axs-20260630

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-31721

AXIS CAPITAL HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)

Bermuda

(State or other jurisdiction of incorporation or organization)

98-0395986

(I.R.S. Employer Identification No.)

29 Richmond Road, 3rd Flr, Pembroke, Bermuda HM 08

(Address of principal executive offices and zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares, par value $0.0125 per share	AXS	New York Stock Exchange
Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share	AXS PRE	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At July 24, 2026, there were 72,966,317 common shares outstanding, $0.0125 par value per share, of the registrant.

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AXIS CAPITAL HOLDINGS LIMITED

INDEX TO FORM 10-Q


		Page
	PART I
	Financial Information	3
Item 1.	Consolidated Financial Statements	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	47
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	78
Item 4.	Controls and Procedures	79
	PART II
	Other Information	79
Item 1.	Legal Proceedings	79
Item 1A.	Risk Factors	79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	80
Item 5.	Other Information	80
Item 6.	Exhibits	81
	Signatures	82

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PART I FINANCIAL INFORMATION

In this Form 10-Q, references to "AXIS Capital" refer to AXIS Capital Holdings Limited and references to "we", "us", "our", "AXIS", the "Group" or the "Company" refer to AXIS Capital Holdings Limited and its direct and indirect subsidiaries and branches.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This Quarterly Report on Form 10-Q 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 report 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 report, such as those related to our performance, pricing, growth prospects, fee income, 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.

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

Website and Social Media Disclosure

We use our website (www.axiscapital.com) and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program, which can be found in the Investor Information section of our website (www.axiscapital.com). The contents of our website and social media channels are not part of this Quarterly Report on Form 10-Q.

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ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS


			Page

Consolidated Balance Sheets at June 30, 2026 (Unaudited) and December 31, 2025			6
Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)			7
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 (Unaudited)			8
Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2026 and 2025 (Unaudited)			9
Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)			10
Notes to Consolidated Financial Statements (Unaudited)			12
Note 1 - Basis of Presentation and Significant Accounting Policies			12
Note 2 - Segment Information			13
Note 3 - Investments			16
Note 4 - Fair Value Measurements			27
Note 5 - Derivative Instruments			35
Note 6 - Reserve for Losses and Loss Expenses			37
Note 7 - Earnings Per Common Share			39
Note 8 - Share-Based Compensation			40
Note 9 - Shareholders' Equity			42
Note 10 - Debt and Financing Arrangements			43
Note 11 - Federal Home Loan Bank Advances			44
Note 12 - Commitments and Contingencies			44
Note 13 - Other Comprehensive Income (Loss)			45
Note 14 - Related Party Transactions			46
Note 15 - Reorganization Expenses			46

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025


	2026		2025
	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value (Amortized cost 2026: $13,916,563; 2025: $12,937,728 Allowance for expected credit losses 2026: $1,898; 2025: $1,836)	$	13,828,314	$	13,018,027
Fixed maturities, held to maturity, at amortized cost (Fair value 2026: $402,105; 2025: $395,942 Allowance for expected credit losses 2026: $nil; 2025: $nil)	407,024		397,430
Equity securities, at fair value (Cost 2026: $606,505; 2025: $581,275)	748,532		707,569
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2026: $27,957; 2025: $29,742)	335,537		356,840
Other investments, at fair value	1,062,933		1,027,798
Equity method investments	203,661		227,181
Short-term investments, at fair value	2,828		20,298
Total investments	16,588,829		15,755,143
Cash and cash equivalents	780,002		820,252
Restricted cash and cash equivalents	443,056		500,933
Accrued interest receivable	124,281		116,252
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2026: $14,479; 2025: $15,821)	4,011,370		3,244,661
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2026: $41,354; 2025: $40,340)	8,949,022		8,951,763
Reinsurance recoverable on paid losses and loss expenses	626,691		673,765
Deferred acquisition costs	946,416		801,778
Prepaid reinsurance premiums	2,610,988		2,139,294
Receivable for investments sold	4,796		12,806
Goodwill	66,498		66,498
Intangible assets	161,258		166,050
Operating lease right-of-use assets	92,801		93,900
Loan advances made	316,342		231,542
Other assets	900,128		887,289
Total assets	$	36,622,478	$	34,461,926
Liabilities
Reserve for losses and loss expenses	$	18,613,412	$	18,122,256
Unearned premiums	6,807,320		5,825,698
Insurance and reinsurance balances payable	2,410,199		1,882,021
Debt	1,317,502		1,316,710
Federal Home Loan Bank advances	61,130		66,380
Payable for investments purchased	189,180		36,982
Operating lease liabilities	108,326		110,095
Other liabilities	612,199		745,349
Total liabilities	30,119,268		28,105,491


Shareholders’ equity
Preferred shares	550,000		550,000
Common shares (shares issued 2026: 176,580; 2025: 176,580 shares outstanding 2026: 73,141; 2025: 74,135)	2,206		2,206
Additional paid-in capital	2,399,137		2,405,792
Accumulated other comprehensive income (loss)	(107,803)		28,431
Retained earnings	8,613,341		8,181,699
Treasury shares, at cost (2026: 103,439; 2025: 102,445)	(4,953,671)		(4,811,693)
Total shareholders’ equity	6,503,210		6,356,435


Total liabilities and shareholders’ equity	$	36,622,478	$	34,461,926

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	Three months ended				Six months ended
	2026		2025		2026		2025
	(in thousands, except per share amounts)
Revenues
Net premiums earned	$	1,518,984	$	1,393,431	$	2,999,451	$	2,734,251
Net investment income	181,594		187,297		366,333		395,009
Other insurance related income	5,601		8,662		11,249		12,240
Net investment gains:
(Increase) decrease in allowance for expected credit losses	2,571		(2,332)		1,722		(5,062)
Impairment losses	(116)		(400)		(383)		(2,326)


Other realized and unrealized investment gains	44,280		46,200		18,175		20,850
Total net investment gains	46,735		43,468		19,514		13,462
Total revenues	1,752,914		1,632,858		3,396,547		3,154,962

Expenses
Net losses and loss expenses	933,130		801,754		1,800,412		1,587,679
Acquisition costs	316,268		275,897		620,524		540,477
General and administrative expenses	164,889		161,078		323,046		320,241
Foreign exchange losses (gains)	(2,344)		94,885		(38,539)		151,920
Interest expense and financing costs	16,838		16,586		33,265		33,158
Reorganization expenses	5,546		—		28,715		—

Amortization of intangible assets	2,396		2,396		4,792		5,125
Total expenses	1,436,723		1,352,596		2,772,215		2,638,600

Income before income taxes and interest in income (loss) of equity method investments	316,191		280,262		624,332		516,362
Income tax expense	(61,404)		(56,199)		(117,211)		(100,521)
Interest in income (loss) of equity method investments	3,308		(705)		5,738		1,586
Net income	258,095		223,358		512,859		417,427


Preferred share dividends	7,563		7,563		15,125		15,125

Net income available to common shareholders	$	250,532	$	215,795	$	497,734	$	402,302

Per share data
Earnings per common share:
Earnings per common share	$	3.41	$	2.75	$	6.74	$	5.04
Earnings per diluted common share	$	3.38	$	2.72	$	6.67	$	4.98
Weighted average common shares outstanding	73,549		78,378		73,821		79,757
Weighted average diluted common shares outstanding	74,203		79,329		74,677		80,845

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	Three months ended				Six months ended
	2026		2025		2026		2025
	(in thousands)
Net income	$	258,095	$	223,358	$	512,859	$	417,427
Other comprehensive income (loss), net of tax:
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized	(13,209)		104,546		(133,414)		192,076
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized	(417)		575		(1,770)		242
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income	7,535		9,522		6,595		37,662
Unrealized gains (losses) arising during the period, net of reclassification adjustment	(6,091)		114,643		(128,589)		229,980

Foreign currency translation adjustment	(4,584)		16,023		(7,645)		15,867


Total other comprehensive income (loss), net of tax	(10,675)		130,666		(136,234)		245,847


Comprehensive income	$	247,420	$	354,024	$	376,625	$	663,274

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	Three months ended				Six months ended
	2026		2025		2026		2025
	(in thousands)
Preferred shares



Balance at beginning and end of period	$	550,000	$	550,000	$	550,000	$	550,000

Common shares (par value)


Balance at beginning and end of period	2,206		2,206		2,206		2,206

Additional paid-in capital
Balance at beginning of period	2,394,568		2,374,804		2,405,792		2,394,063

Treasury shares reissued	(8,608)		(1,406)		(35,696)		(30,464)




Share-based compensation expense	13,177		11,261		29,041		21,060
Balance at end of period	2,399,137		2,384,659		2,399,137		2,384,659

Accumulated other comprehensive income (loss)
Balance at beginning of period	(97,128)		(152,376)		28,431		(267,557)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period	(66,508)		(110,280)		55,990		(225,617)


Unrealized gains (losses) arising during the period, net of reclassification adjustment	(6,091)		114,643		(128,589)		229,980

Balance at end of period	(72,599)		4,363		(72,599)		4,363
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period	(30,620)		(42,096)		(27,559)		(41,940)
Foreign currency translation adjustment	(4,584)		16,023		(7,645)		15,867

Balance at end of period	(35,204)		(26,073)		(35,204)		(26,073)




Balance at end of period	(107,803)		(21,710)		(107,803)		(21,710)

Retained earnings
Balance at beginning of period	8,395,795		7,492,484		8,181,699		7,341,569


Net income	258,095		223,358		512,859		417,427

Preferred share dividends (1)	(7,563)		(7,563)		(15,125)		(15,125)

Common share dividends (1)	(32,986)		(35,033)		(66,092)		(70,625)
Balance at end of period	8,613,341		7,673,246		8,613,341		7,673,246

Treasury shares, at cost
Balance at beginning of period	(4,864,805)		(4,364,319)		(4,811,693)		(3,930,902)
Shares repurchased	(97,474)		(51,090)		(179,709)		(515,596)
Shares reissued	8,608		1,406		37,731		32,495
Balance at end of period	(4,953,671)		(4,414,003)		(4,953,671)		(4,414,003)

Total shareholders’ equity	$	6,503,210	$	6,174,398	$	6,503,210	$	6,174,398

(1) Refer to Note 9 'Shareholders' Equity' for details on dividends declared and paid related to the Company's common and preferred shares.

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	Six months ended
	2026		2025
	(in thousands)
Cash flows from operating activities:
Net income	$	512,859	$	417,427
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net investment gains	(21,242)		(12,370)
Net realized and unrealized gains on other investments	(22,899)		(39,951)
Amortization of fixed maturities	(20,042)		(20,058)
Interest in income of equity method investments	(5,738)		(1,586)

Other amortization and depreciation	29,479		27,271
Share-based compensation expense	31,076		23,089


Changes in:
Accrued interest receivable	(8,303)		5,641
Reinsurance recoverable on unpaid losses and loss expenses	(11,447)		(2,247,316)
Reinsurance recoverable on paid losses and loss expenses	21,771		(124,418)
Deferred acquisition costs	(146,218)		(151,947)
Prepaid reinsurance premiums	(483,932)		(286,888)
Reserve for losses and loss expenses	522,713		645,415
Unearned premiums	997,632		942,072
Insurance and reinsurance balances, net	(145,475)		(502,453)
Other items	(99,294)		(19,067)
Net cash provided by (used in) operating activities	1,150,940		(1,345,139)

Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale	(5,401,587)		(4,836,342)
Fixed maturities, held to maturity	(95,614)		(43,923)
Equity securities	(51,702)		(81,146)
Mortgage loans	(11,403)		(10,225)
Other investments	(70,738)		(41,377)
Equity method investments	(10,459)		(7,340)
Short-term investments	(415)		(234,067)

Proceeds from the sale of:
Fixed maturities, available for sale	3,848,161		4,200,006
Equity securities	30,326		101,326
Other investments	55,537		72,684
Equity method investments	39,716		—
Short-term investments	17,377		290,531
Proceeds from redemption of fixed maturities, available for sale	719,508		706,891
Proceeds from redemption of fixed maturities, held to maturity	86,075		82,290
Proceeds from redemption of equity securities (preferred stock)	8,517		—
Proceeds from redemption of short-term investments	509		118,319
Proceeds from the repayment of mortgage loans	28,330		73,655
Purchase of other assets	(28,562)		(19,342)
Loan advances made	(143,209)		(94,161)



Net cash provided by (used in) investing activities	(979,633)		277,779

Cash flows from financing activities:

Repurchase of common shares	(148,775)		(489,981)
Taxes paid on withholding shares	(30,934)		(25,614)
Dividends paid - common shares	(68,448)		(74,362)

Dividends paid - preferred shares	(15,125)		(15,125)






Repayment of Federal Home Loan Bank advances	(5,250)		—

Net cash used in financing activities	(268,532)		(605,082)

Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash	(902)		18,022
Decrease in cash, cash equivalents and restricted cash	(98,127)		(1,654,420)
Cash, cash equivalents and restricted cash - beginning of period	1,321,185		3,063,621
Cash, cash equivalents and restricted cash - end of period	$	1,223,058	$	1,409,201

(1) Net investment (gains) losses in the consolidated statement of cash flows excluded net realized (gains) losses on overseas deposits of $(2) million (2025: $1 million) that are included in net investment gains in the consolidated statement of operations.

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025


	Six months ended
	2026		2025
	(in thousands)
Supplemental disclosures of cash flow information:
Income taxes paid	$	115,143	$	71,984
Interest paid	$	31,032	$	31,293

Refer to Note 3 'Investments' for details of non-cash settlements with Monarch Point Re (Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd., Monarch Point Re (ISA 2025) Ltd., Monarch Point Re (ISA 2026) Ltd., individually, collectively, or together with Monarch Point Re (ISAC) Ltd "Monarch Point Re").

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited consolidated financial statements (the "financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the U.S. Securities and Exchange Commission's ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X and include AXIS Capital Holdings Limited ("AXIS Capital") and its subsidiaries (the "Company"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in AXIS Capital's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.

In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations for the periods presented.

The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated.

To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation.

Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars.

Significant Accounting Policies

There were no notable changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2025.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2. SEGMENT INFORMATION

The Company's 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.

Insurance

The Company's insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The product lines in this segment are property, professional lines, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, professional lines, motor, accident and health, credit and surety, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.

The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.

