Document

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2026

AXIS Capital Holdings Limited

29 Richmond Road

Pembroke HM 08 Bermuda

Contact Information:

Cliff Gallant

Investor Contact

(415) 262-6843

investorrelations@axiscapital.com

Website Information:

www.axiscapital.com

This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS


			Page(s)
Basis of Presentation			1
I. Financial Highlights			2
II. Income Statements
a. Consolidated Statement of Operations and Key Ratios			3 - 4
b. Consolidated Data			5
c. Consolidated Segment Data			6
d .Gross Premiums Written by Segment by Line of Business			7

e. Segment Data			8 - 9
f. Net Investment Income			10
III. Balance Sheets
a. Consolidated Balance Sheets			11
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio			12
• Cash and Invested Assets Composition			13

IV. Losses Reserve Analysis
a. Paid to Incurred Analysis			14
b. Paid to Incurred Analysis by Segment			15
V. Share Analysis

a. Book Value Per Diluted Common Share, Tangible Book Value Per Diluted Common Share and Book Value Per Diluted Common Share, Excluding Accumulated Other Comprehensive Income (Loss) ("AOCI ")			16
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity			17
b. Rationale for the Use of Non-GAAP Financial Measures			18 - 20

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.

DEFINITIONS AND PRESENTATION

•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2025 and consolidated statement of operations for the year ended December 31, 2025.

•Amounts may not reconcile due to rounding differences.

•Unless otherwise noted, all data is in thousands, except for ratio information.

•NM - Not meaningful is defined as a variance greater than +/- 100%; NA - Not applicable

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

Forward-looking statements made in this document, such as those related to our performance, pricing, growth prospects, 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 impact of 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 pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.

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

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

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

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

Taxation Risk: changes in tax laws.

Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov.

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended September 30,									Nine months ended September 30,
		2026			2025			Change			2026			2025			Change

HIGHLIGHTS	Gross premiums written	$	2,358,643		$	2,124,184		11.0	%		$	8,124,240		$	7,434,807		9.3	%
	Gross premiums written - Insurance	80.9		%	79.6		%	1.3		pts	75.3		%	71.0		%	4.3		pts
	Gross premiums written - Reinsurance	19.1		%	20.4		%	(1.3)		pts	24.7		%	29.0		%	(4.3)		pts
	Net premiums written	$	1,484,649		$	1,352,989		9.7	%		$	4,997,483		$	4,738,463		5.5	%
	Net premiums earned	$	1,619,334		$	1,451,883		11.5	%		$	4,618,785		$	4,186,133		10.3	%
	Net premiums earned - Insurance	80.3		%	74.8		%	5.5		pts	78.6		%	74.7		%	3.9		pts
	Net premiums earned - Reinsurance	19.7		%	25.2		%	(5.5)		pts	21.4		%	25.3		%	(3.9)		pts
	Net income available to common shareholders	$	201,515		$	294,301		(31.5	%)		$	699,247		$	696,601		0.4	%
	Operating income [a]	$	229,203		$	255,275		(10.2	%)		$	696,739		$	774,665		(10.1	%)
	Annualized return on average common equity [b]	13.8		%	20.6		%	(6.8)		pts	16.1		%	16.4		%	(0.3)		pts
	Annualized operating return on average common equity [c]	15.7		%	17.8		%	(2.1)		pts	16.1		%	18.2		%	(2.1)		pts
	Total common shareholders’ equity	$	5,749,455		$	5,817,009		(1.2	%)		$	5,749,455		$	5,817,009		(1.2	%)


PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$2.75			$3.74			(26.5	%)		$9.42			$8.70			8.3	%
	Operating income per diluted common share [d]	$3.12			$3.25			(4.0	%)		$9.39			$9.67			(2.9	%)
	Weighted average diluted common shares outstanding	73,373			78,601			(6.7	%)		74,238			80,090			(7.3	%)
	Book value per common share	$79.76			$75.51			5.6	%		$79.76			$75.51			5.6	%
	Book value per diluted common share (treasury stock method)	$79.06			$73.82			7.1	%		$79.06			$73.82			7.1	%
	Tangible book value per diluted common share (treasury stock method) [a]	$76.59			$71.42			7.2	%		$76.59			$71.42			7.2	%
	Book value per diluted common share, excluding accumulated other comprehensive income (loss) ("AOCI") [a]	$84.33			$73.69			14.4	%		$84.33			$73.69			14.4	%


FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses [a], [e]	57.0		%	56.3		%	0.7		pts	56.9		%	56.3		%	0.6		pts
	Catastrophe and weather-related losses ratio [a]	4.6		%	3.0		%	1.6		pts	4.4		%	3.1		%	1.3		pts
	Current accident year loss ratio [a]	61.6		%	59.3		%	2.3		pts	61.3		%	59.4		%	1.9		pts
	Prior year reserve development ratio	(0.9		%)	(1.3		%)	0.4		pts	(1.0		%)	(1.4		%)	0.4		pts
	Net losses and loss expenses ratio	60.7		%	58.0		%	2.7		pts	60.3		%	58.0		%	2.3		pts
	Acquisition cost ratio	22.5		%	19.7		%	2.8		pts	21.3		%	19.7		%	1.6		pts
	General and administrative expense ratio [f]	10.8		%	11.7		%	(0.9)		pts	10.7		%	11.8		%	(1.1)		pts
	Combined ratio	94.0		%	89.4		%	4.6		pts	92.3		%	89.5		%	2.8		pts


