Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 1, 2023

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda

001-31721

98-0395986

(State of Incorporation)

(Commission File No.)

(I.R.S. Employer

Identification No.)

92 Pitts Bay Road

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))

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


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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

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


Item 2.02			Results of Operations and Financial Condition

On November 1, 2023, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its third quarter 2023 results and the availability of its third quarter 2023 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in this Current Report on Form 8-K, including the information set forth in Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01			Financial Statements and Exhibits

(d) Exhibits


Exhibit Number						Description of Document
99.1						Press release dated November 1, 2023
99.2						Third quarter 2023 Investor Financial Supplement
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

Dated: November 1, 2023



			AXIS CAPITAL HOLDINGS LIMITED


			By:			/s/ Conrad D. Brooks
						Conrad D. Brooks
						General Counsel


Miranda Hunter (Investor Contact):	(441) 405-2635;	investorrelations@axiscapital.com
Nichola Liboro (Media Contact):	(917) 705-4579;	nichola.liboro@axiscapital.com

AXIS CAPITAL REPORTS THIRD QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $181 MILLION, or $2.10 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $202 MILLION, or $2.34 PER DILUTED COMMON SHARE

For the third quarter of 2023, the Company reports:

•Annualized return on average common equity ("ROACE") of 16.1% and annualized operating ROACE of 18.0%

•Improvement of 11.6 points in the combined ratio to 92.7%

•Catastrophe and weather-related losses ratio of 3.2%, a decrease of 13.4 points

For the nine months ended September 30, 2023, the Company reports:

•Net income available to common shareholders of $496 million, or $5.77 per diluted common share and operating income of $593 million, or $6.90 per diluted common share

•Annualized return on average common equity ("ROACE") of 15.4% and annualized operating ROACE of 18.4%

•Improvement of 4.7 points in the combined ratio to 91.7%

•Catastrophe and weather-related losses ratio of 2.9%, a decrease of 6.0 points

•Book value per diluted common share of $51.17, an increase of $4.22, or 9.0%, compared to December 31, 2022

Pembroke, Bermuda, November 1, 2023 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the third quarter ended September 30, 2023.

Commenting on the third quarter 2023 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

“AXIS delivered another strong quarter as we produced excellent results across multiple measures. The quarter was highlighted by record operating earnings per share on both a third quarter and year-to-date basis. The continued positive momentum in our performance reflects the progress we’ve made in enhancing our integrated underwriting strategy to drive outstanding cycle management, deliver consistent profitable results and generate increased book value per share.

“During the quarter, we continued to grow in our chosen markets across both our insurance and reinsurance businesses, while capitalizing on favorable market conditions across nearly all our lines. This included achieving our highest-ever third quarter production on record for our specialty insurance business, coupled with an 88.2% combined ratio in the quarter. The repositioning of AXIS Re as a more focused and less volatile specialist continues to take hold as evidenced by a 92.7% combined ratio and solid new business growth in our key areas.

“Through our ‘How We Work’ initiative we’ve continued to enhance our operating model to increase our agility and efficiency. We’re energized for the future and see exciting upside potential for our business as we lean further into our markets to unlock new revenue opportunities, maximize our strong distribution relationships, and fully leverage our global platform to deliver value to our customers.”

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 1 -

Third Quarter Consolidated Results*

•Net income available to common shareholders for the third quarter of 2023 was $181 million, or $2.10 per diluted common share, compared to net loss attributable to common shareholders of $(17) million, or $(0.20) per diluted common share, for the third quarter of 2022.

•Net income available to common shareholders for the nine months ended September 30, 2023 was $496 million, or $5.77 per diluted common share, compared to net income available to common shareholders of $152 million, or $1.77 per diluted common share, for the same period in 2022.

•Operating income1 for the third quarter of 2023 was $202 million, or $2.34 per diluted common share1, compared to operating income of $3 million, or $0.03 per diluted common share, for the third quarter of 2022.

•Operating income for the nine months ended September 30, 2023 was $593 million, or $6.90 per diluted common share, compared to operating income of $331 million, or $3.86 per diluted common share, for the same period in 2022.

•On September 22, 2023 we entered into a quota share retrocession agreement, with an effective date of January 1, 2023, to retrocede reinsurance business to Monarch Point Re. With regard to the retroactive element of the agreement, we recognized a loss expense of $7 million in the third quarter. With regard to the prospective element of the agreement, we ceded premiums of $244 million to Monarch Point Re in the third quarter.

•Corporate expenses of $41 million, an increase of $15 million, compared to September 30, 2022, mainly due to performance-related compensation costs and executive-related compensation costs associated with the transition in our senior leadership.

•Reorganization expenses of $29 million include impairments of computer software assets and severance costs associated with the departures of certain employees mainly attributable to our "How We Work" program which focuses on simplifying our operating structure. Reorganization expenses are excluded from operating income.

•Book yield of fixed maturities was 4.1% at September 30, 2023, compared to 2.9% at September 30, 2022. The market yield was 6.2% at September 30, 2023.

•Net investment income for the third quarter of 2023 was $154 million, compared to $88 million, for the third quarter of 2022, attributable to an increase in income from our fixed maturities portfolio due to increased yields.

•Book value per diluted common share was $51.17 at September 30, 2023, an increase of $0.19, or 0.4%, compared to June 30, 2023, driven by net income, partially offset by net unrealized investment losses reported in accumulated other comprehensive income (loss), and common share dividends declared.

•Adjusted for dividends declared, book value per diluted common share increased by $0.63, or 1.2%, compared to June 30, 2023.

•Adjusted for dividends declared, book value per diluted common share increased by $9.43, or 21.7%, over the past twelve months.

•Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $59.78 at September 30, 2023, compared to $58.01 at June 30, 2023 and $55.21 at September 30, 2022.

* Amounts may not reconcile due to rounding differences.

1 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 2 -

Third Quarter Consolidated Underwriting Highlights2

•Gross premiums written increased by $198 million, or 12%, to $1.9 billion with an increase of $140 million, or 11% in the insurance segment, and an increase of $58 million, or 15% in the reinsurance segment.

•Net premiums written decreased by $61 million, or 6%, to $1.0 billion with a decrease of $169 million, or 65% in the reinsurance segment, partially offset by an increase of $107 million, or 14% in the insurance segment.


	Three months ended September 30,
KEY RATIOS	2023		2022		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses3	56.3	%	57.1	%	(0.8	pts)
Catastrophe and weather-related losses ratio	3.2	%	16.6	%	(13.4	pts)
Current accident year loss ratio	59.5	%	73.7	%	(14.2	pts)
Prior year reserve development ratio	(0.2	%)	(0.4	%)	0.2	pts
Net losses and loss expenses ratio	59.3	%	73.3	%	(14.0	pts)
Acquisition cost ratio	19.9	%	18.7	%	1.2	pts
General and administrative expense ratio	13.5	%	12.3	%	1.2	pts
Combined ratio	92.7	%	104.3	%	(11.6	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	89.7	%	88.1	%	1.6	pts

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $42 million ($36 million, after-tax), (Insurance: $37 million; Reinsurance: $5 million), or 3.2 points, primarily attributable to Maui wildfires, Hurricane Idalia, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $212 million, (Insurance: $113 million; Reinsurance: $99 million), or 16.6 points in 2022.

•Net favorable prior year reserve development was $3 million (Insurance: $2 million; Reinsurance: $1 million), compared to $5 million (Insurance: $3 million; Reinsurance: $2 million) in 2022.

2 All comparisons are with the same period of the prior year, unless otherwise stated.

3 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.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 3 -

Year to Date Consolidated Underwriting Highlights

•Gross premiums written increased by $116 million, or 2% ($183 million, or 3%, on a constant currency basis4), to $6.6 billion with an increase of $443 million, or 11% in the insurance segment, partially offset by a decrease of $326 million, or 14% in the reinsurance segment.

•Net premiums written decreased by $136 million, or 3% ($71 million, or 2%, on a constant currency basis), to $4.0 billion with a decrease of $434 million, or 26% in the reinsurance segment, partially offset by an increase of $298 million, or 12% in the insurance segment.


	Nine months ended September 30,
KEY RATIOS	2023		2022		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.1	%	55.5	%	0.6	pts
Catastrophe and weather-related losses ratio	2.9	%	8.9	%	(6.0	pts)
Current accident year loss ratio	59.0	%	64.4	%	(5.4	pts)
Prior year reserve development ratio	(0.3	%)	(0.4	%)	0.1	pts
Net losses and loss expenses ratio	58.7	%	64.0	%	(5.3	pts)
Acquisition cost ratio	19.6	%	19.5	%	0.1	pts
General and administrative expense ratio	13.4	%	12.9	%	0.5	pts
Combined ratio	91.7	%	96.4	%	(4.7	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	89.1	%	87.9	%	1.2	pts

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $112 million ($96 million, after-tax), (Insurance: $88 million; Reinsurance: $24 million), or 2.9 points, primarily attributable to Cyclone Gabrielle, the Earthquake in Turkey, Maui wildfires, New Zealand floods, Hurricane Idalia, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $339 million (Insurance: $174 million; Reinsurance: $166 million), or 8.9 points, in 2022.

•Net favorable prior year reserve development was $13 million (Insurance: $5 million; Reinsurance: $8 million), compared to $18 million (Insurance: $12 million; Reinsurance: $5 million) in 2022.

4Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 4 -

Segment Highlights

Insurance Segment


	Three months ended September 30,
($ in thousands)	2023			2022			Change
Gross premiums written	$	1,457,624		$	1,317,890		10.6	%
Net premiums written	885,252			777,789			13.8	%
Net premiums earned	885,714			782,101			13.2	%
Underwriting income	104,610			15,738			nm

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.5		%	52.6		%	(1.1	pts)
Catastrophe and weather-related losses ratio	4.2		%	14.1		%	(9.9	pts)
Current accident year loss ratio	55.7		%	66.7		%	(11.0	pts)
Prior year reserve development ratio	(0.2		%)	(0.3		%)	0.1	pts
Net losses and loss expenses ratio	55.5		%	66.4		%	(10.9	pts)
Acquisition cost ratio	19.1		%	17.8		%	1.3	pts
Underwriting-related general and administrative expense ratio	13.6		%	13.8		%	(0.2	pts)
Combined ratio	88.2		%	98.0		%	(9.8	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	84.2		%	84.2		%	—	pts

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

•Gross premiums written increased by $140 million, or 11%, primarily attributable to increases in property, liability, and marine and aviation lines due to favorable rate changes and new business, and accident and health lines mainly due to new business, partially offset by decreases in cyber lines as we continue to reshape the portfolio together with timing differences, and professional lines largely attributable to U.S. public D&O business, together with the reduction in activity in transactional liability business.

•Net premiums written increased by $107 million, or 14%, reflecting the increase in gross premiums written in the quarter, together with a decrease in premiums ceded in professional lines.

•The current accident year loss ratio, excluding catastrophe and weather-related losses decreased by 1.1 points, principally due to changes in business mix associated with the increase in property lines and the decrease in professional lines business written in recent periods, together with improved loss experience in property lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $37 million, or 4.2 points, primarily attributable to Maui wildfires, Hurricane Idalia, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $113 million, or 14.1 points, in 2022.

•The acquisition cost ratio increased by 1.3 points, primarily related to a decrease in ceding commissions due to changes in business mix associated with the increase in property lines and the decrease in professional lines business written in recent periods.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 5 -

•The underwriting-related general and administrative expense ratio decreased by 0.2 points, mainly driven by an increase in net premiums earned, largely offset by an increase in performance-related compensation costs.


	Nine months ended September 30,
($ in thousands)	2023			2022			Change
Gross premiums written	$	4,557,386		$	4,114,776		10.8	%
Net premiums written	2,788,849			2,491,120			12.0	%
Net premiums earned	2,544,920			2,303,640			10.5	%
Underwriting income	322,617			203,948			58.2	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.7		%	51.6		%	0.1	pts
Catastrophe and weather-related losses ratio	3.5		%	7.4		%	(3.9	pts)
Current accident year loss ratio	55.2		%	59.0		%	(3.8	pts)
Prior year reserve development ratio	(0.2		%)	(0.5		%)	0.3	pts
Net losses and loss expenses ratio	55.0		%	58.5		%	(3.5	pts)
Acquisition cost ratio	18.6		%	18.4		%	0.2	pts
Underwriting-related general and administrative expense ratio	13.7		%	14.3		%	(0.6	pts)
Combined ratio	87.3		%	91.2		%	(3.9	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	84.0		%	84.3		%	(0.3	pts)

•Gross premiums written increased by $443 million, or 11%, primarily attributable to increases in property, liability, marine and aviation, and credit and political risk lines due to favorable rate changes and new business, and accident and health lines mainly due to new business, partially offset by a decrease in professional lines largely attributable to U.S. public D&O business, together with the reduction in activity in transactional liability business.

•Net premiums written increased by $298 million, or 12% ($318 million, or 13%, on a constant currency basis), reflecting the increase in gross premiums written, together with a decrease in premiums ceded in professional lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $88 million, or 3.5 points, primarily attributable to the Earthquake in Turkey, Maui wildfires, Cyclone Gabrielle, New Zealand floods, Hurricane Idalia, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $174 million, or 7.4 points, in 2022.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 6 -

Reinsurance Segment


	Three months ended September 30,
($ in thousands)	2023			2022			Change
Gross premiums written	$	448,254		$	389,918		15.0	%
Net premiums written	90,105			258,995			(65.2	%)
Net premiums earned	436,850			502,765			(13.1	%)
Underwriting income (loss)	42,368			(44,772)			nm

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	66.2		%	64.2		%	2.0	pts
Catastrophe and weather-related losses ratio	1.0		%	20.3		%	(19.3	pts)
Current accident year loss ratio	67.2		%	84.5		%	(17.3	pts)
Prior year reserve development ratio	(0.2		%)	(0.4		%)	0.2	pts
Net losses and loss expenses ratio	67.0		%	84.1		%	(17.1	pts)
Acquisition cost ratio	21.5		%	20.1		%	1.4	pts
Underwriting-related general and administrative expense ratio	4.2		%	4.9		%	(0.7	pts)
Combined ratio	92.7		%	109.1		%	(16.4	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	91.9		%	89.2		%	2.7	pts

nm - not meaningful

•Gross premiums written increased by $58 million, or 15%, primarily attributable to increases in liability, and credit and surety lines due to new business and increased line sizes, and professional lines largely driven by new business.

•Net premiums written decreased by $169 million, or 65%, reflecting the increase in premiums ceded in liability, professional lines, credit and surety, accident and health, and motor lines associated with the quota share retrocession agreement entered into with Monarch Point Re, partially offset by an increase in gross premiums written in the quarter.

•The current accident year loss ratio decreased by 17.3 points, with a decrease in catastrophe and weather-related losses ratio of 19.3 points, partially offset by an increase in the current accident year loss ratio, excluding catastrophe and weather-related losses of 2.0 points.

◦Pre-tax catastrophe and weather-related losses, net of reinsurance, were $5 million, or 1.0 point, primarily attributable to weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $99 million, or 20.3 points, in 2022.

◦The current accident year loss ratio, excluding catastrophe and weather-related losses, increased by 2.0 points, principally due to changes in business mix associated with the exit from catastrophe and property lines of business, the impact of the loss expense related to the retrocession agreement entered into with Monarch Point Re, partially offset by changes in business mix due to the increase in credit and surety lines of business written in the recent periods which carry a relatively lower loss ratio.

•The acquisition cost ratio increased by 1.4 points, primarily related to adjustments attributable to loss-sensitive features driven by improved loss performance mainly in credit and surety, and accident and health lines.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 7 -

•The underwriting-related general and administrative expense ratio decreased by 0.7 points, mainly driven by a decrease in personnel costs associated with the exit from catastrophe and property lines of business, partially offset by a decrease in net premiums earned, an increase in performance-related compensation costs, and a decrease in fees related to arrangements with strategic capital partners.


	Nine months ended September 30,
($ in thousands)	2023			2022			Change
Gross premiums written	$	2,014,846		$	2,341,123		(13.9	%)
Net premiums written	1,241,221			1,675,382			(25.9	%)
Net premiums earned	1,273,588			1,516,523			(16.0	%)
Underwriting income	112,217			22,505			nm

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.9		%	61.6		%	3.3	pts
Catastrophe and weather-related losses ratio	1.8		%	11.1		%	(9.3	pts)
Current accident year loss ratio	66.7		%	72.7		%	(6.0	pts)
Prior year reserve development ratio	(0.6		%)	(0.3		%)	(0.3	pts)
Net losses and loss expenses ratio	66.1		%	72.4		%	(6.3	pts)
Acquisition cost ratio	21.5		%	21.3		%	0.2	pts
Underwriting-related general and administrative expense ratio	4.9		%	5.4		%	(0.5	pts)
Combined ratio	92.5		%	99.1		%	(6.6	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	91.3		%	88.3		%	3.0	pts

nm - not meaningful

•Gross premiums written decreased by $326 million, or 14% ($281 million, or 12%, on a constant currency basis). The decreases in catastrophe and property lines were associated with the exit from these lines of business in June 2022. The decrease in marine and aviation lines was attributable to the non-renewals of marine business and the exit from aviation business effective January 1, 2023. In our ongoing specialty lines, a decrease in liability lines was partially offset by increases in credit and surety, and professional lines. The decrease in liability lines was primarily due to non-renewals of U.S. regional multi-line business that included a high proportion of property exposures and the decreased line size on a significant contract following the exit from catastrophe and property lines of business. The increase in credit and surety lines and professional lines was due to new business.

