AXS 8-K
Axis Capital Holdings Ltd (AXS)
8-K
2026-04-29
For: 2026-04-29
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Added on
April 29, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 29, 2026
AXIS CAPITAL HOLDINGS LIMITED
(Exact Name Of Registrant As Specified In Charter)
| (State of Incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(441 ) 496-2600
(Registrant’s telephone number, including area code)
Not applicable
(Former name or address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c)) | |||||
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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 April 29, 2026, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its first quarter 2026 results and the availability of its first quarter 2026 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. The Company also filed a presentation to be used in upcoming meetings with investors. The presentation slides are attached hereto as Exhibit 99.3 and incorporated by reference herein. A copy of the presentation will also be available on our investor website at www.investor.axiscapital.com.
The information in this Current Report on Form 8-K, including the information set forth in Exhibits 99.1, 99.2, and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits
| Exhibit Number | Description of Document | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: April 29, 2026
| AXIS CAPITAL HOLDINGS LIMITED | |||||||||||
| By: | /s/ G. Christina Gray-Trefry | ||||||||||
G. Christina Gray-Trefry | |||||||||||
General Counsel and Secretary | |||||||||||
Cliff Gallant (Investor Contact): | (415) 262-6843; | [email protected] | ||||||
Nichola Liboro (Media Contact): | (917) 705-4579; | |||||||
AXIS CAPITAL REPORTS FIRST QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $247 MILLION, or $3.29 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $257 MILLION, or $3.42 PER DILUTED COMMON SHARE
For the first quarter of 2026, the Company reports:
•Annualized return on average common equity ("ROACE") of 17.0% and annualized operating ROACE of 17.7%
•Combined ratio of 89.8%
•Underwriting income of $187 million, an increase of $24 million, or 15%, compared to the first quarter of 2025
•Book value per diluted common share of $78.19, an increase of $0.99, or 1.3%, compared to December 31, 2025
Pembroke, Bermuda, April 29, 2026 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the first quarter ended March 31, 2026.
Commenting on the first quarter 2026 financial results, Vince Tizzio, President and CEO of AXIS Capital said:
"AXIS began 2026 building on the profitable growth that has defined our performance over the past three years. In the quarter, we produced gross premiums written of $3.1 billion, which represents an 11% increase year-over-year, with an 89.8% combined ratio. This translates to a 17.7% annualized operating return on average common equity, with 17.6% diluted book value per share growth over the past twelve months.
"Our Insurance business generated strong results with $1.9 billion gross premiums written and an 86.3% combined ratio, continuing to benefit from our expanded business classes and recently launched AXIS Capacity Solutions capability. AXIS Re continues to produce very solid underwriting profits, generating a 92.7% combined ratio while leaning into attractive short tail lines which comprised more than 60% of total reinsurance premiums.
"This performance highlights the sustained strength of our operating model. Our investments in products, distribution, innovation and talent are unlocking new opportunities to drive profitable growth as we execute on our specialty strategy."
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 1 -
First Quarter Consolidated Results*
•Net income available to common shareholders for the first quarter of 2026 was $247 million, an increase of $60 million, or 33%, compared to the first quarter of 2025.
•Operating income(1) for the first quarter of 2026 was $257 million, a decrease of $5 million, or 2%, compared to the first quarter of 2025.
•Underwriting income(2) for the first quarter of 2026 was $187 million, an increase of $24 million, or 15%, compared to the first quarter of 2025.
•Net investment income for the first quarter of 2026 was $185 million, a decrease of $23 million, or 11%, primarily attributable to lower income from cash following the loss portfolio transfer reinsurance agreement ("LPT transaction") completed with Enstar in the second quarter of 2025.
•Fees related to arrangements with strategic capital partners for the first quarter of 2026 of $23 million, compared to $16 million in the prior year.
•Book yield of fixed maturities was 4.7% at March 31, 2026, compared to 4.5% at March 31, 2025. The market yield was 5.1% at March 31, 2026.
•The effective tax rate of 18.0% for the quarter was principally due to pre-tax income in our U.S. and U.K. operations, compared to 18.6% for the first quarter of 2025 principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.
•Reorganization expenses for the first quarter of 2026 were $23 million, primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership.
•Total capital returned to common shareholders of $93 million, including common share repurchases of $60 million pursuant to our Board-authorized share repurchase program, and common share dividends of $33 million in the quarter.
•Book value per diluted common share was $78.19 at March 31, 2026, an increase of $0.99, or 1.3%, compared to December 31, 2025.
•Book value per diluted common share increased by $11.71, or 17.6%, over the past twelve months, driven by net income, and a reduction in net unrealized investment losses, partially offset by common share repurchases, and common share dividends of $1.76 per share.
* Amounts may not reconcile due to rounding differences.
1 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.
2 Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is provided later in this press release.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 2 -
First Quarter Consolidated Underwriting Highlights3
| Three months ended March 31, | |||||||||||||||||
| KEY RATIOS | 2026 | 2025 | Change | ||||||||||||||
Current accident year loss ratio, excluding catastrophe and weather-related losses(4) (5) | 56.6 | % | 56.3 | % | 0.3 | pts | |||||||||||
Catastrophe and weather-related losses ratio(5) | 3.2 | % | 3.7 | % | (0.5 | pts) | |||||||||||
Current accident year loss ratio(5) | 59.8 | % | 60.0 | % | (0.2 | pts) | |||||||||||
| Prior year reserve development ratio | (1.2 | %) | (1.4 | %) | 0.2 | pts | |||||||||||
| Net losses and loss expenses ratio | 58.6 | % | 58.6 | % | — | pts | |||||||||||
| Acquisition cost ratio | 20.5 | % | 19.7 | % | 0.8 | pts | |||||||||||
| General and administrative expense ratio | 10.7 | % | 11.9 | % | (1.2 | pts) | |||||||||||
| Combined ratio | 89.8 | % | 90.2 | % | (0.4 | pts) | |||||||||||
Current accident year combined ratio(5) | 91.0 | % | 91.6 | % | (0.6 | pts) | |||||||||||
Current accident year combined ratio, excluding catastrophe and weather-related losses(5) | 87.8 | % | 87.9 | % | (0.1 | pts) | |||||||||||
•Gross premiums written increased by $303 million, or 11% ($244 million, or 9%, on a constant currency basis(6)), to $3.1 billion with an increase of $328 million, or 20% in the insurance segment, partially offset by a decrease of $25 million, or 2% in the reinsurance segment.
•Net premiums written increased by $157 million, or 9% ($101 million, or 6%, on a constant currency basis), to $1.9 billion with an increase of $248 million, or 24% in the insurance segment, partially offset by a decrease of $92 million, or 13% in the reinsurance segment.
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $48 million ($38 million after-tax), or 3.2 points, related to the Insurance segment, including natural catastrophe losses of $33 million or 2.2 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $15 million or 1.0 point were attributable to the Middle East conflict.
•Net favorable prior year reserve development was $18 million (Insurance: $15 million; Reinsurance: $3 million), compared to $18 million in 2025.
•The underwriting-related general and administrative expense ratio decreased by 1.2 points, mainly driven by an increase in net premiums earned and efficiencies gained from investments in underwriting platforms.
3 All comparisons are with the same period of the prior year, unless otherwise stated.
4 The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.
5 Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net losses and loss expenses ratio and combined ratio are provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.
6 Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures are provided above/later in this press release, and a discussion of the rationale for the presentation of these items is provided later in this press release. Variances that are unchanged on a constant currency basis are omitted from the narrative.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 3 -
Segment Highlights
Insurance Segment
| Three months ended March 31, | |||||||||||||||||
| ($ in thousands) | 2026 | 2025 | Change | ||||||||||||||
| Gross premiums written | $ | 1,983,742 | $ | 1,655,903 | 19.8 | % | |||||||||||
| Net premiums written | 1,293,077 | 1,044,580 | 23.8 | % | |||||||||||||
| Net premiums earned | 1,141,753 | 1,010,086 | 13.0 | % | |||||||||||||
| Underwriting income | 157,353 | 134,541 | 17.0 | % | |||||||||||||
| Underwriting ratios: | |||||||||||||||||
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 53.3 | % | 52.3 | % | 1.0 | pts | |||||||||||
| Catastrophe and weather-related losses ratio | 4.2 | % | 4.7 | % | (0.5 | pts) | |||||||||||
| Current accident year loss ratio | 57.5 | % | 57.0 | % | 0.5 | pts | |||||||||||
| Prior year reserve development ratio | (1.4 | %) | (1.4 | %) | — | pts | |||||||||||
| Net losses and loss expenses ratio | 56.1 | % | 55.6 | % | 0.5 | pts | |||||||||||
| Acquisition cost ratio | 19.6 | % | 19.2 | % | 0.4 | pts | |||||||||||
| Underwriting-related general and administrative expense ratio | 10.6 | % | 11.9 | % | (1.3 | pts) | |||||||||||
| Combined ratio | 86.3 | % | 86.7 | % | (0.4 | pts) | |||||||||||
| Current accident year combined ratio | 87.7 | % | 88.1 | % | (0.4 | pts) | |||||||||||
| Current accident year combined ratio, excluding catastrophe and weather-related losses | 83.5 | % | 83.4 | % | 0.1 | pts | |||||||||||
•Gross premiums written increased by $328 million, or 20% ($309 million, or 19%, on a constant currency basis), primarily attributable to property, professional lines and accident and health lines. Our AXIS Capacity Solutions capability contributed $173 million, or 10% of the increase with approximately half attributable to discrete Funds at Lloyds ("FAL") transactions.
•Net premiums written increased by $248 million, or 24% ($232 million, or 22%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decreased cession rate in liability lines, partially offset by an increased cession rate in property lines.
•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 1.0 point, principally due to increased competition in property and cyber lines.
•The acquisition cost ratio increased by 0.4 points, primarily related to increases in gross acquisition costs in property lines and changes in business mix.
•The underwriting-related general and administrative expense ratio decreased by 1.3 points, mainly driven by an increase in net premiums earned.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 4 -
Reinsurance Segment
| Three months ended March 31, | |||||||||||||||||
| ($ in thousands) | 2026 | 2025 | Change | ||||||||||||||
| Gross premiums written | $ | 1,114,225 | $ | 1,138,749 | (2.2 | %) | |||||||||||
| Net premiums written | 613,959 | 705,459 | (13.0 | %) | |||||||||||||
| Net premiums earned | 338,713 | 330,734 | 2.4 | % | |||||||||||||
| Underwriting income | 30,010 | 28,913 | 3.8 | % | |||||||||||||
| Underwriting ratios: | |||||||||||||||||
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 67.7 | % | 68.4 | % | (0.7 | pts) | |||||||||||
| Catastrophe and weather-related losses ratio | — | % | 0.5 | % | (0.5 | pts) | |||||||||||
| Current accident year loss ratio | 67.7 | % | 68.9 | % | (1.2 | pts) | |||||||||||
| Prior year reserve development ratio | (0.9 | %) | (1.2 | %) | 0.3 | pts | |||||||||||
| Net losses and loss expenses ratio | 66.8 | % | 67.7 | % | (0.9 | pts) | |||||||||||
| Acquisition cost ratio | 23.8 | % | 21.3 | % | 2.5 | pts | |||||||||||
| Underwriting-related general and administrative expense ratio | 2.1 | % | 3.3 | % | (1.2 | pts) | |||||||||||
| Combined ratio | 92.7 | % | 92.3 | % | 0.4 | pts | |||||||||||
| Current accident year combined ratio | 93.6 | % | 93.5 | % | 0.1 | pts | |||||||||||
| Current accident year combined ratio, excluding catastrophe and weather-related losses | 93.6 | % | 93.0 | % | 0.6 | pts | |||||||||||
•Gross premiums written decreased by $25 million, or 2% ($65 million, or 6%, on a constant currency basis), primarily attributable to non-renewals and decreased line sizes in liability and motor lines, partially offset by increased line sizes and new business in credit and surety lines.
•Net premiums written decreased by $92 million or 13% ($131 million, or 19%, on a constant currency basis), reflecting the decrease in gross premiums written in the quarter, together with increased cession rates in motor, professional lines and liability lines.
•The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters.
•The acquisition cost ratio increased by 2.5 points, primarily related to increases in gross acquisition costs associated with changes in business mix attributable to credit and surety, and motor lines.
•The underwriting-related general and administrative expense ratio decreased by 1.2 points, mainly driven by an increase in fees related to arrangements with strategic capital partners.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 5 -
Investments
| Three months ended March 31, | |||||||||||
| ($ in thousands) | 2026 | 2025 | |||||||||
| Net investment income | $ | 184,740 | $ | 207,713 | |||||||
Net investment gains (losses) | (27,224) | (30,005) | |||||||||
Change in net unrealized gains (losses) on fixed maturities, pre-tax(7) | (159,243) | 135,560 | |||||||||
Interest in income of equity method investments | 2,430 | 2,291 | |||||||||
| Total | $ | 703 | $ | 315,559 | |||||||
Average cash and investments(8) | $ | 17,335,191 | $ | 18,019,104 | |||||||
Pre-tax, total return on average cash and investments: | |||||||||||
| Including investment related foreign exchange movements | — | % | 1.8 | % | |||||||
Excluding investment related foreign exchange movements(9) | 0.1 | % | 1.5 | % | |||||||
•Net investment income decreased by $23 million, or 11%, compared to the first quarter of 2025, primarily attributable to lower income from cash following the LPT transaction completed in the second quarter of 2025.
