# EDGAR Filing Document

**Accession Number:** 0001214816
**File Stem:** 0001214816-25-000148
**Filing Date:** 2025-7
**Character Count:** 180948
**Document Hash:** ee1e9487920dafde673acad78f3aec0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214816-25-000148.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001214816-25-000148

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20250729

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AXIS CAPITAL HOLDINGS LTD
- **CENTRAL INDEX KEY:** 0001214816
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31721
- **FILM NUMBER:** 251162114

**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' encoding='ASCII'? axs-20250729

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**Current Report**

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

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): July 29, 2025**

**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 July 29, 2025, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its second quarter 2025 results and the availability of its second quarter 2025 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](q22025pressrelease.htm)</u> | Press release dated July 29, 2025 |
| <u>[99.2](q22025financialsupplement.htm)</u> | Second quarter 2025 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: July 29, 2025

---

| | |
|:---|:---|
| **AXIS CAPITAL HOLDINGS LIMITED** | **AXIS CAPITAL HOLDINGS LIMITED** |
| By: | /s/ G. Christina Gray-Trefry |
|  | G. Christina Gray-Trefry |
|  | General Counsel and Secretary |

---

## Exhibit 99.1

![axislogo1a01a.jpg](axislogo1a01a.jpg)

Cliff Gallant (Investor Contact): (415) 262-6843; <u>investorrelations@axiscapital.com</u> <br> Nichola Liboro (Media Contact): (917) 705-4579; <u>nichola.liboro@axiscapital.com</u>

**AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $216 MILLION, or $2.72 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $261 MILLION, or $3.29 PER DILUTED COMMON SHARE** 

**For the second quarter of 2025, the Company reports:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Annualized return on average common equity ("ROACE") of 15.7% and annualized operating ROACE of 19.0%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Combined ratio of 88.9%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Book value per diluted common share of $70.34, an increase of $3.86, or 5.8%, compared to March 31, 2025 and an increase of $11.05, or 18.6% compared to June 30, 2024**

**For the six months ended June 30, 2025, the Company reports:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income available to common shareholders of $402 million**, **or $4.98 per diluted common share and operating income of $523 million, or $6.47 per diluted common share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Annualized return on average common equity ("ROACE") of 14.4% and annualized operating ROACE of 18.7%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Combined ratio of 89.5%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Book value per diluted common share of $70.34, an increase of $5.07, or 7.8%, compared to December 31, 2024**

**Pembroke, Bermuda, July 29, 2025** - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2025.

Commenting on the second quarter 2025 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

*"AXIS delivered an excellent second quarter highlighted by record profitability and we continued our trend of strong performance, with 18.6% diluted book value per share growth over the prior year. In the quarter, we produced an annualized operating return-on-equity of 19% and an 88.9% combined ratio. In addition, we set new company records for first half underwriting income and production, while targeting premium adequate business that meets our risk-adjusted returns.*

*Our Insurance segment continued to excel, generating an 85.3% combined ratio and all time highs in premium volume at $1.9 billion and underwriting income at $152 million, with increasing contributions from our new and expanded products. Our reinsurance business again generated steady positive bottom-line results, with a 92% combined ratio.*

*Our sustained profitable growth is supported by the ongoing enhancement of our operations through our "How We Work" program, which is enabled by investments in technology and AI. While we acknowledge the progress achieved, we remain steadfast in advancing our strategy and providing value to our customers and the broader market"*

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

Tel. 441.496.2600

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

------

**Second Quarter Consolidated Results\***

• Net income available to common shareholders for the second quarter of 2025 was $216 million, or $2.72 per diluted common share, compared to net income available to common shareholders of $204 million, or $2.40 per diluted common share, for the second quarter of 2024.

• Operating income<sup>1</sup> for the second quarter of 2025 was $261 million, or $3.29 per diluted common share<sup>1</sup>, compared to operating income of $250 million, or $2.93 per diluted common share, for the second quarter of 2024.

• Completed loss portfolio transfer reinsurance agreement ("LPT") to retrocede net reserves for losses and loss expenses of approximately $2 billion to Enstar.

• Net investment income for the second quarter of 2025 was $187 million, compared to $191 million, for the second quarter of 2024, with lower income from fixed maturities resulting from lower fixed maturity assets due to the LPT transaction, partially offset by higher returns on alternative investments.

• Book yield of fixed maturities was 4.6% at June 30, 2025, compared to 4.4% at June 30, 2024. The market yield was 5.0% at June 30, 2025.

• The effective tax rate of 20.1% for the quarter was due to pre-tax income in our Bermuda, U.K., U.S., and European operations. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025.

• Common share repurchases pursuant to our Board-authorized share repurchase program of $50 million and common share dividends of $35 million.

• Book value per diluted common share was $70.34 at June 30, 2025, an increase of $3.86, or 5.8%, compared to March 31, 2025, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $0.44 per share.

• Book value per diluted common share increased by $11.05, or 18.6%, over the past twelve months, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $1.76 per share.

• Adjusted for net unrealized investment gains (losses), after-tax, book value per diluted common share was $70.29 at June 30, 2025, an increase of $2.44, or 3.6%, compared to $67.85 at March 31, 2025, and an increase of $6.75, or 10.6%, compared to $63.54 at June 30, 2024.

\* 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

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

------

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

• Gross premiums written increased by $76 million, or 3%, to $2.5 billion with an increase of $118 million, or 7% in the insurance segment, partially offset by a decrease of $43 million, or 7% in the reinsurance segment.

• Net premiums written increased by $62 million, or 4%, to $1.6 billion with an increase of $96 million, or 8% in the insurance segment, partially offset by a decrease of $35 million, or 9% in the reinsurance segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|<br>**KEY RATIOS** | **2025** | **2024** | **Change** | **Change** |
| Current accident year loss ratio, excluding catastrophe and weather-related losses<sup>(3) (4)</sup> | **56.4%** | 55.1% | 1.3 | pts |
| Catastrophe and weather-related losses ratio<sup>(4)</sup> | **2.6%** | 3.6% | (1.0 | pts) |
| Current accident year loss ratio<sup>(4)</sup> | **59.0%** | 58.7% | 0.3 | pts |
| Prior year reserve development ratio | **(1.5** **%)** | —% | (1.5 | pts) |
| Net losses and loss expenses ratio | **57.5%** | 58.7% | (1.2 | pts) |
| Acquisition cost ratio | **19.8%** | 20.3% | (0.5 | pts) |
| General and administrative expense ratio | **11.6%** | 11.4% | 0.2 | pts |
| Combined ratio | **88.9%** | 90.4% | (1.5 | pts) |
| Current accident year combined ratio<sup>(4)</sup> | **90.4%** | 90.4% |  | pts |
| Current accident year combined ratio, excluding catastrophe and weather-related losses<sup>(4)</sup> | **87.8%** | 86.8% | 1.0 | pts |

---

• Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $37 million ($31 million, after-tax), (Insurance: $36.4 million; Reinsurance: $0.2 million), or 2.6 points, primarily attributable to weather-related events.

• Net favorable prior year reserve development was $20 million (Insurance: $15 million; Reinsurance: $5 million), compared to $nil in 2024.

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

<sup>3</sup> The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.

<sup>4</sup> Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net losses and loss expenses ratio and combined ratio are provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.

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

Tel. 441.496.2600

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

------

**Year to Date Consolidated Underwriting Highlights**

• Gross premiums written increased by $216 million, or 4% ($246 million, or 5%, on a constant currency basis<sup>(5)</sup>), to $5.3 billion with an increase of $200 million, or 6% in the insurance segment, and an increase of $16 million, or 1% in the reinsurance segment.

• Net premiums written increased by $90 million, or 3% ($118 million or 4%, on a constant currency basis), to $3.4 billion with an increase of $119 million, or 5% in the insurance segment, partially offset by a decrease of $29 million, or 3% in the reinsurance segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|<br>**KEY RATIOS** | **2025** | **2024** | **Change** | **Change** |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **56.3%** | 55.7% | 0.6 | pts |
| Catastrophe and weather-related losses ratio | **3.2%** | 2.6% | 0.6 | pts |
| Current accident year loss ratio | **59.5%** | 58.3% | 1.2 | pts |
| Prior year reserve development ratio | **(1.4** **%)** | —% | (1.4 | pts) |
| Net losses and loss expenses ratio | **58.1%** | 58.3% | (0.2 | pts) |
| Acquisition cost ratio | **19.8%** | 20.3% | (0.5 | pts) |
| General and administrative expense ratio | **11.6%** | 12.2% | (0.6 | pts) |
| Combined ratio | **89.5%** | 90.8% | (1.3 | pts) |
| Current accident year combined ratio | **90.9%** | 90.8% | 0.1 | pts |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **87.7%** | 88.2% | (0.5 | pts) |

---

• Pre-tax catastrophe and weather-related losses, net of reinsurance, were $86 million ($69 million after-tax), (Insurance: $84 million; Reinsurance: $2 million), or 3.2 points, including $32 million, or 1.2 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.

• Net favorable prior year reserve development was $38 million (Insurance: $29 million; Reinsurance: $9 million), compared to $nil in 2024.

*•* General and administrative expense ratio decreased by 0.6 points, mainly driven by an increase in net premiums earned and efficiencies gained through our "How We Work" program, partially offset by increases in personnel costs and information technology costs.

<sup>5</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 are provided above/later in this press release, and a discussion of the rationale for the presentation of these items is provided later in this press release. Variances that are unchanged on a constant currency basis are omitted from the narrative.

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

Tel. 441.496.2600

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

------

**Segment Highlights**

***Insurance Segment***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|<br>**($ in thousands)** | **2025** | **2024** | **Change** | **Change** |
| Gross premiums written | $**1932435** | $1814066 | 6.5 | % |
| Net premiums written | **1290510** | 1194197 | 8.1 | % |
| Net premiums earned | **1032961** | 958212 | 7.8 | % |
| Underwriting income | **151639** | 115640 | 31.1 | % |
| **Underwriting ratios:** |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **52.3%** | 51.8% | 0.5 | pts |
| Catastrophe and weather-related losses ratio | **3.6%** | 4.8% | (1.2 | pts) |
| Current accident year loss ratio | **55.9%** | 56.6% | (0.7 | pts) |
| Prior year reserve development ratio | **(1.5** **%)** | —% | (1.5 | pts) |
| Net losses and loss expenses ratio | **54.4%** | 56.6% | (2.2 | pts) |
| Acquisition cost ratio | **18.9%** | 19.6% | (0.7 | pts) |
| Underwriting-related general and administrative expense ratio | **12.0%** | 11.7% | 0.3 | pts |
| Combined ratio | **85.3%** | 87.9% | (2.6 | pts) |
| Current accident year combined ratio | **86.8%** | 87.9% | (1.1 | pts) |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **83.2%** | 83.1% | 0.1 | pts |

---

• Gross premiums written increased by $118 million, or 7% ($116 million, or 6%, on a constant currency basis), attributable to all lines of business with the exception of cyber lines which decreased in the quarter, principally due to a lower level of premiums associated with program business.

• Net premiums written increased by $96 million, or 8%, reflecting the increase in gross premiums written in the quarter, together with decreased cession rates in property and liability lines, partially offset by an increased cession rate in accident and health lines.

• The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters.

• The acquisition cost ratio decreased by 0.7 points, primarily related to an increase in ceding commissions.

• The underwriting-related general and administrative expense ratio increased by 0.3 points, due to the inclusion of personnel costs associated with new underwriting teams, together with investments in information technology in 2025, compared to the inclusion of elevated severance expenses in reorganization expenses in 2024.

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

Tel. 441.496.2600

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|<br>**($ in thousands)** | **2025** | **2024** | **Change** | **Change** |
| Gross premiums written | $**3588337** | $3388571 | 5.9 | % |
| Net premiums written | **2335090** | 2216551 | 5.3 | % |
| Net premiums earned | **2043047** | 1876159 | 8.9 | % |
| Underwriting income | **286180** | 238629 | 19.9 | % |
| **Underwriting ratios:** |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **52.3%** | 51.9% | 0.4 | pts |
| Catastrophe and weather-related losses ratio | **4.1%** | 3.5% | 0.6 | pts |
| Current accident year loss ratio | **56.4%** | 55.4% | 1.0 | pts |
| Prior year reserve development ratio | **(1.4** **%)** | —% | (1.4 | pts) |
| Net losses and loss expenses ratio | **55.0%** | 55.4% | (0.4 | pts) |
| Acquisition cost ratio | **19.0%** | 19.4% | (0.4 | pts) |
| Underwriting-related general and administrative expense ratio | **12.0%** | 12.5% | (0.5 | pts) |
| Combined ratio | **86.0%** | 87.3% | (1.3 | pts) |
| Current accident year combined ratio | **87.4%** | 87.3% | 0.1 | pts |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **83.3%** | 83.8% | (0.5 | pts) |

---

• Gross premiums written increased by $200 million, or 6%, attributable to all lines of business with the exception of cyber lines which decreased in the period, principally due to a lower level of premiums associated with program business.

• Net premiums written increased by $119 million, or 5% ($124 million, or 6%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decreased cession rate in property lines, partially offset by increased cession rates in accident and health, and cyber lines.