The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2. SEGMENT INFORMATION (CONTINUED)


	2026									2025
Three months ended and at June 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	2,228,147		$	439,484		$	2,667,631		$	1,932,435		$	583,536		$	2,515,971
Net premiums written	1,371,309			234,489			1,605,798			1,290,510			344,924			1,635,434
Net premiums earned	1,187,160			331,824			1,518,984			1,032,961			360,470			1,393,431
Other insurance related income	266			5,334			5,601			6			8,656			8,662
Current accident year net losses and loss expenses	(718,734)			(229,232)			(947,966)			(576,986)			(244,997)			(821,983)
Net favorable prior year reserve development	11,852			2,984			14,836			15,216			5,013			20,229
Acquisition costs	(238,823)			(77,445)			(316,268)			(194,912)			(80,985)			(275,897)
Underwriting-related general and administrative expenses	(122,359)			(9,901)			(132,260)			(124,646)			(10,595)			(135,241)
Underwriting income	$	119,362		$	23,564		142,927			$	151,639		$	37,562		189,201

Net investment income							181,594									187,297
Net investment gains							46,735									43,468
Corporate expenses							(32,629)									(25,837)
Foreign exchange (losses) gains							2,344									(94,885)
Interest expense and financing costs							(16,838)									(16,586)
Reorganization expenses							(5,546)									—

Amortization of intangible assets							(2,396)									(2,396)
Income before income taxes and interest in income (loss) of equity method investments							316,191									280,262
Income tax expense							(61,404)									(56,199)
Interest in income (loss) of equity method investments							3,308									(705)
Net income							258,095									223,358
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	250,532								$	215,795

Current accident year loss ratio	60.5		%	69.1		%	62.4		%	55.9		%	68.0		%	59.0		%
Prior year reserve development ratio	(1.0		%)	(0.9		%)	(1.0		%)	(1.5		%)	(1.4		%)	(1.5		%)
Net losses and loss expenses ratio	59.5		%	68.2		%	61.4		%	54.4		%	66.6		%	57.5		%
Acquisition cost ratio	20.1		%	23.3		%	20.8		%	18.9		%	22.5		%	19.8		%
General and administrative expense ratio	10.4		%	3.0		%	10.9		%	12.0		%	2.9		%	11.6		%
Combined ratio	90.0		%	94.5		%	93.1		%	85.3		%	92.0		%	88.9		%

Goodwill and intangible assets	$	227,756		$	—		$	227,756		$	237,340		$	—		$	237,340

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2. SEGMENT INFORMATION (CONTINUED)


	2026									2025
Six months ended and at June 30,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	4,211,888		$	1,553,709		$	5,765,597		$	3,588,337		$	1,722,285		$	5,310,622
Net premiums written	2,664,385			848,448			3,512,833			2,335,090			1,050,383			3,385,473
Net premiums earned	2,328,915			670,536			2,999,451			2,043,047			691,204			2,734,251
Other insurance related income	637			10,612			11,249			162			12,078			12,240

Current accident year net losses and loss expenses	(1,374,780)			(458,531)			(1,833,311)			(1,153,052)			(472,793)			(1,625,845)
Net favorable prior year reserve development	26,911			5,988			32,899			29,194			8,972			38,166
Acquisition costs	(462,592)			(157,932)			(620,524)			(388,933)			(151,544)			(540,477)
Underwriting-related general and administrative expenses	(242,373)			(17,102)			(259,475)			(244,238)			(21,441)			(265,679)
Underwriting income	$	276,718		$	53,571		330,289			$	286,180		$	66,476		352,656

Net investment income							366,333									395,009
Net investment gains							19,514									13,462
Corporate expenses							(63,571)									(54,562)
Foreign exchange (losses) gains							38,539									(151,920)
Interest expense and financing costs							(33,265)									(33,158)
Reorganization expenses							(28,715)									—

Amortization of intangible assets							(4,792)									(5,125)
Income before income taxes and interest in income of equity method investments							624,332									516,362
Income tax expense							(117,211)									(100,521)
Interest in income of equity method investments							5,738									1,586
Net income							512,859									417,427
Preferred share dividends							15,125									15,125
Net income available to common shareholders							$	497,734								$	402,302

Current accident year loss ratio	59.0		%	68.4		%	61.1		%	56.4		%	68.4		%	59.5		%
Prior year reserve development ratio	(1.1		%)	(0.9		%)	(1.1		%)	(1.4		%)	(1.3		%)	(1.4		%)
Net losses and loss expenses ratio	57.9		%	67.5		%	60.0		%	55.0		%	67.1		%	58.1		%
Acquisition cost ratio	19.9		%	23.6		%	20.7		%	19.0		%	21.9		%	19.8		%
General and administrative expense ratio	10.3		%	2.5		%	10.8		%	12.0		%	3.1		%	11.6		%
Combined ratio	88.1		%	93.6		%	91.5		%	86.0		%	92.1		%	89.5		%

Goodwill and intangible assets	$	227,756		$	—		$	227,756		$	237,340		$	—		$	237,340

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS

a) Fixed Maturities, Available for Sale

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:


	Amortized cost		Allowance for expected credit losses		Gross unrealized gains		Gross unrealized losses		Fair value

At June 30, 2026
Available for sale
U.S. government and agency	$	2,403,693	$	—	$	2,762	$	(19,081)	$	2,387,374
Non-U.S. government	830,184		(26)		4,875		(11,123)		823,910
Corporate debt	5,603,202		(1,211)		43,724		(60,816)		5,584,899
Agency RMBS(1)	2,445,926		—		12,350		(35,327)		2,422,949
CMBS(2)	804,486		(326)		2,104		(17,916)		788,348
Non-agency RMBS	212,897		(258)		617		(5,217)		208,039
ABS(3)	1,569,414		(77)		4,768		(6,846)		1,567,259
Municipals(4)	46,761		—		166		(1,391)		45,536
Total fixed maturities, available for sale	$	13,916,563	$	(1,898)	$	71,366	$	(157,717)	$	13,828,314







At December 31, 2025
Available for sale
U.S. government and agency	$	2,406,907	$	—	$	17,206	$	(6,212)	$	2,417,901
Non-U.S. government	798,984		—		14,961		(3,401)		810,544
Corporate debt	5,168,562		(1,539)		96,137		(40,727)		5,222,433
Agency RMBS(1)	2,026,043		—		31,869		(22,560)		2,035,352
CMBS(2)	811,056		—		6,641		(16,186)		801,511
Non-agency RMBS	193,372		(240)		1,366		(4,374)		190,124
ABS(3)	1,479,963		(57)		12,231		(4,070)		1,488,067
Municipals(4)	52,841		—		462		(1,208)		52,095
Total fixed maturities, available for sale	$	12,937,728	$	(1,836)	$	180,873	$	(98,738)	$	13,018,027

(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.

(2)Commercial mortgage-backed securities ("CMBS").

(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").

(4)Municipals include bonds issued by states, municipalities and political subdivisions.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The table below provides the contractual maturities of fixed maturities classified as available for sale:


	Amortized cost		Fair value		% of Total fair value

At June 30, 2026
Maturity
Due in one year or less	$	316,052	$	316,161	2.3	%
Due after one year through five years	5,802,284		5,776,470		41.8	%
Due after five years through ten years	2,478,202		2,464,630		17.8	%
Due after ten years	287,302		284,458		2.1	%
	8,883,840		8,841,719		64.0	%
Agency RMBS	2,445,926		2,422,949		17.5	%
CMBS	804,486		788,348		5.7	%
Non-agency RMBS	212,897		208,039		1.5	%
ABS	1,569,414		1,567,259		11.3	%
Total	$	13,916,563	$	13,828,314	100.0	%

At December 31, 2025
Maturity
Due in one year or less	$	364,414	$	364,273	2.8	%
Due after one year through five years	5,665,467		5,721,423		44.0	%
Due after five years through ten years	2,212,109		2,231,417		17.1	%
Due after ten years	185,304		185,860		1.4	%
	8,427,294		8,502,973		65.3	%
Agency RMBS	2,026,043		2,035,352		15.6	%
CMBS	811,056		801,511		6.2	%
Non-agency RMBS	193,372		190,124		1.5	%
ABS	1,479,963		1,488,067		11.4	%
Total	$	12,937,728	$	13,018,027	100.0	%

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Gross Unrealized Losses

The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	12 months or greater				Less than 12 months				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses

At June 30, 2026
Fixed maturities, available for sale
U.S. government and agency	$	80,143	$	(2,884)	$	1,824,792	$	(16,197)	$	1,904,935	$	(19,081)
Non-U.S. government	33,680		(2,272)		469,148		(8,851)		502,828		(11,123)
Corporate debt	425,660		(31,460)		2,215,798		(29,356)		2,641,458		(60,816)
Agency RMBS	245,445		(22,826)		908,951		(12,501)		1,154,396		(35,327)
CMBS	271,397		(15,420)		216,032		(2,496)		487,429		(17,916)
Non-agency RMBS	34,594		(4,603)		99,552		(614)		134,146		(5,217)
ABS	80,698		(3,335)		537,340		(3,511)		618,038		(6,846)
Municipals	16,442		(1,278)		14,682		(113)		31,124		(1,391)
Total fixed maturities, available for sale	$	1,188,059	$	(84,078)	$	6,286,295	$	(73,639)	$	7,474,354	$	(157,717)







At December 31, 2025
Fixed maturities, available for sale
U.S. government and agency	$	186,934	$	(4,695)	$	314,665	$	(1,517)	$	501,599	$	(6,212)
Non-U.S. government	50,892		(2,202)		147,629		(1,199)		198,521		(3,401)
Corporate debt	589,821		(32,617)		501,402		(8,110)		1,091,223		(40,727)
Agency RMBS	338,652		(21,806)		160,500		(754)		499,152		(22,560)
CMBS	331,169		(15,831)		98,333		(355)		429,502		(16,186)
Non-agency RMBS	39,376		(4,361)		1,092		(13)		40,468		(4,374)
ABS	94,908		(3,582)		204,271		(488)		299,179		(4,070)
Municipals	21,039		(1,203)		727		(5)		21,766		(1,208)
Total fixed maturities, available for sale	$	1,652,791	$	(86,297)	$	1,428,619	$	(12,441)	$	3,081,410	$	(98,738)

At June 30, 2026, 3,588 fixed maturities (2025: 2,244) were in an unrealized loss position of $158 million (2025: $99 million) of which $14 million (2025: $9 million) was related to securities below investment grade or not rated.

At June 30, 2026, 1,292 fixed maturities (2025: 1,522) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $1,188 million (2025: $1,653 million).

The unrealized losses of $158 million (2025: $99 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At June 30, 2026, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

b) Fixed Maturities, Held to Maturity

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:


	Amortized cost		Allowance for expected credit losses		Net carrying value		Gross unrealized gains		Gross unrealized losses		Fair value

At June 30, 2026
Held to maturity
Corporate debt	$	161,479	$	—	$	161,479	$	960	$	(4,846)	$	157,593
ABS(1)	245,545		—		245,545		326		(1,359)		244,512
Total fixed maturities, held to maturity	$	407,024	$	—	$	407,024	$	1,286	$	(6,205)	$	402,105

At December 31, 2025
Held to maturity
Corporate debt	$	145,137	$	—	$	145,137	$	2,039	$	(4,100)	$	143,076
ABS(1)	252,293		—		252,293		625		(52)		252,866
Total fixed maturities, held to maturity	$	397,430	$	—	$	397,430	$	2,664	$	(4,152)	$	395,942

(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").

At June 30, 2026, fixed maturities, held to maturity of $407 million (2025: $397 million) were presented net of an allowance for expected credit losses of $nil (2025: $nil).

The Company's ABS, held to maturity consist of CLO debt tranched securities ("CLO Debt"). The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At June 30, 2026, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity was $nil.

To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. At June 30, 2026, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to maturity was $nil.

Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ABS classified as held to maturity had a net carrying value of $246 million (2025: $252 million).

Corporate debt classified as held to maturity with a net carrying value of $44 million (2025: $32 million) is due in 3 years or less. Corporate debt classified as held to maturity with a net carrying value of $115 million (2025: $110 million) is due between 3 years and 10 years. Corporate debt classified as held to maturity with a net carrying value of $3 million (2025: $3 million) is due after 10 years.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

c) Equity Securities

The following table provides the cost and fair values of the Company's equity securities:


	Cost		Gross unrealized gains		Gross unrealized losses		Fair value

At June 30, 2026
Equity securities
Common stocks	$	3,545	$	366	$	(626)	$	3,285
Preferred stocks	45,293		3,976		(428)		48,841
Exchange-traded funds	268,849		169,242		(2,956)		435,135
Bond mutual funds	288,818		7,510		(35,057)		261,271
Total equity securities	$	606,505	$	181,094	$	(39,067)	$	748,532

At December 31, 2025
Equity securities
Common stocks	$	13,927	$	439	$	(671)	$	13,695
Preferred stocks	19,662		717		(68)		20,311
Exchange-traded funds	259,353		142,901		(497)		401,757
Bond mutual funds	288,333		9,411		(25,938)		271,806
Total equity securities	$	581,275	$	153,468	$	(27,174)	$	707,569

d) Mortgage Loans

The following table provides details of the Company's mortgage loans, held for investment:


	June 30, 2026				December 31, 2025
	Carrying value		% of Total		Carrying value		% of Total

Mortgage loans, held for investment:
Commercial	$	363,494	108	%	$	386,582	108	%
Allowance for expected credit losses	(27,957)		(8	%)	(29,742)		(8	%)


Total mortgage loans held for investment	$	335,537	100	%	$	356,840	100	%

The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly.

The commercial mortgage loan portfolio has a weighted average debt service coverage ratio of 1.5x (2025: 1.6x) and a weighted average loan-to-value ratio of 83% (2025: 84%).

At June 30, 2026, there were three commercial mortgage loans (2025: two) with past due amounts where the Company is assessing exit strategies. The carrying value of these loans net of an allowance for expected credit losses was $20 million (2025: $14 million).

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

On a quarterly basis, the Company's exposure to commercial mortgage loans in the office sector, that represents 46% (2025: 51%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable.

Accordingly, any change in estimated credit losses is recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).

At June 30, 2026, the Company's mortgage loan portfolio had an allowance for expected credit losses of $28 million (2025: $30 million).

e) Other Investments

The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:


	Fair value				Redemption frequency (if currently eligible)	Redemption notice period

At June 30, 2026

Multi-strategy funds	$	6,963	1	%	Quarterly	60-90 days


Direct lending funds	194,209		18	%	Quarterly(1)	90 days
Private equity funds	400,067		38	%	n/a	n/a
Real estate funds	278,438		26	%	Quarterly(2), Annually(3)	45-90 days

Other privately held investments	183,256		17	%	n/a	n/a

Total other investments	$	1,062,933	100	%

At December 31, 2025

Multi-strategy funds	$	11,577	1	%	Quarterly	60-90 days


Direct lending funds	186,747		18	%	Quarterly(1)	90 days
Private equity funds	364,376		36	%	n/a	n/a
Real estate funds	291,491		28	%	Quarterly(2), Annually(3)	45-90 days

Other privately held investments	173,607		17	%	n/a	n/a

Total other investments	$	1,027,798	100	%

n/a - not applicable

(1) Applies to one fund with a fair value of $2 million (2025: $2 million).

(2) Applies to one fund with a fair value of $29 million (2025: $44 million).

(3) Applies to one fund with a fair value of $23 million (2025: $24 million).

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During the six months ended June 30, 2026 and 2025, neither of these restrictions impacted the Company's redemption requests.

At June 30, 2026, the Company had $23 million (2025: $30 million) of unfunded commitments as a limited partner in multi-strategy funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund. At June 30, 2026, there were no multi-strategy fund holdings (2025: nil) where the Company is still within the lockup period.

At June 30, 2026, the Company had $283 million (2025: $292 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from four to fifteen years and the General Partners of certain funds have the option to extend the term by up to three years. At June 30, 2026, there were two direct lending fund holdings (2025: one) with a fair value of $23 million (2025: $18 million) where the Company is still within the lockup period.

At June 30, 2026, the Company had $265 million (2025: $240 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over six years.

At June 30, 2026, the Company had $96 million (2025: $105 million) of unfunded commitments as a limited partner in real estate funds. These funds include an open-ended fund and funds with investment terms ranging from two years to the dissolution of the underlying fund.

