What were AXS's third-quarter 2026 earnings per diluted share?

Net income available to common shareholders was $2.75 per diluted share, and operating income was $3.12 per diluted share.

AXIS Capital Q3 2026 net income falls 31.5%

Q: How much were AXS's gross premiums written in the third quarter of 2026?

Gross premiums written were $2,358.6 million, an increase of 11.0% from the third quarter of 2025.

Q: How much capital did AXS return to common shareholders in the third quarter of 2026?

AXIS returned $141 million, including $109 million in common share repurchases under its Board-authorized share repurchase program and $32 million in common share dividends.

Q: What drove AXS's third-quarter unrealized fixed-maturity losses?

AXIS reported $361 million in pre-tax unrealized losses on fixed maturities, which it attributed to lower portfolio market values associated with increased sovereign yields and wider credit spreads.

Premiums earned rose 11.5%, while earnings fell 31.5% and the combined ratio reached 94.0% in the third quarter of 2026.

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

AXIS Capital Holdings Limited (AXS) reported third-quarter 2026 net income available to common shareholders of $201.5 million, down 31.5% from a year earlier, and operating income of $229.2 million, down 10.2%. Diluted earnings were $2.75 per common share; operating income was $3.12 per diluted share.

Gross premiums written rose 11.0% to $2,358.6 million, and net premiums earned rose 11.5% to $1,619.3 million. The combined ratio was 94.0%, 4.6 points above the prior-year quarter, while underwriting income fell 29% to $133.7 million. Catastrophe and weather-related losses, net of reinsurance, were $75 million, including $44 million attributed to the Middle East conflict and Russia-Ukraine war. Pre-tax unrealized losses on fixed maturities were $361 million.

For the first nine months, net income available to common shareholders was $699.2 million, up 0.4%, while operating income was $696.7 million, down 10.1%. AXIS returned $141 million to common shareholders in the quarter through $109 million of repurchases and $32 million of dividends. Book value per diluted common share was $79.06 at September 30, 2026, down 2.0% from June 30, 2026.

1 point · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 3 points

How the balance works

Positive

Moderate pointNet premiums earned: $1.62 billion, up 11.5% year over year.

Negative

Moderate pointNet income: $201.5 million, down 31.5% year over year.
Moderate pointUnderwriting income: $133.7 million, down 29% year over year.
Moderate pointCombined ratio: 94.0%, up 4.6 points year over year.

Insights

Analyzing...

8-K Event Classification

2 items: 2.02, 9.01

2 items

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, or exhibit attachments filed with this report.

Key Figures

Net income available to common shareholders: $201.5 million Operating income: $229.2 million Gross premiums written: $2,358.6 million +4 more

7 metrics

Net income available to common shareholders $201.5 million Third quarter of 2026; down 31.5% year over year

Operating income $229.2 million Third quarter of 2026; down 10.2% year over year

Gross premiums written $2,358.6 million Third quarter of 2026; up 11.0% year over year

Net premiums earned $1,619.3 million Third quarter of 2026; up 11.5% year over year

Underwriting income $133.7 million Third quarter of 2026; down 29% year over year

Combined ratio 94.0% Third quarter of 2026; 4.6 points above the prior-year quarter

Capital returned to common shareholders $141 million Third quarter of 2026

Key Terms

Combined ratio, Underwriting income, AOCI, Net favorable prior year reserve development

4 terms

Combined ratio financial

"Combined ratio was 94.0%"

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.

Underwriting income financial

"underwriting income fell 29%"

AOCI financial

"Book value per diluted common share, excluding AOCI"

Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.

Net favorable prior year reserve development financial

"Net favorable prior year reserve development was $15 million"

An accounting gain that occurs when an insurer determines it set aside more money in prior years to pay future claims than was actually needed, and then releases the excess. For investors, this is important because it boosts reported profits and cash available for dividends or investment, like finding you over-saved for a home repair and being able to spend the surplus, but it can also signal uncertainty in how conservatively reserves are set.

Earnings Snapshot

Net income available to common shareholders: $201.5 million

Third quarter of 2026

Net income available to common shareholders $201.5 million Down 31.5% year over year

Operating income $229.2 million Down 10.2% year over year

Gross premiums written $2,358.6 million Up 11.0% year over year

Net premiums earned $1,619.3 million Up 11.5% year over year

Combined ratio 94.0% Up 4.6 points year over year

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much were AXS's gross premiums written in the third quarter of 2026?

Gross premiums written were $2,358.6 million, an increase of 11.0% from the third quarter of 2025.

How much capital did AXS return to common shareholders in the third quarter of 2026?

AXIS returned $141 million, including $109 million in common share repurchases under its Board-authorized share repurchase program and $32 million in common share dividends.

What drove AXS's third-quarter unrealized fixed-maturity losses?

AXIS reported $361 million in pre-tax unrealized losses on fixed maturities, which it attributed to lower portfolio market values associated with increased sovereign yields and wider credit spreads.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/28/2026 - 04:46 PM EDT Accepted by SEC EDGAR 10/28/2026 - 04:45 PM EDT

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): October 28, 2026

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda

001-31721

98-0395986

(State of Incorporation)

(Commission File No.)

(I.R.S. Employer

Identification No.)

29 Richmond Road, 3rd Flr

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

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

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


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


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


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


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

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


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

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

Emerging growth company ☐

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


Item 2.02			Results of Operations and Financial Condition

On October 28, 2026, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its third quarter 2026 results and the availability of its third 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 9.01			Financial Statements and Exhibits

(d) Exhibits


Exhibit Number						Description of Document
99.1						Press Release dated October 28, 2026
99.2						Third 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: October 28, 2026



			AXIS CAPITAL HOLDINGS LIMITED


			By:			/s/ G. Christina Gray-Trefry
						G. Christina Gray-Trefry
						General Counsel and Secretary


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

AXIS CAPITAL REPORTS THIRD QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $202 MILLION, or $2.75 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $229 MILLION, or $3.12 PER DILUTED COMMON SHARE

For the third quarter of 2026, the Company reports:

•Annualized return on average common equity ("ROACE") of 13.8% and annualized operating ROACE of 15.7%

•Combined ratio of 94.0% and underwriting income of $134 million

•Book value per diluted common share of $79.06

For the nine months ended September 30, 2026, the Company reports:

•Net income available to common shareholders of $699 million, or $9.42 per diluted common share and operating income of $697 million, or $9.39 per diluted common share

•Annualized ROACE and annualized operating ROACE of 16.1%

•Combined ratio of 92.3% and underwriting income of $464 million

•Book value per diluted common share, excluding accumulated other comprehensive income (loss) ("AOCI") of $84.33, an increase of $10.64, or 14.4%, compared to $73.69 at September 30, 2025

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

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

"This was a strong quarter for AXIS, as our team leaned into attractive underwriting opportunities while practicing disciplined cycle management in a transitioning market. Our performance included a 15.7% annualized operating return-on-equity, $3.12 in operating earnings-per-share, and gross premiums rose 11%. Over the past twelve months, AXIS has generated a 14.4% increase in diluted book value per share, ex AOCI.

"Our Insurance business produced a 13% increase in gross premiums with a 92.0% combined ratio and an 87.2% current accident year ex-cat combined ratio. Leveraging our global platform, we drove diversified premium volume with meaningful contributions from our expanded classes and AXIS Capacity Solutions capability. Within AXIS Re, we generated our 11th consecutive profitable quarter.

"As we look ahead to the remainder of this year and to 2027, AXIS is well-positioned. The strength of our balance sheet provides us with the flexibility to make smart investments in our business spanning products, platforms, and talent. We are excited about where AXIS stands today, supported by a clear strategy, balanced and resilient portfolio, enhanced operating model, and deep and capable team."

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 1 -

Third Quarter and Year-to-date Consolidated Results*(1)

•Net income available to common shareholders for the third quarter of 2026 was $202 million, a decrease of $92 million, or 32%, compared to the third quarter of 2025.

•Net income available to common shareholders year-to-date was $699 million, an increase of $3 million, or 0.4%, compared to the nine months ended September 30, 2025.

•Operating income(2) for the third quarter of 2026 was $229 million, a decrease of $26 million, or 10%, compared to the third quarter of 2025.

•Operating income year-to-date was $697 million, a decrease of $78 million, or 10%, compared to the nine months ended September 30, 2025.

•Underwriting income(3) for the third quarter of 2026 was $134 million, a decrease of $55 million, or 29%, compared to the third quarter of 2025.

•Underwriting income year-to-date was $464 million, a decrease of $77 million, or 14%, compared to the nine months ended September 30, 2025.

•Fees related to arrangements with strategic capital partners for the third quarter of 2026 were $23 million, compared to $19 million for the third quarter of 2025. Fees year-to-date were $67 million, compared to $55 million for the nine months ended September 30, 2025.

•Book yield of fixed maturities was 4.9% at September 30, 2026, compared to 4.6% at September 30, 2025. The market yield was 5.8% at September 30, 2026.

•Reorganization expenses for the third quarter were $nil and year-to-date were $29 million, primarily related to initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with transitions in executive leadership.

•Total capital returned to common shareholders was $141 million, including common share repurchases of $109 million pursuant to our Board-authorized share repurchase program, and common share dividends of $32 million in the quarter.

•Book value per diluted common share was $79.06 at September 30, 2026, a decrease of $1.61, or 2.0%, compared to June 30, 2026.

•Book value per diluted common share increased by $5.24, or 7.1%, over the past twelve months, driven by net income, partially offset by common share repurchases, common share dividends of $1.76 per share and net unrealized investment losses.

•Book value per diluted common share, excluding AOCI(4) was $84.33 at September 30, 2026, an increase of $2.20, or 2.7%, compared to $82.13 at June 30, 2026, and an increase of $10.64, or 14.4%, compared to $73.69 at September 30, 2025.

Footnotes referred to above

* Amounts may not reconcile due to rounding differences.

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

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

3 Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to the most comparable GAAP financial measure, net income (loss), and a discussion of the rationale for its presentation is provided later in this press release.

4 Book value per diluted common share, excluding AOCI is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to the most comparable GAAP financial measure, book value per diluted common share, and a discussion of the rationale for its presentation is provided later in this press release.

Footnotes referred to on page 3

5 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.

6 Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio and combined ratio, together with a discussion of the rationale for the presentation of these items, are provided later in this press release.