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

Tel. 441.496.2600

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

------

 ***Reinsurance Segment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** |
|<br>**($ in thousands)** | **2025** | **2024** | **Change** | **Change** |
| Gross premiums written | $**583536** | $626170 | (6.8 | %) |
| Net premiums written | **344924** | 379547 | (9.1 | %) |
| Net premiums earned | **360470** | 346266 | 4.1 | % |
| Underwriting income | **37562** | 45517 | (17.5 | %) |
| **Underwriting ratios:** |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **67.9%** | 64.2% | 3.7 | pts |
| Catastrophe and weather-related losses ratio | **0.1%** | 0.3% | (0.2 | pts) |
| Current accident year loss ratio | **68.0%** | 64.5% | 3.5 | pts |
| Prior year reserve development ratio | **(1.4** **%)** | —% | (1.4 | pts) |
| Net losses and loss expenses ratio | **66.6%** | 64.5% | 2.1 | pts |
| Acquisition cost ratio | **22.5%** | 22.3% | 0.2 | pts |
| Underwriting-related general and administrative expense ratio | **2.9%** | 2.5% | 0.4 | pts |
| Combined ratio | **92.0%** | 89.3% | 2.7 | pts |
| Current accident year combined ratio | **93.4%** | 89.3% | 4.1 | pts |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **93.3%** | 89.0% | 4.3 | pts |

---

• Gross premiums written decreased by $43 million, or 7%, primarily attributable to the timing of renewals in multiple lines, together with a lower level of premiums associated with accident and health lines, partially offset by premium adjustments and new business in credit and surety lines.

*•* Net premiums written decreased by $35 million, or 9%, reflecting the decrease in gross premiums written in the quarter, together with increased cession rates to our strategic capital partners.

• The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with the first quarter as we continue to take a cautious stance given uncertainty in the current environment.

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

Tel. 441.496.2600

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|<br>**($ in thousands)** | **2025** | **2024** | **Change** | **Change** |
| Gross premiums written | $**1722285** | $1706092 | 0.9 | % |
| Net premiums written | **1050383** | 1079266 | (2.7 | %) |
| Net premiums earned | **691204** | 686360 | 0.7 | % |
| Underwriting income | **66476** | 68192 | (2.5 | %) |
| **Underwriting ratios:** |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **68.2%** | 66.0% | 2.2 | pts |
| Catastrophe and weather-related losses ratio | **0.2%** | 0.3% | (0.1 | pts) |
| Current accident year loss ratio | **68.4%** | 66.3% | 2.1 | pts |
| Prior year reserve development ratio | **(1.3** **%)** | —% | (1.3 | pts) |
| Net losses and loss expenses ratio | **67.1%** | 66.3% | 0.8 | pts |
| Acquisition cost ratio | **21.9%** | 22.6% | (0.7 | pts) |
| Underwriting-related general and administrative expense ratio | **3.1%** | 3.6% | (0.5 | pts) |
| Combined ratio | **92.1%** | 92.5% | (0.4 | pts) |
| Current accident year combined ratio | **93.4%** | 92.5% | 0.9 | pts |
| Current accident year combined ratio, excluding catastrophe and weather-related losses | **93.2%** | 92.2% | 1.0 | pts |

---

• Gross premiums written increased by $16 million, or 1% ($40 million, or 2%, on a constant currency basis), primarily attributable to new business and premium adjustments in credit and surety lines, together with the timing of renewals in liability lines, partially offset by decreased line sizes and non-renewals in accident and health, marine and aviation, and motor lines.

• Net premiums written decreased by $29 million, or 3% ($6 million, or 1%, on a constant currency basis), reflecting the increased cession rates to our strategic capital partners in the period, partially offset by the increase in gross premiums written in the period.

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

Tel. 441.496.2600

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

------

**Investments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|<br>**($ in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Net investment income | $**187297** | $190975 | $**395009** | $358358 |
| Net investment gains (losses) | **43468** | (53479) | **13462** | (62687) |
| Change in net unrealized gains (losses) on fixed maturities, pre-tax<sup>(6)</sup>  | **142257** | 21232 | **277817** | (30731) |
| Interest in income of equity method investments | **(705)** | 7900 | **1586** | 9069 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**372317** | $166628 | $**687874** | $274009 |
| **Average cash and investments**<sup>(7)</sup>  | $**16520011** | $16932010 | $**17191155** | $16887183 |
| **Pre-tax, total return on average cash and investments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Including investment related foreign exchange movements | **2.3%** | 1.0% | **4.0%** | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Excluding investment related foreign exchange movements<sup>(8)</sup>  | **1.7%** | 1.0% | **3.2%** | 1.8% |

---

• Net investment income decreased by $4 million, or 2%, compared to the second quarter of 2024, primarily attributable to lower income from fixed maturities resulting from lower fixed maturity assets due to the LPT transaction, partially offset by higher returns on alternative investments.

• Net investment gains (losses) recognized in net income (loss) for the quarter primarily related to net unrealized gains on equity securities, partially offset by realized losses on the sale of fixed maturities.

• Change in net unrealized gains on fixed maturities, pre-tax of $142 million ($86 million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter due to an increase in the market value of fixed maturities attributable to the decline in yields and the strengthening of the euro and pound sterling against the US dollar, compared to change in net unrealized gains, pre-tax of $21 million ($22 million excluding foreign exchange movements) recognized during the second quarter of 2024.

• Book yield of fixed maturities was 4.6% at June 30, 2025, compared to 4.4% at June 30, 2024 and 4.5% at December 31, 2024. The market yield was 5.0% at June 30, 2025.

<sup>6</sup> Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

<sup>7</sup> The average cash and investments balance is the average of the monthly fair value balances.

<sup>8</sup> Pre-tax, total return on average 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 average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $97 million and $(5) million for the three months ended June 30, 2025 and 2024, respectively and foreign exchange (losses) gains of $144 million and $(30) million for the six months ended June 30, 2025 and 2024, respectively.

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

Tel. 441.496.2600

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

------

**Capitalization / Shareholders' Equity**

---

| | | | |
|:---|:---|:---|:---|
|<br>**($ in thousands)** | **June 30,**<br>**2025** | **December 31,**<br>**2024** |<br>**Change** |
| Total capital<sup>(9)</sup> | $**7490334** | $7404558 | $85776 |

---

• Total capital of $7.5 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $7.4 billion at December 31, 2024, with the increase driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common shares repurchased pursuant to our Board-authorized share repurchase programs of $490 million and common share dividends.

• On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.

• On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.

• At June 30, 2025, we had $110 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases.

***<u>Book value per diluted common share</u>***

---

| | | | |
|:---|:---|:---|:---|
| | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **June 30,**<br>**2024** |
| Book value per diluted common share<sup>(10)</sup> | $**70.34** | $66.48 | $59.29 |

---

• Dividends declared were $0.44 per common share in the current quarter and $1.76 per common share over the past twelve months.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended,** | **Three months ended,** | **Twelve months ended,** | **Twelve months ended,** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **Change** | **% Change** | **Change** | **% Change** |
| Change in book value per diluted common share | $3.86 | 5.8% | $11.05 | 18.6% |
| Change in book value per diluted common share - adjusted for dividends declared | $4.30 | 6.5% | $12.81 | 21.6% |

---

• Book value per diluted common share increased by $3.86 in the quarter, and by $11.05 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends.

• Adjusted for net unrealized investment gains (losses), after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $70.29.

<sup>9</sup> Total capital represents the sum of total shareholders' equity and debt.

<sup>10</sup> Calculated using the treasury stock method.

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

Tel. 441.496.2600

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

------

**Conference Call**

We will host a conference call on Wednesday, July 30, 2025 at 8:30 a.m. (EDT) to discuss the second quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), 1-866-605-3850 (Canada callers), or 1-412-902-6506 (international callers), and entering the passcode 9336672 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), 1-855-669-9658 (Canada callers), or 1-412-317-0088 (international callers), and entering the passcode 4028900. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended June 30, 2025 is available in the Investor Information section of our website.

**About AXIS Capital**

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.2 billion at June 30, 2025, 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 X Corp. (@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 (<u>http://bit.ly/2kRYbZ5</u>) and X Corp (<u>https://x.com/AXIS_Capital</u>)

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

Tel. 441.496.2600

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

------

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED BALANCE SHEETS** 

**JUNE 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024**

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** |
| **Assets** |  |  |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, available for sale, at fair value | $**12137475** | $12152753 |
| &nbsp;&nbsp;&nbsp;Fixed maturities, held to maturity, at amortized cost | **405041** | 443400 |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value | **619275** | 579274 |
| &nbsp;&nbsp;&nbsp;Mortgage loans, held for investment, at fair value | **438571** | 505697 |
| &nbsp;&nbsp;&nbsp;Other investments, at fair value | **938922** | 930278 |
| &nbsp;&nbsp;&nbsp;Equity method investments | **215920** | 206994 |
| &nbsp;&nbsp;&nbsp;Short-term investments, at fair value | **51726** | 223666 |
| Total investments | **14806930** | 15042062 |
| Cash and cash equivalents | **852052** | 2143471 |
| Restricted cash and cash equivalents | **557149** | 920150 |
| Accrued interest receivable | **108506** | 114012 |
| Insurance and reinsurance premium balances receivable | **4026994** | 3169355 |
| Reinsurance recoverable on unpaid losses and loss expenses | **9086900** | 6840897 |
| Reinsurance recoverable on paid losses and loss expenses | **637726** | 546287 |
| Deferred acquisition costs | **654950** | 524837 |
| Prepaid reinsurance premiums | **2223255** | 1936979 |
| Receivable for investments sold | **29099** | 3693 |
| Goodwill | **66498** | 66498 |
| Intangible assets | **170842** | 175967 |
| Operating lease right-of-use assets | **89421** | 92516 |
| Loan advances made | **263779** | 247775 |
| Other assets | **576935** | 695794 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets** | $**34151036** | $32520293 |
| **Liabilities** |  |  |
| Reserve for losses and loss expenses | $**17879023** | $17218929 |
| Unearned premiums | **6154844** | 5211865 |
| Insurance and reinsurance balances payable | **1932269** | 1713798 |
| Debt | **1315936** | 1315179 |
| Federal Home Loan Bank advances | **66380** | 66380 |
| Payable for investments purchased | **79677** | 269728 |
| Operating lease liabilities | **106544** | 106614 |
| Other liabilities | **441965** | 528421 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities** | **27976638** | 26430914 |
| **Shareholders' equity** |  |  |
| Preferred shares | **550000** | 550000 |
| Common shares | **2206** | 2206 |
| Additional paid-in capital | **2384659** | 2394063 |
| Accumulated other comprehensive income (loss) | **(21710)** | (267557) |
| Retained earnings | **7673246** | 7341569 |
| Treasury shares, at cost | **(4414003)** | (3930902) |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity** | **6174398** | 6089379 |
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity** | $**34151036** | $32520293 |

---

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

Tel. 441.496.2600

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

------

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(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 | $**1393431** | $1304478 | $**2734251** | $2562519 |
| Net investment income | **187297** | 190975 | **395009** | 358358 |
| Net investment gains (losses) | **43468** | (53479) | **13462** | (62687) |
| Other insurance related income | **8662** | 8526 | **12240** | 16867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **1632858** | 1450500 | **3154962** | 2875057 |
| **Expenses** |  |  |  |  |
| Net losses and loss expenses | **801754** | 765988 | **1587679** | 1494659 |
| Acquisition costs | **275897** | 265091 | **540477** | 519345 |
| General and administrative expenses | **161078** | 148441 | **320241** | 311813 |
| Foreign exchange losses (gains) | **94885** | (7384) | **151920** | (30936) |
| Interest expense and financing costs | **16586** | 17010 | **33158** | 34157 |
| Reorganization expenses | **—** | 14014 | **—** | 26312 |
| Amortization of intangible assets | **2396** | 2729 | **5125** | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **1352596** | 1205889 | **2638600** | 2360808 |
| **Income before income taxes and interest in income (loss) of equity method investments** | **280262** | 244611 | **516362** | 514249 |
| Income tax (expense) benefit | **(56199)** | (40547) | **(100521)** | 84107 |
| Interest in income (loss) of equity method investments | **(705)** | 7900 | **1586** | 9069 |
| **Net income** | **223358** | 211964 | **417427** | 607425 |
| Preferred share dividends | **7563** | 7563 | **15125** | 15125 |
| **Net income available to common shareholders** | $**215795** | $204401 | $**402302** | $592300 |
| **Per share data** |  |  |  |  |
| **Earnings per common share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per common share | $**2.75** | $2.42 | $**5.04** | $6.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings per diluted common share | $**2.72** | $2.40 | $**4.98** | $6.93 |
| Weighted average common shares outstanding | **78378** | 84475 | **79757** | 84677 |
| Weighted average diluted common shares outstanding | **79329** | 85326 | **80845** | 85509 |
| Cash dividends declared per common share | $**0.44** | $0.44 | $**0.88** | $0.88 |

---

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

Tel. 441.496.2600

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

------

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED SEGMENTAL DATA (UNAUDITED)**

**FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Gross premiums written | $**1932435** | $**583536** | $**2515971** | $1814066 | $626170 | $2440236 |
| Net premiums written | **1290510** | **344924** | **1635434** | 1194197 | 379547 | 1573744 |
| Net premiums earned | **1032961** | **360470** | **1393431** | 958212 | 346266 | 1304478 |
| Other insurance related income (loss) | **6** | **8656** | **8662** | (61) | 8587 | 8526 |
| Current accident year net losses and loss expenses | **(576986)** | **(244997)** | **(821983)** | (542591) | (223397) | (765988) |
| Net favorable prior year reserve development | **15216** | **5013** | **20229** |  |  |  |
| Acquisition costs | **(194912)** | **(80985)** | **(275897)** | (188026) | (77065) | (265091) |
| Underwriting-related general and |  |  |  |  |  |  |
| &nbsp;&nbsp;administrative expenses<sup>(11)</sup> | **(124646)** | **(10595)** | **(135241)** | (111894) | (8874) | (120768) |
| &nbsp;&nbsp;**Underwriting income**<sup>(12)</sup> | $**151639** | $**37562** | **189201** | $115640 | $45517 | 161157 |
| Net investment income |  |  | **187297** |  |  | 190975 |
| Net investment gains (losses) |  |  | **43468** |  |  | (53479) |
| Corporate expenses<sup>(11)</sup> |  |  | **(25837)** |  |  | (27673) |
| Foreign exchange (losses) gains |  |  | **(94885)** |  |  | 7384 |
| Interest expense and financing costs |  |  | **(16586)** |  |  | (17010) |
| Reorganization expenses |  |  | **—** |  |  | (14014) |
| Amortization of intangible assets |  |  | **(2396)** |  |  | (2729) |
| &nbsp;&nbsp;**Income before income taxes and interest in income (loss) of equity method investments** |  |  | **280262** |  |  | 244611 |
| Income tax (expense) benefit |  |  | **(56199)** |  |  | (40547) |
| Interest in income (loss) of equity method investments |  |  | **(705)** |  |  | 7900 |
| &nbsp;&nbsp;**Net income** |  |  | **223358** |  |  | 211964 |
| Preferred share dividends |  |  | **7563** |  |  | 7563 |
| &nbsp;&nbsp;**Net income available to common shareholders** |  |  | $**215795** |  |  | $204401 |
| Current accident year loss ratio | **55.9%** | **68.0%** | **59.0%** | 56.6% | 64.5% | 58.7% |
| Prior year reserve development ratio | **(1.5** **%)** | **(1.4** **%)** | **(1.5** **%)** | —% | —% | —% |
| Net losses and loss expenses ratio | **54.4%** | **66.6%** | **57.5%** | 56.6% | 64.5% | 58.7% |
| Acquisition cost ratio | **18.9%** | **22.5%** | **19.8%** | 19.6% | 22.3% | 20.3% |
| Underwriting-related general and administrative expense ratio | **12.0%** | **2.9%** | **9.7%** | 11.7% | 2.5% | 9.3% |
| Corporate expense ratio |  |  | **1.9%** |  |  | 2.1% |
| &nbsp;&nbsp;**Combined ratio** | **85.3%** | **92.0%** | **88.9%** | 87.9% | 89.3% | 90.4% |

---

<sup>11</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 $26 million and $28 million for the three months ended June 30, 2025 and 2024, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

<sup>12</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 above.

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

Tel. 441.496.2600

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

------

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED SEGMENTAL DATA (UNAUDITED)**

**FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Gross premiums written | $**3588337** | $**1722285** | $**5310622** | $3388571 | $1706092 | $5094663 |
| Net premiums written | **2335090** | **1050383** | **3385473** | 2216551 | 1079266 | 3295817 |
| Net premiums earned | **2043047** | **691204** | **2734251** | 1876159 | 686360 | 2562519 |
| Other insurance related income (loss) | **162** | **12078** | **12240** | (39) | 16906 | 16867 |
| Current accident year net losses and loss expenses | **(1153052)** | **(472793)** | **(1625845)** | (1039455) | (455204) | (1494659) |
| Net favorable prior year reserve development | **29194** | **8972** | **38166** |  |  |  |
| Acquisition costs | **(388933)** | **(151544)** | **(540477)** | (364055) | (155290) | (519345) |
| Underwriting-related general and |  |  |  |  |  |  |
| &nbsp;&nbsp;administrative expenses<sup>(13)</sup> | **(244238)** | **(21441)** | **(265679)** | (233981) | (24580) | (258561) |
| **Underwriting income**<sup>(14)</sup> | $**286180** | $**66476** | **352656** | $238629 | $68192 | 306821 |
| Net investment income |  |  | **395009** |  |  | 358358 |
| Net investment gains (losses) |  |  | **13462** |  |  | (62687) |
| Corporate expenses<sup>(13)</sup> |  |  | **(54562)** |  |  | (53252) |
| Foreign exchange (losses) gains |  |  | **(151920)** |  |  | 30936 |
| Interest expense and financing costs |  |  | **(33158)** |  |  | (34157) |
| Reorganization expenses |  |  | **—** |  |  | (26312) |
| Amortization of intangible assets |  |  | **(5125)** |  |  | (5458) |
| &nbsp;&nbsp;**Income before income taxes and interest in income of equity method investments** |  |  | **516362** |  |  | 514249 |
| Income tax (expense) benefit |  |  | **(100521)** |  |  | 84107 |
| Interest in income of equity method investments |  |  | **1586** |  |  | 9069 |
| &nbsp;&nbsp;**Net Income** |  |  | **417427** |  |  | 607425 |
| Preferred share dividends |  |  | **15125** |  |  | 15125 |
| &nbsp;&nbsp;**Net income available to common shareholders** |  |  | $**402302** |  |  | $592300 |
| Current accident year loss ratio | **56.4%** | **68.4%** | **59.5%** | 55.4% | 66.3% | 58.3% |
| Prior year reserve development ratio | **(1.4)%** | **(1.3)%** | **(1.4)%** | —% | —% | —% |
| Net losses and loss expenses ratio | **55.0%** | **67.1%** | **58.1%** | 55.4% | 66.3% | 58.3% |
| Acquisition cost ratio | **19.0%** | **21.9%** | **19.8%** | 19.4% | 22.6% | 20.3% |
| Underwriting-related general and administrative expense ratio | **12.0%** | **3.1%** | **9.6%** | 12.5% | 3.6% | 10.1% |
| Corporate expense ratio |  |  | **2.0%** |  |  | 2.1% |
| &nbsp;&nbsp;**Combined ratio** | **86.0%** | **92.1%** | **89.5%** | 87.3% | 92.5% | 90.8% |

---

<sup>13</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 $55 million and $53 million for the six months ended June 30, 2025 and 2024, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

<sup>14</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 above.

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

Tel. 441.496.2600

<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 THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended** | **Three months ended** | **Six months ended** | **Six months ended** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(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 | $**215795** | $204401 | $**402302** | $592300 |
| Net investment (gains) losses | **(43468)** | 53479 | **(13462)** | 62687 |
| Foreign exchange losses (gains)  | **94885** | (7384) | **151920** | (30936) |
| Reorganization expenses | **—** | 14014 | **—** | 26312 |
| Interest in (income) loss of equity method investments | **705** | (7900) | **(1586)** | (9069) |
| Amortization of Bermuda net deferred tax asset (2025) and Bermuda net deferred tax asset (2024)<sup>(15)</sup> | **3384** |  | **3384** | (162705) |
| Income tax benefit<sup>(16)</sup> | **(9997)** | (6621) | **(19440)** | (8435) |
| Operating income | $**261304** | $249989 | $**523118** | $470154 |
| Earnings per diluted common share | $**2.72** | $2.40 | $**4.98** | $6.93 |
| Net investment (gains) losses | **(0.55)** | 0.63 | **(0.17)** | 0.73 |
| Foreign exchange losses (gains) | **1.20** | (0.09) | **1.88** | (0.36) |
| Reorganization expenses | **—** | 0.16 | **—** | 0.31 |
| Interest in (income) loss of equity method investments | **0.01** | (0.09) | **(0.02)** | (0.11) |
| Amortization of Bermuda net deferred tax asset (2025) Bermuda net deferred tax asset (2024) | **0.04** |  | **0.04** | (1.90) |
| Income tax benefit | **(0.13)** | (0.08) | **(0.24)** | (0.10) |
| Operating income per diluted common share | $**3.29** | $2.93 | $**6.47** | $5.50 |
| Weighted average diluted common shares outstanding | **79329** | 85326 | **80845** | 85509 |
| Average common shareholders' equity | $**5488599** | $5032313 | $**5581889** | $4911334 |
| Annualized return on average common equity | **15.7%** | 16.2% | **14.4%** | 24.1% |
| Annualized operating return on average common equity<sup>(17)</sup> | **19.0%** | 19.9% | **18.7%** | 19.1% |

---

<sup>15</sup> Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

<sup>16</sup> Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

<sup>17</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

<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", "aim", "will", "target", "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 losses and loss expenses, measurements of potential losses in the fair 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 the loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, the impact of the current trade and geopolitical environment on our business, 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>Insurance Risk</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• the cyclical nature of 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 and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;

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

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

Tel. 441.496.2600

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

------

&nbsp;&nbsp;&nbsp;&nbsp;• actual claims exceeding reserves for losses and loss expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• losses related to the conflict in the Middle East, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

&nbsp;&nbsp;&nbsp;&nbsp;• the adverse impact of social and economic inflation;

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

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

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

*<u>Strategic Risk</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• increased competition and consolidation in the insurance and reinsurance industry;

&nbsp;&nbsp;&nbsp;&nbsp;• general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates and the evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in the political environment of certain countries in which we operate or underwrite business;

&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;• increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;

&nbsp;&nbsp;&nbsp;&nbsp;• the adverse impact of contagious diseases on our business, results of operations, financial condition, and liquidity;

*<u>Credit and Market 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;• breaches by third parties in our program business of their obligations to us;

*<u>Liquidity Risk</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• the inability to access sufficient cash to meet our obligations when they are due;

*<u>Operational Risk</u>*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

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

Tel. 441.496.2600

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

------

*<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, foreign corrupt practices, data protection and privacy; 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.

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

Tel. 441.496.2600

<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), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, current accident year combined ratio, excluding catastrophe and weather-related losses, 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

<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 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 and Federal Home Loan Bank advances. 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 in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. 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 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

<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>Current Accident Year Loss Ratio</u>*

Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the *'Consolidated Underwriting Highlights'* section of this press release.

*<u>Catastrophe and Weather-Related Losses Ratio</u> <u>and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses</u>*

Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the *'Consolidated Underwriting Highlights'* section of this press release.

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

Tel. 441.496.2600

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

------

*<u>Current Accident Year Combined Ratio</u>*

Current accident year combined ratio represents underwriting results exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year combined ratio provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year combined ratio to combined ratio, the most comparable GAAP financial measure, is presented in the *'Consolidated Underwriting Highlights'* section of this press release.

*<u>Current Accident Year Combined Ratio, excluding Catastrophe and Weather-Related Losses</u>*

Current accident year combined ratio, excluding catastrophe and weather-related losses represents underwriting results exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

We believe that the presentation of current accident year combined ratio, excluding catastrophe and weather-related losses provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development and by separately identifying net losses and loss expenses associated with catastrophe and weather-related events due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of current accident year combined ratio, excluding catastrophe and weather-related losses to combined ratio, the most comparable GAAP financial measure, is presented in the *'Consolidated Underwriting Highlights'* 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, interest in income (loss) of equity method investments, amortization of Bermuda net deferred tax asset in 2025 and Bermuda net deferred tax asset in 2024 ("Bermuda deferred tax").

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.

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

Tel. 441.496.2600

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

------

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 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 in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. 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).

Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense (benefit) is not related to the underwriting process. Therefore, this income 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, interest in income (loss) of equity method investments and Bermuda deferred tax in order 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, interest in income (loss) of equity method investments and Bermuda deferred tax 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.

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

Tel. 441.496.2600

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

------

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 Average Cash and Investments excluding Foreign Exchange Movements</u>*

Pre-tax, total return on average 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 portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average 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

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

## Exhibit 99.2

![graphic1.jpg](graphic1.jpg)

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**INVESTOR FINANCIAL SUPPLEMENT**

**SECOND QUARTER 2025** 

------

![graphic1.jpg](graphic1.jpg)

---

| |
|:---|
| AXIS Capital Holdings Limited |
| 92 Pitts Bay Road |
| Pembroke HM 08 Bermuda |
| <u>Contact Information:</u> |
| Cliff Gallant |
| Investor Contact |
| (415) 262-6843  |
| <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. |

