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AXIS Capital (NYSE: AXS) Q1 2026 net income rises to $247M

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

Rhea-AI Filing Summary

AXIS Capital Holdings Limited reported strong first quarter 2026 results, with net income available to common shareholders of $247 million, or $3.29 per diluted share, up sharply from 2025. Operating income was $257 million, or $3.42 per diluted share.

The company generated an annualized return on average common equity of 17.0% and operating ROACE of 17.7%. Underwriting performance was solid, with underwriting income of $187 million, up 15% year-over-year, and a consolidated combined ratio of 89.8%. Gross premiums written rose 11% to $3.1 billion, led by 20% growth in the Insurance segment.

Book value per diluted common share reached $78.19, up 17.6% over twelve months. Net investment income declined 11% to $185 million, and results included $23 million of reorganization expenses tied to streamlining reinsurance operations and leadership transitions.

Positive

  • Strong profitability and capital growth: Q1 2026 net income available to common shareholders rose to $247 million with a 17.0% ROACE, underwriting income increased 15% to $187 million, the combined ratio improved to 89.8%, and book value per diluted common share climbed 17.6% year-over-year to $78.19.

Negative

  • None.

Insights

AXIS posts strong Q1 2026, driven by underwriting and premium growth despite softer investments.

AXIS Capital delivered Q1 2026 net income of $247 million, up 32.5% year-over-year, with EPS of $3.29. Operating income was stable at $256.9 million, and underwriting income increased 15% to $187.4 million. The combined ratio improved to 89.8%, indicating profitable underwriting.

Premium trends were favorable. Gross premiums written rose 10.9% to $3.10 billion, with Insurance up 19.8% and Reinsurance modestly lower. Insurance combined ratio was a strong 86.3%, while Reinsurance posted 92.7%. Catastrophe and weather-related losses were manageable at $47.8 million, or 3.2% of net premiums earned, and prior-year reserves were modestly favorable.

Investment results were a relative drag: net investment income fell 11.1% to $184.7 million, and fixed-maturity unrealized losses of $159.2 million reflected higher yields and wider spreads. The company also recorded $23.2 million of reorganization expenses. Even so, book value per diluted share increased 17.6% year-over-year to $78.19, and annualized operating ROACE of 17.7% signals strong overall profitability for the quarter.

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.
Net income to common (Q1 2026) $247.2M Quarter ended March 31, 2026
Diluted EPS (Q1 2026) $3.29/share Net income available to common shareholders
Operating income (Q1 2026) $256.9M Non-GAAP operating income for the quarter
Underwriting income (Q1 2026) $187.4M Consolidated underwriting income, up 15% YoY
Combined ratio (Q1 2026) 89.8% Consolidated underwriting performance
Gross premiums written (Q1 2026) $3.10B Total, up 10.9% year-over-year
Book value per diluted share $78.19 As of March 31, 2026; up 17.6% over 12 months
Net investment income (Q1 2026) $184.7M Down 11.1% vs. Q1 2025
combined ratio financial
"•Combined ratio of 89.8%"
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.
return on average common equity financial
"Annualized return on average common equity ("ROACE") of 17.0%"
Return on average common equity measures how much profit a company generates for regular shareholders compared with the typical amount of their invested capital over a period. Think of it as the crop yield from an average-sized field: higher values mean the company is using shareholders’ money more efficiently to produce earnings, which helps investors compare profitability and management performance across firms and time.
loss portfolio transfer reinsurance agreement financial
"primarily attributable to lower income from cash following the loss portfolio transfer reinsurance agreement ("LPT transaction")"
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.
operating income financial
"Operating income(1) for the first quarter of 2026 was $257 million"
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.
annualized operating return on average common equity financial
"Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure"
Net income available to common shareholders $247.2M +32.5% YoY
Operating income $256.9M -1.8% YoY
Underwriting income $187.4M +15.0% YoY
Combined ratio 89.8% -0.4 pts YoY
Gross premiums written $3.10B +10.9% YoY
Book value per diluted common share $78.19 +17.6% YoY
Understanding 8-K Material Events →
0001214816AXIS CAPITAL HOLDINGS LTDfalse00012148162026-04-292026-04-290001214816us-gaap:CommonStockMember2026-04-292026-04-290001214816us-gaap:SeriesEPreferredStockMember2026-04-292026-04-29

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): April 29, 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 April 29, 2026, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its first quarter 2026 results and the availability of its first 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 April 29, 2026
99.2
First 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: April 29, 2026
 
AXIS CAPITAL HOLDINGS LIMITED
By:
/s/ G. Christina Gray-Trefry
 
G. Christina Gray-Trefry
 
General Counsel and Secretary





axislogo1a01b.jpg

Cliff Gallant (Investor Contact):
(415) 262-6843;
investorrelations@axiscapital.com
Nichola Liboro (Media Contact):
(917) 705-4579;
nichola.liboro@axiscapital.com


AXIS CAPITAL REPORTS FIRST QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $247 MILLION, or $3.29 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $257 MILLION, or $3.42 PER DILUTED COMMON SHARE

For the first quarter of 2026, the Company reports:
•Annualized return on average common equity ("ROACE") of 17.0% and annualized operating ROACE of 17.7%
•Combined ratio of 89.8%
•Underwriting income of $187 million, an increase of $24 million, or 15%, compared to the first quarter of 2025
•Book value per diluted common share of $78.19, an increase of $0.99, or 1.3%, compared to December 31, 2025


Pembroke, Bermuda, April 29, 2026 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the first quarter ended March 31, 2026.

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

"AXIS began 2026 building on the profitable growth that has defined our performance over the past three years. In the quarter, we produced gross premiums written of $3.1 billion, which represents an 11% increase year-over-year, with an 89.8% combined ratio. This translates to a 17.7% annualized operating return on average common equity, with 17.6% diluted book value per share growth over the past twelve months.

"Our Insurance business generated strong results with $1.9 billion gross premiums written and an 86.3% combined ratio, continuing to benefit from our expanded business classes and recently launched AXIS Capacity Solutions capability. AXIS Re continues to produce very solid underwriting profits, generating a 92.7% combined ratio while leaning into attractive short tail lines which comprised more than 60% of total reinsurance premiums.

"This performance highlights the sustained strength of our operating model. Our investments in products, distribution, innovation and talent are unlocking new opportunities to drive profitable growth as we execute on our specialty strategy."
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 1 -

First Quarter Consolidated Results*

•Net income available to common shareholders for the first quarter of 2026 was $247 million, an increase of $60 million, or 33%, compared to the first quarter of 2025.

•Operating income(1) for the first quarter of 2026 was $257 million, a decrease of $5 million, or 2%, compared to the first quarter of 2025.

•Underwriting income(2) for the first quarter of 2026 was $187 million, an increase of $24 million, or 15%, compared to the first quarter of 2025.

•Net investment income for the first quarter of 2026 was $185 million, a decrease of $23 million, or 11%, primarily attributable to lower income from cash following the loss portfolio transfer reinsurance agreement ("LPT transaction") completed with Enstar in the second quarter of 2025.

•Fees related to arrangements with strategic capital partners for the first quarter of 2026 of $23 million, compared to $16 million in the prior year.

•Book yield of fixed maturities was 4.7% at March 31, 2026, compared to 4.5% at March 31, 2025. The market yield was 5.1% at March 31, 2026.

•The effective tax rate of 18.0% for the quarter was principally due to pre-tax income in our U.S. and U.K. operations, compared to 18.6% for the first quarter of 2025 principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

•Reorganization expenses for the first quarter of 2026 were $23 million, primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership.

•Total capital returned to common shareholders of $93 million, including common share repurchases of $60 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 $78.19 at March 31, 2026, an increase of $0.99, or 1.3%, compared to December 31, 2025.

•Book value per diluted common share increased by $11.71, or 17.6%, over the past twelve months, driven by net income, and a reduction in net unrealized investment losses, partially offset by common share repurchases, and common share dividends of $1.76 per share.











