Form 8-K - Current report

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 30, 2024

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

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 30, 2024, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its second quarter 2024 results and the availability of its second quarter 2024 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
99.1						Press release dated July 30, 2024
99.2						Second quarter 2024 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 30, 2024



			AXIS CAPITAL HOLDINGS LIMITED


			By:			/s/ Conrad D. Brooks
						Conrad D. Brooks
						Chief Administrative and Legal Officer


Cliff Gallant (Investor Contact):	(415) 262-6843;	investorrelations@axiscapital.com
Anna Kukowski (Media Contact):	(929) 254-8043;	anna.kukowski@axiscapital.com

AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $204 MILLION, or $2.40 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $250 MILLION, or $2.93 PER DILUTED COMMON SHARE

For the second quarter of 2024, the Company reports:

•Annualized return on average common equity ("ROACE") of 16.2% and annualized operating ROACE of 19.9%

•Improvement of 1.1 points in the combined ratio to 90.4%

•Book value per diluted common share of $59.29, an increase of $2.16, or 3.8%, compared to March 31, 2024

For the six months ended June 30, 2024, the Company reports:

•Net income available to common shareholders of $592 million, or $6.93 per diluted common share and operating income of $470 million, or $5.50 per diluted common share

•Annualized return on average common equity ("ROACE") of 24.1% and annualized operating ROACE of 19.1%

•Improvement of 0.4 points in the combined ratio to 90.8%

•Book value per diluted common share of $59.29, an increase of $5.23, or 9.7%, compared to December 31, 2023

Pembroke, Bermuda, July 30, 2024 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2024.

Commenting on the second quarter 2024 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

"This was an excellent quarter and first half of the year for AXIS defined by consistent, profitable results and strong diluted book value per share growth as we pursued our ambition of achieving specialty underwriting leadership. In the quarter, we delivered on our stated goals, producing an annualized operating ROE of 20%, record operating EPS of $2.93, and a combined ratio of 90.4%.

"We continued to lean into attractive specialty markets where we hold leadership positions, while tapping into our deep distribution relationships. In our specialty insurance business, we delivered a solid 87.9% combined ratio while generating an 8% increase in gross premiums written, 17% net premiums written growth, and record second quarter new business volume. Within reinsurance, we produced an 89.3% combined ratio and a 4% increase in premiums highlighted by targeted growth in specialty lines, reflecting our repositioning of AXIS Re as a focused, specialist reinsurer.

"During the quarter, we also took important steps forward in enhancing our operations through our "How We Work" transformation program. This included implementing operating model changes to improve productivity, reduce our cost structure, and allow for reinvestment into the business. In summary, we are pleased with our second quarter results, feel good about the actions we are taking across all aspects of our business, and are intent on building on our momentum."

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 1 -

Second Quarter Consolidated Results*

•Net income available to common shareholders for the second quarter of 2024 was $204 million, or $2.40 per diluted common share, compared to net income available to common shareholders of $143 million, or $1.67 per diluted common share, for the second quarter of 2023.

•Operating income1 for the second quarter of 2024 was $250 million, or $2.93 per diluted common share1, compared to operating income of $191 million, or $2.23 per diluted common share, for the second quarter of 2023.

•Net investment income for the second quarter of 2024 was $191 million, compared to $137 million, for the second quarter of 2023, an increase of $54 million or 40%, primarily attributable to income from our fixed maturities portfolio due to increased yields.

•Book yield of fixed maturities was 4.4% at June 30, 2024, compared to 3.9% at June 30, 2023. The market yield was 5.7% at June 30, 2024.

•Reorganization expenses of $14 million primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are excluded from operating income (loss).

•Book value per diluted common share was $59.29 at June 30, 2024, an increase of $2.16, or 3.8%, compared to March 31, 2024, driven by net income, partially offset by common share dividends declared of $0.44 per share.

•Book value per diluted common share increased by $8.31, or 16.3%, over the past twelve months, driven by net income, and net unrealized investment gains, partially offset by common share dividends declared of $1.76 per share.

•Adjusted for net unrealized investment losses, after-tax, book value per diluted common share was $63.54 at June 30, 2024, compared to $61.56 at March 31, 2024 and $58.01 at June 30, 2023.

•Total capital returned to common shareholders was $176 million year to date, including share repurchases of $100 million pursuant to our Board-authorized share repurchase program, and dividends of $76 million.

* Amounts may not reconcile due to rounding differences.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 2 -

Second Quarter Consolidated Underwriting Highlights2

•Gross premiums written increased by $156 million, or 7%, to $2.4 billion with an increase of $130 million, or 8% in the insurance segment, and an increase of $26 million, or 4% in the reinsurance segment.

•Net premiums written increased by $127 million, or 9%, to $1.6 billion with an increase of $173 million, or 17% in the insurance segment, partially offset by a decrease of $46 million, or 11% in the reinsurance segment.


	Three months ended June 30,
KEY RATIOS	2024		2023		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses(3) (4)	55.1	%	56.1	%	(1.0	pts)
Catastrophe and weather-related losses ratio(4)	3.6	%	2.6	%	1.0	pts
Current accident year loss ratio(4)	58.7	%	58.7	%	—	pts
Prior year reserve development ratio	—	%	(0.5	%)	0.5	pts
Net losses and loss expenses ratio	58.7	%	58.2	%	0.5	pts
Acquisition cost ratio	20.3	%	20.0	%	0.3	pts
General and administrative expense ratio	11.4	%	13.3	%	(1.9	pts)
Combined ratio	90.4	%	91.5	%	(1.1	pts)

Current accident year combined ratio	90.4	%	92.0	%	(1.6	pts)


Current accident year combined ratio, excluding catastrophe and weather-related losses	86.8	%	89.4	%	(2.6	pts)

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $47 million ($38 million, after-tax),(Insurance: $46 million; Reinsurance: $1 million), or 3.6 points, including $9 million, or 0.7 points attributable to the Red Sea Conflict.

•General and administrative expense ratio decreased by 1.9 points, mainly driven by continued expense discipline, increases in fees related to arrangements with strategic capital partners and net premiums earned.

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

3 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.

4 Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss 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 measure, net losses and loss expenses ratio is 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 Fax 441.405.2600

www.axiscapital.com

- 3 -

Year to Date Consolidated Underwriting Highlights

•Gross premiums written increased by $428 million, or 9%, to $5.1 billion with an increase of $289 million, or 9% in the insurance segment, and an increase of $140 million, or 9% in the reinsurance segment.

•Net premiums written increased by $241 million, or 8%, to $3.3 billion with an increase of $313 million, or 16% in the insurance segment, partially offset by a decrease of $72 million, or 6% in the reinsurance segment.


	Six months ended June 30,
KEY RATIOS	2024		2023		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.7	%	56.0	%	(0.3	pts)
Catastrophe and weather-related losses ratio	2.6	%	2.8	%	(0.2	pts)
Current accident year loss ratio	58.3	%	58.8	%	(0.5	pts)
Prior year reserve development ratio	—	%	(0.4	%)	0.4	pts
Net losses and loss expenses ratio	58.3	%	58.4	%	(0.1	pts)
Acquisition cost ratio	20.3	%	19.4	%	0.9	pts
General and administrative expense ratio	12.2	%	13.4	%	(1.2	pts)
Combined ratio	90.8	%	91.2	%	(0.4	pts)

Current accident year combined ratio	90.8	%	91.6	%	(0.8	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	88.2	%	88.8	%	(0.6	pts)

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $67 million ($54 million after-tax), (Insurance: $65 million; Reinsurance: $2 million), or 2.6 points, including $10 million, or 0.4 points attributable to the Red Sea Conflict.

•General and administrative expense ratio decreased by 1.2 points, mainly driven by continued expense discipline, increases in fees related to arrangements with strategic capital partners and net premiums earned.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 4 -

Segment Highlights

Insurance Segment


	Three months ended June 30,
($ in thousands)	2024			2023			Change
Gross premiums written	$	1,814,066		$	1,684,150		7.7	%
Net premiums written	1,194,197			1,021,021			17.0	%
Net premiums earned	958,212			842,751			13.7	%
Underwriting income	115,640			114,653			0.9	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.8		%	51.5		%	0.3	pts
Catastrophe and weather-related losses ratio	4.8		%	3.1		%	1.7	pts
Current accident year loss ratio	56.6		%	54.6		%	2.0	pts
Prior year reserve development ratio	—		%	(0.3		%)	0.3	pts
Net losses and loss expenses ratio	56.6		%	54.3		%	2.3	pts
Acquisition cost ratio	19.6		%	18.6		%	1.0	pts
Underwriting-related general and administrative expense ratio	11.7		%	13.5		%	(1.8	pts)
Combined ratio	87.9		%	86.4		%	1.5	pts

Current accident year combined ratio	87.9		%	86.7		%	1.2	pts


Current accident year combined ratio, excluding catastrophe and weather-related losses	83.1		%	83.6		%	(0.5	pts)

•Gross premiums written increased by $130 million, or 8%, primarily attributable to increases in property, credit and political risk, and accident and health lines due to new business, and marine and aviation lines due to premium adjustments, partially offset by decreases in cyber lines principally due to a reduction in premiums associated with program business, and liability lines principally due to underwriting actions taken to reposition the portfolio.

•Net premiums written increased by $173 million, or 17%, reflecting the increase in gross premiums written in the quarter, together with a decrease in premiums ceded in property, cyber and professional lines.

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

•The acquisition cost ratio increased by 1.0 point, primarily related to decreases in ceding commissions mainly in professional lines and cyber lines.

•The underwriting-related general and administrative expense ratio decreased by 1.8 points, mainly driven by an increase in net premiums earned and continued expense discipline.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 5 -


	Six months ended June 30,
($ in thousands)	2024			2023			Change
Gross premiums written	$	3,388,571		$	3,099,762		9.3	%
Net premiums written	2,216,551			1,903,597			16.4	%
Net premiums earned	1,876,159			1,659,206			13.1	%
Underwriting income	238,629			218,007			9.5	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.9		%	51.8		%	0.1	pts
Catastrophe and weather-related losses ratio	3.5		%	3.1		%	0.4	pts
Current accident year loss ratio	55.4		%	54.9		%	0.5	pts
Prior year reserve development ratio	—		%	(0.2		%)	0.2	pts
Net losses and loss expenses ratio	55.4		%	54.7		%	0.7	pts
Acquisition cost ratio	19.4		%	18.3		%	1.1	pts
Underwriting-related general and administrative expense ratio	12.5		%	13.9		%	(1.4	pts)
Combined ratio	87.3		%	86.9		%	0.4	pts

Current accident year combined ratio	87.3		%	87.1		%	0.2	pts

Current accident year combined ratio, excluding catastrophe and weather-related losses	83.8		%	84.0		%	(0.2	pts)

•Gross premiums written increased by $289 million, or 9%, primarily attributable to increases in all lines of business with the exception of cyber lines which decreased principally due to a reduction in premiums associated with program business and premium adjustments, and liability lines which decreased principally due to underwriting actions taken to reposition the portfolio.