---

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED** 

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

---

| | |
|:---|:---|
| | Page(s) |
| &nbsp;&nbsp;<u>[Basis of Presentation](#i9e41641966744820b6816e1d2880cb0a_10)</u> | *<u>[i](#i9e41641966744820b6816e1d2880cb0a_10)</u> - <u>[iv](#i9e41641966744820b6816e1d2880cb0a_16)</u>* |
| [I. Financial Highlights](#i9e41641966744820b6816e1d2880cb0a_19) | <u>[1](#i9e41641966744820b6816e1d2880cb0a_19)</u> |
| II. Income Statements |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Consolidated Statement of Operations](#i9e41641966744820b6816e1d2880cb0a_22)</u> | <u>[2](#i9e41641966744820b6816e1d2880cb0a_22)</u>-<u>[6](#i9e41641966744820b6816e1d2880cb0a_79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[b. Consolidated Segment Data](#i9e41641966744820b6816e1d2880cb0a_31)</u> | <u>[7](#i9e41641966744820b6816e1d2880cb0a_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[c. Gross Premiums Written by Segment by Line of Business](#i9e41641966744820b6816e1d2880cb0a_34)</u> | <u>[8](#i9e41641966744820b6816e1d2880cb0a_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[d. Consolidated Data](#i9e41641966744820b6816e1d2880cb0a_37)</u> | <u>[9](#i9e41641966744820b6816e1d2880cb0a_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[e. Segment Data](#i9e41641966744820b6816e1d2880cb0a_40)</u> | <u>[10](#i9e41641966744820b6816e1d2880cb0a_40)</u>-<u>[11](#i9e41641966744820b6816e1d2880cb0a_43)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[f. Net Investment Income](#i9e41641966744820b6816e1d2880cb0a_46)</u> | <u>[12](#i9e41641966744820b6816e1d2880cb0a_46)</u> |
| III. Balance Sheets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Consolidated Balance Sheets](#i9e41641966744820b6816e1d2880cb0a_49)</u> | <u>[13](#i9e41641966744820b6816e1d2880cb0a_49)</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>[•&nbsp;&nbsp;&nbsp;&nbsp;Cash and Invested Assets Portfolio](#i9e41641966744820b6816e1d2880cb0a_52)</u> | <u>[14](#i9e41641966744820b6816e1d2880cb0a_52)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[•&nbsp;&nbsp;&nbsp;&nbsp;Cash and Invested Assets Composition](#i9e41641966744820b6816e1d2880cb0a_55)</u> | <u>[15](#i9e41641966744820b6816e1d2880cb0a_55)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[•&nbsp;&nbsp;&nbsp;&nbsp;Mortgage-Backed and Asset-Backed Securities Composition](#i9e41641966744820b6816e1d2880cb0a_58)</u> | <u>[16](#i9e41641966744820b6816e1d2880cb0a_58)</u> |
| IV. Losses Reserve Analysis |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Paid to Incurred Analysis](#i9e41641966744820b6816e1d2880cb0a_61)</u> | <u>[17](#i9e41641966744820b6816e1d2880cb0a_61)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[b. Paid to Incurred Analysis by Segment](#i9e41641966744820b6816e1d2880cb0a_64)</u> | <u>[18](#i9e41641966744820b6816e1d2880cb0a_64)</u> |
| V. Share Analysis |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[a. Earnings Per Common Share Information](#i9e41641966744820b6816e1d2880cb0a_67)</u> | <u>[19](#i9e41641966744820b6816e1d2880cb0a_67)</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](#i9e41641966744820b6816e1d2880cb0a_70)</u> | <u>[20](#i9e41641966744820b6816e1d2880cb0a_70)</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](#i9e41641966744820b6816e1d2880cb0a_73)</u> | <u>[21](#i9e41641966744820b6816e1d2880cb0a_73)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[b. Rationale for the Use of Non-GAAP Financial Measures](#i9e41641966744820b6816e1d2880cb0a_76)</u> | <u>[22](#i9e41641966744820b6816e1d2880cb0a_76)</u>-<u>[25](#i9e41641966744820b6816e1d2880cb0a_76)</u> |

---

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![axislogo1a01.jpg](axislogo1a01.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>**

&nbsp;&nbsp;&nbsp;&nbsp;• All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2024 and consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;• Amounts may not reconcile due to rounding differences.

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

&nbsp;&nbsp;&nbsp;&nbsp;• 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", "aim", "will", "target", "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 losses and loss expenses, measurements of potential losses in the fair 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 the loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, the impact of the current trade and geopolitical environment on our business, 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>Insurance Risk</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• the cyclical nature of 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 and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;

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

&nbsp;&nbsp;&nbsp;&nbsp;• actual claims exceeding reserves for losses and loss expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• losses related to the conflict in the Middle East, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

&nbsp;&nbsp;&nbsp;&nbsp;• the adverse impact of social and economic inflation;

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

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

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

*<u>Strategic Risk</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• increased competition and consolidation in the insurance and reinsurance industry;

&nbsp;&nbsp;&nbsp;&nbsp;• general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates and the evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures);

&nbsp;&nbsp;&nbsp;&nbsp;• changes in the political environment of certain countries in which we operate or underwrite business;

&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;

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![axislogo1a01.jpg](axislogo1a01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;• increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;

&nbsp;&nbsp;&nbsp;&nbsp;• the adverse impact of contagious diseases on our business, results of operations, financial condition, and liquidity;

*<u>Credit and Market 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;• breaches by third parties in our program business of their obligations to us;

*<u>Liquidity Risk</u>*

&nbsp;&nbsp;&nbsp;&nbsp;• the inability to access sufficient cash to meet our obligations when they are due;

*<u>Operational Risk</u>*

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

*<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, foreign corrupt practices, data protection and privacy; 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.

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![axislogo1a01.jpg](axislogo1a01.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 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, environmental liability risks predominantly in the U.S. wholesale markets 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, property in transit, 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*: provides cover for primary and low to mid-level excess and umbrella commercial liability, and 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, life sciences 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 a range of exposures including offshore energy, offshore renewable energy, ocean marine, 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. Surety bonds are also provided to large corporate and commercial clients and to mid to large sized construction clients.

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**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 written on an excess of loss or a proportional basis. For excess of loss business, we typically indemnify the reinsured for a portion of losses, individually and in the aggregate, in excess of a specified individual or aggregate loss deductible. For proportional business, we assume an agreed percentage of the underlying premiums and accept liability for the same percentage of losses and loss expenses. Our business is primarily produced through reinsurance brokers worldwide. 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, environmental 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, 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 protection for trade credit insurance and credit and political risk insurance. Trade credit insurance protects sellers of goods and services in the event of a payment default by the buyer of those goods and services. Credit and political risk insurance covers a range of risks predominantly corporate and sovereign non-payment. Surety reinsurance provides protection for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands, contract, and commercial obligations in a variety of jurisdictions around the world. Mortgage reinsurance is provided to mortgage guaranty insurers and U.S. government-sponsored entities and other mortgage market participants. These entities seek to manage their credit risk exposure emanating from defined pools of mortgage loans.

*Motor:* provides protection to insurers for motor liability and motor 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 non-proportional and proportional reinsurance as well as structured solutions are offered predominantly relating to U.K. and European exposures.

*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 exposures 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 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, flood, industrial explosions, fire, 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.

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**AXIS CAPITAL HOLDINGS LIMITED**

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | |
| | | **2025** | **2024** | **Change** | **Change** | **2025** | **2024** | **Change** | **Change** |
| **HIGHLIGHTS** | Gross premiums written | $**2515971** | $2440236 | 3.1% |  | $**5310622** | $5094663 | 4.2% |  |
| **HIGHLIGHTS** | *Gross premiums written - Insurance* | ***76.8*** *%*** | *74.3 %* | *2.5* | *pts* | ***67.6*** *%*** | *66.5 %* | *1.1* | *pts* |
| **HIGHLIGHTS** | *Gross premiums written - Reinsurance* | ***23.2*** *%*** | *25.7 %* | *(2.5)* | *pts* | ***32.4*** *%*** | *33.5 %* | *(1.1)* | *pts* |
| **HIGHLIGHTS** | Net premiums written | $**1635434** | $1573744 | 3.9% |  | $**3385473** | $3295817 | 2.7% |  |
| **HIGHLIGHTS** | Net premiums earned | $**1393431** | $1304478 | 6.8% |  | $**2734251** | $2562519 | 6.7% |  |
| **HIGHLIGHTS** | *Net premiums earned - Insurance* | ***74.1*** *%*** | *73.5 %* | *0.6* | *pts* | ***74.7*** *%*** | *73.2 %* | *1.5* | *pts* |
| **HIGHLIGHTS** | *Net premiums earned - Reinsurance* | ***25.9*** *%*** | *26.5 %* | *(0.6)* | *pts* | ***25.3*** *%*** | *26.8 %* | *(1.5)* | *pts* |
| **HIGHLIGHTS** | Net income available to common shareholders | $**215795** | $204401 | 5.6% |  | $**402302** | $592300 | (32.1%) |  |
| **HIGHLIGHTS** | Operating income **[a]** | $**261304** | $249989 | 4.5% |  | $**523118** | $470154 | 11.3% |  |
| **HIGHLIGHTS** | Annualized return on average common equity **[b]** | **15.7%** | 16.2% | (0.5) | pts | **14.4%** | 24.1% | (9.7) | pts |
| **HIGHLIGHTS** | Annualized operating return on average common equity **[c]** | **19.0%** | 19.9% | (0.9) | pts | **18.7%** | 19.1% | (0.4) | pts |
| **HIGHLIGHTS** | Total shareholders' equity | $**6174398** | $5659471 | 9.1% |  | $**6174398** | $5659471 | 9.1% |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Earnings per diluted common share | **$2.72** | $2.40 | 13.3% |  | **$4.98** | $6.93 | (28.1%) |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Operating income per diluted common share **[d]** | **$3.29** | $2.93 | 12.3% |  | **$6.47** | $5.50 | 17.6% |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Weighted average diluted common shares outstanding | **79329** | 85326 | (7.0%) |  | **80845** | 85509 | (5.5%) |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Book value per common share | **$71.95** | $60.70 | 18.5% |  | **$71.95** | $60.70 | 18.5% |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Book value per diluted common share (treasury stock method) | **$70.34** | $59.29 | 18.6% |  | **$70.34** | $59.29 | 18.6% |  |
| **PER COMMON SHARE AND COMMON SHARE DATA** | Tangible book value per diluted common share (treasury stock method) **[a]** | **$67.95** | $56.59 | 20.1% |  | **$67.95** | $56.59 | 20.1% |  |
| **FINANCIAL RATIOS** | Current accident year loss ratio, excluding catastrophe and weather-related losses **[a]** | **56.4%** | 55.1% | 1.3 | pts | **56.3%** | 55.7% | 0.6 | pts |
| **FINANCIAL RATIOS** | Catastrophe and weather-related losses ratio **[a]** | **2.6%** | 3.6% | (1.0) | pts | **3.2%** | 2.6% | 0.6 | pts |
| **FINANCIAL RATIOS** | Current accident year loss ratio **[a]** | **59.0%** | 58.7% | 0.3 | pts | **59.5%** | 58.3% | 1.2 | pts |
| **FINANCIAL RATIOS** | Prior year reserve development ratio | **(1.5** **%)** | —% | (1.5) | pts | **(1.4** **%)** | —% | (1.4) | pts |
| **FINANCIAL RATIOS** | Net losses and loss expenses ratio | **57.5%** | 58.7% | (1.2) | pts | **58.1%** | 58.3% | (0.2) | pts |
| **FINANCIAL RATIOS** | Acquisition cost ratio | **19.8%** | 20.3% | (0.5) | pts | **19.8%** | 20.3% | (0.5) | pts |
| **FINANCIAL RATIOS** | General and administrative expense ratio **[e]** | **11.6%** | 11.4% | 0.2 | pts | **11.6%** | 12.2% | (0.6) | pts |
| **FINANCIAL RATIOS** | Combined ratio | **88.9%** | 90.4% | (1.5) | pts | **89.5%** | 90.8% | (1.3) | pts |
| **INVESTMENT DATA** | Total assets | $**34151036** | $32078882 | 6.5% |  | $**34151036** | $32078882 | 6.5% |  |
| **INVESTMENT DATA** | Total cash and invested assets **[f]** | $**16274059** | $17211911 | (5.4%) |  | $**16274059** | $17211911 | (5.4%) |  |
| **INVESTMENT DATA** | Net investment income | $**187297** | $190975 | (1.9%) |  | $**395009** | $358358 | 10.2% |  |
| **INVESTMENT DATA** | Net investment gains (losses) | $**43468** | $(53479) | nm |  | $**13462** | $(62687) | nm |  |
| **INVESTMENT DATA** | Book yield of fixed maturities | **4.6%** | 4.4% | 0.2 | pts | **4.6%** | 4.4% | 0.2 | pts |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses 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"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/later in this document.

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

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

**[c]&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).

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![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net premiums earned | $**1393431** | $1304478 | $**2734251** | $2562519 |
| &nbsp;&nbsp;&nbsp;Net investment income | **187297** | 190975 | **395009** | 358358 |
| &nbsp;&nbsp;Net investment gains (losses) | **43468** | (53479) | **13462** | (62687) |
| &nbsp;&nbsp;&nbsp;Other insurance related income | **8662** | 8526 | **12240** | 16867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **1632858** | 1450500 | **3154962** | 2875057 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net losses and loss expenses | **801754** | 765988 | **1587679** | 1494659 |
| &nbsp;&nbsp;&nbsp;Acquisition costs | **275897** | 265091 | **540477** | 519345 |
| &nbsp;&nbsp;&nbsp;General and administrative expenses | **161078** | 148441 | **320241** | 311813 |
| &nbsp;&nbsp;&nbsp;Foreign exchange losses (gains) | **94885** | (7384) | **151920** | (30936) |
| &nbsp;&nbsp;&nbsp;Interest expense and financing costs | **16586** | 17010 | **33158** | 34157 |
| &nbsp;&nbsp;&nbsp;Reorganization expenses | **—** | 14014 | **—** | 26312 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | **2396** | 2729 | **5125** | 5458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **1352596** | 1205889 | **2638600** | 2360808 |
| **Income before income taxes and interest in income (loss) of equity method investments** | **280262** | 244611 | **516362** | 514249 |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit | **(56199)** | (40547) | **(100521)** | 84107 |
| &nbsp;&nbsp;Interest in income (loss) of equity method investments | **(705)** | 7900 | **1586** | 9069 |
| **Net income** | **223358** | 211964 | **417427** | 607425 |
| &nbsp;&nbsp;&nbsp;Preferred share dividends | **7563** | 7563 | **15125** | 15125 |
| **Net income available to common shareholders** | $**215795** | $204401 | $**402302** | $592300 |