•Net premiums written decreased by $434 million, or 26% ($389 million, or 23%, on a constant currency basis), reflecting the decrease in gross premiums written, together with an increase in premiums ceded in professional lines, liability, accident and health, credit and surety, and motor lines associated with the quota share retrocession agreement entered into with Monarch Point Re.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $24 million, or 1.8 points, primarily attributable to Cyclone Gabrielle, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $166 million, or 11.1 points, in 2022.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 8 -

Investments


	Three months ended September 30,						Nine months ended September 30,
($ in thousands)	2023			2022			2023			2022

Net investment income	$	154,201		$	88,177		$	424,802		$	271,744
Net investments losses	(53,114)			(146,458)			(97,671)			(414,231)
Change in net unrealized gains (losses) on fixed maturities(5)	(157,943)			(296,487)			(17,909)			(1,142,423)
Interest in income (loss) of equity method investments	2,940			(7,560)			2,835			5,040
Total	$	(53,916)		$	(362,328)		$	312,057		$	(1,279,870)

Average cash and investments(6)	$	16,281,540		$	15,824,697		$	16,057,260		$	16,003,712

Total return on average cash and investments, pre-tax:
Including investment related foreign exchange movements	(0.3		%)	(2.3		%)	1.9		%	(8.0		%)
Excluding investment related foreign exchange movements(7)	—		%	(1.8		%)	2.0		%	(6.8		%)

•Net investment income increased by $66 million, or 75%, in the quarter, compared to the third quarter of 2022, attributable to an increase in income from our fixed maturities portfolio due to increased yields.

•Net investment losses recognized in net income for the quarter included net unrealized losses of $37 million ($28 million excluding foreign exchange movements), attributable to a decrease in the market value of our equity securities portfolio.

•Net unrealized losses, pre-tax of $158 million ($124 million excluding foreign exchange movements) were recognized in other comprehensive income (loss) in the quarter due to a decrease in the market value of our fixed maturities portfolio attributable to increased yields, compared to net unrealized losses, pre-tax of $296 million ($250 million excluding foreign exchange movements) recognized during the third quarter of 2022.

•Book yield of fixed maturities was 4.1% at September 30, 2023, compared to 2.9% at September 30, 2022 and 3.5% at December 31, 2022. The market yield was 6.2% at September 30, 2023.

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

6 The average cash and investments balance is calculated by taking the average of the period end fair value balances.

7 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(49) million and $(83) million for the three months ended September 30, 2023 and 2022, respectively and foreign exchange (losses) gains of $(9) million and $(189) million for the nine months ended September 30, 2023 and 2022, respectively.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 9 -

Capitalization / Shareholders’ Equity


	September 30,		December 31,
($ in thousands)	2023		2022		Change
Total capital8	$	6,346,566	$	5,952,224	$	394,342

•Total capital of $6.3 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $6.0 billion at December 31, 2022, with the increase driven by net income, partially offset by common share dividends declared.

•At September 30, 2023, we had $100 million of remaining authorization under our Board-authorized share repurchase program for common share repurchases through December 31, 2023.

Book Value per diluted common share


	September 30,		June 30,		September 30,
	2023		2023		2022
Book value per diluted common share9	$	51.17	$	50.98	$	43.50

•Dividends declared were $0.44 per common share in the current quarter and $1.76 per common share over the past twelve months.


	Three months ended,				Twelve months ended,
	September 30, 2023				September 30, 2023
	Change		% Change		Change		% Change
Book value per diluted common share	$	0.19	0.4	%	$	7.67	17.6	%
Book value per diluted common share - adjusted for dividends declared	$	0.63	1.2	%	$	9.43	21.7	%

•Book value per diluted common share increased by $0.19 in the quarter, driven by net income, partially offset by net unrealized investment losses reported in accumulated other comprehensive income (loss), and common share dividends declared.

•Book value per diluted common share increased by $7.67 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared.

•Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $59.78.

•Adjusted for dividends declared, the book value per diluted common share increased by $0.63 for the quarter, and increased by $9.43 over the past twelve months.

8 Total capital represents the sum of total shareholders' equity and debt.

9 Calculated using the treasury stock method.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 10 -

Conference Call

We will host a conference call on Thursday, November 2, 2023 at 9:30 a.m. (ET) to discuss the third quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), or 1-412-902-6506 (international callers), and entering the passcode 6504226 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), or 1-412-317-0088 (international callers), and entering the passcode 6757410. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended September 30, 2023 is available in the Investor Information section of our website.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $5.0 billion at September 30, 2023, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

Website and Social Media Disclosure

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

Follow AXIS Capital on LinkedIn and X Corp.

LinkedIn: http://bit.ly/2kRYbZ5

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 11 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022



	2023		2022

	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	11,723,368	$	11,326,894
Fixed maturities, held to maturity, at amortized cost	712,840		698,351
Equity securities, at fair value	556,262		485,253
Mortgage loans, held for investment, at fair value	610,277		627,437
Other investments, at fair value	954,571		996,751
Equity method investments	162,412		148,288
Short-term investments, at fair value	115,959		70,310
Total investments	14,835,689		14,353,284
Cash and cash equivalents	889,574		751,415
Restricted cash and cash equivalents	377,741		423,238
Accrued interest receivable	99,978		94,418
Insurance and reinsurance premium balances receivable	3,207,444		2,733,464
Reinsurance recoverable on unpaid losses and loss expenses	6,031,527		5,831,172
Reinsurance recoverable on paid losses and loss expenses	594,375		539,676
Deferred acquisition costs	503,617		473,569
Prepaid reinsurance premiums	1,973,378		1,550,370
Receivable for investments sold	17,306		16,052
Goodwill	100,801		100,801
Intangible assets	189,612		197,800

Operating lease right-of-use assets	104,240		92,214
Other assets	547,242		438,338
Total assets	$	29,472,524	$	27,595,811

Liabilities
Reserve for losses and loss expenses	$	15,555,256	$	15,168,863
Unearned premiums	4,995,785		4,361,447
Insurance and reinsurance balances payable	1,900,188		1,522,764
Debt	1,313,358		1,312,314
Federal Home Loan Bank advances	85,790		81,388
Payable for investments purchased	87,992		19,693
Operating lease liabilities	116,547		102,577
Other liabilities	384,400		386,855
Total liabilities	24,439,316		22,955,901

Shareholders' equity
Preferred shares	550,000		550,000
Common shares	2,206		2,206
Additional paid-in capital	2,375,678		2,366,253
Accumulated other comprehensive income (loss)	(775,439)		(760,300)
Retained earnings	6,628,179		6,247,022
Treasury shares, at cost	(3,747,416)		(3,765,271)
Total shareholders' equity	5,033,208		4,639,910



Total liabilities and shareholders' equity	$	29,472,524	$	27,595,811

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 12 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022



	Three months ended				Nine months ended
	2023		2022		2023		2022

	(in thousands, except per share amounts)
Revenues
Net premiums earned	$	1,322,564	$	1,284,866	$	3,818,508	$	3,820,163
Net investment income	154,201		88,177		424,802		271,744
Net investment gains (losses)	(53,114)		(146,458)		(97,671)		(414,231)
Other insurance related income	10,344		1,092		16,444		9,998
Total revenues	1,433,995		1,227,677		4,162,083		3,687,674

Expenses
Net losses and loss expenses	783,940		941,911		2,240,840		2,444,196
Acquisition costs	263,389		240,511		747,027		746,443
General and administrative expenses	179,283		158,245		514,596		492,872
Foreign exchange gains	(50,570)		(135,660)		(11,755)		(236,934)
Interest expense and financing costs	16,445		15,915		50,077		46,720
Reorganization expenses	28,997		6,213		28,997		21,941

Amortization of intangible assets	2,729		2,729		8,188		8,188
Total expenses	1,224,213		1,229,864		3,577,970		3,523,426

Income (loss) before income taxes and interest in income (loss) of equity method investments	209,782		(2,187)		584,113		164,248
Income tax (expense) benefit	(24,624)		363		(68,078)		5,304
Interest in income (loss) of equity method investments	2,940		(7,560)		2,835		5,040
Net income (loss)	188,098		(9,384)		518,870		174,592


Preferred share dividends	7,563		7,563		22,688		22,688

Net income (loss) available (attributable) to common shareholders	$	180,535	$	(16,947)	$	496,182	$	151,904

Per share data
Earnings (loss) per common share:
Earnings (loss) per common share	$	2.12	$	(0.20)	$	5.83	$	1.79
Earnings (loss) per diluted common share	$	2.10	$	(0.20)	$	5.77	$	1.77
Weighted average common shares outstanding	85,223		84,660		85,099		84,930
Weighted average diluted common shares outstanding	86,108		84,660		85,927		85,674
Cash dividends declared per common share	$	0.44	$	0.43	$	1.32	$	1.29

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 13 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022



	2023									2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	1,457,624		$	448,254		$	1,905,878		$	1,317,890		$	389,918		$	1,707,808
Net premiums written	885,252			90,105			975,357			777,789			258,995			1,036,784
Net premiums earned	885,714			436,850			1,322,564			782,101			502,765			1,284,866
Other insurance related income (loss)	(22)			10,366			10,344			151			941			1,092
Net losses and loss expenses	(491,368)			(292,572)			(783,940)			(519,006)			(422,905)			(941,911)
Acquisition costs	(169,384)			(94,005)			(263,389)			(139,436)			(101,075)			(240,511)
Underwriting-related general and
administrative expenses(10)	(120,330)			(18,271)			(138,601)			(108,072)			(24,498)			(132,570)
Underwriting income (loss)(11)	$	104,610		$	42,368		146,978			$	15,738		$	(44,772)		(29,034)

Net investment income							154,201									88,177
Net investment gains (losses)							(53,114)									(146,458)
Corporate expenses(10)							(40,682)									(25,675)
Foreign exchange gains							50,570									135,660
Interest expense and financing costs							(16,445)									(15,915)
Reorganization expenses							(28,997)									(6,213)

Amortization of intangible assets							(2,729)									(2,729)
Income (loss) before income taxes and interest in income (loss) of equity method investments							209,782									(2,187)
Income tax (expense) benefit							(24,624)									363
Interest in income (loss) of equity method investments							2,940									(7,560)
Net income (loss)							188,098									(9,384)
Preferred share dividends							7,563									7,563
Net income (loss) available (attributable) to common shareholders							$	180,535								$	(16,947)

Net losses and loss expenses ratio	55.5		%	67.0		%	59.3		%	66.4		%	84.1		%	73.3		%
Acquisition cost ratio	19.1		%	21.5		%	19.9		%	17.8		%	20.1		%	18.7		%
General and administrative expense ratio	13.6		%	4.2		%	13.5		%	13.8		%	4.9		%	12.3		%
Combined ratio	88.2		%	92.7		%	92.7		%	98.0		%	109.1		%	104.3		%

10 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 included corporate expenses of $41 million and $26 million for the three months ended September 30, 2023 and 2022, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

11 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 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 14 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022



	2023									2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	4,557,386		$	2,014,846		$	6,572,232		$	4,114,776		$	2,341,123		$	6,455,899
Net premiums written	2,788,849			1,241,221			4,030,070			2,491,120			1,675,382			4,166,502
Net premiums earned	2,544,920			1,273,588			3,818,508			2,303,640			1,516,523			3,820,163
Other insurance related income	90			16,354			16,444			470			9,528			9,998
Net losses and loss expenses	(1,398,486)			(842,354)			(2,240,840)			(1,346,585)			(1,097,611)			(2,444,196)
Acquisition costs	(473,413)			(273,614)			(747,027)			(422,979)			(323,464)			(746,443)
Underwriting-related general and
administrative expenses(12)	(350,494)			(61,757)			(412,251)			(330,598)			(82,471)			(413,069)
Underwriting income(13)	$	322,617		$	112,217		434,834			$	203,948		$	22,505		226,453

Net investment income							424,802									271,744
Net investment gains (losses)							(97,671)									(414,231)
Corporate expenses(12)							(102,345)									(79,803)
Foreign exchange gains							11,755									236,934
Interest expense and financing costs							(50,077)									(46,720)
Reorganization expenses							(28,997)									(21,941)

Amortization of intangible assets							(8,188)									(8,188)
Income before income taxes and interest in income of equity method investments							584,113									164,248
Income tax (expense) benefit							(68,078)									5,304
Interest in income of equity method investments							2,835									5,040
Net Income							518,870									174,592
Preferred share dividends							22,688									22,688
Net income available to common shareholders							$	496,182								$	151,904

Net losses and loss expenses ratio	55.0		%	66.1		%	58.7		%	58.5		%	72.4		%	64.0		%
Acquisition cost ratio	18.6		%	21.5		%	19.6		%	18.4		%	21.3		%	19.5		%

General and administrative expense ratio	13.7		%	4.9		%	13.4		%	14.3		%	5.4		%	12.9		%
Combined ratio	87.3		%	92.5		%	91.7		%	91.2		%	99.1		%	96.4		%

12Underwriting-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 included corporate expenses of $102 million and $80 million for the nine months ended September 30, 2023 and 2022, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

13Consolidated 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 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 15 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022



	Three months ended						Nine months ended
	2023			2022			2023			2022
	(in thousands, except per share amounts)

Net income (loss) available (attributable) to common shareholders	$	180,535		$	(16,947)		$	496,182		$	151,904
Net investment (gains) losses(14)	53,114			146,458			97,671			414,231
Foreign exchange gains(15)	(50,570)			(135,660)			(11,755)			(236,934)
Reorganization expenses(16)	28,997			6,213			28,997			21,941
Interest in (income) loss of equity method investments(17)	(2,940)			7,560			(2,835)			(5,040)
Income tax benefit	(7,245)			(5,117)			(15,138)			(14,779)
Operating income	$	201,891		$	2,507		$	593,122		$	331,323

Earnings (loss) per diluted common share	$	2.10		$	(0.20)		$	5.77		$	1.77
Net investment (gains) losses	0.62			1.72			1.14			4.83
Foreign exchange gains	(0.59)			(1.59)			(0.14)			(2.77)
Reorganization expenses	0.34			0.07			0.34			0.26
Interest in (income) loss of equity method investments	(0.03)			0.09			(0.03)			(0.06)
Income tax benefit	(0.10)			(0.06)			(0.18)			(0.17)
Operating income per diluted common share	$	2.34		$	0.03		$	6.90		$	3.86

Weighted average diluted common shares outstanding	86,108			85,376			85,927			85,674

Average common shareholders' equity	$	4,477,086		3,973,027			$	4,286,559		$	4,327,040

Annualized return on average common equity	16.1		%	(1.7		%)	15.4		%	4.7		%

Annualized operating return on average common equity(18)	18.0		%	0.3		%	18.4		%	10.2		%

14 Tax expense (benefit) of $(4,318) and $(608) for the three months ended September 30, 2023 and 2022, respectively, and $(8,198) and $(33,519) for the nine months ended September 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

15 Tax expense (benefit) of $2,318 and $(3,757) for the three months ended September 30, 2023 and 2022, respectively, and $(1,695) and $21,191 for the nine months ended September 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

16 Tax expense (benefit) of $(5,245) and $(752) for the three months ended September 30, 2023 and 2022, respectively, and $(5,245) and $(2,451) for the nine months ended September 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

17 Tax expense (benefit) of $nil for the three and nine months ended September 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

18 Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to annualized ROACE, the most comparable GAAP financial measure, is presented above, and a discussion of the rationale for its presentation is provided later in this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 16 -

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this press release, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.

Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates for catastrophes and other weather-related losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including our exit from catastrophe and property reinsurance lines of business, our expectations regarding pricing and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties, and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

Insurance Risk

•the cyclical nature of the insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;

•the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;

•the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;

•actual claims exceeding reserves for losses and loss expenses;

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 17 -

•losses related to the Israel-Hamas conflict, Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•the adverse impact of inflation;

•the failure of any of the loss limitation methods we employ;

•the failure of our cedants to adequately evaluate risks;

Strategic Risk

•underwriting and investment exposure in light of the recent disruption in the banking sector, which we expect to be within our risk appetite for an event of this nature;

•changes in the political environment of certain countries in which we operate or underwrite business, including the United Kingdom's withdrawal from the European Union;

•the loss of business provided to us by major brokers;

•a decline in our ratings with rating agencies;

•the loss of one or more of our key executives;

•increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;

•the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;

Credit and Market Risk

•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;

•the failure of our policyholders or intermediaries to pay premiums;

•general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity and fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates;

•breaches by third parties in our program business of their obligations to us;

Liquidity Risk

•the inability to access sufficient cash to meet our obligations when they are due;

Operational Risk

•changes in accounting policies or practices;

•the use of industry models and changes to these models;

•difficulties with technology and/or data security;

•the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 18 -

Regulatory Risk

•changes in governmental regulations and potential government intervention in our industry;

•inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and

Risks Related to Taxation

•changes in tax laws.

Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

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

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 19 -

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 press release, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on cash and investments excluding foreign exchange movements 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 Segmental Data' section of this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 20 -

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 2023 include impairments of computer software assets and severance costs associated with the departures of certain employees mainly attributable to our "How We Work" program which focuses on simplifying our operating structure. Reorganization expenses in 2022 included severance costs and impairments of computer software assets mainly attributable to our exit from catastrophe and property reinsurance lines of business which was part of an overall approach to reduce our exposure to volatile catastrophe risk. 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).

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 21 -

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 Segmental Data' section of this press release.

Operating Income (Loss)

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

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

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

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 22 -

which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated operating income (loss).

