# EDGAR Filing Document

**Accession Number:** 0001214816
**File Stem:** 0001214816-23-000005
**Filing Date:** 2023-1
**Character Count:** 230711
**Document Hash:** d65b8853c0f63fe6d43cc81b36be9eb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214816-23-000005.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001214816-23-000005

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20230125

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AXIS CAPITAL HOLDINGS LTD
- **CENTRAL INDEX KEY:** 0001214816
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31721
- **FILM NUMBER:** 23552753

**BUSINESS ADDRESS:**
- **STREET 1:** 92 PITTS BAY ROAD
- **CITY:** PEMBROKE
- **STATE:** D0
- **ZIP:** HM 08
- **BUSINESS PHONE:** (441) 496-2600

**MAIL ADDRESS:**
- **STREET 1:** 92 PITTS BAY ROAD
- **CITY:** PEMBROKE
- **STATE:** D0
- **ZIP:** HM 08

?xml version="1.0" ? axs-20230125

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**Current Report**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 25, 2023**

**AXIS CAPITAL HOLDINGS LIMITED** 

*(Exact Name Of Registrant As Specified In Charter)*

---

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

---

**92 Pitts Bay Road** 

**Pembroke, Bermuda HM 08** 

(Address of principal executive offices, including zip code)

**(441) 496-2600** 

(Registrant's telephone number, including area code)

**Not applicable**

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

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

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

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

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

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))

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

---

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

---

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

Emerging growth company ☐

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

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition** |

---

On January 25, 2023, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its fourth quarter 2022 results and the availability of its fourth quarter 2022 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

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

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

---

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit Number | Description of Document |
| <u>[99.1](q42022pressrelease.htm)</u> | Press release dated January 25, 2023 |
| <u>[99.2](q42022financialsupplement.htm)</u> | Fourth quarter 2022 Investor Financial Supplement |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

SIGNATURES

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

Dated: January 25, 2023

---

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

---

## Exhibit 99.1

![graphic3.jpg](graphic3.jpg)

Miranda Hunter (Investor Contact): (441) 205-2635; <u>investorrelations@axiscapital.com</u> <br> Nichola Liboro (Media Contact): (212) 940-3394; <u>nichola.liboro@axiscapital.com</u>

**AXIS CAPITAL REPORTS FOURTH QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $41 MILLION, or $0.48 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $167 MILLION, or $1.95 PER DILUTED COMMON SHARE**

**For the fourth quarter of 2022, the Company reports:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Annualized return on average common equity ("ROACE") of 4.2% and annualized operating ROACE of 16.9%** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Book value per diluted common share of $46.95, an increase of $3.45, or 7.9%, compared to September 30, 2022**

**For the year ended 2022, the Company reports:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income available to common shareholders of $193 million, or $2.25 per diluted common share, and operating income of $498 million, or $5.81 per diluted common share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Improvement of 1.7 points in the combined ratio to 95.8%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, of $403 million, or 7.8 points, compared to $443 million, or 9.5 points, in 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Return on average common equity ("ROACE") of 4.3% and operating ROACE of 11.1%**

**Pembroke, Bermuda, January 25, 2023** - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the fourth quarter ended December 31, 2022.

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

*"This was a strong quarter to cap a milestone year for AXIS, one in which we emerged as a leading specialty underwriter that is well-positioned to drive consistent, profitable growth in our chosen markets. This was evidenced in our fourth quarter and full year results which speak to the work that we've done in prior years to transform our business, enabling us to grow in profitable specialty markets, reduce our exposure to catastrophes, and create a more agile and responsive operating infrastructure.* 

*"During a year where the industry was again negatively impacted by heavy catastrophe activity, the Russia-Ukraine War, and financial and social inflation, we improved our combined ratio by 1.7 points to 95.8%, continuing a multi-year improvement in our core performance. Moreover, during the year, we continued to advance the positive momentum in our results, generating record premium production, a lower expense ratio, and increased underwriting income.* 

*"Our specialty insurance business continued to deliver stellar performance, producing improvement across virtually all metrics in the quarter and the year, and we advanced our leadership position in specialty markets that are expected to remain attractive in 2023 and beyond. In addition, during the year and quarter, we took critical steps forward to focus AXIS Re as a specialist reinsurer and had a good 1.1 renewal period which speaks to the strength of our customer relationships and the value that we bring to the market. Stepping back, as we look to the future, we believe AXIS is exceedingly well-positioned to compete in a market where there is consistent and rising demand for specialty coverage.* 

*"Finally, I would like to extend a heartfelt thank you to our colleagues, customers, shareholders, analysts, and our board of directors. In a few short months, after having served as President and CEO of AXIS for eleven years, I will transition the role to Vince Tizzio. I couldn't be more proud of what our team has accomplished nor more excited for the path that we're on. Moreover, in Vince, we have an excellent leader with a strong vision for the future and the dynamism and tenacity to make it happen. We look to the year ahead with confidence as we begin an exciting new chapter for AXIS."*

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

 **Consolidated Results\***

• Net income available to common shareholders for the fourth quarter of 2022 was $41 million, or $0.48 per diluted common share, compared to net income available to common shareholders of $197 million, or $2.31 per diluted common share, for the fourth quarter of 2021.

• Net income available to common shareholders for the year ended December 31, 2022 was $193 million, or $2.25 per diluted common share, compared to net income available to common shareholders of $588 million, or $6.90 per diluted common share, for the same period in 2021.

• Operating income<sup>1</sup> for the fourth quarter of 2022 was $167 million, or $1.95 per diluted common share<sup>1</sup>, compared to operating income of $182 million, or $2.13 per diluted common share, for the fourth quarter of 2021.

• Operating income for the year ended December 31, 2022 was $498 million, or $5.81 per diluted common share, compared to operating income of $436 million, or $5.12 per diluted common share, for the same period in 2021.

• Corporate expenses attributable to executive-related compensation costs associated with the transition in our senior leadership were $15 million, for the fourth quarter of 2022.

• Net financial impact of $11 million related to loss portfolio transfer reinsurance agreements including adverse prior year reserve development of $5 million and acquisition costs of $6 million.

• Reorganization expenses mainly related to the exit from catastrophe and property reinsurance lines of business were $9 million, for the fourth quarter of 2022. Reorganization expenses are excluded from operating income.

• Our fixed income portfolio book yield was 3.5% at December 31, 2022. The market yield was 5.6% at December 31, 2022.

• Adjusted for net unrealized investment losses of $744 million, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share of $55.49 at December 31, 2022.

• Adjusted for dividends declared, book value per diluted common share increased by $3.89, or 8.9%, compared to September 30, 2022.

• Adjusted for dividends declared, book value per diluted common share decreased by $7.10, or 12.7%, over the past twelve months.

\* Amounts may not reconcile due to rounding differences

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

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**Fourth Quarter Consolidated Underwriting Highlights**<sup>2</sup>

• Gross premiums written increased by $196 million, or 13% ($241 million, or 15%, on a constant currency basis<sup>3</sup>), to $1.8 billion with an increase of $156 million, or 12% in the insurance segment, and an increase of $40 million, or 16% in the reinsurance segment.

• Net premiums written increased by $149 million, or 16% ($187 million, or 20%, on a constant currency basis<sup>3</sup>), to $1.1 billion with an increase of $120 million, or 16% in the insurance segment, and an increase of $29 million, or 16% in the reinsurance segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** |
|<br>**KEY RATIOS** | **2022** | **2021** | **Change** | **Change** |
| Current accident year loss ratio, excluding catastrophe and weather-related losses<sup>4</sup> | **55.5%** | 54.3% | 1.2 | pts |
| Catastrophe and weather-related losses ratio | **4.7%** | 4.3% | 0.4 | pts |
| Current accident year loss ratio | **60.2%** | 58.6% | 1.6 | pts |
| Prior year reserve development ratio | **(0.6** **%)** | (0.7%) | 0.1 | pts |
| Net losses and loss expenses ratio | **59.6%** | 57.9% | 1.7 | pts |
| Acquisition cost ratio | **20.6%** | 20.4% | 0.2 | pts |
| General and administrative expense ratio | **13.9%** | 14.8% | (0.9 | pts) |
| Combined ratio | **94.1%** | 93.1% | 1.0 | pts |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **90.0%** | 89.5% | 0.5 | pts |

---

• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $64 million ($54 million, after-tax), (Insurance: $33 million; Reinsurance: $30 million) or 4.7 points, including natural catastrophe and weather-related losses of $32 million, or 2.4 points, primarily attributable to Winter Storm Elliot, and other weather-related events. The remaining losses included $23 million, or 1.7 points attributable to the COVID-19 pandemic, and $9 million, or 0.6 points, attributable to the Russia-Ukraine war. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $54 million, (Insurance: $23 million; Reinsurance: $32 million) or 4.3 points in 2021.

• Net favorable prior year reserve development was $8 million (Insurance: $4 million; Reinsurance: $4 million), compared to $9 million (Insurance: $5 million; Reinsurance: $4 million) in 2021.

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

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

<sup>4</sup>The current accident year loss ratio, excluding catastrophe and weather-related losses is 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

<u>www.axiscapital.com</u>

------

**Full Year Consolidated Underwriting Highlights**

• Gross premiums written increased by $529 million, or 7% ($664 million or 9%, on a constant currency basis), to $8.2 billion with an increase of $722 million, or 15% in the insurance segment, partially offset by a decrease of $194 million, or 7% in the reinsurance segment.

• Net premiums written increased by $336 million, or 7% ($458 million or 9%, on a constant currency basis), to $5.3 billion with an increase of $483 million, or 17% in the insurance segment, partially offset by a decrease of $147 million, or 7% in the reinsurance segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|<br>**KEY RATIOS** | **2022** | **2021** | **Change** | **Change** |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **55.5%** | 55.1% | 0.4 | pts |
| Catastrophe and weather-related losses ratio | **7.8%** | 9.5% | (1.7 | pts) |
| Current accident year loss ratio | **63.3%** | 64.6% | (1.3 | pts) |
| Prior year reserve development ratio | **(0.5** **%)** | (0.7%) | 0.2 | pts |
| Net losses and loss expenses ratio | **62.8%** | 63.9% | (1.1 | pts) |
| Acquisition cost ratio | **19.8%** | 19.6% | 0.2 | pts |
| General and administrative expense ratio | **13.2%** | 14.0% | (0.8 | pts) |
| Combined ratio | **95.8%** | 97.5% | (1.7 | pts) |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **88.5%** | 88.7% | (0.2 | pts) |

---

• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $403 million ($350 million, after-tax), (Insurance: $207 million; Reinsurance: $196 million) or 7.8 points, including natural catastrophe and weather-related losses of $338 million, or 6.5 points, primarily attributable to Hurricane Ian, Winter Storm Elliot, June European Convective Storms, and other weather-related events. The remaining losses included $23 million, or 0.4 points, attributable to the COVID-19 pandemic, and $43 million, or 0.8 points, attributable to the Russia-Ukraine war. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $443 million, (Insurance: $175 million; Reinsurance: $268 million) or 9.5 points in 2021.

• Net favorable prior year reserve development was $26 million (Insurance: $16 million; Reinsurance: $9 million), compared to $32 million (Insurance: $18 million; Reinsurance: $14 million) in 2021.

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**Segment Highlights**

***Insurance Segment***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** |
|<br>**($ in thousands)** | **2022** | **2021** | **Change** | **Change** |
| Gross premiums written | $**1470805** | $1315063 | 11.8 | % |
| Net premiums written | **886786** | 766694 | 15.7 | % |
| Net premiums earned | **830514** | 722369 | 15.0 | % |
| Underwriting income | **123370** | 81673 | 51.1 | % |
| **Underwriting ratios:** |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **49.3%** | 50.8% | (1.5 | pts) |
| Catastrophe and weather-related losses ratio | **4.1%** | 2.9% | 1.2 | pts |
| Current accident year loss ratio | **53.4%** | 53.7% | (0.3 | pts) |
| Prior year reserve development ratio | **(0.5** **%)** | (0.6%) | 0.1 | pts |
| Net losses and loss expenses ratio | **52.9%** | 53.1% | (0.2 | pts) |
| Acquisition cost ratio | **18.6%** | 18.9% | (0.3 | pts) |
| Underwriting-related general and administrative expense ratio | **13.7%** | 16.7% | (3.0 | pts) |
| **Combined ratio** | **85.2%** | 88.7% | (3.5 | pts) |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **81.6%** | 86.4% | (4.8 | pts) |

---

*•* Gross premiums written increased by $156 million, or 12% ($194 million, or 15%, on a constant currency basis), primarily attributable to increases in property and liability lines due to new business and favorable rate changes, and marine and aviation, and accident and health lines due to new business.

• Net premiums written increased by $120 million, or 16% ($151 million, or 20%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter and a decrease in premiums ceded in professional lines, partially offset by an increase in premiums ceded in property lines.

• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $33 million, or 4.1 points, including natural catastrophe and weather-related losses of $24 million, or 3.1 points, primarily attributable to Winter Storm Elliot, and other weather-related events. The remaining losses of $9 million, or 1.0 point, were attributable to the Russia-Ukraine war. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $23 million in 2021.

• The current accident year loss ratio, excluding catastrophe and weather-related losses, decreased by 1.5 points in the fourth quarter, compared to the same period in 2021, principally due to improved loss experience in property, marine and aviation, and cyber lines.

• The acquisition cost ratio decreased by 0.3 points in the fourth quarter, compared to the same period in 2021. Excluding the impact of the loss portfolio transfer, the acquisition cost ratio decreased by 1.0 point, primarily related to a decrease in profit commission costs.

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

• The underwriting-related general and administrative expense ratio decreased by 3.0 points in the fourth quarter, compared to the same period in 2021, mainly driven by an increase in net premiums earned and a decrease in performance-related compensation costs and personnel costs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|<br>**($ in thousands)** | **2022** | **2021** | **Change** | **Change** |
| Gross premiums written | $**5585581** | $4863232 | 14.9 | % |
| Net premiums written | **3377906** | 2894885 | 16.7 | % |
| Net premiums earned | **3134155** | 2651339 | 18.2 | % |
| Underwriting income | **327318** | 224377 | 45.9 | % |
| **Underwriting ratios:** |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **51.0%** | 51.4% | (0.4 | pts) |
| Catastrophe and weather-related losses ratio | **6.5%** | 6.4% | 0.1 | pts |
| Current accident year loss ratio | **57.5%** | 57.8% | (0.3 | pts) |
| Prior year reserve development ratio | **(0.5** **%)** | (0.7%) | 0.2 | pts |
| Net losses and loss expenses ratio | **57.0%** | 57.1% | (0.1 | pts) |
| Acquisition cost ratio | **18.4%** | 18.3% | 0.1 | pts |
| Underwriting-related general and administrative expense ratio | **14.2%** | 16.2% | (2.0 | pts) |
| **Combined ratio** | **89.6%** | 91.6% | (2.0 | pts) |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **83.6%** | 85.9% | (2.3 | pts) |

---

• Gross premiums written increased by $722 million, or 15% ($804 million, or 17%, on a constant currency basis), primarily attributable to increases in liability, property, marine and aviation, and professional lines due to favorable rate changes and new business, cyber lines due to favorable rate changes, and accident and health, and credit and political risk lines due to new business.

• Net premiums written increased by $483 million, or 17% ($551 million, or 19%, on a constant currency basis), reflecting the increase in gross premiums written and a decrease in premiums ceded in professional lines, partially offset by an increase in premiums ceded in property lines.

• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $207 million, or 6.5 points, including natural catastrophe and weather-related losses of $177 million, or 5.6 points, primarily attributable to Hurricane Ian, Winter Storm Elliot, and other weather-related events. The remaining losses of $29 million, or 0.9 points, were attributable to the Russia-Ukraine war. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $175 million in 2021.

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

***Reinsurance Segment***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** |
|<br>**($ in thousands)** | **2022** | **2021** | **Change** | **Change** |
| Gross premiums written | $**287891** | $247765 | 16.2 | % |
| Net premiums written | **209768** | 180714 | 16.1 | % |
| Net premiums earned | **509648** | 515391 | (1.1 | %) |
| Underwriting income | **8861** | 54336 | (83.7 | %) |
| **Underwriting ratios:** |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **65.5%** | 59.2% | 6.3 | pts |
| Catastrophe and weather-related losses ratio | **5.7%** | 6.2% | (0.5 | pts) |
| Current accident year loss ratio | **71.2%** | 65.4% | 5.8 | pts |
| Prior year reserve development ratio | **(0.8** **%)** | (0.8%) |  | pts |
| Net losses and loss expenses ratio | **70.4%** | 64.6% | 5.8 | pts |
| Acquisition cost ratio | **23.7%** | 22.5% | 1.2 | pts |
| Underwriting-related general and administrative expense ratio | **4.7%** | 3.7% | 1.0 | pts |
| **Combined ratio** | **98.8%** | 90.8% | 8.0 | pts |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **93.9%** | 85.4% | 8.5 | pts |

---

*•* Gross premiums written increased by $40 million, or 16% ($47 million, or 19%, on a constant currency basis), primarily attributable to increases in credit and surety lines driven by increased line sizes and new business, and increases in motor and professional lines associated with favorable market conditions. These increases were partially offset by a decrease in catastrophe lines attributable to the exit from these lines of business in June 2022, and a decrease in liability lines due to timing differences.

• Net premiums written increased by $29 million, or 16% ($36 million, or 20%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter.

• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $30 million, or 5.7 points, including natural catastrophe and weather-related losses of $8 million, or 1.3 points, primarily attributable to Winter Storm Elliot, and other weather-related events. The remaining losses included $23 million, or 4.4 points attributable to the COVID-19 pandemic. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $32 million in 2021.

*•* The current accident year loss ratio, excluding catastrophe and weather-related losses, increased by 6.3 points in the fourth quarter, compared to the same period in 2021, principally due to changes in business mix associated with the exit from catastrophe and property lines of business in June 2022, together with a year-to-date update to loss ratios for motor, liability, and professional lines to reflect the current inflationary environment.

*•* The acquisition cost ratio increased by 1.2 points in the fourth quarter, compared to the same period in 2021, primarily related to changes in business mix associated with the exit from catastrophe and property

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

lines of business in June 2022 and adjustments attributable to loss-sensitive features driven by improved loss performance mainly in credit and surety lines, partially offset by the impact of retrocessional contracts.

• The underwriting-related general and administrative expense ratio increased by 1.0 point in the fourth quarter, compared to the same period in 2021, mainly driven by a decrease in fees related to arrangements with strategic capital partners, partially offset by a decrease in personnel costs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
|<br>**($ in thousands)** | **2022** | **2021** | **Change** | **Change** |
| Gross premiums written | $**2629014** | $2822752 | (6.9 | %) |
| Net premiums written | **1885150** | 2031739 | (7.2 | %) |
| Net premiums earned | **2026171** | 2058511 | (1.6 | %) |
| Underwriting income | **31365** | 41317 | (24.1 | %) |
| **Underwriting ratios:** |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **62.6%** | 59.9% | 2.7 | pts |
| Catastrophe and weather-related losses ratio | **9.7%** | 13.3% | (3.6 | pts) |
| Current accident year loss ratio | **72.3%** | 73.2% | (0.9 | pts) |
| Prior year reserve development ratio | **(0.4** **%)** | (0.6%) | 0.2 | pts |
| Net losses and loss expenses ratio | **71.9%** | 72.6% | (0.7 | pts) |
| Acquisition cost ratio | **21.9%** | 21.3% | 0.6 | pts |
| Underwriting-related general and administrative expense ratio | **5.3%** | 5.1% | 0.2 | pts |
| **Combined ratio** | **99.1%** | 99.0% | 0.1 | pts |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **89.8%** | 86.3% | 3.5 | pts |

---

*•* Gross premiums written decreased by $194 million, or 7% ($140 million, or 5%, on a constant currency basis), primarily attributable to decreases in catastrophe and property lines due to non-renewals and decreased line sizes associated with repositioning the portfolio together with the exit from these lines of business in June 2022, and a decrease in motor lines due to non-renewals and decreased line sizes. These decreases were partially offset by increases in credit and surety, and agriculture lines driven by new business, and an increase in professional lines due to favorable market conditions.

