Document

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FIRST QUARTER 2026

AXIS Capital Holdings Limited

29 Richmond 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
I. Financial Highlights						1
II. Income Statements
a. Consolidated Statement of Operations and Key Ratios						2
b. Consolidated Data						3
c. Consolidated Segment Data						4
d . Gross Premiums Written by Segment by Line of Business						5

e. Segment Data						6-7
f. Net Investment Income						8
III. Balance Sheets
a. Consolidated Balance Sheets						9
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						10
• Cash and Invested Assets Composition						11
• Mortgage-Backed and Asset-Backed Securities Composition						12
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						13
b. Paid to Incurred Analysis by Segment						14
V. Share Analysis

a. Book Value and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						15
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						16
b. Rationale for the Use of Non-GAAP Financial Measures						17-19

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, 2025 and consolidated statements of operations for the years ended December 31, 2025 and December 31, 2024.

•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

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This document or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this document are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.

Forward-looking statements made in this document, such as those related to our performance, pricing, growth prospects, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:

Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.

Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.

Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business.

Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due.

Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices.

Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements.

Taxation Risk: changes in tax laws.

Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended March 31,
		2026			2025			Change

HIGHLIGHTS	Gross premiums written	$	3,097,967		$	2,794,652		10.9	%
	Gross premiums written - Insurance	64.0		%	59.3		%	4.7		pts
	Gross premiums written - Reinsurance	36.0		%	40.7		%	(4.7)		pts
	Net premiums written	$	1,907,036		$	1,750,039		9.0	%
	Net premiums earned	$	1,480,466		$	1,340,820		10.4	%
	Net premiums earned - Insurance	77.1		%	75.3		%	1.8		pts
	Net premiums earned - Reinsurance	22.9		%	24.7		%	(1.8)		pts
	Net income available to common shareholders	$	247,204		$	186,508		32.5	%
	Operating income [a]	$	256,889		$	261,469		(1.8	%)
	Annualized return on average common equity [b]	17.0		%	13.7		%	3.3		pts
	Annualized operating return on average common equity [c]	17.7		%	19.2		%	(1.5)		pts
	Total common shareholders’ equity	$	5,830,636		$	5,352,799		8.9	%


PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$3.29			$2.26			45.6	%
	Operating income per diluted common share [d]	$3.42			$3.17			7.9	%
	Weighted average diluted common shares outstanding	75,153			82,378			(8.8	%)
	Book value per common share	$78.86			$68.06			15.9	%
	Book value per diluted common share (treasury stock method)	$78.19			$66.48			17.6	%
	Tangible book value per diluted common share (treasury stock method) [a]	$75.70			$64.08			18.1	%


FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses [a], [e]	56.6		%	56.3		%	0.3		pts
	Catastrophe and weather-related losses ratio [a]	3.2		%	3.7		%	(0.5)		pts
	Current accident year loss ratio [a]	59.8		%	60.0		%	(0.2)		pts
	Prior year reserve development ratio	(1.2		%)	(1.4		%)	0.2		pts
	Net losses and loss expenses ratio	58.6		%	58.6		%	—		pts
	Acquisition cost ratio	20.5		%	19.7		%	0.8		pts
	General and administrative expense ratio [f]	10.7		%	11.9		%	(1.2)		pts
	Combined ratio	89.8		%	90.2		%	(0.4)		pts


INVESTMENT DATA	Total assets	$	35,618,746		$	33,249,174		7.1	%
	Total cash and invested assets [g]	$	17,273,359		$	17,818,374		(3.1	%)
	Net investment income	$	184,740		$	207,713		(11.1	%)
	Net investment gains (losses)	$	(27,224)		$	(30,005)		(9.3	%)
	Book yield of fixed maturities	4.7		%	4.5		%	0.2		pts

[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses 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"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/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] The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.

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

[g] 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).

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY



	Q1 2026			Q4 2025			Q3 2025			Q2 2025			Q1 2025
REVENUES






Net premiums earned	$	1,480,466		$	1,528,475		$	1,451,883		$	1,393,431		$	1,340,820
Net investment income	184,740			186,992			184,903			187,297			207,713
Net investment gains (losses)	(27,224)			14,584			30,905			43,468			(30,005)
Other insurance related income	5,649			4,383			6,593			8,662			3,578
Total revenues	1,643,631			1,734,434			1,674,284			1,632,858			1,522,106

EXPENSES
Net losses and loss expenses	867,283			859,427			841,435			801,754			785,925
Acquisition costs	304,255			310,375			285,618			275,897			264,581
General and administrative expenses	158,156			212,054			171,637			161,078			159,163
Foreign exchange losses (gains)	(36,196)			3,555			(13,492)			94,885			57,034
Interest expense and financing costs	16,426			16,844			16,657			16,586			16,572
Reorganization expenses	23,168			—			—			—			—
Amortization of intangible assets	2,396			2,396			2,396			2,396			2,729
Total expenses	1,335,488			1,404,651			1,304,251			1,352,596			1,286,004

















INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	308,143			329,783			370,033			280,262			236,102
Income tax (expense) benefit	(55,806)			(45,959)			(70,252)			(56,199)			(44,322)
Interest in income (loss) of equity method investments	2,430			5,783			2,083			(705)			2,291
NET INCOME	254,767			289,607			301,864			223,358			194,071
Preferred share dividends	7,563			7,563			7,563			7,563			7,563
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	247,204		$	282,044		$	294,301		$	215,795		$	186,508

KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding	74,095			75,686			77,619			78,378			81,152
Dilutive share equivalents:
Share-based compensation plans	1,058			1,139			982			951			1,226
Weighted average diluted common shares outstanding	75,153			76,825			78,601			79,329			82,378

Earnings per common share	$	3.34		$	3.73		$	3.79		$	2.75		$	2.30
Earnings per diluted common share	$	3.29		$	3.67		$	3.74		$	2.72		$	2.26

Annualized ROACE	17.0		%	19.4		%	20.6		%	15.7		%	13.7		%
Annualized operating ROACE	17.7		%	17.2		%	17.8		%	19.0		%	19.2		%

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


																Years ended December 31,
	Q1 2026			Q4 2025			Q3 2025			Q2 2025			Q1 2025			2025			2024
UNDERWRITING REVENUES
Gross premiums written	$	3,097,967		$	2,209,707		$	2,124,184		$	2,515,971		$	2,794,652		$	9,644,514		$	9,005,888
Ceded premiums written	(1,190,931)			(826,514)			(771,195)			(880,537)			(1,044,613)			(3,522,858)			(3,248,537)
Net premiums written	1,907,036			1,383,193			1,352,989			1,635,434			1,750,039			6,121,656			5,757,351

Gross premiums earned	2,357,298			2,381,138			2,280,608			2,229,370			2,147,045			9,038,161			8,529,567
Ceded premiums earned	(876,832)			(852,663)			(828,725)			(835,939)			(806,225)			(3,323,552)			(3,223,332)
Net premiums earned	1,480,466			1,528,475			1,451,883			1,393,431			1,340,820			5,714,609			5,306,235
Other insurance related income	5,649			4,383			6,593			8,662			3,578			23,216			30,721
Total underwriting revenues	1,486,115			1,532,858			1,458,476			1,402,093			1,344,398			5,737,825			5,336,956

UNDERWRITING EXPENSES
Net losses and loss expenses	867,283			859,427			841,435			801,754			785,925			3,288,541			3,158,487
Acquisition costs	304,255			310,375			285,618			275,897			264,581			1,136,469			1,070,551
Underwriting-related general and administrative expenses [a]	127,214			178,879			143,111			135,241			130,438			587,669			536,442
Total underwriting expenses	1,298,752			1,348,681			1,270,164			1,212,892			1,180,944			5,012,679			4,765,480
UNDERWRITING INCOME [b]	$	187,363		$	184,177		$	188,312		$	189,201		$	163,454		$	725,146		$	571,476

OTHER (EXPENSES) REVENUES
Net investment income	184,740			186,992			184,903			187,297			207,713			766,903			759,229
Net investment gains (losses)	(27,224)			14,584			30,905			43,468			(30,005)			58,950			(138,534)
Corporate expenses [a]	(30,942)			(33,175)			(28,526)			(25,837)			(28,725)			(116,262)			(129,760)
Foreign exchange (losses) gains	36,196			(3,555)			13,492			(94,885)			(57,034)			(141,983)			50,822
Interest expense and financing costs	(16,426)			(16,844)			(16,657)			(16,586)			(16,572)			(66,659)			(67,766)
Reorganization expenses	(23,168)			—			—			—			—			—			(26,312)
Amortization of intangible assets	(2,396)			(2,396)			(2,396)			(2,396)			(2,729)			(9,917)			(10,917)
Total other (expenses) revenues	120,780			145,606			181,721			91,061			72,648			491,032			436,762
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	308,143			329,783			370,033			280,262			236,102			1,216,178			1,008,238
Income tax (expense) benefit	(55,806)			(45,959)			(70,252)			(56,199)			(44,322)			(216,732)			55,595
Interest in income (loss) of equity method investments	2,430			5,783			2,083			(705)			2,291			9,452			17,953
NET INCOME	254,767			289,607			301,864			223,358			194,071			1,008,898			1,081,786
Preferred share dividends	(7,563)			(7,563)			(7,563)			(7,563)			(7,563)			(30,250)			(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	247,204		$	282,044		$	294,301		$	215,795		$	186,508		$	978,648		$	1,051,536

Catastrophe and weather-related losses, net of reinstatement premiums	$	47,800		$	29,855		$	43,659		$	36,626		$	49,070		$	159,210		$	225,996
Net favorable prior year reserve development	$	18,062		$	29,852		$	18,946		$	20,229		$	17,937		$	86,963		$	24,323

