axs-20210127


Matt Rohrmann (Investor Contact):	(212) 940-3339;	[email protected]
Anna Kukowski (Media Contact):	(212) 715-3574;	[email protected]

AXIS CAPITAL REPORTS FOURTH QUARTER 2020 RESULTS

For the fourth quarter of 2020, the Company reports:

•Improvement of 4.5 points in current accident year combined ratio, excluding catastrophe and weather-related losses, compared to the prior year

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $198 million, or 18.4 points, including the previously disclosed amount of $125 million, or 11.6 points, attributable to the COVID-19 pandemic

•Net loss attributable to common shareholders of $5 million, or $(0.06) per diluted common share, and operating loss1 of $16 million, or $(0.20) per diluted common share1

•Book value per diluted common share of $55.09, an increase of $0.34, or 1%, compared to September 30, 2020

For the year ended 2020, the Company reports:

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

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $774 million, or 17.7 points, including $360 million. or 8.2 points, attributable to the COVID-19 pandemic

•Net loss attributable to common shareholders of $151 million, or $(1.79) per diluted common share, and operating loss of $174 million, or $(2.08) per diluted common share

Pembroke, Bermuda, January 27, 2021 - AXIS Capital Holdings Limited ("AXIS Capital" or the "Company") (NYSE: AXS) today announced financial results for the fourth quarter ended December 31, 2020.

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

“This was a year of tremendous challenge. First and foremost, our thoughts are with the people and families afflicted by COVID-19 and those whose lives were upended by extreme weather. For our business, the combined impact of the pandemic which affected both our underwriting and investment results and elevated hurricane activity that made 2020 the fifth costliest cat year on record, led to disappointing financial results that overshadowed significant underlying progress.

"In 2020, AXIS materially strengthened our core performance, highlighted by a year-over-year improvement of 4.6 points to our current accident year combined ratio ex-cat and weather. This progress in our underwriting metrics demonstrates that all of the work that we’ve done in recent years to reposition our portfolio and drive targeted growth in our most attractive markets is delivering tangible results.

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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"In addition, I’m proud of our team for stepping up in the face of adversity. We never missed a beat in delivering excellent service and claims support to our clients – and we stayed true to our values, supporting our people, customers, and communities.

"We begin 2021 with positive momentum and confidence. We have great talent, deep relationships with our clients and partners in distribution, a strong and balanced book of business, and leadership positions in markets that are seeing the most meaningful pricing corrections. With all of the progress that’s been achieved, we’re confident that we will see profitable growth and continued improvement in our underwriting and profitability – and we are focused on delivering value to our shareholders.”

1Operating 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. Loss per diluted common share and operating loss per diluted common share for the quarter and year ended December 31, 2020 and loss per diluted common share for the quarter ended December 31, 2019, were calculated using weighted average common shares outstanding due to the net loss attributable to common shareholders or operating loss recognized in these periods.

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 Results*

•Net loss attributable to common shareholders for the fourth quarter of 2020 was $5 million, or $(0.06) per diluted common share, compared to a net loss attributable to common shareholders of $10 million, or $(0.12) per diluted common share, for the fourth quarter of 2019.

•Net loss attributable to common shareholders for the year ended December 31, 2020 was $151 million, or $(1.79) per diluted common share, compared to net income available to common shareholders of $282 million, or $3.34, for the same period in 2019.

•Operating loss for the fourth quarter of 2020 was $16 million, or $(0.20) per diluted common share, compared to an operating income of $4 million, or $0.05 per diluted common share, for the fourth quarter of 2019.

•Operating loss for the year ended December 31, 2020 was $174 million, or $(2.08) per diluted common share, compared to operating income of $213 million, or $2.52 per diluted common share, for the same period in 2019.

•Adjusted for dividends, book value per diluted common share increased by $0.76, or 1.4%, compared to September 30, 2020.

•Adjusted for dividends, book value per diluted common share increased by $0.95, or 1.7%, over the past twelve months.

* Amounts may not reconcile due to rounding differences

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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Fourth Quarter Consolidated Underwriting Highlights2

•Gross premiums written increased by $87 million, or 7% ($72 million or 6% on a constant currency basis3), to $1.3 billion, with an increase of $143 million, or 15% in the insurance segment, partially offset by a decrease of $56 million, or 19% in the reinsurance segment.

•Net premiums written decreased by $1 million ($11 million or 1% on a constant currency basis), to $785 million, with a decrease of $58 million, or 27% in the reinsurance segment, partially offset by an increase of $57 million, or 10% in the insurance segment.


	Quarters ended December 31,
KEY RATIOS	2020		2019		Change
Current accident year loss ratio excluding catastrophe and weather-related losses4	57.4	%	62.2	%	(4.8	pts)
Catastrophe and weather-related losses ratio	18.4	%	12.1	%	6.3	pts
Current accident year loss ratio	75.8	%	74.3	%	1.5	pts
Prior year reserve development ratio	(0.6	%)	(1.1	%)	0.5	pts
Net losses and loss expenses ratio	75.2	%	73.2	%	2.0	pts
Acquisition cost ratio	21.3	%	22.3	%	(1.0	pts)
General and administrative expense ratio	13.1	%	11.8	%	1.3	pts
Combined ratio	109.6	%	107.3	%	2.3	pts

Current accident year combined ratio, excluding catastrophe and weather-related losses	91.8	%	96.3	%	(4.5	pts)

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $198 million ($169 million, after tax), (Insurance: $118 million; Reinsurance: $80 million) or 18.4 points, in the quarter. This amount includes a net claims estimate of $125 million, or 11.6 points, attributable to the COVID-19 pandemic and is in addition to the estimate of $235 million recognized in the first quarter. Our loss reserves provide for ultimate COVID-19 related losses across all lines of business incurred at December 31, 2020. Separately, other catastrophe and weather-related losses were $73 million, or 6.8 points, associated with Hurricanes Zeta and Delta and other weather-related events this quarter. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $140 million, (Insurance: $20 million; Reinsurance: $120 million) or 12.1 points, in 2019.

•Net favorable prior year reserve development was $7 million (Insurance: $4 million; Reinsurance: $2 million), compared to $14 million (Insurance: $10 million; Reinsurance: $3 million) in 2019.

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

3Amounts 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 in this press release.

4The 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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Full Year Consolidated Underwriting Highlights2

•Gross premiums written decreased by $72 million, or 1%, to $6.8 billion, with a decrease of $414 million, or 13%, in the reinsurance segment, partially offset by an increase of $342 million, or 9%, in the insurance segment.

•Net premiums written decreased by $153 million, or 3%, to $4.3 billion, with a decrease of $302 million, or 13%, in the reinsurance segment, partially offset by an increase of $148 million, or 7%, in the insurance segment.


	Years ended December 31,
KEY RATIOS	2020		2019		Change
Current accident year loss ratio excluding catastrophe and weather-related losses	57.7	%	60.6	%	(2.9	pts)
Catastrophe and weather-related losses ratio	17.7	%	7.5	%	10.2	pts
Current accident year loss ratio	75.4	%	68.1	%	7.3	pts
Prior year reserve development ratio	(0.3	%)	(1.7	%)	1.4	pts
Net losses and loss expenses ratio	75.1	%	66.4	%	8.7	pts
Acquisition cost ratio	21.3	%	22.3	%	(1.0	pts)
General and administrative expense ratio	13.2	%	13.9	%	(0.7	pts)
Combined ratio	109.6	%	102.6	%	7.0	pts

Current accident year combined ratio, excluding catastrophe and weather-related losses	92.2	%	96.8	%	(4.6	pts)

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $774 million ($691 million, after tax), (Insurance: $443 million; Reinsurance: $330 million) or 17.7 points, for the year, including $360 million, or 8.2 points, attributable to the COVID-19 pandemic. Other catastrophe and weather-related losses were $414 million, or 9.4 points, associated with Hurricanes Laura, Sally, Zeta and Delta, the Midwest derecho, wildfires across the West Coast of the United States, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $336 million (Insurance: $84 million; Reinsurance: $252 million), or 7.5 points, in 2019.

•Net favorable prior year reserve development was $16 million (Insurance: $9 million; Reinsurance: $7 million), compared to $79 million (Insurance: $53 million; Reinsurance: $26 million) in 2019.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Segment Highlights

Insurance Segment


	Quarters ended December 31,
($ in thousands)	2020			2019			Change
Gross premiums written	$	1,104,299		$	961,608		14.8	%
Net premiums written	628,233			570,957			10.0	%
Net premiums earned	589,770			559,610			5.4	%
Underwriting income (loss)	(66,002)			29,683			nm

Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	56.1		%	55.0		%	1.1	pts
Catastrophe and weather-related losses ratio	20.0		%	3.6		%	16.4	pts
Current accident year loss ratio	76.1		%	58.6		%	17.5	pts
Prior year reserve development ratio	(0.7		%)	(1.9		%)	1.2	pts
Net losses and loss expenses ratio	75.4		%	56.7		%	18.7	pts
Acquisition cost ratio	20.0		%	22.0		%	(2.0	pts)
Underwriting-related general and administrative expense ratio	15.9		%	16.2		%	(0.3	pts)
Combined ratio	111.3		%	94.9		%	16.4	pts

Current accident year combined ratio, excluding catastrophe and weather-related losses	92.0		%	93.2		%	(1.2	pts)

nm - not meaningful - defined as a variance greater than +/-100%

•Gross premiums written increased by $143 million, or 15% ($126 million, or 13% on a constant currency basis), primarily attributable to increases in professional lines, liability and property lines driven by new business and favorable rate changes, and an increase in credit and political risk due to premium adjustments.

•Net premiums written increased by $57 million, or 10% ($45 million, or 8% on a constant currency basis), reflecting higher gross premiums written in the quarter, partially offset by increases in premiums ceded in professional lines, liability, credit and political risk, and property lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $118 million in the quarter, including $67 million, or 11.4 points, attributable to the COVID-19 pandemic. Other catastrophe and weather-related losses were $51 million, or 8.6 points, associated with Hurricanes Zeta and Delta, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $20 million in 2019.

•The current accident year loss, ratio excluding catastrophe and weather-related losses, increased by 1.1 points in the fourth quarter, compared to the same period in 2019, principally due to an increase in loss experience in professional lines associated with cyber business, partially offset by the impact of favorable pricing over loss trends and improved loss experience in property lines largely associated with the repositioning of the portfolio.

•Net favorable prior year reserve development was $4 million this quarter, compared to $10 million in the fourth quarter of 2019.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 6 -

•The acquisition cost ratio decreased by 2.0 points in the fourth quarter, compared to the same period in 2019, due to changes in business mix reflecting the increase in professional lines and liability lines written in recent periods.


	Years ended December 31,
($ in thousands)	2020			2019			Change
Gross premiums written	$	4,018,399		$	3,675,931		9.3	%
Net premiums written	2,357,501			2,209,155			6.7	%
Net premiums earned	2,299,038			2,190,084			5.0	%
Underwriting income (loss)	(235,701)			44,019			nm

Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	55.1		%	57.0		%	(1.9	pts)
Catastrophe and weather-related losses ratio	19.1		%	3.8		%	15.3	pts
Current accident year loss ratio	74.2		%	60.8		%	13.4	pts
Prior period reserve development ratio	(0.4		%)	(2.4		%)	2.0	pts
Net losses and loss expenses ratio	73.8		%	58.4		%	15.4	pts
Acquisition cost ratio	20.1		%	21.4		%	(1.3	pts)
Underwriting-related general and administrative expense ratio	16.5		%	18.3		%	(1.8	pts)
Combined ratio	110.4		%	98.1		%	12.3	pts

Current accident year combined ratio, excluding catastrophe and weather-related losses	91.7		%	96.7		%	(5.0	pts)

nm - not meaningful

•Gross premiums written increased by $342 million, or 9%, 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 $148 million, or 7% ($138 million, or 6% on a constant currency basis), reflecting higher gross premiums written, partially offset by increases in premiums ceded in professional lines, property and liability lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $443 million for the year, including $204 million, or 8.8 points, attributable to the COVID-19 pandemic. Other catastrophe and weather-related losses were $239 million, or 10.3 points, associated with Hurricanes Laura, Sally, Zeta and Delta, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $84 million in 2019.

•Underwriting income (loss) for the years ended December 31, 2020 and 2019, included the recognition of premiums attributable to Novae's balance sheet at October 2, 2017, without the recognition of the associated acquisition costs, which were written off at the closing date. The absence of $1 million and $12 million of acquisition expenses related to premiums earned in the years ended December 31, 2020 and 2019, respectively, did not significantly benefit the acquisition cost ratio in 2020 and benefited the acquisition cost ratio by 0.6 points in 2019. Adjusting the acquisition cost ratio for these amounts, the acquisition cost ratio decreased by 1.9 points in 2020, compared to 2019, due to changes in business mix reflecting the increase in professional lines and liability lines business written in recent periods.