• Net premiums written decreased by $147 million, or 7% ($93 million, or 5%, on a constant currency basis), reflecting the decrease in gross premiums written together with increases in premiums ceded in professional lines, and motor lines.

• Pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $196 million, or 9.7 points, including natural catastrophe and weather-related losses of $160 million, or 8.0 points, primarily attributable to Hurricane Ian, June European Convective Storms, Eastern Australia floods, South Africa floods, Winter Storm Elliot, and other weather-related events. The remaining losses included $23 million, or 1.1 points, attributable to the COVID-19 pandemic and $13 million, or 0.6 points, attributable to the Russia-Ukraine war. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $268 million in 2021.

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**Investments**

Net investment income of $147 million increased from $128 million for the fourth quarter of 2021, primarily attributable to an increase in income from fixed maturities due to increased yields. Net realized and unrealized losses recognized in net income for the quarter were $43 million, including net unrealized gains of $41 million ($21 million excluding foreign exchange movements), due to an increase in the market value of our equity securities portfolio during the quarter, compared to net realized and unrealized gains of $20 million in the fourth quarter of 2021.

Pre-tax total return on cash and investments<sup>5</sup> was 2.1% including foreign exchange movements (1.6% excluding foreign exchange movements<sup>6</sup>). Net unrealized gains, pre-tax of $233 million ($182 million excluding foreign exchange movements) were recognized in other comprehensive income (loss) in the quarter due to an increase in the market value of our fixed maturities portfolio, compared to net unrealized losses, pre-tax of $107 million ($104 million excluding foreign exchange movements) recognized during the fourth quarter of 2021. The prior year pre-tax total return was 0.3% including foreign exchange movements (0.3% excluding foreign exchange movements).

For the year ended December 31, 2022, pre-tax total return on cash and investments was (5.9)% including foreign exchange movements ((5.2)% excluding foreign exchange movements), compared to 1.3% including foreign exchange movements (1.6% excluding foreign exchange movements) for the same period in 2021. Net unrealized losses, pre-tax of $909 million ($847 million excluding foreign exchange movements) were recognized in the year, compared to net unrealized losses, pre-tax of $405 million ($361 million excluding foreign exchange movements) for the same period in 2021.

Our fixed income portfolio book yield was 3.5% at December 31, 2022, compared to 1.9% at December 31, 2021. The market yield was 5.6% at December 31, 2022.

<sup>5</sup> 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).

<sup>6</sup> Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $78 million and $(5) million for the quarters ended December 31, 2022 and 2021, respectively, and foreign exchange (losses) gains of $(110) million and $(40) million for the years ended December 31, 2022 and 2021, respectively.

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**Capitalization / Shareholders' Equity**

Total capital<sup>7</sup> at December 31, 2022 was $6.0 billion, including $1.3 billion of debt and $550 million of preferred equity, compared to $6.7 billion at December 31, 2021, with the decrease driven by net unrealized losses reported in other comprehensive income (loss) following a decrease in the market value of our fixed income portfolio, common share dividends declared, and the repurchase of our common shares, partially offset by net income generated for the year.

On December 8, 2022, the Company's Board of Directors authorized a new share repurchase plan for up to $100 million of the Company's common shares, effective January 1, 2023, which may be effected from time to time in open market or privately negotiated transactions through December 31, 2023. The Company intends to repurchase common shares opportunistically, with the timing and amount of the repurchases depending on a variety of factors, including market conditions and corporate and regulatory considerations.

Book value per diluted common share, calculated on a treasury stock basis, increased by $3.45 in the current quarter, and decreased by $8.83 over the past twelve months, to $46.95. The increase in the quarter was driven by net unrealized gains reported in other comprehensive income (loss), and net income generated, partially offset by common share dividends declared, and the decrease over the past twelve months was driven by net unrealized losses reported in other comprehensive income (loss) and common share dividends declared, partially offset by net income generated. Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $55.49.

During the fourth quarter of 2022, the Company declared dividends of $0.44 per common share, which represents an increase of 2.3% and is the 19th consecutive year we have increased dividends since our initial public offering in 2003. The total dividends declared over the past twelve months was $1.73 per common share. Adjusted for dividends declared, the book value per diluted common share increased by $3.89, or 8.9%, for the quarter and decreased by $7.10, or 12.7%, over the past twelve months.

<sup>7</sup>Total capital represents the sum of total shareholders' equity and debt.

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**Conference Call**

We will host a conference call on Thursday, January 26, 2023 at 9:30 a.m. (EST) to discuss the fourth quarter and year-end financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), or 1-412-902-6506 (international callers), and entering the passcode 6123022 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 <u>www.axiscapital.com</u>. 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 9632837. 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, 2022 is available in the Investor Information section of the our website.

**About AXIS Capital**

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $4.6 billion at December 31, 2022, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at <u>www.axiscapital.com</u>.

**Website and Social Media Disclosure**

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

Follow AXIS Capital on LinkedIn and Twitter.

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

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

 **AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED BALANCE SHEETS**

**DECEMBER 31, 2022 (UNAUDITED) AND DECEMBER 31, 2021** 

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| | **(in thousands)** | **(in thousands)** |
| **Assets** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, available for sale, at fair value | $**11326894** | $12313200 |
| &nbsp;&nbsp;&nbsp;Fixed maturities, held to maturity, at amortized cost | **698351** | 446016 |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value | **485253** | 655675 |
| &nbsp;&nbsp;&nbsp;Mortgage loans, held for investment, at fair value | **627437** | 594088 |
| &nbsp;&nbsp;&nbsp;Other investments, at fair value | **996751** | 947982 |
| &nbsp;&nbsp;&nbsp;Equity method investments | **148288** | 146293 |
| &nbsp;&nbsp;&nbsp;Short-term investments, at fair value | **70310** | 31063 |
| Total investments | **14353284** | 15134317 |
| Cash and cash equivalents | **751415** | 844592 |
| Restricted cash and cash equivalents | **423238** | 473098 |
| Accrued interest receivable | **94418** | 64350 |
| Insurance and reinsurance premium balances receivable | **2733464** | 2622676 |
| Reinsurance recoverable on unpaid losses and loss expenses | **5831172** | 5017611 |
| Reinsurance recoverable on paid losses and loss expenses | **539676** | 642215 |
| Deferred acquisition costs | **473569** | 465593 |
| Prepaid reinsurance premiums | **1550370** | 1377358 |
| Receivable for investments sold | **16052** | 4555 |
| Goodwill | **100801** | 100801 |
| Intangible assets | **197800** | 208717 |
| Operating lease right-of-use assets | **92214** | 103295 |
| Other assets | **438338** | 309792 |
| **Total assets** | $**27595811** | $27368970 |
| **Liabilities** |  |  |
| Reserve for losses and loss expenses | $**15168863** | $14653094 |
| Unearned premiums | **4361447** | 4090676 |
| Insurance and reinsurance balances payable | **1522764** | 1324620 |
| Debt | **1312314** | 1310975 |
| Federal Home Loan Bank advances | **81388** |  |
| Payable for investments purchased | **19693** | 31543 |
| Operating lease liabilities | **102577** | 119512 |
| Other liabilities | **386855** | 427894 |
| **Total liabilities** | **22955901** | 21958314 |
| **Shareholders' equity** |  |  |
| Preferred shares | **550000** | 550000 |
| Common shares | **2206** | 2206 |
| Additional paid-in capital | **2366253** | 2346179 |
| Accumulated other comprehensive income (loss) | **(760300)** | 56536 |
| Retained earnings | **6247022** | 6204745 |
| Treasury shares, at cost | **(3765271)** | (3749010) |
| **Total shareholders' equity** | **4639910** | 5410656 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity** | $**27595811** | $27368970 |

---

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2022 AND 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters ended** | **Quarters ended** | **Years ended** | **Years ended** |
| | **2022<br>(Unaudited)** | **2021<br>(Unaudited)** | **2022<br>(Unaudited)** | **2021** |
| | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** |
| **Revenues** |  |  |  |  |
| Net premiums earned | $**1340162** | $1237760 | $**5160326** | $4709850 |
| Net investment income | **147085** | 128128 | **418829** | 454301 |
| Net investment gains (losses) | **(42558)** | 20410 | **(456789)** | 134279 |
| Other insurance related income | **3076** | 7033 | **13073** | 23295 |
| **Total revenues** | **1447765** | 1393331 | **5135439** | 5321725 |
| **Expenses** |  |  |  |  |
| Net losses and loss expenses | **798214** | 716225 | **3242410** | 3008783 |
| Acquisition costs | **275573** | 252180 | **1022017** | 921834 |
| General and administrative expenses | **187472** | 184484 | **680343** | 663304 |
| Foreign exchange losses (gains) | **78989** | 4632 | **(157945)** | 315 |
| Interest expense and financing costs | **16426** | 15543 | **63146** | 62302 |
| Reorganization expenses | **9485** |  | **31426** |  |
| Amortization of value of business acquired | **—** | 771 | **—** | 3854 |
| Amortization of intangible assets | **2729** | 3260 | **10917** | 12424 |
| **Total expenses** | **1368888** | 1177095 | **4892314** | 4672816 |
| **Income before income taxes and interest in income (loss) of equity method investments** | **78877** | 216236 | **243125** | 648909 |
| Income tax expense | **(27341)** | (12557) | **(22037)** | (62384) |
| Interest in income (loss) of equity method investments | **(3045)** | 1213 | **1995** | 32084 |
| **Net income** | **48491** | 204892 | **223083** | 618609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred share dividends | **7563** | 7563 | **30250** | 30250 |
| **Net income available to common shareholders** | $**40928** | $197329 | $**192833** | $588359 |
| **Per share data** |  |  |  |  |
| **Earnings per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Earnings per common share | $**0.48** | $2.33 | $**2.27** | $6.95 |
| &nbsp;&nbsp;&nbsp;Earnings per diluted common share | $**0.48** | $2.31 | $**2.25** | $6.90 |
| Weighted average common shares outstanding | **84667** | 84774 | **84864** | 84707 |
| Weighted average diluted common shares outstanding | **85655** | 85591 | **85669** | 85291 |
| Cash dividends declared per common share | $**0.44** | $0.43 | $**1.73** | $1.69 |

---

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED SEGMENTAL DATA (UNAUDITED)**

**FOR THE QUARTERS ENDED DECEMBER 31, 2022 AND 2021** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Gross premiums written | $**1470805** | $**287891** | $**1758696** | $1315063 | $247765 | $1562828 |
| Net premiums written | **886786** | **209768** | **1096554** | 766694 | 180714 | 947408 |
| Net premiums earned | **830514** | **509648** | **1340162** | 722369 | 515391 | 1237760 |
| Other insurance related income | **89** | **2987** | **3076** | 227 | 6806 | 7033 |
| Net losses and loss expenses | **(439268)** | **(358946)** | **(798214)** | (383246) | (332979) | (716225) |
| Acquisition costs | **(154859)** | **(120714)** | **(275573)** | (136172) | (116008) | (252180) |
| Underwriting-related general and |  |  |  |  |  |  |
| &nbsp;&nbsp;administrative expenses<sup>(8)</sup> | **(113106)** | **(24114)** | **(137220)** | (121505) | (18874) | (140379) |
| &nbsp;&nbsp;**Underwriting income** <sup>(9)</sup> | $**123370** | $**8861** | **132231** | $81673 | $54336 | 136009 |
| Net investment income |  |  | **147085** |  |  | 128128 |
| Net investment gains (losses) |  |  | **(42558)** |  |  | 20410 |
| Corporate expenses<sup>(8)</sup> |  |  | **(50252)** |  |  | (44105) |
| Foreign exchange losses |  |  | **(78989)** |  |  | (4632) |
| Interest expense and financing costs |  |  | **(16426)** |  |  | (15543) |
| Reorganization expenses |  |  | **(9485)** |  |  |  |
| Amortization of value of business acquired |  |  | **—** |  |  | (771) |
| Amortization of intangible assets |  |  | **(2729)** |  |  | (3260) |
| &nbsp;&nbsp;**Income before income taxes and<br>interest in income (loss) of equity method<br>investments** |  |  | **78877** |  |  | 216236 |
| Income tax expense |  |  | **(27341)** |  |  | (12557) |
| Interest in income (loss) of equity method<br>investments |  |  | **(3045)** |  |  | 1213 |
| &nbsp;&nbsp;**Net income** |  |  | **48491** |  |  | 204892 |
| Preferred share dividends |  |  | **7563** |  |  | 7563 |
| &nbsp;&nbsp;**Net income available<br> to common shareholders** |  |  | $**40928** |  |  | $197329 |
| Net losses and loss expenses ratio | **52.9%** | **70.4%** | **59.6%** | 53.1% | 64.6% | 57.9% |
| Acquisition cost ratio | **18.6%** | **23.7%** | **20.6%** | 18.9% | 22.5% | 20.4% |
| General and administrative expense ratio | **13.7%** | **4.7%** | **13.9%** | 16.7% | 3.7% | 14.8% |
| &nbsp;&nbsp;**Combined ratio** | **85.2%** | **98.8%** | **94.1%** | 88.7% | 90.8% | 93.1% |

---

<sup>8</sup>Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $50 million and $44 million for the quarters ended December 31, 2022 and 2021, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

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

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED SEGMENTAL DATA**

**FOR THE YEARS ENDED DECEMBER 31, 2022 (UNAUDITED) AND 2021** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Gross premiums written | $**5585581** | $**2629014** | $**8214595** | $4863232 | $2822752 | $7685984 |
| Net premiums written | **3377906** | **1885150** | **5263056** | 2894885 | 2031739 | 4926624 |
| Net premiums earned | **3134155** | **2026171** | **5160326** | 2651339 | 2058511 | 4709850 |
| Other insurance related income | **559** | **12514** | **13073** | 1662 | 21633 | 23295 |
| Net losses and loss expenses | **(1785854)** | **(1456556)** | **(3242410)** | (1514998) | (1493785) | (3008783) |
| Acquisition costs | **(577838)** | **(444179)** | **(1022017)** | (484344) | (437490) | (921834) |
| Underwriting-related general and |  |  |  |  |  |  |
| &nbsp;&nbsp;administrative expenses<sup>(10)</sup> | **(443704)** | **(106585)** | **(550289)** | (429282) | (107552) | (536834) |
| &nbsp;&nbsp;**Underwriting income**<sup>(11)</sup> | $**327318** | $**31365** | **358683** | $224377 | $41317 | 265694 |
| Net investment income |  |  | **418829** |  |  | 454301 |
| Net investment gains (losses) |  |  | **(456789)** |  |  | 134279 |
| Corporate expenses<sup>(10)</sup> |  |  | **(130054)** |  |  | (126470) |
| Foreign exchange (losses) gains |  |  | **157945** |  |  | (315) |
| Interest expense and financing costs |  |  | **(63146)** |  |  | (62302) |
| Reorganization expenses |  |  | **(31426)** |  |  |  |
| Amortization of value of business acquired |  |  | **—** |  |  | (3854) |
| Amortization of intangible assets |  |  | **(10917)** |  |  | (12424) |
| &nbsp;&nbsp;**Income before income taxes and interest in income of equity method investments** |  |  | **243125** |  |  | 648909 |
| Income tax expense |  |  | **(22037)** |  |  | (62384) |
| Interest in income of equity method<br>investments |  |  | **1995** |  |  | 32084 |
| &nbsp;&nbsp;**Net income** |  |  | **223083** |  |  | 618609 |
| Preferred share dividends |  |  | **30250** |  |  | 30250 |
| &nbsp;&nbsp;**Net income available<br> to common shareholders** |  |  | $**192833** |  |  | $588359 |
| Net losses and loss expenses ratio | **57.0%** | **71.9%** | **62.8%** | 57.1% | 72.6% | 63.9% |
| Acquisition cost ratio | **18.4%** | **21.9%** | **19.8%** | 18.3% | 21.3% | 19.6% |
| General and administrative expense ratio | **14.2%** | **5.3%** | **13.2%** | 16.2% | 5.1% | 14.0% |
| &nbsp;&nbsp;**Combined ratio** | **89.6%** | **99.1%** | **95.8%** | 91.6% | 99.0% | 97.5% |

---

<sup>10</sup>Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $130 million and $126 million for the years ended December 31, 2022 and 2021, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

<sup>11</sup>Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above.

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**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, 2022 AND 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters ended** | **Quarters ended** | **Years ended** | **Years ended** |
| | **2022** | **2021** | **2022** | **2021** |
| | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** |
| Net income available to common shareholders | $**40928** | $197329 | $**192833** | $588359 |
| Net investment (gains) losses<sup>(12)</sup> | **42558** | (20410) | **456789** | (134279) |
| Foreign exchange losses (gains)<sup>(13)</sup> | **78989** | 4632 | **(157945)** | 315 |
| Reorganization expenses<sup>(14)</sup> | **9485** |  | **31426** |  |
| Interest in (income) loss of equity method investments<sup>(15)</sup> | **3045** | (1213) | **(1995)** | (32084) |
| Income tax expense (benefit) | **(8397)** | 1849 | **(23177)** | 14166 |
| Operating income | $**166608** | $182187 | $**497931** | $436477 |
| Earnings per diluted common share | $**0.48** | $2.31 | $**2.25** | $6.90 |
| Net investment (gains) losses | **0.50** | (0.24) | **5.33** | (1.57) |
| Foreign exchange losses (gains) | **0.92** | $0.05 | **(1.84)** |  |
| Reorganization expenses | **0.11** |  | **0.37** |  |
| Interest in (income) loss of equity method investments | **0.04** | (0.01) | **(0.02)** | (0.38) |
| Income tax expense (benefit) | **(0.10)** | 0.02 | **(0.28)** | 0.17 |
| Operating income per diluted common share | $**1.95** | $2.13 | $**5.81** | $5.12 |
| Weighted average diluted common shares outstanding | **85655** | 85591 | **85669** | **85291** |
| Average common shareholders' equity | $**3941666** | $4822856 | $**4475283** | $4803175 |
| Annualized return on average common equity | **4.2%** | 16.4% | **4.3%** | 12.2% |
| Annualized operating return on average common equity<sup>(16)</sup> | **16.9%** | 15.1% | **11.1%** | 9.1% |

---

<sup>12</sup>Tax expense (benefit) of $(2) million and $2 million for the quarters ended December 31, 2022 and 2021, respectively, and $(36) million and $11 million for the years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

<sup>13</sup>Tax expense (benefit) of $(5) million and $nil for the quarters ended December 31, 2022 and 2021, respectively, and $16 million and $3 million for the years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

<sup>14</sup>Tax expense (benefit) of $(1) million and $nil for the quarters ended December 31, 2022 and 2021, respectively, and $(4) million and $nil for the years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

<sup>15</sup>Tax expense (benefit) of $nil for the quarters and years ended December 31, 2022 and 2021. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

**Cautionary Note Regarding Forward-Looking Statements**

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

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

*<u>COVID-19</u>*

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

*<u>Insurance Risk</u>*

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

&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change;

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual claims exceeding loss reserves;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of our cedants to adequately evaluate risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adverse impact of inflation;

*<u>Strategic Risk</u>*

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;• a decline in our ratings with rating agencies;

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

&nbsp;&nbsp;&nbsp;&nbsp;• difficulties with technology and/or data security;

*<u>Credit Risk</u>*

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

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

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

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

*<u>Liquidity Risk</u>*

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

*<u>Operational Risk</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting policies or practices;

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

*<u>Regulatory Risk</u>*

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

*<u>Risks Related to Taxation</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws.

Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, *'Risk Factors'* in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

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

<u>www.axiscapital.com</u>

------

**Rationale for the Use of Non-GAAP Financial Measures**

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

*<u>Underwriting-Related General and Administrative Expenses</u>*

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

<u>www.axiscapital.com</u>

------

*<u>Consolidated Underwriting Income (Loss)</u>*

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments recognized in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to 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 include compensation-related costs and software asset impairments mainly attributable to our exit from catastrophe and property reinsurance lines of business, part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

Amortization of intangible assets including value of business acquired ("VOBA") arose from business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

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

*<u>Operating Income (Loss)</u>*

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

Reorganization expenses include compensation-related costs and software asset impairments mainly attributable to our exit from catastrophe and property reinsurance lines of business, part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from operating income (loss).

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

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

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

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

*<u>Constant Currency Basis</u>*

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.

*<u>Pre-Tax Total Return on Cash and Investments excluding Foreign Exchange Movement</u>*

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. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

------

portfolio. The reconciliation of pre-tax total return on cash and investments excluding foreign exchange movements to pre-tax total return on cash and investments, the most comparable GAAP financial measure, is presented in the *'Investments'* section of this press release.

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

Tel. 441.496.2600 Fax 441.405.2600

<u>www.axiscapital.com</u>

## Exhibit 99.2

![graphic2a.jpg](graphic2a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**INVESTOR FINANCIAL SUPPLEMENT**

**FOURTH QUARTER 2022** 

------

![graphic1a.jpg](graphic1a.jpg)

---

| |
|:---|
| AXIS CAPITAL HOLDINGS LIMITED |
| 92 Pitts Bay Road |
| Pembroke HM 08 Bermuda |
| <u>Contact Information:</u> |
| Miranda Hunter |
| Investor Contact |
| (441) 405-2635 |
| <u>investorrelations@axiscapital.com</u> |
| <u>Website Information:</u> |
| <u>www.axiscapital.com</u> |
| 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. |
| 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. |
| 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. |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**FINANCIAL SUPPLEMENT **TABLE OF CONTENTS****

---

| | |
|:---|:---|
| | Page(s) |
| Basis of Presentation | *<u>[i](#id3ef46dfb79740ceb4d1f288320bf5c9_10)</u> - <u>[iv](#id3ef46dfb79740ceb4d1f288320bf5c9_16)</u>* |
| I. Financial Highlights | <u>[1](#id3ef46dfb79740ceb4d1f288320bf5c9_19)</u> |
| II. Income Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Consolidated Statement of Operations](#id3ef46dfb79740ceb4d1f288320bf5c9_22)</u> | <u>[2](#id3ef46dfb79740ceb4d1f288320bf5c9_22)</u>-<u>[6](#id3ef46dfb79740ceb4d1f288320bf5c9_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[b. Consolidated Segment Data](#id3ef46dfb79740ceb4d1f288320bf5c9_37)</u> | <u>[7](#id3ef46dfb79740ceb4d1f288320bf5c9_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[c. Gross Premiums Written by Segment by Line of Business](#id3ef46dfb79740ceb4d1f288320bf5c9_40)</u> | <u>[8](#id3ef46dfb79740ceb4d1f288320bf5c9_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[d. Consolidated Data](#id3ef46dfb79740ceb4d1f288320bf5c9_43)</u> | <u>[9](#id3ef46dfb79740ceb4d1f288320bf5c9_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[e. Segment Data](#id3ef46dfb79740ceb4d1f288320bf5c9_46)</u> | <u>[10](#id3ef46dfb79740ceb4d1f288320bf5c9_46)</u>-<u>[11](#id3ef46dfb79740ceb4d1f288320bf5c9_49)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[f. Strategic Capital Partners](#id3ef46dfb79740ceb4d1f288320bf5c9_52)</u> | <u>[12](#id3ef46dfb79740ceb4d1f288320bf5c9_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[g. Net Investment Income](#id3ef46dfb79740ceb4d1f288320bf5c9_55)</u> | <u>[13](#id3ef46dfb79740ceb4d1f288320bf5c9_55)</u> |
| III. Balance Sheets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Consolidated Balance Sheets](#id3ef46dfb79740ceb4d1f288320bf5c9_58)</u> | <u>[14](#id3ef46dfb79740ceb4d1f288320bf5c9_58)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Cash and Invested Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>[Cash and Invested Assets Portfolio](#id3ef46dfb79740ceb4d1f288320bf5c9_61)</u> | <u>[15](#id3ef46dfb79740ceb4d1f288320bf5c9_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>[Cash and Invested Assets Composition](#id3ef46dfb79740ceb4d1f288320bf5c9_64)</u> | <u>[16](#id3ef46dfb79740ceb4d1f288320bf5c9_64)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>[Corporate Debt Composition](#id3ef46dfb79740ceb4d1f288320bf5c9_67)</u> | <u>[17](#id3ef46dfb79740ceb4d1f288320bf5c9_67)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>[Ten Largest Corporate Debt Holdings](#id3ef46dfb79740ceb4d1f288320bf5c9_70)</u> | <u>[18](#id3ef46dfb79740ceb4d1f288320bf5c9_70)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;<u>[Mortgage-Backed and Asset-Backed Securities Composition](#id3ef46dfb79740ceb4d1f288320bf5c9_76)</u> | <u>[19](#id3ef46dfb79740ceb4d1f288320bf5c9_76)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[c. Reinsurance Recoverable Analysis](#id3ef46dfb79740ceb4d1f288320bf5c9_79)</u> | <u>[20](#id3ef46dfb79740ceb4d1f288320bf5c9_79)</u>-<u>[21](#id3ef46dfb79740ceb4d1f288320bf5c9_82)</u> |
| IV. Loss Reserve Analysis |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Paid to Incurred Analysis](#id3ef46dfb79740ceb4d1f288320bf5c9_85)</u> | <u>[22](#id3ef46dfb79740ceb4d1f288320bf5c9_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[b. Paid to Incurred Analysis by Segment](#id3ef46dfb79740ceb4d1f288320bf5c9_91)</u> | <u>[23](#id3ef46dfb79740ceb4d1f288320bf5c9_88)</u>-<u>[25](#id3ef46dfb79740ceb4d1f288320bf5c9_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures](#id3ef46dfb79740ceb4d1f288320bf5c9_97)</u> | <u>[26](#id3ef46dfb79740ceb4d1f288320bf5c9_97)</u> |
| V. Share Analysis |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Earnings Per Common Share Information](#id3ef46dfb79740ceb4d1f288320bf5c9_100)</u> | <u>[27](#id3ef46dfb79740ceb4d1f288320bf5c9_100)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method](#id3ef46dfb79740ceb4d1f288320bf5c9_106)</u> | <u>[28](#id3ef46dfb79740ceb4d1f288320bf5c9_106)</u> |
| VI. Non-GAAP Financial Measures |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Operating Income and Operating Return on Average Common Equity](#id3ef46dfb79740ceb4d1f288320bf5c9_109)</u> | <u>[29](#id3ef46dfb79740ceb4d1f288320bf5c9_109)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[c. Rationale for the Use of Non-GAAP Financial Measures](#id3ef46dfb79740ceb4d1f288320bf5c9_115)</u> | <u>[30](#id3ef46dfb79740ceb4d1f288320bf5c9_115)</u>-<u>32</u> |
| VII. Additional Information Regarding the Company's Announcement to Exit Catastrophe and Property Business | <u>[33](#id3ef46dfb79740ceb4d1f288320bf5c9_549755815047)</u>-<u>40</u> |
| VIII. Additional Information Regarding the Net Financial Impact of the Company's Loss Portfolio Transfer ("LPT") Reinsurance Transaction | <u>[41](#id3ef46dfb79740ceb4d1f288320bf5c9_2199023256842)</u>-<u>42</u> |

---

------

![graphic1a.jpg](graphic1a.jpg)

**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.

**<u>DEFINITIONS AND PRESENTATION</u>**

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

• Amounts may not reconcile due to rounding differences.

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

• NM - Not meaningful is defined as a variance greater than +/-100%; NA - Not applicable

**<u>CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</u>**

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

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

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

*<u>COVID-19</u>*

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

*<u>Insurance Risk</u>*

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

&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change;

&nbsp;&nbsp;&nbsp;&nbsp;• actual claims exceeding loss reserves;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• the failure of our cedants to adequately evaluate risks;

&nbsp;&nbsp;&nbsp;&nbsp;• the adverse impact of inflation;

*<u>Strategic Risk</u>*

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;• a decline in our ratings with rating agencies;

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

&nbsp;&nbsp;&nbsp;&nbsp;• difficulties with technology and/or data security;

i

------

![graphic1a.jpg](graphic1a.jpg)

*<u>Credit Risk</u>*

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

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

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

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

*<u>Liquidity Risk</u>*

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

*<u>Operational Risk</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting policies or practices;

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

*<u>Regulatory Risk</u>*

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

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

*<u>Risks Related to Taxation</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws.

Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, *'Risk Factors'* in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.

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

ii

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**BASIS OF PRESENTATION**

**<u>BUSINESS DESCRIPTIONS</u>**

**<u>INSURANCE SEGMENT</u>**

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:

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

*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, and physical damage and business interruption following an act of terrorism. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

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

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

*Cyber:* provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, payment card industry data security standard and media liability.

*Marine and Aviation*: Marine provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include 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. 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.

*Accident and Health*: includes personal accident, travel insurance and specialty health products for employer and affinity groups, and pet insurance.

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

iii

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**BASIS OF PRESENTATION**

**<u>BUSINESS DESCRIPTIONS (CONTINUED)</u>**

**<u>REINSURANCE SEGMENT</u>**

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

*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.

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

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

*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.

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

*Marine and Aviation*: Marine 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. The Company exited Aviation business effective January 1, 2023.

*<u>Run-off lines</u>*

*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. The Company exited this line of business in June 2022.

*Property:* provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage, but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, floods, industrial explosions, fires, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis. The Company exited this line of business in June 2022.

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

iv

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | | **2022** | **2021** | **Change** | **Change** | **2022** | **2021** | **Change** | **Change** |
| **HIGHLIGHTS** | Gross premiums written | $**1758696** | $1562828 | 12.5% |  | $**8214595** | $7685984 | 6.9% |  |
| **HIGHLIGHTS** | *Gross premiums written - Insurance* | ***83.6*** *%*** | *84.1 %* | *(0.5)* | *pts* | ***68.0*** *%*** | *63.3 %* | *4.7* | *pts* |
| **HIGHLIGHTS** | *Gross premiums written - Reinsurance* | ***16.4*** *%*** | *15.9 %* | *0.5* | *pts* | ***32.0*** *%*** | *36.7 %* | *(4.7)* | *pts* |
| **HIGHLIGHTS** | Net premiums written | $**1096554** | $947408 | 15.7% |  | $**5263056** | $4926624 | 6.8% |  |
| **HIGHLIGHTS** | Net premiums earned | $**1340162** | $1237760 | 8.3% |  | $**5160326** | $4709850 | 9.6% |  |
| **HIGHLIGHTS** | *Net premiums earned - Insurance* | ***62.0*** *%*** | *58.4 %* | *3.6* | *pts* | ***60.7*** *%*** | *56.3 %* | *4.4* | *pts* |
| **HIGHLIGHTS** | *Net premiums earned - Reinsurance* | ***38.0*** *%*** | *41.6 %* | *(3.6)* | *pts* | ***39.3*** *%*** | *43.7 %* | *(4.4)* | *pts* |
| **HIGHLIGHTS** | Net income available to common shareholders | $**40928** | $197329 | (79.3%) |  | $**192833** | $588359 | (67.2%) |  |
| **HIGHLIGHTS** | Operating income **[a]** | $**166608** | $182187 | (8.6%) |  | $**497931** | $436477 | 14.1% |  |
| **HIGHLIGHTS** | Annualized return on average common equity **[b]** | **4.2%** | 16.4% | (12.2) | pts | **4.3%** | 12.2% | (7.9) | pts |
| **HIGHLIGHTS** | Annualized operating return on average common equity **[c]** | **16.9%** | 15.1% | 1.8 | pts | **11.1%** | 9.1% | 2.0 | pts |
| **HIGHLIGHTS** | Total shareholders' equity | $**4639910** | $5410656 | (14.2%) |  | $**4639910** | $5410656 | (14.2%) |  |
| **HIGHLIGHTS** |  |  |  |  |  |  |  |  |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Earnings per diluted common share | **$0.48** | $2.31 | (79.2%) |  | **$2.25** | $6.90 | (67.4%) |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Operating income per diluted common share **[d]** | **$1.95** | $2.13 | (8.5%) |  | **$5.81** | $5.12 | 13.5% |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Weighted average diluted common shares outstanding | **85655** | 85591 | 0.1% |  | **85669** | 85291 | 0.4% |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Book value per common share | **$48.31** | $57.34 | (15.7%) |  | **$48.31** | $57.34 | (15.7%) |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Book value per diluted common share (treasury stock method) | **$46.95** | $55.78 | (15.8%) |  | **$46.95** | $55.78 | (15.8%) |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Tangible book value per diluted common share (treasury stock method) **[a]** | **$44.13** | $52.84 | (16.5%) |  | **$44.13** | $52.84 | (16.5%) |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** |  |  |  |  |  |  |  |  |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** |  |  |  |  |  |  |  |  |  |
| **FINANCIAL RATIOS** | Current accident year loss ratio, excluding catastrophe and weather-related losses | **55.5%** | 54.3% | 1.2 | pts | **55.5%** | 55.1% | 0.4 | pts |
| **FINANCIAL RATIOS** | Catastrophe and weather-related losses ratio | **4.7%** | 4.3% | 0.4 | pts | **7.8%** | 9.5% | (1.7) | pts |
| **FINANCIAL RATIOS** | Current accident year loss ratio | **60.2%** | 58.6% | 1.6 | pts | **63.3%** | 64.6% | (1.3) | pts |
| **FINANCIAL RATIOS** | Prior year reserve development ratio | **(0.6** **%)** | (0.7%) | 0.1 | pts | **(0.5** **%)** | (0.7%) | 0.2 | pts |
| **FINANCIAL RATIOS** | Net losses and loss expenses ratio | **59.6%** | 57.9% | 1.7 | pts | **62.8%** | 63.9% | (1.1) | pts |
| **FINANCIAL RATIOS** | Acquisition cost ratio | **20.6%** | 20.4% | 0.2 | pts | **19.8%** | 19.6% | 0.2 | pts |
| **FINANCIAL RATIOS** | General and administrative expense ratio **[e]** | **13.9%** | 14.8% | (0.9) | pts | **13.2%** | 14.0% | (0.8) | pts |
| **FINANCIAL RATIOS** | Combined ratio | **94.1%** | 93.1% | 1.0 | pts | **95.8%** | 97.5% | (1.7) | pts |
| **INVESTMENT DATA** | Total assets | $**27595811** | $27368970 | 0.8% |  | $**27595811** | $27368970 | 0.8% |  |
| **INVESTMENT DATA** | Total cash and invested assets **[f]** | $**15618714** | $16489369 | (5.3%) |  | $**15618714** | $16489369 | (5.3%) |  |
| **INVESTMENT DATA** | Net investment income | $**147085** | $128128 | 14.8% |  | $**418829** | $454301 | (7.8%) |  |
| **INVESTMENT DATA** | Net investment gains (losses) | $**(42558)** | $20410 | nm |  | $**(456789)** | $134279 | nm |  |
| **INVESTMENT DATA** | Book yield of fixed maturities | **3.5%** | 1.9% | 1.6 | pts | **3.5%** | 1.9% | 1.6 | pts |
| **INVESTMENT DATA** |  |  |  |  |  |  |  |  |  |
| **INVESTMENT DATA** |  |  |  |  |  |  |  |  |  |
| **INVESTMENT DATA** |  |  |  |  |  |  |  |  |  |

---

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

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

**[d]&nbsp;&nbsp;&nbsp;&nbsp;**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]&nbsp;&nbsp;&nbsp;&nbsp;**Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

**[f]&nbsp;&nbsp;&nbsp;&nbsp;**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).

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS** 

**FOR THE QUARTERS AND YEARS ENDED DECEMBER 31, 2022 AND 2021**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters ended December 31,** | **Quarters ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Revenues** |  |  |  |  |
| Net premiums earned | $**1340162** | $1237760 | $**5160326** | $4709850 |
| Net investment income | **147085** | 128128 | **418829** | 454301 |
| Net investment gains (losses) | **(42558)** | 20410 | **(456789)** | 134279 |
| Other insurance related income | **3076** | 7033 | **13073** | 23295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **1447765** | 1393331 | **5135439** | 5321725 |
| **Expenses** |  |  |  |  |
| Net losses and loss expenses | **798214** | 716225 | **3242410** | 3008783 |
| Acquisition costs | **275573** | 252180 | **1022017** | 921834 |
| General and administrative expenses | **187472** | 184484 | **680343** | 663304 |
| Foreign exchange losses (gains) | **78989** | 4632 | **(157945)** | 315 |
| Interest expense and financing costs | **16426** | 15543 | **63146** | 62302 |
| Reorganization expenses | **9485** |  | **31426** |  |
| Amortization of value of business acquired | **—** | 771 | **—** | 3854 |
| Amortization of intangible assets | **2729** | 3260 | **10917** | 12424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **1368888** | 1177095 | **4892314** | 4672816 |
| **Income before income taxes and interest in income (loss) of equity method investments** | **78877** | 216236 | **243125** | 648909 |
| Income tax expense | **(27341)** | (12557) | **(22037)** | (62384) |
| Interest in income (loss) of equity method investments | **(3045)** | 1213 | **1995** | 32084 |
| **Net income** | **48491** | 204892 | **223083** | 618609 |
| Preferred share dividends | **7563** | 7563 | **30250** | 30250 |
| **Net income available to common shareholders** | $**40928** | $197329 | $**192833** | $588359 |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q4 2022** |<br>**Q3 2022** |<br>**Q2 2022** |<br>**Q1 2022** |<br>**Q4 2021** |<br>**Q4 2020** | **2021** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |  |  |
| Gross premiums written | $**1758696** | $1707808 | $2113483 | $2634608 | $1562828 | $1348419 | $7685984 |
| Ceded premiums written | **(662142)** | (671024) | (796636) | (821736) | (615420) | (562970) | (2759360) |
| Net premiums written | **1096554** | 1036784 | 1316847 | 1812872 | 947408 | 785449 | 4926624 |
| Gross premiums earned | **2050239** | 2012426 | 1971208 | 1902508 | 1936521 | 1735932 | 7281709 |
| Ceded premiums earned | **(710077)** | (727560) | (694156) | (644262) | (698761) | (648564) | (2571859) |
| Net premiums earned | **1340162** | 1284866 | 1277052 | 1258246 | 1237760 | 1087368 | 4709850 |
| Other insurance related income (loss) | **3076** | 1092 | 2213 | 6693 | 7033 | (2819) | 23295 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **1343238** | 1285958 | 1279265 | 1264939 | 1244793 | 1084549 | 4733145 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |
| Net losses and loss expenses | **798214** | 941911 | 769587 | 732699 | 716225 | 817239 | 3008783 |
| Acquisition costs | **275573** | 240511 | 257582 | 248352 | 252180 | 231800 | 921834 |
| Underwriting-related general and administrative expenses **[a]** | **137220** | 132570 | 135403 | 145096 | 140379 | 116345 | 536834 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **1211007** | 1314992 | 1162572 | 1126147 | 1108784 | 1165384 | 4467451 |
| **UNDERWRITING INCOME (LOSS) [b]** | **132231** | (29034) | 116693 | 138792 | 136009 | (80835) | 265694 |
| **OTHER (EXPENSES) REVENUES** |  |  |  |  |  |  |  |
| Net investment income | **147085** | 88177 | 92214 | 91355 | 128128 | 109503 | 454301 |
| Net investment gains (losses) | **(42558)** | (146458) | (173263) | (94508) | 20410 | 83356 | 134279 |
| Corporate expenses **[a]** | **(50252)** | (25675) | (30183) | (23945) | (44105) | (26907) | (126470) |
| Foreign exchange (losses) gains | **(78989)** | 135660 | 57000 | 44273 | (4632) | (72309) | (315) |
| Interest expense and financing costs | **(16426)** | (15915) | (15241) | (15564) | (15543) | (15408) | (62302) |
| Reorganization expenses | **(9485)** | (6213) | (15728) |  |  | (7059) |  |
| Amortization of value of business acquired | **—** |  |  |  | (771) | (1028) | (3854) |
| Amortization of intangible assets | **(2729)** | (2729) | (2729) | (2729) | (3260) | (2827) | (12424) |
| &nbsp;&nbsp;&nbsp;Total other (expenses) revenues | **(53354)** | 26847 | (87930) | (1118) | 80227 | 67321 | 383215 |
| **INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS** | **78877** | (2187) | 28763 | 137674 | 216236 | (13514) | 648909 |
| Income tax (expense) benefit | **(27341)** | 363 | 4965 | (24) | (12557) | 6291 | (62384) |
| Interest in income (loss) of equity method investments | **(3045)** | (7560) | 1050 | 11550 | 1213 | 9967 | 32084 |
| **NET INCOME (LOSS)** | **48491** | (9384) | 34778 | 149200 | 204892 | 2744 | 618609 |
| Preferred share dividends | **(7563)** | (7563) | (7563) | (7563) | (7563) | (7563) | (30250) |
| **NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS** | $**40928** | $(16947) | $27215 | $141637 | $197329 | $(4819) | $588359 |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**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]**&nbsp;&nbsp;&nbsp;&nbsp;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.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED KEY RATIOS**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q4 2022** |<br>**Q3 2022** |<br>**Q2 2022** |<br>**Q1 2022** |<br>**Q4 2021** |<br>**Q4 2020** | **2021** |
| **KEY RATIOS/PER SHARE DATA** |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **55.5%** | 57.1% | 55.3% | 54.2% | 54.3% | 57.4% | 55.1% |
| Catastrophe and weather-related losses ratio | **4.7%** | 16.6% | 5.3% | 4.7% | 4.3% | 18.4% | 9.5% |
| Current accident year loss ratio | **60.2%** | 73.7% | 60.6% | 58.9% | 58.6% | 75.8% | 64.6% |
| Prior year reserve development ratio | **(0.6** **%)** | (0.4%) | (0.3%) | (0.7%) | (0.7%) | (0.6%) | (0.7%) |
| Net losses and loss expenses ratio | **59.6%** | 73.3% | 60.3% | 58.2% | 57.9% | 75.2% | 63.9% |
| Acquisition cost ratio | **20.6%** | 18.7% | 20.2% | 19.7% | 20.4% | 21.3% | 19.6% |
| General and administrative expense ratio **[a]** | **13.9%** | 12.3% | 12.9% | 13.5% | 14.8% | 13.1% | 14.0% |
| Combined ratio | **94.1%** | 104.3% | 93.4% | 91.4% | 93.1% | 109.6% | 97.5% |
| Weighted average common shares outstanding | **84667** | 84660 | 85173 | 84961 | 84774 | 84341 | 84707 |
| Weighted average diluted common shares outstanding **[b]** | **85655** | 84660 | 85843 | 85808 | 85591 | 84341 | 85291 |
| Earnings (loss) per common share | **$0.48** | ($0.20) | $0.32 | $1.67 | $2.33 | ($0.06) | $6.95 |
| Earnings (loss) per diluted common share | **$0.48** | ($0.20) | $0.32 | $1.65 | $2.31 | ($0.06) | $6.90 |
| Annualized ROACE | **4.2%** | (1.7%) | 2.5% | 12.0% | 16.4% | (0.4%) | 12.2% |
| Annualized operating ROACE | **16.9%** | 0.3% | 13.7% | 15.3% | 15.1% | (1.4%) | 9.1% |

