AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2022

	AXIS Capital Holdings Limited
	92 Pitts Bay Road
	Pembroke HM 08 Bermuda
	Contact Information:
	Mei Feng A. Zhang
	Investor Contact
	(212) 940-3312;
	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. Strategic Capital Partners	12
g. Net Investment Income	13
III. Balance Sheets
a. Consolidated Balance Sheets	14
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio	15
•    Cash and Invested Assets Composition	16
•    Corporate Debt Composition	17
•    Ten Largest Corporate Debt Holdings	18
•    Mortgage-Backed and Asset-Backed Securities Composition	19
c. Reinsurance Recoverable Analysis	20-21
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis	22
b. Paid to Incurred Analysis by Segment	23
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	24
V. Share Analysis
a. Earnings Per Common Share Information	25
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method	26
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	27
b. Rationale for the Use of Non-GAAP Financial Measures	28

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, 2021 and consolidated statements of operations for the years ended December 31, 2021 and December 31, 2020.

•Amounts may not reconcile due to rounding differences.

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

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

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 catastrophes and other weather-related losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including our exit from property reinsurance business, our expectations regarding pricing, other market conditions and economic conditions including inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

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

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

•the cyclical nature of the 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;

•the impact of global climate change on our business, including the possibility that we do not adequately assess or reserve for the increased frequency and severity of natural catastrophes;

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

•actual claims exceeding loss reserves;

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

•the adverse impact of inflation;

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

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

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

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

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

•difficulties with technology and/or data security;

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

•the failure of our cedants to adequately evaluate risks;

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

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

•a decline in our ratings with rating agencies;

•changes in accounting policies or practices;

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

i

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

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

•changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom's withdrawal from the European Union;

•changes in tax laws; and

•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. Readers are urged to carefully consider all such factors as the COVID-19 pandemic may have the effect of heightening many of the other risks and uncertainties described.

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

ii

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:

Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects and onshore renewable energy installations. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

Marine: provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability, recreational marine, fine art, specie, and hull war. Offshore energy coverage includes 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.

Terrorism: provides cover for physical damage and business interruption of an insured following an act of terrorism and includes kidnap and ransom, and crisis management insurance.

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.

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.

Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, cyberand privacy insurance, 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.

Liability: primarily targets primary and low to mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products liability business predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

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

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. The following are the lines of business in our reinsurance segment:

Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. The underlying policies principally cover property-related exposures but other exposures including workers compensation and personal accident are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis.

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

Credit and Surety: 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.

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.

Motor: provides protection to insurers for motor liability and property damage losses arising out of any one occurrence. A loss occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence. Traditional proportional and non-proportional reinsurance as well as structured solutions are offered.

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.

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.

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: includes specialty marine classes such as cargo, hull, pleasure craft, marine liability, inland marine and offshore energy. The principal perils covered by policies in this portfolio include physical loss, damage and/or liability arising from natural perils of the seas or land, man-made events including fire and explosion, stranding/sinking/salvage, pollution, shipowners and maritime employers liability. This business is written on a non-proportional and proportional basis. Aviation provides cover for airline, aerospace and general aviation exposures. This business is written on a proportional and non-proportional basis.

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.