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

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

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

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 press release.

Constant Currency Basis

We present gross premiums written and net premiums written on a constant currency basis in this press release. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums written on a constant basis. The reconciliation to gross premiums written and net premiums written on a GAAP basis is presented in the 'Insurance Segment' and 'Reinsurance Segment' sections of this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 23 -

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

Pre-tax total return on cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax total return on cash and investments excluding foreign exchange movements to pre-tax total return on cash and investments, the most comparable GAAP financial measure, is presented in the 'Investments' section of this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 24 -

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Miranda Hunter

Investor Contact

(441) 405-2635

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 - iv
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. Strategic Capital Partners						12
g. Net Investment Income						13
III. Balance Sheets
a. Consolidated Balance Sheets						14
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						15
• Cash and Invested Assets Composition						16

• Corporate Debt Composition						17
• Ten Largest Corporate Debt Holdings						18
• Mortgage-Backed and Asset-Backed Securities Composition						19
c. Reinsurance Recoverable Analysis						20-21
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						22



b. Paid to Incurred Analysis by Segment						23-25
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures						26
V. Share Analysis
a. Earnings Per Common Share Information						27

b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						28

VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						29
b. Rationale for the Use of Non-GAAP Financial Measures						30-32
VII. Additional Information Regarding the Company's Exit from Catastrophe and Property Lines of Business						33-42

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, 2022 and consolidated statements of operations for the years ended December 31, 2022 and December 31, 2021.

•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

This document contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this document, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States ("U.S.") federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates for catastrophes and other weather-related losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including our exit from catastrophe and property reinsurance lines of business, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

Insurance Risk

•the cyclical nature of the insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;

•the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;

•actual claims exceeding reserves for losses and loss expenses;

•losses related to the Israel-Hamas conflict, Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•the adverse impact of inflation;

•the failure of any of the loss limitation methods we employ;

•the failure of our cedants to adequately evaluate risks;

Strategic Risk

•underwriting and investment exposure in light of the recent disruption in the banking sector, which we expect to be within our risk appetite for an event of this nature;

•changes in the political environment of certain countries in which we operate or underwrite business, including the United Kingdom's withdrawal from the European Union;

•the loss of business provided to us by major brokers;

•a decline in our ratings with rating agencies;

•the loss of one or more of our key executives;

•increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;

•the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;

Credit and Market Risk

•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;

•the failure of our policyholders or intermediaries to pay premiums;

•breaches by third parties in our program business of their obligations to us;

Liquidity Risk

•the inability to access sufficient cash to meet our obligations when they are due;

Operational Risk

•changes in accounting policies or practices;

•the use of industry models and changes to these models;

•difficulties with technology and/or data security;

•the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

Regulatory Risk

•changes in governmental regulations and potential government intervention in our industry;

•inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and

Risks Related to Taxation

•changes in tax laws.

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

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

Our insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The following are the lines of business in our insurance segment:

Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, medical malpractice and other financial insurance related covers for public and private commercial enterprises, financial institutions, not-for-profit organizations and other professional service providers. This business is predominantly written on a claims-made basis.

Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects, and onshore renewable energy installations, and physical damage and business interruption following an act of terrorism. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

Liability: provides cover for primary and low to mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products liability business predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

Cyber: provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, Payment Card Industry Data Security Standard and media liability.

Marine and Aviation: Marine provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases. Aviation provides hull and liability, and specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.

Accident and Health: includes personal accident, travel insurance and specialty health products for employer and affinity groups, and pet insurance.

Credit and Political Risk: provides credit and political risk insurance products for banks, commodity traders, corporations and multilateral and export credit agencies. Cover is provided for a range of risks including sovereign and corporate credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events.

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis, written on an excess of loss or a proportional basis. For excess of loss business, we typically indemnify the reinsured for a portion of losses, individually and in the aggregate, in excess of a specified individual or aggregate loss deductible. For proportional business, we assume an agreed percentage of the underlying premiums and accept liability for the same percentage of losses and loss expenses. Our business is primarily produced through reinsurance brokers worldwide. The following are the lines of business in our reinsurance segment:

Liability: provides protection to insurers of admitted casualty business, excess and surplus lines casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, workers' compensation, auto liability, and excess casualty.

Accident and Health: includes personal accident, specialty health, accidental death, travel, life and disability reinsurance products which are offered on a proportional and catastrophic or per life excess of loss basis.

Professional Lines: provides protection for directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, environmental liability, cyber and miscellaneous errors and omissions insurance risks. The underlying business is predominantly written on a claims-made basis. This business is written on a proportional and excess of loss basis.

Credit and Surety: Credit reinsurance provides reinsurance of trade credit insurance products and includes proportional and excess of loss structures. The underlying insurance indemnifies sellers of goods and services in the event of a payment default by the buyer of those goods and services. Surety reinsurance provides protection for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands or contract obligations in a variety of jurisdictions around the world. Mortgage reinsurance is provided to mortgage guaranty insurers and U.S. government sponsored entities for losses related to credit risk transfer into the private sector.

Motor: provides protection to insurers for motor liability and property damage losses arising out of any one occurrence. A loss occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence. Traditional proportional and non-proportional reinsurance as well as structured solutions are offered.

Agriculture: provides protection for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. This business is written on a proportional and aggregate stop loss reinsurance basis.

Marine and Aviation: Marine includes specialty marine classes such as cargo, hull, pleasure craft, marine liability, inland marine and offshore energy. The principal perils covered by policies in this portfolio include physical loss, damage and/or liability arising from natural perils of the seas or land, man-made events including fire and explosion, stranding/sinking/salvage, pollution, shipowners and maritime employers liability. This business is written on a non-proportional and proportional basis. Aviation provides cover for airline, aerospace and general aviation exposures. This business is written on a proportional and non-proportional basis. The Company exited Aviation business effective January 1, 2023.

Run-off lines

Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. The underlying policies principally cover property-related exposures but other exposures including workers compensation and personal accident are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis. The Company exited this line of business in June 2022.

Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage, but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, floods, industrial explosions, fires, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis. The Company exited this line of business in June 2022.

Engineering: provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment and electronic equipment as well as business interruption. The Company exited this line of business in 2020.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended September 30,									Nine months ended September 30,
		2023			2022			Change			2023			2022			Change

HIGHLIGHTS	Gross premiums written	$	1,905,878		$	1,707,808		11.6	%		$	6,572,232		$	6,455,899		1.8	%
	Gross premiums written - Insurance	76.5		%	77.2		%	(0.7)		pts	69.3		%	63.7		%	5.6		pts
	Gross premiums written - Reinsurance	23.5		%	22.8		%	0.7		pts	30.7		%	36.3		%	(5.6)		pts
	Net premiums written	$	975,357		$	1,036,784		(5.9	%)		$	4,030,070		$	4,166,502		(3.3	%)
	Net premiums earned	$	1,322,564		$	1,284,866		2.9	%		$	3,818,508		$	3,820,163		—	%
	Net premiums earned - Insurance	67.0		%	60.9		%	6.1		pts	66.6		%	60.3		%	6.3		pts
	Net premiums earned - Reinsurance	33.0		%	39.1		%	(6.1)		pts	33.4		%	39.7		%	(6.3)		pts
	Net income (loss) available (attributable) to common shareholders	$	180,535		$	(16,947)		nm			$	496,182		$	151,904		nm
	Operating income [a]	$	201,891		$	2,507		nm			$	593,122		$	331,323		79.0	%
	Annualized return on average common equity [b]	16.1		%	(1.7		%)	17.8		pts	15.4		%	4.7		%	10.7		pts
	Annualized operating return on average common equity [c]	18.0		%	0.3		%	17.7		pts	18.4		%	10.2		%	8.2		pts
	Total shareholders’ equity	$	5,033,208		$	4,343,423		15.9	%		$	5,033,208		$	4,343,423		15.9	%

PER COMMON SHARE AND COMMON SHARE DATA	Earnings (loss) per diluted common share	$2.10			($0.20)			nm			$5.77			$1.77			nm
	Operating income per diluted common share [d]	$2.34			$0.03			nm			$6.90			$3.86			78.8	%
	Weighted average diluted common shares outstanding	86,108			84,660			1.7	%		85,927			85,674			0.3	%
	Book value per common share	$52.60			$44.80			17.4	%		$52.60			$44.80			17.4	%
	Book value per diluted common share (treasury stock method)	$51.17			$43.50			17.6	%		$51.17			$43.50			17.6	%
	Tangible book value per diluted common share (treasury stock method) [a]	$48.44			$40.64			19.2	%		$48.44			$40.64			19.2	%

FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3		%	57.1		%	(0.8)		pts	56.1		%	55.5		%	0.6		pts
	Catastrophe and weather-related losses ratio	3.2		%	16.6		%	(13.4)		pts	2.9		%	8.9		%	(6.0)		pts
	Current accident year loss ratio	59.5		%	73.7		%	(14.2)		pts	59.0		%	64.4		%	(5.4)		pts
	Prior year reserve development ratio	(0.2		%)	(0.4		%)	0.2		pts	(0.3		%)	(0.4		%)	0.1		pts
	Net losses and loss expenses ratio	59.3		%	73.3		%	(14.0)		pts	58.7		%	64.0		%	(5.3)		pts
	Acquisition cost ratio	19.9		%	18.7		%	1.2		pts	19.6		%	19.5		%	0.1		pts
	General and administrative expense ratio [e]	13.5		%	12.3		%	1.2		pts	13.4		%	12.9		%	0.5		pts
	Combined ratio	92.7		%	104.3		%	(11.6)		pts	91.7		%	96.4		%	(4.7)		pts

INVESTMENT DATA	Total assets	$	29,472,524		$	27,119,753		8.7	%		$	29,472,524		$	27,119,753		8.7	%
	Total cash and invested assets [f]	$	16,132,296		$	15,640,704		3.1	%		$	16,132,296		$	15,640,704		3.1	%
	Net investment income	$	154,201		$	88,177		74.9	%		$	424,802		$	271,744		56.3	%
	Net investment gains (losses)	$	(53,114)		$	(146,458)		(63.7	%)		$	(97,671)		$	(414,231)		(76.4	%)
	Book yield of fixed maturities	4.1		%	2.9		%	1.2		pts	4.1		%	2.9		%	1.2		pts

[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE") 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") and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided 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, 2023 AND 2022


				Three months ended September 30,						Nine months ended September 30,
				2023			2022			2023			2022

Revenues
	Net premiums earned	$	1,322,564		$	1,284,866		$	3,818,508		$	3,820,163
	Net investment income	154,201			88,177			424,802			271,744
	Net investment gains (losses)	(53,114)			(146,458)			(97,671)			(414,231)
	Other insurance related income	10,344			1,092			16,444			9,998
	Total revenues			1,433,995			1,227,677			4,162,083			3,687,674

Expenses
	Net losses and loss expenses	783,940			941,911			2,240,840			2,444,196
	Acquisition costs	263,389			240,511			747,027			746,443
	General and administrative expenses	179,283			158,245			514,596			492,872
	Foreign exchange gains	(50,570)			(135,660)			(11,755)			(236,934)
	Interest expense and financing costs	16,445			15,915			50,077			46,720
	Reorganization expenses	28,997			6,213			28,997			21,941
	Amortization of intangible assets	2,729			2,729			8,188			8,188
	Total expenses			1,224,213			1,229,864			3,577,970			3,523,426

Income (loss) before income taxes and interest in income (loss) of equity method investments		209,782			(2,187)			584,113			164,248
	Income tax (expense) benefit	(24,624)			363			(68,078)			5,304
	Interest in income (loss) of equity method investments	2,940			(7,560)			2,835			5,040
Net income (loss)		188,098			(9,384)			518,870			174,592
	Preferred share dividends	7,563			7,563			22,688			22,688
Net income (loss) available (attributable) to common shareholders		$	180,535		$	(16,947)		$	496,182		$	151,904

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


													Year ended December 31,
	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q3 2021		2022
UNDERWRITING REVENUES
Gross premiums written	$	1,905,878	$	2,284,378	$	2,381,976	$	1,758,696	$	1,707,808	$	1,646,489	$	8,214,595
Ceded premiums written	(930,521)		(838,021)		(773,620)		(662,142)		(671,024)		(650,018)		(2,951,539)
Net premiums written	975,357		1,446,357		1,608,356		1,096,554		1,036,784		996,471		5,263,056

Gross premiums earned	2,046,222		1,969,662		1,921,768		2,050,239		2,012,426		1,879,280		7,936,382
Ceded premiums earned	(723,658)		(703,917)		(691,569)		(710,077)		(727,560)		(667,853)		(2,776,056)
Net premiums earned	1,322,564		1,265,745		1,230,199		1,340,162		1,284,866		1,211,427		5,160,326
Other insurance related income	10,344		5,524		577		3,076		1,092		7,665		13,073
Total underwriting revenues	1,332,908		1,271,269		1,230,776		1,343,238		1,285,958		1,219,092		5,173,399

UNDERWRITING EXPENSES
Net losses and loss expenses	783,940		736,257		720,642		798,214		941,911		911,369		3,242,410
Acquisition costs	263,389		253,265		230,373		275,573		240,511		231,712		1,022,017
Underwriting-related general and administrative expenses [a]	138,601		133,255		140,395		137,220		132,570		134,826		550,289
Total underwriting expenses	1,185,930		1,122,777		1,091,410		1,211,007		1,314,992		1,277,907		4,814,716

UNDERWRITING INCOME (LOSS) [b]	146,978		148,492		139,366		132,231		(29,034)		(58,815)		358,683

OTHER (EXPENSES) REVENUES
Net investment income	154,201		136,829		133,771		147,085		88,177		107,339		418,829
Net investment gains (losses)	(53,114)		(24,370)		(20,190)		(42,558)		(146,458)		10,932		(456,789)
Corporate expenses [a]	(40,682)		(35,248)		(26,416)		(50,252)		(25,675)		(23,134)		(130,054)
Foreign exchange (losses) gains	50,570		(30,104)		(8,710)		(78,989)		135,660		28,032		157,945
Interest expense and financing costs	(16,445)		(16,738)		(16,894)		(16,426)		(15,915)		(15,954)		(63,146)
Reorganization expenses	(28,997)		—		—		(9,485)		(6,213)		—		(31,426)
Amortization of value of business acquired	—		—		—		—		—		(1,028)		—
Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(3,149)		(10,917)
Total other (expenses) revenues	62,804		27,640		58,832		(53,354)		26,847		103,038		(115,558)

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	209,782		176,132		198,198		78,877		(2,187)		44,223		243,125
Income tax (expense) benefit	(24,624)		(27,558)		(15,896)		(27,341)		363		(1,186)		(22,037)
Interest in income (loss) of equity method investments	2,940		2,100		(2,205)		(3,045)		(7,560)		11,911		1,995

NET INCOME (LOSS)	188,098		150,674		180,097		48,491		(9,384)		54,948		223,083
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(30,250)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	180,535	$	143,111	$	172,534	$	40,928	$	(16,947)	$	47,385	$	192,833

[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 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q3 2021		2022
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3	%	56.1	%	55.8	%	55.5	%	57.1	%	55.4	%	55.5	%
Catastrophe and weather-related losses ratio	3.2	%	2.6	%	3.1	%	4.7	%	16.6	%	20.7	%	7.8	%
Current accident year loss ratio	59.5	%	58.7	%	58.9	%	60.2	%	73.7	%	76.1	%	63.3	%
Prior year reserve development ratio	(0.2	%)	(0.5	%)	(0.3	%)	(0.6	%)	(0.4	%)	(0.9	%)	(0.5	%)
Net losses and loss expenses ratio	59.3	%	58.2	%	58.6	%	59.6	%	73.3	%	75.2	%	62.8	%
Acquisition cost ratio	19.9	%	20.0	%	18.7	%	20.6	%	18.7	%	19.1	%	19.8	%
General and administrative expense ratio [a]	13.5	%	13.3	%	13.6	%	13.9	%	12.3	%	13.1	%	13.2	%
Combined ratio	92.7	%	91.5	%	90.9	%	94.1	%	104.3	%	107.4	%	95.8	%

Weighted average common shares outstanding	85,223		85,207		84,864		84,667		84,660		84,771		84,864
Weighted average diluted common shares outstanding [b]	86,108		85,812		85,853		85,655		84,660		85,336		85,669
Earnings (loss) per common share	$2.12		$1.68		$2.03		$0.48		($0.20)		$0.56		$2.27
Earnings (loss) per diluted common share	$2.10		$1.67		$2.01		$0.48		($0.20)		$0.56		$2.25
Annualized ROACE	16.1	%	12.9	%	16.2	%	4.2	%	(1.7	%)	3.9	%	4.3	%
Annualized operating ROACE	18.0	%	17.2	%	18.8	%	16.9	%	0.3	%	0.1	%	11.1	%

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

[b] Due to the net loss attributable to common shareholders recognized for the three months ended September 30, 2022, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


	Nine months ended September 30,						Year ended December 31,
	2023		2022		2021		2022		2021
UNDERWRITING REVENUES
Gross premiums written	$	6,572,232	$	6,455,899	$	6,123,156	$	8,214,595	$	7,685,984
Ceded premiums written	(2,542,162)		(2,289,397)		(2,143,941)		(2,951,539)		(2,759,360)
Net premiums written	4,030,070		4,166,502		3,979,215		5,263,056		4,926,624

