8-K - AXS - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 28, 2026

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda	001-31721	98-0395986
(State of Incorporation)	(Commission File No.)	(I.R.S. Employer<br>Identification No.)

29 Richmond Road, 3rd Flr

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

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

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

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
---	---	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
---	---	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))
---	---

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

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

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

Emerging growth company ☐

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

Item 2.02	Results of Operations and Financial Condition

On January 28, 2026, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its fourth quarter 2025 results and the availability of its fourth quarter 2025 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

The information in this Current Report on Form 8-K, including the information set forth in Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01	Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description of Document
99.1	Press release dated January 28, 2026
99.2	Fourth quarter 2025 Investor Financial Supplement
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

Dated: January 28, 2026

AXIS CAPITAL HOLDINGS LIMITED
By:	/s/ G. Christina Gray-Trefry
	G. Christina Gray-Trefry
	General Counsel and Secretary

Document

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

AXIS CAPITAL REPORTS FOURTH QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $282 MILLION, or $3.67 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $250 MILLION, or $3.25 PER DILUTED COMMON SHARE

For the fourth quarter of 2025, the Company reports:

•Annualized return on average common equity ("ROACE") of 19.4% and annualized operating ROACE of 17.2%

•Combined ratio of 90.4%

•Underwriting income of $184 million, an increase of $55 million, or 42%, compared to the fourth quarter of 2024

•Book value per diluted common share of $77.20, an increase of $3.38, or 4.6%, compared to September 30, 2025

For the year ended 2025, the Company reports:

•Net income available to common shareholders of $979 million, or $12.35 per diluted common share, and operating income of $1.0 billion, or $12.92 per diluted common share

•Return on average common equity ("ROACE") of 17.3% and Operating ROACE of 18.1%

•Combined ratio of 89.8%

•Underwriting income of $725 million, an increase of $154 million, or 27%, compared to December 31, 2024

•Book value per diluted common share of $77.20, an increase of $11.93, or 18.3%, compared to December 31, 2024

•Total capital returned to common shareholders of $1.0 billion, including common share repurchases of $888 million pursuant to our Board-authorized share repurchase program, and common share dividends of $139 million

Pembroke, Bermuda, January 28, 2026 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the fourth quarter ended December 31, 2025.

Commenting on the 2025 financial results, Vince Tizzio, President and CEO of AXIS Capital, said:

"The fourth quarter capped an outstanding year for AXIS as we continued to drive sustained profitable growth while executing on our specialty strategy. In 2025, we delivered on our stated goals, producing an 18% year-over-year increase in diluted book value per common share, 18.1% operating ROE, 89.8% combined ratio, and record gross premiums written of $9.6 billion, up 7% over the prior year.

"Our insurance business generated excellent results, highlighted by a 9% year-over-year increase in gross premiums written at $7.2 billion and an 86.1% combined ratio. A key driver was our new and expanded business lines, which we believe have significant upside potential. We also saw steady bottom-line performance from our targeted reinsurance business, which produced a 92.6% combined ratio for the year.

"We are now operating consistently as One AXIS, capitalizing on the best opportunities across our chosen markets, generating efficiency gains through our How We Work program, and sharpening our market position as a differentiated specialty leader."

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

Consolidated Highlights*

•Net income available to common shareholders for the year ended December 31, 2025 was $979 million, a decrease of $73 million, or 7%, compared to the year ended December 31, 2024

•Operating income(1) for the year ended December 31, 2025 was $1.0 billion, an increase of $72 million, or 8%, compared to the year ended December 31, 2024

•Underwriting income(2) for the year ended December 31, 2025 was $725 million, an increase of $154 million, or 27%, compared to the year ended December 31, 2024

•Net investment income of $767 million for the year, compared to $759 million, an increase of $8 million, or 1%, principally due to income from cash and higher returns on alternative investments

•Book yield of fixed maturities was 4.6% at December 31, 2025, compared to 4.5% at December 31, 2024. The market yield was 4.7% at December 31, 2025

•The effective tax rates of 13.7% for the quarter and 17.7% for the year were due to pre-tax income in our Bermuda, U.K., U.S., and European operations. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025

•Total capital returned to common shareholders of $1.0 billion for the year, including common share repurchases of $888 million pursuant to our Board-authorized share repurchase program, and common share dividends of $139 million

•Book value per diluted common share was $77.20 at December 31, 2025, an increase of $3.38, or 4.6%, compared to September 30, 2025

•Book value per diluted common share increased by $11.93, or 18.3%, for the year, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $1.76 per share

* Amounts may not reconcile due to rounding differences.

Footnotes referred to above

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.

Footnotes to page 3

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 measure, net losses and loss expenses ratio and combined ratio, together with a discussion of the rationale for the presentation of these items, are provided later in this press release.

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

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

Consolidated Underwriting Highlights3

	Quarters ended December 31,						Years ended December 31,
KEY RATIOS	2025		2024		Change		2025		2024		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses(4) (5)	56.2	%	55.7	%	0.5	pts	56.3	%	55.7	%	0.6	pts
Catastrophe and weather-related losses ratio(5)	2.0	%	5.9	%	(3.9	pts)	2.8	%	4.3	%	(1.5	pts)
Current accident year loss ratio(5)	58.2	%	61.6	%	(3.4	pts)	59.1	%	60.0	%	(0.9	pts)
Prior year reserve development ratio	(2.0	%)	(1.2	%)	(0.8	pts)	(1.6	%)	(0.5	%)	(1.1	pts)
Net losses and loss expenses ratio	56.2	%	60.4	%	(4.2	pts)	57.5	%	59.5	%	(2.0	pts)
Acquisition cost ratio	20.3	%	20.1	%	0.2	pts	19.9	%	20.2	%	(0.3	pts)
General and administrative expense ratio	13.9	%	13.7	%	0.2	pts	12.4	%	12.6	%	(0.2	pts)
Combined ratio	90.4	%	94.2	%	(3.8	pts)	89.8	%	92.3	%	(2.5	pts)
Current accident year combined ratio(5)	92.4	%	95.4	%	(3.0	pts)	91.4	%	92.8	%	(1.4	pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses(5)	90.4	%	89.5	%	0.9	pts	88.6	%	88.5	%	0.1	pts

Quarter ended December 31,

•Gross premiums written increased by $234 million, or 12%, to $2.2 billion with an increase of $199 million, or 12% in the insurance segment, and an increase of $36 million, or 13% in the reinsurance segment.

•Net premiums written increased by $158 million, or 13% ($152 million, or 12%, on a constant currency basis(6)), to $1.4 billion with an increase of $149 million, or 14% in the insurance segment, and an increase of $9 million, or 5% in the reinsurance segment.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $30 million ($23 million, after-tax), or 2.0 points, related to the Insurance segment, including $17 million or 1.1 points attributable to Hurricane Melissa. The remaining losses were primarily attributable to other weather-related events.

•Net favorable prior year reserve development was $30 million (Insurance: $23 million; Reinsurance: $7 million), compared to $16 million in 2024.

Year ended December 31,

•Gross premiums written increased by $639 million, or 7%, to $9.6 billion with an increase of $564 million, or 9% in the insurance segment, and an increase of $75 million, or 3% in the reinsurance segment.

•Net premiums written increased by $364 million, or 6%, to $6.1 billion with an increase of $377 million, or 9% in the insurance segment, partially offset by a decrease of $12 million, or 1% in the reinsurance segment.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $159 million ($127 million, after-tax), (Insurance: $156 million; Reinsurance: $3 million) or 2.8 points, including natural catastrophe and weather-related losses of $137 million or 2.4 points, primarily attributable to California Wildfires, Hurricane Melissa and other weather-related events. The remaining losses of $22 million or 0.4 points were attributable to the Middle East Conflict.

•Net favorable prior year reserve development was $87 million (Insurance: $67 million; Reinsurance: $20 million), compared to $24 million in 2024.