•Net premiums written increased by $313 million, or 16%, reflecting the increase in gross premiums written, together with a decrease in premiums ceded in property, cyber and professional lines.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 6 -

Reinsurance Segment


	Three months ended June 30,
($ in thousands)	2024			2023			Change
Gross premiums written	$	626,170		$	600,228		4.3	%
Net premiums written	379,547			425,336			(10.8	%)
Net premiums earned	346,266			422,994			(18.1	%)
Underwriting income	45,517			33,839			34.5	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.2		%	65.3		%	(1.1	pts)
Catastrophe and weather-related losses ratio	0.3		%	1.4		%	(1.1	pts)
Current accident year loss ratio	64.5		%	66.7		%	(2.2	pts)
Prior year reserve development ratio	—		%	(0.8		%)	0.8	pts
Net losses and loss expenses ratio	64.5		%	65.9		%	(1.4	pts)
Acquisition cost ratio	22.3		%	22.8		%	(0.5	pts)
Underwriting-related general and administrative expense ratio	2.5		%	4.6		%	(2.1	pts)
Combined ratio	89.3		%	93.3		%	(4.0	pts)

Current accident year combined ratio	89.3		%	94.1		%	(4.8	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	89.0		%	92.7		%	(3.7	pts)

•Gross premiums written increased by $26 million, or 4% ($28 million, or 5%, on a constant currency basis(5)), primarily attributable to new business, increased line sizes and the timing of renewals, partially offset by a decrease in premium adjustments, and a decrease in credit and surety lines due to the timing of renewals of significant contracts.

•Net premiums written decreased by $46 million, or 11% ($44 million, or 10%, on a constant currency basis), reflecting an increase in premiums ceded to our strategic capital partners, partially offset by the increase in gross premiums written in the quarter.

•The current accident year loss ratio, excluding catastrophe and weather-related losses decreased by 1.1 points principally due to changes in business mix attributable to increases in credit and surety, and cyber business written in the recent periods which are associated with relatively lower loss ratios, and improved loss experience in marine and aviation lines, partially offset by elevated loss experience in run-off engineering lines.

•The acquisition cost ratio decreased by 0.5 points, primarily related to a decrease in costs associated with accident and health, and motor lines.

•The underwriting-related general and administrative expense ratio decreased by 2.1 points, mainly driven by an increase in fees related to arrangements with strategic capital partners and continued expense discipline, partially offset by a decrease in net premiums earned.

5 Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures is 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 Fax 441.405.2600

www.axiscapital.com

- 7 -


	Six months ended June 30,
($ in thousands)	2024			2023			Change
Gross premiums written	$	1,706,092		$	1,566,592		8.9	%
Net premiums written	1,079,266			1,151,116			(6.2	%)
Net premiums earned	686,360			836,738			(18.0	%)
Underwriting income	68,192			69,850			(2.4	%)

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	66.0		%	64.2		%	1.8	pts
Catastrophe and weather-related losses ratio	0.3		%	2.3		%	(2.0	pts)
Current accident year loss ratio	66.3		%	66.5		%	(0.2	pts)
Prior year reserve development ratio	—		%	(0.8		%)	0.8	pts
Net losses and loss expenses ratio	66.3		%	65.7		%	0.6	pts
Acquisition cost ratio	22.6		%	21.5		%	1.1	pts
Underwriting-related general and administrative expense ratio	3.6		%	5.2		%	(1.6	pts)
Combined ratio	92.5		%	92.4		%	0.1	pts

Current accident year combined ratio	92.5		%	93.2		%	(0.7	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	92.2		%	90.9		%	1.3	pts

•Gross premiums written increased by $140 million, or 9% ($130 million, or 8%, on a constant currency basis), primarily attributable to new business, increased line sizes and the timing of renewals, partially offset by a decrease in premium adjustments.

•Net premiums written decreased by $72 million, or 6% ($81 million, or 7%, on a constant currency basis), reflecting an increase in premiums ceded to our strategic capital partners, partially offset by the increase in gross premiums written.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 8 -

Investments


	Three months ended June 30,						Six months ended June 30,
($ in thousands)	2024			2023			2024			2023
Net investment income	$	190,975		$	136,829		$	358,358		$	270,601
Net investment gains (losses)	(53,479)			(24,370)			(62,687)			(44,558)
Change in net unrealized gains (losses) on fixed maturities(6)	21,232			(72,887)			(30,731)			140,034
Interest in income (loss) of equity method investments	7,900			2,100			9,069			(105)
Total	$	166,628		$	41,672		$	274,009		$	365,972

Average cash and investments(7)	$	16,932,010		$	16,077,600		$	16,887,183		$	15,951,158

Total return on average cash and investments, pre-tax:
Including investment related foreign exchange movements	1.0		%	0.3		%	1.6		%	2.3		%
Excluding investment related foreign exchange movements(8)	1.0		%	0.1		%	1.8		%	2.0		%

•Net investment income increased by $54 million, or 40%, compared to the second quarter of 2023, primarily attributable to income from our fixed maturities portfolio due to increased yields and fixed maturity assets.

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

•Change in net unrealized gains, pre-tax of $21 million ($22 million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter due to net realized losses recognized on the sale of fixed maturities, compared to change in net unrealized losses, pre-tax of $73 million ($93 million excluding foreign exchange movements) recognized during the second quarter of 2023.

•Book yield of fixed maturities was 4.4% at June 30, 2024, compared to 3.9% at June 30, 2023 and 4.2% at December 31, 2023. The market yield was 5.7% at June 30, 2024.

6 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.

7 The average cash and investments balance is the average of the monthly fair value balances.

8 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(5) million and $21 million for the three months ended June 30, 2024 and 2023, respectively and foreign exchange (losses) gains of $(30) million and $40 million for the six months ended June 30, 2024 and 2023, respectively.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 9 -

Capitalization / Shareholders’ Equity


	June 30,		December 31,
($ in thousands)	2024		2023		Change
Total capital(9)	$	6,973,909	$	6,576,910	$	396,999

•Total capital of $7.0 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $6.6 billion at December 31, 2023, with the increase driven by net income, partially offset by common share dividends declared, and the repurchase of common shares, including $100 million repurchased pursuant to our Board-authorized share repurchase program.

•At June 30, 2024, authorization under our Board-authorized share repurchase program for common share repurchases approved in December 2023 was exhausted.

•On May 16, 2024, the Company's Board of Directors approved a new share repurchase program for up to $300 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, 2024, we had $300 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases.

Book Value per diluted common share


	June 30,		March 31,		June 30,
	2024		2024		2023
Book value per diluted common share(10)	$	59.29	$	57.13	$	50.98

•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,				Twelve months ended,
	June 30, 2024				June 30, 2024
	Change		% Change		Change		% Change
Book value per diluted common share	$	2.16	3.8	%	$	8.31	16.3	%
Book value per diluted common share - adjusted for dividends declared	$	2.60	4.6	%	$	10.07	19.8	%

•Book value per diluted common share increased by $2.16 in the quarter, driven by net income, partially offset by common share dividends declared.

•Book value per diluted common share increased by $8.31 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 dividends declared.

•Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $63.54.

•Adjusted for dividends declared, the book value per diluted common share increased by $2.60 for the quarter, and increased by $10.07 over the past twelve months.

9 Total capital represents the sum of total shareholders' equity and debt.

10 Calculated using the treasury stock method.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 10 -

Conference Call

We will host a conference call on Wednesday, July 31, 2024 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), or 1-412-902-6506 (international callers), and entering the passcode 9099781 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), or 1-412-317-0088 (international callers), and entering the passcode 9537017. 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, 2024 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 $5.7 billion at June 30, 2024, 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 www.axiscapital.com.

Website and Social Media Disclosure

We use our website (www.axiscapital.com) 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 (www.axiscapital.com). The contents of our website and social media channels are not part of this press release.

Follow AXIS Capital on LinkedIn and X Corp.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023



	2024		2023

	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	12,585,137	$	12,234,742
Fixed maturities, held to maturity, at amortized cost	637,792		686,296
Equity securities, at fair value	589,899		588,511
Mortgage loans, held for investment, at fair value	544,859		610,148
Other investments, at fair value	936,680		949,413
Equity method investments	193,705		174,634
Short-term investments, at fair value	57,436		17,216
Total investments	15,545,508		15,260,960
Cash and cash equivalents	1,092,567		953,476
Restricted cash and cash equivalents	562,496		430,509
Accrued interest receivable	118,147		106,055
Insurance and reinsurance premium balances receivable	3,686,819		3,067,554
Reinsurance recoverable on unpaid losses and loss expenses	6,591,821		6,323,083
Reinsurance recoverable on paid losses and loss expenses	483,447		575,847
Deferred acquisition costs	592,067		450,950
Prepaid reinsurance premiums	2,113,364		1,916,087
Receivable for investments sold	11,899		8,767
Goodwill	100,801		100,801
Intangible assets	181,426		186,883

Operating lease right-of-use assets	101,101		108,093
Loan advances made	328,921		305,222
Other assets	568,498		456,385
Total assets	$	32,078,882	$	30,250,672

Liabilities
Reserve for losses and loss expenses	$	16,738,871	$	16,434,018
Unearned premiums	5,674,787		4,747,602
Insurance and reinsurance balances payable	2,005,126		1,792,719
Debt	1,314,438		1,313,714
Federal Home Loan Bank advances	85,790		85,790
Payable for investments purchased	118,706		26,093
Operating lease liabilities	116,264		123,101
Other liabilities	365,429		464,439
Total liabilities	26,419,411		24,987,476

Shareholders' equity
Preferred shares	550,000		550,000
Common shares	2,206		2,206
Additional paid-in capital	2,376,244		2,383,030
Accumulated other comprehensive income (loss)	(394,968)		(365,836)
Retained earnings	6,957,185		6,440,528
Treasury shares, at cost	(3,831,196)		(3,746,732)
Total shareholders' equity	5,659,471		5,263,196



