0001214816AXIS CAPITAL HOLDINGS LTDfalse00012148162022-07-262022-07-260001214816us-gaap:CommonStockMember2022-07-262022-07-260001214816us-gaap:SeriesEPreferredStockMember2022-07-262022-07-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 26, 2022

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda

001-31721

98-0395986

(State of Incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

92 Pitts Bay Road

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

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

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

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

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

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

☐			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. ☐

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Item 2.02			Results of Operations and Financial Condition

On July 26, 2022, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its second quarter 2022 results and the availability of its second quarter 2022 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 July 26, 2022
99.2						Second quarter 2022 Investor Financial Supplement
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

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

Dated: July 26, 2022

 

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

Mei Feng A. Zhang (Investor Contact):			(212) 940-3312;			[email protected]
Anna Kukowski (Media Contact):			(212) 715-3574;			[email protected]

AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $27 MILLION, or $0.32 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $149 MILLION, or $1.74 PER DILUTED COMMON SHARE

For the second quarter of 2022, the Company reports:

•Current accident year combined ratio, excluding catastrophe and weather-related losses of 88.4%, an improvement of 0.3 points, compared to the prior year

•Annualized return on average common equity ("ROACE") of 2.5% and annualized operating ROACE of 13.7%

For the six months ended June 30, 2022, the Company reports:

•Current accident year combined ratio, excluding catastrophe and weather-related losses of 87.8%, an improvement of 1.2 points, compared to the prior year

•Annualized return on average common equity ("ROACE") of 7.5% and annualized operating ROACE of 14.6%

Pembroke, Bermuda, July 26, 2022 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2022.

Commenting on the second quarter 2022 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:

"AXIS delivered another quarter of strong operating performance, continuing our trend of year-over-year improvements in core underwriting metrics.

"The quarter was highlighted by a combined ratio of 93.4% and operating ROE of 13.7%, and record second quarter premium growth contributed to all-time high mid-year production figures including gross and net premiums written, and net premiums earned. This quarter our specialty insurance business again generated solid performance with a robust 16% increase in gross premiums written, 22% growth in net premiums written, and a combined ratio of 87.8%, as we further capitalized on favorable market conditions.

"During the quarter we announced the Company’s exit from reinsurance property and catastrophe lines. This completed the shift of AXIS Re to a specialist reinsurer – with a focus on attractive Casualty, Specialty, A&H, and Credit lines – which aligns with our efforts to grow profitably with lower volatility and establish leadership in the specialist space.

"As a measure of our progress, over the past six months our group underwriting income has risen by 36% and operating income is up 30% as compared to the prior year period. As we look to the future, we’re well positioned in strong Wholesale and E&S markets and see significant opportunities to drive further profitable growth while delivering value to our customers and advancing our position as a leading specialty underwriter."

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Second Quarter Consolidated Results*

•Net income available to common shareholders for the second quarter of 2022 was $27 million, or $0.32 per diluted common share, compared to net income available to common shareholders of $228 million, or $2.67 per diluted common share, for the second quarter of 2021.

•Net income available to common shareholders for the six months ended June 30, 2022 was $169 million, or

$1.97 per diluted common share, compared to net income available to common shareholders of $344 million, or $4.04 per diluted common share, for the same period in 2021.

•Operating income1 for the second quarter of 2022 was $149 million, or $1.74 per diluted common share1, compared to operating income of $171 million, or $2.00 per diluted common share, for the second quarter of 2021.

•Operating income for the six months ended June 30, 2022 was $329 million, or $3.83 per diluted common share1, compared to operating income of $253 million, or $2.98 per diluted common share, for the same period in 2021.

•Reorganization expenses related to our exit from property reinsurance business were $16 million. Reorganization expenses are excluded from operating income (loss).

•Our fixed income portfolio book yield was 2.4% at June 30, 2022. The market yield was 4.3% at June 30, 2022.

•Book value per diluted common share of $47.62, a decrease of $4.35, or 8.4%, compared to March 31, 2022, driven by net unrealized losses reported in other comprehensive income (loss) and common share dividends declared, partially offset by net income generated.

•Adjusted for dividends declared, book value per diluted common share decreased by $3.92, or 7.5%, compared to March 31, 2022.

•Adjusted for dividends declared, book value per diluted common share decreased by $6.17, or 11.1%, over the past twelve months.

•Total common shares repurchased during the quarter were 0.6 million shares for $35 million.

* Amounts may not reconcile due to rounding differences.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Second Quarter Consolidated Underwriting Highlights2

•Gross premiums written increased by $172 million, or 9% ($198 million, or 10%, on a constant currency basis3), to $2.1 billion with an increase of $201 million, or 16% in the insurance segment, partially offset by a decrease of $29 million, or 4% in the reinsurance segment.

•Net premiums written increased by $113 million, or 9% ($137 million, or 11%, on a constant currency basis), to $1.3 billion with an increase of $157 million, or 22% in the insurance segment, partially offset by a decrease of $44 million, or 9% in the reinsurance segment.

			Three months ended June 30,
KEY RATIOS			2022						2021						Change
Current accident year loss ratio, excluding catastrophe and weather-related losses4			55.3		%				55.7		%				(0.4		pts)
Catastrophe and weather-related losses ratio			5.3		%				2.5		%				2.8		pts
Current accident year loss ratio			60.6		%				58.2		%				2.4		pts
Prior year reserve development ratio			(0.3		%)				(0.6		%)				0.3		pts
Net losses and loss expenses ratio			60.3		%				57.6		%				2.7		pts
Acquisition cost ratio			20.2		%				18.9		%				1.3		pts
General and administrative expense ratio			12.9		%				14.1		%				(1.2		pts)
Combined ratio			93.4		%				90.6		%				2.8		pts
Current accident year combined ratio, excluding catastrophe and weather-related losses			88.4		%				88.7		%				(0.3		pts)

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $67 million ($60 million, after-tax), (Insurance: $28 million; Reinsurance: $39 million), or 5.3 points, primarily attributable to South Africa floods, and the high frequency of small to mid-sized other weather-related events that occurred worldwide. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $29 million (Insurance: $11 million; Reinsurance: $17 million), or 2.5 points, in 2021.

•Net favorable prior year reserve development was $4 million (Insurance: $3 million; Reinsurance: $1 million), compared to $7 million (Insurance: $6 million; Reinsurance: $0.4 million) in 2021.

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Year to Date Consolidated Underwriting Highlights

•Gross premiums written increased by $271 million, or 6% ($334 million, or 7% on a constant currency basis), to $4.7 billion with an increase of $425 million, or 18% in the insurance segment, partially offset by a decrease of $154 million, or 7% in the reinsurance segment.

•Net premiums written increased by $147 million, or 5% ($207 million, or 7% on a constant currency basis), to $3.1 billion with an increase of $293 million, or 21% in the insurance segment, partially offset by a decrease of $146 million, or 9% in the reinsurance segment.

			Six months ended June 30,
KEY RATIOS			2022						2021						Change
Current accident year loss ratio, excluding catastrophe and weather-related losses4			54.7		%				55.4		%				(0.7		pts)
Catastrophe and weather-related losses ratio			5.1		%				6.2		%				(1.1		pts)
Current accident year loss ratio			59.8		%				61.6		%				(1.8		pts)
Prior year reserve development ratio			(0.5		%)				(0.5		%)				—		pts
Net losses and loss expenses ratio			59.3		%				61.1		%				(1.8		pts)
Acquisition cost ratio			20.0		%				19.4		%				0.6		pts
General and administrative expense ratio			13.1		%				14.2		%				(1.1		pts)
Combined ratio			92.4		%				94.7		%				(2.3		pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses			87.8		%				89.0		%				(1.2		pts)

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $127 million ($110 million, after-tax), (Insurance: $61 million; Reinsurance: $66 million), or 5.1% points, including $30 million, or 1.2% points attributable to the Russia-Ukraine war. The remaining losses of $97 million were primarily attributable to Eastern Australia floods, South Africa floods, and the high frequency of small to mid-sized other weather-related events that occurred worldwide. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $139 million (Insurance: $47 million; Reinsurance: $92 million), or 6.2 points, in 2021.

•Net favorable prior year reserve development was $13 million (Insurance: $10 million; Reinsurance: $3 million), compared to $12 million (Insurance: $8 million; Reinsurance: $4 million) in 2021.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 4 -

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Segment Highlights

Insurance Segment

			Three months ended June 30,
($ in thousands)			2022						2021						Change
Gross premiums written			$	1,469,622					$	1,268,472					15.9		%
Net premiums written			869,419						712,885						22.0		%
Net premiums earned			768,724						631,675						21.7		%
Underwriting income			93,816						93,520						0.3		%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses			51.6		%				51.8		%				(0.2		pts)
Catastrophe and weather-related losses ratio			3.6		%				1.8		%				1.8		pts
Current accident year loss ratio			55.2		%				53.6		%				1.6		pts
Prior year reserve development ratio			(0.3		%)				(1.0		%)				0.7		pts
Net losses and loss expenses ratio			54.9		%				52.6		%				2.3		pts
Acquisition cost ratio			18.8		%				16.9		%				1.9		pts
Underwriting-related general and administrative expense ratio			14.1		%				15.8		%				(1.7		pts)
Combined ratio			87.8		%				85.3		%				2.5		pts
Current accident year combined ratio, excluding catastrophe and weather-related losses			84.5		%				84.5		%				—		pts

•Gross premiums written increased by $201 million, or 16% ($216 million, or 17%, on a constant currency basis), primarily attributable to increases in property and liability lines driven by new business and favorable rate changes, professional lines due to favorable rate change, and accident and health lines due to new business.

•Net premiums written increased by $157 million, or 22% ($169 million, or 24%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, and lower cession rates in several lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $28 million, primarily attributable to South Africa floods, and the high frequency of small to mid-sized other weather-related events that occurred worldwide, compared to $11 million in 2021.

•The current accident year loss ratio, excluding catastrophe and weather-related losses, decreased by 0.2 points in the second quarter, compared to the same period in 2021, principally due to the impact of favorable pricing over loss trends in most lines of business, partially offset by changes in business mix associated with the increase in professional lines and liability business written in recent periods.

•The acquisition cost ratio increased by 1.9 points in the second quarter, compared to the same period in 2021, primarily related to prior year premium and acquisition cost adjustments.

•The underwriting-related general and administrative expense ratio decreased by 1.7 points in the second quarter, compared to the same period in 2021, mainly driven by an increase in net premiums earned, partially offset by an increase in personnel and travel costs.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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			Six months ended June 30,
($ in thousands)			2022						2021						Change
Gross premiums written			$	2,796,886					$	2,371,670					17.9		%
Net premiums written			1,713,332						1,420,699						20.6		%
Net premiums earned			1,521,539						1,247,962						21.9		%
Underwriting income			188,209						132,343						42.2		%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses			51.0		%				52.1		%				(1.1		pts)
Catastrophe and weather-related losses ratio			4.0		%				3.8		%				0.2		pts
Current accident year loss ratio			55.0		%				55.9		%				(0.9		pts)
Prior year reserve development ratio			(0.6		%)				(0.7		%)				0.1		pts
Net losses and loss expenses ratio			54.4		%				55.2		%				(0.8		pts)
Acquisition cost ratio			18.6		%				18.0		%				0.6		pts
Underwriting-related general and administrative expense ratio			14.7		%				16.3		%				(1.6		pts)
Combined ratio			87.7		%				89.5		%				(1.8		pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses			84.3		%				86.4		%				(2.1		pts)

•Gross premiums written increased by $425 million, or 18% ($446 million, or 19%, on a constant currency basis), primarily attributable to increases in professional lines, liability, property, and accident and health lines driven by new business and favorable rate changes.

•Net premiums written increased by $293 million, or 21% ($310 million, or 22%, on a constant currency basis), reflecting the increase in gross premiums written, and lower cession rates primarily in professional lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $61 million, including $16 million attributable to the Russia-Ukraine war. The remaining losses of $44 million were primarily attributable to Eastern Australia floods, South Africa floods, and the high frequency of small to mid-sized other weather-related events that occurred worldwide, compared to $47 million in 2021.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Reinsurance Segment                                                        

			Three months ended June 30,
($ in thousands)			2022						2021						Change
Gross premiums written			$	643,861					672,714						(4.3		%)
Net premiums written			447,428						490,973						(8.9		%)
Net premiums earned			508,328						525,266						(3.2		%)
Underwriting income			22,877						54,734						(58.2		%)
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses			60.9		%				60.4		%				0.5		pts
Catastrophe and weather-related losses ratio			7.7		%				3.3		%				4.4		pts
Current accident year loss ratio			68.6		%				63.7		%				4.9		pts
Prior year reserve development ratio			(0.2		%)				(0.1		%)				(0.1		pts)
Net losses and loss expenses ratio			68.4		%				63.6		%				4.8		pts
Acquisition cost ratio			22.2		%				21.3		%				0.9		pts
Underwriting-related general and administrative expense ratio			5.3		%				5.7		%				(0.4		pts)
Combined ratio			95.9		%				90.6		%				5.3		pts
Current accident year combined ratio, excluding catastrophe and weather-related losses			88.4		%				87.4		%				1.0		pts

•Gross premiums written decreased by $29 million, or 4% ($17 million, or 3%, on a constant currency basis), primarily attributable to decreases in catastrophe and property lines due to non-renewals and decreased line sizes. These decreases were partially offset by an increase in credit and surety lines driven by new business, and an increase in professional lines due to favorable market conditions.

