		$	137,702
Net favorable (adverse) prior year reserve development	$	—		$	(425,001)		$	2,762		$	6,319		$	4,038		$	8,956		$	(411,882)
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.4		%	55.4		%	56.3		%	56.1		%	55.8		%	54.2		%	55.9		%
Catastrophe and weather-related losses ratio	1.5		%	2.1		%	3.2		%	2.6		%	3.1		%	4.7		%	2.7		%
Current accident year loss ratio	57.9		%	57.5		%	59.5		%	58.7		%	58.9		%	58.9		%	58.6		%
Prior year reserve development ratio	—		%	33.6		%	(0.2		%)	(0.5		%)	(0.3		%)	(0.7		%)	8.1		%
Net losses and loss expenses ratio	57.9		%	91.1		%	59.3		%	58.2		%	58.6		%	58.2		%	66.7		%
Acquisition cost ratio	20.2		%	20.1		%	19.9		%	20.0		%	18.7		%	19.7		%	19.7		%
General and administrative expenses ratio [a]	13.0		%	13.4		%	13.5		%	13.3		%	13.6		%	13.5		%	13.5		%
Combined ratio	91.1		%	124.6		%	92.7		%	91.5		%	90.9		%	91.4		%	99.9		%

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

7

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																			Year ended December 31,
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q1 2022			2023
UNDERWRITING REVENUES
Gross premiums written	$	1,574,505		$	1,583,378		$	1,457,624		$	1,684,150		$	1,415,612		$	1,327,264		$	6,140,764
Ceded premiums written	(552,151)			(613,507)			(572,372)			(663,129)			(533,036)			(483,352)			(2,382,044)
Net premiums written	1,022,354			969,871			885,252			1,021,021			882,576			843,912			3,758,720
Gross premiums earned	1,499,039			1,485,956			1,463,578			1,393,438			1,370,696			1,233,281			5,713,667
Ceded premiums earned	(581,093)			(569,177)			(577,864)			(550,687)			(554,240)			(480,465)			(2,251,967)
Net premiums earned	917,946			916,779			885,714			842,751			816,456			752,816			3,461,700
Other insurance related income (loss)	21			(289)			(22)			58			54			82			(198)
Total underwriting revenues	917,967			916,490			885,692			842,809			816,510			752,898			3,461,502
UNDERWRITING EXPENSES
Net losses and loss expenses	496,864			681,515			491,368			457,650			449,467			405,745			2,080,001
Acquisition costs	176,029			175,050			169,384			156,972			147,058			138,812			648,463
Underwriting-related general and administrative expenses	122,087			121,600			120,330			113,534			116,630			113,950			472,094
Total underwriting expenses	794,980			978,165			781,082			728,156			713,155			658,507			3,200,558
UNDERWRITING INCOME (LOSS)	$	122,987		$	(61,675)		$	104,610		$	114,653		$	103,355		$	94,391		$	260,944
Catastrophe and weather-related losses, net of reinstatement premiums	$	19,153		$	23,074		$	37,145		$	26,440		$	24,333		$	32,730		$	111,040
Net favorable (adverse) prior year reserve development	$	—		$	(181,787)		$	1,609		$	2,784		$	1,041		$	7,062		$	(176,353)
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.0		%	52.0		%	51.5		%	51.5		%	52.2		%	50.5		%	51.8		%
Catastrophe and weather-related losses ratio	2.1		%	2.5		%	4.2		%	3.1		%	3.0		%	4.3		%	3.2		%
Current accident year loss ratio	54.1		%	54.5		%	55.7		%	54.6		%	55.2		%	54.8		%	55.0		%
Prior year reserve development ratio	—		%	19.8		%	(0.2		%)	(0.3		%)	(0.1		%)	(0.9		%)	5.1		%
Net losses and loss expenses ratio	54.1		%	74.3		%	55.5		%	54.3		%	55.1		%	53.9		%	60.1		%
Acquisition cost ratio	19.2		%	19.1		%	19.1		%	18.6		%	18.0		%	18.4		%	18.7		%
Underwriting-related general and administrative expenses ratio	13.3		%	13.3		%	13.6		%	13.5		%	14.2		%	15.2		%	13.7		%
Combined ratio	86.6		%	106.7		%	88.2		%	86.4		%	87.3		%	87.5		%	92.5		%