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.6		%	56.2		%	56.3		%	56.4		%	56.3		%	56.3		%	55.7		%
Catastrophe and weather-related losses ratio	3.2		%	2.0		%	3.0		%	2.6		%	3.7		%	2.8		%	4.3		%
Current accident year loss ratio	59.8		%	58.2		%	59.3		%	59.0		%	60.0		%	59.1		%	60.0		%
Prior year reserve development ratio	(1.2		%)	(2.0		%)	(1.3		%)	(1.5		%)	(1.4		%)	(1.6		%)	(0.5		%)
Net losses and loss expenses ratio	58.6		%	56.2		%	58.0		%	57.5		%	58.6		%	57.5		%	59.5		%
Acquisition cost ratio	20.5		%	20.3		%	19.7		%	19.8		%	19.7		%	19.9		%	20.2		%
General and administrative expenses ratio [c]	10.7		%	13.9		%	11.7		%	11.6		%	11.9		%	12.4		%	12.6		%
Combined ratio	89.8		%	90.4		%	89.4		%	88.9		%	90.2		%	89.8		%	92.3		%

[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.

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Three months ended March 31, 2026									Three months ended March 31, 2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,983,742		$	1,114,225		$	3,097,967		$	1,655,903		$	1,138,749		$	2,794,652
Ceded premiums written	(690,665)			(500,266)			(1,190,931)			(611,323)			(433,290)			(1,044,613)
Net premiums written	1,293,077			613,959			1,907,036			1,044,580			705,459			1,750,039

Gross premiums earned	1,774,966			582,332			2,357,298			1,598,550			548,495			2,147,045
Ceded premiums earned	(633,213)			(243,619)			(876,832)			(588,464)			(217,761)			(806,225)
Net premiums earned	1,141,753			338,713			1,480,466			1,010,086			330,734			1,340,820
Other insurance related income	370			5,279			5,649			156			3,422			3,578
Total underwriting revenues	1,142,123			343,992			1,486,115			1,010,242			334,156			1,344,398

UNDERWRITING EXPENSES
Net losses and loss expenses	640,988			226,295			867,283			562,088			223,837			785,925
Acquisition costs	223,769			80,486			304,255			194,021			70,560			264,581
Underwriting-related general and administrative expenses	120,013			7,201			127,214			119,592			10,846			130,438
Total underwriting expenses	984,770			313,982			1,298,752			875,701			305,243			1,180,944

UNDERWRITING INCOME	$	157,353		$	30,010		$	187,363		$	134,541		$	28,913		$	163,454

Catastrophe and weather-related losses, net of reinstatement premiums	$	47,732		$	68		$	47,800		$	47,530		$	1,540		$	49,070
Net favorable prior year reserve development	$	15,059		$	3,003		$	18,062		$	13,978		$	3,959		$	17,937

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	53.3		%	67.7		%	56.6		%	52.3		%	68.4		%	56.3		%
Catastrophe and weather-related losses ratio	4.2		%	—		%	3.2		%	4.7		%	0.5		%	3.7		%
Current accident year loss ratio	57.5		%	67.7		%	59.8		%	57.0		%	68.9		%	60.0		%
Prior year reserve development ratio	(1.4		%)	(0.9		%)	(1.2		%)	(1.4		%)	(1.2		%)	(1.4		%)
Net losses and loss expenses ratio	56.1		%	66.8		%	58.6		%	55.6		%	67.7		%	58.6		%
Acquisition cost ratio	19.6		%	23.8		%	20.5		%	19.2		%	21.3		%	19.7		%
Underwriting-related general and administrative expense ratio	10.6		%	2.1		%	8.6		%	11.9		%	3.3		%	9.8		%
Corporate expense ratio							2.1		%							2.1		%
Combined ratio	86.3		%	92.7		%	89.8		%	86.7		%	92.3		%	90.2		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


											Years ended December 31,
	Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025			2025		2024

INSURANCE SEGMENT
Property	$	613,480	$	557,230	$	468,098	$	645,476	$	495,417		$	2,166,222	$	2,050,329
Professional Lines	345,381		404,835		337,888		343,370		257,159			1,343,252		1,162,323
Liability	337,674		351,489		345,455		365,542		303,758			1,366,245		1,251,603
Cyber	119,999		119,693		103,404		136,562		113,945			473,604		561,937
Marine and Aviation	294,960		198,739		190,321		224,393		267,151			880,604		815,168
Accident and Health	171,365		151,078		161,470		126,985		124,843			564,374		450,810
Credit and Political Risk	100,883		115,922		85,246		90,107		93,630			384,905		323,414
TOTAL INSURANCE SEGMENT	$	1,983,742	$	1,898,986	$	1,691,882	$	1,932,435	$	1,655,903		$	7,179,206	$	6,615,584

REINSURANCE SEGMENT
Liability	$	163,106	$	91,530	$	154,460	$	168,566	$	253,070		$	667,626	$	616,333
Professional Lines	177,953		16,403		38,567		171,851		188,445			415,266		421,846
Motor	87,312		70,332		47,303		26,066		124,380			268,080		238,961
Accident and Health	296,290		44,275		18,192		22,337		281,355			366,159		436,296
Credit and Surety	308,973		80,634		108,505		116,290		204,666			510,094		417,717
Agriculture	52,715		1,290		55,704		55,256		48,901			161,151		150,373
Marine and Aviation	25,978		3,903		8,602		18,871		33,492			64,870		82,274