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


	Quarters ended December 31,
($ in thousands)	2020			2019			Change
Gross premiums written	$	244,120		$	299,758		(18.6	%)
Net premiums written	157,216			215,197			(26.9	%)
Net premiums earned	497,598			612,441			(18.8	%)
Underwriting loss	(14,833)			(78,937)			(81.2	%)

Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	59.0		%	68.9		%	(9.9	pts)
Catastrophe and weather-related losses ratio	16.3		%	19.9		%	(3.6	pts)
Current accident year loss ratio	75.3		%	88.8		%	(13.5	pts)
Prior year reserve development ratio	(0.4		%)	(0.6		%)	0.2	pts
Net losses and loss expenses ratio	74.9		%	88.2		%	(13.3	pts)
Acquisition cost ratio	22.9		%	22.6		%	0.3	pts
Underwriting-related general and administrative expense ratio	4.5		%	2.7		%	1.8	pts
Combined ratio	102.3		%	113.5		%	(11.2	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	86.4		%	94.2		%	(7.8	pts)

•Gross premiums written decreased by $56 million, or 19% ($54 million, or 18% on a constant currency basis), primarily attributable to decreases in motor, accident and health, agriculture and engineering lines due to timing differences and the non-renewal of certain contracts. These decreases were partially offset by increases in liability and professional lines due to premium adjustments primarily related to favorable market conditions.

•Net premiums written decreased by $58 million, or 27% ($57 million, or 26% on a constant currency basis), reflecting lower gross premiums written in the quarter, together with increases in premiums ceded in catastrophe and liability lines, partially offset by decreases in premiums ceded in agriculture, and accident and health lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $80 million in the quarter, including $58 million, or 11.6 points, attributable to the COVID-19 pandemic. Other weather-related losses were $22 million, or 4.6 points. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $120 million in 2019.

•The current accident year loss ratio, excluding catastrophe and weather-related losses, decreased by 9.9 points in the fourth quarter, compared to the same period in 2019, principally due to changes in business mix and improved loss experience in agriculture, engineering, and accident and health lines.

•The underwriting-related general and administrative expense ratio increased by 1.8 points in the quarter, largely attributable to decreases in net premiums earned and fees related to arrangements with strategic capital partners.

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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	Years ended December 31,
($ in thousands)	2020			2019			Change
Gross premiums written	$	2,808,539		$	3,222,927		(12.9	%)
Net premiums written	1,978,908			2,280,460			(13.2	%)
Net premiums earned	2,072,271			2,397,094			(13.6	%)
Underwriting loss	(89,816)			(15,512)			nm

Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	60.6		%	64.0		%	(3.4	pts)
Catastrophe and weather-related losses ratio	16.2		%	10.7		%	5.5	pts
Current accident year loss ratio	76.8		%	74.7		%	2.1	pts
Prior year reserve development ratio	(0.4		%)	(1.0		%)	0.6	pts
Net losses and loss expenses ratio	76.4		%	73.7		%	2.7	pts
Acquisition cost ratio	22.6		%	23.2		%	(0.6	pts)
Underwriting-related general and administrative expense ratio	4.8		%	4.3		%	0.5	pts
Combined ratio	103.8		%	101.2		%	2.6	pts

Current accident year combined ratio, excluding catastrophe and weather-related losses	88.0		%	91.5		%	(3.5	pts)

nm - not meaningful

•Gross premiums written decreased by $414 million, or 13% ($401 million, or 12% on a constant currency basis), primary attributable to decreases in many lines of business due to non-renewals and decreased line sizes associated with the repositioning of the portfolio. These decreases were partially offset by increases in liability and professional lines driven by favorable market conditions.

•Net premiums written decreased by $302 million, or 13%, reflecting lower gross premiums written, together with increases in premiums ceded in liability and professional lines, partially offset by decreases in premiums ceded in catastrophe, accident and health, credit and surety, and agriculture lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $330 million for the year, including $156 million, or 7.6 points, attributable to the COVID-19 pandemic. Other weather-related losses were $174 million, or 8.6 points, associated with the Midwest derecho, Hurricane Laura, wildfires across the West Coast of the United States, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $252 million in 2019.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Investments

Net investment income of $110 million decreased from net investment income of $118 million for the fourth quarter of 2019, primarily due to the decrease in yields. Net realized and unrealized gains recognized in net income for the quarter were $83 million, including net unrealized gains of $35 million ($26 million excluding foreign exchange movements), following an increase in the market value of our equity securities portfolio during the quarter, compared to net realized and unrealized gains of $43 million in the fourth quarter of 2019.

Markets continued to recover in the fourth quarter of 2020, leading to pre-tax total return on cash and investments5 of 1.7% including foreign exchange movements (1.3% excluding foreign exchange movements6). Net unrealized gains of $65 million ($19 million excluding foreign exchange movements) were recognized in the quarter following an increase in the market value of our fixed income portfolio, compared to net unrealized loss of $4 million ($50 million excluding foreign exchange movements) during the fourth quarter of 2019. The prior year pre-tax total return was 1.0% including foreign exchange movements (0.7% excluding foreign exchange movements).

For the year ended December 31, 2020, pre-tax total return on cash and investments was 4.8% including foreign exchange movements (4.4% excluding foreign exchange movements), compared to 6.3% including foreign exchange movements (6.1% excluding foreign exchange movements) for the same period in 2019. Net unrealized gains of $270 million ($233 million excluding foreign exchange movements) were recognized in the year, compared to net unrealized gains of $385 million ($350 million excluding foreign exchange movements) for the same period in 2019.

Our fixed income portfolio book yield was 2.3% at December 31, 2020, compared to 2.8% at December 31, 2019. The market yield was 1.3% at December 31, 2020.

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

6 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange gains (losses) of $60m and $53m for the quarters ended December 31, 2020 and 2019, respectively, and foreign exchange gains of $55m and $25m for the years ended December 31, 2020 and 2019, respectively.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Capitalization / Shareholders’ Equity

Total capital7 at December 31, 2020 was $6.6 billion, including $1.3 billion of debt and $550 million of preferred equity, compared to $7.4 billion at December 31, 2019. The decrease in total capital was attributable to the repayment of $500 million of 5.875% senior unsecured notes, the redemption of all $225 million of our 5.50% Series D Preferred Shares, the net loss generated for the year ended December 31, 2020, and common share dividends declared, partially offset by net unrealized gains reported in other comprehensive income following an increase in the market value of our fixed income portfolio.

Book value per diluted common share, calculated on a treasury stock basis, increased by $0.34 in the current quarter, and decreased by $0.70 over the past twelve months, to $55.09. The increase in the quarter was driven by net unrealized gains reported in other comprehensive income, partially offset by the net loss generated and common share dividends declared. The decrease over the past twelve months was driven by the net loss generated and common share dividends declared, partially offset by net unrealized gains reported in other comprehensive income.

During the fourth quarter of 2020, we declared dividends of $0.42 per common share, which represents an increase of 2.4% and is the 17th consecutive year we have increased dividends since our initial public offering in 2003. Total dividends declared were $1.65 per common share over the past twelve months. Adjusted for dividends declared, the book value per diluted common share increased by $0.76, or 1%, for the quarter and increased by $0.95, or 2%, over the past twelve months.

7Total 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 Thursday, January 28, 2021 at 9:30 AM (EST) to discuss the fourth quarter and year-end financial results and related matters. The teleconference can be accessed by dialing 1-877-879-1183 (U.S. callers), or 1-412-902-6703 (international callers), and entering the passcode 4946495 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 10151074. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended December 31, 2020 is available in the Investor Information section of the Company's website.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor’s and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

Website and Social Media Disclosure

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

Please be sure to follow AXIS Capital on LinkedIn.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

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



		2020		2019

		(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value		$	12,041,799	$	12,468,205
Equity securities, at fair value		518,445		474,207
Mortgage loans, held for investment, at fair value		593,290		432,748
Other investments, at fair value		829,156		770,923
Equity method investments		114,209		117,821
Short-term investments, at fair value		161,897		38,471
Total investments		14,258,796		14,302,375
Cash and cash equivalents		902,831		1,241,109
Restricted cash and cash equivalents		600,401		335,348
Accrued interest receivable		65,020		78,085
Insurance and reinsurance premium balances receivable		2,738,342		3,071,390
Reinsurance recoverable on unpaid losses and loss expenses		4,496,641		3,877,756
Reinsurance recoverable on paid losses and loss expenses		434,201		327,795
Deferred acquisition costs		431,439		492,119
Prepaid reinsurance premiums		1,194,455		1,101,889
Receivable for investments sold		2,150		35,659
Goodwill		100,801		102,003
Intangible assets		219,633		230,550
Value of business acquired		3,854		8,992
Operating lease right-of-use assets		123,579		111,092
Other assets		305,544		287,892
	Total assets	$	25,877,687	$	25,604,054

Liabilities
Reserve for losses and loss expenses		$	13,926,766	$	12,752,081
Unearned premiums		3,685,886		3,626,246
Insurance and reinsurance balances payable		1,092,042		1,349,082
Debt		1,309,695		1,808,157
Payable for investments purchased		104,777		32,985
Operating lease liabilities		140,263		115,584
Other liabilities		322,564		375,911
	Total liabilities	20,581,993		20,060,046

Shareholders' equity
Preferred shares		550,000		775,000
Common shares		2,206		2,206
Additional paid-in capital		2,330,054		2,317,212
Accumulated other comprehensive income		414,395		171,710
Retained earnings		5,763,607		6,056,686
Treasury shares, at cost		(3,764,568)		(3,778,806)


	Total shareholders' equity	5,295,694		5,544,008

	Total liabilities and shareholders' equity	$	25,877,687	$	25,604,054

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 13 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2020 AND 2019



			Quarters ended				Years ended
			2020 (Unaudited)		2019 (Unaudited)		2020 (Unaudited)		2019


			(in thousands, except per share amounts)
Revenues
	Net premiums earned		$	1,087,368	$	1,172,051	$	4,371,309	$	4,587,178
	Net investment income		109,503		117,557		349,601		478,572
	Net investment gains		83,356		42,712		129,133		91,233
	Other insurance related income (loss)		(2,819)		5,059		(8,089)		16,444

		Total revenues	1,277,408		1,337,379		4,841,954		5,173,427

Expenses
	Net losses and loss expenses		817,239		857,394		3,281,252		3,044,798
	Acquisition costs		231,800		261,775		929,517		1,024,582
	General and administrative expenses		143,252		138,823		579,790		634,831
	Foreign exchange losses (gains)		72,309		52,827		81,069		(12,041)
	Interest expense and financing costs		15,408		18,562		75,049		68,107
	Reorganization expenses		7,059		8,074		7,881		37,384
	Amortization of value of business acquired		1,028		2,056		5,139		26,722
	Amortization of intangible assets		2,827		2,853		11,390		11,597
		Total expenses	1,290,922		1,342,364		4,971,087		4,835,980

Income (loss) before income taxes and interest in income (loss) of equity method investments			(13,514)		(4,985)		(129,133)		337,447
	Income tax (expense) benefit		6,291		159		12,321		(23,692)
	Interest in income (loss) of equity method investments		9,967		4,073		(3,612)		9,718
Net income (loss)			2,744		(753)		(120,424)		323,473


Preferred share dividends			7,563		9,144		30,250		41,112

Net income (loss) available (attributable) to common shareholders			$	(4,819)	$	(9,897)	$	(150,674)	$	282,361

Per share data
Earnings (loss) per common share:
Earnings (loss) per common share			$	(0.06)	$	(0.12)	$	(1.79)	$	3.37
Earnings (loss) per diluted common share			$	(0.06)	$	(0.12)	$	(1.79)	$	3.34
Weighted average common shares outstanding			84,341		83,957		84,262		83,894
Weighted average diluted common shares outstanding			84,341		83,957		84,262		84,473
Cash dividends declared per common share			$	0.42	$	0.41	$	1.65	$	1.61

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 14 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE QUARTERS ENDED DECEMBER 31, 2020 AND 2019



	2020									2019
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	1,104,299		$	244,120		$	1,348,419		$	961,608		$	299,758		$	1,261,366
Net premiums written	628,233			157,216			785,449			570,957			215,197			786,154
Net premiums earned	589,770			497,598			1,087,368			559,610			612,441			1,172,051
Other insurance related income (loss)	556			(3,375)			(2,819)			1,079			3,980			5,059
Net losses and loss expenses	(444,444)			(372,795)			(817,239)			(317,234)			(540,160)			(857,394)
Acquisition costs	(117,954)			(113,846)			(231,800)			(123,300)			(138,475)			(261,775)
Underwriting-related general and
administrative expenses(8)	(93,930)			(22,415)			(116,345)			(90,472)			(16,723)			(107,195)
Underwriting income (loss)(9)	$	(66,002)		$	(14,833)		(80,835)			$	29,683		$	(78,937)		(49,254)

Net investment income							109,503									117,557
Net investment gains							83,356									42,712
Corporate expenses(8)							(26,907)									(31,628)
Foreign exchange losses							(72,309)									(52,827)
Interest expense and financing costs							(15,408)									(18,562)
Reorganization expenses							(7,059)									(8,074)
Amortization of value of business acquired							(1,028)									(2,056)
Amortization of intangible assets							(2,827)									(2,853)
Income (loss) before income taxes and interest in income (loss) of equity method investments							$	(13,514)								$	(4,985)