8

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																			Year ended December 31,
	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q1 2022			2023
UNDERWRITING REVENUES
Gross premiums written	$	1,079,922		$	200,915		$	448,254		$	600,228		$	966,364		$	1,307,344		$	2,215,761
Ceded premiums written	(380,203)			(98,531)			(358,149)			(174,892)			(240,584)			(338,384)			(872,156)
Net premiums written	699,719			102,384			90,105			425,336			725,780			968,960			1,343,605
Gross premiums earned	545,608			549,970			582,644			576,224			551,072			669,227			2,259,910
Ceded premiums earned	(205,513)			(201,476)			(145,794)			(153,230)			(137,329)			(163,797)			(637,829)
Net premiums earned	340,095			348,494			436,850			422,994			413,743			505,430			1,622,081
Other insurance related income	8,319			6,339			10,366			5,466			523			6,611			22,693
Total underwriting revenues	348,414			354,833			447,216			428,460			414,266			512,041			1,644,774
UNDERWRITING EXPENSES
Net losses and loss expenses	231,807			470,747			292,572			278,607			271,175			326,954			1,313,101
Acquisition costs	78,225			78,868			94,005			96,293			83,315			109,540			352,482
Underwriting-related general and administrative expenses	15,706			17,616			18,271			19,721			23,765			31,146			79,373
Total underwriting expenses	325,738			567,231			404,848			394,621			378,255			467,640			1,744,956
UNDERWRITING INCOME (LOSS)	$	22,676		$	(212,398)		$	42,368		$	33,839		$	36,011		$	44,401		$	(100,182)
Catastrophe and weather-related losses, net of reinstatement premiums	$	602		$	2,792		$	4,518		$	5,788		$	13,390		$	27,346		$	26,662
Net favorable (adverse) prior year reserve development	$	—		$	(243,214)		$	1,153		$	3,535		$	2,997		$	1,894		$	(235,529)
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.0		%	64.5		%	66.2		%	65.3		%	63.0		%	59.7		%	64.8		%
Catastrophe and weather-related losses ratio	0.2		%	0.8		%	1.0		%	1.4		%	3.3		%	5.4		%	1.6		%
Current accident year loss ratio	68.2		%	65.3		%	67.2		%	66.7		%	66.3		%	65.1		%	66.4		%
Prior year reserve development ratio	—		%	69.8		%	(0.2		%)	(0.8		%)	(0.8		%)	(0.4		%)	14.6		%
Net losses and loss expenses ratio	68.2		%	135.1		%	67.0		%	65.9		%	65.5		%	64.7		%	81.0		%
Acquisition cost ratio	23.0		%	22.6		%	21.5		%	22.8		%	20.1		%	21.7		%	21.7		%
Underwriting-related general and administrative expense ratio	4.6		%	5.1		%	4.2		%	4.6		%	5.8		%	6.1		%	4.9		%
Combined ratio	95.8		%	162.8		%	92.7		%	93.3		%	91.4		%	92.5		%	107.6		%

9

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

													Year ended December 31,
	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q1 2022		2023
Fixed maturities	$	139,396	$	139,183	$	133,006	$	124,390	$	118,262	$	64,809	$	514,842
Other investments	5,673		24,954		312		(5,341)		486		26,050		20,411
Equity securities	2,762		3,592		3,050		2,990		2,455		2,172		12,088
Mortgage loans	9,130		9,154		8,892		8,880		8,386		4,163		35,312
Cash and cash equivalents	13,661		14,622		14,465		11,161		10,012		1,118		50,261
Short-term investments	3,463		2,939		2,195		2,129		1,660		166		8,924
Gross investment income	174,085		194,444		161,920		144,209		141,261		98,478		641,838
Investment expenses	(6,702)		(7,507)		(7,719)		(7,380)		(7,490)		(7,123)		(30,096)
Net investment income	$	167,383	$	186,937	$	154,201	$	136,829	$	133,771	$	91,355	$	611,742