---

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

**[b]&nbsp;&nbsp;&nbsp;&nbsp;**Due to the net loss attributable to common shareholders recognized for the quarters ended September 30, 2022 and December 2020, the share equivalents were anti-dilutive.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2022** | **2021** | **2020** |
| **UNDERWRITING REVENUES** |  |  |  |
| Gross premiums written | $**8214595** | $7685984 | $6826938 |
| Ceded premiums written | **(2951539)** | (2759360) | (2490529) |
| Net premiums written | **5263056** | 4926624 | 4336409 |
| Gross premiums earned | **7936382** | 7281709 | 6768733 |
| Ceded premiums earned | **(2776056)** | (2571859) | (2397424) |
| Net premiums earned | **5160326** | 4709850 | 4371309 |
| Other insurance related income (loss) | **13073** | 23295 | (8089) |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **5173399** | 4733145 | 4363220 |
| **UNDERWRITING EXPENSES** |  |  |  |
| Net losses and loss expenses | **3242410** | 3008783 | 3281252 |
| Acquisition costs | **1022017** | 921834 | 929517 |
| Underwriting-related general and administrative expenses **[a]** | **550289** | 536834 | 477968 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **4814716** | 4467451 | 4688737 |
| **UNDERWRITING INCOME (LOSS) [b]** | **358683** | 265694 | (325517) |
| **OTHER (EXPENSES) REVENUES** |  |  |  |
| Net investment income | **418829** | 454301 | 349601 |
| Net investment gains (losses) | **(456789)** | 134279 | 129133 |
| Corporate expenses **[a]** | **(130054)** | (126470) | (101822) |
| Foreign exchange (losses) gains | **157945** | (315) | (81069) |
| Interest expense and financing costs | **(63146)** | (62302) | (75049) |
| Reorganization expenses | **(31426)** |  | (7881) |
| Amortization of value of business acquired | **—** | (3854) | (5139) |
| Amortization of intangible assets | **(10917)** | (12424) | (11390) |
| &nbsp;&nbsp;&nbsp;Total other (expenses) revenues | **(115558)** | 383215 | 196384 |
| **INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS** | **243125** | 648909 | (129133) |
| Income tax (expense) benefit | **(22037)** | (62384) | 12321 |
| Interest in income (loss) of equity method investments | **1995** | 32084 | (3612) |
| **NET INCOME (LOSS)** | **223083** | 618609 | (120424) |
| Preferred share dividends | **(30250)** | (30250) | (30250) |
| **NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS** | $**192833** | $588359 | $(150674) |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**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]&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED KEY RATIOS**

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2022** | **2021** | **2020** |
| **KEY RATIOS/PER SHARE DATA** |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **55.5%** | 55.1% | 57.7% |
| Catastrophe and weather-related losses ratio | **7.8%** | 9.5% | 17.7% |
| Current accident year loss ratio | **63.3%** | 64.6% | 75.4% |
| Prior year reserve development ratio | **(0.5** **%)** | (0.7%) | (0.3%) |
| Net losses and loss expenses ratio | **62.8%** | 63.9% | 75.1% |
| Acquisition cost ratio | **19.8%** | 19.6% | 21.3% |
| General and administrative expense ratio **[a]** | **13.2%** | 14.0% | 13.2% |
| Combined ratio | **95.8%** | 97.5% | 109.6% |
| Weighted average common shares outstanding | **84864** | 84707 | 84262 |
| Weighted average diluted common shares outstanding **[b]** | **85669** | 85291 | 84262 |
| Earnings (loss) per common share | **$2.27** | $6.95 | ($1.79) |
| Earnings (loss) per diluted common share | **$2.25** | $6.90 | ($1.79) |
| ROACE | **4.3%** | 12.2% | (3.2%) |
| Operating ROACE | **11.1%** | 9.1% | (3.7%) |

---

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

**[b]&nbsp;&nbsp;&nbsp;&nbsp;**Due to the net loss attributable to common shareholders recognized for the year ended December 31, 2020, the share equivalents were anti-dilutive.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED SEGMENT DATA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| **UNDERWRITING REVENUES** | | | | | | |
| Gross premiums written | $1470805 | $287891 | $1758696 | $5585581 | $2629014 | $8214595 |
| Ceded premium written | (584019) | (78123) | (662142) | (2207675) | (743864) | (2951539) |
| Net premiums written | 886786 | 209768 | 1096554 | 3377906 | 1885150 | 5263056 |
| Gross premiums earned | 1368859 | 681380 | 2050239 | 5219303 | 2717079 | 7936382 |
| Ceded premiums earned | (538345) | (171732) | (710077) | (2085148) | (690908) | (2776056) |
| Net premiums earned | 830514 | 509648 | 1340162 | 3134155 | 2026171 | 5160326 |
| Other insurance related income | 89 | 2987 | 3076 | 559 | 12514 | 13073 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | 830603 | 512635 | 1343238 | 3134714 | 2038685 | 5173399 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |
| Net losses and loss expenses | 439268 | 358946 | 798214 | 1785854 | 1456556 | 3242410 |
| Acquisition costs | 154859 | 120714 | 275573 | 577838 | 444179 | 1022017 |
| Underwriting-related general and administrative expenses | 113106 | 24114 | 137220 | 443704 | 106585 | 550289 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | 707233 | 503774 | 1211007 | 2807396 | 2007320 | 4814716 |
| **UNDERWRITING INCOME** | $123370 | $8861 | $132231 | $327318 | $31365 | $358683 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $33218 | $30392 | $63610 | $206735 | $196068 | $402803 |
| Net favorable prior year reserve development | $3955 | $3946 | $7901 | $16350 | $9183 | $25533 |
| **KEY RATIOS** |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 49.3% | 65.5% | 55.5% | 51.0% | 62.6% | 55.5% |
| Catastrophe and weather-related losses ratio | 4.1% | 5.7% | 4.7% | 6.5% | 9.7% | 7.8% |
| Current accident year loss ratio | 53.4% | 71.2% | 60.2% | 57.5% | 72.3% | 63.3% |
| Prior year reserve development ratio | (0.5%) | (0.8%) | (0.6%) | (0.5%) | (0.4%) | (0.5%) |
| Net losses and loss expenses ratio | 52.9% | 70.4% | 59.6% | 57.0% | 71.9% | 62.8% |
| Acquisition cost ratio | 18.6% | 23.7% | 20.6% | 18.4% | 21.9% | 19.8% |
| Underwriting-related general and administrative expense ratio | 13.7% | 4.7% | 10.2% | 14.2% | 5.3% | 10.7% |
| Corporate expense ratio |  |  | 3.7% |  |  | 2.5% |
| **Combined ratio** | 85.2% | 98.8% | 94.1% | 89.6% | 99.1% | 95.8% |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Years ended December 31,** | **Years ended December 31,** |
| |<br>**Q4 2022** |<br>**Q3 2022** |<br>**Q2 2022** |<br>**Q1 2022** |<br>**Q4 2021** |<br>**Q4 2020** | **2022** | **2021** |
| **<u>INSURANCE SEGMENT</u>** |  |  |  |  |  |  |  |  |
| Professional Lines | $**378336** | $317074 | $323141 | $304415 | $395150 | $323832 | $**1322966** | $1290767 |
| Property | **351503** | 297537 | 400529 | 307919 | 290972 | 269237 | **1357489** | 1192981 |
| Liability | **312327** | 266615 | 306541 | 253162 | 267726 | 215972 | **1138645** | 930999 |
| Cyber | **157794** | 182367 | 173134 | 131451 | 153862 | 110304 | **644746** | 525349 |
| Marine and Aviation | **133712** | 140661 | 153796 | 224517 | 108066 | 87847 | **652687** | 580635 |
| Accident and Health | **68551** | 66153 | 65396 | 58301 | 43927 | 40843 | **258399** | 178899 |
| Credit and Political Risk | **68582** | 47483 | 47085 | 47499 | 55360 | 56264 | **210649** | 163602 |
| **TOTAL INSURANCE SEGMENT** | $**1470805** | $1317890 | $1469622 | $1327264 | $1315063 | $1104299 | $**5585581** | $4863232 |
| **<u>REINSURANCE SEGMENT</u>** |  |  |  |  |  |  |  |  |
| Liability | $**88911** | $156500 | $190072 | $284348 | $104956 | $113791 | $**719831** | $722931 |
| Accident and Health | **11875** | 59313 | 9971 | 330732 | 19461 | 15706 | **411891** | 398641 |
| Professional Lines | **66597** | 27575 | 173056 | 133579 | 49739 | 45888 | **400807** | 353671 |
| Credit and Surety | **63873** | 53944 | 76872 | 103876 | 31667 | 43520 | **298565** | 208108 |
| Motor | **30231** | 22035 | 35814 | 151714 | 4511 | (15448) | **239794** | 279966 |
| Agriculture | **10904** | 39312 | 49971 | 27826 | 10822 | 901 | **128012** | 86128 |
| Marine and Aviation | **8863** | 8823 | 25198 | 50485 | 3484 | 10900 | **93371** | 73968 |
| ***Run-off lines*** |  |  |  |  |  |  |  |  |
| Catastrophe | **1110** | 21227 | 62077 | 138396 | 19957 | 24497 | **222810** | 492397 |
| Property | **4611** | 2173 | 20386 | 76323 | 4042 | (1187) | **103492** | 213406 |
| Engineering | **916** | (984) | 444 | 10065 | (874) | 5552 | **10441** | (6464) |
| ***Total run-off lines*** | **6637** | 22416 | 82907 | 224784 | 23125 | 28862 | **336743** | 699339 |
| **TOTAL REINSURANCE SEGMENT** | $**287891** | $389918 | $643861 | $1307344 | $247765 | $244120 | $**2629014** | $2822752 |
| **CONSOLIDATED TOTAL** | $**1758696** | $1707808 | $2113483 | $2634608 | $1562828 | $1348419 | $**8214595** | $7685984 |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED DATA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q4 2020** | **2021** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |  |  |
| Gross premiums written | $**1758696** | $1707808 | $2113483 | $2634608 | $1562828 | $1348419 | $7685984 |
| Ceded premiums written | **(662142)** | (671024) | (796636) | (821736) | (615420) | (562970) | (2759360) |
| Net premiums written | **1096554** | 1036784 | 1316847 | 1812872 | 947408 | 785449 | 4926624 |
| Gross premiums earned | **2050239** | 2012426 | 1971208 | 1902508 | 1936521 | 1735932 | 7281709 |
| Ceded premiums earned | **(710077)** | (727560) | (694156) | (644262) | (698761) | (648564) | (2571859) |
| Net premiums earned | **1340162** | 1284866 | 1277052 | 1258246 | 1237760 | 1087368 | 4709850 |
| Other insurance related income (loss) | **3076** | 1092 | 2213 | 6693 | 7033 | (2819) | 23295 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **1343238** | 1285958 | 1279265 | 1264939 | 1244793 | 1084549 | 4733145 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |
| Net losses and loss expenses | **798214** | 941911 | 769587 | 732699 | 716225 | 817239 | 3008783 |
| Acquisition costs | **275573** | 240511 | 257582 | 248352 | 252180 | 231800 | 921834 |
| Underwriting-related general and administrative expenses | **137220** | 132570 | 135403 | 145096 | 140379 | 116345 | 536834 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total underwriting expenses | **1211007** | 1314992 | 1162572 | 1126147 | 1108784 | 1165384 | 4467451 |
| **UNDERWRITING INCOME (LOSS)** | $**132231** | $(29034) | $116693 | $138792 | $136009 | $(80835) | $265694 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**63610** | $211969 | $67119 | $60076 | $54209 | $198028 | $442859 |
| Net favorable prior year reserve development | $**7901** | $4735 | $3940 | $8956 | $9270 | $6559 | $32410 |
| **KEY RATIOS** |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **55.5%** | 57.1% | 55.3% | 54.2% | 54.3% | 57.4% | 55.1% |
| Catastrophe and weather-related losses ratio | **4.7%** | 16.6% | 5.3% | 4.7% | 4.3% | 18.4% | 9.5% |
| Current accident year loss ratio | **60.2%** | 73.7% | 60.6% | 58.9% | 58.6% | 75.8% | 64.6% |
| Prior year reserve development ratio | **(0.6** **%)** | (0.4%) | (0.3%) | (0.7%) | (0.7%) | (0.6%) | (0.7%) |
| Net losses and loss expenses ratio | **59.6%** | 73.3% | 60.3% | 58.2% | 57.9% | 75.2% | 63.9% |
| Acquisition cost ratio | **20.6%** | 18.7% | 20.2% | 19.7% | 20.4% | 21.3% | 19.6% |
| General and administrative expense ratio **[a]** | **13.9%** | 12.3% | 12.9% | 13.5% | 14.8% | 13.1% | 14.0% |
| **Combined ratio** | **94.1%** | 104.3% | 93.4% | 91.4% | 93.1% | 109.6% | 97.5% |