Net losses and loss expenses ratio	75.4		%	74.9		%	75.2		%	56.7		%	88.2		%	73.2		%
Acquisition cost ratio	20.0		%	22.9		%	21.3		%	22.0		%	22.6		%	22.3		%
General and administrative
expense ratio	15.9		%	4.5		%	13.1		%	16.2		%	2.7		%	11.8		%
Combined ratio	111.3		%	102.3		%	109.6		%	94.9		%	113.5		%	107.3		%

8Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $27 million and $32 million for the quarters ended December 31, 2020 and 2019, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

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

- 15 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA

FOR THE YEARS ENDED DECEMBER 31, 2020 (UNAUDITED) AND 2019



	2020									2019
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	4,018,399		$	2,808,539		$	6,826,938		$	3,675,931		$	3,222,927		$	6,898,858
Net premiums written	2,357,501			1,978,908			4,336,409			2,209,155			2,280,460			4,489,615
Net premiums earned	2,299,038			2,072,271			4,371,309			2,190,084			2,397,094			4,587,178
Other insurance related income (loss)	2,647			(10,736)			(8,089)			2,858			13,586			16,444
Net losses and loss expenses	(1,697,014)			(1,584,238)			(3,281,252)			(1,278,679)			(1,766,119)			(3,044,798)
Acquisition costs	(461,533)			(467,984)			(929,517)			(468,281)			(556,301)			(1,024,582)
Underwriting-related general and
administrative expenses(10)	(378,839)			(99,129)			(477,968)			(401,963)			(103,772)			(505,735)
Underwriting income (loss)(11)	$	(235,701)		$	(89,816)		(325,517)			$	44,019		$	(15,512)		28,507

Net investment income							349,601									478,572
Net investment gains							129,133									91,233
Corporate expenses(10)							(101,822)									(129,096)

Foreign exchange (losses) gains							(81,069)									12,041
Interest expense and financing costs							(75,049)									(68,107)
Reorganization expenses							(7,881)									(37,384)
Amortization of value of business acquired							(5,139)									(26,722)
Amortization of intangible assets							(11,390)									(11,597)
Income (loss) before income taxes and interest in income (loss) of equity method investments							$	(129,133)								$	337,447

Net losses and loss expenses ratio	73.8		%	76.4		%	75.1		%	58.4		%	73.7		%	66.4		%
Acquisition cost ratio	20.1		%	22.6		%	21.3		%	21.4		%	23.2		%	22.3		%
General and administrative
expense ratio	16.5		%	4.8		%	13.2		%	18.3		%	4.3		%	13.9		%
Combined ratio	110.4		%	103.8		%	109.6		%	98.1		%	101.2		%	102.6		%

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 $102 million and $129 million for the years ended December 31, 2020 and 2019, 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 income (loss) before income taxes and interest in income (loss) of equity method investments, 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

- 16 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2020 AND 2019




	Quarters ended						Years ended
	2020			2019			2020			2019

	(in thousands, except per share amounts)

Net income (loss) available (attributable) to common shareholders	$	(4,819)		$	(9,897)		$	(150,674)		$	282,361
Net investment (gains) losses(12)	(83,356)			(42,712)			(129,133)			(91,233)
Foreign exchange losses (gains)(13)	72,309			52,827			81,069			(12,041)
Reorganization expenses(14)	7,059			8,074			7,881			37,384
Interest in (income) loss of equity method investments(15)	(9,967)			(4,073)			3,612			(9,718)
Income tax expense (benefit)	2,529			131			13,023			6,656



Operating income (loss)	$	(16,245)		$	4,350		$	(174,222)		$	213,409


Earnings (loss) per diluted common share	$	(0.06)		$	(0.12)		$	(1.79)		$	3.34
Net investment (gains) losses	(0.99)			(0.50)			(1.53)			(1.08)
Foreign exchange losses (gains)	0.86			$	0.62		0.96			(0.14)
Reorganization expenses	0.08			0.10			0.09			0.44
Interest in (income) loss of equity method investments	(0.12)			(0.05)			0.04			(0.12)
Income tax expense (benefit)	0.03			—			0.15			0.08




Operating income (loss) per diluted common share	$	(0.20)		$	0.05		$	(2.08)		$	2.52

Weighted average diluted common shares outstanding	84,341			84,631			84,262			84,473




Average common shareholders' equity	$	4,730,795		$	4,789,939		$	4,757,351		$	4,512,040

Annualized return on average common equity	(0.4		%)	(0.8		%)	(3.2		%)	6.3		%

Annualized operating return on average common equity(16)	(1.4		%)	0.4		%	(3.7		%)	4.7		%

12Tax cost (benefit) of $9 million and $5 million for the quarters ended December 31, 2020 and 2019, respectively, and $18 million and $12 million for the years ended December 31, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

13Tax cost (benefit) of $(5) million and $(4) million for the quarters ended December 31, 2020 and 2019, respectively, and $(4) million and $1 million for the years ended December 31, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

14Tax (benefit) of $(1) million for the quarters ended December 31, 2020 and 2019, respectively, and $(1) million and $(7) million for the years ended December 31, 2020 and 2019. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

15Tax cost of $nil for the quarters and years ended December 31, 2020 and 2019. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

16Annualized 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

- 17 -

Risk and Uncertainties Related to COVID-19

The determination of the net claims estimate for the COVID-19 pandemic is based on our ground-up assessment of coverage from individual contracts and treaties across all lines of business, including a review of modeling analyses and market information, where appropriate. In addition, we consider preliminary information received from clients, brokers, and loss adjusters.

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

•the nature and the duration of the pandemic;

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

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

•the coverage provided under our contracts;

•the coverage provided by our ceded reinsurance; and

•the evaluation of the net claim estimate and impact of claim mitigation actions.

The actual net ultimate amount of losses for this event may differ materially from the current net claim estimate.

Cautionary Note Regarding Forward-Looking Statements

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 18 -

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, our expectations regarding estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices and foreign currency rates.

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

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

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

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

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

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

•actual claims exceeding loss reserves;

•general economic, capital and credit market conditions;

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

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

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

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

•difficulties with technology and/or data security;

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

•the failure of our cedants to adequately evaluate risks;

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

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

•a decline in our ratings with rating agencies;

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 19 -

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

•changes in accounting policies or practices;

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

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

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

•increased competition;

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

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

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

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

•changes in tax laws; and

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 20 -

Non-GAAP Financial Measures

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

Underwriting-Related General and Administrative Expenses

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 21 -

Consolidated Underwriting Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) are not a meaningful contributor to our underwriting performance, therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

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

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).

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 22 -

highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.

Operating Income (Loss)

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

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 23 -

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 press release.

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

Constant Currency Basis

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 24 -

Acquisition of Novae

On October 2, 2017, we acquired Novae. At the acquisition date, we identified VOBA which represents the present value of the expected underwriting profit within policies that were in-force at the closing date of the transaction. In addition, the allocation of the acquisition price to the assets acquired and liabilities assumed based on estimated fair values at the acquisition date, resulted in the write-off of the deferred acquisition cost asset on Novae's balance sheet at the acquisition date as the value of policies in-force on that date are considered within VOBA. Consequently, underwriting income (loss) the quarter ended December 31, 2019 and years ended December 31, 2020 and 2019 included the recognition of premiums attributable to Novae's balance sheet at the acquisition date without the recognition of the associated acquisition costs.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 25 -

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2020

AXIS CAPITAL HOLDINGS LIMITED

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Matt Rohrmann

Investor Contact

(212) 940-3339

[email protected]

Website Information:

www.axiscapital.com

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS


						Page(s)
Basis of Presentation						i - iv
I. Financial Highlights						1
II. Income Statements
a. Consolidated Statement of Operations - As Reported, U.S.GAAP						2
b. Consolidated Statements of Operations - Quarter						3-4
c. Consolidated Statements of Operations - Year						5-6
d. Consolidated Segment Data						7

e. Gross Premiums Written by Segment by Line of Business						8
f. Consolidated Segment Data - Quarter and Prior Year						9
g. Segment Data - Quarter and Prior Year						10-11
h. Strategic Capital Partners						12
i. Net Investment Income - Quarter and Year						13
III. Balance Sheets
a. Consolidated Balance Sheets						14
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						15
• Cash and Invested Assets Composition - Quarter						16

• Corporate Debt Composition						17
• Ten Largest Corporate Debt Holdings						18
• Mortgage-Backed and Asset-Backed Securities Composition						19
c. Reinsurance Recoverable Analysis						20-21
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis						22
b. Paid to Incurred Analysis by Segment						23
c. Paid to Incurred Analysis by Segment - Quarter						24-25
d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures						26

V. Share Analysis
a. Earnings Per Common Share Information - As Reported, U.S.GAAP						27
b. Earnings Per Common Share Information and Common Shares Rollforward - Quarter						28
c. Book Value Per Diluted Common Share Analysis -Treasury Stock Method						29
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						30
b. Tangible Book Value Per Diluted Common Share						31
c. Rationale for the Use of Non-GAAP Financial Measures						32
d. Ex-PGAAP Data - Quarter and Year						36

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 sheets at December 31, 2019 and consolidated statements of operations for the years then ended December 31, 2019 and December 31, 2018.

•Amounts may not reconcile due to rounding differences.

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

•NM - Not meaningful - 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, our expectations regarding estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices and foreign currency rates.

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

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

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

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

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

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

•actual claims exceeding loss reserves;

•general economic, capital and credit market conditions;

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

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

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

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

•difficulties with technology and/or data security;

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

•the failure of our cedants to adequately evaluate risks;

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

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

•a decline in our ratings with rating agencies;

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

•changes in accounting policies or practices;

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

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

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

•increased competition;

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

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

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

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

•changes in tax laws; and

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

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

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

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

Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects

and onshore renewable energy installations. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

Marine: provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability, recreational marine, fine art, specie, and hull and war. Offshore energy coverage

includes physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.

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

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

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

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

written on a claims-made basis.

Liability: primarily targets primary and low to mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products

liability predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

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

financial institutions, professional indemnity, international liability, and international direct and facultative property.

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

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

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

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

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

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

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

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

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

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 both a proportional and catastrophic or per life excess of loss basis.

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Quarters ended December 31,									Years ended December 31,
		2020			2019			Change			2020			2019			Change

HIGHLIGHTS	Gross premiums written	$	1,348,419		$	1,261,366		6.9	%		$	6,826,938		$	6,898,858		(1.0	%)
	Gross premiums written - Insurance	81.9		%	76.2		%	5.7		pts	58.9		%	53.3		%	5.6		pts
	Gross premiums written - Reinsurance	18.1		%	23.8		%	(5.7)		pts	41.1		%	46.7		%	(5.6)		pts
	Net premiums written	$	785,449		$	786,154		(0.1	%)		$	4,336,409		$	4,489,615		(3.4	%)
	Net premiums earned	$	1,087,368		$	1,172,051		(7.2	%)		$	4,371,309		$	4,587,178		(4.7	%)
	Net premiums earned - Insurance	54.2		%	47.7		%	6.5		pts	52.6		%	47.7		%	4.9		pts
	Net premiums earned - Reinsurance	45.8		%	52.3		%	(6.5)		pts	47.4		%	52.3		%	(4.9)		pts
	Net income (loss) available (attributable) to common shareholders	$	(4,819)		$	(9,897)		(51.3	%)		$	(150,674)		$	282,361		nm
	Operating income (loss) [a]	(16,245)			4,350			nm			(174,222)			213,409			nm
	Annualized return on average common equity [b]	(0.4		%)	(0.8		%)	0.4		pts	(3.2		%)	6.3		%	(9.5)		pts
	Annualized operating return on average common equity [c]	(1.4		%)	0.4		%	(1.8)		pts	(3.7		%)	4.7		%	(8.4)		pts

	Total shareholders’ equity	$	5,295,694		$	5,544,008		(4.5	%)		$	5,295,694		$	5,544,008		(4.5	%)



PER COMMON SHARE AND COMMON SHARE DATA	Earnings (loss) per diluted common share	($0.06)			($0.12)			(50.0	%)		($1.79)			$3.34			nm
	Operating income (loss) per diluted common share [d]	($0.20)			$0.05			nm			($2.08)			$2.52			nm

	Weighted average diluted common shares outstanding	84,341			83,957			0.5	%		84,262			84,473			(0.2	%)
	Book value per common share	$56.26			$56.80			(1.0	%)		$56.26			$56.80			(1.0	%)
	Book value per diluted common share (treasury stock method)	$55.09			$55.79			(1.3	%)		$55.09			$55.79			(1.3	%)
	Tangible book value per diluted common share (treasury stock method) [a]	$51.90			$52.40			(1.0	%)		$51.90			$52.40			(1.0	%)





FINANCIAL RATIOS	Current accident year loss ratio excluding catastrophe and weather-related losses	57.4		%	62.2		%	(4.8)		pts	57.7		%	60.6		%	(2.9)		pts
	Catastrophe and weather-related losses ratio	18.4		%	12.1		%	6.3		pts	17.7		%	7.5		%	10.2		pts
	Current accident year loss ratio	75.8		%	74.3		%	1.5		pts	75.4		%	68.1		%	7.3		pts
	Prior year reserve development ratio	(0.6		%)	(1.1		%)	0.5		pts	(0.3		%)	(1.7		%)	1.4		pts
	Net losses and loss expenses ratio	75.2		%	73.2		%	2.0		pts	75.1		%	66.4		%	8.7		pts
	Acquisition cost ratio	21.3		%	22.3		%	(1.0)		pts	21.3		%	22.3		%	(1.0)		pts
	General and administrative expense ratio [e]	13.1		%	11.8		%	1.3		pts	13.2		%	13.9		%	(0.7)		pts
	Combined ratio	109.6		%	107.3		%	2.3		pts	109.6		%	102.6		%	7.0		pts


INVESTMENT DATA	Total assets	$	25,877,687		$	25,604,054		1.1	%		$	25,877,687		$	25,604,054		1.1	%
	Total cash and invested assets [f]	15,724,421			15,959,591			(1.5	%)		15,724,421			15,959,591			(1.5	%)
	Net investment income	109,503			117,557			(6.9	%)		349,601			478,572			(26.9	%)
	Net investment gains	83,356			42,712			95.2	%		129,133			91,233			41.5	%



	Book yield of fixed maturities	2.3		%	2.8		%	(0.5)		pts	2.3		%	2.8		%	(0.5)		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. Loss per diluted common share and operating loss per diluted common share for the quarter and year ended December 31, 2020 and loss per diluted common share for the quarter ended December 31, 2019, were calculated using weighted average common shares outstanding due to the net loss attributable to common shareholders or operating loss recognized in these periods.

