8-K - AXS - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2020

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<br><br>Identification No.)

92 Pitts Bay Road

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

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

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
---	---
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))
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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 July 28, 2020, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its second quarter 2020 results and the availability of its second quarter 2020 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

Item 9.01	Financial Statements and Exhibits

(d) Exhibits

99.1	Press release dated July 28, 2020
99.2	Second quarter 2020 Investor Financial Supplement
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

Dated: July 28, 2020

AXIS CAPITAL HOLDINGS LIMITED
By:	/s/ Conrad D. Brooks
	Conrad D. Brooks
	General Counsel

Document

Matt Rohrmann (Investor Contact):	(212) 940-3339;	investorrelations@axiscapital.com
Anna Kukowski (Media Contact):	(212) 715-3574;	anna.kukowski@axiscapital.com

AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $112 MILLION, OR $1.33 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $72 MILLION, OR $0.84 PER DILUTED COMMON SHARE

For the second quarter of 2020, the Company reports:

•Improvement of 4.6 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared to the same period in the prior year

•Net investment income of $45 million for the quarter, reduced from $93 million in the first quarter of 2020, primarily attributable to negative returns from credit and real estate funds

•Book value per diluted common share of $55.09, an increase of $5.31, or 11%, compared to March 31, 2020

•No change to net claims provision established for the COVID-19 pandemic in first quarter of 2020

Pembroke, Bermuda, July 28, 2020 - AXIS Capital Holdings Limited ("AXIS Capital" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2020.

Commenting on the second quarter 2020 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:

"This was a solid quarter highlighted by continued positive momentum in the underlying performance of our Company. We’re encouraged by the progress that we’re seeing in our results, which include a nearly 2 point year-over-year improvement in our current accident year loss ratio ex-cat and weather, and an approximately 3 point reduction to our expense ratio, reflecting our cost discipline. The sustained improvements that we’ve seen in recent quarters is further evidence that the actions that we’ve taken over the past three years to strengthen our portfolio and operating efficiency, and reduce volatility, are increasingly showing through in our results.

"The investments that we’ve made to strengthen AXIS’ market position are also enabling us to capitalize on firming conditions, particularly in markets that are seeing the most impactful changes. Moreover, we’re seeing improved pricing across nearly every line of business that we write, highlighted by average rate increases of 15% in the quarter throughout our Insurance segment.

"I could not be more proud of our colleagues whose hard work and commitment have enabled AXIS to manage seamlessly through the unprecedented changes caused by the pandemic and further advance our strategy, continue to strengthen our performance, and deliver exceptional service to our clients and partners in distribution."

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

Consolidated Results

•Net income available to common shareholders for the second quarter of 2020 was $112 million, or $1.33 per diluted common share, compared to net income available to common shareholders of $166 million, or $1.97 per diluted common share, for the second quarter of 2019.

•Net loss attributable to common shareholders for the six months ended June 30, 2020 was $73 million, or ($0.87) per diluted common share, compared to net income available to common shareholders of $265 million, or $3.14 per diluted common share, for the same period in 2019.

•Operating income^1^for the second quarter of 2020 was $72 million, or $0.84 per diluted common share^1^, compared to operating income of $137 million, or $1.62 per diluted common share, for the second quarter of 2019.

•Operating loss^^for the six months ended June 30, 2020 was $93 million, or ($1.11) per diluted common share, compared to operating income of $242 million, or $2.86 per diluted common share, for the same period in 2019.

•Adjusted for dividends declared, the book value per diluted common share increased by $5.72, or 11%, compared to March 31, 2020.

•Adjusted for dividends declared, the book value per diluted common share increased by $0.73, or 1%, over the past twelve months.

* Note on presentation - amounts may not reconcile due to rounding differences.

^1^Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release. Operating loss per diluted common share for the six months ended June 30, 2020, was calculated using weighted average common shares outstanding due to the operating loss recognized in the period.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

Second Quarter Consolidated Underwriting Highlights^2^

•Gross premiums written increased by $68 million, or 4%, ($78 million or 5% on a constant currency basis^3^), to $1.7 billion due to an increase of $69 million, or 7% in the insurance segment.

•Net premiums written decreased by $14 million, or 1%, to $1.1 billion with a decrease of $25 million, or 5% in the reinsurance segment, partially offset by an increase of $11 million, or 2% in the insurance segment.

	Three months ended June 30,
KEY RATIOS	2020		2019		Change
Current accident year loss ratio excluding catastrophe and weather-related losses^4^	58.0	%	59.7	%	(1.7 pts)
Catastrophe and weather-related losses ratio	3.5	%	2.3	%	1.2 pts
Current accident year loss ratio	61.5	%	62.0	%	(0.5 pts)
Prior year reserve development ratio	(0.2	%)	(2.2	%)	2.0 pts
Net losses and loss expenses ratio	61.3	%	59.8	%	1.5 pts
Acquisition cost ratio	20.7	%	21.6	%	(0.9 pts)
General and administrative expense ratio	12.7	%	14.7	%	(2.0 pts)
Combined ratio	94.7	%	96.1	%	(1.4 pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses	91.4	%	96.0	%	(4.6 pts)

•Estimated pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums were $36 million (Insurance: $16m and Reinsurance: $20m), or 3.5 points primarily attributable to weather-related events this quarter, compared to $26 million (Insurance $14m; Reinsurance $11m), or 2.3 points in 2019.

•Net favorable prior year reserve development was $3 million (Insurance $0.4 million; Reinsurance $2 million), compared to $24 million (Insurance $21 million; Reinsurance $2 million) in 2019.

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

^3^Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures are provided in this release, as is a discussion of the rationale for the presentation of these items.

^4^The current accident year loss ratio excluding catastrophe and weather-related losses was calculated by dividing the current accident year losses less estimated pre-tax catastrophe and weather-related losses, net of reinsurance by net premiums earned less reinstatement premiums.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

Half Year Consolidated Underwriting Highlights

•Gross premiums written decreased by $84 million, or 2%, to $4.1 billion due to a decrease of $243 million, or 10% in the reinsurance segment, partially offset by an increase of $159 million, or 9% in the insurance segment.

•Net premiums written decreased by $112 million, or 4%, to $2.7 billion with a decrease of $176 million, or 10% in the reinsurance segment, partially offset by an increase of $63 million, or 6% in the insurance segment.

	Six months ended June 30,
KEY RATIOS	2020		2019		Change
Current accident year loss ratio excluding catastrophe and weather-related losses	57.5	%	59.3	%	(1.8 pts)
Catastrophe and weather-related losses ratio	15.2	%	1.6	%	13.6 pts
Current accident year loss ratio	72.7	%	60.9	%	11.8 pts
Prior year reserve development ratio	(0.4	%)	(1.7	%)	1.3 pts
Net losses and loss expenses ratio	72.3	%	59.2	%	13.1 pts
Acquisition cost ratio	21.3	%	22.3	%	(1.0 pts)
General and administrative expense ratio	13.5	%	15.0	%	(1.5 pts)
Combined ratio	107.1	%	96.5	%	10.6 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses	92.3	%	96.6	%	(4.3 pts)

•Estimated pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums were $336 million (Insurance: $193m and Reinsurance: $143m), or 15.2 points primarily attributable to the COVID-19 pandemic and weather-related events, compared to $36 million (Insurance $22 million; Reinsurance $14 million), or 1.6 points in 2019.

•Estimated pre-tax losses, net of reinsurance and reinstatement premiums attributable to the COVID-19 pandemic were $235 million, or 10.7 points. This estimate was primarily associated with property-related coverages, but also included event cancellation, and accident and health coverages.

•Net favorable prior year reserve development was $9 million (Insurance $4 million; Reinsurance $5 million), compared to $38 million (Insurance $28 million; Reinsurance $10 million) in 2019.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

Segment Highlights

Insurance Segment

	Three months ended June 30,
($ in thousands)	2020			2019			Change
Gross premiums written	$	1,037,568		$	968,325		7.2	%
Net premiums written	602,761			591,909			1.8	%
Net premiums earned	577,019			537,260			7.4	%
Underwriting income	34,397			11,309			nm
Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	55.6		%	58.7		%	(3.1 pts)
Catastrophe and weather-related losses ratio	2.9		%	2.7		%	0.2 pts
Current accident year loss ratio	58.5		%	61.4		%	(2.9 pts)
Prior year reserve development ratio	—		%	(3.9		%)	3.9 pts
Net losses and loss expenses ratio	58.5		%	57.5		%	1.0 pts
Acquisition cost ratio	20.1		%	20.8		%	(0.7 pts)
Underwriting-related general and administrative expense ratio	15.6		%	19.5		%	(3.9 pts)
Combined ratio	94.2		%	97.8		%	(3.6 pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses	91.3		%	99.0		%	(7.7 pts)

nm - not meaningful

•Gross premiums written increased by $69 million, or 7%, ($76 million, or 8% on a constant currency basis), primarily attributable to increases in professional lines, property, marine and liability lines driven by new business and favorable rate changes, partially offset by decreases in credit and political risk, and terrorism lines.

•Net premiums written increased by $11 million, or 2%, ($17 million, or 3% on a constant currency basis), reflecting the increase in gross premiums written in the quarter, largely offset by increases in premiums ceded in professional lines and property lines.

•The current accident year loss ratio excluding catastrophe and weather-related losses decreased by 3.1 points in the second quarter, compared to the same period in 2019, principally due to the impact of favorable pricing over loss trends, improved loss experience in property and aviation lines associated with the repositioning of those portfolios and the exit from certain product lines, and reduced loss experience in credit and political risk lines.

•Net favorable prior year reserve development was $0.4 million this quarter, compared to $21 million in the second quarter of 2019.

•The acquisition cost ratio decreased by 0.7 points in the second quarter compared to the same period in 2019 due to an increase in ceding commissions.

•The underwriting-related general and administrative expense ratio decreased by 3.9 points in the quarter, largely attributable to a decrease in information technology costs, personnel costs, and travel and entertainment expenses, together with an increase in net premiums earned.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

	Six months ended June 30,
($ in thousands)	2020			2019			Change
Gross premiums written	$	1,978,283		$	1,819,421		8.7	%
Net premiums written	1,184,411			1,121,149			5.6	%
Net premiums earned	1,139,083			1,094,022			4.1	%
Underwriting income (loss)	(88,233)			32,227			nm
Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	54.9		%	57.4		%	(2.5 pts)
Catastrophe and weather-related losses ratio	16.5		%	2.1		%	14.4 pts
Current accident year loss ratio	71.4		%	59.5		%	11.9 pts
Prior year reserve development ratio	(0.4		%)	(2.6		%)	2.2 pts
Net losses and loss expenses ratio	71.0		%	56.9		%	14.1 pts
Acquisition cost ratio	20.1		%	21.0		%	(0.9 pts)
Underwriting-related general and administrative expense ratio	16.8		%	19.2		%	(2.4 pts)
Combined ratio	107.9		%	97.1		%	10.8 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses	91.8		%	97.6		%	(5.8 pts)

nm - not meaningful

•Gross premiums written increased by $159 million, or 9%, primarily attributable to increases in professional lines, property, liability and marine lines driven by new business and favorable rate changes, partially offset by decreases in credit and political risk lines.

•Net premiums written increased by $63 million, or 6%, reflecting the increase in gross premiums written, partially offset by increases in premiums ceded in professional lines, liability, property and marine lines.

•Estimated pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums were $193 million, primarily attributable to the COVID-19 pandemic and other weather-related events, compared to $22 million in 2019.

•Estimated pre-tax losses, net of reinsurance and reinstatement premiums attributable to the COVID-19 pandemic were $137 million, or 11.9 points. These losses were primarily associated with property-related coverages, but also included event cancellation coverages.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

Reinsurance Segment

	Three months ended June 30,
($ in thousands)	2020			2019			Change
Gross premiums written	$	678,615		$	679,435		(0.1	%)
Net premiums written	453,173			478,412			(5.3	%)
Net premiums earned	526,984			586,347			(10.1	%)
Underwriting income	53,015			67,350			(21.3	%)
Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	60.6		%	60.5		%	0.1 pts
Catastrophe and weather-related losses ratio	4.1		%	1.9		%	2.2 pts
Current accident year loss ratio	64.7		%	62.4		%	2.3 pts
Prior year reserve development ratio	(0.4		%)	(0.4		%)	— pts
Net losses and loss expenses ratio	64.3		%	62.0		%	2.3 pts
Acquisition cost ratio	21.3		%	22.3		%	(1.0 pts)
Underwriting-related general and administrative expense ratio	4.6		%	4.8		%	(0.2 pts)
Combined ratio	90.2		%	89.1		%	1.1 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses	86.5		%	87.6		%	(1.1 pts)

•Gross premiums written was comparable to the same period in the prior year, with decreases in catastrophe, agriculture, and accident and health lines largely offset by increases in motor, liability and professional lines. The decrease in catastrophe lines was driven by non-renewals and decreased line sizes on a number of treaties bound in April and June. The decreases in agriculture, and accident and health lines were due to non-renewals. The increase in motor lines was associated with timing difference and new business. The increases in liability and professional lines were attributable to improved terms and conditions.

•Net premiums written decreased by $25 million, or 5%, reflecting increases in premiums ceded in liability and professional lines.