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

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 2 -

Third Quarter Consolidated Underwriting Highlights


	Three months ended September 30,						Nine months ended September 30,
KEY RATIOS	2026		2025		Change		2026		2025		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses(5) (6)	57.0	%	56.3	%	0.7	pts	56.9	%	56.3	%	0.6	pts
Catastrophe and weather-related losses ratio(5)	4.6	%	3.0	%	1.6	pts	4.4	%	3.1	%	1.3	pts
Current accident year loss ratio(6)	61.6	%	59.3	%	2.3	pts	61.3	%	59.4	%	1.9	pts
Prior year reserve development ratio	(0.9	%)	(1.3	%)	0.4	pts	(1.0	%)	(1.4	%)	0.4	pts
Net losses and loss expenses ratio	60.7	%	58.0	%	2.7	pts	60.3	%	58.0	%	2.3	pts
Acquisition cost ratio	22.5	%	19.7	%	2.8	pts	21.3	%	19.7	%	1.6	pts
General and administrative expense ratio	10.8	%	11.7	%	(0.9	pts)	10.7	%	11.8	%	(1.1	pts)
Combined ratio	94.0	%	89.4	%	4.6	pts	92.3	%	89.5	%	2.8	pts

Current accident year combined ratio(6)	94.9	%	90.7	%	4.2	pts	93.3	%	90.9	%	2.4	pts


Current accident year combined ratio, excluding catastrophe and weather-related losses(6)	90.3	%	87.7	%	2.6	pts	88.9	%	87.8	%	1.1	pts

Three months ended September 30, 2026

•Gross premiums written increased by $234 million, or 11%, to $2.4 billion with an increase of $217 million, or 13% in the insurance segment, and an increase of $17 million, or 4% in the reinsurance segment.

•Net premiums written increased by $132 million, or 10%, to $1.5 billion with an increase of $144 million, or 13% in the insurance segment, partially offset by a decrease of $12 million, or 5% in the reinsurance segment.

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $75 million ($57 million after-tax) (Insurance: $75 million; Reinsurance: $nil), or 4.6 points, including $44 million or 2.7 points attributable to the Middle East conflict and the Russia-Ukraine war. The remaining losses of $31 million or 1.9 points were attributable to weather-related events.

•Net favorable prior year reserve development was $15 million (Insurance: $12 million; Reinsurance: $3 million), compared to $19 million in 2025.

•The acquisition cost ratio increased by 2.8 points primarily related to new property and professional lines business associated with our AXIS Capacity Solutions ("ACS") capability, and a greater mix of short-tail lines, including marine war business, which have relatively higher acquisition cost ratios.

Nine months ended September 30, 2026

•Gross premiums written increased by $689 million, or 9% ($621 million, or 8%, on a constant currency basis(7)), to $8.1 billion with an increase of $841 million, or 16% in the insurance segment, partially offset by a decrease of $151 million, or 7% in the reinsurance segment.

•Net premiums written increased by $259 million, or 5% ($195 million, or 4%, on a constant currency basis), to $5.0 billion with an increase of $473 million, or 14% in the insurance segment, partially offset by a decrease of $214 million, or 16% in the reinsurance segment.

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $203 million ($159 million after-tax) (Insurance: $200 million; Reinsurance: $3 million), or 4.4 points, including natural catastrophe losses of $112 million or 2.4 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $90 million or 2.0 points were attributable to the Middle East conflict and the Russia-Ukraine war.

•Net favorable prior year reserve development was $48 million (Insurance: $39 million; Reinsurance: $9 million), compared to $57 million in 2025.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 3 -

Segment Highlights

Insurance Segment


	Three months ended September 30,								Nine months ended September 30,
($ in thousands)	2026			2025			Change		2026			2025			Change
Gross premiums written	$	1,909,181		$	1,691,882		12.8	%	$	6,121,070		$	5,280,220		15.9	%
Net premiums written	1,228,754			1,084,947			13.3	%	3,893,140			3,420,038			13.8	%
Net premiums earned	1,300,185			1,085,612			19.8	%	3,629,099			3,128,658			16.0	%
Underwriting income	103,939			153,300			(32.2	%)	380,654			439,480			(13.4	%)

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.2		%	52.3		%	1.9	pts	53.9		%	52.3		%	1.6	pts
Catastrophe and weather-related losses ratio	5.7		%	3.9		%	1.8	pts	5.5		%	4.1		%	1.4	pts
Current accident year loss ratio	59.9		%	56.2		%	3.7	pts	59.4		%	56.4		%	3.0	pts
Prior year reserve development ratio	(0.9		%)	(1.3		%)	0.4	pts	(1.1		%)	(1.4		%)	0.3	pts
Net losses and loss expenses ratio	59.0		%	54.9		%	4.1	pts	58.3		%	55.0		%	3.3	pts
Acquisition cost ratio	22.6		%	18.9		%	3.7	pts	20.9		%	19.0		%	1.9	pts
Underwriting-related general and administrative expense ratio	10.4		%	12.1		%	(1.7	pts)	10.3		%	12.0		%	(1.7	pts)
Combined ratio	92.0		%	85.9		%	6.1	pts	89.5		%	86.0		%	3.5	pts

Current accident year combined ratio	92.9		%	87.2		%	5.7	pts	90.6		%	87.4		%	3.2	pts


Current accident year combined ratio, excluding catastrophe and weather-related losses	87.2		%	83.3		%	3.9	pts	85.1		%	83.3		%	1.8	pts

Three months ended September 30, 2026

•Gross premiums written increased by $217 million, or 13%, primarily attributable to marine and aviation lines due to higher premiums mainly related to marine war business, property and professional lines due to new business associated with our ACS capability, and accident and health lines due to higher renewals and new business.

•Net premiums written increased by $144 million, or 13%, reflecting the increase in gross premiums written in the quarter.

•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 1.9 points, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.

•The acquisition cost ratio increased by 3.7 points, primarily related to new property and professional lines business associated with our ACS capability, and a greater mix of short-tail lines, including marine war business, which have relatively higher acquisition cost ratios.

•The underwriting-related general and administrative expense ratio decreased by 1.7 points, mainly driven by an increase in net premiums earned.

Nine months ended September 30, 2026

•Gross premiums written increased by $841 million, or 16% ($810 million, or 15%, on a constant currency basis), attributable to all lines of business.

•Net premiums written increased by $473 million, or 14% ($447 million, or 13%, on a constant currency basis), reflecting the increase in gross premiums written in the year.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 4 -

Reinsurance Segment


	Three months ended September 30,								Nine months ended September 30,
($ in thousands)	2026			2025			Change		2026			2025			Change
Gross premiums written	$	449,462		$	432,302		4.0	%	$	2,003,170		$	2,154,587		(7.0	%)
Net premiums written	255,895			268,042			(4.5	%)	1,104,343			1,318,425			(16.2	%)
Net premiums earned	319,149			366,271			(12.9	%)	989,686			1,057,475			(6.4	%)
Underwriting income	29,761			35,012			(15.0	%)	83,334			101,490			(17.9	%)

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.3		%	67.9		%	0.4	pts	68.1		%	68.1		%	—	pts
Catastrophe and weather-related losses ratio	—		%	0.3		%	(0.3	pts)	0.3		%	0.2		%	0.1	pts
Current accident year loss ratio	68.3		%	68.2		%	0.1	pts	68.4		%	68.3		%	0.1	pts
Prior year reserve development ratio	(0.9		%)	(1.1		%)	0.2	pts	(0.9		%)	(1.2		%)	0.3	pts
Net losses and loss expenses ratio	67.4		%	67.1		%	0.3	pts	67.5		%	67.1		%	0.4	pts
Acquisition cost ratio	22.0		%	21.9		%	0.1	pts	23.1		%	21.9		%	1.2	pts
Underwriting-related general and administrative expense ratio	3.0		%	3.2		%	(0.2	pts)	2.6		%	3.1		%	(0.5	pts)
Combined ratio	92.4		%	92.2		%	0.2	pts	93.2		%	92.1		%	1.1	pts

Current accident year combined ratio	93.3		%	93.3		%	—	pts	94.1		%	93.3		%	0.8	pts

Current accident year combined ratio, excluding catastrophe and weather-related losses	93.3		%	93.0		%	0.3	pts	93.8		%	93.1		%	0.7	pts

Three months ended September 30, 2026

•Gross premiums written increased by $17 million, or 4% ($21 million, or 5%, on a constant currency basis), primarily attributable to a higher level of premiums associated with two contracts in agriculture lines, partially offset by decreased line sizes and non-renewals in liability lines.

•Net premiums written decreased by $12 million, or 5% ($8 million, or 3%, on a constant currency basis), reflecting increased cession rates in liability and motor lines, partially offset by the increase in gross premiums written.

•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 0.4 points, principally due to elevated loss experience associated with employer stop loss business in accident and health lines.

Nine months ended September 30, 2026

•Gross premiums written decreased by $151 million, or 7% ($189 million, or 9%, on a constant currency basis), primarily attributable to non-renewals and decreased line sizes in casualty lines, partially offset by increased line sizes and new business in credit and surety lines, and a higher level of premiums associated with two contracts in agriculture lines.

•Net premiums written decreased by $214 million, or 16% ($252 million, or 19%, on a constant currency basis), reflecting the decrease in gross premiums written in the year, together with increased cession rates in liability, professional lines and motor lines.

•The acquisition cost ratio increased by 1.2 points, primarily related to increased business in credit and surety lines which have relatively higher acquisition cost ratios.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 5 -

Investments


	Three months ended September 30,						Nine months ended September 30,
($ in thousands)	2026			2025			2026			2025
Net investment income	$	211,367		$	184,903		$	577,699		$	579,911
Net investment gains (losses)	(46,506)			30,905			(26,993)			44,365
Change in net unrealized gains (losses) on fixed maturities, pre-tax(8)	(361,016)			46,402			(528,568)			324,219
Interest in income of equity method investments	2,395			2,083			8,133			3,669
Total	$	(193,760)		$	264,293		$	30,271		$	952,164

Average cash and investments(9)	$	17,959,385		$	16,581,947		$	17,632,100		$	17,039,182

Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements	(1.1		%)	1.6		%	0.2		%	5.6		%
Excluding investment related foreign exchange movements(10)	(1.1		%)	1.7		%	0.3		%	4.8		%

•Net investment income increased by $26 million, or 14%, compared to the third quarter of 2025, primarily attributable to higher income from fixed maturities attributable to an increase in average fixed maturity assets and an increase in yields on the portfolio.

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

•Change in net unrealized gains (losses) on fixed maturities, pre-tax of $(361) million ($(358) 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, compared to change in net unrealized gains (losses), pre-tax of $46 million recognized during the third quarter of 2025.

•Book yield of fixed maturities was 4.9% at September 30, 2026, compared to 4.6% at September 30, 2025. The market yield was 5.8% at September 30, 2026.

8 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.