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

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

FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2020 AND 2019



				Quarters ended December 31,						Years ended December 31,
				2020			2019			2020			2019

Revenues
	Net premiums earned	$	1,087,368		$	1,172,051		$	4,371,309		$	4,587,178
	Net investment income	109,503			117,557			349,601			478,572
	Net investment gains	83,356			42,712			129,133			91,233
	Other insurance related income (loss)	(2,819)			5,059			(8,089)			16,444

	Total revenues			1,277,408			1,337,379			4,841,954			5,173,427

Expenses
	Net losses and loss expenses	817,239			857,394			3,281,252			3,044,798
	Acquisition costs	231,800			261,775			929,517			1,024,582
	General and administrative expenses	143,252			138,823			579,790			634,831
	Foreign exchange losses (gains)	72,309			52,827			81,069			(12,041)
	Interest expense and financing costs	15,408			18,562			75,049			68,107
	Reorganization expenses	7,059			8,074			7,881			37,384
	Amortization of value of business acquired	1,028			2,056			5,139			26,722
	Amortization of intangible assets	2,827			2,853			11,390			11,597
	Total expenses			1,290,922			1,342,364			4,971,087			4,835,980

Income (loss) before income taxes and interest in income (loss) of equity method investments		(13,514)			(4,985)			(129,133)			337,447
	Income tax (expense) benefit	6,291			159			12,321			(23,692)
	Interest in income (loss) of equity method investments	9,967			4,073			(3,612)			9,718
Net income (loss)		2,744			(753)			(120,424)			323,473


	Preferred share dividends	7,563			9,144			30,250			41,112

Net income (loss) available (attributable) to common shareholders		$	(4,819)		$	(9,897)		$	(150,674)		$	282,361

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTER


	Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q4 2019		Q4 2018
UNDERWRITING REVENUES
Gross premiums written	$	1,348,419	$	1,331,178	$	1,716,183	$	2,431,158	$	1,261,366	$	1,172,738
Ceded premiums written	(562,970)		(515,196)		(660,249)		(752,114)		(475,212)		(420,040)
Net premiums written	785,449		815,982		1,055,934		1,679,044		786,154		752,698

Gross premiums earned	1,735,932		1,680,529		1,694,861		1,657,412		1,789,084		1,777,052
Ceded premiums earned	(648,564)		(589,217)		(590,858)		(568,787)		(617,033)		(562,583)
Net premiums earned	1,087,368		1,091,312		1,104,003		1,088,625		1,172,051		1,214,469
Other insurance related income (loss)	(2,819)		1,440		1,996		(8,707)		5,059		(8,189)
Total underwriting revenues	1,084,549		1,092,752		1,105,999		1,079,918		1,177,110		1,206,280

UNDERWRITING EXPENSES
Net losses and loss expenses	817,239		879,677		676,261		908,073		857,394		1,027,343
Acquisition costs	231,800		230,564		228,502		238,650		261,775		259,308
Underwriting-related general and administrative expenses [a]	116,345		117,835		113,824		129,962		107,195		114,293
Total underwriting expenses	1,165,384		1,228,076		1,018,587		1,276,685		1,226,364		1,400,944

UNDERWRITING INCOME (LOSS) [b]	(80,835)		(135,324)		87,412		(196,767)		(49,254)		(194,664)

OTHER (EXPENSES) REVENUES
Net investment income	109,503		101,956		45,040		93,101		117,557		113,128
Net investment gains (losses)	83,356		55,609		53,043		(62,877)		42,712		(72,667)


Corporate expenses [a]	(26,907)		(20,988)		(26,828)		(27,098)		(31,628)		(23,152)
Foreign exchange (losses) gains	(72,309)		(60,734)		(9,709)		61,683		(52,827)		31,232
Interest expense and financing costs	(15,408)		(15,574)		(20,595)		(23,472)		(18,562)		(16,675)
Reorganization expenses	(7,059)		(1,413)		(392)		982		(8,074)		(18,815)
Amortization of value of business acquired	(1,028)		(1,028)		(1,285)		(1,799)		(2,056)		(22,797)
Amortization of intangible assets	(2,827)		(2,838)		(2,855)		(2,870)		(2,853)		(5,251)
Total other (expenses) revenues	67,321		54,990		36,419		37,650		44,269		(14,997)

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	(13,514)		(80,334)		123,831		(159,117)		(4,985)		(209,661)
Income tax (expense) benefit	6,291		12,056		(10,893)		4,867		159		25,921
Interest in income (loss) of equity method investments	9,967		2,896		7,102		(23,577)		4,073		(4,052)

NET INCOME (LOSS)	2,744		(65,382)		120,040		(177,827)		(753)		(187,792)





Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(9,144)		(10,656)


NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	(4,819)	$	(72,945)	$	112,477	$	(185,390)	$	(9,897)	$	(198,448)

[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 and in the 'Consolidated Statements of Operations - Year' section of this document.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - QUARTER


	Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q4 2019		Q4 2018
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	57.4	%	58.5	%	58.0	%	57.1	%	62.2	%	65.4	%
Catastrophe and weather-related losses ratio	18.4	%	22.2	%	3.5	%	26.9	%	12.1	%	22.5	%
Current accident year loss ratio	75.8	%	80.7	%	61.5	%	84.0	%	74.3	%	87.9	%
Prior year reserve development ratio	(0.6	%)	(0.1	%)	(0.2	%)	(0.6	%)	(1.1	%)	(3.3	%)
Net losses and loss expenses ratio	75.2	%	80.6	%	61.3	%	83.4	%	73.2	%	84.6	%
Acquisition cost ratio	21.3	%	21.1	%	20.7	%	21.9	%	22.3	%	21.4	%
General and administrative expense ratio [a]	13.1	%	12.8	%	12.7	%	14.5	%	11.8	%	11.3	%
Combined ratio	109.6	%	114.5	%	94.7	%	119.8	%	107.3	%	117.3	%

Weighted average common shares outstanding	84,341		84,308		84,303		84,094		83,957		83,582
Weighted average diluted common shares outstanding	84,341		84,308		84,600		84,094		83,957		83,582
Earnings (loss) per common share	($0.06)		($0.87)		$1.33		($2.20)		($0.12)		($2.37)
Earnings (loss) per diluted common share	($0.06)		($0.87)		$1.33		($2.20)		($0.12)		($2.37)
Annualized ROACE	(0.4	%)	(6.2	%)	10.0	%	nm		(0.8	%)	(18.1	%)
Annualized operating ROACE	(1.4	%)	(5.5	%)	6.3	%	nm		0.4	%	(13.2	%)

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - YEAR


	Years ended December 31,
	2020		2019		2018
UNDERWRITING REVENUES
Gross premiums written	$	6,826,938	$	6,898,858	$	6,910,065
Ceded premiums written	(2,490,529)		(2,409,243)		(2,251,103)
Net premiums written	4,336,409		4,489,615		4,658,962

Gross premiums earned	6,768,733		6,910,677		6,882,217
Ceded premiums earned	(2,397,424)		(2,323,499)		(2,090,722)
Net premiums earned	4,371,309		4,587,178		4,791,495
Other insurance related income (loss)	(8,089)		16,444		10,622
Total underwriting revenues	4,363,220		4,603,622		4,802,117

UNDERWRITING EXPENSES
Net losses and loss expenses	3,281,252		3,044,798		3,190,287
Acquisition costs	929,517		1,024,582		968,835
Underwriting-related general and administrative expenses [a]	477,968		505,735		519,168
Total underwriting expenses	4,688,737		4,575,115		4,678,290

UNDERWRITING INCOME (LOSS)	(325,517)		28,507		123,827

OTHER (EXPENSES) REVENUES
Net investment income	349,601		478,572		438,507
Net investment gains (losses)	129,133		91,233		(150,218)
Corporate expenses [a]	(101,822)		(129,096)		(108,221)
Foreign exchange (losses) gains	(81,069)		12,041		29,165
Interest expense and financing costs	(75,049)		(68,107)		(67,432)
Reorganization expenses	(7,881)		(37,384)		(66,940)
Amortization of value of business acquired	(5,139)		(26,722)		(172,332)
Amortization of intangible assets	(11,390)		(11,597)		(13,814)
Total other (expenses) revenues	196,384		308,940		(111,285)

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	(129,133)		337,447		12,542

Income tax (expense) benefit	12,321		(23,692)		29,486
Interest in income (loss) of equity method investments	(3,612)		9,718		993

NET INCOME (LOSS)	(120,424)		323,473		43,021





Preferred share dividends	(30,250)		(41,112)		(42,625)


NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	(150,674)	$	282,361	$	396

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - YEAR


	Years ended December 31,
	2020		2019		2018
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	57.7	%	60.6	%	61.7	%
Catastrophe and weather-related losses ratio	17.7	%	7.5	%	9.0	%
Current accident year loss ratio	75.4	%	68.1	%	70.7	%
Prior year reserve development ratio	(0.3	%)	(1.7	%)	(4.1	%)
Net losses and loss expenses ratio	75.1	%	66.4	%	66.6	%
Acquisition cost ratio	21.3	%	22.3	%	20.2	%
General and administrative expense ratio [a]	13.2	%	13.9	%	13.1	%
Combined ratio	109.6	%	102.6	%	99.9	%

Weighted average common shares outstanding	84,262		83,894		83,501
Weighted average diluted common shares outstanding	84,262		84,473		84,007
Earnings (loss) per common share	($1.79)		$3.37		$—
Earnings (loss) per diluted common share	($1.79)		$3.34		$—
ROACE	(3.2	%)	6.3	%	—	%
Operating ROACE	(3.7	%)	4.7	%	3.6	%

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Quarter ended December 31, 2020									Year ended December 31, 2020
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,104,299		$	244,120		$	1,348,419		$	4,018,399		$	2,808,539		$	6,826,938
Ceded premium written	(476,066)			(86,904)			(562,970)			(1,660,898)			(829,631)			(2,490,529)
Net premiums written	628,233			157,216			785,449			2,357,501			1,978,908			4,336,409

Gross premiums earned	1,006,930			729,002			1,735,932			3,839,727			2,929,006			6,768,733
Ceded premiums earned	(417,160)			(231,404)			(648,564)			(1,540,689)			(856,735)			(2,397,424)
Net premiums earned	589,770			497,598			1,087,368			2,299,038			2,072,271			4,371,309
Other insurance related income (loss)	556			(3,375)			(2,819)			2,647			(10,736)			(8,089)
Total underwriting revenues	590,326			494,223			1,084,549			2,301,685			2,061,535			4,363,220

UNDERWRITING EXPENSES
Net losses and loss expenses	444,444			372,795			817,239			1,697,014			1,584,238			3,281,252
Acquisition costs	117,954			113,846			231,800			461,533			467,984			929,517
Underwriting-related general and administrative expenses	93,930			22,415			116,345			378,839			99,129			477,968
Total underwriting expenses	656,328			509,056			1,165,384			2,537,386			2,151,351			4,688,737

UNDERWRITING LOSS	$	(66,002)		(14,833)			(80,835)			(235,701)			(89,816)			(325,517)

Catastrophe and weather-related losses, net of reinstatement premiums	$	118,185		$	79,843		$	198,028		$	443,440		$	330,479		$	773,919
Net favorable prior year reserve development	$	4,417		$	2,142		$	6,559		$	8,937		$	6,972		$	15,909