•Net premiums written decreased by $44 million, or 9% ($32 million, or 7%, on a constant currency basis), reflecting the decrease in gross premiums written in the quarter, together with an increase in premiums ceded in professional lines, partially offset by a decrease in premiums ceded in catastrophe lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $39 million, primarily attributable to South Africa floods, and the high frequency of small to mid-sized other weather-related events that occurred worldwide, compared to $17 million in 2021.

•The current accident year loss ratio, excluding catastrophe and weather-related losses, increased by 0.5 points in the second quarter, compared to the same period in 2021, due to changes in business mix driven by the decrease in catastrophe business written in recent periods, partially offset by the impact of favorable pricing over loss trends.

•The acquisition cost ratio increased by 0.9 points in the second quarter, compared to the same period in 2021, primarily related to changes in business mix driven by the decrease in property catastrophe business written in recent periods and adjustments attributable to loss-sensitive features driven by improved loss performance mainly in motor lines, partially offset by the impact of retrocessional contracts.

•The underwriting-related general and administrative expense ratio decreased by 0.4 pts in the second quarter, compared to the same period in 2021, mainly driven by a decrease in personnel costs related to our exit from property reinsurance business.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 7 -

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			Six months ended June 30,
($ in thousands)			2022						2021						Change
Gross premiums written			$	1,951,205					$	2,104,997					(7.3		%)
Net premiums written			1,416,387						1,562,045						(9.3		%)
Net premiums earned			1,013,758						1,012,701						0.1		%
Underwriting income			67,278						56,158						19.8		%
Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses			60.3		%				59.5		%				0.8		pts
Catastrophe and weather-related losses ratio			6.6		%				9.3		%				(2.7		pts)
Current accident year loss ratio			66.9		%				68.8		%				(1.9		pts)
Prior year reserve development ratio			(0.3		%)				(0.5		%)				0.2		pts
Net losses and loss expenses ratio			66.6		%				68.3		%				(1.7		pts)
Acquisition cost ratio			21.9		%				21.1		%				0.8		pts
Underwriting-related general and administrative expense ratio			5.7		%				5.8		%				(0.1		pts)
Combined ratio			94.2		%				95.2		%				(1.0		pts)
Current accident year combined ratio, excluding catastrophe and weather-related losses			87.9		%				86.4		%				1.5		pts

•Gross premiums written decreased by $154 million, or 7% ($112 million, or 5%, on a constant currency basis), primarily attributable to decreases in catastrophe, motor and property lines due to non-renewals and decreased line sizes. These decreases were partially offset by increases in credit and surety, and accident and health lines driven by new business, and increases in professional lines and liability lines was due to favorable market conditions.

•Net premiums written decreased by $146 million, or 9% ($103 million, or 7%, on a constant currency basis), reflecting the decrease in gross premiums written, together with increases in premiums ceded in professional lines and motor lines, partially offset by a decrease in premiums ceded in catastrophe lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $66 million, including $13 million attributable to the Russia-Ukraine war. The remaining losses of $53 million were primarily attributable to South Africa floods, and the high frequency of small to mid-sized other weather-related events that occurred worldwide. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $92 million in 2021.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Investments

Net investment income of $92 million decreased from $105 million for the second quarter of 2021, primarily attributable to lower gains from other investments, partially offset by an increase in income from fixed maturities attributable to increased yields. Net realized and unrealized losses recognized in net income for the quarter were $173 million, including net unrealized losses of $84 million ($71 million excluding foreign exchange movements), following a decrease in the market value of our equity securities portfolio during the quarter, compared to net realized and unrealized gains of $73 million in the second quarter of 2021.

Pre-tax total return on cash and investments5 was (3.0%) including foreign exchange movements ((2.5%) excluding foreign exchange movements6). Net unrealized losses of $391 million ($340 million excluding foreign exchange movements) were recognized in other comprehensive income (loss) in the quarter following a decrease in market value of our fixed maturities portfolio, compared to net unrealized gains of $10 million ($16 million excluding foreign exchange movements) recognized during the second quarter of 2021. The prior year pre-tax total return was 1.2% including foreign exchange movements (1.2% excluding foreign exchange movements).

For the six months ended June 30, 2022, pre-tax total return on cash and investments was (5.7%) including foreign exchange movements ((5.1%) excluding foreign exchange movements), compared to 0.8% including foreign exchange movements (0.8% excluding foreign exchange movements) for the same period in 2021. Net unrealized losses of $846 million ($779 million excluding foreign exchange movements) were recognized in the year, compared to net unrealized losses of $217 million ($202 million excluding foreign exchange movements) for the same period in 2021.

Our fixed income portfolio book yield was 2.4% at June 30, 2022, compared to 2.0% at June 30, 2021. The market yield was 4.3% at June 30, 2022.

5 Pre-tax total return on cash and investments includes net investment income, net investment gains (losses), interest in income (loss) of equity method investments and change in unrealized investment gains (losses) generated by average cash and investment balances. Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).

6 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(78) million and $7 million for the three months ended June 30, 2022 and 2021, respectively and foreign exchange (losses) gains of $(106) million and $(5) million for the six months ended June 30, 2022 and 2021, respectively.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 9 -

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Capitalization / Shareholders’ Equity

Total capital7 at June 30, 2022 was $6.0 billion, including $1.3 billion of debt and $550 million of preferred equity, compared to $6.7 billion at December 31, 2021, with the decrease driven by net unrealized losses reported in other comprehensive income (loss) following a decrease in the market value of our fixed income portfolio, common share dividends declared, and the repurchase of our common shares, including $35 million repurchased pursuant to our Board-authorized share repurchase program, during the first six months of 2022, partially offset by net income generated for the six months ended June 30, 2022.

At June 30, 2022, we had $65 million of remaining authorization under our Board-authorized share repurchase program for common share repurchases through December 31, 2022.

Book value per diluted common share, calculated on a treasury stock basis, decreased by $4.35 in the current quarter, and decreased by $7.88 over the past twelve months, to $47.62. The decrease in the quarter and over the past twelve months was driven by net unrealized losses reported in other comprehensive income (loss) and common share dividends declared, partially offset by net income generated.

During the second quarter of 2022, the Company declared dividends of $0.43 per common share, with total dividends declared of $1.71 per common share over the past twelve months. Adjusted for dividends declared, the book value per diluted common share decreased by $3.92, or 7.5% for the quarter, and decreased by $6.17, or 11.1% over the past twelve months.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Conference Call

We will host a conference call on Wednesday, July 27, 2022 at 9:30 a.m. (EDT) to discuss the second quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), or 1-412-902-6506 (international callers), and entering the passcode 2794951 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), or 1-412-317-0088 (international callers), and entering the passcode 6449896. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended June 30, 2022 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 $4.7 billion at June 30, 2022, 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.

Website and Social Media Disclosure

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

Follow AXIS Capital on LinkedIn and Twitter.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2022 (UNAUDITED) AND DECEMBER 31, 2021

												2022						2021
												(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value												$	11,304,682					$	12,313,200
Fixed maturities, held to maturity, at amortized cost												641,428						446,016
Equity securities, at fair value												522,161						655,675
Mortgage loans, held for investment, at fair value												656,112						594,088
Other investments, at fair value												981,774						947,982
Equity method investments												158,893						146,293
Short-term investments, at fair value												65,683						31,063
Total investments												14,330,733						15,134,317
Cash and cash equivalents												844,910						844,592
Restricted cash and cash equivalents												653,018						473,098
Accrued interest receivable												73,873						64,350
Insurance and reinsurance premium balances receivable												3,174,117						2,622,676
Reinsurance recoverable on unpaid losses and loss expenses												5,008,583						5,017,611
Reinsurance recoverable on paid losses and loss expenses												510,613						642,215
Deferred acquisition costs												576,237						465,593
Prepaid reinsurance premiums												1,656,643						1,377,358
Receivable for investments sold												10,421						4,555
Goodwill												100,801						100,801
Intangible assets												203,259						208,717
Operating lease right-of-use assets												94,451						103,295
Other assets												381,768						309,792
Total assets												$	27,619,427					$	27,368,970
Liabilities
Reserve for losses and loss expenses												$	14,398,039					$	14,653,094
Unearned premiums												4,963,138						4,090,676
Insurance and reinsurance balances payable												1,624,184						1,324,620
Debt												1,311,637						1,310,975
Payable for investments purchased												186,921						31,543
Operating lease liabilities												105,129						119,512
Other liabilities												327,748						427,894
Total liabilities												22,916,796						21,958,314
Shareholders' equity
Preferred shares												550,000						550,000
Common shares												2,206						2,206
Additional paid-in capital												2,341,507						2,346,179
Accumulated other comprehensive income (loss)												(724,114)						56,536
Retained earnings												6,298,680						6,204,745
Treasury shares, at cost												(3,765,648)						(3,749,010)
Total shareholders' equity												4,702,631						5,410,656
Total liabilities and shareholders' equity												$	27,619,427					$	27,368,970

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

									Three months ended												Six months ended
									2022						2021						2022						2021
									(in thousands, except per share amounts)
			Revenues
			Net premiums earned						$	1,277,052					$	1,156,941					$	2,535,297					$	2,260,663
			Net investment income						92,214						104,672						183,569						218,836
			Net investment gains (losses)						(173,263)						73,293						(267,771)						102,936
			Other insurance related income						2,213						5,817						8,906						8,598
			Total revenues						1,198,216						1,340,723						2,460,001						2,591,033
			Expenses
			Net losses and loss expenses						769,587						666,473						1,502,285						1,381,190
			Acquisition costs						257,582						219,070						505,932						437,941
			General and administrative expenses						165,586						162,452						334,627						320,860
			Foreign exchange losses (gains)						(57,000)						19,602						(101,274)						23,716
			Interest expense and financing costs						15,241						15,235						30,805						30,806
			Reorganization expenses						15,728						—						15,728						—
			Amortization of value of business acquired						—						1,028						—						2,056
			Amortization of intangible assets						2,729						3,324						5,458						6,013
			Total expenses						1,169,453						1,087,184						2,293,561						2,202,582
			Income before income taxes and interest in income of equity method investments						28,763						253,539						166,440						388,451
			Income tax (expense) benefit						4,965						(27,865)						4,942						(48,641)
			Interest in income of equity method investments						1,050						9,799						12,600						18,960
			Net income						34,778						235,473						183,982						358,770
			Preferred share dividends						7,563						7,563						15,125						15,125
			Net income available to common shareholders						$	27,215					$	227,910					$	168,857					$	343,645
			Per share data
			Earnings per common share:
			Earnings per common share						$	0.32					$	2.69					$	1.98					$	4.06
			Earnings per diluted common share						$	0.32					$	2.67					$	1.97					$	4.04
			Weighted average common shares outstanding						85,173						84,764						85,068						84,640
			Weighted average diluted common shares outstanding						85,843						85,267						85,826						85,117
			Cash dividends declared per common share						$	0.43					$	0.42					$	0.86					$	0.84

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2022 AND 2021

			2022																		2021
			Insurance						Reinsurance						Total						Insurance						Reinsurance						Total
			(in thousands)
Gross premiums written			$	1,469,622					$	643,861					$	2,113,483					$	1,268,472					$	672,714					$	1,941,186
Net premiums written			869,419						447,428						1,316,847						712,885						490,973						1,203,858
Net premiums earned			768,724						508,328						1,277,052						631,675						525,266						1,156,941
Other insurance related income			237						1,976						2,213						552						5,265						5,817
Net losses and loss expenses			(421,836)						(347,751)						(769,587)						(332,175)						(334,298)						(666,473)
Acquisition costs			(144,732)						(112,850)						(257,582)						(106,963)						(112,107)						(219,070)
Underwriting-related general and
administrative expenses(8)			(108,577)						(26,826)						(135,403)						(99,569)						(29,392)						(128,961)
Underwriting income(9)			$	93,816					$	22,877					116,693						$	93,520					$	54,734					148,254
Net investment income															92,214																		104,672
Net investment gains (losses)															(173,263)																		73,293
Corporate expenses(8)															(30,183)																		(33,491)
Foreign exchange (losses) gains															57,000																		(19,602)
Interest expense and financing costs															(15,241)																		(15,235)
Reorganization expenses															(15,728)																		—
Amortization of value of business acquired															—																		(1,028)
Amortization of intangible assets															(2,729)																		(3,324)
Income before income taxes and interest in income of equity method investments															28,763																		253,539
Income tax (expense) benefit															4,965																		(27,865)
Interest in income of equity method investments															1,050																		9,799
Net income															34,778																		235,473
Preferred share dividends															7,563																		7,563
Net income available to common shareholders															$	27,215																	$	227,910
Net losses and loss expenses ratio			54.9		%				68.4		%				60.3		%				52.6		%				63.6		%				57.6		%
Acquisition cost ratio			18.8		%				22.2		%				20.2		%				16.9		%				21.3		%				18.9		%
General and administrative expense ratio			14.1		%				5.3		%				12.9		%				15.8		%				5.7		%				14.1		%
Combined ratio			87.8		%				95.9		%				93.4		%				85.3		%				90.6		%				90.6		%