* Amounts may not reconcile due to rounding differences.
1 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.
2 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.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 2 -

First Quarter Consolidated Underwriting Highlights3
Three months ended March 31,
KEY RATIOS20262025Change
Current accident year loss ratio, excluding catastrophe and weather-related losses(4) (5)
56.6%56.3%0.3 pts
Catastrophe and weather-related losses ratio(5)
3.2%3.7%(0.5 pts)
Current accident year loss ratio(5)
59.8%60.0%(0.2 pts)
Prior year reserve development ratio(1.2%)(1.4%)0.2 pts
Net losses and loss expenses ratio58.6%58.6%— pts
Acquisition cost ratio20.5%19.7%0.8 pts
General and administrative expense ratio10.7%11.9%(1.2 pts)
Combined ratio89.8%90.2%(0.4 pts)
Current accident year combined ratio(5)
91.0%91.6%(0.6 pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses(5)
87.8%87.9%(0.1 pts)

•Gross premiums written increased by $303 million, or 11% ($244 million, or 9%, on a constant currency basis(6)), to $3.1 billion with an increase of $328 million, or 20% in the insurance segment, partially offset by a decrease of $25 million, or 2% in the reinsurance segment.

•Net premiums written increased by $157 million, or 9% ($101 million, or 6%, on a constant currency basis), to $1.9 billion with an increase of $248 million, or 24% in the insurance segment, partially offset by a decrease of $92 million, or 13% in the reinsurance segment.

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $48 million ($38 million after-tax), or 3.2 points, related to the Insurance segment, including natural catastrophe losses of $33 million or 2.2 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $15 million or 1.0 point were attributable to the Middle East conflict.

•Net favorable prior year reserve development was $18 million (Insurance: $15 million; Reinsurance: $3 million), compared to $18 million in 2025.

•The underwriting-related general and administrative expense ratio decreased by 1.2 points, mainly driven by an increase in net premiums earned and efficiencies gained from investments in underwriting platforms.




3 All comparisons are with the same period of the prior year, unless otherwise stated.
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 measures, net losses and loss expenses ratio and combined ratio are provided above and a discussion of the rationale for the presentation of these items is 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 are provided above/later in this press release, and a discussion of the rationale for the presentation of these items is 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
- 3 -

Segment Highlights
Insurance Segment
Three months ended March 31,
($ in thousands)20262025Change
Gross premiums written$1,983,742$1,655,90319.8%
Net premiums written1,293,0771,044,58023.8%
Net premiums earned1,141,7531,010,08613.0%
Underwriting income 157,353134,54117.0%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses53.3%52.3%1.0 pts
Catastrophe and weather-related losses ratio4.2%4.7%(0.5 pts)
Current accident year loss ratio57.5%57.0%0.5 pts
Prior year reserve development ratio(1.4%)(1.4%)— pts
Net losses and loss expenses ratio56.1%55.6%0.5 pts
Acquisition cost ratio19.6%19.2%0.4 pts
Underwriting-related general and administrative expense ratio10.6%11.9%(1.3 pts)
Combined ratio86.3%86.7%(0.4 pts)
Current accident year combined ratio87.7%88.1%(0.4 pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses83.5%83.4%0.1 pts

•Gross premiums written increased by $328 million, or 20% ($309 million, or 19%, on a constant currency basis), primarily attributable to property, professional lines and accident and health lines. Our AXIS Capacity Solutions capability contributed $173 million, or 10% of the increase with approximately half attributable to discrete Funds at Lloyds ("FAL") transactions.

•Net premiums written increased by $248 million, or 24% ($232 million, or 22%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decreased cession rate in liability lines, partially offset by an increased cession rate in property lines.

•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 1.0 point, principally due to increased competition in property and cyber lines.

•The acquisition cost ratio increased by 0.4 points, primarily related to increases in gross acquisition costs in property lines and changes in business mix.

•The underwriting-related general and administrative expense ratio decreased by 1.3 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 March 31,
($ in thousands)20262025Change
Gross premiums written$1,114,225$1,138,749(2.2%)
Net premiums written613,959705,459(13.0%)
Net premiums earned338,713330,7342.4%
Underwriting income30,01028,9133.8%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses67.7%68.4%(0.7 pts)
Catastrophe and weather-related losses ratio—%0.5%(0.5 pts)
Current accident year loss ratio67.7%68.9 %(1.2 pts)
Prior year reserve development ratio(0.9%)(1.2%)0.3 pts
Net losses and loss expenses ratio66.8%67.7%(0.9 pts)
Acquisition cost ratio23.8%21.3%2.5 pts
Underwriting-related general and administrative expense ratio2.1%3.3%(1.2 pts)
Combined ratio92.7 %92.3 %0.4 pts
Current accident year combined ratio93.6 %93.5 %0.1 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses93.6%93.0%0.6 pts

•Gross premiums written decreased by $25 million, or 2% ($65 million, or 6%, on a constant currency basis), primarily attributable to non-renewals and decreased line sizes in liability and motor lines, partially offset by increased line sizes and new business in credit and surety lines.

•Net premiums written decreased by $92 million or 13% ($131 million, or 19%, on a constant currency basis), reflecting the decrease in gross premiums written in the quarter, together with increased cession rates in motor, professional lines and liability lines.

•The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters.

•The acquisition cost ratio increased by 2.5 points, primarily related to increases in gross acquisition costs associated with changes in business mix attributable to credit and surety, and motor lines.

•The underwriting-related general and administrative expense ratio decreased by 1.2 points, mainly driven by an increase in fees related to arrangements with strategic capital partners.


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

Investments
  Three months ended March 31,
($ in thousands)20262025
Net investment income$184,740$207,713
Net investment gains (losses)
(27,224)(30,005)
Change in net unrealized gains (losses) on fixed maturities, pre-tax(7)
(159,243)135,560
Interest in income of equity method investments
2,4302,291
Total$703$315,559
Average cash and investments(8)
$17,335,191$18,019,104
Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements—%1.8%
Excluding investment related foreign exchange movements(9)
0.1%1.5%
•Net investment income decreased by $23 million, or 11%, compared to the first quarter of 2025, primarily attributable to lower income from cash following the LPT transaction completed in the second quarter of 2025.

•Net investment gains (losses) recognized in net income (loss) for the quarter was primarily related to net unrealized losses on equity securities and net realized gains on the sale of equities and fixed maturities.

•Change in net unrealized gains (losses) on fixed maturities, pre-tax of $(159) million ($(135) 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 associated with the increase in sovereign yields and the widening of credit spreads.

•Book yield of fixed maturities was 4.7% at March 31, 2026, compared to 4.5% at March 31, 2025. The market yield was 5.1% at March 31, 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 $(24) million and $47 million for the three months ended March 31, 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 first quarter earnings conference call on Thursday, April 30 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 2973873. 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 5212333. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended March 31, 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 $6.4 billion at March 31, 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
MARCH 31, 2026 (UNAUDITED) AND DECEMBER 31, 2025
20262025
(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
$13,107,142 $13,018,027 
Fixed maturities, held to maturity, at amortized cost
405,220 397,430 
Equity securities, at fair value
688,842 707,569 
Mortgage loans, held for investment, at fair value
343,959 356,840 
Other investments, at fair value
1,042,649 1,027,798 
Equity method investments
236,767 227,181 
Short-term investments, at fair value
5,836 20,298 
Total investments15,830,415 15,755,143 
Cash and cash equivalents862,399 820,252 
Restricted cash and cash equivalents525,719 500,933 
Accrued interest receivable118,475 116,252 
Insurance and reinsurance premium balances receivable3,878,950 3,244,661 
Reinsurance recoverable on unpaid losses and loss expenses8,890,145 8,951,763 
Reinsurance recoverable on paid losses and loss expenses581,945 673,765 
Deferred acquisition costs933,802 801,778 
Prepaid reinsurance premiums2,452,190 2,139,294 
Receivable for investments sold5,422 12,806 
Goodwill66,498 66,498 
Intangible assets163,654 166,050 
Operating lease right-of-use assets94,670 93,900 
Loan advances made
302,157 231,542 
Other assets912,305 887,289 
             Total assets$35,618,746 $34,461,926 
Liabilities
Reserve for losses and loss expenses$18,294,149 $18,122,256 
Unearned premiums6,563,778 5,825,698 
Insurance and reinsurance balances payable2,180,053 1,882,021 
Debt1,317,104 1,316,710 
Federal Home Loan Bank advances66,380 66,380 
Payable for investments purchased69,071 36,982 
Operating lease liabilities110,181 110,095 
Other liabilities637,394 745,349 
             Total liabilities29,238,110 28,105,491 
Shareholders' equity
Preferred shares550,000 550,000 
Common shares2,206 2,206 
Additional paid-in capital2,394,568 2,405,792 
Accumulated other comprehensive income (loss)(97,128)28,431 
Retained earnings8,395,795 8,181,699 
Treasury shares, at cost(4,864,805)(4,811,693)
            Total shareholders' equity 6,380,636 6,356,435 
             Total liabilities and shareholders' equity$35,618,746 $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 MONTHS ENDED MARCH 31, 2026 AND 2025
Three months ended March 31,
20262025
(in thousands, except per share amounts)
Revenues
Net premiums earned$1,480,466 $1,340,820 
Net investment income184,740 207,713 
Net investment gains (losses)(27,224)(30,005)
Other insurance related income5,649 3,578 
Total revenues1,643,631 1,522,106 
Expenses
Net losses and loss expenses867,283 785,925 
Acquisition costs304,255 264,581 
General and administrative expenses158,156 159,163 
Foreign exchange losses (gains)(36,196)57,034 
Interest expense and financing costs16,426 16,572 
Reorganization expenses23,168 — 
Amortization of intangible assets2,396 2,729 
Total expenses1,335,488 1,286,004 
Income before income taxes and interest in income of equity method investments
308,143 236,102 
Income tax expense(55,806)(44,322)
Interest in income of equity method investments2,430 2,291 
Net income254,767 194,071 
Preferred share dividends7,563 7,563 
Net income available to common shareholders$247,204 $186,508 
Per share data
Earnings per common share:
   Earnings per common share$3.34 $2.30 
   Earnings per diluted common share$3.29 $2.26 
Weighted average common shares outstanding
74,095 81,152 
Weighted average diluted common shares outstanding
75,153 82,378 
Cash dividends declared per common share
$0.44 $0.44 