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	56.1		%	59.0		%	57.4		%	55.1		%	60.6		%	57.7		%
Catastrophe and weather-related losses ratio	20.0		%	16.3		%	18.4		%	19.1		%	16.2		%	17.7		%
Current accident year loss ratio	76.1		%	75.3		%	75.8		%	74.2		%	76.8		%	75.4		%
Prior year reserve development ratio	(0.7		%)	(0.4		%)	(0.6		%)	(0.4		%)	(0.4		%)	(0.3		%)
Net losses and loss expenses ratio	75.4		%	74.9		%	75.2		%	73.8		%	76.4		%	75.1		%
Acquisition cost ratio	20.0		%	22.9		%	21.3		%	20.1		%	22.6		%	21.3		%
Underwriting-related general and administrative expense ratio	15.9		%	4.5		%	10.6		%	16.5		%	4.8		%	10.9		%
Corporate expense ratio							2.5		%							2.3		%
Combined ratio	111.3		%	102.3		%	109.6		%	110.4		%	103.8		%	109.6		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Years ended December 31,
	Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q4 2019		Q4 2018		2020		2019

INSURANCE SEGMENT
Property	$	255,606	$	238,599	$	278,841	$	223,603	$	242,446	$	245,851	$	996,650	$	943,760
Marine	63,901		82,810		116,398		156,296		73,780		56,202		419,405		411,309
Terrorism	13,486		14,767		11,008		16,520		13,317		12,920		55,781		60,120
Aviation	23,946		22,702		23,794		17,230		20,838		23,496		87,671		74,670
Credit and Political Risk	56,264		24,473		28,002		47,675		40,487		70,206		156,414		154,999
Professional Lines	434,868		338,907		346,338		258,391		356,321		328,078		1,378,503		1,177,274
Liability	215,131		172,747		204,398		170,878		180,951		144,277		763,155		699,876
Accident and Health	40,843		39,262		27,419		51,062		30,876		37,080		158,585		144,103
Discontinued Lines - Novae	254		1,550		1,370		(940)		2,592		2,626		2,235		9,820
TOTAL INSURANCE SEGMENT	$	1,104,299	$	935,817	$	1,037,568	$	940,715	$	961,608	$	920,736	$	4,018,399	$	3,675,931

REINSURANCE SEGMENT
Catastrophe	$	24,497	$	74,656	$	189,706	$	262,283	$	20,346	$	41,137	$	551,143	$	718,514
Property	(1,115)		58,907		54,763		133,189		20,318		(3,345)		245,744		304,166
Credit and Surety	43,519		38,110		50,332		100,739		28,375		28,442		232,699		269,733
Professional Lines	45,888		31,752		111,725		123,570		34,789		19,312		312,935		261,072
Motor	(15,427)		(2,235)		42,970		279,132		21,273		21,921		304,439		334,887
Liability	113,591		136,791		149,635		218,896		88,479		50,790		618,913		546,479
Engineering	5,552		1,408		3,006		15,920		17,821		24,099		25,886		57,028
Agriculture	901		7,455		43,896		18,248		23,369		14,131		70,500		224,961
Marine and Aviation	10,900		6,341		25,867		29,993		6,675		3,354		73,103		74,781
Accident and Health	15,706		41,820		6,625		307,678		38,881		51,050		371,828		432,670
Discontinued Lines - Novae	108		356		90		795		(568)		1,111		1,349		(1,364)
TOTAL REINSURANCE SEGMENT	$	244,120	$	395,361	$	678,615	$	1,490,443	$	299,758	$	252,002	$	2,808,539	$	3,222,927

CONSOLIDATED TOTAL	$	1,348,419	$	1,331,178	$	1,716,183	$	2,431,158	$	1,261,366	$	1,172,738	$	6,826,938	$	6,898,858

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA - QUARTER AND PRIOR YEAR


																			Year ended December 31,
	Q4 2020			Q3 2020			Q2 2020			Q1 2020			Q4 2019			Q4 2018			2019
UNDERWRITING REVENUES
Gross premiums written	$	1,348,419		$	1,331,178		$	1,716,183		$	2,431,158		$	1,261,366		$	1,172,738		$	6,898,858
Ceded premiums written	(562,970)			(515,196)			(660,249)			(752,114)			(475,212)			(420,040)			(2,409,243)
Net premiums written	785,449			815,982			1,055,934			1,679,044			786,154			752,698			4,489,615

Gross premiums earned	1,735,932			1,680,529			1,694,861			1,657,412			1,789,084			1,777,052			6,910,677
Ceded premiums earned	(648,564)			(589,217)			(590,858)			(568,787)			(617,033)			(562,583)			(2,323,499)
Net premiums earned	1,087,368			1,091,312			1,104,003			1,088,625			1,172,051			1,214,469			4,587,178
Other insurance related income (loss)	(2,819)			1,440			1,996			(8,707)			5,059			(8,189)			16,444
Total underwriting revenues	1,084,549			1,092,752			1,105,999			1,079,918			1,177,110			1,206,280			4,603,622

UNDERWRITING EXPENSES
Net losses and loss expenses	817,239			879,677			676,261			908,073			857,394			1,027,343			3,044,798
Acquisition costs	231,800			230,564			228,502			238,650			261,775			259,308			1,024,582
Underwriting-related general and administrative expenses	116,345			117,835			113,824			129,962			107,195			114,293			505,735
Total underwriting expenses	1,165,384			1,228,076			1,018,587			1,276,685			1,226,364			1,400,944			4,575,115

UNDERWRITING INCOME (LOSS)	$	(80,835)		$	(135,324)		$	87,412		$	(196,767)		$	(49,254)		$	(194,664)		$	28,507

Catastrophe and weather-related losses, net of reinstatement premiums	$	198,028		$	240,025		$	36,047		$	299,695		$	140,000		$	269,130		$	336,117
Net favorable prior year reserve development	$	6,559		$	584		$	2,655		$	6,113		$	13,881		$	39,578		$	78,900

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	57.4		%	58.5		%	58.0		%	57.1		%	62.2		%	65.4		%	60.6		%
Catastrophe and weather-related losses ratio	18.4		%	22.2		%	3.5		%	26.9		%	12.1		%	22.5		%	7.5		%
Current accident year loss ratio	75.8		%	80.7		%	61.5		%	84.0		%	74.3		%	87.9		%	68.1		%
Prior year reserve development ratio	(0.6		%)	(0.1		%)	(0.2		%)	(0.6		%)	(1.1		%)	(3.3		%)	(1.7		%)
Net losses and loss expenses ratio	75.2		%	80.6		%	61.3		%	83.4		%	73.2		%	84.6		%	66.4		%
Acquisition cost ratio	21.3		%	21.1		%	20.7		%	21.9		%	22.3		%	21.4		%	22.3		%
Underwriting-related general and administrative expense ratio	13.1		%	12.8		%	12.7		%	14.5		%	11.8		%	11.3		%	13.9		%
Combined ratio	109.6		%	114.5		%	94.7		%	119.8		%	107.3		%	117.3		%	102.6		%

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR


																			Year ended December 31,
	Q4 2020			Q3 2020			Q2 2020			Q1 2020			Q4 2019			Q4 2018			2019
UNDERWRITING REVENUES
Gross premiums written	$	1,104,299		$	935,817		$	1,037,568		$	940,715		$	961,608		$	920,736		$	3,675,931
Ceded premiums written	(476,066)			(390,960)			(434,807)			(359,065)			(390,651)			(344,130)			(1,466,776)
Net premiums written	628,233			544,857			602,761			581,650			570,957			576,606			2,209,155

Gross premiums earned	1,006,930			948,478			952,241			932,078			927,599			937,784			3,623,180
Ceded premiums earned	(417,160)			(378,294)			(375,222)			(370,014)			(367,989)			(347,305)			(1,433,096)
Net premiums earned	589,770			570,184			577,019			562,064			559,610			590,479			2,190,084
Other insurance related income	556			688			755			647			1,079			101			2,858
Total underwriting revenues	590,326			570,872			577,774			562,711			560,689			590,580			2,192,942

UNDERWRITING EXPENSES
Net losses and loss expenses	444,444			443,389			337,367			471,812			317,234			428,525			1,278,679
Acquisition costs	117,954			114,569			116,259			112,751			123,300			109,111			468,281
Underwriting-related general and administrative expenses	93,930			94,379			89,751			100,778			90,472			89,858			401,963
Total underwriting expenses	656,328			652,337			543,377			685,341			531,006			627,494			2,148,923

UNDERWRITING INCOME (LOSS)	$	(66,002)		$	(81,465)		$	34,397		$	(122,630)		$	29,683		$	(36,914)		$	44,019

Catastrophe and weather-related losses, net of reinstatement premiums	$	118,185		$	131,853		$	15,786		$	177,583		$	19,900		$	92,128		$	83,700
Net favorable prior year reserve development	$	4,417		$	270		$	420		$	3,832		$	10,455		$	32,257		$	53,302

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	56.1		%	54.7		%	55.6		%	54.2		%	55.0		%	62.4		%	57.0		%
Catastrophe and weather-related losses ratio	20.0		%	23.1		%	2.9		%	30.4		%	3.6		%	15.6		%	3.8		%
Current accident year loss ratio	76.1		%	77.8		%	58.5		%	84.6		%	58.6		%	78.0		%	60.8		%
Prior year reserve development ratio	(0.7		%)	—		%	—		%	(0.7		%)	(1.9		%)	(5.4		%)	(2.4		%)
Net losses and loss expenses ratio	75.4		%	77.8		%	58.5		%	83.9		%	56.7		%	72.6		%	58.4		%
Acquisition cost ratio	20.0		%	20.1		%	20.1		%	20.1		%	22.0		%	18.5		%	21.4		%
Underwriting-related general and administrative expense ratio	15.9		%	16.5		%	15.6		%	17.9		%	16.2		%	15.2		%	18.3		%
Combined ratio	111.3		%	114.4		%	94.2		%	121.9		%	94.9		%	106.3		%	98.1		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR


																			Year ended December 31,
	Q4 2020			Q3 2020			Q2 2020			Q1 2020			Q4 2019			Q4 2018			2019
UNDERWRITING REVENUES
Gross premiums written	$	244,120		$	395,361		$	678,615		$	1,490,443		$	299,758		$	252,002		$	3,222,927
Ceded premiums written	(86,904)			(124,236)			(225,442)			(393,049)			(84,561)			(75,910)			(942,467)
Net premiums written	157,216			271,125			453,173			1,097,394			215,197			176,092			2,280,460

Gross premiums earned	729,002			732,051			742,620			725,334			861,485			839,268			3,287,497
Ceded premiums earned	(231,404)			(210,923)			(215,636)			(198,773)			(249,044)			(215,278)			(890,403)
Net premiums earned	497,598			521,128			526,984			526,561			612,441			623,990			2,397,094
Other insurance related income (loss)	(3,375)			752			1,241			(9,354)			3,980			(8,290)			13,586
Total underwriting revenues	494,223			521,880			528,225			517,207			616,421			615,700			2,410,680

UNDERWRITING EXPENSES
Net losses and loss expenses	372,795			436,288			338,894			436,261			540,160			598,818			1,766,119
Acquisition costs	113,846			115,995			112,243			125,899			138,475			150,197			556,301
Underwriting-related general and administrative expenses	22,415			23,456			24,073			29,184			16,723			24,435			103,772
Total underwriting expenses	509,056			575,739			475,210			591,344			695,358			773,450			2,426,192

UNDERWRITING INCOME (LOSS)	$	(14,833)		$	(53,859)		$	53,015		$	(74,137)		$	(78,937)		$	(157,750)		$	(15,512)

Catastrophe and weather-related losses, net of reinstatement premiums	$	79,843		$	108,172		$	20,261		$	122,112		$	120,100		$	177,002		$	252,417
Net favorable prior year reserve development	$	2,142		$	314		$	2,235		$	2,281		$	3,426		$	7,321		$	25,598

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	59.0		%	62.7		%	60.6		%	60.2		%	68.9		%	68.3		%	64.0		%
Catastrophe and weather-related losses ratio	16.3		%	21.1		%	4.1		%	23.1		%	19.9		%	28.8		%	10.7		%
Current accident year loss ratio	75.3		%	83.8		%	64.7		%	83.3		%	88.8		%	97.1		%	74.7		%
Prior year reserve development ratio	(0.4		%)	(0.1		%)	(0.4		%)	(0.4		%)	(0.6		%)	(1.1		%)	(1.0		%)
Net losses and loss expenses ratio	74.9		%	83.7		%	64.3		%	82.9		%	88.2		%	96.0		%	73.7		%
Acquisition cost ratio	22.9		%	22.3		%	21.3		%	23.9		%	22.6		%	24.1		%	23.2		%
Underwriting-related general and administrative expenses ratio	4.5		%	4.5		%	4.6		%	5.5		%	2.7		%	3.9		%	4.3		%
Combined ratio	102.3		%	110.5		%	90.2		%	112.3		%	113.5		%	124.0		%	101.2		%

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS


	Quarters ended December 31,												Years ended December 31,
	2020						2019						2020						2019
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,104,299	$	244,120	$	1,348,419	$	961,608	$	299,758	$	1,261,366	$	4,018,399	$	2,808,539	$	6,826,938	$	3,675,931	$	3,222,927	$	6,898,858
Premiums ceded to Harrington Re	3,431		37,435		40,866		1,965		38,220		40,185		11,317		246,984		258,301		5,775		241,347		247,122
Premiums ceded to Other Strategic Capital Partners	18,885		49,469		68,354		13,651		46,341		59,992		71,050		582,647		653,697		54,644		701,120		755,764
Premiums ceded to Other Reinsurers	453,750		—		453,750		375,035		—		375,035		1,578,531		—		1,578,531		1,406,357		—		1,406,357
Net premiums written	$	628,233	$	157,216	$	785,449	$	570,957	$	215,197	$	786,154	$	2,357,501	$	1,978,908	$	4,336,409	$	2,209,155	$	2,280,460	$	4,489,615

FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Fee income	$	2,674	$	10,229	$	12,903	$	2,036	$	21,081	$	23,117	$	10,645	$	49,820	$	60,465	$	7,428	$	72,820	$	80,248

[a] Total managed premiums represents gross premiums written of $1.3 billion for the quarters ended December 31, 2020 and 2019, respectively, and $6.8 billion and $6.9 billion for the years ended December 31, 2020 and 2019, respectively, and includes premiums written by the Insurance and Reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

[b] Fee income from strategic capital partners represents service fees and reimbursement of expenses from strategic capital partners. Fee income from strategic capital partners included $(4) million and $3 million in other insurance related income (loss) for the quarters ended December 31, 2020 and 2019, respectively and $(2) million and $12 million for the years ended December 31, 2020, and 2019, respectively. It also included $17 million and $20 million as an offset to general and administrative expenses for the quarters ended December 31, 2020 and 2019, respectively and $62 million and $68 million for the years ended December 31, 2020 and 2019, respectively.

