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AXIS Capital (NYSE: AXS) Q2 net income hits $251M with 93.1% combined ratio

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

AXIS Capital Holdings Limited reported second quarter 2026 net income available to common shareholders of $251 million, or $3.38 per diluted share, and operating income of $211 million, or $2.84 per diluted share. Annualized return on average common equity was 17.0% and annualized operating ROACE was 14.3%.

The quarter’s combined ratio was 93.1%, producing underwriting income of $143 million. Gross premiums written were $2.7 billion, up 6% year over year, with insurance gross premiums of $2.2 billion and a 90.0% combined ratio, while reinsurance recorded a 94.5% combined ratio. Pre-tax catastrophe and weather-related losses were $80 million, including $31 million tied to the Middle East conflict.

For the first six months of 2026, net income available to common shareholders was $498 million and operating income was $468 million. The year-to-date combined ratio was 91.5%. Book value per diluted common share was $80.67 at June 30, 2026, up $10.33 (14.7%) from June 30, 2025, while the company returned $122 million to common shareholders in the quarter through buybacks and dividends.

Positive

  • Net income growth and higher ROACE: Q2 2026 net income available to common shareholders rose by $35 million (16%) year over year to $251 million, with annualized ROACE increasing to 17.0% and book value per diluted share up 14.7% over twelve months.
  • Profitable underwriting with sub-100% combined ratios: The company delivered Q2 2026 combined ratio of 93.1% and year-to-date 91.5%, generating underwriting income of $143 million in the quarter and $330 million year-to-date despite higher catastrophe and weather-related losses.

Negative

  • Operating income and margin pressure: Q2 2026 operating income fell by $51 million (19%) to $211 million and the combined ratio deteriorated by 4.2 points to 93.1%, driven by higher catastrophe/weather losses and modestly higher underlying loss and acquisition cost ratios.
  • Reinsurance scale and profitability softness: Reinsurance gross premiums written declined 24.7% in Q2 2026 to $439 million, with segment underwriting income down 37.3% to $23.6 million and the combined ratio rising to 94.5% from 92.0% a year earlier.

Filing Explained

Q2 was profitable, but lower operating and underwriting income and a higher combined ratio qualify the growth headline.

This July 28 Form 8-K records completed second-quarter results: the reported record for common holders combines positive GAAP earnings with lower operating and underwriting income year over year.

Management called the quarter “consistent, profitable growth,” but the like-for-like figures qualify that description: operating income fell 19% and underwriting income fell 24%, while the combined ratio worsened from 88.9% to 93.1%.

Operating income is an after-tax measure that excludes specified investment, foreign-exchange, reorganization and other items; underwriting income is a pre-tax measure that excludes investment results, so neither is interchangeable with GAAP net income.

The business mix was uneven: insurance gross premiums grew 15% while insurance underwriting income fell 21%; reinsurance gross premiums fell 25% and reinsurance underwriting income fell 37%.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net income available to common shareholders $251 million Second quarter 2026; up $35 million, or 16%, vs Q2 2025
Q2 2026 operating income $211 million Second quarter 2026; down $51 million, or 19%, vs Q2 2025
Q2 2026 combined ratio 93.1% Second quarter 2026 consolidated combined ratio; 88.9% in Q2 2025
Gross premiums written Q2 2026 $2.7 billion Three months ended June 30, 2026; up $152 million, or 6%
Book value per diluted common share $80.67 At June 30, 2026; up $10.33, or 14.7%, vs June 30, 2025
Pre-tax catastrophe and weather-related losses Q2 2026 $80 million Net of reinsurance; 5.3 points on loss ratio; includes $31 million from Middle East conflict
Annualized ROACE Q2 2026 17.0% Based on net income available to common shareholders for the quarter
Capital returned to common shareholders Q2 2026 $122 million Includes $89 million of share repurchases and $33 million of dividends in the quarter
combined ratio financial
"Combined ratio of 93.1%, producing underwriting income of $143 million"
The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.
current accident year loss ratio financial
"Current accident year loss ratio, excluding catastrophe and weather-related losses"
operating income financial
"operating income of $211 million, or $2.84 per diluted common share"
Operating income is the profit a company earns from its regular business activities after subtracting the costs directly related to running the business, such as wages, rent, and supplies. It shows how well the core operations are performing, ignoring income or expenses from non-regular activities like investments or one-time events. Investors use it to assess the company's efficiency and profitability from its main work.
book value per diluted common share financial
"Book value per diluted common share of $80.67, an increase of $10.33"
A company's book value per diluted common share is the net assets (what remains after subtracting liabilities from assets) divided by the number of common shares outstanding after accounting for all shares that could be created from options, warrants, or convertible securities. Investors use it like a per-share “floor” value — similar to dividing the leftover value of a pie among everyone, including people who might later claim slices — to gauge whether a stock looks cheap or carries balance-sheet risk.
loss portfolio transfer reinsurance agreement financial
"following the loss portfolio transfer reinsurance agreement completed with Enstar"
A loss portfolio transfer reinsurance agreement is a contract where one insurer pays a reinsurer to take responsibility for a defined set of past insurance claims and the reserves held for them, effectively removing that legacy liability from its balance sheet. For investors, this matters because it changes the seller’s reported risk, capital needs and earnings volatility—like selling a bucket of old bills to a third party so future surprises no longer hit your accounts.
underwriting income financial
"Combined ratio of 93.1%, producing underwriting income of $143 million"
Net income available to common shareholders (Q2 2026) $251 million Increase of $35 million, or 16%, compared to Q2 2025
Operating income (Q2 2026) $211 million Decrease of $51 million, or 19%, compared to Q2 2025
Combined ratio (Q2 2026) 93.1% Increased by 4.2 points from 88.9% in Q2 2025
Book value per diluted common share $80.67 Increased by $10.33, or 14.7%, compared to June 30, 2025

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FAQ

How much net income did AXIS Capital (AXS) report for Q2 2026?
AXIS Capital reported Q2 2026 net income available to common shareholders of $251 million, or $3.38 per diluted share. This was an increase of $35 million, or 16%, compared with the second quarter of 2025, reflecting higher profitability despite elevated catastrophe and weather-related losses.

What was AXIS Capital (AXS) operating income and EPS in Q2 2026?
Q2 2026 operating income was $211 million, or $2.84 per diluted share. Operating income decreased by $51 million, or 19%, versus Q2 2025, as higher catastrophe and weather-related losses and changes in loss and acquisition ratios weighed on operating results.

What combined ratio did AXIS Capital (AXS) achieve in Q2 2026?
AXIS Capital’s Q2 2026 combined ratio was 93.1%, compared with 88.9% in the prior-year quarter. The 4.2-point increase reflected higher catastrophe and weather-related losses of 5.3 points and slightly higher current accident year loss and acquisition cost ratios.

How did AXIS Capital (AXS) book value per share change by June 30, 2026?
Book value per diluted common share reached $80.67 at June 30, 2026, an increase of $3.47 (4.5%) since December 31, 2025 and $10.33 (14.7%) over twelve months, driven primarily by net income and partially offset by share repurchases, dividends and net unrealized investment losses.

What premium growth did AXIS Capital (AXS) report in Q2 2026?
AXIS Capital generated $2.7 billion of gross premiums written in Q2 2026, an increase of $152 million, or 6%, year over year. Insurance gross premiums rose 15% to $2.2 billion, while reinsurance gross premiums decreased 25% to $439 million as the company reduced certain casualty exposures.

How much capital did AXIS Capital (AXS) return to shareholders in Q2 2026?
AXIS Capital returned $122 million to common shareholders in Q2 2026, including $89 million of share repurchases under its Board-authorized program and $33 million of common share dividends, equivalent to cash dividends declared of $0.44 per share for the quarter.
0001214816AXIS CAPITAL HOLDINGS LTDfalse00012148162026-07-282026-07-280001214816us-gaap:CommonStockMember2026-07-282026-07-280001214816us-gaap:SeriesEPreferredStockMember2026-07-282026-07-28

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): July 28, 2026
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.)
29 Richmond Road, 3rd Flr
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 classTrading Symbol(s)Name of each exchange on which registered
Common shares, par value $0.0125 per shareAXSNew York Stock Exchange
Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred shareAXS PRENew 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 2.02Results of Operations and Financial Condition
On July 28, 2026, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its second quarter 2026 results and the availability of its second quarter 2026 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. The Company also filed a presentation to be used in upcoming meetings with investors. The presentation slides are attached hereto as Exhibit 99.3 and incorporated by reference herein. A copy of the presentation will also be available on our investor website at www.investor.axiscapital.com.
The information in this Current Report on Form 8-K, including the information set forth in Exhibits 99.1, 99.2, and 99.3, 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 9.01Financial Statements and Exhibits
(d) Exhibits
Exhibit NumberDescription of Document
99.1
Press release dated July 28, 2026
99.2
Second quarter 2026 Investor Financial Supplement
99.3
Investor presentation materials
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: July 28, 2026
 
AXIS CAPITAL HOLDINGS LIMITED
By:
/s/ G. Christina Gray-Trefry
 
G. Christina Gray-Trefry
 
General Counsel and Secretary




axislogo1a01.jpg

Cliff Gallant (Investor Contact):
(415) 262-6843;
investorrelations@axiscapital.com
Joe Cohen (Media Contact):(212) 715-3524;
joseph.cohen@axiscapital.com


AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $251 MILLION, or $3.38 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $211 MILLION, or $2.84 PER DILUTED COMMON SHARE

For the second quarter of 2026, the Company reports:
•Annualized return on average common equity ("ROACE") of 17.0% and annualized operating ROACE of 14.3%
•Combined ratio of 93.1%, producing underwriting income of $143 million
•Book value per diluted common share of $80.67

For the six months ended June 30, 2026, the Company reports:
•Net income available to common shareholders of $498 million, or $6.67 per diluted common share and operating income of $468 million, or $6.26 per diluted common share
•Annualized return on average common equity ("ROACE") of 16.9% and annualized operating ROACE of 15.9%
•Combined ratio of 91.5%, producing underwriting income of $330 million
•Book value per diluted common share of $80.67, an increase of $3.47, or 4.5%, compared to December 31, 2025, and an increase of $10.33, or 14.7% compared to June 30, 2025

Pembroke, Bermuda, July 28, 2026 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2026.

Commenting on the second quarter 2026 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

"AXIS continued to generate consistent, profitable growth in the second quarter, amidst an evolving risk landscape impacted by the Middle East conflict and further transitioning market conditions. Our results were highlighted by 14.3% annualized operating return-on-equity, 15% year-over-year increase in book value per diluted common share, and gross premiums written of $2.7 billion, up by 6% over the prior year.

"Our insurance business performed strongly with $2.2 billion in premiums and a 90.0% combined ratio and an 84.5% current accident year ex-cat combined ratio. This was propelled by our expanded classes and contributions from our AXIS Capacity Solutions capability. Within reinsurance, we maintained a disciplined stance, with more than half of our production coming from targeted short-tail lines, complementing our broader underwriting strategy.

"In the third quarter, AXIS will celebrate its 25th anniversary. Our company was founded in the aftermath of September 11 to address an urgent need for tailored insurance solutions. Since then, that need has only intensified, reinforcing the critical role specialists play in helping clients navigate an increasingly dynamic risk environment."

