Document

Please wait

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2025

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Cliff Gallant

Investor Contact

(415) 262-6843

investorrelations@axiscapital.com

Website Information:

www.axiscapital.com

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS


						Page(s)
Basis of Presentation						i
I. Financial Highlights						1
II. Income Statements
a. Consolidated Statement of Operations						2-6
b. Consolidated Segment Data						7
c. Gross Premiums Written by Segment by Line of Business						8
d. Consolidated Data						9
e. Segment Data						10-11
f. Net Investment Income						12
III. Balance Sheets
a. Consolidated Balance Sheets						13
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						14
• Cash and Invested Assets Composition						15
• Mortgage-Backed and Asset-Backed Securities Composition						16
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						17
b. Paid to Incurred Analysis by Segment						18
V. Share Analysis
a. Earnings Per Common Share Information						19
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						20
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						21
b. Rationale for the Use of Non-GAAP Financial Measures						22-24

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, 2024 and consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023.

•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", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.

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

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

Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made catastrophes; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of social and economic 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; 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.

Risks Related to Taxation: change 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,
		2025			2024			Change			2025			2024			Change

HIGHLIGHTS	Gross premiums written	$	2,124,184		$	1,935,902		9.7	%		$	7,434,807		$	7,030,564		5.7	%
	Gross premiums written - Insurance	79.6		%	78.9		%	0.7		pts	71.0		%	69.9		%	1.1		pts
	Gross premiums written - Reinsurance	20.4		%	21.1		%	(0.7)		pts	29.0		%	30.1		%	(1.1)		pts
	Net premiums written	$	1,352,989		$	1,235,985		9.5	%		$	4,738,463		$	4,531,802		4.6	%
	Net premiums earned	$	1,451,883		$	1,366,701		6.2	%		$	4,186,133		$	3,929,221		6.5	%
	Net premiums earned - Insurance	74.8		%	74.9		%	(0.1)		pts	74.7		%	73.8		%	0.9		pts
	Net premiums earned - Reinsurance	25.2		%	25.1		%	0.1		pts	25.3		%	26.2		%	(0.9)		pts
	Net income available to common shareholders	$	294,301		$	173,165		70.0	%		$	696,601		$	765,465		(9.0	%)
	Operating income [a]	$	255,275		$	230,063		11.0	%		$	774,665		$	700,216		10.6	%
	Annualized return on average common equity [b]	20.6		%	13.0		%	7.6		pts	16.4		%	19.9		%	(3.5)		pts
	Annualized operating return on average common equity [c]	17.8		%	17.3		%	0.5		pts	18.2		%	18.2		%	—		pts
	Total shareholders’ equity	$	6,367,009		$	6,083,227		4.7	%		$	6,367,009		$	6,083,227		4.7	%


PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$3.74			$2.04			83.3	%		$8.70			$8.97			(3.0	%)
	Operating income per diluted common share [d]	$3.25			$2.71			19.9	%		$9.67			$8.21			17.8	%
	Weighted average diluted common shares outstanding	78,601			85,000			(7.5	%)		80,090			85,338			(6.1	%)
	Book value per common share	$75.51			$66.15			14.1	%		$75.51			$66.15			14.1	%
	Book value per diluted common share (treasury stock method)	$73.82			$64.65			14.2	%		$73.82			$64.65			14.2	%
	Tangible book value per diluted common share (treasury stock method) [a]	$71.42			$61.95			15.3	%		$71.42			$61.95			15.3	%

FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses [a]	56.3		%	55.7		%	0.6		pts	56.3		%	55.7		%	0.6		pts
	Catastrophe and weather-related losses ratio [a]	3.0		%	5.8		%	(2.8)		pts	3.1		%	3.7		%	(0.6)		pts
	Current accident year loss ratio [a]	59.3		%	61.5		%	(2.2)		pts	59.4		%	59.4		%	—		pts
	Prior year reserve development ratio	(1.3		%)	(0.6		%)	(0.7)		pts	(1.4		%)	(0.2		%)	(1.2)		pts
	Net losses and loss expenses ratio	58.0		%	60.9		%	(2.9)		pts	58.0		%	59.2		%	(1.2)		pts
	Acquisition cost ratio	19.7		%	20.1		%	(0.4)		pts	19.7		%	20.2		%	(0.5)		pts
	General and administrative expense ratio [e]	11.7		%	12.1		%	(0.4)		pts	11.8		%	12.2		%	(0.4)		pts
	Combined ratio	89.4		%	93.1		%	(3.7)		pts	89.5		%	91.6		%	(2.1)		pts

INVESTMENT DATA	Total assets	$	34,336,325		$	32,722,648		4.9	%		$	34,336,325		$	32,722,648		4.9	%
	Total cash and invested assets [f]	$	16,840,396		$	18,137,403		(7.2	%)		$	16,840,396		$	18,137,403		(7.2	%)
	Net investment income	$	184,903		$	205,100		(9.8	%)		$	579,911		$	563,458		2.9	%
	Net investment gains (losses)	$	30,905		$	32,182		(4.0	%)		$	44,365		$	(30,503)		nm
	Book yield of fixed maturities	4.6		%	4.4		%	0.2		pts	4.6		%	4.4		%	0.2		pts

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

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

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

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024


				Three months ended September 30,						Nine months ended September 30,
				2025			2024			2025			2024

Revenues
	Net premiums earned	$	1,451,883		$	1,366,701		$	4,186,133		$	3,929,221
	Net investment income	184,903			205,100			579,911			563,458
	Net investment gains (losses)	30,905			32,182			44,365			(30,503)
	Other insurance related income	6,593			6,838			18,835			23,704
	Total revenues			1,674,284			1,610,821			4,829,244			4,485,880

Expenses
	Net losses and loss expenses	841,435			831,872			2,429,114			2,326,532
	Acquisition costs	285,618			274,935			826,094			794,280
	General and administrative expenses	171,637			165,203			491,878			477,016
	Foreign exchange losses (gains)	(13,492)			92,204			138,428			61,268
	Interest expense and financing costs	16,657			16,849			49,816			51,005
	Reorganization expenses	—			—			—			26,312
	Amortization of intangible assets	2,396			2,729			7,521			8,188
	Total expenses			1,304,251			1,383,792			3,942,851			3,744,601