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 MARCH 31, 2026 AND 2025
20262025
InsuranceReinsuranceTotalInsuranceReinsuranceTotal
(in thousands)
Gross premiums written$1,983,742 $1,114,225 $3,097,967 $1,655,903 $1,138,749 $2,794,652 
Net premiums written1,293,077 613,959 1,907,036 1,044,580 705,459 1,750,039 
Net premiums earned1,141,753 338,713 1,480,466 1,010,086 330,734 1,340,820 
Other insurance related income
370 5,279 5,649 156 3,422 3,578 
Current accident year net losses and loss expenses
(656,047)(229,298)(885,345)(576,066)(227,796)(803,862)
Net favorable prior year reserve development15,059 3,003 18,062 13,978 3,959 17,937 
Acquisition costs(223,769)(80,486)(304,255)(194,021)(70,560)(264,581)
Underwriting-related general and
administrative expenses(10)
(120,013)(7,201)(127,214)(119,592)(10,846)(130,438)
Underwriting income
$157,353 $30,010 187,363 $134,541 $28,913 163,454 
Net investment income184,740 207,713 
Net investment gains (losses)
(27,224)(30,005)
Corporate expenses(10)
(30,942)(28,725)
Foreign exchange (losses) gains36,196 (57,034)
Interest expense and financing costs(16,426)(16,572)
Reorganization expenses(23,168)— 
Amortization of intangible assets(2,396)(2,729)
Income before income taxes and interest in income of equity method investments
308,143 236,102 
Income tax expense
(55,806)(44,322)
Interest in income of equity method investments2,430 2,291 
Net income254,767 194,071 
Preferred share dividends7,563 7,563 
Net income available to common shareholders$247,204 $186,508 
Current accident year loss ratio57.5 %67.7 %59.8 %57.0 %68.9 %60.0 %
Prior year reserve development ratio(1.4%)(0.9%)(1.2%)(1.4%)(1.2%)(1.4%)
Net losses and loss expenses ratio56.1 %66.8 %58.6 %55.6 %67.7 %58.6 %
Acquisition cost ratio19.6 %23.8 %20.5 %19.2 %21.3 %19.7 %
Underwriting-related general and administrative expense ratio
10.6 %2.1 %8.6 %11.9 %3.3 %9.8 %
Corporate expense ratio
2.1 %2.1 %
Combined ratio
86.3 %92.7 %89.8 %86.7 %92.3 %90.2 %
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 $31 million and $29 million for the three months ended March 31, 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
NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)
OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Three months ended March 31,
20262025
(in thousands, except per share amounts)
Net income available to common shareholders$247,204$186,508
Net investment (gains) losses
27,22430,005
Foreign exchange losses (gains)
(36,196)57,034
Reorganization expenses
23,168—
Interest in income of equity method investments
(2,430)(2,291)
Income tax benefit(12)
(2,081)(9,787)
Operating income$256,889$261,469
Earnings per diluted common share$3.29$2.26
Net investment (gains) losses
0.360.36
Foreign exchange losses (gains)
(0.48)0.69
Reorganization expenses0.31—
Interest in income of equity method investments
(0.03)(0.03)
Income tax benefit
(0.03)(0.11)
Operating income per diluted common share$3.42$3.17
Weighted average diluted common shares outstanding75,15382,378
Average common shareholders' equity$5,818,536$5,446,089
Annualized return on average common equity17.0%13.7%
Annualized operating return on average common equity(13)
17.7%19.2%
12 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.
13 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
- 11 -

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, 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
- 12 -

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
- 13 -

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 reinsurance 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
- 14 -

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 and interest in income (loss) of equity method investments.

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

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

Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance 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
- 15 -

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

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

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

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

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
- 16 -
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AXIS CAPITAL HOLDINGS LIMITED








INVESTOR FINANCIAL SUPPLEMENT

FIRST 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
  
i
I. Financial Highlights
  
1
II. Income Statements  
a. Consolidated Statement of Operations and Key Ratios
2
b. Consolidated Data
  
3
c. Consolidated Segment Data
4
d . Gross Premiums Written by Segment by Line of Business
  
5
e. Segment Data
  
6-7
f. Net Investment Income
  
8
III. Balance Sheets  
a. Consolidated Balance Sheets
  
9
b. Cash and Invested Assets:  
•    Cash and Invested Assets Portfolio
  
10
•    Cash and Invested Assets Composition
  
11
•    Mortgage-Backed and Asset-Backed Securities Composition
12
IV. Losses Reserve Analysis  
a. Paid to Incurred Analysis
  