•Net investment gains (losses) recognized in net income (loss) for the quarter was primarily related to net unrealized losses on equity securities and net realized gains on the sale of equities and fixed maturities.
•Change in net unrealized gains (losses) on fixed maturities, pre-tax of $(159) million ($(135) million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter was due to a decrease in the market value of our fixed maturities portfolio associated with the increase in sovereign yields and the widening of credit spreads.
•Book yield of fixed maturities was 4.7% at March 31, 2026, compared to 4.5% at March 31, 2025. The market yield was 5.1% at March 31, 2026.
7 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.
8 The average cash and investments balance is the average of the monthly fair value balances.
9 Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(24) million and $47 million for the three months ended March 31, 2026 and 2025, respectively.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 6 -
Conference Call
We will host our first quarter earnings conference call on Thursday, April 30 2026 at 8:30 a.m. (ET). The earnings conference call can be accessed by dialing 1-877-883-0383 (U.S. callers), 1-866-605-3850 (Canada callers), or 1-412-902-6506 (international callers), and entering the passcode 2973873. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay will be available for one week by dialing 1-855-669-9658 (U.S. and Canada callers), or 1-412-317-0088 (international callers), and entering the passcode 5212333. The webcast will be archived in the Investor Information section of our website.
In addition, an investor financial supplement for the quarter ended March 31, 2026 is available in the Investor Information section of our website.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.4 billion at March 31, 2026, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 7 -
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2026 (UNAUDITED) AND DECEMBER 31, 2025
| 2026 | 2025 | |||||||||||||||||||
| (in thousands) | ||||||||||||||||||||
| Assets | ||||||||||||||||||||
| Investments: | ||||||||||||||||||||
Fixed maturities, available for sale, at fair value | $ | 13,107,142 | $ | 13,018,027 | ||||||||||||||||
Fixed maturities, held to maturity, at amortized cost | 405,220 | 397,430 | ||||||||||||||||||
Equity securities, at fair value | 688,842 | 707,569 | ||||||||||||||||||
Mortgage loans, held for investment, at fair value | 343,959 | 356,840 | ||||||||||||||||||
Other investments, at fair value | 1,042,649 | 1,027,798 | ||||||||||||||||||
Equity method investments | 236,767 | 227,181 | ||||||||||||||||||
Short-term investments, at fair value | 5,836 | 20,298 | ||||||||||||||||||
| Total investments | 15,830,415 | 15,755,143 | ||||||||||||||||||
| Cash and cash equivalents | 862,399 | 820,252 | ||||||||||||||||||
| Restricted cash and cash equivalents | 525,719 | 500,933 | ||||||||||||||||||
| Accrued interest receivable | 118,475 | 116,252 | ||||||||||||||||||
| Insurance and reinsurance premium balances receivable | 3,878,950 | 3,244,661 | ||||||||||||||||||
| Reinsurance recoverable on unpaid losses and loss expenses | 8,890,145 | 8,951,763 | ||||||||||||||||||
| Reinsurance recoverable on paid losses and loss expenses | 581,945 | 673,765 | ||||||||||||||||||
| Deferred acquisition costs | 933,802 | 801,778 | ||||||||||||||||||
| Prepaid reinsurance premiums | 2,452,190 | 2,139,294 | ||||||||||||||||||
| Receivable for investments sold | 5,422 | 12,806 | ||||||||||||||||||
| Goodwill | 66,498 | 66,498 | ||||||||||||||||||
| Intangible assets | 163,654 | 166,050 | ||||||||||||||||||
| Operating lease right-of-use assets | 94,670 | 93,900 | ||||||||||||||||||
Loan advances made | 302,157 | 231,542 | ||||||||||||||||||
| Other assets | 912,305 | 887,289 | ||||||||||||||||||
| Total assets | $ | 35,618,746 | $ | 34,461,926 | ||||||||||||||||
| Liabilities | ||||||||||||||||||||
| Reserve for losses and loss expenses | $ | 18,294,149 | $ | 18,122,256 | ||||||||||||||||
| Unearned premiums | 6,563,778 | 5,825,698 | ||||||||||||||||||
| Insurance and reinsurance balances payable | 2,180,053 | 1,882,021 | ||||||||||||||||||
| Debt | 1,317,104 | 1,316,710 | ||||||||||||||||||
| Federal Home Loan Bank advances | 66,380 | 66,380 | ||||||||||||||||||
| Payable for investments purchased | 69,071 | 36,982 | ||||||||||||||||||
| Operating lease liabilities | 110,181 | 110,095 | ||||||||||||||||||
| Other liabilities | 637,394 | 745,349 | ||||||||||||||||||
| Total liabilities | 29,238,110 | 28,105,491 | ||||||||||||||||||
| Shareholders' equity | ||||||||||||||||||||
| Preferred shares | 550,000 | 550,000 | ||||||||||||||||||
| Common shares | 2,206 | 2,206 | ||||||||||||||||||
| Additional paid-in capital | 2,394,568 | 2,405,792 | ||||||||||||||||||
| Accumulated other comprehensive income (loss) | (97,128) | 28,431 | ||||||||||||||||||
| Retained earnings | 8,395,795 | 8,181,699 | ||||||||||||||||||
| Treasury shares, at cost | (4,864,805) | (4,811,693) | ||||||||||||||||||
| Total shareholders' equity | 6,380,636 | 6,356,435 | ||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 35,618,746 | $ | 34,461,926 | ||||||||||||||||
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 8 -
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
| Three months ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| (in thousands, except per share amounts) | |||||||||||||||||
| Revenues | |||||||||||||||||
| Net premiums earned | $ | 1,480,466 | $ | 1,340,820 | |||||||||||||
| Net investment income | 184,740 | 207,713 | |||||||||||||||
| Net investment gains (losses) | (27,224) | (30,005) | |||||||||||||||
| Other insurance related income | 5,649 | 3,578 | |||||||||||||||
| Total revenues | 1,643,631 | 1,522,106 | |||||||||||||||
| Expenses | |||||||||||||||||
| Net losses and loss expenses | 867,283 | 785,925 | |||||||||||||||
| Acquisition costs | 304,255 | 264,581 | |||||||||||||||
| General and administrative expenses | 158,156 | 159,163 | |||||||||||||||
| Foreign exchange losses (gains) | (36,196) | 57,034 | |||||||||||||||
| Interest expense and financing costs | 16,426 | 16,572 | |||||||||||||||
| Reorganization expenses | 23,168 | — | |||||||||||||||
| Amortization of intangible assets | 2,396 | 2,729 | |||||||||||||||
| Total expenses | 1,335,488 | 1,286,004 | |||||||||||||||
Income before income taxes and interest in income of equity method investments | 308,143 | 236,102 | |||||||||||||||
| Income tax expense | (55,806) | (44,322) | |||||||||||||||
| Interest in income of equity method investments | 2,430 | 2,291 | |||||||||||||||
| Net income | 254,767 | 194,071 | |||||||||||||||
| Preferred share dividends | 7,563 | 7,563 | |||||||||||||||
| Net income available to common shareholders | $ | 247,204 | $ | 186,508 | |||||||||||||
| Per share data | |||||||||||||||||
| Earnings per common share: | |||||||||||||||||
| Earnings per common share | $ | 3.34 | $ | 2.30 | |||||||||||||
| Earnings per diluted common share | $ | 3.29 | $ | 2.26 | |||||||||||||
Weighted average common shares outstanding | 74,095 | 81,152 | |||||||||||||||
Weighted average diluted common shares outstanding | 75,153 | 82,378 | |||||||||||||||
Cash dividends declared per common share | $ | 0.44 | $ | 0.44 | |||||||||||||
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 9 -
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED SEGMENTAL DATA (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| Insurance | Reinsurance | Total | Insurance | Reinsurance | Total | ||||||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||
| Gross premiums written | $ | 1,983,742 | $ | 1,114,225 | $ | 3,097,967 | $ | 1,655,903 | $ | 1,138,749 | $ | 2,794,652 | |||||||||||||||||||||||
| Net premiums written | 1,293,077 | 613,959 | 1,907,036 | 1,044,580 | 705,459 | 1,750,039 | |||||||||||||||||||||||||||||
| Net premiums earned | 1,141,753 | 338,713 | 1,480,466 | 1,010,086 | 330,734 | 1,340,820 | |||||||||||||||||||||||||||||
Other insurance related income | 370 | 5,279 | 5,649 | 156 | 3,422 | 3,578 | |||||||||||||||||||||||||||||
Current accident year net losses and loss expenses | (656,047) | (229,298) | (885,345) | (576,066) | (227,796) | (803,862) | |||||||||||||||||||||||||||||
| Net favorable prior year reserve development | 15,059 | 3,003 | 18,062 | 13,978 | 3,959 | 17,937 | |||||||||||||||||||||||||||||
| Acquisition costs | (223,769) | (80,486) | (304,255) | (194,021) | (70,560) | (264,581) | |||||||||||||||||||||||||||||
| Underwriting-related general and | |||||||||||||||||||||||||||||||||||
administrative expenses(10) | (120,013) | (7,201) | (127,214) | (119,592) | (10,846) | (130,438) | |||||||||||||||||||||||||||||
Underwriting income | $ | 157,353 | $ | 30,010 | 187,363 | $ | 134,541 | $ | 28,913 | 163,454 | |||||||||||||||||||||||||
| Net investment income | 184,740 | 207,713 | |||||||||||||||||||||||||||||||||
Net investment gains (losses) | (27,224) | (30,005) | |||||||||||||||||||||||||||||||||
Corporate expenses(10) | (30,942) | (28,725) | |||||||||||||||||||||||||||||||||
| Foreign exchange (losses) gains | 36,196 | (57,034) | |||||||||||||||||||||||||||||||||
| Interest expense and financing costs | (16,426) | (16,572) | |||||||||||||||||||||||||||||||||
| Reorganization expenses | (23,168) | — | |||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (2,396) | (2,729) | |||||||||||||||||||||||||||||||||
Income before income taxes and interest in income of equity method investments | 308,143 | 236,102 | |||||||||||||||||||||||||||||||||
Income tax expense | (55,806) | (44,322) | |||||||||||||||||||||||||||||||||
| Interest in income of equity method investments | 2,430 | 2,291 | |||||||||||||||||||||||||||||||||
| Net income | 254,767 | 194,071 | |||||||||||||||||||||||||||||||||
| Preferred share dividends | 7,563 | 7,563 | |||||||||||||||||||||||||||||||||
| Net income available to common shareholders | $ | 247,204 | $ | 186,508 | |||||||||||||||||||||||||||||||
| Current accident year loss ratio | 57.5 | % | 67.7 | % | 59.8 | % | 57.0 | % | 68.9 | % | 60.0 | % | |||||||||||||||||||||||
| Prior year reserve development ratio | (1.4 | %) | (0.9 | %) | (1.2 | %) | (1.4 | %) | (1.2 | %) | (1.4 | %) | |||||||||||||||||||||||
| Net losses and loss expenses ratio | 56.1 | % | 66.8 | % | 58.6 | % | 55.6 | % | 67.7 | % | 58.6 | % | |||||||||||||||||||||||
| Acquisition cost ratio | 19.6 | % | 23.8 | % | 20.5 | % | 19.2 | % | 21.3 | % | 19.7 | % | |||||||||||||||||||||||
Underwriting-related general and administrative expense ratio | 10.6 | % | 2.1 | % | 8.6 | % | 11.9 | % | 3.3 | % | 9.8 | % | |||||||||||||||||||||||
Corporate expense ratio | 2.1 | % | 2.1 | % | |||||||||||||||||||||||||||||||
Combined ratio | 86.3 | % | 92.7 | % | 89.8 | % | 86.7 | % | 92.3 | % | 90.2 | % | |||||||||||||||||||||||
10 Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $31 million and $29 million for the three months ended March 31, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 10 -
AXIS CAPITAL HOLDINGS LIMITED
NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)
OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
| Three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in thousands, except per share amounts) | |||||||||||
| Net income available to common shareholders | $ | 247,204 | $ | 186,508 | |||||||
Net investment (gains) losses | 27,224 | 30,005 | |||||||||
Foreign exchange losses (gains) | (36,196) | 57,034 | |||||||||
Reorganization expenses | 23,168 | — | |||||||||
Interest in income of equity method investments | (2,430) | (2,291) | |||||||||
Income tax benefit(12) | (2,081) | (9,787) | |||||||||
| Operating income | $ | 256,889 | $ | 261,469 | |||||||
| Earnings per diluted common share | $ | 3.29 | $ | 2.26 | |||||||
Net investment (gains) losses | 0.36 | 0.36 | |||||||||
Foreign exchange losses (gains) | (0.48) | 0.69 | |||||||||
| Reorganization expenses | 0.31 | — | |||||||||
Interest in income of equity method investments | (0.03) | (0.03) | |||||||||
Income tax benefit | (0.03) | (0.11) | |||||||||
| Operating income per diluted common share | $ | 3.42 | $ | 3.17 | |||||||
| Weighted average diluted common shares outstanding | 75,153 | 82,378 | |||||||||
| Average common shareholders' equity | $ | 5,818,536 | $ | 5,446,089 | |||||||
| Annualized return on average common equity | 17.0 | % | 13.7 | % | |||||||
Annualized operating return on average common equity(13) | 17.7 | % | 19.2 | % | |||||||
12 Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
13 Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to annualized ROACE, the most comparable GAAP financial measure is presented in the table above, and a discussion of the rationale for its presentation is provided later in this press release.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 11 -
Cautionary Note Regarding Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This press release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this press release are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.