Income before income taxes and interest in income of equity method investments		370,033			227,029			886,393			741,279
	Income tax (expense) benefit	(70,252)			(47,922)			(170,773)			36,185
	Interest in income of equity method investments	2,083			1,621			3,669			10,689
Net income		301,864			180,728			719,289			788,153
	Preferred share dividends	7,563			7,563			22,688			22,688
Net income available to common shareholders		$	294,301		$	173,165		$	696,601		$	765,465

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


													Year ended December 31,
	Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q3 2023		2024
UNDERWRITING REVENUES
Gross premiums written	$	2,124,184	$	2,515,971	$	2,794,652	$	1,975,324	$	1,935,902	$	1,905,878	$	9,005,888
Ceded premiums written	(771,195)		(880,537)		(1,044,613)		(749,775)		(699,917)		(930,521)		(3,248,537)
Net premiums written	1,352,989		1,635,434		1,750,039		1,225,549		1,235,985		975,357		5,757,351

Gross premiums earned	2,280,608		2,229,370		2,147,045		2,207,338		2,159,646		2,046,222		8,529,567
Ceded premiums earned	(828,725)		(835,939)		(806,225)		(830,324)		(792,945)		(723,658)		(3,223,332)
Net premiums earned	1,451,883		1,393,431		1,340,820		1,377,014		1,366,701		1,322,564		5,306,235
Other insurance related income	6,593		8,662		3,578		7,016		6,838		10,344		30,721
Total underwriting revenues	1,458,476		1,402,093		1,344,398		1,384,030		1,373,539		1,332,908		5,336,956

UNDERWRITING EXPENSES
Net losses and loss expenses	841,435		801,754		785,925		831,956		831,872		783,940		3,158,487
Acquisition costs	285,618		275,897		264,581		276,273		274,935		263,389		1,070,551
Underwriting-related general and administrative expenses [a]	143,111		135,241		130,438		146,299		131,582		138,601		536,442
Total underwriting expenses	1,270,164		1,212,892		1,180,944		1,254,528		1,238,389		1,185,930		4,765,480

UNDERWRITING INCOME [b]	188,312		189,201		163,454		129,502		135,150		146,978		571,476

OTHER (EXPENSES) REVENUES
Net investment income	184,903		187,297		207,713		195,773		205,100		154,201		759,229
Net investment gains (losses)	30,905		43,468		(30,005)		(108,030)		32,182		(53,114)		(138,534)
Corporate expenses [a]	(28,526)		(25,837)		(28,725)		(42,887)		(33,621)		(40,682)		(129,760)
Foreign exchange (losses) gains	13,492		(94,885)		(57,034)		112,090		(92,204)		50,570		50,822
Interest expense and financing costs	(16,657)		(16,586)		(16,572)		(16,761)		(16,849)		(16,445)		(67,766)
Reorganization expenses	—		—		—		—		—		(28,997)		(26,312)

Amortization of intangible assets	(2,396)		(2,396)		(2,729)		(2,729)		(2,729)		(2,729)		(10,917)
Total other (expenses) revenues	181,721		91,061		72,648		137,456		91,879		62,804		436,762

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	370,033		280,262		236,102		266,958		227,029		209,782		1,008,238
Income tax (expense) benefit	(70,252)		(56,199)		(44,322)		19,410		(47,922)		(24,624)		55,595
Interest in income (loss) of equity method investments	2,083		(705)		2,291		7,264		1,621		2,940		17,953

NET INCOME	301,864		223,358		194,071		293,632		180,728		188,098		1,081,786
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	294,301	$	215,795	$	186,508	$	286,069	$	173,165	$	180,535	$	1,051,536

[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.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


													Year ended December 31,
	Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q3 2023		2024
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3	%	56.4	%	56.3	%	55.7	%	55.7	%	56.3	%	55.7	%
Catastrophe and weather-related losses ratio	3.0	%	2.6	%	3.7	%	5.9	%	5.8	%	3.2	%	4.3	%
Current accident year loss ratio	59.3	%	59.0	%	60.0	%	61.6	%	61.5	%	59.5	%	60.0	%
Prior year reserve development ratio	(1.3	%)	(1.5	%)	(1.4	%)	(1.2	%)	(0.6	%)	(0.2	%)	(0.5	%)
Net losses and loss expenses ratio	58.0	%	57.5	%	58.6	%	60.4	%	60.9	%	59.3	%	59.5	%
Acquisition cost ratio	19.7	%	19.8	%	19.7	%	20.1	%	20.1	%	19.9	%	20.2	%
General and administrative expense ratio [a]	11.7	%	11.6	%	11.9	%	13.7	%	12.1	%	13.5	%	12.6	%
Combined ratio	89.4	%	88.9	%	90.2	%	94.2	%	93.1	%	92.7	%	92.3	%

Weighted average common shares outstanding	77,619		78,378		81,152		83,380		83,936		85,223		84,165
Weighted average diluted common shares outstanding	78,601		79,329		82,378		84,695		85,000		86,108		85,176
Earnings per common share	$3.79		$2.75		$2.30		$3.43		$2.06		$2.12		$12.49
Earnings per diluted common share	$3.74		$2.72		$2.26		$3.38		$2.04		$2.10		$12.35
Annualized ROACE	20.6	%	15.7	%	13.7	%	20.7	%	13.0	%	16.1	%	20.5	%
Annualized operating ROACE	17.8	%	19.0	%	19.2	%	18.2	%	17.3	%	18.0	%	18.6	%

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


	Nine months ended September 30,						Year ended December 31,
	2025		2024		2023		2024		2023
UNDERWRITING REVENUES
Gross premiums written	$	7,434,807	$	7,030,564	$	6,572,232	$	9,005,888	$	8,356,525
Ceded premiums written	(2,696,344)		(2,498,762)		(2,542,162)		(3,248,537)		(3,254,200)
Net premiums written	4,738,463		4,531,802		4,030,070		5,757,351		5,102,325

Gross premiums earned	6,657,023		6,322,229		5,937,651		8,529,567		7,973,577
Ceded premiums earned	(2,470,890)		(2,393,008)		(2,119,143)		(3,223,332)		(2,889,796)
Net premiums earned	4,186,133		3,929,221		3,818,508		5,306,235		5,083,781
Other insurance related income	18,835		23,704		16,444		30,721		22,495
Total underwriting revenues	4,204,968		3,952,925		3,834,952		5,336,956		5,106,276