At June 30, 2026, the Company had $12 million (2025: $16 million) of unfunded commitments as a limited partner in four private company investment funds focusing on financial services technology companies with an emphasis on insurance technology companies ("private company investment funds"). Two of these funds have investment terms of five years and one fund has an investment term of ten years and one fund has an investment term of ten years with the option to extend the term by up to three years.

f) Equity Method Investments

The following table provides details of the Company's equity method investments:


	June 30, 2026		December 31, 2025
	Carrying value		Carrying value

Equity method investments:
Harrington Re	$	126,264	$	163,513
Monarch Point Re	77,397		63,668
Total equity method investments	$	203,661	$	227,181

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Harrington Re

During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by the Company and The Blackstone Group L.P. ("Blackstone"). Following share tender offers in 2024 and 2025, the Company's ownership interest in Harrington increased to 22% and 23%, respectively. During the three months ended June 30, 2026, Harrington repurchased shares from the Company, resulting in a decrease in the Company's ownership interest in Harrington from 23% to 18%.

Through long-term service agreements, the Company serves as Harrington Re's reinsurance underwriting manager and Blackstone serves as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally.

The Company continues to account for its ownership interest in Harrington under the equity method of accounting.

Monarch Point Re

During 2023, the Company paid $22 million to acquire 18% of the common equity of Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd., a collateralized reinsurance company formed under the laws of Bermuda as an incorporated segregated accounts company under the Incorporated Segregated Accounts Companies Act 2019, as amended (the "ISAC Act"). During 2024, the Company paid $14 million to acquire 18% of the common equity of Monarch Point Re (ISA 2024) Ltd. During 2025 and 2026, the Company paid $13 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd. During 2026, the Company paid $8 million to acquire 18% of the common equity of Monarch Point Re (ISA 2026) Ltd.

The Company retrocedes a diversified portfolio of casualty reinsurance business to Monarch Point Re and Stone Point Credit Adviser LLC, a wholly owned subsidiary of Stone Point Capital, LLC serves as its investment manager. As an investor, the Company expects to benefit from underwriting fees generated by Monarch Point Re and the income and capital appreciation Stone Point seeks to deliver through its investment management services.

Monarch Point Re is not a Variable Interest Entity ("VIE") that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Monarch Point Re under the equity method of accounting.

Loan Advances Made to Monarch Point Re

During 2026, the Company advanced $183 million (2025: $227 million) to Monarch Point Re that was included in loan advances made in the Company’s consolidated balance sheets. Loan balances receivable from Monarch Point Re are settled against amounts due to Monarch Point Re under the retrocession agreements and are treated as a non-cash activity in the consolidated statement of cash flows. The loan balance receivable at June 30, 2026 was $313 million (2025: $228 million). Loan advances made are expected to be repaid in full by August 15, 2027 (2025: May 15, 2027).

Interest on these loans was payable in 2026 at interest rates between 4.2% and 4.4% (2025: interest rates between 4.3% and 4.8%). Interest related to these loans of $8 million (2025: $5 million) was received in advance and is included in other liabilities in the consolidated balance sheets.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

The following table provides a summary of non-cash settlements with Monarch Point Re:


Non-cash settlements with Monarch Point Re	Six months ended June 30,
	2026		2025
Loan advances made	$	58,112	$	77,272
Reinsurance recoverable on unpaid losses and loss expenses	23,839		30,017
Interest receivable on loan advances made	8,127		6,814
Net cash inflows	$	90,078	$	114,103

Insurance and reinsurance balances payable, net	$	(90,078)	$	(114,103)
Net cash outflows	$	(90,078)	$	(114,103)

g) Variable Interest Entities

In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by VIEs. These structured securities include RMBS, CMBS and ABS.

The Company also invests in limited partnerships which represent 71% of the Company's other investments. The investments in limited partnerships include multi-strategy funds, direct lending funds, private equity funds and real estate funds that are variable interests issued by VIEs (refer to Note 3(e) 'Other Investments').

The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the carrying value reported in the Company's consolidated balance sheets and its unfunded commitments of $612 million at June 30, 2026 (2025: $612 million). The Company has not provided financial or other support to these structured securities other than the original investment.

h) Net Investment Income

Net investment income was derived from the following sources:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Fixed maturities	$	163,304	$	149,861	$	320,000	$	296,572
Other investments	6,226		18,479		23,931		40,889
Equity securities	4,631		3,155		8,782		6,363
Mortgage loans	4,154		5,956		8,319		12,824
Cash and cash equivalents	10,655		16,649		19,573		50,028
Short-term investments	71		541		203		2,527
Gross investment income	189,041		194,641		380,808		409,203
Investment expenses	(7,447)		(7,344)		(14,475)		(14,194)
Net investment income	$	181,594	$	187,297	$	366,333	$	395,009

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

i) Net Investment Gains (Losses)

The following table provides an analysis of net investment gains (losses):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents	$	12,743	$	19,394	$	44,726	$	41,532
Equity securities	84		4,032		12,442		40,100
Gross realized investment gains	12,827		23,426		57,168		81,632
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents	(22,860)		(27,673)		(47,905)		(79,412)
Equity securities	(106)		(2,719)		(1,004)		(11,590)
Mortgage loans	(1,605)		—		(6,200)		—
Gross realized investment losses	(24,571)		(30,392)		(55,109)		(91,002)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale	1,220		(859)		(62)		(1,104)
(Increase) decrease in allowance for expected credit losses, mortgage loans	1,351		(1,473)		1,784		(3,958)
Impairment losses(1)	(116)		(400)		(383)		(2,326)

Change in fair value of investment derivatives(2)	34		(1,035)		180		(1,451)
Net unrealized gains (losses) on equity securities	55,990		54,201		15,936		31,671

Net investment gains (losses)	$	46,735	$	43,468	$	19,514	$	13,462

(1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery.

(2) Refer to Note 5 'Derivative Instruments'.

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Balance at beginning of period	$	3,119	$	4,183	$	1,836	$	3,938
Expected credit losses on securities where credit losses were not previously recognized	978		1,345		2,127		1,659
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	(1,439)		(325)		(1,160)		(297)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—		—		—
Securities sold/redeemed/matured	(760)		(160)		(905)		(257)
Balance at end of period	$	1,898	$	5,043	$	1,898	$	5,043

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Balance at beginning of period	$	29,308	$	25,862	$	29,742	$	23,378
Expected credit losses on loans where credit losses were not previously recognized	—		1,019		—		1,019
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized	2,256		454		6,417		2,938
Loans sold/redeemed/matured	(3,607)		—		(8,202)		—
Balance at end of period	$	27,957	$	27,335	$	27,957	$	27,335

j) Reverse Repurchase Agreements

At June 30, 2026, the Company held $10 million (2025: $14 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

Fair value is defined as the price to sell an asset or transfer a liability (i.e., the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The hierarchy is broken down into three levels as follows:

•Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's judgments about assumptions that market participants might use.

The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment.

Accordingly, the degree of judgment exercised by management in determining fair value is greatest for financial instruments categorized as Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This may lead the Company to change the selection of valuation technique (from market to cash flow approach) or may cause the Company to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy.

Valuation Techniques

The valuation techniques, including significant inputs and assumptions generally used to determine the fair values of the Company's financial instruments as well as the classification of the fair values of its financial instruments in the fair value hierarchy are described in detail below.

Fixed Maturities

At each valuation date, the Company uses the market approach valuation technique to estimate the fair value of its fixed maturities portfolio, where possible. The market approach includes, but is not limited to, prices obtained from third-party pricing services for identical or comparable securities and the use of "pricing matrix models" using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third-party pricing services is sourced from multiple vendors, where available, and the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Where prices are unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers who are active in the corresponding markets. The valuation techniques including significant inputs and assumptions generally used to determine the fair values of the Company's fixed maturities by asset class as well as the classifications of the fair values of these securities in the fair value hierarchy are described in detail below.

U.S. Government and Agency

U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of U.S. Treasury securities are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. The fair values of U.S. government agency securities are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of U.S. government agency securities are classified as Level 2.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Non-U.S. Government

Non-U.S. government securities include bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair values of these securities are based on prices obtained from international indices or valuation models that include inputs such as interest rate yield curves, cross-currency basis index spreads and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs used to price these securities are observable market inputs, the fair values of non-U.S. government securities are classified as Level 2.

Corporate Debt

Corporate debt securities consist primarily of investment grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of corporate debt securities are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Agency RMBS

Agency RMBS consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs used to price these securities are observable market inputs, the fair values of Agency RMBS are classified as Level 2.

CMBS

CMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs used to price these securities are observable market inputs, the fair values of CMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Non-agency RMBS

Non-agency RMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs used to price these securities are observable market inputs, the fair values of non-agency RMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

ABS

ABS mainly include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"), originated by a variety of financial institutions. The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, the fair values of ABS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Municipals

Municipals comprise revenue bonds and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair values of these securities are determined using spreads obtained from the new issue market, trade prices and broker-dealers quotes. As the significant inputs used to price these securities are observable market inputs, the fair values of municipals are classified as Level 2.

Equity Securities

Equity securities include common stocks, preferred stocks, exchange-traded funds and bond mutual funds. As the fair values of common stocks, exchange-traded funds and exchange listed preferred stocks are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. As the significant inputs used to price non-exchange listed preferred stocks are observable market inputs, the fair value of these securities are classified as Level 2. As bond mutual funds have daily liquidity, the fair values of these securities are classified as Level 2.

Other Investments

Other privately held investments include common shares, preferred shares, convertible notes, convertible preferred shares, a variable yield security and private company investment funds. These investments are initially valued at cost, which approximates fair value. In subsequent measurement periods, the fair values of these investments are generally derived from one or a combination of valuation methodologies which consider factors including recent capital raises by the investee companies, comparable precedent transaction multiples, comparable publicly traded multiples, third-party valuations, discounted cash-flow models, and other techniques that consider the industry and development stage of each investee company. The fair value of the variable yield security is determined using an externally developed discounted cash flow model. In order to assess the reasonableness of the information received from investee companies, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact the results of operations, financial condition or liquidity of these companies. In addition, the Company engages in regular communication with management at investee companies.

As the significant inputs used to price these investments are unobservable, the fair values of other privately held investments are classified as Level 3. The fair values of private company investment funds are estimated using net asset valuations ("NAVs") as advised by external fund managers or third-party administrators.

Short-term Investments

Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are typically not actively traded due to their approaching maturity, therefore their amortized cost approximates fair value. The fair values of short-term investments are classified as Level 2.

Derivative Instruments

Derivative instruments include foreign exchange forward contracts that are customized to the Company's economic hedging strategies and trade in the over-the-counter derivative market. The fair values of these derivatives are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used to price these derivatives are observable market inputs, the fair values of these derivatives are classified as Level 2.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value

At June 30, 2026
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,345,018	$	42,356	$	—	$	—	$	2,387,374
Non-U.S. government	—		823,910		—		—		823,910
Corporate debt	—		5,361,369		223,530		—		5,584,899
Agency RMBS	—		2,422,949		—		—		2,422,949
CMBS	—		788,348		—		—		788,348
Non-agency RMBS	—		208,039		—		—		208,039
ABS	—		1,497,242		70,017		—		1,567,259
Municipals	—		45,536		—		—		45,536
	2,345,018		11,189,749		293,547		—		13,828,314
Equity securities
Common stocks	3,285		—		—		—		3,285
Preferred stocks	48,841		—		—		—		48,841
Exchange-traded funds	435,135		—		—		—		435,135
Bond mutual funds	—		261,271		—		—		261,271
	487,261		261,271		—		—		748,532
Other investments
Multi-strategy funds	—		—		—		6,963		6,963
Direct lending funds	—		—		—		194,209		194,209
Private equity funds	—		—		—		400,067		400,067
Real estate funds	—		—		—		278,438		278,438

Other privately held investments	—		—		131,224		52,032		183,256

	—		—		131,224		931,709		1,062,933
Short-term investments	—		2,828		—		—		2,828
Other assets
Derivative instruments (refer to Note 5)	—		8,621		—		—		8,621

Total Assets	$	2,832,279	$	11,462,469	$	424,771	$	931,709	$	15,651,228
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	1,627	$	—	$	—	$	1,627

Total Liabilities	$	—	$	1,627	$	—	$	—	$	1,627

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value


































At December 31, 2025
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,385,085	$	32,816	$	—	$	—	$	2,417,901
Non-U.S. government	—		810,544		—		—		810,544
Corporate debt	—		5,033,161		189,272		—		5,222,433
Agency RMBS	—		2,035,352		—		—		2,035,352
CMBS	—		801,511		—		—		801,511
Non-agency RMBS	—		190,124		—		—		190,124
ABS	—		1,448,711		39,356		—		1,488,067
Municipals	—		52,095		—		—		52,095
	2,385,085		10,404,314		228,628		—		13,018,027
Equity securities
Common stocks	13,695		—		—		—		13,695
Preferred stocks	14,239		6,072		—		—		20,311
Exchange-traded funds	401,757		—		—		—		401,757
Bond mutual funds	—		271,806		—		—		271,806
	429,691		277,878		—		—		707,569
Other investments
Multi-strategy funds	—		—		—		11,577		11,577
Direct lending funds	—		—		—		186,747		186,747
Private equity funds	—		—		—		364,376		364,376
Real estate funds	—		—		—		291,491		291,491

Other privately held investments	—		—		123,925		49,682		173,607

	—		—		123,925		903,873		1,027,798
Short-term investments	—		20,298		—		—		20,298
Other assets
Derivative instruments (refer to Note 5)	—		930		—		—		930

Total Assets	$	2,814,776	$	10,703,420	$	352,553	$	903,873	$	14,774,622
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	8,859	$	—	$	—	$	8,859

Total Liabilities	$	—	$	8,859	$	—	$	—	$	8,859

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI (2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses) (3)

Three months ended June 30, 2026
Fixed maturities, available for sale
Corporate debt	$	225,010	$	1,378	$	—	$	318	$	1,468	$	4,834	$	(1,566)	$	(7,912)	$	223,530	$	—


ABS	54,412		—		—		3		(1,206)		17,850		—		(1,042)		70,017		—
	279,422		1,378		—		321		262		22,684		(1,566)		(8,954)		293,547		—
Other investments




Other privately held investments	124,139		—		—		3,335		—		3,750		—		—		131,224		3,335
	124,139		—		—		3,335		—		3,750		—		—		131,224		3,335




Total assets	$	403,561	$	1,378	$	—	$	3,656	$	262	$	26,434	$	(1,566)	$	(8,954)	$	424,771	$	3,335





Six months ended June 30, 2026
Fixed maturities, available for sale
Corporate debt	$	189,272	$	1,378	$	(2,572)	$	460	$	409	$	60,948	$	(9,236)	$	(17,129)	$	223,530	$	—
ABS	39,356		—		—		4		(1,046)		33,359		(14)		(1,642)		70,017		—
	228,628		1,378		(2,572)		464		(637)		94,307		(9,250)		(18,771)		293,547		—
Other investments

Other privately held investments	123,925		—		—		3,549		—		3,750		—		—		131,224		3,549
	123,925		—		—		3,549		—		3,750		—		—		131,224		3,549
Total assets	$	352,553	$	1,378	$	(2,572)	$	4,013	$	(637)	$	98,057	$	(9,250)	$	(18,771)	$	424,771	$	3,549

(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

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4. FAIR VALUE MEASUREMENTS (CONTINUED)


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI(2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses)(3)

Three months ended June 30, 2025
Fixed maturities, available for sale
Corporate debt	$	133,742	$	—	$	—	$	238	$	687	$	17,386	$	(19,343)	$	(1,237)	$	131,473	$	—


ABS	33,143		—		—		—		349		—		—		—		33,492		—
	166,885		—		—		238		1,036		17,386		(19,343)		(1,237)		164,965		—
Other investments




Other privately held investments	97,020		—		—		2,269		—		—		—		(4,942)		94,347		2,269
	97,020		—		—		2,269		—		—		—		(4,942)		94,347		2,269





Total assets	$	263,905	$	—	$	—	$	2,507	$	1,036	$	17,386	$	(19,343)	$	(6,179)	$	259,312	$	2,269





Six months ended June 30, 2025
Fixed maturities, available for sale
Corporate debt	$	126,391	$	—	$	—	$	238	$	1,044	$	25,050	$	(20,013)	$	(1,237)	$	131,473	$	—


ABS	20,832		—		—		—		660		12,000		—		—		33,492		—
	147,223		—		—		238		1,704		37,050		(20,013)		(1,237)		164,965		—
Other investments




Other privately held investments	92,230		—		—		7,059		—		—		—		(4,942)		94,347		7,059
	92,230		—		—		7,059		—		—		—		(4,942)		94,347		7,059




Total assets	$	239,453	$	—	$	—	$	7,297	$	1,704	$	37,050	$	(20,013)	$	(6,179)	$	259,312	$	7,059

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

Transfers into Level 3 from Level 2

The transfers into Level 3 from Level 2 during the three and six months ended June 30, 2026 were primarily due to the lack of observable market inputs and multiple quotes from pricing vendors for certain fixed maturities. There were no transfers into Level 3 from Level 2 during the three and six months ended June 30, 2025.