Run-off lines	1,898		2,354		969		4,299		4,440			12,062		26,504
TOTAL REINSURANCE SEGMENT	$	1,114,225	$	310,721	$	432,302	$	583,536	$	1,138,749		$	2,465,308	$	2,390,304

CONSOLIDATED TOTAL	$	3,097,967	$	2,209,707	$	2,124,184	$	2,515,971	$	2,794,652		$	9,644,514	$	9,005,888

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA


																Years ended December 31,
	Q1 2026			Q4 2025			Q3 2025			Q2 2025			Q1 2025			2025			2024
UNDERWRITING REVENUES
Gross premiums written	$	1,983,742		$	1,898,986		$	1,691,882		$	1,932,435		$	1,655,903		$	7,179,206		$	6,615,584
Ceded premiums written	(690,665)			(691,799)			(606,935)			(641,925)			(611,323)			(2,551,982)			(2,365,039)
Net premiums written	1,293,077			1,207,187			1,084,947			1,290,510			1,044,580			4,627,224			4,250,545

Gross premiums earned	1,774,966			1,787,562			1,690,735			1,633,396			1,598,550			6,710,242			6,254,836
Ceded premiums earned	(633,213)			(624,736)			(605,123)			(600,435)			(588,464)			(2,418,757)			(2,328,800)
Net premiums earned	1,141,753			1,162,826			1,085,612			1,032,961			1,010,086			4,291,485			3,926,036
Other insurance related income	370			254			261			6			156			677			94
Total underwriting revenues	1,142,123			1,163,080			1,085,873			1,032,967			1,010,242			4,292,162			3,926,130

UNDERWRITING EXPENSES
Net losses and loss expenses	640,988			617,562			595,807			561,770			562,088			2,337,227			2,245,420
Acquisition costs	223,769			225,952			205,440			194,912			194,021			820,324			766,915
Underwriting-related general and administrative expenses	120,013			161,994			131,326			124,646			119,592			537,558			485,929
Total underwriting expenses	984,770			1,005,508			932,573			881,328			875,701			3,695,109			3,498,264

UNDERWRITING INCOME	$	157,353		$	157,572		$	153,300		$	151,639		$	134,541		$	597,053		$	427,866

Catastrophe and weather-related losses, net of reinstatement premiums	$	47,732		$	29,755		$	42,689		$	36,440		$	47,530		$	156,414		$	216,093
Net favorable prior year reserve development	$	15,059		$	22,939		$	14,843		$	15,216		$	13,978		$	66,975		$	16,209

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	53.3		%	52.5		%	52.3		%	52.3		%	52.3		%	52.4		%	52.1		%
Catastrophe and weather-related losses ratio	4.2		%	2.6		%	3.9		%	3.6		%	4.7		%	3.6		%	5.5		%
Current accident year loss ratio	57.5		%	55.1		%	56.2		%	55.9		%	57.0		%	56.0		%	57.6		%
Prior year reserve development ratio	(1.4		%)	(2.0		%)	(1.3		%)	(1.5		%)	(1.4		%)	(1.5		%)	(0.4		%)
Net losses and loss expenses ratio	56.1		%	53.1		%	54.9		%	54.4		%	55.6		%	54.5		%	57.2		%
Acquisition cost ratio	19.6		%	19.4		%	18.9		%	18.9		%	19.2		%	19.1		%	19.5		%
Underwriting-related general and administrative expenses ratio	10.6		%	14.0		%	12.1		%	12.0		%	11.9		%	12.5		%	12.4		%
Combined ratio	86.3		%	86.5		%	85.9		%	85.3		%	86.7		%	86.1		%	89.1		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																Years ended December 31,
	Q1 2026			Q4 2025			Q3 2025			Q2 2025			Q1 2025			2025			2024
UNDERWRITING REVENUES
Gross premiums written	$	1,114,225		$	310,721		$	432,302		$	583,536		$	1,138,749		$	2,465,308		$	2,390,304
Ceded premiums written	(500,266)			(134,715)			(164,260)			(238,612)			(433,290)			(970,876)			(883,498)
Net premiums written	613,959			176,006			268,042			344,924			705,459			1,494,432			1,506,806

Gross premiums earned	582,332			593,576			589,873			595,974			548,495			2,327,919			2,274,731
Ceded premiums earned	(243,619)			(227,927)			(223,602)			(235,504)			(217,761)			(904,795)			(894,532)
Net premiums earned	338,713			365,649			366,271			360,470			330,734			1,423,124			1,380,199
Other insurance related income	5,279			4,129			6,332			8,656			3,422			22,539			30,627
Total underwriting revenues	343,992			369,778			372,603			369,126			334,156			1,445,663			1,410,826

UNDERWRITING EXPENSES
Net losses and loss expenses	226,295			241,865			245,628			239,984			223,837			951,314			913,067
Acquisition costs	80,486			84,423			80,178			80,985			70,560			316,145			303,636
Underwriting-related general and administrative expenses	7,201			16,885			11,785			10,595			10,846			50,111			50,513
Total underwriting expenses	313,982			343,173			337,591			331,564			305,243			1,317,570			1,267,216