•Net favorable prior year reserve development was $2 million this quarter, comparable to the same period in 2019.

•Acquisition cost ratio decreased by 1.0 point in the quarter due to adjustments related to loss sensitive features and the impact of retrocessional contracts.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

	Six months ended June 30,
($ in thousands)	2020			2019			Change
Gross premiums written	$	2,169,058		$	2,411,565		(10.1	%)
Net premiums written	1,550,567			1,726,232			(10.2	%)
Net premiums earned	1,053,545			1,163,797			(9.5	%)
Underwriting income (loss)	(21,122)			124,252			nm
Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	60.4		%	61.0		%	(0.6 pts)
Catastrophe and weather-related losses ratio	13.6		%	1.2		%	12.4 pts
Current accident year loss ratio	74.0		%	62.2		%	11.8 pts
Prior year reserve development ratio	(0.4		%)	(0.8		%)	0.4 pts
Net losses and loss expenses ratio	73.6		%	61.4		%	12.2 pts
Acquisition cost ratio	22.6		%	23.5		%	(0.9 pts)
Underwriting-related general and administrative expense ratio	5.0		%	5.2		%	(0.2 pts)
Combined ratio	101.2		%	90.1		%	11.1 pts
Current accident year combined ratio, excluding catastrophe and weather-related losses	88.0		%	89.7		%	(1.7 pts)

nm - not meaningful

•Gross premiums written decreased by $243 million, or 10%, primarily attributable to decreases in catastrophe, agriculture, credit and surety, and property lines due to non-renewals and decreased line sizes. These decreases were partially offset by increases in liability and professional lines attributable to premium adjustments, and improved terms and conditions. The increase in motor lines was associated with new business and the timing of several renewals.

•Net premiums written decreased by $176 million, or 10%, reflecting the decrease in gross premiums written, together with increases in premiums ceded in liability, professional lines and motor lines, partially offset by decreases in premiums ceded in catastrophe, credit and surety, and accident and health lines.

•Estimated pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums were $143 million, primarily attributable to the COVID-19 pandemic and other weather-related events, compared to $14 million in 2019.

•Estimated pre-tax losses, net of reinsurance and reinstatement premiums attributable to the COVID-19 pandemic were $98 million, or 9.3 points. These losses were primarily associated with property-related coverages, but also included accident and health coverages.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

Investments

Net investment income of $45 million for the quarter decreased from net investment income of $93 million for the first quarter of 2020 and net investment income of $138 million for the second quarter of 2019 primarily due to negative returns from Other Investments, of which a majority report on a quarter lag. Net realized and unrealized gains recognized in net income for the quarter were $53 million, including net unrealized gains of $24 million ($18 million excluding foreign exchange movements) following an increase in the market value of our equity securities portfolio during the quarter, compared to net realized and unrealized gains of $21 million in the second quarter of 2019.

Markets recovered in the second quarter of 2020 leading to pre-tax total return on cash and investments^5^ of 3.4% including foreign exchange movements (3.3% excluding foreign exchange movements^6^). Net unrealized gains of $407 million ($394 million excluding foreign exchange movements) were recognized in the quarter following an increase in the market value of our fixed income portfolio, compared to net unrealized gains of $139 million ($146 million excluding foreign exchange movements) during the second quarter of 2019. The net unrealized gains of $407 million are net of an allowance for expected credit losses of $6 million. The prior year pre-tax total return was 2.0% including foreign exchange movements (2.1% excluding foreign exchange movements).

For the six months ended June 30, 2020 pre-tax total return on cash and investments was 1.6% including foreign exchange movements (1.9% excluding foreign exchange movements), compared to 4.3% including foreign exchange movements (4.3% excluding foreign exchange movements) for the same period in 2019. Net unrealized gains of $132 million ($170 million excluding foreign exchange movements) were recognized in the year, compared to net unrealized gains of $359 million ($351 million excluding foreign exchange movements) for the same period in 2019.

Our fixed income portfolio book yield was 2.5% at June 30, 2020 compared to 3.0% at June 30, 2019. The market yield was 1.6% at June 30, 2020.

^5^ Pre-tax total return on cash and investments includes net investment income (loss), net investment gains (losses), interest in income (loss) of equity method investments and change in unrealized investment gains (losses) generated by average cash and investment balances. 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).

^6^Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange gains (losses) of $13m and $(8)m for the three months ended June 30, 2020 and 2019, respectively, and foreign exchange gains (losses) of $(48)m and $2m for the six months ended June 30, 2020 and 2019, respectively.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

Capitalization / Shareholders’ Equity

Total capital^7^ at June 30, 2020 was $6.6 billion, including $1.3 billion of debt and $550 million of preferred equity, compared to $7.4 billion at December 31, 2019. The decrease in total capital was attributable to the repayment of our 5.875% senior unsecured notes, the redemption of our Series D Preferred Shares, the net loss generated for the six months ended June 30, 2020, and common share dividends declared, partially offset by net unrealized gains reported in other comprehensive income following an increase in the market value of our fixed income portfolio.

On January 17, 2020, we redeemed all $225 million of our 5.50% Series D Preferred Shares. On June 1, 2020, we repaid $500 million aggregate principal amount of our 5.875% senior unsecured notes.

Book value per diluted common share, calculated on a treasury stock basis, increased by $5.31 in the current quarter, and decreased by $0.90 over the past twelve months, to $55.09. The increase in the quarter was driven by net income generated, and net unrealized gains reported in other comprehensive income, partially offset by common share dividends declared, while the decrease in the past twelve months was driven by common share dividends declared and net loss generated, partially offset by net unrealized gains reported in other comprehensive income.

During the second quarter of 2020, the Company declared dividends of $0.41 per common share, with total dividends declared of $1.63 per common share over the past twelve months. Adjusted for dividends declared, the book value per diluted common share increased by $5.72, or 11%, for the quarter and increased by $0.73, or 1%, over the past twelve months.

^7^ Total capital represents the sum of total shareholders' equity and debt.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

10 -

Conference Call

We will host a conference call on Wednesday, July 29, 2020 at 9:30 a.m. (EDT) to discuss the second quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers) or 1-412-902-6506 (international callers) approximately ten minutes in advance of the call and entering the passcode 7371647. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers) or 1-412-317-0088 (international callers) and entering the passcode 10145669. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement relating to our financial results for the quarter ended June 30, 2020 is available in the Investor Information section of our website.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at June 30, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

Website and Social Media Disclosure

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

Please be sure to follow AXIS Capital on LinkedIn.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

11 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019

	2020			2019
			(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value						$	12,046,415	$	12,468,205
Equity securities, at fair value						378,860		474,207
Mortgage loans, held for investment, at fair value						524,757		432,748
Other investments, at fair value						768,635		770,923
Equity method investments						101,346		117,821
Short-term investments, at fair value						34,337		38,471
Total investments						13,854,350		14,302,375
Cash and cash equivalents						1,086,829		1,241,109
Restricted cash and cash equivalents						562,004		335,348
Accrued interest receivable						68,880		78,085
Insurance and reinsurance premium balances receivable						3,527,147		3,071,390
Reinsurance recoverable on unpaid losses and loss expenses						4,160,521		3,877,756
Reinsurance recoverable on paid losses and loss expenses						395,990		327,795
Deferred acquisition costs						583,484		492,119
Prepaid reinsurance premiums						1,352,090		1,101,889
Receivable for investments sold						2,985		35,659
Goodwill						102,003		102,003
Intangible assets						225,092		230,550
Value of business acquired						5,909		8,992
Operating lease right-of-use assets						136,815		111,092
Other assets						295,074		287,892
Total assets	$	26,359,173		$	25,604,054
Liabilities
Reserve for losses and loss expenses						$	13,179,166	$	12,752,081
Unearned premiums						4,418,728		3,626,246
Insurance and reinsurance balances payable						1,365,799		1,349,082
Debt						1,309,076		1,808,157
Payable for investments purchased						350,347		32,985
Operating lease liabilities						141,621		115,584
Other liabilities						296,616		375,911
Total liabilities	21,061,353			20,060,046
Shareholders' equity
Preferred shares						550,000		775,000
Common shares						2,206		2,206
Additional paid-in capital						2,317,354		2,317,212
Accumulated other comprehensive income						281,599		171,710
Retained earnings						5,913,029		6,056,686
Treasury shares, at cost						(3,766,368)		(3,778,806)
Total shareholders' equity						5,297,820		5,544,008
Total liabilities and shareholders' equity						$	26,359,173	$	25,604,054

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

12 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

		Three months ended											Six months ended
		2020			2019				2020				2019
		(in thousands, except per share amounts)
Revenues
	Net premiums earned		$	1,104,003			$	1,123,607			$	2,192,628			$	2,257,819
	Net investment income		45,040				137,949				138,140				245,254
	Net investment gains (losses)		53,043				21,225				(9,831)				33,996
	Other insurance related income (loss)		1,996				2,925				(6,710)				9,852
	Total revenues	1,204,082			1,285,706				2,314,227				2,546,921
Expenses
	Net losses and loss expenses		676,261				672,463				1,584,335				1,336,491
	Acquisition costs		228,502				242,363				467,152				502,781
	General and administrative expenses		140,652				165,395				297,712				340,486
	Foreign exchange losses (gains)		9,709				(12,381)				(51,974)				(5,325)
	Interest expense and financing costs		20,595				15,607				44,067				31,502
	Reorganization expenses		392				3,276				(591)				18,096
	Amortization of value of business acquired		1,285				7,194				3,083				20,298
	Amortization of intangible assets		2,855				2,912				5,725				5,914
	Total expenses	1,080,251			1,096,829				2,349,509				2,250,243
Income (loss) before income taxes and interest in income (loss) of equity method investments					123,831				188,877				(35,282)				296,678
	Income tax expense		(10,893)				(14,469)				(6,026)				(15,703)
	Interest in income (loss) of equity method investments		7,102				2,635				(16,475)				4,853
Net income (loss)					120,040				177,043				(57,783)				285,828
	Preferred share dividends		7,563				10,656				15,125				21,313
Net income (loss) available (attributable) to common shareholders					$	112,477			$	166,387			$	(72,908)			$	264,515
Per share data
Earnings (loss) per common share:
Earnings (loss) per common share					$	1.33			$	1.98			$	(0.87)			$	3.16
Earnings (loss) per diluted common share					$	1.33			$	1.97			$	(0.87)			$	3.14
Weighted average common shares outstanding					84,303				83,941				84,198				83,834
Weighted average diluted common shares outstanding					84,600				84,401				84,198				84,338
Cash dividends declared per common share					$	0.41			$	0.40			$	0.82			$	0.80

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

13 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2020 AND 2019

	2020															2019
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	(in thousands)
Gross premiums written	$	1,037,568		$	678,615		$	1,716,183		$	968,325		$	679,435		$	1,647,760
Net premiums written	602,761			453,173			1,055,934			591,909			478,412			1,070,321
Net premiums earned	577,019			526,984			1,104,003			537,260			586,347			1,123,607
Other insurance related income (loss)	755			1,241			1,996			(695)			3,620			2,925
Net losses and loss expenses	(337,367)			(338,894)			(676,261)			(308,703)			(363,760)			(672,463)
Acquisition costs	(116,259)			(112,243)			(228,502)			(111,655)			(130,708)			(242,363)
Underwriting-related general and
administrative expenses^(8)^	(89,751)			(24,073)			(113,824)			(104,898)			(28,149)			(133,047)
Underwriting income^(9)^	$	34,397		$	53,015		87,412			$	11,309		$	67,350		78,659
Net investment income							45,040									137,949
Net investment gains							53,043									21,225
Corporate expenses^(8)^							(26,828)									(32,348)
Foreign exchange (losses) gains							(9,709)									12,381
Interest expense and financing costs							(20,595)									(15,607)
Reorganization expenses							(392)									(3,276)
Amortization of value of business acquired							(1,285)									(7,194)
Amortization of intangible assets							(2,855)									(2,912)
Income before income taxes and interest in income of equity method investments							$	123,831								$	188,877
Net losses and loss expenses ratio	58.5		%	64.3		%	61.3		%	57.5		%	62.0		%	59.8		%
Acquisition cost ratio	20.1		%	21.3		%	20.7		%	20.8		%	22.3		%	21.6		%
General and administrative
expense ratio	15.6		%	4.6		%	12.7		%	19.5		%	4.8		%	14.7		%
Combined ratio	94.2		%	90.2		%	94.7		%	97.8		%	89.1		%	96.1		%

^8^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 $27 million and $32 million for the three months ended June 30, 2020 and 2019, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

^9^Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented above.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