Forward-looking statements made in this press release, such as those related to our performance, pricing, growth prospects, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:
Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.
Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.
Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business.
Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due.
Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices.
Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements.
Taxation Risk: changes in tax laws.
Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 12 -
Rationale for the Use of Non-GAAP Financial Measures
We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this press release, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, current accident year combined ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax, total return on average cash and investments excluding foreign exchange movements which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
Underwriting-Related General and Administrative Expenses
Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.
The reconciliation of consolidated underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.
Consolidated Underwriting Income (Loss)
Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 13 -
of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).
Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).
Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.
Current Accident Year Loss Ratio
Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.
Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.
Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events.
We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.
The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 14 -
Current Accident Year Combined Ratio
Current accident year combined ratio represents underwriting results exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year combined ratio provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year combined ratio to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.
Current Accident Year Combined Ratio, excluding Catastrophe and Weather-Related Losses
Current accident year combined ratio, excluding catastrophe and weather-related losses represents underwriting results exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events.
We believe that the presentation of current accident year combined ratio, excluding catastrophe and weather-related losses provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development and by separately identifying net losses and loss expenses associated with catastrophe and weather-related events due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.
The reconciliation of current accident year combined ratio, excluding catastrophe and weather-related losses to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.
Operating Income (Loss)
Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments.
Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).
Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).
Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 15 -
Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments in order to understand the profitability of recurring sources of income.
We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this press release.
We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this press release.
Constant Currency Basis
We present gross premiums written and net premiums written on a constant currency basis in this press release. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums written on a constant basis. The reconciliation to gross premiums written and net premiums written on a GAAP basis is presented in the 'Insurance Segment' and 'Reinsurance Segment' sections of this press release.
Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements
Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investment gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in the 'Investments' section of this press release.
AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08
Tel. 441.496.2600
www.axiscapital.com
- 16 -
AXIS CAPITAL HOLDINGS LIMITED
INVESTOR FINANCIAL SUPPLEMENT
FIRST QUARTER 2026
| AXIS Capital Holdings Limited | ||||||||||||||
29 Richmond Road | ||||||||||||||
| Pembroke HM 08 Bermuda | ||||||||||||||
| Contact Information: | ||||||||||||||
Cliff Gallant | ||||||||||||||
| Investor Contact | ||||||||||||||
(415) 262-6843 | ||||||||||||||
| [email protected] | ||||||||||||||
| 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) | ||||||||
| II. Income Statements | ||||||||
a. Consolidated Statement of Operations and Key Ratios | ||||||||
| III. Balance Sheets | ||||||||
| b. Cash and Invested Assets: | ||||||||
| IV. Losses Reserve Analysis | ||||||||
| V. Share Analysis | ||||||||
| VI. Non-GAAP Financial Measures | ||||||||
AXIS CAPITAL HOLDINGS LIMITED
BASIS OF PRESENTATION
AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.
DEFINITIONS AND PRESENTATION
•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2025 and consolidated statements of operations for the years ended December 31, 2025 and December 31, 2024.
•Amounts may not reconcile due to rounding differences.
•Unless otherwise noted, all data is in thousands, except for ratio information.
•NM - Not meaningful is defined as a variance greater than +/- 100%; NA - Not applicable
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This document or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this document are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.
Forward-looking statements made in this document, such as those related to our performance, pricing, growth prospects, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:
Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.
Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.
Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business.
Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due.
Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices.
Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements.
Taxation Risk: changes in tax laws.
Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
i
AXIS CAPITAL HOLDINGS LIMITED
FINANCIAL HIGHLIGHTS
| Three months ended March 31, | ||||||||||||||||||||||||||
| 2026 | 2025 | Change | ||||||||||||||||||||||||
| HIGHLIGHTS | Gross premiums written | $ | 3,097,967 | $ | 2,794,652 | 10.9 | % | |||||||||||||||||||
| Gross premiums written - Insurance | 64.0 | % | 59.3 | % | 4.7 | pts | ||||||||||||||||||||
| Gross premiums written - Reinsurance | 36.0 | % | 40.7 | % | (4.7) | pts | ||||||||||||||||||||
| Net premiums written | $ | 1,907,036 | $ | 1,750,039 | 9.0 | % | ||||||||||||||||||||
| Net premiums earned | $ | 1,480,466 | $ | 1,340,820 | 10.4 | % | ||||||||||||||||||||
| Net premiums earned - Insurance | 77.1 | % | 75.3 | % | 1.8 | pts | ||||||||||||||||||||
| Net premiums earned - Reinsurance | 22.9 | % | 24.7 | % | (1.8) | pts | ||||||||||||||||||||
Net income available to common shareholders | $ | 247,204 | $ | 186,508 | 32.5 | % | ||||||||||||||||||||
Operating income [a] | $ | 256,889 | $ | 261,469 | (1.8 | %) | ||||||||||||||||||||
Annualized return on average common equity [b] | 17.0 | % | 13.7 | % | 3.3 | pts | ||||||||||||||||||||
Annualized operating return on average common equity [c] | 17.7 | % | 19.2 | % | (1.5) | pts | ||||||||||||||||||||
Total common shareholders’ equity | $ | 5,830,636 | $ | 5,352,799 | 8.9 | % | ||||||||||||||||||||
| PER COMMON SHARE AND COMMON SHARE DATA | Earnings per diluted common share | $3.29 | $2.26 | 45.6 | % | |||||||||||||||||||||
Operating income per diluted common share [d] | $3.42 | $3.17 | 7.9 | % | ||||||||||||||||||||||
| Weighted average diluted common shares outstanding | 75,153 | 82,378 | (8.8 | %) | ||||||||||||||||||||||
| Book value per common share | $78.86 | $68.06 | 15.9 | % | ||||||||||||||||||||||
| Book value per diluted common share (treasury stock method) | $78.19 | $66.48 | 17.6 | % | ||||||||||||||||||||||
Tangible book value per diluted common share (treasury stock method) [a] | $75.70 | $64.08 | 18.1 | % | ||||||||||||||||||||||
| FINANCIAL RATIOS | Current accident year loss ratio, excluding catastrophe and weather-related losses [a], [e] | 56.6 | % | 56.3 | % | 0.3 | pts | |||||||||||||||||||
Catastrophe and weather-related losses ratio [a] | 3.2 | % | 3.7 | % | (0.5) | pts | ||||||||||||||||||||
Current accident year loss ratio [a] | 59.8 | % | 60.0 | % | (0.2) | pts | ||||||||||||||||||||
| Prior year reserve development ratio | (1.2 | %) | (1.4 | %) | 0.2 | pts | ||||||||||||||||||||
| Net losses and loss expenses ratio | 58.6 | % | 58.6 | % | — | pts | ||||||||||||||||||||
| Acquisition cost ratio | 20.5 | % | 19.7 | % | 0.8 | pts | ||||||||||||||||||||
General and administrative expense ratio [f] | 10.7 | % | 11.9 | % | (1.2) | pts | ||||||||||||||||||||
| Combined ratio | 89.8 | % | 90.2 | % | (0.4) | pts | ||||||||||||||||||||
| INVESTMENT DATA | Total assets | $ | 35,618,746 | $ | 33,249,174 | 7.1 | % | |||||||||||||||||||
Total cash and invested assets [g] | $ | 17,273,359 | $ | 17,818,374 | (3.1 | %) | ||||||||||||||||||||
| Net investment income | $ | 184,740 | $ | 207,713 | (11.1 | %) | ||||||||||||||||||||
Net investment gains (losses) | $ | (27,224) | $ | (30,005) | (9.3 | %) | ||||||||||||||||||||
| Book yield of fixed maturities | 4.7 | % | 4.5 | % | 0.2 | pts | ||||||||||||||||||||
[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/later in this document.
[b] Annualized ROACE is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the
common shareholders’ equity balances at the beginning and end of the period.
[c] Annualized operating ROACE is calculated by dividing annualized operating income (loss) for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.
[d] Operating income (loss) per diluted common share is calculated by dividing operating income (loss) for the period by weighted average diluted common shares outstanding.
[e] The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.
[f] Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
[g] Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).
1
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY
| | |||||||||||||||||||||||||||||
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | |||||||||||||||||||||||||
REVENUES | |||||||||||||||||||||||||||||
| Net premiums earned | $ | 1,480,466 | $ | 1,528,475 | $ | 1,451,883 | $ | 1,393,431 | $ | 1,340,820 | |||||||||||||||||||
| Net investment income | 184,740 | 186,992 | 184,903 | 187,297 | 207,713 | ||||||||||||||||||||||||
| Net investment gains (losses) | (27,224) | 14,584 | 30,905 | 43,468 | (30,005) | ||||||||||||||||||||||||
| Other insurance related income | 5,649 | 4,383 | 6,593 | 8,662 | 3,578 | ||||||||||||||||||||||||
Total revenues | 1,643,631 | 1,734,434 | 1,674,284 | 1,632,858 | 1,522,106 | ||||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||||
| Net losses and loss expenses | 867,283 | 859,427 | 841,435 | 801,754 | 785,925 | ||||||||||||||||||||||||
| Acquisition costs | 304,255 | 310,375 | 285,618 | 275,897 | 264,581 | ||||||||||||||||||||||||