10

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	March 31,			December 31,			September 30,			June 30,			March 31,			March 31,
	2024			2023			2023			2023			2023			2022
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,269,310		$	12,234,742		$	11,723,368		$	11,564,397		$	11,627,555		$	11,456,024
Fixed maturities, held to maturity, at amortized cost	693,042			686,296			712,840			717,310			716,768			493,509
Equity securities, at fair value	582,178			588,511			556,262			596,692			573,916			563,950
Mortgage loans, held for investment, at fair value	609,704			610,148			610,277			609,274			634,470			627,063
Other investments, at fair value	934,724			949,413			954,571			970,079			1,008,887			954,602
Equity method investments	182,594			174,634			162,412			148,183			146,083			157,843
Short-term investments, at fair value	75,879			17,216			115,959			46,282			70,416			70,385
Total investments	15,347,431			15,260,960			14,835,689			14,652,217			14,778,095			14,323,376
Cash and cash equivalents	1,841,574			1,383,985			1,267,315			1,518,270			1,179,295			1,706,711
Accrued interest receivable	107,131			106,055			99,978			100,915			97,983			64,906
Insurance and reinsurance premium balances receivable	3,517,242			3,067,554			3,207,444			3,371,439			3,119,158			3,163,990
Reinsurance recoverable on unpaid losses and loss expenses	6,503,188			6,323,083			6,031,527			5,865,609			5,823,417			4,957,080
Reinsurance recoverable on paid losses and loss expenses	472,660			575,847			594,375			572,757			593,013			612,027
Deferred acquisition costs	543,343			450,950			503,617			586,085			560,173			575,250
Prepaid reinsurance premiums	2,060,717			1,916,087			1,973,378			1,767,474			1,632,513			1,555,303
Receivable for investments sold	5,686			8,767			17,306			22,102			7,079			55,473
Goodwill	100,801			100,801			100,801			100,801			100,801			100,801
Intangible assets	184,155			186,883			189,612			192,342			195,071			205,988
Operating lease right-of-use assets	104,162			108,093			104,240			108,511			88,155			98,837
Loan advances made	345,065			305,222			138,012			55,596			79,684			56,174
Other assets	625,535			456,385			409,230			401,575			390,224			388,816
TOTAL ASSETS	$	31,758,690		$	30,250,672		$	29,472,524		$	29,315,693		$	28,644,661		$	27,864,732
LIABILITIES
Reserve for losses and loss expenses	$	16,630,897		$	16,434,018		$	15,555,256		$	15,419,498		$	15,314,644		$	14,470,155
Unearned premiums	5,353,827			4,747,602			4,995,785			5,139,177			4,821,775			4,824,128
Insurance and reinsurance balances payable	1,909,309			1,792,719			1,900,188			1,783,610			1,654,292			1,578,432
Debt	1,314,074			1,313,714			1,313,358			1,313,006			1,312,658			1,311,304
Federal Home Loan Bank advances	85,790			85,790			85,790			85,790			85,790			—
Payable for investments purchased	493,582			26,093			87,992			81,835			78,711			127,284
Operating lease liabilities	119,124			123,101			116,547			121,922			99,130			113,340
Other liabilities	346,932			464,439			384,400			349,894			317,432			319,549
TOTAL LIABILITIES	26,253,535			24,987,476			24,439,316			24,294,732			23,684,432			22,744,192
SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,368,144			2,383,030			2,375,678			2,361,185			2,347,637			2,328,986
Accumulated other comprehensive income (loss)	(411,849)			(365,836)			(775,439)			(630,509)			(571,896)			(338,300)
Retained earnings	6,790,558			6,440,528			6,628,179			6,485,901			6,381,201			6,308,712
Treasury shares, at cost	(3,793,904)			(3,746,732)			(3,747,416)			(3,747,822)			(3,748,919)			(3,731,064)
TOTAL SHAREHOLDERS' EQUITY	5,505,155			5,263,196			5,033,208			5,020,961			4,960,229			5,120,540
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	31,758,690		$	30,250,672		$	29,472,524		$	29,315,693		$	28,644,661		$	27,864,732
Book value per common share	$58.51			$55.26			$52.60			$52.47			$51.77			$53.60
Book value per diluted common share	$57.13			$54.06			$51.17			$50.98			$50.31			$51.97
Tangible book value per diluted common share	$54.42			$51.34			$48.44			$48.22			$47.53			$49.08
Debt to total capital [a]	19.3		%	20.0		%	20.7		%	20.7		%	20.9		%	20.4		%