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME - QUARTER AND YEAR


													Years ended December 31,
	Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q4 2019		Q4 2018		2020		2019

Fixed maturities	$	72,727	$	73,992	$	80,459	$	89,943	$	98,990	$	94,108	$	317,121	$	384,053
Other investments	30,634		25,125		(37,580)		(2,120)		10,767		4,780		16,059		60,038
Equity securities	3,069		1,871		2,263		2,125		2,678		3,062		9,328		10,434
Mortgage loans	4,110		3,609		3,660		4,053		3,977		3,762		15,432		14,712
Cash and cash equivalents	3,768		2,491		2,392		4,930		5,908		10,796		13,582		26,882
Short-term investments	446		440		366		1,498		1,077		3,432		2,749		7,053

Gross investment income	114,754		107,528		51,560		100,429		123,397		119,940		374,271		503,172
Investment expense	(5,251)		(5,572)		(6,520)		(7,328)		(5,840)		(6,812)		(24,670)		(24,600)

Net investment income	$	109,503	$	101,956	$	45,040	$	93,101	$	117,557	$	113,128	$	349,601	$	478,572

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2020			2020			2020			2020			2019			2018
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,041,799		$	12,609,241		$	12,046,415		$	12,076,186		$	12,468,205		$	11,435,347
Equity securities, at fair value	518,445			417,886			378,860			404,945			474,207			381,633
Mortgage loans, held for investment, at fair value	593,290			544,095			524,757			517,181			432,748			298,650
Other investments, at fair value	829,156			760,206			768,635			797,808			770,923			787,787
Equity method investments	114,209			104,242			101,346			94,244			117,821			108,103
Short-term investments, at fair value	161,897			69,996			34,337			77,101			38,471			144,040
Total investments	14,258,796			14,505,666			13,854,350			13,967,465			14,302,375			13,155,560
Cash and cash equivalents	1,503,232			1,440,816			1,648,833			1,241,063			1,576,457			1,830,020
Accrued interest receivable	65,020			70,013			68,880			76,569			78,085			80,335
Insurance and reinsurance premium balances receivable	2,738,342			3,131,791			3,527,147			3,485,043			3,071,390			3,007,296
Reinsurance recoverable on unpaid losses and loss expenses	4,496,641			4,337,683			4,160,521			4,101,579			3,877,756			3,501,669
Reinsurance recoverable on paid losses and loss expenses	434,201			373,431			395,990			357,185			327,795			280,233
Deferred acquisition costs	431,439			520,706			583,484			611,229			492,119			566,622
Prepaid reinsurance premiums	1,194,455			1,278,672			1,352,090			1,281,808			1,101,889			1,013,573
Receivable for investments sold	2,150			17,513			2,985			34,137			35,659			32,627
Goodwill	100,801			102,003			102,003			102,003			102,003			102,003
Intangible assets	219,633			222,362			225,092			227,821			230,550			241,568
Value of business acquired	3,854			4,881			5,909			7,194			8,992			35,714
Operating lease right-of-use assets	123,579			131,776			136,815			140,149			111,092			—
Other assets	305,544			315,683			295,074			315,523			287,892			285,346
TOTAL ASSETS	$	25,877,687		$	26,452,996		$	26,359,173		$	25,948,768		$	25,604,054		$	24,132,566

LIABILITIES
Reserve for losses and loss expenses	$	13,926,766		$	13,653,488		$	13,179,166		$	13,082,273		$	12,752,081		$	12,280,769
Unearned premiums	3,685,886			4,070,649			4,418,728			4,395,240			3,626,246			3,635,758
Insurance and reinsurance balances payable	1,092,042			1,244,846			1,365,799			1,263,389			1,349,082			1,338,991
Debt	1,309,695			1,309,384			1,309,076			1,808,645			1,808,157			1,341,961
Payable for investments purchased	104,777			458,111			350,347			123,678			32,985			111,838
Operating lease liabilities	140,263			140,058			141,621			143,071			115,584			—
Other liabilities	322,564			310,565			296,616			292,894			375,911			393,178
TOTAL LIABILITIES	20,581,993			21,187,101			21,061,353			21,109,190			20,060,046			19,102,495

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			775,000			775,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,330,054			2,325,196			2,317,354			2,307,998			2,317,212			2,308,583
Accumulated other comprehensive income (loss)	414,395			350,111			281,599			(89,919)			171,710			(177,110)
Retained earnings	5,763,607			5,804,637			5,913,029			5,836,007			6,056,686			5,912,812
Treasury shares, at cost	(3,764,568)			(3,766,255)			(3,766,368)			(3,766,714)			(3,778,806)			(3,791,420)


TOTAL SHAREHOLDERS' EQUITY	5,295,694			5,265,895			5,297,820			4,839,578			5,544,008			5,030,071

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	25,877,687		$	26,452,996		$	26,359,173		$	25,948,768		$	25,604,054		$	24,132,566

Common shares outstanding	84,353			84,309			84,306			84,298			83,959			83,586
Diluted common shares outstanding [a]	86,143			86,132			86,178			86,170			85,489			85,229
Book value per common share	$56.26			$55.94			$56.32			$50.89			$56.80			$50.91
Book value per diluted common share	$55.09			$54.75			$55.09			$49.78			$55.79			$49.93
Tangible book value per diluted common share	$51.90			$51.52			$51.79			$46.45			$52.40			$46.41
Debt to total capital [b]	19.8		%	19.9		%	19.8		%	27.2		%	24.6		%	21.1		%
Debt and preferred equity to total capital	28.2		%	28.3		%	28.1		%	35.5		%	35.1		%	33.2		%

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

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

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

At December 31, 2020


	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value		Percentage
Fixed Maturities, available for sale
U.S. government and agency	$	1,881,489	$	—	$	38,969	$	(1,759)	$	1,918,699	12.2	%
Non-U.S. government	632,875		—		38,826		(428)		671,273		4.3	%
Corporate debt	4,408,351		(303)		254,261		(6,358)		4,655,951		29.6	%
Agency RMBS	1,244,727		—		42,170		(688)		1,286,209		8.2	%
CMBS	1,268,273		—		87,598		(2,284)		1,353,587		8.6	%
Non-Agency RMBS	136,198		(20)		4,604		(678)		140,104		0.9	%
ABS	1,712,236		—		14,527		(6,685)		1,720,078		10.9	%
Municipals	282,781		—		13,148		(31)		295,898		1.9	%
Total fixed maturities	11,566,930		(323)		494,103		(18,911)		12,041,799		76.6	%

Equity securities
Common stocks	10,810		—		689		(557)		10,942		0.1	%
Preferred stocks	6,301		—		1,767		—		8,068		0.1	%
Exchange-traded funds	147,794		—		74,314		(390)		221,718		1.4	%
Bond mutual funds	256,839		—		20,878		—		277,717		1.7	%
Total equity securities	421,744		—		97,648		(947)		518,445		3.3	%

Total fixed maturities and equity securities	$	11,988,674	$	(323)	$	591,751	$	(19,858)	12,560,244		79.9	%

Mortgage loans, held for investment									593,290		3.8	%

Other investments (see below)									829,156		5.3	%

Equity method investments									114,209		0.7	%

Short-term investments									161,897		1.0	%

Total investments									14,258,796		90.7	%

Cash and cash equivalents [a]									1,503,232		9.6	%

Accrued interest receivable									65,020		0.4	%

Net receivable/(payable) for investments sold (purchased)									(102,627)		(0.7	%)

Total cash and invested assets									$	15,724,421	100.0	%

									Fair Value		Percentage
Other Investments:
Long/short equity funds									$	25,300	3.1	%
Multi-strategy funds									121,420		14.6	%

Direct lending funds									272,131		32.8	%
Real estate funds									164,250		19.8	%
Private equity funds									124,706		15.0	%
Other privately held investments									70,011		8.4	%
Collateralized loan obligations - equity tranches									6,173		0.9	%
Overseas deposits									45,165		5.4	%
Total									$	829,156	100.0	%

[a] Includes $600 million of restricted cash and cash equivalents.

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION - QUARTER


	Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q4 2019		Q4 2018
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities:
U.S. government and agency	12.2	%	12.8	%	13.2	%	12.4	%	13.2	%	10.1	%
Non-U.S. government	4.3	%	4.3	%	4.0	%	3.9	%	3.6	%	3.3	%
Corporate debt	29.6	%	30.8	%	30.6	%	31.5	%	30.9	%	32.5	%
MBS:
Agency RMBS	8.2	%	10.8	%	10.1	%	10.6	%	10.0	%	11.0	%
CMBS	8.6	%	8.9	%	9.0	%	9.4	%	8.6	%	7.3	%
Non-agency RMBS	0.9	%	0.9	%	0.8	%	0.8	%	0.5	%	0.3	%
ABS	10.9	%	10.7	%	10.1	%	9.5	%	10.0	%	10.9	%
Municipals	1.9	%	1.8	%	1.3	%	1.4	%	1.3	%	0.9	%

Total Fixed Maturities	76.6	%	81.0	%	79.1	%	79.5	%	78.1	%	76.3	%
Equity securities	3.3	%	2.7	%	2.5	%	2.7	%	3.0	%	2.5	%
Mortgage loans	3.8	%	3.5	%	3.4	%	3.4	%	2.7	%	2.0	%
Other investments	5.3	%	4.9	%	5.0	%	5.3	%	4.8	%	5.3	%
Equity method investments	0.7	%	0.7	%	0.7	%	0.6	%	0.7	%	0.7	%
Short-term investments	1.0	%	0.3	%	0.3	%	0.4	%	0.3	%	1.0	%

Total investments	90.7	%	93.1	%	91.0	%	91.9	%	89.6	%	87.8	%
Cash and cash equivalents	9.6	%	9.3	%	10.8	%	8.2	%	9.9	%	12.2	%
Accrued interest receivable	0.4	%	0.4	%	0.5	%	0.5	%	0.5	%	0.5	%
Net receivable/(payable) for investments sold (purchased)	(0.7	%)	(2.8	%)	(2.3	%)	(0.6	%)	—	%	(0.5	%)
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	15.9	%	15.8	%	16.7	%	15.5	%	16.9	%	13.3	%
AAA	37.8	%	39.8	%	38.9	%	39.8	%	39.3	%	40.0	%
AA	7.6	%	7.4	%	6.8	%	7.0	%	6.9	%	7.7	%
A	15.7	%	15.7	%	16.4	%	15.9	%	14.8	%	15.5	%
BBB	14.4	%	13.4	%	13.2	%	13.0	%	13.5	%	14.7	%
Below BBB	8.6	%	7.9	%	8.0	%	8.8	%	8.6	%	8.8	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.6	%	2.9	%	3.3	%	3.5	%	3.6	%	3.7	%
From one to five years	36.0	%	35.3	%	36.3	%	36.5	%	39.2	%	41.0	%
From five to ten years	20.7	%	21.1	%	20.7	%	19.1	%	17.3	%	14.8	%
Above ten years	2.3	%	2.1	%	1.8	%	2.7	%	2.7	%	1.8	%
Asset-backed and mortgage-backed securities	37.4	%	38.6	%	37.9	%	38.2	%	37.2	%	38.7	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	2.3	%	2.3	%	2.5	%	2.7	%	2.8	%	3.1	%
Yield to maturity of fixed maturities	1.3	%	1.4	%	1.6	%	2.9	%	2.4	%	3.6	%
Average duration of fixed maturities (inclusive of duration hedges)	3.3	yrs	3.4 yrs		3.4 yrs		3.3 yrs		3.2 yrs		2.8	yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At December 31, 2020