General and administrative expenses | 158,156 | 212,054 | 171,637 | 161,078 | 159,163 | ||||||||||||||||||||||||
| Foreign exchange losses (gains) | (36,196) | 3,555 | (13,492) | 94,885 | 57,034 | ||||||||||||||||||||||||
| Interest expense and financing costs | 16,426 | 16,844 | 16,657 | 16,586 | 16,572 | ||||||||||||||||||||||||
Reorganization expenses | 23,168 | — | — | — | — | ||||||||||||||||||||||||
| Amortization of intangible assets | 2,396 | 2,396 | 2,396 | 2,396 | 2,729 | ||||||||||||||||||||||||
| Total expenses | 1,335,488 | 1,404,651 | 1,304,251 | 1,352,596 | 1,286,004 | ||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS | 308,143 | 329,783 | 370,033 | 280,262 | 236,102 | ||||||||||||||||||||||||
| Income tax (expense) benefit | (55,806) | (45,959) | (70,252) | (56,199) | (44,322) | ||||||||||||||||||||||||
| Interest in income (loss) of equity method investments | 2,430 | 5,783 | 2,083 | (705) | 2,291 | ||||||||||||||||||||||||
| NET INCOME | 254,767 | 289,607 | 301,864 | 223,358 | 194,071 | ||||||||||||||||||||||||
| Preferred share dividends | 7,563 | 7,563 | 7,563 | 7,563 | 7,563 | ||||||||||||||||||||||||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 247,204 | $ | 282,044 | $ | 294,301 | $ | 215,795 | $ | 186,508 | |||||||||||||||||||
| KEY RATIOS/PER SHARE DATA | |||||||||||||||||||||||||||||
| Weighted average common shares outstanding | 74,095 | 75,686 | 77,619 | 78,378 | 81,152 | ||||||||||||||||||||||||
| Dilutive share equivalents: | |||||||||||||||||||||||||||||
Share-based compensation plans | 1,058 | 1,139 | 982 | 951 | 1,226 | ||||||||||||||||||||||||
| Weighted average diluted common shares outstanding | 75,153 | 76,825 | 78,601 | 79,329 | 82,378 | ||||||||||||||||||||||||
| Earnings per common share | $ | 3.34 | $ | 3.73 | $ | 3.79 | $ | 2.75 | $ | 2.30 | |||||||||||||||||||
| Earnings per diluted common share | $ | 3.29 | $ | 3.67 | $ | 3.74 | $ | 2.72 | $ | 2.26 | |||||||||||||||||||
| Annualized ROACE | 17.0 | % | 19.4 | % | 20.6 | % | 15.7 | % | 13.7 | % | |||||||||||||||||||
| Annualized operating ROACE | 17.7 | % | 17.2 | % | 17.8 | % | 19.0 | % | 19.2 | % | |||||||||||||||||||
2
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED DATA
| Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||
| UNDERWRITING REVENUES | ||||||||||||||||||||||||||||||||||||||||||||
| Gross premiums written | $ | 3,097,967 | $ | 2,209,707 | $ | 2,124,184 | $ | 2,515,971 | $ | 2,794,652 | $ | 9,644,514 | $ | 9,005,888 | ||||||||||||||||||||||||||||||
| Ceded premiums written | (1,190,931) | (826,514) | (771,195) | (880,537) | (1,044,613) | (3,522,858) | (3,248,537) | |||||||||||||||||||||||||||||||||||||
| Net premiums written | 1,907,036 | 1,383,193 | 1,352,989 | 1,635,434 | 1,750,039 | 6,121,656 | 5,757,351 | |||||||||||||||||||||||||||||||||||||
| Gross premiums earned | 2,357,298 | 2,381,138 | 2,280,608 | 2,229,370 | 2,147,045 | 9,038,161 | 8,529,567 | |||||||||||||||||||||||||||||||||||||
| Ceded premiums earned | (876,832) | (852,663) | (828,725) | (835,939) | (806,225) | (3,323,552) | (3,223,332) | |||||||||||||||||||||||||||||||||||||
| Net premiums earned | 1,480,466 | 1,528,475 | 1,451,883 | 1,393,431 | 1,340,820 | 5,714,609 | 5,306,235 | |||||||||||||||||||||||||||||||||||||
| Other insurance related income | 5,649 | 4,383 | 6,593 | 8,662 | 3,578 | 23,216 | 30,721 | |||||||||||||||||||||||||||||||||||||
| Total underwriting revenues | 1,486,115 | 1,532,858 | 1,458,476 | 1,402,093 | 1,344,398 | 5,737,825 | 5,336,956 | |||||||||||||||||||||||||||||||||||||
| UNDERWRITING EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||
| Net losses and loss expenses | 867,283 | 859,427 | 841,435 | 801,754 | 785,925 | 3,288,541 | 3,158,487 | |||||||||||||||||||||||||||||||||||||
| Acquisition costs | 304,255 | 310,375 | 285,618 | 275,897 | 264,581 | 1,136,469 | 1,070,551 | |||||||||||||||||||||||||||||||||||||
Underwriting-related general and administrative expenses [a] | 127,214 | 178,879 | 143,111 | 135,241 | 130,438 | 587,669 | 536,442 | |||||||||||||||||||||||||||||||||||||
| Total underwriting expenses | 1,298,752 | 1,348,681 | 1,270,164 | 1,212,892 | 1,180,944 | 5,012,679 | 4,765,480 | |||||||||||||||||||||||||||||||||||||
UNDERWRITING INCOME [b] | $ | 187,363 | $ | 184,177 | $ | 188,312 | $ | 189,201 | $ | 163,454 | $ | 725,146 | $ | 571,476 | ||||||||||||||||||||||||||||||
| OTHER (EXPENSES) REVENUES | ||||||||||||||||||||||||||||||||||||||||||||
| Net investment income | 184,740 | 186,992 | 184,903 | 187,297 | 207,713 | 766,903 | 759,229 | |||||||||||||||||||||||||||||||||||||
| Net investment gains (losses) | (27,224) | 14,584 | 30,905 | 43,468 | (30,005) | 58,950 | (138,534) | |||||||||||||||||||||||||||||||||||||
Corporate expenses [a] | (30,942) | (33,175) | (28,526) | (25,837) | (28,725) | (116,262) | (129,760) | |||||||||||||||||||||||||||||||||||||
| Foreign exchange (losses) gains | 36,196 | (3,555) | 13,492 | (94,885) | (57,034) | (141,983) | 50,822 | |||||||||||||||||||||||||||||||||||||
| Interest expense and financing costs | (16,426) | (16,844) | (16,657) | (16,586) | (16,572) | (66,659) | (67,766) | |||||||||||||||||||||||||||||||||||||
| Reorganization expenses | (23,168) | — | — | — | — | — | (26,312) | |||||||||||||||||||||||||||||||||||||
| Amortization of intangible assets | (2,396) | (2,396) | (2,396) | (2,396) | (2,729) | (9,917) | (10,917) | |||||||||||||||||||||||||||||||||||||
Total other (expenses) revenues | 120,780 | 145,606 | 181,721 | 91,061 | 72,648 | 491,032 | 436,762 | |||||||||||||||||||||||||||||||||||||
| INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS | 308,143 | 329,783 | 370,033 | 280,262 | 236,102 | 1,216,178 | 1,008,238 | |||||||||||||||||||||||||||||||||||||
| Income tax (expense) benefit | (55,806) | (45,959) | (70,252) | (56,199) | (44,322) | (216,732) | 55,595 | |||||||||||||||||||||||||||||||||||||
| Interest in income (loss) of equity method investments | 2,430 | 5,783 | 2,083 | (705) | 2,291 | 9,452 | 17,953 | |||||||||||||||||||||||||||||||||||||
| NET INCOME | 254,767 | 289,607 | 301,864 | 223,358 | 194,071 | 1,008,898 | 1,081,786 | |||||||||||||||||||||||||||||||||||||
| Preferred share dividends | (7,563) | (7,563) | (7,563) | (7,563) | (7,563) | (30,250) | (30,250) | |||||||||||||||||||||||||||||||||||||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 247,204 | $ | 282,044 | $ | 294,301 | $ | 215,795 | $ | 186,508 | $ | 978,648 | $ | 1,051,536 | ||||||||||||||||||||||||||||||
| Catastrophe and weather-related losses, net of reinstatement premiums | $ | 47,800 | $ | 29,855 | $ | 43,659 | $ | 36,626 | $ | 49,070 | $ | 159,210 | $ | 225,996 | ||||||||||||||||||||||||||||||
Net favorable prior year reserve development | $ | 18,062 | $ | 29,852 | $ | 18,946 | $ | 20,229 | $ | 17,937 | $ | 86,963 | $ | 24,323 | ||||||||||||||||||||||||||||||
| KEY RATIOS | ||||||||||||||||||||||||||||||||||||||||||||
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 56.6 | % | 56.2 | % | 56.3 | % | 56.4 | % | 56.3 | % | 56.3 | % | 55.7 | % | ||||||||||||||||||||||||||||||
| Catastrophe and weather-related losses ratio | 3.2 | % | 2.0 | % | 3.0 | % | 2.6 | % | 3.7 | % | 2.8 | % | 4.3 | % | ||||||||||||||||||||||||||||||
| Current accident year loss ratio | 59.8 | % | 58.2 | % | 59.3 | % | 59.0 | % | 60.0 | % | 59.1 | % | 60.0 | % | ||||||||||||||||||||||||||||||
| Prior year reserve development ratio | (1.2 | %) | (2.0 | %) | (1.3 | %) | (1.5 | %) | (1.4 | %) | (1.6 | %) | (0.5 | %) | ||||||||||||||||||||||||||||||
| Net losses and loss expenses ratio | 58.6 | % | 56.2 | % | 58.0 | % | 57.5 | % | 58.6 | % | 57.5 | % | 59.5 | % | ||||||||||||||||||||||||||||||
| Acquisition cost ratio | 20.5 | % | 20.3 | % | 19.7 | % | 19.8 | % | 19.7 | % | 19.9 | % | 20.2 | % | ||||||||||||||||||||||||||||||
General and administrative expenses ratio [c] | 10.7 | % | 13.9 | % | 11.7 | % | 11.6 | % | 11.9 | % | 12.4 | % | 12.6 | % | ||||||||||||||||||||||||||||||
| Combined ratio | 89.8 | % | 90.4 | % | 89.4 | % | 88.9 | % | 90.2 | % | 89.8 | % | 92.3 | % | ||||||||||||||||||||||||||||||
[a] Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.
[b] Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.
[c] Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.
3
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED SEGMENT DATA
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||
| Insurance | Reinsurance | Total | Insurance | Reinsurance | Total | |||||||||||||||||||||||||||||||||
| UNDERWRITING REVENUES | ||||||||||||||||||||||||||||||||||||||
| Gross premiums written | $ | 1,983,742 | $ | 1,114,225 | $ | 3,097,967 | $ | 1,655,903 | $ | 1,138,749 | $ | 2,794,652 | ||||||||||||||||||||||||||
| Ceded premiums written | (690,665) | (500,266) | (1,190,931) | (611,323) | (433,290) | (1,044,613) | ||||||||||||||||||||||||||||||||
| Net premiums written | 1,293,077 | 613,959 | 1,907,036 | 1,044,580 | 705,459 | 1,750,039 | ||||||||||||||||||||||||||||||||
| Gross premiums earned | 1,774,966 | 582,332 | 2,357,298 | 1,598,550 | 548,495 | 2,147,045 | ||||||||||||||||||||||||||||||||
| Ceded premiums earned | (633,213) | (243,619) | (876,832) | (588,464) | (217,761) | (806,225) | ||||||||||||||||||||||||||||||||
| Net premiums earned | 1,141,753 | 338,713 | 1,480,466 | 1,010,086 | 330,734 | 1,340,820 | ||||||||||||||||||||||||||||||||
| Other insurance related income | 370 | 5,279 | 5,649 | 156 | 3,422 | 3,578 | ||||||||||||||||||||||||||||||||
| Total underwriting revenues | 1,142,123 | 343,992 | 1,486,115 | 1,010,242 | 334,156 | 1,344,398 | ||||||||||||||||||||||||||||||||
| UNDERWRITING EXPENSES | ||||||||||||||||||||||||||||||||||||||
| Net losses and loss expenses | 640,988 | 226,295 | 867,283 | 562,088 | 223,837 | 785,925 | ||||||||||||||||||||||||||||||||
| Acquisition costs | 223,769 | 80,486 | 304,255 | 194,021 | 70,560 | 264,581 | ||||||||||||||||||||||||||||||||
| Underwriting-related general and administrative expenses | 120,013 | 7,201 | 127,214 | 119,592 | 10,846 | 130,438 | ||||||||||||||||||||||||||||||||
| Total underwriting expenses | 984,770 | 313,982 | 1,298,752 | 875,701 | 305,243 | 1,180,944 | ||||||||||||||||||||||||||||||||
| UNDERWRITING INCOME | $ | 157,353 | $ | 30,010 | $ | 187,363 | $ | 134,541 | $ | 28,913 | $ | 163,454 | ||||||||||||||||||||||||||
| Catastrophe and weather-related losses, net of reinstatement premiums | $ | 47,732 | $ | 68 | $ | 47,800 | $ | 47,530 | $ | 1,540 | $ | 49,070 | ||||||||||||||||||||||||||
| Net favorable prior year reserve development | $ | 15,059 | $ | 3,003 | $ | 18,062 | $ | 13,978 | $ | 3,959 | $ | 17,937 | ||||||||||||||||||||||||||
| KEY RATIOS | ||||||||||||||||||||||||||||||||||||||
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 53.3 | % | 67.7 | % | 56.6 | % | 52.3 | % | 68.4 | % | 56.3 | % | ||||||||||||||||||||||||||
| Catastrophe and weather-related losses ratio | 4.2 | % | — | % | 3.2 | % | 4.7 | % | 0.5 | % | 3.7 | % | ||||||||||||||||||||||||||
| Current accident year loss ratio | 57.5 | % | 67.7 | % | 59.8 | % | 57.0 | % | 68.9 | % | 60.0 | % | ||||||||||||||||||||||||||
| Prior year reserve development ratio | (1.4 | %) | (0.9 | %) | (1.2 | %) | (1.4 | %) | (1.2 | %) | (1.4 | %) | ||||||||||||||||||||||||||