INVESTMENT DATA	Total assets	$	36,481,066		$	34,517,632		5.7	%		$	36,481,066		$	34,517,632		5.7	%
	Total cash and invested assets [g]	$	18,035,262		$	16,840,396		7.1	%		$	18,035,262		$	16,840,396		7.1	%
	Net investment income	$	211,367		$	184,903		14.3	%		$	577,699		$	579,911		(0.4	%)
	Net investment gains (losses)	$	(46,506)		$	30,905		nm			$	(26,993)		$	44,365		nm
	Book yield of fixed maturities	4.9		%	4.6		%	0.3		pts	4.9		%	4.6		%	0.3		pts

*nm - not meaningful

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

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

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

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

[e] The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY



	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
REVENUES






Net premiums earned	$	1,619,334		$	1,518,984		$	1,480,466		$	1,528,475		$	1,451,883
Net investment income	211,367			181,594			184,740			186,992			184,903
Net investment gains (losses)	(46,506)			46,735			(27,224)			14,584			30,905
Other insurance related income	5,738			5,601			5,649			4,383			6,593
Total revenues	1,789,933			1,752,914			1,643,631			1,734,434			1,674,284

EXPENSES
Net losses and loss expenses	982,590			933,130			867,283			859,427			841,435
Acquisition costs	364,301			316,268			304,255			310,375			285,618
General and administrative expenses	174,570			164,889			158,156			212,054			171,637
Foreign exchange losses (gains)	(10,041)			(2,344)			(36,196)			3,555			(13,492)
Interest expense and financing costs	16,680			16,838			16,426			16,844			16,657
Reorganization expenses	—			5,546			23,168			—			—
Amortization of intangible assets	5,726			2,396			2,396			2,396			2,396
Total expenses	1,533,826			1,436,723			1,335,488			1,404,651			1,304,251

















INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	256,107			316,191			308,143			329,783			370,033
Income tax expense	(49,424)			(61,404)			(55,806)			(45,959)			(70,252)
Interest in income of equity method investments	2,395			3,308			2,430			5,783			2,083
NET INCOME	209,078			258,095			254,767			289,607			301,864
Preferred share dividends	7,563			7,563			7,563			7,563			7,563
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	201,515		$	250,532		$	247,204		$	282,044		$	294,301

KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding	72,671			73,549			74,095			75,686			77,619
Dilutive share equivalents:
Share-based compensation plans	702			654			1,058			1,139			982
Weighted average diluted common shares outstanding	73,373			74,203			75,153			76,825			78,601

Earnings per common share	$	2.77		$	3.41		$	3.34		$	3.73		$	3.79
Earnings per diluted common share	$	2.75		$	3.38		$	3.29		$	3.67		$	3.74

Annualized ROACE	13.8		%	17.0		%	17.0		%	19.4		%	20.6		%
Annualized operating ROACE	15.7		%	14.3		%	17.7		%	17.2		%	17.8		%

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025


			Nine months ended September 30,
			2026					2025

REVENUES
Net premiums earned	$	4,618,785				$	4,186,133
Net investment income	577,699					579,911
Net investment gains (losses)	(26,993)					44,365
Other insurance related income	16,988					18,835
Total revenues			5,186,479					4,829,244

EXPENSES
Net losses and loss expenses	2,783,003					2,429,114
Acquisition costs	984,825					826,094
General and administrative expenses	497,616					491,878
Foreign exchange losses (gains)	(48,580)					138,428
Interest expense and financing costs	49,945					49,816
Reorganization expenses	28,715					—
Amortization of intangible assets	10,518					7,521
Total expenses			4,306,042					3,942,851

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS			880,437					886,393
Income tax expense	(166,635)					(170,773)
Interest in income of equity method investments	8,133					3,669
NET INCOME			721,935					719,289
Preferred share dividends	22,688					22,688
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			$	699,247				$	696,601

KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding			73,433					79,037
Dilutive share equivalents:
Share-based compensation plans			805					1,053
Weighted average diluted common shares outstanding			74,238					80,090

Earnings per common share			$9.52					$8.81
Earnings per diluted common share			$9.42					$8.70

Annualized ROACE			16.1		%			16.4		%
Annualized operating ROACE			16.1		%			18.2		%

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


											Nine months ended September 30,				Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		2026		2025		2025
UNDERWRITING REVENUES
Gross premiums written	$	2,358,643	$	2,667,631	$	3,097,967	$	2,209,707	$	2,124,184	$	8,124,240	$	7,434,807	$	9,644,514
Ceded premiums written	(873,994)		(1,061,833)		(1,190,931)		(826,514)		(771,195)		(3,126,757)		(2,696,344)		(3,522,858)
Net premiums written	1,484,649		1,605,798		1,907,036		1,383,193		1,352,989		4,997,483		4,738,463		6,121,656

Gross premiums earned	2,566,454		2,420,835		2,357,298		2,381,138		2,280,608		7,344,586		6,657,023		9,038,161
Ceded premiums earned	(947,120)		(901,851)		(876,832)		(852,663)		(828,725)		(2,725,801)		(2,470,890)		(3,323,552)
Net premiums earned	1,619,334		1,518,984		1,480,466		1,528,475		1,451,883		4,618,785		4,186,133		5,714,609
Other insurance related income	5,738		5,601		5,649		4,383		6,593		16,988		18,835		23,216
Total underwriting revenues	1,625,072		1,524,585		1,486,115		1,532,858		1,458,476		4,635,773		4,204,968		5,737,825