13
b. Paid to Incurred Analysis by Segment
  
14
V. Share Analysis  
a. Book Value and Tangible Book Value Per Diluted Common Share - Treasury Stock Method
  
15
VI. Non-GAAP Financial Measures  
a. Operating Income and Operating Return on Average Common Equity
  
16
b. Rationale for the Use of Non-GAAP Financial Measures
17-19


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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 statements of operations for the years ended December 31, 2025 and December 31, 2024.
•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, 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.
i
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AXIS CAPITAL HOLDINGS LIMITED
FINANCIAL HIGHLIGHTS
  Three months ended March 31,
  20262025Change
HIGHLIGHTSGross premiums written$3,097,967 $2,794,652 10.9%
Gross premiums written - Insurance64.0%59.3%4.7 pts
Gross premiums written - Reinsurance36.0%40.7%(4.7)pts
Net premiums written$1,907,036 $1,750,039 9.0%
Net premiums earned$1,480,466 $1,340,820 10.4%
Net premiums earned - Insurance77.1%75.3%1.8 pts
Net premiums earned - Reinsurance22.9%24.7%(1.8)pts
Net income available to common shareholders
$247,204 $186,508 32.5%
Operating income [a]
$256,889 $261,469 (1.8%)
Annualized return on average common equity [b]
17.0%13.7%3.3 pts
Annualized operating return on average common equity [c]
17.7%19.2%(1.5)pts
Total common shareholders’ equity
$5,830,636 $5,352,799 8.9%
PER COMMON SHARE AND COMMON SHARE DATA
Earnings per diluted common share
$3.29 $2.26 45.6%
Operating income per diluted common share [d]
$3.42 $3.17 7.9%
Weighted average diluted common shares outstanding75,153 82,378 (8.8%)
Book value per common share$78.86 $68.06 15.9%
Book value per diluted common share (treasury stock method)$78.19 $66.48 17.6%
Tangible book value per diluted common share (treasury stock method) [a]
$75.70 $64.08 18.1%
FINANCIAL RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses [a], [e]
56.6%56.3%0.3 pts
Catastrophe and weather-related losses ratio [a]
3.2%3.7%(0.5)pts
Current accident year loss ratio [a]
59.8%60.0%(0.2)pts
Prior year reserve development ratio(1.2%)(1.4%)0.2 pts
Net losses and loss expenses ratio58.6%58.6%— pts
Acquisition cost ratio20.5%19.7%0.8 pts
General and administrative expense ratio [f]
10.7%11.9%(1.2)pts
Combined ratio89.8%90.2%(0.4)pts
INVESTMENT DATATotal assets$35,618,746 $33,249,174 7.1%
Total cash and invested assets [g]
$17,273,359 $17,818,374 (3.1%)
Net investment income$184,740 $207,713 (11.1%)
Net investment gains (losses)
$(27,224)$(30,005)(9.3%)
Book yield of fixed maturities4.7%4.5%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).
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY
​
Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025
REVENUES
Net premiums earned$1,480,466 $1,528,475 $1,451,883 $1,393,431 $1,340,820 
Net investment income184,740 186,992 184,903 187,297 207,713 
Net investment gains (losses)(27,224)14,584 30,905 43,468 (30,005)
Other insurance related income5,649 4,383 6,593 8,662 3,578 
Total revenues
1,643,631 1,734,434 1,674,284 1,632,858 1,522,106 
EXPENSES
Net losses and loss expenses867,283 859,427 841,435 801,754 785,925 
Acquisition costs304,255 310,375 285,618 275,897 264,581 
General and administrative expenses
158,156 212,054 171,637 161,078 159,163 
Foreign exchange losses (gains)(36,196)3,555 (13,492)94,885 57,034 
Interest expense and financing costs16,426 16,844 16,657 16,586 16,572 
Reorganization expenses
23,168 — — — — 
Amortization of intangible assets2,396 2,396 2,396 2,396 2,729 
Total expenses1,335,488 1,404,651 1,304,251 1,352,596 1,286,004 
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS308,143 329,783 370,033 280,262 236,102 
Income tax (expense) benefit(55,806)(45,959)(70,252)(56,199)(44,322)
Interest in income (loss) of equity method investments2,430 5,783 2,083 (705)2,291 
NET INCOME 254,767 289,607 301,864 223,358 194,071 
Preferred share dividends7,563 7,563 7,563 7,563 7,563 
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$247,204 $282,044 $294,301 $215,795 $186,508 
KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding74,095 75,686 77,619 78,378 81,152 
Dilutive share equivalents:
          Share-based compensation plans
1,058 1,139 982 951 1,226 
Weighted average diluted common shares outstanding75,153 76,825 78,601 79,329 82,378 
Earnings per common share$3.34 $3.73 $3.79 $2.75 $2.30 
Earnings per diluted common share$3.29 $3.67 $3.74 $2.72 $2.26 
Annualized ROACE17.0 %19.4 %20.6 %15.7 %13.7 %
Annualized operating ROACE17.7 %17.2 %17.8 %19.0 %19.2 %

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED DATA
Years ended December 31,
Q1 2026Q4 2025Q3 2025Q2 2025Q1 202520252024
UNDERWRITING REVENUES
Gross premiums written$3,097,967 $2,209,707 $2,124,184 $2,515,971 $2,794,652 $9,644,514 $9,005,888 
Ceded premiums written(1,190,931)(826,514)(771,195)(880,537)(1,044,613)(3,522,858)(3,248,537)
Net premiums written1,907,036 1,383,193 1,352,989 1,635,434 1,750,039 6,121,656 5,757,351 
Gross premiums earned2,357,298 2,381,138 2,280,608 2,229,370 2,147,045 9,038,161 8,529,567 
Ceded premiums earned(876,832)(852,663)(828,725)(835,939)(806,225)(3,323,552)(3,223,332)
Net premiums earned1,480,466 1,528,475 1,451,883 1,393,431 1,340,820 5,714,609 5,306,235 
Other insurance related income5,649 4,383 6,593 8,662 3,578 23,216 30,721 
  Total underwriting revenues1,486,115 1,532,858 1,458,476 1,402,093 1,344,398 5,737,825 5,336,956 
UNDERWRITING EXPENSES
Net losses and loss expenses867,283 859,427 841,435 801,754 785,925 3,288,541 3,158,487 
Acquisition costs304,255 310,375 285,618 275,897 264,581 1,136,469 1,070,551 
Underwriting-related general and administrative expenses [a]
127,214 178,879 143,111 135,241 130,438 587,669 536,442 
  Total underwriting expenses1,298,752 1,348,681 1,270,164 1,212,892 1,180,944 5,012,679 4,765,480 
UNDERWRITING INCOME [b]
$187,363 $184,177 $188,312 $189,201 $163,454 $725,146 $571,476 
OTHER (EXPENSES) REVENUES
Net investment income184,740 186,992 184,903 187,297 207,713 766,903 759,229 
Net investment gains (losses)(27,224)14,584 30,905 43,468 (30,005)58,950 (138,534)
Corporate expenses [a]
(30,942)(33,175)(28,526)(25,837)(28,725)(116,262)(129,760)
Foreign exchange (losses) gains36,196 (3,555)13,492 (94,885)(57,034)(141,983)50,822 
Interest expense and financing costs(16,426)(16,844)(16,657)(16,586)(16,572)(66,659)(67,766)
Reorganization expenses(23,168)— — — — — (26,312)
Amortization of intangible assets(2,396)(2,396)(2,396)(2,396)(2,729)(9,917)(10,917)
   Total other (expenses) revenues
120,780 145,606 181,721 91,061 72,648 491,032 436,762 
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS308,143 329,783 370,033 280,262 236,102 1,216,178 1,008,238 
Income tax (expense) benefit(55,806)(45,959)(70,252)(56,199)(44,322)(216,732)55,595 
Interest in income (loss) of equity method investments2,430 5,783 2,083 (705)2,291 9,452 17,953 
NET INCOME254,767 289,607 301,864 223,358 194,071 1,008,898 1,081,786 
Preferred share dividends(7,563)(7,563)(7,563)(7,563)(7,563)(30,250)(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS$247,204 $282,044 $294,301 $215,795 $186,508 $978,648 $1,051,536 
Catastrophe and weather-related losses, net of reinstatement premiums$47,800 $29,855 $43,659 $36,626 $49,070 $159,210 $225,996 
Net favorable prior year reserve development
$18,062 $29,852 $18,946 $20,229 $17,937 $86,963 $24,323 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses56.6%56.2 %56.3 %56.4 %56.3 %56.3 %55.7 %
Catastrophe and weather-related losses ratio3.2%2.0 %3.0 %2.6 %3.7 %2.8 %4.3 %
Current accident year loss ratio59.8%58.2 %59.3 %59.0 %60.0 %59.1 %60.0 %
Prior year reserve development ratio(1.2%)(2.0%)(1.3%)(1.5%)(1.4%)(1.6%)(0.5%)
Net losses and loss expenses ratio58.6%56.2 %58.0 %57.5 %58.6 %57.5 %59.5 %
Acquisition cost ratio20.5%20.3 %19.7 %19.8 %19.7 %19.9 %20.2 %
General and administrative expenses ratio [c]
10.7%13.9 %11.7 %11.6 %11.9 %12.4 %12.6 %
Combined ratio89.8%90.4 %89.4 %88.9 %90.2 %89.8 %92.3 %
[a]     Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.
[b]    Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.
[c]    Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED SEGMENT DATA
Three months ended March 31, 2026Three months ended March 31, 2025
 InsuranceReinsuranceTotalInsuranceReinsuranceTotal
UNDERWRITING REVENUES
Gross premiums written$1,983,742 $1,114,225 $3,097,967 $1,655,903 $1,138,749 $2,794,652 
Ceded premiums written(690,665)(500,266)(1,190,931)(611,323)(433,290)(1,044,613)
Net premiums written1,293,077 613,959 1,907,036 1,044,580 705,459 1,750,039 
Gross premiums earned1,774,966 582,332 2,357,298 1,598,550 548,495 2,147,045 
Ceded premiums earned(633,213)(243,619)(876,832)(588,464)(217,761)(806,225)
Net premiums earned1,141,753 338,713 1,480,466 1,010,086 330,734 1,340,820 
Other insurance related income370 5,279 5,649 156 3,422 3,578 
Total underwriting revenues1,142,123 343,992 1,486,115 1,010,242 334,156 1,344,398 
UNDERWRITING EXPENSES
Net losses and loss expenses640,988 226,295 867,283 562,088 223,837 785,925 
Acquisition costs223,769 80,486 304,255 194,021 70,560 264,581 
Underwriting-related general and administrative expenses120,013 7,201 127,214 119,592 10,846 130,438 
Total underwriting expenses984,770 313,982 1,298,752 875,701 305,243 1,180,944 
UNDERWRITING INCOME$157,353 $30,010 $187,363 $134,541 $28,913 $163,454 
Catastrophe and weather-related losses, net of reinstatement premiums$47,732 $68 $47,800 $47,530 $1,540 $49,070 
Net favorable prior year reserve development$15,059 $3,003 $18,062 $13,978 $3,959 $17,937 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses53.3%67.7%56.6%52.3%68.4%56.3%
Catastrophe and weather-related losses ratio4.2%—%3.2%4.7%0.5%3.7%
Current accident year loss ratio57.5%67.7%59.8%57.0%68.9%60.0%
Prior year reserve development ratio(1.4%)(0.9%)(1.2%)(1.4%)(1.2%)(1.4%)
Net losses and loss expenses ratio56.1%66.8%58.6%55.6%67.7%58.6%
Acquisition cost ratio19.6%23.8%20.5%19.2%21.3%19.7%
Underwriting-related general and administrative expense ratio10.6%2.1%8.6%11.9%3.3%9.8%
Corporate expense ratio2.1%2.1%
Combined ratio86.3%92.7%89.8%86.7%92.3%90.2%

