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AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2025

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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.

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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
•    Mortgage-Backed and Asset-Backed Securities Composition						14
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis						15
b. Paid to Incurred Analysis by Segment						16
V. Book Value
a. Book Value and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						17
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						18
b. Rationale for the Use of Non-GAAP Financial Measures						19-21

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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.

1

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AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

												Quarters ended December 31,																					Years ended December 31,
												2025						2024						Change									2025						2024						Change
HIGHLIGHTS						Gross premiums written						$	2,209,707					$	1,975,324					11.9		%							$	9,644,514					$	9,005,888					7.1		%
						Gross premiums written - Insurance						85.9		%				86.1		%				(0.2)			pts						74.4		%				73.5		%				0.9			pts
						Gross premiums written - Reinsurance						14.1		%				13.9		%				0.2			pts						25.6		%				26.5		%				(0.9)			pts
						Net premiums written						$	1,383,193					$	1,225,549					12.9		%							$	6,121,656					$	5,757,351					6.3		%
						Net premiums earned						$	1,528,475					$	1,377,014					11.0		%							$	5,714,609					$	5,306,235					7.7		%
						Net premiums earned - Insurance						76.1		%				74.5		%				1.6			pts						75.1		%				74.0		%				1.1			pts
						Net premiums earned - Reinsurance						23.9		%				25.5		%				(1.6)			pts						24.9		%				26.0		%				(1.1)			pts
						Net income available to common shareholders						$	282,044					$	286,069					(1.4		%)							$	978,648					$	1,051,536					(6.9		%)
						Operating income [a]						$	249,544					$	251,816					(0.9		%)							$	1,024,212					$	952,035					7.6		%
						Annualized return on average common equity [b]						19.4		%				20.7		%				(1.3)			pts						17.3		%				20.5		%				(3.2)			pts
						Annualized operating return on average common equity [c]						17.2		%				18.2		%				(1.0)			pts						18.1		%				18.6		%				(0.5)			pts
						Total common shareholders’ equity						$	5,806,435					$	5,539,379					4.8		%							$	5,806,435					$	5,539,379					4.8		%
PER COMMON SHARE AND COMMON SHARE DATA						Earnings per diluted common share						$3.67						$3.38						8.6		%							$12.35						$12.35						—		%
						Operating income per diluted common share [d]						$3.25						$2.97						9.4		%							$12.92						$11.18						15.6		%
						Weighted average diluted common shares outstanding						76,825						84,695						(9.3		%)							79,266						85,176						(6.9		%)
						Book value per common share						$78.32						$66.75						17.3		%							$78.32						$66.75						17.3		%
						Book value per diluted common share (treasury stock method)						$77.20						$65.27						18.3		%							$77.20						$65.27						18.3		%
						Tangible book value per diluted common share (treasury stock method) [a]						$74.71						$62.97						18.6		%							$74.71						$62.97						18.6		%
FINANCIAL RATIOS						Current accident year loss ratio, excluding catastrophe and weather-related losses [a],[e]						56.2		%				55.7		%				0.5			pts						56.3		%				55.7		%				0.6			pts
						Catastrophe and weather-related losses ratio [a]						2.0		%				5.9		%				(3.9)			pts						2.8		%				4.3		%				(1.5)			pts
						Current accident year loss ratio [a]						58.2		%				61.6		%				(3.4)			pts						59.1		%				60.0		%				(0.9)			pts
						Prior year reserve development ratio						(2.0		%)				(1.2		%)				(0.8)			pts						(1.6		%)				(0.5		%)				(1.1)			pts
						Net losses and loss expenses ratio						56.2		%				60.4		%				(4.2)			pts						57.5		%				59.5		%				(2.0)			pts
						Acquisition cost ratio						20.3		%				20.1		%				0.2			pts						19.9		%				20.2		%				(0.3)			pts
						General and administrative expense ratio [f]						13.9		%				13.7		%				0.2			pts						12.4		%				12.6		%				(0.2)			pts
						Combined ratio						90.4		%				94.2		%				(3.8)			pts						89.8		%				92.3		%				(2.5)			pts
INVESTMENT DATA						Total assets						$	34,461,926					$	32,681,309					5.4		%							$	34,461,926					$	32,681,309					5.4		%
						Total cash and invested assets [g]						$	17,168,404					$	17,953,660					(4.4		%)							$	17,168,404					$	17,953,660					(4.4		%)
						Net investment income						$	186,992					$	195,773					(4.5		%)							$	766,903					$	759,229					1.0		%
						Net investment gains (losses)						$	14,584					$	(108,030)					nm									$	58,950					$	(138,534)					nm
						Book yield of fixed maturities						4.6		%				4.5		%				0.1			pts						4.6		%				4.5		%				0.1			pts