14 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019

	2020															2019
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	(in thousands)
Gross premiums written	$	1,978,283		$	2,169,058		$	4,147,341		$	1,819,421		$	2,411,565		$	4,230,986
Net premiums written	1,184,411			1,550,567			2,734,978			1,121,149			1,726,232			2,847,381
Net premiums earned	1,139,083			1,053,545			2,192,628			1,094,022			1,163,797			2,257,819
Other insurance related income (loss)	1,403			(8,113)			(6,710)			1,046			8,806			9,852
Net losses and loss expenses	(809,180)			(775,155)			(1,584,335)			(622,479)			(714,012)			(1,336,491)
Acquisition costs	(229,010)			(238,142)			(467,152)			(229,430)			(273,351)			(502,781)
Underwriting-related general and
administrative expenses^(10)^	(190,529)			(53,257)			(243,786)			(210,932)			(60,988)			(271,920)
Underwriting income (loss)^(11)^	$	(88,233)		$	(21,122)		(109,355)			$	32,227		$	124,252		156,479
Net investment income							138,140									245,254
Net investment gains (losses)							(9,831)									33,996
Corporate expenses^(10)^							(53,926)									(68,566)
Foreign exchange gains							51,974									5,325
Interest expense and financing costs							(44,067)									(31,502)
Reorganization expenses							591									(18,096)
Amortization of value of business acquired							(3,083)									(20,298)
Amortization of intangible assets							(5,725)									(5,914)
Income (loss) before income taxes and interest in income (loss) of equity method investments							$	(35,282)								$	296,678
Net losses and loss expenses ratio	71.0		%	73.6		%	72.3		%	56.9		%	61.4		%	59.2		%
Acquisition cost ratio	20.1		%	22.6		%	21.3		%	21.0		%	23.5		%	22.3		%
General and administrative
expense ratio	16.8		%	5.0		%	13.5		%	19.2		%	5.2		%	15.0		%
Combined ratio	107.9		%	101.2		%	107.1		%	97.1		%	90.1		%	96.5		%

^10^Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $54 million and $69 million for the six months ended June 30, 2020 and 2019, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

^11^Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented above.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

15 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

	Three months ended									Six months ended
	2020			2019			2020			2019
	(in thousands, except per share amounts)
Net income (loss) available (attributable) to common shareholders	$	112,477		$	166,387		$	(72,908)		$	264,515
Net investment (gains) losses^(12)^	(53,043)			(21,225)			9,831			(33,996)
Foreign exchange losses (gains)^(13)^	9,709			(12,381)			(51,974)			(5,325)
Reorganization expenses^(14)^	392			3,276			(591)			18,096
Interest in (income) loss of equity method investments^(15)^	(7,102)			(2,635)			16,475			(4,853)
Income tax expense	9,070			3,569			6,259			3,164
Operating income (loss)	$	71,503		$	136,991		$	(92,908)		$	241,601
Earnings (loss) per diluted common share	$	1.33		$	1.97		$	(0.87)		$	3.14
Net investment (gains) losses	(0.63)			(0.25)			0.12			(0.40)
Foreign exchange losses (gains)	0.11			(0.15)			(0.62)			(0.06)
Reorganization expenses	—			0.04			(0.01)			0.21
Interest in (income) loss of equity method investments	(0.08)			(0.03)			0.20			(0.06)
Income tax expense	0.11			0.04			0.07			0.03
Operating income (loss) per diluted common share	$	0.84		$	1.62		$	(1.11)		$	2.86
Weighted average diluted common shares outstanding	84,600			84,401			84,198			84,338
Average common shareholders' equity	4,518,699			4,658,317			4,758,414			4,523,274
Annualized return on average common equity	10.0		%	14.3		%	(3.1		%)	11.7		%
Annualized operating return on average common equity^(16)^	6.3		%	11.8		%	(3.9		%)	10.7		%

^12^Tax cost (benefit) of $8,114 and $2,936 for the three months ended June 30, 2020 and 2019, respectively, and $2,437 and $5,771 for the six months ended June 30, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

^13^Tax cost (benefit) of $1,084 and $1,170 for the three months ended June 30, 2020 and 2019, respectively, and $3,611 and $588 for the six months ended June 30, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

^14^Tax cost (benefit) of $(128) and $(537) for the three months ended June 30, 2020 and 2019, respectively, and $211 and ($3,195) for the six months ended June 30, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

^15^Tax cost (benefit) of $nil for the three and six months ended June 30, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

^16^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 release.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

16 -

Risk and Uncertainties related to COVID-19

The determination of the net claims provision for the insurance segment is based on our ground-up assessment of coverage from individual contracts and treaties, including a review of contracts with potential exposure to the COVID-19 pandemic. The determination of the net claims provision for the reinsurance segment is largely based on a range of industry insured loss estimates and market share analyses, supplemented by a review of in-force treaties that may provide coverage and catastrophe modeling analyses, where appropriate. In addition, we consider preliminary information received from clients, brokers and loss adjusters.

The estimate of the net claims provision related to the COVID-19 pandemic is subject to significant uncertainty. This uncertainty is driven by the inherent difficulty in making assumptions around the impact of the COVID-19 pandemic due to the lack of comparable events, the ongoing nature of the event, and its far-reaching impacts on world-wide economies and the health of the population. These assumptions include the following:

•the nature and the duration of the pandemic;

•the effects on human health, the economy and our customers;

•the response of government bodies including legislative, regulatory or judicial actions and social influences that could alter the interpretation of our contracts;

•the coverage provided under our contracts;

•the coverage provided by our ceded reinsurance; and

•the evaluation of the loss and impact of loss mitigation actions.

Actual net ultimate amount of the loss for this event may differ materially from the current net claims provision.

Cautionary Note Regarding Forward-Looking Statements

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

17 -

Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates of losses related to catastrophes and other large losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities' prices, credit spreads and foreign currency rates.

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

•the adverse impact of the ongoing COVID-19 pandemic on our business, results of operations, financial condition and liquidity;

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

•the occurrence and magnitude of natural and man-made disasters;

•the impact of global climate change on our business, including the possibility that we do not adequately assess or reserve for the increased frequency and severity of natural catastrophes;

•losses from war, terrorism and political unrest or other unanticipated losses;

•actual claims exceeding our loss reserves;

•general economic, capital and credit market conditions;

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

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

•our inability to purchase reinsurance or collect amounts due to us;

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

•difficulties with technology and/or data security;

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

•the failure of our cedants to adequately evaluate risks;

•inability to obtain additional capital on favorable terms, or at all;

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

•a decline in our ratings with rating agencies;

•the loss of business provided to us by our major brokers and credit risk due to our reliance on brokers;

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

18 -

•changes in accounting policies or practices;

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

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

•failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;

•increased competition;

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

•fluctuations in interest rates, credit spreads, equity securities' prices and/or currency values;

•the failure to successfully integrate acquired businesses or to realize the expected synergies resulting from such acquisitions;

•the failure to realize the expected benefits or synergies relating to our transformation initiative;

•changes in tax laws; and

•other factors including but not limited to those described under Item 1A, ‘Risk Factors’ in our most recent Annual Report on Form 10-K and Part II, Item 1A 'Risk Factors' in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC which are accessible on the SEC's website at www.sec.gov. Readers are urged to carefully consider all such factors as the COVID-19 pandemic may have the effect of heightening many of the other risks and uncertainties described.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

19 -

Non-GAAP Financial Measures

We present our results of operations in the way we believe will be most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this press release, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis, pre-tax total return on cash and investments excluding foreign exchange movements, which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, better explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

20 -

Consolidated Underwriting Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) 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. 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 are related to the transformation program which was launched in 2017. This program encompasses the integration of Novae, which commenced in the fourth quarter of 2017, the realignment of our accident and health business, together with other initiatives designed to increase efficiency and enhance profitability, while delivering a customer-centric operating model. 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).

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 income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

21 -

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. In addition, we recognize unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities in net investment gains (losses). We also recognize unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss). These unrealized foreign exchange losses (gains) generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss), thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a fair representation of the performance of our business.

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

22 -

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 Cash and Investments excluding Foreign Exchange Movement

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

23 -

Document

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2020

	AXIS Capital Holdings Limited
	92 Pitts Bay Road
	Pembroke HM 08 Bermuda
	Contact Information:
	Matthew Rohrmann
	Investor Contact
	(212) 940-3339
	investorrelations@axiscapital.com
	Website Information:
	www.axiscapital.com
This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

	Page(s)
Basis of Presentation	i - iv
I. Financial Highlights	1
II. Income Statements
a. Consolidated Statement of Operations - As Reported, U.S.GAAP	2
b. Consolidated Statements of Operations - Quarter	3-4
c. Consolidated Statements of Operations - Year	5-6
d. Consolidated Segment Data	7
e. Gross Premiums Written by Segment by Line of Business	8
f. Consolidated Segment Data - Quarter and Prior Year	9
g. Segment Data - Quarter and Prior Year	10-11
h. Strategic Capital Partners	12
i. Net Investment Income - Quarter and Year	13
III. Balance Sheets
a. Consolidated Balance Sheets	14
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio	15
• Cash and Invested Assets Composition - Quarter	16
• Corporate Debt Composition	17
• Ten Largest Corporate Debt Holdings	18
• Mortgage-Backed and Asset-Backed Securities Composition	19
c. Reinsurance Recoverable Analysis	20-21
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis	22
b. Paid to Incurred Analysis by Segment	23
c. Paid to Incurred Analysis by Segment - Quarter	24-25
d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	26
V. Share Analysis
a. Earnings Per Common Share Information - As Reported, U.S. GAAP	27
b. Earnings Per Common Share Information and Common Shares Rollforward - Quarter	28
c. Book Value Per Diluted Common Share Analysis - Treasury Stock Method	29
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	30
b. Tangible Book Value Per Diluted Common Share	31
c. Use of Non-GAAP Financial Measures	32
d. Ex-PGAAPData - Quarter and Year	35

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, 2019 and consolidated statements of operations for the years ended December 31,

2019 and December 31, 2018.

•Amounts may not reconcile due to rounding differences.

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

•NM - Not meaningful; NA - Not applicable

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates of losses related to catastrophes and other large losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities' prices, credit spreads and foreign currency rates.

•the adverse impact of the ongoing COVID-19 pandemic on our business, results of operations, financial condition and liquidity;

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

•the occurrence and magnitude of natural and man-made disasters;

•the impact of global climate change on our business, including the possibility that we do not adequately assess or reserve for the increased frequency and severity of natural catastrophes;

•losses from war, terrorism and political unrest or other unanticipated losses;

•actual claims exceeding our loss reserves;

•general economic, capital and credit market conditions;

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

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

•our inability to purchase reinsurance or collect amounts due to us;

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

•difficulties with technology and/or data security;

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

•the failure of our cedants to adequately evaluate risks;

•inability to obtain additional capital on favorable terms, or at all;

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

•a decline in our ratings with rating agencies;

•the loss of business provided to us by our major brokers and credit risk due to our reliance on brokers;

•changes in accounting policies or practices;

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

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

•failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;

•increased competition;

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

•fluctuations in interest rates, credit spreads, equity securities' prices and/or currency values;

•the failure to successfully integrate acquired businesses or to realize the expected synergies resulting from such acquisitions;

•the failure to realize the expected benefits or synergies relating to our transformation initiative;

•changes in tax laws; and

•other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K and Part II, Item 1A 'Risk Factors' in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC which are accessible on the SEC's website at www.sec.gov. Readers are urged to carefully consider all such factors as the COVID-19 pandemic may have the effect of heightening many of the other risks and uncertainties described.

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

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

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

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

Marine: provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability, recreational marine, fine art, specie, and hull and war. Offshore energy coverage includes physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.

Terrorism: provides cover for physical damage and business interruption of an insured following an act of terrorism and includes kidnap and ransom, and crisis management insurance.

Aviation: provides hull and liability, and specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.

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

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

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

Accident and Health: includes accidental death, travel insurance and specialty health products for employer and affinity groups.

Discontinued Lines - Novae: includes those lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. These discontinued insurance lines include financial institutions, professional indemnity, international liability, and international direct and facultative property.

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The following are the lines of business in our reinsurance segment:

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

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

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

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

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

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

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

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

Marine and Other: includes marine and aviation reinsurance.