9 The average cash and investments balance is the average of the monthly fair value balances.

10 Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(3) million and $(15) million for the three months ended September 30, 2026 and 2025, respectively and foreign exchange (losses) gains of $(30) million and $129 million for the nine months ended September 30, 2026 and 2025, respectively.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 6 -

Conference Call

We will host our third quarter earnings conference call on Thursday, October 29, 2026 at 8:30 a.m. (ET). The earnings conference call can be accessed by dialing 1-877-883-0383 (U.S. and Canada callers),or 1-412-902-6506 (international callers), and entering the passcode 2021134. 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 6252361. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended September 30, 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 $6.3 billion at September 30, 2026, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 7 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025



	2026		2025

	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	13,691,574	$	13,018,027
Fixed maturities, held to maturity, at amortized cost	448,228		397,430
Equity securities, at fair value	721,104		707,569
Mortgage loans, held for investment, at fair value	316,834		356,840
Other investments, at fair value	1,050,776		1,027,798
Equity method investments	209,084		227,181
Short-term investments, at fair value	1,736		20,298
Total investments	16,439,336		15,755,143
Cash and cash equivalents	1,037,878		820,252
Restricted cash and cash equivalents	510,570		500,933
Accrued interest receivable	129,601		116,252
Insurance and reinsurance premium balances receivable	3,672,159		3,244,661
Reinsurance recoverable on unpaid losses and loss expenses	9,020,632		8,951,763
Reinsurance recoverable on paid losses and loss expenses	603,475		673,765
Deferred acquisition costs	906,779		801,778
Prepaid reinsurance premiums	2,534,227		2,139,294
Receivable for investments sold	50,997		12,806
Goodwill	66,498		66,498
Intangible assets	155,533		166,050

Operating lease right-of-use assets	90,194		93,900
Loan advances made	314,257		231,542
Other assets	948,930		887,289
Total assets	$	36,481,066	$	34,461,926

Liabilities
Reserve for losses and loss expenses	$	18,985,497	$	18,122,256
Unearned premiums	6,599,511		5,825,698
Insurance and reinsurance balances payable	2,375,395		1,882,021
Debt	1,317,905		1,316,710
Federal Home Loan Bank advances	50,130		66,380
Payable for investments purchased	133,120		36,982
Operating lease liabilities	105,653		110,095
Other liabilities	614,400		745,349
Total liabilities	30,181,611		28,105,491

Shareholders' equity
Preferred shares	550,000		550,000
Common shares	2,206		2,206
Additional paid-in capital	2,411,713		2,405,792
Accumulated other comprehensive income (loss)	(383,879)		28,431
Retained earnings	8,782,490		8,181,699
Treasury shares, at cost	(5,063,075)		(4,811,693)
Total shareholders' equity	6,299,455		6,356,435



Total liabilities and shareholders' equity	$	36,481,066	$	34,461,926

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 8 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025



		Three months ended				Nine months ended
		2026		2025		2026		2025

		(in thousands, except per share amounts)
Revenues
	Net premiums earned	$	1,619,334	$	1,451,883	$	4,618,785	$	4,186,133
	Net investment income	211,367		184,903		577,699		579,911
	Net investment gains (losses)	(46,506)		30,905		(26,993)		44,365
	Other insurance related income	5,738		6,593		16,988		18,835
	Total revenues	1,789,933		1,674,284		5,186,479		4,829,244

Expenses
	Net losses and loss expenses	982,590		841,435		2,783,003		2,429,114
	Acquisition costs	364,301		285,618		984,825		826,094
	General and administrative expenses	174,570		171,637		497,616		491,878
	Foreign exchange losses (gains)	(10,041)		(13,492)		(48,580)		138,428
	Interest expense and financing costs	16,680		16,657		49,945		49,816
	Reorganization expenses	—		—		28,715		—

	Amortization of intangible assets	5,726		2,396		10,518		7,521
	Total expenses	1,533,826		1,304,251		4,306,042		3,942,851

Income before income taxes and interest in income of equity method investments		256,107		370,033		880,437		886,393
	Income tax expense	(49,424)		(70,252)		(166,635)		(170,773)
	Interest in income of equity method investments	2,395		2,083		8,133		3,669
Net income		209,078		301,864		721,935		719,289


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

Net income available to common shareholders		$	201,515	$	294,301	$	699,247	$	696,601

Per share data
Earnings per common share:
Earnings per common share		$	2.77	$	3.79	$	9.52	$	8.81
Earnings per diluted common share		$	2.75	$	3.74	$	9.42	$	8.70
Weighted average common shares outstanding		72,671		77,619		73,433		79,037
Weighted average diluted common shares outstanding		73,373		78,601		74,238		80,090
Cash dividends declared per common share		$	0.44	$	0.44	$	1.32	$	1.32

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 SEPTEMBER 30, 2026 AND 2025



	2026									2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	1,909,181		$	449,462		$	2,358,643		$	1,691,882		$	432,302		$	2,124,184
Net premiums written	1,228,754			255,895			1,484,649			1,084,947			268,042			1,352,989
Net premiums earned	1,300,185			319,149			1,619,334			1,085,612			366,271			1,451,883
Other insurance related income	319			5,420			5,738			261			6,332			6,593
Current accident year net losses and loss expenses	(779,429)			(218,004)			(997,433)			(610,650)			(249,731)			(860,381)
Net favorable prior year reserve development	11,845			2,998			14,843			14,843			4,103			18,946
Acquisition costs	(294,087)			(70,214)			(364,301)			(205,440)			(80,178)			(285,618)
Underwriting-related general and
administrative expenses(11)	(134,894)			(9,588)			(144,482)			(131,326)			(11,785)			(143,111)
Underwriting income	$	103,939		$	29,761		133,699			$	153,300		$	35,012		188,312

Net investment income							211,367									184,903
Net investment gains (losses)							(46,506)									30,905
Corporate expenses(11)							(30,088)									(28,526)
Foreign exchange gains							10,041									13,492
Interest expense and financing costs							(16,680)									(16,657)


Amortization of intangible assets							(5,726)									(2,396)
Income before income taxes and interest in income of equity method investments							256,107									370,033
Income tax expense							(49,424)									(70,252)
Interest in income of equity method investments							2,395									2,083
Net income							209,078									301,864
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	201,515								$	294,301

Current accident year loss ratio	59.9		%	68.3		%	61.6		%	56.2		%	68.2		%	59.3		%
Prior year reserve development ratio	(0.9		%)	(0.9		%)	(0.9		%)	(1.3		%)	(1.1		%)	(1.3		%)
Net losses and loss expenses ratio	59.0		%	67.4		%	60.7		%	54.9		%	67.1		%	58.0		%
Acquisition cost ratio	22.6		%	22.0		%	22.5		%	18.9		%	21.9		%	19.7		%
Underwriting-related general and administrative expense ratio	10.4		%	3.0		%	8.9		%	12.1		%	3.2		%	9.7		%
Corporate expense ratio							1.9		%							2.0		%
Combined ratio	92.0		%	92.4		%	94.0		%	85.9		%	92.2		%	89.4		%

11 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 $30 million and $29 million for the three months ended September 30, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 10 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025



	2026									2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	6,121,070		$	2,003,170		$	8,124,240		$	5,280,220		$	2,154,587		$	7,434,807
Net premiums written	3,893,140			1,104,343			4,997,483			3,420,038			1,318,425			4,738,463
Net premiums earned	3,629,099			989,686			4,618,785			3,128,658			1,057,475			4,186,133
Other insurance related income	955			16,033			16,988			424			18,411			18,835
Current accident year net losses and loss expenses	(2,154,209)			(676,535)			(2,830,744)			(1,763,702)			(722,524)			(2,486,226)
Net favorable prior year reserve development	38,755			8,986			47,741			44,036			13,076			57,112
Acquisition costs	(756,679)			(228,146)			(984,825)			(594,372)			(231,722)			(826,094)
Underwriting-related general and
administrative expenses(12)	(377,267)			(26,690)			(403,957)			(375,564)			(33,226)			(408,790)
Underwriting income	$	380,654		$	83,334		463,988			$	439,480		$	101,490		540,970

Net investment income							577,699									579,911
Net investment gains (losses)							(26,993)									44,365
Corporate expenses(12)							(93,659)									(83,088)
Foreign exchange (losses) gains							48,580									(138,428)
Interest expense and financing costs							(49,945)									(49,816)
Reorganization expenses							(28,715)									—

Amortization of intangible assets							(10,518)									(7,521)
Income before income taxes and interest in income of equity method investments							880,437									886,393
Income tax expense							(166,635)									(170,773)
Interest in income of equity method investments							8,133									3,669
Net Income							721,935									719,289
Preferred share dividends							22,688									22,688
Net income available to common shareholders							$	699,247								$	696,601

Current accident year loss ratio	59.4		%	68.4		%	61.3		%	56.4		%	68.3		%	59.4		%
Prior year reserve development ratio	(1.1		%)	(0.9		%)	(1.0		%)	(1.4		%)	(1.2		%)	(1.4		%)
Net losses and loss expenses ratio	58.3		%	67.5		%	60.3		%	55.0		%	67.1		%	58.0		%
Acquisition cost ratio	20.9		%	23.1		%	21.3		%	19.0		%	21.9		%	19.7		%

Underwriting-related general and administrative expense ratio	10.3		%	2.6		%	8.7		%	12.0		%	3.1		%	9.8		%
Corporate expense ratio							2.0		%							2.0		%
Combined ratio	89.5		%	93.2		%	92.3		%	86.0		%	92.1		%	89.5		%

12Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $94 million and $83 million for the nine months ended September 30, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 11 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025



	Three months ended						Nine months ended
	2026			2025			2026			2025
	(in thousands, except per share amounts)

Net income available to common shareholders	$	201,515		$	294,301		$	699,247		$	696,601
Net investment (gains) losses	46,506			(30,905)			26,993			(44,365)
Foreign exchange losses (gains)	(10,041)			(13,492)			(48,580)			138,428
Reorganization expenses	—			—			28,715			—
Interest in income of equity method investments	(2,395)			(2,083)			(8,133)			(3,669)

Income tax expense (benefit) (13)	(6,382)			7,454			(1,503)			(12,330)
Operating income	$	229,203		$	255,275		$	696,739		$	774,665

Earnings per diluted common share	$	2.75		$	3.74		$	9.42		$	8.70
Net investment (gains) losses	0.63			(0.39)			0.36			(0.55)
Foreign exchange losses (gains)	(0.14)			(0.17)			(0.65)			1.73
Reorganization expenses	—			—			0.39			—
Interest in income of equity method investments	(0.03)			(0.03)			(0.11)			(0.05)

Income tax expense (benefit)	(0.09)			0.10			(0.02)			(0.16)
Operating income per diluted common share	$	3.12		$	3.25		$	9.39		$	9.67

Weighted average diluted common shares outstanding	73,373			78,601			74,238			80,090

Average common shareholders' equity	$	5,851,333		$	5,720,704		$	5,777,945		$	5,678,194

Annualized return on average common equity	13.8		%	20.6		%	16.1		%	16.4		%

Annualized operating return on average common equity(14)	15.7		%	17.8		%	16.1		%	18.2		%

13 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.