Transfers out of Level 3 into Level 2

The transfers out of Level 3 into Level 2 during the six months ended June 30, 2026 were primarily due to the availability of observable market inputs and multiple quotes from pricing vendors for certain fixed maturities. There were no transfers out of Level 3 into Level 2 during the three and six months ended June 30, 2025.

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds are estimated using NAVs as advised by external fund managers or third-party administrators. For these funds, NAVs are based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

For multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, valuation statements are typically released on a reporting lag. Therefore, the Company estimates the fair value of these funds by starting with the most recent fund valuations and adjusting for capital calls, redemptions, drawdowns and distributions. Return estimates are not available from the relevant fund managers for these funds, therefore the Company typically has a reporting lag in its fair value measurements of these funds. At June 30, 2026 and December 31, 2025 all funds measured at fair value using NAVs are reported generally on a one quarter lag.

The Company often does not have access to financial information relating to the underlying securities held within the funds, therefore, management is unable to corroborate the fair values placed on the securities underlying the asset valuations provided by fund managers or fund administrators. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a quarterly basis, to assess the quality of the information provided by fund managers and fund administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of the Company's fair value estimates against subsequently received NAVs. Backtesting involves comparing the Company's previously reported fair values for each fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values).

The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, are measured using the NAV practical expedient, therefore the fair values of these funds have not been categorized within the fair value hierarchy.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments, including insurance contracts.

At June 30, 2026, the carrying values of cash and cash equivalents including restricted amounts, accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated fair values due to their short maturities. As these financial instruments are not actively traded, their fair values are classified as Level 2.

At June 30, 2026, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $407 million (2025: $397 million) and a fair value of $402 million (2025: $396 million). The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, their fair values are classified as Level 2.

At June 30, 2026, the carrying value of mortgage loans, held for investment, approximated fair value. The fair values of mortgage loans are primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk or are determined from pricing for similar loans. As mortgage loans are not actively traded, their fair values are classified as Level 3.

At June 30, 2026, the Company's debt was recorded at amortized cost with a carrying value of $1,318 million (2025: $1,317 million) and a fair value of $1,278 million (2025: $1,293 million). The fair value of the Company's debt is based on prices obtained from a third-party pricing service and is determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair value of this debt is classified as Level 2.

At June 30, 2026, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $61 million (2025: $66 million) and a fair value of $61 million (2025: $66 million). As these advances are not actively traded, their fair values are classified as Level 2.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5. DERIVATIVE INSTRUMENTS

The following table provides the balance sheet classifications of derivatives recorded at fair value:


	June 30, 2026						December 31, 2025
	Derivative notional amount		Derivative asset fair value(1)		Derivative liability fair value(1)		Derivative notional amount		Derivative asset fair value(1)		Derivative liability fair value(1)

Relating to investment portfolio:
Foreign exchange forward contracts	$	13,984	$	106	$	3	$	9,583	$	—	$	181

Relating to underwriting portfolio:
Foreign exchange forward contracts	1,272,572		8,515		1,624		1,425,737		930		8,678



Total derivatives			$	8,621	$	1,627			$	930	$	8,859

(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.

The notional amounts of derivative contracts represent the basis on which amounts paid or received are calculated and are presented in the above table to quantify the volume of the Company's derivative activities. Notional amounts are not reflective of credit risk.

None of the Company's derivative instruments are designated as hedges.

Offsetting Assets and Liabilities

The Company's derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure.

The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:


	June 30, 2026						December 31, 2025
	Gross amounts		Gross amounts offset		Net amounts(1)		Gross amounts		Gross amounts offset		Net amounts(1)

Derivative assets	$	12,268	$	(3,647)	$	8,621	$	3,126	$	(2,196)	$	930
Derivative liabilities	$	5,274	$	(3,647)	$	1,627	$	11,055	$	(2,196)	$	8,859

(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.

Refer to Note 3 'Investments' for information on reverse repurchase agreements.

a) Relating to Investment Portfolio

Foreign Currency Risk

The Company's investment portfolio is exposed to foreign currency risk. Therefore, the fair values of its investments are partially influenced by changes in foreign currency exchange rates. The Company may enter into foreign exchange forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5. DERIVATIVE INSTRUMENTS (CONTINUED)

b) Relating to Underwriting Portfolio

Foreign Currency Risk

The Company's insurance and reinsurance subsidiaries and branches operate in various countries. Some of its business is written in currencies other than the U.S. dollar, therefore the underwriting portfolio is exposed to significant foreign currency risk. The Company manages foreign currency risk by seeking to match its foreign-denominated net liabilities under insurance and reinsurance contracts with cash and investments that are denominated in the same currencies. The Company uses derivative instruments, specifically, forward contracts to economically hedge foreign currency exposures.

The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges:


	Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss)	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025


Relating to investment portfolio:
Foreign exchange forward contracts	Net investment gains (losses)	$	34	$	(1,035)	$	180	$	(1,451)

Relating to underwriting portfolio:
Foreign exchange forward contracts	Foreign exchange (losses) gains	(3,217)		(22,015)		1,642		(13,686)



Total		$	(3,183)	$	(23,050)	$	1,822	$	(15,137)

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6. RESERVE FOR LOSSES AND LOSS EXPENSES

Reserve Roll-Forward

The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses:


	Six months ended June 30,
	2026		2025

Gross reserve for losses and loss expenses, beginning of period	$	18,122,256	$	17,218,929
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period	(8,951,763)		(6,840,897)
Net reserve for unpaid losses and loss expenses, beginning of period	9,170,493		10,378,032

Net incurred losses and loss expenses related to:
Current year	1,833,311		1,625,845
Prior years	(32,899)		(38,166)
	1,800,412		1,587,679

Net paid losses and loss expenses related to:
Current year	(196,928)		(166,553)
Prior years	(1,233,370)		(1,395,871)
	(1,430,298)		(1,562,424)

Foreign exchange and other	(61,837)		291,481
Ceded reserves related to retroactive transactions	185,620		(1,902,645)
	123,783		(1,611,164)

Net reserve for unpaid losses and loss expenses, end of period	9,664,390		8,792,123
Reinsurance recoverable on unpaid losses and loss expenses, end of period	8,949,022		9,086,900
Gross reserve for losses and loss expenses, end of period	$	18,613,412	$	17,879,023

At June 30, 2026, net reserves for losses and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events include U.S. winter storms and the Middle East Conflict in 2026, and the California Wildfires in 2025. As a result, actual losses for these events may ultimately differ materially from current estimates. During the six months ended June 30, 2026, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $128 million (2025: $86 million).

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6. RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

Prior Year Reserve Development

The Company's net favorable (adverse) prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net favorable (adverse) prior year reserve development by segment:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)

Insurance	$	11,852	$	15,216	$	26,911	$	29,194
Reinsurance	2,984		5,013		5,988		8,972
Total	$	14,836	$	20,229	$	32,899	$	38,166

The following sections provide further details on net favorable (adverse) prior year reserve development by segment and reserve class:

Insurance Segment:

Prior year reserve development by reserve class was as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)

Property	$	7,902	$	6,980	$	17,842	$	16,976
Casualty	—		—		—		—
Specialty other	3,950		8,236		9,069		12,218
Total	$	11,852	$	15,216	$	26,911	$	29,194

Reinsurance Segment:

Prior year reserve development by reserve class was as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
	Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)		Favorable (Adverse)

Casualty	$	—	$	—	$	—	$	—
Specialty	2,984		5,013		5,988		8,847
Run-off	—		—		—		125
Total	$	2,984	$	5,013	$	5,988	$	8,972

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

7. EARNINGS PER COMMON SHARE

The following table presents a comparison of earnings per common share and earnings per diluted common share:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Earnings per common share
Net income	$	258,095	$	223,358	$	512,859	$	417,427

Less: Preferred share dividends	7,563		7,563		15,125		15,125

Net income available to common shareholders	$	250,532	$	215,795	$	497,734	$	402,302
Weighted average common shares outstanding	73,549		78,378		73,821		79,757
Earnings per common share	$	3.41	$	2.75	$	6.74	$	5.04

Earnings per diluted common share
Net income available to common shareholders	$	250,532	$	215,795	$	497,734	$	402,302

Weighted average common shares outstanding	73,549		78,378		73,821		79,757

Share-based compensation plans	654		951		856		1,088
Weighted average diluted common shares outstanding	74,203		79,329		74,677		80,845

Earnings per diluted common share	$	3.38	$	2.72	$	6.67	$	4.98

Weighted average anti-dilutive shares excluded from the dilutive computation	40		7		40		3

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8. SHARE-BASED COMPENSATION

Performance Restricted Stock Units

Performance Restricted Stock Units granted with a market condition

Certain share-settled performance restricted stock units include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.

Performance Restricted Stock Units granted with a performance condition

Certain share-settled performance restricted stock units include a performance condition which is the Company’s average annual growth in book value per diluted common share, plus accumulated dividends over the performance period, adjusted to exclude unrealized investment gains (losses) recognized in accumulated other comprehensive income (loss), and share repurchases during the performance period ("Adjusted DBVPS"). Adjusted DBVPS is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.

Valuation assumptions

Performance Restricted Stock Units granted with a market condition

The fair value of these performance restricted stock units was measured on the grant date using a Monte Carlo simulation model.

The following table provides details of the significant inputs used in the Monte Carlo simulation model:


Six months ended June 30,	2026	2025

Expected volatility	23.92%	25.30%
Expected term (in years)	3.0	3.0
Expected dividend yield	n/a	n/a
Risk-free interest rate	3.58%	4.16%

n/a - not applicable

Beginning share price: The beginning share price for awards was based on the average closing share price over the 30 trading days preceding and including the start of the performance period.

Ending share price: The ending share price was based on the average projected closing share price over the 30 trading days preceding and including the end of the performance period.

Expected volatility: The expected volatility is estimated based on the Company's historical share price volatility.

Expected term: Performance for awards granted in 2026 is measured from January 1, 2026 to December 31, 2028, and performance for awards granted in 2025 is measured from January 1, 2025 to December 31, 2027.

Expected dividend yield: The expected dividend yield is not applicable to the performance restricted stock units as dividends are paid at the end of the vesting period and do not affect the value of the performance restricted stock units.

Risk-free interest rate: The risk-free rate is estimated based on the yield on a U.S. treasury zero-coupon bond issued with a remaining term equal to the vesting period of the performance restricted stock units.

Compensation expense associated with performance restricted stock units granted is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model, and is recognized on a straight-line basis over the requisite service period.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8. SHARE-BASED COMPENSATION (CONTINUED)

Performance Restricted Stock Units granted with a performance condition

The fair value of performance restricted stock units was determined based on the closing price of the Company's common shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the performance period.

The following table provides an activity summary of the Company's share-settled restricted stock units for the six months ended June 30, 2026:


	Share-Settled Performance Restricted Stock Units			Share-Settled Service Restricted Stock Units
	Number of restricted stock units	Weighted average grant date fair value		Number of restricted stock units	Weighted average grant date fair value

Non-vested restricted stock units - beginning of period	271	$	75.43	1,467	$	71.25
Granted	102	104.41		533	102.36
Performance adjustment (1)	84	65.28		—	—
Vested	(189)	66.05		(590)	67.20
Forfeited	(2)	78.70		(104)	75.71
Non-vested restricted stock units - end of period	266	$	89.88	1,306	$	85.43

(1) The performance adjustment represents the difference between the number of performance restricted stock units granted and earned, that vested following three-year performance periods that ended in 2026 and 2025. The performance restricted stock units were granted at the target level of achievement.

The following table provides additional information related to share-based compensation:


Six months ended June 30,	2026		2025

Share-based compensation expense	$	31,079	$	23,095
Tax benefits associated with share-based compensation expense	$	9,547	$	7,883
Fair value of restricted stock units vested(1)	$	80,706	$	72,104
Unrecognized share-based compensation expense	$	98,518	$	93,339
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense	2.6 years		2.7 years

(1) Fair value is based on the closing price of the Company's common shares on the vest date.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9. SHAREHOLDERS' EQUITY

The following table presents changes in common shares issued and outstanding:


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025

Shares issued, balance at beginning of period	176,580	176,580	176,580	176,580
Shares issued	—	—	—	—
Total shares issued at end of period	176,580	176,580	176,580	176,580

Treasury shares, balance at beginning of period	(102,643)	(97,929)	(102,445)	(93,596)
Shares repurchased	(978)	(510)	(1,772)	(5,557)
Shares reissued	182	32	778	746
Total treasury shares at end of period	(103,439)	(98,407)	(103,439)	(98,407)

Total shares outstanding	73,141	78,173	73,141	78,173

Treasury Shares

On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At June 30, 2026, remaining authorization under this plan was exhausted.

On February 26, 2026, the Company's Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase program supplements the existing share repurchase program, and is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At June 30, 2026, remaining authorization under this plan was $263 million.

The following table presents common shares repurchased from shares held in Treasury:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

Publicly announced programs:(1)
Total shares	893		499		1,473		5,292
Total cost	$	89,249	$	49,990	$	148,775	$	489,982
Average price per share(2)	$	99.91	$	100.25	$	101.01	$	92.59

From employees:(3)
Total shares	85		11		299		265
Total cost	$	8,225	$	1,100	$	30,934	$	25,614
Average price per share(2)	$	97.41	$	101.78	$	103.35	$	96.79






Total shares repurchased:
Total shares	978		510		1,772		5,557
Total cost	$	97,474	$	51,090	$	179,709	$	515,596
Average price per share(2)	$	99.69	$	100.28	$	101.40	$	92.79

(1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase programs.