8 Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $30 million and $33 million for the three months ended June 30, 2022 and 2021, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021

			2022																		2021
			Insurance						Reinsurance						Total						Insurance						Reinsurance						Total
			(in thousands)
Gross premiums written			$	2,796,886					$	1,951,205					$	4,748,091					$	2,371,670					$	2,104,997					$	4,476,667
Net premiums written			1,713,332						1,416,387						3,129,719						1,420,699						1,562,045						2,982,744
Net premiums earned			1,521,539						1,013,758						2,535,297						1,247,962						1,012,701						2,260,663
Other insurance related income			319						8,587						8,906						967						7,631						8,598
Net losses and loss expenses			(827,579)						(674,706)						(1,502,285)						(689,072)						(692,118)						(1,381,190)
Acquisition costs			(283,543)						(222,389)						(505,932)						(224,642)						(213,299)						(437,941)
Underwriting-related general and
administrative expenses(10)			(222,527)						(57,972)						(280,499)						(202,872)						(58,757)						(261,629)
Underwriting income (11)			$	188,209					$	67,278					255,487						$	132,343					$	56,158					188,501
Net investment income															183,569																		218,836
Net investment gains (losses)															(267,771)																		102,936
Corporate expenses(10)															(54,128)																		(59,231)
Foreign exchange (losses) gains															101,274																		(23,716)
Interest expense and financing costs															(30,805)																		(30,806)
Reorganization expenses															(15,728)																		—
Amortization of value of business acquired															—																		(2,056)
Amortization of intangible assets															(5,458)																		(6,013)
Income before income taxes and interest in income of equity method investments															166,440																		388,451
Income tax (expense) benefit															4,942																		(48,641)
Interest in income of equity method investments															12,600																		18,960
Net Income															183,982																		358,770
Preferred share dividends															15,125																		15,125
Net income available to common shareholders															$	168,857																	$	343,645
Net losses and loss expenses ratio			54.4		%				66.6		%				59.3		%				55.2		%				68.3		%				61.1		%
Acquisition cost ratio			18.6		%				21.9		%				20.0		%				18.0		%				21.1		%				19.4		%
General and administrative expense ratio			14.7		%				5.7		%				13.1		%				16.3		%				5.8		%				14.2		%
Combined ratio			87.7		%				94.2		%				92.4		%				89.5		%				95.2		%				94.7		%

10Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $54 million and $59 million for the six months ended June 30, 2022 and 2021, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

11Consolidated 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.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

			Three months ended												Six months ended
			2022						2021						2022						2021
			(in thousands, except per share amounts)
Net income available to common shareholders			$	27,215					$	227,910					$	168,857					$	343,645
Net investment (gains) losses (12)			173,263						(73,293)						267,771						(102,936)
Foreign exchange losses (gains)(13)			(57,000)						19,602						(101,274)						23,716
Reorganization expenses(14)			15,728						—						15,728						—
Interest in income of equity method investments(15)			(1,050)						(9,799)						(12,600)						(18,960)
Income tax expense (benefit)			(9,165)						6,088						(9,663)						7,782
Operating income			$	148,991					$	170,508					$	328,819					$	253,247
Earnings per diluted common share			$	0.32					$	2.67					$	1.97					$	4.04
Net investment (gains) losses			2.02						(0.86)						3.12						(1.21)
Foreign exchange losses (gains)			(0.66)						0.23						(1.18)						0.28
Reorganization expenses			0.18						—						0.18						—
Interest in income of equity method investments			(0.01)						(0.11)						(0.15)						(0.22)
Income tax expense (benefit)			(0.11)						0.07						(0.11)						0.09
Operating income per diluted common share			$	1.74					$	2.00					$	3.83					$	2.98
Weighted average diluted common shares outstanding			85,843						85,267						85,826						85,117
Average common shareholders' equity			$	4,361,586					$	4,733,075					$	4,506,644					$	4,792,727
Annualized return on average common equity			2.5		%				19.3		%				7.5		%				14.3		%
Annualized operating return on average common equity(16)			13.7		%				14.4		%				14.6		%				10.6		%

12 Tax expense (benefit) of ($19,598) and $7,491 for the three months ended June 30, 2022 and 2021, respectively, and ($32,912) and $8,975 for the six months ended June 30, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

13 Tax expense (benefit) of $12,132 and ($1,403) for the three months ended June 30, 2022 and 2021, respectively, and $24,948 and ($1,193) for the six months ended June 30, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

14 Tax expense (benefit) of ($1,699) for the three and six months ended June 30, 2022. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

15 Tax expense (benefit) of $nil for the three and six months ended June 30, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates for catastrophes and other weather-related losses, including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including our exit from property reinsurance business, our expectations regarding pricing, other market conditions and economic conditions including inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

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

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

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

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

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

•losses from war including losses related to the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•actual claims exceeding loss reserves;

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 17 -

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•general economic, capital and credit market conditions, including fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates;

•the adverse impact of inflation;

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

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

•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;

•the loss of business provided to us by major brokers;

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

•difficulties with technology and/or data security;

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

•the failure of our cedants to adequately evaluate risks;

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

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

•a decline in our ratings with rating agencies;

•changes in accounting policies or practices;

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

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

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

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

•changes in tax laws; and

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Consolidated Underwriting Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) 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. 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 relate to our exit from property reinsurance business, part of an overall approach to reduce our exposure to volatile catastrophe risk, in the second quarter of 2022. 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 including value of business acquired ("VOBA") 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.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Operating Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. In addition, we recognize unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities in net investment gains (losses). We recognize unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss). These unrealized foreign exchange losses (gains) generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss), thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business, therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses relate to our exit from property reinsurance business, part of an overall approach to reduce our exposure to volatile catastrophe risk, in the second quarter of 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from operating income (loss).

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

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

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses and interest in income (loss) of equity method investments reflects the underlying fundamentals of our business. In addition, we believe

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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

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

Constant Currency Basis

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

Pre-Tax Total Return on Cash and Investments excluding Foreign Exchange Movement

Pre-tax total return on cash and investments excluding foreign exchange movements measures net investment income, net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. 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 cash and investments excluding foreign exchange movements to pre-tax total return on cash and investments, the most comparable GAAP financial measure, is presented in the 'Investments' section of this press release.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2022

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AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Mei Feng A. Zhang

Investor Contact

(212) 940-3312;

[email protected]

Website Information:

www.axiscapital.com

This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

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AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

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

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AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

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

DEFINITIONS AND PRESENTATION

•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2021 and consolidated statements of operations for the years ended December 31, 2021 and December 31, 2020.

•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

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

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates for catastrophes and other weather-related losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including our exit from property reinsurance business, our expectations regarding pricing, other market conditions and economic conditions including inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

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

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

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

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

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

•losses from war including losses related to the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•actual claims exceeding loss reserves;

•general economic, capital and credit market conditions, including fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates;

•the adverse impact of inflation;

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

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

•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;

•the loss of business provided to us by major brokers;

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

•difficulties with technology and/or data security;

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

•the failure of our cedants to adequately evaluate risks;

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

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

•a decline in our ratings with rating agencies;

•changes in accounting policies or practices;

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

i

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

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

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

•changes in tax laws; and

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

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

ii

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AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

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

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

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

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

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

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

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

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

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

iii

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AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

 

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

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

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

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

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

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

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

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

Engineering: provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment, and electronic equipment as well as business interruption. The Company exited this line of business in 2020.

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

Marine and Aviation: includes specialty marine classes such as cargo, hull, pleasure craft, marine liability, inland marine and offshore energy. The principal perils covered by policies in this portfolio include physical loss, damage and/or liability arising from natural perils of the seas or land, man-made events including fire and explosion, stranding/sinking/salvage, pollution, shipowners and maritime employers liability. This business is written on a non-proportional and proportional basis. Aviation provides cover for airline, aerospace and general aviation exposures. This business is written on a proportional and non-proportional basis.

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

iv

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AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

									Three months ended June 30,																					Six months ended June 30,
									2022						2021						Change									2022						2021						Change
HIGHLIGHTS						Gross premiums written			$	2,113,483					$	1,941,186					8.9		%							$	4,748,091					$	4,476,667					6.1		%
						Gross premiums written - Insurance			69.5		%				65.3		%				4.2			pts						58.9		%				53.0		%				5.9			pts
						Gross premiums written - Reinsurance			30.5		%				34.7		%				(4.2)			pts						41.1		%				47.0		%				(5.9)			pts
						Net premiums written			$	1,316,847					$	1,203,858					9.4		%							$	3,129,719					$	2,982,744					4.9		%
						Net premiums earned			$	1,277,052					$	1,156,941					10.4		%							$	2,535,297					$	2,260,663					12.1		%
						Net premiums earned - Insurance			60.2		%				54.6		%				5.6			pts						60.0		%				55.2		%				4.8			pts
						Net premiums earned - Reinsurance			39.8		%				45.4		%				(5.6)			pts						40.0		%				44.8		%				(4.8)			pts
						Net income available to common shareholders			$	27,215					$	227,910					(88.1		%)							$	168,857					$	343,645					(50.9		%)
						Operating income [a]			148,991						170,508						(12.6		%)							328,819						253,247						29.8		%
						Annualized return on average common equity [b]			2.5		%				19.3		%				(16.8)			pts						7.5		%				14.3		%				(6.8)			pts
						Annualized operating return on average common equity [c]			13.7		%				14.4		%				(0.7)			pts						14.6		%				10.6		%				4.0			pts
						Total shareholders’ equity			$	4,702,631					$	5,389,760					(12.7		%)							$	4,702,631					$	5,389,760					(12.7		%)
PER COMMON SHARE AND COMMON SHARE DATA						Earnings per diluted common share			$0.32						$2.67						(88.0		%)							$1.97						$4.04						(51.2		%)
						Operating income per diluted common share [d]			$1.74						$2.00						(13.0		%)							$3.83						$2.98						28.5		%
						Weighted average diluted common shares outstanding			85,843						85,267						0.7		%							85,826						85,117						0.8		%
						Book value per common share			$49.05						$57.09						(14.1		%)							$49.05						$57.09						(14.1		%)
						Book value per diluted common share (treasury stock method)			$47.62						$55.50						(14.2		%)							$47.62						$55.50						(14.2		%)
						Tangible book value per diluted common share (treasury stock method) [a]			$44.74						$52.50						(14.8		%)							$44.74						$52.50						(14.8		%)
FINANCIAL RATIOS						Current accident year loss ratio, excluding catastrophe and weather-related losses			55.3		%				55.7		%				(0.4)			pts						54.7		%				55.4		%				(0.7)			pts
						Catastrophe and weather-related losses ratio			5.3		%				2.5		%				2.8			pts						5.1		%				6.2		%				(1.1)			pts
						Current accident year loss ratio			60.6		%				58.2		%				2.4			pts						59.8		%				61.6		%				(1.8)			pts
						Prior year reserve development ratio			(0.3		%)				(0.6		%)				0.3			pts						(0.5		%)				(0.5		%)				—			pts
						Net losses and loss expenses ratio			60.3		%				57.6		%				2.7			pts						59.3		%				61.1		%				(1.8)			pts
						Acquisition cost ratio			20.2		%				18.9		%				1.3			pts						20.0		%				19.4		%				0.6			pts
						General and administrative expense ratio [e]			12.9		%				14.1		%				(1.2)			pts						13.1		%				14.2		%				(1.1)			pts
						Combined ratio			93.4		%				90.6		%				2.8			pts						92.4		%				94.7		%				(2.3)			pts
INVESTMENT DATA						Total assets			$	27,619,427					$	27,581,730					0.1		%							$	27,619,427					$	27,581,730					0.1		%
						Total cash and invested assets [f]			$	15,726,034					$	16,107,625					(2.4		%)							$	15,726,034					$	16,107,625					(2.4		%)
						Net investment income			$	92,214					$	104,672					(11.9		%)							$	183,569					$	218,836					(16.1		%)
						Net investment gains (losses)			$	(173,263)					$	73,293					nm									$	(267,771)					$	102,936					nm
						Book yield of fixed maturities			2.4		%				2.0		%				0.4			pts						2.4		%				2.0		%				0.4			pts

[a]    Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE") and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE") and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this document.