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

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 12 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

BOOK VALUE PER DILUTED COMMON SHARE, EXCLUDING

ACCUMULATED OTHER COMPREHENSIVE (INCOME) LOSS ("AOCI")

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025



	Three months ended
	2026		2025







Common shareholders' equity	$	5,749,455	$	5,817,009
Less: AOCI	383,879		(10,169)
Common shareholders' equity, excluding AOCI	$	6,133,334	$	5,806,840

Diluted common shares outstanding	72,727		78,796

Book value per diluted common share	$	79.06	$	73.82

Book value per diluted common share, excluding AOCI	$	84.33	$	73.69

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 13 -

Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements made in this press release, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the impact of 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 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

- 14 -

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, pre-tax, total return on average cash and investments excluding foreign exchange movements, and book value per diluted common share, excluding AOCI which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses

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

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

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

- 15 -

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 initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with 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

- 16 -

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

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

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 17 -

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.

Book value per diluted common share, excluding AOCI

Book value per diluted common share, excluding AOCI represents common shareholders' equity exclusive of AOCI. We present book value per diluted common share, excluding AOCI calculated under the treasury stock method. We believe this measure is useful as AOCI may fluctuate significantly between periods based on movements in interest and foreign currency rates. A reconciliation of book value per diluted common share, excluding AOCI to book value per diluted common share, the most comparable GAAP financial measure is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this press release.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 18 -

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2026

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.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS


			Page(s)
Basis of Presentation			1
I. Financial Highlights			2
II. Income Statements
a. Consolidated Statement of Operations and Key Ratios			3 - 4
b. Consolidated Data			5
c. Consolidated Segment Data			6
d .Gross Premiums Written by Segment by Line of Business			7

e. Segment Data			8 - 9
f. Net Investment Income			10
III. Balance Sheets
a. Consolidated Balance Sheets			11
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio			12
• Cash and Invested Assets Composition			13

IV. Losses Reserve Analysis
a. Paid to Incurred Analysis			14
b. Paid to Incurred Analysis by Segment			15
V. Share Analysis

a. Book Value Per Diluted Common Share, Tangible Book Value Per Diluted Common Share and Book Value Per Diluted Common Share, Excluding Accumulated Other Comprehensive Income (Loss) ("AOCI ")			16
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity			17
b. Rationale for the Use of Non-GAAP Financial Measures			18 - 20

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

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

DEFINITIONS AND PRESENTATION

•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2025 and consolidated statement of operations for the year ended December 31, 2025.

•Amounts may not reconcile due to rounding differences.

•Unless otherwise noted, all data is in thousands, except for ratio information.

•NM - Not meaningful is defined as a variance greater than +/- 100%; NA - Not applicable

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

Forward-looking statements made in this document, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the impact of 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:

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.

Taxation Risk: changes in tax laws.

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended September 30,									Nine months ended September 30,
		2026			2025			Change			2026			2025			Change

HIGHLIGHTS	Gross premiums written	$	2,358,643		$	2,124,184		11.0	%		$	8,124,240		$	7,434,807		9.3	%
	Gross premiums written - Insurance	80.9		%	79.6		%	1.3		pts	75.3		%	71.0		%	4.3		pts
	Gross premiums written - Reinsurance	19.1		%	20.4		%	(1.3)		pts	24.7		%	29.0		%	(4.3)		pts
	Net premiums written	$	1,484,649		$	1,352,989		9.7	%		$	4,997,483		$	4,738,463		5.5	%
	Net premiums earned	$	1,619,334		$	1,451,883		11.5	%		$	4,618,785		$	4,186,133		10.3	%
	Net premiums earned - Insurance	80.3		%	74.8		%	5.5		pts	78.6		%	74.7		%	3.9		pts
	Net premiums earned - Reinsurance	19.7		%	25.2		%	(5.5)		pts	21.4		%	25.3		%	(3.9)		pts
	Net income available to common shareholders	$	201,515		$	294,301		(31.5	%)		$	699,247		$	696,601		0.4	%
	Operating income [a]	$	229,203		$	255,275		(10.2	%)		$	696,739		$	774,665		(10.1	%)
	Annualized return on average common equity [b]	13.8		%	20.6		%	(6.8)		pts	16.1		%	16.4		%	(0.3)		pts
	Annualized operating return on average common equity [c]	15.7		%	17.8		%	(2.1)		pts	16.1		%	18.2		%	(2.1)		pts
	Total common shareholders’ equity	$	5,749,455		$	5,817,009		(1.2	%)		$	5,749,455		$	5,817,009		(1.2	%)


PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$2.75			$3.74			(26.5	%)		$9.42			$8.70			8.3	%
	Operating income per diluted common share [d]	$3.12			$3.25			(4.0	%)		$9.39			$9.67			(2.9	%)
	Weighted average diluted common shares outstanding	73,373			78,601			(6.7	%)		74,238			80,090			(7.3	%)
	Book value per common share	$79.76			$75.51			5.6	%		$79.76			$75.51			5.6	%
	Book value per diluted common share (treasury stock method)	$79.06			$73.82			7.1	%		$79.06			$73.82			7.1	%
	Tangible book value per diluted common share (treasury stock method) [a]	$76.59			$71.42			7.2	%		$76.59			$71.42			7.2	%
	Book value per diluted common share, excluding accumulated other comprehensive income (loss) ("AOCI") [a]	$84.33			$73.69			14.4	%		$84.33			$73.69			14.4	%


FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses [a], [e]	57.0		%	56.3		%	0.7		pts	56.9		%	56.3		%	0.6		pts
	Catastrophe and weather-related losses ratio [a]	4.6		%	3.0		%	1.6		pts	4.4		%	3.1		%	1.3		pts
	Current accident year loss ratio [a]	61.6		%	59.3		%	2.3		pts	61.3		%	59.4		%	1.9		pts
	Prior year reserve development ratio	(0.9		%)	(1.3		%)	0.4		pts	(1.0		%)	(1.4		%)	0.4		pts
	Net losses and loss expenses ratio	60.7		%	58.0		%	2.7		pts	60.3		%	58.0		%	2.3		pts
	Acquisition cost ratio	22.5		%	19.7		%	2.8		pts	21.3		%	19.7		%	1.6		pts
	General and administrative expense ratio [f]	10.8		%	11.7		%	(0.9)		pts	10.7		%	11.8		%	(1.1)		pts
	Combined ratio	94.0		%	89.4		%	4.6		pts	92.3		%	89.5		%	2.8		pts


INVESTMENT DATA	Total assets	$	36,481,066		$	34,517,632		5.7	%		$	36,481,066		$	34,517,632		5.7	%
	Total cash and invested assets [g]	$	18,035,262		$	16,840,396		7.1	%		$	18,035,262		$	16,840,396		7.1	%
	Net investment income	$	211,367		$	184,903		14.3	%		$	577,699		$	579,911		(0.4	%)
	Net investment gains (losses)	$	(46,506)		$	30,905		nm			$	(26,993)		$	44,365		nm
	Book yield of fixed maturities	4.9		%	4.6		%	0.3		pts	4.9		%	4.6		%	0.3		pts

*nm - not meaningful

[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, tangible book value per diluted common share, and book value per diluted common share, excluding AOCI 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).

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY



	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
REVENUES






Net premiums earned	$	1,619,334		$	1,518,984		$	1,480,466		$	1,528,475		$	1,451,883
Net investment income	211,367			181,594			184,740			186,992			184,903
Net investment gains (losses)	(46,506)			46,735			(27,224)			14,584			30,905
Other insurance related income	5,738			5,601			5,649			4,383			6,593
Total revenues	1,789,933			1,752,914			1,643,631			1,734,434			1,674,284

EXPENSES
Net losses and loss expenses	982,590			933,130			867,283			859,427			841,435
Acquisition costs	364,301			316,268			304,255			310,375			285,618
General and administrative expenses	174,570			164,889			158,156			212,054			171,637
Foreign exchange losses (gains)	(10,041)			(2,344)			(36,196)			3,555			(13,492)
Interest expense and financing costs	16,680			16,838			16,426			16,844			16,657
Reorganization expenses	—			5,546			23,168			—			—
Amortization of intangible assets	5,726			2,396			2,396			2,396			2,396
Total expenses	1,533,826			1,436,723			1,335,488			1,404,651			1,304,251

















INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	256,107			316,191			308,143			329,783			370,033
Income tax expense	(49,424)			(61,404)			(55,806)			(45,959)			(70,252)
Interest in income of equity method investments	2,395			3,308			2,430			5,783			2,083
NET INCOME	209,078			258,095			254,767			289,607			301,864
Preferred share dividends	7,563			7,563			7,563			7,563			7,563
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	201,515		$	250,532		$	247,204		$	282,044		$	294,301

KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding	72,671			73,549			74,095			75,686			77,619
Dilutive share equivalents:
Share-based compensation plans	702			654			1,058			1,139			982
Weighted average diluted common shares outstanding	73,373			74,203			75,153			76,825			78,601

Earnings per common share	$	2.77		$	3.41		$	3.34		$	3.73		$	3.79
Earnings per diluted common share	$	2.75		$	3.38		$	3.29		$	3.67		$	3.74

Annualized ROACE	13.8		%	17.0		%	17.0		%	19.4		%	20.6		%
Annualized operating ROACE	15.7		%	14.3		%	17.7		%	17.2		%	17.8		%

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025


			Nine months ended September 30,
			2026					2025

REVENUES
Net premiums earned	$	4,618,785				$	4,186,133
Net investment income	577,699					579,911
Net investment gains (losses)	(26,993)					44,365
Other insurance related income	16,988					18,835
Total revenues			5,186,479					4,829,244

EXPENSES
Net losses and loss expenses	2,783,003					2,429,114
Acquisition costs	984,825					826,094
General and administrative expenses	497,616					491,878
Foreign exchange losses (gains)	(48,580)					138,428
Interest expense and financing costs	49,945					49,816
Reorganization expenses	28,715					—
Amortization of intangible assets	10,518					7,521
Total expenses			4,306,042					3,942,851

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS			880,437					886,393
Income tax expense	(166,635)					(170,773)
Interest in income of equity method investments	8,133					3,669
NET INCOME			721,935					719,289
Preferred share dividends	22,688					22,688
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			$	699,247				$	696,601

KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding			73,433					79,037
Dilutive share equivalents:
Share-based compensation plans			805					1,053
Weighted average diluted common shares outstanding			74,238					80,090

Earnings per common share			$9.52					$8.81
Earnings per diluted common share			$9.42					$8.70

Annualized ROACE			16.1		%			16.4		%
Annualized operating ROACE			16.1		%			18.2		%