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 1 -

Second Quarter and Year-to-date Consolidated Results*1

•Net income available to common shareholders for the second quarter of 2026 was $251 million, an increase of $35 million, or 16%, compared to the second quarter of 2025.
•Net income available to common shareholders year-to-date was $498 million, an increase of $96 million, or 24%, compared to the six months ended June 30, 2025.
•Operating income(2) for the second quarter of 2026 was $211 million, a decrease of $51 million, or 19%, compared to the second quarter of 2025.
•Operating income year-to-date was $468 million, a decrease of $56 million, or 11%, compared to the six months ended June 30, 2025.
•Underwriting income(3) for the second quarter of 2026 was $143 million, a decrease of $46 million, or 24%, compared to the second quarter of 2025.
•Underwriting income year-to-date was $330 million, a decrease of $22 million, or 6%, compared to the six months ended June 30, 2025.
•Fees related to arrangements with strategic capital partners for the second quarter of 2026 were $22 million, compared to $20 million for the second quarter of 2025. Fees year-to-date were $44 million, compared to $37 million for the six months ended June 30, 2025.
•Book yield of fixed maturities was 4.8% at June 30, 2026, compared to 4.6% at June 30, 2025. The market yield was 5.1% at June 30, 2026.
•Effective tax rate for the second quarter of 2026 was 19.2%, compared to 20.1% for the second quarter of 2025, principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.
•Reorganization expenses for the second quarter of 2026 were $6 million, primarily related to the continued implementation of initiatives undertaken to streamline our operations, initiated in the first quarter of 2026.
•Reorganization expenses year-to-date were $29 million, primarily related to initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with transitions in executive leadership.
•Total capital returned to common shareholders was $122 million, including common share repurchases of $89 million pursuant to our Board-authorized share repurchase program, and common share dividends of $33 million in the quarter.
•Book value per diluted common share was $80.67 at June 30, 2026, an increase of $2.48, or 3.2%, compared to March 31, 2026.
•Book value per diluted common share increased by $10.33, or 14.7%, over the past twelve months, driven by net income, partially offset by common share repurchases, common share dividends of $1.76 per share and net unrealized investment losses.





Footnotes referred to above
* Amounts may not reconcile due to rounding differences.
1 All comparisons are with the same period of the prior year, unless otherwise stated.
2 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.
3 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 provided later in this press release.

Footnotes referred to on page 3
4 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.
5 Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio and combined ratio, together with a discussion of the rationale for the presentation of these items, are provided later in this press release.
6 Amounts 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, together with a discussion of the rationale for the presentation of these items, are provided later in this press release. Variances that are unchanged on a constant currency basis are omitted from the narrative.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 2 -

Second Quarter Consolidated Underwriting Highlights
Three months ended June 30,Six months ended June 30,
KEY RATIOS20262025Change20262025Change
Current accident year loss ratio, excluding catastrophe and weather-related losses(4) (5)
57.1%56.4%0.7 pts56.8%56.3%0.5 pts
Catastrophe and weather-related losses ratio(5)
5.3%2.6%2.7 pts4.3%3.2%1.1 pts
Current accident year loss ratio(5)
62.4%59.0%3.4 pts61.1%59.5%1.6 pts
Prior year reserve development ratio(1.0%)(1.5%)0.5 pts(1.1%)(1.4%)0.3 pts
Net losses and loss expenses ratio61.4%57.5%3.9 pts60.0%58.1%1.9 pts
Acquisition cost ratio20.8%19.8%1.0 pts20.7%19.8%0.9 pts
General and administrative expense ratio10.9%11.6%(0.7 pts)10.8%11.6%(0.8 pts)
Combined ratio93.1%88.9%4.2 pts91.5%89.5%2.0 pts
Current accident year combined ratio(5)
94.1%90.4%3.7 pts92.6%90.9%1.7 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses(5)
88.8%87.8%1.0 pts88.3%87.7%0.6 pts

Three months ended June 30, 2026
•Gross premiums written increased by $152 million, or 6%, to $2.7 billion with an increase of $296 million, or 15% in the insurance segment, partially offset by a decrease of $144 million, or 25% in the reinsurance segment.
•Net premiums written decreased by $30 million, or 2%, to $1.6 billion with a decrease of $110 million, or 32% in the reinsurance segment, partially offset by an increase of $81 million, or 6% in the insurance segment.
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $80 million ($63 million after-tax) (Insurance: $78 million; Reinsurance: $3 million), or 5.3 points, including natural catastrophe losses of $49 million or 3.2 points. The remaining losses of $31 million or 2.1 points were attributable to the Middle East conflict.
•Net favorable prior year reserve development was $15 million (Insurance: $12 million; Reinsurance: $3 million), compared to $20 million in 2025.

Six months ended June 30, 2026
•Gross premiums written increased by $455 million, or 9% ($385 million, or 7%, on a constant currency basis(6)), to $5.8 billion with an increase of $624 million, or 17% in the insurance segment, partially offset by a decrease of $169 million, or 10% in the reinsurance segment.
•Net premiums written increased by $127 million, or 4% ($63 million, or 2%, on a constant currency basis), to $3.5 billion with an increase of $329 million, or 14% in the insurance segment, partially offset by a decrease of $202 million, or 19% in the reinsurance segment.
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $128 million ($102 million after-tax), or 4.3 points, including natural catastrophe losses of $82 million or 2.8 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $46 million or 1.5 points were attributable to the Middle East conflict.
•Net favorable prior year reserve development was $33 million (Insurance: $27 million; Reinsurance: $6 million), compared to $38 million in 2025.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 3 -

Segment Highlights
Insurance Segment
Three months ended June 30,Six months ended June 30,
($ in thousands)20262025Change20262025Change
Gross premiums written$2,228,147$1,932,43515.3%$4,211,888$3,588,33717.4%
Net premiums written1,371,3091,290,5106.3%2,664,3852,335,09014.1%
Net premiums earned1,187,1601,032,96114.9%2,328,9152,043,04714.0%
Underwriting income 119,362151,639(21.3%)276,718286,180(3.3%)
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses54.0%52.3%1.7 pts53.6%52.3%1.3 pts
Catastrophe and weather-related losses ratio6.5%3.6%2.9 pts5.4%4.1%1.3 pts
Current accident year loss ratio60.5%55.9%4.6 pts59.0%56.4%2.6 pts
Prior year reserve development ratio(1.0%)(1.5%)0.5 pts(1.1%)(1.4%)0.3 pts
Net losses and loss expenses ratio59.5%54.4%5.1 pts57.9%55.0%2.9 pts
Acquisition cost ratio20.1%18.9%1.2 pts19.9%19.0%0.9 pts
Underwriting-related general and administrative expense ratio10.4%12.0%(1.6 pts)10.3%12.0%(1.7 pts)
Combined ratio90.0%85.3%4.7 pts88.1%86.0%2.1 pts
Current accident year combined ratio91.0%86.8%4.2 pts89.2%87.4%1.8 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses84.5%83.2%1.3 pts83.8%83.3%0.5 pts

Three months ended June 30, 2026
•Gross premiums written increased by $296 million, or 15%, attributable to all lines of business with the exception of cyber lines. Our AXIS Capacity Solutions ("ACS") capability contributed $165 million, or 8% of the increase in gross premiums written in the quarter.
•Net premiums written increased by $80 million, or 6%, reflecting the increase in gross premiums written in the quarter, partially offset by an increased cession rate in property lines. Changes in cessions impacted the ceded ratio in the quarter. This ratio has normalized year-to-date.
•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 1.7 points, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.
•The acquisition cost ratio increased by 1.2 points, primarily related to changes in business mix attributable to accident and health, credit and political risk, property, and professional lines.
•The underwriting-related general and administrative expense ratio decreased by 1.6 points, mainly driven by an increase in net premiums earned.

Six months ended June 30, 2026
•Gross premiums written increased by $624 million, or 17%, attributable to all lines of business with the exception of cyber lines. Our ACS capability contributed $338 million, or 9% of the increase in gross premiums written year-to-date.
•Net premiums written increased by $329 million, or 14% ($306 million, or 13%, on a constant currency basis), reflecting the increase in gross premiums written in the year, together with decreased cession rates in liability, and accident and health lines, partially offset by an increased cession rate in property lines.
•The underwriting-related general and administrative expense ratio decreased by 1.7 points, mainly driven by an increase in net premiums earned.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 4 -

Reinsurance Segment                                                        
Three months ended June 30,Six months ended June 30,
($ in thousands)20262025Change20262025Change
Gross premiums written$439,484$583,536(24.7%)$1,553,709$1,722,285(9.8%)
Net premiums written234,489344,924(32.0%)848,4481,050,383(19.2%)
Net premiums earned331,824360,470(7.9%)670,536691,204(3.0%)
Underwriting income23,56437,562(37.3%)53,57166,476(19.4%)
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses68.3%67.9%0.4 pts68.0%68.2%(0.2 pts)
Catastrophe and weather-related losses ratio0.8%0.1%0.7 pts0.4%0.2%0.2 pts
Current accident year loss ratio69.1%68.0 %1.1 pts68.4%68.4%— pts
Prior year reserve development ratio(0.9%)(1.4%)0.5 pts(0.9%)(1.3%)0.4 pts
Net losses and loss expenses ratio68.2%66.6%1.6 pts67.5%67.1%0.4 pts
Acquisition cost ratio23.3%22.5%0.8 pts23.6%21.9%1.7 pts
Underwriting-related general and administrative expense ratio3.0%2.9%0.1 pts2.5%3.1%(0.6 pts)
Combined ratio94.5 %92.0 %2.5 pts93.6 %92.1 %1.5 pts
Current accident year combined ratio95.4 %93.4 %2.0 pts94.5%93.4%1.1 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses94.6%93.3%1.3 pts94.1%93.2%0.9 pts

Three months ended June 30, 2026
•Gross premiums written decreased by $144 million, or 25%, primarily attributable to non-renewals and decreased line sizes in casualty lines.
•Net premiums written decreased by $110 million, or 32%, reflecting the decrease in gross premiums written in the quarter, together with increased cession rates in professional lines and liability lines.
•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 0.4 points, principally due to elevated loss experience associated with employer stop loss business in accident and health lines.
•The acquisition cost ratio increased by 0.8 points, primarily related to changes in business mix toward credit and surety lines, which are associated with a relatively higher acquisition cost ratio.

Six months ended June 30, 2026
•Gross premiums written decreased by $169 million, or 10% ($210 million, or 12%, on a constant currency basis), primarily attributable to non-renewals and decreased line sizes in casualty lines, partially offset by increased line sizes and new business in credit and surety lines.
•Net premiums written decreased by $202 million, or 19% ($243 million, or 23%, on a constant currency basis), reflecting the decrease in gross premiums written in the year, together with increased cession rates in professional lines, liability and motor lines.
•The acquisition cost ratio increased by 1.7 points, primarily related to changes in business mix toward credit and surety lines, which are associated with a relatively higher acquisition cost ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 5 -

Investments
  Three months ended June 30,Six months ended June 30,
($ in thousands)2026202520262025
Net investment income$181,594$187,297$366,333$395,009
Net investment gains (losses)
46,73543,46819,51413,462
Change in net unrealized gains (losses) on fixed maturities, pre-tax(7)
(8,309)142,257(167,552)277,817
Interest in income of equity method investments
3,308(705)5,7381,586
Total$223,328$372,317$224,033$687,874
Average cash and investments(8)
$17,541,960$16,520,011$17,462,178$17,191,155
Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements1.3%2.3%1.3%4.0%
Excluding investment related foreign exchange movements(9)
1.3%1.7%1.4%3.2%

•Net investment income decreased by $6 million, or 3%, compared to the second quarter of 2025, primarily attributable to lower income from other investments and lower income from cash following the loss portfolio transfer reinsurance agreement completed with Enstar in the second quarter of 2025, partially offset by higher income from fixed maturities attributable to an increase in average fixed maturity assets and an increase in yields on the portfolio.