UNDERWRITING EXPENSES
Net losses and loss expenses	982,590		933,130		867,283		859,427		841,435		2,783,003		2,429,114		3,288,541
Acquisition costs	364,301		316,268		304,255		310,375		285,618		984,825		826,094		1,136,469
Underwriting-related general and administrative expenses [a]	144,482		132,260		127,214		178,879		143,111		403,957		408,790		587,669
Total underwriting expenses	1,491,373		1,381,658		1,298,752		1,348,681		1,270,164		4,171,785		3,663,998		5,012,679
UNDERWRITING INCOME [b]	$	133,699	$	142,927	$	187,363	$	184,177	$	188,312	$	463,988	$	540,970	$	725,146

OTHER (EXPENSES) REVENUES
Net investment income	211,367		181,594		184,740		186,992		184,903		577,699		579,911		766,903
Net investment gains (losses)	(46,506)		46,735		(27,224)		14,584		30,905		(26,993)		44,365		58,950
Corporate expenses [a]	(30,088)		(32,629)		(30,942)		(33,175)		(28,526)		(93,659)		(83,088)		(116,262)
Foreign exchange (losses) gains	10,041		2,344		36,196		(3,555)		13,492		48,580		(138,428)		(141,983)
Interest expense and financing costs	(16,680)		(16,838)		(16,426)		(16,844)		(16,657)		(49,945)		(49,816)		(66,659)
Reorganization expenses	—		(5,546)		(23,168)		—		—		(28,715)		—		—
Amortization of intangible assets	(5,726)		(2,396)		(2,396)		(2,396)		(2,396)		(10,518)		(7,521)		(9,917)
Total other (expenses) revenues	122,408		173,264		120,780		145,606		181,721		416,449		345,423		491,032
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	256,107		316,191		308,143		329,783		370,033		880,437		886,393		1,216,178
Income tax expense	(49,424)		(61,404)		(55,806)		(45,959)		(70,252)		(166,635)		(170,773)		(216,732)
Interest in income of equity method investments	2,395		3,308		2,430		5,783		2,083		8,133		3,669		9,452
NET INCOME	209,078		258,095		254,767		289,607		301,864		721,935		719,289		1,008,898
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(22,688)		(22,688)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	201,515	$	250,532	$	247,204	$	282,044	$	294,301	$	699,247	$	696,601	$	978,648

Catastrophe and weather-related losses, net of reinstatement premiums	$	74,508	$	80,334	$	47,800	$	29,855	$	43,659	$	202,641	$	129,355	$	159,210
Net favorable prior year reserve development	$	14,843	$	14,836	$	18,062	$	29,852	$	18,946	$	47,741	$	57,112	$	86,963

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	57.0%		57.1%		56.6%		56.2%		56.3%		56.9%		56.3%		56.3%
Catastrophe and weather-related losses ratio	4.6%		5.3%		3.2%		2.0%		3.0%		4.4%		3.1%		2.8%
Current accident year loss ratio	61.6%		62.4%		59.8%		58.2%		59.3%		61.3%		59.4%		59.1%
Prior year reserve development ratio	(0.9%)		(1.0%)		(1.2%)		(2.0%)		(1.3%)		(1.0%)		(1.4%)		(1.6%)
Net losses and loss expenses ratio	60.7%		61.4%		58.6%		56.2%		58.0%		60.3%		58.0%		57.5%
Acquisition cost ratio	22.5%		20.8%		20.5%		20.3%		19.7%		21.3%		19.7%		19.9%
General and administrative expenses ratio [c]	10.8%		10.9%		10.7%		13.9%		11.7%		10.7%		11.8%		12.4%
Combined ratio	94.0%		93.1%		89.8%		90.4%		89.4%		92.3%		89.5%		89.8%

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Three months ended September 30, 2026									Nine months ended September 30, 2026
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,909,181		$	449,462		$	2,358,643		$	6,121,070		$	2,003,170		$	8,124,240
Ceded premiums written	(680,427)			(193,567)			(873,994)			(2,227,930)			(898,827)			(3,126,757)
Net premiums written	1,228,754			255,895			1,484,649			3,893,140			1,104,343			4,997,483

Gross premiums earned	2,013,223			553,231			2,566,454			5,637,579			1,707,007			7,344,586
Ceded premiums earned	(713,038)			(234,082)			(947,120)			(2,008,480)			(717,321)			(2,725,801)
Net premiums earned	1,300,185			319,149			1,619,334			3,629,099			989,686			4,618,785
Other insurance related income	319			5,420			5,738			955			16,033			16,988
Total underwriting revenues	1,300,504			324,569			1,625,072			3,630,054			1,005,719			4,635,773

UNDERWRITING EXPENSES
Net losses and loss expenses	767,584			215,006			982,590			2,115,454			667,549			2,783,003
Acquisition costs	294,087			70,214			364,301			756,679			228,146			984,825
Underwriting-related general and administrative expenses	134,894			9,588			144,482			377,267			26,690			403,957
Total underwriting expenses	1,196,565			294,808			1,491,373			3,249,400			922,385			4,171,785

UNDERWRITING INCOME	$	103,939		$	29,761		$	133,699		$	380,654		$	83,334		$	463,988

Catastrophe and weather-related losses, net of reinstatement premiums	$	74,508		$	—		$	74,508		$	199,916		$	2,725		$	202,641
Net favorable prior year reserve development	$	11,845		$	2,998		$	14,843		$	38,755		$	8,986		$	47,741