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


											Nine months ended September 30,				Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		2026		2025		2025
UNDERWRITING REVENUES
Gross premiums written	$	2,358,643	$	2,667,631	$	3,097,967	$	2,209,707	$	2,124,184	$	8,124,240	$	7,434,807	$	9,644,514
Ceded premiums written	(873,994)		(1,061,833)		(1,190,931)		(826,514)		(771,195)		(3,126,757)		(2,696,344)		(3,522,858)
Net premiums written	1,484,649		1,605,798		1,907,036		1,383,193		1,352,989		4,997,483		4,738,463		6,121,656

Gross premiums earned	2,566,454		2,420,835		2,357,298		2,381,138		2,280,608		7,344,586		6,657,023		9,038,161
Ceded premiums earned	(947,120)		(901,851)		(876,832)		(852,663)		(828,725)		(2,725,801)		(2,470,890)		(3,323,552)
Net premiums earned	1,619,334		1,518,984		1,480,466		1,528,475		1,451,883		4,618,785		4,186,133		5,714,609
Other insurance related income	5,738		5,601		5,649		4,383		6,593		16,988		18,835		23,216
Total underwriting revenues	1,625,072		1,524,585		1,486,115		1,532,858		1,458,476		4,635,773		4,204,968		5,737,825

UNDERWRITING EXPENSES
Net losses and loss expenses	982,590		933,130		867,283		859,427		841,435		2,783,003		2,429,114		3,288,541
Acquisition costs	364,301		316,268		304,255		310,375		285,618		984,825		826,094		1,136,469
Underwriting-related general and administrative expenses [a]	144,482		132,260		127,214		178,879		143,111		403,957		408,790		587,669
Total underwriting expenses	1,491,373		1,381,658		1,298,752		1,348,681		1,270,164		4,171,785		3,663,998		5,012,679
UNDERWRITING INCOME [b]	$	133,699	$	142,927	$	187,363	$	184,177	$	188,312	$	463,988	$	540,970	$	725,146

OTHER (EXPENSES) REVENUES
Net investment income	211,367		181,594		184,740		186,992		184,903		577,699		579,911		766,903
Net investment gains (losses)	(46,506)		46,735		(27,224)		14,584		30,905		(26,993)		44,365		58,950
Corporate expenses [a]	(30,088)		(32,629)		(30,942)		(33,175)		(28,526)		(93,659)		(83,088)		(116,262)
Foreign exchange (losses) gains	10,041		2,344		36,196		(3,555)		13,492		48,580		(138,428)		(141,983)
Interest expense and financing costs	(16,680)		(16,838)		(16,426)		(16,844)		(16,657)		(49,945)		(49,816)		(66,659)
Reorganization expenses	—		(5,546)		(23,168)		—		—		(28,715)		—		—
Amortization of intangible assets	(5,726)		(2,396)		(2,396)		(2,396)		(2,396)		(10,518)		(7,521)		(9,917)
Total other (expenses) revenues	122,408		173,264		120,780		145,606		181,721		416,449		345,423		491,032
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	256,107		316,191		308,143		329,783		370,033		880,437		886,393		1,216,178
Income tax expense	(49,424)		(61,404)		(55,806)		(45,959)		(70,252)		(166,635)		(170,773)		(216,732)
Interest in income of equity method investments	2,395		3,308		2,430		5,783		2,083		8,133		3,669		9,452
NET INCOME	209,078		258,095		254,767		289,607		301,864		721,935		719,289		1,008,898
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(22,688)		(22,688)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	201,515	$	250,532	$	247,204	$	282,044	$	294,301	$	699,247	$	696,601	$	978,648

Catastrophe and weather-related losses, net of reinstatement premiums	$	74,508	$	80,334	$	47,800	$	29,855	$	43,659	$	202,641	$	129,355	$	159,210
Net favorable prior year reserve development	$	14,843	$	14,836	$	18,062	$	29,852	$	18,946	$	47,741	$	57,112	$	86,963

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	57.0%		57.1%		56.6%		56.2%		56.3%		56.9%		56.3%		56.3%
Catastrophe and weather-related losses ratio	4.6%		5.3%		3.2%		2.0%		3.0%		4.4%		3.1%		2.8%
Current accident year loss ratio	61.6%		62.4%		59.8%		58.2%		59.3%		61.3%		59.4%		59.1%
Prior year reserve development ratio	(0.9%)		(1.0%)		(1.2%)		(2.0%)		(1.3%)		(1.0%)		(1.4%)		(1.6%)
Net losses and loss expenses ratio	60.7%		61.4%		58.6%		56.2%		58.0%		60.3%		58.0%		57.5%
Acquisition cost ratio	22.5%		20.8%		20.5%		20.3%		19.7%		21.3%		19.7%		19.9%
General and administrative expenses ratio [c]	10.8%		10.9%		10.7%		13.9%		11.7%		10.7%		11.8%		12.4%
Combined ratio	94.0%		93.1%		89.8%		90.4%		89.4%		92.3%		89.5%		89.8%

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Three months ended September 30, 2026									Nine months ended September 30, 2026
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,909,181		$	449,462		$	2,358,643		$	6,121,070		$	2,003,170		$	8,124,240
Ceded premiums written	(680,427)			(193,567)			(873,994)			(2,227,930)			(898,827)			(3,126,757)
Net premiums written	1,228,754			255,895			1,484,649			3,893,140			1,104,343			4,997,483

Gross premiums earned	2,013,223			553,231			2,566,454			5,637,579			1,707,007			7,344,586
Ceded premiums earned	(713,038)			(234,082)			(947,120)			(2,008,480)			(717,321)			(2,725,801)
Net premiums earned	1,300,185			319,149			1,619,334			3,629,099			989,686			4,618,785
Other insurance related income	319			5,420			5,738			955			16,033			16,988
Total underwriting revenues	1,300,504			324,569			1,625,072			3,630,054			1,005,719			4,635,773

UNDERWRITING EXPENSES
Net losses and loss expenses	767,584			215,006			982,590			2,115,454			667,549			2,783,003
Acquisition costs	294,087			70,214			364,301			756,679			228,146			984,825
Underwriting-related general and administrative expenses	134,894			9,588			144,482			377,267			26,690			403,957
Total underwriting expenses	1,196,565			294,808			1,491,373			3,249,400			922,385			4,171,785

UNDERWRITING INCOME	$	103,939		$	29,761		$	133,699		$	380,654		$	83,334		$	463,988

Catastrophe and weather-related losses, net of reinstatement premiums	$	74,508		$	—		$	74,508		$	199,916		$	2,725		$	202,641
Net favorable prior year reserve development	$	11,845		$	2,998		$	14,843		$	38,755		$	8,986		$	47,741

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.2		%	68.3		%	57.0		%	53.9		%	68.1		%	56.9		%
Catastrophe and weather-related losses ratio	5.7		%	—		%	4.6		%	5.5		%	0.3		%	4.4		%
Current accident year loss ratio	59.9		%	68.3		%	61.6		%	59.4		%	68.4		%	61.3		%
Prior year reserve development ratio	(0.9		%)	(0.9		%)	(0.9		%)	(1.1		%)	(0.9		%)	(1.0		%)
Net losses and loss expenses ratio	59.0		%	67.4		%	60.7		%	58.3		%	67.5		%	60.3		%
Acquisition cost ratio	22.6		%	22.0		%	22.5		%	20.9		%	23.1		%	21.3		%
Underwriting-related general and administrative expense ratio	10.4		%	3.0		%	8.9		%	10.3		%	2.6		%	8.7		%
Corporate expense ratio							1.9		%							2.0		%
Combined ratio	92.0		%	92.4		%	94.0		%	89.5		%	93.2		%	92.3		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


											Nine months ended September 30,				Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		2026		2025			2025

INSURANCE SEGMENT
Property	$	521,142	$	778,343	$	613,480	$	557,230	$	468,098	$	1,912,964	$	1,608,992		$	2,166,222
Professional Lines	391,106		397,536		345,381		404,835		337,888		1,134,024		938,417			1,343,252
Liability	340,243		394,168		337,674		351,489		345,455		1,072,084		1,014,756			1,366,245
Cyber	110,528		130,381		119,999		119,693		103,404		360,908		353,911			473,604
Marine and Aviation	255,277		276,473		294,960		198,739		190,321		826,710		681,865			880,604
Accident and Health	194,654		147,342		171,365		151,078		161,470		513,362		413,296			564,374
Credit and Political Risk	96,231		103,904		100,883		115,922		85,246		301,018		268,983			384,905
TOTAL INSURANCE SEGMENT	$	1,909,181	$	2,228,147	$	1,983,742	$	1,898,986	$	1,691,882	$	6,121,070	$	5,280,220		$	7,179,206

REINSURANCE SEGMENT
Liability	$	116,356	$	108,262	$	163,106	$	91,530	$	154,460	$	387,724	$	576,096		$	667,626
Professional Lines	24,781		87,417		177,953		16,403		38,567		290,151		398,863			415,266
Motor	49,510		19,453		87,312		70,332		47,303		156,276		197,749			268,080
Accident and Health	34,201		25,609		296,290		44,275		18,192		356,101		321,884			366,159
Credit and Surety	101,675		119,947		308,973		80,634		108,505		530,595		429,460			510,094
Agriculture	112,301		56,396		52,715		1,290		55,704		221,412		159,860			161,151
Marine and Aviation	8,021		20,687		25,978		3,903		8,602		54,683		60,968			64,870






Run-off lines [a]	2,617		1,713		1,898		2,354		969		6,228		9,707			12,062
TOTAL REINSURANCE SEGMENT	$	449,462	$	439,484	$	1,114,225	$	310,721	$	432,302	$	2,003,170	$	2,154,587		$	2,465,308

CONSOLIDATED TOTAL	$	2,358,643	$	2,667,631	$	3,097,967	$	2,209,707	$	2,124,184	$	8,124,240	$	7,434,807		$	9,644,514

[a] Run-off lines include the catastrophe, property, and engineering lines of business.