(2) Calculated using whole numbers.

(3) Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9. SHAREHOLDERS' EQUITY (CONTINUED)

Dividends

The following table presents dividends declared and paid related to the Company's common and preferred shares:


	Per share data
	Dividends declared		Dividends paid in period of declaration		Dividends paid in period following declaration

Three months ended June 30, 2026
Common shares	$	0.44	$	—	$	0.44

Series E preferred shares	$	34.38	$	—	$	34.38

Three months ended June 30, 2025
Common shares	$	0.44	$	—	$	0.44

Series E preferred shares	$	34.38	$	—	$	34.38

Six months ended June 30, 2026
Common shares	$	0.88	$	0.44	$	0.44

Series E preferred shares	$	68.75	$	34.38	$	34.38

Six months ended June 30, 2025
Common shares	$	0.88	$	0.44	$	0.44

Series E preferred shares	$	68.75	$	34.38	$	34.38

10. DEBT AND FINANCING ARRANGEMENTS

Letter of Credit Facility

On March 23, 2026, the $300 million Facility was amended to reduce the committed utilization capacity available under the Facility to $250 million (the "$250 million Facility") and extend the tenors of issuable letters of credit to March 31, 2028.

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of Syndicate 1686 and Syndicate 2050 (collectively, the "Syndicates"), entered into a Facility Letter and Master Agreement (together, the "Agreements") with Citibank (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.

The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

On October 8, 2025, AXIS Specialty Limited (the "Borrower"), entered into a Letter Agreement with Wells Fargo Bank, National Association (the "Bank"), providing for an uncommitted bilateral short-term line of credit facility up to a maximum aggregate amount of $150 million (the "$150 million Facility") with tenors of issuable letters of credit to October 7, 2026.

The $150 million Facility is intended to support the Borrower's working capital requirements and general corporate expenses. The line of credit facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

11. FEDERAL HOME LOAN BANK ADVANCES

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").

At June 30, 2026, the companies had admitted assets of approximately $3.9 billion (2025: $3.6 billion) which provides borrowing capacity of up to approximately $981 million (2025: $888 million).

At June 30, 2026, the Company had borrowings under the FHLB program of $61 million (2025: $66 million) with maturities in July and August 2026.

Interest is payable at interest rates between 3.9% and 4.0% (2025: interest rates between 3.9% and 4.6%). The Company incurred interest expense of $0.1 million (2025: $1 million) for the three months ended June 30, 2026 and $1 million (2025: $2 million) for the six months ended June 30, 2026.

The borrowings under the FHLB program are secured by cash and investments with a fair value of $66 million (2025: $74 million).

12. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in the Company's consolidated balance sheets.

The Company is not party to any material legal proceedings arising outside the ordinary course of business.

Investments

Refer to Note 3 - 'Investments' for information on the Company's unfunded investment commitments related to the Company's other investment portfolio.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

13. OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the tax effects allocated to each component of other comprehensive income (loss):


	2026						2025
	Before tax amount		Income tax (expense) benefit		Net of tax amount		Before tax amount		Income tax (expense) benefit		Net of tax amount

Three months ended June 30,
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized	$	(17,079)	$	3,870	$	(13,209)	$	130,559	$	(26,013)	$	104,546
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized	(507)		90		(417)		692		(117)		575
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	9,277		(1,742)		7,535		11,006		(1,484)		9,522
Unrealized gains (losses) arising during the period, net of reclassification adjustment	(8,309)		2,218		(6,091)		142,257		(27,614)		114,643

Foreign currency translation adjustment	(4,584)		—		(4,584)		16,023		—		16,023


Total other comprehensive income (loss), net of tax	$	(12,893)	$	2,218	$	(10,675)	$	158,280	$	(27,614)	$	130,666

Six months ended June 30,
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized	$	(173,491)	$	40,077	$	(133,414)	$	232,201	$	(40,125)	$	192,076
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized	(2,121)		351		(1,770)		300		(58)		242
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	8,060		(1,465)		6,595		45,316		(7,654)		37,662
Unrealized gains (losses) arising during the period, net of reclassification adjustment	(167,552)		38,963		(128,589)		277,817		(47,837)		229,980

Foreign currency translation adjustment	(7,645)		—		(7,645)		15,867		—		15,867


Total other comprehensive income (loss), net of tax	$	(175,197)	$	38,963	$	(136,234)	$	293,684	$	(47,837)	$	245,847

The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss):


		Amount reclassified from AOCI(1)
AOCI Components	Consolidated statement of operations line item that includes reclassification adjustment	Three months ended June 30,				Six months ended June 30,
		2026		2025		2026		2025

Unrealized gains (losses) on available for sale investments
	Other realized and unrealized investment gains (losses)	$	(9,161)	$	(10,606)	$	(7,677)	$	(42,990)
	Impairment losses	(116)		(400)		(383)		(2,326)

	Total before tax	(9,277)		(11,006)		(8,060)		(45,316)
	Income tax benefit	1,742		1,484		1,465		7,654
	Net of tax	$	(7,535)	$	(9,522)	$	(6,595)	$	(37,662)

(1) Amounts in parentheses are charges to net income (loss).

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

14. RELATED PARTY TRANSACTIONS

Related Party Transactions with Stone Point Capital, LLC ("Stone Point")

The Company has identified Stone Point Capital, LLC as a related party. In 2023, the Company and Stone Point Credit Adviser LLC. a wholly owned subsidiary of Stone Point Capital, LLC, jointly sponsored a newly created collateralized reinsurer, Monarch Point Re. Refer to Note 3 'Investments'.

15. REORGANIZATION EXPENSES

Reorganization expense for the three and six months ended June 30, 2026, were $6 million (2025: $nil) and $29 million (2025: $nil), respectively, primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2026 and 2025 and our financial condition at June 30, 2026 and December 31, 2025. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.


			Page

Second Quarter 2026 Financial Highlights			48
Overview			49
Consolidated Results of Operations			51
Results by Segment:
i) Insurance Segment			53
ii) Reinsurance Segment			58
Net Investment Income and Net Investment Gains (Losses)			62
Other Expenses (Revenues), Net			65
Financial Measures			66
Non-GAAP Financial Measures Reconciliation			68
Cash and Investments			72
Liquidity and Capital Resources			75
Critical Accounting Estimates			77
Recent Accounting Pronouncements			77

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SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

Second Quarter 2026 Consolidated Results of Operations

•Net income available to common shareholders of $251 million, or $3.38 per diluted common share

•Operating income(1) of $211 million, or $2.84 per diluted common share(1)

•Gross premiums written of $2.7 billion

•Net premiums written of $1.6 billion

•Net premiums earned of $1.5 billion

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $80 million ($63 million, after-tax), (Insurance: $78 million; Reinsurance: $3 million), or 5.3 points, including natural catastrophe losses of $49 million, or 3.2 points. The remaining losses of $31 million, or 2.1 points, were attributable to the Middle East Conflict

•Net favorable prior year reserve development of $15 million (Insurance: $12 million; Reinsurance: $3 million)

•Underwriting income(2) of $143 million and combined ratio of 93.1%

•Fees related to arrangements with strategic capital partners of $22 million, including $17 million recognized as a reimbursement of general and administrative expenses

•Net investment income of $182 million

•Net investment gains of $47 million

•Reorganization expenses of $6 million primarily related to the continued implementation of initiatives undertaken to streamline our operations, initiated in the first quarter of 2026.

•Income tax expense of $61 million, resulting in an effective tax rate of 19.2%

Second Quarter 2026 Consolidated Financial Condition

•Total cash and invested assets of $17.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 87% of total cash and investments and have an average credit rating of AA-

•Total assets of $36.6 billion

•Reserve for losses and loss expenses of $18.6 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.6 billion

•Debt of $1.3 billion and debt to total capital ratio(3) of 16.8%

•Total common shares repurchased were 978,000 shares for a total of $97 million, including $89 million repurchased pursuant to our Board-authorized share repurchase programs, and $8 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units

•Common shareholders’ equity of $6.0 billion; book value per diluted common share of $80.67

(1)Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(3)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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OVERVIEW

Business Overview

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with locations in Bermuda, the United States, Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.

We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and inclusive culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first six months of 2026 included the following:

•growing in a number of targeted specialty lines insurance and reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business with a focus on short-tail lines;

•cycle-managing our portfolio towards attractive lines of business, that carry premium adequate returns while deploying capital within risk limits, diversification criteria and risk management strategy;

•investing in attractive growth markets and advancing capabilities to address more transactional specialist business targeting the lower middle market with our key distribution partners;

•leveraging our global platform to introduce our products and services to new regions including the continued expansion of our North America product capabilities;

•continuing the implementation of a more focused distribution strategy while building mutually beneficial relationships with clients and partners;

•improving the effectiveness and efficiency of our operating platforms and processes through our "How We Work" program;

•investing in data and technology, together with AI capabilities and tools, to enhance productivity, empower our teammates and enhance the service that we provide to our customers;

•utilizing reinsurance markets and third-party capital relationships; and

•fostering a positive workplace environment that enables us to attract, retain and develop top talent.

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Outlook

AXIS is executing with clarity and conviction in our strategy to be a leading global specialty underwriter, delivering durable, profitable growth across market cycles. Our differentiated market positioning – anchored by a diversified specialty portfolio, deep underwriting expertise, a global operating platform, strong claims and risk management capabilities, and global multivariate distribution model – provides a powerful foundation for continued value creation. This is reinforced by a conservative, high‑quality investment portfolio that enhances earnings resilience and capital flexibility.

The global trade and geopolitical landscape remain fluid, introducing uncertainty across economic conditions, loss costs, and capital deployment. AXIS is built to operate effectively in dynamic risk environments. We proactively assess evolving risks and translate uncertainty into specialized insurance solutions through disciplined pricing, portfolio management, and rigorous risk selection. Our underwriting framework is designed to protect outsized downside outcomes while positioning the business to capitalize on market dislocations as they emerge.

The following are some key trends shaping our markets that underscore the strength of our approach:

•Pricing dynamics are evolving following multiple years of rate increases that exceeded loss cost trends. Market conditions are softening with variances across the various "micro markets" where AXIS competes: casualty lines continue to achieve positive rate momentum, financial lines pricing remains stable, and property markets continue to experience pressure from increased capital inflows that are fueling global market competition. We are deliberately managing capital deployment where premium adequacy remains compelling. This approach includes ensuring volatility is appropriately priced while seeking additional market dislocations and opportunities at target returns.

•Distribution dynamics remain constructive for disciplined specialty underwriters. In North America, submission growth through the wholesale channel remains steady as market conditions vary by line of business, reinforcing the importance of underwriting selectivity. In the London Market, increasingly granular "micro‑markets" by line of business and channel continue to reward technical underwriting expertise and strong broker relationships. These conditions play directly to AXIS, strengths and support sustainable, profitable growth.

•Reinsurance pricing is moderating, with outcomes varying by line of business and structure. We expect this environment to persist and continue to manage our reinsurance portfolio with a singular focus on margin, volatility management, and long‑term profitability.

Across AXIS, we are actively deploying capital in areas where pricing supports our return thresholds and scaling back where it does not. Growth is a consequence of disciplined underwriting – not an objective in isolation. With a strengthened portfolio, improved mix, and expanding presence in our chosen specialty markets, AXIS is well positioned to generate attractive, risk‑adjusted returns and drive profitable growth through 2026.

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CONSOLIDATED RESULTS OF OPERATIONS


	Three months ended June 30,					Six months ended June 30,
	2026		% Change	2025		2026		% Change	2025

Underwriting revenues:
Gross premiums written	$	2,667,631	6%	$	2,515,971	$	5,765,597	9%	$	5,310,622
Net premiums written	1,605,798		(2%)	1,635,434		3,512,833		4%	3,385,473
Net premiums earned	1,518,984		9%	1,393,431		2,999,451		10%	2,734,251
Other insurance related income	5,601		(35%)	8,662		11,249		(8%)	12,240
Underwriting expenses:
Net losses and loss expenses	(933,130)		16%	(801,754)		(1,800,412)		13%	(1,587,679)
Acquisition costs	(316,268)		15%	(275,897)		(620,524)		15%	(540,477)
Underwriting-related general and administrative expenses(1)	(132,260)		(2%)	(135,241)		(259,475)		(2%)	(265,679)
Underwriting income (2)	142,927			189,201		330,289			352,656

Net investment income	181,594		(3%)	187,297		366,333		(7%)	395,009
Net investment gains	46,735		8%	43,468		19,514		45%	13,462
Corporate expenses(1)	(32,629)		26%	(25,837)		(63,571)		17%	(54,562)
Foreign exchange (losses) gains	2,344		nm	(94,885)		38,539		nm	(151,920)
Interest expense and financing costs	(16,838)		2%	(16,586)		(33,265)		—%	(33,158)
Reorganization expenses	(5,546)		nm	—		(28,715)		nm	—

Amortization of intangible assets	(2,396)		—%	(2,396)		(4,792)		(6%)	(5,125)

Income before income taxes and interest in income (loss) of equity method investments	316,191			280,262		624,332			516,362
Income tax expense	(61,404)		9%	(56,199)		(117,211)		17%	(100,521)
Interest in income (loss) of equity method investments	3,308		nm	(705)		5,738		nm	1,586
Net income	258,095			223,358		512,859			417,427

Preferred share dividends	(7,563)		—%	(7,563)		(15,125)		—%	(15,125)

Net income available to common shareholders	$	250,532		$	215,795	$	497,734		$	402,302

nm – not meaningful is defined as a variance greater than +/-100%

(1)Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $33 million and $26 million for the three months ended June 30, 2026 and 2025, respectively and $64 million and $55 million for the six months ended June 30, 2026 and 2025, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

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Underwriting Revenues

Underwriting revenues by segment were as follows:


	Three months ended June 30,							Six months ended June 30,
	2026			% Change	2025			2026			% Change	2025

Gross premiums written:
Insurance	$	2,228,147		15%	$	1,932,435		$	4,211,888		17%	$	3,588,337
Reinsurance	439,484			(25%)	583,536			1,553,709			(10%)	1,722,285
Total gross premiums written	$	2,667,631		6%	$	2,515,971		$	5,765,597		9%	$	5,310,622

Percent of gross premiums written ceded
Insurance	39		%	6 pts	33		%	37		%	2 pts	35		%
Reinsurance	47		%	6 pts	41		%	45		%	6 pts	39		%
Total percent of gross premiums written ceded	40		%	5 pts	35		%	39		%	3 pts	36		%

Net premiums written:
Insurance	$	1,371,309		6%	$	1,290,510		$	2,664,385		14%	$	2,335,090
Reinsurance	234,489			(32%)	344,924			848,448			(19%)	1,050,383
Total net premiums written	$	1,605,798		(2%)	$	1,635,434		$	3,512,833		4%	$	3,385,473

Net premiums earned:
Insurance	$	1,187,160		15%	$	1,032,961		$	2,328,915		14%	$	2,043,047
Reinsurance	331,824			(8%)	360,470			670,536			(3%)	691,204
Total net premiums earned	$	1,518,984		9%	$	1,393,431		$	2,999,451		10%	$	2,734,251

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues.