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![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q2 2025** |<br>**Q1 2025** |<br>**Q4 2024** |<br>**Q3 2024** |<br>**Q2 2024** |<br>**Q2 2023** | **2024** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |  |  |
| Gross premiums written | $**2515971** | $2794652 | $1975324 | $1935902 | $2440236 | $2284378 | $9005888 |
| Ceded premiums written | **(880537)** | (1044613) | (749775) | (699917) | (866492) | (838021) | (3248537) |
| Net premiums written | **1635434** | 1750039 | 1225549 | 1235985 | 1573744 | 1446357 | 5757351 |
| Gross premiums earned | **2229370** | 2147045 | 2207338 | 2159646 | 2117937 | 1969662 | 8529567 |
| Ceded premiums earned | **(835939)** | (806225) | (830324) | (792945) | (813459) | (703917) | (3223332) |
| Net premiums earned | **1393431** | 1340820 | 1377014 | 1366701 | 1304478 | 1265745 | 5306235 |
| Other insurance related income | **8662** | 3578 | 7016 | 6838 | 8526 | 5524 | 30721 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **1402093** | 1344398 | 1384030 | 1373539 | 1313004 | 1271269 | 5336956 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |
| Net losses and loss expenses | **801754** | 785925 | 831956 | 831872 | 765988 | 736257 | 3158487 |
| Acquisition costs | **275897** | 264581 | 276273 | 274935 | 265091 | 253265 | 1070551 |
| Underwriting-related general and administrative expenses **[a]** | **135241** | 130438 | 146299 | 131582 | 120768 | 133255 | 536442 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **1212892** | 1180944 | 1254528 | 1238389 | 1151847 | 1122777 | 4765480 |
| **UNDERWRITING INCOME [b]** | **189201** | 163454 | 129502 | 135150 | 161157 | 148492 | 571476 |
| **OTHER (EXPENSES) REVENUES** |  |  |  |  |  |  |  |
| Net investment income | **187297** | 207713 | 195773 | 205100 | 190975 | 136829 | 759229 |
| Net investment gains (losses) | **43468** | (30005) | (108030) | 32182 | (53479) | (24370) | (138534) |
| Corporate expenses **[a]** | **(25837)** | (28725) | (42887) | (33621) | (27673) | (35248) | (129760) |
| Foreign exchange (losses) gains | **(94885)** | (57034) | 112090 | (92204) | 7384 | (30104) | 50822 |
| Interest expense and financing costs | **(16586)** | (16572) | (16761) | (16849) | (17010) | (16738) | (67766) |
| Reorganization expenses | **—** |  |  |  | (14014) |  | (26312) |
| Amortization of intangible assets | **(2396)** | (2729) | (2729) | (2729) | (2729) | (2729) | (10917) |
| &nbsp;&nbsp;&nbsp;Total other (expenses) revenues | **91061** | 72648 | 137456 | 91879 | 83454 | 27640 | 436762 |
| **INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS** | **280262** | 236102 | 266958 | 227029 | 244611 | 176132 | 1008238 |
| Income tax (expense) benefit | **(56199)** | (44322) | 19410 | (47922) | (40547) | (27558) | 55595 |
| Interest in income (loss) of equity method investments | **(705)** | 2291 | 7264 | 1621 | 7900 | 2100 | 17953 |
| **NET INCOME** | **223358** | 194071 | 293632 | 180728 | 211964 | 150674 | 1081786 |
| Preferred share dividends | **(7563)** | (7563) | (7563) | (7563) | (7563) | (7563) | (30250) |
| **NET INCOME AVAILABLE TO COMMON SHAREHOLDERS** | $**215795** | $186508 | $286069 | $173165 | $204401 | $143111 | $1051536 |

---

**[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.

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED KEY RATIOS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q2 2025** |<br>**Q1 2025** |<br>**Q4 2024** |<br>**Q3 2024** |<br>**Q2 2024** |<br>**Q2 2023** | **2024** |
| **KEY RATIOS/PER SHARE DATA** |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **56.4%** | 56.3% | 55.7% | 55.7% | 55.1% | 56.1% | 55.7% |
| Catastrophe and weather-related losses ratio | **2.6%** | 3.7% | 5.9% | 5.8% | 3.6% | 2.6% | 4.3% |
| Current accident year loss ratio | **59.0%** | 60.0% | 61.6% | 61.5% | 58.7% | 58.7% | 60.0% |
| Prior year reserve development ratio | **(1.5** **%)** | (1.4%) | (1.2%) | (0.6%) | —% | (0.5%) | (0.5%) |
| Net losses and loss expenses ratio | **57.5%** | 58.6% | 60.4% | 60.9% | 58.7% | 58.2% | 59.5% |
| Acquisition cost ratio | **19.8%** | 19.7% | 20.1% | 20.1% | 20.3% | 20.0% | 20.2% |
| General and administrative expense ratio **[a]** | **11.6%** | 11.9% | 13.7% | 12.1% | 11.4% | 13.3% | 12.6% |
| Combined ratio | **88.9%** | 90.2% | 94.2% | 93.1% | 90.4% | 91.5% | 92.3% |
| Weighted average common shares outstanding | **78378** | 81152 | 83380 | 83936 | 84475 | 85207 | 84165 |
| Weighted average diluted common shares outstanding | **79329** | 82378 | 84695 | 85000 | 85326 | 85812 | 85176 |
| Earnings per common share | **$2.75** | $2.30 | $3.43 | $2.06 | $2.42 | $1.68 | $12.49 |
| Earnings per diluted common share | **$2.72** | $2.26 | $3.38 | $2.04 | $2.40 | $1.67 | $12.35 |
| Annualized ROACE | **15.7%** | 13.7% | 20.7% | 13.0% | 16.2% | 12.9% | 20.5% |
| Annualized operating ROACE | **19.0%** | 19.2% | 18.2% | 17.3% | 19.9% | 17.2% | 18.6% |

---

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

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** | **2024** | **2023** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |
| Gross premiums written | $**5310622** | $5094663 | $4666354 | $9005888 | $8356525 |
| Ceded premiums written | **(1925149)** | (1798846) | (1611641) | (3248537) | (3254200) |
| Net premiums written | **3385473** | 3295817 | 3054713 | 5757351 | 5102325 |
| Gross premiums earned | **4376414** | 4162584 | 3891430 | 8529567 | 7973577 |
| Ceded premiums earned | **(1642163)** | (1600065) | (1395486) | (3223332) | (2889796) |
| Net premiums earned | **2734251** | 2562519 | 2495944 | 5306235 | 5083781 |
| Other insurance related income | **12240** | 16867 | 6100 | 30721 | 22495 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **2746491** | 2579386 | 2502044 | 5336956 | 5106276 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |
| Net losses and loss expenses | **1587679** | 1494659 | 1456899 | 3158487 | 3393102 |
| Acquisition costs | **540477** | 519345 | 483638 | 1070551 | 1000945 |
| Underwriting-related general and administrative expenses **[a]** | **265679** | 258561 | 273650 | 536442 | 551467 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **2393835** | 2272565 | 2214187 | 4765480 | 4945514 |
| **UNDERWRITING INCOME [b]** | **352656** | 306821 | 287857 | 571476 | 160762 |
| **OTHER (EXPENSES) REVENUES** |  |  |  |  |  |
| Net investment income | **395009** | 358358 | 270601 | 759229 | 611742 |
| Net investment gains (losses) | **13462** | (62687) | (44558) | (138534) | (74630) |
| Corporate expenses **[a]** | **(54562)** | (53252) | (61664) | (129760) | (132979) |
| Foreign exchange (losses) gains | **(151920)** | 30936 | (38814) | 50822 | (58115) |
| Interest expense and financing costs | **(33158)** | (34157) | (33632) | (67766) | (68421) |
| Reorganization expenses | **—** | (26312) |  | (26312) | (28997) |
| Amortization of intangible assets | **(5125)** | (5458) | (5458) | (10917) | (10917) |
| &nbsp;&nbsp;&nbsp;Total other (expenses) revenues | **163706** | 207428 | 86475 | 436762 | 237683 |
| **INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS** | **516362** | 514249 | 374332 | 1008238 | 398445 |
| Income tax (expense) benefit | **(100521)** | 84107 | (43454) | 55595 | (26316) |
| Interest in income (loss) of equity method investments | **1586** | 9069 | (105) | 17953 | 4163 |
| **NET INCOME** | **417427** | 607425 | 330773 | 1081786 | 376292 |
| Preferred share dividends | **(15125)** | (15125) | (15125) | (30250) | (30250) |
| **NET INCOME AVAILABLE TO COMMON SHAREHOLDERS** | $**402302** | $592300 | $315648 | $1051536 | $346042 |

---

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

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

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED KEY RATIOS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** | **Year ended December 31,** | **Year ended December 31,** |
| | **2025** | **2024** | **2023** | **2024** | **2023** |
| **KEY RATIOS/PER SHARE DATA** |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **56.3%** | 55.7% | 56.0% | 55.7% | 55.9% |
| Catastrophe and weather-related losses ratio | **3.2%** | 2.6% | 2.8% | 4.3% | 2.7% |
| Current accident year loss ratio | **59.5%** | 58.3% | 58.8% | 60.0% | 58.6% |
| Prior year reserve development ratio | **(1.4** **%)** | —% | (0.4%) | (0.5%) | 8.1% |
| Net losses and loss expenses ratio | **58.1%** | 58.3% | 58.4% | 59.5% | 66.7% |
| Acquisition cost ratio | **19.8%** | 20.3% | 19.4% | 20.2% | 19.7% |
| General and administrative expense ratio **[a]** | **11.6%** | 12.2% | 13.4% | 12.6% | 13.5% |
| Combined ratio | **89.5%** | 90.8% | 91.2% | 92.3% | 99.9% |
| Weighted average common shares outstanding | **79757** | 84677 | 85036 | 84165 | 85142 |
| Weighted average diluted common shares outstanding | **80845** | 85509 | 85833 | 85176 | 86012 |
| Earnings per common share  | **$5.04** | $6.99 | $3.71 | $12.49 | $4.06 |
| Earnings per diluted common share | **$4.98** | $6.93 | $3.68 | $12.35 | $4.02 |
| Annualized ROACE | **14.4%** | 24.1% | 14.7% | 20.5% | 7.9% |
| Annualized operating ROACE | **18.7%** | 19.1% | 18.3% | 18.6% | 11.0% |

---

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

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED SEGMENT DATA**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| **UNDERWRITING REVENUES** | | | | | | |
| Gross premiums written | $1932435 | $583536 | $2515971 | $3588337 | $1722285 | $5310622 |
| Ceded premiums written | (641925) | (238612) | (880537) | (1253247) | (671902) | (1925149) |
| Net premiums written | 1290510 | 344924 | 1635434 | 2335090 | 1050383 | 3385473 |
| Gross premiums earned | 1633396 | 595974 | 2229370 | 3231945 | 1144469 | 4376414 |
| Ceded premiums earned | (600435) | (235504) | (835939) | (1188898) | (453265) | (1642163) |
| Net premiums earned | 1032961 | 360470 | 1393431 | 2043047 | 691204 | 2734251 |
| Other insurance related income | 6 | 8656 | 8662 | 162 | 12078 | 12240 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | 1032967 | 369126 | 1402093 | 2043209 | 703282 | 2746491 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |
| Net losses and loss expenses | 561770 | 239984 | 801754 | 1123858 | 463821 | 1587679 |
| Acquisition costs | 194912 | 80985 | 275897 | 388933 | 151544 | 540477 |
| Underwriting-related general and administrative expenses | 124646 | 10595 | 135241 | 244238 | 21441 | 265679 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | 881328 | 331564 | 1212892 | 1757029 | 636806 | 2393835 |
| **UNDERWRITING INCOME** | $151639 | $37562 | $189201 | $286180 | $66476 | $352656 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $36440 | $186 | $36626 | $83970 | $1726 | $85696 |
| Net favorable prior year reserve development | $15216 | $5013 | $20229 | $29194 | $8972 | $38166 |
| **KEY RATIOS** |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 52.3% | 67.9% | 56.4% | 52.3% | 68.2% | 56.3% |
| Catastrophe and weather-related losses ratio | 3.6% | 0.1% | 2.6% | 4.1% | 0.2% | 3.2% |
| Current accident year loss ratio | 55.9% | 68.0% | 59.0% | 56.4% | 68.4% | 59.5% |
| Prior year reserve development ratio | (1.5%) | (1.4%) | (1.5%) | (1.4%) | (1.3%) | (1.4%) |
| Net losses and loss expenses ratio | 54.4% | 66.6% | 57.5% | 55.0% | 67.1% | 58.1% |
| Acquisition cost ratio | 18.9% | 22.5% | 19.8% | 19.0% | 21.9% | 19.8% |
| Underwriting-related general and administrative expense ratio | 12.0% | 2.9% | 9.7% | 12.0% | 3.1% | 9.6% |
| Corporate expense ratio |  |  | 1.9% |  |  | 2.0% |
| **Combined ratio** | 85.3% | 92.0% | 88.9% | 86.0% | 92.1% | 89.5% |