iv

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

		Three months ended June 30,									Six months ended June 30,
		2022			2021			Change			2022			2021			Change
HIGHLIGHTS	Gross premiums written	$	2,113,483		$	1,941,186		8.9	%		$	4,748,091		$	4,476,667		6.1	%
	Gross premiums written - Insurance	69.5		%	65.3		%	4.2		pts	58.9		%	53.0		%	5.9		pts
	Gross premiums written - Reinsurance	30.5		%	34.7		%	(4.2)		pts	41.1		%	47.0		%	(5.9)		pts
	Net premiums written	$	1,316,847		$	1,203,858		9.4	%		$	3,129,719		$	2,982,744		4.9	%
	Net premiums earned	$	1,277,052		$	1,156,941		10.4	%		$	2,535,297		$	2,260,663		12.1	%
	Net premiums earned - Insurance	60.2		%	54.6		%	5.6		pts	60.0		%	55.2		%	4.8		pts
	Net premiums earned - Reinsurance	39.8		%	45.4		%	(5.6)		pts	40.0		%	44.8		%	(4.8)		pts
	Net income available to common shareholders	$	27,215		$	227,910		(88.1	%)		$	168,857		$	343,645		(50.9	%)
	Operating income [a]	148,991			170,508			(12.6	%)		328,819			253,247			29.8	%
	Annualized return on average common equity [b]	2.5		%	19.3		%	(16.8)		pts	7.5		%	14.3		%	(6.8)		pts
	Annualized operating return on average common equity [c]	13.7		%	14.4		%	(0.7)		pts	14.6		%	10.6		%	4.0		pts
	Total shareholders’ equity	$	4,702,631		$	5,389,760		(12.7	%)		$	4,702,631		$	5,389,760		(12.7	%)
PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$0.32			$2.67			(88.0	%)		$1.97			$4.04			(51.2	%)
	Operating income per diluted common share [d]	$1.74			$2.00			(13.0	%)		$3.83			$2.98			28.5	%
	Weighted average diluted common shares outstanding	85,843			85,267			0.7	%		85,826			85,117			0.8	%
	Book value per common share	$49.05			$57.09			(14.1	%)		$49.05			$57.09			(14.1	%)
	Book value per diluted common share (treasury stock method)	$47.62			$55.50			(14.2	%)		$47.62			$55.50			(14.2	%)
	Tangible book value per diluted common share (treasury stock method) [a]	$44.74			$52.50			(14.8	%)		$44.74			$52.50			(14.8	%)
FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	55.3		%	55.7		%	(0.4)		pts	54.7		%	55.4		%	(0.7)		pts
	Catastrophe and weather-related losses ratio	5.3		%	2.5		%	2.8		pts	5.1		%	6.2		%	(1.1)		pts
	Current accident year loss ratio	60.6		%	58.2		%	2.4		pts	59.8		%	61.6		%	(1.8)		pts
	Prior year reserve development ratio	(0.3		%)	(0.6		%)	0.3		pts	(0.5		%)	(0.5		%)	—		pts
	Net losses and loss expenses ratio	60.3		%	57.6		%	2.7		pts	59.3		%	61.1		%	(1.8)		pts
	Acquisition cost ratio	20.2		%	18.9		%	1.3		pts	20.0		%	19.4		%	0.6		pts
	General and administrative expense ratio [e]	12.9		%	14.1		%	(1.2)		pts	13.1		%	14.2		%	(1.1)		pts
	Combined ratio	93.4		%	90.6		%	2.8		pts	92.4		%	94.7		%	(2.3)		pts
INVESTMENT DATA	Total assets	$	27,619,427		$	27,581,730		0.1	%		$	27,619,427		$	27,581,730		0.1	%
	Total cash and invested assets [f]	$	15,726,034		$	16,107,625		(2.4	%)		$	15,726,034		$	16,107,625		(2.4	%)
	Net investment income	$	92,214		$	104,672		(11.9	%)		$	183,569		$	218,836		(16.1	%)
	Net investment gains (losses)	$	(173,263)		$	73,293		nm			$	(267,771)		$	102,936		nm
	Book yield of fixed maturities	2.4		%	2.0		%	0.4		pts	2.4		%	2.0		%	0.4		pts

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

[b]    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).