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

Segment Highlights

Insurance Segment

	Quarters ended December 31,								Years ended December 31,
($ in thousands)	2025			2024			Change		2025			2024			Change
Gross premiums written	$	1,898,986		$	1,700,337		11.7	%	$	7,179,206		$	6,615,584		8.5	%
Net premiums written	1,207,187			1,058,083			14.1	%	4,627,224			4,250,545			8.9	%
Net premiums earned	1,162,826			1,026,025			13.3	%	4,291,485			3,926,036			9.3	%
Underwriting income	157,572			90,449			74.2	%	597,053			427,866			39.5	%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.5		%	52.2		%	0.3	pts	52.4		%	52.1		%	0.3	pts
Catastrophe and weather-related losses ratio	2.6		%	7.8		%	(5.2	pts)	3.6		%	5.5		%	(1.9	pts)
Current accident year loss ratio	55.1		%	60.0		%	(4.9	pts)	56.0		%	57.6		%	(1.6	pts)
Prior year reserve development ratio	(2.0		%)	(1.2		%)	(0.8	pts)	(1.5		%)	(0.4		%)	(1.1	pts)
Net losses and loss expenses ratio	53.1		%	58.8		%	(5.7	pts)	54.5		%	57.2		%	(2.7	pts)
Acquisition cost ratio	19.4		%	19.5		%	(0.1	pts)	19.1		%	19.5		%	(0.4	pts)
Underwriting-related general and administrative expense ratio	14.0		%	12.9		%	1.1	pts	12.5		%	12.4		%	0.1	pts
Combined ratio	86.5		%	91.2		%	(4.7	pts)	86.1		%	89.1		%	(3.0	pts)
Current accident year combined ratio	88.5		%	92.4		%	(3.9	pts)	87.6		%	89.5		%	(1.9	pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses	85.9		%	84.6		%	1.3	pts	84.0		%	84.0		%	—	pts

Quarter ended December 31,

•Gross premiums written increased by $199 million, or 12% ($193 million, or 11%, on a constant currency basis), attributable to most lines of business.

•Net premiums written increased by $149 million, or 14%, reflecting the increase in gross premiums written in the quarter, together with decreased cession rates in liability and professional lines, partially offset by an increased cession rate in accident and health lines.

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

•The underwriting-related general and administrative expense ratio increased by 1.1 points, mainly driven by an increase in performance-related compensation costs, together with costs associated with the expansion of underwriting teams and investments in information technology, partially offset by an increase in net premiums earned.

Year ended December 31,

•Gross premiums written increased by $564 million, or 9% ($553 million, or 8%, on a constant currency basis), attributable to all lines of business with the exception of cyber lines.

•Net premiums written increased by $377 million or 9%, reflecting the increase in gross premiums written in the year, together with decreased cession rates in liability, property and professional lines, partially offset by an increased cession rate in accident and health lines.

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

Reinsurance Segment

	Quarters ended December 31,								Years ended December 31,
($ in thousands)	2025			2024			Change		2025			2024			Change
Gross premiums written	$	310,721		$	274,987		13.0	%	$	2,465,308		$	2,390,304		3.1	%
Net premiums written	176,006			167,466			5.1	%	1,494,432			1,506,806			(0.8	%)
Net premiums earned	365,649			350,989			4.2	%	1,423,124			1,380,199			3.1	%
Underwriting income	26,605			39,053			(31.9	%)	128,093			143,610			(10.8	%)
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.0		%	66.0		%	2.0	pts	68.1		%	66.0		%	2.1	pts
Catastrophe and weather-related losses ratio	—		%	0.3		%	(0.3	pts)	0.2		%	0.7		%	(0.5	pts)
Current accident year loss ratio	68.0		%	66.3		%	1.7	pts	68.3		%	66.7		%	1.6	pts
Prior year reserve development ratio	(1.9		%)	(1.2		%)	(0.7	pts)	(1.5		%)	(0.5		%)	(1.0	pts)
Net losses and loss expenses ratio	66.1		%	65.1		%	1.0	pts	66.8		%	66.2		%	0.6	pts
Acquisition cost ratio	23.1		%	21.8		%	1.3	pts	22.2		%	22.0		%	0.2	pts
Underwriting-related general and administrative expense ratio	4.7		%	4.0		%	0.7	pts	3.6		%	3.6		%	—	pts
Combined ratio	93.9		%	90.9		%	3.0	pts	92.6		%	91.8		%	0.8	pts
Current accident year combined ratio	95.8		%	92.1		%	3.7	pts	94.1		%	92.3		%	1.8	pts
Current accident year combined ratio, excluding catastrophe and weather-related losses	95.8		%	91.8		%	4.0	pts	93.9		%	91.6		%	2.3	pts

Quarter ended December 31,

•Gross premiums written increased by $36 million, or 13%, primarily attributable to new business in motor lines, and credit and surety lines, together with premium adjustments in credit and surety lines, partially offset by premium adjustments in professional lines.

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

•The acquisition cost ratio increased by 1.3 points, primarily related to adjustments attributable to loss-sensitive features in credit and surety, accident and health, and agriculture lines.

Year ended December 31,

•Gross premiums written increased by $75 million, or 3% ($94 million, or 4%, on a constant currency basis), primarily attributable to new business and premium adjustments.

•Net premiums written decreased by $12 million, or 1% (an increase of $6 million, or 0.4%, on a constant currency basis), reflecting increased cession rates to our strategic capital partners consistent with recent periods.

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

Investments

	Quarters ended December 31,						Years ended December 31,
($ in thousands)	2025			2024			2025			2024
Net investment income	$	186,992		$	195,773		$	766,903		$	759,229
Net investment gains (losses)	14,584			(108,030)			58,950			(138,534)
Change in net unrealized gains (losses) on fixed<br><br>maturities, pre-tax(7)	20,771			(228,736)			344,991			125,742
Interest in income of equity method investments	5,783			7,264			9,452			17,953
Total	$	228,130		$	(133,729)		$	1,180,296		$	764,390
Average cash and investments(8)	$	17,032,902		$	18,097,432		$	17,052,541		$	17,409,516
Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements	1.3		%	(0.7		%)	6.9		%	4.4		%
Excluding investment related foreign exchange movements(9)	1.3		%	(0.2		%)	6.2		%	4.8		%

•Net investment income decreased by $9 million, or 5%, compared to the fourth quarter of 2024, primarily attributable to lower income from cash and fixed maturities resulting from lower cash and fixed maturity assets due to the LPT transaction with Enstar that was completed in the second quarter.

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

•Change in net unrealized gains (losses) on fixed maturities, pre-tax of $21 million ($21 million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter was due to an increase in the market value of our fixed maturities portfolio, compared to change in net unrealized gains (losses), pre-tax of $(229) million (($153) million excluding foreign exchange movements) recognized during the fourth quarter of 2024.

•Book yield of fixed maturities was 4.6% at December 31, 2025, compared to 4.5% at December 31, 2024. The market yield was 4.7% at December 31, 2025.

7 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at the 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 cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $1 million and $(104) million for the quarters ended December 31, 2025 and 2024, respectively and foreign exchange (losses) gains of $130 million and $(63) million for the years ended December 31, 2025 and 2024, respectively.

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

Conference Call

We will host our fourth quarter earnings conference call on Thursday, January 29, 2026 at 8:30 a.m. (EST). 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 3051121. 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 7568721. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended December 31, 2025 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 December 31, 2025, 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

www.axiscapital.com

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 2025 (UNAUDITED) AND DECEMBER 31, 2024

		2025		2024
		(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value		$	13,018,027	$	12,152,753
Fixed maturities, held to maturity, at amortized cost		397,430		443,400
Equity securities, at fair value		707,569		579,274
Mortgage loans, held for investment, at fair value		356,840		505,697
Other investments, at fair value		1,027,798		930,278
Equity method investments		227,181		206,994
Short-term investments, at fair value		20,298		223,666
Total investments		15,755,143		15,042,062
Cash and cash equivalents		820,252		2,143,471
Restricted cash and cash equivalents		500,933		920,150
Accrued interest receivable		116,252		114,012
Insurance and reinsurance premium balances receivable		3,244,661		2,826,942
Reinsurance recoverable on unpaid losses and loss expenses		8,951,763		6,840,897
Reinsurance recoverable on paid losses and loss expenses		673,765		546,287
Deferred acquisition costs		801,778		685,853
Prepaid reinsurance premiums		2,139,294		1,936,979
Receivable for investments sold		12,806		3,693
Goodwill		66,498		66,498
Intangible assets		166,050		175,967
Operating lease right-of-use assets		93,900		92,516
Loan advances made		231,542		247,775
Other assets		887,289		1,038,207
	Total assets	$	34,461,926	$	32,681,309
Liabilities
Reserve for losses and loss expenses		$	18,122,256	$	17,218,929
Unearned premiums		5,825,698		5,211,865
Insurance and reinsurance balances payable		1,882,021		1,713,798
Debt		1,316,710		1,315,179
Federal Home Loan Bank advances		66,380		66,380
Payable for investments purchased		36,982		269,728
Operating lease liabilities		110,095		106,614
Other liabilities		745,349		689,437
	Total liabilities	28,105,491		26,591,930
Shareholders' equity
Preferred shares		550,000		550,000
Common shares		2,206		2,206
Additional paid-in capital		2,405,792		2,394,063
Accumulated other comprehensive income (loss)		28,431		(267,557)
Retained earnings		8,181,699		7,341,569
Treasury shares, at cost		(4,811,693)		(3,930,902)
	Total shareholders' equity	6,356,435		6,089,379
Total liabilities and shareholders' equity		$	34,461,926	$	32,681,309

To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. These reclassifications did not impact results of operations, financial condition, or liquidity.