Total liabilities and shareholders' equity	$	32,078,882	$	30,250,672

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023



	Three months ended				Six months ended
	2024		2023		2024		2023

	(in thousands, except per share amounts)
Revenues
Net premiums earned	$	1,304,478	$	1,265,745	$	2,562,519	$	2,495,944
Net investment income	190,975		136,829		358,358		270,601
Net investment gains (losses)	(53,479)		(24,370)		(62,687)		(44,558)
Other insurance related income	8,526		5,524		16,867		6,100
Total revenues	1,450,500		1,383,728		2,875,057		2,728,087

Expenses
Net losses and loss expenses	765,988		736,257		1,494,659		1,456,899
Acquisition costs	265,091		253,265		519,345		483,638
General and administrative expenses	148,441		168,503		311,813		335,314
Foreign exchange losses (gains)	(7,384)		30,104		(30,936)		38,814
Interest expense and financing costs	17,010		16,738		34,157		33,632
Reorganization expenses	14,014		—		26,312		—

Amortization of intangible assets	2,729		2,729		5,458		5,458
Total expenses	1,205,889		1,207,596		2,360,808		2,353,755

Income before income taxes and interest in income (loss) of equity method investments	244,611		176,132		514,249		374,332
Income tax (expense) benefit	(40,547)		(27,558)		84,107		(43,454)
Interest in income (loss) of equity method investments	7,900		2,100		9,069		(105)
Net income	211,964		150,674		607,425		330,773


Preferred share dividends	7,563		7,563		15,125		15,125

Net income available to common shareholders	$	204,401	$	143,111	$	592,300	$	315,648

Per share data
Earnings per common share:
Earnings per common share	$	2.42	$	1.68	$	6.99	$	3.71
Earnings per diluted common share	$	2.40	$	1.67	$	6.93	$	3.68
Weighted average common shares outstanding	84,475		85,207		84,677		85,036
Weighted average diluted common shares outstanding	85,326		85,812		85,509		85,833
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 Fax 441.405.2600

www.axiscapital.com

- 13 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2024 AND 2023



	2024									2023
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	1,814,066		$	626,170		$	2,440,236		$	1,684,150		$	600,228		$	2,284,378
Net premiums written	1,194,197			379,547			1,573,744			1,021,021			425,336			1,446,357
Net premiums earned	958,212			346,266			1,304,478			842,751			422,994			1,265,745
Other insurance related income (loss)	(61)			8,587			8,526			58			5,466			5,524
Net losses and loss expenses	(542,591)			(223,397)			(765,988)			(457,650)			(278,607)			(736,257)
Acquisition costs	(188,026)			(77,065)			(265,091)			(156,972)			(96,293)			(253,265)
Underwriting-related general and
administrative expenses(11)	(111,894)			(8,874)			(120,768)			(113,534)			(19,721)			(133,255)
Underwriting income(12)	$	115,640		$	45,517		161,157			$	114,653		$	33,839		148,492

Net investment income							190,975									136,829
Net investment gains (losses)							(53,479)									(24,370)
Corporate expenses(11)							(27,673)									(35,248)
Foreign exchange (losses) gains							7,384									(30,104)
Interest expense and financing costs							(17,010)									(16,738)
Reorganization expenses							(14,014)									—

Amortization of intangible assets							(2,729)									(2,729)
Income before income taxes and interest in income of equity method investments							244,611									176,132
Income tax (expense) benefit							(40,547)									(27,558)
Interest in income of equity method investments							7,900									2,100
Net income							211,964									150,674
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	204,401								$	143,111

Net losses and loss expenses ratio	56.6		%	64.5		%	58.7		%	54.3		%	65.9		%	58.2		%
Acquisition cost ratio	19.6		%	22.3		%	20.3		%	18.6		%	22.8		%	20.0		%
Underwriting-related general and administrative expense ratio	11.7		%	2.5		%	9.3		%	13.5		%	4.6		%	10.5		%
Corporate expense ratio							2.1		%							2.8		%
Combined ratio	87.9		%	89.3		%	90.4		%	86.4		%	93.3		%	91.5		%

11 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 $28 million and $35 million for the three months ended June 30, 2024 and 2023, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

12 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 Fax 441.405.2600

www.axiscapital.com

- 14 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023



	2024									2023
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	3,388,571		$	1,706,092		$	5,094,663		$	3,099,762		$	1,566,592		$	4,666,354
Net premiums written	2,216,551			1,079,266			3,295,817			1,903,597			1,151,116			3,054,713
Net premiums earned	1,876,159			686,360			2,562,519			1,659,206			836,738			2,495,944
Other insurance related income (loss)	(39)			16,906			16,867			112			5,988			6,100
Net losses and loss expenses	(1,039,455)			(455,204)			(1,494,659)			(907,117)			(549,782)			(1,456,899)
Acquisition costs	(364,055)			(155,290)			(519,345)			(304,030)			(179,608)			(483,638)
Underwriting-related general and
administrative expenses(13)	(233,981)			(24,580)			(258,561)			(230,164)			(43,486)			(273,650)
Underwriting income(14)	$	238,629		$	68,192		306,821			$	218,007		$	69,850		287,857

Net investment income							358,358									270,601
Net investment gains (losses)							(62,687)									(44,558)
Corporate expenses(13)							(53,252)									(61,664)
Foreign exchange (losses) gains							30,936									(38,814)
Interest expense and financing costs							(34,157)									(33,632)
Reorganization expenses							(26,312)									—

Amortization of intangible assets							(5,458)									(5,458)
Income before income taxes and interest in income (loss) of equity method investments							514,249									374,332
Income tax (expense) benefit							84,107									(43,454)
Interest in income (loss) of equity method investments							9,069									(105)
Net Income							607,425									330,773
Preferred share dividends							15,125									15,125
Net income available to common shareholders							$	592,300								$	315,648

Net losses and loss expenses ratio	55.4		%	66.3		%	58.3		%	54.7		%	65.7		%	58.4		%
Acquisition cost ratio	19.4		%	22.6		%	20.3		%	18.3		%	21.5		%	19.4		%

Underwriting-related general and administrative expense ratio	12.5		%	3.6		%	10.1		%	13.9		%	5.2		%	10.9		%
Corporate expense ratio							2.1		%							2.5		%
Combined ratio	87.3		%	92.5		%	90.8		%	86.9		%	92.4		%	91.2		%

13Underwriting-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 $53 million and $62 million for the six months ended June 30, 2024 and 2023, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

14Consolidated 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 Fax 441.405.2600

www.axiscapital.com

- 15 -

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, 2024 AND 2023



	Three months ended						Six months ended
	2024			2023			2024			2023
	(in thousands, except per share amounts)

Net income available to common shareholders	$	204,401		$	143,111		$	592,300		$	315,648
Net investment (gains) losses	53,479			24,370			62,687			44,558
Foreign exchange losses (gains)	(7,384)			30,104			(30,936)			38,814
Reorganization expenses	14,014			—			26,312			—
Interest in (income) loss of equity method investments	(7,900)			(2,100)			(9,069)			105
Bermuda net deferred tax asset(15)	—			—			(162,705)			—
Income tax benefit(16)	(6,621)			(4,308)			(8,435)			(7,893)
Operating income	$	249,989		$	191,177		$	470,154		$	391,232

Earnings per diluted common share	$	2.40		$	1.67		$	6.93		$	3.68
Net investment (gains) losses	0.63			0.28			0.73			0.52
Foreign exchange losses (gains)	(0.09)			0.35			(0.36)			0.45
Reorganization expenses	0.16			—			0.31			—
Interest in (income) loss of equity method investments	(0.09)			(0.02)			(0.11)			—
Bermuda net deferred tax asset	—			—			(1.90)			—
Income tax benefit	(0.08)			(0.05)			(0.10)			(0.09)
Operating income per diluted common share	$	2.93		$	2.23		$	5.50		$	4.56

Weighted average diluted common shares outstanding	85,326			85,812			85,509			85,833

Average common shareholders' equity	$	5,032,313		$	4,440,595		$	4,911,334		$	4,280,436

Annualized return on average common equity	16.2		%	12.9		%	24.1		%	14.7		%

Annualized operating return on average common equity(17)	19.9		%	17.2		%	19.1		%	18.3		%

15 Net deferred tax benefit due to the recognition of deferred tax assets net of deferred tax liabilities related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023.

16 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.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 16 -

Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates for 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, 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, 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:

Insurance Risk

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

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

•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;

•actual claims exceeding reserves for losses and loss expenses;

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 17 -

•losses related to the Israel-Hamas conflict and the associated conflict in the Red Sea, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•the adverse impact of social and economic inflation;

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

•the failure of our cedants to adequately evaluate risks;

Strategic Risk

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

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

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

•a decline in our ratings with rating agencies;

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

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

•the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;

Credit and Market Risk

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

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

•general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity and fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates;

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

Liquidity Risk

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

Operational Risk

•changes in accounting policies or practices;

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

•difficulties with technology and/or data security;

•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;

Regulatory Risk

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 18 -

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

Risks Related to Taxation

•changes in tax laws.

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 19 -

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").

Underwriting-Related General and Administrative Expenses

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 20 -

Consolidated Underwriting Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, 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 primarily relate 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 Fax 441.405.2600

www.axiscapital.com

- 21 -

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.

Current Accident Year Loss Ratio

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.

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses

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 Fax 441.405.2600

www.axiscapital.com

- 22 -

Current Accident Year Combined Ratio

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.

Current Accident Year Combined Ratio, excluding Catastrophe and Weather-Related Losses

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.

Operating Income (Loss)

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

Although the investment of premiums to generate income and 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 Fax 441.405.2600

www.axiscapital.com

- 23 -

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).

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 net deferred tax asset is due to the recognition of deferred tax assets net of deferred tax liabilities related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023 effective for fiscal years beginning on or after January 1, 2025. The Bermuda net deferred tax asset 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 net deferred tax asset in order to understand the profitability of recurring sources of income.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 24 -

that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this press release.

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

Constant Currency Basis

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2024

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Cliff Gallant

Investor Contact

(415) 262-6843

investorrelations@axiscapital.com

Website Information:

www.axiscapital.com

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS


						Page(s)
Basis of Presentation						i - iv
I. Financial Highlights						1
II. Income Statements
a. Consolidated Statement of Operations						2-6
b. Consolidated Segment Data						7
c. Gross Premiums Written by Segment by Line of Business						8
d. Consolidated Data						9
e. Segment Data						10-11
f . Net Investment Income						12
III. Balance Sheets
a. Consolidated Balance Sheets						13
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						14
• Cash and Invested Assets Composition						15
• Mortgage-Backed and Asset-Backed Securities Composition						16
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						17
b. Paid to Incurred Analysis by Segment						18
V. Share Analysis
a. Earnings Per Common Share Information						19
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						20
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						21
b. Rationale for the Use of Non-GAAP Financial Measures						22-25

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.

