Company: AXS-PE
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001214816-25-000088
Chunk: 42

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 42
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 tax rates in 2023.

Our target OROACE goal for 2024 was 16.9% and the Company achieved an actual OROACE of 18.6%, which yielded a Company Financial Performance result of 134%.

The Human Capital and Compensation Committee applied the bonus formula utilizing the OROACE, as well as business unit results (where applicable) and individual non-financial performance achievements to generate an overall bonus result for each individual. See respective outcomes in the "Annual Incentive Plan Performance Results and Payouts" section.

| Annual Incentive Plan Goal Ranges(2) |     |                    |     |            |
|                                      |     | OROACE Achievement |     | Multiplier |
| Maximum                              |     | 21.9% +            |     | 200%       |
| Target                               |     | 16.9%              |     | 100%       |
| Threshold                            |     | 11.9%              |     | 50%        |

(1) Our 2023 financial results included a net reserve strengthening of $425 million pre-tax in the fourth quarter, predominantly related to 2019 and older accident years. "Adjusted OROACE" is operating return on average common equity excluding the impact of this reserve strengthening. For 2023, the Company's Adjusted OROACE (which excludes the reserve strengthening) was 18.5%. Adjusted OROACE is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, ROACE, along with a discussion of the rationale for the presentation, is provided in Appendix 1.

(2) The table above sets forth the threshold, target and maximum performance level, as well as the respective payout factor for the OROACE portion of the Annual Incentive Plan. For results between the applicable threshold, target or maximum levels performance level payouts are determined using linear interpolation.

| 52 |     | AXIS 2025 Proxy Statement |

| Compensation Discussion and Analysis |

Business Unit Financial Performance Goals and Results

For our Investments business unit, financial performance is measured on a relative performance basis against a neutral benchmark intended to provide a comparable set of investments. In 2024, our investment portfolio slightly underperformed against the neutral benchmark, resulting in Mr. Phillips receiving a performance score of 98.6% for the Investment Business Unit Financial portion of his bonus.

#### Company and Individual Non-F