---

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Six months ended June 30,** | **Six months ended June 30,** | **Year ended December 31,** |
| |<br>**Q2 2025** |<br>**Q1 2025** |<br>**Q4 2024** |<br>**Q3 2024** |<br>**Q2 2024** |<br>**Q2 2023** | **2025** | **2024** | **2024** |
| **<u>INSURANCE SEGMENT</u>** |  |  |  |  |  |  |  |  |  |
| Professional Lines | $**343370** | $257159 | $340463 | $286108 | $299087 | $294403 | $**600529** | $535752 | $1162323 |
| Property | **645476** | 495417 | 496504 | 433843 | 641147 | 533479 | **1140894** | 1119982 | 2050329 |
| Liability | **365542** | 303758 | 331130 | 321205 | 311563 | 328768 | **669300** | 599268 | 1251603 |
| Cyber | **136562** | 113945 | 134939 | 129543 | 164518 | 182049 | **250507** | 297454 | 561937 |
| Marine and Aviation | **224393** | 267151 | 169470 | 163838 | 219850 | 205153 | **491544** | 481860 | 815168 |
| Accident and Health | **126985** | 124843 | 125277 | 119686 | 101243 | 85836 | **251826** | 205849 | 450810 |
| Credit and Political Risk | **90107** | 93630 | 102554 | 72453 | 76658 | 54462 | **183737** | 148406 | 323414 |
| **TOTAL INSURANCE SEGMENT** | $**1932435** | $1655903 | $1700337 | $1526676 | $1814066 | $1684150 | $**3588337** | $3388571 | $6615584 |
| **<u>REINSURANCE SEGMENT</u>** |  |  |  |  |  |  |  |  |  |
| Liability | $**168566** | $253070 | $95980 | $132245 | $169933 | $159234 | $**421637** | $388108 | $616333 |
| Accident and Health | **22337** | 281355 | 45675 | 47452 | 32376 | 20696 | **303692** | 343169 | 436296 |
| Professional Lines | **171851** | 188445 | 28001 | 44013 | 203001 | 186233 | **360296** | 349833 | 421846 |
| Credit and Surety | **116290** | 204666 | 65041 | 100352 | 88281 | 103430 | **320956** | 252324 | 417717 |
| Motor | **26066** | 124380 | 25481 | 35295 | 26039 | 26966 | **150445** | 178184 | 238961 |
| Agriculture | **55256** | 48901 | 3317 | 33265 | 74290 | 66985 | **104157** | 113791 | 150373 |
| Marine and Aviation | **18871** | 33492 | 2201 | 11059 | 22881 | 22034 | **52365** | 69015 | 82274 |
| ***Total*** | **579237** | 1134309 | 265696 | 403681 | 616801 | 585578 | **1713548** | 1694424 | 2363800 |
| ***Run-off lines*** |  |  |  |  |  |  |  |  |  |
| Catastrophe | **249** | 967 | 3346 | 1564 | 4491 | 10874 | **1216** | 5913 | 10823 |
| Property | **848** | 1646 | (527) | 1800 | 2013 | 3842 | **2493** | 1857 | 3130 |
| Engineering | **3202** | 1827 | 6472 | 2181 | 2865 | (66) | **5028** | 3898 | 12551 |
| ***Total run-off lines*** | **4299** | 4440 | 9291 | 5545 | 9369 | 14650 | **8737** | 11668 | 26504 |
| **TOTAL REINSURANCE SEGMENT** | $**583536** | $1138749 | $274987 | $409226 | $626170 | $600228 | $**1722285** | $1706092 | $2390304 |
| **CONSOLIDATED TOTAL** | $**2515971** | $2794652 | $1975324 | $1935902 | $2440236 | $2284378 | $**5310622** | $5094663 | $9005888 |

---

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED DATA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q2 2025** |<br>**Q1 2025** |<br>**Q4 2024** |<br>**Q3 2024** |<br>**Q2 2024** |<br>**Q2 2023** | **2024** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |  |  |
| Gross premiums written | $**2515971** | $2794652 | $1975324 | $1935902 | $2440236 | $2284378 | $9005888 |
| Ceded premiums written | **(880537)** | (1044613) | (749775) | (699917) | (866492) | (838021) | (3248537) |
| Net premiums written | **1635434** | 1750039 | 1225549 | 1235985 | 1573744 | 1446357 | 5757351 |
| Gross premiums earned | **2229370** | 2147045 | 2207338 | 2159646 | 2117937 | 1969662 | 8529567 |
| Ceded premiums earned | **(835939)** | (806225) | (830324) | (792945) | (813459) | (703917) | (3223332) |
| Net premiums earned | **1393431** | 1340820 | 1377014 | 1366701 | 1304478 | 1265745 | 5306235 |
| Other insurance related income | **8662** | 3578 | 7016 | 6838 | 8526 | 5524 | 30721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total underwriting revenues | **1402093** | 1344398 | 1384030 | 1373539 | 1313004 | 1271269 | 5336956 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |
| Net losses and loss expenses | **801754** | 785925 | 831956 | 831872 | 765988 | 736257 | 3158487 |
| Acquisition costs | **275897** | 264581 | 276273 | 274935 | 265091 | 253265 | 1070551 |
| Underwriting-related general and administrative expenses | **135241** | 130438 | 146299 | 131582 | 120768 | 133255 | 536442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total underwriting expenses | **1212892** | 1180944 | 1254528 | 1238389 | 1151847 | 1122777 | 4765480 |
| **UNDERWRITING INCOME** | $**189201** | $163454 | $129502 | $135150 | $161157 | $148492 | $571476 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**36626** | $49070 | $81063 | $78120 | $47060 | $32228 | $225996 |
| Net favorable prior year reserve development | $**20229** | $17937 | $16311 | $8012 | $— | $6319 | $24323 |
| **KEY RATIOS** |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **56.4%** | 56.3% | 55.7% | 55.7% | 55.1% | 56.1% | 55.7% |
| Catastrophe and weather-related losses ratio | **2.6%** | 3.7% | 5.9% | 5.8% | 3.6% | 2.6% | 4.3% |
| Current accident year loss ratio | **59.0%** | 60.0% | 61.6% | 61.5% | 58.7% | 58.7% | 60.0% |
| Prior year reserve development ratio | **(1.5** **%)** | (1.4%) | (1.2%) | (0.6%) | —% | (0.5%) | (0.5%) |
| Net losses and loss expenses ratio | **57.5%** | 58.6% | 60.4% | 60.9% | 58.7% | 58.2% | 59.5% |
| Acquisition cost ratio | **19.8%** | 19.7% | 20.1% | 20.1% | 20.3% | 20.0% | 20.2% |
| General and administrative expenses ratio **[a]** | **11.6%** | 11.9% | 13.7% | 12.1% | 11.4% | 13.3% | 12.6% |
| **Combined ratio** | **88.9%** | 90.2% | 94.2% | 93.1% | 90.4% | 91.5% | 92.3% |

---

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

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**INSURANCE SEGMENT DATA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q2 2025** |<br>**Q1 2025** |<br>**Q4 2024** |<br>**Q3 2024** |<br>**Q2 2024** |<br>**Q2 2023** | **2024** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |  |  |
| Gross premiums written | $**1932435** | $1655903 | $1700337 | $1526676 | $1814066 | $1684150 | $6615584 |
| Ceded premiums written | **(641925)** | (611323) | (642254) | (550765) | (619869) | (663129) | (2365039) |
| Net premiums written | **1290510** | 1044580 | 1058083 | 975911 | 1194197 | 1021021 | 4250545 |
| Gross premiums earned | **1633396** | 1598550 | 1621228 | 1592802 | 1541766 | 1393438 | 6254836 |
| Ceded premiums earned | **(600435)** | (588464) | (595203) | (568951) | (583554) | (550687) | (2328800) |
| Net premiums earned | **1032961** | 1010086 | 1026025 | 1023851 | 958212 | 842751 | 3926036 |
| Other insurance related income (loss) | **6** | 156 | 40 | 93 | (61) | 58 | 94 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **1032967** | 1010242 | 1026065 | 1023944 | 958151 | 842809 | 3926130 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |
| Net losses and loss expenses | **561770** | 562088 | 603311 | 602654 | 542591 | 457650 | 2245420 |
| Acquisition costs | **194912** | 194021 | 199606 | 203255 | 188026 | 156972 | 766915 |
| Underwriting-related general and administrative expenses | **124646** | 119592 | 132699 | 119249 | 111894 | 113534 | 485929 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **881328** | 875701 | 935616 | 925158 | 842511 | 728156 | 3498264 |
| **UNDERWRITING INCOME** | $**151639** | $134541 | $90449 | $98786 | $115640 | $114653 | $427866 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**36440** | $47530 | $80110 | $71038 | $45793 | $26440 | $216093 |
| Net favorable prior year reserve development | $**15216** | $13978 | $12200 | $4009 | $— | $2784 | $16209 |
| **KEY RATIOS** |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **52.3%** | 52.3% | 52.2% | 52.3% | 51.8% | 51.5% | 52.1% |
| Catastrophe and weather-related losses ratio | **3.6%** | 4.7% | 7.8% | 7.0% | 4.8% | 3.1% | 5.5% |
| Current accident year loss ratio | **55.9%** | 57.0% | 60.0% | 59.3% | 56.6% | 54.6% | 57.6% |
| Prior year reserve development ratio | **(1.5** **%)** | (1.4%) | (1.2%) | (0.4%) | —% | (0.3%) | (0.4%) |
| Net losses and loss expenses ratio | **54.4%** | 55.6% | 58.8% | 58.9% | 56.6% | 54.3% | 57.2% |
| Acquisition cost ratio | **18.9%** | 19.2% | 19.5% | 19.9% | 19.6% | 18.6% | 19.5% |
| Underwriting-related general and administrative expenses ratio | **12.0%** | 11.9% | 12.9% | 11.6% | 11.7% | 13.5% | 12.4% |
| **Combined ratio** | **85.3%** | 86.7% | 91.2% | 90.4% | 87.9% | 86.4% | 89.1% |

---

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**REINSURANCE SEGMENT DATA**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Year ended December 31,** |
| |<br>**Q2 2025** |<br>**Q1 2025** |<br>**Q4 2024** |<br>**Q3 2024** |<br>**Q2 2024** |<br>**Q2 2023** | **2024** |
| **UNDERWRITING REVENUES** |  |  |  |  |  |  |  |
| Gross premiums written | $**583536** | $1138749 | $274987 | $409226 | $626170 | $600228 | $2390304 |
| Ceded premiums written | **(238612)** | (433290) | (107521) | (149152) | (246623) | (174892) | (883498) |
| Net premiums written | **344924** | 705459 | 167466 | 260074 | 379547 | 425336 | 1506806 |
| Gross premiums earned | **595974** | 548495 | 586110 | 566844 | 576171 | 576224 | 2274731 |
| Ceded premiums earned | **(235504)** | (217761) | (235121) | (223994) | (229905) | (153230) | (894532) |
| Net premiums earned | **360470** | 330734 | 350989 | 342850 | 346266 | 422994 | 1380199 |
| Other insurance related income | **8656** | 3422 | 6976 | 6745 | 8587 | 5466 | 30627 |
| &nbsp;&nbsp;&nbsp;Total underwriting revenues | **369126** | 334156 | 357965 | 349595 | 354853 | 428460 | 1410826 |
| **UNDERWRITING EXPENSES** |  |  |  |  |  |  |  |
| Net losses and loss expenses | **239984** | 223837 | 228645 | 229218 | 223397 | 278607 | 913067 |
| Acquisition costs | **80985** | 70560 | 76667 | 71680 | 77065 | 96293 | 303636 |
| Underwriting-related general and administrative expenses | **10595** | 10846 | 13600 | 12333 | 8874 | 19721 | 50513 |
| &nbsp;&nbsp;&nbsp;Total underwriting expenses | **331564** | 305243 | 318912 | 313231 | 309336 | 394621 | 1267216 |
| **UNDERWRITING INCOME** | $**37562** | $28913 | $39053 | $36364 | $45517 | $33839 | $143610 |
| Catastrophe and weather-related losses, net of reinstatement premiums | $**186** | $1540 | $953 | $7082 | $1267 | $5788 | $9903 |
| Net favorable prior year reserve development | $**5013** | $3959 | $4111 | $4003 | $— | $3535 | $8114 |
| **KEY RATIOS** |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | **67.9%** | 68.4% | 66.0% | 66.0% | 64.2% | 65.3% | 66.0% |
| Catastrophe and weather-related losses ratio | **0.1%** | 0.5% | 0.3% | 2.0% | 0.3% | 1.4% | 0.7% |
| Current accident year loss ratio | **68.0%** | 68.9% | 66.3% | 68.0% | 64.5% | 66.7% | 66.7% |
| Prior year reserve development ratio | **(1.4** **%)** | (1.2%) | (1.2%) | (1.1%) | —% | (0.8%) | (0.5%) |
| Net losses and loss expenses ratio | **66.6%** | 67.7% | 65.1% | 66.9% | 64.5% | 65.9% | 66.2% |
| Acquisition cost ratio | **22.5%** | 21.3% | 21.8% | 20.9% | 22.3% | 22.8% | 22.0% |
| Underwriting-related general and administrative expense ratio | **2.9%** | 3.3% | 4.0% | 3.6% | 2.5% | 4.6% | 3.6% |
| **Combined ratio** | **92.0%** | 92.3% | 90.9% | 91.4% | 89.3% | 93.3% | 91.8% |

---

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**NET INVESTMENT INCOME**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | **Six months ended June 30,** | **Six months ended June 30,** | **Year ended December 31,** |
| |<br>**Q2 2025** |<br>**Q1 2025** |<br>**Q4 2024** |<br>**Q3 2024** |<br>**Q2 2024** |<br>**Q2 2023** | **2025** | **2024** | **2024** |
| Fixed maturities | $**149861** | $146711 | $164283 | $163002 | $154023 | $124390 | $**296572** | $293419 | $620704 |
| Other investments | **18479** | 22410 | 9099 | 19594 | 14301 | (5341) | **40889** | 19974 | 48666 |
| Equity securities | **3155** | 3208 | 3574 | 3529 | 3057 | 2990 | **6363** | 5819 | 12922 |
| Mortgage loans | **5956** | 6868 | 7617 | 8175 | 9108 | 8880 | **12824** | 18237 | 34028 |
| Cash and cash equivalents | **16649** | 33380 | 17804 | 14402 | 13733 | 11161 | **50028** | 27395 | 59600 |
| Short-term investments | **541** | 1986 | 1421 | 3919 | 3766 | 2129 | **2527** | 7229 | 12569 |
| Gross investment income | **194641** | 214563 | 203798 | 212621 | 197988 | 144209 | **409203** | 372073 | 788489 |
| Investment expenses | **(7344)** | (6850) | (8025) | (7521) | (7013) | (7380) | **(14194)** | (13715) | (29260) |
| **Net investment income** | $**187297** | $207713 | $195773 | $205100 | $190975 | $136829 | $**395009** | $358358 | $759229 |