Gross premiums earned	5,937,651		5,886,143		5,345,188		7,936,382		7,281,709
Ceded premiums earned	(2,119,143)		(2,065,980)		(1,873,098)		(2,776,056)		(2,571,859)
Net premiums earned	3,818,508		3,820,163		3,472,090		5,160,326		4,709,850
Other insurance related income	16,444		9,998		16,262		13,073		23,295
Total underwriting revenues	3,834,952		3,830,161		3,488,352		5,173,399		4,733,145

UNDERWRITING EXPENSES
Net losses and loss expenses	2,240,840		2,444,196		2,292,559		3,242,410		3,008,783
Acquisition costs	747,027		746,443		669,654		1,022,017		921,834
Underwriting-related general and administrative expenses [a]	412,251		413,069		396,455		550,289		536,834
Total underwriting expenses	3,400,118		3,603,708		3,358,668		4,814,716		4,467,451

UNDERWRITING INCOME [b]	434,834		226,453		129,684		358,683		265,694

OTHER (EXPENSES) REVENUES
Net investment income	424,802		271,744		326,174		418,829		454,301
Net investment gains (losses)	(97,671)		(414,231)		113,868		(456,789)		134,279
Corporate expenses [a]	(102,345)		(79,803)		(82,365)		(130,054)		(126,470)
Foreign exchange (losses) gains	11,755		236,934		4,316		157,945		(315)
Interest expense and financing costs	(50,077)		(46,720)		(46,759)		(63,146)		(62,302)
Reorganization expenses	(28,997)		(21,941)		—		(31,426)		—
Amortization of value of business acquired	—		—		(3,083)		—		(3,854)
Amortization of intangible assets	(8,188)		(8,188)		(9,163)		(10,917)		(12,424)
Total other (expenses) revenues	149,279		(62,205)		302,988		(115,558)		383,215

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	584,113		164,248		432,672		243,125		648,909
Income tax (expense) benefit	(68,078)		5,304		(49,827)		(22,037)		(62,384)
Interest in income of equity method investments	2,835		5,040		30,871		1,995		32,084

NET INCOME	518,870		174,592		413,716		223,083		618,609
Preferred share dividends	(22,688)		(22,688)		(22,688)		(30,250)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	496,182	$	151,904	$	391,028	$	192,833	$	588,359

[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,
	2023		2022		2021		2022		2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.1	%	55.5	%	55.4	%	55.5	%	55.1	%
Catastrophe and weather-related losses ratio	2.9	%	8.9	%	11.3	%	7.8	%	9.5	%
Current accident year loss ratio	59.0	%	64.4	%	66.7	%	63.3	%	64.6	%
Prior year reserve development ratio	(0.3	%)	(0.4	%)	(0.7	%)	(0.5	%)	(0.7	%)
Net losses and loss expenses ratio	58.7	%	64.0	%	66.0	%	62.8	%	63.9	%
Acquisition cost ratio	19.6	%	19.5	%	19.3	%	19.8	%	19.6	%
General and administrative expense ratio [a]	13.4	%	12.9	%	13.8	%	13.2	%	14.0	%
Combined ratio	91.7	%	96.4	%	99.1	%	95.8	%	97.5	%

Weighted average common shares outstanding	85,099		84,930		84,684		84,864		84,707
Weighted average diluted common shares outstanding	85,927		85,674		85,191		85,669		85,291
Earnings per common share	$5.83		$1.79		$4.62		$2.27		$6.95
Earnings per diluted common share	$5.77		$1.77		$4.59		$2.25		$6.90
Annualized ROACE	15.4	%	4.7	%	10.9	%	4.3	%	12.2	%
Annualized operating ROACE	18.4	%	10.2	%	7.1	%	11.1	%	9.1	%

[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, 2023									Nine months ended September 30, 2023
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,457,624		$	448,254		$	1,905,878		$	4,557,386		$	2,014,846		$	6,572,232
Ceded premiums written	(572,372)			(358,149)			(930,521)			(1,768,537)			(773,625)			(2,542,162)
Net premiums written	885,252			90,105			975,357			2,788,849			1,241,221			4,030,070

Gross premiums earned	1,463,578			582,644			2,046,222			4,227,711			1,709,940			5,937,651
Ceded premiums earned	(577,864)			(145,794)			(723,658)			(1,682,791)			(436,352)			(2,119,143)
Net premiums earned	885,714			436,850			1,322,564			2,544,920			1,273,588			3,818,508
Other insurance related income (loss)	(22)			10,366			10,344			90			16,354			16,444
Total underwriting revenues	885,692			447,216			1,332,908			2,545,010			1,289,942			3,834,952

UNDERWRITING EXPENSES
Net losses and loss expenses	491,368			292,572			783,940			1,398,486			842,354			2,240,840
Acquisition costs	169,384			94,005			263,389			473,413			273,614			747,027
Underwriting-related general and administrative expenses	120,330			18,271			138,601			350,494			61,757			412,251
Total underwriting expenses	781,082			404,848			1,185,930			2,222,393			1,177,725			3,400,118

UNDERWRITING INCOME	$	104,610		$	42,368		$	146,978		$	322,617		$	112,217		$	434,834

Catastrophe and weather-related losses, net of reinstatement premiums	$	37,145		$	4,518		$	41,663		$	87,968		$	23,871		$	111,839
Net favorable prior year reserve development	$	1,609		$	1,153		$	2,762		$	5,433		$	7,685		$	13,118

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.5		%	66.2		%	56.3		%	51.7		%	64.9		%	56.1		%
Catastrophe and weather-related losses ratio	4.2		%	1.0		%	3.2		%	3.5		%	1.8		%	2.9		%
Current accident year loss ratio	55.7		%	67.2		%	59.5		%	55.2		%	66.7		%	59.0		%
Prior year reserve development ratio	(0.2		%)	(0.2		%)	(0.2		%)	(0.2		%)	(0.6		%)	(0.3		%)
Net losses and loss expenses ratio	55.5		%	67.0		%	59.3		%	55.0		%	66.1		%	58.7		%
Acquisition cost ratio	19.1		%	21.5		%	19.9		%	18.6		%	21.5		%	19.6		%
Underwriting-related general and administrative expense ratio	13.6		%	4.2		%	10.4		%	13.7		%	4.9		%	10.7		%
Corporate expense ratio							3.1		%							2.7		%
Combined ratio	88.2		%	92.7		%	92.7		%	87.3		%	92.5		%	91.7		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Nine months ended September 30,				Year ended December 31,
	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q3 2021		2023		2022		2022

INSURANCE SEGMENT
Professional Lines	$	285,739	$	294,403	$	221,615	$	378,336	$	317,074	$	317,210	$	801,757	$	944,629	$	1,322,966
Property	395,269		533,479		381,339		351,503		297,537		287,715		1,310,086		1,005,986		1,357,489
Liability	316,433		328,768		284,026		312,327		266,615		228,497		929,228		826,318		1,138,645
Cyber	148,011		182,049		152,788		157,794		182,367		148,366		482,847		486,952		644,746
Marine and Aviation	169,819		205,153		233,424		133,712		140,661		120,417		608,396		518,974		652,687
Accident and Health	88,742		85,836		79,384		68,551		66,153		46,644		253,963		189,849		258,399
Credit and Political Risk	53,611		54,462		63,036		68,582		47,483		27,651		171,109		142,068		210,649
TOTAL INSURANCE SEGMENT	$	1,457,624	$	1,684,150	$	1,415,612	$	1,470,805	$	1,317,890	$	1,176,500	$	4,557,386	$	4,114,776	$	5,585,581

REINSURANCE SEGMENT
Liability	$	184,665	$	159,234	$	198,861	$	88,911	$	156,500	$	166,085	$	542,760	$	630,921	$	719,831
Accident and Health	64,463		20,696		295,985		11,875		59,313		60,927		381,144		400,016		411,891
Professional Lines	42,950		186,233		136,201		66,597		27,575		24,279		365,384		334,210		400,807
Credit and Surety	70,486		103,430		115,237		63,873		53,944		55,807		289,153		234,692		298,565
Motor	27,113		26,966		140,115		30,231		22,035		12,151		194,194		209,563		239,794
Agriculture	37,846		66,985		22,399		10,904		39,312		11,992		127,231		117,108		128,012
Marine and Aviation	6,954		22,034		30,531		8,863		8,823		12,428		59,518		84,506		93,371
Total	434,477		585,578		939,329		281,254		367,502		343,669		1,959,384		2,011,016		2,292,271

Run-off lines
Catastrophe	6,415		10,874		16,301		1,110		21,227		88,396		33,590		221,700		222,810
Property	5,271		3,842		9,605		4,611		2,173		38,584		18,718		98,882		103,492
Engineering	2,091		(66)		1,129		916		(984)		(660)		3,154		9,525		10,441
Total run-off lines	13,777		14,650		27,035		6,637		22,416		126,320		55,462		330,107		336,743
TOTAL REINSURANCE SEGMENT	$	448,254	$	600,228	$	966,364	$	287,891	$	389,918	$	469,989	$	2,014,846	$	2,341,123	$	2,629,014

CONSOLIDATED TOTAL	$	1,905,878	$	2,284,378	$	2,381,976	$	1,758,696	$	1,707,808	$	1,646,489	$	6,572,232	$	6,455,899	$	8,214,595

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


																			Year ended December 31,
	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q3 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	1,905,878		$	2,284,378		$	2,381,976		$	1,758,696		$	1,707,808		$	1,646,489		$	8,214,595
Ceded premiums written	(930,521)			(838,021)			(773,620)			(662,142)			(671,024)			(650,018)			(2,951,539)
Net premiums written	975,357			1,446,357			1,608,356			1,096,554			1,036,784			996,471			5,263,056

Gross premiums earned	2,046,222			1,969,662			1,921,768			2,050,239			2,012,426			1,879,280			7,936,382
Ceded premiums earned	(723,658)			(703,917)			(691,569)			(710,077)			(727,560)			(667,853)			(2,776,056)
Net premiums earned	1,322,564			1,265,745			1,230,199			1,340,162			1,284,866			1,211,427			5,160,326
Other insurance related income	10,344			5,524			577			3,076			1,092			7,665			13,073
Total underwriting revenues	1,332,908			1,271,269			1,230,776			1,343,238			1,285,958			1,219,092			5,173,399

UNDERWRITING EXPENSES
Net losses and loss expenses	783,940			736,257			720,642			798,214			941,911			911,369			3,242,410
Acquisition costs	263,389			253,265			230,373			275,573			240,511			231,712			1,022,017
Underwriting-related general and administrative expenses	138,601			133,255			140,395			137,220			132,570			134,826			550,289
Total underwriting expenses	1,185,930			1,122,777			1,091,410			1,211,007			1,314,992			1,277,907			4,814,716

UNDERWRITING INCOME (LOSS)	$	146,978		$	148,492		$	139,366		$	132,231		$	(29,034)		$	(58,815)		$	358,683

Catastrophe and weather-related losses, net of reinstatement premiums	$	41,663		$	32,228		$	37,723		$	63,610		$	211,969		$	249,830		$	402,803
Net favorable prior year reserve development	$	2,762		$	6,319		$	4,038		$	7,901		$	4,735		$	11,012		$	25,533

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3		%	56.1		%	55.8		%	55.5		%	57.1		%	55.4		%	55.5		%
Catastrophe and weather-related losses ratio	3.2		%	2.6		%	3.1		%	4.7		%	16.6		%	20.7		%	7.8		%
Current accident year loss ratio	59.5		%	58.7		%	58.9		%	60.2		%	73.7		%	76.1		%	63.3		%
Prior year reserve development ratio	(0.2		%)	(0.5		%)	(0.3		%)	(0.6		%)	(0.4		%)	(0.9		%)	(0.5		%)
Net losses and loss expenses ratio	59.3		%	58.2		%	58.6		%	59.6		%	73.3		%	75.2		%	62.8		%
Acquisition cost ratio	19.9		%	20.0		%	18.7		%	20.6		%	18.7		%	19.1		%	19.8		%
General and administrative expenses ratio [a]	13.5		%	13.3		%	13.6		%	13.9		%	12.3		%	13.1		%	13.2		%
Combined ratio	92.7		%	91.5		%	90.9		%	94.1		%	104.3		%	107.4		%	95.8		%

[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 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q3 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	1,457,624		$	1,684,150		$	1,415,612		$	1,470,805		$	1,317,890		$	1,176,500		$	5,585,581
Ceded premiums written	(572,372)			(663,129)			(533,036)			(584,019)			(540,101)			(469,008)			(2,207,675)
Net premiums written	885,252			1,021,021			882,576			886,786			777,789			707,492			3,377,906

Gross premiums earned	1,463,578			1,393,438			1,370,696			1,368,859			1,331,887			1,142,550			5,219,303
Ceded premiums earned	(577,864)			(550,687)			(554,240)			(538,345)			(549,786)			(461,542)			(2,085,148)
Net premiums earned	885,714			842,751			816,456			830,514			782,101			681,008			3,134,155
Other insurance related income (loss)	(22)			58			54			89			151			468			559
Total underwriting revenues	885,692			842,809			816,510			830,603			782,252			681,476			3,134,714

UNDERWRITING EXPENSES
Net losses and loss expenses	491,368			457,650			449,467			439,268			519,006			442,681			1,785,854
Acquisition costs	169,384			156,972			147,058			154,859			139,436			123,529			577,838
Underwriting-related general and administrative expenses	120,330			113,534			116,630			113,106			108,072			104,905			443,704
Total underwriting expenses	781,082			728,156			713,155			707,233			766,514			671,115			2,807,396

UNDERWRITING INCOME	$	104,610		$	114,653		$	103,355		$	123,370		$	15,738		$	10,361		$	327,318

Catastrophe and weather-related losses, net of reinstatement premiums	$	37,145		$	26,440		$	24,333		$	33,218		$	112,799		$	104,873		$	206,735
Net favorable prior year reserve development	$	1,609		$	2,784		$	1,041		$	3,955		$	2,558		$	5,418		$	16,350

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.5		%	51.5		%	52.2		%	49.3		%	52.6		%	50.8		%	51.0		%
Catastrophe and weather-related losses ratio	4.2		%	3.1		%	3.0		%	4.1		%	14.1		%	15.0		%	6.5		%
Current accident year loss ratio	55.7		%	54.6		%	55.2		%	53.4		%	66.7		%	65.8		%	57.5		%
Prior year reserve development ratio	(0.2		%)	(0.3		%)	(0.1		%)	(0.5		%)	(0.3		%)	(0.8		%)	(0.5		%)
Net losses and loss expenses ratio	55.5		%	54.3		%	55.1		%	52.9		%	66.4		%	65.0		%	57.0		%
Acquisition cost ratio	19.1		%	18.6		%	18.0		%	18.6		%	17.8		%	18.1		%	18.4		%
Underwriting-related general and administrative expenses ratio	13.6		%	13.5		%	14.2		%	13.7		%	13.8		%	15.4		%	14.2		%
Combined ratio	88.2		%	86.4		%	87.3		%	85.2		%	98.0		%	98.5		%	89.6		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																			Year ended December 31,
	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q3 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	448,254		$	600,228		$	966,364		$	287,891		$	389,918		$	469,989		$	2,629,014
Ceded premiums written	(358,149)			(174,892)			(240,584)			(78,123)			(130,923)			(181,010)			(743,864)
Net premiums written	90,105			425,336			725,780			209,768			258,995			288,979			1,885,150

Gross premiums earned	582,644			576,224			551,072			681,380			680,539			736,730			2,717,079
Ceded premiums earned	(145,794)			(153,230)			(137,329)			(171,732)			(177,774)			(206,311)			(690,908)
Net premiums earned	436,850			422,994			413,743			509,648			502,765			530,419			2,026,171
Other insurance related income	10,366			5,466			523			2,987			941			7,197			12,514
Total underwriting revenues	447,216			428,460			414,266			512,635			503,706			537,616			2,038,685

UNDERWRITING EXPENSES
Net losses and loss expenses	292,572			278,607			271,175			358,946			422,905			468,688			1,456,556
Acquisition costs	94,005			96,293			83,315			120,714			101,075			108,183			444,179
Underwriting-related general and administrative expenses	18,271			19,721			23,765			24,114			24,498			29,921			106,585
Total underwriting expenses	404,848			394,621			378,255			503,774			548,478			606,792			2,007,320

UNDERWRITING INCOME (LOSS)	$	42,368		$	33,839		$	36,011		$	8,861		$	(44,772)		$	(69,176)		$	31,365

Catastrophe and weather-related losses, net of reinstatement premiums	$	4,518		$	5,788		$	13,390		$	30,392		$	99,170		$	144,957		$	196,068
Net favorable prior year reserve development	$	1,153		$	3,535		$	2,997		$	3,946		$	2,177		$	5,594		$	9,183

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	66.2		%	65.3		%	63.0		%	65.5		%	64.2		%	61.4		%	62.6		%
Catastrophe and weather-related losses ratio	1.0		%	1.4		%	3.3		%	5.7		%	20.3		%	28.0		%	9.7		%
Current accident year loss ratio	67.2		%	66.7		%	66.3		%	71.2		%	84.5		%	89.4		%	72.3		%
Prior year reserve development ratio	(0.2		%)	(0.8		%)	(0.8		%)	(0.8		%)	(0.4		%)	(1.0		%)	(0.4		%)
Net losses and loss expenses ratio	67.0		%	65.9		%	65.5		%	70.4		%	84.1		%	88.4		%	71.9		%
Acquisition cost ratio	21.5		%	22.8		%	20.1		%	23.7		%	20.1		%	20.4		%	21.9		%
Underwriting-related general and administrative expense ratio	4.2		%	4.6		%	5.8		%	4.7		%	4.9		%	5.6		%	5.3		%
Combined ratio	92.7		%	93.3		%	91.4		%	98.8		%	109.1		%	114.4		%	99.1		%

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS


	Three months ended September 30,												Nine months ended September 30,
	2023						2022						2023						2022
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,457,624	$	448,254	$	1,905,878	$	1,317,890	$	389,918	$	1,707,808	$	4,557,386	$	2,014,846	$	6,572,232	$	4,114,776	$	2,341,123	$	6,455,899
Premiums ceded to Harrington Re	233		53,834		54,067		4,279		44,867		49,146		5,458		264,797		270,255		14,704		263,803		278,507
Premiums ceded to Other Strategic Capital Partners	—		304,315		304,315		—		86,056		86,056		—		508,828		508,828		—		401,938		401,938
Premiums ceded to Other Reinsurers	572,139		—		572,139		535,822		—		535,822		1,763,079		—		1,763,079		1,608,952		—		1,608,952
Net premiums written	$	885,252	$	90,105	$	975,357	$	777,789	$	258,995	$	1,036,784	$	2,788,849	$	1,241,221	$	4,030,070	$	2,491,120	$	1,675,382	$	4,166,502

FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income	$	—	$	10,366	$	10,366	$	—	$	519	$	519	$	—	$	16,354	$	16,354	$	—	$	8,184	$	8,184
Offset to general and administrative expenses	—		9,610		9,610		—		10,583		10,583		—		26,160		26,160		—		32,365		32,365
Total Fee income	$	—	$	19,976	$	19,976	$	—	$	11,102	$	11,102	$	—	$	42,514	$	42,514	$	—	$	40,549	$	40,549

[a] Total managed premiums represents gross premiums written of $1.9 billion and $1.7 billion for the three months ended September 30, 2023 and 2022, respectively, and $6.6 billion and $6.5 billion for the nine months ended September 30, 2023 and 2022, respectively, and includes premiums written by the insurance and reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

[b] Fee income from strategic capital partners represents service fees and reimbursement of expenses from strategic capital partners.