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

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

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

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

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

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

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

2

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY

			Q4 2025						Q3 2025						Q2 2025						Q1 2025						Q4 2024
REVENUES
Net premiums earned			$	1,528,475					$	1,451,883					$	1,393,431					$	1,340,820					$	1,377,014
Net investment income			186,992						184,903						187,297						207,713						195,773
Net investment gains (losses)			14,584						30,905						43,468						(30,005)						(108,030)
Other insurance related income			4,383						6,593						8,662						3,578						7,016
Total revenues			1,734,434						1,674,284						1,632,858						1,522,106						1,471,773
EXPENSES
Net losses and loss expenses			859,427						841,435						801,754						785,925						831,956
Acquisition costs			310,375						285,618						275,897						264,581						276,273
General and administrative expenses			212,054						171,637						161,078						159,163						189,186
Foreign exchange losses (gains)			3,555						(13,492)						94,885						57,034						(112,090)
Interest expense and financing costs			16,844						16,657						16,586						16,572						16,761
Amortization of intangible assets			2,396						2,396						2,396						2,729						2,729
Total expenses			1,404,651						1,304,251						1,352,596						1,286,004						1,204,815
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS			329,783						370,033						280,262						236,102						266,958
Income tax (expense) benefit			(45,959)						(70,252)						(56,199)						(44,322)						19,410
Interest in income (loss) of equity method investments			5,783						2,083						(705)						2,291						7,264
NET INCOME			289,607						301,864						223,358						194,071						293,632
Preferred share dividends			7,563						7,563						7,563						7,563						7,563
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			$	282,044					$	294,301					$	215,795					$	186,508					$	286,069
KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding			75,686						77,619						78,378						81,152						83,380
Dilutive share equivalents:
Share-based compensation plans			1,139						982						951						1,226						1,315
Weighted average diluted common shares outstanding			76,825						78,601						79,329						82,378						84,695
Earnings per common share			$3.73						$3.79						$2.75						$2.30						$3.43
Earnings per diluted common share			$3.67						$3.74						$2.72						$2.26						$3.38
Annualized ROACE			19.4		%				20.6		%				15.7		%				13.7		%				20.7		%
Annualized operating ROACE			17.2		%				17.8		%				19.0		%				19.2		%				18.2		%

3

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

						Years ended December 31,
						2025						2024
			REVENUES
			Net premiums earned			$	5,714,609					$	5,306,235
			Net investment income			766,903						759,229
			Net investment gains (losses)			58,950						(138,534)
			Other insurance related income			23,216						30,721
			Total revenues			6,563,678						5,957,651
			EXPENSES
			Net losses and loss expenses			3,288,541						3,158,487
			Acquisition costs			1,136,469						1,070,551
			General and administrative expenses			703,931						666,202
			Foreign exchange losses (gains)			141,983						(50,822)
			Interest expense and financing costs			66,659						67,766
			Reorganization expenses			—						26,312
			Amortization of intangible assets			9,917						10,917
			Total expenses			5,347,500						4,949,413
			INCOME BEFORE INCOME TAX AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS			1,216,178						1,008,238
			Income tax (expense) benefit			(216,732)						55,595
			Interest in income of equity method investments			9,452						17,953
			NET INCOME			1,008,898						1,081,786
			Preferred share dividends			30,250						30,250
			NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			$	978,648					$	1,051,536
			KEY RATIOS/PER SHARE DATA
			Weighted average common shares outstanding			78,192						84,165
			Dilutive share equivalents:
			Share-based compensation plans			1,074						1,011
			Weighted average diluted common shares outstanding			79,266						85,176
			Earnings per common share			$12.52						$12.49
			Earnings per diluted common share			$12.35						$12.35
			ROACE			17.3		%				20.5		%
			Operating ROACE			18.1		%				18.6		%

4

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																																										Years ended December 31,
						Q4 2025						Q3 2025						Q2 2025						Q1 2025						Q4 2024												2025						2024
UNDERWRITING REVENUES
Gross premiums written						$	2,209,707					$	2,124,184					$	2,515,971					$	2,794,652					$	1,975,324											$	9,644,514					$	9,005,888
Ceded premiums written						(826,514)						(771,195)						(880,537)						(1,044,613)						(749,775)												(3,522,858)						(3,248,537)
Net premiums written						1,383,193						1,352,989						1,635,434						1,750,039						1,225,549												6,121,656						5,757,351
Gross premiums earned						2,381,138						2,280,608						2,229,370						2,147,045						2,207,338												9,038,161						8,529,567
Ceded premiums earned						(852,663)						(828,725)						(835,939)						(806,225)						(830,324)												(3,323,552)						(3,223,332)
Net premiums earned						1,528,475						1,451,883						1,393,431						1,340,820						1,377,014												5,714,609						5,306,235
Other insurance related income						4,383						6,593						8,662						3,578						7,016												23,216						30,721
Total underwriting revenues						1,532,858						1,458,476						1,402,093						1,344,398						1,384,030												5,737,825						5,336,956
UNDERWRITING EXPENSES
Net losses and loss expenses						859,427						841,435						801,754						785,925						831,956												3,288,541						3,158,487
Acquisition costs						310,375						285,618						275,897						264,581						276,273												1,136,469						1,070,551
Underwriting-related general and administrative expenses [a]						178,879						143,111						135,241						130,438						146,299												587,669						536,442
Total underwriting expenses						1,348,681						1,270,164						1,212,892						1,180,944						1,254,528												5,012,679						4,765,480
UNDERWRITING INCOME [b]						$	184,177					$	188,312					$	189,201					$	163,454					$	129,502											$	725,146					$	571,476
OTHER (EXPENSES) REVENUES
Net investment income						186,992						184,903						187,297						207,713						195,773												766,903						759,229
Net investment gains (losses)						14,584						30,905						43,468						(30,005)						(108,030)												58,950						(138,534)
Corporate expenses [a]						(33,175)						(28,526)						(25,837)						(28,725)						(42,887)												(116,262)						(129,760)
Foreign exchange (losses) gains						(3,555)						13,492						(94,885)						(57,034)						112,090												(141,983)						50,822
Interest expense and financing costs						(16,844)						(16,657)						(16,586)						(16,572)						(16,761)												(66,659)						(67,766)
Reorganization expenses						—						—						—						—						—												—						(26,312)
Amortization of intangible assets						(2,396)						(2,396)						(2,396)						(2,729)						(2,729)												(9,917)						(10,917)
Total other (expenses) revenues						145,606						181,721						91,061						72,648						137,456												491,032						436,762
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS						329,783						370,033						280,262						236,102						266,958												1,216,178						1,008,238
Income tax (expense) benefit						(45,959)						(70,252)						(56,199)						(44,322)						19,410												(216,732)						55,595
Interest in income (loss) of equity method investments						5,783						2,083						(705)						2,291						7,264												9,452						17,953
NET INCOME						289,607						301,864						223,358						194,071						293,632												1,008,898						1,081,786
Preferred share dividends						(7,563)						(7,563)						(7,563)						(7,563)						(7,563)												(30,250)						(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS						$	282,044					$	294,301					$	215,795					$	186,508					$	286,069											$	978,648					$	1,051,536
Catastrophe and weather-related losses, net of reinstatement premiums						$	29,855					$	43,659					$	36,626					$	49,070					$	81,063											$	159,210					$	225,996
Net favorable prior year reserve development						$	29,852					$	18,946					$	20,229					$	17,937					$	16,311											$	86,963					$	24,323
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses						56.2		%				56.3		%				56.4		%				56.3		%				55.7		%										56.3		%				55.7		%
Catastrophe and weather-related losses ratio						2.0		%				3.0		%				2.6		%				3.7		%				5.9		%										2.8		%				4.3		%
Current accident year loss ratio						58.2		%				59.3		%				59.0		%				60.0		%				61.6		%										59.1		%				60.0		%
Prior year reserve development ratio						(2.0		%)				(1.3		%)				(1.5		%)				(1.4		%)				(1.2		%)										(1.6		%)				(0.5		%)
Net losses and loss expenses ratio						56.2		%				58.0		%				57.5		%				58.6		%				60.4		%										57.5		%				59.5		%
Acquisition cost ratio						20.3		%				19.7		%				19.8		%				19.7		%				20.1		%										19.9		%				20.2		%
General and administrative expense ratio [c]						13.9		%				11.7		%				11.6		%				11.9		%				13.7		%										12.4		%				12.6		%
Combined ratio						90.4		%				89.4		%				88.9		%				90.2		%				94.2		%										89.8		%				92.3		%