Combined Ratio

The components of the combined ratio were as follows:


	Three months ended June 30,					Six months ended June 30,
	2026		% Point Change	2025		2026		% Point Change	2025

Current accident year loss ratio, excluding catastrophe and weather-related losses(1)	57.1	%	0.7	56.4	%	56.8	%	0.5	56.3	%
Catastrophe and weather-related losses ratio(1)	5.3	%	2.7	2.6	%	4.3	%	1.1	3.2	%
Current accident year loss ratio(1)	62.4	%	3.4	59.0	%	61.1	%	1.6	59.5	%
Prior year reserve development ratio	(1.0	%)	0.5	(1.5	%)	(1.1	%)	0.3	(1.4	%)
Net losses and loss expenses ratio	61.4	%	3.9	57.5	%	60.0	%	1.9	58.1	%
Acquisition cost ratio	20.8	%	1.0	19.8	%	20.7	%	0.9	19.8	%
General and administrative expense ratio(2)	10.9	%	(0.7)	11.6	%	10.8	%	(0.8)	11.6	%
Combined ratio	93.1	%	4.2	88.9	%	91.5	%	2.0	89.5	%

(1) Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net losses and loss expenses ratio are provided above and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2) The general and administrative expense ratio includes corporate expenses not allocated to underwriting segments of 2.1% and 1.9% for the three months ended June 30, 2026 and 2025, respectively, and 2.1% and 2.0% for the six months ended June 30, 2026 and 2025, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details.

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting expenses.

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RESULTS BY SEGMENT

Insurance Segment

Results for the insurance segment were as follows:


	Three months ended June 30,							Six months ended June 30,
	2026			% Change	2025			2026			% Change	2025

Revenues:
Gross premiums written	$	2,228,147		15%	$	1,932,435		$	4,211,888		17%	$	3,588,337
Net premiums written	1,371,309			6%	1,290,510			2,664,385			14%	2,335,090
Net premiums earned	1,187,160			15%	1,032,961			2,328,915			14%	2,043,047
Other insurance related income	266			nm	6			637			nm	162

Expenses:
Current accident year net losses and loss expenses	(718,734)				(576,986)			(1,374,780)				(1,153,052)
Prior year reserve development	11,852				15,216			26,911				29,194
Acquisition costs	(238,823)				(194,912)			(462,592)				(388,933)
Underwriting-related general and administrative expenses	(122,359)				(124,646)			(242,373)				(244,238)

Underwriting income	$	119,362			$	151,639		$	276,718			$	286,180

Ratios:				% Point Change							% Point Change
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.0		%	1.7	52.3		%	53.6		%	1.3	52.3		%
Catastrophe and weather-related losses ratio	6.5		%	2.9	3.6		%	5.4		%	1.3	4.1		%
Current accident year loss ratio	60.5		%	4.6	55.9		%	59.0		%	2.6	56.4		%
Prior year reserve development ratio	(1.0		%)	0.5	(1.5		%)	(1.1		%)	0.3	(1.4		%)
Net losses and loss expenses ratio	59.5		%	5.1	54.4		%	57.9		%	2.9	55.0		%
Acquisition cost ratio	20.1		%	1.2	18.9		%	19.9		%	0.9	19.0		%
Underwriting-related general and administrative expense ratio	10.4		%	(1.6)	12.0		%	10.3		%	(1.7)	12.0		%
Combined ratio	90.0		%	4.7	85.3		%	88.1		%	2.1	86.0		%

nm – not meaningful

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Gross Premiums Written

Gross premiums written by line of business were as follows:


	Three months ended June 30,									Six months ended June 30,
	2026				2025				% Change	2026				2025				% Change

Property	$	778,343	34	%	$	645,476	32	%	21%	$	1,391,823	32	%	$	1,140,894	31	%	22%
Professional lines	397,536		18	%	343,370		18	%	16%	742,917		18	%	600,529		17	%	24%
Liability	394,168		18	%	365,542		19	%	8%	731,841		17	%	669,300		19	%	9%
Cyber	130,381		6	%	136,562		7	%	(5%)	250,380		6	%	250,507		7	%	—%
Marine and aviation	276,473		12	%	224,393		12	%	23%	571,433		14	%	491,544		14	%	16%
Accident and health	147,342		7	%	126,985		7	%	16%	318,707		8	%	251,826		7	%	27%
Credit and political risk	103,904		5	%	90,107		5	%	15%	204,787		5	%	183,737		5	%	11%
Total	$	2,228,147	100	%	$	1,932,435	100	%	15%	$	4,211,888	100	%	$	3,588,337	100	%	17%

Gross premiums written for the three months ended June 30, 2026 increased by $296 million, or 15%, compared to the three months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. Our AXIS Capacity Solutions ("ACS") capability contributed approximately $165 million to the increase in gross premiums written in three months ended June 30, 2026, compared to the three months ended June 30, 2025.

The increases in property and professional lines were primarily attributable to new business.

The increase in professional lines was also driven by the timing of renewals of transactional liability business and higher renewals of design professional liability business.

The increase in marine and aviation lines was also due to a higher level of premiums related to marine war business.

Gross premiums written for the six months ended June 30, 2026 increased by $624 million, or 17%, compared to the six months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. In addition, our ACS capability contributed approximately $338 million to the increase in gross premiums written in six months ended June 30, 2026, compared to the six months ended June 30, 2025, including $61 million attributable to a discrete Funds at Lloyds ("FAL") transaction. The FAL transaction was written on a proportional basis therefore, annual estimated premium income was recognized at inception of the contract.

The increases in property, professional lines, accident and health, and liability lines were primarily attributable to new business.

The increase in professional lines was also driven by higher renewals of design professional liability business, together with the timing of renewals of transactional liability business.

The increase in marine and aviation lines was due to a higher level of premiums related to marine war business, premium adjustments related to marine specie business and higher renewals in offshore renewable energy and ocean marine business.

The increase in accident and health lines was also attributable to increased rate associated with renewed pet insurance business.

Ceded Premiums Written

Ceded premiums written for the three months ended June 30, 2026 was $857 million, or 39%, of gross premiums written, compared to $642 million, or 33%, of gross premiums written for the three months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 5% primarily due to an increased cession rate in property lines.

Ceded premiums written for the six months ended June 30, 2026 was $1,548 million, or 37%, of gross premiums written, compared to $1,253 million, or 35%, of gross premiums written for the six months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 2% primarily due to an increased cession rate in property lines, partially offset by decreased cession rates in liability, and accident and health lines.

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Net Premiums Earned

Net premiums earned by line of business were as follows:


	Three months ended June 30,									Six months ended June 30,
	2026				2025				% Change	2026				2025				% Change

Property	$	348,320	29	%	$	332,581	32	%	5%	$	706,098	30	%	$	650,915	32	%	8%
Professional lines	259,927		22	%	211,837		21	%	23%	510,811		22	%	414,479		20	%	23%
Liability	162,634		14	%	128,055		12	%	27%	315,738		14	%	246,207		12	%	28%
Cyber	70,056		6	%	79,165		8	%	(12%)	140,747		6	%	158,372		8	%	(11%)
Marine and aviation	194,331		16	%	154,643		15	%	26%	351,241		15	%	309,589		15	%	13%
Accident and health	100,927		9	%	80,360		8	%	26%	194,983		8	%	169,503		8	%	15%
Credit and political risk	50,965		4	%	46,320		4	%	10%	109,297		5	%	93,982		5	%	16%
Total	$	1,187,160	100	%	$	1,032,961	100	%	15%	$	2,328,915	100	%	$	2,043,047	100	%	14%

Net premiums earned for the three months ended June 30, 2026 increased by $154 million, or 15% ($147 million, or 14%, on a constant currency basis(1)), compared to the three months ended June 30, 2025, primarily driven by increases in professional lines, marine and aviation, and liability lines.

The increases in professional lines and marine and aviation lines were due to increases in gross premiums earned. The increase in liability lines was due to an increase in gross premiums earned, together with a decrease in ceded premiums earned attributable to the restructuring of an existing quota share treaty that increased our retention on this line of business.

Net premiums earned for the six months ended June 30, 2026 increased by $286 million, or 14%, compared to the six months ended June 30, 2025, primarily driven by increases in professional lines, liability, property, and marine and aviation lines.

The increase in property lines was due to an increase in gross premiums earned, partially offset by an increase in ceded premiums earned attributable to new quota share treaties and the restructuring of an existing quota share treaty that decreased our retentions on this line of business.

(1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance. The reconciliations to the most comparable GAAP financial measures are provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' and a discussion of the rationale for the presentation of these items is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'. Variances that are unchanged on a constant currency basis are omitted from the narrative.

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Loss Ratio

The components of the loss ratio were as follows:


	Three months ended June 30,					Six months ended June 30,
	2026		% Point Change	2025		2026		% Point Change	2025

Current accident year loss ratio	60.5	%	4.6	55.9	%	59.0	%	2.6	56.4	%
Prior year reserve development ratio	(1.0	%)	0.5	(1.5	%)	(1.1	%)	0.3	(1.4	%)
Loss ratio	59.5	%	5.1	54.4	%	57.9	%	2.9	55.0	%

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 60.5% for the three months ended June 30, 2026, from 55.9% for the three months ended June 30, 2025.

The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the three months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $78 million, or 6.5 points, including natural catastrophe losses of $49 million, or 4.1 points. The remaining losses of $29 million, or 2.4 points, were attributable to the Middle East conflict. Comparatively, during the three months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $36 million, or 3.6 points, primarily attributable to weather-related events.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 54.0% for the three months ended June 30, 2026, from 52.3% for the three months ended June 30, 2025, principally due an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.

The current accident year loss ratio increased to 59.0% for the six months ended June 30, 2026, from 56.4% for the six months ended June 30, 2025.

The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the six months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $125 million, or 5.4 points, including natural catastrophe losses of $81 million, or 3.6 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $44 million, or 1.8 points, were attributable to the Middle East conflict. Comparatively, during the six months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $84 million, or 4.1 points, including $31 million, or 1.5 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 53.6% for the six months ended June 30, 2026, from 52.3% for the six months ended June 30, 2025, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.

Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment and reserve class.

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Acquisition Cost Ratio

The acquisition cost ratio increased to 20.1% and 19.9% for the three and six months ended June 30, 2026, from 18.9% and 19.0% for the three and six months ended June 30, 2025, primarily related to an increase in gross variable acquisition costs in property lines. In addition, gross acquisition costs increased due to changes in business mix attributable to increases in pet insurance business written in accident and health lines, and program business written in property and professional lines, which are associated with relatively higher gross acquisition cost ratios. The acquisition cost ratio for the three months ended June 30, 2026 benefited from increases in ceding commission in accident and health, and cyber lines.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio decreased to 10.4% for the three months ended June 30, 2026, from 12.0% for the three months ended June 30, 2025, mainly driven by an increase in net premiums earned and fees related to opportunities associated with our ACS initiatives.

The underwriting-related general and administrative expense ratio decreased to 10.3% for the six months ended June 30, 2026, from 12.0% for the six months ended June 30, 2025, mainly driven by an increase in net premiums earned.

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Reinsurance Segment

Results from the reinsurance segment were as follows:


	Three months ended June 30,							Six months ended June 30,
	2026			% Change	2025			2026			% Change	2025

Revenues:
Gross premiums written	$	439,484		(25%)	$	583,536		$	1,553,709		(10%)	$	1,722,285
Net premiums written	234,489			(32%)	344,924			848,448			(19%)	1,050,383
Net premiums earned	331,824			(8%)	360,470			670,536			(3%)	691,204
Other insurance related income	5,334			(38%)	8,656			10,612			(12%)	12,078

Expenses:
Current accident year net losses and loss expenses	(229,232)				(244,997)			(458,531)				(472,793)
Prior year reserve development	2,984				5,013			5,988				8,972
Acquisition costs	(77,445)				(80,985)			(157,932)				(151,544)
Underwriting-related general and administrative expenses	(9,901)				(10,595)			(17,102)				(21,441)

Underwriting income	$	23,564			$	37,562		$	53,571			$	66,476
Ratios:				% Point Change							% Point Change
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.3		%	0.4	67.9		%	68.0		%	(0.2)	68.2		%
Catastrophe and weather-related losses ratio	0.8		%	0.7	0.1		%	0.4		%	0.2	0.2		%
Current accident year loss ratio	69.1		%	1.1	68.0		%	68.4		%	—	68.4		%
Prior year reserve development ratio	(0.9		%)	0.5	(1.4		%)	(0.9		%)	0.4	(1.3		%)
Net losses and loss expenses ratio	68.2		%	1.6	66.6		%	67.5		%	0.4	67.1		%
Acquisition cost ratio	23.3		%	0.8	22.5		%	23.6		%	1.7	21.9		%
Underwriting-related general and administrative expense ratio	3.0		%	0.1	2.9		%	2.5		%	(0.6)	3.1		%
Combined ratio	94.5		%	2.5	92.0		%	93.6		%	1.5	92.1		%

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Gross Premiums Written

Gross premiums written by line of business were as follows:


	Three months ended June 30,									Six months ended June 30,
	2026				2025				% Change	2026				2025				% Change

Liability	$	108,262	25	%	$	168,566	29	%	(36%)	$	271,368	17	%	$	421,637	24	%	(36%)
Professional lines	87,417		20	%	171,851		29	%	(49%)	265,370		17	%	360,296		21	%	(26%)
Motor	19,453		4	%	26,066		4	%	(25%)	106,765		7	%	150,445		9	%	(29%)
Accident and health	25,609		6	%	22,337		4	%	15%	321,900		21	%	303,692		18	%	6%
Credit and surety	119,947		27	%	116,290		20	%	3%	428,921		28	%	320,956		19	%	34%
Agriculture	56,396		12	%	55,256		9	%	2%	109,111		7	%	104,157		6	%	5%
Marine and aviation	20,687		5	%	18,871		3	%	10%	46,663		3	%	52,365		3	%	(11%)






Run-off lines(1)	1,713		1	%	4,299		2	%	(60%)	3,611		—	%	8,737		—	%	(59%)
Total	$	439,484	100	%	$	583,536	100	%	(25%)	$	1,553,709	100	%	$	1,722,285	100	%	(10%)

(1) Run-off lines include the catastrophe, property, and engineering lines of business.

Gross premiums written for the three months ended June 30, 2026, decreased by $144 million, or 25%, compared to the three months ended June 30, 2025 primarily attributable to non-renewals and decreased line sizes in professional lines and liability lines.

The decrease in professional lines was driven by to non-renewals of cyber business attributable to client retentions, together with decreased line sizes on several under-performing cyber contracts.

The decrease in liability lines was due to decreased line sizes and non-renewals primarily related to general liability business and the timing of renewals.

Gross premiums written for the six months ended June 30, 2026, decreased by $169 million, or 10% ($210 million, or 12%, on a constant currency basis), compared to the six months ended June 30, 2025 primarily attributable to non-renewals and decreased line sizes in liability, professional lines and motor lines, partially offset by increased line sizes and new business in credit and surety lines.

The decrease in liability lines was due to decreased line sizes and non-renewals primarily related to general liability business.

The decrease in professional lines was driven by non-renewals of cyber business attributable to client retentions and unfavorable market conditions, together with decreased line sizes on several under-performing cyber contracts.

The decrease in motor lines was due to decreased line sizes and non-renewals of non-proportional U.K. business associated with increased competition and unfavorable market conditions, partially offset by new non-U.K. proportional and non-proportional business.