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2025 AND 2024

			Quarters ended				Years ended
			2025<br><br>(Unaudited)		2024<br><br>(Unaudited)		2025<br><br>(Unaudited)		2024
			(in thousands, except per share amounts)
Revenues
	Net premiums earned		$	1,528,475	$	1,377,014	$	5,714,609	$	5,306,235
	Net investment income		186,992		195,773		766,903		759,229
	Net investment gains (losses)		14,584		(108,030)		58,950		(138,534)
	Other insurance related income		4,383		7,016		23,216		30,721
		Total revenues	1,734,434		1,471,773		6,563,678		5,957,651
Expenses
	Net losses and loss expenses		859,427		831,956		3,288,541		3,158,487
	Acquisition costs		310,375		276,273		1,136,469		1,070,551
	General and administrative expenses		212,054		189,186		703,931		666,202
	Foreign exchange losses (gains)		3,555		(112,090)		141,983		(50,822)
	Interest expense and financing costs		16,844		16,761		66,659		67,766
	Reorganization expenses		—		—		—		26,312
	Amortization of intangible assets		2,396		2,729		9,917		10,917
		Total expenses	1,404,651		1,204,815		5,347,500		4,949,413
Income before income taxes and interest in income of equity method investments			329,783		266,958		1,216,178		1,008,238
	Income tax (expense) benefit		(45,959)		19,410		(216,732)		55,595
	Interest in income of equity method investments		5,783		7,264		9,452		17,953
Net income			289,607		293,632		1,008,898		1,081,786
Preferred share dividends			7,563		7,563		30,250		30,250
Net income available to common shareholders			$	282,044	$	286,069	$	978,648	$	1,051,536
Per share data
Earnings per common share:
Earnings per common share			$	3.73	$	3.43	$	12.52	$	12.49
Earnings per diluted common share			$	3.67	$	3.38	$	12.35	$	12.35
Weighted average common shares outstanding			75,686		83,380		78,192		84,165
Weighted average diluted common shares outstanding			76,825		84,695		79,266		85,176
Cash dividends declared per common share			$	0.44	$	0.44	$	1.76	$	1.76

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE QUARTERS ENDED DECEMBER 31, 2025 AND 2024

	2025									2024
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	(in thousands)
Gross premiums written	$	1,898,986		$	310,721		$	2,209,707		$	1,700,337		$	274,987		$	1,975,324
Net premiums written	1,207,187			176,006			1,383,193			1,058,083			167,466			1,225,549
Net premiums earned	1,162,826			365,649			1,528,475			1,026,025			350,989			1,377,014
Other insurance related income	254			4,129			4,383			40			6,976			7,016
Current accident year net losses and loss expenses	(640,501)			(248,778)			(889,279)			(615,511)			(232,756)			(848,267)
Net favorable prior year reserve development	22,939			6,913			29,852			12,200			4,111			16,311
Acquisition costs	(225,952)			(84,423)			(310,375)			(199,606)			(76,667)			(276,273)
Underwriting-related general and
administrative expenses(10)	(161,994)			(16,885)			(178,879)			(132,699)			(13,600)			(146,299)
Underwriting income	$	157,572		$	26,605		184,177			$	90,449		$	39,053		129,502
Net investment income							186,992									195,773
Net investment gains (losses)							14,584									(108,030)
Corporate expenses(10)							(33,175)									(42,887)
Foreign exchange (losses) gains							(3,555)									112,090
Interest expense and financing costs							(16,844)									(16,761)
Amortization of intangible assets							(2,396)									(2,729)
Income before income taxes and<br><br>interest in income of equity method investments							329,783									266,958
Income tax (expense) benefit							(45,959)									19,410
Interest in income of equity method<br><br>investments							5,783									7,264
Net income							289,607									293,632
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	282,044								$	286,069
Current accident year loss ratio	55.1		%	68.0		%	58.2		%	60.0		%	66.3		%	61.6		%
Prior year reserve development ratio	(2.0		%)	(1.9		%)	(2.0		%)	(1.2		%)	(1.2		%)	(1.2		%)
Net losses and loss expenses ratio	53.1		%	66.1		%	56.2		%	58.8		%	65.1		%	60.4		%
Acquisition cost ratio	19.4		%	23.1		%	20.3		%	19.5		%	21.8		%	20.1		%
Underwriting-related general and administrative expense ratio	14.0		%	4.7		%	11.7		%	12.9		%	4.0		%	10.6		%
Corporate expense ratio							2.2		%							3.1		%
Combined ratio	86.5		%	93.9		%	90.4		%	91.2		%	90.9		%	94.2		%

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 $33 million and $43 million for the quarters ended December 31, 2025 and 2024, 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

www.axiscapital.com

10 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA

FOR THE YEARS ENDED DECEMBER 31, 2025 (UNAUDITED) AND 2024

	2025									2024
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	(in thousands)
Gross premiums written	$	7,179,206		$	2,465,308		$	9,644,514		$	6,615,584		$	2,390,304		$	9,005,888
Net premiums written	4,627,224			1,494,432			6,121,656			4,250,545			1,506,806			5,757,351
Net premiums earned	4,291,485			1,423,124			5,714,609			3,926,036			1,380,199			5,306,235
Other insurance related income	677			22,539			23,216			94			30,627			30,721
Current accident year net losses and loss expenses	(2,404,202)			(971,302)			(3,375,504)			(2,261,629)			(921,181)			(3,182,810)
Net favorable prior year reserve development	66,975			19,988			86,963			16,209			8,114			24,323
Acquisition costs	(820,324)			(316,145)			(1,136,469)			(766,915)			(303,636)			(1,070,551)
Underwriting-related general and
administrative expenses(11)	(537,558)			(50,111)			(587,669)			(485,929)			(50,513)			(536,442)
Underwriting income	$	597,053		$	128,093		725,146			$	427,866		$	143,610		571,476
Net investment income							766,903									759,229
Net investment gains (losses)							58,950									(138,534)
Corporate expenses(11)							(116,262)									(129,760)
Foreign exchange (losses) gains							(141,983)									50,822
Interest expense and financing costs							(66,659)									(67,766)
Reorganization expenses							—									(26,312)
Amortization of intangible assets							(9,917)									(10,917)
Income before income taxes and interest in income of equity method investments							1,216,178									1,008,238
Income tax (expense) benefit							(216,732)									55,595
Interest in income of equity method<br>investments							9,452									17,953
Net income							1,008,898									1,081,786
Preferred share dividends							30,250									30,250
Net income available to common shareholders							$	978,648								$	1,051,536
Current accident year loss ratio	56.0		%	68.3		%	59.1		%	57.6		%	66.7		%	60.0		%
Prior year reserve development ratio	(1.5		%)	(1.5		%)	(1.6		%)	(0.4		%)	(0.5		%)	(0.5		%)
Net losses and loss expenses ratio	54.5		%	66.8		%	57.5		%	57.2		%	66.2		%	59.5		%
Acquisition cost ratio	19.1		%	22.2		%	19.9		%	19.5		%	22.0		%	20.2		%
Underwriting-related general and administrative expense ratio	12.5		%	3.6		%	10.4		%	12.4		%	3.6		%	10.2		%
Corporate expense ratio							2.0		%							2.4		%
Combined ratio	86.1		%	92.6		%	89.8		%	89.1		%	91.8		%	92.3		%

11 Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $116 million and $130 million for the years ended December 31, 2025 and 2024, 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

www.axiscapital.com

11 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2025 AND 2024

	Quarters ended						Years ended
	2025			2024			2025			2024
	(in thousands, except per share amounts)
Net income available to common shareholders	$	282,044		$	286,069		$	978,648		$	1,051,536
Net investment (gains) losses	(14,584)			108,030			(58,950)			138,534
Foreign exchange losses (gains)	3,555			(112,090)			141,983			(50,822)
Reorganization expenses	—			—			—			26,312
Interest in income of equity method investments	(5,783)			(7,264)			(9,452)			(17,953)
Bermuda deferred tax asset(12)	(18,782)			(14,218)			(18,782)			(176,923)
Income tax expense (benefit)(13)	3,094			(8,711)			(9,235)			(18,649)
Operating income	$	249,544		$	251,816		$	1,024,212		$	952,035
Earnings per diluted common share	$	3.67		$	3.38		$	12.35		$	12.35
Net investment (gains) losses	(0.19)			1.28			(0.74)			1.63
Foreign exchange losses (gains)	0.05			(1.32)			1.79			(0.60)
Reorganization expenses	—			—			—			0.31
Interest in income of equity method investments	(0.08)			(0.09)			(0.12)			(0.21)
Bermuda deferred tax asset	(0.24)			(0.17)			(0.24)			(2.08)
Income tax expense (benefit)	0.04			(0.11)			(0.12)			(0.22)
Operating income per diluted common share	$	3.25		$	2.97		$	12.92		$	11.18
Weighted average diluted common shares outstanding	76,825			84,695			79,266			85,176
Average common shareholders' equity	$	5,811,722		$	5,536,303		$	5,672,907		$	5,126,288
Annualized return on average common equity	19.4		%	20.7		%	17.3		%	20.5		%
Annualized operating return on average common equity (14)	17.2		%	18.2		%	18.1		%	18.6		%

12 Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax.