---

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30,**<br>**2025** | **March 31,**<br>**2025** | **December 31,**<br>**2024** | **September 30,**<br>**2024** | **June 30,**<br>**2024** | **June 30,**<br>**2023** |
| **ASSETS** |  |  |  |  |  |  |
| Investments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturities, available for sale, at fair value | $**12137475** | $11865480 | $12152753 | $13768193 | $12585137 | $11564397 |
| &nbsp;&nbsp;&nbsp;Fixed maturities, held to maturity, at amortized cost | **405041** | 389571 | 443400 | 503776 | 637792 | 717310 |
| &nbsp;&nbsp;&nbsp;Equity securities, at fair value | **619275** | 574379 | 579274 | 604834 | 589899 | 596692 |
| &nbsp;&nbsp;&nbsp;Mortgage loans, held for investment, at fair value | **438571** | 457907 | 505697 | 524929 | 544859 | 609274 |
| &nbsp;&nbsp;&nbsp;Other investments, at fair value | **938922** | 938562 | 930278 | 939734 | 936680 | 970079 |
| &nbsp;&nbsp;&nbsp;Equity method investments | **215920** | 214240 | 206994 | 197712 | 193705 | 148183 |
| &nbsp;&nbsp;&nbsp;Short-term investments, at fair value | **51726** | 91330 | 223666 | 127867 | 57436 | 46282 |
| Total investments | **14806930** | 14531469 | 15042062 | 16667045 | 15545508 | 14652217 |
| Cash and cash equivalents | **1409201** | 3332767 | 3063621 | 1471326 | 1655063 | 1518270 |
| Accrued interest receivable | **108506** | 108392 | 114012 | 125770 | 118147 | 100915 |
| Insurance and reinsurance premium balances receivable | **4026994** | 3725518 | 3169355 | 3408271 | 3686819 | 3371439 |
| Reinsurance recoverable on unpaid losses and loss expenses | **9086900** | 6944518 | 6840897 | 6810929 | 6591821 | 5865609 |
| Reinsurance recoverable on paid losses and loss expenses | **637726** | 531105 | 546287 | 476045 | 483447 | 572757 |
| Deferred acquisition costs | **654950** | 626104 | 524837 | 574012 | 592067 | 586085 |
| Prepaid reinsurance premiums | **2223255** | 2175425 | 1936979 | 2020952 | 2113364 | 1767474 |
| Receivable for investments sold | **29099** | 39498 | 3693 | 871 | 11899 | 22102 |
| Goodwill | **66498** | 66498 | 66498 | 100801 | 100801 | 100801 |
| Intangible assets | **170842** | 173238 | 175967 | 178696 | 181426 | 192342 |
| Operating lease right-of-use assets | **89421** | 92299 | 92516 | 97912 | 101101 | 108511 |
| Loan advances made | **263779** | 272499 | 247775 | 283624 | 328921 | 78419 |
| Other assets | **576935** | 629844 | 695794 | 506394 | 568498 | 401575 |
| **TOTAL ASSETS** | $**34151036** | $33249174 | $32520293 | $32722648 | $32078882 | $29338516 |
| **LIABILITIES** |  |  |  |  |  |  |
| Reserve for losses and loss expenses | $**17879023** | $17489459 | $17218929 | $17295329 | $16738871 | $15419498 |
| Unearned premiums | **6154844** | 5859606 | 5211865 | 5452873 | 5674787 | 5139177 |
| Insurance and reinsurance balances payable | **1932269** | 1883746 | 1713798 | 1828297 | 2005126 | 1806433 |
| Debt | **1315936** | 1315555 | 1315179 | 1314806 | 1314438 | 1313006 |
| Federal Home Loan Bank advances | **66380** | 66380 | 66380 | 75580 | 85790 | 85790 |
| Payable for investments purchased | **79677** | 193752 | 269728 | 127609 | 118706 | 81835 |
| Operating lease liabilities | **106544** | 107289 | 106614 | 115176 | 116264 | 121922 |
| Other liabilities | **441965** | 430588 | 528421 | 429751 | 365429 | 349894 |
| **TOTAL LIABILITIES** | **27976638** | 27346375 | 26430914 | 26639421 | 26419411 | 24317555 |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |  |  |
| Preferred shares | **550000** | 550000 | 550000 | 550000 | 550000 | 550000 |
| Common shares | **2206** | 2206 | 2206 | 2206 | 2206 | 2206 |
| Additional paid-in capital | **2384659** | 2374804 | 2394063 | 2385905 | 2376244 | 2361185 |
| Accumulated other comprehensive income (loss) | **(21710)** | (152376) | (267557) | (76738) | (394968) | (630509) |
| Retained earnings | **7673246** | 7492484 | 7341569 | 7092817 | 6957185 | 6485901 |
| Treasury shares, at cost | **(4414003)** | (4364319) | (3930902) | (3870963) | (3831196) | (3747822) |
| **TOTAL SHAREHOLDERS' EQUITY** | **6174398** | 5902799 | 6089379 | 6083227 | 5659471 | 5020961 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $**34151036** | $33249174 | $32520293 | $32722648 | $32078882 | $29338516 |
| Debt to total capital **[a]** | **17.6%** | 18.2% | 17.8% | 17.8% | 18.8% | 20.7% |

---

 **[a]&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.

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CASH AND INVESTED ASSETS PORTFOLIO**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** | **At December 31, 2024** | **At December 31, 2024** |
| | **Cost or**<br>**Amortized** <br>**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** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;U.S. government and agency | $2378539 | $— | $17688 | $(9052) | $2387175 | 14.6% | $2802986 | 15.5% |
| &nbsp;&nbsp;&nbsp;Non-U.S. government | 767027 | (16) | 27373 | (3908) | 790476 | 4.9% | 729939 | 4.1% |
| &nbsp;&nbsp;&nbsp;Corporate debt | 4788604 | (4773) | 83530 | (55530) | 4811831 | 29.6% | 4842190 | 27.0% |
| &nbsp;&nbsp;&nbsp;Agency RMBS | 1767469 |  | 10280 | (36769) | 1740980 | 10.7% | 1184845 | 6.6% |
| &nbsp;&nbsp;&nbsp;CMBS | 840909 |  | 4906 | (22233) | 823582 | 5.1% | 819608 | 4.6% |
| &nbsp;&nbsp;&nbsp;Non-Agency RMBS | 190656 | (199) | 990 | (5296) | 186151 | 1.1% | 122536 | 0.7% |
| &nbsp;&nbsp;&nbsp;ABS | 1329187 | (55) | 10276 | (5729) | 1333679 | 8.2% | 1539832 | 8.6% |
| &nbsp;&nbsp;&nbsp;Municipals | 65149 |  | 359 | (1907) | 63601 | 0.4% | 110817 | 0.6% |
| **Total fixed maturities, available for sale, at fair value** | 12127540 | (5043) | 155402 | (140424) | 12137475 | 74.6% | 12152753 | 67.7% |
| **Fixed maturities, held to maturity, at amortized cost** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate debt | 128906 |  |  |  | 128906 | 0.8% | 122706 | 0.7% |
| &nbsp;&nbsp;&nbsp;ABS | 276135 |  |  |  | 276135 | 1.7% | 320694 | 1.8% |
| **Total fixed maturities, held to maturity, at amortized cost** | 405041 |  |  |  | 405041 | 2.5% | 443400 | 2.5% |
| **Equity securities, at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stocks | 3129 |  | 99 | (518) | 2710 | —% | 2638 | —% |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 11832 |  | 356 | (124) | 12064 | 0.1% | 5867 | —% |
| &nbsp;&nbsp;&nbsp;Exchange-traded funds | 229523 |  | 108452 | (266) | 337709 | 2.1% | 314042 | 1.7% |
| &nbsp;&nbsp;&nbsp;Bond mutual funds | 284590 |  | 9505 | (27303) | 266792 | 1.6% | 256727 | 1.5% |
| **Total equity securities, at fair value** | 529074 |  | 118412 | (28211) | 619275 | 3.8% | 579274 | 3.2% |
| **Total fixed maturities and equity securities** | $13061655 | $(5043) | $273814 | $(168635) | 13161791 | 80.9% | 13175427 | 73.4% |
| **Mortgage loans, held for investment** |  |  |  |  | 438571 | 2.7% | 505697 | 2.8% |
| **Other investments** |  |  |  |  | 938922 | 5.8% | 930278 | 5.2% |
| **Equity method investments** |  |  |  |  | 215920 | 1.3% | 206994 | 1.2% |
| **Short-term investments** |  |  |  |  | 51726 | 0.3% | 223666 | 1.2% |
| **Total investments** |  |  |  |  | 14806930 | 91.0% | 15042062 | 83.8% |
| **Cash and cash equivalents [a]** |  |  |  |  | 1409201 | 8.7% | 3063621 | 17.1% |
| **Accrued interest receivable** |  |  |  |  | 108506 | 0.7% | 114012 | 0.6% |
| **Net receivable/(payable) for investments sold (purchased)** | **Net receivable/(payable) for investments sold (purchased)** |  |  |  | (50578) | (0.4%) | (266035) | (1.5%) |
| **Total cash and invested assets** |  |  |  |  | $**16274059** | **100.0%** | $**17953660** | **100.0%** |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**Includes $557 million and $920 million of restricted cash and cash equivalents at June 30, 2025 and December 31, 2024, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **At June 30, 2025** | **At June 30, 2025** | **At December 31, 2024** | **At December 31, 2024** |
| | **Fair Value** | **Percentage** | **Fair Value** | **Percentage** |
| **Other Investments:** | | | | |
| Multi-strategy funds | $15290 | 1.6% | $24919 | 2.7% |
| Direct lending funds | 164979 | 17.6% | 171048 | 18.4% |
| Real estate funds | 291173 | 31.0% | 291640 | 31.3% |
| Private equity funds | 332835 | 35.5% | 320690 | 34.5% |
| Other privately held investments | 134645 | 14.3% | 121981 | 13.1% |
| **Total** | $**938922** | **100.0%** | $**930278** | **100.0%** |

---

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**CASH AND INVESTED ASSETS COMPOSITION**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **Q2 2023** |
| | **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 | **14.6%** | 14.3% | 15.5% | 15.5% | 15.4% | 17.2% |
| &nbsp;&nbsp;&nbsp;Non-U.S. government | **4.9%** | 4.0% | 4.1% | 4.5% | 4.4% | 3.6% |
| &nbsp;&nbsp;&nbsp;Corporate debt | **29.6%** | 26.0% | 27.0% | 31.6% | 29.6% | 26.7% |
| &nbsp;&nbsp;&nbsp;MBS: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agency RMBS | **10.7%** | 8.7% | 6.6% | 9.6% | 9.3% | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CMBS | **5.1%** | 4.8% | 4.6% | 4.5% | 4.8% | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-agency RMBS | **1.1%** | 1.1% | 0.7% | 0.7% | 0.7% | 0.8% |
| &nbsp;&nbsp;&nbsp;ABS | **8.2%** | 7.3% | 8.6% | 8.7% | 8.0% | 8.0% |
| &nbsp;&nbsp;&nbsp;Municipals | **0.4%** | 0.4% | 0.6% | 0.8% | 0.9% | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Maturities, available for sale | **74.6%** | 66.6% | 67.7% | 75.9% | 73.1% | 71.3% |
| Fixed Maturities, held to maturity: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate debt | **0.8%** | 0.7% | 0.7% | 0.7% | 0.6% | 0.6% |
| &nbsp;&nbsp;&nbsp;ABS | **1.7%** | 1.5% | 1.8% | 2.1% | 3.1% | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Fixed Maturities, held to maturity | **2.5%** | 2.2% | 2.5% | 2.8% | 3.7% | 4.4% |
| Equity securities | **3.8%** | 3.2% | 3.2% | 3.3% | 3.4% | 3.7% |
| Mortgage loans | **2.7%** | 2.6% | 2.8% | 2.9% | 3.2% | 3.8% |
| Other investments | **5.8%** | 5.3% | 5.2% | 5.2% | 5.4% | 6.0% |
| Equity method investments | **1.3%** | 1.2% | 1.2% | 1.1% | 1.1% | 0.9% |
| Short-term investments | **0.3%** | 0.5% | 1.2% | 0.7% | 0.4% | 0.3% |
| &nbsp;&nbsp;&nbsp;Total Investments | **91.0%** | 81.6% | 83.8% | 91.9% | 90.3% | 90.4% |
| Cash and cash equivalents | **8.7%** | 18.7% | 17.1% | 8.1% | 9.6% | 9.4% |
| Accrued interest receivable | **0.7%** | 0.6% | 0.6% | 0.7% | 0.7% | 0.6% |
| Net receivable/(payable) for investments sold (purchased) | **(0.4** **%)** | (0.9%) | (1.5%) | (0.7%) | (0.6%) | (0.4%) |
| 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 | **19.0%** | 20.8% | 22.3% | 19.7% | 20.2% | 22.7% |
| AAA **[a]** | **20.0%** | 20.3% | 21.2% | 20.1% | 21.0% | 34.8% |
| AA **[a]** | **23.4%** | 21.8% | 18.7% | 20.5% | 20.4% | 7.0% |
| A | **17.1%** | 16.8% | 16.6% | 17.8% | 16.8% | 15.6% |
| BBB | **9.8%** | 9.5% | 9.5% | 11.9% | 11.4% | 11.2% |
| Below BBB | **10.7%** | 10.8% | 11.7% | 10.0% | 10.2% | 8.7% |
| Total | **100.0%** | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| **MATURITY PROFILE OF FIXED MATURITIES** |  |  |  |  |  |  |
| Within one year | **5.5%** | 6.5% | 7.1% | 5.2% | 4.3% | 4.9% |
| From one to five years | **43.0%** | 43.0% | 44.7% | 43.4% | 42.7% | 42.3% |
| From five to ten years | **15.2%** | 15.2% | 14.9% | 17.1% | 18.0% | 16.2% |
| Above ten years | **1.6%** | 1.4% | 1.6% | 1.7% | 1.3% | 1.3% |
| Asset-backed and mortgage-backed securities | **34.7%** | 33.9% | 31.7% | 32.6% | 33.7% | 35.3% |
| &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 | **4.6%** | 4.5% | 4.5% | 4.4% | 4.4% | 3.9% |
| Yield to maturity of fixed maturities | **5.0%** | 5.2% | 5.3% | 4.9% | 5.7% | 5.9% |
| Average duration of fixed maturities (inclusive of duration hedges) | **3.1 yrs** | 3.0 yrs | 2.8 yrs | 3.0 yrs | 3.1 yrs | 2.9 yrs |
| Average credit quality of fixed maturities  | **A+** | A+ | A+ | A+ | A+ | AA- |

---

**[a]** Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS") and reflect the downgrade of the U.S. government on August 1, 2023.