The increase in credit and surety lines was driven by increased line sizes and new credit, surety and credit and political risk business.

Ceded Premiums Written

Ceded premiums written for the three months ended June 30, 2026, was $205 million, or 47%, of gross premiums written, compared to $239 million, or 41%, of gross premiums written for the three months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 6% primarily due to increased cession rates in professional lines and liability lines.

Ceded premiums written for the six months ended June 30, 2026, was $705 million, or 45%, of gross premiums written, compared to $672 million, or 39%, of gross premiums written for the six months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 6% primarily due to increased cession rates in professional lines, liability and motor lines.

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Net Premiums Earned

Net premiums earned by line of business were as follows:


	Three months ended June 30,									Six months ended June 30,
	2026				2025				% Change	2026				2025				% Change

Liability	$	65,514	20	%	$	80,684	22	%	(19%)	$	136,241	20	%	$	154,824	22	%	(12%)
Professional lines	42,929		12	%	51,829		14	%	(17%)	92,204		14	%	95,005		14	%	(3%)
Motor	24,145		7	%	32,255		9	%	(25%)	45,385		7	%	61,532		9	%	(26%)
Accident and health	74,209		22	%	81,110		23	%	(9%)	150,798		22	%	150,097		22	%	—%
Credit and surety	73,180		22	%	75,983		21	%	(4%)	148,117		22	%	139,021		20	%	7%
Agriculture	39,004		12	%	21,862		6	%	78%	71,492		11	%	53,946		8	%	33%
Marine and aviation	11,048		3	%	12,567		3	%	(12%)	23,185		3	%	28,267		4	%	(18%)






Run-off lines	1,795		2	%	4,180		2	%	(57%)	3,114		1	%	8,512		1	%	(63%)

Total	$	331,824	100	%	$	360,470	100	%	(8%)	$	670,536	100	%	$	691,204	100	%	(3%)

Net premiums earned for the three months ended June 30, 2026, decreased by $29 million, or 8% ($37 million, or 10%, on a constant currency basis), compared to the three months ended June 30, 2025 primarily driven by decreases in liability, professional lines, and motor lines, partially offset by an increase in agriculture lines.

The decreases in liability and professional lines were due to decreases in gross premiums earned. The decrease in motor lines was due to an increase in ceded premiums earned attributable to the restructuring of existing quota share treaties with strategic capital partners that decreased our retentions of these lines of business. The increase in agriculture lines was attributable to an increase in gross premiums earned.

Net premiums earned for the six months ended June 30, 2026, decreased by $21 million, or 3% ($36 million, or 5%, on a constant currency basis), compared to the six months ended June 30, 2025 primarily driven by decreases in liability and motor lines, partially offset by an increase in agriculture lines.

The decrease in liability lines was due to a decrease in gross premiums earned. The decrease in motor lines was due to a decrease in gross premiums earned and an increase in ceded premiums earned attributable to the restructuring of existing quota share treaties with strategic capital partners that decreased our retentions of these lines of business. The increase in agriculture lines was attributable to an increase in gross premiums earned.

Loss Ratio

The components of the loss ratio were as follows:


	Three months ended June 30,					Six months ended June 30,
	2026		% Point Change	2025		2026		% Point Change	2025

Current accident year loss ratio	69.1	%	1.1	68.0	%	68.4	%	—	68.4	%
Prior year reserve development ratio	(0.9	%)	0.5	(1.4	%)	(0.9	%)	0.4	(1.3	%)
Loss ratio	68.2	%	1.6	66.6	%	67.5	%	0.4	67.1	%

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 69.1% for the three months ended June 30, 2026, from 68.0% for the three months ended June 30, 2025. The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses.

During the three months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.8 points, attributable to the Middle East conflict. Comparatively, during the three months ended June 30, 2025, catastrophe and weather-related losses, were $0.2 million, or 0.1 point.

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Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 68.3% for the three months ended June 30, 2026, from 67.9% for the three months ended June 30, 2025, principally due to elevated loss experience associated with employer stop loss business in accident and health lines.

The current accident year loss ratio was 68.4% for the six months ended June 30, 2026 and June 30, 2025.

During the six months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.4 points, attributable to the Middle East conflict. Comparatively, during the six months ended June 30, 2025, catastrophe and weather-related losses, were $2 million, or 0.2 points, attributable to California Wildfires.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio of 68.0% for the six months ended June 30, 2026, was comparable to 68.2% for the six months ended June 30, 2025.

Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment and reserve class.

Acquisition Cost Ratio

The acquisition cost ratio increased to 23.3% for the three months ended June 30, 2026, from 22.5% for the three months ended June 30, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent periods, which is associated with a relatively higher acquisition cost ratio.

The acquisition cost ratio increased to 23.6% for the six months ended June 30, 2026, from 21.9% for the six months ended June 30, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent periods, which is associated with a relatively higher acquisition cost ratio.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio decreased to 2.5% for the six months ended June 30, 2026, from 3.1% for the six months ended June 30, 2025, mainly driven by an increase in fees related to arrangements with strategic capital partners.

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NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income

Net investment income from our cash and investment portfolio by major asset class was as follows:


	Three months ended June 30,							Six months ended June 30,
	2026			% Change	2025			2026			% Change	2025

Fixed maturities	$	163,304		9%	$	149,861		$	320,000		8%	$	296,572
Other investments	6,226			(66%)	18,479			23,931			(41%)	40,889
Equity securities	4,631			47%	3,155			8,782			38%	6,363
Mortgage loans	4,154			(30%)	5,956			8,319			(35%)	12,824
Cash and cash equivalents	10,655			(36%)	16,649			19,573			(61%)	50,028
Short-term investments	71			(87%)	541			203			(92%)	2,527
Gross investment income	189,041			(3%)	194,641			380,808			(7%)	409,203
Investment expense	(7,447)			1%	(7,344)			(14,475)			2%	(14,194)
Net investment income	$	181,594		(3%)	$	187,297		$	366,333		(7%)	$	395,009

Pre-tax yield:(1)
Fixed maturities	4.7		%		4.8		%	4.7		%		4.7		%

(1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances.

Fixed Maturities

Net investment income for the three and six months ended June 30, 2026 increased by $13 million, or 9%, and $23 million, or 8%, compared to the same periods in 2025, respectively, due to the increase in average fixed maturity assets and an increase in yields.

Other Investments

Net investment income from other investments was as follows:


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025

Multi-strategy, direct lending, private equity and real estate funds	$	4,078		$	12,431		$	20,223		$	27,601
Other privately held investments	2,148			6,048			3,708			12,704
CLO-Equities	—			—			—			584
Total net investment income from other investments	$	6,226		$	18,479		$	23,931		$	40,889

Pre-tax return on other investments(1)	0.6		%	2.0		%	2.3		%	4.4		%

(1)Pre-tax return on other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated.

Net investment income for the three months ended June 30, 2026 decreased by $12 million, or 66%, compared to the same period in 2025, attributable to lower returns from direct lending and real estate funds.

Net investment income for the six months ended June 30, 2026 decreased by $17 million, or 41%, compared to the same period in 2025, attributable to lower returns from other privately held investments and real estate funds.

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Mortgage Loans

Net investment income for the three and six months ended June 30, 2026 decreased by $2 million, or 30%, and $5 million, or 35%, compared to the same periods in 2025, respectively, related to loan repayments during the periods.

Cash and cash equivalents

Net investment income for the three and six months ended June 30, 2026 decreased by $6 million, or 36%, and $30 million, or 61%, compared to the same periods in 2025, respectively, due to lower average cash balances following premiums paid for the loss portfolio transfer reinsurance agreement transaction with Enstar that was completed in April 2025.

Net Investment Gains (Losses)

Net investment gains (losses) were as follows:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025

On sale of investments:
Fixed maturities, short-term investments, and cash and cash equivalents	$	(10,117)	$	(8,279)	$	(3,179)	$	(37,880)
Equity securities	(22)		1,313		11,438		28,510
Mortgage loans	(1,605)		—		(6,200)		—
	(11,744)		(6,966)		2,059		(9,370)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale	1,220		(859)		(62)		(1,104)
(Increase) decrease in allowance for expected credit losses, mortgage loans	1,351		(1,473)		1,784		(3,958)
Impairment losses (1)	(116)		(400)		(383)		(2,326)

Change in fair value of investment derivatives	34		(1,035)		180		(1,451)
Net unrealized gains (losses) on equity securities	55,990		54,201		15,936		31,671
Net investment gains (losses)	$	46,735	$	43,468	$	19,514	$	13,462

(1)Related to instances where we intend to sell securities, or it is more likely than not that we will be required to sell securities before their anticipated recovery.

On Sale of Investments and Net Unrealized Gains (Losses) on Equity Securities

Generally, sales of individual securities occur when there are changes in the relative value, credit quality, or duration of a particular issue. We may also sell securities to re-balance our investment portfolio in order to change exposure to particular asset classes or sectors.

Net investment gains for the three months ended June 30, 2026 were $47 million, compared to net investment gains of $43 million in the same period of 2025. Net investment gains reported in the three months ended June 30, 2026, mainly reflected net unrealized gains on equities, partially offset by net realized losses on the sale of U.S. government and corporate debt securities. Net investment gains reported for the three months ended June 30, 2025, mainly reflected net unrealized gains on equity securities, partially offset by net realized losses on the sale of corporate debt and Agency RMBS.

Net investment gains for the six months ended June 30, 2026 were $20 million, compared to net investment gains of $13 million in the same period of 2025. Net investment gains reported in the six months ended June 30, 2026, mainly reflected net unrealized gains on equities and net realized gains on the sale of equity securities, partially offset by net realized losses on the sale of corporate debt securities and mortgage loans. Net investment gains for the six months ended June 30, 2025, mainly reflected net unrealized gains on equity securities and net realized gains on the sale of equity securities, partially offset by net realized losses on the sale of corporate debt, Agency RMBS and U.S. government securities.

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Total Return

Total return on cash and investments was as follows:


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025

Net investment income	$	181,594		$	187,297		$	366,333		$	395,009
Net investment gains (losses)	46,735			43,468			19,514			13,462
Change in net unrealized gains (losses) on fixed maturities (1)	(8,309)			142,257			(167,552)			277,817
Interest in income of equity method investments	3,308			(705)			5,738			1,586
Total	$	223,328		$	372,317		$	224,033		$	687,874

Average cash and investments(2)	$	17,541,960		$	16,520,011		$	17,462,178		$	17,191,155

Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements	1.3		%	2.3		%	1.3		%	4.0		%
Excluding investment related foreign exchange movements(3)	1.3		%	1.7		%	1.4		%	3.2		%

(1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

(2)The average cash and investments balance is the average of the monthly fair value balances.

(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(3) million and $97 million for the three months ended June 30, 2026 and 2025, respectively, and foreign exchange (losses) gains of $(26) million and $144 million for the six months ended June 30, 2026 and 2025, respectively.

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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:


	Three months ended June 30,					Six months ended June 30,
	2026		% Change	2025		2026		% Change	2025

Corporate expenses	$	32,629	26%	$	25,837	$	63,571	17%	$	54,562
Foreign exchange losses (gains)	(2,344)		nm	94,885		(38,539)		nm	151,920
Interest expense and financing costs	16,838		2%	16,586		33,265		—%	33,158
Income tax expense	61,404		9%	56,199		117,211		17%	100,521
Total	$	108,527		$	193,507	$	175,508		$	340,161

nm – not meaningful

Corporate Expenses

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 a percentage of net premiums earned, corporate expenses for the three months ended June 30, 2026 and 2025, were 2.1% and 1.9%, respectively. As a percentage of net premiums earned, corporate expenses for the six months ended June 30, 2026 and 2025, were 2.1% and 2.0%, respectively.

Foreign Exchange Losses (Gains)

Foreign exchange gains for the three months ended June 30, 2026 of $2 million reflected the impact of the strengthening of the U.S. dollar against euro and Canadian dollar, partially offset by the weakening of the U.S. dollar against pound sterling. Foreign exchange gains for the six months ended June 30, 2026 of $39 million reflected the impact of the strengthening of the U.S. dollar against euro and Canadian dollar.

Foreign exchange losses for the three and six months ended June 30, 2025 of $95 million and $152 million, respectively, reflected the impact of the weakening of the U.S. dollar against euro, pound sterling and Canadian dollar.

Interest Expense and Financing Costs

Interest expense and financing costs are related to interest due on senior unsecured notes, junior subordinated notes and the Federal Home Loan advances ("FHLB advances") received in 2026 and 2025.

Income Tax Expense

Income tax expense primarily results from income in our global operations. Our effective tax rate which is calculated as income tax expense divided by income before tax including interest in income (loss) of equity method investments was 19.2% and 18.6%, for the three and six months ended June 30, 2026 and 20.1% and 19.4% for the three and six months ended June 30, 2025, respectively. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors.

The income tax expense for the three months ended June 30, 2026 of $61 million was principally due to pre-tax income in our U.S., U.K. and European operations. The income tax expense for the six months ended June 30, 2026 of $117 million was principally due to pre-tax income in our U.S., U.K., European and Bermuda operations. The income tax expense of $56 million and $101 million for the three and six months ended June 30, 2025 was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

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FINANCIAL MEASURES

We believe the following financial indicators are important in evaluating performance and measuring the overall growth in value generated for common shareholders:


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025

Annualized return on average common equity(1)	17.0		%	15.7		%	16.9		%	14.4		%
Annualized operating return on average common equity(2)	14.3		%	19.0		%	15.9		%	18.7		%

Book value per diluted common share(3)	$	80.67		$	70.34		$	80.67		$	70.34
Cash dividends declared per common share	$	0.44		$	0.44		$	0.88		$	0.88
Increase in book value per diluted common share adjusted for dividends	$	2.92		$	4.30		$	4.35		$	5.95

(1)Annualized return on average common equity ("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.

(2)Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, annualized ROACE, and a discussion of the rationale for its presentation is provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(3)Book value per diluted common share represents total common shareholders' equity divided by the number of diluted common share outstanding, determined using the treasury stock method.

Return on Average Common Equity and Operating Return on Average Common Equity

Our objective is to generate superior returns on capital that appropriately reward common shareholders for the risks we assume and to grow revenue only when we expect the returns will meet or exceed our requirements. We recognize that the nature of underwriting cycles and the frequency or severity of large loss events in any one year may challenge the ability to achieve a profitability target in any specific period.

ROACE reflects the impact of net income (loss) available (attributable) to common shareholders, including net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

The increase in ROACE for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, was primarily driven by net income available to common shareholders, partially offset by an increase in average common shareholders' equity.

The decrease in operating ROACE for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, was primarily driven by a decrease in operating income and an increase in average common shareholders' equity.

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Book Value per Diluted Common Share

We consider book value per diluted common share to be an appropriate measure of returns to common shareholders, as we believe growth in book value on a diluted basis will ultimately translate into appreciation of our stock price.

During the three and six months ended June 30, 2026, book value per diluted common share increased by 3.2% and 4.5%, respectively due to net income for the period, partially offset by common share repurchases, common share dividends declared and net unrealized investment losses recognized in accumulated other comprehensive income (loss).

During the three and six months ended June 30, 2025, book value per diluted common share increased by 5.8% and 7.8%, respectively due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.

Cash Dividends Declared per Common Share and Common Share Repurchases

We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-three consecutive years.