13 Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

12 -

Cautionary Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This press release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this press release are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "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 catastrophes; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of social and economic 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; 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: change 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

www.axiscapital.com

13 -

Rationale for the Use of Non-GAAP Financial Measures

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

Underwriting-Related General and Administrative Expenses

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

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

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

Consolidated Underwriting Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

14 -

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).

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 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

www.axiscapital.com

15 -

Current Accident Year Combined Ratio

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

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

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

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

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

Operating Income (Loss)

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

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

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

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

www.axiscapital.com

16 -

Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax, pursuant to the Corporate Income Tax Act amendment (No. 2) 2025 that is effective December 11, 2025. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities, pursuant to the Corporate Income Tax Act 2023 that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax benefits are not related to the underwriting process. Therefore, this income is excluded from operating income (loss).

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

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

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

Constant Currency Basis

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

Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements

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

AXIS Capital Holdings Limited 29 Richmond Road, Pembroke, Bermuda HM08

www.axiscapital.com

17 -

Document

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2025

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

	Page(s)
Basis of Presentation	1
I. Financial Highlights	2
II. Income Statements
a. Consolidated Statement of Operations and Key Ratios	3-4
b.Consolidated Data	5
c. Consolidated Segment Data	6
d.Gross Premiums Written by Segment by Line of Business	7
e. Segment Data	8-9
f. Net Investment Income	10
III. Balance Sheets
a. Consolidated Balance Sheets	11
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio	12
• Cash and Invested Assets Composition	13
• Mortgage-Backed and Asset-Backed Securities Composition	14
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis	15
b. Paid to Incurred Analysis by Segment	16
V. Book Value
a. Book Value and Tangible Book Value Per Diluted Common Share - Treasury Stock Method	17
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	18
b. Rationale for the Use of Non-GAAP Financial Measures	19-21

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, 2024 and consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023.

•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", "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:

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.

Risks Related to Taxation: change in tax laws.

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

					Quarters ended December 31,												Years ended December 31,
					2025			2024				Change					2025			2024				Change
HIGHLIGHTS		Gross premiums written										11.9	%											7.1	%
	Gross premiums written - Insurance		85.9	%		86.1	%		(0.2)		pts				74.4	%		73.5	%		0.9		pts
	Gross premiums written - Reinsurance		14.1	%		13.9	%		0.2		pts				25.6	%		26.5	%		(0.9)		pts
	Net premiums written								12.9	%											6.3	%
	Net premiums earned								11.0	%											7.7	%
	Net premiums earned - Insurance		76.1	%		74.5	%		1.6		pts				75.1	%		74.0	%		1.1		pts
	Net premiums earned - Reinsurance		23.9	%		25.5	%		(1.6)		pts				24.9	%		26.0	%		(1.1)		pts
	Net income available to common shareholders								(1.4	%)											(6.9	%)
	Operating income [a]								(0.9	%)											7.6	%
	Annualized return on average common equity [b]		19.4	%		20.7	%		(1.3)		pts				17.3	%		20.5	%		(3.2)		pts
	Annualized operating return on average common equity [c]		17.2	%		18.2	%		(1.0)		pts				18.1	%		18.6	%		(0.5)		pts
	Total common shareholders’ equity								4.8	%											4.8	%
PER COMMON SHARE AND COMMON SHARE DATA		Earnings per diluted common share			3.67			3.38				8.6	%				12.35			12.35				—	%
	Operating income per diluted common share [d]		3.25			2.97			9.4	%					12.92			11.18			15.6	%
	Weighted average diluted common shares outstanding		76,825			84,695			(9.3	%)					79,266			85,176			(6.9	%)
	Book value per common share		78.32			66.75			17.3	%					78.32			66.75			17.3	%
	Book value per diluted common share (treasury stock method)		77.20			65.27			18.3	%					77.20			65.27			18.3	%
	Tangible book value per diluted common share (treasury stock method) [a]		74.71			62.97			18.6	%					74.71			62.97			18.6	%
FINANCIAL RATIOS		Current accident year loss ratio, excluding catastrophe and weather-related losses [a],[e]			56.2	%		55.7	%			0.5		pts			56.3	%		55.7	%			0.6		pts
	Catastrophe and weather-related losses ratio [a]		2.0	%		5.9	%		(3.9)		pts				2.8	%		4.3	%		(1.5)		pts
	Current accident year loss ratio [a]		58.2	%		61.6	%		(3.4)		pts				59.1	%		60.0	%		(0.9)		pts
	Prior year reserve development ratio		(2.0	%)		(1.2	%)		(0.8)		pts				(1.6	%)		(0.5	%)		(1.1)		pts
	Net losses and loss expenses ratio		56.2	%		60.4	%		(4.2)		pts				57.5	%		59.5	%		(2.0)		pts
	Acquisition cost ratio		20.3	%		20.1	%		0.2		pts				19.9	%		20.2	%		(0.3)		pts
	General and administrative expense ratio [f]		13.9	%		13.7	%		0.2		pts				12.4	%		12.6	%		(0.2)		pts
	Combined ratio		90.4	%		94.2	%		(3.8)		pts				89.8	%		92.3	%		(2.5)		pts
INVESTMENT DATA		Total assets										5.4	%											5.4	%
	Total cash and invested assets [g]								(4.4	%)											(4.4	%)
	Net investment income								(4.5	%)											1.0	%
	Net investment gains (losses)								nm												nm
	Book yield of fixed maturities		4.6	%		4.5	%		0.1		pts				4.6	%		4.5	%		0.1		pts

All values are in US Dollars.

[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), 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).

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY

	Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024
REVENUES
Net premiums earned
Net investment income	186,992		184,903		187,297		207,713		195,773
Net investment gains (losses)	14,584		30,905		43,468		(30,005)		(108,030)
Other insurance related income	4,383		6,593		8,662		3,578		7,016
Total revenues	1,734,434		1,674,284		1,632,858		1,522,106		1,471,773
EXPENSES
Net losses and loss expenses	859,427		841,435		801,754		785,925		831,956
Acquisition costs	310,375		285,618		275,897		264,581		276,273
General and administrative expenses	212,054		171,637		161,078		159,163		189,186
Foreign exchange losses (gains)	3,555		(13,492)		94,885		57,034		(112,090)
Interest expense and financing costs	16,844		16,657		16,586		16,572		16,761
Amortization of intangible assets	2,396		2,396		2,396		2,729		2,729
Total expenses	1,404,651		1,304,251		1,352,596		1,286,004		1,204,815
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	329,783		370,033		280,262		236,102		266,958
Income tax (expense) benefit	(45,959)		(70,252)		(56,199)		(44,322)		19,410
Interest in income (loss) of equity method investments	5,783		2,083		(705)		2,291		7,264
NET INCOME	289,607		301,864		223,358		194,071		293,632
Preferred share dividends	7,563		7,563		7,563		7,563		7,563
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding	75,686		77,619		78,378		81,152		83,380
Dilutive share equivalents:
Share-based compensation plans	1,139		982		951		1,226		1,315
Weighted average diluted common shares outstanding	76,825		78,601		79,329		82,378		84,695
Earnings per common share	3.73		3.79		2.75		2.30		3.43
Earnings per diluted common share	3.67		3.74		2.72		2.26		3.38
Annualized ROACE	19.4	%	20.6	%	15.7	%	13.7	%	20.7	%
Annualized operating ROACE	17.2	%	17.8	%	19.0	%	19.2	%	18.2	%

All values are in US Dollars.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

	Years ended December 31,
	2025		2024
REVENUES
Net premiums earned
Net investment income	766,903		759,229
Net investment gains (losses)	58,950		(138,534)
Other insurance related income	23,216		30,721
Total revenues	6,563,678		5,957,651
EXPENSES
Net losses and loss expenses	3,288,541		3,158,487
Acquisition costs	1,136,469		1,070,551
General and administrative expenses	703,931		666,202
Foreign exchange losses (gains)	141,983		(50,822)
Interest expense and financing costs	66,659		67,766
Reorganization expenses	—		26,312
Amortization of intangible assets	9,917		10,917
Total expenses	5,347,500		4,949,413
INCOME BEFORE INCOME TAX AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	1,216,178		1,008,238
Income tax (expense) benefit	(216,732)		55,595
Interest in income of equity method investments	9,452		17,953
NET INCOME	1,008,898		1,081,786
Preferred share dividends	30,250		30,250
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding	78,192		84,165
Dilutive share equivalents:
Share-based compensation plans	1,074		1,011
Weighted average diluted common shares outstanding	79,266		85,176
Earnings per common share	12.52		12.49
Earnings per diluted common share	12.35		12.35
ROACE	17.3	%	20.5	%
Operating ROACE	18.1	%	18.6	%