---

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

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**INSURANCE SEGMENT DATA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q4 2020** | **2021** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |  |  |
| Gross premiums written | $**1470805** | $1317890 | $1469622 | $1327264 | $1315063 | $1104299 | $4863232 |
| Ceded premiums written | **(584019)** | (540101) | (600203) | (483352) | (548369) | (476066) | (1968347) |
| Net premiums written | **886786** | 777789 | 869419 | 843912 | 766694 | 628233 | 2894885 |
| Gross premiums earned | **1368859** | 1331887 | 1285275 | 1233281 | 1212644 | 1006930 | 4445035 |
| Ceded premiums earned | **(538345)** | (549786) | (516551) | (480465) | (490275) | (417160) | (1793696) |
| Net premiums earned | **830514** | 782101 | 768724 | 752816 | 722369 | 589770 | 2651339 |
| Other insurance related income | **89** | 151 | 237 | 82 | 227 | 556 | 1662 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **830603** | 782252 | 768961 | 752898 | 722596 | 590326 | 2653001 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |
| Net losses and loss expenses | **439268** | 519006 | 421836 | 405745 | 383246 | 444444 | 1514998 |
| Acquisition costs | **154859** | 139436 | 144732 | 138812 | 136172 | 117954 | 484344 |
| Underwriting-related general and administrative expenses | **113106** | 108072 | 108577 | 113950 | 121505 | 93930 | 429282 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **707233** | 766514 | 675145 | 658507 | 640923 | 656328 | 2428624 |
| **UNDERWRITING INCOME (LOSS)** | $**123370** | $15738 | $93816 | $94391 | $81673 | $(66002) | $224377 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**33218** | $112799 | $27989 | $32730 | $22654 | $118185 | $174559 |
| Net favorable prior year reserve development | $**3955** | $2558 | $2773 | $7062 | $5008 | $4417 | $18360 |
| **KEY RATIOS** |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **49.3%** | 52.6% | 51.6% | 50.5% | 50.8% | 56.1% | 51.4% |
| Catastrophe and weather-related losses ratio | **4.1%** | 14.1% | 3.6% | 4.3% | 2.9% | 20.0% | 6.4% |
| Current accident year loss ratio | **53.4%** | 66.7% | 55.2% | 54.8% | 53.7% | 76.1% | 57.8% |
| Prior year reserve development ratio | **(0.5** **%)** | (0.3%) | (0.3%) | (0.9%) | (0.6%) | (0.7%) | (0.7%) |
| Net losses and loss expenses ratio | **52.9%** | 66.4% | 54.9% | 53.9% | 53.1% | 75.4% | 57.1% |
| Acquisition cost ratio | **18.6%** | 17.8% | 18.8% | 18.4% | 18.9% | 20.0% | 18.3% |
| Underwriting-related general and administrative expense ratio | **13.7%** | 13.8% | 14.1% | 15.2% | 16.7% | 15.9% | 16.2% |
| **Combined ratio** | **85.2%** | 98.0% | 87.8% | 87.5% | 88.7% | 111.3% | 91.6% |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**REINSURANCE SEGMENT DATA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q4 2020** | **2021** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |  |  |
| Gross premiums written | $**287891** | $389918 | $643861 | $1307344 | $247765 | $244120 | $2822752 |
| Ceded premiums written | **(78123)** | (130923) | (196433) | (338384) | (67051) | (86904) | (791013) |
| Net premiums written | **209768** | 258995 | 447428 | 968960 | 180714 | 157216 | 2031739 |
| Gross premiums earned | **681380** | 680539 | 685933 | 669227 | 723877 | 729002 | 2836674 |
| Ceded premiums earned | **(171732)** | (177774) | (177605) | (163797) | (208486) | (231404) | (778163) |
| Net premiums earned | **509648** | 502765 | 508328 | 505430 | 515391 | 497598 | 2058511 |
| Other insurance related income (loss) | **2987** | 941 | 1976 | 6611 | 6806 | (3375) | 21633 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **512635** | 503706 | 510304 | 512041 | 522197 | 494223 | 2080144 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |
| Net losses and loss expenses | **358946** | 422905 | 347751 | 326954 | 332979 | 372795 | 1493785 |
| Acquisition costs | **120714** | 101075 | 112850 | 109540 | 116008 | 113846 | 437490 |
| Underwriting-related general and administrative expenses | **24114** | 24498 | 26826 | 31146 | 18874 | 22415 | 107552 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **503774** | 548478 | 487427 | 467640 | 467861 | 509056 | 2038827 |
| **UNDERWRITING INCOME (LOSS)** | $**8861** | $(44772) | $22877 | $44401 | $54336 | $(14833) | $41317 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**30392** | $99170 | $39130 | $27346 | $31555 | $79843 | $268300 |
| Net favorable prior year reserve development | $**3946** | $2177 | $1167 | $1894 | $4262 | $2142 | $14050 |
| **KEY RATIOS** |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **65.5%** | 64.2% | 60.9% | 59.7% | 59.2% | 59.0% | 59.9% |
| Catastrophe and weather-related losses ratio | **5.7%** | 20.3% | 7.7% | 5.4% | 6.2% | 16.3% | 13.3% |
| Current accident year loss ratio | **71.2%** | 84.5% | 68.6% | 65.1% | 65.4% | 75.3% | 73.2% |
| Prior year reserve development ratio | **(0.8** **%)** | (0.4%) | (0.2%) | (0.4%) | (0.8%) | (0.4%) | (0.6%) |
| Net losses and loss expenses ratio | **70.4%** | 84.1% | 68.4% | 64.7% | 64.6% | 74.9% | 72.6% |
| Acquisition cost ratio | **23.7%** | 20.1% | 22.2% | 21.7% | 22.5% | 22.9% | 21.3% |
| Underwriting-related general and administrative expenses ratio | **4.7%** | 4.9% | 5.3% | 6.1% | 3.7% | 4.5% | 5.1% |
| **Combined ratio** | **98.8%** | 109.1% | 95.9% | 92.5% | 90.8% | 102.3% | 99.0% |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**STRATEGIC CAPITAL PARTNERS**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Quarters ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| **TOTAL MANAGED PREMIUMS [a]** | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| **Total Managed Premiums** | $**1470805** | $**287891** | $**1758696** | $1315063 | $247765 | $1562828 | $**5585581** | $**2629014** | $**8214595** | $4863232 | $2822752 | $7685984 |
| &nbsp;&nbsp;&nbsp;Premiums ceded to Harrington Re | **5176** | **39863** | **45039** | 7303 | 35894 | 43197 | **19880** | **303666** | **323546** | 16897 | 266045 | 282942 |
| &nbsp;&nbsp;&nbsp;Premiums ceded to Other Strategic Capital Partners | **—** | **38260** | **38260** |  | 31157 | 31157 | **—** | **440198** | **440198** |  | 524968 | 524968 |
| &nbsp;&nbsp;&nbsp;Premiums ceded to Other Reinsurers | **578843** | **—** | **578843** | 541066 |  | 541066 | **2187795** | **—** | **2187795** | 1951450 |  | 1951450 |
| **Net premiums written** | $**886786** | $**209768** | $**1096554** | $766694 | $180714 | $947408 | $**3377906** | $**1885150** | $**5263056** | $2894885 | $2031739 | $4926624 |
| **FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Other insurance related income | $**—** | $**788** | $**788** | $— | $5467 | $5467 | $**—** | $**8972** | $**8972** | $— | $18891 | $18891 |
| &nbsp;&nbsp;Offset to general and administrative expenses | **—** | **11331** | **11331** |  | 21725 | 21725 | **—** | **43697** | **43697** |  | 54297 | 54297 |
| &nbsp;&nbsp;&nbsp;**Total Fee income** | $**—** | $**12119** | $**12119** | $— | $27192 | $27192 | $**—** | $**52669** | $**52669** | $— | $73188 | $73188 |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Total managed premiums represents gross premiums written of $1.8 billion and $1.6 billion for the quarters ended December 31, 2022 and 2021, respectively, and $8.2 billion and $7.7 billion for the years ended December 31, 2022 and 2021, respectively, and includes premiums written by the insurance and reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

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

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**NET INVESTMENT INCOME**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Years ended December 31,** | **Years ended December 31,** |
| |<br>**Q4 2022** |<br>**Q3 2022** |<br>**Q2 2022** |<br>**Q1 2022** |<br>**Q4 2021** |<br>**Q4 2020** | **2022** | **2021** |
| Fixed maturities | $**105077** | $87364 | $72607 | $64809 | $67623 | $72727 | $**329858** | $262049 |
| Other investments | **24242** | (7576) | 14327 | 26050 | 56965 | 30634 | **57043** | 181906 |
| Equity securities | **3041** | 2490 | 2688 | 2172 | 4430 | 3069 | **10390** | 12752 |
| Mortgage loans | **8084** | 6256 | 4903 | 4163 | 4461 | 4110 | **23407** | 17427 |
| Cash and cash equivalents | **10127** | 5350 | 3679 | 1118 | 808 | 3768 | **20273** | 4454 |
| Short-term investments | **1964** | 1004 | 402 | 166 | 74 | 446 | **3535** | 664 |
| Gross investment income | **152535** | 94888 | 98606 | 98478 | 134361 | 114754 | **444506** | 479252 |
| Investment expense | **(5450)** | (6711) | (6392) | (7123) | (6233) | (5251) | **(25677)** | (24951) |
| **Net investment income** | $**147085** | $88177 | $92214 | $91355 | $128128 | $109503 | $**418829** | $454301 |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31,**<br>**2022** | **September 30,**<br>**2022** | **June 30,**<br>**2022** | **March 31,**<br>**2022** | **December 31,**<br>**2021** | **December 31,**<br>**2020** |
| **ASSETS** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, available for sale, at fair value | $**11326894** | $10784353 | $11304682 | $11456024 | $12313200 | $12041799 |
| &nbsp;&nbsp;&nbsp;Fixed maturities, held to maturity, at amortized cost | **698351** | 690380 | 641428 | 493509 | 446016 |  |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value | **485253** | 469839 | 522161 | 563950 | 655675 | 518445 |
| &nbsp;&nbsp;&nbsp;Mortgage loans, held for investment, at fair value | **627437** | 653700 | 656112 | 627063 | 594088 | 593290 |
| &nbsp;&nbsp;&nbsp;Other investments, at fair value | **996751** | 970310 | 981774 | 954602 | 947982 | 829156 |
| &nbsp;&nbsp;&nbsp;Equity method investments | **148288** | 151333 | 158893 | 157843 | 146293 | 114209 |
| &nbsp;&nbsp;&nbsp;Short-term investments, at fair value | **70310** | 80260 | 65683 | 70385 | 31063 | 161897 |
| Total investments | **14353284** | 13800175 | 14330733 | 14323376 | 15134317 | 14258796 |
| Cash and cash equivalents | **1174653** | 1835262 | 1497928 | 1706711 | 1317690 | 1503232 |
| Accrued interest receivable | **94418** | 77771 | 73873 | 64906 | 64350 | 65020 |
| Insurance and reinsurance premium balances receivable | **2733464** | 2788484 | 3174117 | 3163990 | 2622676 | 2738342 |
| Reinsurance recoverable on unpaid losses and loss expenses | **5831172** | 5244263 | 5008583 | 4957080 | 5017611 | 4496641 |
| Reinsurance recoverable on paid losses and loss expenses | **539676** | 438497 | 510613 | 612027 | 642215 | 434201 |
| Deferred acquisition costs | **473569** | 541544 | 576237 | 575250 | 465593 | 431439 |
| Prepaid reinsurance premiums | **1550370** | 1597586 | 1656643 | 1555303 | 1377358 | 1194455 |
| Receivable for investments sold | **16052** | 6452 | 10421 | 55473 | 4555 | 2150 |
| Goodwill | **100801** | 100801 | 100801 | 100801 | 100801 | 100801 |
| Intangible assets | **197800** | 200529 | 203259 | 205988 | 208717 | 219633 |
| Value of business acquired | **—** |  |  |  |  | 3854 |
| Operating lease right-of-use assets | **92214** | 96631 | 94451 | 98837 | 103295 | 123579 |
| Other assets | **438338** | 391758 | 381768 | 388816 | 309792 | 305544 |
| **TOTAL ASSETS** | $**27595811** | $27119753 | $27619427 | $27808558 | $27368970 | $25877687 |
| **LIABILITIES** |  |  |  |  |  |  |
| Reserve for losses and loss expenses | $**15168863** | $14652196 | $14398039 | $14470155 | $14653094 | $13926766 |
| Unearned premiums | **4361447** | 4650934 | 4963138 | 4824128 | 4090676 | 3685886 |
| Insurance and reinsurance balances payable | **1522764** | 1569946 | 1624184 | 1522258 | 1324620 | 1092042 |
| Debt | **1312314** | 1312633 | 1311637 | 1311304 | 1310975 | 1309695 |
| Federal Home Loan Bank advances | **81388** | 80540 |  |  |  |  |
| Payable for investments purchased | **19693** | 78956 | 186921 | 127284 | 31543 | 104777 |
| Operating lease liabilities | **102577** | 103345 | 105129 | 113340 | 119512 | 140263 |
| Other liabilities | **386855** | 327780 | 327748 | 319549 | 427894 | 322564 |
| **TOTAL LIABILITIES** | **22955901** | 22776330 | 22916796 | 22688018 | 21958314 | 20581993 |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |
| Preferred shares | **550000** | 550000 | 550000 | 550000 | 550000 | 550000 |
| Common shares | **2206** | 2206 | 2206 | 2206 | 2206 | 2206 |
| Additional paid-in capital | **2366253** | 2354895 | 2341507 | 2328986 | 2346179 | 2330054 |
| Accumulated other comprehensive income (loss) | **(760300)** | (1042650) | (724114) | (338300) | 56536 | 414395 |
| Retained earnings | **6247022** | 6244268 | 6298680 | 6308712 | 6204745 | 5763607 |
| Treasury shares, at cost | **(3765271)** | (3765296) | (3765648) | (3731064) | (3749010) | (3764568) |
| **TOTAL SHAREHOLDERS' EQUITY** | **4639910** | 4343423 | 4702631 | 5120540 | 5410656 | 5295694 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**27595811** | $27119753 | $27619427 | $27808558 | $27368970 | $25877687 |
| Common shares outstanding | **84668** | 84666 | 84655 | 85276 | 84774 | 84353 |
| Diluted common shares outstanding **[a]** | **87113** | 87205 | 87201 | 87948 | 87147 | 86143 |
| Book value per common share  | **$48.31** | $44.80 | $49.05 | $53.60 | $57.34 | $56.26 |
| Book value per diluted common share | **$46.95** | $43.50 | $47.62 | $51.97 | $55.78 | $55.09 |
| Tangible book value per diluted common share | **$44.13** | $40.64 | $44.74 | $49.08 | $52.84 | $51.90 |
| Debt to total capital **[b]** | **22.0%** | 23.2% | 21.8% | 20.4% | 19.5% | 19.8% |

---

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

**[b]&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CASH AND INVESTED ASSETS PORTFOLIO** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31, 2022** | **At December 31, 2022** | **At December 31, 2022** | **At December 31, 2022** | **At December 31, 2022** | **At December 31, 2022** | **At December 31, 2021** | **At December 31, 2021** |
| | **Cost or<br>Amortized Cost** | **Allowance for Expected Credit Losses** | **Unrealized<br>Gains** | **Unrealized<br>Losses** | **Fair Value or Net Carrying Value** | **Percentage** | **Fair Value or Net Carrying Value** | **Percentage** |
| **Fixed Maturities, available for sale, at fair value** | | | | | | | | |
| U.S. government and agency | $2731733 | $— | $5386 | $(97789) | $2639330 | 16.8% | $2682448 | 16.3% |
| Non-U.S. government | 612546 |  | 2395 | (52912) | 562029 | 3.6% | 795178 | 4.8% |
| Corporate debt | 4680798 | (11521) | 5269 | (418990) | 4255556 | 27.2% | 4495312 | 27.3% |
| Agency RMBS | 1297423 |  | 4663 | (99301) | 1202785 | 7.7% | 1074589 | 6.5% |
| CMBS | 1029863 |  | 60 | (82145) | 947778 | 6.1% | 1248191 | 7.6% |
| Non-Agency RMBS | 151907 | (123) | 275 | (18525) | 133534 | 0.9% | 186164 | 1.1% |
| ABS | 1499728 | (35) | 555 | (70721) | 1429527 | 9.2% | 1622480 | 9.8% |
| Municipals | 172475 | (54) | 139 | (16205) | 156355 | 1.0% | 208838 | 1.3% |
| **Total fixed maturities, available for sale, at fair value** | 12176473 | (11733) | 18742 | (856588) | 11326894 | 72.5% | 12313200 | 74.7% |
| **Fixed maturities, held to maturity, at amortized cost** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Corporate debt | 85200 |  |  |  | 85200 | 0.5% | 37700 | 0.2% |
| &nbsp;&nbsp;&nbsp; ABS | 613151 |  |  |  | 613151 | 4.0% | 408316 | 2.5% |
| **Total fixed maturities, held to maturity, at amortized cost** | 698351 |  |  |  | 698351 | 4.5% | 446016 | 2.7% |
| **Equity securities, at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks | 7279 |  | 636 | (442) | 7473 | —% | 1364 | —% |
| &nbsp;&nbsp;&nbsp;Preferred stocks | 115 |  |  | (43) | 72 | —% | 179 | —% |
| &nbsp;&nbsp;&nbsp;Exchange-traded funds | 207505 |  | 68058 | (5757) | 269806 | 1.7% | 336815 | 2.0% |
| &nbsp;&nbsp;&nbsp;Bond mutual funds | 279457 |  |  | (71555) | 207902 | 1.4% | 317317 | 2.0% |
| **Total equity securities, at fair value** | 494356 |  | 68694 | (77797) | 485253 | 3.1% | 655675 | 4.0% |
| **Total fixed maturities and equity securities** | $13369180 | $(11733) | $87436 | $(934385) | 12510498 | 80.1% | 13414891 | 81.4% |
| **Mortgage loans, held for investment** |  |  |  |  | 627437 | 4.0% | 594088 | 3.6% |
| **Other investments** |  |  |  |  | 996751 | 6.4% | 947982 | 5.7% |
| **Equity method investments** |  |  |  |  | 148288 | 0.9% | 146293 | 0.9% |
| **Short-term investments** |  |  |  |  | 70310 | 0.5% | 31063 | 0.2% |
| **Total investments** |  |  |  |  | 14353284 | 91.9% | 15134317 | 91.8% |
| **Cash and cash equivalents [a]** |  |  |  |  | 1174653 | 7.5% | 1317690 | 8.0% |
| **Accrued interest receivable** |  |  |  |  | 94418 | 0.6% | 64350 | 0.4% |
| **Net receivable/(payable) for investments sold (purchased)** |  |  |  |  | (3641) | —% | (26988) | (0.2%) |
| **Total cash and invested assets** |  |  |  |  | $**15618714** | **100.0%** | $**16489369** | **100.0%** |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Includes $423 million and $473 million of restricted cash and cash equivalents at December 31, 2022 and December 31, 2021, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **At December 31, 2022** | **At December 31, 2022** | **At December 31, 2021** | **At December 31, 2021** |
| | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| **Other Investments:** | | | | |
| Long/short equity funds | $— | —% | $3476 | 0.4% |
| Multi-strategy funds | 32616 | 3.3% | 56012 | 5.9% |
| Direct lending funds | 258626 | 25.9% | 289867 | 30.6% |
| Real estate funds | 298499 | 29.9% | 238222 | 25.1% |
| Private equity funds | 265836 | 26.7% | 249974 | 26.4% |
| Other privately held investments | 136158 | 13.7% | 104521 | 11.0% |
| Collateralized loan obligations - equity tranches | 5016 | 0.5% | 5910 | 0.6% |
| **Total** | $**996751** | **100.0%** | $**947982** | **100.0%** |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CASH AND INVESTED ASSETS COMPOSITION** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2022** | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q4 2020** | **Q4 2020** |
| | **Fair Value %** | **Fair Value %** | **Fair Value %** | **Fair Value %** | **Fair Value %** | **Fair Value %** | **Fair Value %** | **Fair Value %** |
| **CASH AND INVESTED ASSETS PORTFOLIO** | | | | | | | | |
| Fixed Maturities, available for sale: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. government and agency | **16.8** | **%** | 15.3% | 15.5% | 14.3% | 16.3% | 12.2 | % |
| &nbsp;&nbsp;&nbsp;Non-U.S. government | **3.6** | **%** | 3.3% | 4.2% | 4.6% | 4.8% | 4.3 | % |
| &nbsp;&nbsp;&nbsp;Corporate debt | **27.2** | **%** | 26.5% | 27.6% | 27.9% | 27.3% | 29.6 | % |
| &nbsp;&nbsp;&nbsp;MBS: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency RMBS | **7.7** | **%** | 6.5% | 6.5% | 5.8% | 6.5% | 8.2 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **6.1** | **%** | 6.4% | 6.9% | 7.2% | 7.6% | 8.6 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency RMBS | **0.9** | **%** | 0.9% | 0.9% | 1.1% | 1.1% | 0.9 | % |
| &nbsp;&nbsp;&nbsp;ABS | **9.2** | **%** | 9.2% | 9.3% | 9.6% | 9.8% | 10.9 | % |
| &nbsp;&nbsp;&nbsp;Municipals | **1.0** | **%** | 0.9% | 1.0% | 1.0% | 1.3% | 1.9 | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Maturities, available for sale | **72.5** | **%** | 69.0% | 71.9% | 71.5% | 74.7% | 76.6 | % |
| Fixed Maturities, held to maturity: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate debt | **0.5** | **%** | 0.5% | 0.4% | 0.3% | 0.2% |  | % |
| &nbsp;&nbsp;&nbsp;ABS | **4.0** | **%** | 3.9% | 3.7% | 2.8% | 2.5% |  | % |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Maturities, held to maturity | **4.5** | **%** | 4.4% | 4.1% | 3.1% | 2.7% |  | % |
| Equity securities | **3.1** | **%** | 3.0% | 3.3% | 3.5% | 4.0% | 3.3 | % |
| Mortgage loans | **4.0** | **%** | 4.2% | 4.2% | 3.9% | 3.6% | 3.8 | % |
| Other investments | **6.4** | **%** | 6.2% | 6.2% | 6.0% | 5.7% | 5.3 | % |
| Equity method investments | **0.9** | **%** | 1.0% | 1.0% | 1.0% | 0.9% | 0.7 | % |
| Short-term investments | **0.5** | **%** | 0.4% | 0.4% | 0.4% | 0.2% | 1.0 | % |
| &nbsp;&nbsp;&nbsp;Total investments | **91.9** | **%** | 88.2% | 91.1% | 89.4% | 91.8% | 90.7 | % |
| Cash and cash equivalents | **7.5** | **%** | 11.7% | 9.5% | 10.7% | 8.0% | 9.6 | % |
| Accrued interest receivable | **0.6** | **%** | 0.5% | 0.5% | 0.4% | 0.4% | 0.4 | % |
| Net receivable/(payable) for investments sold (purchased) | **—** | **%** | (0.4%) | (1.1%) | (0.5%) | (0.2%) | (0.7 | %) |
| 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 | **21.9** | **%** | 20.8% | 20.4% | 19.0% | 21.0% | 15.9 | % |
| AAA | **34.9** | **%** | 35.2% | 35.1% | 35.0% | 35.2% | 37.8 | % |
| AA | **7.3** | **%** | 7.5% | 7.7% | 7.6% | 7.7% | 7.6 | % |
| A | **15.3** | **%** | 15.7% | 15.8% | 15.9% | 15.0% | 15.7 | % |
| BBB | **11.5** | **%** | 11.6% | 12.0% | 12.8% | 12.5% | 14.4 | % |
| Below BBB | **9.1** | **%** | 9.2% | 9.0% | 9.7% | 8.6% | 8.6 | % |
| &nbsp;&nbsp;&nbsp;Total | **100.0** | **%** | 100.0% | 100.0% | 100.0% | 100.0% | 100.0 | % |
| **MATURITY PROFILE OF FIXED MATURITIES** |  |  |  |  |  |  |  |  |
| Within one year | **3.4** | **%** | 5.4% | 4.9% | 4.2% | 3.9% | 3.6 | % |
| From one to five years | **42.5** | **%** | 39.0% | 39.2% | 38.5% | 38.5% | 36.0 | % |
| From five to ten years | **16.4** | **%** | 17.1% | 18.1% | 19.5% | 19.8% | 20.7 | % |
| Above ten years | **1.7** | **%** | 1.8% | 2.0% | 2.3% | 2.2% | 2.3 | % |
| Asset-backed and mortgage-backed securities | **36.0** | **%** | 36.7% | 35.8% | 35.5% | 35.6% | 37.4 | % |
| &nbsp;&nbsp;&nbsp;Total | **100.0** | **%** | 100.0% | 100.0% | 100.0% | 100.0% | 100.0 | % |
| **CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS** |  |  |  |  |  |  |  |  |
| Book yield of fixed maturities | **3.5** | **%** | 2.9% | 2.4% | 2.1% | 1.9% | 2.3 | % |
| Yield to maturity of fixed maturities | **5.6** | **%** | 5.5% | 4.3% | 3.1% | 1.7% | 1.3 | % |
| Average duration of fixed maturities (inclusive of duration hedges) | **3.0** | **yrs** | 2.9 yrs | 3.0 yrs | 3.1 yrs | 3.0 yrs | 3.3 | yrs |
| Average credit quality | **AA-** | **AA-** | AA- | AA- | AA- | AA- | AA- | AA- |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CORPORATE DEBT INVESTED ASSETS COMPOSITION**