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AXIS CAPITAL HOLDINGS LIMITED
GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS
Years ended December 31,
 Q1 2026Q4 2025Q3 2025Q2 2025Q1 202520252024
INSURANCE SEGMENT
Property$613,480 $557,230 $468,098 $645,476 $495,417 $2,166,222 $2,050,329 
Professional Lines345,381 404,835 337,888 343,370 257,159 1,343,252 1,162,323 
Liability337,674 351,489 345,455 365,542 303,758 1,366,245 1,251,603 
Cyber119,999 119,693 103,404 136,562 113,945 473,604 561,937 
Marine and Aviation294,960 198,739 190,321 224,393 267,151 880,604 815,168 
Accident and Health171,365 151,078 161,470 126,985 124,843 564,374 450,810 
Credit and Political Risk100,883 115,922 85,246 90,107 93,630 384,905 323,414 
TOTAL INSURANCE SEGMENT$1,983,742 $1,898,986 $1,691,882 $1,932,435 $1,655,903 $7,179,206 $6,615,584 
REINSURANCE SEGMENT
Liability$163,106 $91,530 $154,460 $168,566 $253,070 $667,626 $616,333 
Professional Lines177,953 16,403 38,567 171,851 188,445 415,266 421,846 
Motor87,312 70,332 47,303 26,066 124,380 268,080 238,961 
Accident and Health296,290 44,275 18,192 22,337 281,355 366,159 436,296 
Credit and Surety308,973 80,634 108,505 116,290 204,666 510,094 417,717 
Agriculture52,715 1,290 55,704 55,256 48,901 161,151 150,373 
Marine and Aviation25,978 3,903 8,602 18,871 33,492 64,870 82,274 
Run-off lines
1,898 2,354 969 4,299 4,440 12,062 26,504 
TOTAL REINSURANCE SEGMENT$1,114,225 $310,721 $432,302 $583,536 $1,138,749 $2,465,308 $2,390,304 
CONSOLIDATED TOTAL$3,097,967 $2,209,707 $2,124,184 $2,515,971 $2,794,652 $9,644,514 $9,005,888 



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AXIS CAPITAL HOLDINGS LIMITED
INSURANCE SEGMENT DATA
Years ended December 31,
Q1 2026Q4 2025Q3 2025Q2 2025Q1 202520252024
UNDERWRITING REVENUES
Gross premiums written$1,983,742 $1,898,986 $1,691,882 $1,932,435 $1,655,903 $7,179,206 $6,615,584 
Ceded premiums written(690,665)(691,799)(606,935)(641,925)(611,323)(2,551,982)(2,365,039)
Net premiums written1,293,077 1,207,187 1,084,947 1,290,510 1,044,580 4,627,224 4,250,545 
Gross premiums earned1,774,966 1,787,562 1,690,735 1,633,396 1,598,550 6,710,242 6,254,836 
Ceded premiums earned(633,213)(624,736)(605,123)(600,435)(588,464)(2,418,757)(2,328,800)
Net premiums earned1,141,753 1,162,826 1,085,612 1,032,961 1,010,086 4,291,485 3,926,036 
Other insurance related income370 254 261 6 156 677 94 
Total underwriting revenues1,142,123 1,163,080 1,085,873 1,032,967 1,010,242 4,292,162 3,926,130 
UNDERWRITING EXPENSES
Net losses and loss expenses640,988 617,562 595,807 561,770 562,088 2,337,227 2,245,420 
Acquisition costs223,769 225,952 205,440 194,912 194,021 820,324 766,915 
Underwriting-related general and administrative expenses120,013 161,994 131,326 124,646 119,592 537,558 485,929 
Total underwriting expenses984,770 1,005,508 932,573 881,328 875,701 3,695,109 3,498,264 
UNDERWRITING INCOME$157,353 $157,572 $153,300 $151,639 $134,541 $597,053 $427,866 
Catastrophe and weather-related losses, net of reinstatement premiums$47,732 $29,755 $42,689 $36,440 $47,530 $156,414 $216,093 
Net favorable prior year reserve development
$15,059 $22,939 $14,843 $15,216 $13,978 $66,975 $16,209 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses53.3%52.5%52.3%52.3%52.3%52.4%52.1%
Catastrophe and weather-related losses ratio4.2%2.6%3.9%3.6%4.7%3.6%5.5%
Current accident year loss ratio57.5%55.1%56.2%55.9%57.0%56.0%57.6%
Prior year reserve development ratio(1.4%)(2.0%)(1.3%)(1.5%)(1.4%)(1.5%)(0.4%)
Net losses and loss expenses ratio56.1%53.1%54.9%54.4%55.6%54.5%57.2%
Acquisition cost ratio19.6%19.4%18.9%18.9%19.2%19.1%19.5%
Underwriting-related general and administrative expenses ratio10.6%14.0%12.1%12.0%11.9%12.5%12.4%
Combined ratio86.3%86.5%85.9%85.3%86.7%86.1%89.1%

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AXIS CAPITAL HOLDINGS LIMITED
REINSURANCE SEGMENT DATA
Years ended December 31,
Q1 2026Q4 2025Q3 2025Q2 2025Q1 202520252024
UNDERWRITING REVENUES
Gross premiums written$1,114,225 $310,721 $432,302 $583,536 $1,138,749 $2,465,308 $2,390,304 
Ceded premiums written(500,266)(134,715)(164,260)(238,612)(433,290)(970,876)(883,498)
Net premiums written613,959 176,006 268,042 344,924 705,459 1,494,432 1,506,806 
Gross premiums earned582,332 593,576 589,873 595,974 548,495 2,327,919 2,274,731 
Ceded premiums earned(243,619)(227,927)(223,602)(235,504)(217,761)(904,795)(894,532)
Net premiums earned338,713 365,649 366,271 360,470 330,734 1,423,124 1,380,199 
Other insurance related income5,279 4,129 6,332 8,656 3,422 22,539 30,627 
Total underwriting revenues343,992 369,778 372,603 369,126 334,156 1,445,663 1,410,826 
UNDERWRITING EXPENSES
Net losses and loss expenses226,295 241,865 245,628 239,984 223,837 951,314 913,067 
Acquisition costs80,486 84,423 80,178 80,985 70,560 316,145 303,636 
Underwriting-related general and administrative expenses7,201 16,885 11,785 10,595 10,846 50,111 50,513 
Total underwriting expenses313,982 343,173 337,591 331,564 305,243 1,317,570 1,267,216 
UNDERWRITING INCOME$30,010 $26,605 $35,012 $37,562 $28,913 $128,093 $143,610 
Catastrophe and weather-related losses, net of reinstatement premiums$68 $100 $970 $186 $1,540 $2,796 $9,903 
Net favorable prior year reserve development
$3,003 $6,913 $4,103 $5,013 $3,959 $19,988 $8,114 
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses67.7%68.0%67.9%67.9%68.4%68.1%66.0%
Catastrophe and weather-related losses ratio—%—%0.3%0.1%0.5%0.2%0.7%
Current accident year loss ratio67.7%68.0%68.2%68.0%68.9%68.3%66.7%
Prior year reserve development ratio(0.9%)(1.9%)(1.1%)(1.4%)(1.2%)(1.5%)(0.5%)
Net losses and loss expenses ratio66.8%66.1%67.1%66.6%67.7%66.8%66.2%
Acquisition cost ratio23.8%23.1%21.9%22.5%21.3%22.2%22.0%
Underwriting-related general and administrative expense ratio2.1%4.7%3.2%2.9%3.3%3.6%3.6%
Combined ratio92.7%93.9%92.2%92.0%92.3%92.6%91.8%