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

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

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

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

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

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

1

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

												Three months ended June 30,												Six months ended June 30,
												2022						2021						2022						2021
Revenues
			Net premiums earned						$	1,277,052					$	1,156,941					$	2,535,297					$	2,260,663
			Net investment income						92,214						104,672						183,569						218,836
			Net investment gains (losses)						(173,263)						73,293						(267,771)						102,936
			Other insurance related income						2,213						5,817						8,906						8,598
			Total revenues									1,198,216						1,340,723						2,460,001						2,591,033
Expenses
			Net losses and loss expenses						769,587						666,473						1,502,285						1,381,190
			Acquisition costs						257,582						219,070						505,932						437,941
			General and administrative expenses						165,586						162,452						334,627						320,860
			Foreign exchange losses (gains)						(57,000)						19,602						(101,274)						23,716
			Interest expense and financing costs						15,241						15,235						30,805						30,806
			Reorganization expenses						15,728						—						15,728						—
			Amortization of value of business acquired						—						1,028						—						2,056
			Amortization of intangible assets						2,729						3,324						5,458						6,013
			Total expenses									1,169,453						1,087,184						2,293,561						2,202,582
Income before income taxes and interest in income of equity method investments									28,763						253,539						166,440						388,451
			Income tax (expense) benefit						4,965						(27,865)						4,942						(48,641)
			Interest in income of equity method investments						1,050						9,799						12,600						18,960
Net income									34,778						235,473						183,982						358,770
			Preferred share dividends						7,563						7,563						15,125						15,125
Net income available to common shareholders									$	27,215					$	227,910					$	168,857					$	343,645

2

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

																																																Year ended December 31,
			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020															2021
UNDERWRITING REVENUES
Gross premiums written			$	2,113,483					$	2,634,608					$	1,562,828					$	1,646,489					$	1,941,186					$	1,716,183														$	7,685,984
Ceded premiums written			(796,636)						(821,736)						(615,420)						(650,018)						(737,328)						(660,249)															(2,759,360)
Net premiums written			1,316,847						1,812,872						947,408						996,471						1,203,858						1,055,934															4,926,624
Gross premiums earned			1,971,208						1,902,508						1,936,521						1,879,280						1,794,769						1,694,861															7,281,709
Ceded premiums earned			(694,156)						(644,262)						(698,761)						(667,853)						(637,828)						(590,858)															(2,571,859)
Net premiums earned			1,277,052						1,258,246						1,237,760						1,211,427						1,156,941						1,104,003															4,709,850
Other insurance related income			2,213						6,693						7,033						7,665						5,817						1,996															23,295
Total underwriting revenues			1,279,265						1,264,939						1,244,793						1,219,092						1,162,758						1,105,999															4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses			769,587						732,699						716,225						911,369						666,473						676,261															3,008,783
Acquisition costs			257,582						248,352						252,180						231,712						219,070						228,502															921,834
Underwriting-related general and administrative expenses [a]			135,403						145,096						140,379						134,826						128,961						113,824															536,834
Total underwriting expenses			1,162,572						1,126,147						1,108,784						1,277,907						1,014,504						1,018,587															4,467,451
UNDERWRITING INCOME (LOSS) [b]			116,693						138,792						136,009						(58,815)						148,254						87,412															265,694
OTHER (EXPENSES) REVENUES
Net investment income			92,214						91,355						128,128						107,339						104,672						45,040															454,301
Net investment gains (losses)			(173,263)						(94,508)						20,410						10,932						73,293						53,043															134,279
Corporate expenses [a]			(30,183)						(23,945)						(44,105)						(23,134)						(33,491)						(26,828)															(126,470)
Foreign exchange (losses) gains			57,000						44,273						(4,632)						28,032						(19,602)						(9,709)															(315)
Interest expense and financing costs			(15,241)						(15,564)						(15,543)						(15,954)						(15,235)						(20,595)															(62,302)
Reorganization expenses			(15,728)						—						—						—						—						(392)															—
Amortization of value of business acquired			—						—						(771)						(1,028)						(1,028)						(1,285)															(3,854)
Amortization of intangible assets			(2,729)						(2,729)						(3,260)						(3,149)						(3,324)						(2,855)															(12,424)
Total other (expenses) revenues			(87,930)						(1,118)						80,227						103,038						105,285						36,419															383,215
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS			28,763						137,674						216,236						44,223						253,539						123,831															648,909
Income tax (expense) benefit			4,965						(24)						(12,557)						(1,186)						(27,865)						(10,893)															(62,384)
Interest in income of equity method investments			1,050						11,550						1,213						11,911						9,799						7,102															32,084
NET INCOME			34,778						149,200						204,892						54,948						235,473						120,040															618,609
Preferred share dividends			(7,563)						(7,563)						(7,563)						(7,563)						(7,563)						(7,563)															(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS			$	27,215					$	141,637					$	197,329					$	47,385					$	227,910					$	112,477														$	588,359

[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.

3

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

																																																			Year ended December 31,
			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020																		2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses			55.3		%				54.2		%				54.3		%				55.4		%				55.7		%				58.0		%																55.1		%
Catastrophe and weather-related losses ratio			5.3		%				4.7		%				4.3		%				20.7		%				2.5		%				3.5		%																9.5		%
Current accident year loss ratio			60.6		%				58.9		%				58.6		%				76.1		%				58.2		%				61.5		%																64.6		%
Prior year reserve development ratio			(0.3		%)				(0.7		%)				(0.7		%)				(0.9		%)				(0.6		%)				(0.2		%)																(0.7		%)
Net losses and loss expenses ratio			60.3		%				58.2		%				57.9		%				75.2		%				57.6		%				61.3		%																63.9		%
Acquisition cost ratio			20.2		%				19.7		%				20.4		%				19.1		%				18.9		%				20.7		%																19.6		%
General and administrative expense ratio [a]			12.9		%				13.5		%				14.8		%				13.1		%				14.1		%				12.7		%																14.0		%
Combined ratio			93.4		%				91.4		%				93.1		%				107.4		%				90.6		%				94.7		%																97.5		%
Weighted average common shares outstanding			85,173						84,961						84,774						84,771						84,764						84,303																		84,707
Weighted average diluted common shares outstanding			85,843						85,808						85,591						85,336						85,267						84,600																		85,291
Earnings per common share			$0.32						$1.67						$2.33						$0.56						$2.69						$1.33																		$6.95
Earnings per diluted common share			$0.32						$1.65						$2.31						$0.56						$2.67						$1.33																		$6.90
Annualized ROACE			2.5		%				12.0		%				16.4		%				3.9		%				19.3		%				10.0		%																12.2		%
Annualized operating ROACE			13.7		%				15.3		%				15.1		%				0.1		%				14.4		%				6.3		%																9.1		%

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

4

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

			Six months ended June 30,																		Year ended December 31,
			2022						2021						2020						2021						2020
UNDERWRITING REVENUES
Gross premiums written			$	4,748,091					$	4,476,667					$	4,147,341					$	7,685,984					$	6,826,938
Ceded premiums written			(1,618,372)						(1,493,923)						(1,412,363)						(2,759,360)						(2,490,529)
Net premiums written			3,129,719						2,982,744						2,734,978						4,926,624						4,336,409
Gross premiums earned			3,873,717						3,465,908						3,352,273						7,281,709						6,768,733
Ceded premiums earned			(1,338,420)						(1,205,245)						(1,159,645)						(2,571,859)						(2,397,424)
Net premiums earned			2,535,297						2,260,663						2,192,628						4,709,850						4,371,309
Other insurance related income (loss)			8,906						8,598						(6,710)						23,295						(8,089)
Total underwriting revenues			2,544,203						2,269,261						2,185,918						4,733,145						4,363,220
UNDERWRITING EXPENSES
Net losses and loss expenses			1,502,285						1,381,190						1,584,335						3,008,783						3,281,252
Acquisition costs			505,932						437,941						467,152						921,834						929,517
Underwriting-related general and administrative expenses [a]			280,499						261,629						243,786						536,834						477,968
Total underwriting expenses			2,288,716						2,080,760						2,295,273						4,467,451						4,688,737
UNDERWRITING INCOME (LOSS) [b]			255,487						188,501						(109,355)						265,694						(325,517)
OTHER (EXPENSES) REVENUES
Net investment income			183,569						218,836						138,140						454,301						349,601
Net investment gains (losses)			(267,771)						102,936						(9,831)						134,279						129,133
Corporate expenses [a]			(54,128)						(59,231)						(53,926)						(126,470)						(101,822)
Foreign exchange (losses) gains			101,274						(23,716)						51,974						(315)						(81,069)
Interest expense and financing costs			(30,805)						(30,806)						(44,067)						(62,302)						(75,049)
Reorganization expenses			(15,728)						—						591						—						(7,881)
Amortization of value of business acquired			—						(2,056)						(3,083)						(3,854)						(5,139)
Amortization of intangible assets			(5,458)						(6,013)						(5,725)						(12,424)						(11,390)
Total other (expenses) revenues			(89,047)						199,950						74,073						383,215						196,384
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS			166,440						388,451						(35,282)						648,909						(129,133)
Income tax (expense) benefit			4,942						(48,641)						(6,026)						(62,384)						12,321
Interest in income (loss) of equity method investments			12,600						18,960						(16,475)						32,084						(3,612)
NET INCOME (LOSS)			183,982						358,770						(57,783)						618,609						(120,424)
Preferred share dividends			(15,125)						(15,125)						(15,125)						(30,250)						(30,250)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS			$	168,857					$	343,645					$	(72,908)					$	588,359					$	(150,674)

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

[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.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

			Six months ended June 30,																		Year ended December 31,
			2022						2021						2020						2021						2020
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses			54.7		%				55.4		%				57.5		%				55.1		%				57.7		%
Catastrophe and weather-related losses ratio			5.1		%				6.2		%				15.2		%				9.5		%				17.7		%
Current accident year loss ratio			59.8		%				61.6		%				72.7		%				64.6		%				75.4		%
Prior year reserve development ratio			(0.5		%)				(0.5		%)				(0.4		%)				(0.7		%)				(0.3		%)
Net losses and loss expenses ratio			59.3		%				61.1		%				72.3		%				63.9		%				75.1		%
Acquisition cost ratio			20.0		%				19.4		%				21.3		%				19.6		%				21.3		%
General and administrative expense ratio [a]			13.1		%				14.2		%				13.5		%				14.0		%				13.2		%
Combined ratio			92.4		%				94.7		%				107.1		%				97.5		%				109.6		%
Weighted average common shares outstanding			85,068						84,640						84,198						84,707						84,262
Weighted average diluted common shares outstanding [b]			85,826						85,117						84,198						85,291						84,262
Earnings (loss) per common share			$1.98						$4.06						($0.87)						$6.95						($1.79)
Earnings (loss) per diluted common share			$1.97						$4.04						($0.87)						$6.90						($1.79)
Annualized ROACE			7.5		%				14.3		%				(3.1		%)				12.2		%				(3.2		%)
Annualized operating ROACE			14.6		%				10.6		%				(3.9		%)				9.1		%				(3.7		%)

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

[b]     Due to the net loss attributable to common shareholders recognized for the six months ended June 30, 2020, and year ended December 31, 2020, the share equivalents were anti-dilutive.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

						Three months ended June 30, 2022																								Six months ended June 30, 2022
						Insurance						Reinsurance						Total																								Insurance						Reinsurance						Total
UNDERWRITING REVENUES
Gross premiums written						$	1,469,622					$	643,861					$	2,113,483																							$	2,796,886					$	1,951,205					$	4,748,091
Ceded premiums written						(600,203)						(196,433)						(796,636)																								(1,083,554)						(534,818)						(1,618,372)
Net premiums written						869,419						447,428						1,316,847																								1,713,332						1,416,387						3,129,719
Gross premiums earned						1,285,275						685,933						1,971,208																								2,518,557						1,355,160						3,873,717
Ceded premiums earned						(516,551)						(177,605)						(694,156)																								(997,018)						(341,402)						(1,338,420)
Net premiums earned						768,724						508,328						1,277,052																								1,521,539						1,013,758						2,535,297
Other insurance related income						237						1,976						2,213																								319						8,587						8,906
Total underwriting revenues						768,961						510,304						1,279,265																								1,521,858						1,022,345						2,544,203
UNDERWRITING EXPENSES
Net losses and loss expenses						421,836						347,751						769,587																								827,579						674,706						1,502,285
Acquisition costs						144,732						112,850						257,582																								283,543						222,389						505,932
Underwriting-related general and administrative expenses						108,577						26,826						135,403																								222,527						57,972						280,499
Total underwriting expenses						675,145						487,427						1,162,572																								1,333,649						955,067						2,288,716
UNDERWRITING INCOME						$	93,816					$	22,877					$	116,693																							$	188,209					$	67,278					$	255,487
Catastrophe and weather-related losses, net of reinstatement premiums						$	27,989					$	39,130					$	67,119																							$	60,719					$	66,476					$	127,195
Net favorable prior year reserve development						$	2,773					$	1,167					$	3,940																							$	9,838					$	3,059					$	12,897
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses						51.6		%				60.9		%				55.3		%																						51.0		%				60.3		%				54.7		%
Catastrophe and weather-related losses ratio						3.6		%				7.7		%				5.3		%																						4.0		%				6.6		%				5.1		%
Current accident year loss ratio						55.2		%				68.6		%				60.6		%																						55.0		%				66.9		%				59.8		%
Prior year reserve development ratio						(0.3		%)				(0.2		%)				(0.3		%)																						(0.6		%)				(0.3		%)				(0.5		%)
Net losses and loss expenses ratio						54.9		%				68.4		%				60.3		%																						54.4		%				66.6		%				59.3		%
Acquisition cost ratio						18.8		%				22.2		%				20.2		%																						18.6		%				21.9		%				20.0		%
Underwriting-related general and administrative expense ratio						14.1		%				5.3		%				10.5		%																						14.7		%				5.7		%				11.0		%
Corporate expense ratio																		2.4		%																																		2.1		%
Combined ratio						87.8		%				95.9		%				93.4		%																						87.7		%				94.2		%				92.4		%