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


													Nine months ended September 30,				Year ended December 31,
	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q3 2021		2023		2022		2022

Fixed maturities	$	133,006	$	124,390	$	118,262	$	105,077	$	87,364	$	63,712	$	375,659	$	224,780	$	329,858
Other investments	312		(5,341)		486		24,242		(7,576)		41,695		(4,543)		32,801		57,043
Equity securities	3,050		2,990		2,455		3,041		2,490		2,724		8,495		7,349		10,390
Mortgage loans	8,892		8,880		8,386		8,084		6,256		4,426		26,158		15,323		23,407
Cash and cash equivalents	14,465		11,161		10,012		10,127		5,350		692		35,638		10,147		20,273
Short-term investments	2,195		2,129		1,660		1,964		1,004		391		5,984		1,571		3,535

Gross investment income	161,920		144,209		141,261		152,535		94,888		113,640		447,391		291,971		444,506
Investment expenses	(7,719)		(7,380)		(7,490)		(5,450)		(6,711)		(6,301)		(22,589)		(20,227)		(25,677)

Net investment income	$	154,201	$	136,829	$	133,771	$	147,085	$	88,177	$	107,339	$	424,802	$	271,744	$	418,829

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,
	2023			2023			2023			2022			2022			2021
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	11,723,368		$	11,564,397		$	11,627,555		$	11,326,894		$	10,784,353		$	12,380,959
Fixed maturities, held to maturity, at amortized cost	712,840			717,310			716,768			698,351			690,380			416,879
Equity securities, at fair value	556,262			596,692			573,916			485,253			469,839			618,822
Mortgage loans, held for investment, at fair value	610,277			609,274			634,470			627,437			653,700			623,487
Other investments, at fair value	954,571			970,079			1,008,887			996,751			970,310			892,664
Equity method investments	162,412			148,183			146,083			148,288			151,333			145,080
Short-term investments, at fair value	115,959			46,282			70,416			70,310			80,260			68,267
Total investments	14,835,689			14,652,217			14,778,095			14,353,284			13,800,175			15,146,158
Cash and cash equivalents	1,267,315			1,518,270			1,179,295			1,174,653			1,835,262			1,499,204
Accrued interest receivable	99,978			100,915			97,983			94,418			77,771			62,423
Insurance and reinsurance premium balances receivable	3,207,444			3,371,439			3,119,158			2,733,464			2,788,484			2,978,996
Reinsurance recoverable on unpaid losses and loss expenses	6,031,527			5,865,609			5,823,417			5,831,172			5,244,263			4,989,645
Reinsurance recoverable on paid losses and loss expenses	594,375			572,757			593,013			539,676			438,497			506,503
Deferred acquisition costs	503,617			586,085			560,173			473,569			541,544			544,384
Prepaid reinsurance premiums	1,973,378			1,767,474			1,632,513			1,550,370			1,597,586			1,460,723
Receivable for investments sold	17,306			22,102			7,079			16,052			6,452			2,028
Goodwill	100,801			100,801			100,801			100,801			100,801			100,801
Intangible assets	189,612			192,342			195,071			197,800			200,529			211,557
Value of business acquired	—			—			—			—			—			770
Operating lease right-of-use assets	104,240			108,511			88,155			92,214			96,631			107,791
Other assets	547,242			457,171			390,224			438,338			391,758			324,154
TOTAL ASSETS	$	29,472,524		$	29,315,693		$	28,564,977		$	27,595,811		$	27,119,753		$	27,935,137

LIABILITIES
Reserve for losses and loss expenses	$	15,555,256		$	15,419,498		$	15,314,644		$	15,168,863		$	14,652,196		$	14,658,996
Unearned premiums	4,995,785			5,139,177			4,821,775			4,361,447			4,650,934			4,464,282
Insurance and reinsurance balances payable	1,900,188			1,783,610			1,574,608			1,522,764			1,569,946			1,442,729
Debt	1,313,358			1,313,006			1,312,658			1,312,314			1,312,633			1,310,650
Federal Home Loan Bank advances	85,790			85,790			85,790			81,388			80,540			—
Payable for investments purchased	87,992			81,835			78,711			19,693			78,956			239,073
Operating lease liabilities	116,547			121,922			99,130			102,577			103,345			123,874
Other liabilities	384,400			349,894			317,432			386,855			327,780			360,478
TOTAL LIABILITIES	24,439,316			24,294,732			23,604,748			22,955,901			22,776,330			22,600,082

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,375,678			2,361,185			2,347,637			2,366,253			2,354,895			2,336,895
Accumulated other comprehensive income (loss)	(775,439)			(630,509)			(571,896)			(760,300)			(1,042,650)			150,122
Retained earnings	6,628,179			6,485,901			6,381,201			6,247,022			6,244,268			6,044,843
Treasury shares, at cost	(3,747,416)			(3,747,822)			(3,748,919)			(3,765,271)			(3,765,296)			(3,749,011)


TOTAL SHAREHOLDERS' EQUITY	5,033,208			5,020,961			4,960,229			4,639,910			4,343,423			5,335,055

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	29,472,524		$	29,315,693		$	28,564,977		$	27,595,811		$	27,119,753		$	27,935,137

Common shares outstanding	85,228			85,216			85,183			84,668			84,666			84,773
Diluted common shares outstanding [a]	87,617			87,706			87,660			87,113			87,205			87,216
Book value per common share	$52.60			$52.47			$51.77			$48.31			$44.80			$56.45
Book value per diluted common share	$51.17			$50.98			$50.31			$46.95			$43.50			$54.86
Tangible book value per diluted common share	$48.44			$48.22			$47.53			$44.13			$40.64			$51.89
Debt to total capital [b]	20.7		%	20.7		%	20.9		%	22.0		%	23.2		%	19.7		%

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

[b] 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, 2023												At December 31, 2022
	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	$	2,976,548	$	—	$	117	$	(116,032)	$	2,860,633	17.6	%		$	2,639,330	16.8	%
Non-U.S. government	718,298		(17)		854		(48,880)		670,255		4.2	%		562,029		3.6	%
Corporate debt	4,610,179		(8,684)		5,737		(377,369)		4,229,863		26.2	%		4,255,556		27.2	%
Agency RMBS	1,707,603		—		44		(166,142)		1,541,505		9.6	%		1,202,785		7.7	%
CMBS	947,370		—		36		(82,355)		865,051		5.4	%		947,778		6.1	%
Non-Agency RMBS	155,437		(133)		123		(17,623)		137,804		0.9	%		133,534		0.9	%
ABS	1,304,644		(38)		711		(38,449)		1,266,868		7.9	%		1,429,527		9.2	%
Municipals	167,248		(61)		42		(15,840)		151,389		0.9	%		156,355		1.0	%
Total fixed maturities, available for sale, at fair value	12,587,327		(8,933)		7,664		(862,690)		11,723,368		72.7	%		11,326,894		72.5	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	90,200		—		—		—		90,200		0.6	%		85,200		0.5	%
ABS	622,640		—		—		—		622,640		3.8	%		613,151		4.0	%
Total fixed maturities, held to maturity, at amortized cost	712,840		—		—		—		712,840		4.4	%		698,351		4.5	%

Equity securities, at fair value
Common stocks	3,130		—		327		(407)		3,050		—	%		7,473		—	%
Preferred Stocks	5,339		—		—		(253)		5,086		—	%		72		—	%
Exchange-traded funds	191,711		—		85,115		(3,032)		273,794		1.7	%		269,806		1.7	%
Bond mutual funds	361,378		—		—		(87,046)		274,332		1.7	%		207,902		1.4	%
Total equity securities, at fair value	561,558		—		85,442		(90,738)		556,262		3.4	%		485,253		3.1	%

Total fixed maturities and equity securities	$	13,861,725	$	(8,933)	$	93,106	$	(953,428)	12,992,470		80.5	%		12,510,498		80.1	%
Mortgage loans, held for investment									610,277		3.8	%		627,437		4.0	%
Other investments									954,571		5.9	%		996,751		6.4	%
Equity method investments									162,412		1.0	%		148,288		0.9	%
Short-term investments									115,959		0.8	%		70,310		0.5	%
Total investments									14,835,689		92.0	%		14,353,284		91.9	%
Cash and cash equivalents [a]									1,267,315		7.9	%		1,174,653		7.5	%
Accrued interest receivable									99,978		0.6	%		94,418		0.6	%
Net receivable/(payable) for investments sold (purchased)									(70,686)		(0.5	%)		(3,641)		—	%
Total cash and invested assets									$	16,132,296	100.0	%		$	15,618,714	100.0	%

[a] Includes $378 million and $423 million of restricted cash and cash equivalents at September 30, 2023 and December 31, 2022, respectively.


	At September 30, 2023				At December 31, 2022
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	25,465		2.7	%	32,616		3.3	%

Direct lending funds	229,235		24.0	%	258,626		25.9	%
Real estate funds	307,177		32.2	%	298,499		29.9	%
Private equity funds	283,838		29.7	%	265,836		26.7	%
Other privately held investments	104,172		10.9	%	136,158		13.7	%
Collateralized loan obligations - equity tranches	4,684		0.5	%	5,016		0.5	%
Total	$	954,571	100.0	%	$	996,751	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q3 2021
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	17.6	%	17.2	%	18.1	%	16.8	%	15.3	%	16.3	%
Non-U.S. government	4.2	%	3.6	%	3.5	%	3.6	%	3.3	%	4.4	%
Corporate debt	26.2	%	26.7	%	26.9	%	27.2	%	26.5	%	27.6	%
MBS:
Agency RMBS	9.6	%	8.7	%	8.0	%	7.7	%	6.5	%	7.1	%
CMBS	5.4	%	5.4	%	5.8	%	6.1	%	6.4	%	7.4	%
Non-agency RMBS	0.9	%	0.8	%	0.8	%	0.9	%	0.9	%	1.2	%
ABS	7.9	%	8.0	%	8.7	%	9.2	%	9.2	%	10.0	%
Municipals	0.9	%	0.9	%	0.9	%	1.0	%	0.9	%	1.2	%

Total Fixed Maturities, available for sale	72.7	%	71.3	%	72.7	%	72.5	%	69.0	%	75.2	%
Fixed Maturities, held to maturity:
Corporate debt	0.6	%	0.6	%	0.5	%	0.5	%	0.5	%	0.1	%
ABS	3.8	%	3.8	%	4.0	%	4.0	%	3.9	%	2.4	%

Total Fixed Maturities, held to maturity	4.4	%	4.4	%	4.5	%	4.5	%	4.4	%	2.5	%
Equity securities	3.4	%	3.7	%	3.6	%	3.1	%	3.0	%	3.8	%
Mortgage loans	3.8	%	3.8	%	4.0	%	4.0	%	4.2	%	3.8	%
Other investments	5.9	%	6.0	%	6.3	%	6.4	%	6.2	%	5.4	%
Equity method investments	1.0	%	0.9	%	0.9	%	0.9	%	1.0	%	0.9	%
Short-term investments	0.8	%	0.3	%	0.5	%	0.5	%	0.4	%	0.4	%

Total Investments	92.0	%	90.4	%	92.5	%	91.9	%	88.2	%	92.0	%
Cash and cash equivalents	7.9	%	9.4	%	7.4	%	7.5	%	11.7	%	9.1	%
Accrued interest receivable	0.6	%	0.6	%	0.6	%	0.6	%	0.5	%	0.4	%
Net receivable/(payable) for investments sold (purchased)	(0.5	%)	(0.4	%)	(0.5	%)	—	%	(0.4	%)	(1.5	%)
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	23.0	%	22.7	%	23.5	%	21.9	%	20.8	%	21.0	%
AAA [a]	22.4	%	34.8	%	34.3	%	34.9	%	35.2	%	36.1	%
AA [a]	20.4	%	7.0	%	7.1	%	7.3	%	7.5	%	7.1	%
A	15.1	%	15.6	%	14.9	%	15.3	%	15.7	%	14.5	%
BBB	10.7	%	11.2	%	11.3	%	11.5	%	11.6	%	12.4	%
Below BBB	8.4	%	8.7	%	8.9	%	9.1	%	9.2	%	8.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	4.4	%	4.9	%	4.5	%	3.4	%	5.4	%	4.0	%
From one to five years	43.1	%	42.3	%	42.4	%	42.5	%	39.0	%	38.3	%
From five to ten years	15.7	%	16.2	%	16.4	%	16.4	%	17.1	%	19.3	%
Above ten years	1.1	%	1.3	%	1.4	%	1.7	%	1.8	%	2.2	%
Asset-backed and mortgage-backed securities	35.7	%	35.3	%	35.3	%	36.0	%	36.7	%	36.2	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.1	%	3.9	%	3.7	%	3.5	%	2.9	%	1.9	%
Yield to maturity of fixed maturities	6.2	%	5.9	%	5.4	%	5.6	%	5.5	%	1.4	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0 yrs		2.9 yrs		3.0 yrs		3.0 yrs		2.9 yrs		3.1 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		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

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At September 30, 2023


	Fair Value or Net Carrying Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	704,289	16.7	%	4.4	%
Non-U.S. banks	364,273		8.6	%	2.3	%
Corporate/commercial finance	295,758		7.0	%	1.8	%
Insurance	134,204		3.2	%	0.8	%
Investment brokerage	69,120		1.6	%	0.4	%
Total financial institutions	1,567,644		37.1	%	9.7	%
Consumer non-cyclicals	354,199		8.4	%	2.2	%
Communications	244,533		5.8	%	1.5	%
Consumer cyclical	202,010		4.8	%	1.3	%
Utilities	182,568		4.3	%	1.1	%
Industrials	167,677		4.0	%	1.0	%
Technology	158,613		3.7	%	1.0	%
Energy	128,949		3.0	%	0.8	%
Non-U.S. government guaranteed	132,347		3.1	%	0.8	%
Transportation	87,158		2.1	%	0.5	%
Total investment grade	3,225,698		76.3	%	19.9	%

Total non-investment grade	1,004,165		23.7	%	6.3	%

Total corporate debt, available for sale, at fair value	$	4,229,863	100.0	%	26.2	%

Total corporate debt, held to maturity, at amortized cost	$	90,200	100.0	%	0.6	%

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At September 30, 2023


	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	115,396	$	(13,839)	$	101,557	0.8	%
MORGAN STANLEY	109,807		(12,918)		96,889		0.8	%
GOLDMAN SACHS GROUP	107,285		(10,604)		96,681		0.8	%
WELLS FARGO & COMPANY	101,841		(10,023)		91,818		0.7	%
JP MORGAN CHASE & CO	97,220		(13,089)		84,131		0.7	%
CITIGROUP INC	92,738		(10,639)		82,099		0.7	%
AT&T INC	44,787		(7,121)		37,666		0.3	%
COMCAST CORPORATION	40,461		(3,553)		36,908		0.3	%
UBS GROUP AG	40,038		(5,897)		34,141		0.3	%
TORONTO DOMINION BANK	35,640		(1,759)		33,881		0.3	%
Total ten largest corporate debt holdings	$	785,213	$	(89,442)	$	695,771	5.7	%

Total corporate debt, available for sale	$	4,610,179	$	(380,316)	$	4,229,863	34.0	%

[a] These holdings represent direct investments in fixed maturities of the parent issuer and its major subsidiaries. These investments exclude asset and mortgage-backed securities that were issued, sponsored or serviced by the parent.