	Fair Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	900,164	19.3	%	5.7	%
Non-U.S. banks	274,462		5.9	%	1.7	%
Corporate/commercial finance	206,413		4.4	%	1.3	%
Insurance	123,628		2.7	%	0.8	%
Investment brokerage	52,359		1.1	%	0.3	%
Total financial institutions	1,557,026		33.4	%	9.8	%
Consumer non-cyclicals	550,387		11.8	%	3.5	%
Communications	308,531		6.6	%	2.0	%
Consumer cyclicals	249,853		5.4	%	1.6	%
Technology	225,004		4.8	%	1.4	%
Non-U.S. government guaranteed	184,174		4.0	%	1.2	%
Industrials	181,982		3.9	%	1.2	%
Energy	176,375		3.8	%	1.1	%
Utilities	168,970		3.6	%	1.1	%
Transportation	118,256		2.5	%	0.8	%
Total investment grade	3,720,558		79.8	%	23.7	%

Total non-investment grade	935,393		20.2	%	5.9	%

Total corporate debt	$	4,655,951	100.0	%	29.6	%

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At December 31, 2020


	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	124,140	$	9,720	$	133,860	1.1	%
MORGAN STANLEY	113,922		8,477		122,399		1.0	%
WELLS FARGO & COMPANY	105,118		7,020		112,138		0.9	%
JP MORGAN CHASE & CO	103,679		8,195		111,874		0.9	%
GOLDMAN SACHS GROUP	95,907		6,739		102,646		0.9	%
CITIGROUP INC	76,410		6,890		83,300		0.7	%
AT&T INC	45,312		3,126		48,438		0.4	%
COMCAST CORPORATION	42,303		4,116		46,419		0.4	%
MITSUBISHI UFJ FINANCIAL GROUP INC	42,120		1,667		43,787		0.4	%
DEUTSCHE TELEKOM AG	38,453		2,403		40,856		0.3	%

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

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At December 31, 2020


	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

Residential MBS	$	1,286,209		$	109,903		$	8,378		$	7,101		$	677		$	14,045		$	1,426,313
Commercial MBS	311,698			972,222			64,459			1,608			2,375			1,225			1,353,587
ABS	—			1,438,131			78,364			65,344			61,791			76,448			1,720,078

Total mortgage-backed and asset-backed securities	$	1,597,907		$	2,520,256		$	151,201		$	74,053		$	64,843		$	91,718		$	4,499,978

Percentage of total	35.5		%	56.0		%	3.4		%	1.6		%	1.4		%	2.1		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS


	Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q4 2019		Q4 2018
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	265,494	$	234,072	$	205,112	$	200,990	$	196,334	$	159,347
Reinsurance	168,707		139,359		190,878		156,195		131,461		121,112
Total	$	434,201	$	373,431	$	395,990	$	357,185	$	327,795	$	280,459

Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	878,107	$	874,612	$	898,849	$	892,354	$	890,036	$	791,215
Reinsurance	505,437		452,201		406,723		482,347		468,904		327,067
Total	$	1,383,544	$	1,326,813	$	1,305,572	$	1,374,701	$	1,358,940	$	1,118,282

Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	2,339,557	$	2,258,508	$	2,151,986	$	2,127,989	$	1,933,657	$	1,919,002
Reinsurance	797,251		775,187		723,950		617,843		603,116		484,754
Total	$	3,136,808	$	3,033,695	$	2,875,936	$	2,745,832	$	2,536,773	$	2,403,756

Allowance for expected credit losses:
Insurance	$	(21,298)	$	(20,369)	$	(19,025)	$	(17,203)	$	(16,720)	$	(18,191)
Reinsurance	(2,413)		(2,456)		(1,962)		(1,751)		(1,237)		(2,404)
Total	$	(23,711)	$	(22,825)	$	(20,987)	$	(18,954)	$	(17,957)	$	(20,595)

Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	3,461,860	$	3,346,823	$	3,236,922	$	3,204,130	$	3,003,307	$	2,851,373
Reinsurance	1,468,982		1,364,291		1,319,589		1,254,634		1,202,244		930,529
Total	$	4,930,842	$	4,711,114	$	4,556,511	$	4,458,764	$	4,205,551	$	3,781,902

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At December 31, 2020


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 losses as % of Reinsurance Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverables	$	2,705,689	$	(643,757)	$	2,061,932	54.7%	38.9%	$	(10,085)	0.4%	$	2,695,604
Other reinsurers balances > $20 million	1,732,492		(363,874)		1,368,618		36.3%	25.8%	(11,008)		0.6%	1,721,484
Other reinsurers balances < $20 million	516,372		(177,638)		338,734		9.0%	6.4%	(2,618)		0.5%	513,754
Total	$	4,954,553	$	(1,185,269)	$	3,769,284	100.0%	71.1%	$	(23,711)	0.5%	$	4,930,842

At December 31, 2020, 87.6% (December 31, 2019: 89.1%) of the reinsurance recoverable balances, gross of collateral were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.


Top 10 Reinsurers, Net of collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	13.1%	9.3%
2	Lloyds of London	9.7%	6.9%
3	Harrington Re Ltd.	9.2%	6.6%
4	Transatlantic Reinsurance Co	5.7%	4.0%
5	Hannover Ruck SE	5.1%	3.6%
6	Partner Reinsurance Co of US	4.3%	3.1%
7	Everest Reinsurance Company	3.6%	2.5%
8	Munich Reinsurance America, Inc	3.2%	2.3%
9	SCOR Reinsurance Company	3.2%	2.2%
10	Third Point Reinsurance (USA) Ltd.	2.3%	1.6%
		59.4%	42.1%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES


	Quarter ended December 31, 2020						Year ended December 31, 2020
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses		Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses

Beginning of period	$	13,653,488	$	(4,337,683)	$	9,315,805	$	12,752,081	$	(3,877,756)	$	8,874,325
Incurred losses and loss expenses	1,342,602		(525,363)		817,239		5,195,709		(1,914,457)		3,281,252
Paid losses and loss expenses	(1,278,242)		399,366		(878,876)		(4,235,762)		1,298,361		(2,937,401)
Foreign exchange and other	208,918		(32,961)		175,957		214,738		(2,789)		211,949

End of period [a]	$	13,926,766	$	(4,496,641)	$	9,430,125	$	13,926,766	$	(4,496,641)	$	9,430,125

[a] At December 31, 2020, reserve for losses and loss expenses included IBNR of $8,595 million, or 62%, (December 31, 2019: $7,891 million, or 62%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Quarter ended December 31, 2020									Year ended December 31, 2020
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	683,379		$	594,863		$	1,278,242		$	2,238,874		$	1,996,888		$	4,235,762
Reinsurance recoverable on paid losses and loss expenses	(273,686)			(125,680)			(399,366)			(900,765)			(397,596)			(1,298,361)

Net paid losses and loss expenses	409,693			469,183			878,876			1,338,109			1,599,292			2,937,401

Change in:
Gross case reserves	(34,344)			104,547			70,203			(11,938)			348,063			336,125
Gross IBNR	132,082			(137,925)			(5,843)			754,356			(130,534)			623,822
Reinsurance recoverable on unpaid losses and loss expenses	(62,987)			(63,010)			(125,997)			(383,513)			(232,583)			(616,096)

Total net incurred losses and loss expenses	$	444,444		$	372,795		$	817,239		$	1,697,014		$	1,584,238		$	3,281,252

Gross reserve for losses and loss expenses	$	7,310,498		$	6,616,268		$	13,926,766		$	7,310,498		$	6,616,268		$	13,926,766

Net favorable prior year reserve development	$	4,417		$	2,142		$	6,559		$	8,937		$	6,972		$	15,909

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	92.2		%	125.9		%	107.5		%	78.9		%	101.0		%	89.5		%

Net paid losses and loss expenses / Net premiums earned	69.5		%	94.3		%	80.8		%	58.2		%	77.2		%	67.2		%
Change in net losses and loss expenses / Net premiums earned	5.9		%	(19.4		%)	(5.6		%)	15.6		%	(0.8		%)	7.9		%
Net losses and loss expenses ratio	75.4		%	74.9		%	75.2		%	73.8		%	76.4		%	75.1		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTER


	Q4 2020			Q3 2020			Q2 2020			Q1 2020			Q4 2019			Q4 2018

Gross paid losses and loss expenses	$	683,379		$	502,517		$	543,599		$	509,378		$	575,688		$	676,665
Reinsurance recoverable on paid losses and loss expenses	(273,686)			(203,805)			(218,928)			(204,348)			(254,044)			(254,452)

Net paid losses and loss expenses	409,693			298,712			324,671			305,030			321,644			422,213

Change in:
Gross case reserves	(34,344)			(68,443)			72,563			18,286			(31,996)			(40,794)
Gross IBNR	132,082			277,499			(35,502)			380,280			27,839			117,212
Reinsurance recoverable on unpaid losses and loss expenses	(62,987)			(64,379)			(24,365)			(231,784)			(253)			(70,106)

Total net incurred losses and loss expenses	$	444,444		$	443,389		$	337,367		$	471,812		$	317,234		$	428,525

Gross reserve for losses and loss expenses	$	7,310,498		$	7,135,537		$	6,865,343		$	6,814,171		$	6,496,568		$	6,426,309

Net favorable prior year reserve development	$	4,417		$	270		$	420		$	3,832		$	10,455		$	32,257

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	92.2		%	67.4		%	96.2		%	64.7		%	101.4		%	98.5		%

Net paid losses and loss expenses / Net premiums earned	69.5		%	52.4		%	56.3		%	54.3		%	57.5		%	71.5		%
Change in net losses and loss expenses / Net premiums earned	5.9		%	25.4		%	2.2		%	29.6		%	(0.8		%)	1.1		%
Net losses and loss expenses ratio	75.4		%	77.8		%	58.5		%	83.9		%	56.7		%	72.6		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTER


	Q4 2020			Q3 2020			Q2 2020			Q1 2020			Q4 2019			Q4 2018

Gross paid losses and loss expenses	$	594,863		$	467,319		$	466,692		$	468,015		$	660,948		$	611,056
Reinsurance recoverable on paid losses and loss expenses	(125,680)			(69,218)			(100,748)			(101,950)			(132,719)			(92,279)

Net paid losses and loss expenses	469,183			398,101			365,944			366,065			528,229			518,777

Change in:
Gross case reserves	104,547			65,919			97,573			80,024			3,236			199,227
Gross IBNR	(137,925)			59,996			(92,099)			39,492			89,173			42,084
Reinsurance recoverable on unpaid losses and loss expenses	(63,010)			(87,728)			(32,524)			(49,320)			(80,478)			(161,270)

Total net incurred losses and loss expenses	$	372,795		$	436,288		$	338,894		$	436,261		$	540,160		$	598,818

Gross reserve for losses and loss expenses	$	6,616,268		$	6,517,951		$	6,313,823		$	6,268,102		$	6,255,513		$	5,854,460

Net favorable prior year reserve development	$	2,142		$	314		$	2,235		$	2,281		$	3,426		$	7,321

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	125.9		%	91.2		%	108.0		%	83.9		%	97.8		%	86.6		%

Net paid losses and loss expenses / Net premiums earned	94.3		%	76.4		%	69.4		%	69.5		%	86.2		%	83.1		%
Change in net losses and loss expenses / Net premiums earned	(19.4		%)	7.3		%	(5.1		%)	13.4		%	2.0		%	12.9		%
Net losses and loss expenses ratio	74.9		%	83.7		%	64.3		%	82.9		%	88.2		%	96.0		%

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF JANUARY 1, 2021


		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	$	286	6.0	%	$	408	8.6	%	$	625	13.2	%
Northeast	U.S. Hurricane	42		0.9	%	115		2.4	%	262		5.5	%
Mid-Atlantic	U.S. Hurricane	90		1.9	%	263		5.5	%	520		11.0	%
Gulf of Mexico	U.S. Hurricane	175		3.7	%	263		5.5	%	431		9.1	%
California	Earthquake	193		4.1	%	396		8.3	%	504		10.6	%
Europe	Windstorm	136		2.9	%	182		3.8	%	240		5.1	%
Japan	Earthquake	103		2.2	%	179		3.8	%	336		7.1	%
Japan	Windstorm	113		2.4	%	186		3.9	%	220		4.6	%

The above table shows our Probable Maximum Loss ("PML") to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at January 1, 2021. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast hurricane, net of reinsurance, is approximately $0.4 billion. According to our modeling, there is a one percent chance that on an annual basis, our losses incurred from a Southeast hurricane event could be in excess of $0.4 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast hurricane will fall below $0.4 billion.