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

Discontinued Lines - Novae: includes those lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. These discontinued reinsurance lines include motor reinsurance, general liability reinsurance, and international facultative property.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

				Three months ended June 30,																					Six months ended June 30,
				2020			2019			Change															Change
HIGHLIGHTS	Gross premiums written									4.2		%										(2.0		%)
			Gross premiums written - Insurance		60.5	%		58.8	%			1.7			pts		47.7	%		43.0	%			4.7			pts
			Gross premiums written - Reinsurance		39.5	%		41.2	%			(1.7)			pts		52.3	%		57.0	%			(4.7)			pts
			Net premiums written									(1.3		%)										(3.9		%)
			Net premiums earned									(1.7		%)										(2.9		%)
			Net premiums earned - Insurance		52.3	%		47.8	%			4.5			pts		52.0	%		48.5	%			3.5			pts
			Net premiums earned - Reinsurance		47.7	%		52.2	%			(4.5)			pts		48.0	%		51.5	%			(3.5)			pts
			Net income (loss) available (attributable) to common shareholders									(32.4		%)										nm
			Operating income (loss) [a]		71,503			136,991				(47.8		%)			(92,908)			241,601				nm
			Annualized return on average common equity [b]		10.0	%		14.3	%			(4.3)			pts		(3.1	%)		11.7	%			(14.8)			pts
			Annualized operating return on average common equity [c]		6.3	%		11.8	%			(5.5)			pts		(3.9	%)		10.7	%			(14.6)			pts
			Total shareholders’ equity									(4.8		%)										(4.8		%)
PER COMMON SHARE AND COMMON SHARE DATA	Earnings (loss) per diluted common share			1.33			1.97			(32.5		%)				(0.87)			3.14			nm
			Operating income (loss) per diluted common share [d]		0.84			1.62				(48.1		%)			(1.11)			2.86				nm
			Weighted average diluted common shares outstanding		84,600			84,401				0.2		%			84,198			84,338				(0.2		%)
			Book value per common share		56.32			57.08				(1.3		%)			56.32			57.08				(1.3		%)
			Book value per diluted common share (treasury stock method)		55.09			55.99				(1.6		%)			55.09			55.99				(1.6		%)
			Tangible book value per diluted common share (treasury stock method) [a]		51.79			52.54				(1.4		%)			51.79			52.54				(1.4		%)
FINANCIAL RATIOS	Current accident year loss ratio excluding catastrophe and weather-related losses			58.0	%		59.7	%		(1.7)			pts			57.5	%		59.3	%		(1.8)			pts
			Catastrophe and weather-related losses ratio		3.5	%		2.3	%			1.2			pts		15.2	%		1.6	%			13.6			pts
			Current accident year loss ratio		61.5	%		62.0	%			(0.5)			pts		72.7	%		60.9	%			11.8			pts
			Prior year reserve development ratio		(0.2	%)		(2.2	%)			2.0			pts		(0.4	%)		(1.7	%)			1.3			pts
			Net losses and loss expenses ratio		61.3	%		59.8	%			1.5			pts		72.3	%		59.2	%			13.1			pts
			Acquisition cost ratio		20.7	%		21.6	%			(0.9)			pts		21.3	%		22.3	%			(1.0)			pts
			General and administrative expense ratio [e]		12.7	%		14.7	%			(2.0)			pts		13.5	%		15.0	%			(1.5)			pts
			Combined ratio		94.7	%		96.1	%			(1.4)			pts		107.1	%		96.5	%			10.6			pts
INVESTMENT DATA	Total assets									1.9		%										1.9		%
		Total cash and invested assets [f]									(0.6		%)										(0.6		%)
		Net investment income									(67.4		%)										(43.7		%)
		Net investment gains (losses)									nm						(9,831)			33,996			nm
		Book yield of fixed maturities									(0.5)			pts									(0.5)			pts

All values are in US Dollars.

[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE") and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE") and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this document. Loss per diluted common share and operating loss per diluted common share for the six months ended June 30, 2020 were calculated using weighted average common shares outstanding due to the net loss attributable to common shareholders and operating loss recognized in the period.

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

common shareholders’ equity balances at the beginning and end of the period.

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - AS REPORTED, U.S. GAAP

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

		Three months ended June 30,												Six months ended June 30,
		2020				2019				2020				2019
Revenues
	Net premiums earned	$	1,104,003			$	1,123,607			$	2,192,628			$	2,257,819
	Net investment income	45,040				137,949				138,140				245,254
	Net investment gains (losses)	53,043				21,225				(9,831)				33,996
	Other insurance related income (loss)	1,996				2,925				(6,710)				9,852
	Total revenues	1,204,082				1,285,706				2,314,227				2,546,921
Expenses
	Net losses and loss expenses	676,261				672,463				1,584,335				1,336,491
	Acquisition costs	228,502				242,363				467,152				502,781
	General and administrative expenses	140,652				165,395				297,712				340,486
	Foreign exchange losses (gains)	9,709				(12,381)				(51,974)				(5,325)
	Interest expense and financing costs	20,595				15,607				44,067				31,502
	Reorganization expenses	392				3,276				(591)				18,096
	Amortization of value of business acquired	1,285				7,194				3,083				20,298
	Amortization of intangible assets	2,855				2,912				5,725				5,914
	Total expenses	1,080,251				1,096,829				2,349,509				2,250,243
Income (loss) before income taxes and interest in income (loss) of equity method investments				123,831				188,877				(35,282)				296,678
	Income tax expense	(10,893)				(14,469)				(6,026)				(15,703)
	Interest in income (loss) of equity method investments	7,102				2,635				(16,475)				4,853
Net income (loss)				120,040				177,043				(57,783)				285,828
	Preferred share dividends	7,563				10,656				15,125				21,313
Net income (loss) available (attributable) to common shareholders				$	112,477			$	166,387			$	(72,908)			$	264,515

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTER

	Q2 2020		Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q2 2018
UNDERWRITING REVENUES
Gross premiums written	$	1,716,183	$	2,431,158	$	1,261,366	$	1,406,506	$	1,647,760	$	1,650,825
Ceded premiums written	(660,249)		(752,114)		(475,212)		(550,425)		(577,439)		(650,370)
Net premiums written	1,055,934		1,679,044		786,154		856,081		1,070,321		1,000,455
Gross premiums earned	1,694,861		1,657,412		1,789,084		1,756,116		1,680,663		1,688,953
Ceded premiums earned	(590,858)		(568,787)		(617,033)		(598,809)		(557,056)		(503,405)
Net premiums earned	1,104,003		1,088,625		1,172,051		1,157,307		1,123,607		1,185,548
Other insurance related income (loss)	1,996		(8,707)		5,059		1,533		2,925		3,730
Total underwriting revenues	1,105,999		1,079,918		1,177,110		1,158,840		1,126,532		1,189,278
UNDERWRITING EXPENSES
Net losses and loss expenses	676,261		908,073		857,394		850,913		672,463		706,641
Acquisition costs	228,502		238,650		261,775		260,026		242,363		231,952
Underwriting-related general and administrative expenses [a]	113,824		129,962		107,195		126,619		133,047		134,959
Total underwriting expenses	1,018,587		1,276,685		1,226,364		1,237,558		1,047,873		1,073,552
UNDERWRITING INCOME (LOSS) [b]	87,412		(196,767)		(49,254)		(78,718)		78,659		115,726
OTHER (EXPENSES) REVENUES
Net investment income	45,040		93,101		117,557		115,763		137,949		109,960
Net investment gains (losses)	53,043		(62,877)		42,712		14,527		21,225		(45,093)
Corporate expenses [a]	(26,828)		(27,098)		(31,628)		(28,903)		(32,348)		(30,254)
Foreign exchange (losses) gains	(9,709)		61,683		(52,827)		59,543		12,381		44,099
Interest expense and financing costs	(20,595)		(23,472)		(18,562)		(18,042)		(15,607)		(17,098)
Reorganization expenses	(392)		982		(8,074)		(11,215)		(3,276)		(18,772)
Amortization of value of business acquired	(1,285)		(1,799)		(2,056)		(4,368)		(7,194)		(53,407)
Amortization of intangible assets	(2,855)		(2,870)		(2,853)		(2,831)		(2,912)		(4,029)
Total other (expenses) revenues	36,419		37,650		44,269		124,474		110,218		(14,594)
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	123,831		(159,117)		(4,985)		45,756		188,877		101,132
Income tax (expense) benefit	(10,893)		4,867		159		(8,147)		(14,469)		(996)
Interest in income (loss) of equity method investments	7,102		(23,577)		4,073		792		2,635		3,378
NET INCOME (LOSS)	120,040		(177,827)		(753)		38,401		177,043		103,514
Preferred share dividends	(7,563)		(7,563)		(9,144)		(10,656)		(10,656)		(10,656)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	112,477	$	(185,390)	$	(9,897)	$	27,745	$	166,387	$	92,858

[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 income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented above and in the 'Consolidated Statements of Operations - Year' section of this document.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - QUARTER

	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q2 2018
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	58.0	57.1	62.2	61.7	59.7	61.5
Catastrophe and weather-related losses ratio	3.5	26.9	12.1	14.1	2.3	3.2
Current accident year loss ratio	61.5	84.0	74.3	75.8	62.0	64.7
Prior year reserve development ratio	(0.2	(0.6	(1.1	(2.3	(2.2	(5.1
Net losses and loss expenses ratio	61.3	83.4	73.2	73.5	59.8	59.6
Acquisition cost ratio	20.7	21.9	22.3	22.5	21.6	19.6
General and administrative expense ratio [a]	12.7	14.5	11.8	13.4	14.7	13.9
Combined ratio	94.7	119.8	107.3	109.4	96.1	93.1
Weighted average common shares outstanding	84,303	84,094	83,957	83,947	83,941	83,539
Weighted average diluted common shares outstanding	84,600	84,094	83,957	84,582	84,401	83,984
Earnings (loss) per common share	1.33	(2.20)	(0.12)	0.33	1.98	1.11
Earnings (loss) per diluted common share	1.33	(2.20)	(0.12)	0.33	1.97	1.11
Annualized ROACE	10.0	nm	(0.8	2.3	14.3	8.3
Annualized operating ROACE	6.3	nm	0.4	(2.7	11.8	9.2

All values are in US Dollars.

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - YEAR

	Six months ended June 30,
	2020		2019		2018		2019		2018
UNDERWRITING REVENUES
Gross premiums written	$	4,147,341	$	4,230,986	$	4,313,620	$	6,898,858	$	6,910,065
Ceded premiums written	(1,412,363)		(1,383,605)		(1,327,294)		(2,409,243)		(2,251,103)
Net premiums written	2,734,978		2,847,381		2,986,326		4,489,615		4,658,962
Gross premiums earned	3,352,273		3,365,477		3,328,786		6,910,677		6,882,217
Ceded premiums earned	(1,159,645)		(1,107,658)		(975,836)		(2,323,499)		(2,090,722)
Net premiums earned	2,192,628		2,257,819		2,352,950		4,587,178		4,791,495
Other insurance related income (loss)	(6,710)		9,852		10,335		16,444		10,622
Total underwriting revenues	2,185,918		2,267,671		2,363,285		4,603,622		4,802,117
UNDERWRITING EXPENSES
Net losses and loss expenses	1,584,335		1,336,491		1,367,986		3,044,798		3,190,287
Acquisition costs	467,152		502,781		461,212		1,024,582		968,835
Underwriting-related general and administrative expenses [a]	243,786		271,920		274,624		505,735		519,168
Total underwriting expenses	2,295,273		2,111,192		2,103,822		4,575,115		4,678,290
UNDERWRITING INCOME (LOSS)	(109,355)		156,479		259,463		28,507		123,827
OTHER (EXPENSES) REVENUES
Net investment income	138,140		245,254		210,961		478,572		438,507
Net investment gains (losses)	(9,831)		33,996		(59,923)		91,233		(150,218)
Corporate expenses [a]	(53,926)		(68,566)		(60,425)		(129,096)		(108,221)
Foreign exchange gains	51,974		5,325		6,239		12,041		29,165
Interest expense and financing costs	(44,067)		(31,502)		(33,861)		(68,107)		(67,432)
Reorganization expenses	591		(18,096)		(31,825)		(37,384)		(66,940)
Amortization of value of business acquired	(3,083)		(20,298)		(110,517)		(26,722)		(172,332)
Amortization of intangible assets	(5,725)		(5,914)		(6,811)		(11,597)		(13,814)
Total other (expenses) revenues	74,073		140,199		(86,162)		308,940		(111,285)
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	(35,282)		296,678		173,301		337,447		12,542
Income tax (expense) benefit	(6,026)		(15,703)		40		(23,692)		29,486
Interest in income (loss) of equity method investments	(16,475)		4,853		3,378		9,718		993
NET INCOME (LOSS)	(57,783)		285,828		176,719		323,473		43,021
Preferred share dividends	(15,125)		(21,313)		(21,313)		(41,112)		(42,625)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	(72,908)	$	264,515	$	155,406	$	282,361	$	396

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - YEAR

	Six months ended June 30,
	2020	2019	2018	2019	2018
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	57.5	59.3	59.9	60.6	61.7
Catastrophe and weather-related losses ratio	15.2	1.6	3.1	7.5	9.0
Current accident year loss ratio	72.7	60.9	63.0	68.1	70.7
Prior year reserve development ratio	(0.4	(1.7	(4.9	(1.7	(4.1
Net losses and loss expenses ratio	72.3	59.2	58.1	66.4	66.6
Acquisition cost ratio	21.3	22.3	19.6	22.3	20.2
General and administrative expense ratio [a]	13.5	15.0	14.3	13.9	13.1
Combined ratio	107.1	96.5	92.0	102.6	99.9
Weighted average common shares outstanding	84,198	83,834	83,431	83,894	83,501
Weighted average diluted common shares outstanding	84,198	84,338	83,853	84,473	84,007
Earnings (loss) per common share	(0.87)	3.16	1.86	3.37	—
Earnings (loss) per diluted common share	(0.87)	3.14	1.85	3.34	—
Annualized ROACE	(3.1	11.7	6.9	6.3	—
Annualized operating ROACE	(3.9	10.7	10.0	4.7	3.6

All values are in US Dollars.