•Net investment gains (losses) recognized in net income (loss) for the quarter was primarily related to net unrealized gains on equity securities.

•Change in net unrealized gains (losses) on fixed maturities, pre-tax of $(8) million ($(7) million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter was due to a decrease in the market value of our fixed maturities portfolio, compared to change in net unrealized gains (losses), pre-tax of $142 million ($86 million excluding foreign exchange movements) recognized during the second quarter of 2025.

•Book yield of fixed maturities was 4.8% at June 30, 2026, compared to 4.6% at June 30, 2025. The market yield was 5.1% at June 30, 2026.









7 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.
8 The average cash and investments balance is the average of the monthly fair value balances.
9 Pre-tax, total return on average 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 average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(3) million and $97 million for the three months ended June 30, 2026 and 2025, respectively and foreign exchange (losses) gains of $(26) million and $144 million for the six months ended June 30, 2026 and 2025, respectively.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 6 -

Conference Call

We will host our second quarter earnings conference call on Wednesday, July 29, 2026 at 8:30 a.m. (ET). The earnings conference call can be accessed by dialing 1-877-883-0383 (U.S. callers), 1-866-605-3850 (Canada callers), or 1-412-902-6506 (international callers), and entering the passcode 1050848. 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 will be available for one week by dialing 1-855-669-9658 (U.S. and Canada callers), or 1-412-317-0088 (international callers), and entering the passcode 5224605. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended June 30, 2026 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 $6.5 billion at June 30, 2026, 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.


AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 7 -

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025
20262025
(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
$13,828,314 $13,018,027 
Fixed maturities, held to maturity, at amortized cost
407,024 397,430 
Equity securities, at fair value
748,532 707,569 
Mortgage loans, held for investment, at fair value
335,537 356,840 
Other investments, at fair value
1,062,933 1,027,798 
Equity method investments
203,661 227,181 
Short-term investments, at fair value
2,828 20,298 
Total investments16,588,829 15,755,143 
Cash and cash equivalents780,002 820,252 
Restricted cash and cash equivalents443,056 500,933 
Accrued interest receivable124,281 116,252 
Insurance and reinsurance premium balances receivable4,011,370 3,244,661 
Reinsurance recoverable on unpaid losses and loss expenses8,949,022 8,951,763 
Reinsurance recoverable on paid losses and loss expenses626,691 673,765 
Deferred acquisition costs946,416 801,778 
Prepaid reinsurance premiums2,610,988 2,139,294 
Receivable for investments sold4,796 12,806 
Goodwill66,498 66,498 
Intangible assets161,258 166,050 
Operating lease right-of-use assets92,801 93,900 
Loan advances made
316,342 231,542 
Other assets900,128 887,289 
             Total assets$36,622,478 $34,461,926 
Liabilities
Reserve for losses and loss expenses$18,613,412 $18,122,256 
Unearned premiums6,807,320 5,825,698 
Insurance and reinsurance balances payable2,410,199 1,882,021 
Debt1,317,502 1,316,710 
Federal Home Loan Bank advances61,130 66,380 
Payable for investments purchased189,180 36,982 
Operating lease liabilities108,326 110,095 
Other liabilities612,199 745,349 
             Total liabilities30,119,268 28,105,491 
Shareholders' equity
Preferred shares550,000 550,000 
Common shares2,206 2,206 
Additional paid-in capital2,399,137 2,405,792 
Accumulated other comprehensive income (loss)(107,803)28,431 
Retained earnings8,613,341 8,181,699 
Treasury shares, at cost(4,953,671)(4,811,693)
            Total shareholders' equity 6,503,210 6,356,435 
             Total liabilities and shareholders' equity$36,622,478 $34,461,926 

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 8 -

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Three months endedSix months ended
2026202520262025
(in thousands, except per share amounts)
Revenues
Net premiums earned$1,518,984 $1,393,431 $2,999,451 $2,734,251 
Net investment income181,594 187,297 366,333 395,009 
Net investment gains46,735 43,468 19,514 13,462 
Other insurance related income5,601 8,662 11,249 12,240 
Total revenues1,752,914 1,632,858 3,396,547 3,154,962 
Expenses
Net losses and loss expenses933,130 801,754 1,800,412 1,587,679 
Acquisition costs316,268 275,897 620,524 540,477 
General and administrative expenses164,889 161,078 323,046 320,241 
Foreign exchange losses (gains)(2,344)94,885 (38,539)151,920 
Interest expense and financing costs16,838 16,586 33,265 33,158 
Reorganization expenses5,546 — 28,715 — 
Amortization of intangible assets2,396 2,396 4,792 5,125 
Total expenses1,436,723 1,352,596 2,772,215 2,638,600 
Income before income taxes and interest in income (loss) of equity method investments316,191 280,262 624,332 516,362 
Income tax expense(61,404)(56,199)(117,211)(100,521)
Interest in income (loss) of equity method investments3,308 (705)5,738 1,586 
Net income258,095 223,358 512,859 417,427 
Preferred share dividends7,563 7,563 15,125 15,125 
Net income available to common shareholders$250,532 $215,795 $497,734 $402,302 
Per share data
Earnings per common share:
   Earnings per common share$3.41 $2.75 $6.74 $5.04 
   Earnings per diluted common share$3.38 $2.72 $6.67 $4.98 
Weighted average common shares outstanding
73,549 78,378 73,821 79,757 
Weighted average diluted common shares outstanding
74,203 79,329 74,677 80,845 
Cash dividends declared per common share
$0.44 $0.44 $0.88 $0.88 




AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 9 -

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED SEGMENTAL DATA (UNAUDITED)
FOR THE THREE MONTHS ENDED JUNE 30, 2026 AND 2025
20262025
InsuranceReinsuranceTotalInsuranceReinsuranceTotal
(in thousands)
Gross premiums written$2,228,147 $439,484 $2,667,631 $1,932,435 $583,536 $2,515,971 
Net premiums written1,371,309 234,489 1,605,798 1,290,510 344,924 1,635,434 
Net premiums earned1,187,160 331,824 1,518,984 1,032,961 360,470 1,393,431 
Other insurance related income
266 5,334 5,601 6 8,656 8,662 
Current accident year net losses and loss expenses
(718,734)(229,232)(947,966)(576,986)(244,997)(821,983)
Net favorable prior year reserve development11,852 2,984 14,836 15,216 5,013 20,229 
Acquisition costs(238,823)(77,445)(316,268)(194,912)(80,985)(275,897)
Underwriting-related general and
administrative expenses(10)
(122,359)(9,901)(132,260)(124,646)(10,595)(135,241)
Underwriting income
$119,362 $23,564 142,927 $151,639 $37,562 189,201 
Net investment income181,594 187,297 
Net investment gains46,735 43,468 
Corporate expenses(10)
(32,629)(25,837)
Foreign exchange (losses) gains2,344 (94,885)
Interest expense and financing costs(16,838)(16,586)
Reorganization expenses(5,546)— 
Amortization of intangible assets(2,396)(2,396)
Income before income taxes and interest in income (loss) of equity method investments
316,191 280,262 
Income tax expense
(61,404)(56,199)
Interest in income (loss) of equity method investments3,308 (705)
Net income258,095 223,358 
Preferred share dividends7,563 7,563 
Net income available to common shareholders$250,532 $215,795 
Current accident year loss ratio60.5 %69.1 %62.4 %55.9 %68.0 %59.0 %
Prior year reserve development ratio(1.0%)(0.9%)(1.0%)(1.5%)(1.4%)(1.5%)
Net losses and loss expenses ratio59.5 %68.2 %61.4 %54.4 %66.6 %57.5 %
Acquisition cost ratio20.1 %23.3 %20.8 %18.9 %22.5 %19.8 %
Underwriting-related general and administrative expense ratio
10.4 %3.0 %8.8 %12.0 %2.9 %9.7 %
Corporate expense ratio
2.1 %1.9 %
Combined ratio
90.0 %94.5 %93.1 %85.3 %92.0 %88.9 %
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 $33 million and $26 million for the three months ended June 30, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 10 -

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED SEGMENTAL DATA (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
20262025
InsuranceReinsuranceTotalInsuranceReinsuranceTotal
(in thousands)
Gross premiums written$4,211,888 $1,553,709 $5,765,597 $3,588,337 $1,722,285 $5,310,622 
Net premiums written2,664,385 848,448 3,512,833 2,335,090 1,050,383 3,385,473 
Net premiums earned2,328,915 670,536 2,999,451 2,043,047 691,204 2,734,251 
Other insurance related income
637 10,612 11,249 162 12,078 12,240 
Current accident year net losses and loss expenses
(1,374,780)(458,531)(1,833,311)(1,153,052)(472,793)(1,625,845)
Net favorable prior year reserve development26,911 5,988 32,899 29,194 8,972 38,166 
Acquisition costs(462,592)(157,932)(620,524)(388,933)(151,544)(540,477)
Underwriting-related general and
administrative expenses(11)
(242,373)(17,102)(259,475)(244,238)(21,441)(265,679)
Underwriting income$276,718 $53,571 330,289 $286,180 $66,476 352,656 
Net investment income366,333 395,009 
Net investment gains19,514 13,462 
Corporate expenses(11)
(63,571)(54,562)
Foreign exchange (losses) gains38,539 (151,920)
Interest expense and financing costs(33,265)(33,158)
Reorganization expenses(28,715)— 
Amortization of intangible assets(4,792)(5,125)
Income before income taxes and interest in income of equity method investments
624,332 516,362 
Income tax expense(117,211)(100,521)
Interest in income of equity method investments
5,738 1,586 
Net Income512,859 417,427 
Preferred share dividends15,125 15,125 
Net income available to common shareholders$497,734 $402,302 
Current accident year loss ratio59.0 %68.4 %61.1 %56.4 %68.4 %59.5 %
Prior year reserve development ratio(1.1)%(0.9)%(1.1)%(1.4)%(1.3)%(1.4)%
Net losses and loss expenses ratio57.9 %67.5 %60.0 %55.0 %67.1 %58.1 %
Acquisition cost ratio19.9 %23.6 %20.7 %19.0 %21.9 %19.8 %
Underwriting-related general and administrative expense ratio
10.3 %2.5 %8.7 %12.0 %3.1 %9.6 %
Corporate expense ratio
2.1 %2.0 %
Combined ratio
88.1 %93.6 %91.5 %86.0 %92.1 %89.5 %
11Underwriting-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 $64 million and $55 million for the six months ended June 30, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.


AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 11 -

AXIS CAPITAL HOLDINGS LIMITED
NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)
OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Three months endedSix months ended
2026202520262025
(in thousands, except per share amounts)
Net income available to common shareholders$250,532$215,795$497,734$402,302
Net investment gains(46,735)(43,468)(19,514)(13,462)
Foreign exchange losses (gains)
(2,344)94,885(38,539)151,920
Reorganization expenses
5,546—28,715—
Interest in income (loss) of equity method investments(3,308)705(5,738)(1,586)
Bermuda net deferred tax asset(12)
—3,384—3,384
Income tax expense (benefit) (13)
6,958(9,997)4,878(19,440)
Operating income$210,649$261,304$467,536$523,118
Earnings per diluted common share$3.38$2.72$6.67$4.98
Net investment gains(0.63)(0.55)(0.26)(0.17)
Foreign exchange losses (gains)
(0.03)1.20(0.52)1.88
Reorganization expenses0.07—0.38—
Interest in income (loss) of equity method investments(0.04)0.01(0.08)(0.02)
Bermuda net deferred tax asset
—0.04—0.04
Income tax expense (benefit)0.09(0.13)0.07(0.24)
Operating income per diluted common share$2.84$3.29$6.26$6.47
Weighted average diluted common shares outstanding74,20379,32974,67780,845
Average common shareholders' equity$5,891,923$5,488,599$5,879,823$5,581,889
Annualized return on average common equity17.0%15.7%16.9%14.4%
Annualized operating return on average common equity(14)
14.3%19.0%15.9%18.7%
12 Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax.
13Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
14 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 in the table above, and a discussion of the rationale for its presentation is provided later in this press release.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 12 -

Cautionary Note Regarding Forward-Looking Statements

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

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

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

Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.

Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.

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

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

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

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

Taxation Risk: changes in tax laws.

Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 13 -

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), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, current accident year combined ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax, total return on average cash and investments excluding foreign exchange movements which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

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

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

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

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
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 14 -

of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

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

Reorganization expenses in 2026 primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

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

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

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

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

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

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

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




AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
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Current Accident Year Combined Ratio
Current accident year combined ratio represents underwriting results exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year combined ratio provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year combined ratio to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

Current Accident Year Combined Ratio, excluding Catastrophe and Weather-Related Losses
Current accident year combined ratio, excluding catastrophe and weather-related losses represents underwriting results exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events.

We believe that the presentation of current accident year combined ratio, excluding catastrophe and weather-related losses provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development and by separately identifying net losses and loss expenses associated with catastrophe and weather-related events due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of current accident year combined ratio, excluding catastrophe and weather-related losses to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

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

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

Reorganization expenses in 2026 primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from 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).
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 16 -

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

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

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

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

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
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AXIS CAPITAL HOLDINGS LIMITED








INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2026


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AXIS Capital Holdings Limited
29 Richmond Road
Pembroke HM 08 Bermuda
Contact Information:
Cliff Gallant
Investor Contact
 (415) 262-6843
investorrelations@axiscapital.com
Website Information:
www.axiscapital.com
This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.


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AXIS CAPITAL HOLDINGS LIMITED
FINANCIAL SUPPLEMENT TABLE OF CONTENTS
   Page(s)
Basis of Presentation
  
1
I. Financial Highlights
  
2
II. Income Statements  
a. Consolidated Statement of Operations and Key Ratios
3 - 4
b. Consolidated Data
  
5
c. Consolidated Segment Data
6
d .Gross Premiums Written by Segment by Line of Business
  
7
e. Segment Data
  
8 - 9
f. Net Investment Income
  
10
III. Balance Sheets  
a. Consolidated Balance Sheets
  
11
b. Cash and Invested Assets:  
•    Cash and Invested Assets Portfolio
  
12
•    Cash and Invested Assets Composition
  
13
IV. Losses Reserve Analysis  
a. Paid to Incurred Analysis
  
14
b. Paid to Incurred Analysis by Segment
  
15
V. Share Analysis  
a. Book Value Per Diluted Common Share, Tangible Book Value Per Diluted Common Share and Book Value Per Diluted Common Share, Excluding Accumulated Other Comprehensive Income (Loss)
  
16
VI. Non-GAAP Financial Measures  
a. Operating Income and Operating Return on Average Common Equity
  
17
b. Rationale for the Use of Non-GAAP Financial Measures
18 - 20


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

DEFINITIONS AND PRESENTATION
•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2025 and consolidated statement of operations for the year ended December 31, 2025.
•Amounts may not reconcile due to rounding differences.
•Unless otherwise noted, all data is in thousands, except for ratio information.
•NM - Not meaningful is defined as a variance greater than +/- 100%; NA - Not applicable

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

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

Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:
Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.
Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.

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

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

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

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

Taxation Risk: changes in tax laws.

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

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
1
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AXIS CAPITAL HOLDINGS LIMITED
FINANCIAL HIGHLIGHTS
  Three months ended June 30,Six months ended June 30,
  20262025Change20262025Change
HIGHLIGHTSGross premiums written$2,667,631 $2,515,971 6.0%$5,765,597 $5,310,622 8.6%
Gross premiums written - Insurance83.5%76.8%6.7 pts73.1 %67.6 %5.5 pts
Gross premiums written - Reinsurance16.5%23.2%(6.7)pts26.9 %32.4 %(5.5)pts
Net premiums written$1,605,798 $1,635,434 (1.8%)$3,512,833 $3,385,473 3.8%
Net premiums earned$1,518,984 $1,393,431 9.0%$2,999,451 $2,734,251 9.7%
Net premiums earned - Insurance78.2%74.1%4.1 pts77.6 %74.7 %2.9 pts
Net premiums earned - Reinsurance21.8%25.9%(4.1)pts22.4 %25.3 %(2.9)pts
Net income available to common shareholders
$250,532 $215,795 16.1%$497,734 $402,302 23.7%
Operating income [a]
$210,649 $261,304 (19.4%)$467,536 $523,118 (10.6%)
Annualized return on average common equity [b]
17.0%15.7%1.3 pts16.9%14.4 %2.5 pts
Annualized operating return on average common equity [c]
14.3%19.0%(4.7)pts15.9%18.7 %(2.8)pts
Total common shareholders’ equity
$5,953,210 $5,624,398 5.8%$5,953,210 $5,624,398 5.8%
PER COMMON SHARE AND COMMON SHARE DATA
Earnings per diluted common share
$3.38 $2.72 24.3%$6.67 $4.98 33.9%
Operating income per diluted common share [d]
$2.84 $3.29 (13.7%)$6.26 $6.47 (3.2%)
Weighted average diluted common shares outstanding74,203 79,329 (6.5%)74,677 80,845 (7.6%)
Book value per common share$81.39 $71.95 13.1%$81.39 $71.95 13.1%
Book value per diluted common share (treasury stock method)$80.67 $70.34 14.7%$80.67 $70.34 14.7%
Tangible book value per diluted common share (treasury stock method) [a]
$78.18 $67.95 15.1%$78.18 $67.95 15.1%
FINANCIAL RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses [a], [e]
57.1%56.4%0.7 pts56.8 %56.3 %0.5 pts
Catastrophe and weather-related losses ratio [a]
5.3%2.6%2.7 pts4.3 %3.2 %1.1 pts
Current accident year loss ratio [a]
62.4%59.0%3.4 pts61.1 %59.5 %1.6 pts
Prior year reserve development ratio(1.0%)(1.5%)0.5 pts(1.1%)(1.4%)0.3 pts
Net losses and loss expenses ratio61.4%57.5%3.9 pts60.0 %58.1 %1.9 pts
Acquisition cost ratio20.8%19.8%1.0 pts20.7 %19.8 %0.9 pts
General and administrative expense ratio [f]
10.9%11.6%(0.7)pts10.8 %11.6 %(0.8)pts
Combined ratio93.1%88.9%4.2 pts91.5 %89.5 %2.0 pts
INVESTMENT DATATotal assets$36,622,478 $34,151,036 7.2%$36,622,478 $34,151,036 7.2%
Total cash and invested assets [g]
$17,751,784 $16,274,059 9.1%$17,751,784 $16,274,059 9.1%
Net investment income$181,594 $187,297 (3.0%)$366,333 $395,009 (7.3%)
Net investment gains$46,735 $43,468 7.5%$19,514 $13,462 45.0%
Book yield of fixed maturities4.8%4.6%0.2 pts4.8%4.6%0.2 pts
[a]    Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/later in this document.
[b]    Annualized ROACE is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the
common shareholders’ equity balances at the beginning and end of the period.
[c]    Annualized operating ROACE is calculated by dividing annualized operating income (loss) for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.
[d]    Operating income (loss) per diluted common share is calculated by dividing operating income (loss) for the period by weighted average diluted common shares outstanding.
[e]    The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.
[f]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
[g]    Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).
2
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY
​
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025
REVENUES
Net premiums earned$1,518,984 $1,480,466 $1,528,475 $1,451,883 $1,393,431 
Net investment income181,594 184,740 186,992 184,903 187,297 
Net investment gains (losses)46,735 (27,224)14,584 30,905 43,468 
Other insurance related income5,601 5,649 4,383 6,593 8,662 
Total revenues
1,752,914 1,643,631 1,734,434 1,674,284 1,632,858 
EXPENSES
Net losses and loss expenses933,130 867,283 859,427 841,435 801,754 
Acquisition costs316,268 304,255 310,375 285,618 275,897 
General and administrative expenses164,889 158,156 212,054 171,637 161,078 
Foreign exchange losses (gains)(2,344)(36,196)3,555 (13,492)94,885 
Interest expense and financing costs16,838 16,426 16,844 16,657 16,586 
Reorganization expenses5,546 23,168 — — — 
Amortization of intangible assets2,396 2,396 2,396 2,396 2,396 
Total expenses1,436,723 1,335,488 1,404,651 1,304,251 1,352,596 
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS316,191 308,143 329,783 370,033 280,262 
Income tax expense(61,404)(55,806)(45,959)(70,252)(56,199)
Interest in income (loss) of equity method investments3,308 2,430 5,783 2,083 (705)
NET INCOME 258,095 254,767 289,607 301,864 223,358 
Preferred share dividends7,563 7,563 7,563 7,563 7,563 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$250,532 $247,204 $282,044 $294,301 $215,795 
KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding73,549 74,095 75,686 77,619 78,378 
Dilutive share equivalents:
          Share-based compensation plans654 1,058 1,139 982 951 
Weighted average diluted common shares outstanding74,203 75,153 76,825 78,601 79,329 
Earnings per common share$3.41 $3.34 $3.73 $3.79 $2.75 
Earnings per diluted common share$3.38 $3.29 $3.67 $3.74 $2.72 
Annualized ROACE17.0 %17.0 %19.4 %20.6 %15.7 %
Annualized operating ROACE14.3 %17.7 %17.2 %17.8 %19.0 %
3
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Six months ended June 30,
20262025
REVENUES
Net premiums earned$2,999,451 $2,734,251 
Net investment income366,333 395,009 
Net investment gains19,514 13,462 
Other insurance related income11,249 12,240 
Total revenues3,396,547 3,154,962 
EXPENSES
Net losses and loss expenses1,800,412 1,587,679 
Acquisition costs620,524 540,477 
General and administrative expenses323,046 320,241 
Foreign exchange losses (gains)(38,539)151,920 
Interest expense and financing costs33,265 33,158 
Reorganization expenses28,715 — 
Amortization of intangible assets4,792 5,125 
Total expenses2,772,215 2,638,600 
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS624,332 516,362 
Income tax expense(117,211)(100,521)
Interest in income of equity method investments5,738 1,586 
NET INCOME512,859 417,427 
Preferred share dividends15,125 15,125 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$497,734 $402,302 
KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding73,821 79,757 
Dilutive share equivalents:
          Share-based compensation plans856 1,088 
Weighted average diluted common shares outstanding74,677 80,845 
Earnings per common share$6.74 $5.04 
Earnings per diluted common share$6.67 $4.98 
Annualized ROACE16.9%14.4%
Annualized operating ROACE15.9%18.7%