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

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

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

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

						Quarter ended December 31, 2025																		Year ended December 31, 2025
						Insurance						Reinsurance						Total						Insurance						Reinsurance						Total
UNDERWRITING REVENUES
Gross premiums written						$	1,898,986					$	310,721					$	2,209,707					$	7,179,206					$	2,465,308					$	9,644,514
Ceded premium written						(691,799)						(134,715)						(826,514)						(2,551,982)						(970,876)						(3,522,858)
Net premiums written						1,207,187						176,006						1,383,193						4,627,224						1,494,432						6,121,656
Gross premiums earned						1,787,562						593,576						2,381,138						6,710,242						2,327,919						9,038,161
Ceded premiums earned						(624,736)						(227,927)						(852,663)						(2,418,757)						(904,795)						(3,323,552)
Net premiums earned						1,162,826						365,649						1,528,475						4,291,485						1,423,124						5,714,609
Other insurance related income						254						4,129						4,383						677						22,539						23,216
Total underwriting revenues						1,163,080						369,778						1,532,858						4,292,162						1,445,663						5,737,825
UNDERWRITING EXPENSES
Net losses and loss expenses						617,562						241,865						859,427						2,337,227						951,314						3,288,541
Acquisition costs						225,952						84,423						310,375						820,324						316,145						1,136,469
Underwriting-related general and administrative expenses						161,994						16,885						178,879						537,558						50,111						587,669
Total underwriting expenses						1,005,508						343,173						1,348,681						3,695,109						1,317,570						5,012,679
UNDERWRITING INCOME						$	157,572					$	26,605					$	184,177					$	597,053					$	128,093					$	725,146
Catastrophe and weather-related losses, net of reinstatement premiums						$	29,755					$	100					$	29,855					$	156,414					$	2,796					$	159,210
Net favorable prior year reserve development						$	22,939					$	6,913					$	29,852					$	66,975					$	19,988					$	86,963
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses						52.5		%				68.0		%				56.2		%				52.4		%				68.1		%				56.3		%
Catastrophe and weather-related losses ratio						2.6		%				—		%				2.0		%				3.6		%				0.2		%				2.8		%
Current accident year loss ratio						55.1		%				68.0		%				58.2		%				56.0		%				68.3		%				59.1		%
Prior year reserve development ratio						(2.0		%)				(1.9		%)				(2.0		%)				(1.5		%)				(1.5		%)				(1.6		%)
Net losses and loss expenses ratio						53.1		%				66.1		%				56.2		%				54.5		%				66.8		%				57.5		%
Acquisition cost ratio						19.4		%				23.1		%				20.3		%				19.1		%				22.2		%				19.9		%
Underwriting-related general and administrative expense ratio						14.0		%				4.7		%				11.7		%				12.5		%				3.6		%				10.4		%
Corporate expense ratio																		2.2		%																2.0		%
Combined ratio						86.5		%				93.9		%				90.4		%				86.1		%				92.6		%				89.8		%

6

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AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