[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.

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AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

	At March 31, 2024												At December 31, 2023
	Cost or Amortized  Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage		Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,649,595	$	—	$	1,590	$	(57,468)	$	2,593,717	15.6	%	$	3,007,528	18.1	%
Non-U.S. government	757,162		(17)		4,851		(23,798)		738,198		4.4	%	723,959		4.3	%
Corporate debt	5,095,372		(3,973)		37,431		(212,892)		4,915,938		29.2	%	4,474,172		26.7	%
Agency RMBS	1,684,869		—		4,273		(103,522)		1,585,620		9.4	%	1,634,661		9.8	%
CMBS	870,433		—		545		(50,585)		820,393		4.9	%	839,696		5.0	%
Non-Agency RMBS	152,322		(198)		518		(12,650)		139,992		0.8	%	153,396		0.9	%
ABS	1,336,681		(49)		2,148		(20,875)		1,317,905		7.8	%	1,242,971		7.4	%
Municipals	167,776		—		371		(10,600)		157,547		0.9	%	158,359		0.9	%
Total fixed maturities, available for sale, at fair value	12,714,210		(4,237)		51,727		(492,390)		12,269,310		73.0	%	12,234,742		73.1	%
Fixed maturities, held to maturity, at amortized cost
Corporate debt	100,217		—		—		—		100,217		0.6	%	95,200		0.6	%
ABS	592,825		—		—		—		592,825		3.5	%	591,096		3.5	%
Total fixed maturities, held to maturity, at amortized cost	693,042		—		—		—		693,042		4.1	%	686,296		4.1	%
Equity securities, at fair value
Common stocks	2,843		—		25		(416)		2,452		—	%	2,546		—	%
Preferred Stocks	5,654		—		161		(113)		5,702		—	%	5,601		—	%
Exchange-traded funds	188,548		—		99,734		(1,116)		287,166		1.8	%	287,275		1.7	%
Bond mutual funds	348,493		—		2,327		(63,962)		286,858		1.7	%	293,089		1.8	%
Total equity securities, at fair value	545,538		—		102,247		(65,607)		582,178		3.5	%	588,511		3.5	%
Total fixed maturities and equity securities	$	13,952,790	$	(4,237)	$	153,974	$	(557,997)	13,544,530		80.6	%	13,509,549		80.7	%
Mortgage loans, held for investment									609,704		3.6	%	610,148		3.6	%
Other investments									934,724		5.6	%	949,413		5.7	%
Equity method investments									182,594		1.1	%	174,634		1.0	%
Short-term investments									75,879		0.4	%	17,216		0.2	%
Total investments									15,347,431		91.3	%	15,260,960		91.2	%
Cash and cash equivalents [a]									1,841,574		11.0	%	1,383,985		8.3	%
Accrued interest receivable									107,131		0.6	%	106,055		0.6	%
Net receivable/(payable) for investments sold (purchased)									(487,896)		(2.9	%)	(17,326)		(0.1	%)
Total cash and invested assets									$	16,808,240	100.0	%	$	16,733,674	100.0	%

[a]    Includes $698 million and $431 million of restricted cash and cash equivalents at March 31, 2024 and December 31, 2023, respectively.