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AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

																																										Six months ended June 30,																											Year ended December 31,
						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020						2022						2021																					2021
INSURANCE SEGMENT
Property						$	386,350					$	284,937					$	281,105					$	273,548					320,424						$	279,436					$	671,287					$	582,210																				$	1,136,864
Marine						126,952						198,551						80,355						87,463						114,061						116,398						325,503						302,009																					469,826
Terrorism						14,179						22,982						9,868						14,167						12,339						11,008						37,161						32,083																					56,117
Aviation						26,844						25,967						27,711						32,954						29,742						23,794						52,811						50,143																					110,809
Credit and Political Risk						47,085						47,499						55,360						27,651						43,140						28,002						94,584						80,592																					163,602
Professional Lines						496,275						435,865						549,011						465,576						463,763						346,921						932,141						801,528																					1,816,116
Liability						306,541						253,162						267,726						228,497						241,522						204,590						559,703						434,777																					930,999
Accident and Health						65,396						58,301						43,927						46,644						43,481						27,419						123,696						88,328																					178,899
TOTAL INSURANCE SEGMENT						$	1,469,622					$	1,327,264					$	1,315,063					$	1,176,500					$	1,268,472					$	1,037,568					$	2,796,886					$	2,371,670																				$	4,863,232
REINSURANCE SEGMENT
Catastrophe						$	62,077					$	138,396					$	19,957					$	88,396					$	133,089					$	189,706					$	200,473					$	384,045																				$	492,397
Property						20,386						76,323						4,042						38,584						44,325						54,751						96,709						170,780																					213,406
Credit and Surety						76,872						103,876						31,667						55,807						37,413						50,332						180,748						120,634																					208,108
Professional Lines						173,056						133,579						49,739						24,279						148,398						111,725						306,635						279,653																					353,671
Motor						35,814						151,714						4,511						12,151						39,781						43,065						187,528						263,304																					279,966
Liability						190,072						284,348						104,956						166,085						182,688						149,641						474,420						451,889																					722,931
Engineering						444						10,065						(874)						(660)						(2,502)						3,006						10,509						(4,930)																					(6,464)
Agriculture						49,971						27,826						10,822						11,992						46,874						43,896						77,796						63,314																					86,128
Marine and Aviation						25,198						50,485						3,484						12,428						25,714						25,868						75,684						58,056																					73,968
Accident and Health						9,971						330,732						19,461						60,927						16,934						6,625						340,703						318,252																					398,641
TOTAL REINSURANCE SEGMENT						$	643,861					$	1,307,344					$	247,765					$	469,989					$	672,714					$	678,615					$	1,951,205					$	2,104,997																				$	2,822,752
CONSOLIDATED TOTAL						$	2,113,483					$	2,634,608					$	1,562,828					$	1,646,489					$	1,941,186					$	1,716,183					$	4,748,091					$	4,476,667																				$	7,685,984

8

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																																																															Year ended December 31,
						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021												Q2 2020																					2021
UNDERWRITING REVENUES
Gross premiums written						$	2,113,483					$	2,634,608					$	1,562,828					$	1,646,489					$	1,941,186											$	1,716,183																				$	7,685,984
Ceded premiums written						(796,636)						(821,736)						(615,420)						(650,018)						(737,328)												(660,249)																					(2,759,360)
Net premiums written						1,316,847						1,812,872						947,408						996,471						1,203,858												1,055,934																					4,926,624
Gross premiums earned						1,971,208						1,902,508						1,936,521						1,879,280						1,794,769												1,694,861																					7,281,709
Ceded premiums earned						(694,156)						(644,262)						(698,761)						(667,853)						(637,828)												(590,858)																					(2,571,859)
Net premiums earned						1,277,052						1,258,246						1,237,760						1,211,427						1,156,941												1,104,003																					4,709,850
Other insurance related income						2,213						6,693						7,033						7,665						5,817												1,996																					23,295
Total underwriting revenues						1,279,265						1,264,939						1,244,793						1,219,092						1,162,758												1,105,999																					4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses						769,587						732,699						716,225						911,369						666,473												676,261																					3,008,783
Acquisition costs						257,582						248,352						252,180						231,712						219,070												228,502																					921,834
Underwriting-related general and administrative expenses						135,403						145,096						140,379						134,826						128,961												113,824																					536,834
Total underwriting expenses						1,162,572						1,126,147						1,108,784						1,277,907						1,014,504												1,018,587																					4,467,451
UNDERWRITING INCOME (LOSS)						$	116,693					$	138,792					$	136,009					$	(58,815)					$	148,254											$	87,412																				$	265,694
Catastrophe and weather-related losses, net of reinstatement premiums						$	67,119					$	60,076					$	54,209					$	249,830					$	28,562											$	36,047																				$	442,859
Net favorable prior year reserve development						$	3,940					$	8,956					$	9,270					$	11,012					$	6,808											$	2,655																				$	32,410
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses						55.3		%				54.2		%				54.3		%				55.4		%				55.7		%										58.0		%																			55.1		%
Catastrophe and weather-related losses ratio						5.3		%				4.7		%				4.3		%				20.7		%				2.5		%										3.5		%																			9.5		%
Current accident year loss ratio						60.6		%				58.9		%				58.6		%				76.1		%				58.2		%										61.5		%																			64.6		%
Prior year reserve development ratio						(0.3		%)				(0.7		%)				(0.7		%)				(0.9		%)				(0.6		%)										(0.2		%)																			(0.7		%)
Net losses and loss expenses ratio						60.3		%				58.2		%				57.9		%				75.2		%				57.6		%										61.3		%																			63.9		%
Acquisition cost ratio						20.2		%				19.7		%				20.4		%				19.1		%				18.9		%										20.7		%																			19.6		%
Underwriting-related general and administrative expenses ratio						12.9		%				13.5		%				14.8		%				13.1		%				14.1		%										12.7		%																			14.0		%
Combined ratio						93.4		%				91.4		%				93.1		%				107.4		%				90.6		%										94.7		%																			97.5		%

9

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AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																																																																					Year ended December 31,
						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020																																	2021
UNDERWRITING REVENUES
Gross premiums written						$	1,469,622					$	1,327,264					$	1,315,063					$	1,176,500					$	1,268,472					$	1,037,568																																$	4,863,233
Ceded premiums written						(600,203)						(483,352)						(548,369)						(469,008)						(555,587)						(434,807)																																	(1,968,347)
Net premiums written						869,419						843,912						766,694						707,492						712,885						602,761																																	2,894,885
Gross premiums earned						1,285,275						1,233,281						1,212,644						1,142,550						1,076,900						952,241																																	4,445,035
Ceded premiums earned						(516,551)						(480,465)						(490,275)						(461,542)						(445,225)						(375,222)																																	(1,793,696)
Net premiums earned						768,724						752,816						722,369						681,008						631,675						577,019																																	2,651,339
Other insurance related income						237						82						227						468						552						755																																	1,662
Total underwriting revenues						768,961						752,898						722,596						681,476						632,227						577,774																																	2,653,001
UNDERWRITING EXPENSES
Net losses and loss expenses						421,836						405,745						383,246						442,681						332,175						337,367																																	1,514,998
Acquisition costs						144,732						138,812						136,172						123,529						106,963						116,259																																	484,344
Underwriting-related general and administrative expenses						108,577						113,950						121,505						104,905						99,569						89,751																																	429,282
Total underwriting expenses						675,145						658,507						640,923						671,115						538,707						543,377																																	2,428,624
UNDERWRITING INCOME						$	93,816					$	94,391					$	81,673					$	10,361					$	93,520					$	34,397																																$	224,377
Catastrophe and weather-related losses, net of reinstatement premiums						$	27,989					$	32,730					$	22,654					$	104,873					$	11,088					$	15,786																																$	174,559
Net favorable prior year reserve development						$	2,773					$	7,062					$	5,008					$	5,418					$	6,427					$	420																																$	18,360
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses						51.6		%				50.5		%				50.8		%				50.8		%				51.8		%				55.6		%																															51.4		%
Catastrophe and weather-related losses ratio						3.6		%				4.3		%				2.9		%				15.0		%				1.8		%				2.9		%																															6.4		%
Current accident year loss ratio						55.2		%				54.8		%				53.7		%				65.8		%				53.6		%				58.5		%																															57.8		%
Prior year reserve development ratio						(0.3		%)				(0.9		%)				(0.6		%)				(0.8		%)				(1.0		%)				—		%																															(0.7		%)
Net losses and loss expenses ratio						54.9		%				53.9		%				53.1		%				65.0		%				52.6		%				58.5		%																															57.1		%
Acquisition cost ratio						18.8		%				18.4		%				18.9		%				18.1		%				16.9		%				20.1		%																															18.3		%
Underwriting-related general and administrative expenses ratio						14.1		%				15.2		%				16.7		%				15.4		%				15.8		%				15.6		%																															16.2		%
Combined ratio						87.8		%				87.5		%				88.7		%				98.5		%				85.3		%				94.2		%																															91.6		%

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AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																																																																								Year ended December 31,
						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020																																				2021
UNDERWRITING REVENUES
Gross premiums written						$	643,861					$	1,307,344					$	247,765					$	469,989					$	672,714					$	678,615																																			$	2,822,752
Ceded premiums written						(196,433)						(338,384)						(67,051)						(181,010)						(181,741)						(225,442)																																				(791,013)
Net premiums written						447,428						968,960						180,714						288,979						490,973						453,173																																				2,031,739
Gross premiums earned						685,933						669,227						723,877						736,730						717,869						742,620																																				2,836,674
Ceded premiums earned						(177,605)						(163,797)						(208,486)						(206,311)						(192,603)						(215,636)																																				(778,163)
Net premiums earned						508,328						505,430						515,391						530,419						525,266						526,984																																				2,058,511
Other insurance related income						1,976						6,611						6,806						7,197						5,265						1,241																																				21,633
Total underwriting revenues						510,304						512,041						522,197						537,616						530,531						528,225																																				2,080,144
UNDERWRITING EXPENSES
Net losses and loss expenses						347,751						326,954						332,979						468,688						334,298						338,894																																				1,493,785
Acquisition costs						112,850						109,540						116,008						108,183						112,107						112,243																																				437,490
Underwriting-related general and administrative expenses						26,826						31,146						18,874						29,921						29,392						24,073																																				107,552
Total underwriting expenses						487,427						467,640						467,861						606,792						475,797						475,210																																				2,038,827
UNDERWRITING INCOME (LOSS)						$	22,877					$	44,401					$	54,336					$	(69,176)					$	54,734					$	53,015																																			$	41,317
Catastrophe and weather-related losses, net of reinstatement premiums						$	39,130					$	27,346					$	31,555					$	144,957					$	17,474					$	20,261																																			$	268,300
Net favorable prior year reserve development						$	1,167					$	1,894					$	4,262					$	5,594					$	381					$	2,235																																			$	14,050
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses						60.9		%				59.7		%				59.2		%				61.4		%				60.4		%				60.6		%																																		59.9		%
Catastrophe and weather-related losses ratio						7.7		%				5.4		%				6.2		%				28.0		%				3.3		%				4.1		%																																		13.3		%
Current accident year loss ratio						68.6		%				65.1		%				65.4		%				89.4		%				63.7		%				64.7		%																																		73.2		%
Prior year reserve development ratio						(0.2		%)				(0.4		%)				(0.8		%)				(1.0		%)				(0.1		%)				(0.4		%)																																		(0.6		%)
Net losses and loss expenses ratio						68.4		%				64.7		%				64.6		%				88.4		%				63.6		%				64.3		%																																		72.6		%
Acquisition cost ratio						22.2		%				21.7		%				22.5		%				20.4		%				21.3		%				21.3		%																																		21.3		%
Underwriting-related general and administrative expense ratio						5.3		%				6.1		%				3.7		%				5.6		%				5.7		%				4.6		%																																		5.1		%
Combined ratio						95.9		%				92.5		%				90.8		%				114.4		%				90.6		%				90.2		%																																		99.0		%