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At September 30, 2023


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

Residential MBS	$	1,541,505		$	126,621		$	5,582		$	1,408		$	102		$	4,091		$	1,679,309
Commercial MBS	74,787			734,430			49,263			5,889			682			—			865,051
ABS	—			1,016,883			123,241			91,540			34,848			356			1,266,868

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,616,292		$	1,877,934		$	178,086		$	98,837		$	35,632		$	4,447		$	3,811,228

Percentage of total	42.4		%	49.3		%	4.7		%	2.6		%	0.9		%	0.1		%	100.0		%


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

ABS	$	—		$	388,599		$	234,041		$	—		$	—		$	—		$	622,640

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	388,599		$	234,041		$	—		$	—		$	—		$	622,640

Percentage of total	—		%	62.4		%	37.6		%	—		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS


	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q3 2021
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	471,675	$	435,052	$	438,780	$	394,817	$	294,560	$	338,908
Reinsurance	122,700		137,705		154,233		144,859		143,937		167,595
Total	$	594,375	$	572,757	$	593,013	$	539,676	$	438,497	$	506,503

Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	1,121,359	$	1,122,667	$	1,152,901	$	1,152,659	$	877,360	$	908,182
Reinsurance	657,627		680,184		695,196		677,591		658,797		575,628
Total	$	1,778,986	$	1,802,851	$	1,848,097	$	1,830,250	$	1,536,157	$	1,483,810

Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	3,213,455	$	3,105,627	$	3,034,739	$	3,008,010	$	2,744,920	$	2,569,194
Reinsurance	1,073,810		990,279		972,928		1,023,627		992,208		963,728
Total	$	4,287,265	$	4,095,906	$	4,007,667	$	4,031,637	$	3,737,128	$	3,532,922

Allowance for expected credit losses:
Insurance	$	(31,554)	$	(29,985)	$	(29,335)	$	(27,463)	$	(26,234)	$	(23,664)
Reinsurance	(3,170)		(3,163)		(3,012)		(3,252)		(2,788)		(3,423)
Total	$	(34,724)	$	(33,148)	$	(32,347)	$	(30,715)	$	(29,022)	$	(27,087)

Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	4,774,935	$	4,633,361	$	4,597,085	$	4,528,023	$	3,890,606	$	3,792,620
Reinsurance	1,850,967		1,805,005		1,819,345		1,842,825		1,792,154		1,703,528
Total	$	6,625,902	$	6,438,366	$	6,416,430	$	6,370,848	$	5,682,760	$	5,496,148

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At September 30, 2023


Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity	Allowance for expected credit losses		Allowance for expected credit losses as % of Reinsurance Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverables	$	3,531,920	$	(1,512,657)	$	2,019,263	44.0%	40.1%	$	(12,618)	0.4%	$	3,519,302
Other reinsurers balances > $20 million	2,636,498		(438,318)		2,198,180		47.9%	43.7%	(17,601)		0.7%	2,618,897
Other reinsurers balances < $20 million	492,208		(116,043)		376,165		8.1%	7.5%	(4,505)		0.9%	487,703
Total	$	6,660,626	$	(2,067,018)	$	4,593,608	100.0%	91.3%	$	(34,724)	0.5%	$	6,625,902

At September 30, 2023, reinsurance recoverable balances, gross of collateral, of 83.4% (December 31, 2022: 81.8%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.


		Reinsurance Recoverable, Net of Collateral
Top 10 Reinsurers		As a % of Total	As a % of Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	12.6%	11.5%
2	Lloyds of London	6.9%	6.3%
3	Hannover Ruck SE	5.9%	5.4%
4	Transatlantic Reinsurance Co	5.8%	5.3%
5	Harrington Re Ltd.	4.6%	4.2%
6	SCOR Reinsurance Company	4.4%	4.0%
7	Partner Reinsurance Co of the US	4.2%	3.8%
8	Swiss Reinsurance Company Ltd.	3.8%	3.4%
9	Everest Reinsurance Company	3.5%	3.2%
10	Munich Reinsurance America, Inc	3.2%	3.0%
		54.9%	50.1%

At September 30, 2023, reinsurance recoverable balances, net of collateral, of 98.5% (December 31, 2022: 99.0%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended September 30, 2023						Nine months ended September 30, 2023
	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	$	15,419,498	$	(5,865,609)	$	9,553,889	$	15,168,863	$	(5,831,172)	$	9,337,691
Incurred losses and loss expenses	1,205,262		(421,322)		783,940		3,390,657		(1,149,817)		2,240,840
Paid losses and loss expenses	(966,061)		302,677		(663,384)		(3,043,454)		1,040,554		(2,002,900)
Foreign exchange and other	(103,443)		(47,273)		(150,716)		39,190		(91,092)		(51,902)

End of period [a]	$	15,555,256	$	(6,031,527)	$	9,523,729	$	15,555,256	$	(6,031,527)	$	9,523,729

[a] At September 30, 2023, reserve for losses and loss expenses included IBNR of $10.1 billion, or 65% (December 31, 2022: $9.6 billion, or 63%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended September 30, 2023									Nine months ended September 30, 2023
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	539,511		$	426,550		$	966,061			$	1,769,943		$	1,273,511		$	3,043,454
Reinsurance recoverable on paid losses and loss expenses	(225,925)			(76,752)			(302,677)				(798,120)			(242,434)			(1,040,554)
Net paid losses and loss expenses	313,586			349,798			663,384				971,823			1,031,077			2,002,900

Gross case reserves	38,571			(105,361)			(66,790)				35,029			(161,499)			(126,470)
Gross IBNR	261,313			44,678			305,991				545,067			(71,394)			473,673
Reinsurance recoverable on unpaid losses and loss expenses	(122,102)			3,457			(118,645)				(153,433)			44,170			(109,263)
Net unpaid losses and loss expenses	177,782			(57,226)			120,556				426,663			(188,723)			237,940

Total net incurred losses and loss expenses	$	491,368		$	292,572		$	783,940			$	1,398,486		$	842,354		$	2,240,840

Gross reserve for losses and loss expenses	$	8,979,860		$	6,575,396		$	15,555,256			$	8,979,860		$	6,575,396		$	15,555,256

Net favorable prior year reserve development	$	1,609		$	1,153		$	2,762			$	5,433		$	7,685		$	13,118

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	63.8		%	119.6		%	84.6		%		69.5		%	122.4		%	89.4		%

Net paid losses and loss expenses / Net premiums earned	35.4		%	80.1		%	50.2		%		38.2		%	81.0		%	52.5		%
Net unpaid losses and loss expenses / Net premiums earned	20.1		%	(13.1		%)	9.1		%		16.8		%	(14.9		%)	6.2		%
Net losses and loss expenses ratio	55.5		%	67.0		%	59.3		%		55.0		%	66.1		%	58.7		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE


																			Year ended December 31,
	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q3 2021			2022
INSURANCE SEGMENT
Gross paid losses and loss expenses	$	539,511		$	672,765		$	557,669		$	605,505		$	474,475		$	441,854		$	2,329,161
Reinsurance recoverable on paid losses and loss expenses	(225,925)			(286,768)			(285,428)			(274,278)			(172,617)			(154,584)			(953,438)
Net paid losses and loss expenses	313,586			385,997			272,241			331,227			301,858			287,270			1,375,723

Gross case reserves	38,571			(59,310)			55,769			131,714			162,750			47,583			96,140
Gross IBNR	261,313			152,830			130,922			68,639			276,075			326,336			613,866
Reinsurance recoverable on unpaid losses and loss expenses	(122,102)			(21,867)			(9,465)			(92,312)			(221,677)			(218,508)			(299,875)
Net unpaid losses and loss expenses	177,782			71,653			177,226			108,041			217,148			155,411			410,131

Total net incurred losses and loss expenses	$	491,368		$	457,650		$	449,467		$	439,268		$	519,006		$	442,681		$	1,785,854

Gross reserve for losses and loss expenses	$	8,979,860		$	8,733,273		$	8,599,025		$	8,381,593		$	8,092,090		$	7,797,533		$	8,381,593

Net favorable prior year reserve development	$	1,609		$	2,784		$	1,041		$	3,955		$	2,558		$	5,418		$	16,350

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	63.8		%	84.3		%	60.6		%	75.4		%	58.2		%	64.9		%	77.0		%

Net paid losses and loss expenses / Net premiums earned	35.4		%	45.8		%	33.3		%	39.9		%	38.6		%	42.2		%	43.9		%
Net unpaid losses and loss expenses / Net premiums earned	20.1		%	8.5		%	21.8		%	13.0		%	27.8		%	22.8		%	13.1		%
Net losses and loss expenses ratio	55.5		%	54.3		%	55.1		%	52.9		%	66.4		%	65.0		%	57.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE


																			Year ended December 31,
	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q3 2021			2022
























REINSURANCE SEGMENT
Gross paid losses and loss expenses	$	426,550		$	425,129		$	421,831		$	439,623		$	492,973		$	484,553		$	1,832,894
Reinsurance recoverable on paid losses and loss expenses	(76,752)			(84,810)			(80,872)			(85,613)			(100,316)			(78,672)			(353,547)
Net paid losses and loss expenses	349,798			340,319			340,959			354,010			392,657			405,881			1,479,347

Gross case reserves	(105,361)			(83,887)			27,748			22,597			(36,789)			81,030			107,158
Gross IBNR	44,678			16,932			(133,002)			17,823			127,731			142,067			17,334
Reinsurance recoverable on unpaid losses and loss expenses	3,457			5,243			35,470			(35,484)			(60,694)			(160,290)			(147,283)
Net unpaid losses and loss expenses	(57,226)			(61,712)			(69,784)			4,936			30,248			62,807			(22,791)

Total net incurred losses and loss expenses	$	292,572		$	278,607		$	271,175		$	358,946		$	422,905		$	468,688		$	1,456,556

Gross reserve for losses and loss expenses	$	6,575,396		$	6,686,225		$	6,715,619		$	6,787,270		$	6,560,106		$	6,861,463		$	6,787,270

Net favorable prior year reserve development	$	1,153		$	3,535		$	2,997		$	3,946		$	2,177		$	5,594		$	9,183

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	119.6		%	122.2		%	125.7		%	98.6		%	92.8		%	86.6		%	101.6		%

Net paid losses and loss expenses / Net premiums earned	80.1		%	80.5		%	82.4		%	69.5		%	78.1		%	76.5		%	73.0		%
Net unpaid losses and loss expenses / Net premiums earned	(13.1		%)	(14.6		%)	(16.9		%)	0.9		%	6.0		%	11.9		%	(1.1		%)
Net losses and loss expenses ratio	67.0		%	65.9		%	65.5		%	70.4		%	84.1		%	88.4		%	71.9		%

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF OCTOBER 1, 2023


		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		% of Common Shareholders' Equity		100 Year Return Period		% of Common Shareholders' Equity		250 Year Return Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	122	2.7	%	$	147	3.3	%	$	167	3.7	%
Northeast	U.S. Hurricane	10		0.2	%	30		0.7	%	63		1.4	%
Mid-Atlantic	U.S. Hurricane	42		0.9	%	91		2.0	%	132		2.9	%
Gulf of Mexico	U.S. Hurricane	103		2.3	%	125		2.8	%	153		3.4	%
Europe	Windstorm	56		1.2	%	79		1.8	%	99		2.2	%
Japan	Windstorm	9		0.2	%	10		0.2	%	18		0.4	%
Japan	Earthquake	40		0.9	%	62		1.4	%	102		2.3	%
California	Earthquake	103		2.3	%	137		3.1	%	166		3.7	%

The table above shows our net Probable Maximum Loss ("PML") to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at October 1, 2023. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast U.S. hurricane, net of reinsurance, is approximately $147 million. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $147 million. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $147 million.

PMLs are based on results of stochastic models that consider a wide range of possible events, their losses and probabilities. It is important to consider that an actual event does not necessarily resemble one of the stochastic events and the specific characteristics of an actual event can lead to substantial differences between actual and modeled loss.

We have developed our PML estimates by combining judgment and experience with the outputs from the catastrophe model, commercially available from Verisk Analytics, Inc. Additionally, we have included our estimate of non-modeled perils and other factors, which we believe provides us with a more complete view of catastrophe risk.

Our PML estimates are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. We aim to reduce the potential for model error in a number of ways, the most important of which is by ensuring that management’s judgment supplements the model outputs. Models are continuously validated at the line of business and at a group level by our catastrophe model validation team. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

Estimated net losses from peak zone catastrophes may change from period to period as a result of several factors, which include but are not limited to, updates to vendor catastrophe models, changes to internal modeling, underwriting portfolios, reinsurance purchasing strategy and foreign currency exchange rates.

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022

Net income (loss) available (attributable) to common shareholders	$	180,535	$	(16,947)	$	496,182	$	151,904

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	85,223		84,660		85,099		84,930
Dilutive share equivalents:
Share-based compensation plans [a]	885		—		828		744
Weighted average diluted common shares outstanding	86,108		84,660		85,927		85,674

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$2.12		($0.20)		$5.83		$1.79
Earnings (loss) per diluted common share	$2.10		($0.20)		$5.77		$1.77

[a] Due to the net loss attributable to common shareholders recognized for the three months ended September 30, 2022, the share equivalents were anti-dilutive.

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD


	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q3 2021

Net income (loss) available (attributable) to common shareholders	$	180,535	$	143,111	$	172,534	$	40,928	$	(16,947)	$	47,385

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	85,216		85,183		84,668		84,666		84,655		84,767
Shares issued and treasury shares reissued	19		53		777		8		17		10
Shares repurchased for treasury	(7)		(20)		(262)		(6)		(6)		(4)
Common shares - at end of period	85,228		85,216		85,183		84,668		84,666		84,773

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	85,223		85,207		84,864		84,667		84,660		84,771
Dilutive share equivalents:

Share-based compensation plans [a]	885		605		989		988		—		565
Weighted average diluted common shares outstanding	86,108		85,812		85,853		85,655		84,660		85,336

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$2.12		$1.68		$2.03		$0.48		($0.20)		$0.56
Earnings (loss) per diluted common share	$2.10		$1.67		$2.01		$0.48		($0.20)		$0.56

[a] Due to the net loss attributable to common shareholders recognized for the three months ended September 30, 2022, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

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


	At September 30, 2023

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

Closing stock price					$56.37

Book value per common share		$	4,483,208	85,228	$52.60

Dilutive securities:

Restricted stock units				2,389	(1.43)
Book value per diluted common share		$	4,483,208	87,617	$51.17

	At December 31, 2022

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

Closing stock price					$54.17

Book value per common share		$	4,089,910	84,668	$48.31



Dilutive securities: [b]


Restricted stock units				2,445	(1.36)
Book value per diluted common share		$	4,089,910	87,113	$46.95

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

[b] Cash-settled restricted stock units are excluded.

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE



	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q3 2021

Common shareholders' equity	$	4,483,208	$	4,470,961	$	4,410,229	$	4,089,910	$	3,793,423	$	4,785,055
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(100,801)
Less: intangible assets	(189,612)		(192,342)		(195,071)		(197,800)		(200,529)		(211,557)
Associated tax impact	50,992		51,613		52,235		52,856		52,086		53,175
Tangible common shareholders' equity	$	4,243,787	$	4,229,431	$	4,166,592	$	3,844,165	$	3,544,179	$	4,525,872

Diluted common shares outstanding, net of treasury shares [a]	87,617		87,706		87,660		87,113		87,205		87,216

Book value per diluted common share	$	51.17	$	50.98	$	50.31	$	46.95	$	43.50	$	54.86

Tangible book value per diluted common share	$	48.44	$	48.22	$	47.53	$	44.13	$	40.64	$	51.89

[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,
	2023			2022			2023			2022
Net income (loss) available (attributable) to common shareholders	$	180,535		$	(16,947)		$	496,182		$	151,904
Net investment (gains) losses [a]	53,114			146,458			97,671			414,231
Foreign exchange gains [b]	(50,570)			(135,660)			(11,755)			(236,934)
Reorganization expenses [c]	28,997			6,213			28,997			21,941
Interest in (income) loss of equity method investments [d]	(2,940)			7,560			(2,835)			(5,040)
Income tax benefit	(7,245)			(5,117)			(15,138)			(14,779)
Operating income	$	201,891		$	2,507		$	593,122		$	331,323

Earnings (loss) per diluted common share	$	2.10		$	(0.20)		$	5.77		$	1.77
Net investment (gains) losses	0.62			1.72			1.14			4.83
Foreign exchange gains	(0.59)			(1.59)			(0.14)			(2.77)
Reorganization expenses	0.34			0.07			0.34			0.26
Interest in (income) loss of equity method investments	(0.03)			0.09			(0.03)			(0.06)
Income tax benefit	(0.10)			(0.06)			(0.18)			(0.17)
Operating income per diluted common share	$	2.34		$	0.03		$	6.90		$	3.86

Weighted average diluted common shares outstanding	86,108			85,376			85,927			85,674

Average common shareholders' equity	$	4,477,086		$	3,973,027		$	4,286,559		$	4,327,040

Annualized return on average common equity	16.1		%	(1.7		%)	15.4		%	4.7		%

Annualized operating return on average common equity	18.0		%	0.3		%	18.4		%	10.2		%

[a] Tax expense (benefit) of $(4,318) and $(608) for the three months ended September 30, 2023 and 2022, respectively, and $(8,198) and $(33,519) for the nine months ended September 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax expense (benefit) of $2,318 and $(3,757) for the three months ended September 30, 2023 and 2022, respectively, and $(1,695) and $21,191 for the nine months ended September 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax expense (benefit) of $(5,245) and $(752) for the three months ended September 30, 2023 and 2022, respectively, and $(5,245) and $(2,451) for the nine months ended September 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax expense (benefit) of $nil for the three and nine months ended September 30, 2023 and 2022, respectively. 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), 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

Consolidated Underwriting Income (Loss)

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).