DEFINITIONS AND PRESENTATION

•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2023 and consolidated statements of operations for the years ended December 31, 2023 and December 31, 2022.

•Amounts may not reconcile due to rounding differences.

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates for 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, 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, 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:

Insurance Risk

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

•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;

•actual claims exceeding reserves for losses and loss expenses;

•losses related to the Israel-Hamas conflict and the associated conflict in the Red Sea, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•the adverse impact of social and economic inflation;

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

•the failure of our cedants to adequately evaluate risks;

Strategic Risk

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

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

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

•a decline in our ratings with rating agencies;

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

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

•the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

Credit and Market Risk

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

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

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

Liquidity Risk

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

Operational Risk

•changes in accounting policies or practices;

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

•difficulties with technology and/or data security;

•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;

Regulatory Risk

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

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

Risks Related to Taxation

•changes in tax laws.

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

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

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

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

Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects, 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 environmental liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products liability business predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

Cyber: provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, Payment Card Industry Data Security Standard and media liability.

Marine and Aviation: Marine provides cover for a range of exposures including offshore energy, renewable offshore energy, cargo, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases. Aviation provides hull and liability, and specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.

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

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

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis 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 and excess casualty.

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

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

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

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

Run-off lines

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

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended June 30,									Six months ended June 30,
		2024			2023			Change			2024			2023			Change

HIGHLIGHTS	Gross premiums written	$	2,440,236		$	2,284,378		6.8	%		$	5,094,663		$	4,666,354		9.2	%
	Gross premiums written - Insurance	74.3		%	73.7		%	0.6		pts	66.5		%	66.4		%	0.1		pts
	Gross premiums written - Reinsurance	25.7		%	26.3		%	(0.6)		pts	33.5		%	33.6		%	(0.1)		pts
	Net premiums written	$	1,573,744		$	1,446,357		8.8	%		$	3,295,817		$	3,054,713		7.9	%
	Net premiums earned	$	1,304,478		$	1,265,745		3.1	%		$	2,562,519		$	2,495,944		2.7	%
	Net premiums earned - Insurance	73.5		%	66.6		%	6.9		pts	73.2		%	66.5		%	6.7		pts
	Net premiums earned - Reinsurance	26.5		%	33.4		%	(6.9)		pts	26.8		%	33.5		%	(6.7)		pts
	Net income available to common shareholders	$	204,401		$	143,111		42.8%			$	592,300		$	315,648		87.6%
	Operating income [a]	$	249,989		$	191,177		30.8%			$	470,154		$	391,232		20.2	%
	Annualized return on average common equity [b]	16.2		%	12.9		%	3.3		pts	24.1		%	14.7		%	9.4		pts
	Annualized operating return on average common equity [c]	19.9		%	17.2		%	2.7		pts	19.1		%	18.3		%	0.8		pts
	Total shareholders’ equity	$	5,659,471		$	5,020,961		12.7	%		$	5,659,471		$	5,020,961		12.7	%


PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$2.40			$1.67			43.7%			$6.93			$3.68			88.3%
	Operating income per diluted common share [d]	$2.93			$2.23			31.4%			$5.50			$4.56			20.6	%
	Weighted average diluted common shares outstanding	85,326			85,812			(0.6	%)		85,509			85,833			(0.4	%)
	Book value per common share	$60.70			$52.47			15.7	%		$60.70			$52.47			15.7	%
	Book value per diluted common share (treasury stock method)	$59.29			$50.98			16.3	%		$59.29			$50.98			16.3	%
	Tangible book value per diluted common share (treasury stock method) [a]	$56.59			$48.22			17.4	%		$56.59			$48.22			17.4	%

FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses [a]	55.1		%	56.1		%	(1.0)		pts	55.7		%	56.0		%	(0.3)		pts
	Catastrophe and weather-related losses ratio [a]	3.6		%	2.6		%	1.0		pts	2.6		%	2.8		%	(0.2)		pts
	Current accident year loss ratio [a]	58.7		%	58.7		%	—		pts	58.3		%	58.8		%	(0.5)		pts
	Prior year reserve development ratio	—		%	(0.5		%)	0.5		pts	—		%	(0.4		%)	0.4		pts
	Net losses and loss expenses ratio	58.7		%	58.2		%	0.5		pts	58.3		%	58.4		%	(0.1)		pts
	Acquisition cost ratio	20.3		%	20.0		%	0.3		pts	20.3		%	19.4		%	0.9		pts
	General and administrative expense ratio [e]	11.4		%	13.3		%	(1.9)		pts	12.2		%	13.4		%	(1.2)		pts
	Combined ratio	90.4		%	91.5		%	(1.1)		pts	90.8		%	91.2		%	(0.4)		pts

INVESTMENT DATA	Total assets	$	32,078,882		$	29,338,516		9.3	%		$	32,078,882		$	29,338,516		9.3	%
	Total cash and invested assets [f]	$	17,211,911		$	16,211,669		6.2	%		$	17,211,911		$	16,211,669		6.2	%
	Net investment income	$	190,975		$	136,829		39.6	%		$	358,358		$	270,601		32.4	%
	Net investment gains (losses)	$	(53,479)		$	(24,370)		nm			$	(62,687)		$	(44,558)		40.7	%
	Book yield of fixed maturities	4.4		%	3.9		%	0.5		pts	4.4		%	3.9		%	0.5		pts

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023


				Three months ended June 30,						Six months ended June 30,
				2024			2023			2024			2023

Revenues
	Net premiums earned	$	1,304,478		$	1,265,745		$	2,562,519		$	2,495,944
	Net investment income	190,975			136,829			358,358			270,601
	Net investment gains (losses)	(53,479)			(24,370)			(62,687)			(44,558)
	Other insurance related income	8,526			5,524			16,867			6,100
	Total revenues			1,450,500			1,383,728			2,875,057			2,728,087

Expenses
	Net losses and loss expenses	765,988			736,257			1,494,659			1,456,899
	Acquisition costs	265,091			253,265			519,345			483,638
	General and administrative expenses	148,441			168,503			311,813			335,314
	Foreign exchange losses (gains)	(7,384)			30,104			(30,936)			38,814
	Interest expense and financing costs	17,010			16,738			34,157			33,632
	Reorganization expenses	14,014			—			26,312			—
	Amortization of intangible assets	2,729			2,729			5,458			5,458
	Total expenses			1,205,889			1,207,596			2,360,808			2,353,755

Income before income taxes and interest in income (loss) of equity method investments		244,611			176,132			514,249			374,332
	Income tax (expense) benefit	(40,547)			(27,558)			84,107			(43,454)
	Interest in income (loss) of equity method investments	7,900			2,100			9,069			(105)
Net income		211,964			150,674			607,425			330,773
	Preferred share dividends	7,563			7,563			15,125			15,125
Net income available to common shareholders		$	204,401		$	143,111		$	592,300		$	315,648

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


													Year ended December 31,
	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q2 2022		2023
UNDERWRITING REVENUES
Gross premiums written	$	2,440,236	$	2,654,427	$	1,784,293	$	1,905,878	$	2,284,378	$	2,113,483	$	8,356,525
Ceded premiums written	(866,492)		(932,354)		(712,038)		(930,521)		(838,021)		(796,636)		(3,254,200)
Net premiums written	1,573,744		1,722,073		1,072,255		975,357		1,446,357		1,316,847		5,102,325

Gross premiums earned	2,117,937		2,044,647		2,035,926		2,046,222		1,969,662		1,971,208		7,973,577
Ceded premiums earned	(813,459)		(786,606)		(770,653)		(723,658)		(703,917)		(694,156)		(2,889,796)
Net premiums earned	1,304,478		1,258,041		1,265,273		1,322,564		1,265,745		1,277,052		5,083,781
Other insurance related income	8,526		8,340		6,050		10,344		5,524		2,213		22,495
Total underwriting revenues	1,313,004		1,266,381		1,271,323		1,332,908		1,271,269		1,279,265		5,106,276

UNDERWRITING EXPENSES
Net losses and loss expenses	765,988		728,671		1,152,262		783,940		736,257		769,587		3,393,102
Acquisition costs	265,091		254,254		253,918		263,389		253,265		257,582		1,000,945
Underwriting-related general and administrative expenses [a]	120,768		137,793		139,216		138,601		133,255		135,403		551,467
Total underwriting expenses	1,151,847		1,120,718		1,545,396		1,185,930		1,122,777		1,162,572		4,945,514

UNDERWRITING INCOME (LOSS) [b]	161,157		145,663		(274,073)		146,978		148,492		116,693		160,762

OTHER (EXPENSES) REVENUES
Net investment income	190,975		167,383		186,937		154,201		136,829		92,214		611,742
Net investment gains (losses)	(53,479)		(9,207)		23,041		(53,114)		(24,370)		(173,263)		(74,630)
Corporate expenses [a]	(27,673)		(25,580)		(30,633)		(40,682)		(35,248)		(30,183)		(132,979)
Foreign exchange (losses) gains	7,384		23,552		(69,871)		50,570		(30,104)		57,000		(58,115)
Interest expense and financing costs	(17,010)		(17,147)		(18,344)		(16,445)		(16,738)		(15,241)		(68,421)
Reorganization expenses	(14,014)		(12,299)		—		(28,997)		—		(15,728)		(28,997)

Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(10,917)
Total other (expenses) revenues	83,454		123,973		88,401		62,804		27,640		(87,930)		237,683

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	244,611		269,636		(185,672)		209,782		176,132		28,763		398,445
Income tax (expense) benefit	(40,547)		124,654		41,762		(24,624)		(27,558)		4,965		(26,316)
Interest in income of equity method investments	7,900		1,169		1,328		2,940		2,100		1,050		4,163

NET INCOME (LOSS)	211,964		395,459		(142,582)		188,098		150,674		34,778		376,292
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(30,250)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	204,401	$	387,896	$	(150,145)	$	180,535	$	143,111	$	27,215	$	346,042

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


													Year ended December 31,
	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q2 2022		2023
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.1	%	56.4	%	55.4	%	56.3	%	56.1	%	55.3	%	55.9	%
Catastrophe and weather-related losses ratio	3.6	%	1.5	%	2.1	%	3.2	%	2.6	%	5.3	%	2.7	%
Current accident year loss ratio	58.7	%	57.9	%	57.5	%	59.5	%	58.7	%	60.6	%	58.6	%
Prior year reserve development ratio	—	%	—	%	33.6	%	(0.2	%)	(0.5	%)	(0.3	%)	8.1	%
Net losses and loss expenses ratio	58.7	%	57.9	%	91.1	%	59.3	%	58.2	%	60.3	%	66.7	%
Acquisition cost ratio	20.3	%	20.2	%	20.1	%	19.9	%	20.0	%	20.2	%	19.7	%
General and administrative expense ratio [a]	11.4	%	13.0	%	13.4	%	13.5	%	13.3	%	12.9	%	13.5	%
Combined ratio	90.4	%	91.1	%	124.6	%	92.7	%	91.5	%	93.4	%	99.9	%