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AXIS CAPITAL HOLDINGS LIMITED
NET INVESTMENT INCOME
  Years ended December 31,
 Q1 2026Q4 2025Q3 2025Q2 2025Q1 202520252024
Fixed maturities$156,696 $159,830 $155,796 $149,861 $146,711 $612,198 $620,704 
Other investments17,705 13,367 15,019 18,479 22,410 69,275 48,666 
Equity securities4,152 4,185 3,046 3,155 3,208 13,593 12,922 
Mortgage loans4,165 4,873 5,890 5,956 6,868 23,587 34,028 
Cash and cash equivalents8,918 12,466 12,597 16,649 33,380 75,092 59,600 
Short-term investments132 254 355 541 1,986 3,136 12,569 
Gross investment income191,768 194,975 192,703 194,641 214,563 796,881 788,489 
Investment expenses(7,028)(7,983)(7,800)(7,344)(6,850)(29,978)(29,260)
Net investment income$184,740 $186,992 $184,903 $187,297 $207,713 $766,903 $759,229 


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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
March 31,December 31,September 30,June 30,March 31,December 31,
202620252025202520252024
ASSETS
Investments:
Fixed maturities, available for sale, at fair value$13,107,142 $13,018,027 $12,879,372 $12,137,475 $11,865,480 $12,152,753 
Fixed maturities, held to maturity, at amortized cost405,220 397,430 406,658 405,041 389,571 443,400 
Equity securities, at fair value688,842 707,569 649,970 619,275 574,379 579,274 
Mortgage loans, held for investment, at fair value343,959 356,840 409,699 438,571 457,907 505,697 
Other investments, at fair value1,042,649 1,027,798 972,867 938,922 938,562 930,278 
Equity method investments236,767 227,181 220,022 215,920 214,240 206,994 
Short-term investments, at fair value5,836 20,298 17,185 51,726 91,330 223,666 
Total investments15,830,415 15,755,143 15,555,773 14,806,930 14,531,469 15,042,062 
Cash and cash equivalents1,388,118 1,321,185 1,358,078 1,409,201 3,332,767 3,063,621 
Accrued interest receivable118,475 116,252 117,720 108,506 108,392 114,012 
Insurance and reinsurance premium balances receivable3,878,950 3,244,661 3,326,346 3,669,460 3,388,550 2,826,942 
Reinsurance recoverable on unpaid losses and loss expenses8,890,145 8,951,763 9,043,009 9,086,900 6,944,518 6,840,897 
Reinsurance recoverable on paid losses and loss expenses581,945 673,765 648,126 637,726 531,105 546,287 
Deferred acquisition costs933,802 801,778 822,774 837,456 787,512 685,853 
Prepaid reinsurance premiums2,452,190 2,139,294 2,164,297 2,223,255 2,175,425 1,936,979 
Receivable for investments sold5,422 12,806 3,813 29,099 39,498 3,693 
Goodwill66,498 66,498 66,498 66,498 66,498 66,498 
Intangible assets163,654 166,050 168,446 170,842 173,238 175,967 
Operating lease right-of-use assets94,670 93,900 92,706 89,421 92,299 92,516 
Loan advances made302,157 231,542 250,537 263,779 272,499 247,775 
Other assets912,305 887,289 899,509 934,469 966,812 1,038,207 
TOTAL ASSETS$35,618,746 $34,461,926 $34,517,632 $34,333,542 $33,410,582 $32,681,309 
LIABILITIES
Reserve for losses and loss expenses$18,294,149 $18,122,256 $17,996,236 $17,879,023 $17,489,459 $17,218,929 
Unearned premiums6,563,778 5,825,698 5,994,611 6,154,844 5,859,606 5,211,865 
Insurance and reinsurance balances payable2,180,053 1,882,021 1,855,349 1,932,269 1,883,746 1,713,798 
Debt1,317,104 1,316,710 1,316,321 1,315,936 1,315,555 1,315,179 
Federal Home Loan Bank advances66,380 66,380 66,380 66,380 66,380 66,380 
Payable for investments purchased69,071 36,982 194,988 79,677 193,752 269,728 
Operating lease liabilities110,181 110,095 108,960 106,544 107,289 106,614 
Other liabilities637,394 745,349 617,778 624,471 591,996 689,437 
TOTAL LIABILITIES29,238,110 28,105,491 28,150,623 28,159,144 27,507,783 26,591,930 
SHAREHOLDERS’ EQUITY
Preferred shares550,000 550,000 550,000 550,000 550,000 550,000 
Common shares2,206 2,206 2,206 2,206 2,206 2,206 
Additional paid-in capital2,394,568 2,405,792 2,395,615 2,384,659 2,374,804 2,394,063 
Accumulated other comprehensive income (loss)(97,128)28,431 10,169 (21,710)(152,376)(267,557)
Retained earnings8,395,795 8,181,699 7,932,969 7,673,246 7,492,484 7,341,569 
Treasury shares, at cost(4,864,805)(4,811,693)(4,523,950)(4,414,003)(4,364,319)(3,930,902)
TOTAL SHAREHOLDERS' EQUITY6,380,636 6,356,435 6,367,009 6,174,398 5,902,799 6,089,379 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$35,618,746 $34,461,926 $34,517,632 $34,333,542 $33,410,582 $32,681,309 
Debt to total capital [a]
17.1%17.2%17.1%17.6%18.2%17.8%
[a]    The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.
[b]    To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. These reclassifications did not impact results of operations, financial condition, or liquidity
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AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS PORTFOLIO
At March 31, 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$2,470,733 $— $5,365 $(13,951)$2,462,147 14.3 %$2,417,901 14.0 %
Non-U.S. government854,906 — 4,854 (13,055)846,705 4.9 %810,544 4.7 %
Corporate debt5,219,722 (2,383)47,161 (80,162)5,184,338 30.0 %5,222,433 30.4 %
Agency RMBS2,083,725 — 18,679 (28,452)2,073,952 12.0 %2,035,352 11.9 %
CMBS802,737 (429)3,734 (17,253)788,789 4.6 %801,511 4.7 %
Non-Agency RMBS202,057 (246)685 (4,988)197,508 1.1 %190,124 1.1 %
ABS1,503,535 (61)6,700 (6,357)1,503,817 8.7 %1,488,067 8.7 %
Municipals50,837 — 342 (1,293)49,886 0.3 %52,095 0.3 %
Total fixed maturities, available for sale, at fair value13,188,252 (3,119)87,520 (165,511)13,107,142 75.9 %13,018,027 75.8 %
Fixed maturities, held to maturity, at amortized cost
Corporate debt140,576 — — — 140,576 0.8 %145,137 0.8 %
ABS264,644 — — — 264,644 1.5 %252,293 1.5 %
Total fixed maturities, held to maturity, at amortized cost405,220 — — — 405,220 2.3 %397,430 2.3 %
Equity securities, at fair value
Common stocks3,386 — 339 (636)3,089 — %13,695 0.1 %
Preferred Stocks43,911 — 508 (518)43,901 0.3 %20,311 0.1 %
Exchange-traded funds268,849 — 117,853 (5,894)380,808 2.2 %401,757 2.3 %
Bond mutual funds286,457 — 7,268 (32,681)261,044 1.5 %271,806 1.6 %
Total equity securities, at fair value602,603 — 125,968 (39,729)688,842 4.0 %707,569 4.1 %
Total fixed maturities and equity securities$14,196,075 $(3,119)$213,488 $(205,240)14,201,204 82.2 %14,123,026 82.2 %
Mortgage loans, held for investment343,959 2.0 %356,840 2.1 %
Other investments1,042,649 6.0 %1,027,798 6.0 %
Equity method investments236,767 1.4 %227,181 1.3 %
Short-term investments5,836 — %20,298 0.2 %
Total investments15,830,415 91.6 %15,755,143 91.8 %
Cash and cash equivalents [a]1,388,118 8.0 %1,321,185 7.7 %
Accrued interest receivable118,475 0.7 %116,252 0.7 %
Net receivable/(payable) for investments sold (purchased)(63,649)(0.3%)(24,176)(0.2%)
Total cash and invested assets$17,273,359 100.0 %$17,168,404 100.0 %
[a]  Includes $526 million and $501 million of restricted cash and cash equivalents at March 31, 2026 and December 31, 2025, respectively.