------

![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

**At June 30, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Available for sale, at fair value** | **Agencies** | **AAA** | **AA** | **A** | **BBB** | **Non-Investment**<br>**Grade** | **Total** |
| Residential MBS | $1740980 | $179485 | $4807 | $251 | $77 | $1531 | $1927131 |
| Commercial MBS | 162484 | 590592 | 63957 | 5627 |  | 922 | 823582 |
| ABS |  | 1136692 | 103584 | 58220 | 33699 | 1484 | 1333679 |
| **Total mortgage-backed and asset-backed securities, available for sale, at fair value** | $**1903464** | $**1906769** | $**172348** | $**64098** | $**33776** | $**3937** | $**4084392** |
| **Percentage of total** | **46.6%** | **46.7%** | **4.2%** | **1.6%** | **0.8%** | **0.1%** | **100.0%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Held to maturity, at amortized cost** | **Agencies** | **AAA** | **AA** | **A** | **BBB** | **Non-Investment**<br>**Grade** | **Total** |
| ABS | $— | $123336 | $152799 | $— | $— | $— | $276135 |
| **Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost** | $**—** | $**123336** | $**152799** | $**—** | $**—** | $**—** | $**276135** |
| **Percentage of total** | **— %** | **44.7%** | **55.3%** | **— %** | **— %** | **— %** | **100.0%** |

---

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![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

**RESERVE FOR LOSSES AND LOSS EXPENSES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| | **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 | $17489459 | $(6944518) | $10544941 | $17218929 | $(6840897) | $10378032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incurred losses and loss expenses | 1317109 | (515355) | 801754 | 2595862 | (1008183) | 1587679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid losses and loss expenses | (1194110) | 400486 | (793624) | (2346015) | 783591 | (1562424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange and other **[a]** | 266565 | (2027513) | (1760948) | 410247 | (2021411) | (1611164) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period **[b]** | $17879023 | $(9086900) | $8792123 | $17879023 | $(9086900) | $8792123 |

---

**[a]&nbsp;&nbsp;&nbsp;&nbsp;**On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. At June 30, 2025, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $2.0 billion related to this transaction.

**[b]** At June 30, 2025, reserve for losses and loss expenses included IBNR of $12.2 billion, or 68% (December 31, 2024: $11.8 billion, or 68%).

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![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** |
| | **Insurance** | **Reinsurance** | **Total** | **Insurance** | **Reinsurance** | **Total** |
| Gross paid losses and loss expenses | $811798 | $382312 | $1194110 | $1533389 | $812626 | $2346015 |
| Reinsurance recoverable on paid losses and loss expenses | (310266) | (90220) | (400486) | (585083) | (198508) | (783591) |
| Net paid losses and loss expenses | 501532 | 292092 | 793624 | 948306 | 614118 | 1562424 |
| Change in gross case reserves | 68791 | (43632) | 25159 | 148517 | (106620) | 41897 |
| Change in gross IBNR | 33847 | 63993 | 97840 | 130550 | 77400 | 207950 |
| Change in reinsurance recoverable on unpaid losses and loss expenses | (42400) | (72469) | (114869) | (103515) | (121077) | (224592) |
| Change in net unpaid losses and loss expenses | 60238 | (52108) | 8130 | 175552 | (150297) | 25255 |
| **Total net incurred losses and loss expenses** | $561770 | $239984 | $801754 | $1123858 | $463821 | $1587679 |
| Gross reserve for losses and loss expenses | $10942913 | $6936110 | $17879023 | $10942913 | $6936110 | $17879023 |
| Net favorable prior year reserve development | $15216 | $5013 | $20229 | $29194 | $8972 | $38166 |
| **Key Ratios** |  |  |  |  |  |  |
| Net paid losses and loss expenses / Net incurred losses and loss expenses | 89.3% | 121.7% | 99.0% | 84.4% | 132.4% | 98.4% |
| Net paid losses and loss expenses / Net premiums earned | 48.6% | 81.0% | 57.0% | 46.4% | 88.8% | 57.1% |
| Net unpaid losses and loss expenses / Net premiums earned | 5.8% | (14.4%) | 0.5% | 8.6% | (21.7%) | 1.0% |
| **Net losses and loss expenses ratio** | 54.4% | 66.6% | 57.5% | 55.0% | 67.1% | 58.1% |

---

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![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income available to common shareholders | $**215795** | $204401 | $**402302** | $592300 |
| **WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:** |  |  |  |  |
| Weighted average common shares outstanding | **78378** | 84475 | **79757** | 84677 |
| Dilutive share equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation plans | **951** | 851 | **1088** | 832 |
| Weighted average diluted common shares outstanding | **79329** | 85326 | **80845** | 85509 |
| **EARNINGS PER COMMON SHARE** |  |  |  |  |
| Earnings per common share | **$2.75** | $2.42 | **$5.04** | $6.99 |
| Earnings per diluted common share | **$2.72** | $2.40 | **$4.98** | $6.93 |

---

**EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **Q2 2023** |
| Net income available to common shareholders | $**215795** | $186508 | $286069 | $173165 | $204401 | $143111 |
| **COMMON SHARES OUTSTANDING** |  |  |  |  |  |  |
| Common shares - at beginning of period | **78651** | 82984 | 83649 | 84179 | 84687 | 85183 |
| Shares issued and treasury shares reissued | **32** | 714 | 28 | 12 | 37 | 53 |
| Shares repurchased for treasury | **(510)** | (5047) | (693) | (542) | (545) | (20) |
| Common shares - at end of period | **78173** | 78651 | 82984 | 83649 | 84179 | 85216 |
| **WEIGHTED AVERAGE COMMON SHARES OUTSTANDING** |  |  |  |  |  |  |
| Weighted average common shares outstanding | **78378** | 81152 | 83380 | 83936 | 84475 | 85207 |
| Dilutive share equivalents: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation plans | **951** | 1226 | 1315 | 1064 | 851 | 605 |
| Weighted average diluted common shares outstanding | **79329** | 82378 | 84695 | 85000 | 85326 | 85812 |
| **EARNINGS PER COMMON SHARE** |  |  |  |  |  |  |
| Earnings per common share | **$2.75** | $2.30 | $3.43 | $2.06 | $2.42 | $1.68 |
| Earnings per diluted common share | **$2.72** | $2.26 | $3.38 | $2.04 | $2.40 | $1.67 |

---

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![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

---

| | | | |
|:---|:---|:---|:---|
| | **At June 30, 2025** | **At June 30, 2025** | **At June 30, 2025** |
| | **Common**<br>**Shareholders'**<br>**Equity** | **<br>Common Shares Outstanding, net of<br>Treasury Shares** | **Per share** |
| **Closing stock price** |  |  | **$103.82** |
| **Book value per common share** | $**5624398** | **78173** | **$71.95** |
| **Dilutive securities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted stock units |  | **1784** | **(1.61)** |
| **Book value per diluted common share** | $**5624398** | **79957** | **$70.34** |
|  | **At December 31, 2024** | **At December 31, 2024** | **At December 31, 2024** |
|  | **Common<br>Shareholders' Equity** | **<br>Common Shares Outstanding, net of<br>Treasury Shares** | **Per share** |
| **Closing stock price** |  |  | $88.62 |
| **Book value per common share** | $5539379 | 82984 | $66.75 |
| **Dilutive securities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted stock units |  | 1886 | (1.48) |
| **Book value per diluted common share** | $5539379 | 84870 | $65.27 |

---

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

**TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **Q2 2023** |
| **Common shareholders' equity** | $**5624398** | $5352799 | $5539379 | $5533227 | $5109471 | $4470961 |
| Less: goodwill | **(66498)** | (66498) | (66498) | (100801) | (100801) | (100801) |
| Less: intangible assets | **(170842)** | (173238) | (175967) | (178696) | (181426) | (192342) |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated tax impact | **46357** | 46909 | 47530 | 48507 | 49128 | 51613 |
| **Tangible common shareholders' equity** | $**5433415** | $5159972 | $5344444 | $5302237 | $4876372 | $4229431 |
| **Diluted common shares outstanding, net of treasury shares [a]** | **79957** | 80520 | 84870 | 85583 | 86172 | 87706 |
| **Book value per diluted common share** | $**70.34** | $66.48 | $65.27 | $64.65 | $59.29 | $50.98 |
| **Tangible book value per diluted common share** | $**67.95** | $64.08 | $62.97 | $61.95 | $56.59 | $48.22 |

---

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

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![axislogo1a01.jpg](axislogo1a01.jpg)

**AXIS CAPITAL HOLDINGS LIMITED**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income available to common shareholders** | $**215795** | $204401 | $**402302** | $592300 |
| Net investment (gains) losses | **(43468)** | 53479 | **(13462)** | 62687 |
| Foreign exchange losses (gains) | **94885** | (7384) | **151920** | (30936) |
| Reorganization expenses | **—** | 14014 | **—** | 26312 |
| Interest in (income) loss of equity method investments | **705** | (7900) | **(1586)** | (9069) |
| Amortization of Bermuda net deferred tax asset (2025) and Bermuda net deferred tax asset (2024) **[a]** | **3384** |  | **3384** | (162705) |
| Income tax benefit **[b]** | **(9997)** | (6621) | **(19440)** | (8435) |
| **Operating income** | $**261304** | $249989 | $**523118** | $470154 |
| **Earnings per diluted common share** | $**2.72** | $2.40 | $**4.98** | $6.93 |
| Net investment (gains) losses | **(0.55)** | 0.63 | **(0.17)** | 0.73 |
| Foreign exchange losses (gains) | **1.20** | (0.09) | **1.88** | (0.36) |
| Reorganization expenses | **—** | 0.16 | **—** | 0.31 |
| Interest in (income) loss of equity method investments | **0.01** | (0.09) | **(0.02)** | (0.11) |
| Amortization of Bermuda net deferred tax asset (2025) and Bermuda net deferred tax asset (2024) | **0.04** |  | **0.04** | (1.90) |
| Income tax benefit | **(0.13)** | (0.08) | **(0.24)** | (0.10) |
| **Operating income per diluted common share** | $**3.29** | $2.93 | $**6.47** | $5.50 |
| **Weighted average diluted common shares outstanding** | **79329** | 85326 | **80845** | 85509 |
| **Average common shareholders' equity** | $**5488599** | $5032313 | $**5581889** | $4911334 |
| **Annualized return on average common equity** | **15.7%** | 16.2% | **14.4%** | 24.1% |
| **Annualized operating return on average common equity** | **19.0%** | 19.9% | **18.7%** | 19.1% |

---

**[a]** Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

**[b]** Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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![axislogo1a01.jpg](axislogo1a01.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), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, 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.

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![axislogo1a01.jpg](axislogo1a01.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 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 and Federal Home Loan Bank advances. 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 in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to our "How We Work" program. 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 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>Current Accident Year Loss Ratio</u>*

Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the *'Financial Highlights'* section of this document.

*<u>Catastrophe and Weather-Related Losses Ratio</u> <u>and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses</u>*

Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

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![axislogo1a01.jpg](axislogo1a01.jpg)

Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the *'Financial Highlights'* 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, interest in income (loss) of equity method investments, amortization of Bermuda net deferred tax asset in 2025 and Bermuda net deferred tax asset in 2024 ("Bermuda deferred tax").

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 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 in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily related to impairments of computer software assets and severance costs attributable to our "How We Work" program. 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).

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![axislogo1a01.jpg](axislogo1a01.jpg)

Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense (benefit) is not related to the underwriting process. Therefore, this income 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, interest in income (loss) of equity method investments and Bermuda deferred tax in order 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, interest in income (loss) of equity method investments and Bermuda deferred tax 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.

<br>