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

	Three months ended June 30, 2020															Six months ended June 30, 2020
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,037,568		$	678,615		$	1,716,183		$	1,978,283		$	2,169,058		$	4,147,341
Ceded premiums written	(434,807)			(225,442)			(660,249)			(793,872)			(618,491)			(1,412,363)
Net premiums written	602,761			453,173			1,055,934			1,184,411			1,550,567			2,734,978
Gross premiums earned	952,241			742,620			1,694,861			1,884,319			1,467,954			3,352,273
Ceded premiums earned	(375,222)			(215,636)			(590,858)			(745,236)			(414,409)			(1,159,645)
Net premiums earned	577,019			526,984			1,104,003			1,139,083			1,053,545			2,192,628
Other insurance related income (loss)	755			1,241			1,996			1,403			(8,113)			(6,710)
Total underwriting revenues	577,774			528,225			1,105,999			1,140,486			1,045,432			2,185,918
UNDERWRITING EXPENSES
Net losses and loss expenses	337,367			338,894			676,261			809,180			775,155			1,584,335
Acquisition costs	116,259			112,243			228,502			229,010			238,142			467,152
Underwriting-related general and administrative expenses	89,751			24,073			113,824			190,529			53,257			243,786
Total underwriting expenses	543,377			475,210			1,018,587			1,228,719			1,066,554			2,295,273
UNDERWRITING INCOME (LOSS)	$	34,397		$	53,015		$	87,412		$	(88,233)		$	(21,122)		$	(109,355)
Catastrophe and weather-related losses, net of reinstatement premiums	$	15,786		$	20,261		$	36,047		$	193,361		$	142,561		$	335,922
Net favorable prior year reserve development	$	420		$	2,235		$	2,655		$	4,251		$	4,516		$	8,767
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	55.6		%	60.6		%	58.0		%	54.9		%	60.4		%	57.5		%
Catastrophe and weather-related losses ratio	2.9		%	4.1		%	3.5		%	16.5		%	13.6		%	15.2		%
Current accident year loss ratio	58.5		%	64.7		%	61.5		%	71.4		%	74.0		%	72.7		%
Prior year reserve development ratio	—		%	(0.4		%)	(0.2		%)	(0.4		%)	(0.4		%)	(0.4		%)
Net losses and loss expenses ratio	58.5		%	64.3		%	61.3		%	71.0		%	73.6		%	72.3		%
Acquisition cost ratio	20.1		%	21.3		%	20.7		%	20.1		%	22.6		%	21.3		%
Underwriting-related general and administrative expense ratio	15.6		%	4.6		%	10.3		%	16.8		%	5.0		%	11.0		%
Corporate expense ratio							2.4		%							2.5		%
Combined ratio	94.2		%	90.2		%	94.7		%	107.9		%	101.2		%	107.1		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

													Six months ended June 30,
	Q2 2020		Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q2 2018		2020		2019		2019
INSURANCE SEGMENT
Property	$	278,841	$	223,603	$	242,446	$	241,517	$	259,295	$	344,737	$	502,444	$	459,797	$	943,760
Marine	116,398		156,296		73,780		91,161		99,389		95,690		272,694		246,368		411,309
Terrorism	11,008		16,520		13,317		17,284		15,157		15,812		27,528		29,519		60,120
Aviation	23,794		17,230		20,838		17,623		18,539		21,048		41,024		36,209		74,670
Credit and Political Risk	28,002		47,675		40,487		32,528		36,076		30,736		75,677		81,983		154,999
Professional Lines	346,338		258,391		356,321		272,362		321,284		297,243		604,729		548,592		1,177,274
Liability	204,398		170,878		180,951		186,253		190,030		150,167		375,276		332,672		699,876
Accident and Health	27,419		51,062		30,876		34,054		28,126		69,860		78,480		79,174		144,103
Discontinued Lines - Novae	1,370		(940)		2,592		2,120		429		1,351		431		5,107		9,820
TOTAL INSURANCE SEGMENT	$	1,037,568	$	940,715	$	961,608	$	894,902	$	968,325	$	1,026,644	$	1,978,283	$	1,819,421	$	3,675,931
REINSURANCE SEGMENT
Catastrophe	$	189,706	$	262,283	$	20,346	$	94,833	$	245,203	$	148,304	$	451,990	$	603,336	$	718,514
Property	54,763		133,189		20,318		67,972		43,135		60,293		187,952		215,877		304,166
Professional Lines	111,725		123,570		34,789		23,540		92,915		116,273		235,295		202,743		261,072
Credit and Surety	50,332		100,739		28,375		50,989		38,465		52,685		151,070		190,369		269,733
Motor	42,970		279,132		21,273		25,367		6,846		43,279		322,102		288,248		334,887
Liability	149,635		218,896		88,479		146,690		125,990		91,343		368,531		311,310		546,479
Agriculture	43,896		18,248		23,369		5,074		70,077		53,953		62,144		196,517		224,961
Engineering	3,006		15,920		17,821		8,841		7,600		6,604		18,926		30,365		57,028
Marine and Other	25,867		29,993		6,675		9,727		22,042		13,631		55,861		58,379		74,781
Accident and Health	6,625		307,678		38,881		78,474		27,723		37,808		314,303		315,315		432,670
Discontinued Lines - Novae	90		795		(568)		97		(561)		8		884		(894)		(1,364)
TOTAL REINSURANCE SEGMENT	$	678,615	$	1,490,443	$	299,758	$	511,604	$	679,435	$	624,181	$	2,169,058	$	2,411,565	$	3,222,927
CONSOLIDATED TOTAL	$	1,716,183	$	2,431,158	$	1,261,366	$	1,406,506	$	1,647,760	$	1,650,825	$	4,147,341	$	4,230,986	$	6,898,858

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA - QUARTER AND PRIOR YEAR

																			Year ended December 31,
	Q2 2020			Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q2 2018			2019
UNDERWRITING REVENUES
Gross premiums written	$	1,716,183		$	2,431,158		$	1,261,366		$	1,406,506		$	1,647,760		$	1,650,825		$	6,898,858
Ceded premiums written	(660,249)			(752,114)			(475,212)			(550,425)			(577,439)			(650,370)			(2,409,243)
Net premiums written	1,055,934			1,679,044			786,154			856,081			1,070,321			1,000,455			4,489,615
Gross premiums earned	1,694,861			1,657,412			1,789,084			1,756,116			1,680,663			1,688,953			6,910,677
Ceded premiums earned	(590,858)			(568,787)			(617,033)			(598,809)			(557,056)			(503,405)			(2,323,499)
Net premiums earned	1,104,003			1,088,625			1,172,051			1,157,307			1,123,607			1,185,548			4,587,178
Other insurance related income (loss)	1,996			(8,707)			5,059			1,533			2,925			3,730			16,444
Total underwriting revenues	1,105,999			1,079,918			1,177,110			1,158,840			1,126,532			1,189,278			4,603,622
UNDERWRITING EXPENSES
Net losses and loss expenses	676,261			908,073			857,394			850,913			672,463			706,641			3,044,798
Acquisition costs	228,502			238,650			261,775			260,026			242,363			231,952			1,024,582
Underwriting-related general and administrative expenses	113,824			129,962			107,195			126,619			133,047			134,959			505,735
Total underwriting expenses	1,018,587			1,276,685			1,226,364			1,237,558			1,047,873			1,073,552			4,575,115
UNDERWRITING INCOME (LOSS)	$	87,412		$	(196,767)		$	(49,254)		$	(78,718)		$	78,659		$	115,726		$	28,507
Catastrophe and weather-related losses, net of reinstatement premiums	$	36,047		$	299,695		$	140,000		$	159,869		$	25,564		$	38,210		$	336,117
Net favorable prior year reserve development	$	2,655		$	6,113		$	13,881		$	26,727		$	23,621		$	60,116		$	78,900
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	58.0		%	57.1		%	62.2		%	61.7		%	59.7		%	61.5		%	60.6		%
Catastrophe and weather-related losses ratio	3.5		%	26.9		%	12.1		%	14.1		%	2.3		%	3.2		%	7.5		%
Current accident year loss ratio	61.5		%	84.0		%	74.3		%	75.8		%	62.0		%	64.7		%	68.1		%
Prior year reserve development ratio	(0.2		%)	(0.6		%)	(1.1		%)	(2.3		%)	(2.2		%)	(5.1		%)	(1.7		%)
Net losses and loss expenses ratio	61.3		%	83.4		%	73.2		%	73.5		%	59.8		%	59.6		%	66.4		%
Acquisition cost ratio	20.7		%	21.9		%	22.3		%	22.5		%	21.6		%	19.6		%	22.3		%
Underwriting-related general and administrative expenses ratio	12.7		%	14.5		%	11.8		%	13.4		%	14.7		%	13.9		%	13.9		%
Combined ratio	94.7		%	119.8		%	107.3		%	109.4		%	96.1		%	93.1		%	102.6		%

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR

																			Year ended December 31,
	Q2 2020			Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q2 2018			2019
UNDERWRITING REVENUES
Gross premiums written	$	1,037,568		$	940,715		$	961,608		$	894,902		$	968,325		$	1,026,644		$	3,675,931
Ceded premiums written	(434,807)			(359,065)			(390,651)			(377,852)			(376,416)			(428,465)			(1,466,776)
Net premiums written	602,761			581,650			570,957			517,050			591,909			598,179			2,209,155
Gross premiums earned	952,241			932,078			927,599			901,150			884,480			924,704			3,623,180
Ceded premiums earned	(375,222)			(370,014)			(367,989)			(364,699)			(347,220)			(347,433)			(1,433,097)
Net premiums earned	577,019			562,064			559,610			536,451			537,260			577,271			2,190,083
Other insurance related income (loss)	755			647			1,079			733			(695)			1,214			2,858
Total underwriting revenues	577,774			562,711			560,689			537,184			536,565			578,485			2,192,942
UNDERWRITING EXPENSES
Net losses and loss expenses	337,367			471,812			317,234			338,966			308,703			328,773			1,278,679
Acquisition costs	116,259			112,751			123,300			115,551			111,655			90,864			468,281
Underwriting-related general and administrative expenses	89,751			100,778			90,472			100,559			104,898			102,369			401,963
Total underwriting expenses	543,377			685,341			531,006			555,076			525,256			522,006			2,148,923
UNDERWRITING INCOME (LOSS)	$	34,397		$	(122,630)		$	29,683		$	(17,892)		$	11,309		$	56,479		$	44,019
Catastrophe and weather-related losses, net of reinstatement premiums	$	15,786		$	177,583		$	19,900		$	41,313		$	14,483		$	22,922		$	83,700
Net favorable prior year reserve development	$	420		$	3,832		$	10,455		$	14,609		$	21,326		$	24,294		$	53,302
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	55.6		%	54.2		%	55.0		%	58.2		%	58.7		%	57.2		%	57.0		%
Catastrophe and weather-related losses ratio	2.9		%	30.4		%	3.6		%	7.7		%	2.7		%	4.0		%	3.8		%
Current accident year loss ratio	58.5		%	84.6		%	58.6		%	65.9		%	61.4		%	61.2		%	60.8		%
Prior year reserve development ratio	—		%	(0.7		%)	(1.9		%)	(2.7		%)	(3.9		%)	(4.2		%)	(2.4		%)
Net losses and loss expenses ratio	58.5		%	83.9		%	56.7		%	63.2		%	57.5		%	57.0		%	58.4		%
Acquisition cost ratio	20.1		%	20.1		%	22.0		%	21.5		%	20.8		%	15.7		%	21.4		%
Underwriting-related general and administrative expenses ratio	15.6		%	17.9		%	16.2		%	18.8		%	19.5		%	17.7		%	18.3		%
Combined ratio	94.2		%	121.9		%	94.9		%	103.5		%	97.8		%	90.4		%	98.1		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR

																			Year ended December 31,
	Q2 2020			Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q2 2018			2019
UNDERWRITING REVENUES
Gross premiums written	$	678,615		$	1,490,443		$	299,758		$	511,604		$	679,435		$	624,181		$	3,222,927
Ceded premiums written	(225,442)			(393,049)			(84,561)			(172,573)			(201,023)			(221,905)			(942,467)
Net premiums written	453,173			1,097,394			215,197			339,031			478,412			402,276			2,280,460
Gross premiums earned	742,620			725,334			861,485			854,966			796,183			764,249			3,287,497
Ceded premiums earned	(215,636)			(198,773)			(249,044)			(234,110)			(209,836)			(155,972)			(890,403)
Net premiums earned	526,984			526,561			612,441			620,856			586,347			608,277			2,397,094
Other insurance related income (loss)	1,241			(9,354)			3,980			800			3,620			2,516			13,586
Total underwriting revenues	528,225			517,207			616,421			621,656			589,967			610,793			2,410,680
UNDERWRITING EXPENSES
Net losses and loss expenses	338,894			436,261			540,160			511,947			363,760			377,868			1,766,119
Acquisition costs	112,243			125,899			138,475			144,475			130,708			141,088			556,301
Underwriting-related general and administrative expenses	24,073			29,184			16,723			26,060			28,149			32,590			103,772
Total underwriting expenses	475,210			591,344			695,358			682,482			522,617			551,546			2,426,192
UNDERWRITING INCOME (LOSS)	$	53,015		$	(74,137)		$	(78,937)		$	(60,826)		$	67,350		$	59,247		$	(15,512)
Catastrophe and weather-related losses, net of reinstatement premiums	$	20,261		$	122,112		$	120,100		$	118,556		$	11,081		$	15,288		$	252,417
Net favorable prior year reserve development	$	2,235		$	2,281		$	3,426		$	12,118		$	2,295		$	35,822		$	25,598
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	60.6		%	60.2		%	68.9		%	64.8		%	60.5		%	65.5		%	64.0		%
Catastrophe and weather-related losses ratio	4.1		%	23.1		%	19.9		%	19.6		%	1.9		%	2.5		%	10.7		%
Current accident year loss ratio	64.7		%	83.3		%	88.8		%	84.4		%	62.4		%	68.0		%	74.7		%
Prior year reserve development ratio	(0.4		%)	(0.4		%)	(0.6		%)	(1.9		%)	(0.4		%)	(5.9		%)	(1.0		%)
Net losses and loss expenses ratio	64.3		%	82.9		%	88.2		%	82.5		%	62.0		%	62.1		%	73.7		%
Acquisition cost ratio	21.3		%	23.9		%	22.6		%	23.3		%	22.3		%	23.2		%	23.2		%
Underwriting-related general and administrative expense ratio	4.6		%	5.5		%	2.7		%	4.1		%	4.8		%	5.4		%	4.3		%
Combined ratio	90.2		%	112.3		%	113.5		%	109.9		%	89.1		%	90.7		%	101.2		%