Weighted average common shares outstanding	84,475		84,879		85,268		85,223		85,207		85,173		85,142
Weighted average diluted common shares outstanding [b]	85,326		85,693		85,268		86,108		85,812		85,843		86,012
Earnings (loss) per common share	$2.42		$4.57		($1.76)		$2.12		$1.68		$0.32		$4.06
Earnings (loss) per diluted common share	$2.40		$4.53		($1.76)		$2.10		$1.67		$0.32		$4.02
Annualized ROACE	16.2	%	32.1	%	(13.1	%)	16.1	%	12.9	%	2.5	%	7.9	%
Annualized operating ROACE	19.9	%	18.2	%	(9.3	%)	18.0	%	17.2	%	13.7	%	11.0	%

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

[b] Due to the net loss attributable to common shareholders recognized for the quarter ended December 31, 2023, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


	Six months ended June 30,						Year ended December 31,
	2024		2023		2022		2023		2022
UNDERWRITING REVENUES
Gross premiums written	$	5,094,663	$	4,666,354	$	4,748,091	$	8,356,525	$	8,214,595
Ceded premiums written	(1,798,846)		(1,611,641)		(1,618,372)		(3,254,200)		(2,951,539)
Net premiums written	3,295,817		3,054,713		3,129,719		5,102,325		5,263,056

Gross premiums earned	4,162,584		3,891,430		3,873,717		7,973,577		7,936,382
Ceded premiums earned	(1,600,065)		(1,395,486)		(1,338,420)		(2,889,796)		(2,776,056)
Net premiums earned	2,562,519		2,495,944		2,535,297		5,083,781		5,160,326
Other insurance related income	16,867		6,100		8,906		22,495		13,073
Total underwriting revenues	2,579,386		2,502,044		2,544,203		5,106,276		5,173,399

UNDERWRITING EXPENSES
Net losses and loss expenses	1,494,659		1,456,899		1,502,285		3,393,102		3,242,410
Acquisition costs	519,345		483,638		505,932		1,000,945		1,022,017
Underwriting-related general and administrative expenses [a]	258,561		273,650		280,499		551,467		550,289
Total underwriting expenses	2,272,565		2,214,187		2,288,716		4,945,514		4,814,716

UNDERWRITING INCOME [b]	306,821		287,857		255,487		160,762		358,683

OTHER (EXPENSES) REVENUES
Net investment income	358,358		270,601		183,569		611,742		418,829
Net investment gains (losses)	(62,687)		(44,558)		(267,771)		(74,630)		(456,789)
Corporate expenses [a]	(53,252)		(61,664)		(54,128)		(132,979)		(130,054)
Foreign exchange (losses) gains	30,936		(38,814)		101,274		(58,115)		157,945
Interest expense and financing costs	(34,157)		(33,632)		(30,805)		(68,421)		(63,146)
Reorganization expenses	(26,312)		—		(15,728)		(28,997)		(31,426)

Amortization of intangible assets	(5,458)		(5,458)		(5,458)		(10,917)		(10,917)
Total other (expenses) revenues	207,428		86,475		(89,047)		237,683		(115,558)

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	514,249		374,332		166,440		398,445		243,125
Income tax (expense) benefit	84,107		(43,454)		4,942		(26,316)		(22,037)
Interest in income (loss) of equity method investments	9,069		(105)		12,600		4,163		1,995

NET INCOME	607,425		330,773		183,982		376,292		223,083
Preferred share dividends	(15,125)		(15,125)		(15,125)		(30,250)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	592,300	$	315,648	$	168,857	$	346,042	$	192,833

[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.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


	Six months ended June 30,						Year ended December 31,
	2024		2023		2022		2023		2022
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.7	%	56.0	%	54.7	%	55.9	%	55.5	%
Catastrophe and weather-related losses ratio	2.6	%	2.8	%	5.1	%	2.7	%	7.8	%
Current accident year loss ratio	58.3	%	58.8	%	59.8	%	58.6	%	63.3	%
Prior year reserve development ratio	—	%	(0.4	%)	(0.5	%)	8.1	%	(0.5	%)
Net losses and loss expenses ratio	58.3	%	58.4	%	59.3	%	66.7	%	62.8	%
Acquisition cost ratio	20.3	%	19.4	%	20.0	%	19.7	%	19.8	%
General and administrative expense ratio [a]	12.2	%	13.4	%	13.1	%	13.5	%	13.2	%
Combined ratio	90.8	%	91.2	%	92.4	%	99.9	%	95.8	%

Weighted average common shares outstanding	84,677		85,036		85,068		85,142		84,864
Weighted average diluted common shares outstanding	85,509		85,833		85,826		86,012		85,669
Earnings per common share	$6.99		$3.71		$1.98		$4.06		$2.27
Earnings per diluted common share	$6.93		$3.68		$1.97		$4.02		$2.25
Annualized ROACE	24.1	%	14.7	%	7.5	%	7.9	%	4.3	%
Annualized operating ROACE	19.1	%	18.3	%	14.6	%	11.0	%	11.1	%

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Three months ended June 30, 2024									Six months ended June 30, 2024
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,814,066		$	626,170		$	2,440,236		$	3,388,571		$	1,706,092		$	5,094,663
Ceded premiums written	(619,869)			(246,623)			(866,492)			(1,172,020)			(626,826)			(1,798,846)
Net premiums written	1,194,197			379,547			1,573,744			2,216,551			1,079,266			3,295,817

Gross premiums earned	1,541,766			576,171			2,117,937			3,040,805			1,121,779			4,162,584
Ceded premiums earned	(583,554)			(229,905)			(813,459)			(1,164,646)			(435,419)			(1,600,065)
Net premiums earned	958,212			346,266			1,304,478			1,876,159			686,360			2,562,519
Other insurance related income (loss)	(61)			8,587			8,526			(39)			16,906			16,867
Total underwriting revenues	958,151			354,853			1,313,004			1,876,120			703,266			2,579,386

UNDERWRITING EXPENSES
Net losses and loss expenses	542,591			223,397			765,988			1,039,455			455,204			1,494,659
Acquisition costs	188,026			77,065			265,091			364,055			155,290			519,345
Underwriting-related general and administrative expenses	111,894			8,874			120,768			233,981			24,580			258,561
Total underwriting expenses	842,511			309,336			1,151,847			1,637,491			635,074			2,272,565

UNDERWRITING INCOME	$	115,640		$	45,517		$	161,157		$	238,629		$	68,192		$	306,821

Catastrophe and weather-related losses, net of reinstatement premiums	$	45,793		$	1,267		$	47,060		$	64,946		$	1,869		$	66,815
Net favorable prior year reserve development	$	—		$	—		$	—		$	—		$	—		$	—

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.8		%	64.2		%	55.1		%	51.9		%	66.0		%	55.7		%
Catastrophe and weather-related losses ratio	4.8		%	0.3		%	3.6		%	3.5		%	0.3		%	2.6		%
Current accident year loss ratio	56.6		%	64.5		%	58.7		%	55.4		%	66.3		%	58.3		%
Prior year reserve development ratio	—		%	—		%	—		%	—		%	—		%	—		%
Net losses and loss expenses ratio	56.6		%	64.5		%	58.7		%	55.4		%	66.3		%	58.3		%
Acquisition cost ratio	19.6		%	22.3		%	20.3		%	19.4		%	22.6		%	20.3		%
Underwriting-related general and administrative expense ratio	11.7		%	2.5		%	9.3		%	12.5		%	3.6		%	10.1		%
Corporate expense ratio							2.1		%							2.1		%
Combined ratio	87.9		%	89.3		%	90.4		%	87.3		%	92.5		%	90.8		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Six months ended June 30,				Year ended December 31,
	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q2 2022		2024		2023		2023

INSURANCE SEGMENT
Professional Lines	$	299,087	$	236,665	$	338,938	$	285,739	$	294,403	$	323,141	$	535,752	$	516,018	$	1,140,695
Property	641,147		478,835		426,500		395,269		533,479		400,529		1,119,982		914,818		1,736,586
Liability	311,563		287,705		327,723		316,433		328,768		306,541		599,268		612,795		1,256,951
Cyber	164,518		132,936		166,312		148,011		182,049		173,134		297,454		334,837		649,160
Marine and Aviation	219,850		262,010		162,766		169,819		205,153		153,796		481,860		438,576		771,162
Accident and Health	101,243		104,606		79,597		88,742		85,836		65,396		205,849		165,219		333,559
Credit and Political Risk	76,658		71,748		81,542		53,611		54,462		47,085		148,406		117,499		252,651
TOTAL INSURANCE SEGMENT	$	1,814,066	$	1,574,505	$	1,583,378	$	1,457,624	$	1,684,150	$	1,469,622	$	3,388,571	$	3,099,762	$	6,140,764

REINSURANCE SEGMENT
Liability	$	169,933	$	218,175	$	100,041	$	184,665	$	159,234	$	190,072	$	388,108	$	358,095	$	642,801
Accident and Health	32,376		310,792		15,524		64,463		20,696		9,971		343,169		316,681		396,668
Professional Lines	203,001		146,832		13,838		42,950		186,233		173,056		349,833		322,435		379,222
Credit and Surety	88,281		164,043		61,930		70,486		103,430		76,872		252,324		218,667		351,083
Motor	26,039		152,145		7,273		27,113		26,966		35,814		178,184		167,081		201,466
Agriculture	74,290		39,501		(931)		37,846		66,985		49,971		113,791		89,385		126,300
Marine and Aviation	22,881		46,134		2,740		6,954		22,034		25,198		69,015		52,563		62,260
Total	616,801		1,077,622		200,415		434,477		585,578		560,954		1,694,424		1,524,907		2,159,800

Run-off lines
Catastrophe	4,491		1,423		(3,414)		6,415		10,874		62,077		5,913		27,175		30,175
Property	2,013		(156)		2,795		5,271		3,842		20,386		1,857		13,447		21,513
Engineering	2,865		1,033		1,119		2,091		(66)		444		3,898		1,063		4,273
Total run-off lines	9,369		2,300		500		13,777		14,650		82,907		11,668		41,685		55,961
TOTAL REINSURANCE SEGMENT	$	626,170	$	1,079,922	$	200,915	$	448,254	$	600,228	$	643,861	$	1,706,092	$	1,566,592	$	2,215,761