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NON-GAAP FINANCIAL MEASURES RECONCILIATION


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025


Net income available to common shareholders	$	250,532		$	215,795		$	497,734		$	402,302
Net investment gains	(46,735)			(43,468)			(19,514)			(13,462)
Foreign exchange losses (gains)	(2,344)			94,885			(38,539)			151,920
Reorganization expenses	5,546			—			28,715			—
Interest in income (loss) of equity method investments	(3,308)			705			(5,738)			(1,586)
Bermuda net deferred tax asset	—			3,384			—			3,384
Income tax expense (benefit)(1)	6,958			(9,997)			4,878			(19,440)
Operating income	$	210,649		$	261,304		$	467,536		$	523,118

Earnings per diluted common share	$	3.38		$	2.72		$	6.67		$	4.98
Net investment gains	(0.63)			(0.55)			(0.26)			(0.17)
Foreign exchange losses (gains)	(0.03)			1.20			(0.52)			1.88
Reorganization expenses	0.07			—			0.38			—
Interest in income (loss) of equity method investments	(0.04)			0.01			(0.08)			(0.02)
Bermuda net deferred tax asset	—			0.04			—			0.04
Income tax expense (benefit)	0.09			(0.13)			0.07			(0.24)
Operating income per diluted common share	$	2.84		$	3.29		$	6.26		$	6.47

Weighted average diluted common shares outstanding(2)	74,203			79,329			74,677			80,845

Average common shareholders' equity	$	5,891,923		$	5,488,599		$	5,879,823		$	5,581,889

Annualized return on average common equity	17.0		%	15.7		%	16.9		%	14.4		%


Annualized operating return on average common equity	14.3		%	19.0		%	15.9		%	18.7		%

(1)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.

(2)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.

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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 Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), 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"), amounts presented on a constant currency basis and pre-tax total return on average cash and investments excluding foreign exchange movements, which are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. 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 Item 8, Note 2 to the Consolidated Financial Statements 'Segment Information', 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 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

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 Item 8, Note 2 to the Consolidated Financial Statements 'Segment Information', 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).

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Reorganization expenses in 2026 primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership. 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 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

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 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

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 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

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,

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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).

Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense is not related to the underwriting process. Therefore, this expense 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 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, 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 above.

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 above to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively.

Constant Currency Basis

We present gross premiums written and net premiums earned on a constant currency basis in this MD&A. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums earned on a constant basis. The reconciliation to gross premiums written and net premiums earned on a GAAP basis is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment'.

Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements

Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investment gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Net Investment Income and Net Investment Gains (Losses)'.

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CASH AND INVESTMENTS

Details of cash and investments are as follows:


	June 30, 2026			December 31, 2025
		Fair Value		Fair Value

Fixed maturities, available for sale		$	13,828,314	$	13,018,027
Fixed maturities, held to maturity(1)		402,105		395,942
Equity securities		748,532		707,569
Mortgage loans		335,537		356,840
Other investments		1,062,933		1,027,798
Equity method investments		203,661		227,181
Short-term investments		2,828		20,298
Total investments		$	16,583,910	$	15,753,655

Cash and cash equivalents(2)		$	1,223,058	$	1,321,185

(1)Presented at net carrying value of $407 million (2025: $397 million) in the consolidated balance sheets.

(2)Includes restricted cash and cash equivalents of $443 million and $501 million at June 30, 2026 and at December 31, 2025, respectively.

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Overview

The fair value of total investments increased by $830 million in the six months ended June 30, 2026, driven by the reinvestment of interest income and cashflows from operations.

An analysis of our investment portfolio for significant asset classes is detailed below:

Fixed Maturities

Details of our fixed maturities portfolio are as follows:


	June 30, 2026				December 31, 2025
	Fair Value		% of Total		Fair Value		% of Total

Fixed maturities:
U.S. government and agency	$	2,387,374	17	%	$	2,417,901	18	%
Non-U.S. government	823,910		6	%	810,544		6	%
Corporate debt	5,742,492		40	%	5,365,509		41	%
Agency RMBS	2,422,949		17	%	2,035,352		15	%
CMBS	788,348		6	%	801,511		6	%
Non-agency RMBS	208,039		1	%	190,124		1	%
ABS	1,811,771		13	%	1,740,933		13	%
Municipals(1)	45,536		—	%	52,095		—	%
Total	$	14,230,419	100	%	$	13,413,969	100	%

Credit ratings:
U.S. government and agency	$	2,387,374	17	%	$	2,417,901	18	%
AAA(2)	2,615,261		18	%	2,577,512		19	%
AA	3,551,582		24	%	3,182,165		24	%
A	2,497,166		18	%	2,331,459		17	%
BBB	1,648,809		12	%	1,339,101		10	%
Below BBB(3)	1,530,227		11	%	1,565,831		12	%
Total	$	14,230,419	100	%	$	13,413,969	100	%

(1)Includes bonds issued by states, municipalities, and political subdivisions.

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

(3)Non-investment grade and non-rated securities.

At June 30, 2026, fixed maturities had a weighted average credit rating of A+ (2025: A+), a book yield of 4.8% (2025: 4.6%), and an average duration of 3.4 years (2025: 3.1 years).

At June 30, 2026, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $15.5 billion) had a weighted average credit rating of AA- (2025: AA-) and an average duration of 3.2 years (2025: 2.8 years).

At June 30, 2026, net unrealized losses on fixed maturities, available for sale were $88 million, compared to net unrealized gains of $80 million at December 31, 2025, a decrease of $168 million due to the decline in market values.

Equity Securities

At June 30, 2026, net unrealized gains on equity securities were $142 million, compared to $126 million at December 31, 2025, an increase of $16 million driven by the increase in market values, partially offset by net realized gains associated with sales in the period.

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Mortgage Loans

At June 30, 2026, investment in commercial mortgage loans was $336 million, compared to $357 million at December 31, 2025, a decrease of $21 million mainly driven by repayments of loans. The commercial mortgage loans are collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At June 30, 2026, the allowance for expected credit losses of $28 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:


	June 30, 2026				December 31, 2025
	Fair Value		% of Total		Fair Value		% of Total



Multi-strategy funds	$	6,963	1	%	$	11,577	1	%




Direct lending funds	194,209		18	%	186,747		18	%
Private equity funds	400,067		38	%	364,376		36	%
Real estate funds	278,438		26	%	291,491		28	%
Total multi-strategy, direct lending, private equity and real estate funds	879,677		83	%	854,191		83	%


Other privately held investments	183,256		17	%	173,607		17	%

Total other investments	$	1,062,933	100	%	$	1,027,798	100	%

Refer to Note 3 to the Consolidated Financial Statements 'Investments' for details on all other asset classes.

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LIQUIDITY AND CAPITAL RESOURCES

Refer to the 'Liquidity and Capital Resources' section included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for a general discussion of liquidity and capital resources.

The following table summarizes consolidated capital:


	June 30, 2026			December 31, 2025

Debt	$	1,317,502		$	1,316,710

Preferred shares	550,000			550,000
Common equity	5,953,210			5,806,435
Shareholders’ equity	6,503,210			6,356,435
Total capital	$	7,820,712		$	7,673,145

Ratio of debt to total capital	16.8		%	17.2		%

We finance our operations with a combination of debt and equity capital. The debt to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations.

Federal Home Loan Bank Advances

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").

At June 30, 2026, the companies had admitted assets of approximately $3.9 billion which provides borrowing capacity of up to approximately $981 million.

At June 30, 2026, the Company had borrowings under the FHLB program of $61 million with maturities in July and August 2026. The borrowings under the FHLB program are secured by cash and investments with a fair value of $66 million.

Refer to Note 11 to the Consolidated Financial Statements 'Federal Home Loan Advances'.

Letter of Credit Facility

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

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Common Equity

During the six months ended June 30, 2026, common equity increased by $147 million. The following table reconciles opening and closing common equity positions:


Six months ended June 30,	2026

Common equity - opening	$	5,806,435


Share-based compensation expense	29,041
Change in unrealized gains (losses) on available for sale investments, net of tax	(128,589)
Foreign currency translation adjustment	(7,645)
Net income	512,859
Preferred share dividends	(15,125)
Common share dividends	(66,092)
Treasury shares repurchased	(179,709)
Treasury shares reissued	2,035

Common equity - closing	$	5,953,210

During the six months ended June 30, 2026, we repurchased 1.8 million common shares for a total of $180 million, including $149 million repurchased pursuant to our Board-authorized share repurchase programs and $31 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units granted under our 2017 Long-Term Equity Compensation Plan.

On September 17, 2025, our Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At June 30, 2026, authorization under this plan was exhausted.

On February 26, 2026, our Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase programs supplements the existing share repurchase program, and is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At June 30, 2026, remaining authorization under this plan was $263 million (refer to Part II, Item 2 'Unregistered Sales of Equity Securities and Use of Proceeds' for further details).

We expect cash flows generated from operations, combined with liquidity provided by our investment portfolio, will be sufficient to cover cash outflows and other contractual commitments through the foreseeable future.

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CRITICAL ACCOUNTING ESTIMATES

The consolidated financial statements include certain amounts that are inherently uncertain and judgmental in nature. As a result, we are required to make assumptions and best estimates in order to determine the reported values. We consider an accounting estimate to be critical if: (1) it requires that significant assumptions be made in order to deal with uncertainties and (2) changes in the estimate could have a material impact on our results of operations, financial condition or liquidity.

We believe the material items requiring such subjective and complex estimates are:

•reserves for losses and loss expenses;

•reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses;

•gross premiums written and net premiums earned;

•fair value measurements of financial assets and liabilities; and

•the allowance for expected credit losses associated with fixed maturities, available for sale.

We believe that the critical accounting estimates discussion in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025, continues to describe the significant estimates and judgments included in the preparation of the consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS

At June 30, 2026, there were no recently issued accounting pronouncements that we have not yet adopted that we expect could have a material impact on our results of operations, financial condition or liquidity.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Refer to Item 7A included in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to this item since December 31, 2025, with the exception of the changes in exposure to foreign currency risk presented below.

Foreign Currency Risk

The table below provides a sensitivity analysis of total net foreign currency exposures:



	AUD			CAD			EUR			GBP			JPY			Other			Total

At June 30, 2026
Net managed assets (liabilities), excluding derivatives	$	92,211		$	425,626		$	(13,392)		$	83,658		$	(7,437)		$	225,090		$	805,756
Foreign currency derivatives, net	(63,519)			(356,841)			(1,940)			23,456			26,990			(214,250)			(586,104)
Net managed foreign currency exposure	28,692			68,785			(15,332)			107,114			19,553			10,840			219,652
Other net foreign currency exposure	—			311			271			177			—			1			760
Total net foreign currency exposure	$	28,692		$	69,096		$	(15,061)		$	107,291		$	19,553		$	10,841		$	220,412
Net foreign currency exposure as a percentage of total shareholders’ equity	0.4		%	1.1		%	(0.2		%)	1.6		%	0.3		%	0.2		%	3.4		%
Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1)	$	2,869		$	6,910		$	(1,506)		$	10,729		$	1,955		$	1,084		$	22,041

(1)Assumes 10% appreciation in underlying currencies relative to the U.S. dollar.

Total Net Foreign Currency Exposure

At June 30, 2026, total net foreign currency assets were $220 million primarily driven by exposures to the pound sterling, Canadian dollar, Australian dollar and Japanese yen. During the six months ended June 30, 2026, the change in total net foreign currency exposure was primarily due to new business written in the period.

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ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) at June 30, 2026. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that, at June 30, 2026, the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and is accumulated and communicated to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of changes in the Company’s internal control over financial reporting that occurred during the three months ended June 30, 2026.

Based upon that evaluation, there were no changes in the Company's internal control over financial reporting that occurred during the three months ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against us in the ordinary course of our insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in our consolidated balance sheets.

We are not party to any material legal proceedings arising outside the ordinary course of business.

ITEM 1A. RISK FACTORS

There were no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table shows information regarding the number of common shares repurchased in the quarter ended June 30, 2026:


Period	Total number of shares purchased (a) (b)	Average price paid per share	Total number of shares purchased as part of publicly announced programs (a)	Maximum number (or approximate dollar value) of shares that may yet be purchased under the announced programs (c) (d)

April 1-30, 2026	341	$100.64	313	$321 million
May 1-31, 2026	229	$99.57	225	$298 million
June 1-30, 2026	408	$98.97	355	$263 million
Total	978		893	$263 million

(a) In thousands.

(b) Includes shares repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units under our 2017 Long-Term Equity Compensation Plans.

(c) On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At June 30, 2026, authorization under this plan was exhausted.

(d) On February 26, 2026, the Company's Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase programs supplements the existing share repurchase program, and is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.

ITEM 5. OTHER INFORMATION

Disclosure of Certain Activities Under Section 13(r) of the Securities Exchange Act of 1934

Section 13(r) of the Securities Exchange Act of 1934, as amended, requires issuers to disclose in their annual and quarterly reports whether they or any of their affiliates knowingly engaged in certain activities with Iran or with individuals or entities that are subject to certain sanctions under U.S. law. Issuers are required to provide this disclosure even where the activities, transactions or dealings are conducted outside of the U.S. in compliance with applicable law.

As and when allowed by the applicable law and regulations, certain of our non-U.S. subsidiaries provide treaty reinsurance coverage to non-U.S. insurers on a worldwide basis, including insurers of liability, marine, aviation and energy risks, and as a result, these underlying insurance and reinsurance portfolios may have some exposure to Iran. In addition, we provide insurance and facultative reinsurance on a global basis to non-U.S. insureds and insurers, including for liability, marine, aviation and energy risks. Coverage provided to non-Iranian business may indirectly cover an exposure in Iran. For example, certain of our operations underwrite global marine hull war and cargo policies that provide coverage for vessels navigating into and out of ports worldwide, including Iran. For the quarter ended June 30, 2026, there has been no material amount of premium allocated or apportioned to activities relating to Iran. We intend for our non-U.S. subsidiaries to continue to provide such coverage only to the extent permitted by applicable law.

Insider Trading Arrangements and Policies

During the three months ended June 30, 2026, no director or officer of the Company adopted, terminated or is currently party to a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS


3.1			Certificate of Incorporation and Memorandum of Association (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1(Amendment No. 1) (No. 333-103620) filed on April 16, 2003).
3.2			Amended and Restated Bye-Laws (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-8 filed on May 15, 2009).
4.1			Specimen Common Share Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) (No. 333-103620) filed on June 10, 2003).
4.2			Certificate of Designations establishing the specific rights, preferences, limitations and other terms of the Series E Preferred Shares (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 7, 2016).








†31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

†31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
†32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
†32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
†101			The following financial information from AXIS Capital Holdings Limited’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 formatted in Inline XBRL: (i) Consolidated Balance Sheets at June 30, 2026 and December 31, 2025; (ii) Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025; (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025; (iv) Consolidated Statements of Changes in Shareholders' Equity for the six months ended June 30, 2026 and 2025; (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail.
†104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

† Filed herewith.

* Management contract, compensatory plan or arrangement.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: July 28, 2026


AXIS CAPITAL HOLDINGS LIMITED
By:			/S/ VINCENT TIZZIO
			Vincent Tizzio
			President and Chief Executive Officer
			(Principal Executive Officer)

			/S/ MATTHEW KIRK
			Matthew Kirk
			Chief Financial Officer
			(Principal Financial Officer)