4
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED DATA
Six months ended June 30,Year ended December 31,
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025202620252025
UNDERWRITING REVENUES
Gross premiums written$2,667,631$3,097,967$2,209,707$2,124,184$2,515,971$5,765,597$5,310,622$9,644,514
Ceded premiums written(1,061,833)(1,190,931)(826,514)(771,195)(880,537)(2,252,764)(1,925,149)(3,522,858)
Net premiums written1,605,7981,907,0361,383,1931,352,9891,635,4343,512,8333,385,4736,121,656
Gross premiums earned2,420,8352,357,2982,381,1382,280,6082,229,3704,778,1324,376,4149,038,161
Ceded premiums earned(901,851)(876,832)(852,663)(828,725)(835,939)(1,778,681)(1,642,163)(3,323,552)
Net premiums earned1,518,9841,480,4661,528,4751,451,8831,393,4312,999,4512,734,2515,714,609
Other insurance related income5,6015,6494,3836,5938,66211,24912,24023,216
  Total underwriting revenues1,524,5851,486,1151,532,8581,458,4761,402,0933,010,7002,746,4915,737,825
UNDERWRITING EXPENSES
Net losses and loss expenses933,130867,283859,427841,435801,7541,800,4121,587,6793,288,541
Acquisition costs316,268304,255310,375285,618275,897620,524540,4771,136,469
Underwriting-related general and administrative expenses [a]
132,260127,214178,879143,111135,241259,475265,679587,669
  Total underwriting expenses1,381,6581,298,7521,348,6811,270,1641,212,8922,680,4112,393,8355,012,679
UNDERWRITING INCOME [b]
$142,927$187,363$184,177$188,312$189,201$330,289$352,656$725,146
OTHER (EXPENSES) REVENUES
Net investment income181,594184,740186,992184,903187,297366,333395,009766,903
Net investment gains (losses)46,735(27,224)14,58430,90543,46819,51413,46258,950
Corporate expenses [a]
(32,629)(30,942)(33,175)(28,526)(25,837)(63,571)(54,562)(116,262)
Foreign exchange (losses) gains2,34436,196(3,555)13,492(94,885)38,539(151,920)(141,983)
Interest expense and financing costs(16,838)(16,426)(16,844)(16,657)(16,586)(33,265)(33,158)(66,659)
Reorganization expenses(5,546)(23,168)———(28,715)——
Amortization of intangible assets(2,396)(2,396)(2,396)(2,396)(2,396)(4,792)(5,125)(9,917)
   Total other (expenses) revenues
173,264120,780145,606181,72191,061294,043163,706491,032
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS316,191308,143329,783370,033280,262624,332516,3621,216,178
Income tax expense(61,404)(55,806)(45,959)(70,252)(56,199)(117,211)(100,521)(216,732)
Interest in income (loss) of equity method investments3,3082,4305,7832,083(705)5,7381,5869,452
NET INCOME258,095254,767289,607301,864223,358512,859417,4271,008,898
Preferred share dividends(7,563)(7,563)(7,563)(7,563)(7,563)(15,125)(15,125)(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$250,532$247,204$282,044$294,301$215,795$497,734$402,302$978,648
Catastrophe and weather-related losses, net of reinstatement premiums$80,334$47,800$29,855$43,659$36,626$128,133$85,696$159,210
Net favorable prior year reserve development
$14,836$18,062$29,852$18,946$20,229$32,899$38,166$86,963
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses57.1%56.6%56.2%56.3%56.4%56.8%56.3%56.3%
Catastrophe and weather-related losses ratio5.3%3.2%2.0%3.0%2.6%4.3%3.2%2.8%
Current accident year loss ratio62.4%59.8%58.2%59.3%59.0%61.1%59.5%59.1%
Prior year reserve development ratio(1.0%)(1.2%)(2.0%)(1.3%)(1.5%)(1.1%)(1.4%)(1.6%)
Net losses and loss expenses ratio61.4%58.6%56.2%58.0%57.5%60.0%58.1%57.5%
Acquisition cost ratio20.8%20.5%20.3%19.7%19.8%20.7%19.8%19.9%
General and administrative expenses ratio [c]
10.9%10.7%13.9%11.7%11.6%10.8%11.6%12.4%
Combined ratio93.1%89.8%90.4%89.4%88.9%91.5%89.5%89.8%
[a]     Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.
[b]    Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.
[c]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED SEGMENT DATA
Three months ended June 30, 2026Six months ended June 30, 2026
 InsuranceReinsuranceTotalInsuranceReinsuranceTotal
UNDERWRITING REVENUES
Gross premiums written$2,228,147 $439,484 $2,667,631 $4,211,888 $1,553,709 $5,765,597 
Ceded premiums written(856,838)(204,995)(1,061,833)(1,547,503)(705,261)(2,252,764)
Net premiums written1,371,309 234,489 1,605,798 2,664,385 848,448 3,512,833 
Gross premiums earned1,849,390 571,445 2,420,835 3,624,355 1,153,777 4,778,132 
Ceded premiums earned(662,230)(239,621)(901,851)(1,295,440)(483,241)(1,778,681)
Net premiums earned1,187,160 331,824 1,518,984 2,328,915 670,536 2,999,451 
Other insurance related income266 5,334 5,601 637 10,612 11,249 
Total underwriting revenues1,187,426 337,158 1,524,585 2,329,552 681,148 3,010,700 
UNDERWRITING EXPENSES
Net losses and loss expenses706,882 226,248 933,130 1,347,869 452,543 1,800,412 
Acquisition costs238,823 77,445 316,268 462,592 157,932 620,524 
Underwriting-related general and administrative expenses122,359 9,901 132,260 242,373 17,102 259,475 
Total underwriting expenses1,068,064 313,594 1,381,658 2,052,834 627,577 2,680,411 
UNDERWRITING INCOME$119,362 $23,564 $142,927 $276,718 $53,571 $330,289 
Catastrophe and weather-related losses, net of reinstatement premiums$77,676 $2,658 $80,334 $125,408 $2,725 $128,133 
Net favorable prior year reserve development$11,852 $2,984 $14,836 $26,911 $5,988 $32,899 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses54.0%68.3%57.1%53.6%68.0%56.8%
Catastrophe and weather-related losses ratio6.5%0.8%5.3%5.4%0.4%4.3%
Current accident year loss ratio60.5%69.1%62.4%59.0%68.4%61.1%
Prior year reserve development ratio(1.0%)(0.9%)(1.0%)(1.1%)(0.9%)(1.1%)
Net losses and loss expenses ratio59.5%68.2%61.4%57.9%67.5%60.0%
Acquisition cost ratio20.1%23.3%20.8%19.9%23.6%20.7%
Underwriting-related general and administrative expense ratio10.4%3.0%8.8%10.3%2.5%8.7%
Corporate expense ratio2.1%2.1%
Combined ratio90.0%94.5%93.1%88.1%93.6%91.5%

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AXIS CAPITAL HOLDINGS LIMITED
GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS
Six months ended June 30,Year ended December 31,
 Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025202620252025
INSURANCE SEGMENT
Property$778,343 $613,480 $557,230 $468,098 $645,476 $1,391,823 $1,140,894 $2,166,222 
Professional Lines397,536 345,381 404,835 337,888 343,370 742,917 600,529 1,343,252 
Liability394,168 337,674 351,489 345,455 365,542 731,841 669,300 1,366,245 
Cyber130,381 119,999 119,693 103,404 136,562 250,380 250,507 473,604 
Marine and Aviation276,473 294,960 198,739 190,321 224,393 571,433 491,544 880,604 
Accident and Health147,342 171,365 151,078 161,470 126,985 318,707 251,826 564,374 
Credit and Political Risk103,904 100,883 115,922 85,246 90,107 204,787 183,737 384,905 
TOTAL INSURANCE SEGMENT$2,228,147 $1,983,742 $1,898,986 $1,691,882 $1,932,435 $4,211,888 $3,588,337 $7,179,206 
REINSURANCE SEGMENT
Liability$108,262 $163,106 $91,530 $154,460 $168,566 $271,368 $421,637 $667,626 
Professional Lines87,417 177,953 16,403 38,567 171,851 265,370 360,296 415,266 
Motor19,453 87,312 70,332 47,303 26,066 106,765 150,445 268,080 
Accident and Health25,609 296,290 44,275 18,192 22,337 321,900 303,692 366,159 
Credit and Surety119,947 308,973 80,634 108,505 116,290 428,921 320,956 510,094 
Agriculture56,396 52,715 1,290 55,704 55,256 109,111 104,157 161,151 
Marine and Aviation20,687 25,978 3,903 8,602 18,871 46,663 52,365 64,870 
Run-off lines [a]
1,713 1,898 2,354 969 4,299 3,611 8,737 12,062 
TOTAL REINSURANCE SEGMENT$439,484 $1,114,225 $310,721 $432,302 $583,536 $1,553,709 $1,722,285 $2,465,308 
CONSOLIDATED TOTAL$2,667,631 $3,097,967 $2,209,707 $2,124,184 $2,515,971 $5,765,597 $5,310,622 $9,644,514 
[a] Run-off lines include the catastrophe, property, and engineering lines of business.