CONSOLIDATED TOTAL	$	2,440,236	$	2,654,427	$	1,784,293	$	1,905,878	$	2,284,378	$	2,113,483	$	5,094,663	$	4,666,354	$	8,356,525

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


																			Year ended December 31,
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q2 2022			2023
UNDERWRITING REVENUES
Gross premiums written	$	2,440,236		$	2,654,427		$	1,784,293		$	1,905,878		$	2,284,378		$	2,113,483		$	8,356,525
Ceded premiums written	(866,492)			(932,354)			(712,038)			(930,521)			(838,021)			(796,636)			(3,254,200)
Net premiums written	1,573,744			1,722,073			1,072,255			975,357			1,446,357			1,316,847			5,102,325

Gross premiums earned	2,117,937			2,044,647			2,035,926			2,046,222			1,969,662			1,971,208			7,973,577
Ceded premiums earned	(813,459)			(786,606)			(770,653)			(723,658)			(703,917)			(694,156)			(2,889,796)
Net premiums earned	1,304,478			1,258,041			1,265,273			1,322,564			1,265,745			1,277,052			5,083,781
Other insurance related income	8,526			8,340			6,050			10,344			5,524			2,213			22,495
Total underwriting revenues	1,313,004			1,266,381			1,271,323			1,332,908			1,271,269			1,279,265			5,106,276

UNDERWRITING EXPENSES
Net losses and loss expenses	765,988			728,671			1,152,262			783,940			736,257			769,587			3,393,102
Acquisition costs	265,091			254,254			253,918			263,389			253,265			257,582			1,000,945
Underwriting-related general and administrative expenses	120,768			137,793			139,216			138,601			133,255			135,403			551,467
Total underwriting expenses	1,151,847			1,120,718			1,545,396			1,185,930			1,122,777			1,162,572			4,945,514

UNDERWRITING INCOME (LOSS)	$	161,157		$	145,663		$	(274,073)		$	146,978		$	148,492		$	116,693		$	160,762

Catastrophe and weather-related losses, net of reinstatement premiums	$	47,060		$	19,755		$	25,866		$	41,663		$	32,228		$	67,119		$	137,702
Net favorable (adverse) prior year reserve development	$	—		$	—		$	(425,001)		$	2,762		$	6,319		$	3,940		$	(411,882)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.1		%	56.4		%	55.4		%	56.3		%	56.1		%	55.3		%	55.9		%
Catastrophe and weather-related losses ratio	3.6		%	1.5		%	2.1		%	3.2		%	2.6		%	5.3		%	2.7		%
Current accident year loss ratio	58.7		%	57.9		%	57.5		%	59.5		%	58.7		%	60.6		%	58.6		%
Prior year reserve development ratio	—		%	—		%	33.6		%	(0.2		%)	(0.5		%)	(0.3		%)	8.1		%
Net losses and loss expenses ratio	58.7		%	57.9		%	91.1		%	59.3		%	58.2		%	60.3		%	66.7		%
Acquisition cost ratio	20.3		%	20.2		%	20.1		%	19.9		%	20.0		%	20.2		%	19.7		%
General and administrative expenses ratio [a]	11.4		%	13.0		%	13.4		%	13.5		%	13.3		%	12.9		%	13.5		%
Combined ratio	90.4		%	91.1		%	124.6		%	92.7		%	91.5		%	93.4		%	99.9		%

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

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA


																			Year ended December 31,
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q2 2022			2023
UNDERWRITING REVENUES
Gross premiums written	$	1,814,066		$	1,574,505		$	1,583,378		$	1,457,624		$	1,684,150		$	1,469,622		$	6,140,764
Ceded premiums written	(619,869)			(552,151)			(613,507)			(572,372)			(663,129)			(600,203)			(2,382,044)
Net premiums written	1,194,197			1,022,354			969,871			885,252			1,021,021			869,419			3,758,720

Gross premiums earned	1,541,766			1,499,039			1,485,956			1,463,578			1,393,438			1,285,275			5,713,667
Ceded premiums earned	(583,554)			(581,093)			(569,177)			(577,864)			(550,687)			(516,551)			(2,251,967)
Net premiums earned	958,212			917,946			916,779			885,714			842,751			768,724			3,461,700
Other insurance related income (loss)	(61)			21			(289)			(22)			58			237			(198)
Total underwriting revenues	958,151			917,967			916,490			885,692			842,809			768,961			3,461,502

UNDERWRITING EXPENSES
Net losses and loss expenses	542,591			496,864			681,515			491,368			457,650			421,836			2,080,001
Acquisition costs	188,026			176,029			175,050			169,384			156,972			144,732			648,463
Underwriting-related general and administrative expenses	111,894			122,087			121,600			120,330			113,534			108,577			472,094
Total underwriting expenses	842,511			794,980			978,165			781,082			728,156			675,145			3,200,558

UNDERWRITING INCOME (LOSS)	$	115,640		$	122,987		$	(61,675)		$	104,610		$	114,653		$	93,816		$	260,944

Catastrophe and weather-related losses, net of reinstatement premiums	$	45,793		$	19,153		$	23,074		$	37,145		$	26,440		$	27,989		$	111,040
Net favorable (adverse) prior year reserve development	$	—		$	—		$	(181,787)		$	1,609		$	2,784		$	2,773		$	(176,353)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.8		%	52.0		%	52.0		%	51.5		%	51.5		%	51.6		%	51.8		%
Catastrophe and weather-related losses ratio	4.8		%	2.1		%	2.5		%	4.2		%	3.1		%	3.6		%	3.2		%
Current accident year loss ratio	56.6		%	54.1		%	54.5		%	55.7		%	54.6		%	55.2		%	55.0		%
Prior year reserve development ratio	—		%	—		%	19.8		%	(0.2		%)	(0.3		%)	(0.3		%)	5.1		%
Net losses and loss expenses ratio	56.6		%	54.1		%	74.3		%	55.5		%	54.3		%	54.9		%	60.1		%
Acquisition cost ratio	19.6		%	19.2		%	19.1		%	19.1		%	18.6		%	18.8		%	18.7		%
Underwriting-related general and administrative expenses ratio	11.7		%	13.3		%	13.3		%	13.6		%	13.5		%	14.1		%	13.7		%
Combined ratio	87.9		%	86.6		%	106.7		%	88.2		%	86.4		%	87.8		%	92.5		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																			Year ended December 31,
	Q2 2024			Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q2 2022			2023
UNDERWRITING REVENUES
Gross premiums written	$	626,170		$	1,079,922		$	200,915		$	448,254		$	600,228		$	643,861		$	2,215,761
Ceded premiums written	(246,623)			(380,203)			(98,531)			(358,149)			(174,892)			(196,433)			(872,156)
Net premiums written	379,547			699,719			102,384			90,105			425,336			447,428			1,343,605

Gross premiums earned	576,171			545,608			549,970			582,644			576,224			685,933			2,259,910
Ceded premiums earned	(229,905)			(205,513)			(201,476)			(145,794)			(153,230)			(177,605)			(637,829)
Net premiums earned	346,266			340,095			348,494			436,850			422,994			508,328			1,622,081
Other insurance related income	8,587			8,319			6,339			10,366			5,466			1,976			22,693
Total underwriting revenues	354,853			348,414			354,833			447,216			428,460			510,304			1,644,774

UNDERWRITING EXPENSES
Net losses and loss expenses	223,397			231,807			470,747			292,572			278,607			347,751			1,313,101
Acquisition costs	77,065			78,225			78,868			94,005			96,293			112,850			352,482
Underwriting-related general and administrative expenses	8,874			15,706			17,616			18,271			19,721			26,826			79,373
Total underwriting expenses	309,336			325,738			567,231			404,848			394,621			487,427			1,744,956

UNDERWRITING INCOME (LOSS)	$	45,517		$	22,676		$	(212,398)		$	42,368		$	33,839		$	22,877		$	(100,182)

Catastrophe and weather-related losses, net of reinstatement premiums	$	1,267		$	602		$	2,792		$	4,518		$	5,788		$	39,130		$	26,662
Net favorable (adverse) prior year reserve development	$	—		$	—		$	(243,214)		$	1,153		$	3,535		$	1,167		$	(235,529)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.2		%	68.0		%	64.5		%	66.2		%	65.3		%	60.9		%	64.8		%
Catastrophe and weather-related losses ratio	0.3		%	0.2		%	0.8		%	1.0		%	1.4		%	7.7		%	1.6		%
Current accident year loss ratio	64.5		%	68.2		%	65.3		%	67.2		%	66.7		%	68.6		%	66.4		%
Prior year reserve development ratio	—		%	—		%	69.8		%	(0.2		%)	(0.8		%)	(0.2		%)	14.6		%
Net losses and loss expenses ratio	64.5		%	68.2		%	135.1		%	67.0		%	65.9		%	68.4		%	81.0		%
Acquisition cost ratio	22.3		%	23.0		%	22.6		%	21.5		%	22.8		%	22.2		%	21.7		%
Underwriting-related general and administrative expense ratio	2.5		%	4.6		%	5.1		%	4.2		%	4.6		%	5.3		%	4.9		%
Combined ratio	89.3		%	95.8		%	162.8		%	92.7		%	93.3		%	95.9		%	107.6		%

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


													Six months ended June 30,				Year ended December 31,
	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q2 2022		2024		2023		2023

Fixed maturities	$	154,023	$	139,396	$	139,183	$	133,006	$	124,390	$	72,607	$	293,419	$	242,652	$	514,842
Other investments	14,301		5,673		24,954		312		(5,341)		14,327		19,974		(4,855)		20,411
Equity securities	3,057		2,762		3,592		3,050		2,990		2,688		5,819		5,445		12,088
Mortgage loans	9,108		9,130		9,154		8,892		8,880		4,903		18,237		17,266		35,312
Cash and cash equivalents	13,733		13,661		14,622		14,465		11,161		3,679		27,395		21,174		50,261
Short-term investments	3,766		3,463		2,939		2,195		2,129		402		7,229		3,789		8,924

Gross investment income	197,988		174,085		194,444		161,920		144,209		98,606		372,073		285,471		641,838
Investment expenses	(7,013)		(6,702)		(7,507)		(7,719)		(7,380)		(6,392)		(13,715)		(14,870)		(30,096)

Net investment income	$	190,975	$	167,383	$	186,937	$	154,201	$	136,829	$	92,214	$	358,358	$	270,601	$	611,742