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.2		%	68.3		%	57.0		%	53.9		%	68.1		%	56.9		%
Catastrophe and weather-related losses ratio	5.7		%	—		%	4.6		%	5.5		%	0.3		%	4.4		%
Current accident year loss ratio	59.9		%	68.3		%	61.6		%	59.4		%	68.4		%	61.3		%
Prior year reserve development ratio	(0.9		%)	(0.9		%)	(0.9		%)	(1.1		%)	(0.9		%)	(1.0		%)
Net losses and loss expenses ratio	59.0		%	67.4		%	60.7		%	58.3		%	67.5		%	60.3		%
Acquisition cost ratio	22.6		%	22.0		%	22.5		%	20.9		%	23.1		%	21.3		%
Underwriting-related general and administrative expense ratio	10.4		%	3.0		%	8.9		%	10.3		%	2.6		%	8.7		%
Corporate expense ratio							1.9		%							2.0		%
Combined ratio	92.0		%	92.4		%	94.0		%	89.5		%	93.2		%	92.3		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


											Nine months ended September 30,				Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		2026		2025			2025

INSURANCE SEGMENT
Property	$	521,142	$	778,343	$	613,480	$	557,230	$	468,098	$	1,912,964	$	1,608,992		$	2,166,222
Professional Lines	391,106		397,536		345,381		404,835		337,888		1,134,024		938,417			1,343,252
Liability	340,243		394,168		337,674		351,489		345,455		1,072,084		1,014,756			1,366,245
Cyber	110,528		130,381		119,999		119,693		103,404		360,908		353,911			473,604
Marine and Aviation	255,277		276,473		294,960		198,739		190,321		826,710		681,865			880,604
Accident and Health	194,654		147,342		171,365		151,078		161,470		513,362		413,296			564,374
Credit and Political Risk	96,231		103,904		100,883		115,922		85,246		301,018		268,983			384,905
TOTAL INSURANCE SEGMENT	$	1,909,181	$	2,228,147	$	1,983,742	$	1,898,986	$	1,691,882	$	6,121,070	$	5,280,220		$	7,179,206

REINSURANCE SEGMENT
Liability	$	116,356	$	108,262	$	163,106	$	91,530	$	154,460	$	387,724	$	576,096		$	667,626
Professional Lines	24,781		87,417		177,953		16,403		38,567		290,151		398,863			415,266
Motor	49,510		19,453		87,312		70,332		47,303		156,276		197,749			268,080
Accident and Health	34,201		25,609		296,290		44,275		18,192		356,101		321,884			366,159
Credit and Surety	101,675		119,947		308,973		80,634		108,505		530,595		429,460			510,094
Agriculture	112,301		56,396		52,715		1,290		55,704		221,412		159,860			161,151
Marine and Aviation	8,021		20,687		25,978		3,903		8,602		54,683		60,968			64,870






Run-off lines [a]	2,617		1,713		1,898		2,354		969		6,228		9,707			12,062
TOTAL REINSURANCE SEGMENT	$	449,462	$	439,484	$	1,114,225	$	310,721	$	432,302	$	2,003,170	$	2,154,587		$	2,465,308

CONSOLIDATED TOTAL	$	2,358,643	$	2,667,631	$	3,097,967	$	2,209,707	$	2,124,184	$	8,124,240	$	7,434,807		$	9,644,514

[a] Run-off lines include the catastrophe, property, and engineering lines of business.

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA


																Nine months ended September 30,						Year ended December 31,
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025			2026			2025				2025
UNDERWRITING REVENUES
Gross premiums written	$	1,909,181		$	2,228,147		$	1,983,742		$	1,898,986		$	1,691,882		$	6,121,070		$	5,280,220			$	7,179,206
Ceded premiums written	(680,427)			(856,838)			(690,665)			(691,799)			(606,935)			(2,227,930)			(1,860,182)				(2,551,982)
Net premiums written	1,228,754			1,371,309			1,293,077			1,207,187			1,084,947			3,893,140			3,420,038				4,627,224

Gross premiums earned	2,013,223			1,849,390			1,774,966			1,787,562			1,690,735			5,637,579			4,922,681				6,710,242
Ceded premiums earned	(713,038)			(662,230)			(633,213)			(624,736)			(605,123)			(2,008,480)			(1,794,023)				(2,418,757)
Net premiums earned	1,300,185			1,187,160			1,141,753			1,162,826			1,085,612			3,629,099			3,128,658				4,291,485
Other insurance related income	319			266			370			254			261			955			424				677
Total underwriting revenues	1,300,504			1,187,426			1,142,123			1,163,080			1,085,873			3,630,054			3,129,082				4,292,162

UNDERWRITING EXPENSES
Net losses and loss expenses	767,584			706,882			640,988			617,562			595,807			2,115,454			1,719,666				2,337,227
Acquisition costs	294,087			238,823			223,769			225,952			205,440			756,679			594,372				820,324
Underwriting-related general and administrative expenses	134,894			122,359			120,013			161,994			131,326			377,267			375,564				537,558
Total underwriting expenses	1,196,565			1,068,064			984,770			1,005,508			932,573			3,249,400			2,689,602				3,695,109

UNDERWRITING INCOME	$	103,939		$	119,362		$	157,353		$	157,572		$	153,300		$	380,654		$	439,480			$	597,053

Catastrophe and weather-related losses, net of reinstatement premiums	$	74,508		$	77,676		$	47,732		$	29,755		$	42,689		$	199,916		$	126,659			$	156,414
Net favorable prior year reserve development	$	11,845		$	11,852		$	15,059		$	22,939		$	14,843		$	38,755		$	44,036			$	66,975