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AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

						Three months ended June 30,																																				Six months ended June 30,
						2022																		2021																		2022																		2021
TOTAL MANAGED PREMIUMS [a]						Insurance						Reinsurance						Total						Insurance						Reinsurance						Total						Insurance						Reinsurance						Total						Insurance						Reinsurance						Total
Total Managed Premiums						$	1,469,622					$	643,861					$	2,113,483					$	1,268,472					$	672,714					$	1,941,186					$	2,796,886					$	1,951,205					$	4,748,091					$	2,371,670					$	2,104,997					$	4,476,667
Premiums ceded to Harrington Re						6,438						89,122						95,560						2,316						67,915						70,231						10,425						218,936						229,361						4,045						185,477						189,522
Premiums ceded to Other Strategic Capital Partners						—						107,311						107,311						—						113,826						113,826						—						315,882						315,882						—						357,475						357,475
Premiums ceded to Other Reinsurers						593,765						—						593,765						553,271						—						553,271						1,073,129						—						1,073,129						946,926						—						946,926
Net premiums written						$	869,419					$	447,428					$	1,316,847					$	712,885					$	490,973					$	1,203,858					$	1,713,332					$	1,416,387					$	3,129,719					$	1,420,699					$	1,562,045					$	2,982,744
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income						$	—					$	1,609					$	1,609					$	—					$	4,921					$	4,921					$	—					$	7,665					$	7,665					$	—					$	6,626					$	6,626
Offset to general and administrative expenses						—						10,221						10,221						—						10,546						10,546						—						21,782						21,782						—						21,069						21,069
Total Fee income						$	—					$	11,830					$	11,830					$	—					$	15,467					$	15,467					$	—					$	29,447					$	29,447					$	—					$	27,695					$	27,695

[a] Total managed premiums represents gross premiums written of $2.1 billion and $1.9 billion for the three months ended June 30, 2022 and 2021, respectively, and $4.7 billion and $4.5 billion for the six months ended June 30, 2022 and 2021, respectively, and includes premiums written by the insurance and reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

[b] Fee income from strategic capital partners represents service fees and reimbursement of expenses from strategic capital partners.

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AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

																																																																					Six months ended June 30,												Year ended December 31,
						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020																																	2022						2021						2021
Fixed maturities						$	72,607					$	64,809					$	67,623					$	63,712					$	61,244					$	80,459																																$	137,416					$	130,714					$	262,049
Other investments						14,327						26,050						56,965						41,695						41,414						(37,580)																																	40,377						83,248						181,906
Equity securities						2,688						2,172						4,430						2,724						3,100						2,263																																	4,860						5,598						12,752
Mortgage loans						4,903						4,163						4,461						4,426						4,355						3,660																																	9,067						8,541						17,427
Cash and cash equivalents						3,679						1,118						808						692						617						2,392																																	4,797						2,953						4,454
Short-term investments						402						166						74						391						66						366																																	567						199						664
Gross investment income						98,606						98,478						134,361						113,640						110,796						51,560																																	197,084						231,253						479,252
Investment expenses						(6,392)						(7,123)						(6,233)						(6,301)						(6,124)						(6,520)																																	(13,515)						(12,417)						(24,951)
Net investment income						$	92,214					$	91,355					$	128,128					$	107,339					$	104,672					$	45,040																																$	183,569					$	218,836					$	454,301

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

						June 30,						March 31,						December 31,						September 30,						June 30,						June 30,
						2022						2022						2021						2021						2021						2020
ASSETS
Investments:
Fixed maturities, available for sale, at fair value						$	11,304,682					$	11,456,024					$	12,313,200					$	12,380,959					$	11,898,300					$	12,046,415
Fixed maturities, held to maturity, at amortized cost						641,428						493,509						446,016						416,879						403,370						—
Equity securities, at fair value						522,161						563,950						655,675						618,822						588,196						378,860
Mortgage loans, held for investment, at fair value						656,112						627,063						594,088						623,487						656,056						524,757
Other investments, at fair value						981,774						954,602						947,982						892,664						865,238						768,635
Equity method investments						158,893						157,843						146,293						145,080						133,169						101,346
Short-term investments, at fair value						65,683						70,385						31,063						68,267						112,862						34,337
Total investments						14,330,733						14,323,376						15,134,317						15,146,158						14,657,191						13,854,350
Cash and cash equivalents						1,497,928						1,706,711						1,317,690						1,499,204						1,589,443						1,648,833
Accrued interest receivable						73,873						64,906						64,350						62,423						63,215						68,880
Insurance and reinsurance premium balances receivable						3,174,117						3,163,990						2,622,676						2,978,996						3,393,777						3,527,147
Reinsurance recoverable on unpaid losses and loss expenses						5,008,583						4,957,080						5,017,611						4,989,645						4,626,454						4,160,521
Reinsurance recoverable on paid losses and loss expenses						510,613						612,027						642,215						506,503						467,180						395,990
Deferred acquisition costs						576,237						575,250						465,593						544,384						574,658						583,484
Prepaid reinsurance premiums						1,656,643						1,555,303						1,377,358						1,460,723						1,479,328						1,352,090
Receivable for investments sold						10,421						55,473						4,555						2,028						3,671						2,985
Goodwill						100,801						100,801						100,801						100,801						100,801						102,003
Intangible assets						203,259						205,988						208,717						211,557						214,286						225,092
Value of business acquired						—						—						—						770						1,798						5,909
Operating lease right-of-use assets						94,451						98,837						103,295						107,791						112,444						136,815
Other assets						381,768						388,816						309,792						324,154						297,484						295,074
TOTAL ASSETS						$	27,619,427					$	27,808,558					$	27,368,970					$	27,935,137					$	27,581,730					$	26,359,173
LIABILITIES
Reserve for losses and loss expenses						$	14,398,039					$	14,470,155					$	14,653,094					$	14,658,996					$	14,157,353					$	13,179,166
Unearned premiums						4,963,138						4,824,128						4,090,676						4,464,282						4,698,944						4,418,728
Insurance and reinsurance balances payable						1,624,184						1,522,258						1,324,620						1,442,729						1,409,772						1,365,799
Debt						1,311,637						1,311,304						1,310,975						1,310,650						1,310,328						1,309,076
Payable for investments purchased						186,921						127,284						31,543						239,073						205,895						350,347
Operating lease liabilities						105,129						113,340						119,512						123,874						130,174						141,621
Other liabilities						327,748						319,549						427,894						360,478						279,504						296,616
TOTAL LIABILITIES						22,916,796						22,688,018						21,958,314						22,600,082						22,191,970						21,061,353
SHAREHOLDERS’ EQUITY
Preferred shares						550,000						550,000						550,000						550,000						550,000						550,000
Common shares						2,206						2,206						2,206						2,206						2,206						2,206
Additional paid-in capital						2,341,507						2,328,986						2,346,179						2,336,895						2,326,288						2,317,354
Accumulated other comprehensive income (loss)						(724,114)						(338,300)						56,536						150,122						226,317						281,599
Retained earnings						6,298,680						6,308,712						6,204,745						6,044,843						6,034,151						5,913,029
Treasury shares, at cost						(3,765,648)						(3,731,064)						(3,749,010)						(3,749,011)						(3,749,202)						(3,766,368)
TOTAL SHAREHOLDERS' EQUITY						4,702,631						5,120,540						5,410,656						5,335,055						5,389,760						5,297,820
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY						$	27,619,427					$	27,808,558					$	27,368,970					$	27,935,137					$	27,581,730					$	26,359,173
Common shares outstanding						84,655						85,276						84,774						84,773						84,767						84,306
Diluted common shares outstanding [a]						87,201						87,948						87,147						87,216						87,197						86,178
Book value per common share						$49.05						$53.60						$57.34						$56.45						$57.09						$56.32
Book value per diluted common share						$47.62						$51.97						$55.78						$54.86						$55.50						$55.09
Tangible book value per diluted common share						$44.74						$49.08						$52.84						$51.89						$52.50						$51.79
Debt to total capital [b]						21.8		%				20.4		%				19.5		%				19.7		%				19.6		%				19.8		%
Debt and preferred equity to total capital						31.0		%				28.9		%				27.7		%				28.0		%				27.8		%				28.1		%

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

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

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AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

						At June 30, 2022																																				At December 31, 2021
						Cost or Amortized  Cost						Allowance for Expected Credit Losses						Unrealized Gains						Unrealized Losses									Fair Value or Net Carrying Value						Percentage						Fair Value or Net Carrying Value						Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency						$	2,529,109					$	—					$	974					$	(91,774)								$	2,438,309					15.5		%				$	2,682,448					16.3		%
Non-U.S. government						705,258						—						172						(50,710)									654,720						4.2		%				795,178						4.8		%
Corporate debt						4,764,585						(7,180)						2,415						(418,763)									4,341,057						27.6		%				4,495,312						27.3		%
Agency RMBS						1,082,381						—						1,112						(64,369)									1,019,124						6.5		%				1,074,589						6.5		%
CMBS						1,143,767						—						45						(60,772)									1,083,040						6.9		%				1,248,191						7.6		%
Non-Agency RMBS						162,101						(86)						431						(14,342)									148,104						0.9		%				186,164						1.1		%
ABS						1,524,417						(28)						339						(68,578)									1,456,150						9.3		%				1,622,480						9.8		%
Municipals						174,511						—						29						(10,362)									164,178						1.0		%				208,838						1.3		%
Total fixed maturities, available for sale, at fair value						12,086,129						(7,294)						5,517						(779,670)									11,304,682						71.9		%				12,313,200						74.7		%
Fixed maturities, held to maturity, at amortized cost
Corporate debt						67,200						—						—						—									67,200						0.4		%				37,700						0.2		%
ABS						574,228						—						—						—									574,228						3.7		%				408,316						2.5		%
Total fixed maturities, held to maturity, at amortized cost						641,428						—						—						—									641,428						4.1		%				446,016						2.7		%
Equity securities, at fair value
Common stocks						2,998						—						434						(454)									2,978						—		%				1,364						—		%
Preferred Stocks						115						—						—						(19)									96						—		%				179						—		%
Exchange-traded funds						242,992						—						71,393						(8,328)									306,057						1.9		%				336,815						2.0		%
Bond mutual funds						277,093						—						—						(64,063)									213,030						1.4		%				317,317						2.0		%
Total equity securities, at fair value						523,198						—						71,827						(72,864)									522,161						3.3		%				655,675						4.0		%
Total fixed maturities and equity securities						$	13,250,755					$	(7,294)					$	77,344					$	(852,534)								12,468,271						79.3		%				13,414,891						81.4		%
Mortgage loans, held for investment																																	656,112						4.2		%				594,088						3.6		%
Other investments																																	981,774						6.2		%				947,982						5.7		%
Equity method investments																																	158,893						1.0		%				146,293						0.9		%
Short-term investments																																	65,683						0.4		%				31,063						0.2		%
Total investments																																	14,330,733						91.1		%				15,134,317						91.8		%
Cash and cash equivalents [a]																																	1,497,928						9.5		%				1,317,690						8.0		%
Accrued interest receivable																																	73,873						0.5		%				64,350						0.4		%
Net receivable/(payable) for investments sold (purchased)																																	(176,500)						(1.1		%)				(26,988)						(0.2		%)
Total cash and invested assets																																	$	15,726,034					100.0		%				$	16,489,369					100.0		%

[a]    Includes $653 million and $473 million of restricted cash and cash equivalents at June 30, 2022 and December 31, 2021, respectively.