We have developed our PML estimates by combining judgment and experience with the outputs from the catastrophe model, commercially available from AIR. 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, foremost by ensuring that management’s judgment supplements the model outputs. We also perform ongoing model validation both within our business units and through our catastrophe model validation unit. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

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

AXIS CAPITAL HOLDINGS LIMITED

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


	Quarters ended December 31,				Years ended December 31,
	2020		2019		2020		2019

Net income (loss) available (attributable) to common shareholders	$	(4,819)	$	(9,897)	$	(150,674)	$	282,361

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,341		83,957		84,262		83,894
Dilutive share equivalents:

Share-based compensation plans [a]	—		—		—		579
Weighted average diluted common shares outstanding	84,341		83,957		84,262		84,473

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	($0.06)		($0.12)		($1.79)		$3.37
Earnings (loss) per diluted common share	($0.06)		($0.12)		($1.79)		$3.34

[a] Due to the net loss recognized for the the quarters ended December 31, 2020 and 2019 and year ended December 31, 2020, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLLFOWARD - QUARTER


	Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q4 2019		Q4 2018

Net income (loss) available (attributable) to common shareholders	$	(4,819)	$	(72,945)	$	112,477	$	(185,390)	$	(9,897)	$	(198,448)

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	84,309		84,306		84,298		83,959		83,947		83,557
Shares issued and treasury shares reissued	83		5		11		489		23		53
Shares repurchased for treasury	(39)		(2)		(3)		(150)		(11)		(24)
Common shares - at end of period	84,353		84,309		84,306		84,298		83,959		83,586

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,341		84,308		84,303		84,094		83,957		83,582
Dilutive share equivalents:

Share-based compensation plans [a]	—		—		297		—		—		—
Weighted average diluted common shares outstanding	84,341		84,308		84,600		84,094		83,957		83,582

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	($0.06)		($0.87)		$1.33		($2.20)		($0.12)		($2.37)
Earnings (loss) per diluted common share	($0.06)		($0.87)		$1.33		($2.20)		($0.12)		($2.37)

[a] Due to the net loss recognized for the quarters ended December 31, 2020, September 30, 2020, March 31,2020, and December 31, 2019 and 2018, respectively, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

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


	At December 31, 2020

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

Closing stock price				$50.39





Book value per common share	$	4,745,694	84,353	$56.26

Dilutive securities: [b]
Restricted stock units			1,790	(1.17)
Book value per diluted common share	$	4,745,694	86,143	$55.09

	At December 31, 2019

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

Closing stock price				$59.44

Book value per common share	$	4,769,008	83,959	$56.80





Dilutive securities: [b]


Restricted stock units			1,530	(1.01)
Book value per diluted common share	$	4,769,008	85,489	$55.79

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

[b] Excludes cash-settled restricted stock units.

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Quarters ended December 31,						Years ended December 31,
	2020			2019			2020			2019
Net income (loss) available (attributable) to common shareholders	$	(4,819)		$	(9,897)		$	(150,674)		$	282,361

Net investment (gains) losses [a]	(83,356)			(42,712)			(129,133)			(91,233)
Foreign exchange losses (gains) [b]	72,309			52,827			81,069			(12,041)
Reorganization expenses [c]	7,059			8,074			7,881			37,384
Interest in (income) loss of equity method investments [d]	(9,967)			(4,073)			3,612			(9,718)
Income tax expense (benefit)	2,529			131			13,023			6,656
Operating income (loss)	$	(16,245)		$	4,350		$	(174,222)		$	213,409


Earnings (loss) per diluted common share	$	(0.06)		$	(0.12)		$	(1.79)		$	3.34

Net investment (gains) losses	(0.99)			(0.50)			(1.53)			(1.08)

Foreign exchange losses (gains)	0.86			0.62			0.96			(0.14)

Reorganization expenses	0.08			0.10			0.09			0.44
Interest in (income) loss of equity method investments	(0.12)			(0.05)			0.04			(0.12)








Income tax expense (benefit)	0.03			—			0.15			0.08
Operating income (loss) per diluted common share	$	(0.20)		$	0.05		$	(2.08)		$	2.52

Weighted average diluted common shares outstanding	84,341			84,631			84,262			84,473



Average common shareholders' equity	$	4,730,795		$	4,789,939		$	4,757,351		$	4,512,040

Annualized return on average common equity	(0.4		%)	(0.8		%)	(3.2		%)	6.3		%

Annualized operating return on average common equity	(1.4		%)	0.4		%	(3.7		%)	4.7		%

[a] Tax cost (benefit) of $9 million and $5 million for the quarters ended December 31, 2020 and 2019, respectively, and $18 million and $12 million for the years ended December 31, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax cost (benefit) of $(5) million and $(4) million for the quarters ended December 31, 2020 and 2019, respectively, and $(4) million and $1 million for the years ended December 31, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions

[c] Tax (benefit) of $(1) million for the quarters ended December 31, 2020 and 2019, respectively, and $(1) million and $(7) million for the years ended December 31, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax cost of $nil for the quarters and years ended December 31, 2020 and 2019, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

AXIS CAPITAL HOLDINGS LIMITED

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE


TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE - TREASURY STOCK METHOD [a]
	December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
	2020		2020		2020		2020		2019		2018
Common shareholders' equity	$	4,745,694	$	4,715,895	$	4,747,820	$	4,289,578	$	4,769,008	$	4,255,071
Less: goodwill	(100,801)		(102,003)		(102,003)		(102,003)		(102,003)		(102,003)
Less: intangible assets	(219,633)		(222,362)		(225,092)		(227,821)		(230,550)		(241,568)
Associated tax impact	45,991		46,333		42,515		42,857		43,199		43,814
Tangible common shareholders' equity	$	4,471,251	$	4,437,863	$	4,463,240	$	4,002,611	$	4,479,654	$	3,955,314

Diluted common shares outstanding, net of treasury shares	86,143		86,132		86,178		86,170		85,489		85,229

Book value per diluted common share	$	55.09	$	54.75	$	55.09	$	49.78	$	55.79	$	49.93

Tangible book value per diluted common share	$	51.90	$	51.52	$	51.79	$	46.45	$	52.40	$	46.41

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

AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

Consolidated Underwriting Income (Loss)

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 - Quarter' and Consolidated Statements of Operations - Year'' sections of this document.

Operating Income (Loss)

the impact of foreign exchange rate movements on total shareholders’ equity. As a result, foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a fair representation of the performance of our business.

Tangible Book Value per Diluted Common Share

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

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

Acquisition of Novae

On October 2, 2017, we acquired Novae. At the acquisition date, we identified value of business acquired ("VOBA") which represents the present value of the expected underwriting profit within policies that were in-force at the closing date of the transaction. In addition, the allocation of the acquisition price to the assets acquired and liabilities assumed based on estimated fair values at the acquisition date, resulted in the write-off of the deferred acquisition cost asset on Novae's balance sheet at the acquisition date as the value of policies in-force on that date are considered within VOBA. Consequently, underwriting income (loss) for the quarter ended December 31, 2019 and years ended December 31, 2020 and 2019 included the recognition of premiums attributable to Novae's balance sheet at the acquisition date without the recognition of the associated acquisition costs.

AXIS CAPITAL HOLDINGS LIMITED

EX-PGAAP DATA - QUARTER AND YEAR


																																								Year ended December 31,
	Q4 2020			Q3 2020			Q2 2020			Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q2 2018			Q1 2018			Q4 2017			2020			2019
Insurance
Underwriting income (loss)	$	(66,002)		$	(81,465)		$	34,397		$	(122,630)		$	29,683		$	(17,892)		$	11,309		$	20,919		$	(36,914)		$	(11,711)		$	56,479		$	69,442		$	37,788		$	(235,701)		$	44,019
Acquisition costs adjustment	(52)			28			636			478			1,518			1,563			2,856			6,202			15,775			28,801			38,125			38,313			25,571			1,090			12,139
Ex-PGAAP underwriting income (loss)	$	(65,950)		$	(81,493)		$	33,761		$	(123,108)		$	28,165		$	(19,455)		$	8,453		$	14,717		$	(52,689)		$	(40,512)		$	18,354		$	31,129		$	12,217		$	(236,791)		$	31,880

Combined ratio	111.3		%	114.4		%	94.2		%	121.9		%	94.9		%	103.5		%	97.8		%	96.6		%	106.3		%	102.2		%	90.4		%	88.1		%	93.9		%	110.4		%	98.1		%
Acquisition cost ratio adjustment	—		%	—		%	0.1		%	0.1		%	0.3		%	0.3		%	0.5		%	1.1		%	2.7		%	4.7		%	6.6		%	6.6		%	4.4		%	—		%	0.6		%
Ex-PGAAP combined ratio	111.3		%	114.4		%	94.3		%	122.0		%	95.2		%	103.8		%	98.3		%	97.7		%	109.0		%	106.9		%	97.0		%	94.7		%	98.3		%	110.4		%	98.7		%

Ex-PGAAP current accident year combined ratio excluding catastrophe and weather-related losses	92.0		%	91.3		%	91.4		%	92.3		%	93.5		%	98.8		%	99.5		%	97.5		%	98.8		%	99.0		%	97.2		%	93.8		%	96.8		%	91.7		%	97.3		%

Reinsurance
Underwriting income (loss)	$	(14,833)		$	(53,859)		$	53,015		$	(74,137)		$	(78,937)		$	(60,826)		$	67,350		$	56,903		$	(157,750)		$	70,737		$	59,247		$	74,295		$	(11,658)		$	(89,816)		$	(15,512)
Acquisition costs adjustment	—			—			—			—			—			5			(2)			65			257			543			1,516			2,137			7,075			—			67
Ex-PGAAP underwriting income (loss)	$	(14,833)		$	(53,859)		$	53,015		$	(74,137)		$	(78,937)		$	(60,831)		$	67,352		$	56,838		$	(158,007)		$	70,194		$	57,731		$	72,158		$	(18,733)		$	(89,816)		$	(15,579)

Combined ratio	102.3		%	110.5		%	90.2		%	112.3		%	113.5		%	109.9		%	89.1		%	91.0		%	124.0		%	89.5		%	90.7		%	88.4		%	102.0		%	103.8		%	101.2		%
Acquisition cost ratio adjustment	—		%	—		%	—		%	—		%	—		%	—		%	—		%	—		%	—		%	0.1		%	0.2		%	0.4		%	1.1		%	—		%	—		%
Ex-PGAAP combined ratio	102.3		%	110.5		%	90.2		%	112.3		%	113.5		%	109.9		%	89.1		%	91.0		%	124.0		%	89.6		%	90.9		%	88.8		%	103.1		%	103.8		%	101.2		%

Ex-PGAAP current accident year combined ratio excluding catastrophe and weather-related losses	86.4		%	89.5		%	86.5		%	89.6		%	94.2		%	92.2		%	87.6		%	91.8		%	96.3		%	89.9		%	94.3		%	93.0		%	91.9		%	88.0		%	91.5		%

Total
Underwriting income (loss)	$	(80,835)		$	(135,324)		$	87,412		$	(196,767)		$	(49,254)		$	(78,718)		$	78,659		$	77,822		$	(194,664)		$	59,026		$	115,726		$	143,737		$	26,130		$	(325,517)		$	28,507
Acquisition costs adjustment	(52)			28			636			478			1,518			1,568			2,854			6,267			16,032			29,344			39,641			40,450			32,646			1,090			12,206
Ex-PGAAP underwriting income (loss)	$	(80,783)		$	(135,352)		$	86,776		$	(197,245)		$	(50,772)		$	(80,286)		$	75,805		$	71,555		$	(210,696)		$	29,682		$	76,085		$	103,287		$	(6,516)		$	(326,607)		$	16,301

Combined ratio	109.6		%	114.5		%	94.7		%	119.8		%	107.3		%	109.4		%	96.1		%	96.9		%	117.3		%	97.9		%	93.1		%	90.8		%	100.7		%	109.6		%	102.6		%
Acquisition cost ratio adjustment	—		%	—		%	0.1		%	0.1		%	0.1		%	0.1		%	0.3		%	0.5		%	1.3		%	2.4		%	3.3		%	3.5		%	2.7		%	—		%	0.3		%
Ex-PGAAP combined ratio	109.6		%	114.5		%	94.8		%	119.9		%	107.4		%	109.5		%	96.4		%	97.4		%	118.6		%	100.3		%	96.4		%	94.3		%	103.4		%	109.6		%	102.9		%

Ex-PGAAP current accident year combined ratio excluding catastrophe and weather-related losses	91.8		%	92.4		%	91.5		%	93.6		%	96.4		%	97.7		%	96.3		%	97.8		%	99.4		%	96.6		%	98.3		%	95.9		%	96.9		%	92.2		%	97.1		%

Amortization of VOBA and intangible assets	3,855			3,866			4,183			4,697			4,954			6,891			10,093			16,002			27,648			40,664			56,328			59,892			52,647			16,601			37,939

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


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


Exhibit No.						Description
99.1						Press release dated January 27, 2021
99.2						Fourth quarter 2020 Investor Financial Supplement
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)



			AXIS CAPITAL HOLDINGS LIMITED


			By:			/s/ Conrad D. Brooks
						Conrad D. Brooks
						General Counsel


☐			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))