UNDERWRITING EXPENSES
Net losses and loss expenses	2,429,114		2,326,532		2,240,840		3,158,487		3,393,102
Acquisition costs	826,094		794,280		747,027		1,070,551		1,000,945
Underwriting-related general and administrative expenses [a]	408,790		390,143		412,251		536,442		551,467
Total underwriting expenses	3,663,998		3,510,955		3,400,118		4,765,480		4,945,514

UNDERWRITING INCOME [b]	540,970		441,970		434,834		571,476		160,762

OTHER (EXPENSES) REVENUES
Net investment income	579,911		563,458		424,802		759,229		611,742
Net investment gains (losses)	44,365		(30,503)		(97,671)		(138,534)		(74,630)
Corporate expenses [a]	(83,088)		(86,873)		(102,345)		(129,760)		(132,979)
Foreign exchange (losses) gains	(138,428)		(61,268)		11,755		50,822		(58,115)
Interest expense and financing costs	(49,816)		(51,005)		(50,077)		(67,766)		(68,421)
Reorganization expenses	—		(26,312)		(28,997)		(26,312)		(28,997)

Amortization of intangible assets	(7,521)		(8,188)		(8,188)		(10,917)		(10,917)
Total other (expenses) revenues	345,423		299,309		149,279		436,762		237,683

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	886,393		741,279		584,113		1,008,238		398,445
Income tax (expense) benefit	(170,773)		36,185		(68,078)		55,595		(26,316)
Interest in income of equity method investments	3,669		10,689		2,835		17,953		4,163

NET INCOME	719,289		788,153		518,870		1,081,786		376,292
Preferred share dividends	(22,688)		(22,688)		(22,688)		(30,250)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	696,601	$	765,465	$	496,182	$	1,051,536	$	346,042

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


	Nine months ended September 30,						Year ended December 31,
	2025		2024		2023		2024		2023
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3	%	55.7	%	56.1	%	55.7	%	55.9	%
Catastrophe and weather-related losses ratio	3.1	%	3.7	%	2.9	%	4.3	%	2.7	%
Current accident year loss ratio	59.4	%	59.4	%	59.0	%	60.0	%	58.6	%
Prior year reserve development ratio	(1.4	%)	(0.2	%)	(0.3	%)	(0.5	%)	8.1	%
Net losses and loss expenses ratio	58.0	%	59.2	%	58.7	%	59.5	%	66.7	%
Acquisition cost ratio	19.7	%	20.2	%	19.6	%	20.2	%	19.7	%
General and administrative expense ratio [a]	11.8	%	12.2	%	13.4	%	12.6	%	13.5	%
Combined ratio	89.5	%	91.6	%	91.7	%	92.3	%	99.9	%

Weighted average common shares outstanding	79,037		84,428		85,099		84,165		85,142
Weighted average diluted common shares outstanding	80,090		85,338		85,927		85,176		86,012
Earnings per common share	$8.81		$9.07		$5.83		$12.49		$4.06
Earnings per diluted common share	$8.70		$8.97		$5.77		$12.35		$4.02
Annualized ROACE	16.4	%	19.9	%	15.4	%	20.5	%	7.9	%
Annualized operating ROACE	18.2	%	18.2	%	18.4	%	18.6	%	11.0	%

[a] 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, 2025									Nine months ended September 30, 2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,691,882		$	432,302		$	2,124,184		$	5,280,220		$	2,154,587		$	7,434,807
Ceded premiums written	(606,935)			(164,260)			(771,195)			(1,860,182)			(836,162)			(2,696,344)
Net premiums written	1,084,947			268,042			1,352,989			3,420,038			1,318,425			4,738,463

Gross premiums earned	1,690,735			589,873			2,280,608			4,922,681			1,734,342			6,657,023
Ceded premiums earned	(605,123)			(223,602)			(828,725)			(1,794,023)			(676,867)			(2,470,890)
Net premiums earned	1,085,612			366,271			1,451,883			3,128,658			1,057,475			4,186,133
Other insurance related income	261			6,332			6,593			424			18,411			18,835
Total underwriting revenues	1,085,873			372,603			1,458,476			3,129,082			1,075,886			4,204,968

UNDERWRITING EXPENSES
Net losses and loss expenses	595,807			245,628			841,435			1,719,666			709,448			2,429,114
Acquisition costs	205,440			80,178			285,618			594,372			231,722			826,094
Underwriting-related general and administrative expenses	131,326			11,785			143,111			375,564			33,226			408,790
Total underwriting expenses	932,573			337,591			1,270,164			2,689,602			974,396			3,663,998

UNDERWRITING INCOME	$	153,300		$	35,012		$	188,312		$	439,480		$	101,490		$	540,970

Catastrophe and weather-related losses, net of reinstatement premiums	$	42,689		$	970		$	43,659		$	126,659		$	2,696		$	129,355
Net favorable prior year reserve development	$	14,843		$	4,103		$	18,946		$	44,036		$	13,076		$	57,112

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.3		%	67.9		%	56.3		%	52.3		%	68.1		%	56.3		%
Catastrophe and weather-related losses ratio	3.9		%	0.3		%	3.0		%	4.1		%	0.2		%	3.1		%
Current accident year loss ratio	56.2		%	68.2		%	59.3		%	56.4		%	68.3		%	59.4		%
Prior year reserve development ratio	(1.3		%)	(1.1		%)	(1.3		%)	(1.4		%)	(1.2		%)	(1.4		%)
Net losses and loss expenses ratio	54.9		%	67.1		%	58.0		%	55.0		%	67.1		%	58.0		%
Acquisition cost ratio	18.9		%	21.9		%	19.7		%	19.0		%	21.9		%	19.7		%
Underwriting-related general and administrative expense ratio	12.1		%	3.2		%	9.7		%	12.0		%	3.1		%	9.8		%
Corporate expense ratio							2.0		%							2.0		%
Combined ratio	85.9		%	92.2		%	89.4		%	86.0		%	92.1		%	89.5		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Nine months ended September 30,				Year ended December 31,
	Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q3 2023		2025		2024		2024