																																										Years ended December 31,
						Q4 2025						Q3 2025						Q2 2025						Q1 2025						Q4 2024												2025						2024
INSURANCE SEGMENT
Property						$	557,230					$	468,098					$	645,476					$	495,417					$	496,504											$	2,166,222					$	2,050,329
Professional Lines						404,835						337,888						343,370						257,159						340,463												1,343,252						1,162,323
Liability						351,489						345,455						365,542						303,758						331,130												1,366,245						1,251,603
Cyber						119,693						103,404						136,562						113,945						134,939												473,604						561,937
Marine and Aviation						198,739						190,321						224,393						267,151						169,470												880,604						815,168
Accident and Health						151,078						161,470						126,985						124,843						125,277												564,374						450,810
Credit and Political Risk						115,922						85,246						90,107						93,630						102,554												384,905						323,414
TOTAL INSURANCE SEGMENT						$	1,898,986					$	1,691,882					$	1,932,435					$	1,655,903					$	1,700,337											$	7,179,206					$	6,615,584
REINSURANCE SEGMENT
Liability						$	91,530					$	154,460					$	168,566					$	253,070					$	95,980											$	667,626					$	616,333
Professional Lines						16,403						38,567						171,851						188,445						28,001												415,266						421,846
Motor						70,332						47,303						26,066						124,380						25,481												268,080						238,961
Accident and Health						44,275						18,192						22,337						281,355						45,675												366,159						436,296
Credit and Surety						80,634						108,505						116,290						204,666						65,041												510,094						417,717
Agriculture						1,290						55,704						55,256						48,901						3,317												161,151						150,373
Marine and Aviation						3,903						8,602						18,871						33,492						2,201												64,870						82,274
Total						308,367						431,333						579,237						1,134,309						265,696												2,453,246						2,363,800
Run-off lines
Catastrophe						(30)						(510)						249						967						3,346												677						10,823
Property						644						577						848						1,646						(527)												3,715						3,130
Engineering						1,740						902						3,202						1,827						6,472												7,670						12,551
Total run-off lines						2,354						969						4,299						4,440						9,291												12,062						26,504
TOTAL REINSURANCE SEGMENT						$	310,721					$	432,302					$	583,536					$	1,138,749					$	274,987											$	2,465,308					$	2,390,304
CONSOLIDATED TOTAL						$	2,209,707					$	2,124,184					$	2,515,971					$	2,794,652					$	1,975,324											$	9,644,514					$	9,005,888

7

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AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																																										Years ended December 31,
						Q4 2025						Q3 2025						Q2 2025						Q1 2025						Q4 2024												2025						2024
UNDERWRITING REVENUES
Gross premiums written						$	1,898,986					$	1,691,882					$	1,932,435					$	1,655,903					$	1,700,337											$	7,179,206					$	6,615,584
Ceded premiums written						(691,799)						(606,935)						(641,925)						(611,323)						(642,254)												(2,551,982)						(2,365,039)
Net premiums written						1,207,187						1,084,947						1,290,510						1,044,580						1,058,083												4,627,224						4,250,545
Gross premiums earned						1,787,562						1,690,735						1,633,396						1,598,550						1,621,228												6,710,242						6,254,836
Ceded premiums earned						(624,736)						(605,123)						(600,435)						(588,464)						(595,203)												(2,418,757)						(2,328,800)
Net premiums earned						1,162,826						1,085,612						1,032,961						1,010,086						1,026,025												4,291,485						3,926,036
Other insurance related income						254						261						6						156						40												677						94
Total underwriting revenues						1,163,080						1,085,873						1,032,967						1,010,242						1,026,065												4,292,162						3,926,130
UNDERWRITING EXPENSES
Net losses and loss expenses						617,562						595,807						561,770						562,088						603,311												2,337,227						2,245,420
Acquisition costs						225,952						205,440						194,912						194,021						199,606												820,324						766,915
Underwriting-related general and administrative expenses						161,994						131,326						124,646						119,592						132,699												537,558						485,929
Total underwriting expenses						1,005,508						932,573						881,328						875,701						935,616												3,695,109						3,498,264
UNDERWRITING INCOME						$	157,572					$	153,300					$	151,639					$	134,541					$	90,449											$	597,053					$	427,866
Catastrophe and weather-related losses, net of reinstatement premiums						$	29,755					$	42,689					$	36,440					$	47,530					$	80,110											$	156,414					$	216,093
Net favorable prior year reserve development						$	22,939					$	14,843					$	15,216					$	13,978					$	12,200											$	66,975					$	16,209
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses						52.5		%				52.3		%				52.3		%				52.3		%				52.2		%										52.4		%				52.1		%
Catastrophe and weather-related losses ratio						2.6		%				3.9		%				3.6		%				4.7		%				7.8		%										3.6		%				5.5		%
Current accident year loss ratio						55.1		%				56.2		%				55.9		%				57.0		%				60.0		%										56.0		%				57.6		%
Prior year reserve development ratio						(2.0		%)				(1.3		%)				(1.5		%)				(1.4		%)				(1.2		%)										(1.5		%)				(0.4		%)
Net losses and loss expenses ratio						53.1		%				54.9		%				54.4		%				55.6		%				58.8		%										54.5		%				57.2		%
Acquisition cost ratio						19.4		%				18.9		%				18.9		%				19.2		%				19.5		%										19.1		%				19.5		%
Underwriting-related general and administrative expense ratio						14.0		%				12.1		%				12.0		%				11.9		%				12.9		%										12.5		%				12.4		%
Combined ratio						86.5		%				85.9		%				85.3		%				86.7		%				91.2		%										86.1		%				89.1		%