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

	Three months ended June 30,																						Six months ended June 30,
	2020										2019										2020				2019
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,037,568	$	678,615	$	1,716,183	$	968,325	$	679,435	$	1,647,760	$	1,978,283	$	2,169,058	$	4,147,341	$	1,819,421	$	2,411,565	$	4,230,986
Premiums ceded to Harrington Re	4,081		59,583		63,664		1,620		47,752		49,372		5,200		173,134		178,334		2,462		155,587		158,049
Premiums ceded to Other Strategic Capital Partners	17,266		165,859		183,125		14,390		153,271		167,660		35,800		445,357		481,157		28,828		529,746		558,574
Premiums ceded to Other Reinsurers	413,460		—		413,460		360,406		—		360,406		752,872		—		752,872		666,982		—		666,982
Net premiums written	$	602,761	$	453,173	$	1,055,934	$	591,909	$	478,412	$	1,070,321	$	1,184,411	$	1,550,567	$	2,734,978	$	1,121,149	$	1,726,232	$	2,847,381
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Fee income	$	2,713	$	13,600	$	16,313	$	1,638	$	17,517	$	19,155	$	5,419	$	26,569	$	31,988	$	3,840	$	35,097	$	38,937

[a] Total managed premiums represents gross premiums written of $1.7 billion and $1.6 billion for the three months ended June 30, 2020 and 2019, respectively, and $4.1 billion and $4.2 billion for the six months ended June 30, 2020 and 2019, respectively and includes premiums written by the Insurance and Reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

[b] Fee income from strategic capital partners represents service fees and reimbursement of expenses from strategic capital partners. Fee income from strategic capital partners included $0.8 million and $3.3 million in other insurance related income (loss) for the three months ended June 30, 2020 and 2019, respectively and $1.6 million and $8.0 million for the six months ended June 30, 2020 and 2019, respectively. It also included $15.5 million and $15.8 million as an offset to general and administrative expenses for the three months ended June 30, 2020 and 2019, respectively and $30.4 million and $30.9 million for the six months ended June 30, 2020 and 2019, respectively.

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME - QUARTER AND YEAR

													Six months ended June 30,
	Q2 2020		Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q2 2018		2020		2019
Fixed maturities	$	80,459	$	89,943	$	98,990	$	96,311	$	97,370	$	88,320	$	170,402	$	188,752
Other investments	(37,580)		(2,120)		10,767		11,143		31,232		14,541		(39,700)		38,128
Equity securities	2,263		2,125		2,678		2,232		3,197		3,158		4,387		5,525
Mortgage loans	3,660		4,053		3,977		3,984		3,689		3,357		7,713		6,752
Cash and cash equivalents	2,392		4,930		5,908		7,034		8,138		5,627		7,323		13,940
Short-term investments	366		1,498		1,077		973		1,108		1,645		1,863		5,002
Gross investment income	51,560		100,429		123,397		121,677		144,734		116,648		151,988		258,099
Investment expenses	(6,520)		(7,328)		(5,840)		(5,914)		(6,785)		(6,688)		(13,848)		(12,845)
Net investment income	$	45,040	$	93,101	$	117,557	$	115,763	$	137,949	$	109,960	$	138,140	$	245,254

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,
	2020		2020		2019		2019		2019		2018
ASSETS
Investments:
Fixed maturities, available for sale, at fair value
Equity securities, at fair value	378,860		404,945		474,207		429,903		433,407		417,212
Mortgage loans, held for investment, at fair value	524,757		517,181		432,748		407,790		394,179		344,721
Other investments, at fair value	768,635		797,808		770,923		779,200		802,064		916,191
Equity method investments	101,346		94,244		117,821		113,748		112,956		110,488
Short-term investments, at fair value	34,337		77,101		38,471		12,539		32,421		168,944
Total investments	13,854,350		13,967,465		14,302,375		14,359,421		14,297,982		13,696,861
Cash and cash equivalents	1,648,833		1,241,063		1,576,457		1,208,551		1,094,714		1,526,693
Accrued interest receivable	68,880		76,569		78,085		81,371		82,567		79,109
Insurance and reinsurance premium balances receivable	3,527,147		3,485,043		3,071,390		3,322,316		3,732,529		3,810,316
Reinsurance recoverable on unpaid losses and loss expenses	4,160,521		4,101,579		3,877,756		3,705,793		3,564,812		3,289,236
Reinsurance recoverable on paid losses and loss expenses	395,990		357,185		327,795		252,087		364,536		136,530
Deferred acquisition costs	583,484		611,229		492,119		586,440		657,275		708,679
Prepaid reinsurance premiums	1,352,090		1,281,808		1,101,889		1,243,040		1,291,979		1,157,228
Receivable for investments sold	2,985		34,137		35,659		9,711		25,850		16,430
Goodwill	102,003		102,003		102,003		102,003		102,003		102,003
Intangible assets	225,092		227,821		230,550		233,305		236,009		250,541
Value of business acquired	5,909		7,194		8,992		11,048		15,416		97,529
Operating lease right-of-use assets	136,815		140,149		111,092		116,560		132,940		—
Other assets	295,074		315,523		287,892		263,880		271,562		283,861
TOTAL ASSETS
LIABILITIES
Reserve for losses and loss expenses
Unearned premiums	4,418,728		4,395,240		3,626,246		4,153,003		4,503,132		4,594,150
Insurance and reinsurance balances payable	1,365,799		1,263,389		1,349,082		1,276,123		1,484,285		1,282,585
Debt	1,309,076		1,808,645		1,808,157		1,388,135		1,387,748		1,377,206
Payable for investments purchased	350,347		123,678		32,985		89,805		181,274		186,180
Operating lease liabilities	141,621		143,071		115,584		115,887		133,257		—
Other liabilities	296,616		292,894		375,911		388,196		359,290		372,626
TOTAL LIABILITIES	21,061,353		21,109,190		20,060,046		19,909,656		20,303,697		19,765,481
SHAREHOLDERS’ EQUITY
Preferred shares	550,000		550,000		775,000		775,000		775,000		775,000
Common shares	2,206		2,206		2,206		2,206		2,206		2,206
Additional paid-in capital	2,317,354		2,307,998		2,317,212		2,309,483		2,303,592		2,295,633
Accumulated other comprehensive income (loss)	281,599		(89,919)		171,710		176,296		156,145		(163,168)
Retained earnings	5,913,029		5,836,007		6,056,686		6,101,902		6,108,577		6,135,625
Treasury shares, at cost	(3,766,368)		(3,766,714)		(3,778,806)		(3,779,017)		(3,779,043)		(3,792,291)
TOTAL SHAREHOLDERS' EQUITY	5,297,820		4,839,578		5,544,008		5,585,870		5,566,477		5,253,005
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
Common shares outstanding	84,306		84,298		83,959		83,947		83,947		83,556
Diluted common shares outstanding [a]	86,178		86,170		85,489		85,516		85,579		85,346
Book value per common share	56.32		50.89		56.80		57.31		57.08		53.59
Book value per diluted common share	55.09		49.78		55.79		56.26		55.99		52.47
Tangible book value per diluted common share	51.79		46.45		52.40		52.84		52.54		48.87
Debt to total capital [b]	19.8	%	27.2	%	24.6	%	19.9	%	20.0	%	20.8	%
Debt and preferred equity to total capital	28.1	%	35.5	%	35.1	%	31.0	%	31.1	%	32.5	%

All values are in US Dollars.

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

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

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

At June 30, 2020

	Cost or<br><br>Amortized Cost		Allowance for Expected Credit Losses		Unrealized<br><br>Gains		Unrealized<br><br>Losses		Fair Value		Percentage
Fixed Maturities, available for sale
U.S. government and agency	$	1,942,952	$	—	$	70,341	$	(26)	$	2,013,267	13.2	%
Non-U.S. government	608,375		—		9,519		(9,797)		608,097		4.0	%
Corporate debt	4,513,997		(4,643)		200,202		(47,145)		4,662,411		30.6	%
Agency RMBS	1,483,883		—		51,466		(276)		1,535,073		10.1	%
CMBS	1,302,049		—		79,241		(4,026)		1,377,264		9.0	%
Non-Agency RMBS	118,085		(20)		2,396		(2,242)		118,219		0.8	%
ABS	1,558,578		(1,594)		9,798		(32,218)		1,534,564		10.1	%
Municipals	187,966		—		9,730		(176)		197,520		1.3	%
Total fixed maturities	11,715,885		(6,257)		432,693		(95,906)		12,046,415		79.1	%
Equity securities
Common stocks	422		—		13		(371)		64		—	%
Exchange traded funds	141,748		—		37,825		(2,152)		177,421		1.2	%
Bond mutual funds	192,091		—		1,853		—		193,944		1.3	%
Preferred Stocks	6,249		—		1,183		(1)		7,431		—	%
Total equity securities	340,510		—		40,874		(2,524)		378,860		2.5	%
Total fixed maturities and equity securities	$	12,056,395	$	(6,257)	$	473,567	$	(98,430)	12,425,275		81.6	%
Mortgage loans, held for investment									524,757		3.4	%
Other investments (see below)									768,635		5.0	%
Equity method investments									101,346		0.7	%
Short-term investments									34,337		0.3	%
Total investments									13,854,350		91.0	%
Cash and cash equivalents [a]									1,648,833		10.8	%
Accrued interest receivable									68,880		0.5	%
Net receivable/(payable) for investments sold (purchased)									(347,362)		(2.3	%)
Total cash and invested assets									$	15,224,701	100.0	%
									Fair Value		Percentage
Other Investments:
Long/short equity funds									$	23,299	3.0	%
Multi-strategy funds									142,625		18.6	%
Direct lending funds									262,802		34.2	%
Real estate funds									144,003		18.7	%
Private equity funds									101,485		13.2	%
Other privately held investments									37,420		4.9	%
Collateralized loan obligations - equity tranches									9,943		1.3	%
Overseas deposits									$	47,058	6.1	%
Total									$	768,635	100.0	%

[a] Includes $562 million of restricted cash and cash equivalents.

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION - QUARTER

	Q2 2020		Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q2 2018
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities:
U.S. government and agency	13.2	%	12.4	%	13.2	%	13.6	%	15.1	%	11.0	%
Non-U.S. government	4.0	%	3.9	%	3.6	%	3.5	%	3.5	%	3.9	%
Corporate debt	30.6	%	31.5	%	30.9	%	32.6	%	32.3	%	32.2	%
MBS:
Agency RMBS	10.1	%	10.6	%	10.0	%	10.5	%	11.0	%	11.2	%
CMBS	9.0	%	9.4	%	8.6	%	8.8	%	7.7	%	7.4	%
Non-agency RMBS	0.8	%	0.8	%	0.5	%	0.4	%	0.4	%	0.3	%
ABS	10.1	%	9.5	%	10.0	%	10.3	%	10.4	%	10.7	%
Municipals	1.3	%	1.4	%	1.3	%	1.3	%	1.3	%	0.9	%
Total Fixed Maturities	79.1	%	79.5	%	78.1	%	81.0	%	81.7	%	77.6	%
Equity securities	2.5	%	2.7	%	3.0	%	2.8	%	2.8	%	2.8	%
Mortgage loans	3.4	%	3.4	%	2.7	%	2.6	%	2.6	%	2.3	%
Other investments	5.0	%	5.3	%	4.8	%	5.0	%	5.2	%	6.1	%
Equity method investments	0.7	%	0.6	%	0.7	%	0.7	%	0.7	%	0.7	%
Short-term investments	0.3	%	0.4	%	0.3	%	0.1	%	0.3	%	1.0	%
Total Investments	91.0	%	91.9	%	89.6	%	92.2	%	93.3	%	90.5	%
Cash and cash equivalents	10.8	%	8.2	%	9.9	%	7.8	%	7.1	%	10.1	%
Accrued interest receivable	0.5	%	0.5	%	0.5	%	0.5	%	0.5	%	0.5	%
Net receivable/(payable) for investments sold or purchased	(2.3	%)	(0.6	%)	—	%	(0.5	%)	(0.9	%)	(1.1	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	16.7	%	15.5	%	16.9	%	16.9	%	18.5	%	14.2	%
AAA	38.9	%	39.8	%	39.3	%	38.6	%	35.8	%	39.7	%
AA	6.8	%	7.0	%	6.9	%	7.1	%	8.6	%	7.2	%
A	16.4	%	15.9	%	14.8	%	14.8	%	14.1	%	16.4	%
BBB	13.2	%	13.0	%	13.5	%	13.8	%	13.6	%	13.9	%
Below BBB	8.0	%	8.8	%	8.6	%	8.8	%	9.4	%	8.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.3	%	3.5	%	3.6	%	2.7	%	3.1	%	4.0	%
From one to five years	36.3	%	36.5	%	39.2	%	39.9	%	41.8	%	41.1	%
From five to ten years	20.7	%	19.1	%	17.3	%	17.2	%	15.7	%	15.1	%
Above ten years	1.8	%	2.7	%	2.7	%	3.3	%	3.2	%	1.7	%
Asset-backed and mortgage-backed securities	37.9	%	38.2	%	37.2	%	36.9	%	36.2	%	38.1	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	2.5	%	2.7	%	2.8	%	2.9	%	3.0	%	2.8	%
Yield to maturity of fixed maturities	1.6	%	2.9	%	2.4	%	2.5	%	2.7	%	3.4	%
Average duration of fixed maturities (inclusive of duration hedges)	3.4 yrs		3.3 yrs		3.2 yrs		3.1 yrs		3.0 yrs		3.0 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At June 30, 2020