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.2		%	54.0		%	53.3		%	52.5		%	52.3		%	53.9		%	52.3		%		52.4		%
Catastrophe and weather-related losses ratio	5.7		%	6.5		%	4.2		%	2.6		%	3.9		%	5.5		%	4.1		%		3.6		%
Current accident year loss ratio	59.9		%	60.5		%	57.5		%	55.1		%	56.2		%	59.4		%	56.4		%		56.0		%
Prior year reserve development ratio	(0.9		%)	(1.0		%)	(1.4		%)	(2.0		%)	(1.3		%)	(1.1		%)	(1.4		%)		(1.5		%)
Net losses and loss expenses ratio	59.0		%	59.5		%	56.1		%	53.1		%	54.9		%	58.3		%	55.0		%		54.5		%
Acquisition cost ratio	22.6		%	20.1		%	19.6		%	19.4		%	18.9		%	20.9		%	19.0		%		19.1		%
Underwriting-related general and administrative expenses ratio	10.4		%	10.4		%	10.6		%	14.0		%	12.1		%	10.3		%	12.0		%		12.5		%
Combined ratio	92.0		%	90.0		%	86.3		%	86.5		%	85.9		%	89.5		%	86.0		%		86.1		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																Nine months ended September 30,						Year ended December 31,
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025			2026			2025			2025
UNDERWRITING REVENUES
Gross premiums written	$	449,462		$	439,484		$	1,114,225		$	310,721		$	432,302		$	2,003,170		$	2,154,587		$	2,465,308
Ceded premiums written	(193,567)			(204,995)			(500,266)			(134,715)			(164,260)			(898,827)			(836,162)			(970,876)
Net premiums written	255,895			234,489			613,959			176,006			268,042			1,104,343			1,318,425			1,494,432

Gross premiums earned	553,231			571,445			582,332			593,576			589,873			1,707,007			1,734,342			2,327,919
Ceded premiums earned	(234,082)			(239,621)			(243,619)			(227,927)			(223,602)			(717,321)			(676,867)			(904,795)
Net premiums earned	319,149			331,824			338,713			365,649			366,271			989,686			1,057,475			1,423,124
Other insurance related income	5,420			5,334			5,279			4,129			6,332			16,033			18,411			22,539
Total underwriting revenues	324,569			337,158			343,992			369,778			372,603			1,005,719			1,075,886			1,445,663

UNDERWRITING EXPENSES
Net losses and loss expenses	215,006			226,248			226,295			241,865			245,628			667,549			709,448			951,314
Acquisition costs	70,214			77,445			80,486			84,423			80,178			228,146			231,722			316,145
Underwriting-related general and administrative expenses	9,588			9,901			7,201			16,885			11,785			26,690			33,226			50,111
Total underwriting expenses	294,808			313,594			313,982			343,173			337,591			922,385			974,396			1,317,570

UNDERWRITING INCOME	$	29,761		$	23,564		$	30,010		$	26,605		$	35,012		$	83,334		$	101,490		$	128,093

Catastrophe and weather-related losses, net of reinstatement premiums	$	—		$	2,658		$	68		$	100		$	970		$	2,725		$	2,696		$	2,796
Net favorable prior year reserve development	$	2,998		$	2,984		$	3,003		$	6,913		$	4,103		$	8,986		$	13,076		$	19,988

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.3		%	68.3		%	67.7		%	68.0		%	67.9		%	68.1		%	68.1		%	68.1		%
Catastrophe and weather-related losses ratio	—		%	0.8		%	—		%	—		%	0.3		%	0.3		%	0.2		%	0.2		%
Current accident year loss ratio	68.3		%	69.1		%	67.7		%	68.0		%	68.2		%	68.4		%	68.3		%	68.3		%
Prior year reserve development ratio	(0.9		%)	(0.9		%)	(0.9		%)	(1.9		%)	(1.1		%)	(0.9		%)	(1.2		%)	(1.5		%)
Net losses and loss expenses ratio	67.4		%	68.2		%	66.8		%	66.1		%	67.1		%	67.5		%	67.1		%	66.8		%
Acquisition cost ratio	22.0		%	23.3		%	23.8		%	23.1		%	21.9		%	23.1		%	21.9		%	22.2		%
Underwriting-related general and administrative expense ratio	3.0		%	3.0		%	2.1		%	4.7		%	3.2		%	2.6		%	3.1		%	3.6		%
Combined ratio	92.4		%	94.5		%	92.7		%	93.9		%	92.2		%	93.2		%	92.1		%	92.6		%

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


											Nine months ended September 30,			Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025			2026		2025		2025

Fixed maturities	$	182,411	$	163,304	$	156,696	$	159,830	$	155,796		$	502,411	$	452,368	$	612,198
Other investments	19,202		6,226		17,705		13,367		15,019			43,132		55,907		69,275
Equity securities	4,127		4,631		4,152		4,185		3,046			12,909		9,408		13,593
Mortgage loans	4,067		4,154		4,165		4,873		5,890			12,386		18,714		23,587
Cash and cash equivalents	9,272		10,655		8,918		12,466		12,597			28,846		62,626		75,092
Short-term investments	62		71		132		254		355			265		2,882		3,136

Gross investment income	219,141		189,041		191,768		194,975		192,703			599,949		601,905		796,881
Investment expenses	(7,774)		(7,447)		(7,028)		(7,983)		(7,800)			(22,250)		(21,994)		(29,978)

Net investment income	$	211,367	$	181,594	$	184,740	$	186,992	$	184,903		$	577,699	$	579,911	$	766,903