8

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AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																																										Years ended December 31,
						Q4 2025						Q3 2025						Q2 2025						Q1 2025						Q4 2024												2025						2024
UNDERWRITING REVENUES
Gross premiums written						$	310,721					$	432,302					$	583,536					$	1,138,749					$	274,987											$	2,465,308					$	2,390,304
Ceded premiums written						(134,715)						(164,260)						(238,612)						(433,290)						(107,521)												(970,876)						(883,498)
Net premiums written						176,006						268,042						344,924						705,459						167,466												1,494,432						1,506,806
Gross premiums earned						593,576						589,873						595,974						548,495						586,110												2,327,919						2,274,731
Ceded premiums earned						(227,927)						(223,602)						(235,504)						(217,761)						(235,121)												(904,795)						(894,532)
Net premiums earned						365,649						366,271						360,470						330,734						350,989												1,423,124						1,380,199
Other insurance related income						4,129						6,332						8,656						3,422						6,976												22,539						30,627
Total underwriting revenues						369,778						372,603						369,126						334,156						357,965												1,445,663						1,410,826
UNDERWRITING EXPENSES
Net losses and loss expenses						241,865						245,628						239,984						223,837						228,645												951,314						913,067
Acquisition costs						84,423						80,178						80,985						70,560						76,667												316,145						303,636
Underwriting-related general and administrative expenses						16,885						11,785						10,595						10,846						13,600												50,111						50,513
Total underwriting expenses						343,173						337,591						331,564						305,243						318,912												1,317,570						1,267,216
UNDERWRITING INCOME						$	26,605					$	35,012					$	37,562					$	28,913					$	39,053											$	128,093					$	143,610
Catastrophe and weather-related losses, net of reinstatement premiums						$	100					$	970					$	186					$	1,540					$	953											$	2,796					$	9,903
Net favorable prior year reserve development						$	6,913					$	4,103					$	5,013					$	3,959					$	4,111											$	19,988					$	8,114
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses						68.0		%				67.9		%				67.9		%				68.4		%				66.0		%										68.1		%				66.0		%
Catastrophe and weather-related losses ratio						—		%				0.3		%				0.1		%				0.5		%				0.3		%										0.2		%				0.7		%
Current accident year loss ratio						68.0		%				68.2		%				68.0		%				68.9		%				66.3		%										68.3		%				66.7		%
Prior year reserve development ratio						(1.9		%)				(1.1		%)				(1.4		%)				(1.2		%)				(1.2		%)										(1.5		%)				(0.5		%)
Net losses and loss expenses ratio						66.1		%				67.1		%				66.6		%				67.7		%				65.1		%										66.8		%				66.2		%
Acquisition cost ratio						23.1		%				21.9		%				22.5		%				21.3		%				21.8		%										22.2		%				22.0		%
Underwriting-related general and administrative expenses ratio						4.7		%				3.2		%				2.9		%				3.3		%				4.0		%										3.6		%				3.6		%
Combined ratio						93.9		%				92.2		%				92.0		%				92.3		%				90.9		%										92.6		%				91.8		%

9

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AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

																																										Years ended December 31,
						Q4 2025						Q3 2025						Q2 2025						Q1 2025						Q4 2024												2025						2024
Fixed maturities						$	159,830					$	155,796					$	149,861					$	146,711					$	164,283											$	612,198					$	620,704
Other investments						13,367						15,019						18,479						22,410						9,099												69,275						48,666
Equity securities						4,185						3,046						3,155						3,208						3,574												13,593						12,922
Mortgage loans						4,873						5,890						5,956						6,868						7,617												23,587						34,028
Cash and cash equivalents						12,466						12,597						16,649						33,380						17,804												75,092						59,600
Short-term investments						254						355						541						1,986						1,421												3,136						12,569
Gross investment income						194,975						192,703						194,641						214,563						203,798												796,881						788,489
Investment expense						(7,983)						(7,800)						(7,344)						(6,850)						(8,025)												(29,978)						(29,260)
Net investment income						$	186,992					$	184,903					$	187,297					$	207,713					$	195,773											$	766,903					$	759,229

10

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

						December 31,						September 30,						June 30,						March 31,						December 31,
						2025						2025						2025						2025						2024
ASSETS
Investments:
Fixed maturities, available for sale, at fair value						$	13,018,027					$	12,879,372					$	12,137,475					$	11,865,480					$	12,152,753
Fixed maturities, held to maturity, at amortized cost						397,430						406,658						405,041						389,571						443,400
Equity securities, at fair value						707,569						649,970						619,275						574,379						579,274
Mortgage loans, held for investment, at fair value						356,840						409,699						438,571						457,907						505,697
Other investments, at fair value						1,027,798						972,867						938,922						938,562						930,278
Equity method investments						227,181						220,022						215,920						214,240						206,994
Short-term investments, at fair value						20,298						17,185						51,726						91,330						223,666
Total investments						15,755,143						15,555,773						14,806,930						14,531,469						15,042,062
Cash and cash equivalents						1,321,185						1,358,078						1,409,201						3,332,767						3,063,621
Accrued interest receivable						116,252						117,720						108,506						108,392						114,012
Insurance and reinsurance premium balances receivable						3,244,661						3,326,346						3,669,460						3,388,550						2,826,942
Reinsurance recoverable on unpaid losses and loss expenses						8,951,763						9,043,009						9,086,900						6,944,518						6,840,897
Reinsurance recoverable on paid losses and loss expenses						673,765						648,126						637,726						531,105						546,287
Deferred acquisition costs						801,778						822,774						837,456						787,512						685,853
Prepaid reinsurance premiums						2,139,294						2,164,297						2,223,255						2,175,425						1,936,979
Receivable for investments sold						12,806						3,813						29,099						39,498						3,693
Goodwill						66,498						66,498						66,498						66,498						66,498
Intangible assets						166,050						168,446						170,842						173,238						175,967
Operating lease right-of-use assets						93,900						92,706						89,421						92,299						92,516
Loan advances made						231,542						250,537						263,779						272,499						247,775
Other assets						887,289						899,509						934,469						966,812						1,038,207
TOTAL ASSETS						$	34,461,926					$	34,517,632					$	34,333,542					$	33,410,582					$	32,681,309
LIABILITIES
Reserve for losses and loss expenses						$	18,122,256					$	17,996,236					$	17,879,023					$	17,489,459					$	17,218,929
Unearned premiums						5,825,698						5,994,611						6,154,844						5,859,606						5,211,865
Insurance and reinsurance balances payable						1,882,021						1,855,349						1,932,269						1,883,746						1,713,798
Debt						1,316,710						1,316,321						1,315,936						1,315,555						1,315,179
Federal Home Loan Bank advances						66,380						66,380						66,380						66,380						66,380
Payable for investments purchased						36,982						194,988						79,677						193,752						269,728
Operating lease liabilities						110,095						108,960						106,544						107,289						106,614
Other liabilities						745,349						617,778						624,471						591,996						689,437
TOTAL LIABILITIES						28,105,491						28,150,623						28,159,144						27,507,783						26,591,930
SHAREHOLDERS’ EQUITY
Preferred shares						550,000						550,000						550,000						550,000						550,000
Common shares						2,206						2,206						2,206						2,206						2,206
Additional paid-in capital						2,405,792						2,395,615						2,384,659						2,374,804						2,394,063
Accumulated other comprehensive income (loss)						28,431						10,169						(21,710)						(152,376)						(267,557)
Retained earnings						8,181,699						7,932,969						7,673,246						7,492,484						7,341,569
Treasury shares, at cost						(4,811,693)						(4,523,950)						(4,414,003)						(4,364,319)						(3,930,902)
TOTAL SHAREHOLDERS' EQUITY						6,356,435						6,367,009						6,174,398						5,902,799						6,089,379
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY						$	34,461,926					$	34,517,632					$	34,333,542					$	33,410,582					$	32,681,309
Debt to total capital [a]						17.2		%				17.1		%				17.6		%				18.2		%				17.8		%