	Fair Value		% of Total<br><br>Corporate Debt		% of Total<br><br>Cash and<br><br>Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	946,312	20.3	%	6.2	%
Non-U.S. banks	282,946		6.1	%	1.9	%
Corporate/commercial finance	213,140		4.6	%	1.4	%
Insurance	126,571		2.7	%	0.8	%
Investment brokerage	54,163		1.2	%	0.4	%
Total financial institutions	1,623,132		34.9	%	10.7	%
Consumer non-cyclicals	524,797		11.3	%	3.4	%
Communications	306,893		6.6	%	2.0	%
Technology	270,149		5.8	%	1.8	%
Consumer cyclical	252,445		5.4	%	1.7	%
Non-U.S. government guaranteed	197,962		4.2	%	1.3	%
Industrials	171,466		3.7	%	1.1	%
Energy	151,656		3.3	%	1.0	%
Transportation	151,424		3.2	%	1.0	%
Utilities	139,008		3.0	%	0.9	%
Total investment grade	3,788,932		81.4	%	24.9	%
Total non-investment grade	873,479		18.6	%	5.7	%
Total corporate debt	$	4,662,411	100.0	%	30.6	%

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At June 30, 2020

	Amortized<br><br>Cost		Net Unrealized<br><br>Gain (Loss)		Fair Value		% of Total<br><br>Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	124,929	$	8,731	$	133,660	1.1	%
JP MORGAN CHASE & CO	109,686		7,369		117,055		1.0	%
MORGAN STANLEY	104,340		7,464		111,804		0.9	%
WELLS FARGO & COMPANY	104,155		6,181		110,336		0.9	%
GOLDMAN SACHS GROUP	90,051		5,196		95,247		0.8	%
CITIGROUP INC	84,136		5,815		89,951		0.7	%
AT&T INC	49,516		4,447		53,963		0.4	%
COMCAST CORPORATION	49,647		4,048		53,695		0.4	%
CVS HEALTH CORP	46,335		4,817		51,152		0.4	%
MITSUBISHI UFJ FINANCIAL GROUP INC	41,116		1,725		42,841		0.4	%

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

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At June 30, 2020

	Agencies			AAA			AA			A			BBB			Non-Investment<br><br>Grade			Total
Residential MBS	$	1,535,073		$	76,350		$	33,123		$	707		$	1,637		$	6,402		$	1,653,292
Commercial MBS	373,816			961,072			39,716			2,660			—			—			1,377,264
ABS	—			1,305,646			57,656			66,051			50,260			54,951			1,534,564
Total mortgage-backed and asset-backed securities	$	1,908,889		$	2,343,068		$	130,495		$	69,418		$	51,897		$	61,353		$	4,565,120
Percentage of total	41.8		%	51.3		%	2.9		%	1.5		%	1.1		%	1.4		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

	Q2 2020		Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q2 2018
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	205,112	$	200,990	$	196,334	$	158,491	$	159,259	$	85,583
Reinsurance	190,878		156,195		131,461		93,596		205,558		51,108
Total	$	395,990	$	357,185	$	327,795	$	252,087	$	364,817	$	136,691
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	898,849	$	892,354	$	890,036	$	869,575	$	871,493	$	772,718
Reinsurance	406,723		482,347		468,904		351,179		351,230		239,986
Total	$	1,305,572	$	1,374,701	$	1,358,940	$	1,220,754	$	1,222,723	$	1,012,704
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	2,151,986	$	2,127,989	$	1,933,657	$	1,932,766	$	1,889,003	$	1,787,763
Reinsurance	723,950		617,843		603,116		570,738		470,322		370,161
Total	$	2,875,936	$	2,745,832	$	2,536,773	$	2,503,504	$	2,359,325	$	2,157,924
Allowance for expected credit losses:
Insurance	$	(19,025)	$	(17,203)	$	(16,720)	$	(17,598)	$	(16,722)	$	(17,210)
Reinsurance	(1,962)		(1,751)		(1,237)		(867)		(795)		(873)
Total	$	(20,987)	$	(18,954)	$	(17,957)	$	(18,465)	$	(17,517)	$	(18,083)
Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	3,236,922	$	3,204,130	$	3,003,307	$	2,943,234	$	2,903,033	$	2,628,854
Reinsurance	1,319,589		1,254,634		1,202,244		1,014,646		1,026,315		660,382
Total	$	4,556,511	$	4,458,764	$	4,205,551	$	3,957,880	$	3,929,348	$	3,289,236

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At June 30, 2020

Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance<br>Recoverable,<br>Net of<br>Collateral		% of Total<br>Reinsurance<br>Recoverable,<br>Net of<br>Collateral	% of Total<br><br>Shareholders’<br><br>Equity	Allowance for expected credit losses		Allowance for expected credit loss as %<br>of Reinsurance <br>Recoverable, <br>Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverable	$	2,595,619	$	(531,218)	$	2,064,401	57.0%	39.0%	$	(9,854)	0.4%	$	2,585,765
Other reinsurers balances > $20 million	1,516,987		(279,794)		1,237,193		34.2%	23.4%	(9,043)		0.6%	1,507,944
Other reinsurers balances < $20 million	464,892		(148,452)		316,440		8.8%	5.9%	(2,090)		0.4%	462,802
Total	$	4,577,498	$	(959,464)	$	3,618,034	100.0%	68.3%	$	(20,987)	0.5%	$	4,556,511

At June 30, 2020, 88.9% (December 31, 2019: 89.1%) of reinsurance recoverable balances, gross of collateral, were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

Top 10 Reinsurers, Net of Collateral
1	Swiss Reinsurance America Corporation	13.0%	8.9%
2	Lloyds of London	11.5%	7.8%
3	Harrington Re Ltd.	8.9%	6.1%
4	Transatlantic Reinsurance Co	5.7%	3.9%
5	Hannover Ruck SE	4.7%	3.2%
6	Partner Reinsurance Co of the US	4.5%	3.1%
7	Everest Reinsurance Company	3.5%	2.4%
8	Munich Reinsurance America, Inc	3.2%	2.2%
9	SCOR Reinsurance Company	2.7%	1.8%
10	Munchener Ruckversicherungs-Gesellschaft	2.1%	1.4%
		59.8%	40.8%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Three months ended June 30, 2020										Six months ended June 30, 2020
	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	$	13,082,273	$	(4,101,579)	$	8,980,694	$	12,752,081	$	(3,877,756)	$	8,874,325
Incurred losses and loss expenses	1,052,826		(376,565)		676,261		2,548,301		(963,966)		1,584,335
Paid losses and loss expenses	(1,010,291)		319,676		(690,615)		(1,987,685)		625,974		(1,361,711)
Foreign exchange and other	54,358		(2,053)		52,305		(133,531)		55,227		(78,304)
End of period [a]	$	13,179,166	$	(4,160,521)	$	9,018,645	$	13,179,166	$	(4,160,521)	$	9,018,645

[a] At June 30, 2020, reserve for losses and loss expenses included IBNR of $8,119 million, or 62% (December 31, 2019: $7,891 million, or 62%).

AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended June 30, 2020															Six months ended June 30, 2020
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	543,599		$	466,692		$	1,010,291		$	1,052,979		$	934,706		$	1,987,685
Reinsurance recoverable on paid losses and loss expenses	(218,928)			(100,748)			(319,676)			(423,276)			(202,698)			(625,974)
Net paid losses and loss expenses	324,671			365,944			690,615			629,703			732,008			1,361,711
Change in:
Gross case reserves	72,563			97,573			170,136			90,849			177,597			268,446
Gross IBNR	(35,502)			(92,099)			(127,601)			344,775			(52,605)			292,170
Reinsurance recoverable on unpaid losses and loss expenses	(24,365)			(32,524)			(56,889)			(256,147)			(81,845)			(337,992)
Total net incurred losses and loss expenses	$	337,367		$	338,894		$	676,261		$	809,180		$	775,155		$	1,584,335
Gross reserve for losses and loss expenses	$	6,865,343		$	6,313,823		$	13,179,166		$	6,865,343		$	6,313,823		$	13,179,166
Net favorable prior year reserve development	$	420		$	2,235		$	2,655		$	4,251		$	4,516		$	8,767
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	96.2		%	108.0		%	102.1		%	77.8		%	94.4		%	85.9		%
Net paid losses and loss expenses / Net premiums earned	56.3		%	69.4		%	62.6		%	55.3		%	69.5		%	62.1		%
Change in net losses and loss expenses / Net premiums earned	2.2		%	(5.1		%)	(1.3		%)	15.7		%	4.1		%	10.2		%
Net losses and loss expenses ratio	58.5		%	64.3		%	61.3		%	71.0		%	73.6		%	72.3		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTER

	Q2 2020			Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q2 2018
Gross paid losses and loss expenses	$	543,599		$	509,378		$	575,688		$	546,316		$	537,634		$	478,912
Reinsurance recoverable on paid losses and loss expenses	(218,928)			(204,348)			(254,044)			(232,791)			(175,788)			(162,291)
Net paid losses and loss expenses	324,671			305,030			321,644			313,525			361,846			316,621
Change in:
Gross case reserves	72,563			18,286			(31,996)			35,106			(8,250)			43,986
Gross IBNR	(35,502)			380,280			27,839			42,137			(57,015)			10,784
Reinsurance recoverable on unpaid losses and loss expenses	(24,365)			(231,784)			(253)			(51,802)			12,122			(42,618)
Total net incurred losses and loss expenses	$	337,367		$	471,812		$	317,234		$	338,966		$	308,703		$	328,773
Gross reserve for losses and loss expenses	$	6,865,343		$	6,814,171		$	6,496,568		$	6,437,281		$	6,395,448		$	6,301,363
Net favorable prior year reserve development	$	420		$	3,832		$	10,455		$	14,609		$	21,326		$	24,294
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	96.2		%	64.7		%	101.4		%	92.5		%	117.2		%	96.3		%
Net paid losses and loss expenses / Net premiums earned	56.3		%	54.3		%	57.5		%	58.4		%	67.4		%	54.8		%
Change in net losses and loss expenses / Net premiums earned	2.2		%	29.6		%	(0.8		%)	4.8		%	(9.9		%)	2.2		%
Net losses and loss expenses ratio	58.5		%	83.9		%	56.7		%	63.2		%	57.5		%	57.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTER

	Q2 2020			Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q2 2018
Gross paid losses and loss expenses	$	466,692		$	468,015		$	660,948		$	442,924		$	428,428		$	426,314
Reinsurance recoverable on paid losses and loss expenses	(100,748)			(101,950)			(132,719)			(72,222)			(82,907)			(46,772)
Net paid losses and loss expenses	365,944			366,065			528,229			370,702			345,521			379,542
Change in:
Gross case reserves	97,573			80,024			3,236			27,062			25,790			47,664
Gross IBNR	(92,099)			39,492			89,173			224,223			20,656			(5,905)
Reinsurance recoverable on unpaid losses and loss expenses	(32,524)			(49,320)			(80,478)			(110,040)			(28,207)			(43,433)
Total net incurred losses and loss expenses	$	338,894		$	436,261		$	540,160		$	511,947		$	363,760		$	377,868
Gross reserve for losses and loss expenses	$	6,313,823		$	6,268,102		$	6,255,513		$	6,061,226		$	5,859,263		$	5,651,371
Net favorable prior year reserve development	$	2,235		$	2,281		$	3,426		$	12,118		$	2,295		$	35,822
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	108.0		%	83.9		%	97.8		%	72.4		%	95.0		%	100.4		%
Net paid losses and loss expenses / Net premiums earned	69.4		%	69.5		%	86.2		%	59.7		%	58.9		%	62.4		%
Change in net losses and loss expenses / Net premiums earned	(5.1		%)	13.4		%	2.0		%	22.8		%	3.1		%	(0.3		%)
Net losses and loss expenses ratio	64.3		%	82.9		%	88.2		%	82.5		%	62.0		%	62.1		%

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AT JULY 1, 2020

		Estimated Net Exposures<br><br>(millions of U.S. dollars)
Territory	Peril	50 Year<br><br>Return<br><br>Period		% of Common Shareholders' Equity		100 Year<br><br>Return<br><br>Period		% of Common Shareholders' Equity		250 Year<br><br>Return<br><br>Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	240	5.1	%	$	289	6.1	%	$	569	12.0	%
Northeast	U.S. Hurricane	49		1.0	%	128		2.7	%	206		4.3	%
Mid-Atlantic	U.S. Hurricane	107		2.3	%	197		4.1	%	398		8.4	%
Gulf of Mexico	U.S. Hurricane	218		4.6	%	260		5.5	%	376		7.9	%
California	Earthquake	199		4.2	%	272		5.7	%	392		8.3	%
Europe	Windstorm	186		3.9	%	235		4.9	%	288		6.1	%
Japan	Earthquake	132		2.8	%	223		4.7	%	351		7.4	%
Japan	Windstorm	109		2.3	%	180		3.8	%	230		4.8	%

The above table shows our Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at July 1, 2020. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast hurricane, net of reinsurance, is approximately $0.3 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast hurricane event could be in excess of $0.3 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast hurricane will fall below $0.3 billion.

