Company: AXS-PE
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001214816-25-000088
Chunk: 100

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 100
---
 18.4 | %  |
| Underwriting-related general and administrative expense ratio                          |     |                          | 12.4 | %  |     |      | 13.7 | % |     |      | 14.2 | %  |
| Combined ratio                                                                         |     |                          | 89.1 | %  |     |      | 92.5 | % |     |      | 89.6 | %  |
| Current accident year combined ratio                                                   |     |                          | 89.5 | %  |     |      | 87.4 | % |     |      | 90.1 | %  |
| Current accident year combined ratio, excluding catastrophe and weather-related losses |     |                          | 84.0 | %  |     |      | 84.2 | % |     |      | 83.6 | %  |

| AXIS 2025 Proxy Statement |     | A-4 |

| Appendix 1 - Non-GAAP Reconciliation |

### Rationale for the Use of Non-GAAP Financial Measures
We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this report, we present operating income (loss) ( in total and on a per share basis ), adjusted operating income (loss) ( in total ), operating return on average common equity ("OROACE"), adjusted operating return on average equity ("Adjusted OROACE") underwriting-related general and administrative expenses, consolidated underwriting income (loss) and current accident year combined ratio, excluding catastrop he and weather-related losses which are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

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

Although the investment of premiums to generate income and