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

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

11

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AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

						At December 31, 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						$	2,406,907					$	—					$	17,206					$	(6,212)					$	2,417,901					14.0		%				$	2,802,986					15.5		%
Non-U.S. government						798,984						—						14,961						(3,401)						810,544						4.7		%				729,939						4.1		%
Corporate debt						5,168,562						(1,539)						96,137						(40,727)						5,222,433						30.4		%				4,842,190						27.0		%
Agency RMBS						2,026,043						—						31,869						(22,560)						2,035,352						11.9		%				1,184,845						6.6		%
CMBS						811,056						—						6,641						(16,186)						801,511						4.7		%				819,608						4.6		%
Non-Agency RMBS						193,372						(240)						1,366						(4,374)						190,124						1.1		%				122,536						0.7		%
ABS						1,479,963						(57)						12,231						(4,070)						1,488,067						8.7		%				1,539,832						8.6		%
Municipals						52,841						—						462						(1,208)						52,095						0.3		%				110,817						0.6		%
Total fixed maturities, available for sale, at fair value						12,937,728						(1,836)						180,873						(98,738)						13,018,027						75.8		%				12,152,753						67.7		%
Fixed maturities, held to maturity, at amortized cost
Corporate debt						145,137						—						—						—						145,137						0.8		%				122,706						0.7		%
ABS						252,293						—						—						—						252,293						1.5		%				320,694						1.8		%
Total fixed maturities, held to maturity, at amortized cost						397,430						—						—						—						397,430						2.3		%				443,400						2.5		%
Equity securities, at fair value
Common stocks						13,927						—						439						(671)						13,695						0.1		%				2,638						—		%
Preferred stocks						19,662						—						717						(68)						20,311						0.1		%				5,867						—		%
Exchange-traded funds						259,353						—						142,901						(497)						401,757						2.3		%				314,042						1.7		%
Bond mutual funds						288,333						—						9,411						(25,938)						271,806						1.6		%				256,727						1.5		%
Total equity securities, at fair value						581,275						—						153,468						(27,174)						707,569						4.1		%				579,274						3.2		%
Total fixed maturities and equity securities						$	13,916,433					$	(1,836)					$	334,341					$	(125,912)					14,123,026						82.2		%				13,175,427						73.4		%
Mortgage loans, held for investment																														356,840						2.1		%				505,697						2.8		%
Other investments																														1,027,798						6.0		%				930,278						5.2		%
Equity method investments																														227,181						1.3		%				206,994						1.2		%
Short-term investments																														20,298						0.2		%				223,666						1.2		%
Total investments																														15,755,143						91.8		%				15,042,062						83.8		%
Cash and cash equivalents [a]																														1,321,185						7.7		%				3,063,621						17.1		%
Accrued interest receivable																														116,252						0.7		%				114,012						0.6		%
Net receivable/(payable) for investments sold (purchased)																														(24,176)						(0.2		%)				(266,035)						(1.5		%)
Total cash and invested assets																														$	17,168,404					100.0		%				$	17,953,660					100.0		%

[a]    Includes $501 million and $920 million of restricted cash and cash equivalents at December 31, 2025 and December 31, 2024, respectively.