																		At June 30, 2022												At December 31, 2021
																		Fair Value						Percentage						Fair Value						Percentage
Other Investments:
Long/short equity funds																		$	—					—		%				$	3,476					0.4		%
Multi-strategy funds																		44,653						4.5		%				56,012						5.9		%
Direct lending funds																		260,120						26.5		%				289,867						30.6		%
Real estate funds																		289,811						29.5		%				238,222						25.1		%
Private equity funds																		266,412						27.1		%				249,974						26.4		%
Other privately held investments																		115,970						11.8		%				104,521						11.0		%
Collateralized loan obligations - equity tranches																		4,808						0.6		%				5,910						0.6		%
Total																		$	981,774					100.0		%				$	947,982					100.0		%

15

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AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021												Q2 2020
						Fair Value %						Fair Value %						Fair Value %						Fair Value %						Fair Value %												Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency						15.5		%				14.3		%				16.3		%				16.3		%				15.9		%										13.2		%
Non-U.S. government						4.2		%				4.6		%				4.8		%				4.4		%				4.2		%										4.0		%
Corporate debt						27.6		%				27.9		%				27.3		%				27.6		%				27.9		%										30.6		%
MBS:
Agency RMBS						6.5		%				5.8		%				6.5		%				7.1		%				6.5		%										10.1		%
CMBS						6.9		%				7.2		%				7.6		%				7.4		%				7.1		%										9.0		%
Non-agency RMBS						0.9		%				1.1		%				1.1		%				1.2		%				1.3		%										0.8		%
ABS						9.3		%				9.6		%				9.8		%				10.0		%				9.3		%										10.1		%
Municipals						1.0		%				1.0		%				1.3		%				1.2		%				1.7		%										1.3		%
Total Fixed Maturities, available for sale						71.9		%				71.5		%				74.7		%				75.2		%				73.9		%										79.1		%
Fixed Maturities, held to maturity:
Corporate debt						0.4		%				0.3		%				0.2		%				0.1		%				—		%										—		%
ABS						3.7		%				2.8		%				2.5		%				2.4		%				2.5		%										—		%
Total Fixed Maturities, held to maturity						4.1		%				3.1		%				2.7		%				2.5		%				2.5		%										—		%
Equity securities						3.3		%				3.5		%				4.0		%				3.8		%				3.7		%										2.5		%
Mortgage loans						4.2		%				3.9		%				3.6		%				3.8		%				4.1		%										3.4		%
Other investments						6.2		%				6.0		%				5.7		%				5.4		%				5.4		%										5.0		%
Equity method investments						1.0		%				1.0		%				0.9		%				0.9		%				0.8		%										0.7		%
Short-term investments						0.4		%				0.4		%				0.2		%				0.4		%				0.6		%										0.3		%
Total Investments						91.1		%				89.4		%				91.8		%				92.0		%				91.0		%										91.0		%
Cash and cash equivalents						9.5		%				10.7		%				8.0		%				9.1		%				9.9		%										10.8		%
Accrued interest receivable						0.5		%				0.4		%				0.4		%				0.4		%				0.4		%										0.5		%
Net receivable/(payable) for investments sold (purchased)						(1.1		%)				(0.5		%)				(0.2		%)				(1.5		%)				(1.3		%)										(2.3		%)
Total Cash and Invested Assets						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%										100.0		%
CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency						20.4		%				19.0		%				21.0		%				21.0		%				20.7		%										16.7		%
AAA						35.1		%				35.0		%				35.2		%				36.1		%				35.2		%										38.9		%
AA						7.7		%				7.6		%				7.7		%				7.1		%				7.4		%										6.8		%
A						15.8		%				15.9		%				15.0		%				14.5		%				14.6		%										16.4		%
BBB						12.0		%				12.8		%				12.5		%				12.4		%				13.2		%										13.2		%
Below BBB						9.0		%				9.7		%				8.6		%				8.9		%				8.9		%										8.0		%
Total						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%										100.0		%
MATURITY PROFILE OF FIXED MATURITIES
Within one year						4.9		%				4.2		%				3.9		%				4.0		%				4.3		%										3.3		%
From one to five years						39.2		%				38.5		%				38.5		%				38.3		%				38.7		%										36.3		%
From five to ten years						18.1		%				19.5		%				19.8		%				19.3		%				20.3		%										20.7		%
Above ten years						2.0		%				2.3		%				2.2		%				2.2		%				1.7		%										1.8		%
Asset-backed and mortgage-backed securities						35.8		%				35.5		%				35.6		%				36.2		%				35.0		%										37.9		%
Total						100.0		%				100.0		%				100.0		%				100.0		%				100.0		%										100.0		%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities						2.4		%				2.1		%				1.9		%				1.9		%				2.0		%										2.5		%
Yield to maturity of fixed maturities						4.3		%				3.1		%				1.7		%				1.4		%				1.4		%										1.6		%
Average duration of fixed maturities (inclusive of duration hedges)						3.0 yrs						3.1 yrs						3.0 yrs						3.1 yrs						3.1 yrs												3.4 yrs
Average credit quality						AA-						AA-						AA-						AA-						AA-												AA-

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AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At June 30, 2022

						Fair Value or Net Carrying Value						% of Total Corporate Debt						% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks						$	804,687					18.5		%				5.1		%
Non-U.S. banks						371,507						8.6		%				2.4		%
Corporate/commercial finance						292,941						6.7		%				1.9		%
Insurance						168,233						3.9		%				1.1		%
Investment brokerage						91,266						2.1		%				0.6		%
Total financial institutions						1,728,634						39.8		%				11.1		%
Consumer non-cyclicals						367,009						8.5		%				2.3		%
Communications						230,406						5.3		%				1.5		%
Consumer cyclical						196,569						4.5		%				1.2		%
Utilities						194,202						4.5		%				1.2		%
Technology						158,293						3.6		%				1.0		%
Industrials						134,127						3.1		%				0.9		%
Energy						132,237						3.0		%				0.8		%
Transportation						95,935						2.2		%				0.6		%
Non-U.S. government guaranteed						87,718						2.0		%				0.6		%
Total investment grade						3,325,130						76.5		%				21.2		%
Total non-investment grade						1,015,927						23.5		%				6.4		%
Total corporate debt, available for sale, at fair value						$	4,341,057					100.0		%				27.6		%
Total corporate debt, held to maturity, at amortized cost						$	67,200					100.0		%				0.4		%

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AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At June 30, 2022  

						Amortized Cost						Net Unrealized Gain (Loss)						Fair Value						% of Total Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP						$	125,397					$	(12,331)					$	113,066					0.9		%
GOLDMAN SACHS GROUP						121,812						(10,015)						111,797						0.9		%
MORGAN STANLEY						117,401						(11,345)						106,056						0.9		%
WELLS FARGO & COMPANY						107,986						(8,772)						99,214						0.8		%
JP MORGAN CHASE & CO						101,178						(12,750)						88,428						0.7		%
CITIGROUP INC						95,664						(8,796)						86,868						0.7		%
AT&T INC						47,717						(5,784)						41,933						0.4		%
MITSUBISHI UFJ FINANCIAL GROUP INC						41,719						(3,924)						37,795						0.3		%
COMCAST CORPORATION						37,341						(2,891)						34,450						0.3		%
DEUTSCHE TELKOM AG						34,546						(2,128)						32,418						0.3		%

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

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AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At June 30, 2022

Available for sale, at fair value						Agencies						AAA						AA						A						BBB						Non-Investment Grade						Total
Residential MBS						$	1,019,124					$	133,161					$	4,894					$	4,923					$	246					$	4,880					$	1,167,228
Commercial MBS						49,590						942,735						85,759						4,956						—						—						1,083,040
ABS						—						1,193,312						112,778						94,950						28,940						26,170						1,456,150
Total mortgage-backed and asset-backed securities, available for sale, at fair value						$	1,068,714					$	2,269,208					$	203,431					$	104,829					$	29,186					$	31,050					$	3,706,418
Percentage of total						28.8		%				61.2		%				5.5		%				2.8		%				0.8		%				0.9		%				100.0		%

Held to maturity, at amortized cost						Agencies						AAA						AA						A						BBB						Non-Investment Grade						Total
ABS						—						366,686						207,542						—						—						—						574,228
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost						$	—					$	366,686					$	207,542					$	—					$	—					$	—					$	574,228
Percentage of total						—		%				63.9		%				36.1		%				—		%				—		%				—		%				100.0		%

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AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020
Reinsurance recoverable on paid losses and loss expenses:
Insurance						$	382,001					$	445,134					$	451,609					$	338,908					$	318,421					$	205,112
Reinsurance						128,612						166,893						190,606						167,595						148,759						190,878
Total						$	510,613					$	612,027					$	642,215					$	506,503					$	467,180					$	395,990
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance						$	808,623					$	821,432					$	922,709					$	908,182					$	870,602					$	898,849
Reinsurance						670,173						639,251						614,125						575,628						518,973						406,723
Total						$	1,478,796					$	1,460,683					$	1,536,834					$	1,483,810					$	1,389,575					$	1,305,572
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance						$	2,622,990					$	2,592,388					$	2,554,202					$	2,569,194					$	2,395,835					$	2,151,986
Reinsurance						935,198						932,801						956,130						963,728						867,253						723,950
Total						$	3,558,188					$	3,525,189					$	3,510,332					$	3,532,922					$	3,263,088					$	2,875,936
Allowance for expected credit losses:
Insurance						$	(25,682)					$	(25,475)					$	(25,869)					$	(23,664)					$	(22,749)					$	(19,025)
Reinsurance						(2,719)						(3,317)						(3,685)						(3,423)						(3,460)						(1,962)
Total						$	(28,401)					$	(28,792)					$	(29,554)					$	(27,087)					$	(26,209)					$	(20,987)
Reinsurance recoverable on unpaid and paid losses and loss expenses:
Insurance						$	3,787,932					$	3,833,479					$	3,902,651					$	3,792,620					$	3,562,109					$	3,236,922
Reinsurance						1,731,264						1,735,628						1,757,176						1,703,528						1,531,525						1,319,589
Total						$	5,519,196					$	5,569,107					$	5,659,827					$	5,496,148					$	5,093,634					$	4,556,511

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AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At June 30, 2022

Categories						Reinsurance Recoverable, Gross of Collateral						Collateral						Reinsurance Recoverable, Net of Collateral						% of Total Reinsurance Recoverable, Net  of Collateral						% of Total Shareholders’ Equity						Allowance for expected credit losses						Allowance for expected credit loss as % of Reinsurance  Recoverable, Gross of Collateral						Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverable						$	2,913,132					$	(836,872)					$	2,076,260					51.1%						44.2%						$	(11,347)					0.4%						$	2,901,785
Other reinsurers balances > $20 million						2,096,104						(484,276)						1,611,828						39.7%						34.3%						(12,770)						0.6%						2,083,334
Other reinsurers balances < $20 million						538,361						(161,540)						376,821						9.2%						7.9%						(4,284)						0.8%						534,077
Total						$	5,547,597					$	(1,482,688)					$	4,064,909					100.0%						86.4%						$	(28,401)					0.5%						$	5,519,196

At June 30, 2022, reinsurance recoverable balances, gross of collateral, of 86.4% (December 31, 2021: 85.7%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

 

Top 10 Reinsurers, Net of Collateral									% of  Total Reinsurance Recoverable, Net of Collateral						% of  Total Shareholders’ Equity
1			Swiss Reinsurance America Corporation						14.0%						12.1%
2			Harrington Re Ltd.						8.4%						7.3%
3			Transatlantic Reinsurance Co						6.2%						5.4%
4			Hannover Ruck SE						5.7%						4.9%
5			Lloyds of London						5.5%						4.7%
6			Partner Reinsurance Co of the US						4.5%						3.9%
7			SCOR Reinsurance Company						4.3%						3.7%
8			Munich Reinsurance America, Inc						3.4%						3.0%
9			Everest Reinsurance Company						3.2%						2.7%
10			Swiss Reinsurance Company Ltd.						2.6%						2.2%
									57.8%						49.9%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

						Three months ended June 30, 2022																		Six months ended June 30, 2022
						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						$	14,470,155					$	(4,957,080)					$	9,513,075					$	14,653,094					$	(5,017,611)					$	9,635,483
Incurred losses and loss expenses						1,157,489						(387,902)						769,587						2,213,438						(711,153)						1,502,285
Paid losses and loss expenses						(990,038)						298,166						(691,872)						(2,149,480)						674,162						(1,475,318)
Foreign exchange and other						(239,567)						38,233						(201,334)						(319,013)						46,019						(272,994)
End of period [a]						$	14,398,039					$	(5,008,583)					$	9,389,456					$	14,398,039					$	(5,008,583)					$	9,389,456

[a]   At June 30, 2022, reserve for losses and loss expenses included IBNR of $9.1 billion, or 63% (December 31, 2021: $9.1 billion, or 62%).