| Net losses and loss expenses ratio | 56.1 | % | 66.8 | % | 58.6 | % | 55.6 | % | 67.7 | % | 58.6 | % | ||||||||||||||||||||||||||
| Acquisition cost ratio | 19.6 | % | 23.8 | % | 20.5 | % | 19.2 | % | 21.3 | % | 19.7 | % | ||||||||||||||||||||||||||
| Underwriting-related general and administrative expense ratio | 10.6 | % | 2.1 | % | 8.6 | % | 11.9 | % | 3.3 | % | 9.8 | % | ||||||||||||||||||||||||||
| Corporate expense ratio | 2.1 | % | 2.1 | % | ||||||||||||||||||||||||||||||||||
| Combined ratio | 86.3 | % | 92.7 | % | 89.8 | % | 86.7 | % | 92.3 | % | 90.2 | % | ||||||||||||||||||||||||||
4
AXIS CAPITAL HOLDINGS LIMITED
GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS
| Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||
| INSURANCE SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||
| Property | $ | 613,480 | $ | 557,230 | $ | 468,098 | $ | 645,476 | $ | 495,417 | $ | 2,166,222 | $ | 2,050,329 | ||||||||||||||||||||||||||||||
| Professional Lines | 345,381 | 404,835 | 337,888 | 343,370 | 257,159 | 1,343,252 | 1,162,323 | |||||||||||||||||||||||||||||||||||||
| Liability | 337,674 | 351,489 | 345,455 | 365,542 | 303,758 | 1,366,245 | 1,251,603 | |||||||||||||||||||||||||||||||||||||
| Cyber | 119,999 | 119,693 | 103,404 | 136,562 | 113,945 | 473,604 | 561,937 | |||||||||||||||||||||||||||||||||||||
| Marine and Aviation | 294,960 | 198,739 | 190,321 | 224,393 | 267,151 | 880,604 | 815,168 | |||||||||||||||||||||||||||||||||||||
| Accident and Health | 171,365 | 151,078 | 161,470 | 126,985 | 124,843 | 564,374 | 450,810 | |||||||||||||||||||||||||||||||||||||
| Credit and Political Risk | 100,883 | 115,922 | 85,246 | 90,107 | 93,630 | 384,905 | 323,414 | |||||||||||||||||||||||||||||||||||||
| TOTAL INSURANCE SEGMENT | $ | 1,983,742 | $ | 1,898,986 | $ | 1,691,882 | $ | 1,932,435 | $ | 1,655,903 | $ | 7,179,206 | $ | 6,615,584 | ||||||||||||||||||||||||||||||
| REINSURANCE SEGMENT | ||||||||||||||||||||||||||||||||||||||||||||
| Liability | $ | 163,106 | $ | 91,530 | $ | 154,460 | $ | 168,566 | $ | 253,070 | $ | 667,626 | $ | 616,333 | ||||||||||||||||||||||||||||||
| Professional Lines | 177,953 | 16,403 | 38,567 | 171,851 | 188,445 | 415,266 | 421,846 | |||||||||||||||||||||||||||||||||||||
| Motor | 87,312 | 70,332 | 47,303 | 26,066 | 124,380 | 268,080 | 238,961 | |||||||||||||||||||||||||||||||||||||
| Accident and Health | 296,290 | 44,275 | 18,192 | 22,337 | 281,355 | 366,159 | 436,296 | |||||||||||||||||||||||||||||||||||||
| Credit and Surety | 308,973 | 80,634 | 108,505 | 116,290 | 204,666 | 510,094 | 417,717 | |||||||||||||||||||||||||||||||||||||
| Agriculture | 52,715 | 1,290 | 55,704 | 55,256 | 48,901 | 161,151 | 150,373 | |||||||||||||||||||||||||||||||||||||
| Marine and Aviation | 25,978 | 3,903 | 8,602 | 18,871 | 33,492 | 64,870 | 82,274 | |||||||||||||||||||||||||||||||||||||
Run-off lines | 1,898 | 2,354 | 969 | 4,299 | 4,440 | 12,062 | 26,504 | |||||||||||||||||||||||||||||||||||||
| TOTAL REINSURANCE SEGMENT | $ | 1,114,225 | $ | 310,721 | $ | 432,302 | $ | 583,536 | $ | 1,138,749 | $ | 2,465,308 | $ | 2,390,304 | ||||||||||||||||||||||||||||||
| CONSOLIDATED TOTAL | $ | 3,097,967 | $ | 2,209,707 | $ | 2,124,184 | $ | 2,515,971 | $ | 2,794,652 | $ | 9,644,514 | $ | 9,005,888 | ||||||||||||||||||||||||||||||
5
AXIS CAPITAL HOLDINGS LIMITED
INSURANCE SEGMENT DATA
| Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||
| UNDERWRITING REVENUES | ||||||||||||||||||||||||||||||||||||||||||||
| Gross premiums written | $ | 1,983,742 | $ | 1,898,986 | $ | 1,691,882 | $ | 1,932,435 | $ | 1,655,903 | $ | 7,179,206 | $ | 6,615,584 | ||||||||||||||||||||||||||||||
| Ceded premiums written | (690,665) | (691,799) | (606,935) | (641,925) | (611,323) | (2,551,982) | (2,365,039) | |||||||||||||||||||||||||||||||||||||
| Net premiums written | 1,293,077 | 1,207,187 | 1,084,947 | 1,290,510 | 1,044,580 | 4,627,224 | 4,250,545 | |||||||||||||||||||||||||||||||||||||
| Gross premiums earned | 1,774,966 | 1,787,562 | 1,690,735 | 1,633,396 | 1,598,550 | 6,710,242 | 6,254,836 | |||||||||||||||||||||||||||||||||||||
| Ceded premiums earned | (633,213) | (624,736) | (605,123) | (600,435) | (588,464) | (2,418,757) | (2,328,800) | |||||||||||||||||||||||||||||||||||||
| Net premiums earned | 1,141,753 | 1,162,826 | 1,085,612 | 1,032,961 | 1,010,086 | 4,291,485 | 3,926,036 | |||||||||||||||||||||||||||||||||||||
| Other insurance related income | 370 | 254 | 261 | 6 | 156 | 677 | 94 | |||||||||||||||||||||||||||||||||||||
| Total underwriting revenues | 1,142,123 | 1,163,080 | 1,085,873 | 1,032,967 | 1,010,242 | 4,292,162 | 3,926,130 | |||||||||||||||||||||||||||||||||||||
| UNDERWRITING EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||
| Net losses and loss expenses | 640,988 | 617,562 | 595,807 | 561,770 | 562,088 | 2,337,227 | 2,245,420 | |||||||||||||||||||||||||||||||||||||
| Acquisition costs | 223,769 | 225,952 | 205,440 | 194,912 | 194,021 | 820,324 | 766,915 | |||||||||||||||||||||||||||||||||||||
| Underwriting-related general and administrative expenses | 120,013 | 161,994 | 131,326 | 124,646 | 119,592 | 537,558 | 485,929 | |||||||||||||||||||||||||||||||||||||
| Total underwriting expenses | 984,770 | 1,005,508 | 932,573 | 881,328 | 875,701 | 3,695,109 | 3,498,264 | |||||||||||||||||||||||||||||||||||||
| UNDERWRITING INCOME | $ | 157,353 | $ | 157,572 | $ | 153,300 | $ | 151,639 | $ | 134,541 | $ | 597,053 | $ | 427,866 | ||||||||||||||||||||||||||||||
| Catastrophe and weather-related losses, net of reinstatement premiums | $ | 47,732 | $ | 29,755 | $ | 42,689 | $ | 36,440 | $ | 47,530 | $ | 156,414 | $ | 216,093 | ||||||||||||||||||||||||||||||
Net favorable prior year reserve development | $ | 15,059 | $ | 22,939 | $ | 14,843 | $ | 15,216 | $ | 13,978 | $ | 66,975 | $ | 16,209 | ||||||||||||||||||||||||||||||
| KEY RATIOS | ||||||||||||||||||||||||||||||||||||||||||||
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 53.3 | % | 52.5 | % | 52.3 | % | 52.3 | % | 52.3 | % | 52.4 | % | 52.1 | % | ||||||||||||||||||||||||||||||
| Catastrophe and weather-related losses ratio | 4.2 | % | 2.6 | % | 3.9 | % | 3.6 | % | 4.7 | % | 3.6 | % | 5.5 | % | ||||||||||||||||||||||||||||||
| Current accident year loss ratio | 57.5 | % | 55.1 | % | 56.2 | % | 55.9 | % | 57.0 | % | 56.0 | % | 57.6 | % | ||||||||||||||||||||||||||||||
| Prior year reserve development ratio | (1.4 | %) | (2.0 | %) | (1.3 | %) | (1.5 | %) | (1.4 | %) | (1.5 | %) | (0.4 | %) | ||||||||||||||||||||||||||||||
| Net losses and loss expenses ratio | 56.1 | % | 53.1 | % | 54.9 | % | 54.4 | % | 55.6 | % | 54.5 | % | 57.2 | % | ||||||||||||||||||||||||||||||
| Acquisition cost ratio | 19.6 | % | 19.4 | % | 18.9 | % | 18.9 | % | 19.2 | % | 19.1 | % | 19.5 | % | ||||||||||||||||||||||||||||||
| Underwriting-related general and administrative expenses ratio | 10.6 | % | 14.0 | % | 12.1 | % | 12.0 | % | 11.9 | % | 12.5 | % | 12.4 | % | ||||||||||||||||||||||||||||||
| Combined ratio | 86.3 | % | 86.5 | % | 85.9 | % | 85.3 | % | 86.7 | % | 86.1 | % | 89.1 | % | ||||||||||||||||||||||||||||||
6
AXIS CAPITAL HOLDINGS LIMITED
REINSURANCE SEGMENT DATA
| Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||
| UNDERWRITING REVENUES | ||||||||||||||||||||||||||||||||||||||||||||
| Gross premiums written | $ | 1,114,225 | $ | 310,721 | $ | 432,302 | $ | 583,536 | $ | 1,138,749 | $ | 2,465,308 | $ | 2,390,304 | ||||||||||||||||||||||||||||||
| Ceded premiums written | (500,266) | (134,715) | (164,260) | (238,612) | (433,290) | (970,876) | (883,498) | |||||||||||||||||||||||||||||||||||||
| Net premiums written | 613,959 | 176,006 | 268,042 | 344,924 | 705,459 | 1,494,432 | 1,506,806 | |||||||||||||||||||||||||||||||||||||
| Gross premiums earned | 582,332 | 593,576 | 589,873 | 595,974 | 548,495 | 2,327,919 | 2,274,731 | |||||||||||||||||||||||||||||||||||||
| Ceded premiums earned | (243,619) | (227,927) | (223,602) | (235,504) | (217,761) | (904,795) | (894,532) | |||||||||||||||||||||||||||||||||||||
| Net premiums earned | 338,713 | 365,649 | 366,271 | 360,470 | 330,734 | 1,423,124 | 1,380,199 | |||||||||||||||||||||||||||||||||||||
| Other insurance related income | 5,279 | 4,129 | 6,332 | 8,656 | 3,422 | 22,539 | 30,627 | |||||||||||||||||||||||||||||||||||||
| Total underwriting revenues | 343,992 | 369,778 | 372,603 | 369,126 | 334,156 | 1,445,663 | 1,410,826 | |||||||||||||||||||||||||||||||||||||
| UNDERWRITING EXPENSES | ||||||||||||||||||||||||||||||||||||||||||||
| Net losses and loss expenses | 226,295 | 241,865 | 245,628 | 239,984 | 223,837 | 951,314 | 913,067 | |||||||||||||||||||||||||||||||||||||
| Acquisition costs | 80,486 | 84,423 | 80,178 | 80,985 | 70,560 | 316,145 | 303,636 | |||||||||||||||||||||||||||||||||||||
| Underwriting-related general and administrative expenses | 7,201 | 16,885 | 11,785 | 10,595 | 10,846 | 50,111 | 50,513 | |||||||||||||||||||||||||||||||||||||
| Total underwriting expenses | 313,982 | 343,173 | 337,591 | 331,564 | 305,243 | 1,317,570 | 1,267,216 | |||||||||||||||||||||||||||||||||||||
| UNDERWRITING INCOME | $ | 30,010 | $ | 26,605 | $ | 35,012 | $ | 37,562 | $ | 28,913 | $ | 128,093 | $ | 143,610 | ||||||||||||||||||||||||||||||
| Catastrophe and weather-related losses, net of reinstatement premiums | $ | 68 | $ | 100 | $ | 970 | $ | 186 | $ | 1,540 | $ | 2,796 | $ | 9,903 | ||||||||||||||||||||||||||||||
Net favorable prior year reserve development | $ | 3,003 | $ | 6,913 | $ | 4,103 | $ | 5,013 | $ | 3,959 | $ | 19,988 | $ | 8,114 | ||||||||||||||||||||||||||||||
| KEY RATIOS | ||||||||||||||||||||||||||||||||||||||||||||
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 67.7 | % | 68.0 | % | 67.9 | % | 67.9 | % | 68.4 | % | 68.1 | % | 66.0 | % | ||||||||||||||||||||||||||||||
| Catastrophe and weather-related losses ratio | — | % | — | % | 0.3 | % | 0.1 | % | 0.5 | % | 0.2 | % | 0.7 | % | ||||||||||||||||||||||||||||||
| Current accident year loss ratio | 67.7 | % | 68.0 | % | 68.2 | % | 68.0 | % | 68.9 | % | 68.3 | % | 66.7 | % | ||||||||||||||||||||||||||||||
| Prior year reserve development ratio | (0.9 | %) | (1.9 | %) | (1.1 | %) | (1.4 | %) | (1.2 | %) | (1.5 | %) | (0.5 | %) | ||||||||||||||||||||||||||||||
| Net losses and loss expenses ratio | 66.8 | % | 66.1 | % | 67.1 | % | 66.6 | % | 67.7 | % | 66.8 | % | 66.2 | % | ||||||||||||||||||||||||||||||
| Acquisition cost ratio | 23.8 | % | 23.1 | % | 21.9 | % | 22.5 | % | 21.3 | % | 22.2 | % | 22.0 | % | ||||||||||||||||||||||||||||||
| Underwriting-related general and administrative expense ratio | 2.1 | % | 4.7 | % | 3.2 | % | 2.9 | % | 3.3 | % | 3.6 | % | 3.6 | % | ||||||||||||||||||||||||||||||
| Combined ratio | 92.7 | % | 93.9 | % | 92.2 | % | 92.0 | % | 92.3 | % | 92.6 | % | 91.8 | % | ||||||||||||||||||||||||||||||
7
AXIS CAPITAL HOLDINGS LIMITED
NET INVESTMENT INCOME
| Years ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||
| Fixed maturities | $ | 156,696 | $ | 159,830 | $ | 155,796 | $ | 149,861 | $ | 146,711 | $ | 612,198 | $ | 620,704 | ||||||||||||||||||||||||||||||
| Other investments | 17,705 | 13,367 | 15,019 | 18,479 | 22,410 | 69,275 | 48,666 | |||||||||||||||||||||||||||||||||||||