INSURANCE SEGMENT
Property	$	468,098	$	645,476	$	495,417	$	496,504	$	433,843	$	395,269	$	1,608,992	$	1,553,825	$	2,050,329
Professional Lines	337,888		343,370		257,159		340,463		286,108		285,739		938,417		821,859		1,162,323
Liability	345,455		365,542		303,758		331,130		321,205		316,433		1,014,756		920,473		1,251,603
Cyber	103,404		136,562		113,945		134,939		129,543		148,011		353,911		426,998		561,937
Marine and Aviation	190,321		224,393		267,151		169,470		163,838		169,819		681,865		645,698		815,168
Accident and Health	161,470		126,985		124,843		125,277		119,686		88,742		413,296		325,534		450,810
Credit and Political Risk	85,246		90,107		93,630		102,554		72,453		53,611		268,983		220,860		323,414
TOTAL INSURANCE SEGMENT	$	1,691,882	$	1,932,435	$	1,655,903	$	1,700,337	$	1,526,676	$	1,457,624	$	5,280,220	$	4,915,247	$	6,615,584

REINSURANCE SEGMENT
Liability	$	154,460	$	168,566	$	253,070	$	95,980	$	132,245	$	184,665	$	576,096	$	520,353	$	616,333
Professional Lines	38,567		171,851		188,445		28,001		44,013		42,950		398,863		393,846		421,846
Motor	47,303		26,066		124,380		25,481		35,295		27,113		197,749		213,479		238,961
Accident and Health	18,192		22,337		281,355		45,675		47,452		64,463		321,884		390,621		436,296
Credit and Surety	108,505		116,290		204,666		65,041		100,352		70,486		429,460		352,676		417,717
Agriculture	55,704		55,256		48,901		3,317		33,265		37,846		159,860		147,056		150,373
Marine and Aviation	8,602		18,871		33,492		2,201		11,059		6,954		60,968		80,073		82,274
Total	431,333		579,237		1,134,309		265,696		403,681		434,477		2,144,880		2,098,104		2,363,800

Run-off lines
Catastrophe	(510)		249		967		3,346		1,564		6,415		706		7,477		10,823
Property	577		848		1,646		(527)		1,800		5,271		3,071		3,657		3,130
Engineering	902		3,202		1,827		6,472		2,181		2,091		5,930		6,079		12,551
Total run-off lines	969		4,299		4,440		9,291		5,545		13,777		9,707		17,213		26,504
TOTAL REINSURANCE SEGMENT	$	432,302	$	583,536	$	1,138,749	$	274,987	$	409,226	$	448,254	$	2,154,587	$	2,115,317	$	2,390,304

CONSOLIDATED TOTAL	$	2,124,184	$	2,515,971	$	2,794,652	$	1,975,324	$	1,935,902	$	1,905,878	$	7,434,807	$	7,030,564	$	9,005,888

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


																			Year ended December 31,
	Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q3 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	2,124,184		$	2,515,971		$	2,794,652		$	1,975,324		$	1,935,902		$	1,905,878		$	9,005,888
Ceded premiums written	(771,195)			(880,537)			(1,044,613)			(749,775)			(699,917)			(930,521)			(3,248,537)
Net premiums written	1,352,989			1,635,434			1,750,039			1,225,549			1,235,985			975,357			5,757,351

Gross premiums earned	2,280,608			2,229,370			2,147,045			2,207,338			2,159,646			2,046,222			8,529,567
Ceded premiums earned	(828,725)			(835,939)			(806,225)			(830,324)			(792,945)			(723,658)			(3,223,332)
Net premiums earned	1,451,883			1,393,431			1,340,820			1,377,014			1,366,701			1,322,564			5,306,235
Other insurance related income	6,593			8,662			3,578			7,016			6,838			10,344			30,721
Total underwriting revenues	1,458,476			1,402,093			1,344,398			1,384,030			1,373,539			1,332,908			5,336,956

UNDERWRITING EXPENSES
Net losses and loss expenses	841,435			801,754			785,925			831,956			831,872			783,940			3,158,487
Acquisition costs	285,618			275,897			264,581			276,273			274,935			263,389			1,070,551
Underwriting-related general and administrative expenses	143,111			135,241			130,438			146,299			131,582			138,601			536,442
Total underwriting expenses	1,270,164			1,212,892			1,180,944			1,254,528			1,238,389			1,185,930			4,765,480

UNDERWRITING INCOME	$	188,312		$	189,201		$	163,454		$	129,502		$	135,150		$	146,978		$	571,476

Catastrophe and weather-related losses, net of reinstatement premiums	$	43,659		$	36,626		$	49,070		$	81,063		$	78,120		$	41,663		$	225,996
Net favorable prior year reserve development	$	18,946		$	20,229		$	17,937		$	16,311		$	8,012		$	2,762		$	24,323

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3		%	56.4		%	56.3		%	55.7		%	55.7		%	56.3		%	55.7		%
Catastrophe and weather-related losses ratio	3.0		%	2.6		%	3.7		%	5.9		%	5.8		%	3.2		%	4.3		%
Current accident year loss ratio	59.3		%	59.0		%	60.0		%	61.6		%	61.5		%	59.5		%	60.0		%
Prior year reserve development ratio	(1.3		%)	(1.5		%)	(1.4		%)	(1.2		%)	(0.6		%)	(0.2		%)	(0.5		%)
Net losses and loss expenses ratio	58.0		%	57.5		%	58.6		%	60.4		%	60.9		%	59.3		%	59.5		%
Acquisition cost ratio	19.7		%	19.8		%	19.7		%	20.1		%	20.1		%	19.9		%	20.2		%
General and administrative expenses ratio [a]	11.7		%	11.6		%	11.9		%	13.7		%	12.1		%	13.5		%	12.6		%
Combined ratio	89.4		%	88.9		%	90.2		%	94.2		%	93.1		%	92.7		%	92.3		%

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

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA


																			Year ended December 31,
	Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q3 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	1,691,882		$	1,932,435		$	1,655,903		$	1,700,337		$	1,526,676		$	1,457,624		$	6,615,584
Ceded premiums written	(606,935)			(641,925)			(611,323)			(642,254)			(550,765)			(572,372)			(2,365,039)
Net premiums written	1,084,947			1,290,510			1,044,580			1,058,083			975,911			885,252			4,250,545