All values are in US Dollars.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																Years ended December 31,
	Q4 2025			Q3 2025			Q2 2025			Q1 2025			Q4 2024			2025			2024
UNDERWRITING REVENUES
Gross premiums written	$	2,209,707		$	2,124,184		$	2,515,971		$	2,794,652		$	1,975,324		$	9,644,514		$	9,005,888
Ceded premiums written	(826,514)			(771,195)			(880,537)			(1,044,613)			(749,775)			(3,522,858)			(3,248,537)
Net premiums written	1,383,193			1,352,989			1,635,434			1,750,039			1,225,549			6,121,656			5,757,351
Gross premiums earned	2,381,138			2,280,608			2,229,370			2,147,045			2,207,338			9,038,161			8,529,567
Ceded premiums earned	(852,663)			(828,725)			(835,939)			(806,225)			(830,324)			(3,323,552)			(3,223,332)
Net premiums earned	1,528,475			1,451,883			1,393,431			1,340,820			1,377,014			5,714,609			5,306,235
Other insurance related income	4,383			6,593			8,662			3,578			7,016			23,216			30,721
Total underwriting revenues	1,532,858			1,458,476			1,402,093			1,344,398			1,384,030			5,737,825			5,336,956
UNDERWRITING EXPENSES
Net losses and loss expenses	859,427			841,435			801,754			785,925			831,956			3,288,541			3,158,487
Acquisition costs	310,375			285,618			275,897			264,581			276,273			1,136,469			1,070,551
Underwriting-related general and administrative expenses [a]	178,879			143,111			135,241			130,438			146,299			587,669			536,442
Total underwriting expenses	1,348,681			1,270,164			1,212,892			1,180,944			1,254,528			5,012,679			4,765,480
UNDERWRITING INCOME [b]	$	184,177		$	188,312		$	189,201		$	163,454		$	129,502		$	725,146		$	571,476
OTHER (EXPENSES) REVENUES
Net investment income	186,992			184,903			187,297			207,713			195,773			766,903			759,229
Net investment gains (losses)	14,584			30,905			43,468			(30,005)			(108,030)			58,950			(138,534)
Corporate expenses [a]	(33,175)			(28,526)			(25,837)			(28,725)			(42,887)			(116,262)			(129,760)
Foreign exchange (losses) gains	(3,555)			13,492			(94,885)			(57,034)			112,090			(141,983)			50,822
Interest expense and financing costs	(16,844)			(16,657)			(16,586)			(16,572)			(16,761)			(66,659)			(67,766)
Reorganization expenses	—			—			—			—			—			—			(26,312)
Amortization of intangible assets	(2,396)			(2,396)			(2,396)			(2,729)			(2,729)			(9,917)			(10,917)
Total other (expenses) revenues	145,606			181,721			91,061			72,648			137,456			491,032			436,762
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	329,783			370,033			280,262			236,102			266,958			1,216,178			1,008,238
Income tax (expense) benefit	(45,959)			(70,252)			(56,199)			(44,322)			19,410			(216,732)			55,595
Interest in income (loss) of equity method investments	5,783			2,083			(705)			2,291			7,264			9,452			17,953
NET INCOME	289,607			301,864			223,358			194,071			293,632			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	$	282,044		$	294,301		$	215,795		$	186,508		$	286,069		$	978,648		$	1,051,536
Catastrophe and weather-related losses, net of reinstatement premiums	$	29,855		$	43,659		$	36,626		$	49,070		$	81,063		$	159,210		$	225,996
Net favorable prior year reserve development	$	29,852		$	18,946		$	20,229		$	17,937		$	16,311		$	86,963		$	24,323
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.2		%	56.3		%	56.4		%	56.3		%	55.7		%	56.3		%	55.7		%
Catastrophe and weather-related losses ratio	2.0		%	3.0		%	2.6		%	3.7		%	5.9		%	2.8		%	4.3		%
Current accident year loss ratio	58.2		%	59.3		%	59.0		%	60.0		%	61.6		%	59.1		%	60.0		%
Prior year reserve development ratio	(2.0		%)	(1.3		%)	(1.5		%)	(1.4		%)	(1.2		%)	(1.6		%)	(0.5		%)
Net losses and loss expenses ratio	56.2		%	58.0		%	57.5		%	58.6		%	60.4		%	57.5		%	59.5		%
Acquisition cost ratio	20.3		%	19.7		%	19.8		%	19.7		%	20.1		%	19.9		%	20.2		%
General and administrative expense ratio [c]	13.9		%	11.7		%	11.6		%	11.9		%	13.7		%	12.4		%	12.6		%
Combined ratio	90.4		%	89.4		%	88.9		%	90.2		%	94.2		%	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.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

	Quarter ended December 31, 2025									Year ended December 31, 2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,898,986		$	310,721		$	2,209,707		$	7,179,206		$	2,465,308		$	9,644,514
Ceded premium written	(691,799)			(134,715)			(826,514)			(2,551,982)			(970,876)			(3,522,858)
Net premiums written	1,207,187			176,006			1,383,193			4,627,224			1,494,432			6,121,656
Gross premiums earned	1,787,562			593,576			2,381,138			6,710,242			2,327,919			9,038,161
Ceded premiums earned	(624,736)			(227,927)			(852,663)			(2,418,757)			(904,795)			(3,323,552)
Net premiums earned	1,162,826			365,649			1,528,475			4,291,485			1,423,124			5,714,609
Other insurance related income	254			4,129			4,383			677			22,539			23,216
Total underwriting revenues	1,163,080			369,778			1,532,858			4,292,162			1,445,663			5,737,825
UNDERWRITING EXPENSES
Net losses and loss expenses	617,562			241,865			859,427			2,337,227			951,314			3,288,541
Acquisition costs	225,952			84,423			310,375			820,324			316,145			1,136,469
Underwriting-related general and administrative expenses	161,994			16,885			178,879			537,558			50,111			587,669
Total underwriting expenses	1,005,508			343,173			1,348,681			3,695,109			1,317,570			5,012,679
UNDERWRITING INCOME	$	157,572		$	26,605		$	184,177		$	597,053		$	128,093		$	725,146
Catastrophe and weather-related losses, net of reinstatement premiums	$	29,755		$	100		$	29,855		$	156,414		$	2,796		$	159,210
Net favorable prior year reserve development	$	22,939		$	6,913		$	29,852		$	66,975		$	19,988		$	86,963
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.5		%	68.0		%	56.2		%	52.4		%	68.1		%	56.3		%
Catastrophe and weather-related losses ratio	2.6		%	—		%	2.0		%	3.6		%	0.2		%	2.8		%
Current accident year loss ratio	55.1		%	68.0		%	58.2		%	56.0		%	68.3		%	59.1		%
Prior year reserve development ratio	(2.0		%)	(1.9		%)	(2.0		%)	(1.5		%)	(1.5		%)	(1.6		%)
Net losses and loss expenses ratio	53.1		%	66.1		%	56.2		%	54.5		%	66.8		%	57.5		%
Acquisition cost ratio	19.4		%	23.1		%	20.3		%	19.1		%	22.2		%	19.9		%
Underwriting-related general and administrative expense ratio	14.0		%	4.7		%	11.7		%	12.5		%	3.6		%	10.4		%
Corporate expense ratio							2.2		%							2.0		%
Combined ratio	86.5		%	93.9		%	90.4		%	86.1		%	92.6		%	89.8		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