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,
	2024			2024			2023			2023			2023			2022
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,585,137		$	12,269,310		$	12,234,742		$	11,723,368		$	11,564,397		$	11,304,682
Fixed maturities, held to maturity, at amortized cost	637,792			693,042			686,296			712,840			717,310			641,428
Equity securities, at fair value	589,899			582,178			588,511			556,262			596,692			522,161
Mortgage loans, held for investment, at fair value	544,859			609,704			610,148			610,277			609,274			656,112
Other investments, at fair value	936,680			934,724			949,413			954,571			970,079			981,774
Equity method investments	193,705			182,594			174,634			162,412			148,183			158,893
Short-term investments, at fair value	57,436			75,879			17,216			115,959			46,282			65,683
Total investments	15,545,508			15,347,431			15,260,960			14,835,689			14,652,217			14,330,733
Cash and cash equivalents	1,655,063			1,841,574			1,383,985			1,267,315			1,518,270			1,497,928
Accrued interest receivable	118,147			107,131			106,055			99,978			100,915			73,873
Insurance and reinsurance premium balances receivable	3,686,819			3,517,242			3,067,554			3,207,444			3,371,439			3,174,117
Reinsurance recoverable on unpaid losses and loss expenses	6,591,821			6,503,188			6,323,083			6,031,527			5,865,609			5,008,583
Reinsurance recoverable on paid losses and loss expenses	483,447			472,660			575,847			594,375			572,757			510,613
Deferred acquisition costs	592,067			543,343			450,950			503,617			586,085			576,237
Prepaid reinsurance premiums	2,113,364			2,060,717			1,916,087			1,973,378			1,767,474			1,656,643
Receivable for investments sold	11,899			5,686			8,767			17,306			22,102			10,421
Goodwill	100,801			100,801			100,801			100,801			100,801			100,801
Intangible assets	181,426			184,155			186,883			189,612			192,342			203,259

Operating lease right-of-use assets	101,101			104,162			108,093			104,240			108,511			94,451
Loan advances made	328,921			345,065			305,222			138,012			78,419			70,365
Other assets	568,498			625,535			456,385			409,230			401,575			381,768
TOTAL ASSETS	$	32,078,882		$	31,758,690		$	30,250,672		$	29,472,524		$	29,338,516		$	27,689,792

LIABILITIES
Reserve for losses and loss expenses	$	16,738,871		$	16,630,897		$	16,434,018		$	15,555,256		$	15,419,498		$	14,398,039
Unearned premiums	5,674,787			5,353,827			4,747,602			4,995,785			5,139,177			4,963,138
Insurance and reinsurance balances payable	2,005,126			1,909,309			1,792,719			1,900,188			1,806,433			1,694,549
Debt	1,314,438			1,314,074			1,313,714			1,313,358			1,313,006			1,311,637
Federal Home Loan Bank advances	85,790			85,790			85,790			85,790			85,790			—
Payable for investments purchased	118,706			493,582			26,093			87,992			81,835			186,921
Operating lease liabilities	116,264			119,124			123,101			116,547			121,922			105,129
Other liabilities	365,429			346,932			464,439			384,400			349,894			327,748
TOTAL LIABILITIES	26,419,411			26,253,535			24,987,476			24,439,316			24,317,555			22,987,161

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,376,244			2,368,144			2,383,030			2,375,678			2,361,185			2,341,507
Accumulated other comprehensive income (loss)	(394,968)			(411,849)			(365,836)			(775,439)			(630,509)			(724,114)
Retained earnings	6,957,185			6,790,558			6,440,528			6,628,179			6,485,901			6,298,680
Treasury shares, at cost	(3,831,196)			(3,793,904)			(3,746,732)			(3,747,416)			(3,747,822)			(3,765,648)


TOTAL SHAREHOLDERS' EQUITY	5,659,471			5,505,155			5,263,196			5,033,208			5,020,961			4,702,631

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	32,078,882		$	31,758,690		$	30,250,672		$	29,472,524		$	29,338,516		$	27,689,792



Book value per common share	$60.70			$58.51			$55.26			$52.60			$52.47			$49.05
Book value per diluted common share	$59.29			$57.13			$54.06			$51.17			$50.98			$47.62
Tangible book value per diluted common share	$56.59			$54.42			$51.34			$48.44			$48.22			$44.74
Debt to total capital [a]	18.8		%	19.3		%	20.0		%	20.7		%	20.7		%	21.8		%

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

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO


	At June 30, 2024												At December 31, 2023
	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage			Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,713,759	$	—	$	6,506	$	(47,299)	$	2,672,966	15.4	%		$	3,007,528	18.1	%
Non-U.S. government	771,227		(74)		3,605		(23,250)		751,508		4.4	%		723,959		4.3	%
Corporate debt	5,271,600		(4,303)		30,067		(210,837)		5,086,527		29.6	%		4,474,172		26.7	%
Agency RMBS	1,692,741		—		2,304		(94,018)		1,601,027		9.3	%		1,634,661		9.8	%
CMBS	874,187		—		540		(50,012)		824,715		4.8	%		839,696		5.0	%
Non-Agency RMBS	138,135		(203)		456		(11,624)		126,764		0.7	%		153,396		0.9	%
ABS	1,386,533		(51)		2,661		(18,499)		1,370,644		8.0	%		1,242,971		7.4	%
Municipals	161,007		—		225		(10,246)		150,986		0.9	%		158,359		0.9	%
Total fixed maturities, available for sale, at fair value	13,009,189		(4,631)		46,364		(465,785)		12,585,137		73.1	%		12,234,742		73.1	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	105,192		—		—		—		105,192		0.6	%		95,200		0.6	%
ABS	532,600		—		—		—		532,600		3.1	%		591,096		3.5	%
Total fixed maturities, held to maturity, at amortized cost	637,792		—		—		—		637,792		3.7	%		686,296		4.1	%

Equity securities, at fair value
Common stocks	2,843		—		75		(423)		2,495		—	%		2,546		—	%
Preferred Stocks	5,810		—		144		(112)		5,842		—	%		5,601		—	%
Exchange-traded funds	188,625		—		109,531		(965)		297,191		1.7	%		287,275		1.7	%
Bond mutual funds	350,165		—		1,662		(67,456)		284,371		1.7	%		293,089		1.8	%
Total equity securities, at fair value	547,443		—		111,412		(68,956)		589,899		3.4	%		588,511		3.5	%

Total fixed maturities and equity securities	$	14,194,424	$	(4,631)	$	157,776	$	(534,741)	13,812,828		80.2	%		13,509,549		80.7	%
Mortgage loans, held for investment									544,859		3.2	%		610,148		3.6	%
Other investments									936,680		5.4	%		949,413		5.7	%
Equity method investments									193,705		1.1	%		174,634		1.0	%
Short-term investments									57,436		0.4	%		17,216		0.2	%
Total investments									15,545,508		90.3	%		15,260,960		91.2	%
Cash and cash equivalents [a]									1,655,063		9.6	%		1,383,985		8.3	%
Accrued interest receivable									118,147		0.7	%		106,055		0.6	%
Net receivable/(payable) for investments sold (purchased)									(106,807)		(0.6	%)		(17,326)		(0.1	%)
Total cash and invested assets									$	17,211,911	100.0	%		$	16,733,674	100.0	%

[a] Includes $562 million and $431 million of restricted cash and cash equivalents at June 30, 2024 and December 31, 2023, respectively.


	At June 30, 2024				At December 31, 2023
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	$	24,634	2.6	%	$	24,619	2.6	%

Direct lending funds	167,137		17.8	%	192,270		20.3	%
Real estate funds	309,793		33.1	%	317,325		33.4	%
Private equity funds	318,608		34.0	%	301,712		31.8	%
Other privately held investments	112,010		12.0	%	108,187		11.4	%
Collateralized loan obligations - equity tranches	4,498		0.5	%	5,300		0.5	%
Total	$	936,680	100.0	%	$	949,413	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q2 2022
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	15.4	%	15.6	%	18.1	%	17.6	%	17.2	%	15.5	%
Non-U.S. government	4.4	%	4.4	%	4.3	%	4.2	%	3.6	%	4.2	%
Corporate debt	29.6	%	29.2	%	26.7	%	26.2	%	26.7	%	27.6	%
MBS:
Agency RMBS	9.3	%	9.4	%	9.8	%	9.6	%	8.7	%	6.5	%
CMBS	4.8	%	4.9	%	5.0	%	5.4	%	5.4	%	6.9	%
Non-agency RMBS	0.7	%	0.8	%	0.9	%	0.9	%	0.8	%	0.9	%
ABS	8.0	%	7.8	%	7.4	%	7.9	%	8.0	%	9.3	%
Municipals	0.9	%	0.9	%	0.9	%	0.9	%	0.9	%	1.0	%

Total Fixed Maturities, available for sale	73.1	%	73.0	%	73.1	%	72.7	%	71.3	%	71.9	%
Fixed Maturities, held to maturity:
Corporate debt	0.6	%	0.6	%	0.6	%	0.6	%	0.6	%	0.4	%
ABS	3.1	%	3.5	%	3.5	%	3.8	%	3.8	%	3.7	%

Total Fixed Maturities, held to maturity	3.7	%	4.1	%	4.1	%	4.4	%	4.4	%	4.1	%
Equity securities	3.4	%	3.5	%	3.5	%	3.4	%	3.7	%	3.3	%
Mortgage loans	3.2	%	3.6	%	3.6	%	3.8	%	3.8	%	4.2	%
Other investments	5.4	%	5.6	%	5.7	%	5.9	%	6.0	%	6.2	%
Equity method investments	1.1	%	1.1	%	1.0	%	1.0	%	0.9	%	1.0	%
Short-term investments	0.4	%	0.4	%	0.2	%	0.8	%	0.3	%	0.4	%

Total Investments	90.3	%	91.3	%	91.2	%	92.0	%	90.4	%	91.1	%
Cash and cash equivalents	9.6	%	11.0	%	8.3	%	7.9	%	9.4	%	9.5	%
Accrued interest receivable	0.7	%	0.6	%	0.6	%	0.6	%	0.6	%	0.5	%
Net receivable/(payable) for investments sold (purchased)	(0.6	%)	(2.9	%)	(0.1	%)	(0.5	%)	(0.4	%)	(1.1	%)
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	20.2	%	20.0	%	23.3	%	23.0	%	22.7	%	20.4	%
AAA [a]	21.0	%	21.7	%	21.3	%	22.4	%	34.8	%	35.1	%
AA [a]	20.4	%	20.4	%	20.5	%	20.4	%	7.0	%	7.7	%
A	16.8	%	16.1	%	15.9	%	15.1	%	15.6	%	15.8	%
BBB	11.4	%	11.6	%	11.0	%	10.7	%	11.2	%	12.0	%
Below BBB	10.2	%	10.2	%	8.0	%	8.4	%	8.7	%	9.0	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	4.3	%	3.3	%	3.6	%	4.4	%	4.9	%	4.9	%
From one to five years	42.7	%	44.7	%	45.1	%	43.1	%	42.3	%	39.2	%
From five to ten years	18.0	%	16.3	%	15.6	%	15.7	%	16.2	%	18.1	%
Above ten years	1.3	%	1.3	%	1.2	%	1.1	%	1.3	%	2.0	%
Asset-backed and mortgage-backed securities	33.7	%	34.4	%	34.5	%	35.7	%	35.3	%	35.8	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.4	%	4.3	%	4.2	%	4.1	%	3.9	%	2.4	%
Yield to maturity of fixed maturities	5.7	%	5.6	%	5.4	%	6.2	%	5.9	%	4.3	%
Average duration of fixed maturities (inclusive of duration hedges)	3.1 yrs		3.0 yrs		3.0 yrs		3.0 yrs		2.9 yrs		3.0 yrs
Average credit quality of fixed maturities	A+		A+		AA-		AA-		AA-		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.