Gross premiums earned	1,690,735			1,633,396			1,598,550			1,621,228			1,592,802			1,463,578			6,254,836
Ceded premiums earned	(605,123)			(600,435)			(588,464)			(595,203)			(568,951)			(577,864)			(2,328,800)
Net premiums earned	1,085,612			1,032,961			1,010,086			1,026,025			1,023,851			885,714			3,926,036
Other insurance related income (loss)	261			6			156			40			93			(22)			94
Total underwriting revenues	1,085,873			1,032,967			1,010,242			1,026,065			1,023,944			885,692			3,926,130

UNDERWRITING EXPENSES
Net losses and loss expenses	595,807			561,770			562,088			603,311			602,654			491,368			2,245,420
Acquisition costs	205,440			194,912			194,021			199,606			203,255			169,384			766,915
Underwriting-related general and administrative expenses	131,326			124,646			119,592			132,699			119,249			120,330			485,929
Total underwriting expenses	932,573			881,328			875,701			935,616			925,158			781,082			3,498,264

UNDERWRITING INCOME	$	153,300		$	151,639		$	134,541		$	90,449		$	98,786		$	104,610		$	427,866

Catastrophe and weather-related losses, net of reinstatement premiums	$	42,689		$	36,440		$	47,530		$	80,110		$	71,038		$	37,145		$	216,093
Net favorable prior year reserve development	$	14,843		$	15,216		$	13,978		$	12,200		$	4,009		$	1,609		$	16,209

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.3		%	52.3		%	52.3		%	52.2		%	52.3		%	51.5		%	52.1		%
Catastrophe and weather-related losses ratio	3.9		%	3.6		%	4.7		%	7.8		%	7.0		%	4.2		%	5.5		%
Current accident year loss ratio	56.2		%	55.9		%	57.0		%	60.0		%	59.3		%	55.7		%	57.6		%
Prior year reserve development ratio	(1.3		%)	(1.5		%)	(1.4		%)	(1.2		%)	(0.4		%)	(0.2		%)	(0.4		%)
Net losses and loss expenses ratio	54.9		%	54.4		%	55.6		%	58.8		%	58.9		%	55.5		%	57.2		%
Acquisition cost ratio	18.9		%	18.9		%	19.2		%	19.5		%	19.9		%	19.1		%	19.5		%
Underwriting-related general and administrative expenses ratio	12.1		%	12.0		%	11.9		%	12.9		%	11.6		%	13.6		%	12.4		%
Combined ratio	85.9		%	85.3		%	86.7		%	91.2		%	90.4		%	88.2		%	89.1		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																			Year ended December 31,
	Q3 2025			Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q3 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	432,302		$	583,536		$	1,138,749		$	274,987		$	409,226		$	448,254		$	2,390,304
Ceded premiums written	(164,260)			(238,612)			(433,290)			(107,521)			(149,152)			(358,149)			(883,498)
Net premiums written	268,042			344,924			705,459			167,466			260,074			90,105			1,506,806

Gross premiums earned	589,873			595,974			548,495			586,110			566,844			582,644			2,274,731
Ceded premiums earned	(223,602)			(235,504)			(217,761)			(235,121)			(223,994)			(145,794)			(894,532)
Net premiums earned	366,271			360,470			330,734			350,989			342,850			436,850			1,380,199
Other insurance related income	6,332			8,656			3,422			6,976			6,745			10,366			30,627
Total underwriting revenues	372,603			369,126			334,156			357,965			349,595			447,216			1,410,826

UNDERWRITING EXPENSES
Net losses and loss expenses	245,628			239,984			223,837			228,645			229,218			292,572			913,067
Acquisition costs	80,178			80,985			70,560			76,667			71,680			94,005			303,636
Underwriting-related general and administrative expenses	11,785			10,595			10,846			13,600			12,333			18,271			50,513
Total underwriting expenses	337,591			331,564			305,243			318,912			313,231			404,848			1,267,216

UNDERWRITING INCOME	$	35,012		$	37,562		$	28,913		$	39,053		$	36,364		$	42,368		$	143,610

Catastrophe and weather-related losses, net of reinstatement premiums	$	970		$	186		$	1,540		$	953		$	7,082		$	4,518		$	9,903
Net favorable prior year reserve development	$	4,103		$	5,013		$	3,959		$	4,111		$	4,003		$	1,153		$	8,114

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	67.9		%	67.9		%	68.4		%	66.0		%	66.0		%	66.2		%	66.0		%
Catastrophe and weather-related losses ratio	0.3		%	0.1		%	0.5		%	0.3		%	2.0		%	1.0		%	0.7		%
Current accident year loss ratio	68.2		%	68.0		%	68.9		%	66.3		%	68.0		%	67.2		%	66.7		%
Prior year reserve development ratio	(1.1		%)	(1.4		%)	(1.2		%)	(1.2		%)	(1.1		%)	(0.2		%)	(0.5		%)
Net losses and loss expenses ratio	67.1		%	66.6		%	67.7		%	65.1		%	66.9		%	67.0		%	66.2		%
Acquisition cost ratio	21.9		%	22.5		%	21.3		%	21.8		%	20.9		%	21.5		%	22.0		%
Underwriting-related general and administrative expense ratio	3.2		%	2.9		%	3.3		%	4.0		%	3.6		%	4.2		%	3.6		%
Combined ratio	92.2		%	92.0		%	92.3		%	90.9		%	91.4		%	92.7		%	91.8		%

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


													Nine months ended September 30,				Year ended December 31,
	Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q3 2023		2025		2024		2024

Fixed maturities	$	155,796	$	149,861	$	146,711	$	164,283	$	163,002	$	133,006	$	452,368	$	456,421	$	620,704
Other investments	15,019		18,479		22,410		9,099		19,594		312		55,907		39,569		48,666
Equity securities	3,046		3,155		3,208		3,574		3,529		3,050		9,408		9,348		12,922
Mortgage loans	5,890		5,956		6,868		7,617		8,175		8,892		18,714		26,412		34,028
Cash and cash equivalents	12,597		16,649		33,380		17,804		14,402		14,465		62,626		41,796		59,600
Short-term investments	355		541		1,986		1,421		3,919		2,195		2,882		11,148		12,569