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	13,691,574		$	13,828,314		$	13,107,142		$	13,018,027		$	12,879,372
Fixed maturities, held to maturity, at amortized cost	448,228			407,024			405,220			397,430			406,658
Equity securities, at fair value	721,104			748,532			688,842			707,569			649,970
Mortgage loans, held for investment, at fair value	316,834			335,537			343,959			356,840			409,699
Other investments, at fair value	1,050,776			1,062,933			1,042,649			1,027,798			972,867
Equity method investments	209,084			203,661			236,767			227,181			220,022
Short-term investments, at fair value	1,736			2,828			5,836			20,298			17,185
Total investments	16,439,336			16,588,829			15,830,415			15,755,143			15,555,773
Cash and cash equivalents	1,548,448			1,223,058			1,388,118			1,321,185			1,358,078
Accrued interest receivable	129,601			124,281			118,475			116,252			117,720
Insurance and reinsurance premium balances receivable	3,672,159			4,011,370			3,878,950			3,244,661			3,326,346
Reinsurance recoverable on unpaid losses and loss expenses	9,020,632			8,949,022			8,890,145			8,951,763			9,043,009
Reinsurance recoverable on paid losses and loss expenses	603,475			626,691			581,945			673,765			648,126
Deferred acquisition costs	906,779			946,416			933,802			801,778			822,774
Prepaid reinsurance premiums	2,534,227			2,610,988			2,452,190			2,139,294			2,164,297
Receivable for investments sold	50,997			4,796			5,422			12,806			3,813
Goodwill	66,498			66,498			66,498			66,498			66,498
Intangible assets	155,533			161,258			163,654			166,050			168,446

Operating lease right-of-use assets	90,194			92,801			94,670			93,900			92,706
Loan advances made	314,257			316,342			302,157			231,542			250,537
Other assets	948,930			900,128			912,305			887,289			899,509
TOTAL ASSETS	$	36,481,066		$	36,622,478		$	35,618,746		$	34,461,926		$	34,517,632

LIABILITIES
Reserve for losses and loss expenses	$	18,985,497		$	18,613,412		$	18,294,149		$	18,122,256		$	17,996,236
Unearned premiums	6,599,511			6,807,320			6,563,778			5,825,698			5,994,611
Insurance and reinsurance balances payable	2,375,395			2,410,199			2,180,053			1,882,021			1,855,349
Debt	1,317,905			1,317,502			1,317,104			1,316,710			1,316,321
Federal Home Loan Bank advances	50,130			61,130			66,380			66,380			66,380
Payable for investments purchased	133,120			189,180			69,071			36,982			194,988
Operating lease liabilities	105,653			108,326			110,181			110,095			108,960
Other liabilities	614,400			612,199			637,394			745,349			617,778
TOTAL LIABILITIES	30,181,611			30,119,268			29,238,110			28,105,491			28,150,623

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,411,713			2,399,137			2,394,568			2,405,792			2,395,615
Accumulated other comprehensive income (loss)	(383,879)			(107,803)			(97,128)			28,431			10,169
Retained earnings	8,782,490			8,613,341			8,395,795			8,181,699			7,932,969
Treasury shares, at cost	(5,063,075)			(4,953,671)			(4,864,805)			(4,811,693)			(4,523,950)


TOTAL SHAREHOLDERS' EQUITY	6,299,455			6,503,210			6,380,636			6,356,435			6,367,009

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	36,481,066		$	36,622,478		$	35,618,746		$	34,461,926		$	34,517,632






Debt to total capital [a]	17.3		%	16.8		%	17.1		%	17.2		%	17.1		%

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

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

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO


	At September 30, 2026												At December 31, 2025
	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage			Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,496,625	$	—	$	13	$	(48,813)	$	2,447,825	13.5	%		$	2,417,901	14.0	%
Non-U.S. government	835,820		(107)		2,174		(26,095)		811,792		4.5	%		810,544		4.7	%
Corporate debt	5,724,193		(1,173)		13,841		(181,353)		5,555,508		30.8	%		5,222,433		30.4	%
Agency RMBS	2,403,616		—		902		(153,231)		2,251,287		12.5	%		2,035,352		11.9	%
CMBS	821,574		(350)		347		(31,425)		790,146		4.4	%		801,511		4.7	%
Non-Agency RMBS	220,710		(255)		372		(7,814)		213,013		1.2	%		190,124		1.1	%
ABS	1,601,297		(81)		2,925		(18,267)		1,585,874		8.8	%		1,488,067		8.7	%
Municipals	37,719		—		9		(1,599)		36,129		0.2	%		52,095		0.3	%
Total fixed maturities, available for sale, at fair value	14,141,554		(1,966)		20,583		(468,597)		13,691,574		75.9	%		13,018,027		75.8	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	163,889		—		—		—		163,889		0.9	%		145,137		0.8	%
ABS	284,339		—		—		—		284,339		1.6	%		252,293		1.5	%
Total fixed maturities, held to maturity, at amortized cost	448,228		—		—		—		448,228		2.5	%		397,430		2.3	%

Equity securities, at fair value
Common stocks	3,210		—		348		(376)		3,182		—	%		13,695		0.1	%
Preferred Stocks	52,422		—		321		(696)		52,047		0.3	%		20,311		0.1	%
Exchange-traded funds	268,849		—		175,465		(4,540)		439,774		2.4	%		401,757		2.3	%
Bond mutual funds	266,829		—		4,106		(44,834)		226,101		1.3	%		271,806		1.6	%
Total equity securities, at fair value	591,310		—		180,240		(50,446)		721,104		4.0	%		707,569		4.1	%

Total fixed maturities and equity securities	$	15,181,092	$	(1,966)	$	200,823	$	(519,043)	14,860,906		82.4	%		14,123,026		82.2	%
Mortgage loans, held for investment									316,834		1.8	%		356,840		2.1	%
Other investments									1,050,776		5.8	%		1,027,798		6.0	%
Equity method investments									209,084		1.2	%		227,181		1.3	%
Short-term investments									1,736		—	%		20,298		0.2	%
Total investments									16,439,336		91.2	%		15,755,143		91.8	%
Cash and cash equivalents [a]									1,548,448		8.6	%		1,321,185		7.7	%
Accrued interest receivable									129,601		0.7	%		116,252		0.7	%
Net receivable/(payable) for investments sold (purchased)									(82,123)		(0.5	%)		(24,176)		(0.2	%)
Total cash and invested assets									$	18,035,262	100.0	%		$	17,168,404	100.0	%

[a] Includes $511 million and $501 million of restricted cash and cash equivalents at September 30, 2026 and December 31, 2025, respectively.