At March 31, 2026At December 31, 2025
Fair ValuePercentageFair ValuePercentage
Other Investments:
Multi-strategy funds$10,987 1.1 %$11,577 1.1 %
Direct lending funds193,616 18.6 %186,747 18.2 %
Real estate funds279,937 26.8 %291,491 28.4 %
Private equity funds382,826 36.7 %364,376 35.5 %
Other privately held investments175,283 16.8 %173,607 16.8 %
Total$1,042,649 100.0 %$1,027,798 100.0 %
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AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS COMPOSITION
Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025
 Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency14.3%14.0%15.0%14.6%14.3%
Non-U.S. government4.9%4.7%4.7%4.9%4.0%
Corporate debt30.0%30.4%30.6%29.6%26.0%
MBS:
Agency RMBS12.0%11.9%11.2%10.7%8.7%
CMBS4.6%4.7%4.9%5.1%4.8%
Non-agency RMBS1.1%1.1%1.2%1.1%1.1%
ABS8.7%8.7%8.5%8.2%7.3%
Municipals0.3%0.3%0.4%0.4%0.4%
Total Fixed Maturities, available for sale75.9%75.8%76.5%74.6%66.6%
Fixed Maturities, held to maturity:
Corporate debt0.8%0.8%0.8%0.8%0.7%
ABS1.5%1.5%1.6%1.7%1.5%
Total Fixed Maturities, held to maturity2.3%2.3%2.4%2.5%2.2%
Equity securities4.0%4.1%3.9%3.8%3.2%
Mortgage loans2.0%2.1%2.4%2.7%2.6%
Other investments6.0%6.0%5.8%5.8%5.3%
Equity method investments1.4%1.3%1.3%1.3%1.2%
Short-term investments—%0.2%0.1%0.3%0.5%
Total Investments91.6%91.8%92.4%91.0%81.6%
Cash and cash equivalents8.0%7.7%8.1%8.7%18.7%
Accrued interest receivable0.7%0.7%0.7%0.7%0.6%
Net receivable/(payable) for investments sold (purchased)(0.3%)(0.2%)(1.2%)(0.4%)(0.9%)
Total Cash and Invested Assets100.0%100.0%100.0%100.0%100.0%
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency18.2%18.0%19.1%19.0%20.8%
AAA [a]
19.4%19.2%19.6%20.0%20.3%
AA [a]
23.7%23.7%22.7%23.4%21.8%
A17.1%17.4%17.8%17.1%16.8%
BBB10.4%10.0%9.7%9.8%9.5%
Below BBB11.2%11.7%11.1%10.7%10.8%
Total100.0%100.0%100.0%100.0%100.0%
MATURITY PROFILE OF FIXED MATURITIES
Within one year2.8%2.7%3.9%5.5%6.5%
From one to five years43.0%43.3%42.9%43.0%43.0%
From five to ten years16.9%17.1%16.9%15.2%15.2%
Above ten years1.6%1.4%1.6%1.6%1.4%
Asset-backed and mortgage-backed securities35.7%35.5%34.7%34.7%33.9%
Total100.0%100.0%100.0%100.0%100.0%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities4.7%4.6%4.6%4.6%4.5%
Yield to maturity of fixed maturities5.1%4.7%4.8%5.0%5.2%
Average duration of fixed maturities (inclusive of duration hedges)3.2 yrs3.1 yrs3.2 yrs3.1 yrs3.0 yrs
Average credit quality of fixed maturities
A+A+A+A+A+
[a]    Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").
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AXIS CAPITAL HOLDINGS LIMITED
MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION
At March 31, 2026
Available for sale, at fair valueAgenciesAAAAAABBB
Non-Investment
Grade
Total
Residential MBS$2,073,952 $191,763 $4,245 $227 $31 $1,242 $2,271,460 
Commercial MBS172,871 561,549 40,339 12,160 968 902 788,789 
ABS— 1,214,775 111,138 140,710 35,134 2,060 1,503,817 
Total mortgage-backed and asset-backed securities, available for sale, at fair value$2,246,823 $1,968,087 $155,722 $153,097 $36,133 $4,204 $4,564,066 
Percentage of total49.2 %43.1 %3.4 %3.4 %0.8 %0.1 %100.0 %
Held to maturity, at amortized costAgenciesAAAAAABBB
Non-Investment
Grade
Total
ABS$— $138,044 $114,900 $11,700 $— $— $264,644 
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost$— $138,044 $114,900 $11,700 $— $— $264,644 
Percentage of total— %52.2 %43.4 %4.4 %— %— %100.0 %

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AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES
Three months ended March 31, 2026Three months ended March 31, 2025
 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$18,122,256 $(8,951,763)$9,170,493 $17,218,929 $(6,840,897)$10,378,032 
Incurred losses and loss expenses1,395,216 (527,933)867,283 1,278,752 (492,827)785,925 
Paid losses and loss expenses(1,151,315)456,322 (694,993)(1,151,905)383,104 (768,801)
Foreign exchange and other
(72,008)133,229 61,221 143,683 6,102 149,785 
End of period [a]
$18,294,149 $(8,890,145)$9,404,004 $17,489,459 $(6,944,518)$10,544,941 
[a]    At March 31, 2026, reserve for losses and loss expenses included IBNR of $12.5 billion, or 69% (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 March 31, 2026Three months ended March 31, 2025
 InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross paid losses and loss expenses$762,290 $389,025 $1,151,315 $721,591 $430,314 $1,151,905 
Reinsurance recoverable on paid losses and loss expenses(291,440)(164,882)(456,322)(274,816)(108,288)(383,104)
Net paid losses and loss expenses470,850 224,143 694,993 446,775 322,026 768,801 
Change in gross case reserves
622 (22,869)(22,247)79,726 (62,988)16,738 
Change in gross IBNR
238,346 27,802 266,148 96,702 13,407 110,109 
Change in reinsurance recoverable on unpaid losses and loss expenses
(68,830)(2,781)(71,611)(61,115)(48,608)(109,723)
Change in net unpaid losses and loss expenses
170,138 2,152 172,290 115,313 (98,189)17,124 
Total net incurred losses and loss expenses$640,988 $226,295 $867,283 $562,088 $223,837 $785,925 
Gross reserve for losses and loss expenses$11,364,381 $6,929,768 $18,294,149 $10,731,598 $6,757,873 $17,489,459 
Net favorable prior year reserve development$15,059 $3,003 $18,062 $13,978 $3,959 $17,937 
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses73.5%99.0%80.1%79.5%143.9%97.8%
Net paid losses and loss expenses / Net premiums earned41.2%66.2%46.9%44.2%97.4%57.3%
Net unpaid losses and loss expenses / Net premiums earned14.9%0.6%11.7%11.4%(29.7%)1.3%
Net losses and loss expenses ratio56.1%66.8%58.6%55.6%67.7%58.6%
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AXIS CAPITAL HOLDINGS LIMITED
BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD
 At March 31, 2026
 
Common
Shareholders’
Equity

Common Shares Outstanding, net of
Treasury Shares		Per share
Closing stock price$101.41 
Book value per common share $5,830,636 73,937 $78.86 
Dilutive securities:
Restricted stock units634 (0.67)
Book value per diluted common share$5,830,636 74,571 $78.19 
 At December 31, 2025
 Common
Shareholders’ Equity
Common Shares Outstanding, net of
Treasury Shares		Per share
Closing stock price$107.09 
Book value per common share $5,806,435 74,135 $78.32 
Dilutive securities:
Restricted stock units1,074 (1.12)
Book value per diluted common share$5,806,435 75,209 $77.20 



TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE
Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025
Common shareholders' equity$5,830,636 $5,806,435 $5,817,009 $5,624,398 $5,352,799 
Less: goodwill(66,498)(66,498)(66,498)(66,498)(66,498)
Less: intangible assets(163,654)(166,050)(168,446)(170,842)(173,238)
     Associated tax impact44,703 45,255 45,806 46,357 46,909 
Tangible common shareholders' equity$5,645,187 $5,619,142 $5,627,871 $5,433,415 $5,159,972 
Diluted common shares outstanding [a]
74,571 75,209 78,796 79,957 80,520 
Book value per diluted common share $78.19 $77.20 $73.82 $70.34 $66.48 
Tangible book value per diluted common share$75.70 $74.71 $71.42 $67.95 $64.08 
[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 March 31,
 20262025
Net income available to common shareholders$247,204 $186,508 
Net investment (gains) losses27,224 30,005 
Foreign exchange losses (gains)(36,196)57,034 
Reorganization expenses23,168 — 
Interest in income of equity method investments
(2,430)(2,291)
Income tax benefit [a]
(2,081)(9,787)
Operating income$256,889 $261,469 
Earnings per diluted common share$3.29 $2.26 
Net investment (gains) losses 0.36 0.36 
Foreign exchange losses (gains)(0.48)0.69 
Reorganization expenses0.31 — 
Interest in income of equity method investments
(0.03)(0.03)
Income tax benefit
(0.03)(0.11)
Operating income per diluted common share$3.42 $3.17 
Weighted average diluted common shares outstanding75,153 82,378 
Average common shareholders' equity$5,818,536 $5,446,089 
Annualized return on average common equity17.0%13.7%
Annualized operating return on average common equity17.7%19.2%
[a]    Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED
RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

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

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

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

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

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


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Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

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

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

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

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

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

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

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

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of 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 reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

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

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

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

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

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

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2026 First 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, 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

 

25% 75% 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 differentiated distribution channels and customer profiles Insurance Reinsurance Insurance $7.5 billion Reinsurance $2.4 billion Strong Insurance Segment Gross Premiums Written, up 19.8% year over year Diluted Book Value per Common Share of $78.19, an increase of 17.6% over the past 12 months First Quarter 2026 Headlines $9.9 billion1 Group Combined Ratio of 89.8% Capital Returns $93 million returned to common shareholders, including $60 million in share repurchases and $33 million in dividends 1 Gross Premiums Written (“GPW”) by segment, last twelve months ended 3/31/2026.

 

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 11 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 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

 

23% 20% 18% 10% 10% 10% 5% 4% 8 Specialty Experts Products requiring specialty expertise, GPW, last 12 months1 First Quarter Performance Highlights Property4 Cyber2 Liability Marine & Aviation4 Accident & Health (A&H) Other3 Credit, Surety & Political Risk $9.9 billion Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 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. • Gross premiums written were up 11% year-over-year to $3.1 billion • Insurance increased by $328 million, or 20% • Active management of our book resulted in an attractive combined ratio of 89.8% • Reinsurance decreased by $25 million, or 2%

 

1 Inclusive of 8.1 points of prior year reserve development. Cycle Management 9 First 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 • The Insurance segment underlying loss ratio increased by a point year over year and was offset by improvements to the G&A ratio • We are leaning into profitable Specialty lines, while taking caution on Casualty lines Insurance Gross Premiums Written Reinsurance Gross Premiums Written Group Combined Ratio Portfolio Reshaping

 

30% 19%19% 12% 8% 7% 5% 10 Insurance Overview • Gross premiums written were up 20% year-over-year to $2.0 billion, including $724 million in new business • Gross premiums written growth was attributable to all lines of business • Growth was supported by expanded initiatives, including Lower Middle Market business and business sourced by AXIS Capacity Solutions Product mix, GPW, last 12 months1 Property2 Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 2 Renewable energy is included in Property and Marine & Aviation. Cyber Liability Marine & Aviation2 Accident & Health $7.5 billion Credit & Political Risk First Quarter Performance Highlights

 

11 Reinsurance Overview Product mix, GPW, last 12 months1 Marine & Aviation 27% 21% Credit & Surety Motor 17% Liability 15% Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 2 Run-off lines include Catastrophe, Property, and Engineering, and made up less than 1 percent of GPW in the last twelve months. 11% 7% Agriculture $2.4 billion Accident & Health Run-off Lines2 • Continued to deliver positive bottom- line results, maintaining commitment to generate consistent profitability and low volatility • Gross premiums written down 2% year- over-year (down 6% on a constant currency basis) to $1.1 billion, attributable to non-renewals and decreased line sizes • We are leaning into short-tail Specialty lines and maintain caution on Casualty lines First Quarter Performance Highlights 25% 24% 17% 16% 9% 7% 2%2%

 

12 Vo la til ity (C oe ff ic ie nt o f V ar ia nc 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 Q4’25 unless otherwise noted AXS (Old) AXS (Transition) AXS (Q1’18 - Q4’21) (Q1’22 - Q4’23) (Q1’24 - Q4’25) Peer Company Consistent Top Quartile Results With Less Volatility Than Our Peers AXS (Transition) AXS (Old) AXS 55 57.5 60 62.5 65 67.5 70 72.5 75 0 5 10 15 20 25 Consistent and Predictable Underwriting Performance

 

13.5% 12.6% 12.4% FY2023 FY2024 FY2025 13 "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% 11.9% 10.7% Q1 2025 Q1 2026 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

 

8% 2% 4% 7% 79% 14 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 3/31/2026 Strong and Stable Investment Income Total cash and investments Net investment income, in millions Non-Fixed Income 4 Fixed Maturities maturities portfolio 19% Allocation to risk assets 3.2 year Average duration of fixed maturities (inclusive of duration hedges) 4.7% / 5.1% Book / Market yield of fixed maturities at 3/31/2026 $17.3 billion Mortgage loans Cash and equivalents1 Fixed maturities Equity securities Other investments2 $208 $187 $185 $187 $185 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 3

 

15 A.M. Best Financial strength rating AS&P Financial strength rating A+ Capital Management Aligned with Strategy Execution Capital Deployment Organic deployment in underwriting and investments Investments in capabilities, including underwriting tools and AI Capital returns of $1 billion in 2025, including $888 million in share repurchases Inorganic opportunities 1 2 3 4

 

Source: View Original Filing on SEC EDGAR

FAQ

How did AXIS Capital (AXS) perform financially in Q1 2026?

AXIS Capital reported strong Q1 2026 net income available to common shareholders of $247.2 million, up from $186.5 million a year earlier. Diluted EPS reached $3.29, while operating income was $256.9 million, reflecting continued profitability despite softer investment results.

What were AXIS Capital’s key underwriting metrics for Q1 2026?

AXIS Capital produced consolidated underwriting income of $187.4 million in Q1 2026, up 15% year-over-year. The company reported a consolidated combined ratio of 89.8%, a net losses and loss expenses ratio of 58.6%, and an acquisition cost ratio of 20.5%, indicating solid underwriting profitability.

How did AXIS Capital’s premiums change in Q1 2026?

Gross premiums written increased 10.9% to $3.10 billion in Q1 2026. The Insurance segment grew gross premiums written by 19.8% to $1.98 billion, while the Reinsurance segment declined 2.2% to $1.11 billion, reflecting portfolio rebalancing and line-size adjustments.

What returns on equity did AXIS Capital generate in Q1 2026?

For Q1 2026, AXIS Capital achieved an annualized return on average common equity of 17.0% and an annualized operating ROACE of 17.7%. These figures show strong profitability relative to the company’s common equity base during the quarter.

How did AXIS Capital’s investment portfolio perform in Q1 2026?

Net investment income was $184.7 million in Q1 2026, down 11.1% from the prior year, mainly due to lower income from cash after a loss portfolio transfer. Fixed-maturity book yield increased to 4.7%, but higher yields drove $159.2 million in unrealized losses on fixed maturities.

What happened to AXIS Capital’s book value per share in Q1 2026?

Book value per diluted common share rose to $78.19 at March 31, 2026, a 1.3% increase from December 31, 2025 and a 17.6% rise over twelve months. Growth was driven by net income and reduced unrealized investment losses, partially offset by share repurchases and dividends.

How much capital did AXIS Capital return to shareholders in Q1 2026?

In Q1 2026, AXIS Capital returned a total of $93 million to common shareholders. This included $60 million of common share repurchases under its board-authorized program and $33 million of common share dividends, equal to $0.44 per common share for the quarter.

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