	At March 31, 2024				At December 31, 2023
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:
Multi-strategy funds	$	24,950	2.7	%	$	24,619	2.6	%
Direct lending funds	168,987		18.1	%	192,270		20.3	%
Real estate funds	309,545		33.1	%	317,325		33.4	%
Private equity funds	309,399		33.1	%	301,712		31.8	%
Other privately held investments	116,857		12.5	%	108,187		11.4	%
Collateralized loan obligations - equity tranches	4,986		0.5	%	5,300		0.5	%
Total	$	934,724	100.0	%	$	949,413	100.0	%

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AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q1 2022
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	15.6	%	18.1	%	17.6	%	17.2	%	18.1	%	14.3	%
Non-U.S. government	4.4	%	4.3	%	4.2	%	3.6	%	3.5	%	4.6	%
Corporate debt	29.2	%	26.7	%	26.2	%	26.7	%	26.9	%	27.9	%
MBS:
Agency RMBS	9.4	%	9.8	%	9.6	%	8.7	%	8.0	%	5.8	%
CMBS	4.9	%	5.0	%	5.4	%	5.4	%	5.8	%	7.2	%
Non-agency RMBS	0.8	%	0.9	%	0.9	%	0.8	%	0.8	%	1.1	%
ABS	7.8	%	7.4	%	7.9	%	8.0	%	8.7	%	9.6	%
Municipals	0.9	%	0.9	%	0.9	%	0.9	%	0.9	%	1.0	%
Total Fixed Maturities, available for sale	73.0	%	73.1	%	72.7	%	71.3	%	72.7	%	71.5	%
Fixed Maturities, held to maturity:
Corporate debt	0.6	%	0.6	%	0.6	%	0.6	%	0.5	%	0.3	%
ABS	3.5	%	3.5	%	3.8	%	3.8	%	4.0	%	2.8	%
Total Fixed Maturities, held to maturity	4.1	%	4.1	%	4.4	%	4.4	%	4.5	%	3.1	%
Equity securities	3.5	%	3.5	%	3.4	%	3.7	%	3.6	%	3.5	%
Mortgage loans	3.6	%	3.6	%	3.8	%	3.8	%	4.0	%	3.9	%
Other investments	5.6	%	5.7	%	5.9	%	6.0	%	6.3	%	6.0	%
Equity method investments	1.1	%	1.0	%	1.0	%	0.9	%	0.9	%	1.0	%
Short-term investments	0.4	%	0.2	%	0.8	%	0.3	%	0.5	%	0.4	%
Total Investments	91.3	%	91.2	%	92.0	%	90.4	%	92.5	%	89.4	%
Cash and cash equivalents	11.0	%	8.3	%	7.9	%	9.4	%	7.4	%	10.7	%
Accrued interest receivable	0.6	%	0.6	%	0.6	%	0.6	%	0.6	%	0.4	%
Net receivable/(payable) for investments sold (purchased)	(2.9	%)	(0.1	%)	(0.5	%)	(0.4	%)	(0.5	%)	(0.5	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	20.0	%	23.3	%	23.0	%	22.7	%	23.5	%	19.0	%
AAA [a]	21.7	%	21.3	%	22.4	%	34.8	%	34.3	%	35.0	%
AA [a]	20.4	%	20.5	%	20.4	%	7.0	%	7.1	%	7.6	%
A	16.1	%	15.9	%	15.1	%	15.6	%	14.9	%	15.9	%
BBB	11.6	%	11.0	%	10.7	%	11.2	%	11.3	%	12.8	%
Below BBB	10.2	%	8.0	%	8.4	%	8.7	%	8.9	%	9.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.3	%	3.6	%	4.4	%	4.9	%	4.5	%	4.2	%
From one to five years	44.7	%	45.1	%	43.1	%	42.3	%	42.4	%	38.5	%
From five to ten years	16.3	%	15.6	%	15.7	%	16.2	%	16.4	%	19.5	%
Above ten years	1.3	%	1.2	%	1.1	%	1.3	%	1.4	%	2.3	%
Asset-backed and mortgage-backed securities	34.4	%	34.5	%	35.7	%	35.3	%	35.3	%	35.5	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.3	%	4.2	%	4.1	%	3.9	%	3.7	%	2.1	%
Yield to maturity of fixed maturities	5.6	%	5.4	%	6.2	%	5.9	%	5.4	%	3.1	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0 yrs		3.0 yrs		3.0 yrs		2.9 yrs		3.0 yrs		3.1 yrs
Average credit quality of fixed maturities	A+		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.