Amortization of intangible assets including value of business acquired ("VOBA") 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.

Operating Income (Loss)

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).

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.

ADDITIONAL INFORMATION REGARDING THE COMPANY'S EXIT FROM CATASTROPHE AND PROPERTY LINES OF BUSINESS

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Catastrophe and Property [a]



	Quarter-to-date
	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
UNDERWRITING REVENUES
Gross written premiums	$	11,685		$	14,716		$	25,906		$	5,720		$	23,400		$	82,463		$	214,719		$	23,999		$	126,980
Ceded premiums written	(2,616)			(3,259)			(5,130)			526			(35,425)			(26,892)			(82,975)			(5,650)			(99,619)
Net premiums written	9,069			11,457			20,776			6,246			(12,025)			55,571			131,744			18,348			27,362

Gross premiums earned	21,337			25,945			42,803			84,745			100,360			124,503			136,273			184,236			198,263
Ceded premiums earned	(2,395)			(8,293)			(10,834)			(28,886)			(40,327)			(43,697)			(41,258)			(89,389)			(83,351)
Net premiums earned	18,942			17,652			31,969			55,859			60,033			80,806			95,014			94,847			114,912
Other insurance related income (loss)	532			(248)			91			13			126			36			44			(1,419)			1,543
Total underwriting revenues	19,474			17,404			32,059			55,872			60,159			80,842			95,058			93,427			116,455

UNDERWRITING EXPENSES
Net losses and loss expenses	6,373			2,019			(13,992)			20,097			104,330			63,548			15,981			63,085			181,543
Acquisition costs	3,958			4,625			7,137			11,601			10,347			14,208			15,689			17,747			19,224
Underwriting-related general and administrative expenses [b]	775			1,075			1,566			2,128			2,596			2,850			5,739			1,119			2,659
Total underwriting expenses	11,106			7,719			(5,289)			33,826			117,272			80,606			37,410			81,951			203,425

UNDERWRITING INCOME (LOSS)	$	8,368		$	9,685		$	37,348		$	22,046		$	(57,113)		$	237		$	57,649		$	11,476		$	(86,970)

Catastrophe and weather-related losses, net of reinstatement premiums	$	3,534		$	5,361		$	12,252		$	8,930		$	83,157		$	38,020		$	12,999		$	29,609		$	139,714
Net favorable (adverse) prior year reserve development	$	4,858		$	9,752		$	37,941		$	10,673		$	7,694		$	1,360		$	22,293		$	(151)		$	5,937

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	40.6		%	36.3		%	36.6		%	43.5		%	39.3		%	32.8		%	26.6		%	34.0		%	36.3		%
Catastrophe and weather-related losses ratio	18.7		%	30.4		%	38.3		%	11.6		%	147.3		%	47.5		%	13.7		%	32.4		%	126.8		%
Current accident year loss ratio	59.3		%	66.7		%	74.9		%	55.1		%	186.6		%	80.3		%	40.3		%	66.4		%	163.2		%
Prior year reserve development ratio	(25.7		%)	(55.3		%)	(118.7		%)	(19.1		%)	(12.8		%)	(1.7		%)	(23.5		%)	0.2		%	(5.2		%)
Net losses and loss expenses ratio	33.6		%	11.4		%	(43.8		%)	36.0		%	173.8		%	78.6		%	16.8		%	66.5		%	158.0		%
Acquisition cost ratio	20.9		%	26.2		%	22.3		%	20.8		%	17.2		%	17.6		%	16.5		%	18.7		%	16.7		%
Underwriting-related general and administrative expense ratio	4.1		%	6.1		%	4.9		%	3.8		%	4.3		%	3.5		%	6.0		%	1.2		%	2.3		%
Combined ratio	58.6		%	43.7		%	(16.5		%)	60.6		%	195.3		%	99.8		%	39.4		%	86.4		%	177.0		%

[a] Catastrophe and Property refers to business written by the AXIS Re as defined on page iv.

[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Specialty Reinsurance [a]



	Quarter-to-date
		Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
UNDERWRITING REVENUES
Gross written premiums		$	436,569		$	585,512		$	940,458		$	282,171		$	366,518		$	561,398		$	1,092,625		$	223,767		$	343,009
Ceded premiums written		(355,533)			(171,633)			(235,454)			(78,649)			(95,498)			(169,541)			(255,410)			(61,400)			(81,391)
Net premiums written		81,036			413,879			705,004			203,522			271,020			391,857			837,215			162,366			261,618

Gross premiums earned		561,307			550,279			508,269			596,635			580,179			561,430			532,953			539,641			538,467
Ceded premiums earned		(143,399)			(144,937)			(126,494)			(142,846)			(137,447)			(133,908)			(122,538)			(119,096)			(122,961)
Net premiums earned		417,908			405,342			381,775			453,789			442,732			427,522			410,415			420,545			415,507
Other insurance related income		9,834			5,714			432			2,974			815			1,940			6,567			8,225			5,654
Total underwriting revenues		427,742			411,056			382,207			456,763			443,547			429,462			416,983			428,770			421,160

UNDERWRITING EXPENSES
Net losses and loss expenses		286,199			276,588			285,167			338,849			318,575			284,203			310,973			269,895			287,146
Acquisition costs		90,047			91,668			76,178			109,113			90,728			98,642			93,850			98,261			88,959
Underwriting-related general and administrative expenses [b]		17,496			18,646			22,199			21,986			21,903			23,977			25,407			17,755			27,262
Total underwriting expenses		393,742			386,902			383,544			469,948			431,206			406,821			430,230			385,910			403,367

UNDERWRITING INCOME (LOSS)		$	34,000		$	24,154		$	(1,337)		$	(13,185)		$	12,340		$	22,641		$	(13,248)		$	42,860		$	17,793

Catastrophe and weather-related losses, net of reinstatement premiums		$	984		$	427		$	1,138		$	21,463		$	16,013		$	1,110		$	14,347		$	1,946		$	5,243
Net favorable (adverse) prior year reserve development		$	(3,705)		$	(6,217)		$	(34,945)		$	(6,726)		$	(5,517)		$	(193)		$	(20,400)		$	4,413		$	(344)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses		67.4		%	66.6		%	65.2		%	68.4		%	67.1		%	66.2		%	67.3		%	64.7		%	67.8		%
Catastrophe and weather-related losses ratio		0.2		%	0.1		%	0.3		%	4.8		%	3.6		%	0.3		%	3.5		%	0.5		%	1.3		%
Current accident year loss ratio		67.6		%	66.7		%	65.5		%	73.2		%	70.7		%	66.4		%	70.8		%	65.2		%	69.0		%
Prior year reserve development ratio		0.9		%	1.5		%	9.2		%	1.5		%	1.2		%	—		%	5.0		%	(1.0		%)	0.1		%
Net losses and loss expenses ratio		68.5		%	68.2		%	74.7		%	74.7		%	72.0		%	66.5		%	75.8		%	64.2		%	69.1		%
Acquisition cost ratio		21.5		%	22.6		%	20.0		%	24.0		%	20.5		%	23.1		%	22.9		%	23.4		%	21.4		%
Underwriting-related general and administrative expense ratio		4.2		%	4.6		%	5.8		%	4.8		%	4.9		%	5.6		%	6.2		%	4.2		%	6.6		%
Combined ratio		94.2		%	95.4		%	100.5		%	103.6		%	97.4		%	95.2		%	104.8		%	91.8		%	97.1		%

[a] Specialty Reinsurance refers to business written by the AXIS Re including liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, and engineering as defined on page iv.

[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total [a]



	Quarter-to-date
	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
UNDERWRITING REVENUES
Gross written premiums	$	448,254		$	600,228		$	966,364		$	287,891		$	389,918		$	643,861		$	1,307,344		$	247,765		$	469,989
Ceded premiums written	(358,149)			(174,892)			(240,584)			(78,123)			(130,923)			(196,433)			(338,384)			(67,051)			(181,010)
Net premiums written	90,105			425,336			725,780			209,768			258,995			447,428			968,960			180,714			288,979

Gross premiums earned	582,644			576,224			551,072			681,380			680,539			685,933			669,227			723,877			736,730
Ceded premiums earned	(145,794)			(153,230)			(137,329)			(171,732)			(177,774)			(177,605)			(163,797)			(208,486)			(206,311)
Net premiums earned	436,850			422,994			413,743			509,648			502,765			508,328			505,430			515,391			530,419
Other insurance related income	10,366			5,466			523			2,987			941			1,976			6,611			6,806			7,197
Total underwriting revenues	447,216			428,460			414,266			512,635			503,706			510,304			512,041			522,197			537,616

UNDERWRITING EXPENSES
Net losses and loss expenses	292,572			278,607			271,175			358,946			422,905			347,751			326,954			332,979			468,688
Acquisition costs	94,005			96,293			83,315			120,714			101,075			112,850			109,540			116,008			108,183
Underwriting-related general and administrative expenses	18,271			19,721			23,765			24,114			24,498			26,826			31,146			18,874			29,921
Total underwriting expenses	404,848			394,621			378,255			503,774			548,478			487,427			467,640			467,861			606,792

UNDERWRITING INCOME (LOSS)	$	42,368		$	33,839		$	36,011		$	8,861		$	(44,772)		$	22,877		$	44,401		$	54,336		$	(69,176)

Catastrophe and weather-related losses, net of reinstatement premiums	$	4,518		$	5,788		$	13,390		$	30,392		$	99,170		$	39,130		$	27,346		$	31,555		$	144,957
Net favorable prior year reserve development	$	1,153		$	3,535		$	2,997		$	3,946		$	2,177		$	1,167		$	1,894		$	4,262		$	5,594

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	66.2		%	65.3		%	63.0		%	65.5		%	64.2		%	60.9		%	59.7		%	59.2		%	61.4		%
Catastrophe and weather-related losses ratio	1.0		%	1.4		%	3.3		%	5.7		%	20.3		%	7.7		%	5.4		%	6.2		%	28.0		%
Current accident year loss ratio	67.2		%	66.7		%	66.3		%	71.2		%	84.5		%	68.6		%	65.1		%	65.4		%	89.4		%
Prior year reserve development ratio	(0.2		%)	(0.8		%)	(0.8		%)	(0.8		%)	(0.4		%)	(0.2		%)	(0.4		%)	(0.8		%)	(1.0		%)
Net losses and loss expenses ratio	67.0		%	65.9		%	65.5		%	70.4		%	84.1		%	68.4		%	64.7		%	64.6		%	88.4		%
Acquisition cost ratio	21.5		%	22.8		%	20.1		%	23.7		%	20.1		%	22.2		%	21.7		%	22.5		%	20.4		%
Underwriting-related general and administrative expense ratio	4.2		%	4.6		%	5.8		%	4.7		%	4.9		%	5.3		%	6.1		%	3.7		%	5.6		%
Combined ratio	92.7		%	93.3		%	91.4		%	98.8		%	109.1		%	95.9		%	92.5		%	90.8		%	114.4		%

[a] Reinsurance Total refers to business written by the AXIS Re including Catastrophe and Property, and Specialty Reinsurance.

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total, Catastrophe and Property and Specialty Reinsurance


	Total Reinsurance									Reinsurance Catastrophe and Property [a]									Specialty Reinsurance [a]
	Year-to-date									Year-to-date									Year-to-date
	Q3 2023			Q3 2022			Q3 2021			Q3 2023			Q3 2022			Q3 2021			Q3 2023			Q3 2022			Q3 2021
UNDERWRITING REVENUES
Gross written premiums	$	2,014,846		$	2,341,123		$	2,574,987		$	52,307		$	320,582		$	681,805		$	1,962,539		$	2,020,540		$	1,893,182
Ceded premiums written	(773,625)			(665,741)			(723,962)			(11,006)			(145,292)			(289,415)			(762,619)			(520,449)			(434,547)
Net premiums written	1,241,221			1,675,382			1,851,025			41,301			175,290			392,390			1,199,920			1,500,092			1,458,635

Gross premiums earned	1,709,940			2,035,699			2,112,797			90,085			361,136			588,169			1,619,855			1,674,563			1,524,628
Ceded premiums earned	(436,352)			(519,176)			(569,677)			(21,523)			(125,282)			(213,148)			(414,829)			(393,893)			(356,529)
Net premiums earned	1,273,588			1,516,523			1,543,120			68,562			235,854			375,021			1,205,026			1,280,669			1,168,099
Other insurance related income	16,354			9,528			14,827			375			206			1,231			15,979			9,322			13,596
Total underwriting revenues	1,289,942			1,526,051			1,557,947			68,937			236,059			376,252			1,221,005			1,289,991			1,181,695

UNDERWRITING EXPENSES
Net losses and loss expenses	842,354			1,097,611			1,160,806			(5,600)			183,859			348,411			847,954			913,752			812,395
Acquisition costs	273,614			323,464			321,482			15,720			40,245			64,144			257,894			283,220			257,338
Underwriting-related general and administrative expenses	61,757			82,471			88,678			3,416			11,184			11,553			58,341			71,286			77,125
Total underwriting expenses	1,177,725			1,503,546			1,570,966			13,536			235,288			424,107			1,164,189			1,268,258			1,146,859

UNDERWRITING INCOME [LOSS]	$	112,217		$	22,505		$	(13,019)		$	55,401		$	772		$	(47,855)		$	56,816		$	21,733		$	34,837

Catastrophe and weather-related losses, net of reinstatement premiums	$	23,871		$	165,646		$	236,655		$	21,146		$	134,206		$	230,326		$	2,725		$	31,440		$	6,329
Net favorable (adverse) prior year reserve development	$	7,685		$	5,236		$	9,787		$	52,550		$	31,346		$	17,765		$	(44,865)		$	(26,111)		$	(7,978)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.9		%	61.6		%	60.2		%	37.6		%	31.7		%	33.8		%	66.4		%	66.9		%	68.3		%
Catastrophe and weather-related losses ratio	1.8		%	11.1		%	15.7		%	30.8		%	59.6		%	63.9		%	0.2		%	2.5		%	0.5		%
Current accident year loss ratio	66.7		%	72.7		%	75.9		%	68.4		%	91.2		%	97.6		%	66.6		%	69.3		%	68.9		%
Prior year reserve development ratio	(0.6		%)	(0.3		%)	(0.7		%)	(76.6		%)	(13.3		%)	(4.7		%)	3.8		%	2.0		%	0.7		%
Net losses and loss expenses ratio	66.1		%	72.4		%	75.2		%	(8.2		%)	78.0		%	92.9		%	70.4		%	71.3		%	69.5		%
Acquisition cost ratio	21.5		%	21.3		%	20.8		%	22.9		%	17.1		%	17.1		%	21.4		%	22.1		%	22.0		%
Underwriting-related general and administrative expense ratio	4.9		%	5.4		%	5.8		%	5.0		%	4.7		%	3.1		%	4.8		%	5.6		%	6.6		%
Combined ratio	92.5		%	99.1		%	101.8		%	19.7		%	99.8		%	113.1		%	96.6		%	99.0		%	98.2		%

[a] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data



	Quarter-to-date
	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
UNDERWRITING REVENUES
Gross written premiums	$	1,905,878		$	2,284,378		$	2,381,976		$	1,758,696		$	1,707,808		$	2,113,483		$	2,634,608		$	1,562,828		$	1,646,489
Ceded premiums written	(930,521)			(838,021)			(773,620)			(662,142)			(671,024)			(796,636)			(821,736)			(615,420)			(650,018)
Net premiums written	975,357			1,446,357			1,608,356			1,096,554			1,036,784			1,316,847			1,812,872			947,408			996,471

Gross premiums earned	2,046,222			1,969,662			1,921,768			2,050,239			2,012,426			1,971,208			1,902,508			1,936,521			1,879,280
Ceded premiums earned	(723,658)			(703,917)			(691,569)			(710,077)			(727,560)			(694,156)			(644,262)			(698,761)			(667,853)
Net premiums earned	1,322,564			1,265,745			1,230,199			1,340,162			1,284,866			1,277,052			1,258,246			1,237,760			1,211,427
Other insurance related income	10,344			5,524			577			3,076			1,092			2,213			6,693			7,033			7,665
Total underwriting revenues	1,332,908			1,271,269			1,230,776			1,343,238			1,285,958			1,279,265			1,264,939			1,244,793			1,219,092

UNDERWRITING EXPENSES
Net losses and loss expenses	783,940			736,257			720,642			798,214			941,911			769,587			732,699			716,225			911,369
Acquisition costs	263,389			253,265			230,373			275,573			240,511			257,582			248,352			252,180			231,712
Underwriting-related general and administrative expenses	138,601			133,255			140,395			137,220			132,570			135,403			145,096			140,379			134,826
Total underwriting expenses	1,185,930			1,122,777			1,091,410			1,211,007			1,314,992			1,162,572			1,126,147			1,108,784			1,277,907

UNDERWRITING INCOME (LOSS)	$	146,978		$	148,492		$	139,366		$	132,231		$	(29,034)		$	116,693		$	138,792		$	136,009		$	(58,815)

Catastrophe and weather-related losses, net of reinstatement premiums	$	41,663		$	32,228		$	37,723		$	63,610		$	211,969		$	67,119		$	60,076		$	54,209		$	249,830
Net favorable prior year reserve development	$	2,762		$	6,319		$	4,038		$	7,901		$	4,735		$	3,940		$	8,956		$	9,270		$	11,012