**At December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
| | **Fair Value or Net Carrying Value** | **% of Total<br>Corporate Debt** | **% of Total Cash and<br>Invested Assets** |
| **Composition by sector - Investment grade** | | | |
| Financial institutions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. banks | $786186 | 18.5% | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-U.S. banks | 345346 | 8.1% | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate/commercial finance | 310591 | 7.3% | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 148858 | 3.5% | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment brokerage | 88457 | 2.1% | 0.6% |
| Total financial institutions | 1679438 | 39.5% | 10.8% |
| Consumer non-cyclicals | 374187 | 8.8% | 2.4% |
| Communications | 225659 | 5.3% | 1.4% |
| Consumer cyclicals | 190720 | 4.5% | 1.2% |
| Utilities | 164215 | 3.9% | 1.1% |
| Industrials | 147887 | 3.5% | 0.9% |
| Technology | 146104 | 3.4% | 0.9% |
| Energy | 114876 | 2.7% | 0.7% |
| Non-U.S. government guaranteed | 97133 | 2.3% | 0.6% |
| Transportation | 94140 | 2.2% | 0.6% |
| **Total investment grade** | **3234359** | **76.1%** | **20.6%** |
| **Total non-investment grade** | **1021197** | **23.9%** | **6.6%** |
| **Total corporate debt, available for sale, at fair value** | $**4255556** | **100.0%** | **27.2%** |
| **Total corporate debt, held to maturity, at amortized cost** | $**85200** | **100.0%** | **0.5%** |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**INVESTMENT PORTFOLIO**

**TEN LARGEST CORPORATE DEBT HOLDINGS**

**At December 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amortized<br>Cost** | **Net Unrealized<br>Gain (Loss)** | **Fair Value** | **% of Total<br>Fixed Maturities** |
| **ISSUER [a]** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BANK OF AMERICA CORP | $128080 | $(14982) | $113098 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MORGAN STANLEY | 116273 | (13431) | 102842 | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GOLDMAN SACHS GROUP | 113608 | (11542) | 102066 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WELLS FARGO & COMPANY | 106457 | (10411) | 96046 | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JP MORGAN CHASE & CO | 103393 | (14516) | 88877 | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CITIGROUP INC | 86868 | (10599) | 76269 | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T INC | 46162 | (6653) | 39509 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MITSUBISHI UFJ FINANCIAL GROUP INC | 40195 | (4671) | 35524 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DEUTSCHE TELEKOM AG | 34102 | (2290) | 31812 | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRITISH AMERICAN TOBACCO PLC | 33857 | (2417) | 31440 | 0.3% |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION**

**At December 31, 2022** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Available for sale, at fair value** | **Agencies** | **AAA** | **AA** | **A** | **BBB** | **Non-Investment<br>Grade** | **Total** |
| Residential MBS | $1202785 | $121188 | $4192 | $3682 | $122 | $4350 | $1336319 |
| Commercial MBS | 48805 | 833850 | 60207 | 4916 |  |  | 947778 |
| ABS |  | 1168291 | 113849 | 89122 | 32274 | 25991 | 1429527 |
| **Total mortgage-backed and asset-backed securities, available for sale, at fair value** | $**1251590** | $**2123329** | $**178248** | $**97720** | $**32396** | $**30341** | $**3713624** |
| **Percentage of total** | **33.7%** | **57.2%** | **4.8%** | **2.6%** | **0.9%** | **0.8%** | **100.0%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Held to maturity, at amortized cost** | **Agencies** | **AAA** | **AA** | **A** | **BBB** | **Non-Investment**<br>**Grade** | **Total** |
| ABS | $— | $391616 | $221535 | $— | $— | $— | $613151 |
| **Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost** | $**—** | $**391616** | $**221535** | $**—** | $**—** | $**—** | $**613151** |
| **Percentage of total** | **— %** | **63.9%** | **36.1%** | **— %** | **— %** | **— %** | **100.0%** |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**REINSURANCE RECOVERABLE ANALYSIS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q4 2020** |
| **Reinsurance recoverable on paid losses and loss expenses:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | $**394817** | $294560 | $382001 | $445134 | $451609 | $265494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance | **144859** | 143937 | 128612 | 166893 | 190606 | 168707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**539676** | $438497 | $510613 | $612027 | $642215 | $434201 |
| **Reinsurance recoverable on unpaid losses and loss expenses: Case reserves** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | $**1152659** | $877360 | $808623 | $821432 | $922709 | $878107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance | **677591** | 658797 | 670173 | 639251 | 614125 | 505437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**1830250** | $1536157 | $1478796 | $1460683 | $1536834 | $1383544 |
| **Reinsurance recoverable on unpaid losses and loss expenses: IBNR** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | $**3008010** | $2744920 | $2622990 | $2592388 | $2554202 | $2339557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance | **1023627** | 992208 | 935198 | 932801 | 956130 | 797251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**4031637** | $3737128 | $3558188 | $3525189 | $3510332 | $3136808 |
| **Allowance for expected credit losses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | $**(27463)** | $(26234) | $(25682) | $(25475) | $(25869) | $(21298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance | **(3252)** | (2788) | (2719) | (3317) | (3685) | (2413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**(30715)** | $(29022) | $(28401) | $(28792) | $(29554) | $(23711) |
| **Reinsurance recoverables on unpaid and paid losses and loss expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | $**4528023** | $3890606 | $3787932 | $3833479 | $3902651 | $3461860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance | **1842825** | 1792154 | 1731264 | 1735628 | 1757176 | 1468982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $**6370848** | $5682760 | $5519196 | $5569107 | $5659827 | $4930842 |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**REINSURANCE RECOVERABLE ANALYSIS**

**At December 31, 2022** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Categories** | **Reinsurance Recoverable, Gross of Collateral** | **Collateral** | **Reinsurance<br>Recoverable,<br>Net of<br>Collateral** | **% of Total<br>Reinsurance<br>Recoverable,<br>Net of<br>Collateral** | **% of Total<br>Shareholders'<br>Equity** | **Allowance for expected credit losses** | **Allowance for expected credit losses as %<br>of Reinsurance Recoverable, Gross of Collateral** | **Reinsurance recoverable on unpaid and paid losses and loss expenses** |
| Top 10 reinsurers based on gross recoverables | $3465595 | $(1369096) | $2096499 | 47.1% | 45.2% | $(11082) | 0.3% | $3454513 |
| Other reinsurers balances > $20 million | 2489728 | (448334) | 2041394 | 45.8% | 44.0% | (16135) | 0.6% | 2473593 |
| Other reinsurers balances < $20 million | 460783 | (143259) | 317524 | 7.1% | 6.8% | (3498) | 0.8% | 457285 |
| **Total** | $6416106 | $(1960689) | $4455417 | 100.0% | 96.0% | $(30715) | 0.5% | $6385391 |

---

At December 31, 2022, reinsurance recoverable balances, gross of collateral of 81.8% (December 31, 2021: 85.7%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

---

| | | | |
|:---|:---|:---|:---|
| **Top 10 Reinsurers, Net of collateral** | **Top 10 Reinsurers, Net of collateral** | **% of Total Reinsurance<br>Recoverable,<br>Net of Collateral** | **% of Total<br>Shareholders' Equity** |
| 1 | Swiss Reinsurance America Corporation | 13.1% | 12.6% |
| 2 | Harrington Re Ltd. | 7.1% | 6.8% |
| 3 | Lloyds of London | 7.0% | 6.7% |
| 4 | Transatlantic Reinsurance Co | 6.0% | 5.7% |
| 5 | Hannover Ruck SE | 5.5% | 5.3% |
| 6 | SCOR Reinsurance Company | 4.2% | 4.0% |
| 7 | Partner Reinsurance Co of the US | 4.2% | 4.0% |
| 8 | Everest Reinsurance Company | 3.3% | 3.2% |
| 9 | Munich Reinsurance America, Inc | 3.2% | 3.1% |
| 10 | Swiss Reinsurance Company Ltd. | 2.7% | 2.6% |
|  |  | 56.3% | 54.0% |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**RESERVE FOR LOSSES AND LOSS EXPENSES**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| | **Reserve for losses and loss expenses** | **Reinsurance recoverable on unpaid losses and loss expenses** | **Net reserve for losses and loss expenses** | **Reserve for losses and loss expenses** | **Reinsurance recoverable on unpaid losses and loss expenses** | **Net reserve for losses and loss expenses** |
| **Reserve for losses and loss expenses** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period | $14652196 | $(5244263) | $9407933 | $14653094 | $(5017611) | $9635483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incurred losses and loss expenses | 1285901 | (487687) | 798214 | 4996553 | (1754143) | 3242410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid losses and loss expenses | (1045128) | 359891 | (685237) | (4162055) | 1306985 | (2855070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange and other **[a]** | 275894 | (459113) | (183219) | (318729) | (366403) | (685132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period **[b]** | $15168863 | $(5831172) | $9337691 | $15168863 | $(5831172) | $9337691 |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**On December 9, 2022 we entered into loss portfolio transfer reinsurance agreements with a third-party to reinsure several of our professional lines and liability insurance portfolios, relating to 2019 and prior accident years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. At December 31, 2022, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $422 million related to this transaction. Refer to "*Net financial impact of the Company's Loss Portfolio Transfer ("LPT") Reinsurance Transaction"* later in this document for further details.

**[b]**&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2022, reserve for losses and loss expenses included IBNR of $9.6 billion, or 63%, (December 31, 2021: $9.1 billion, or 62%).

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
| | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| Gross paid losses and loss expenses | $605505 | $439623 | $1045128 | $2329161 | $1832894 | $4162055 |
| Reinsurance recoverable on paid losses and loss expenses | (274278) | (85613) | (359891) | (953438) | (353547) | (1306985) |
| Net paid losses and loss expenses | 331227 | 354010 | 685237 | 1375723 | 1479347 | 2855070 |
| Gross case reserves | 131714 | 22597 | 154311 | 96140 | 107158 | 203298 |
| Gross IBNR | 68639 | 17823 | 86462 | 613866 | 17334 | 631200 |
| Reinsurance recoverable on unpaid losses and loss expenses | (92312) | (35484) | (127796) | (299875) | (147283) | (447158) |
| Net unpaid losses and loss expenses | 108041 | 4936 | 112977 | 410131 | (22791) | 387340 |
| **Total net incurred losses and loss expenses** | $439268 | $358946 | $798214 | $1785854 | $1456556 | $3242410 |
| Gross reserve for losses and loss expenses | $8381593 | $6787270 | $15168863 | $8381593 | $6787270 | $15168863 |
| Net favorable prior year reserve development | $3955 | $3946 | $7901 | $16350 | $9183 | $25533 |
| **Key Ratios** |  |  |  |  |  |  |
| Net paid losses and loss expenses / Net incurred losses and loss expenses | 75.4% | 98.6% | 85.8% | 77.0% | 101.6% | 88.1% |
| Net paid losses and loss expenses / Net premiums earned | 39.9% | 69.5% | 51.1% | 43.9% | 73.0% | 55.3% |
| Net unpaid losses and loss expenses / Net premiums earned | 13.0% | 0.9% | 8.5% | 13.1% | (1.1%) | 7.5% |
| **Net losses and loss expenses ratio** | 52.9% | 70.4% | 59.6% | 57.0% | 71.9% | 62.8% |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS**

**INSURANCE**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q4 2022** |<br>**Q3 2022** |<br>**Q2 2022** |<br>**Q1 2022** |<br>**Q4 2021** |<br>**Q4 2020** | **2021** |
| **<u>INSURANCE SEGMENT</u>** |  |  |  |  |  |  |  |
| Gross paid losses and loss expenses | $**605505** | $474475 | $549819 | $699362 | $691657 | $683379 | $2200524 |
| Reinsurance recoverable on paid losses and loss expenses | **(274278)** | (172617) | (217004) | (289540) | (319661) | (273686) | (886710) |
| Net paid losses and loss expenses | **331227** | 301858 | 332815 | 409822 | 371996 | 409693 | 1313814 |
| Gross case reserves | **131714** | 162750 | 3879 | (202202) | 67731 | (34344) | 94651 |
| Gross IBNR | **68639** | 276075 | 126823 | 142331 | (66132) | 132082 | 392451 |
| Reinsurance recoverable on unpaid losses and loss expenses | **(92312)** | (221677) | (41681) | 55794 | 9651 | (62987) | (285918) |
| Net unpaid losses and loss expenses | **108041** | 217148 | 89021 | (4077) | 11250 | 34751 | 201184 |
| **Total net incurred losses and loss expenses** | $**439268** | $519006 | $421836 | $405745 | $383246 | $444444 | $1514998 |
| Gross reserve for losses and loss expenses | $**8381593** | $8092090 | $7764775 | $7719773 | $7803529 | $7310498 | $7803529 |
| Net favorable prior year reserve development | $**3955** | $2558 | $2773 | $7062 | $5008 | $4417 | $18360 |
| **Key Ratios** |  |  |  |  |  |  |  |
| Net paid losses and loss expenses / Net incurred losses and loss expenses | **75.4%** | 58.2% | 78.9% | 101.0% | 97.1% | 92.2% | 86.7% |
| Net paid losses and loss expenses / Net premiums earned | **39.9%** | 38.6% | 43.3% | 54.4% | 51.5% | 69.5% | 49.6% |
| Net unpaid losses and loss expenses / Net premiums earned | **13.0%** | 27.8% | 11.6% | (0.5%) | 1.6% | 5.9% | 7.5% |
| **Net losses and loss expenses ratio** | **52.9%** | 66.4% | 54.9% | 53.9% | 53.1% | 75.4% | 57.1% |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS**

**REINSURANCE**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q4 2022** |<br>**Q3 2022** |<br>**Q2 2022** |<br>**Q1 2022** |<br>**Q4 2021** |<br>**Q4 2020** | **2021** |
| **<u>REINSURANCE SEGMENT</u>** |  |  |  |  |  |  |  |
| Gross paid losses and loss expenses | $**439623** | $492973 | $440219 | $460079 | $448300 | $594863 | $1758039 |
| Reinsurance recoverable on paid losses and loss expenses | **(85613)** | (100316) | (81162) | (86455) | (98494) | (125680) | (307602) |
| Net paid losses and loss expenses | **354010** | 392657 | 359057 | 373624 | 349806 | 469183 | 1450437 |
| Gross case reserves | **22597** | (36789) | 99716 | 21633 | 77796 | 104547 | 221891 |
| Gross IBNR | **17823** | 127731 | (62967) | (65254) | (68857) | (137925) | 123080 |
| Reinsurance recoverable on unpaid losses and loss expenses | **(35484)** | (60694) | (48055) | (3049) | (25766) | (63010) | (301623) |
| Net unpaid losses and loss expenses | **4936** | 30248 | (11306) | (46670) | (16827) | (96388) | 43348 |
| **Total net incurred losses and loss expenses** | $**358946** | $422905 | $347751 | $326954 | $332979 | $372795 | $1493785 |
| Gross reserve for losses and loss expenses | $**6787270** | $6560106 | $6633264 | $6750382 | $6849565 | $6616268 | $6849565 |
| Net favorable prior year reserve development | $**3946** | $2177 | $1167 | $1894 | $4262 | $2142 | $14050 |
| **Key Ratios** |  |  |  |  |  |  |  |
| Net paid losses and loss expenses / Net incurred losses and loss expenses | **98.6%** | 92.8% | 103.3% | 114.3% | 105.1% | 125.9% | 97.1% |
| Net paid losses and loss expenses / Net premiums earned | **69.5%** | 78.1% | 70.6% | 73.9% | 67.9% | 94.3% | 70.5% |
| Net unpaid losses and loss expenses / Net premiums earned | **0.9%** | 6.0% | (2.2%) | (9.2%) | (3.3%) | (19.4%) | 2.1% |
| **Net losses and loss expenses ratio** | **70.4%** | 84.1% | 68.4% | 64.7% | 64.6% | 74.9% | 72.6% |

---

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF JANUARY 1, 2023** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Estimated Net Exposures<br>(millions of U.S. dollars)** | **Estimated Net Exposures<br>(millions of U.S. dollars)** | **Estimated Net Exposures<br>(millions of U.S. dollars)** | **Estimated Net Exposures<br>(millions of U.S. dollars)** | **Estimated Net Exposures<br>(millions of U.S. dollars)** | **Estimated Net Exposures<br>(millions of U.S. dollars)** |
|<br>**Territory** |<br>**Peril** | **50 Year<br>Return<br>Period** | **% of Common Shareholders' Equity** | **100 Year<br>Return<br>Period** | **% of Common Shareholders' Equity** | **250 Year<br>Return<br>Period** | **% of Common Shareholders' Equity** |
| *Single zone, single event* |  |  |  |  |  |  |  |
| Southeast | U.S. Hurricane | $74 | 1.8% | $96 | 2.3% | $125 | 3.1% |
| Northeast | U.S. Hurricane | 11 | 0.3% | 35 | 0.9% | 72 | 1.8% |
| Mid-Atlantic | U.S. Hurricane | 26 | 0.6% | 59 | 1.4% | 99 | 2.4% |
| Gulf of Mexico | U.S. Hurricane | 67 | 1.6% | 86 | 2.1% | 121 | 3.0% |
| Europe | Windstorm | 39 | 1.0% | 57 | 1.4% | 77 | 1.9% |
| Japan | Windstorm | 39 | 1.0% | 106 | 2.6% | 146 | 3.6% |
| Japan | Earthquake | 50 | 1.2% | 115 | 2.8% | 195 | 4.8% |
| California | Earthquake | 65 | 1.6% | 98 | 2.4% | 144 | 3.5% |

---

The table above shows our net Probable Maximum Loss ("PML") to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at January 1, 2023. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast U.S. hurricane, net of reinsurance, is approximately $96 million. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $96 million. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $96 million.