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AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At March 31, 2024

Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	1,585,620		$	131,434		$	5,152		$	1,275		$	98		$	2,033		$	1,725,612
Commercial MBS	81,123			695,072			39,541			85			4,572			—			820,393
ABS	—			1,081,741			115,393			86,356			32,580			1,835			1,317,905
Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,666,743		$	1,908,247		$	160,086		$	87,716		$	37,250		$	3,868		$	3,863,910
Percentage of total	43.1		%	49.4		%	4.1		%	2.3		%	1.0		%	0.1		%	100.0		%

Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
ABS	$	—		$	336,641		$	256,184		$	—		$	—		$	—		$	592,825
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	336,641		$	256,184		$	—		$	—		$	—		$	592,825
Percentage of total	—		%	56.8		%	43.2		%	—		%	—		%	—		%	100.0		%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Three months ended March 31, 2024						Three months ended March 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	$	16,434,018	$	(6,323,083)	$	10,110,935	$	15,168,863	$	(5,831,172)	$	9,337,691
Incurred losses and loss expenses	1,237,194		(508,523)		728,671		1,060,937		(340,295)		720,642
Paid losses and loss expenses	(972,666)		309,371		(663,295)		(979,500)		366,300		(613,200)
Foreign exchange and other	(67,649)		19,047		(48,602)		64,344		(18,250)		46,094
End of period [a]	$	16,630,897	$	(6,503,188)	$	10,127,709	$	15,314,644	$	(5,823,417)	$	9,491,227

[a]  At March 31, 2024, reserve for losses and loss expenses included IBNR of $11.2 billion, or 67% (December 31, 2023: $10.9 billion, or 66%).

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AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended March 31, 2024									Three months ended March 31, 2023
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	567,035		$	405,631		$	972,666		$	557,669		$	421,831		$	979,500
Reinsurance recoverable on paid losses and loss expenses	(219,214)			(90,157)			(309,371)			(285,428)			(80,872)			(366,300)
Net paid losses and loss expenses	347,821			315,474			663,295			272,241			340,959			613,200
Gross case reserves	25,899			(68,248)			(42,349)			55,769			27,748			83,517
Gross IBNR	279,567			27,310			306,877			130,922			(133,002)			(2,080)
Reinsurance recoverable on unpaid losses and loss expenses	(156,423)			(42,729)			(199,152)			(9,465)			35,470			26,005
Net unpaid losses and loss expenses	149,043			(83,667)			65,376			177,226			(69,784)			107,442
Total net incurred losses and loss expenses	$	496,864		$	231,807		$	728,671		$	449,467		$	271,175		$	720,642
Gross reserve for losses and loss expenses	$	9,789,623		$	6,841,274		$	16,630,897		$	8,599,025		$	6,715,619		$	15,314,644
Net favorable prior year reserve development	$	—		$	—		$	—		$	1,041		$	2,997		$	4,038
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	70.0		%	136.1		%	91.0		%	60.6		%	125.7		%	85.1		%
Net paid losses and loss expenses / Net premiums earned	37.9		%	92.8		%	52.7		%	33.3		%	82.4		%	49.8		%
Net unpaid losses and loss expenses / Net premiums earned	16.2		%	(24.6		%)	5.2		%	21.8		%	(16.9		%)	8.8		%
Net losses and loss expenses ratio	54.1		%	68.2		%	57.9		%	55.1		%	65.5		%	58.6		%

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AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended March 31,
	2024		2023
Net income available to common shareholders	$	387,896	$	172,534
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,879		84,864
Dilutive share equivalents:
Share-based compensation plans	814		989
Weighted average diluted common shares outstanding	85,693		85,853
EARNINGS PER COMMON SHARE
Earnings per common share	$4.57		$2.03
Earnings per diluted common share	$4.53		$2.01