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3		%	56.1		%	55.8		%	55.5		%	57.1		%	55.3		%	54.2		%	54.3		%	55.4		%
Catastrophe and weather-related losses ratio	3.2		%	2.6		%	3.1		%	4.7		%	16.6		%	5.3		%	4.7		%	4.3		%	20.7		%
Current accident year loss ratio	59.5		%	58.7		%	58.9		%	60.2		%	73.7		%	60.6		%	58.9		%	58.6		%	76.1		%
Prior year reserve development ratio	(0.2		%)	(0.5		%)	(0.3		%)	(0.6		%)	(0.4		%)	(0.3		%)	(0.7		%)	(0.7		%)	(0.9		%)
Net losses and loss expenses ratio	59.3		%	58.2		%	58.6		%	59.6		%	73.3		%	60.3		%	58.2		%	57.9		%	75.2		%
Acquisition cost ratio	19.9		%	20.0		%	18.7		%	20.6		%	18.7		%	20.2		%	19.7		%	20.4		%	19.1		%
General and administrative expense ratio [a]	13.5		%	13.3		%	13.6		%	13.9		%	12.3		%	12.9		%	13.5		%	14.8		%	13.1		%
Combined ratio	92.7		%	91.5		%	90.9		%	94.1		%	104.3		%	93.4		%	91.4		%	93.1		%	107.4		%

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property



	Quarter-to-date
		Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
UNDERWRITING REVENUES
Gross written premiums		$	1,894,193		$	2,269,662		$	2,356,070		$	1,752,976		$	1,684,408		$	2,031,020		$	2,419,889		$	1,538,830		$	1,519,509
Ceded premiums written		(927,905)			(834,761)			(768,490)			(662,668)			(635,599)			(769,744)			(738,761)			(609,769)			(550,399)
Net premiums written		966,288			1,434,901			1,587,580			1,090,307			1,048,809			1,261,275			1,681,128			929,060			969,109

Gross premiums earned		2,024,885			1,943,717			1,878,964			1,965,494			1,912,066			1,846,705			1,766,236			1,752,285			1,681,017
Ceded premiums earned		(721,263)			(695,624)			(680,734)			(681,190)			(687,233)			(650,460)			(603,004)			(609,372)			(584,502)
Net premiums earned		1,303,622			1,248,093			1,198,230			1,284,303			1,224,833			1,196,245			1,163,231			1,142,914			1,096,515
Other insurance related income		9,812			5,772			486			3,063			965			2,177			6,650			8,452			6,122
Total underwriting revenues		1,313,434			1,253,865			1,198,716			1,287,366			1,225,798			1,198,422			1,169,881			1,151,366			1,102,637

UNDERWRITING EXPENSES
Net losses and loss expenses		777,567			734,239			734,634			778,117			837,581			706,039			716,718			653,140			729,826
Acquisition costs		259,431			248,640			223,236			263,972			230,164			243,373			232,662			234,433			212,488
Underwriting-related general and administrative expenses [a]		137,826			132,180			138,829			135,091			129,975			132,553			139,357			139,259			132,168
Total underwriting expenses		1,174,824			1,115,059			1,096,699			1,177,181			1,197,720			1,081,965			1,088,736			1,026,832			1,074,482

UNDERWRITING INCOME		$	138,610		$	138,806		$	102,018		$	110,186		$	28,078		$	116,457		$	81,145		$	124,534		$	28,155

Catastrophe and weather-related losses, net of reinstatement premiums		$	38,129		$	26,867		$	25,471		$	54,680		$	128,812		$	29,099		$	47,077		$	24,600		$	110,116
Net favorable (adverse) prior year reserve development		$	(2,096)		$	(3,433)		$	(33,904)		$	(2,772)		$	(2,958)		$	2,580		$	(13,337)		$	9,422		$	5,075

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses		56.6		%	56.4		%	56.4		%	56.1		%	57.8		%	56.8		%	56.4		%	55.9		%	57.2		%
Catastrophe and weather-related losses ratio		2.9		%	2.2		%	2.1		%	4.3		%	10.3		%	2.4		%	4.0		%	2.1		%	9.8		%
Current accident year loss ratio		59.5		%	58.6		%	58.5		%	60.4		%	68.1		%	59.2		%	60.5		%	58.0		%	67.0		%
Prior year reserve development ratio		0.1		%	0.2		%	2.8		%	0.2		%	0.2		%	(0.2		%)	1.1		%	(0.8		%)	(0.5		%)
Net losses and loss expenses ratio		59.6		%	58.8		%	61.3		%	60.6		%	68.4		%	59.0		%	61.6		%	57.1		%	66.6		%
Acquisition cost ratio		19.9		%	19.9		%	18.6		%	20.6		%	18.8		%	20.3		%	20.0		%	20.5		%	19.4		%
General and administrative expense ratio [b]		13.7		%	13.4		%	13.8		%	14.4		%	12.7		%	13.6		%	14.0		%	16.0		%	14.2		%
Combined ratio		93.2		%	92.1		%	93.7		%	95.6		%	99.9		%	93.0		%	95.7		%	93.7		%	100.1		%

[a] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property


	Group Total [a]									Reinsurance Catastrophe and Property [b]									Group Total excluding Reinsurance Catastrophe and Property [b]
	Year-to-date									Year-to-date									Year-to-date
	Q3 2023			Q3 2022			Q3 2021			Q3 2023			Q3 2022			Q3 2021			Q3 2023			Q3 2022			Q3 2021
UNDERWRITING REVENUES
Gross written premiums	$	6,572,232		$	6,455,899		$	6,123,156		$	52,307		$	320,582		$	681,805		$	6,519,925		$	6,135,317		$	5,441,351
Ceded premiums written	(2,542,162)			(2,289,397)			(2,143,941)			(11,006)			(145,292)			(289,415)			(2,531,156)			(2,144,105)			(1,854,526)
Net premiums written	4,030,070			4,166,502			3,979,215			41,301			175,290			392,390			3,988,769			3,991,212			3,586,825

Gross premiums earned	5,937,651			5,886,143			5,345,188			90,085			361,136			588,169			5,847,566			5,525,007			4,757,019
Ceded premiums earned	(2,119,143)			(2,065,980)			(1,873,098)			(21,523)			(125,282)			(213,148)			(2,097,620)			(1,940,698)			(1,659,950)
Net premiums earned	3,818,508			3,820,163			3,472,090			68,562			235,854			375,021			3,749,946			3,584,309			3,097,069
Other insurance related income	16,444			9,998			16,262			375			206			1,231			16,069			9,792			15,031
Total underwriting revenues	3,834,952			3,830,161			3,488,352			68,937			236,059			376,252			3,766,015			3,594,102			3,112,100

UNDERWRITING EXPENSES
Net losses and loss expenses	2,240,840			2,444,196			2,292,559			(5,600)			183,859			348,411			2,246,440			2,260,337			1,944,148
Acquisition costs	747,027			746,443			669,654			15,720			40,245			64,144			731,307			706,198			605,510
Underwriting-related general and administrative expenses	412,251			413,069			396,455			3,416			11,184			11,553			408,835			401,885			384,902
Total underwriting expenses	3,400,118			3,603,708			3,358,668			13,536			235,288			424,107			3,386,582			3,368,420			2,934,561

UNDERWRITING INCOME [LOSS]	$	434,834		$	226,453		$	129,684		$	55,401		$	772		$	(47,855)		$	379,433		$	225,681		$	177,539

Catastrophe and weather-related losses, net of reinstatement premiums	$	111,839		$	339,164		$	388,642		$	21,146		$	134,206		$	230,326		$	90,693		$	204,958		$	158,316
Net favorable (adverse) prior year reserve development	$	13,118		$	17,632		$	23,138		$	52,550		$	31,346		$	17,765		$	(39,432)		$	(13,714)		$	5,373

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.1		%	55.5		%	55.4		%	37.6		%	31.7		%	33.8		%	56.4		%	57.0		%	57.9		%
Catastrophe and weather-related losses ratio	2.9		%	8.9		%	11.3		%	30.8		%	59.6		%	63.9		%	2.4		%	5.7		%	5.0		%
Current accident year loss ratio	59.0		%	64.4		%	66.7		%	68.4		%	91.2		%	97.6		%	58.8		%	62.7		%	62.9		%
Prior year reserve development ratio	(0.3		%)	(0.4		%)	(0.7		%)	(76.6		%)	(13.3		%)	(4.7		%)	1.1		%	0.4		%	(0.2		%)
Net losses and loss expenses ratio	58.7		%	64.0		%	66.0		%	(8.2		%)	78.0		%	92.9		%	59.9		%	63.1		%	62.8		%
Acquisition cost ratio	19.6		%	19.5		%	19.3		%	22.9		%	17.1		%	17.1		%	19.5		%	19.7		%	19.6		%
Underwriting-related general and administrative expense ratio	13.4		%	12.9		%	13.8		%	5.0		%	4.7		%	3.1		%	13.6		%	13.4		%	15.1		%
Combined ratio	91.7		%	96.4		%	99.1		%	19.7		%	99.8		%	113.1		%	93.0		%	96.2		%	97.4		%

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

[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total, Catastrophe and Property, and Specialty Reinsurance - Prior Years


	Total Reinsurance									Reinsurance Catastrophe and Property [a]									Specialty Reinsurance [a]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	2,629,014		$	2,822,752		$	2,808,539		$	326,303		$	705,804		$	796,988		$	2,302,712		$	2,116,948		$	2,011,550
Ceded premiums written	(743,864)			(791,013)			(829,631)			(144,766)			(295,065)			(353,459)			(599,098)			(495,947)			(476,173)
Net premiums written	1,885,150			2,031,739			1,978,908			181,537			410,738			443,530			1,703,614			1,621,001			1,535,378

Gross premiums earned	2,717,079			2,836,674			2,929,006			445,881			772,405			865,770			2,271,198			2,064,269			2,063,237
Ceded premiums earned	(690,908)			(778,163)			(856,735)			(154,168)			(302,537)			(364,513)			(536,739)			(475,625)			(492,224)
Net premiums earned	2,026,171			2,058,511			2,072,271			291,713			469,868			501,258			1,734,459			1,588,644			1,571,013
Other insurance related income (loss)	12,514			21,633			(10,736)			218			(188)			(1,877)			12,296			21,821			(8,859)
Total underwriting revenues	2,038,685			2,080,144			2,061,535			291,931			469,679			499,381			1,746,754			1,610,465			1,562,154

UNDERWRITING EXPENSES
Net losses and loss expenses	1,456,556			1,493,785			1,584,238			203,955			411,495			482,598			1,252,601			1,082,290			1,101,641
Acquisition costs	444,179			437,490			467,984			51,846			81,891			99,954			392,333			355,599			368,029
Underwriting-related general and administrative expenses	106,585			107,552			99,129			13,312			12,672			7,057			93,272			94,880			92,072
Total underwriting expenses	2,007,320			2,038,827			2,151,351			269,113			506,059			589,609			1,738,207			1,532,768			1,561,742

UNDERWRITING INCOME (LOSS)	$	31,365		$	41,317		$	(89,816)		$	22,818		$	(36,379)		$	(90,229)		$	8,548		$	77,697		$	412

Catastrophe and weather-related losses, net of reinstatement premiums	$	196,068		$	268,300		$	330,479		$	143,120		$	259,936		$	297,304		$	52,949		$	8,364		$	33,175
Net favorable (adverse) prior year reserve development	$	9,183		$	14,050		$	6,972		$	42,019		$	17,614		$	3,272		$	(32,837)		$	(3,565)		$	3,700

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	62.6		%	59.9		%	60.6		%	34.2		%	33.8		%	36.2		%	67.3		%	67.4		%	68.2		%
Catastrophe and weather-related losses ratio	9.7		%	13.3		%	16.2		%	50.2		%	57.5		%	60.8		%	3.1		%	0.5		%	2.1		%
Current accident year loss ratio	72.3		%	73.2		%	76.8		%	84.3		%	91.3		%	96.9		%	70.3		%	67.9		%	70.4		%
Prior year reserve development ratio	(0.4		%)	(0.6		%)	(0.4		%)	(14.4		%)	(3.7		%)	(0.7		%)	1.9		%	0.2		%	(0.2		%)
Net losses and loss expenses ratio	71.9		%	72.6		%	76.4		%	69.9		%	87.6		%	96.3		%	72.2		%	68.1		%	70.1		%
Acquisition cost ratio	21.9		%	21.3		%	22.6		%	17.8		%	17.4		%	19.9		%	22.6		%	22.4		%	23.4		%
Underwriting-related general and administrative expense ratio	5.3		%	5.1		%	4.8		%	4.6		%	2.7		%	1.4		%	5.4		%	6.0		%	5.9		%
Combined ratio	99.1		%	99.0		%	103.8		%	92.3		%	107.7		%	117.6		%	100.2		%	96.5		%	99.4		%

[a] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property - Prior Years


	Group Total [a]									Reinsurance Catastrophe and Property [b]									Group Total excluding Reinsurance Catastrophe and Property [b]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	8,214,595		$	7,685,984		$	6,826,938		$	326,303		$	705,804		$	796,988		$	7,888,292		$	6,980,181		$	6,029,950
Ceded premiums written	(2,951,539)			(2,759,360)			(2,490,529)			(144,766)			(295,065)			(353,459)			(2,806,773)			(2,464,295)			(2,137,070)
Net premiums written	5,263,056			4,926,624			4,336,409			181,537			410,738			443,530			5,081,519			4,515,886			3,892,880

Gross premiums earned	7,936,382			7,281,709			6,768,733			445,881			772,405			865,770			7,490,501			6,509,304			5,902,963
Ceded premiums earned	(2,776,056)			(2,571,859)			(2,397,424)			(154,168)			(302,537)			(364,513)			(2,621,888)			(2,269,321)			(2,032,912)
Net premiums earned	5,160,326			4,709,850			4,371,309			291,713			469,868			501,258			4,868,613			4,239,983			3,870,051
Other insurance related income (loss)	13,073			23,295			(8,089)			218			(188)			(1,877)			12,855			23,484			(6,213)
Total underwriting revenues	5,173,399			4,733,145			4,363,220			291,931			469,679			499,381			4,881,468			4,263,466			3,863,839

UNDERWRITING EXPENSES
Net losses and loss expenses	3,242,410			3,008,783			3,281,252			203,955			411,495			482,598			3,038,455			2,597,288			2,798,654
Acquisition costs	1,022,017			921,834			929,517			51,846			81,891			99,954			970,171			839,943			829,563
Underwriting-related general and administrative expenses	550,289			536,834			477,968			13,312			12,672			7,057			536,977			524,162			470,910
Total underwriting expenses	4,814,716			4,467,451			4,688,737			269,113			506,059			589,609			4,545,602			3,961,392			4,099,127

UNDERWRITING INCOME (LOSS)	$	358,683		$	265,694		$	(325,517)		$	22,818		$	(36,379)		$	(90,229)		$	335,866		$	302,074		$	(235,288)

Catastrophe and weather-related losses, net of reinstatement premiums	$	402,803		$	442,859		$	773,919		$	143,120		$	259,936		$	297,304		$	259,683		$	182,923		$	476,615
Net favorable (adverse) prior year reserve development	$	25,533		$	32,410		$	15,909		$	42,019		$	17,614		$	3,272		$	(16,487)		$	14,795		$	12,638

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	55.1		%	57.7		%	34.2		%	33.8		%	36.2		%	56.8		%	57.4		%	60.5		%
Catastrophe and weather-related losses ratio	7.8		%	9.5		%	17.7		%	50.2		%	57.5		%	60.8		%	5.3		%	4.2		%	12.2		%
Current accident year loss ratio	63.3		%	64.6		%	75.4		%	84.3		%	91.3		%	96.9		%	62.1		%	61.6		%	72.6		%
Prior year reserve development ratio	(0.5		%)	(0.7		%)	(0.3		%)	(14.4		%)	(3.7		%)	(0.7		%)	0.3		%	(0.3		%)	(0.3		%)
Net losses and loss expenses ratio	62.8		%	63.9		%	75.1		%	69.9		%	87.6		%	96.3		%	62.4		%	61.3		%	72.3		%
Acquisition cost ratio	19.8		%	19.6		%	21.3		%	17.8		%	17.4		%	19.9		%	19.9		%	19.8		%	21.4		%
Underwriting-related general and administrative expense ratio	13.2		%	14.0		%	13.2		%	4.6		%	2.7		%	1.4		%	13.7		%	15.3		%	14.8		%
Combined ratio	95.8		%	97.5		%	109.6		%	92.3		%	107.7		%	117.6		%	96.0		%	96.4		%	108.6		%

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

[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

Document and Entity Information Document and Entity Information	Nov. 01, 2023
Document Information [Line Items]
Entity Central Index Key	0001214816
Entity Registrant Name	AXIS CAPITAL HOLDINGS LTD
Entity Emerging Growth Company	false
Pre-commencement Tender Offer	false
Pre-commencement Tender Offer	false
Soliciting Material	false
Written Communications	false
Entity Tax Identification Number	98-0395986
Entity File Number	001-31721
Entity Incorporation, State or Country Code	D0
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 01, 2023
Entity Address, Address Line One	92 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 08
City Area Code	441
Local Phone Number	496-2600
Common Stock
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	AXS
Title of 12(b) Security	Common shares, par value $0.0125 per share
Series E Preferred Stock
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	AXS PRE
Title of 12(b) Security	Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share

Cover	Nov. 01, 2023
Cover [Abstract]
Document Period End Date	Nov. 01, 2023

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