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

						Three months ended June 30, 2022																					Six months ended June 30, 2022
						Insurance						Reinsurance						Total																					Insurance						Reinsurance						Total
Gross paid losses and loss expenses						$	549,819					$	440,219					$	990,038																				$	1,249,182					$	900,298					$	2,149,480
Reinsurance recoverable on paid losses and loss expenses						(217,004)						(81,162)						(298,166)																					(506,544)						(167,618)						(674,162)
Net paid losses and loss expenses						332,815						359,057						691,872																					742,638						732,680						1,475,318
Gross case reserves						3,879						99,716						103,595																					(198,323)						121,349						(76,974)
Gross IBNR						126,823						(62,967)						63,856																					269,151						(128,219)						140,932
Reinsurance recoverable on unpaid losses and loss expenses						(41,681)						(48,055)						(89,736)																					14,113						(51,104)						(36,991)
Net unpaid losses and loss expenses						89,021						(11,306)						77,715																					84,941						(57,974)						26,967
Total net incurred losses and loss expenses						$	421,836					$	347,751					$	769,587																				$	827,579					$	674,706					$	1,502,285
Gross reserve for losses and loss expenses						$	7,764,775					$	6,633,264					$	14,398,039																				$	7,764,775					$	6,633,264					$	14,398,039
Net favorable prior year reserve development						$	2,773					$	1,167					$	3,940																				$	9,838					$	3,059					$	12,897
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses						78.9		%				103.3		%				89.9		%																			89.7		%				108.6		%				98.2		%
Net paid losses and loss expenses / Net premiums earned						43.3		%				70.6		%				54.2		%																			48.8		%				72.3		%				58.2		%
Net unpaid losses and loss expenses / Net premiums earned						11.6		%				(2.2		%)				6.1		%																			5.6		%				(5.7		%)				1.1		%
Net losses and loss expenses ratio						54.9		%				68.4		%				60.3		%																			54.4		%				66.6		%				59.3		%

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AXIS CAPITAL HOLDINGS LIMITED

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

																																																									Year ended December 31,
						Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020																					2021
INSURANCE SEGMENT
Gross paid losses and loss expenses						$	549,819					$	699,362					$	691,657					$	441,854					$	493,803					$	543,599																				$	2,200,524
Reinsurance recoverable on paid losses and loss expenses						(217,004)						(289,540)						(319,661)						(154,584)						(174,727)						(218,928)																					(886,710)
Net paid losses and loss expenses						332,815						409,822						371,996						287,270						319,076						324,671																					1,313,814
Gross case reserves						3,879						(202,202)						67,731						47,583						(1,372)						72,563																					94,651
Gross IBNR						126,823						142,331						(66,132)						326,336						83,955						(35,502)																					392,451
Reinsurance recoverable on unpaid losses and loss expenses						(41,681)						55,794						9,651						(218,508)						(69,484)						(24,365)																					(285,918)
Net unpaid losses and loss expenses						89,021						(4,077)						11,250						155,411						13,099						12,696																					201,184
Total net incurred losses and loss expenses						$	421,836					$	405,745					$	383,246					$	442,681					$	332,175					$	337,367																				$	1,514,998
Gross reserve for losses and loss expenses						$	7,764,775					$	7,719,773					$	7,803,529					$	7,797,533					$	7,456,368					$	6,865,343																				$	7,803,529
Net favorable prior year reserve development						$	2,773					$	7,062					$	5,008					$	5,418					$	6,427					$	420																				$	18,360
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses						78.9		%				101.0		%				97.1		%				64.9		%				96.1		%				96.2		%																			86.7		%
Net paid losses and loss expenses / Net premiums earned						43.3		%				54.4		%				51.5		%				42.2		%				50.5		%				56.3		%																			49.6		%
Net unpaid losses and loss expenses / Net premiums earned						11.6		%				(0.5		%)				1.6		%				22.8		%				2.1		%				2.2		%																			7.5		%
Net losses and loss expenses ratio						54.9		%				53.9		%				53.1		%				65.0		%				52.6		%				58.5		%																			57.1		%
REINSURANCE SEGMENT
Gross paid losses and loss expenses						$	440,219					$	460,079					$	448,300					$	484,553					$	416,850					$	466,692																				$	1,758,039
Reinsurance recoverable on paid losses and loss expenses						(81,162)						(86,455)						(98,494)						(78,672)						(79,713)						(100,748)																					(307,602)
Net paid losses and loss expenses						359,057						373,624						349,806						405,881						337,137						365,944																					1,450,437
Gross case reserves						99,716						21,633						77,796						81,030						58,448						97,573																					221,891
Gross IBNR						(62,967)						(65,254)						(68,857)						142,067						(27,193)						(92,099)																					123,080
Reinsurance recoverable on unpaid losses and loss expenses						(48,055)						(3,049)						(25,766)						(160,290)						(34,094)						(32,524)																					(301,623)
Net unpaid losses and loss expenses						(11,306)						(46,670)						(16,827)						62,807						(2,839)						(27,050)																					43,348
Total net incurred losses and loss expenses						$	347,751					$	326,954					$	332,979					$	468,688					$	334,298					$	338,894																				$	1,493,785
Gross reserve for losses and loss expenses						$	6,633,264					$	6,750,382					$	6,849,565					$	6,861,463					$	6,700,985					$	6,313,823																				$	6,849,565
Net favorable prior year reserve development						$	1,167					$	1,894					$	4,262					$	5,594					$	381					$	2,235																				$	14,050
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses						103.3		%				114.3		%				105.1		%				86.6		%				100.8		%				108.0		%																			97.1		%
Net paid losses and loss expenses / Net premiums earned						70.6		%				73.9		%				67.9		%				76.5		%				64.2		%				69.4		%																			70.5		%
Net unpaid losses and loss expenses / Net premiums earned						(2.2		%)				(9.2		%)				(3.3		%)				11.9		%				(0.6		%)				(5.1		%)																			2.1		%
Net losses and loss expenses ratio						68.4		%				64.7		%				64.6		%				88.4		%				63.6		%				64.3		%																			72.6		%

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AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF JULY 1, 2022

												Estimated Net Exposures (millions of U.S. dollars)
Territory						Peril						50 Year Return Period						% of Common Shareholders' Equity						100 Year Return Period						% of Common Shareholders' Equity						250 Year Return Period						% of Common Shareholders' Equity
Single zone, single event
Southeast						U.S. Hurricane						$	122					2.9		%				$	144					3.5		%				$	184					4.4		%
Northeast						U.S. Hurricane						26						0.6		%				68						1.6		%				149						3.6		%
Mid-Atlantic						U.S. Hurricane						53						1.3		%				119						2.9		%				191						4.6		%
Gulf of Mexico						U.S. Hurricane						114						2.7		%				142						3.4		%				184						4.4		%
Europe						Windstorm						83						2.0		%				104						2.5		%				150						3.6		%
Japan						Windstorm						32						0.8		%				78						1.9		%				104						2.5		%
Japan						Earthquake						58						1.4		%				115						2.8		%				185						4.5		%
California						Earthquake						121						2.9		%				179						4.3		%				265						6.4		%

The table above shows our net Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at July 1, 2022. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast U.S. hurricane, net of reinsurance, is approximately $0.1 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $0.1 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $0.1 billion.

We have developed our PML estimates by combining judgment and experience with the outputs from the catastrophe model, commercially available from AIR Worldwide. Additionally, we have included our estimate of non-modeled perils and other factors which we believe provides us with a more complete view of catastrophe risk.

Our PML estimates are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. We aim to reduce the potential for model error in a number of ways, the most important of which is by ensuring that management’s judgment supplements the model outputs. Models are continuously validated at the line of business and at a group level by our catastrophe model validation team. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

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

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AXIS CAPITAL HOLDINGS LIMITED

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

						Three months ended June 30,												Six months ended June 30,
						2022						2021						2022						2021
Net income available to common shareholders						$	27,215					$	227,910					$	168,857					$	343,645
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding						85,173						84,764						85,068						84,640
Dilutive share equivalents:
Share-based compensation plans						670						503						758						477
Weighted average diluted common shares outstanding						85,843						85,267						85,826						85,117
EARNINGS PER COMMON SHARE
Earnings per common share						$0.32						$2.69						$1.98						$4.06
Earnings per diluted common share						$0.32						$2.67						$1.97						$4.04

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD

						Q2 2022												Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020
Net income available to common shareholders						$	27,215											$	141,637					$	197,329					$	47,385					$	227,910					$	112,477
COMMON SHARES OUTSTANDING
Common shares - at beginning of period						85,276												84,774						84,773						84,767						84,753						84,298
Shares issued and treasury shares reissued						19												747						5						10						22						11
Shares repurchased for treasury						(640)												(245)						(4)						(4)						(8)						(3)
Common shares - at end of period						84,655												85,276						84,774						84,773						84,767						84,306
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding						85,173												84,961						84,774						84,771						84,764						84,303
Dilutive share equivalents:
Share-based compensation plans [a]						670												847						817						565						503						297
Weighted average diluted common shares outstanding						85,843												85,808						85,591						85,336						85,267						84,600
EARNINGS PER COMMON SHARE
Earnings per common share						$0.32												$1.67						$2.33						$0.56						$2.69						$1.33
Earnings per diluted common share						$0.32												$1.65						$2.31						$0.56						$2.67						$1.33

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AXIS CAPITAL HOLDINGS LIMITED

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

									At June 30, 2022
												Common Shareholders’ Equity						Common Shares Outstanding net of Treasury Shares						Per share
Closing stock price																								$57.09
Book value per common share												$	4,152,631					84,655						$49.05
Dilutive securities: [b]
Restricted stock units																		2,546						(1.43)
Book value per diluted common share												$	4,152,631					87,201						$47.62
									At December 31, 2021
												Common Shareholders’ Equity						Common Shares Outstanding net of Treasury Shares						Per share
Closing stock price																								$54.47
Book value per common share												$	4,860,656					84,774						$57.34
Dilutive securities: [b]
Restricted stock units																		2,373						(1.56)
Book value per diluted common share												$	4,860,656					87,147						$55.78

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

[b]   Cash-settled restricted stock units are excluded.

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

			Q2 2022												Q1 2022						Q4 2021						Q3 2021						Q2 2021						Q2 2020
Common shareholders' equity			$	4,152,631											$	4,570,540					$	4,860,656					$	4,785,055					$	4,839,760					$	4,747,820
Less: goodwill			(100,801)												(100,801)						(100,801)						(100,801)						(100,801)						(102,003)
Less: intangible assets			(203,259)												(205,988)						(208,717)						(211,557)						(214,286)						(225,092)
Associated tax impact			52,546												53,055						53,500						53,175						53,241						42,515
Tangible common shareholders' equity			$	3,901,117											$	4,316,806					$	4,604,638					$	4,525,872					$	4,577,914					$	4,463,240
Diluted common shares outstanding, net of treasury shares [a]			87,201												87,948						87,147						87,216						87,197						86,178
Book value per diluted common share			$	47.62											$	51.97					$	55.78					$	54.86					$	55.50					$	55.09
Tangible book value per diluted common share			$	44.74											$	49.08					$	52.84					$	51.89					$	52.50					$	51.79

[a] Diluted common shares outstanding, net of treasury shares, is calculated in the table above.

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AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

						Three months ended June 30,												Six months ended June 30,
						2022						2021						2022						2021
Net income available to common shareholders						$	27,215					$	227,910					$	168,857					$	343,645
Net investment (gains) losses [a]						173,263						(73,293)						267,771						(102,936)
Foreign exchange losses (gains) [b]						(57,000)						19,602						(101,274)						23,716
Reorganization expenses [c]						15,728						—						15,728						—
Interest in income of equity method investments [d]						(1,050)						(9,799)						(12,600)						(18,960)
Income tax expense (benefit)						(9,165)						6,088						(9,663)						7,782
Operating income						$	148,991					$	170,508					$	328,819					$	253,247
Earnings per diluted common share						$	0.32					$	2.67					$	1.97					$	4.04
Net investment (gains) losses						2.02						(0.86)						3.12						(1.21)
Foreign exchange losses (gains)						(0.66)						0.23						(1.18)						0.28
Reorganization expenses						0.18						—						0.18						—
Interest in income of equity method investments						(0.01)						(0.11)						(0.15)						(0.22)
Income tax expense (benefit)						(0.11)						0.07						(0.11)						0.09
Operating income per diluted common share						$	1.74					$	2.00					$	3.83					$	2.98
Weighted average diluted common shares outstanding						85,843						85,267						85,826						85,117
Average common shareholders' equity						$	4,361,586					$	4,733,075					$	4,506,644					$	4,792,727
Annualized return on average common equity						2.5		%				19.3		%				7.5		%				14.3		%
Annualized operating return on average common equity						13.7		%				14.4		%				14.6		%				10.6		%

[a] Tax expense (benefit) of $(19,598) and $7,491 for the three months ended June 30, 2022 and 2021, respectively, and ($32,912) and $8,975 for the six months ended June 30, 2022 and 2021 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax expense (benefit) of $12,132 and ($1,403) for the three months ended June 30, 2022 and 2021, respectively and $24,948 and ($1,193) for the six months ended June 30, 2022 and 2021 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax expense (benefit) of ($1,699) for the three and six months ended June 30, 2022. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax expense (benefit) of $nil for the three and six months ended June 30, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

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

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

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

Consolidated Underwriting Income (Loss)

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

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

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Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) 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. 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 relate to our exit from property reinsurance business, part of an overall approach to reduce our exposure to volatile catastrophe risk, in the second quarter of 2022. 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 including value of business acquired ("VOBA") arose from business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

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

Operating Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. In addition, we recognize unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities in net investment gains (losses). We recognize unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss). These unrealized foreign exchange losses (gains) generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss), thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business, therefore, foreign exchange losses (gains) are excluded from operating income (loss).

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Reorganization expenses relate to the exit of our property reinsurance business, part of an overall approach to reduce our exposure to volatile catastrophe risk, in the second quarter of 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from operating income (loss).

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

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

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

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

Tangible Book Value per Diluted Common Share

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

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