UNDERWRITING INCOME	$	30,010		$	26,605		$	35,012		$	37,562		$	28,913		$	128,093		$	143,610

Catastrophe and weather-related losses, net of reinstatement premiums	$	68		$	100		$	970		$	186		$	1,540		$	2,796		$	9,903
Net favorable prior year reserve development	$	3,003		$	6,913		$	4,103		$	5,013		$	3,959		$	19,988		$	8,114

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	67.7		%	68.0		%	67.9		%	67.9		%	68.4		%	68.1		%	66.0		%
Catastrophe and weather-related losses ratio	—		%	—		%	0.3		%	0.1		%	0.5		%	0.2		%	0.7		%
Current accident year loss ratio	67.7		%	68.0		%	68.2		%	68.0		%	68.9		%	68.3		%	66.7		%
Prior year reserve development ratio	(0.9		%)	(1.9		%)	(1.1		%)	(1.4		%)	(1.2		%)	(1.5		%)	(0.5		%)
Net losses and loss expenses ratio	66.8		%	66.1		%	67.1		%	66.6		%	67.7		%	66.8		%	66.2		%
Acquisition cost ratio	23.8		%	23.1		%	21.9		%	22.5		%	21.3		%	22.2		%	22.0		%
Underwriting-related general and administrative expense ratio	2.1		%	4.7		%	3.2		%	2.9		%	3.3		%	3.6		%	3.6		%
Combined ratio	92.7		%	93.9		%	92.2		%	92.0		%	92.3		%	92.6		%	91.8		%

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


											Years ended December 31,
	Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025			2025		2024

Fixed maturities	$	156,696	$	159,830	$	155,796	$	149,861	$	146,711		$	612,198	$	620,704
Other investments	17,705		13,367		15,019		18,479		22,410			69,275		48,666
Equity securities	4,152		4,185		3,046		3,155		3,208			13,593		12,922
Mortgage loans	4,165		4,873		5,890		5,956		6,868			23,587		34,028
Cash and cash equivalents	8,918		12,466		12,597		16,649		33,380			75,092		59,600
Short-term investments	132		254		355		541		1,986			3,136		12,569

Gross investment income	191,768		194,975		192,703		194,641		214,563			796,881		788,489
Investment expenses	(7,028)		(7,983)		(7,800)		(7,344)		(6,850)			(29,978)		(29,260)

Net investment income	$	184,740	$	186,992	$	184,903	$	187,297	$	207,713		$	766,903	$	759,229

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	March 31,			December 31,			September 30,			June 30,			March 31,			December 31,
	2026			2025			2025			2025			2025			2024
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	13,107,142		$	13,018,027		$	12,879,372		$	12,137,475		$	11,865,480		$	12,152,753
Fixed maturities, held to maturity, at amortized cost	405,220			397,430			406,658			405,041			389,571			443,400
Equity securities, at fair value	688,842			707,569			649,970			619,275			574,379			579,274
Mortgage loans, held for investment, at fair value	343,959			356,840			409,699			438,571			457,907			505,697
Other investments, at fair value	1,042,649			1,027,798			972,867			938,922			938,562			930,278
Equity method investments	236,767			227,181			220,022			215,920			214,240			206,994
Short-term investments, at fair value	5,836			20,298			17,185			51,726			91,330			223,666
Total investments	15,830,415			15,755,143			15,555,773			14,806,930			14,531,469			15,042,062
Cash and cash equivalents	1,388,118			1,321,185			1,358,078			1,409,201			3,332,767			3,063,621
Accrued interest receivable	118,475			116,252			117,720			108,506			108,392			114,012
Insurance and reinsurance premium balances receivable	3,878,950			3,244,661			3,326,346			3,669,460			3,388,550			2,826,942
Reinsurance recoverable on unpaid losses and loss expenses	8,890,145			8,951,763			9,043,009			9,086,900			6,944,518			6,840,897
Reinsurance recoverable on paid losses and loss expenses	581,945			673,765			648,126			637,726			531,105			546,287
Deferred acquisition costs	933,802			801,778			822,774			837,456			787,512			685,853
Prepaid reinsurance premiums	2,452,190			2,139,294			2,164,297			2,223,255			2,175,425			1,936,979
Receivable for investments sold	5,422			12,806			3,813			29,099			39,498			3,693
Goodwill	66,498			66,498			66,498			66,498			66,498			66,498
Intangible assets	163,654			166,050			168,446			170,842			173,238			175,967

Operating lease right-of-use assets	94,670			93,900			92,706			89,421			92,299			92,516
Loan advances made	302,157			231,542			250,537			263,779			272,499			247,775
Other assets	912,305			887,289			899,509			934,469			966,812			1,038,207
TOTAL ASSETS	$	35,618,746		$	34,461,926		$	34,517,632		$	34,333,542		$	33,410,582		$	32,681,309