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA


																Nine months ended September 30,						Year ended December 31,
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025			2026			2025				2025
UNDERWRITING REVENUES
Gross premiums written	$	1,909,181		$	2,228,147		$	1,983,742		$	1,898,986		$	1,691,882		$	6,121,070		$	5,280,220			$	7,179,206
Ceded premiums written	(680,427)			(856,838)			(690,665)			(691,799)			(606,935)			(2,227,930)			(1,860,182)				(2,551,982)
Net premiums written	1,228,754			1,371,309			1,293,077			1,207,187			1,084,947			3,893,140			3,420,038				4,627,224

Gross premiums earned	2,013,223			1,849,390			1,774,966			1,787,562			1,690,735			5,637,579			4,922,681				6,710,242
Ceded premiums earned	(713,038)			(662,230)			(633,213)			(624,736)			(605,123)			(2,008,480)			(1,794,023)				(2,418,757)
Net premiums earned	1,300,185			1,187,160			1,141,753			1,162,826			1,085,612			3,629,099			3,128,658				4,291,485
Other insurance related income	319			266			370			254			261			955			424				677
Total underwriting revenues	1,300,504			1,187,426			1,142,123			1,163,080			1,085,873			3,630,054			3,129,082				4,292,162

UNDERWRITING EXPENSES
Net losses and loss expenses	767,584			706,882			640,988			617,562			595,807			2,115,454			1,719,666				2,337,227
Acquisition costs	294,087			238,823			223,769			225,952			205,440			756,679			594,372				820,324
Underwriting-related general and administrative expenses	134,894			122,359			120,013			161,994			131,326			377,267			375,564				537,558
Total underwriting expenses	1,196,565			1,068,064			984,770			1,005,508			932,573			3,249,400			2,689,602				3,695,109

UNDERWRITING INCOME	$	103,939		$	119,362		$	157,353		$	157,572		$	153,300		$	380,654		$	439,480			$	597,053

Catastrophe and weather-related losses, net of reinstatement premiums	$	74,508		$	77,676		$	47,732		$	29,755		$	42,689		$	199,916		$	126,659			$	156,414
Net favorable prior year reserve development	$	11,845		$	11,852		$	15,059		$	22,939		$	14,843		$	38,755		$	44,036			$	66,975

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.2		%	54.0		%	53.3		%	52.5		%	52.3		%	53.9		%	52.3		%		52.4		%
Catastrophe and weather-related losses ratio	5.7		%	6.5		%	4.2		%	2.6		%	3.9		%	5.5		%	4.1		%		3.6		%
Current accident year loss ratio	59.9		%	60.5		%	57.5		%	55.1		%	56.2		%	59.4		%	56.4		%		56.0		%
Prior year reserve development ratio	(0.9		%)	(1.0		%)	(1.4		%)	(2.0		%)	(1.3		%)	(1.1		%)	(1.4		%)		(1.5		%)
Net losses and loss expenses ratio	59.0		%	59.5		%	56.1		%	53.1		%	54.9		%	58.3		%	55.0		%		54.5		%
Acquisition cost ratio	22.6		%	20.1		%	19.6		%	19.4		%	18.9		%	20.9		%	19.0		%		19.1		%
Underwriting-related general and administrative expenses ratio	10.4		%	10.4		%	10.6		%	14.0		%	12.1		%	10.3		%	12.0		%		12.5		%
Combined ratio	92.0		%	90.0		%	86.3		%	86.5		%	85.9		%	89.5		%	86.0		%		86.1		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																Nine months ended September 30,						Year ended December 31,
	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025			2026			2025			2025
UNDERWRITING REVENUES
Gross premiums written	$	449,462		$	439,484		$	1,114,225		$	310,721		$	432,302		$	2,003,170		$	2,154,587		$	2,465,308
Ceded premiums written	(193,567)			(204,995)			(500,266)			(134,715)			(164,260)			(898,827)			(836,162)			(970,876)
Net premiums written	255,895			234,489			613,959			176,006			268,042			1,104,343			1,318,425			1,494,432

Gross premiums earned	553,231			571,445			582,332			593,576			589,873			1,707,007			1,734,342			2,327,919
Ceded premiums earned	(234,082)			(239,621)			(243,619)			(227,927)			(223,602)			(717,321)			(676,867)			(904,795)
Net premiums earned	319,149			331,824			338,713			365,649			366,271			989,686			1,057,475			1,423,124
Other insurance related income	5,420			5,334			5,279			4,129			6,332			16,033			18,411			22,539
Total underwriting revenues	324,569			337,158			343,992			369,778			372,603			1,005,719			1,075,886			1,445,663

UNDERWRITING EXPENSES
Net losses and loss expenses	215,006			226,248			226,295			241,865			245,628			667,549			709,448			951,314
Acquisition costs	70,214			77,445			80,486			84,423			80,178			228,146			231,722			316,145
Underwriting-related general and administrative expenses	9,588			9,901			7,201			16,885			11,785			26,690			33,226			50,111
Total underwriting expenses	294,808			313,594			313,982			343,173			337,591			922,385			974,396			1,317,570

UNDERWRITING INCOME	$	29,761		$	23,564		$	30,010		$	26,605		$	35,012		$	83,334		$	101,490		$	128,093

Catastrophe and weather-related losses, net of reinstatement premiums	$	—		$	2,658		$	68		$	100		$	970		$	2,725		$	2,696		$	2,796
Net favorable prior year reserve development	$	2,998		$	2,984		$	3,003		$	6,913		$	4,103		$	8,986		$	13,076		$	19,988

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.3		%	68.3		%	67.7		%	68.0		%	67.9		%	68.1		%	68.1		%	68.1		%
Catastrophe and weather-related losses ratio	—		%	0.8		%	—		%	—		%	0.3		%	0.3		%	0.2		%	0.2		%
Current accident year loss ratio	68.3		%	69.1		%	67.7		%	68.0		%	68.2		%	68.4		%	68.3		%	68.3		%
Prior year reserve development ratio	(0.9		%)	(0.9		%)	(0.9		%)	(1.9		%)	(1.1		%)	(0.9		%)	(1.2		%)	(1.5		%)
Net losses and loss expenses ratio	67.4		%	68.2		%	66.8		%	66.1		%	67.1		%	67.5		%	67.1		%	66.8		%
Acquisition cost ratio	22.0		%	23.3		%	23.8		%	23.1		%	21.9		%	23.1		%	21.9		%	22.2		%
Underwriting-related general and administrative expense ratio	3.0		%	3.0		%	2.1		%	4.7		%	3.2		%	2.6		%	3.1		%	3.6		%
Combined ratio	92.4		%	94.5		%	92.7		%	93.9		%	92.2		%	93.2		%	92.1		%	92.6		%

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


											Nine months ended September 30,			Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025			2026		2025		2025

Fixed maturities	$	182,411	$	163,304	$	156,696	$	159,830	$	155,796		$	502,411	$	452,368	$	612,198
Other investments	19,202		6,226		17,705		13,367		15,019			43,132		55,907		69,275
Equity securities	4,127		4,631		4,152		4,185		3,046			12,909		9,408		13,593
Mortgage loans	4,067		4,154		4,165		4,873		5,890			12,386		18,714		23,587
Cash and cash equivalents	9,272		10,655		8,918		12,466		12,597			28,846		62,626		75,092
Short-term investments	62		71		132		254		355			265		2,882		3,136

Gross investment income	219,141		189,041		191,768		194,975		192,703			599,949		601,905		796,881
Investment expenses	(7,774)		(7,447)		(7,028)		(7,983)		(7,800)			(22,250)		(21,994)		(29,978)

Net investment income	$	211,367	$	181,594	$	184,740	$	186,992	$	184,903		$	577,699	$	579,911	$	766,903

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	13,691,574		$	13,828,314		$	13,107,142		$	13,018,027		$	12,879,372
Fixed maturities, held to maturity, at amortized cost	448,228			407,024			405,220			397,430			406,658
Equity securities, at fair value	721,104			748,532			688,842			707,569			649,970
Mortgage loans, held for investment, at fair value	316,834			335,537			343,959			356,840			409,699
Other investments, at fair value	1,050,776			1,062,933			1,042,649			1,027,798			972,867
Equity method investments	209,084			203,661			236,767			227,181			220,022
Short-term investments, at fair value	1,736			2,828			5,836			20,298			17,185
Total investments	16,439,336			16,588,829			15,830,415			15,755,143			15,555,773
Cash and cash equivalents	1,548,448			1,223,058			1,388,118			1,321,185			1,358,078
Accrued interest receivable	129,601			124,281			118,475			116,252			117,720
Insurance and reinsurance premium balances receivable	3,672,159			4,011,370			3,878,950			3,244,661			3,326,346
Reinsurance recoverable on unpaid losses and loss expenses	9,020,632			8,949,022			8,890,145			8,951,763			9,043,009
Reinsurance recoverable on paid losses and loss expenses	603,475			626,691			581,945			673,765			648,126
Deferred acquisition costs	906,779			946,416			933,802			801,778			822,774
Prepaid reinsurance premiums	2,534,227			2,610,988			2,452,190			2,139,294			2,164,297
Receivable for investments sold	50,997			4,796			5,422			12,806			3,813
Goodwill	66,498			66,498			66,498			66,498			66,498
Intangible assets	155,533			161,258			163,654			166,050			168,446

Operating lease right-of-use assets	90,194			92,801			94,670			93,900			92,706
Loan advances made	314,257			316,342			302,157			231,542			250,537
Other assets	948,930			900,128			912,305			887,289			899,509
TOTAL ASSETS	$	36,481,066		$	36,622,478		$	35,618,746		$	34,461,926		$	34,517,632

LIABILITIES
Reserve for losses and loss expenses	$	18,985,497		$	18,613,412		$	18,294,149		$	18,122,256		$	17,996,236
Unearned premiums	6,599,511			6,807,320			6,563,778			5,825,698			5,994,611
Insurance and reinsurance balances payable	2,375,395			2,410,199			2,180,053			1,882,021			1,855,349
Debt	1,317,905			1,317,502			1,317,104			1,316,710			1,316,321
Federal Home Loan Bank advances	50,130			61,130			66,380			66,380			66,380
Payable for investments purchased	133,120			189,180			69,071			36,982			194,988
Operating lease liabilities	105,653			108,326			110,181			110,095			108,960
Other liabilities	614,400			612,199			637,394			745,349			617,778
TOTAL LIABILITIES	30,181,611			30,119,268			29,238,110			28,105,491			28,150,623

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,411,713			2,399,137			2,394,568			2,405,792			2,395,615
Accumulated other comprehensive income (loss)	(383,879)			(107,803)			(97,128)			28,431			10,169
Retained earnings	8,782,490			8,613,341			8,395,795			8,181,699			7,932,969
Treasury shares, at cost	(5,063,075)			(4,953,671)			(4,864,805)			(4,811,693)			(4,523,950)


TOTAL SHAREHOLDERS' EQUITY	6,299,455			6,503,210			6,380,636			6,356,435			6,367,009

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	36,481,066		$	36,622,478		$	35,618,746		$	34,461,926		$	34,517,632






Debt to total capital [a]	17.3		%	16.8		%	17.1		%	17.2		%	17.1		%

[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.