| Equity securities | 4,152 | 4,185 | 3,046 | 3,155 | 3,208 | 13,593 | 12,922 | |||||||||||||||||||||||||||||||||||||
| Mortgage loans | 4,165 | 4,873 | 5,890 | 5,956 | 6,868 | 23,587 | 34,028 | |||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 8,918 | 12,466 | 12,597 | 16,649 | 33,380 | 75,092 | 59,600 | |||||||||||||||||||||||||||||||||||||
| Short-term investments | 132 | 254 | 355 | 541 | 1,986 | 3,136 | 12,569 | |||||||||||||||||||||||||||||||||||||
| Gross investment income | 191,768 | 194,975 | 192,703 | 194,641 | 214,563 | 796,881 | 788,489 | |||||||||||||||||||||||||||||||||||||
| Investment expenses | (7,028) | (7,983) | (7,800) | (7,344) | (6,850) | (29,978) | (29,260) | |||||||||||||||||||||||||||||||||||||
| Net investment income | $ | 184,740 | $ | 186,992 | $ | 184,903 | $ | 187,297 | $ | 207,713 | $ | 766,903 | $ | 759,229 | ||||||||||||||||||||||||||||||
8
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
| March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||||||||||||||
| Investments: | |||||||||||||||||||||||||||||||||||||||||
| Fixed maturities, available for sale, at fair value | $ | 13,107,142 | $ | 13,018,027 | $ | 12,879,372 | $ | 12,137,475 | $ | 11,865,480 | $ | 12,152,753 | |||||||||||||||||||||||||||||
| Fixed maturities, held to maturity, at amortized cost | 405,220 | 397,430 | 406,658 | 405,041 | 389,571 | 443,400 | |||||||||||||||||||||||||||||||||||
| Equity securities, at fair value | 688,842 | 707,569 | 649,970 | 619,275 | 574,379 | 579,274 | |||||||||||||||||||||||||||||||||||
| Mortgage loans, held for investment, at fair value | 343,959 | 356,840 | 409,699 | 438,571 | 457,907 | 505,697 | |||||||||||||||||||||||||||||||||||
| Other investments, at fair value | 1,042,649 | 1,027,798 | 972,867 | 938,922 | 938,562 | 930,278 | |||||||||||||||||||||||||||||||||||
| Equity method investments | 236,767 | 227,181 | 220,022 | 215,920 | 214,240 | 206,994 | |||||||||||||||||||||||||||||||||||
| Short-term investments, at fair value | 5,836 | 20,298 | 17,185 | 51,726 | 91,330 | 223,666 | |||||||||||||||||||||||||||||||||||
| Total investments | 15,830,415 | 15,755,143 | 15,555,773 | 14,806,930 | 14,531,469 | 15,042,062 | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,388,118 | 1,321,185 | 1,358,078 | 1,409,201 | 3,332,767 | 3,063,621 | |||||||||||||||||||||||||||||||||||
| Accrued interest receivable | 118,475 | 116,252 | 117,720 | 108,506 | 108,392 | 114,012 | |||||||||||||||||||||||||||||||||||
| Insurance and reinsurance premium balances receivable | 3,878,950 | 3,244,661 | 3,326,346 | 3,669,460 | 3,388,550 | 2,826,942 | |||||||||||||||||||||||||||||||||||
| Reinsurance recoverable on unpaid losses and loss expenses | 8,890,145 | 8,951,763 | 9,043,009 | 9,086,900 | 6,944,518 | 6,840,897 | |||||||||||||||||||||||||||||||||||
| Reinsurance recoverable on paid losses and loss expenses | 581,945 | 673,765 | 648,126 | 637,726 | 531,105 | 546,287 | |||||||||||||||||||||||||||||||||||
| Deferred acquisition costs | 933,802 | 801,778 | 822,774 | 837,456 | 787,512 | 685,853 | |||||||||||||||||||||||||||||||||||
| Prepaid reinsurance premiums | 2,452,190 | 2,139,294 | 2,164,297 | 2,223,255 | 2,175,425 | 1,936,979 | |||||||||||||||||||||||||||||||||||
| Receivable for investments sold | 5,422 | 12,806 | 3,813 | 29,099 | 39,498 | 3,693 | |||||||||||||||||||||||||||||||||||
| Goodwill | 66,498 | 66,498 | 66,498 | 66,498 | 66,498 | 66,498 | |||||||||||||||||||||||||||||||||||
| Intangible assets | 163,654 | 166,050 | 168,446 | 170,842 | 173,238 | 175,967 | |||||||||||||||||||||||||||||||||||
| Operating lease right-of-use assets | 94,670 | 93,900 | 92,706 | 89,421 | 92,299 | 92,516 | |||||||||||||||||||||||||||||||||||
| Loan advances made | 302,157 | 231,542 | 250,537 | 263,779 | 272,499 | 247,775 | |||||||||||||||||||||||||||||||||||
| Other assets | 912,305 | 887,289 | 899,509 | 934,469 | 966,812 | 1,038,207 | |||||||||||||||||||||||||||||||||||
| TOTAL ASSETS | $ | 35,618,746 | $ | 34,461,926 | $ | 34,517,632 | $ | 34,333,542 | $ | 33,410,582 | $ | 32,681,309 | |||||||||||||||||||||||||||||
| LIABILITIES | |||||||||||||||||||||||||||||||||||||||||
| Reserve for losses and loss expenses | $ | 18,294,149 | $ | 18,122,256 | $ | 17,996,236 | $ | 17,879,023 | $ | 17,489,459 | $ | 17,218,929 | |||||||||||||||||||||||||||||
| Unearned premiums | 6,563,778 | 5,825,698 | 5,994,611 | 6,154,844 | 5,859,606 | 5,211,865 | |||||||||||||||||||||||||||||||||||
| Insurance and reinsurance balances payable | 2,180,053 | 1,882,021 | 1,855,349 | 1,932,269 | 1,883,746 | 1,713,798 | |||||||||||||||||||||||||||||||||||
| Debt | 1,317,104 | 1,316,710 | 1,316,321 | 1,315,936 | 1,315,555 | 1,315,179 | |||||||||||||||||||||||||||||||||||
| Federal Home Loan Bank advances | 66,380 | 66,380 | 66,380 | 66,380 | 66,380 | 66,380 | |||||||||||||||||||||||||||||||||||
| Payable for investments purchased | 69,071 | 36,982 | 194,988 | 79,677 | 193,752 | 269,728 | |||||||||||||||||||||||||||||||||||
| Operating lease liabilities | 110,181 | 110,095 | 108,960 | 106,544 | 107,289 | 106,614 | |||||||||||||||||||||||||||||||||||
| Other liabilities | 637,394 | 745,349 | 617,778 | 624,471 | 591,996 | 689,437 | |||||||||||||||||||||||||||||||||||
| TOTAL LIABILITIES | 29,238,110 | 28,105,491 | 28,150,623 | 28,159,144 | 27,507,783 | 26,591,930 | |||||||||||||||||||||||||||||||||||
| SHAREHOLDERS’ EQUITY | |||||||||||||||||||||||||||||||||||||||||
| Preferred shares | 550,000 | 550,000 | 550,000 | 550,000 | 550,000 | 550,000 | |||||||||||||||||||||||||||||||||||
| Common shares | 2,206 | 2,206 | 2,206 | 2,206 | 2,206 | 2,206 | |||||||||||||||||||||||||||||||||||
| Additional paid-in capital | 2,394,568 | 2,405,792 | 2,395,615 | 2,384,659 | 2,374,804 | 2,394,063 | |||||||||||||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | (97,128) | 28,431 | 10,169 | (21,710) | (152,376) | (267,557) | |||||||||||||||||||||||||||||||||||
| Retained earnings | 8,395,795 | 8,181,699 | 7,932,969 | 7,673,246 | 7,492,484 | 7,341,569 | |||||||||||||||||||||||||||||||||||
| Treasury shares, at cost | (4,864,805) | (4,811,693) | (4,523,950) | (4,414,003) | (4,364,319) | (3,930,902) | |||||||||||||||||||||||||||||||||||
| TOTAL SHAREHOLDERS' EQUITY | 6,380,636 | 6,356,435 | 6,367,009 | 6,174,398 | 5,902,799 | 6,089,379 | |||||||||||||||||||||||||||||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 35,618,746 | $ | 34,461,926 | $ | 34,517,632 | $ | 34,333,542 | $ | 33,410,582 | $ | 32,681,309 | |||||||||||||||||||||||||||||
Debt to total capital [a] | 17.1 | % | 17.2 | % | 17.1 | % | 17.6 | % | 18.2 | % | 17.8 | % | |||||||||||||||||||||||||||||
[a] The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.
[b] To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. These reclassifications did not impact results of operations, financial condition, or liquidity
9
AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS PORTFOLIO
| At March 31, 2026 | At December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cost or Amortized Cost | Allowance for Expected Credit Losses | Unrealized Gains | Unrealized Losses | Fair Value or Net Carrying Value | Percentage | Fair Value or Net Carrying Value | Percentage | |||||||||||||||||||||||||||||||||||||||||||
| Fixed Maturities, available for sale, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. government and agency | $ | 2,470,733 | $ | — | $ | 5,365 | $ | (13,951) | $ | 2,462,147 | 14.3 | % | $ | 2,417,901 | 14.0 | % | ||||||||||||||||||||||||||||||||||
| Non-U.S. government | 854,906 | — | 4,854 | (13,055) | 846,705 | 4.9 | % | 810,544 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||
| Corporate debt | 5,219,722 | (2,383) | 47,161 | (80,162) | 5,184,338 | 30.0 | % | 5,222,433 | 30.4 | % | ||||||||||||||||||||||||||||||||||||||||
| Agency RMBS | 2,083,725 | — | 18,679 | (28,452) | 2,073,952 | 12.0 | % | 2,035,352 | 11.9 | % | ||||||||||||||||||||||||||||||||||||||||
| CMBS | 802,737 | (429) | 3,734 | (17,253) | 788,789 | 4.6 | % | 801,511 | 4.7 | % | ||||||||||||||||||||||||||||||||||||||||
| Non-Agency RMBS | 202,057 | (246) | 685 | (4,988) | 197,508 | 1.1 | % | 190,124 | 1.1 | % | ||||||||||||||||||||||||||||||||||||||||
| ABS | 1,503,535 | (61) | 6,700 | (6,357) | 1,503,817 | 8.7 | % | 1,488,067 | 8.7 | % | ||||||||||||||||||||||||||||||||||||||||
| Municipals | 50,837 | — | 342 | (1,293) | 49,886 | 0.3 | % | 52,095 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||
| Total fixed maturities, available for sale, at fair value | 13,188,252 | (3,119) | 87,520 | (165,511) | 13,107,142 | 75.9 | % | 13,018,027 | 75.8 | % | ||||||||||||||||||||||||||||||||||||||||
| Fixed maturities, held to maturity, at amortized cost | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate debt | 140,576 | — | — | — | 140,576 | 0.8 | % | 145,137 | 0.8 | % | ||||||||||||||||||||||||||||||||||||||||
| ABS | 264,644 | — | — | — | 264,644 | 1.5 | % | 252,293 | 1.5 | % | ||||||||||||||||||||||||||||||||||||||||
| Total fixed maturities, held to maturity, at amortized cost | 405,220 | — | — | — | 405,220 | 2.3 | % | 397,430 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||
| Equity securities, at fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stocks | 3,386 | — | 339 | (636) | 3,089 | — | % | 13,695 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||
| Preferred Stocks | 43,911 | — | 508 | (518) | 43,901 | 0.3 | % | 20,311 | 0.1 | % | ||||||||||||||||||||||||||||||||||||||||
| Exchange-traded funds | 268,849 | — | 117,853 | (5,894) | 380,808 | 2.2 | % | 401,757 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||
| Bond mutual funds | 286,457 | — | 7,268 | (32,681) | 261,044 | 1.5 | % | 271,806 | 1.6 | % | ||||||||||||||||||||||||||||||||||||||||
| Total equity securities, at fair value | 602,603 | — | 125,968 | (39,729) | 688,842 | 4.0 | % | 707,569 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||
| Total fixed maturities and equity securities | $ | 14,196,075 | $ | (3,119) | $ | 213,488 | $ | (205,240) | 14,201,204 | 82.2 | % | 14,123,026 | 82.2 | % | ||||||||||||||||||||||||||||||||||||
| Mortgage loans, held for investment | 343,959 | 2.0 | % | 356,840 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Other investments | 1,042,649 | 6.0 | % | 1,027,798 | 6.0 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Equity method investments | 236,767 | 1.4 | % | 227,181 | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Short-term investments | 5,836 | — | % | 20,298 | 0.2 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Total investments | 15,830,415 | 91.6 | % | 15,755,143 | 91.8 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents [a] | 1,388,118 | 8.0 | % | 1,321,185 | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Accrued interest receivable | 118,475 | 0.7 | % | 116,252 | 0.7 | % | ||||||||||||||||||||||||||||||||||||||||||||
| Net receivable/(payable) for investments sold (purchased) | (63,649) | (0.3 | %) | (24,176) | (0.2 | %) | ||||||||||||||||||||||||||||||||||||||||||||
| Total cash and invested assets | $ | 17,273,359 | 100.0 | % | $ | 17,168,404 | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||
[a] Includes $526 million and $501 million of restricted cash and cash equivalents at March 31, 2026 and December 31, 2025, respectively.