	At September 30, 2026				At December 31, 2025
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	$	6,344	0.6	%	$	11,577	1.1	%

Direct lending funds	167,784		16.0	%	186,747		18.2	%
Real estate funds	267,327		25.4	%	291,491		28.4	%
Private equity funds	416,938		39.7	%	364,376		35.5	%
Other privately held investments	192,383		18.3	%	173,607		16.8	%

Total	$	1,050,776	100.0	%	$	1,027,798	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	13.5	%	13.5	%	14.3	%	14.0	%	15.0	%
Non-U.S. government	4.5	%	4.6	%	4.9	%	4.7	%	4.7	%
Corporate debt	30.8	%	31.5	%	30.0	%	30.4	%	30.6	%
MBS:
Agency RMBS	12.5	%	13.6	%	12.0	%	11.9	%	11.2	%
CMBS	4.4	%	4.4	%	4.6	%	4.7	%	4.9	%
Non-agency RMBS	1.2	%	1.2	%	1.1	%	1.1	%	1.2	%
ABS	8.8	%	8.8	%	8.7	%	8.7	%	8.5	%
Municipals	0.2	%	0.3	%	0.3	%	0.3	%	0.4	%

Total Fixed Maturities, available for sale	75.9	%	77.9	%	75.9	%	75.8	%	76.5	%
Fixed Maturities, held to maturity:
Corporate debt	0.9	%	0.9	%	0.8	%	0.8	%	0.8	%
ABS	1.6	%	1.4	%	1.5	%	1.5	%	1.6	%

Total Fixed Maturities, held to maturity	2.5	%	2.3	%	2.3	%	2.3	%	2.4	%
Equity securities	4.0	%	4.2	%	4.0	%	4.1	%	3.9	%
Mortgage loans	1.8	%	1.9	%	2.0	%	2.1	%	2.4	%
Other investments	5.8	%	6.0	%	6.0	%	6.0	%	5.8	%
Equity method investments	1.2	%	1.1	%	1.4	%	1.3	%	1.3	%
Short-term investments	—	%	—	%	—	%	0.2	%	0.1	%

Total Investments	91.2	%	93.4	%	91.6	%	91.8	%	92.4	%
Cash and cash equivalents	8.6	%	6.9	%	8.0	%	7.7	%	8.1	%
Accrued interest receivable	0.7	%	0.7	%	0.7	%	0.7	%	0.7	%
Net receivable/(payable) for investments sold (purchased)	(0.5	%)	(1.0	%)	(0.3	%)	(0.2	%)	(1.2	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	17.3	%	16.8	%	18.2	%	18.0	%	19.1	%
AAA [a]	17.8	%	18.4	%	19.4	%	19.2	%	19.6	%
AA [a]	24.2	%	25.0	%	23.7	%	23.7	%	22.7	%
A	18.1	%	17.6	%	17.1	%	17.4	%	17.8	%
BBB	11.5	%	11.6	%	10.4	%	10.0	%	9.7	%
Below BBB	11.1	%	10.6	%	11.2	%	11.7	%	11.1	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	2.6	%	2.4	%	2.8	%	2.7	%	3.9	%
From one to five years	44.9	%	41.1	%	43.0	%	43.3	%	42.9	%
From five to ten years	14.2	%	17.7	%	16.9	%	17.1	%	16.9	%
Above ten years	2.1	%	2.0	%	1.6	%	1.4	%	1.6	%
Asset-backed and mortgage-backed securities	36.2	%	36.8	%	35.7	%	35.5	%	34.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.9	%	4.8	%	4.7	%	4.6	%	4.6	%
Yield to maturity of fixed maturities	5.8	%	5.1	%	5.1	%	4.7	%	4.8	%
Average duration of fixed maturities (inclusive of duration hedges)	3.2 yrs		3.4 yrs		3.2 yrs		3.1 yrs		3.2 yrs
Average credit quality of fixed maturities	A+		A+		A+		A+		A+

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

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended September 30, 2026						Nine months ended September 30, 2026
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses			Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses

Beginning of period	$	18,613,412	$	(8,949,022)	$	9,664,390		$	18,122,256	$	(8,951,763)	$	9,170,493
Incurred losses and loss expenses	1,557,289		(574,699)		982,590			4,539,975		(1,756,972)		2,783,003
Paid losses and loss expenses	(1,166,681)		401,783		(764,898)			(3,565,125)		1,369,929		(2,195,196)
Foreign exchange and other	(18,523)		101,306		82,783			(111,609)		318,174		206,565

End of period [a]	$	18,985,497	$	(9,020,632)	$	9,964,865		$	18,985,497	$	(9,020,632)	$	9,964,865

[a] At September 30, 2026, reserve for losses and loss expenses included IBNR of $12.9 billion, or 68% (December 31, 2025: $12.3 billion, or 68%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended September 30, 2026									Nine months ended September 30, 2026
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	825,875		$	340,806		$	1,166,681			$	2,425,421		$	1,139,704		$	3,565,125
Reinsurance recoverable on paid losses and loss expenses	(311,017)			(90,766)			(401,783)				(998,682)			(371,247)			(1,369,929)
Net paid losses and loss expenses	514,858			250,040			764,898				1,426,739			768,457			2,195,196