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD

	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q1 2022
Net income (loss) available (attributable) to common shareholders	$	387,896	$	(150,145)	$	180,535	$	143,111	$	172,534	$	141,637
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	85,286		85,228		85,216		85,183		84,668		84,774
Shares issued and treasury shares reissued	682		167		19		53		777		747
Shares repurchased for treasury	(1,281)		(109)		(7)		(20)		(262)		(245)
Common shares - at end of period	84,687		85,286		85,228		85,216		85,183		85,276
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,879		85,268		85,223		85,207		84,864		84,961
Dilutive share equivalents:
Share-based compensation plans [a]	814		—		885		605		989		847
Weighted average diluted common shares outstanding	85,693		85,268		86,108		85,812		85,853		85,808
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$4.57		($1.76)		$2.12		$1.68		$2.03		$1.67
Earnings (loss) per diluted common share	$4.53		($1.76)		$2.10		$1.67		$2.01		$1.65

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

17

AXIS CAPITAL HOLDINGS LIMITED

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

	At March 31, 2024
		Common Shareholders’ Equity		Common Shares Outstanding, net of Treasury Shares	Per share
Closing stock price					$65.02
Book value per common share		$	4,955,155	84,687	$58.51
Dilutive securities:
Restricted stock units				2,051	(1.38)
Book value per diluted common share		$	4,955,155	86,738	$57.13
	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

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

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q1 2022
Common shareholders' equity	$	4,955,155	$	4,713,196	$	4,483,208	$	4,470,961	$	4,410,229	$	4,570,540
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(100,801)
Less: intangible assets	(184,155)		(186,883)		(189,612)		(192,342)		(195,071)		(205,988)
Associated tax impact	49,749		50,371		50,992		51,613		52,235		53,055
Tangible common shareholders' equity	$	4,719,948	$	4,475,883	$	4,243,787	$	4,229,431	$	4,166,592	$	4,316,806
Diluted common shares outstanding, net of treasury shares [a]	86,738		87,189		87,617		87,706		87,660		87,948
Book value per diluted common share	$	57.13	$	54.06	$	51.17	$	50.98	$	50.31	$	51.97
Tangible book value per diluted common share	$	54.42	$	51.34	$	48.44	$	48.22	$	47.53	$	49.08

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

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AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

	Three months ended March 31,
	2024			2023
Net income available to common shareholders	$	387,896		$	172,534
Net investment (gains) losses	9,207			20,190
Foreign exchange losses (gains)	(23,552)			8,710
Reorganization expenses	12,299			—
Interest in (income) loss of equity method investments	(1,169)			2,205
Bermuda net deferred tax asset [a]	(162,705)			—
Income tax benefit [b]	(1,814)			(3,585)
Operating income	$	220,162		$	200,054
Earnings per diluted common share	$	4.53		$	2.01
Net investment (gains) losses	0.11			0.24
Foreign exchange losses (gains)	(0.27)			0.10
Reorganization expenses	0.14			—
Interest in (income) loss of equity method investments	(0.01)			0.03
Bermuda net deferred tax asset	(1.90)			—
Income tax benefit	(0.03)			(0.05)
Operating income per diluted common share	$	2.57		$	2.33
Weighted average diluted common shares outstanding	85,693			85,853
Average common shareholders' equity	$	4,834,176		$	4,250,070
Annualized return on average common equity	32.1		%	16.2		%
Annualized operating return on average common equity	18.2		%	18.8		%

[a] Net deferred tax benefit due to the recognition of deferred tax assets net of deferred tax liabilities related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023.

[b] Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

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

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

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

Consolidated Underwriting Income (Loss)

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

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

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

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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 2024 primarily relate to severance costs mainly attributable to our "How We Work" program which is focused on simplifying our operating structure. 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 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

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 2024 primarily relate to severance costs mainly attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

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

Bermuda net deferred tax asset is due to the recognition of deferred tax assets net of deferred tax liabilities related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023 effective for fiscal years beginning on or after January 1, 2025. The Bermuda net deferred tax asset is not related to the underwriting process. Therefore, this income 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset 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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