| At March 31, 2026 | At December 31, 2025 | |||||||||||||||||||||||||||||||||||||
| Fair Value | Percentage | Fair Value | Percentage | |||||||||||||||||||||||||||||||||||
| Other Investments: | ||||||||||||||||||||||||||||||||||||||
| Multi-strategy funds | $ | 10,987 | 1.1 | % | $ | 11,577 | 1.1 | % | ||||||||||||||||||||||||||||||
| Direct lending funds | 193,616 | 18.6 | % | 186,747 | 18.2 | % | ||||||||||||||||||||||||||||||||
| Real estate funds | 279,937 | 26.8 | % | 291,491 | 28.4 | % | ||||||||||||||||||||||||||||||||
| Private equity funds | 382,826 | 36.7 | % | 364,376 | 35.5 | % | ||||||||||||||||||||||||||||||||
| Other privately held investments | 175,283 | 16.8 | % | 173,607 | 16.8 | % | ||||||||||||||||||||||||||||||||
| Total | $ | 1,042,649 | 100.0 | % | $ | 1,027,798 | 100.0 | % | ||||||||||||||||||||||||||||||
10
AXIS CAPITAL HOLDINGS LIMITED
CASH AND INVESTED ASSETS COMPOSITION
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | ||||||||||||||||||||||||||||
| Fair Value % | ||||||||||||||||||||||||||||||||
| CASH AND INVESTED ASSETS PORTFOLIO | ||||||||||||||||||||||||||||||||
| Fixed Maturities, available for sale: | ||||||||||||||||||||||||||||||||
| U.S. government and agency | 14.3 | % | 14.0 | % | 15.0 | % | 14.6 | % | 14.3 | % | ||||||||||||||||||||||
| Non-U.S. government | 4.9 | % | 4.7 | % | 4.7 | % | 4.9 | % | 4.0 | % | ||||||||||||||||||||||
| Corporate debt | 30.0 | % | 30.4 | % | 30.6 | % | 29.6 | % | 26.0 | % | ||||||||||||||||||||||
| MBS: | ||||||||||||||||||||||||||||||||
| Agency RMBS | 12.0 | % | 11.9 | % | 11.2 | % | 10.7 | % | 8.7 | % | ||||||||||||||||||||||
| CMBS | 4.6 | % | 4.7 | % | 4.9 | % | 5.1 | % | 4.8 | % | ||||||||||||||||||||||
| Non-agency RMBS | 1.1 | % | 1.1 | % | 1.2 | % | 1.1 | % | 1.1 | % | ||||||||||||||||||||||
| ABS | 8.7 | % | 8.7 | % | 8.5 | % | 8.2 | % | 7.3 | % | ||||||||||||||||||||||
| Municipals | 0.3 | % | 0.3 | % | 0.4 | % | 0.4 | % | 0.4 | % | ||||||||||||||||||||||
| Total Fixed Maturities, available for sale | 75.9 | % | 75.8 | % | 76.5 | % | 74.6 | % | 66.6 | % | ||||||||||||||||||||||
| Fixed Maturities, held to maturity: | ||||||||||||||||||||||||||||||||
| Corporate debt | 0.8 | % | 0.8 | % | 0.8 | % | 0.8 | % | 0.7 | % | ||||||||||||||||||||||
| ABS | 1.5 | % | 1.5 | % | 1.6 | % | 1.7 | % | 1.5 | % | ||||||||||||||||||||||
| Total Fixed Maturities, held to maturity | 2.3 | % | 2.3 | % | 2.4 | % | 2.5 | % | 2.2 | % | ||||||||||||||||||||||
| Equity securities | 4.0 | % | 4.1 | % | 3.9 | % | 3.8 | % | 3.2 | % | ||||||||||||||||||||||
| Mortgage loans | 2.0 | % | 2.1 | % | 2.4 | % | 2.7 | % | 2.6 | % | ||||||||||||||||||||||
| Other investments | 6.0 | % | 6.0 | % | 5.8 | % | 5.8 | % | 5.3 | % | ||||||||||||||||||||||
| Equity method investments | 1.4 | % | 1.3 | % | 1.3 | % | 1.3 | % | 1.2 | % | ||||||||||||||||||||||
| Short-term investments | — | % | 0.2 | % | 0.1 | % | 0.3 | % | 0.5 | % | ||||||||||||||||||||||
| Total Investments | 91.6 | % | 91.8 | % | 92.4 | % | 91.0 | % | 81.6 | % | ||||||||||||||||||||||
| Cash and cash equivalents | 8.0 | % | 7.7 | % | 8.1 | % | 8.7 | % | 18.7 | % | ||||||||||||||||||||||
| Accrued interest receivable | 0.7 | % | 0.7 | % | 0.7 | % | 0.7 | % | 0.6 | % | ||||||||||||||||||||||
| Net receivable/(payable) for investments sold (purchased) | (0.3 | %) | (0.2 | %) | (1.2 | %) | (0.4 | %) | (0.9 | %) | ||||||||||||||||||||||
| Total Cash and Invested Assets | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
| CREDIT QUALITY OF FIXED MATURITIES | ||||||||||||||||||||||||||||||||
| U.S. government and agency | 18.2 | % | 18.0 | % | 19.1 | % | 19.0 | % | 20.8 | % | ||||||||||||||||||||||
AAA [a] | 19.4 | % | 19.2 | % | 19.6 | % | 20.0 | % | 20.3 | % | ||||||||||||||||||||||
AA [a] | 23.7 | % | 23.7 | % | 22.7 | % | 23.4 | % | 21.8 | % | ||||||||||||||||||||||
| A | 17.1 | % | 17.4 | % | 17.8 | % | 17.1 | % | 16.8 | % | ||||||||||||||||||||||
| BBB | 10.4 | % | 10.0 | % | 9.7 | % | 9.8 | % | 9.5 | % | ||||||||||||||||||||||
| Below BBB | 11.2 | % | 11.7 | % | 11.1 | % | 10.7 | % | 10.8 | % | ||||||||||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
| MATURITY PROFILE OF FIXED MATURITIES | ||||||||||||||||||||||||||||||||
| Within one year | 2.8 | % | 2.7 | % | 3.9 | % | 5.5 | % | 6.5 | % | ||||||||||||||||||||||
| From one to five years | 43.0 | % | 43.3 | % | 42.9 | % | 43.0 | % | 43.0 | % | ||||||||||||||||||||||
| From five to ten years | 16.9 | % | 17.1 | % | 16.9 | % | 15.2 | % | 15.2 | % | ||||||||||||||||||||||
| Above ten years | 1.6 | % | 1.4 | % | 1.6 | % | 1.6 | % | 1.4 | % | ||||||||||||||||||||||
| Asset-backed and mortgage-backed securities | 35.7 | % | 35.5 | % | 34.7 | % | 34.7 | % | 33.9 | % | ||||||||||||||||||||||
| Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||
| CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS | ||||||||||||||||||||||||||||||||
| Book yield of fixed maturities | 4.7 | % | 4.6 | % | 4.6 | % | 4.6 | % | 4.5 | % | ||||||||||||||||||||||
| Yield to maturity of fixed maturities | 5.1 | % | 4.7 | % | 4.8 | % | 5.0 | % | 5.2 | % | ||||||||||||||||||||||
| Average duration of fixed maturities (inclusive of duration hedges) | 3.2 yrs | 3.1 yrs | 3.2 yrs | 3.1 yrs | 3.0 yrs | |||||||||||||||||||||||||||
Average credit quality of fixed maturities | A+ | A+ | A+ | A+ | A+ | |||||||||||||||||||||||||||
[a] Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").
11
AXIS CAPITAL HOLDINGS LIMITED
MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION
At March 31, 2026
| Available for sale, at fair value | Agencies | AAA | AA | A | BBB | Non-Investment Grade | Total | |||||||||||||||||||||||||||||||||||||
| Residential MBS | $ | 2,073,952 | $ | 191,763 | $ | 4,245 | $ | 227 | $ | 31 | $ | 1,242 | $ | 2,271,460 | ||||||||||||||||||||||||||||||
| Commercial MBS | 172,871 | 561,549 | 40,339 | 12,160 | 968 | 902 | 788,789 | |||||||||||||||||||||||||||||||||||||
| ABS | — | 1,214,775 | 111,138 | 140,710 | 35,134 | 2,060 | 1,503,817 | |||||||||||||||||||||||||||||||||||||
| Total mortgage-backed and asset-backed securities, available for sale, at fair value | $ | 2,246,823 | $ | 1,968,087 | $ | 155,722 | $ | 153,097 | $ | 36,133 | $ | 4,204 | $ | 4,564,066 | ||||||||||||||||||||||||||||||
| Percentage of total | 49.2 | % | 43.1 | % | 3.4 | % | 3.4 | % | 0.8 | % | 0.1 | % | 100.0 | % | ||||||||||||||||||||||||||||||
| Held to maturity, at amortized cost | Agencies | AAA | AA | A | BBB | Non-Investment Grade | Total | |||||||||||||||||||||||||||||||||||||
| ABS | $ | — | $ | 138,044 | $ | 114,900 | $ | 11,700 | $ | — | $ | — | $ | 264,644 | ||||||||||||||||||||||||||||||
| Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost | $ | — | $ | 138,044 | $ | 114,900 | $ | 11,700 | $ | — | $ | — | $ | 264,644 | ||||||||||||||||||||||||||||||
| Percentage of total | — | % | 52.2 | % | 43.4 | % | 4.4 | % | — | % | — | % | 100.0 | % | ||||||||||||||||||||||||||||||
12
AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||
| Reserve for losses and loss expenses | Reinsurance recoverable on unpaid losses and loss expenses | Net reserve for losses and loss expenses | Reserve for losses and loss expenses | Reinsurance recoverable on unpaid losses and loss expenses | Net reserve for losses and loss expenses | |||||||||||||||||||||||||||||||||
| Reserve for losses and loss expenses | ||||||||||||||||||||||||||||||||||||||
| Beginning of period | $ | 18,122,256 | $ | (8,951,763) | $ | 9,170,493 | $ | 17,218,929 | $ | (6,840,897) | $ | 10,378,032 | ||||||||||||||||||||||||||
| Incurred losses and loss expenses | 1,395,216 | (527,933) | 867,283 | 1,278,752 | (492,827) | 785,925 | ||||||||||||||||||||||||||||||||
| Paid losses and loss expenses | (1,151,315) | 456,322 | (694,993) | (1,151,905) | 383,104 | (768,801) | ||||||||||||||||||||||||||||||||
Foreign exchange and other | (72,008) | 133,229 | 61,221 | 143,683 | 6,102 | 149,785 | ||||||||||||||||||||||||||||||||
End of period [a] | $ | 18,294,149 | $ | (8,890,145) | $ | 9,404,004 | $ | 17,489,459 | $ | (6,944,518) | $ | 10,544,941 | ||||||||||||||||||||||||||
[a] At March 31, 2026, reserve for losses and loss expenses included IBNR of $12.5 billion, or 69% (December 31, 2025: $12.3 billion, or 68%).
13
AXIS CAPITAL HOLDINGS LIMITED
RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENT
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |||||||||||||||||||||||||||||||||||||
| Insurance | Reinsurance | Total | Insurance | Reinsurance | Total | |||||||||||||||||||||||||||||||||
| Gross paid losses and loss expenses | $ | 762,290 | $ | 389,025 | $ | 1,151,315 | $ | 721,591 | $ | 430,314 | $ | 1,151,905 | ||||||||||||||||||||||||||
| Reinsurance recoverable on paid losses and loss expenses | (291,440) | (164,882) | (456,322) | (274,816) | (108,288) | (383,104) | ||||||||||||||||||||||||||||||||
| Net paid losses and loss expenses | 470,850 | 224,143 | 694,993 | 446,775 | 322,026 | 768,801 | ||||||||||||||||||||||||||||||||
Change in gross case reserves | 622 | (22,869) | (22,247) | 79,726 | (62,988) | 16,738 | ||||||||||||||||||||||||||||||||
Change in gross IBNR | 238,346 | 27,802 | 266,148 | 96,702 | 13,407 | 110,109 | ||||||||||||||||||||||||||||||||
Change in reinsurance recoverable on unpaid losses and loss expenses | (68,830) | (2,781) | (71,611) | (61,115) | (48,608) | (109,723) | ||||||||||||||||||||||||||||||||
Change in net unpaid losses and loss expenses | 170,138 | 2,152 | 172,290 | 115,313 | (98,189) | 17,124 | ||||||||||||||||||||||||||||||||
| Total net incurred losses and loss expenses | $ | 640,988 | $ | 226,295 | $ | 867,283 | $ | 562,088 | $ | 223,837 | $ | 785,925 | ||||||||||||||||||||||||||
| Gross reserve for losses and loss expenses | $ | 11,364,381 | $ | 6,929,768 | $ | 18,294,149 | $ | 10,731,598 | $ | 6,757,873 | $ | 17,489,459 | ||||||||||||||||||||||||||
| Net favorable prior year reserve development | $ | 15,059 | $ | 3,003 | $ | 18,062 | $ | 13,978 | $ | 3,959 | $ | 17,937 | ||||||||||||||||||||||||||
| Key Ratios | ||||||||||||||||||||||||||||||||||||||
| Net paid losses and loss expenses / Net incurred losses and loss expenses | 73.5 | % | 99.0 | % | 80.1 | % | 79.5 | % | 143.9 | % | 97.8 | % | ||||||||||||||||||||||||||
| Net paid losses and loss expenses / Net premiums earned | 41.2 | % | 66.2 | % | 46.9 | % | 44.2 | % | 97.4 | % | 57.3 | % | ||||||||||||||||||||||||||
| Net unpaid losses and loss expenses / Net premiums earned | 14.9 | % | 0.6 | % | 11.7 | % | 11.4 | % | (29.7 | %) | 1.3 | % | ||||||||||||||||||||||||||
| Net losses and loss expenses ratio | 56.1 | % | 66.8 | % | 58.6 | % | 55.6 | % | 67.7 | % | 58.6 | % | ||||||||||||||||||||||||||
14
AXIS CAPITAL HOLDINGS LIMITED
BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD
| At March 31, 2026 | |||||||||||||||||||||||
Common Shareholders’ Equity | Common Shares Outstanding, net of Treasury Shares | Per share | |||||||||||||||||||||
| Closing stock price | $101.41 | ||||||||||||||||||||||
| Book value per common share | $ | 5,830,636 | 73,937 | $78.86 | |||||||||||||||||||
Dilutive securities: | |||||||||||||||||||||||
| Restricted stock units | 634 | (0.67) | |||||||||||||||||||||
| Book value per diluted common share | $ | 5,830,636 | 74,571 | $78.19 | |||||||||||||||||||
| At December 31, 2025 | |||||||||||||||||||||||
| Common Shareholders’ Equity | Common Shares Outstanding, net of Treasury Shares | Per share | |||||||||||||||||||||
| Closing stock price | $107.09 | ||||||||||||||||||||||
| Book value per common share | $ | 5,806,435 | 74,135 | $78.32 | |||||||||||||||||||
Dilutive securities: | |||||||||||||||||||||||
| Restricted stock units | 1,074 | (1.12) | |||||||||||||||||||||
| Book value per diluted common share | $ | 5,806,435 | 75,209 | $77.20 | |||||||||||||||||||
TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE
| Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | |||||||||||||||||||||||||
| Common shareholders' equity | $ | 5,830,636 | $ | 5,806,435 | $ | 5,817,009 | $ | 5,624,398 | $ | 5,352,799 | |||||||||||||||||||
| Less: goodwill | (66,498) | (66,498) | (66,498) | (66,498) | (66,498) | ||||||||||||||||||||||||
| Less: intangible assets | (163,654) | (166,050) | (168,446) | (170,842) | (173,238) | ||||||||||||||||||||||||
| Associated tax impact | 44,703 | 45,255 | 45,806 | 46,357 | 46,909 | ||||||||||||||||||||||||
| Tangible common shareholders' equity | $ | 5,645,187 | $ | 5,619,142 | $ | 5,627,871 | $ | 5,433,415 | $ | 5,159,972 | |||||||||||||||||||
Diluted common shares outstanding [a] | 74,571 | 75,209 | 78,796 | 79,957 | 80,520 | ||||||||||||||||||||||||
| Book value per diluted common share | $ | 78.19 | $ | 77.20 | $ | 73.82 | $ | 70.34 | $ | 66.48 | |||||||||||||||||||
| Tangible book value per diluted common share | $ | 75.70 | $ | 74.71 | $ | 71.42 | $ | 67.95 | $ | 64.08 | |||||||||||||||||||
[a] Diluted common shares outstanding is calculated in the table above.