											Years ended December 31,
	Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024		2025		2024
INSURANCE SEGMENT
Property	$	557,230	$	468,098	$	645,476	$	495,417	$	496,504	$	2,166,222	$	2,050,329
Professional Lines	404,835		337,888		343,370		257,159		340,463		1,343,252		1,162,323
Liability	351,489		345,455		365,542		303,758		331,130		1,366,245		1,251,603
Cyber	119,693		103,404		136,562		113,945		134,939		473,604		561,937
Marine and Aviation	198,739		190,321		224,393		267,151		169,470		880,604		815,168
Accident and Health	151,078		161,470		126,985		124,843		125,277		564,374		450,810
Credit and Political Risk	115,922		85,246		90,107		93,630		102,554		384,905		323,414
TOTAL INSURANCE SEGMENT	$	1,898,986	$	1,691,882	$	1,932,435	$	1,655,903	$	1,700,337	$	7,179,206	$	6,615,584
REINSURANCE SEGMENT
Liability	$	91,530	$	154,460	$	168,566	$	253,070	$	95,980	$	667,626	$	616,333
Professional Lines	16,403		38,567		171,851		188,445		28,001		415,266		421,846
Motor	70,332		47,303		26,066		124,380		25,481		268,080		238,961
Accident and Health	44,275		18,192		22,337		281,355		45,675		366,159		436,296
Credit and Surety	80,634		108,505		116,290		204,666		65,041		510,094		417,717
Agriculture	1,290		55,704		55,256		48,901		3,317		161,151		150,373
Marine and Aviation	3,903		8,602		18,871		33,492		2,201		64,870		82,274
Total	308,367		431,333		579,237		1,134,309		265,696		2,453,246		2,363,800
Run-off lines
Catastrophe	(30)		(510)		249		967		3,346		677		10,823
Property	644		577		848		1,646		(527)		3,715		3,130
Engineering	1,740		902		3,202		1,827		6,472		7,670		12,551
Total run-off lines	2,354		969		4,299		4,440		9,291		12,062		26,504
TOTAL REINSURANCE SEGMENT	$	310,721	$	432,302	$	583,536	$	1,138,749	$	274,987	$	2,465,308	$	2,390,304
CONSOLIDATED TOTAL	$	2,209,707	$	2,124,184	$	2,515,971	$	2,794,652	$	1,975,324	$	9,644,514	$	9,005,888

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																Years ended December 31,
	Q4 2025			Q3 2025			Q2 2025			Q1 2025			Q4 2024			2025			2024
UNDERWRITING REVENUES
Gross premiums written	$	1,898,986		$	1,691,882		$	1,932,435		$	1,655,903		$	1,700,337		$	7,179,206		$	6,615,584
Ceded premiums written	(691,799)			(606,935)			(641,925)			(611,323)			(642,254)			(2,551,982)			(2,365,039)
Net premiums written	1,207,187			1,084,947			1,290,510			1,044,580			1,058,083			4,627,224			4,250,545
Gross premiums earned	1,787,562			1,690,735			1,633,396			1,598,550			1,621,228			6,710,242			6,254,836
Ceded premiums earned	(624,736)			(605,123)			(600,435)			(588,464)			(595,203)			(2,418,757)			(2,328,800)
Net premiums earned	1,162,826			1,085,612			1,032,961			1,010,086			1,026,025			4,291,485			3,926,036
Other insurance related income	254			261			6			156			40			677			94
Total underwriting revenues	1,163,080			1,085,873			1,032,967			1,010,242			1,026,065			4,292,162			3,926,130
UNDERWRITING EXPENSES
Net losses and loss expenses	617,562			595,807			561,770			562,088			603,311			2,337,227			2,245,420
Acquisition costs	225,952			205,440			194,912			194,021			199,606			820,324			766,915
Underwriting-related general and administrative expenses	161,994			131,326			124,646			119,592			132,699			537,558			485,929
Total underwriting expenses	1,005,508			932,573			881,328			875,701			935,616			3,695,109			3,498,264
UNDERWRITING INCOME	$	157,572		$	153,300		$	151,639		$	134,541		$	90,449		$	597,053		$	427,866
Catastrophe and weather-related losses, net of reinstatement premiums	$	29,755		$	42,689		$	36,440		$	47,530		$	80,110		$	156,414		$	216,093
Net favorable prior year reserve development	$	22,939		$	14,843		$	15,216		$	13,978		$	12,200		$	66,975		$	16,209
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.5		%	52.3		%	52.3		%	52.3		%	52.2		%	52.4		%	52.1		%
Catastrophe and weather-related losses ratio	2.6		%	3.9		%	3.6		%	4.7		%	7.8		%	3.6		%	5.5		%
Current accident year loss ratio	55.1		%	56.2		%	55.9		%	57.0		%	60.0		%	56.0		%	57.6		%
Prior year reserve development ratio	(2.0		%)	(1.3		%)	(1.5		%)	(1.4		%)	(1.2		%)	(1.5		%)	(0.4		%)
Net losses and loss expenses ratio	53.1		%	54.9		%	54.4		%	55.6		%	58.8		%	54.5		%	57.2		%
Acquisition cost ratio	19.4		%	18.9		%	18.9		%	19.2		%	19.5		%	19.1		%	19.5		%
Underwriting-related general and administrative expense ratio	14.0		%	12.1		%	12.0		%	11.9		%	12.9		%	12.5		%	12.4		%
Combined ratio	86.5		%	85.9		%	85.3		%	86.7		%	91.2		%	86.1		%	89.1		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																Years ended December 31,
	Q4 2025			Q3 2025			Q2 2025			Q1 2025			Q4 2024			2025			2024
UNDERWRITING REVENUES
Gross premiums written	$	310,721		$	432,302		$	583,536		$	1,138,749		$	274,987		$	2,465,308		$	2,390,304
Ceded premiums written	(134,715)			(164,260)			(238,612)			(433,290)			(107,521)			(970,876)			(883,498)
Net premiums written	176,006			268,042			344,924			705,459			167,466			1,494,432			1,506,806
Gross premiums earned	593,576			589,873			595,974			548,495			586,110			2,327,919			2,274,731
Ceded premiums earned	(227,927)			(223,602)			(235,504)			(217,761)			(235,121)			(904,795)			(894,532)
Net premiums earned	365,649			366,271			360,470			330,734			350,989			1,423,124			1,380,199
Other insurance related income	4,129			6,332			8,656			3,422			6,976			22,539			30,627
Total underwriting revenues	369,778			372,603			369,126			334,156			357,965			1,445,663			1,410,826
UNDERWRITING EXPENSES
Net losses and loss expenses	241,865			245,628			239,984			223,837			228,645			951,314			913,067
Acquisition costs	84,423			80,178			80,985			70,560			76,667			316,145			303,636
Underwriting-related general and administrative expenses	16,885			11,785			10,595			10,846			13,600			50,111			50,513
Total underwriting expenses	343,173			337,591			331,564			305,243			318,912			1,317,570			1,267,216
UNDERWRITING INCOME	$	26,605		$	35,012		$	37,562		$	28,913		$	39,053		$	128,093		$	143,610
Catastrophe and weather-related losses, net of reinstatement premiums	$	100		$	970		$	186		$	1,540		$	953		$	2,796		$	9,903
Net favorable prior year reserve development	$	6,913		$	4,103		$	5,013		$	3,959		$	4,111		$	19,988		$	8,114
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.0		%	67.9		%	67.9		%	68.4		%	66.0		%	68.1		%	66.0		%
Catastrophe and weather-related losses ratio	—		%	0.3		%	0.1		%	0.5		%	0.3		%	0.2		%	0.7		%
Current accident year loss ratio	68.0		%	68.2		%	68.0		%	68.9		%	66.3		%	68.3		%	66.7		%
Prior year reserve development ratio	(1.9		%)	(1.1		%)	(1.4		%)	(1.2		%)	(1.2		%)	(1.5		%)	(0.5		%)
Net losses and loss expenses ratio	66.1		%	67.1		%	66.6		%	67.7		%	65.1		%	66.8		%	66.2		%
Acquisition cost ratio	23.1		%	21.9		%	22.5		%	21.3		%	21.8		%	22.2		%	22.0		%
Underwriting-related general and administrative expenses ratio	4.7		%	3.2		%	2.9		%	3.3		%	4.0		%	3.6		%	3.6		%
Combined ratio	93.9		%	92.2		%	92.0		%	92.3		%	90.9		%	92.6		%	91.8		%

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

											Years ended December 31,
	Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024		2025		2024
Fixed maturities	$	159,830	$	155,796	$	149,861	$	146,711	$	164,283	$	612,198	$	620,704
Other investments	13,367		15,019		18,479		22,410		9,099		69,275		48,666
Equity securities	4,185		3,046		3,155		3,208		3,574		13,593		12,922
Mortgage loans	4,873		5,890		5,956		6,868		7,617		23,587		34,028
Cash and cash equivalents	12,466		12,597		16,649		33,380		17,804		75,092		59,600
Short-term investments	254		355		541		1,986		1,421		3,136		12,569
Gross investment income	194,975		192,703		194,641		214,563		203,798		796,881		788,489
Investment expense	(7,983)		(7,800)		(7,344)		(6,850)		(8,025)		(29,978)		(29,260)
Net investment income	$	186,992	$	184,903	$	187,297	$	207,713	$	195,773	$	766,903	$	759,229