PMLs are based on results of stochastic models that consider a wide range of possible events, their losses and probabilities. It is important to consider that an actual event does not necessarily resemble one of the stochastic events and the specific characteristics of an actual event can lead to substantial differences between actual and modeled loss.

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

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

team. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

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

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters ended December 31,** | **Quarters ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net income available to common shareholders | $**40928** | $197329 | $**192833** | $588359 |
| **WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:** |  |  |  |  |
| Weighted average common shares outstanding | **84667** | 84774 | **84864** | 84707 |
| Dilutive share equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation plans | **988** | 817 | **805** | 584 |
| Weighted average diluted common shares outstanding | **85655** | 85591 | **85669** | 85291 |
| **EARNINGS PER COMMON SHARE** |  |  |  |  |
| &nbsp;&nbsp;Earnings per common share | **$0.48** | $2.33 | **$2.27** | $6.95 |
| &nbsp;&nbsp;Earnings per diluted common share | **$0.48** | $2.31 | **$2.25** | $6.90 |

---

**EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLLFORWARD**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q4 2020** |
| Net income (loss) available (attributable) to common shareholders | $**40928** | $(16947) | $27215 | $141637 | $197329 | $(4819) |
| **COMMON SHARES OUTSTANDING** |  |  |  |  |  |  |
| Common shares - at beginning of period | **84666** | 84655 | 85276 | 84774 | 84773 | 84309 |
| Shares issued and treasury shares reissued | **8** | 17 | 19 | 747 | 5 | 83 |
| Shares repurchased for treasury | **(6)** | (6) | (640) | (245) | (4) | (39) |
| Common shares - at end of period | **84668** | 84666 | 84655 | 85276 | 84774 | 84353 |
| **WEIGHTED AVERAGE COMMON SHARES OUTSTANDING** |  |  |  |  |  |  |
| Weighted average common shares outstanding | **84667** | 84660 | 85173 | 84961 | 84774 | 84341 |
| Dilutive share equivalents: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation plans **[a]** | **988** |  | 670 | 847 | 817 |  |
| Weighted average diluted common shares outstanding | **85655** | 84660 | 85843 | 85808 | 85591 | 84341 |
| **EARNINGS (LOSS) PER COMMON SHARE** |  |  |  |  |  |  |
| &nbsp;&nbsp;Earnings (loss) per common share | **$0.48** | ($0.20) | $0.32 | $1.67 | $2.33 | ($0.06) |
| &nbsp;&nbsp;Earnings (loss) per diluted common share | **$0.48** | ($0.20) | $0.32 | $1.65 | $2.31 | ($0.06) |

---

**[a]** Due to the net loss attributable to common shareholders recognized for the quarters ended September 30, 2022 and December 2020, respectively, the share equivalents were anti-dilutive.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

---

| | | | |
|:---|:---|:---|:---|
| | **At December 31, 2022** | **At December 31, 2022** | **At December 31, 2022** |
| | **Common<br>Shareholders'<br>Equity** | **<br>Common Shares Outstanding<br>net of<br>Treasury Shares** | **Per share** |
| **Closing stock price** |  |  | **$54.17** |
| **Book value per common share** | $**4089910** | **84668** | **$48.31** |
| **Dilutive securities: [b]** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted stock units |  | 2445 | (1.36) |
| **Book value per diluted common share** | $**4089910** | **87113** | **$46.95** |
|  | **At December 31, 2021** | **At December 31, 2021** | **At December 31, 2021** |
|  | **Common<br>Shareholders'<br>Equity** | **<br>Common Shares Outstanding<br>net of<br>Treasury Shares** | **Per share** |
| **Closing stock price** |  |  | $54.47 |
| **Book value per common share** | $4860656 | 84774 | $57.34 |
| **Dilutive securities: [b]** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted stock units |  | 2373 | (1.56) |
| **Book value per diluted common share** | $4860656 | 87147 | $55.78 |

---

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

**[b]&nbsp;&nbsp;&nbsp;&nbsp;**Cash-settled restricted stock units are excluded.

**TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q4 2020** |
| **Common shareholders' equity** | $**4089910** | $3793423 | $4152631 | $4570540 | $4860656 | $4745694 |
| Less: goodwill | **(100801)** | (100801) | (100801) | (100801) | (100801) | (100801) |
| Less: intangible assets | **(197800)** | (200529) | (203259) | (205988) | (208717) | (219633) |
| &nbsp;&nbsp;&nbsp;&nbsp;Associated tax impact | **52856** | 52086 | 52546 | 53055 | 53500 | 45991 |
| **Tangible common shareholders' equity** | $**3844165** | $3544179 | $3901117 | $4316806 | $4604638 | $4471251 |
| **Diluted common shares outstanding, net of treasury shares [a]** | **87113** | 87205 | 87201 | 87948 | 87147 | 86143 |
| **Book value per diluted common share** | $**46.95** | $43.50 | $47.62 | $51.97 | $55.78 | $55.09 |
| **Tangible book value per diluted common share** | $**44.13** | $40.64 | $44.74 | $49.08 | $52.84 | $51.90 |

---

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

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)**

**OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Quarters ended December 31,** | **Quarters ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Net income available to common shareholders** | $**40928** | $197329 | $**192833** | $588359 |
| Net investment (gains) losses **[a]** | **42558** | (20410) | **456789** | (134279) |
| Foreign exchange losses (gains) **[b]** | **78989** | 4632 | **(157945)** | 315 |
| Reorganization expenses **[c]** | **9485** |  | **31426** |  |
| Interest in (income) loss of equity method investments **[d]** | **3045** | (1213) | **(1995)** | (32084) |
| Income tax expense (benefit) | **(8397)** | 1849 | **(23177)** | 14166 |
| **Operating income** | $**166608** | $182187 | $**497931** | $436477 |
| **Earnings per diluted common share** | $**0.48** | $2.31 | $**2.25** | $6.90 |
| Net investment (gains) losses | **0.50** | (0.24) | **5.33** | (1.57) |
| Foreign exchange losses (gains) | **0.92** | 0.05 | **(1.84)** |  |
| Reorganization expenses | **0.11** |  | **0.37** |  |
| Interest in (income) loss of equity method investments | **0.04** | (0.01) | **(0.02)** | (0.38) |
| Income tax expense (benefit) | **(0.10)** | 0.02 | **(0.28)** | 0.17 |
| **Operating income per diluted common share** | $**1.95** | $2.13 | $**5.81** | $5.12 |
| **Weighted average diluted common shares outstanding** | **85655** | 85591 | **85669** | 85291 |
| **Average common shareholders' equity** | $**3941666** | $4822856 | $**4475283** | $4803175 |
| **Annualized return on average common equity** | **4.2%** | 16.4% | **4.3%** | 12.2% |
| **Annualized operating return on average common equity** | **16.9%** | 15.1% | **11.1%** | 9.1% |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Tax expense (benefit) of $(2) million and $2 million for the quarters ended December 31, 2022 and 2021, respectively, and $(36) million and $11 million for the years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

**[b]&nbsp;&nbsp;&nbsp;&nbsp;**Tax expense (benefit) of $(5) million and $nil for the quarters ended December 31, 2022 and 2021, respectively, and $16 million and $3 million for the years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions

**[c]&nbsp;&nbsp;&nbsp;&nbsp;**Tax expense (benefit) of $(1) million and $nil for the quarters ended December 31, 2022 and 2021, respectively, and $(4) million and $nil for the years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

**[d]&nbsp;&nbsp;&nbsp;&nbsp;**Tax expense (benefit) of $nil for the quarters and years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES**

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

*<u>Underwriting-Related General and Administrative Expenses</u>*

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

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

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

*<u>Consolidated Underwriting Income (Loss)</u>*

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.

------

![graphic1a.jpg](graphic1a.jpg)

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

part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. Reorganization expenses are primarily driven by business decisions, the nature

and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

Amortization of intangible assets including value of business acquired ("VOBA") arose from business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

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

*<u>Operating Income (Loss)</u>*

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. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net

------

![graphic1a.jpg](graphic1a.jpg)

investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments recognized in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business, therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses include compensation-related costs and software asset impairments mainly attributable to our exit from catastrophe and property reinsurance lines of business, part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from operating income (loss).

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

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

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

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

*<u>Tangible Book Value per Diluted Common Share</u>*

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

------

![graphic1a.jpg](graphic1a.jpg)

**ADDITIONAL INFORMATION REGARDING THE COMPANY'S ANNOUNCEMENT TO EXIT CATASTROPHE AND PROPERTY BUSINESS**

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**Reinsurance Segment Data - Catastrophe and Property [a]** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** | **Q1 2021** | **Q4 2020** |
| **UNDERWRITING REVENUES** | | | | | | | | | |
| Gross written premiums | $**5720** | $23400 | $82463 | $214719 | $23999 | $126980 | $177414 | $377411 | $23310 |
| Ceded premiums written | **526** | (35425) | (26892) | (82975) | (5650) | (99619) | (54977) | (134819) | (18104) |
| Net premiums written | **6246** | (12025) | 55571 | 131744 | 18348 | 27362 | 122436 | 242592 | 5205 |
| Gross premiums earned | **84745** | 100360 | 124503 | 136273 | 184236 | 198263 | 189985 | 199921 | 214668 |
| Ceded premiums earned | **(28886)** | (40327) | (43697) | (41258) | (89389) | (83351) | (65995) | (63802) | (104678) |
| Net premiums earned | **55859** | 60033 | 80806 | 95014 | 94847 | 114912 | 123990 | 136119 | 109990 |
| Other insurance related income (loss) | **13** | 126 | 36 | 44 | (1419) | 1543 | 15 | (327) | (3845) |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **55872** | 60159 | 80842 | 95058 | 93427 | 116455 | 124005 | 135792 | 106145 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |  |  |
| Net losses and loss expenses | **20097** | 104330 | 63548 | 15981 | 63085 | 181543 | 49422 | 117446 | 114637 |
| Acquisition costs | **11601** | 10347 | 14208 | 15689 | 17747 | 19224 | 21771 | 23149 | 21812 |
| Underwriting-related general and administrative expenses **[b]** | **2128** | 2596 | 2850 | 5739 | 1119 | 2659 | 4322 | 4572 | 462 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **33826** | 117272 | 80606 | 37410 | 81951 | 203425 | 75515 | 145167 | 136910 |
| **UNDERWRITING INCOME (LOSS)** | $**22046** | $(57113) | $237 | $57649 | $11476 | $(86970) | $48490 | $(9376) | $(30765) |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**8930** | $83157 | $38020 | $12999 | $29609 | $139714 | $16876 | $73737 | $68119 |
| Net favorable (adverse) prior year reserve development | $**10673** | $7694 | $1360 | $22293 | $(151) | $5937 | $8653 | $3175 | $(661) |
| **KEY RATIOS** |  |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **43.5%** | 39.3% | 32.8% | 26.6% | 34.0% | 36.3% | 33.1% | 32.4% | 40.0% |
| Catastrophe and weather-related losses ratio | **11.6%** | 147.3% | 47.5% | 13.7% | 32.4% | 126.8% | 13.7% | 56.2% | 63.6% |
| Current accident year loss ratio | **55.1%** | 186.6% | 80.3% | 40.3% | 66.4% | 163.2% | 46.8% | 88.6% | 103.6% |
| Prior year reserve development ratio | **(19.1** **%)** | (12.8%) | (1.7%) | (23.5%) | 0.2% | (5.2%) | (7.0%) | (2.3%) | 0.6% |
| Net losses and loss expenses ratio | **36.0%** | 173.8% | 78.6% | 16.8% | 66.5% | 158.0% | 39.9% | 86.3% | 104.2% |
| Acquisition cost ratio | **20.8%** | 17.2% | 17.6% | 16.5% | 18.7% | 16.7% | 17.6% | 17.0% | 19.8% |
| Underwriting-related general and administrative expense ratio | **3.8%** | 4.3% | 3.5% | 6.0% | 1.2% | 2.3% | 3.5% | 3.4% | 0.4% |
| **Combined ratio** | **60.6%** | 195.3% | 99.8% | 39.4% | 86.4% | 177.0% | 60.9% | 106.6% | 124.5% |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Catastrophe and Property refers to business written by the AXIS Re as defined on page iv.

**[b]&nbsp;&nbsp;&nbsp;&nbsp;**Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**Reinsurance Segment Data - Specialty Reinsurance [a]**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** | **Q1 2021** | **Q4 2020** |
| **UNDERWRITING REVENUES** | | | | | | | | | |
| Gross written premiums | $**282171** | $366518 | $561398 | $1092625 | $223767 | $343009 | $495300 | $1054872 | $220810 |
| Ceded premiums written | **(78649)** | (95498) | (169541) | (255410) | (61400) | (81391) | (126764) | (226391) | (68800) |
| Net premiums written | **203522** | 271020 | 391857 | 837215 | 162366 | 261618 | 368536 | 828481 | 152010 |
| Gross premiums earned | **596635** | 580179 | 561430 | 532953 | 539641 | 538467 | 527884 | 458277 | 514335 |
| Ceded premiums earned | **(142846)** | (137447) | (133908) | (122538) | (119096) | (122961) | (126608) | (106960) | (126728) |
| Net premiums earned | **453789** | 442732 | 427522 | 410415 | 420545 | 415507 | 401276 | 351317 | 387607 |
| Other insurance related income | **2974** | 815 | 1940 | 6567 | 8225 | 5654 | 5250 | 2693 | 470 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **456763** | 443547 | 429462 | 416983 | 428770 | 421160 | 406525 | 354010 | 388077 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |  |  |
| Net losses and loss expenses | **338849** | 318575 | 284203 | 310973 | 269895 | 287146 | 284876 | 240374 | 258158 |
| Acquisition costs | **109113** | 90728 | 98642 | 93850 | 98261 | 88959 | 90336 | 78043 | 92035 |
| Underwriting-related general and administrative expenses **[b]** | **21986** | 21903 | 23977 | 25407 | 17755 | 27262 | 25070 | 24792 | 21954 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **469948** | 431206 | 406821 | 430230 | 385910 | 403367 | 400282 | 343209 | 372147 |
| **UNDERWRITING INCOME (LOSS)** | $**(13185)** | $12340 | $22641 | $(13248) | $42860 | $17793 | $6243 | $10800 | $15930 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**21463** | $16013 | $1110 | $14347 | $1946 | $5243 | $598 | $487 | $11724 |
| Net favorable (adverse) prior year reserve development | $**(6726)** | $(5517) | $(193) | $(20400) | $4413 | $(344) | $(8271) | $637 | $2803 |
| **KEY RATIOS** |  |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **68.4%** | 67.1% | 66.2% | 67.3% | 64.7% | 67.8% | 68.8% | 68.5% | 64.2% |
| Catastrophe and weather-related losses ratio | **4.8%** | 3.6% | 0.3% | 3.5% | 0.5% | 1.3% | 0.1% | 0.1% | 3.1% |
| Current accident year loss ratio | **73.2%** | 70.7% | 66.4% | 70.8% | 65.2% | 69.0% | 68.9% | 68.6% | 67.3% |
| Prior year reserve development ratio | **1.5%** | 1.2% | —% | 5.0% | (1.0%) | 0.1% | 2.1% | (0.2%) | (0.7%) |
| Net losses and loss expenses ratio | **74.7%** | 72.0% | 66.5% | 75.8% | 64.2% | 69.1% | 71.0% | 68.4% | 66.6% |
| Acquisition cost ratio | **24.0%** | 20.5% | 23.1% | 22.9% | 23.4% | 21.4% | 22.5% | 22.2% | 23.7% |
| Underwriting-related general and administrative expense ratio | **4.8%** | 4.9% | 5.6% | 6.2% | 4.2% | 6.6% | 6.2% | 7.1% | 5.7% |
| **Combined ratio** | **103.6%** | 97.4% | 95.2% | 104.8% | 91.8% | 97.1% | 99.8% | 97.7% | 96.0% |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Specialty Reinsurance refers to business written by the AXIS Re including liability, accident and health, professional lines, credit and surety, motor, agriculture, engineering, marine and aviation, and engineering as defined on page iv.