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At June 30, 2024


Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

Residential MBS	$	1,601,027		$	118,479		$	4,999		$	1,206		$	92		$	1,988		$	1,727,791
Commercial MBS	84,103			696,731			37,985			85			4,887			924			824,715
ABS	—			1,138,015			120,968			86,994			22,996			1,671			1,370,644

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,685,130		$	1,953,225		$	163,952		$	88,285		$	27,975		$	4,583		$	3,923,150

Percentage of total	43.0		%	49.8		%	4.2		%	2.3		%	0.7		%	—		%	100.0		%


Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

ABS	$	—		$	260,614		$	271,986		$	—		$	—		$	—		$	532,600

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	260,614		$	271,986		$	—		$	—		$	—		$	532,600

Percentage of total	—		%	48.9		%	51.1		%	—		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended June 30, 2024						Six months ended June 30, 2024
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses		Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses

Beginning of period	$	16,630,897	$	(6,503,188)	$	10,127,709	$	16,434,018	$	(6,323,083)	$	10,110,935
Incurred losses and loss expenses	1,241,694		(475,706)		765,988		2,478,886		(984,227)		1,494,659
Paid losses and loss expenses	(1,127,089)		379,293		(747,796)		(2,099,755)		688,663		(1,411,092)
Foreign exchange and other	(6,631)		7,780		1,149		(74,278)		26,826		(47,452)

End of period [a]	$	16,738,871	$	(6,591,821)	$	10,147,050	$	16,738,871	$	(6,591,821)	$	10,147,050

[a] At June 30, 2024, reserve for losses and loss expenses included IBNR of $11.3 billion, or 68% (December 31, 2023: $10.9 billion, or 66%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended June 30, 2024									Six months ended June 30, 2024
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	658,094		$	468,995		$	1,127,089		$	1,225,130		$	874,625		$	2,099,755
Reinsurance recoverable on paid losses and loss expenses	(271,647)			(107,646)			(379,293)			(490,861)			(197,802)			(688,663)
Net paid losses and loss expenses	386,447			361,349			747,796			734,269			676,823			1,411,092

Change in gross case reserves	12,434			(91,868)			(79,434)			38,333			(160,116)			(121,783)
Change in gross IBNR	199,522			(5,483)			194,039			479,087			21,827			500,914
Change in reinsurance recoverable on unpaid losses and loss expenses	(55,812)			(40,601)			(96,413)			(212,234)			(83,330)			(295,564)
Change in net unpaid losses and loss expenses	156,144			(137,952)			18,192			305,186			(221,619)			83,567

Total net incurred losses and loss expenses	$	542,591		$	223,397		$	765,988		$	1,039,455		$	455,204		$	1,494,659

Gross reserve for losses and loss expenses	$	10,000,929		$	6,737,942		$	16,738,871		$	10,000,929		$	6,737,942		$	16,738,871

Net favorable prior year reserve development	$	—		$	—		$	—		$	—		$	—		$	—

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	71.2		%	161.8		%	97.6		%	70.6		%	148.7		%	94.4		%

Net paid losses and loss expenses / Net premiums earned	40.3		%	104.4		%	57.3		%	39.1		%	98.6		%	55.1		%
Net unpaid losses and loss expenses / Net premiums earned	16.3		%	(39.9		%)	1.4		%	16.3		%	(32.3		%)	3.2		%
Net losses and loss expenses ratio	56.6		%	64.5		%	58.7		%	55.4		%	66.3		%	58.3		%

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023

Net income available to common shareholders	$	204,401	$	143,111	$	592,300	$	315,648

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,475		85,207		84,677		85,036
Dilutive share equivalents:
Share-based compensation plans	851		605		832		797
Weighted average diluted common shares outstanding	85,326		85,812		85,509		85,833

EARNINGS PER COMMON SHARE
Earnings per common share	$2.42		$1.68		$6.99		$3.71
Earnings per diluted common share	$2.40		$1.67		$6.93		$3.68

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD


	Q2 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q2 2022

Net income (loss) available (attributable) to common shareholders	$	204,401	$	387,896	$	(150,145)	$	180,535	$	143,111	$	27,215

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	84,687		85,286		85,228		85,216		85,183		85,276
Shares issued and treasury shares reissued	37		682		167		19		53		19
Shares repurchased for treasury	(545)		(1,281)		(109)		(7)		(20)		(640)
Common shares - at end of period	84,179		84,687		85,286		85,228		85,216		84,655

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,475		84,879		85,268		85,223		85,207		85,173
Dilutive share equivalents:

Share-based compensation plans [a]	851		814		—		885		605		670
Weighted average diluted common shares outstanding	85,326		85,693		85,268		86,108		85,812		85,843

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$2.42		$4.57		($1.76)		$2.12		$1.68		$0.32
Earnings (loss) per diluted common share	$2.40		$4.53		($1.76)		$2.10		$1.67		$0.32

[a] Due to the net loss attributable to common shareholders recognized for the quarter ended December 31, 2023, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

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


	At June 30, 2024

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

Closing stock price					$70.65

Book value per common share		$	5,109,471	84,179	$60.70

Dilutive securities:

Restricted stock units				1,993	(1.41)
Book value per diluted common share		$	5,109,471	86,172	$59.29

	At December 31, 2023

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

Closing stock price					$55.37

Book value per common share		$	4,713,196	85,286	$55.26



Dilutive securities:


Restricted stock units				1,903	(1.20)
Book value per diluted common share		$	4,713,196	87,189	$54.06

[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 2024		Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q2 2022

Common shareholders' equity	$	5,109,471	$	4,955,155	$	4,713,196	$	4,483,208	$	4,470,961	$	4,152,631
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(100,801)
Less: intangible assets	(181,426)		(184,155)		(186,883)		(189,612)		(192,342)		(203,259)
Associated tax impact	49,128		49,749		50,371		50,992		51,613		52,546
Tangible common shareholders' equity	$	4,876,372	$	4,719,948	$	4,475,883	$	4,243,787	$	4,229,431	$	3,901,117

Diluted common shares outstanding, net of treasury shares [a]	86,172		86,738		87,189		87,617		87,706		87,201

Book value per diluted common share	$	59.29	$	57.13	$	54.06	$	51.17	$	50.98	$	47.62

Tangible book value per diluted common share	$	56.59	$	54.42	$	51.34	$	48.44	$	48.22	$	44.74

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

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Three months ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Net income available to common shareholders	$	204,401		$	143,111		$	592,300		$	315,648
Net investment (gains) losses	53,479			24,370			62,687			44,558
Foreign exchange losses (gains)	(7,384)			30,104			(30,936)			38,814
Reorganization expenses	14,014			—			26,312			—
Interest in (income) loss of equity method investments	(7,900)			(2,100)			(9,069)			105
Bermuda net deferred tax asset [a]	—			—			(162,705)			—
Income tax benefit [b]	(6,621)			(4,308)			(8,435)			(7,893)
Operating income	$	249,989		$	191,177		$	470,154		$	391,232

Earnings per diluted common share	$	2.40		$	1.67		$	6.93		$	3.68
Net investment (gains) losses	0.63			0.28			0.73			0.52
Foreign exchange losses (gains)	(0.09)			0.35			(0.36)			0.45
Reorganization expenses	0.16			—			0.31			—
Interest in (income) loss of equity method investments	(0.09)			(0.02)			(0.11)			—
Bermuda net deferred tax asset	—			—			(1.90)			—
Income tax benefit	(0.08)			(0.05)			(0.10)			(0.09)
Operating income per diluted common share	$	2.93		$	2.23		$	5.50		$	4.56

Weighted average diluted common shares outstanding	85,326			85,812			85,509			85,833

Average common shareholders' equity	$	5,032,313		$	4,440,595		$	4,911,334		$	4,280,436

Annualized return on average common equity	16.2		%	12.9		%	24.1		%	14.7		%

Annualized operating return on average common equity	19.9		%	17.2		%	19.1		%	18.3		%

[a] Net deferred tax benefit due to the recognition of deferred tax assets net of deferred tax liabilities related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023.

[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.

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").

Underwriting-Related General and Administrative Expenses

Consolidated Underwriting Income (Loss)

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 relate to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses in 2023 primarily relate to impairments of computer software assets and severance costs mainly attributable to our "How We Work" program. Reorganization expenses in 2022 primarily relate to severance costs and impairments of computer software assets mainly attributable to our exit from catastrophe and property reinsurance lines of business which was part of an overall approach to reduce our exposure to volatile catastrophe risk. 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).

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.

Current Accident Year Loss Ratio

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses

Operating Income (Loss)

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).

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 net deferred tax asset 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 net deferred tax asset 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.

Tangible Book Value per Diluted Common Share

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.

Document and Entity Information Document and Entity Information	Jul. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001214816
Entity Registrant Name	AXIS CAPITAL HOLDINGS LTD
Entity Emerging Growth Company	false
Pre-commencement Tender Offer	false
Pre-commencement Tender Offer	false
Soliciting Material	false
Written Communications	false
Entity Tax Identification Number	98-0395986
Entity File Number	001-31721
Entity Incorporation, State or Country Code	D0
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jul. 30, 2024
Entity Address, Address Line One	92 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 08
City Area Code	441
Local Phone Number	496-2600
Common Stock
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	AXS
Title of 12(b) Security	Common shares, par value $0.0125 per share
Series E Preferred Stock
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	AXS PRE
Title of 12(b) Security	Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share

Cover	Jul. 30, 2024
Cover [Abstract]
Document Period End Date	Jul. 30, 2024

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