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AXIS CAPITAL HOLDINGS LIMITED
INSURANCE SEGMENT DATA
Six months ended June 30,Year ended December 31,
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025202620252025
UNDERWRITING REVENUES
Gross premiums written$2,228,147 $1,983,742 $1,898,986 $1,691,882 $1,932,435 $4,211,888 $3,588,337 $7,179,206 
Ceded premiums written(856,838)(690,665)(691,799)(606,935)(641,925)(1,547,503)(1,253,247)(2,551,982)
Net premiums written1,371,309 1,293,077 1,207,187 1,084,947 1,290,510 2,664,385 2,335,090 4,627,224 
Gross premiums earned1,849,390 1,774,966 1,787,562 1,690,735 1,633,396 3,624,355 3,231,945 6,710,242 
Ceded premiums earned(662,230)(633,213)(624,736)(605,123)(600,435)(1,295,440)(1,188,898)(2,418,757)
Net premiums earned1,187,160 1,141,753 1,162,826 1,085,612 1,032,961 2,328,915 2,043,047 4,291,485 
Other insurance related income266 370 254 261 6 637 162 677 
Total underwriting revenues1,187,426 1,142,123 1,163,080 1,085,873 1,032,967 2,329,552 2,043,209 4,292,162 
UNDERWRITING EXPENSES
Net losses and loss expenses706,882 640,988 617,562 595,807 561,770 1,347,869 1,123,858 2,337,227 
Acquisition costs238,823 223,769 225,952 205,440 194,912 462,592 388,933 820,324 
Underwriting-related general and administrative expenses122,359 120,013 161,994 131,326 124,646 242,373 244,238 537,558 
Total underwriting expenses1,068,064 984,770 1,005,508 932,573 881,328 2,052,834 1,757,029 3,695,109 
UNDERWRITING INCOME$119,362 $157,353 $157,572 $153,300 $151,639 $276,718 $286,180 $597,053 
Catastrophe and weather-related losses, net of reinstatement premiums$77,676 $47,732 $29,755 $42,689 $36,440 $125,408 $83,970 $156,414 
Net favorable prior year reserve development
$11,852 $15,059 $22,939 $14,843 $15,216 $26,911 $29,194 $66,975 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses54.0%53.3%52.5%52.3%52.3%53.6%52.3%52.4%
Catastrophe and weather-related losses ratio6.5%4.2%2.6%3.9%3.6%5.4%4.1%3.6%
Current accident year loss ratio60.5%57.5%55.1%56.2%55.9%59.0%56.4%56.0%
Prior year reserve development ratio(1.0%)(1.4%)(2.0%)(1.3%)(1.5%)(1.1%)(1.4%)(1.5%)
Net losses and loss expenses ratio59.5%56.1%53.1%54.9%54.4%57.9%55.0%54.5%
Acquisition cost ratio20.1%19.6%19.4%18.9%18.9%19.9%19.0%19.1%
Underwriting-related general and administrative expenses ratio10.4%10.6%14.0%12.1%12.0%10.3%12.0%12.5%
Combined ratio90.0%86.3%86.5%85.9%85.3%88.1%86.0%86.1%
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AXIS CAPITAL HOLDINGS LIMITED
REINSURANCE SEGMENT DATA
Six months ended June 30,Year ended December 31,
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025202620252025
UNDERWRITING REVENUES
Gross premiums written$439,484 $1,114,225 $310,721 $432,302 $583,536 $1,553,709 $1,722,285 $2,465,308 
Ceded premiums written(204,995)(500,266)(134,715)(164,260)(238,612)(705,261)(671,902)(970,876)
Net premiums written234,489 613,959 176,006 268,042 344,924 848,448 1,050,383 1,494,432 
Gross premiums earned571,445 582,332 593,576 589,873 595,974 1,153,777 1,144,469 2,327,919 
Ceded premiums earned(239,621)(243,619)(227,927)(223,602)(235,504)(483,241)(453,265)(904,795)
Net premiums earned331,824 338,713 365,649 366,271 360,470 670,536 691,204 1,423,124 
Other insurance related income5,334 5,279 4,129 6,332 8,656 10,612 12,078 22,539 
Total underwriting revenues337,158 343,992 369,778 372,603 369,126 681,148 703,282 1,445,663 
UNDERWRITING EXPENSES
Net losses and loss expenses226,248 226,295 241,865 245,628 239,984 452,543 463,821 951,314 
Acquisition costs77,445 80,486 84,423 80,178 80,985 157,932 151,544 316,145 
Underwriting-related general and administrative expenses9,901 7,201 16,885 11,785 10,595 17,102 21,441 50,111 
Total underwriting expenses313,594 313,982 343,173 337,591 331,564 627,577 636,806 1,317,570 
UNDERWRITING INCOME$23,564 $30,010 $26,605 $35,012 $37,562 $53,571 $66,476 $128,093 
Catastrophe and weather-related losses, net of reinstatement premiums$2,658 $68 $100 $970 $186 $2,725 $1,726 $2,796 
Net favorable prior year reserve development
$2,984 $3,003 $6,913 $4,103 $5,013 $5,988 $8,972 $19,988 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses68.3%67.7%68.0%67.9%67.9%68.0%68.2%68.1%
Catastrophe and weather-related losses ratio0.8%—%—%0.3%0.1%0.4%0.2%0.2%
Current accident year loss ratio69.1%67.7%68.0%68.2%68.0%68.4%68.4%68.3%
Prior year reserve development ratio(0.9%)(0.9%)(1.9%)(1.1%)(1.4%)(0.9%)(1.3%)(1.5%)
Net losses and loss expenses ratio68.2%66.8%66.1%67.1%66.6%67.5%67.1%66.8%
Acquisition cost ratio23.3%23.8%23.1%21.9%22.5%23.6%21.9%22.2%
Underwriting-related general and administrative expense ratio3.0%2.1%4.7%3.2%2.9%2.5%3.1%3.6%
Combined ratio94.5%92.7%93.9%92.2%92.0%93.6%92.1%92.6%




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AXIS CAPITAL HOLDINGS LIMITED
NET INVESTMENT INCOME
  Six months ended June 30,Year ended December 31,
 Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025202620252025
Fixed maturities$163,304 $156,696 $159,830 $155,796 $149,861 $320,000 $296,572 $612,198 
Other investments6,226 17,705 13,367 15,019 18,479 23,931 40,889 69,275 
Equity securities4,631 4,152 4,185 3,046 3,155 8,782 6,363 13,593 
Mortgage loans4,154 4,165 4,873 5,890 5,956 8,319 12,824 23,587 
Cash and cash equivalents10,655 8,918 12,466 12,597 16,649 19,573 50,028 75,092 
Short-term investments71 132 254 355 541 203 2,527 3,136 
Gross investment income189,041 191,768 194,975 192,703 194,641 380,808 409,203 796,881 
Investment expenses(7,447)(7,028)(7,983)(7,800)(7,344)(14,475)(14,194)(29,978)
Net investment income$181,594 $184,740 $186,992 $184,903 $187,297 $366,333 $395,009 $766,903 


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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
June 30,March 31,December 31,September 30,June 30,
20262026202520252025
ASSETS
Investments:
Fixed maturities, available for sale, at fair value$13,828,314 $13,107,142 $13,018,027 $12,879,372 $12,137,475 
Fixed maturities, held to maturity, at amortized cost407,024 405,220 397,430 406,658 405,041 
Equity securities, at fair value748,532 688,842 707,569 649,970 619,275 
Mortgage loans, held for investment, at fair value335,537 343,959 356,840 409,699 438,571 
Other investments, at fair value1,062,933 1,042,649 1,027,798 972,867 938,922 
Equity method investments203,661 236,767 227,181 220,022 215,920 
Short-term investments, at fair value2,828 5,836 20,298 17,185 51,726 
Total investments16,588,829 15,830,415 15,755,143 15,555,773 14,806,930 
Cash and cash equivalents1,223,058 1,388,118 1,321,185 1,358,078 1,409,201 
Accrued interest receivable124,281 118,475 116,252 117,720 108,506 
Insurance and reinsurance premium balances receivable4,011,370 3,878,950 3,244,661 3,326,346 3,669,460 
Reinsurance recoverable on unpaid losses and loss expenses8,949,022 8,890,145 8,951,763 9,043,009 9,086,900 
Reinsurance recoverable on paid losses and loss expenses626,691 581,945 673,765 648,126 637,726 
Deferred acquisition costs946,416 933,802 801,778 822,774 837,456 
Prepaid reinsurance premiums2,610,988 2,452,190 2,139,294 2,164,297 2,223,255 
Receivable for investments sold4,796 5,422 12,806 3,813 29,099 
Goodwill66,498 66,498 66,498 66,498 66,498 
Intangible assets161,258 163,654 166,050 168,446 170,842 
Operating lease right-of-use assets92,801 94,670 93,900 92,706 89,421 
Loan advances made316,342 302,157 231,542 250,537 263,779 
Other assets900,128 912,305 887,289 899,509 934,469 
TOTAL ASSETS$36,622,478 $35,618,746 $34,461,926 $34,517,632 $34,333,542 
LIABILITIES
Reserve for losses and loss expenses$18,613,412 $18,294,149 $18,122,256 $17,996,236 $17,879,023 
Unearned premiums6,807,320 6,563,778 5,825,698 5,994,611 6,154,844 
Insurance and reinsurance balances payable2,410,199 2,180,053 1,882,021 1,855,349 1,932,269 
Debt1,317,502 1,317,104 1,316,710 1,316,321 1,315,936 
Federal Home Loan Bank advances61,130 66,380 66,380 66,380 66,380 
Payable for investments purchased189,180 69,071 36,982 194,988 79,677 
Operating lease liabilities108,326 110,181 110,095 108,960 106,544 
Other liabilities612,199 637,394 745,349 617,778 624,471 
TOTAL LIABILITIES30,119,268 29,238,110 28,105,491 28,150,623 28,159,144 
SHAREHOLDERS’ EQUITY
Preferred shares550,000 550,000 550,000 550,000 550,000 
Common shares2,206 2,206 2,206 2,206 2,206 
Additional paid-in capital2,399,137 2,394,568 2,405,792 2,395,615 2,384,659 
Accumulated other comprehensive income (loss)(107,803)(97,128)28,431 10,169 (21,710)
Retained earnings8,613,341 8,395,795 8,181,699 7,932,969 7,673,246 
Treasury shares, at cost(4,953,671)(4,864,805)(4,811,693)(4,523,950)(4,414,003)
TOTAL SHAREHOLDERS' EQUITY6,503,210 6,380,636 6,356,435 6,367,009 6,174,398 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$36,622,478 $35,618,746 $34,461,926 $34,517,632 $34,333,542 
Debt to total capital [a]
16.8%17.1%17.2%17.1%17.6%
[a] The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.
[b] To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. These reclassifications did not impact results of operations, financial condition, or liquidity.
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AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS PORTFOLIO
At June 30, 2026At December 31, 2025
Cost or
Amortized 
Cost
Allowance for Expected Credit Losses
Unrealized
Gains
Unrealized
Losses
Fair Value or Net Carrying ValuePercentageFair Value or Net Carrying ValuePercentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency$2,403,693 $— $2,762 $(19,081)$2,387,374 13.5 %$2,417,901 14.0 %
Non-U.S. government830,184 (26)4,875 (11,123)823,910 4.6 %810,544 4.7 %
Corporate debt5,603,202 (1,211)43,724 (60,816)5,584,899 31.5 %5,222,433 30.4 %
Agency RMBS2,445,926 — 12,350 (35,327)2,422,949 13.6 %2,035,352 11.9 %
CMBS804,486 (326)2,104 (17,916)788,348 4.4 %801,511 4.7 %
Non-Agency RMBS212,897 (258)617 (5,217)208,039 1.2 %190,124 1.1 %
ABS1,569,414 (77)4,768 (6,846)1,567,259 8.8 %1,488,067 8.7 %
Municipals46,761 — 166 (1,391)45,536 0.3 %52,095 0.3 %
Total fixed maturities, available for sale, at fair value13,916,563 (1,898)71,366 (157,717)13,828,314 77.9 %13,018,027 75.8 %
Fixed maturities, held to maturity, at amortized cost
Corporate debt161,479 — — — 161,479 0.9 %145,137 0.8 %
ABS245,545 — — — 245,545 1.4 %252,293 1.5 %
Total fixed maturities, held to maturity, at amortized cost407,024 — — — 407,024 2.3 %397,430 2.3 %
Equity securities, at fair value
Common stocks3,545 — 366 (626)3,285 — %13,695 0.1 %
Preferred Stocks45,293 — 3,976 (428)48,841 0.3 %20,311 0.1 %
Exchange-traded funds268,849 — 169,242 (2,956)435,135 2.4 %401,757 2.3 %
Bond mutual funds288,818 — 7,510 (35,057)261,271 1.5 %271,806 1.6 %
Total equity securities, at fair value606,505 — 181,094 (39,067)748,532 4.2 %707,569 4.1 %
Total fixed maturities and equity securities$14,930,092 $(1,898)$252,460 $(196,784)14,983,870 84.4 %14,123,026 82.2 %
Mortgage loans, held for investment335,537 1.9 %356,840 2.1 %
Other investments1,062,933 6.0 %1,027,798 6.0 %
Equity method investments203,661 1.1 %227,181 1.3 %
Short-term investments2,828 — %20,298 0.2 %
Total investments16,588,829 93.4 %15,755,143 91.8 %
Cash and cash equivalents [a]1,223,058 6.9 %1,321,185 7.7 %
Accrued interest receivable124,281 0.7 %116,252 0.7 %
Net receivable/(payable) for investments sold (purchased)(184,384)(1.0%)(24,176)(0.2%)
Total cash and invested assets$17,751,784 100.0 %$17,168,404 100.0 %
[a]  Includes $443 million and $501 million of restricted cash and cash equivalents at June 30, 2026 and December 31, 2025, respectively.