Gross investment income	192,703		194,641		214,563		203,798		212,621		161,920		601,905		584,694		788,489
Investment expenses	(7,800)		(7,344)		(6,850)		(8,025)		(7,521)		(7,719)		(21,994)		(21,236)		(29,260)

Net investment income	$	184,903	$	187,297	$	207,713	$	195,773	$	205,100	$	154,201	$	579,911	$	563,458	$	759,229

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	September 30,			December 31,
	2025			2024
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,879,372		$	12,152,753
Fixed maturities, held to maturity, at amortized cost	406,658			443,400
Equity securities, at fair value	649,970			579,274
Mortgage loans, held for investment, at fair value	409,699			505,697
Other investments, at fair value	972,867			930,278
Equity method investments	220,022			206,994
Short-term investments, at fair value	17,185			223,666
Total investments	15,555,773			15,042,062
Cash and cash equivalents	1,358,078			3,063,621
Accrued interest receivable	117,720			114,012
Insurance and reinsurance premium balances receivable	3,684,736			3,169,355
Reinsurance recoverable on unpaid losses and loss expenses	9,043,009			6,840,897
Reinsurance recoverable on paid losses and loss expenses	648,126			546,287
Deferred acquisition costs	641,467			524,837
Prepaid reinsurance premiums	2,164,297			1,936,979
Receivable for investments sold	3,813			3,693
Goodwill	66,498			66,498
Intangible assets	168,446			175,967

Operating lease right-of-use assets	92,706			92,516
Loan advances made	250,537			247,775
Other assets	541,119			695,794
TOTAL ASSETS	$	34,336,325		$	32,520,293

LIABILITIES
Reserve for losses and loss expenses	$	17,996,236		$	17,218,929
Unearned premiums	5,994,611			5,211,865
Insurance and reinsurance balances payable	1,855,349			1,713,798
Debt	1,316,321			1,315,179
Federal Home Loan Bank advances	66,380			66,380
Payable for investments purchased	194,988			269,728
Operating lease liabilities	108,960			106,614
Other liabilities	436,471			528,421
TOTAL LIABILITIES	27,969,316			26,430,914

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000
Common shares	2,206			2,206
Additional paid-in capital	2,395,615			2,394,063
Accumulated other comprehensive income (loss)	10,169			(267,557)
Retained earnings	7,932,969			7,341,569
Treasury shares, at cost	(4,523,950)			(3,930,902)


TOTAL SHAREHOLDERS' EQUITY	6,367,009			6,089,379

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	34,336,325		$	32,520,293






Debt to total capital [a]	17.1		%	17.8		%

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

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO


	At September 30, 2025												At December 31, 2024
	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	$	2,526,849	$	—	$	18,961	$	(8,135)	$	2,537,675	15.0	%		$	2,802,986	15.5	%
Non-U.S. government	780,969		(64)		15,591		(4,646)		791,850		4.7	%		729,939		4.1	%
Corporate debt	5,100,090		(4,341)		94,964		(45,141)		5,145,572		30.6	%		4,842,190		27.0	%
Agency RMBS	1,890,490		—		24,284		(26,288)		1,888,486		11.2	%		1,184,845		6.6	%
CMBS	843,089		—		6,368		(18,373)		831,084		4.9	%		819,608		4.6	%
Non-Agency RMBS	200,779		(235)		1,541		(4,767)		197,318		1.2	%		122,536		0.7	%
ABS	1,419,221		(56)		12,535		(4,499)		1,427,201		8.5	%		1,539,832		8.6	%
Municipals	61,316		—		454		(1,584)		60,186		0.4	%		110,817		0.6	%
Total fixed maturities, available for sale, at fair value	12,822,803		(4,696)		174,698		(113,433)		12,879,372		76.5	%		12,152,753		67.7	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	137,403		—		—		—		137,403		0.8	%		122,706		0.7	%
ABS	269,255		—		—		—		269,255		1.6	%		320,694		1.8	%
Total fixed maturities, held to maturity, at amortized cost	406,658		—		—		—		406,658		2.4	%		443,400		2.5	%

Equity securities, at fair value
Common stocks	3,129		—		120		(515)		2,734		—	%		2,638		—	%
Preferred Stocks	15,002		—		664		(115)		15,551		0.1	%		5,867		—	%
Exchange-traded funds	229,508		—		132,054		(70)		361,492		2.2	%		314,042		1.7	%
Bond mutual funds	286,457		—		9,334		(25,598)		270,193		1.6	%		256,727		1.5	%
Total equity securities, at fair value	534,096		—		142,172		(26,298)		649,970		3.9	%		579,274		3.2	%

Total fixed maturities and equity securities	$	13,763,557	$	(4,696)	$	316,870	$	(139,731)	13,936,000		82.8	%		13,175,427		73.4	%
Mortgage loans, held for investment									409,699		2.4	%		505,697		2.8	%
Other investments									972,867		5.8	%		930,278		5.2	%
Equity method investments									220,022		1.3	%		206,994		1.2	%
Short-term investments									17,185		0.1	%		223,666		1.2	%
Total investments									15,555,773		92.4	%		15,042,062		83.8	%
Cash and cash equivalents [a]									1,358,078		8.1	%		3,063,621		17.1	%
Accrued interest receivable									117,720		0.7	%		114,012		0.6	%
Net receivable/(payable) for investments sold (purchased)									(191,175)		(1.2	%)		(266,035)		(1.5	%)
Total cash and invested assets									$	16,840,396	100.0	%		$	17,953,660	100.0	%

[a] Includes $532 million and $920 million of restricted cash and cash equivalents at September 30, 2025 and December 31, 2024, respectively.