LIABILITIES
Reserve for losses and loss expenses	$	18,294,149		$	18,122,256		$	17,996,236		$	17,879,023		$	17,489,459		$	17,218,929
Unearned premiums	6,563,778			5,825,698			5,994,611			6,154,844			5,859,606			5,211,865
Insurance and reinsurance balances payable	2,180,053			1,882,021			1,855,349			1,932,269			1,883,746			1,713,798
Debt	1,317,104			1,316,710			1,316,321			1,315,936			1,315,555			1,315,179
Federal Home Loan Bank advances	66,380			66,380			66,380			66,380			66,380			66,380
Payable for investments purchased	69,071			36,982			194,988			79,677			193,752			269,728
Operating lease liabilities	110,181			110,095			108,960			106,544			107,289			106,614
Other liabilities	637,394			745,349			617,778			624,471			591,996			689,437
TOTAL LIABILITIES	29,238,110			28,105,491			28,150,623			28,159,144			27,507,783			26,591,930

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	2,394,568			2,405,792			2,395,615			2,384,659			2,374,804			2,394,063
Accumulated other comprehensive income (loss)	(97,128)			28,431			10,169			(21,710)			(152,376)			(267,557)
Retained earnings	8,395,795			8,181,699			7,932,969			7,673,246			7,492,484			7,341,569
Treasury shares, at cost	(4,864,805)			(4,811,693)			(4,523,950)			(4,414,003)			(4,364,319)			(3,930,902)


TOTAL SHAREHOLDERS' EQUITY	6,380,636			6,356,435			6,367,009			6,174,398			5,902,799			6,089,379

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	35,618,746		$	34,461,926		$	34,517,632		$	34,333,542		$	33,410,582		$	32,681,309






Debt to total capital [a]	17.1		%	17.2		%	17.1		%	17.6		%	18.2		%	17.8		%

[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.

[b] To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. These reclassifications did not impact results of operations, financial condition, or liquidity

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO


	At March 31, 2026												At December 31, 2025
	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	$	2,470,733	$	—	$	5,365	$	(13,951)	$	2,462,147	14.3	%		$	2,417,901	14.0	%
Non-U.S. government	854,906		—		4,854		(13,055)		846,705		4.9	%		810,544		4.7	%
Corporate debt	5,219,722		(2,383)		47,161		(80,162)		5,184,338		30.0	%		5,222,433		30.4	%
Agency RMBS	2,083,725		—		18,679		(28,452)		2,073,952		12.0	%		2,035,352		11.9	%
CMBS	802,737		(429)		3,734		(17,253)		788,789		4.6	%		801,511		4.7	%
Non-Agency RMBS	202,057		(246)		685		(4,988)		197,508		1.1	%		190,124		1.1	%
ABS	1,503,535		(61)		6,700		(6,357)		1,503,817		8.7	%		1,488,067		8.7	%
Municipals	50,837		—		342		(1,293)		49,886		0.3	%		52,095		0.3	%
Total fixed maturities, available for sale, at fair value	13,188,252		(3,119)		87,520		(165,511)		13,107,142		75.9	%		13,018,027		75.8	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	140,576		—		—		—		140,576		0.8	%		145,137		0.8	%
ABS	264,644		—		—		—		264,644		1.5	%		252,293		1.5	%
Total fixed maturities, held to maturity, at amortized cost	405,220		—		—		—		405,220		2.3	%		397,430		2.3	%

Equity securities, at fair value
Common stocks	3,386		—		339		(636)		3,089		—	%		13,695		0.1	%
Preferred Stocks	43,911		—		508		(518)		43,901		0.3	%		20,311		0.1	%
Exchange-traded funds	268,849		—		117,853		(5,894)		380,808		2.2	%		401,757		2.3	%
Bond mutual funds	286,457		—		7,268		(32,681)		261,044		1.5	%		271,806		1.6	%
Total equity securities, at fair value	602,603		—		125,968		(39,729)		688,842		4.0	%		707,569		4.1	%

Total fixed maturities and equity securities	$	14,196,075	$	(3,119)	$	213,488	$	(205,240)	14,201,204		82.2	%		14,123,026		82.2	%
Mortgage loans, held for investment									343,959		2.0	%		356,840		2.1	%
Other investments									1,042,649		6.0	%		1,027,798		6.0	%
Equity method investments									236,767		1.4	%		227,181		1.3	%
Short-term investments									5,836		—	%		20,298		0.2	%
Total investments									15,830,415		91.6	%		15,755,143		91.8	%
Cash and cash equivalents [a]									1,388,118		8.0	%		1,321,185		7.7	%
Accrued interest receivable									118,475		0.7	%		116,252		0.7	%
Net receivable/(payable) for investments sold (purchased)									(63,649)		(0.3	%)		(24,176)		(0.2	%)
Total cash and invested assets									$	17,273,359	100.0	%		$	17,168,404	100.0	%

[a] Includes $526 million and $501 million of restricted cash and cash equivalents at March 31, 2026 and December 31, 2025, respectively.