Change in gross case reserves	144,540			21,577			166,117				377,477			(45,195)			332,282
Change in gross IBNR	213,185			11,306			224,491				578,963			63,605			642,568
Change in reinsurance recoverable on unpaid losses and loss expenses	(104,999)			(67,917)			(172,916)				(267,725)			(119,318)			(387,043)
Change in net unpaid losses and loss expenses	252,726			(35,034)			217,692				688,715			(100,908)			587,807

Total net incurred losses and loss expenses	$	767,584		$	215,006		$	982,590			$	2,115,454		$	667,549		$	2,783,003

Gross reserve for losses and loss expenses	$	12,063,853		$	6,921,644		$	18,985,497			$	12,063,853		$	6,921,644		$	18,985,497

Net favorable prior year reserve development	$	11,845		$	2,998		$	14,843			$	38,755		$	8,986		$	47,741

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	67.1		%	116.3		%	77.8		%		67.4		%	115.1		%	78.9		%

Net paid losses and loss expenses / Net premiums earned	39.6		%	78.3		%	47.2		%		39.3		%	77.6		%	47.5		%
Net unpaid losses and loss expenses / Net premiums earned	19.4		%	(10.9		%)	13.5		%		19.0		%	(10.1		%)	12.8		%
Net losses and loss expenses ratio	59.0		%	67.4		%	60.7		%		58.3		%	67.5		%	60.3		%

AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD


	At September 30, 2026				At December 31, 2025

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

Closing stock price				$94.20				$107.09

Book value per common share	$	5,749,455	72,084	$79.76	$	5,806,435	74,135	$78.32

Dilutive securities:

Restricted stock units			643	(0.70)			1,074	(1.12)
Book value per diluted common share	$	5,749,455	72,727	$79.06	$	5,806,435	75,209	$77.20

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE AND BOOK VALUE PER DILUTED COMMON SHARE, EXCLUDING

ACCUMULATED OTHER COMPREHENSIVE (INCOME) LOSS ("AOCI")



	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025

Common shareholders' equity	$	5,749,455	$	5,953,210	$	5,830,636	$	5,806,435	$	5,817,009
Less: goodwill	(66,498)		(66,498)		(66,498)		(66,498)		(66,498)
Less: intangible assets	(155,533)		(161,258)		(163,654)		(166,050)		(168,446)
Associated tax impact	42,901		44,152		44,703		45,255		45,806
Tangible common shareholders' equity	$	5,570,325	$	5,769,606	$	5,645,187	$	5,619,142	$	5,627,871

Common shareholders' equity	$	5,749,455	$	5,953,210	$	5,830,636	$	5,806,435	$	5,817,009
Less: AOCI	383,879		107,803		97,128		(28,431)		(10,169)
Common shareholders' equity, excluding AOCI	$	6,133,334	$	6,061,013	$	5,927,764	$	5,778,004	$	5,806,840

Diluted common shares outstanding [a]	72,727		73,797		74,571		75,209		78,796

Book value per diluted common share	$	79.06	$	80.67	$	78.19	$	77.20	$	73.82
Tangible book value per diluted common share	$	76.59	$	78.18	$	75.70	$	74.71	$	71.42
Book value per diluted common share, excluding AOCI	$	84.33	$	82.13	$	79.49	$	76.83	$	73.69

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

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
Net income available to common shareholders	$	201,515		$	294,301		$	699,247		$	696,601
Net investment (gains) losses	46,506			(30,905)			26,993			(44,365)
Foreign exchange losses (gains)	(10,041)			(13,492)			(48,580)			138,428
Reorganization expenses	—			—			28,715			—
Interest in income of equity method investments	(2,395)			(2,083)			(8,133)			(3,669)

Income tax expense (benefit) [a]	(6,382)			7,454			(1,503)			(12,330)
Operating income	$	229,203		$	255,275		$	696,739		$	774,665

Earnings per diluted common share	$	2.75		$	3.74		$	9.42		$	8.70
Net investment (gains) losses	0.63			(0.39)			0.36			(0.55)
Foreign exchange losses (gains)	(0.14)			(0.17)			(0.65)			1.73
Reorganization expenses	—			—			0.39			—
Interest in income of equity method investments	(0.03)			(0.03)			(0.11)			(0.05)

Income tax expense (benefit)	(0.09)			0.10			(0.02)			(0.16)
Operating income per diluted common share	$	3.12		$	3.25		$	9.39		$	9.67

Weighted average diluted common shares outstanding	73,373			78,601			74,238			80,090

Average common shareholders' equity	$	5,851,333		$	5,720,704		$	5,777,945		$	5,678,194

Annualized return on average common equity	13.8		%	20.6		%	16.1		%	16.4		%

Annualized operating return on average common equity	15.7		%	17.8		%	16.1		%	18.2		%

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

AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

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

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

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

Consolidated Underwriting Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).

Reorganization expenses in 2026 primarily related to initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with 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 the 'Consolidated Data' section of this document.

Current Accident Year Loss Ratio

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

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

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

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

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

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

Operating Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

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

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

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

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

Tangible Book Value per Diluted Common Share

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

Book Value per Diluted Common Share, Excluding AOCI

Book value per diluted common share, excluding AOCI represents common shareholders' equity exclusive of AOCI. We present book value per diluted common share, excluding AOCI calculated under the treasury stock method. We believe this measure is useful as AOCI may fluctuate significantly between periods based on movements in interest and foreign currency rates. A reconciliation of book value per diluted common share, excluding AOCI to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share and Book Value per Diluted Common Share, Excluding AOCI' section of this document.