	At September 30, 2025				At December 31, 2024
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	$	14,168	1.5	%	$	24,919	2.7	%

Direct lending funds	175,495		18.0	%	171,048		18.4	%
Real estate funds	289,087		29.7	%	291,640		31.3	%
Private equity funds	356,421		36.6	%	320,690		34.5	%
Other privately held investments	137,696		14.2	%	121,981		13.1	%

Total	$	972,867	100.0	%	$	930,278	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q3 2023
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	15.0	%	14.6	%	14.3	%	15.5	%	15.5	%	17.6	%
Non-U.S. government	4.7	%	4.9	%	4.0	%	4.1	%	4.5	%	4.2	%
Corporate debt	30.6	%	29.6	%	26.0	%	27.0	%	31.6	%	26.2	%
MBS:
Agency RMBS	11.2	%	10.7	%	8.7	%	6.6	%	9.6	%	9.6	%
CMBS	4.9	%	5.1	%	4.8	%	4.6	%	4.5	%	5.4	%
Non-agency RMBS	1.2	%	1.1	%	1.1	%	0.7	%	0.7	%	0.9	%
ABS	8.5	%	8.2	%	7.3	%	8.6	%	8.7	%	7.9	%
Municipals	0.4	%	0.4	%	0.4	%	0.6	%	0.8	%	0.9	%

Total Fixed Maturities, available for sale	76.5	%	74.6	%	66.6	%	67.7	%	75.9	%	72.7	%
Fixed Maturities, held to maturity:
Corporate debt	0.8	%	0.8	%	0.7	%	0.7	%	0.7	%	0.6	%
ABS	1.6	%	1.7	%	1.5	%	1.8	%	2.1	%	3.8	%

Total Fixed Maturities, held to maturity	2.4	%	2.5	%	2.2	%	2.5	%	2.8	%	4.4	%
Equity securities	3.9	%	3.8	%	3.2	%	3.2	%	3.3	%	3.4	%
Mortgage loans	2.4	%	2.7	%	2.6	%	2.8	%	2.9	%	3.8	%
Other investments	5.8	%	5.8	%	5.3	%	5.2	%	5.2	%	5.9	%
Equity method investments	1.3	%	1.3	%	1.2	%	1.2	%	1.1	%	1.0	%
Short-term investments	0.1	%	0.3	%	0.5	%	1.2	%	0.7	%	0.8	%

Total Investments	92.4	%	91.0	%	81.6	%	83.8	%	91.9	%	92.0	%
Cash and cash equivalents	8.1	%	8.7	%	18.7	%	17.1	%	8.1	%	7.9	%
Accrued interest receivable	0.7	%	0.7	%	0.6	%	0.6	%	0.7	%	0.6	%
Net receivable/(payable) for investments sold (purchased)	(1.2	%)	(0.4	%)	(0.9	%)	(1.5	%)	(0.7	%)	(0.5	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	19.1	%	19.0	%	20.8	%	22.3	%	19.7	%	23.0	%
AAA [a]	19.6	%	20.0	%	20.3	%	21.2	%	20.1	%	22.4	%
AA [a]	22.7	%	23.4	%	21.8	%	18.7	%	20.5	%	20.4	%
A	17.8	%	17.1	%	16.8	%	16.6	%	17.8	%	15.1	%
BBB	9.7	%	9.8	%	9.5	%	9.5	%	11.9	%	10.7	%
Below BBB	11.1	%	10.7	%	10.8	%	11.7	%	10.0	%	8.4	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.9	%	5.5	%	6.5	%	7.1	%	5.2	%	4.4	%
From one to five years	42.9	%	43.0	%	43.0	%	44.7	%	43.4	%	43.1	%
From five to ten years	16.9	%	15.2	%	15.2	%	14.9	%	17.1	%	15.7	%
Above ten years	1.6	%	1.6	%	1.4	%	1.6	%	1.7	%	1.1	%
Asset-backed and mortgage-backed securities	34.7	%	34.7	%	33.9	%	31.7	%	32.6	%	35.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.6	%	4.6	%	4.5	%	4.5	%	4.4	%	4.1	%
Yield to maturity of fixed maturities	4.8	%	5.0	%	5.2	%	5.3	%	4.9	%	6.2	%
Average duration of fixed maturities (inclusive of duration hedges)	3.2 yrs		3.1 yrs		3.0 yrs		2.8 yrs		3.0 yrs		3.0 yrs
Average credit quality of fixed maturities	A+		A+		A+		A+		A+		AA-

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

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At September 30, 2025


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

Residential MBS	$	1,888,486		$	190,954		$	4,655		$	234		$	59		$	1,416		$	2,085,804
Commercial MBS	164,354			597,612			46,969			20,456			881			812			831,084
ABS	—			1,194,330			108,137			88,016			34,618			2,100			1,427,201

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	2,052,840		$	1,982,896		$	159,761		$	108,706		$	35,558		$	4,328		$	4,344,089

Percentage of total	47.3		%	45.6		%	3.7		%	2.5		%	0.8		%	0.1		%	100.0		%


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

ABS	$	—		$	143,455		$	125,800		$	—		$	—		$	—		$	269,255

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	143,455		$	125,800		$	—		$	—		$	—		$	269,255

Percentage of total	—		%	53.3		%	46.7		%	—		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended September 30, 2025						Nine months ended September 30, 2025
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses			Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses

Beginning of period	$	17,879,023	$	(9,086,900)	$	8,792,123		$	17,218,929	$	(6,840,897)	$	10,378,032
Incurred losses and loss expenses	1,365,385		(523,950)		841,435			3,961,246		(1,532,132)		2,429,114
Paid losses and loss expenses	(1,214,195)		428,658		(785,537)			(3,560,210)		1,212,248		(2,347,962)
Foreign exchange and other [a]	(33,977)		139,183		105,206			376,271		(1,882,228)		(1,505,957)

End of period [b]	$	17,996,236	$	(9,043,009)	$	8,953,227		$	17,996,236	$	(9,043,009)	$	8,953,227

[a] On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. At September 30, 2025, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $1.9 billion related to this transaction.