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	December 31,			September 30,			June 30,			March 31,			December 31,
	2025			2025			2025			2025			2024
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	13,018,027		$	12,879,372		$	12,137,475		$	11,865,480		$	12,152,753
Fixed maturities, held to maturity, at amortized cost	397,430			406,658			405,041			389,571			443,400
Equity securities, at fair value	707,569			649,970			619,275			574,379			579,274
Mortgage loans, held for investment, at fair value	356,840			409,699			438,571			457,907			505,697
Other investments, at fair value	1,027,798			972,867			938,922			938,562			930,278
Equity method investments	227,181			220,022			215,920			214,240			206,994
Short-term investments, at fair value	20,298			17,185			51,726			91,330			223,666
Total investments	15,755,143			15,555,773			14,806,930			14,531,469			15,042,062
Cash and cash equivalents	1,321,185			1,358,078			1,409,201			3,332,767			3,063,621
Accrued interest receivable	116,252			117,720			108,506			108,392			114,012
Insurance and reinsurance premium balances receivable	3,244,661			3,326,346			3,669,460			3,388,550			2,826,942
Reinsurance recoverable on unpaid losses and loss expenses	8,951,763			9,043,009			9,086,900			6,944,518			6,840,897
Reinsurance recoverable on paid losses and loss expenses	673,765			648,126			637,726			531,105			546,287
Deferred acquisition costs	801,778			822,774			837,456			787,512			685,853
Prepaid reinsurance premiums	2,139,294			2,164,297			2,223,255			2,175,425			1,936,979
Receivable for investments sold	12,806			3,813			29,099			39,498			3,693
Goodwill	66,498			66,498			66,498			66,498			66,498
Intangible assets	166,050			168,446			170,842			173,238			175,967
Operating lease right-of-use assets	93,900			92,706			89,421			92,299			92,516
Loan advances made	231,542			250,537			263,779			272,499			247,775
Other assets	887,289			899,509			934,469			966,812			1,038,207
TOTAL ASSETS	$	34,461,926		$	34,517,632		$	34,333,542		$	33,410,582		$	32,681,309
LIABILITIES
Reserve for losses and loss expenses	$	18,122,256		$	17,996,236		$	17,879,023		$	17,489,459		$	17,218,929
Unearned premiums	5,825,698			5,994,611			6,154,844			5,859,606			5,211,865
Insurance and reinsurance balances payable	1,882,021			1,855,349			1,932,269			1,883,746			1,713,798
Debt	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
Payable for investments purchased	36,982			194,988			79,677			193,752			269,728
Operating lease liabilities	110,095			108,960			106,544			107,289			106,614
Other liabilities	745,349			617,778			624,471			591,996			689,437
TOTAL LIABILITIES	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
Common shares	2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,405,792			2,395,615			2,384,659			2,374,804			2,394,063
Accumulated other comprehensive income (loss)	28,431			10,169			(21,710)			(152,376)			(267,557)
Retained earnings	8,181,699			7,932,969			7,673,246			7,492,484			7,341,569
Treasury shares, at cost	(4,811,693)			(4,523,950)			(4,414,003)			(4,364,319)			(3,930,902)
TOTAL SHAREHOLDERS' EQUITY	6,356,435			6,367,009			6,174,398			5,902,799			6,089,379
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	34,461,926		$	34,517,632		$	34,333,542		$	33,410,582		$	32,681,309
Debt to total capital [a]	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.

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

	At December 31, 2025												At December 31, 2024
	Cost or<br>Amortized Cost		Allowance for Expected Credit Losses		Unrealized<br>Gains		Unrealized<br>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	$	2,406,907	$	—	$	17,206	$	(6,212)	$	2,417,901	14.0	%	$	2,802,986	15.5	%
Non-U.S. government	798,984		—		14,961		(3,401)		810,544		4.7	%	729,939		4.1	%
Corporate debt	5,168,562		(1,539)		96,137		(40,727)		5,222,433		30.4	%	4,842,190		27.0	%
Agency RMBS	2,026,043		—		31,869		(22,560)		2,035,352		11.9	%	1,184,845		6.6	%
CMBS	811,056		—		6,641		(16,186)		801,511		4.7	%	819,608		4.6	%
Non-Agency RMBS	193,372		(240)		1,366		(4,374)		190,124		1.1	%	122,536		0.7	%
ABS	1,479,963		(57)		12,231		(4,070)		1,488,067		8.7	%	1,539,832		8.6	%
Municipals	52,841		—		462		(1,208)		52,095		0.3	%	110,817		0.6	%
Total fixed maturities, available for sale, at fair value	12,937,728		(1,836)		180,873		(98,738)		13,018,027		75.8	%	12,152,753		67.7	%
Fixed maturities, held to maturity, at amortized cost
Corporate debt	145,137		—		—		—		145,137		0.8	%	122,706		0.7	%
ABS	252,293		—		—		—		252,293		1.5	%	320,694		1.8	%
Total fixed maturities, held to maturity, at amortized cost	397,430		—		—		—		397,430		2.3	%	443,400		2.5	%
Equity securities, at fair value
Common stocks	13,927		—		439		(671)		13,695		0.1	%	2,638		—	%
Preferred stocks	19,662		—		717		(68)		20,311		0.1	%	5,867		—	%
Exchange-traded funds	259,353		—		142,901		(497)		401,757		2.3	%	314,042		1.7	%
Bond mutual funds	288,333		—		9,411		(25,938)		271,806		1.6	%	256,727		1.5	%
Total equity securities, at fair value	581,275		—		153,468		(27,174)		707,569		4.1	%	579,274		3.2	%
Total fixed maturities and equity securities	$	13,916,433	$	(1,836)	$	334,341	$	(125,912)	14,123,026		82.2	%	13,175,427		73.4	%
Mortgage loans, held for investment									356,840		2.1	%	505,697		2.8	%
Other investments									1,027,798		6.0	%	930,278		5.2	%
Equity method investments									227,181		1.3	%	206,994		1.2	%
Short-term investments									20,298		0.2	%	223,666		1.2	%
Total investments									15,755,143		91.8	%	15,042,062		83.8	%
Cash and cash equivalents [a]									1,321,185		7.7	%	3,063,621		17.1	%
Accrued interest receivable									116,252		0.7	%	114,012		0.6	%
Net receivable/(payable) for investments sold (purchased)									(24,176)		(0.2	%)	(266,035)		(1.5	%)
Total cash and invested assets									$	17,168,404	100.0	%	$	17,953,660	100.0	%

[a] Includes $501 million and $920 million of restricted cash and cash equivalents at December 31, 2025 and December 31, 2024, respectively.

	At December 31, 2025				At December 31, 2024
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:
Multi-strategy funds	11,577		1.1	%	24,919		2.7	%
Direct lending funds	186,747		18.2	%	171,048		18.4	%
Real estate funds	291,491		28.4	%	291,640		31.3	%
Private equity funds	364,376		35.5	%	320,690		34.5	%
Other privately held investments	173,607		16.8	%	121,981		13.1	%
Total	$	1,027,798	100.0	%	$	930,278	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

	Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	14.0	%	15.0	%	14.6	%	14.3	%	15.5	%
Non-U.S. government	4.7	%	4.7	%	4.9	%	4.0	%	4.1	%
Corporate debt	30.4	%	30.6	%	29.6	%	26.0	%	27.0	%
MBS:
Agency RMBS	11.9	%	11.2	%	10.7	%	8.7	%	6.6	%
CMBS	4.7	%	4.9	%	5.1	%	4.8	%	4.6	%
Non-agency RMBS	1.1	%	1.2	%	1.1	%	1.1	%	0.7	%
ABS	8.7	%	8.5	%	8.2	%	7.3	%	8.6	%
Municipals	0.3	%	0.4	%	0.4	%	0.4	%	0.6	%
Total Fixed Maturities, available for sale	75.8	%	76.5	%	74.6	%	66.6	%	67.7	%
Fixed Maturities, held to maturity:
Corporate debt	0.8	%	0.8	%	0.8	%	0.7	%	0.7	%
ABS	1.5	%	1.6	%	1.7	%	1.5	%	1.8	%
Total Fixed Maturities, held to maturity	2.3	%	2.4	%	2.5	%	2.2	%	2.5	%
Equity securities	4.1	%	3.9	%	3.8	%	3.2	%	3.2	%
Mortgage loans	2.1	%	2.4	%	2.7	%	2.6	%	2.8	%
Other investments	6.0	%	5.8	%	5.8	%	5.3	%	5.2	%
Equity method investments	1.3	%	1.3	%	1.3	%	1.2	%	1.2	%
Short-term investments	0.2	%	0.1	%	0.3	%	0.5	%	1.2	%
Total investments	91.8	%	92.4	%	91.0	%	81.6	%	83.8	%
Cash and cash equivalents	7.7	%	8.1	%	8.7	%	18.7	%	17.1	%
Accrued interest receivable	0.7	%	0.7	%	0.7	%	0.6	%	0.6	%
Net receivable/(payable) for investments sold (purchased)	(0.2	%)	(1.2	%)	(0.4	%)	(0.9	%)	(1.5	%)
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	18.0	%	19.1	%	19.0	%	20.8	%	22.3	%
AAA [a]	19.2	%	19.6	%	20.0	%	20.3	%	21.2	%
AA [a]	23.7	%	22.7	%	23.4	%	21.8	%	18.7	%
A	17.4	%	17.8	%	17.1	%	16.8	%	16.6	%
BBB	10.0	%	9.7	%	9.8	%	9.5	%	9.5	%
Below BBB	11.7	%	11.1	%	10.7	%	10.8	%	11.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	2.7	%	3.9	%	5.5	%	6.5	%	7.1	%
From one to five years	43.3	%	42.9	%	43.0	%	43.0	%	44.7	%
From five to ten years	17.1	%	16.9	%	15.2	%	15.2	%	14.9	%
Above ten years	1.4	%	1.6	%	1.6	%	1.4	%	1.6	%
Asset-backed and mortgage-backed securities	35.5	%	34.7	%	34.7	%	33.9	%	31.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.6	%	4.6	%	4.6	%	4.5	%	4.5	%
Yield to maturity of fixed maturities	4.7	%	4.8	%	5.0	%	5.2	%	5.3	%
Average duration of fixed maturities (inclusive of duration hedges)	3.1	yrs	3.2 yrs		3.1 yrs		3.0 yrs		2.8	yrs
Average credit quality of fixed maturities	A+		A+		A+		A+		A+