	At March 31, 2026				At December 31, 2025
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	$	10,987	1.1	%	$	11,577	1.1	%

Direct lending funds	193,616		18.6	%	186,747		18.2	%
Real estate funds	279,937		26.8	%	291,491		28.4	%
Private equity funds	382,826		36.7	%	364,376		35.5	%
Other privately held investments	175,283		16.8	%	173,607		16.8	%

Total	$	1,042,649	100.0	%	$	1,027,798	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	14.3	%	14.0	%	15.0	%	14.6	%	14.3	%
Non-U.S. government	4.9	%	4.7	%	4.7	%	4.9	%	4.0	%
Corporate debt	30.0	%	30.4	%	30.6	%	29.6	%	26.0	%
MBS:
Agency RMBS	12.0	%	11.9	%	11.2	%	10.7	%	8.7	%
CMBS	4.6	%	4.7	%	4.9	%	5.1	%	4.8	%
Non-agency RMBS	1.1	%	1.1	%	1.2	%	1.1	%	1.1	%
ABS	8.7	%	8.7	%	8.5	%	8.2	%	7.3	%
Municipals	0.3	%	0.3	%	0.4	%	0.4	%	0.4	%

Total Fixed Maturities, available for sale	75.9	%	75.8	%	76.5	%	74.6	%	66.6	%
Fixed Maturities, held to maturity:
Corporate debt	0.8	%	0.8	%	0.8	%	0.8	%	0.7	%
ABS	1.5	%	1.5	%	1.6	%	1.7	%	1.5	%

Total Fixed Maturities, held to maturity	2.3	%	2.3	%	2.4	%	2.5	%	2.2	%
Equity securities	4.0	%	4.1	%	3.9	%	3.8	%	3.2	%
Mortgage loans	2.0	%	2.1	%	2.4	%	2.7	%	2.6	%
Other investments	6.0	%	6.0	%	5.8	%	5.8	%	5.3	%
Equity method investments	1.4	%	1.3	%	1.3	%	1.3	%	1.2	%
Short-term investments	—	%	0.2	%	0.1	%	0.3	%	0.5	%

Total Investments	91.6	%	91.8	%	92.4	%	91.0	%	81.6	%
Cash and cash equivalents	8.0	%	7.7	%	8.1	%	8.7	%	18.7	%
Accrued interest receivable	0.7	%	0.7	%	0.7	%	0.7	%	0.6	%
Net receivable/(payable) for investments sold (purchased)	(0.3	%)	(0.2	%)	(1.2	%)	(0.4	%)	(0.9	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	18.2	%	18.0	%	19.1	%	19.0	%	20.8	%
AAA [a]	19.4	%	19.2	%	19.6	%	20.0	%	20.3	%
AA [a]	23.7	%	23.7	%	22.7	%	23.4	%	21.8	%
A	17.1	%	17.4	%	17.8	%	17.1	%	16.8	%
BBB	10.4	%	10.0	%	9.7	%	9.8	%	9.5	%
Below BBB	11.2	%	11.7	%	11.1	%	10.7	%	10.8	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	2.8	%	2.7	%	3.9	%	5.5	%	6.5	%
From one to five years	43.0	%	43.3	%	42.9	%	43.0	%	43.0	%
From five to ten years	16.9	%	17.1	%	16.9	%	15.2	%	15.2	%
Above ten years	1.6	%	1.4	%	1.6	%	1.6	%	1.4	%
Asset-backed and mortgage-backed securities	35.7	%	35.5	%	34.7	%	34.7	%	33.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.7	%	4.6	%	4.6	%	4.6	%	4.5	%
Yield to maturity of fixed maturities	5.1	%	4.7	%	4.8	%	5.0	%	5.2	%
Average duration of fixed maturities (inclusive of duration hedges)	3.2 yrs		3.1 yrs		3.2 yrs		3.1 yrs		3.0 yrs
Average credit quality of fixed maturities	A+		A+		A+		A+		A+

[a] Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At March 31, 2026


Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

Residential MBS	$	2,073,952		$	191,763		$	4,245		$	227		$	31		$	1,242		$	2,271,460
Commercial MBS	172,871			561,549			40,339			12,160			968			902			788,789
ABS	—			1,214,775			111,138			140,710			35,134			2,060			1,503,817

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	2,246,823		$	1,968,087		$	155,722		$	153,097		$	36,133		$	4,204		$	4,564,066

Percentage of total	49.2		%	43.1		%	3.4		%	3.4		%	0.8		%	0.1		%	100.0		%


Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

ABS	$	—		$	138,044		$	114,900		$	11,700		$	—		$	—		$	264,644

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	138,044		$	114,900		$	11,700		$	—		$	—		$	264,644

Percentage of total	—		%	52.2		%	43.4		%	4.4		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended March 31, 2026						Three months ended March 31, 2025
	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	$	18,122,256	$	(8,951,763)	$	9,170,493		$	17,218,929	$	(6,840,897)	$	10,378,032
Incurred losses and loss expenses	1,395,216		(527,933)		867,283			1,278,752		(492,827)		785,925
Paid losses and loss expenses	(1,151,315)		456,322		(694,993)			(1,151,905)		383,104		(768,801)
Foreign exchange and other	(72,008)		133,229		61,221			143,683		6,102		149,785