[b] At September 30, 2025, reserve for losses and loss expenses included IBNR of $12.3 billion, or 68% (December 31, 2024: $11.8 billion, or 68%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended September 30, 2025									Nine months ended September 30, 2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	865,692		$	348,503		$	1,214,195		$	2,399,081		$	1,161,129		$	3,560,210
Reinsurance recoverable on paid losses and loss expenses	(331,585)			(97,073)			(428,658)			(916,667)			(295,581)			(1,212,248)
Net paid losses and loss expenses	534,107			251,430			785,537			1,482,414			865,548			2,347,962

Change in gross case reserves	35,875			(24,684)			11,191			184,392			(131,304)			53,088
Change in gross IBNR	60,245			79,754			139,999			190,795			157,153			347,948
Change in reinsurance recoverable on unpaid losses and loss expenses	(34,420)			(60,872)			(95,292)			(137,935)			(181,949)			(319,884)
Change in net unpaid losses and loss expenses	61,700			(5,802)			55,898			237,252			(156,100)			81,152

Total net incurred losses and loss expenses	$	595,807		$	245,628		$	841,435		$	1,719,666		$	709,448		$	2,429,114

Gross reserve for losses and loss expenses	$	11,018,925		$	6,977,312		$	17,996,236		$	11,018,925		$	6,977,312		$	17,996,236

Net favorable prior year reserve development	$	14,843		$	4,103		$	18,946		$	44,036		$	13,076		$	57,112

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	89.6		%	102.4		%	93.4		%	86.2		%	122.0		%	96.7		%

Net paid losses and loss expenses / Net premiums earned	49.2		%	68.6		%	54.1		%	47.4		%	81.9		%	56.1		%
Net unpaid losses and loss expenses / Net premiums earned	5.7		%	(1.5		%)	3.9		%	7.6		%	(14.8		%)	1.9		%
Net losses and loss expenses ratio	54.9		%	67.1		%	58.0		%	55.0		%	67.1		%	58.0		%

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Net income available to common shareholders	$	294,301	$	173,165	$	696,601	$	765,465

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	77,619		83,936		79,037		84,428
Dilutive share equivalents:
Share-based compensation plans	982		1,064		1,053		910
Weighted average diluted common shares outstanding	78,601		85,000		80,090		85,338

EARNINGS PER COMMON SHARE
Earnings per common share	$3.79		$2.06		$8.81		$9.07
Earnings per diluted common share	$3.74		$2.04		$8.70		$8.97

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD


	Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q3 2023

Net income available to common shareholders	$	294,301	$	215,795	$	186,508	$	286,069	$	173,165	$	180,535

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	78,173		78,651		82,984		83,649		84,179		85,216
Shares issued and treasury shares reissued	2		32		714		28		12		19
Shares repurchased for treasury	(1,140)		(510)		(5,047)		(693)		(542)		(7)
Common shares - at end of period	77,035		78,173		78,651		82,984		83,649		85,228

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	77,619		78,378		81,152		83,380		83,936		85,223
Dilutive share equivalents:

Share-based compensation plans	982		951		1,226		1,315		1,064		885
Weighted average diluted common shares outstanding	78,601		79,329		82,378		84,695		85,000		86,108

EARNINGS PER COMMON SHARE
Earnings per common share	$3.79		$2.75		$2.30		$3.43		$2.06		$2.12
Earnings per diluted common share	$3.74		$2.72		$2.26		$3.38		$2.04		$2.10

AXIS CAPITAL HOLDINGS LIMITED

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


	At September 30, 2025

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

Closing stock price					$95.80

Book value per common share		$	5,817,009	77,035	$75.51

Dilutive securities:

Restricted stock units				1,761	(1.69)
Book value per diluted common share		$	5,817,009	78,796	$73.82

	At December 31, 2024

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

Closing stock price					$88.62

Book value per common share		$	5,539,379	82,984	$66.75



Dilutive securities:


Restricted stock units				1,886	(1.48)
Book value per diluted common share		$	5,539,379	84,870	$65.27

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

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE



	Q3 2025		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q3 2023

Common shareholders' equity	$	5,817,009	$	5,624,398	$	5,352,799	$	5,539,379	$	5,533,227	$	4,483,208
Less: goodwill	(66,498)		(66,498)		(66,498)		(66,498)		(100,801)		(100,801)
Less: intangible assets	(168,446)		(170,842)		(173,238)		(175,967)		(178,696)		(189,612)
Associated tax impact	45,806		46,357		46,909		47,530		48,507		50,992
Tangible common shareholders' equity	$	5,627,871	$	5,433,415	$	5,159,972	$	5,344,444	$	5,302,237	$	4,243,787

Diluted common shares outstanding, net of treasury shares [a]	78,796		79,957		80,520		84,870		85,583		87,617

Book value per diluted common share	$	73.82	$	70.34	$	66.48	$	65.27	$	64.65	$	51.17

Tangible book value per diluted common share	$	71.42	$	67.95	$	64.08	$	62.97	$	61.95	$	48.44

[a] Diluted common shares outstanding, net of treasury shares 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,
	2025			2024			2025			2024
Net income available to common shareholders	$	294,301		$	173,165		$	696,601		$	765,465
Net investment (gains) losses	(30,905)			(32,182)			(44,365)			30,503
Foreign exchange losses (gains)	(13,492)			92,204			138,428			61,268
Reorganization expenses	—			—			—			26,312
Interest in income of equity method investments	(2,083)			(1,621)			(3,669)			(10,689)
Bermuda net deferred tax asset [a]	—			—			—			(162,705)
Income tax expense (benefit) [b]	7,454			(1,503)			(12,330)			(9,938)
Operating income	$	255,275		$	230,063		$	774,665		$	700,216

Earnings per diluted common share	$	3.74		$	2.04		$	8.70		$	8.97
Net investment (gains) losses	(0.39)			(0.38)			(0.55)			0.36
Foreign exchange losses (gains)	(0.17)			1.08			1.73			0.72
Reorganization expenses	—			—			—			0.31
Interest in income of equity method investments	(0.03)			(0.02)			(0.05)			(0.13)
Bermuda net deferred tax asset	—			—			—			(1.91)
Income tax expense (benefit)	0.10			(0.01)			(0.16)			(0.11)
Operating income per diluted common share	$	3.25		$	2.71		$	9.67		$	8.21

Weighted average diluted common shares outstanding	78,601			85,000			80,090			85,338

Average common shareholders' equity	$	5,720,704		$	5,321,349		$	5,678,194		$	5,123,212

Annualized return on average common equity	20.6		%	13.0		%	16.4		%	19.9		%

Annualized operating return on average common equity	17.8		%	17.3		%	18.2		%	18.2		%

[a] Net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

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

AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

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

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

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

Consolidated Underwriting Income (Loss)

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

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

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

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

Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to our "How We Work" program. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

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

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

Current Accident Year Loss Ratio

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

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

Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other 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 disasters, man-made catastrophes, other 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

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

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

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

Bermuda net deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax asset is not related to the underwriting process. Therefore, this income is excluded from operating income (loss).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset 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 in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

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

Tangible Book Value per Diluted Common Share

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