[a] Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At December 31, 2025

Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment<br>Grade			Total
Residential MBS	$	2,035,352		$	184,093		$	4,451		$	207		$	57		$	1,316		$	2,225,476
Commercial MBS	166,392			571,618			44,408			17,578			868			647			801,511
ABS	—			1,213,059			111,436			130,880			30,767			1,925			1,488,067
Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	2,201,744		$	1,968,770		$	160,295		$	148,665		$	31,692		$	3,888		$	4,515,054
Percentage of total	48.8		%	43.6		%	3.6		%	3.3		%	0.7		%	—		%	100.0		%
Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment<br><br>Grade			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
ABS	$	—		$	127,492		$	124,801		$	—		$	—		$	—		$	252,293
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	127,492		$	124,801		$	—		$	—		$	—		$	252,293
Percentage of total	—		%	50.5		%	49.5		%	—		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Quarter ended December 31, 2025						Year ended December 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	$	17,996,236	$	(9,043,009)	$	8,953,227	$	17,218,929	$	(6,840,897)	$	10,378,032
Incurred losses and loss expenses	1,335,685		(476,258)		859,427		5,296,931		(2,008,390)		3,288,541
Paid losses and loss expenses	(1,221,643)		422,961		(798,682)		(4,781,853)		1,635,211		(3,146,642)
Foreign exchange and other [a]	11,978		144,543		156,521		388,249		(1,737,687)		(1,349,438)
End of period [b]	$	18,122,256	$	(8,951,763)	$	9,170,493	$	18,122,256	$	(8,951,763)	$	9,170,493

[a] On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. At December 31, 2025, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $1.8 billion related to this transaction.

[b] At December 31, 2025, reserve for losses and loss expenses included IBNR of $12.3 billion, or 68% (December 31, 2024: $11.8 billion, or 68%).

AXIS CAPITAL HOLDINGS LIMITED

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

	Quarter ended December 31, 2025									Year ended December 31, 2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	801,393		$	420,250		$	1,221,643		$	3,200,474		$	1,581,379		$	4,781,853
Reinsurance recoverable on paid losses and loss expenses	(311,917)			(111,044)			(422,961)			(1,228,587)			(406,624)			(1,635,211)
Net paid losses and loss expenses	489,476			309,206			798,682			1,971,887			1,174,755			3,146,642
Change in gross case reserves	143,984			(41,949)			102,035			328,376			(173,253)			155,123
Change in gross IBNR	(14,811)			26,818			12,007			175,984			183,971			359,955
Change in reinsurance recoverable on unpaid losses and loss expenses	(1,087)			(52,210)			(53,297)			(139,020)			(234,159)			(373,179)
Change in net unpaid losses and loss expenses	128,086			(67,341)			60,745			365,340			(223,441)			141,899
Total net incurred losses and loss expenses	$	617,562		$	241,865		$	859,427		$	2,337,227		$	951,314		$	3,288,541
Gross reserve for losses and loss expenses	$	11,156,522		$	6,965,734		$	18,122,256		$	11,156,522		$	6,965,734		$	18,122,256
Net favorable prior year reserve development	$	22,939		$	6,913		$	29,852		$	66,975		$	19,988		$	86,963
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	79.3		%	127.8		%	92.9		%	84.4		%	123.5		%	95.7		%
Net paid losses and loss expenses / Net premiums earned	42.1		%	84.6		%	52.3		%	45.9		%	82.5		%	55.1		%
Net unpaid losses and loss expenses / Net premiums earned	11.0		%	(18.5		%)	3.9		%	8.6		%	(15.7		%)	2.4		%
Net losses and loss expenses ratio	53.1		%	66.1		%	56.2		%	54.5		%	66.8		%	57.5		%

AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD

	At December 31, 2025
	Common<br>Shareholders’<br>Equity		Common Shares Outstanding, net of<br><br>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
	At December 31, 2024
	Common<br>Shareholders’<br>Equity		Common Shares Outstanding, net of<br><br>Treasury Shares	Per share
Closing stock price				$88.62
Book value per common share	$	5,539,379	82,984	$66.75
Dilutive securities
Restricted stock units			1,886	(1.48)
Book value per diluted common share	$	5,539,379	84,870	$65.27

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

	Q4 2025		Q3 2025		Q2 2025		Q1 2025		Q4 2024
Common shareholders' equity	$	5,806,435	$	5,817,009	$	5,624,398	$	5,352,799	$	5,539,379
Less: goodwill	(66,498)		(66,498)		(66,498)		(66,498)		(66,498)
Less: intangible assets	(166,050)		(168,446)		(170,842)		(173,238)		(175,967)
Associated tax impact	45,255		45,806		46,357		46,909		47,530
Tangible common shareholders' equity	$	5,619,142	$	5,627,871	$	5,433,415	$	5,159,972	$	5,344,444
Diluted common shares outstanding [a]	75,209		78,796		79,957		80,520		84,870
Book value per diluted common share	$	77.20	$	73.82	$	70.34	$	66.48	$	65.27
Tangible book value per diluted common share	$	74.71	$	71.42	$	67.95	$	64.08	$	62.97

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

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

	Quarters ended December 31,						Years ended December 31,
	2025			2024			2025			2024
Net income available to common shareholders	$	282,044		$	286,069		$	978,648		$	1,051,536
Net investment (gains) losses	(14,584)			108,030			(58,950)			138,534
Foreign exchange losses (gains)	3,555			(112,090)			141,983			(50,822)
Reorganization expenses	—			—			—			26,312
Interest in income of equity method investments	(5,783)			(7,264)			(9,452)			(17,953)
Bermuda deferred tax asset [a]	(18,782)			(14,218)			(18,782)			(176,923)
Income tax expense (benefit) [b]	3,094			(8,711)			(9,235)			(18,649)
Operating income	$	249,544		$	251,816		$	1,024,212		$	952,035
Earnings per diluted common share	$	3.67		$	3.38		$	12.35		$	12.35
Net investment (gains) losses	(0.19)			1.28			(0.74)			1.63
Foreign exchange losses (gains)	0.05			(1.32)			1.79			(0.60)
Reorganization expenses	—			—			—			0.31
Interest in income of equity method investments	(0.08)			(0.09)			(0.12)			(0.21)
Bermuda deferred tax asset	(0.24)			(0.17)			(0.24)			(2.08)
Income tax expense (benefit)	0.04			(0.11)			(0.12)			(0.22)
Operating income per diluted common share	$	3.25		$	2.97		$	12.92		$	11.18
Weighted average diluted common shares outstanding	76,825			84,695			79,266			85,176
Average common shareholders' equity	$	5,811,722		$	5,536,303		$	5,672,907		$	5,126,288
Annualized return on average common equity	19.4		%	20.7		%	17.3		%	20.5		%
Annualized operating return on average common equity	17.2		%	18.2		%	18.1		%	18.6		%

[a] Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax.

[b] Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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

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).

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

Current Accident Year Loss Ratio

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

Operating Income (Loss)

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of 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).

Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax, pursuant to the Corporate Income Tax Act amendment (No. 2) 2025 that is effective December 11, 2025. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities pursuant to the Corporate Income Tax Act 2023 that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax benefits are not related to the underwriting process. Therefore, this income is excluded from operating income (loss).

Tangible Book Value per Diluted Common Share

Tangible book value represents common shareholders' equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe 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.