																		At December 31, 2025												At December 31, 2024
																		Fair Value						Percentage						Fair Value						Percentage
Other Investments:
Multi-strategy funds																		11,577						1.1		%				24,919						2.7		%
Direct lending funds																		186,747						18.2		%				171,048						18.4		%
Real estate funds																		291,491						28.4		%				291,640						31.3		%
Private equity funds																		364,376						35.5		%				320,690						34.5		%
Other privately held investments																		173,607						16.8		%				121,981						13.1		%
Total																		$	1,027,798					100.0		%				$	930,278					100.0		%

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AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

						Q4 2025						Q3 2025						Q2 2025						Q1 2025						Q4 2024
						Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency						14.0		%				15.0		%				14.6		%				14.3		%				15.5		%
Non-U.S. government						4.7		%				4.7		%				4.9		%				4.0		%				4.1		%
Corporate debt						30.4		%				30.6		%				29.6		%				26.0		%				27.0		%
MBS:
Agency RMBS						11.9		%				11.2		%				10.7		%				8.7		%				6.6		%
CMBS						4.7		%				4.9		%				5.1		%				4.8		%				4.6		%
Non-agency RMBS						1.1		%				1.2		%				1.1		%				1.1		%				0.7		%
ABS						8.7		%				8.5		%				8.2		%				7.3		%				8.6		%
Municipals						0.3		%				0.4		%				0.4		%				0.4		%				0.6		%
Total Fixed Maturities, available for sale						75.8		%				76.5		%				74.6		%				66.6		%				67.7		%
Fixed Maturities, held to maturity:
Corporate debt						0.8		%				0.8		%				0.8		%				0.7		%				0.7		%
ABS						1.5		%				1.6		%				1.7		%				1.5		%				1.8		%
Total Fixed Maturities, held to maturity						2.3		%				2.4		%				2.5		%				2.2		%				2.5		%
Equity securities						4.1		%				3.9		%				3.8		%				3.2		%				3.2		%
Mortgage loans						2.1		%				2.4		%				2.7		%				2.6		%				2.8		%
Other investments						6.0		%				5.8		%				5.8		%				5.3		%				5.2		%
Equity method investments						1.3		%				1.3		%				1.3		%				1.2		%				1.2		%
Short-term investments						0.2		%				0.1		%				0.3		%				0.5		%				1.2		%
Total investments						91.8		%				92.4		%				91.0		%				81.6		%				83.8		%
Cash and cash equivalents						7.7		%				8.1		%				8.7		%				18.7		%				17.1		%
Accrued interest receivable						0.7		%				0.7		%				0.7		%				0.6		%				0.6		%
Net receivable/(payable) for investments sold (purchased)						(0.2		%)				(1.2		%)				(0.4		%)				(0.9		%)				(1.5		%)
Total Cash and Invested Assets						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency						18.0		%				19.1		%				19.0		%				20.8		%				22.3		%
AAA [a]						19.2		%				19.6		%				20.0		%				20.3		%				21.2		%
AA [a]						23.7		%				22.7		%				23.4		%				21.8		%				18.7		%
A						17.4		%				17.8		%				17.1		%				16.8		%				16.6		%
BBB						10.0		%				9.7		%				9.8		%				9.5		%				9.5		%
Below BBB						11.7		%				11.1		%				10.7		%				10.8		%				11.7		%
Total						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%
MATURITY PROFILE OF FIXED MATURITIES
Within one year						2.7		%				3.9		%				5.5		%				6.5		%				7.1		%
From one to five years						43.3		%				42.9		%				43.0		%				43.0		%				44.7		%
From five to ten years						17.1		%				16.9		%				15.2		%				15.2		%				14.9		%
Above ten years						1.4		%				1.6		%				1.6		%				1.4		%				1.6		%
Asset-backed and mortgage-backed securities						35.5		%				34.7		%				34.7		%				33.9		%				31.7		%
Total						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		%				4.6		%				4.5		%				4.5		%
Yield to maturity of fixed maturities						4.7		%				4.8		%				5.0		%				5.2		%				5.3		%
Average duration of fixed maturities (inclusive of duration hedges)						3.1		yrs				3.2 yrs						3.1 yrs						3.0 yrs						2.8		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").

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AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At December 31, 2025

Available for sale, at fair value						Agencies						AAA						AA						A						BBB						Non-Investment Grade						Total
Residential MBS						$	2,035,352					$	184,093					$	4,451					$	207					$	57					$	1,316					$	2,225,476
Commercial MBS						166,392						571,618						44,408						17,578						868						647						801,511
ABS						—						1,213,059						111,436						130,880						30,767						1,925						1,488,067
Total mortgage-backed and asset-backed securities, available for sale, at fair value						$	2,201,744					$	1,968,770					$	160,295					$	148,665					$	31,692					$	3,888					$	4,515,054
Percentage of total						48.8		%				43.6		%				3.6		%				3.3		%				0.7		%				—		%				100.0		%

Held to maturity, at amortized cost						Agencies						AAA						AA						A						BBB						Non-Investment Grade						Total
ABS						$	—					$	127,492					$	124,801					$	—					$	—					$	—					$	252,293
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost						$	—					$	127,492					$	124,801					$	—					$	—					$	—					$	252,293
Percentage of total						—		%				50.5		%				49.5		%				—		%				—		%				—		%				100.0		%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

						Quarter ended December 31, 2025																		Year ended December 31, 2025
						Reserve for losses and loss expenses						Reinsurance recoverable on unpaid losses and loss expenses						Net reserve for losses and loss expenses						Reserve for losses and loss expenses						Reinsurance recoverable on unpaid losses and loss expenses						Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period						$	17,996,236					$	(9,043,009)					$	8,953,227					$	17,218,929					$	(6,840,897)					$	10,378,032
Incurred losses and loss expenses						1,335,685						(476,258)						859,427						5,296,931						(2,008,390)						3,288,541
Paid losses and loss expenses						(1,221,643)						422,961						(798,682)						(4,781,853)						1,635,211						(3,146,642)
Foreign exchange and other [a]						11,978						144,543						156,521						388,249						(1,737,687)						(1,349,438)
End of period [b]						$	18,122,256					$	(8,951,763)					$	9,170,493					$	18,122,256					$	(8,951,763)					$	9,170,493

[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 December 31, 2025, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $1.8 billion related to this transaction.