End of period [a]	$	18,294,149	$	(8,890,145)	$	9,404,004		$	17,489,459	$	(6,944,518)	$	10,544,941

[a] At March 31, 2026, reserve for losses and loss expenses included IBNR of $12.5 billion, or 69% (December 31, 2025: $12.3 billion, or 68%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended March 31, 2026									Three months ended March 31, 2025
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	762,290		$	389,025		$	1,151,315			$	721,591		$	430,314		$	1,151,905
Reinsurance recoverable on paid losses and loss expenses	(291,440)			(164,882)			(456,322)				(274,816)			(108,288)			(383,104)
Net paid losses and loss expenses	470,850			224,143			694,993				446,775			322,026			768,801

Change in gross case reserves	622			(22,869)			(22,247)				79,726			(62,988)			16,738
Change in gross IBNR	238,346			27,802			266,148				96,702			13,407			110,109
Change in reinsurance recoverable on unpaid losses and loss expenses	(68,830)			(2,781)			(71,611)				(61,115)			(48,608)			(109,723)
Change in net unpaid losses and loss expenses	170,138			2,152			172,290				115,313			(98,189)			17,124

Total net incurred losses and loss expenses	$	640,988		$	226,295		$	867,283			$	562,088		$	223,837		$	785,925

Gross reserve for losses and loss expenses	$	11,364,381		$	6,929,768		$	18,294,149			$	10,731,598		$	6,757,873		$	17,489,459

Net favorable prior year reserve development	$	15,059		$	3,003		$	18,062			$	13,978		$	3,959		$	17,937

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	73.5		%	99.0		%	80.1		%		79.5		%	143.9		%	97.8		%

Net paid losses and loss expenses / Net premiums earned	41.2		%	66.2		%	46.9		%		44.2		%	97.4		%	57.3		%
Net unpaid losses and loss expenses / Net premiums earned	14.9		%	0.6		%	11.7		%		11.4		%	(29.7		%)	1.3		%
Net losses and loss expenses ratio	56.1		%	66.8		%	58.6		%		55.6		%	67.7		%	58.6		%

AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD


	At March 31, 2026

		Common Shareholders’ Equity		Common Shares Outstanding, net of Treasury Shares	Per share

Closing stock price					$101.41

Book value per common share		$	5,830,636	73,937	$78.86

Dilutive securities:

Restricted stock units				634	(0.67)
Book value per diluted common share		$	5,830,636	74,571	$78.19

	At December 31, 2025

		Common Shareholders’ Equity		Common Shares Outstanding, net of Treasury Shares	Per share

Closing stock price					$107.09

Book value per common share		$	5,806,435	74,135	$78.32



Dilutive securities:


Restricted stock units				1,074	(1.12)
Book value per diluted common share		$	5,806,435	75,209	$77.20

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE



	Q1 2026		Q4 2025		Q3 2025		Q2 2025		Q1 2025

Common shareholders' equity	$	5,830,636	$	5,806,435	$	5,817,009	$	5,624,398	$	5,352,799
Less: goodwill	(66,498)		(66,498)		(66,498)		(66,498)		(66,498)
Less: intangible assets	(163,654)		(166,050)		(168,446)		(170,842)		(173,238)
Associated tax impact	44,703		45,255		45,806		46,357		46,909
Tangible common shareholders' equity	$	5,645,187	$	5,619,142	$	5,627,871	$	5,433,415	$	5,159,972

Diluted common shares outstanding [a]	74,571		75,209		78,796		79,957		80,520

Book value per diluted common share	$	78.19	$	77.20	$	73.82	$	70.34	$	66.48

Tangible book value per diluted common share	$	75.70	$	74.71	$	71.42	$	67.95	$	64.08

[a] Diluted common shares outstanding is calculated in the table above.

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Three months ended March 31,
	2026			2025
Net income available to common shareholders	$	247,204		$	186,508
Net investment (gains) losses	27,224			30,005
Foreign exchange losses (gains)	(36,196)			57,034
Reorganization expenses	23,168			—
Interest in income of equity method investments	(2,430)			(2,291)

Income tax benefit [a]	(2,081)			(9,787)
Operating income	$	256,889		$	261,469

Earnings per diluted common share	$	3.29		$	2.26
Net investment (gains) losses	0.36			0.36
Foreign exchange losses (gains)	(0.48)			0.69
Reorganization expenses	0.31			—
Interest in income of equity method investments	(0.03)			(0.03)

Income tax benefit	(0.03)			(0.11)
Operating income per diluted common share	$	3.42		$	3.17

Weighted average diluted common shares outstanding	75,153			82,378

Average common shareholders' equity	$	5,818,536		$	5,446,089

Annualized return on average common equity	17.0		%	13.7		%

Annualized operating return on average common equity	17.7		%	19.2		%

[a] 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.

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), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, 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 consolidated underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Data' 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 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 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses in 2024 primarily related to severance costs 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.

Current Accident Year Loss Ratio

Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses

Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events.

We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' 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).

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 in order to understand the profitability of recurring sources of income.

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), 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.