At June 30, 2026At December 31, 2025
Fair ValuePercentageFair ValuePercentage
Other Investments:
Multi-strategy funds$6,963 0.7 %$11,577 1.1 %
Direct lending funds194,209 18.3 %186,747 18.2 %
Real estate funds278,438 26.2 %291,491 28.4 %
Private equity funds400,067 37.6 %364,376 35.5 %
Other privately held investments183,256 17.2 %173,607 16.8 %
Total$1,062,933 100.0 %$1,027,798 100.0 %
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AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS COMPOSITION
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025
 Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency13.5%14.3%14.0%15.0%14.6%
Non-U.S. government4.6%4.9%4.7%4.7%4.9%
Corporate debt31.5%30.0%30.4%30.6%29.6%
MBS:
Agency RMBS13.6%12.0%11.9%11.2%10.7%
CMBS4.4%4.6%4.7%4.9%5.1%
Non-agency RMBS1.2%1.1%1.1%1.2%1.1%
ABS8.8%8.7%8.7%8.5%8.2%
Municipals0.3%0.3%0.3%0.4%0.4%
Total Fixed Maturities, available for sale77.9%75.9%75.8%76.5%74.6%
Fixed Maturities, held to maturity:
Corporate debt0.9%0.8%0.8%0.8%0.8%
ABS1.4%1.5%1.5%1.6%1.7%
Total Fixed Maturities, held to maturity2.3%2.3%2.3%2.4%2.5%
Equity securities4.2%4.0%4.1%3.9%3.8%
Mortgage loans1.9%2.0%2.1%2.4%2.7%
Other investments6.0%6.0%6.0%5.8%5.8%
Equity method investments1.1%1.4%1.3%1.3%1.3%
Short-term investments—%—%0.2%0.1%0.3%
Total Investments93.4%91.6%91.8%92.4%91.0%
Cash and cash equivalents6.9%8.0%7.7%8.1%8.7%
Accrued interest receivable0.7%0.7%0.7%0.7%0.7%
Net receivable/(payable) for investments sold (purchased)(1.0%)(0.3%)(0.2%)(1.2%)(0.4%)
Total Cash and Invested Assets100.0%100.0%100.0%100.0%100.0%
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency16.8%18.2%18.0%19.1%19.0%
AAA [a]
18.4%19.4%19.2%19.6%20.0%
AA [a]
25.0%23.7%23.7%22.7%23.4%
A17.6%17.1%17.4%17.8%17.1%
BBB11.6%10.4%10.0%9.7%9.8%
Below BBB10.6%11.2%11.7%11.1%10.7%
Total100.0%100.0%100.0%100.0%100.0%
MATURITY PROFILE OF FIXED MATURITIES
Within one year2.4%2.8%2.7%3.9%5.5%
From one to five years41.1%43.0%43.3%42.9%43.0%
From five to ten years17.7%16.9%17.1%16.9%15.2%
Above ten years2.0%1.6%1.4%1.6%1.6%
Asset-backed and mortgage-backed securities36.8%35.7%35.5%34.7%34.7%
Total100.0%100.0%100.0%100.0%100.0%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities4.8%4.7%4.6%4.6%4.6%
Yield to maturity of fixed maturities5.1%5.1%4.7%4.8%5.0%
Average duration of fixed maturities (inclusive of duration hedges)3.4 yrs3.2 yrs3.1 yrs3.2 yrs3.1 yrs
Average credit quality of fixed maturities
A+A+A+A+A+
[a]    Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").
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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES
Three months ended June 30, 2026Six months ended June 30, 2026
 Reserve for losses and loss expensesReinsurance recoverable on unpaid losses and loss expensesNet reserve for losses and loss expenses
Reserve for losses and loss expenses
Reinsurance recoverable on unpaid losses and loss expensesNet reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period$18,294,149 $(8,890,145)$9,404,004 $18,122,256 $(8,951,763)$9,170,493 
Incurred losses and loss expenses1,587,469 (654,339)933,130 2,982,684 (1,182,272)1,800,412 
Paid losses and loss expenses(1,247,129)511,824 (735,305)(2,398,444)968,146 (1,430,298)
Foreign exchange and other
(21,077)83,638 62,561 (93,084)216,867 123,783 
End of period [a]
$18,613,412 $(8,949,022)$9,664,390 $18,613,412 $(8,949,022)$9,664,390 
[a]    At June 30, 2026, reserve for losses and loss expenses included IBNR of $12.7 billion, or 68% (December 31, 2025: $12.3 billion, or 68%).




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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENT
Three months ended June 30, 2026Six months ended June 30, 2026
 InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross paid losses and loss expenses$837,256 $409,873 $1,247,129 $1,599,545 $798,899 $2,398,444 
Reinsurance recoverable on paid losses and loss expenses(396,225)(115,599)(511,824)(687,665)(280,481)(968,146)
Net paid losses and loss expenses441,031 294,274 735,305 911,880 518,418 1,430,298 
Change in gross case reserves
232,313 (43,902)188,411 232,937 (66,772)166,165 
Change in gross IBNR
127,433 24,496 151,929 365,777 52,298 418,075 
Change in reinsurance recoverable on unpaid losses and loss expenses
(93,895)(48,620)(142,515)(162,725)(51,401)(214,126)
Change in net unpaid losses and loss expenses
265,851 (68,026)197,825 435,989 (65,875)370,114 
Total net incurred losses and loss expenses$706,882 $226,248 $933,130 $1,347,869 $452,543 $1,800,412 
Gross reserve for losses and loss expenses$11,711,111 $6,902,301 $18,613,412 $11,711,111 $6,902,301 $18,613,412 
Net favorable prior year reserve development$11,852 $2,984 $14,836 $26,911 $5,988 $32,899 
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses62.4%130.1%78.8%67.7%114.6%79.4%
Net paid losses and loss expenses / Net premiums earned37.2%88.7%48.4%39.2%77.3%47.7%
Net unpaid losses and loss expenses / Net premiums earned22.3%(20.5%)13.0%18.7%(9.8%)12.3%
Net losses and loss expenses ratio59.5%68.2%61.4%57.9%67.5%60.0%
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AXIS CAPITAL HOLDINGS LIMITED
BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD
 At June 30, 2026At December 31, 2025
 
Common
Shareholders’
Equity

Common Shares Outstanding, net of
Treasury Shares		Per shareCommon
Shareholders’ Equity		Common Shares Outstanding, net of
Treasury Shares		Per share
Closing stock price$107.44 $107.09 
Book value per common share $5,953,210 73,141 $81.39 $5,806,435 74,135 $78.32 
Dilutive securities:
Restricted stock units656 (0.72)1,074 (1.12)
Book value per diluted common share$5,953,210 73,797 $80.67 $5,806,435 75,209 $77.20 



TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE AND BOOK VALUE PER DILUTED COMMON SHARE, EXCLUDING
ACCUMULATED OTHER COMPREHENSIVE (INCOME) LOSS ("AOCI")
Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025
Common shareholders' equity$5,953,210 $5,830,636 $5,806,435 $5,817,009 $5,624,398 
Less: goodwill(66,498)(66,498)(66,498)(66,498)(66,498)
Less: intangible assets(161,258)(163,654)(166,050)(168,446)(170,842)
     Associated tax impact44,152 44,703 45,255 45,806 46,357 
Tangible common shareholders' equity$5,769,606 $5,645,187 $5,619,142 $5,627,871 $5,433,415 
Common shareholders' equity$5,953,210 $5,830,636 $5,806,435 $5,817,009 $5,624,398 
Less: AOCI107,803 97,128 (28,431)(10,169)21,710 
Common shareholders' equity, excluding AOCI$6,061,013 $5,927,764 $5,778,004 $5,806,840 $5,646,108 
Diluted common shares outstanding [a]73,797 74,571 75,209 78,796 79,957 
Book value per diluted common share $80.67 $78.19 $77.20 $73.82 $70.34 
Tangible book value per diluted common share$78.18 $75.70 $74.71 $71.42 $67.95 
Book value per diluted common share, excluding AOCI
$82.13 $79.49 $76.83 $73.69 $70.61 
[a]    Diluted common shares outstanding is calculated in the table above.


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AXIS CAPITAL HOLDINGS LIMITED
NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)
OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY
Three months ended June 30,Six months ended June 30,
 2026202520262025
Net income available to common shareholders$250,532 $215,795 $497,734 $402,302 
Net investment gains(46,735)(43,468)(19,514)(13,462)
Foreign exchange losses (gains)(2,344)94,885 (38,539)151,920 
Reorganization expenses5,546 — 28,715 — 
Interest in income (loss) of equity method investments(3,308)705 (5,738)(1,586)
Bermuda net deferred tax asset [a]
— 3,384 — 3,384 
Income tax expense (benefit) [b]
6,958 (9,997)4,878 (19,440)
Operating income$210,649 $261,304 $467,536 $523,118 
Earnings per diluted common share$3.38 $2.72 $6.67 $4.98 
Net investment gains
(0.63)(0.55)(0.26)(0.17)
Foreign exchange losses (gains)(0.03)1.20 (0.52)1.88 
Reorganization expenses0.07 — 0.38 — 
Interest in income (loss) of equity method investments
(0.04)0.01 (0.08)(0.02)
Bermuda net deferred tax asset — 0.04 — 0.04 
Income tax expense (benefit)
0.09 (0.13)0.07 (0.24)
Operating income per diluted common share$2.84 $3.29 $6.26 $6.47 
Weighted average diluted common shares outstanding74,203 79,329 74,677 80,845 
Average common shareholders' equity$5,891,923 $5,488,599 $5,879,823 $5,581,889 
Annualized return on average common equity17.0%15.7%16.9%14.4%
Annualized operating return on average common equity14.3%19.0%15.9%18.7%
[a]    Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax.
[b]    Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
    
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AXIS CAPITAL HOLDINGS LIMITED
RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

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

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

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

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

We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).
Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).


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Reorganization expenses in 2026 primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

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

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

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

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

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

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

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

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

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

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


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Reorganization expenses in 2026 primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

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

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

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

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

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

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

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


20
2026 Second Quarter Investor Presentation

 

2 Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Safe Harbor Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward- looking statements. This presentation or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this presentation are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology. Forward-looking statements made in this presentation, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation: Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models. Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business. Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business. Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due. Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices. Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements. Taxation Risk: changes in tax laws.