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

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AXIS CAPITAL HOLDINGS LIMITED

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

						Quarter ended December 31, 2025																		Year ended December 31, 2025
						Insurance						Reinsurance						Total						Insurance						Reinsurance						Total
Gross paid losses and loss expenses						$	801,393					$	420,250					$	1,221,643					$	3,200,474					$	1,581,379					$	4,781,853
Reinsurance recoverable on paid losses and loss expenses						(311,917)						(111,044)						(422,961)						(1,228,587)						(406,624)						(1,635,211)
Net paid losses and loss expenses						489,476						309,206						798,682						1,971,887						1,174,755						3,146,642
Change in gross case reserves						143,984						(41,949)						102,035						328,376						(173,253)						155,123
Change in gross IBNR						(14,811)						26,818						12,007						175,984						183,971						359,955
Change in reinsurance recoverable on unpaid losses and loss expenses						(1,087)						(52,210)						(53,297)						(139,020)						(234,159)						(373,179)
Change in net unpaid losses and loss expenses						128,086						(67,341)						60,745						365,340						(223,441)						141,899
Total net incurred losses and loss expenses						$	617,562					$	241,865					$	859,427					$	2,337,227					$	951,314					$	3,288,541
Gross reserve for losses and loss expenses						$	11,156,522					$	6,965,734					$	18,122,256					$	11,156,522					$	6,965,734					$	18,122,256
Net favorable prior year reserve development						$	22,939					$	6,913					$	29,852					$	66,975					$	19,988					$	86,963
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses						79.3		%				127.8		%				92.9		%				84.4		%				123.5		%				95.7		%
Net paid losses and loss expenses / Net premiums earned						42.1		%				84.6		%				52.3		%				45.9		%				82.5		%				55.1		%
Net unpaid losses and loss expenses / Net premiums earned						11.0		%				(18.5		%)				3.9		%				8.6		%				(15.7		%)				2.4		%
Net losses and loss expenses ratio						53.1		%				66.1		%				56.2		%				54.5		%				66.8		%				57.5		%

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AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD

												At December 31, 2025
												Common Shareholders’ Equity						Common Shares Outstanding, net of Treasury Shares						Per share
Closing stock price																								$107.09
Book value per common share												$	5,806,435					74,135						$78.32
Dilutive securities:
Restricted stock units																		1,074						(1.12)
Book value per diluted common share												$	5,806,435					75,209						$77.20
												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

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

			Q4 2025						Q3 2025						Q2 2025						Q1 2025						Q4 2024
Common shareholders' equity			$	5,806,435					$	5,817,009					$	5,624,398					$	5,352,799					$	5,539,379
Less: goodwill			(66,498)						(66,498)						(66,498)						(66,498)						(66,498)
Less: intangible assets			(166,050)						(168,446)						(170,842)						(173,238)						(175,967)
Associated tax impact			45,255						45,806						46,357						46,909						47,530
Tangible common shareholders' equity			$	5,619,142					$	5,627,871					$	5,433,415					$	5,159,972					$	5,344,444
Diluted common shares outstanding [a]			75,209						78,796						79,957						80,520						84,870
Book value per diluted common share			$	77.20					$	73.82					$	70.34					$	66.48					$	65.27
Tangible book value per diluted common share			$	74.71					$	71.42					$	67.95					$	64.08					$	62.97

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

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AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

 

						Quarters ended December 31,												Years ended December 31,
						2025						2024						2025						2024
Net income available to common shareholders						$	282,044					$	286,069					$	978,648					$	1,051,536
Net investment (gains) losses						(14,584)						108,030						(58,950)						138,534
Foreign exchange losses (gains)						3,555						(112,090)						141,983						(50,822)
Reorganization expenses						—						—						—						26,312
Interest in income of equity method investments						(5,783)						(7,264)						(9,452)						(17,953)
Bermuda deferred tax asset [a]						(18,782)						(14,218)						(18,782)						(176,923)
Income tax expense (benefit) [b]						3,094						(8,711)						(9,235)						(18,649)
Operating income						$	249,544					$	251,816					$	1,024,212					$	952,035
Earnings per diluted common share						$	3.67					$	3.38					$	12.35					$	12.35
Net investment (gains) losses						(0.19)						1.28						(0.74)						1.63
Foreign exchange losses (gains)						0.05						(1.32)						1.79						(0.60)
Reorganization expenses						—						—						—						0.31
Interest in income of equity method investments						(0.08)						(0.09)						(0.12)						(0.21)
Bermuda deferred tax asset						(0.24)						(0.17)						(0.24)						(2.08)
Income tax expense (benefit)						0.04						(0.11)						(0.12)						(0.22)
Operating income per diluted common share						$	3.25					$	2.97					$	12.92					$	11.18
Weighted average diluted common shares outstanding						76,825						84,695						79,266						85,176
Average common shareholders' equity						$	5,811,722					$	5,536,303					$	5,672,907					$	5,126,288
Annualized return on average common equity						19.4		%				20.7		%				17.3		%				20.5		%
Annualized operating return on average common equity						17.2		%				18.2		%				18.1		%				18.6		%

[a]    Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax. Bermuda 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.

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

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AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

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

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

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

Consolidated Underwriting Income (Loss)

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

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

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

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

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

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

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

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

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

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

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

Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax, pursuant to the Corporate Income Tax Act amendment (No. 2) 2025 that is effective December 11, 2025. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities pursuant to the Corporate Income Tax Act 2023 that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax benefits are 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 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 deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

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

Tangible Book Value per Diluted Common Share

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

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