We have developed our PML estimates using multiple commercially available catastrophe vendor models, including AIR and RMS. We weight the use of these vendor models based upon our own judgment and experience, and include in our estimates non-modeled perils and other factors which we believe provide us with a more complete view of catastrophe risk.

Our PML estimates are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. We aim to reduce the potential for model error in a number of ways, foremost by ensuring that management’s judgment supplements the model outputs. We also perform ongoing model validation both within our business units and through our catastrophe model validation unit. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

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

AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended June 30,			Six months ended June 30,
	2020	2019	2020	2019
Net income (loss) available (attributable) to common shareholders
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,303	83,941	84,198	83,834
Dilutive share equivalents:
Share-based compensation plans [a]	297	460	—	504
Weighted average diluted common shares outstanding	84,600	84,401	84,198	84,338
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	1.33	1.98	(0.87)	3.16
Earnings (loss) per diluted common share	1.33	1.97	(0.87)	3.14

All values are in US Dollars.

[a] Due to the net loss recognized for the six months ended June 30, 2020, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD - QUARTER

	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q2 2018
Net income (loss) available (attributable) to common shareholders
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	84,298	83,959	83,947	83,947	83,934	83,518
Shares issued and treasury shares reissued	11	489	23	1	20	64
Shares repurchased for treasury	(3)	(150)	(11)	(1)	(7)	(26)
Common shares - at end of period	84,306	84,298	83,959	83,947	83,947	83,556
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,303	84,094	83,957	83,947	83,941	83,539
Dilutive share equivalents:
Share-based compensation plans [a]	297	—	—	635	460	445
Weighted average diluted common shares outstanding	84,600	84,094	83,957	84,582	84,401	83,984
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	1.33	(2.20)	(0.12)	0.33	1.98	1.11
Earnings (loss) per diluted common share	1.33	(2.20)	(0.12)	0.33	1.97	1.11

All values are in US Dollars.

[a] Due to the net losses recognized for the three months ended March 31, 2020 and December 31, 2019, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

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

	At June 30, 2020
		Common<br><br>Shareholders’<br><br>Equity		Common Shares Outstanding<br><br>net of<br><br>Treasury Shares	Per share
Closing stock price					$40.56
Book value per common share		$	4,747,820	84,306	$56.32
Dilutive securities: [b]
Restricted stock units				1,872	(1.23)
Book value per diluted common share		$	4,747,820	86,178	$55.09
	At December 31, 2019
		Common<br><br>Shareholders’<br><br>Equity		Common Shares Outstanding<br>net of<br>Treasury Shares	Per share
Closing stock price					$59.44
Book value per common share		$	4,769,008	83,959	$56.80
Dilutive securities: [b]
Restricted stock units				1,530	(1.01)
Book value per diluted common share		$	4,769,008	85,489	$55.79

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

[b] Excludes cash-settled restricted stock units.

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

	Three months ended June 30,									Six months ended June 30,
	2020			2019			2020			2019
Net income (loss) available (attributable) to common shareholders	$	112,477		$	166,387		$	(72,908)		$	264,515
Net investment (gains) losses [a]	(53,043)			(21,225)			9,831			(33,996)
Foreign exchange losses (gains) [b]	9,709			(12,381)			(51,974)			(5,325)
Reorganization expenses [c]	392			3,276			(591)			18,096
Interest in (income) loss of equity method investments [d]	(7,102)			(2,635)			16,475			(4,853)
Income tax expense	9,070			3,569			6,259			3,164
Operating income (loss)	$	71,503		$	136,991		$	(92,908)		$	241,601
Earnings (loss) per diluted common share	$	1.33		$	1.97		$	(0.87)		$	3.14
Net investment (gains) losses	(0.63)			(0.25)			0.12			(0.40)
Foreign exchange losses (gains)	0.11			(0.15)			(0.62)			(0.06)
Reorganization expenses	—			0.04			(0.01)			0.21
Interest in (income) loss of equity method investments	(0.08)			(0.03)			0.20			(0.06)
Income tax expense	0.11			0.04			0.07			0.03
Operating income (loss) per diluted common share	$	0.84		$	1.62		$	(1.11)		$	2.86
Weighted average diluted common shares outstanding	84,600			84,401			84,198			84,338
Average common shareholders' equity	$	4,518,699		$	4,658,317		$	4,758,414		$	4,523,274
Annualized return on average common equity	10.0		%	14.3		%	(3.1		%)	11.7		%
Annualized operating return on average common equity	6.3		%	11.8		%	(3.9		%)	10.7		%

[a] Tax cost (benefit) of $8,114 and $2,936 for the three months ended June 30, 2020 and 2019, respectively, and $2,437 and $5,771 for the six months ended June 30, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax cost (benefit) of $1,084 and $1,170 for the three months ended June 30, 2020 and 2019, respectively, and $3,611 and $588 for the six months ended June 30, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax cost (benefit) of $(128) and $(537) for the three months ended June 30, 2020 and 2019, respectively, and $211 and $(3,195) for the six months ended June 30, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax cost (benefit) of $nil for the three and six months ended June 30, 2020 and 2019 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

AXIS CAPITAL HOLDINGS LIMITED

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE - TREASURY STOCK METHOD [a]
	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,
	2020		2020		2019		2019		2019		2018
Common shareholders' equity	$	4,747,820	$	4,289,578	$	4,769,008	$	4,810,870	$	4,791,477	$	4,478,005
Less: goodwill	(102,003)		(102,003)		(102,003)		(102,003)		(102,003)		(102,003)
Less: intangible assets	(225,092)		(227,821)		(230,550)		(233,305)		(236,009)		(250,541)
Associated tax impact	42,515		42,857		43,199		42,881		43,205		45,123
Tangible common shareholders' equity	$	4,463,240	$	4,002,611	$	4,479,654	$	4,518,443	$	4,496,670	$	4,170,584
Diluted common shares outstanding, net of treasury shares	86,178		86,170		85,489		85,516		85,579		85,346
Book value per diluted common share	$	55.09	$	49.78	$	55.79	$	56.26	$	55.99	$	52.47
Tangible book value per diluted common share	$	51.79	$	46.45	$	52.40	$	52.84	$	52.54	$	48.87

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

AXIS CAPITAL HOLDINGS LIMITED

USE OF NON-GAAP FINANCIAL MEASURES

We present our results of operations in the way we believe will be most meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this document, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), tangible book value per diluted common share which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, better 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)

Operating Income (Loss)

Reorganization expenses are related to the transformation program which was launched in 2017. This program encompasses the integration of Novae, which commenced in the fourth quarter of 2017, the realignment of our accident and health business, together with other initiatives designed to increase efficiency and enhance profitability, while delivering a customer-centric operating model.Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from operating income (loss).

Tangible Book Value per Diluted Common Share

Tangible book value represents common shareholders' equity exclusive of goodwill and intangible assets, net of tax. We also present tangible book value per diluted common share calculated under the treasury stock method. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is included in the 'Tangible Book Value per Diluted Common Share' section of this document.

Tangible book value per diluted common share excludes the impacts of certain purchase accounting adjustments. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders.

AXIS CAPITAL HOLDINGS LIMITED

EX-PGAAP DATA - QUARTER AND YEAR

																																		Year ended <br>December 31,
	Q2 2020			Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q1 2018			Q4 2017			2019			2018
Insurance
Underwriting income (loss)	$	34,397		$	(122,630)		$	29,683		$	(17,892)		$	11,309		$	20,919		$	(36,914)		$	(11,711)		$	56,479		$	69,442		$	37,788		$	44,019		$	77,298
Acquisition costs adjustment	636			478			1,518			1,563			2,856			6,202			15,775			28,801			38,125			38,313			25,571			12,139			121,014
Ex-PGAAP underwriting income (loss)	$	33,761		$	(123,108)		$	28,165		$	(19,455)		$	8,453		$	14,717		$	(52,689)		$	(40,512)		$	18,354		$	31,129		$	12,217		$	31,880		$	(43,716)
Combined ratio	94.2		%	121.9		%	94.9		%	103.5		%	97.8		%	96.6		%	106.3		%	102.2		%	90.4		%	88.1		%	93.9		%	98.1		%	96.9		%
Acquisition cost ratio adjustment	0.1		%	0.1		%	0.3		%	0.3		%	0.5		%	1.1		%	2.7		%	4.7		%	6.6		%	6.6		%	4.4		%	0.6		%	5.1		%
Ex-PGAAP combined ratio	94.3		%	122.0		%	95.2		%	103.8		%	98.3		%	97.7		%	109.0		%	106.9		%	97.0		%	94.7		%	98.3		%	98.7		%	102.0		%
Ex-PGAAP current accident year combined ratio excluding catastrophe and weather-related losses	91.4		%	92.3		%	93.5		%	98.8		%	99.5		%	97.5		%	98.8		%	99.0		%	97.2		%	93.8		%	96.8		%	97.3		%	97.3		%
Reinsurance
Underwriting income (loss)	$	53,015		$	(74,137)		$	(78,937)		$	(60,826)		$	67,350		$	56,903		$	(157,750)		$	70,737		$	59,247		$	74,295		$	(11,658)		$	(15,512)		$	46,529
Acquisition costs adjustment	—			—			—			5			(2)			65			257			543			1,516			2,137			7,075			67			4,453
Ex-PGAAP underwriting income (loss)	$	53,015		$	(74,137)		$	(78,937)		$	(60,831)		$	67,352		$	56,838		$	(158,007)		$	70,194		$	57,731		$	72,158		$	(18,733)		$	(15,579)		$	42,076
Combined ratio	90.2		%	112.3		%	113.5		%	109.9		%	89.1		%	91.0		%	124.0		%	89.5		%	90.7		%	88.4		%	102.0		%	101.2		%	98.4		%
Acquisition cost ratio adjustment	—		%	—		%	—		%	—		%	—		%	—		%	—		%	0.1		%	0.2		%	0.4		%	1.1		%	—		%	0.2		%
Ex-PGAAP combined ratio	90.2		%	112.3		%	113.5		%	109.9		%	89.1		%	91.0		%	124.0		%	89.6		%	90.9		%	88.8		%	103.1		%	101.2		%	98.6		%
Ex-PGAAP current accident year combined ratio excluding catastrophe and weather-related losses	86.5		%	89.6		%	94.2		%	92.2		%	87.6		%	91.8		%	96.3		%	89.9		%	94.3		%	93.0		%	91.9		%	91.5		%	93.6		%
Total
Underwriting income (loss)	$	87,412		$	(196,767)		$	(49,254)		$	(78,718)		$	78,659		$	77,822		$	(194,664)		$	59,026		$	115,726		$	143,737		$	26,130		$	28,507		$	123,827
Acquisition costs adjustment	636			478			1,518			1,568			2,854			6,267			16,032			29,344			39,641			40,450			32,646			12,206			125,467
Ex-PGAAP underwriting income (loss)	$	86,776		$	(197,245)		$	(50,772)		$	(80,286)		$	75,805		$	71,555		$	(210,696)		$	29,682		$	76,085		$	103,287		$	(6,516)		$	16,301		$	(1,640)
Combined ratio	94.7		%	119.8		%	107.3		%	109.4		%	96.1		%	96.9		%	117.3		%	97.9		%	93.1		%	90.8		%	100.7		%	102.6		%	99.9		%
Acquisition cost ratio adjustment	0.1		%	0.1		%	0.1		%	0.1		%	0.3		%	0.5		%	1.3		%	2.4		%	3.3		%	3.5		%	2.7		%	0.3		%	2.6		%
Ex-PGAAP combined ratio	94.8		%	119.9		%	107.4		%	109.5		%	96.4		%	97.4		%	118.6		%	100.3		%	96.4		%	94.3		%	103.4		%	102.9		%	102.5		%
Ex-PGAAP current accident year combined ratio excluding catastrophe and weather-related losses	91.5		%	93.6		%	96.4		%	97.7		%	96.3		%	97.8		%	99.4		%	96.6		%	98.3		%	95.9		%	96.9		%	97.1		%	97.6		%
Amortization of VOBA and intangible assets	$	4,183		$	4,697		$	4,954		$	6,891		$	10,093		$	16,002		$	27,648		$	40,664		$	56,328		$	59,892		$	52,647		$	37,939		$	184,531

Further information regarding ex-PGAAP historical data is available in the Company's Investor Financial Supplements for the fourth quarter 2017 through the first quarter 2020.