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO


	At September 30, 2026												At December 31, 2025
	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage			Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,496,625	$	—	$	13	$	(48,813)	$	2,447,825	13.5	%		$	2,417,901	14.0	%
Non-U.S. government	835,820		(107)		2,174		(26,095)		811,792		4.5	%		810,544		4.7	%
Corporate debt	5,724,193		(1,173)		13,841		(181,353)		5,555,508		30.8	%		5,222,433		30.4	%
Agency RMBS	2,403,616		—		902		(153,231)		2,251,287		12.5	%		2,035,352		11.9	%
CMBS	821,574		(350)		347		(31,425)		790,146		4.4	%		801,511		4.7	%
Non-Agency RMBS	220,710		(255)		372		(7,814)		213,013		1.2	%		190,124		1.1	%
ABS	1,601,297		(81)		2,925		(18,267)		1,585,874		8.8	%		1,488,067		8.7	%
Municipals	37,719		—		9		(1,599)		36,129		0.2	%		52,095		0.3	%
Total fixed maturities, available for sale, at fair value	14,141,554		(1,966)		20,583		(468,597)		13,691,574		75.9	%		13,018,027		75.8	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	163,889		—		—		—		163,889		0.9	%		145,137		0.8	%
ABS	284,339		—		—		—		284,339		1.6	%		252,293		1.5	%
Total fixed maturities, held to maturity, at amortized cost	448,228		—		—		—		448,228		2.5	%		397,430		2.3	%

Equity securities, at fair value
Common stocks	3,210		—		348		(376)		3,182		—	%		13,695		0.1	%
Preferred Stocks	52,422		—		321		(696)		52,047		0.3	%		20,311		0.1	%
Exchange-traded funds	268,849		—		175,465		(4,540)		439,774		2.4	%		401,757		2.3	%
Bond mutual funds	266,829		—		4,106		(44,834)		226,101		1.3	%		271,806		1.6	%
Total equity securities, at fair value	591,310		—		180,240		(50,446)		721,104		4.0	%		707,569		4.1	%

Total fixed maturities and equity securities	$	15,181,092	$	(1,966)	$	200,823	$	(519,043)	14,860,906		82.4	%		14,123,026		82.2	%
Mortgage loans, held for investment									316,834		1.8	%		356,840		2.1	%
Other investments									1,050,776		5.8	%		1,027,798		6.0	%
Equity method investments									209,084		1.2	%		227,181		1.3	%
Short-term investments									1,736		—	%		20,298		0.2	%
Total investments									16,439,336		91.2	%		15,755,143		91.8	%
Cash and cash equivalents [a]									1,548,448		8.6	%		1,321,185		7.7	%
Accrued interest receivable									129,601		0.7	%		116,252		0.7	%
Net receivable/(payable) for investments sold (purchased)									(82,123)		(0.5	%)		(24,176)		(0.2	%)
Total cash and invested assets									$	18,035,262	100.0	%		$	17,168,404	100.0	%

[a] Includes $511 million and $501 million of restricted cash and cash equivalents at September 30, 2026 and December 31, 2025, respectively.


	At September 30, 2026				At December 31, 2025
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	$	6,344	0.6	%	$	11,577	1.1	%

Direct lending funds	167,784		16.0	%	186,747		18.2	%
Real estate funds	267,327		25.4	%	291,491		28.4	%
Private equity funds	416,938		39.7	%	364,376		35.5	%
Other privately held investments	192,383		18.3	%	173,607		16.8	%

Total	$	1,050,776	100.0	%	$	1,027,798	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	13.5	%	13.5	%	14.3	%	14.0	%	15.0	%
Non-U.S. government	4.5	%	4.6	%	4.9	%	4.7	%	4.7	%
Corporate debt	30.8	%	31.5	%	30.0	%	30.4	%	30.6	%
MBS:
Agency RMBS	12.5	%	13.6	%	12.0	%	11.9	%	11.2	%
CMBS	4.4	%	4.4	%	4.6	%	4.7	%	4.9	%
Non-agency RMBS	1.2	%	1.2	%	1.1	%	1.1	%	1.2	%
ABS	8.8	%	8.8	%	8.7	%	8.7	%	8.5	%
Municipals	0.2	%	0.3	%	0.3	%	0.3	%	0.4	%

Total Fixed Maturities, available for sale	75.9	%	77.9	%	75.9	%	75.8	%	76.5	%
Fixed Maturities, held to maturity:
Corporate debt	0.9	%	0.9	%	0.8	%	0.8	%	0.8	%
ABS	1.6	%	1.4	%	1.5	%	1.5	%	1.6	%

Total Fixed Maturities, held to maturity	2.5	%	2.3	%	2.3	%	2.3	%	2.4	%
Equity securities	4.0	%	4.2	%	4.0	%	4.1	%	3.9	%
Mortgage loans	1.8	%	1.9	%	2.0	%	2.1	%	2.4	%
Other investments	5.8	%	6.0	%	6.0	%	6.0	%	5.8	%
Equity method investments	1.2	%	1.1	%	1.4	%	1.3	%	1.3	%
Short-term investments	—	%	—	%	—	%	0.2	%	0.1	%

Total Investments	91.2	%	93.4	%	91.6	%	91.8	%	92.4	%
Cash and cash equivalents	8.6	%	6.9	%	8.0	%	7.7	%	8.1	%
Accrued interest receivable	0.7	%	0.7	%	0.7	%	0.7	%	0.7	%
Net receivable/(payable) for investments sold (purchased)	(0.5	%)	(1.0	%)	(0.3	%)	(0.2	%)	(1.2	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	17.3	%	16.8	%	18.2	%	18.0	%	19.1	%
AAA [a]	17.8	%	18.4	%	19.4	%	19.2	%	19.6	%
AA [a]	24.2	%	25.0	%	23.7	%	23.7	%	22.7	%
A	18.1	%	17.6	%	17.1	%	17.4	%	17.8	%
BBB	11.5	%	11.6	%	10.4	%	10.0	%	9.7	%
Below BBB	11.1	%	10.6	%	11.2	%	11.7	%	11.1	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	2.6	%	2.4	%	2.8	%	2.7	%	3.9	%
From one to five years	44.9	%	41.1	%	43.0	%	43.3	%	42.9	%
From five to ten years	14.2	%	17.7	%	16.9	%	17.1	%	16.9	%
Above ten years	2.1	%	2.0	%	1.6	%	1.4	%	1.6	%
Asset-backed and mortgage-backed securities	36.2	%	36.8	%	35.7	%	35.5	%	34.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.9	%	4.8	%	4.7	%	4.6	%	4.6	%
Yield to maturity of fixed maturities	5.8	%	5.1	%	5.1	%	4.7	%	4.8	%
Average duration of fixed maturities (inclusive of duration hedges)	3.2 yrs		3.4 yrs		3.2 yrs		3.1 yrs		3.2 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").

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended September 30, 2026						Nine months ended September 30, 2026
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses			Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses

Beginning of period	$	18,613,412	$	(8,949,022)	$	9,664,390		$	18,122,256	$	(8,951,763)	$	9,170,493
Incurred losses and loss expenses	1,557,289		(574,699)		982,590			4,539,975		(1,756,972)		2,783,003
Paid losses and loss expenses	(1,166,681)		401,783		(764,898)			(3,565,125)		1,369,929		(2,195,196)
Foreign exchange and other	(18,523)		101,306		82,783			(111,609)		318,174		206,565

End of period [a]	$	18,985,497	$	(9,020,632)	$	9,964,865		$	18,985,497	$	(9,020,632)	$	9,964,865

[a] At September 30, 2026, reserve for losses and loss expenses included IBNR of $12.9 billion, or 68% (December 31, 2025: $12.3 billion, or 68%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended September 30, 2026									Nine months ended September 30, 2026
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	825,875		$	340,806		$	1,166,681			$	2,425,421		$	1,139,704		$	3,565,125
Reinsurance recoverable on paid losses and loss expenses	(311,017)			(90,766)			(401,783)				(998,682)			(371,247)			(1,369,929)
Net paid losses and loss expenses	514,858			250,040			764,898				1,426,739			768,457			2,195,196

Change in gross case reserves	144,540			21,577			166,117				377,477			(45,195)			332,282
Change in gross IBNR	213,185			11,306			224,491				578,963			63,605			642,568
Change in reinsurance recoverable on unpaid losses and loss expenses	(104,999)			(67,917)			(172,916)				(267,725)			(119,318)			(387,043)
Change in net unpaid losses and loss expenses	252,726			(35,034)			217,692				688,715			(100,908)			587,807

Total net incurred losses and loss expenses	$	767,584		$	215,006		$	982,590			$	2,115,454		$	667,549		$	2,783,003

Gross reserve for losses and loss expenses	$	12,063,853		$	6,921,644		$	18,985,497			$	12,063,853		$	6,921,644		$	18,985,497

Net favorable prior year reserve development	$	11,845		$	2,998		$	14,843			$	38,755		$	8,986		$	47,741

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	67.1		%	116.3		%	77.8		%		67.4		%	115.1		%	78.9		%

Net paid losses and loss expenses / Net premiums earned	39.6		%	78.3		%	47.2		%		39.3		%	77.6		%	47.5		%
Net unpaid losses and loss expenses / Net premiums earned	19.4		%	(10.9		%)	13.5		%		19.0		%	(10.1		%)	12.8		%
Net losses and loss expenses ratio	59.0		%	67.4		%	60.7		%		58.3		%	67.5		%	60.3		%

AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD


	At September 30, 2026				At December 31, 2025

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

Closing stock price				$94.20				$107.09

Book value per common share	$	5,749,455	72,084	$79.76	$	5,806,435	74,135	$78.32

Dilutive securities:

Restricted stock units			643	(0.70)			1,074	(1.12)
Book value per diluted common share	$	5,749,455	72,727	$79.06	$	5,806,435	75,209	$77.20

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE AND BOOK VALUE PER DILUTED COMMON SHARE, EXCLUDING

ACCUMULATED OTHER COMPREHENSIVE (INCOME) LOSS ("AOCI")



	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025

Common shareholders' equity	$	5,749,455	$	5,953,210	$	5,830,636	$	5,806,435	$	5,817,009
Less: goodwill	(66,498)		(66,498)		(66,498)		(66,498)		(66,498)
Less: intangible assets	(155,533)		(161,258)		(163,654)		(166,050)		(168,446)
Associated tax impact	42,901		44,152		44,703		45,255		45,806
Tangible common shareholders' equity	$	5,570,325	$	5,769,606	$	5,645,187	$	5,619,142	$	5,627,871

Common shareholders' equity	$	5,749,455	$	5,953,210	$	5,830,636	$	5,806,435	$	5,817,009
Less: AOCI	383,879		107,803		97,128		(28,431)		(10,169)
Common shareholders' equity, excluding AOCI	$	6,133,334	$	6,061,013	$	5,927,764	$	5,778,004	$	5,806,840

Diluted common shares outstanding [a]	72,727		73,797		74,571		75,209		78,796

Book value per diluted common share	$	79.06	$	80.67	$	78.19	$	77.20	$	73.82
Tangible book value per diluted common share	$	76.59	$	78.18	$	75.70	$	74.71	$	71.42
Book value per diluted common share, excluding AOCI	$	84.33	$	82.13	$	79.49	$	76.83	$	73.69

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

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Three months ended September 30,						Nine months ended September 30,
	2026			2025			2026			2025
Net income available to common shareholders	$	201,515		$	294,301		$	699,247		$	696,601
Net investment (gains) losses	46,506			(30,905)			26,993			(44,365)
Foreign exchange losses (gains)	(10,041)			(13,492)			(48,580)			138,428
Reorganization expenses	—			—			28,715			—
Interest in income of equity method investments	(2,395)			(2,083)			(8,133)			(3,669)

Income tax expense (benefit) [a]	(6,382)			7,454			(1,503)			(12,330)
Operating income	$	229,203		$	255,275		$	696,739		$	774,665

Earnings per diluted common share	$	2.75		$	3.74		$	9.42		$	8.70
Net investment (gains) losses	0.63			(0.39)			0.36			(0.55)
Foreign exchange losses (gains)	(0.14)			(0.17)			(0.65)			1.73
Reorganization expenses	—			—			0.39			—
Interest in income of equity method investments	(0.03)			(0.03)			(0.11)			(0.05)

Income tax expense (benefit)	(0.09)			0.10			(0.02)			(0.16)
Operating income per diluted common share	$	3.12		$	3.25		$	9.39		$	9.67

Weighted average diluted common shares outstanding	73,373			78,601			74,238			80,090

Average common shareholders' equity	$	5,851,333		$	5,720,704		$	5,777,945		$	5,678,194

Annualized return on average common equity	13.8		%	20.6		%	16.1		%	16.4		%

Annualized operating return on average common equity	15.7		%	17.8		%	16.1		%	18.2		%

[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.

AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

Consolidated Underwriting Income (Loss)

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 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).

Current Accident Year Loss Ratio

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

Operating Income (Loss)

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

Tangible Book Value per Diluted Common Share

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

Book Value per Diluted Common Share, Excluding AOCI

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

2026 Third Quarter Investor Presentation

2 Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Safe Harbor Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward- looking statements. This presentation or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact, included in or incorporated by reference in this presentation are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology. Forward-looking statements made in this presentation, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the impact of 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 pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business. Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business. Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due. Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices. Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements. Taxation Risk: changes in tax laws.

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

4 AXIS at a Glance Our strategic focus is on Specialty products: Risk transfer solutions that require customized and tailored offerings delivered by underwriting expertise through a global multivariate distribution model and customer profiles Insurance Reinsurance Insurance $8.0 billion Reinsurance $2.3 billion Strong Insurance Segment Gross Premiums Written, up 12.8% year over year Diluted Book Value per Common Share of $79.06, an increase of 7.1% over the past 12 months; Ex-AOCI Diluted Book Value per Common Share of $84.33 2 , an increase of 14.4% over the past 12 months Third Quarter 2026 Headlines $10.3 billion Group Combined Ratio of 94.0% Capital Returns $141 million returned to common shareholders, including $109 million in share repurchases and $32 million in dividends 1 Gross Premiums Written (“GPW”) by segment, last twelve months ended 9/30/2026. 2 Book value per diluted common share, excluding AOCI is a non-GAAP financial measures as defined in SEC Regulation G. The reconciliation to the most comparable GAAP financial measure, book value per diluted common share and a discussion of the rationale for the presentation of this item is provided later in this document. GPW, last 12 months1

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

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

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

8 Specialty Experts Products requiring Specialty expertise, GPW, last 12 months1 Third Quarter Performance Highlights Property4 Cyber2 LiabilityMarine & Aviation4 Accident & Health (A&H) Other3 Credit, Surety & Political Risk $10.3 billion Professional Lines 1 Percent of total GPW, last twelve months ended 9/30/2026. 2 Includes Cyber insurance only. Cyber reinsurance is included in Professional Lines. 3 Includes Agriculture reinsurance, Motor reinsurance, and Run-off lines. 4 Renewable energy is included in Property and Marine & Aviation. . • Gross premiums written were up 11% year-over-year to $2.4 billion • Insurance increased by $217 million, or 13% • Delivered a profitable 94.0% combined ratio despite catastrophe and weather- related losses, including losses associated with geopolitical conflicts • Reinsurance increased by $17 million, or 4%

1 Inclusive of 8.1 points of net adverse prior year reserve development. Cycle Management 9 Third Quarter Performance Highlights • Maintaining underwriting discipline as property pricing moderates and casualty competition increases, with portfolio actions focused on meeting risk-adjusted returns • Deploying capital toward profitable Specialty lines while maintaining a cautious approach to Casualty • Year-to-date combined ratio of 92.3% includes 4.4 points of catastrophe losses, including losses associated with geopolitical conflicts Insurance Gross Premiums Written Reinsurance Gross Premiums Written Group Combined Ratio Portfolio Reshaping $8.4B $9.0B $9.6B $7.4B $8.1B 27% 27% 26% 29% 25% 73% 73% 74% 71% 75% 99.9%1 92.3% 89.8% 89.5% 92.3%

1 Percent of total GPW, last twelve months ended 9/30/2026. 2 Renewable energy is included in Property and Marine & Aviation. 10 Insurance Overview • Gross premiums written were up 13% year-over-year to $1.9 billion, including $630 million in new business • Gross premiums written growth was attributable to all lines of business, excluding Liability • Growth was supported by expanded initiatives, including Pet business and business sourced by AXIS Capacity Solutions (ACS) Product mix, GPW, last 12 months1 Property2 Cyber Liability Marine & Aviation2 Accident & Health $8.0 billion Credit & Political Risk Third Quarter Performance Highlights Professional Lines

11 Disciplined Growth Aligned With Strategic Ambition Insurance, GPW, 12 months ended ($ in billions) Consistent Performance • Growth reflects disciplined underwriting and targeted expansion Expanded Products • Retail Segment: Accelerated growth reflects strong traction in newly launched products and expansion into niche specialty segments • Wholesale Lower Middle Market: Continued scaling of distribution partnerships and enhanced technology-enabled underwriting • Representative New North America Products Launched since 2023: Inland Marine, Life Sciences, US Ocean Marine, US Construction, Canada Construction, Canada Environmental, Allied Health, Canada Property, Canada Ocean Marine 95% 91% 86% 78%

1 Percent of total GPW, last twelve months ended 9/30/2026. 12 Reinsurance Overview Product mix, GPW, last 12 months1 Marine & Aviation 27% 21% Credit & Surety Motor 17% Liability 15% 11% 7% Agriculture $2.3 billion Accident & Health • Delivered a 92.4% combined ratio, reflecting continued consistent profitability and low volatility • Gross premiums written up 4% year- over-year to $449 million, primarily attributable to two contracts in agriculture lines, partially offset by continued portfolio actions to reduce exposure in Casualty lines through decreased line sizes and non-renewals • Short-tail business increased to 57% of Reinsurance GPW, up from 44% in the prior-year period, reflecting strategic portfolio repositioning toward short-tail lines and continued caution in Casualty lines Third Quarter Performance Highlights Professional Lines

13 V o la ti li ty (C o e ff ic ie n t o f V a ri a ti o n ) 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 variation calculated by standard deviation of quarterly loss ratios divided by average. 3 Peer comparison reflects the latest commonly available reporting period, Q1 2024 through Q2 2026. AXIS Q3 2026 is not included to preserve comparability. • The low volatility within our quarterly loss ratio underscores disciplined underwriting and risk selection • An average quarterly loss ratio of 58.8% since the beginning of 2024 is highly competitive against a set of top peers Financial periods Q1’24 through Q2’26 unless otherwise noted AXS (Old) AXS (Transition) AXS (Q1’18 - Q4’21) (Q1’22 - Q4’23) (Q1’24 - Q2’26) Peer Company Consistent Top Quartile Results With Less Volatility Than Our Peers Consistent and Predictable Underwriting Performance

14 AXIS Capacity Solutions In 2025, AXIS launched its AXIS Capacity Solutions (ACS) capability, dedicated to developing structured, multi- line portfolio capacity opportunities on a global basis, while drawing on AXIS’ expertise with third-party capital. ACS VALUE DRIVERS Creates new revenue sources – contributed $449 million of year-to-date Gross Premiums Written growth through open brokerage and selective delegated opportunities Reduces volatility – introduces new reinsurance capital to optimize AXIS net exposure, reducing balance sheet volatility Augments Return on Average Common Equity – fee-based, capital-light earnings support high-quality returns Generates fee income – capital-efficient fee streams through ceding and structuring, diversifying revenue sources, and projected to generate $17 million of fee income in 2026 ACS positions AXIS to participate in growing demand for multi-line portfolio capacity

15 How We Work: Scaling Through Operating Leverage and Innovation How We Work has strengthened operating discipline and leverage; AI extends that advantage ACTIONS TAKEN 1 Simplify how we work VALUE DELIVERED 2 Convert scale into leverage NEXT CHAPTER 3 Extend the advantage with AI Focused actions Simplified operating structures and decision paths Reduced turnaround times across underwriting and claims More capacity for profitable growth Q3 2026 proof points $10.3B LTM gross premiums written 10.7% YTD Group G&A ratio Down from 11.8% in YTD 2025 AI strategy AI-enabled core processes Underwriting, claims and operations Deploy AI enterprise-wide Build colleague experience and fluency Mature the foundations Talent, data, core technology and cyber Outcome: Enabling operating leverage and stronger underwriting and claims operations

16 A+ Weighted average credit rating of fixed 1 Includes short-term investments, accrued interest receivable, and net receivable/(payable) for investments sold (purchased). 2 Includes equity method investments. 3 Includes common stocks, preferred stocks, exchange-traded funds, equity method investments, below-investment-grade bonds, and other investments. 4 Includes other investments, equity securities, mortgage loans, cash and cash equivalents, short-term investments, and investment expenses. Well-Positioned Portfolio Driving Strong Investment Returns Investment portfolio at 9/30/2026 Strong and Stable Investment Income Total cash and investments Net investment income, in millions Non-Fixed Income 4 Fixed Maturities maturities portfolio 18% Allocation to risk assets 3.2 years Average duration of fixed maturities (inclusive of duration hedges) 4.9% / 5.8% Book / Market yield of fixed maturities at 9/30/2026 $18.0 billion Mortgage loans Cash and equivalents1 Fixed maturities Equity securities Other investments2 3

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

Appendix Non-GAAP Financial Measures Reconciliations

Book Value per Diluted Common Share, Excluding Accumulated Other Comprehensive (Income) Loss ("AOCI") At September 30, 2026 and September 30, 2025 Non-GAAP Financial Measures Reconciliation (Unaudited) 1 Book value per diluted common share, excluding AOCI represents common shareholders' equity exclusive of AOCI. We present book value per diluted common share, excluding AOCI calculated under the treasury stock method. We believe this measure is useful as AOCI may fluctuate significantly between periods based on movements in interest and foreign currency rates. A reconciliation of book value per diluted common share, excluding AOCI to book value per diluted common share, the most comparable GAAP financial measure is presented above.

Source: View Original Filing on SEC EDGAR

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