**[b]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**Reinsurance Segment Data - Reinsurance Total [a]**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** | **Q1 2021** | **Q4 2020** |
| **UNDERWRITING REVENUES** | | | | | | | | | |
| Gross written premiums | $**287891** | $389918 | $643861 | $1307344 | $247765 | $469989 | $672714 | $1432283 | $244120 |
| Ceded premiums written | **(78123)** | (130923) | (196433) | (338384) | (67051) | (181010) | (181741) | (361211) | (86904) |
| Net premiums written | **209768** | 258995 | 447428 | 968960 | 180714 | 288979 | 490972 | 1071073 | 157216 |
| Gross premiums earned | **681380** | 680539 | 685933 | 669227 | 723877 | 736730 | 717869 | 658198 | 729002 |
| Ceded premiums earned | **(171732)** | (177774) | (177605) | (163797) | (208486) | (206311) | (192603) | (170762) | (231404) |
| Net premiums earned | **509648** | 502765 | 508328 | 505430 | 515391 | 530419 | 525266 | 487436 | 497598 |
| Other insurance related income (loss) | **2987** | 941 | 1976 | 6611 | 6806 | 7197 | 5265 | 2366 | (3375) |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **512635** | 503706 | 510304 | 512041 | 522197 | 537616 | 530531 | 489801 | 494223 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |  |  |
| Net losses and loss expenses | **358946** | 422905 | 347751 | 326954 | 332979 | 468688 | 334298 | 357820 | 372795 |
| Acquisition costs | **120714** | 101075 | 112850 | 109540 | 116008 | 108183 | 112107 | 101192 | 113846 |
| Underwriting-related general and administrative expenses | **24114** | 24498 | 26826 | 31146 | 18874 | 29921 | 29392 | 29365 | 22415 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **503774** | 548478 | 487427 | 467640 | 467861 | 606792 | 475797 | 488377 | 509056 |
| **UNDERWRITING INCOME (LOSS)** | $**8861** | $(44772) | $22877 | $44401 | $54336 | $(69176) | $54733 | $1425 | $(14833) |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**30392** | $99170 | $39130 | $27346 | $31555 | $144957 | $17474 | $74224 | $79843 |
| Net favorable prior year reserve development | $**3946** | $2177 | $1167 | $1894 | $4262 | $5594 | $382 | $3812 | $2142 |
| **KEY RATIOS** |  |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **65.5%** | 64.2% | 60.9% | 59.7% | 59.2% | 61.4% | 60.4% | 58.6% | 59.0% |
| Catastrophe and weather-related losses ratio | **5.7%** | 20.3% | 7.7% | 5.4% | 6.2% | 28.0% | 3.3% | 15.6% | 16.3% |
| Current accident year loss ratio | **71.2%** | 84.5% | 68.6% | 65.1% | 65.4% | 89.4% | 63.7% | 74.2% | 75.3% |
| Prior year reserve development ratio | **(0.8** **%)** | (0.4%) | (0.2%) | (0.4%) | (0.8%) | (1.0%) | (0.1%) | (0.8%) | (0.4%) |
| Net losses and loss expenses ratio | **70.4%** | 84.1% | 68.4% | 64.7% | 64.6% | 88.4% | 63.6% | 73.4% | 74.9% |
| Acquisition cost ratio | **23.7%** | 20.1% | 22.2% | 21.7% | 22.5% | 20.4% | 21.3% | 20.8% | 22.9% |
| Underwriting-related general and administrative expense ratio | **4.7%** | 4.9% | 5.3% | 6.1% | 3.7% | 5.6% | 5.6% | 6.0% | 4.5% |
| **Combined ratio** | **98.8%** | 109.1% | 95.9% | 92.5% | 90.8% | 114.4% | 90.6% | 100.2% | 102.3% |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Reinsurance Total refers to business written by the AXIS Re including Catastrophe and Property, and Specialty Reinsurance.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**Reinsurance Segment Data - Reinsurance Total, Catastrophe and Property, and Specialty Reinsurance** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total Reinsurance** | **Total Reinsurance** | **Total Reinsurance** | **Reinsurance Catastrophe and Property [a]** | **Reinsurance Catastrophe and Property [a]** | **Reinsurance Catastrophe and Property [a]** | **Specialty Reinsurance [a]** | **Specialty Reinsurance [a]** | **Specialty Reinsurance [a]** |
| | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** |
| | **Q4 2022** | **Q4 2021** | **Q4 2020** | **Q4 2022** | **Q4 2021** | **Q4 2020** | **Q4 2022** | **Q4 2021** | **Q4 2020** |
| **UNDERWRITING REVENUES** | | | | | | | | | |
| Gross written premiums | $**2629014** | $2822752 | $2808539 | $**326303** | $705804 | $796988 | $**2302712** | $2116948 | $2011550 |
| Ceded premiums written | **(743864)** | (791013) | (829631) | **(144766)** | (295065) | (353459) | **(599098)** | (495947) | (476173) |
| Net premiums written | **1885150** | 2031739 | 1978908 | **181537** | 410738 | 443530 | **1703614** | 1621001 | 1535378 |
| Gross premiums earned | **2717079** | 2836674 | 2929006 | **445881** | 772405 | 865770 | **2271198** | 2064269 | 2063237 |
| Ceded premiums earned | **(690908)** | (778163) | (856735) | **(154168)** | (302537) | (364513) | **(536739)** | (475625) | (492224) |
| Net premiums earned | **2026171** | 2058511 | 2072271 | **291713** | 469868 | 501258 | **1734459** | 1588644 | 1571013 |
| Other insurance related income (loss) | **12514** | 21633 | (10736) | **218** | (188) | (1877) | **12296** | 21821 | (8859) |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **2038685** | 2080144 | 2061535 | **291931** | 469679 | 499381 | **1746754** | 1610465 | 1562154 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |  |  |
| Net losses and loss expenses | **1456556** | 1493785 | 1584238 | **203955** | 411495 | 482598 | **1252601** | 1082290 | 1101641 |
| Acquisition costs | **444179** | 437490 | 467984 | **51846** | 81891 | 99954 | **392333** | 355599 | 368029 |
| Underwriting-related general and administrative expenses | **106585** | 107552 | 99129 | **13312** | 12672 | 7057 | **93272** | 94880 | 92072 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **2007320** | 2038827 | 2151351 | **269113** | 506059 | 589609 | **1738207** | 1532768 | 1561742 |
| **UNDERWRITING INCOME (LOSS)** | $**31365** | $41317 | $(89816) | $**22818** | (36379) | (90229) | $**8548** | 77697 | 412 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**196068** | $268300 | $330479 | $**143120** | 259936 | $297304 | $**52949** | 8364 | 33175 |
| Net favorable (adverse) prior year reserve development | $**9183** | $14050 | $6972 | $**42019** | $17614 | $3272 | $**(32837)** | $(3565) | $3700 |
| **KEY RATIOS** |  |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **62.6%** | 59.9% | 60.6% | **34.2%** | 33.8% | 36.2% | **67.3%** | 67.4% | 68.2% |
| Catastrophe and weather-related losses ratio | **9.7%** | 13.3% | 16.2% | **50.2%** | 57.5% | 60.8% | **3.1%** | 0.5% | 2.1% |
| Current accident year loss ratio | **72.3%** | 73.2% | 76.8% | **84.3%** | 91.3% | 96.9% | **70.3%** | 67.9% | 70.4% |
| Prior year reserve development ratio | **(0.4** **%)** | (0.6%) | (0.4%) | **(14.4** **%)** | (3.7%) | (0.7%) | **1.9%** | 0.2% | (0.2%) |
| Net losses and loss expenses ratio | **71.9%** | 72.6% | 76.4% | **69.9%** | 87.6% | 96.3% | **72.2%** | 68.1% | 70.1% |
| Acquisition cost ratio | **21.9%** | 21.3% | 22.6% | **17.8%** | 17.4% | 19.9% | **22.6%** | 22.4% | 23.4% |
| Underwriting-related general and administrative expense ratio | **5.3%** | 5.1% | 4.8% | **4.6%** | 2.7% | 1.4% | **5.4%** | 6.0% | 5.9% |
| **Combined ratio** | **99.1%** | 99.0% | 103.8% | **92.3%** | 107.7% | 117.6% | **100.2%** | 96.5% | 99.4% |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**Group Consolidated Data**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** | **Q1 2021** | **Q4 2020** |
| **UNDERWRITING REVENUES** | | | | | | | | | |
| Gross written premiums | $**1758696** | $1707808 | $2113483 | $2634608 | $1562828 | $1646489 | $1941186 | $2535481 | $1348419 |
| Ceded premiums written | **(662142)** | (671024) | (796636) | (821736) | (615420) | (650018) | (737328) | (756595) | (562970) |
| Net premiums written | **1096554** | 1036784 | 1316847 | 1812872 | 947408 | 996471 | 1203858 | 1778886 | 785449 |
| Gross premiums earned | **2050239** | 2012426 | 1971208 | 1902508 | 1936521 | 1879280 | 1794769 | 1671139 | 1735932 |
| Ceded premiums earned | **(710077)** | (727560) | (694156) | (644262) | (698761) | (667853) | (637828) | (567417) | (648564) |
| Net premiums earned | **1340162** | 1284866 | 1277052 | 1258246 | 1237760 | 1211427 | 1156941 | 1103722 | 1087368 |
| Other insurance related income (loss) | **3076** | 1092 | 2213 | 6693 | 7033 | 7665 | 5817 | 2781 | (2819) |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **1343238** | 1285958 | 1279265 | 1264939 | 1244793 | 1219092 | 1162758 | 1106503 | 1084549 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |  |  |
| Net losses and loss expenses | **798214** | 941911 | 769587 | 732699 | 716225 | 911369 | 666473 | 714718 | 817239 |
| Acquisition costs | **275573** | 240511 | 257582 | 248352 | 252180 | 231712 | 219070 | 218871 | 231800 |
| Underwriting-related general and administrative expenses | **137220** | 132570 | 135403 | 145096 | 140379 | 134826 | 128961 | 132668 | 116345 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **1211007** | 1314992 | 1162572 | 1126147 | 1108784 | 1277907 | 1014504 | 1066257 | 1165384 |
| **UNDERWRITING INCOME (LOSS)** | $**132231** | $(29034) | $116693 | $138792 | $136009 | $(58815) | $148254 | $40246 | $(80835) |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**63610** | $211969 | $67119 | $60076 | $54209 | $249830 | $28562 | $110250 | $198028 |
| Net favorable prior year reserve development | $**7901** | $4735 | $3940 | $8956 | $9270 | $11012 | $6808 | $5317 | $6559 |
| **KEY RATIOS** |  |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **55.5%** | 57.1% | 55.3% | 54.2% | 54.3% | 55.4% | 55.7% | 55.1% | 57.4% |
| Catastrophe and weather-related losses ratio | **4.7%** | 16.6% | 5.3% | 4.7% | 4.3% | 20.7% | 2.5% | 10.1% | 18.4% |
| Current accident year loss ratio | **60.2%** | 73.7% | 60.6% | 58.9% | 58.6% | 76.1% | 58.2% | 65.2% | 75.8% |
| Prior year reserve development ratio | **(0.6** **%)** | (0.4%) | (0.3%) | (0.7%) | (0.7%) | (0.9%) | (0.6%) | (0.4%) | (0.6%) |
| Net losses and loss expenses ratio | **59.6%** | 73.3% | 60.3% | 58.2% | 57.9% | 75.2% | 57.6% | 64.8% | 75.2% |
| Acquisition cost ratio | **20.6%** | 18.7% | 20.2% | 19.7% | 20.4% | 19.1% | 18.9% | 19.8% | 21.3% |
| General and administrative expense ratio **[a]** | **13.9%** | 12.3% | 12.9% | 13.5% | 14.8% | 13.1% | 14.1% | 14.3% | 13.1% |
| **Combined ratio** | **94.1%** | 104.3% | 93.4% | 91.4% | 93.1% | 107.4% | 90.6% | 98.9% | 109.6% |

---

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

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**Group Consolidated Data - Excluding Reinsurance Catastrophe and Property**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** | **Quarter-to-date** |
| | **Q4 2022** | **Q3 2022** | **Q2 2022** | **Q1 2022** | **Q4 2021** | **Q3 2021** | **Q2 2021** | **Q1 2021** | **Q4 2020** |
| **UNDERWRITING REVENUES** | | | | | | | | | |
| Gross written premiums | $**1752976** | $1684408 | $2031020 | $2419889 | $1538830 | $1519509 | $1763772 | $2158070 | $1325110 |
| Ceded premiums written | **(662668)** | (635599) | (769744) | (738761) | (609769) | (550399) | (682351) | (621776) | (544865) |
| Net premiums written | **1090307** | 1048809 | 1261275 | 1681128 | 929060 | 969109 | 1081422 | 1536294 | 780245 |
| Gross premiums earned | **1965494** | 1912066 | 1846705 | 1766236 | 1752285 | 1681017 | 1604784 | 1471218 | 1521264 |
| Ceded premiums earned | **(681190)** | (687233) | (650460) | (603004) | (609372) | (584502) | (571833) | (503614) | (543886) |
| Net premiums earned | **1284303** | 1224833 | 1196245 | 1163231 | 1142914 | 1096515 | 1032951 | 967604 | 977378 |
| Other insurance related income | **3063** | 965 | 2177 | 6650 | 8452 | 6122 | 5802 | 3108 | 1026 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **1287366** | 1225798 | 1198422 | 1169881 | 1151366 | 1102637 | 1038753 | 970712 | 978404 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |  |  |
| Net losses and loss expenses | **778117** | 837581 | 706039 | 716718 | 653140 | 729826 | 617051 | 597271 | 702602 |
| Acquisition costs | **263972** | 230164 | 243373 | 232662 | 234433 | 212488 | 197299 | 195723 | 209989 |
| Underwriting-related general and administrative expenses **[a]** | **135091** | 129975 | 132553 | 139357 | 139259 | 132168 | 124639 | 128096 | 115883 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **1177181** | 1197720 | 1081965 | 1088736 | 1026832 | 1074482 | 938990 | 921089 | 1028475 |
| **UNDERWRITING INCOME (LOSS)** | $**110186** | $28078 | $116457 | $81145 | $124534 | $28155 | $99763 | $49622 | $(50072) |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**54680** | $128812 | $29099 | $47077 | $24600 | $110116 | $11686 | $36513 | $129909 |
| Net favorable (adverse) prior year reserve development | $**(2772)** | $(2958) | $2580 | $(13337) | $9422 | $5075 | $(1845) | $2143 | $7220 |
| **KEY RATIOS** |  |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **56.1%** | 57.8% | 56.8% | 56.4% | 55.9% | 57.2% | 58.4% | 58.2% | 59.3% |
| Catastrophe and weather-related losses ratio | **4.3%** | 10.3% | 2.4% | 4.0% | 2.1% | 9.8% | 1.1% | 3.8% | 13.3% |
| Current accident year loss ratio | **60.4%** | 68.1% | 59.2% | 60.5% | 58.0% | 67.0% | 59.6% | 61.9% | 72.6% |
| Prior year reserve development ratio | **0.2%** | 0.2% | (0.2)% | 1.1% | (0.8)% | (0.5)% | 0.2% | (0.2)% | (0.7)% |
| Net losses and loss expenses ratio | **60.6%** | 68.4% | 59.0% | 61.6% | 57.1% | 66.6% | 59.7% | 61.7% | 71.9% |
| Acquisition cost ratio | **20.6%** | 18.8% | 20.3% | 20.0% | 20.5% | 19.4% | 19.1% | 20.2% | 21.5% |
| General and administrative expense ratio **[b]** | **14.4%** | 12.7% | 13.6% | 14.0% | 16.0% | 14.2% | 15.3% | 15.9% | 14.6% |
| **Combined ratio** | **95.6%** | 99.9% | 93.0% | 95.7% | 93.7% | 100.1% | 94.1% | 97.9% | 108.0% |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

**[b]&nbsp;&nbsp;&nbsp;&nbsp;**Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**Group Consolidated Data - Excluding Reinsurance Catastrophe and Property**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Group Total [a]** | **Group Total [a]** | **Group Total [a]** | **Reinsurance Catastrophe and Property [b]** | **Reinsurance Catastrophe and Property [b]** | **Reinsurance Catastrophe and Property [b]** | **Group Total excluding Reinsurance Catastrophe and Property [b]** | **Group Total excluding Reinsurance Catastrophe and Property [b]** | **Group Total excluding Reinsurance Catastrophe and Property [b]** |
| | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** | **Year-to-date** |
| | **Q4 2022** | **Q4 2021** | **Q4 2020** | **Q4 2022** | **Q4 2021** | **Q4 2020** | **Q4 2022** | **Q4 2021** | **Q4 2020** |
| **UNDERWRITING REVENUES** | | | | | | | | | |
| Gross written premiums | $**8214595** | $7685984 | $6826938 | $**326303** | $705804 | $796988 | $**7888292** | $6980181 | $6029950 |
| Ceded premiums written | **(2951539)** | (2759360) | (2490529) | **(144766)** | (295065) | (353459) | **(2806773)** | (2464295) | (2137070) |
| Net premiums written | **5263056** | 4926624 | 4336409 | **181537** | 410738 | 443530 | **5081519** | 4515886 | 3892880 |
| Gross premiums earned | **7936382** | 7281709 | 6768733 | **445881** | 772405 | 865770 | **7490501** | 6509304 | 5902963 |
| Ceded premiums earned | **(2776056)** | (2571859) | (2397424) | **(154168)** | (302537) | (364513) | **(2621888)** | (2269321) | (2032912) |
| Net premiums earned | **5160326** | 4709850 | 4371309 | **291713** | 469868 | 501258 | **4868613** | 4239983 | 3870051 |
| Other insurance related income (loss) | **13073** | 23295 | (8089) | **218** | (188) | (1877) | **12855** | 23484 | (6213) |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **5173399** | 4733145 | 4363220 | **291931** | 469679 | 499381 | **4881468** | 4263466 | 3863839 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |  |  |
| Net losses and loss expenses | **3242410** | 3008783 | 3281252 | **203955** | 411495 | 482598 | **3038455** | 2597288 | 2798654 |
| Acquisition costs | **1022017** | 921834 | 929517 | **51846** | 81891 | 99954 | **970171** | 839943 | 829563 |
| Underwriting-related general and administrative expenses | **550289** | 536834 | 477968 | **13312** | 12672 | 7057 | **536977** | 524162 | 470910 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **4814716** | 4467451 | 4688737 | **269113** | 506059 | 589609 | **4545602** | 3961392 | 4099127 |
| **UNDERWRITING INCOME (LOSS)** | $**358683** | $265694 | $(325517) | $**22818** | $(36379) | $(90229) | $**335866** | $302074 | $(235288) |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**402803** | $442859 | $773919 | $**143120** | $259936 | $297304 | $**259683** | $182923 | $476615 |
| Net favorable (adverse) prior year reserve development | $**25533** | $32410 | $15909 | $**42019** | $17614 | $3272 | $**(16487)** | $14795 | $12638 |
| **KEY RATIOS** |  |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **55.5%** | 55.1% | 57.7% | **34.2%** | 33.8% | 36.2% | **56.8%** | 57.4% | 60.5% |
| Catastrophe and weather-related losses ratio | **7.8%** | 9.5% | 17.7% | **50.2%** | 57.5% | 60.8% | **5.3%** | 4.2% | 12.2% |
| Current accident year loss ratio | **63.3%** | 64.6% | 75.4% | **84.3%** | 91.3% | 96.9% | **62.1%** | 61.6% | 72.6% |
| Prior year reserve development ratio | **(0.5** **%)** | (0.7%) | (0.3%) | **(14.4** **%)** | (3.7%) | (0.7%) | **0.3%** | (0.3%) | (0.3%) |
| Net losses and loss expenses ratio | **62.8%** | 63.9% | 75.1% | **69.9%** | 87.6% | 96.3% | **62.4%** | 61.3% | 72.3% |
| Acquisition cost ratio | **19.8%** | 19.6% | 21.3% | **17.8%** | 17.4% | 19.9% | **19.9%** | 19.8% | 21.4% |
| Underwriting-related general and administrative expense ratio | **13.2%** | 14.0% | 13.2% | **4.6%** | 2.7% | 1.4% | **13.7%** | 15.3% | 14.8% |
| **Combined ratio** | **95.8%** | 97.5% | 109.6% | **92.3%** | 107.7% | 117.6% | **96.0%** | 96.4% | 108.6% |

---

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

 **[b]&nbsp;&nbsp;&nbsp;&nbsp;** Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations

------

![graphic1a.jpg](graphic1a.jpg)

**ADDITIONAL INFORMATION REGARDING THE NET FINANCIAL IMPACT OF THE COMPANY'S LOSS PORTFOLIO TRANSFER ("LPT") REINSURANCE TRANSACTION** 

------

![graphic1a.jpg](graphic1a.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**NET FINANCIAL IMPACT OF THE COMPANY'S LOSS PORTFOLIO TRANSFER ("LPT") REINSURANCE TRANSACTION** 

---

| | | |
|:---|:---|:---|
| | **Quarter ended December 31, 2022** | **Quarter ended December 31, 2022** |
| | **Insurance** | **Group** |
| **UNDERWRITING REVENUES** | | |
| Net premiums earned | $830514 | $1340162 |
| Other insurance related income | 89 | 3076 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | 830603 | 1343238 |
| **UNDERWRITING EXPENSES** |  |  |
| Net losses and loss expenses | 439268 | 798214 |
| Acquisition costs excluding the impact of the LPT | 148927 | 269641 |
| Impact of the LPT on acquisition costs **[a]** | 5932 | 5932 |
| Acquisition costs | 154859 | 275573 |
| Underwriting-related general and administrative expenses | 113106 | 137220 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | 707233 | 1211007 |
| **UNDERWRITING INCOME** | $123370 | $132231 |
| Net favorable prior year reserve development excluding the impact of the LPT | $8562 | $12508 |
| Impact of the LPT on prior year reserve development **[a]** | (4607) | (4607) |
| Net favorable prior year reserve development | $3955 | $7901 |
| **KEY RATIOS** |  |  |
| Current accident year loss ratio excluding catastrophe and weather-related losses | 49.3% | 55.5% |
| Catastrophe and weather-related losses ratio | 4.1% | 4.7% |
| Current accident year loss ratio | 53.4% | 60.2% |
| Prior year reserve development ratio excluding the impact of the LPT | (1.0%) | (0.9%) |
| Impact of the LPT on prior year development ratio **[a]** | 0.5% | 0.3% |
| Prior year reserve development ratio | (0.5%) | (0.6%) |
| Net losses and loss expenses ratio | 52.9% | 59.6% |
| Acquisition cost ratio excluding the impact of the LPT | 17.9% | 20.1% |
| Impact of the LPT on acquisition cost ratio **[a]** | 0.7% | 0.5% |
| Acquisition cost ratio | 18.6% | 20.6% |
| Underwriting-related general and administrative expense ratio | 13.7% | 10.2% |
| Corporate expense ratio |  | 3.7% |
| **Combined ratio** | 85.2% | 94.1% |
| **Net adverse financial impact of the LPT on underwriting income [a]** | $10539 | $10539 |
| **Impact of the LPT on combined ratio [a]** | 1.2% | 0.8% |

---

 **[a]&nbsp;&nbsp;&nbsp;&nbsp;**On December 9, 2022 we entered into loss portfolio transfer reinsurance agreements with a third-party to reinsure several of our professional lines and liability insurance portfolios, relating to 2019 and prior accident years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. The impact of this transaction on acquisition costs, prior year reserve development, the prior year reserve development ratio and the acquisition cost ratio is presented above.

<br>