 

3 AXIS Aspiration A leading Specialty Underwriter, generating consistent top-quartile diluted book value per common share (“DBVPS”) growth for shareholders

 

4 AXIS at a Glance Our strategic focus is on Specialty products: Risk transfer solutions that require customized and tailored offerings delivered by underwriting expertise through a global multivariate distribution model and customer profiles Insurance Reinsurance Insurance $7.8 billion Reinsurance $2.3 billion Strong Insurance Segment Gross Premiums Written, up 15.3% year over year Diluted Book Value per Common Share of $80.67, an increase of 14.7% over the past 12 months Second Quarter 2026 Headlines $10.1 billion Group Combined Ratio of 93.1% Capital Returns $122 million returned to common shareholders, including $89 million in share repurchases and $33 million in dividends 1 Gross Premiums Written (“GPW”) by segment, last twelve months ended 6/30/2026. GPW, last 12 months1

 

5 A Leading Specialty Underwriter Performance culture that is both results driven and people- oriented Built for all seasons, an operating model that enables us to pivot as needed Poised for profitable growth driven by our strategic initiatives Disciplined cycle management that puts profits above premiums A global distribution model grounded in customer centricity and deep broker partnerships

 

Global Specialty Platform 6 Presence in all critical markets Legal entity footprint providing access to all major specialty markets Full licensing to compete and grow Licenses and permissions in place to underwrite all major specialty classes Multivariate distribution model Multiple, well-established channels connecting us to brokers and customers Serve global clients and different customer segments A diversified set of specialty solutions built around underwriting expertise • Admitted • Non-admitted • Lloyd’s platform • Authorized, collateralized, facultative, treaty, and retrocession capabilities • Retail • Wholesale • Delegated authority and facilities • Intermediary-led • Access to major specialty classes • Durable, multi-product global broker relationships • Direct • Reinsurance

 

Sara Farrup Head of Global Markets Joined Nov. 2024 Winning on Talent 7 Capabilities added include: Dynamic and Experienced Leadership Team Attracting Specialty Underwriting Talent and Building Capabilities NA Environmental US Construction Ocean Marine Life Sciences Michael McKenna Head of North America Joined May 2023 David Phillips Chief Investment Officer 12 years at AXIS Ann Haugh Chief Operations Officer 7 years at AXIS Matthew Kirk CFO Joined Nov. 2025 Dan Draper Group CUO and Head of AXIS Re 13 years at AXIS Megan Watt Chief Claims Officer Joined April 2023 Vincent C. Tizzio President and CEO Joined Jan. 2022 Conrad Brooks Chief Admin. and Legal Officer 19 years at AXIS A dedicated Lower Middle Market team, Inland Marine, Allied Health, Surety, Pet, and AXIS Capacity Solutions

 

8 Specialty Experts Products requiring specialty expertise, GPW, last 12 months1 Second Quarter Performance Highlights Property4 Cyber2 Liability Marine & Aviation4 Accident & Health (A&H) Other3 Credit, Surety & Political Risk $10.1 billion Professional Lines 1 Percent of total GPW, last twelve months ended 6/30/2026. 2 Includes Cyber insurance only. Cyber reinsurance is included in Professional Lines. 3 Includes Agriculture reinsurance, Motor reinsurance, and Run-off lines. 4 Renewable energy is included in Property and Marine & Aviation. 5 Note: Percentages may not sum to 100% due to rounding. • Gross premiums written were up 6% year-over-year to $2.7 billion • Insurance increased by $296 million, or 15% • Active management of our book resulted in an attractive combined ratio of 93.1% • Reinsurance decreased by $144 million, or 25%

 

1 Inclusive of 8.1 points of net adverse prior year reserve development. Cycle Management 9 Second Quarter Performance Highlights • The construction of our portfolio is guided by our principled view in managing the mix of our portfolio to achieve profitable growth • We are leaning into profitable Specialty lines, while taking continued caution on Casualty lines • Year-to-date 2026 combined ratio of 91.5%, including 4.3 points of catastrophe losses, compared with 89.5% and 3.2 points of catastrophe losses in the prior-year period Insurance Gross Premiums Written Reinsurance Gross Premiums Written Group Combined Ratio Portfolio Reshaping $8.4B $9.0B $9.6B $5.3B $5.8B 27% 27% 26% 32% 27% 73% 73% 74% 68% 73% 99.9%1 92.3% 89.8% 89.5% 91.5%

 

1 Percent of total GPW, last twelve months ended 6/30/2026. 2 Renewable energy is included in Property and Marine & Aviation. 3 Note: Percentages may not sum to 100% due to rounding. 10 Insurance Overview • Gross premiums written were up 15% year-over-year to $2.2 billion, including $729 million in new business • Gross premiums written growth was attributable to all lines of business, excluding Cyber • Growth was supported by expanded initiatives, including Lower Middle Market business and business sourced by AXIS Capacity Solutions (ACS) Product mix, GPW, last 12 months1 Property2 Cyber Liability Marine & Aviation2 Accident & Health $7.8 billion Credit & Political Risk Second Quarter Performance Highlights Professional Lines

 

10 Disciplined Growth Aligned With Strategic Ambition Insurance, GPW, 12 months ended ($ in billions) Core Product Lines Expanded Product Lines AXIS Capacity Solutions $5.9B $6.4B $7.8B $6.8B Consistent Performance • Growth reflects disciplined underwriting and targeted expansion Expanded Classes • Retail Segment: Accelerated growth reflects strong traction in newly launched products and expansion into niche specialty segments • Wholesale Lower Middle Market: Continued scaling of distribution partnerships and enhanced technology-enabled underwriting • Representative New North America Products Launched since 2023: Inland Marine, Life Sciences, US Ocean Marine, US Construction, Canada Construction, Canada Environmental, Allied Health 94% 92% 87% 80% 6% 8% 13% 17% 3% 1

 

1 Percent of total GPW, last twelve months ended 6/30/2026. 2 Note: Percentages may not sum to 100% due to rounding. 11 Reinsurance Overview Product mix, GPW, last 12 months1 Marine & Aviation 27% 21% Credit & Surety Motor 17% Liability 15% 11% 7% Agriculture $2.3 billion Accident & Health • Continued to deliver positive bottom- line results, maintaining commitment to generate consistent profitability and low volatility • Gross premiums written down 25% year- over-year to $439 million, reflecting deliberate portfolio actions to reduce exposure through non-renewals and lower line sizes in Casualty lines • Short-tail business increased to 51% of Reinsurance GPW, up from 36% in the prior-year period, reflecting strategic portfolio repositioning toward short-tail lines and continued caution in Casualty lines Second Quarter Performance Highlights 2 Professional Lines

 

13 V o la ti li ty (C o e ff ic ie n t o f V a ri a n c e ) Average Quarterly Loss Ratio 1 Peers displayed include: ACGL, AFG, BOW, CB, CINF, CNA, EG, HIG, KMPR, KNSL, MKL, SIGI, SPNT, THG, TRV, and WRB. 2 Coefficient of variance calculated by standard deviation of quarterly loss ratios divided by average. • The low volatility within our quarterly loss ratio underscores disciplined underwriting and risk selection • An average quarterly loss ratio of 58.5% since the beginning of 2024 is highly competitive against a set of top peers Financial periods Q1’24 through Q1’26 unless otherwise noted AXS (Old) AXS (Transition) AXS (Q1’18 - Q4’21) (Q1’22 - Q4’23) (Q1’24 - Q1’26) Peer Company Consistent Top Quartile Results With Less Volatility Than Our Peers Consistent and Predictable Underwriting Performance

 

14 AXIS Capacity Solutions In 2025, AXIS launched its AXIS Capacity Solutions (ACS) capability, dedicated to developing structured, multi- line portfolio capacity opportunities on a global basis, while drawing on AXIS’ expertise with third party capital. ACS VALUE DRIVERS Creates new revenue sources – contributed $338 million of year-to-date Gross Premiums Written through open brokerage and selective delegated opportunities Reduces volatility – introduces new reinsurance capital to optimize AXIS net exposure, reducing balance sheet volatility Augments ROACE – fee-based, capital-light earnings support high quality returns Generates fee income – capital-efficient fee streams through ceding and structuring, diversifying revenue sources, and projected to generate $17 million of fee income in 2026 ACS enables AXIS to capitalize on industry trend where growth of multi-line facilities are outpacing the broader insurance market

 

15 "How We Work" Leverages our Competitive Platform, while Driving Productivity and Efficiency How We Work program launched in 2023 to enhance how we operate and how we go to market Simplify operating structures and processes Increase agility and speed to market Deliver efficiencies and capitalize on productivity gains Enhance ability to leverage data, digital and AI capabilities Group G&A Ratio From year-end 2023 to 2025, Gross Premiums Written have grown 15% while G&A dollars spent has only risen 3% AI strategic pillars Drive value through AI-enabled core processes: Applying AI across underwriting, claims, and operations to improve speed, efficiency, consistency, and governance Build the technical foundation for AI at scale: Accelerating delivery of technical solutions, strengthening our data foundation, and modernizing system architecture to support scalable, enterprise-wide AI enablement Develop a future-ready workforce: Upskilling employees to use AI in daily workflows, reinforcing data/AI governance and risk management, and recruiting AI-ready talent to help accelerate adoption

 

16 A+ Weighted average credit rating of fixed 1 Includes short-term investments, accrued interest receivable, and net receivable/(payable) for investments sold (purchased). 2 Includes equity method investments. 3 Includes common stocks, preferred stocks, exchange-traded funds, equity method investments, below-investment-grade bonds, and other investments. 4 Includes other investments, equity securities, mortgage loans, cash and cash equivalents, short-term investments, and investment expenses. Well-Positioned Portfolio Driving Strong Investment Returns Investment portfolio at 6/30/2026 Strong and Stable Investment Income Total cash and investments Net investment income, in millions Non-Fixed Income 4 Fixed Maturities maturities portfolio 18% Allocation to risk assets 3.4 years Average duration of fixed maturities (inclusive of duration hedges) 4.8% / 5.1% Book / Market yield of fixed maturities at 6/30/2026 $17.8 billion Mortgage loans Cash and equivalents1 Fixed maturities Equity securities Other investments2 3

 

A.M. Best Financial strength rating AS&P Financial strength rating A+ Capital Management Aligned with Strategy Execution 1 2 3 4 Organic Growth & Investments Support organic growth through investments and underwriting where premium is adequate. Optimize the reinsurance program and asset allocation within risk appetite. Operational Excellence Invest in modernizing the operating core, leveraging initiatives that improve efficiency and our long-term capabilities. Return Capital to Common Shareholders Buybacks and dividends when excess capital and liquidity is present and the return profile is attractive. Accretive M&A Core add-ons, adjacent specialty lines, and new distribution channels or geographic locations that enhance the portfolio. • Growth pursued only where returns meet volatility thresholds. • Reinsurance optimized to protect balance sheet and manage peak risks. • G&A ratio declining structurally. • Productivity reinvested into capabilities and efficiencies. • Stable dividend policy. • Opportunistic buyback strategy. • M&A represents a high bar, must outpace returns from our existing opportunity set. Executed with discipline to sustain the financial strength ratings that anchor our franchise 17

 

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