15
AXIS CAPITAL HOLDINGS LIMITED
NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)
OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY
| Three months ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net income available to common shareholders | $ | 247,204 | $ | 186,508 | ||||||||||
| Net investment (gains) losses | 27,224 | 30,005 | ||||||||||||
| Foreign exchange losses (gains) | (36,196) | 57,034 | ||||||||||||
| Reorganization expenses | 23,168 | — | ||||||||||||
Interest in income of equity method investments | (2,430) | (2,291) | ||||||||||||
Income tax benefit [a] | (2,081) | (9,787) | ||||||||||||
| Operating income | $ | 256,889 | $ | 261,469 | ||||||||||
| Earnings per diluted common share | $ | 3.29 | $ | 2.26 | ||||||||||
| Net investment (gains) losses | 0.36 | 0.36 | ||||||||||||
| Foreign exchange losses (gains) | (0.48) | 0.69 | ||||||||||||
| Reorganization expenses | 0.31 | — | ||||||||||||
Interest in income of equity method investments | (0.03) | (0.03) | ||||||||||||
Income tax benefit | (0.03) | (0.11) | ||||||||||||
| Operating income per diluted common share | $ | 3.42 | $ | 3.17 | ||||||||||
| Weighted average diluted common shares outstanding | 75,153 | 82,378 | ||||||||||||
| Average common shareholders' equity | $ | 5,818,536 | $ | 5,446,089 | ||||||||||
| Annualized return on average common equity | 17.0 | % | 13.7 | % | ||||||||||
| Annualized operating return on average common equity | 17.7 | % | 19.2 | % | ||||||||||
[a] Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
16
AXIS CAPITAL HOLDINGS LIMITED
RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES
We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this document, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), tangible book value per diluted common share which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
Underwriting-Related General and Administrative Expenses
Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.
The reconciliation of consolidated underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Data' section of this document.
Consolidated Underwriting Income (Loss)
Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).
Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).
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Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations' section of this document.
Current Accident Year Loss Ratio
Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.
Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.
Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events.
We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.
The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document.
Operating Income (Loss)
Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments.
Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).
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Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).
Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).
Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments in order to understand the profitability of recurring sources of income.
We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this document.
We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this document.
Tangible Book Value per Diluted Common Share
Tangible book value represents common shareholders' equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share' section of this document.
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2026 First Quarter Investor Presentation
2 Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Safe Harbor Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward- looking statements. This presentation or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this presentation are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology. Forward-looking statements made in this presentation, such as those related to our performance, pricing, growth prospects, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation: Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models. Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business. Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business. Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due. Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices. Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements. Taxation Risk: changes in tax laws.
3 AXIS Aspiration A leading Specialty Underwriter, generating consistent top-quartile diluted book value per common share (“DBVPS”) growth for shareholders
25% 75% 4 AXIS at a Glance Our strategic focus is on Specialty products: Risk transfer solutions that require customized and tailored offerings delivered by underwriting expertise through differentiated distribution channels and customer profiles Insurance Reinsurance Insurance $7.5 billion Reinsurance $2.4 billion Strong Insurance Segment Gross Premiums Written, up 19.8% year over year Diluted Book Value per Common Share of $78.19, an increase of 17.6% over the past 12 months First Quarter 2026 Headlines $9.9 billion1 Group Combined Ratio of 89.8% Capital Returns $93 million returned to common shareholders, including $60 million in share repurchases and $33 million in dividends 1 Gross Premiums Written (“GPW”) by segment, last twelve months ended 3/31/2026.
5 A Leading Specialty Underwriter Performance culture that is both results driven and people- oriented Built for all seasons, an operating model that enables us to pivot as needed Poised for profitable growth driven by our strategic initiatives Disciplined cycle management that puts profits above premiums A global distribution model grounded in customer centricity and deep broker partnerships
Global Specialty Platform 6 Presence in all critical markets Legal entity footprint providing access to all major specialty markets Full licensing to compete and grow Licenses and permissions in place to underwrite all major specialty classes Multivariate distribution model Multiple, well‑established channels connecting us to brokers and customers Serve global clients and different customer segments A diversified set of specialty solutions built around underwriting expertise • Admitted • Non-admitted • Lloyd’s platform • Authorized, collateralized, facultative, treaty, and retrocession capabilities • Retail • Wholesale • Delegated authority and facilities • Intermediary‑led • Access to major specialty classes • Durable, multi-product global broker relationships • Direct • Reinsurance
Sara Farrup Head of Global Markets Joined Nov. 2024 Winning on Talent 7 Capabilities added include: Dynamic and Experienced Leadership Team Attracting Specialty Underwriting Talent and Building Capabilities NA Environmental US Construction Ocean Marine Life Sciences Michael McKenna Head of North America Joined May 2023 David Phillips Chief Investment Officer 11 years at AXIS Ann Haugh Chief Operations Officer 7 years at AXIS Matthew Kirk CFO Joined Nov. 2025 Dan Draper Group CUO and Head of AXIS Re 13 years at AXIS Megan Watt Chief Claims Officer Joined April 2023 Vincent C. Tizzio President and CEO Conrad Brooks Chief Admin. and Legal Officer 19 years at AXIS A dedicated Lower Middle Market team, Inland Marine, Allied Health, Surety, Pet, and AXIS Capacity Solutions
23% 20% 18% 10% 10% 10% 5% 4% 8 Specialty Experts Products requiring specialty expertise, GPW, last 12 months1 First Quarter Performance Highlights Property4 Cyber2 Liability Marine & Aviation4 Accident & Health (A&H) Other3 Credit, Surety & Political Risk $9.9 billion Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 2 Includes Cyber insurance only. Cyber reinsurance is included in Professional Lines. 3 Includes Agriculture reinsurance, Motor reinsurance, and Run-off lines. 4 Renewable energy is included in Property and Marine & Aviation. • Gross premiums written were up 11% year-over-year to $3.1 billion • Insurance increased by $328 million, or 20% • Active management of our book resulted in an attractive combined ratio of 89.8% • Reinsurance decreased by $25 million, or 2%
1 Inclusive of 8.1 points of prior year reserve development. Cycle Management 9 First Quarter Performance Highlights • The construction of our portfolio is guided by our principled view in managing the mix of our portfolio to achieve profitable growth • The Insurance segment underlying loss ratio increased by a point year over year and was offset by improvements to the G&A ratio • We are leaning into profitable Specialty lines, while taking caution on Casualty lines Insurance Gross Premiums Written Reinsurance Gross Premiums Written Group Combined Ratio Portfolio Reshaping
30% 19%19% 12% 8% 7% 5% 10 Insurance Overview • Gross premiums written were up 20% year-over-year to $2.0 billion, including $724 million in new business • Gross premiums written growth was attributable to all lines of business • Growth was supported by expanded initiatives, including Lower Middle Market business and business sourced by AXIS Capacity Solutions Product mix, GPW, last 12 months1 Property2 Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 2 Renewable energy is included in Property and Marine & Aviation. Cyber Liability Marine & Aviation2 Accident & Health $7.5 billion Credit & Political Risk First Quarter Performance Highlights
11 Reinsurance Overview Product mix, GPW, last 12 months1 Marine & Aviation 27% 21% Credit & Surety Motor 17% Liability 15% Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 2 Run-off lines include Catastrophe, Property, and Engineering, and made up less than 1 percent of GPW in the last twelve months. 11% 7% Agriculture $2.4 billion Accident & Health Run-off Lines2 • Continued to deliver positive bottom- line results, maintaining commitment to generate consistent profitability and low volatility • Gross premiums written down 2% year- over-year (down 6% on a constant currency basis) to $1.1 billion, attributable to non-renewals and decreased line sizes • We are leaning into short-tail Specialty lines and maintain caution on Casualty lines First Quarter Performance Highlights 25% 24% 17% 16% 9% 7% 2%2%
12 Vo la til ity (C oe ff ic ie nt o f V ar ia nc e) Average Quarterly Loss Ratio 1 Peers displayed include: ACGL, AFG, BOW, CB, CINF, CNA, EG, HIG, KMPR, KNSL, MKL, SIGI, SPNT, THG, TRV, and WRB. 2 Coefficient of variance calculated by standard deviation of quarterly loss ratios divided by average. • The low volatility within our quarterly loss ratio underscores disciplined underwriting and risk selection • An average quarterly loss ratio of 58.5% since the beginning of 2024 is highly competitive against a set of top peers Financial periods Q1’24 through Q4’25 unless otherwise noted AXS (Old) AXS (Transition) AXS (Q1’18 - Q4’21) (Q1’22 - Q4’23) (Q1’24 - Q4’25) Peer Company Consistent Top Quartile Results With Less Volatility Than Our Peers AXS (Transition) AXS (Old) AXS 55 57.5 60 62.5 65 67.5 70 72.5 75 0 5 10 15 20 25 Consistent and Predictable Underwriting Performance
13.5% 12.6% 12.4% FY2023 FY2024 FY2025 13 "How We Work" Leverages our Competitive Platform, while Driving Productivity and Efficiency How We Work program launched in 2023 to enhance how we operate and how we go to market Simplify operating structures and processes Increase agility and speed to market Deliver efficiencies and capitalize on productivity gains Enhance ability to leverage data, digital and AI capabilities Group G&A Ratio From year end 2023 to 2025, Gross Premiums Written have grown 15% while G&A dollars spent has only risen 3% 11.9% 10.7% Q1 2025 Q1 2026 AI strategic pillars Drive value through AI-enabled core processes: Applying AI across underwriting, claims, and operations to improve speed, efficiency, consistency, and governance Build the technical foundation for AI at scale: Accelerating delivery of technical solutions, strengthening our data foundation, and modernizing system architecture to support scalable, enterprise-wide AI enablement Develop a future-ready workforce: Upskilling employees to use AI in daily workflows, reinforcing data/AI governance and risk management, and recruiting AI-ready talent to help accelerate adoption
8% 2% 4% 7% 79% 14 A+ Weighted average credit rating of fixed 1 Includes short-term investments, accrued interest receivable, and net receivable/(payable) for investments sold (purchased). 2 Includes equity method investments. 3 Includes common stocks, preferred stocks, exchange-traded funds, equity method investments, below-investment-grade bonds, and other investments. 4 Includes other investments, equity securities, mortgage loans, cash and cash equivalents, short-term investments, and investment expenses. Well-Positioned Portfolio Driving Strong Investment Returns Investment portfolio at 3/31/2026 Strong and Stable Investment Income Total cash and investments Net investment income, in millions Non-Fixed Income 4 Fixed Maturities maturities portfolio 19% Allocation to risk assets 3.2 year Average duration of fixed maturities (inclusive of duration hedges) 4.7% / 5.1% Book / Market yield of fixed maturities at 3/31/2026 $17.3 billion Mortgage loans Cash and equivalents1 Fixed maturities Equity securities Other investments2 $208 $187 $185 $187 $185 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 3
15 A.M. Best Financial strength rating AS&P Financial strength rating A+ Capital Management Aligned with Strategy Execution Capital Deployment Organic deployment in underwriting and investments Investments in capabilities, including underwriting tools and AI Capital returns of $1 billion in 2025, including $888 million in share repurchases Inorganic opportunities 1 2 3 4