1

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021

		Three months ended June 30,				Six months ended June 30,
		2022		2021		2022		2021
Revenues
	Net premiums earned	$	1,277,052	$	1,156,941	$	2,535,297	$	2,260,663
	Net investment income	92,214		104,672		183,569		218,836
	Net investment gains (losses)	(173,263)		73,293		(267,771)		102,936
	Other insurance related income	2,213		5,817		8,906		8,598
	Total revenues	1,198,216		1,340,723		2,460,001		2,591,033
Expenses
	Net losses and loss expenses	769,587		666,473		1,502,285		1,381,190
	Acquisition costs	257,582		219,070		505,932		437,941
	General and administrative expenses	165,586		162,452		334,627		320,860
	Foreign exchange losses (gains)	(57,000)		19,602		(101,274)		23,716
	Interest expense and financing costs	15,241		15,235		30,805		30,806
	Reorganization expenses	15,728		—		15,728		—
	Amortization of value of business acquired	—		1,028		—		2,056
	Amortization of intangible assets	2,729		3,324		5,458		6,013
	Total expenses	1,169,453		1,087,184		2,293,561		2,202,582
Income before income taxes and interest in income of equity method investments		28,763		253,539		166,440		388,451
	Income tax (expense) benefit	4,965		(27,865)		4,942		(48,641)
	Interest in income of equity method investments	1,050		9,799		12,600		18,960
Net income		34,778		235,473		183,982		358,770
	Preferred share dividends	7,563		7,563		15,125		15,125
Net income available to common shareholders		$	27,215	$	227,910	$	168,857	$	343,645

2

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

													Year ended December 31,
	Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q2 2020		2021
UNDERWRITING REVENUES
Gross premiums written	$	2,113,483	$	2,634,608	$	1,562,828	$	1,646,489	$	1,941,186	$	1,716,183	$	7,685,984
Ceded premiums written	(796,636)		(821,736)		(615,420)		(650,018)		(737,328)		(660,249)		(2,759,360)
Net premiums written	1,316,847		1,812,872		947,408		996,471		1,203,858		1,055,934		4,926,624
Gross premiums earned	1,971,208		1,902,508		1,936,521		1,879,280		1,794,769		1,694,861		7,281,709
Ceded premiums earned	(694,156)		(644,262)		(698,761)		(667,853)		(637,828)		(590,858)		(2,571,859)
Net premiums earned	1,277,052		1,258,246		1,237,760		1,211,427		1,156,941		1,104,003		4,709,850
Other insurance related income	2,213		6,693		7,033		7,665		5,817		1,996		23,295
Total underwriting revenues	1,279,265		1,264,939		1,244,793		1,219,092		1,162,758		1,105,999		4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses	769,587		732,699		716,225		911,369		666,473		676,261		3,008,783
Acquisition costs	257,582		248,352		252,180		231,712		219,070		228,502		921,834
Underwriting-related general and administrative expenses [a]	135,403		145,096		140,379		134,826		128,961		113,824		536,834
Total underwriting expenses	1,162,572		1,126,147		1,108,784		1,277,907		1,014,504		1,018,587		4,467,451
UNDERWRITING INCOME (LOSS) [b]	116,693		138,792		136,009		(58,815)		148,254		87,412		265,694
OTHER (EXPENSES) REVENUES
Net investment income	92,214		91,355		128,128		107,339		104,672		45,040		454,301
Net investment gains (losses)	(173,263)		(94,508)		20,410		10,932		73,293		53,043		134,279
Corporate expenses [a]	(30,183)		(23,945)		(44,105)		(23,134)		(33,491)		(26,828)		(126,470)
Foreign exchange (losses) gains	57,000		44,273		(4,632)		28,032		(19,602)		(9,709)		(315)
Interest expense and financing costs	(15,241)		(15,564)		(15,543)		(15,954)		(15,235)		(20,595)		(62,302)
Reorganization expenses	(15,728)		—		—		—		—		(392)		—
Amortization of value of business acquired	—		—		(771)		(1,028)		(1,028)		(1,285)		(3,854)
Amortization of intangible assets	(2,729)		(2,729)		(3,260)		(3,149)		(3,324)		(2,855)		(12,424)
Total other (expenses) revenues	(87,930)		(1,118)		80,227		103,038		105,285		36,419		383,215
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	28,763		137,674		216,236		44,223		253,539		123,831		648,909
Income tax (expense) benefit	4,965		(24)		(12,557)		(1,186)		(27,865)		(10,893)		(62,384)
Interest in income of equity method investments	1,050		11,550		1,213		11,911		9,799		7,102		32,084
NET INCOME	34,778		149,200		204,892		54,948		235,473		120,040		618,609
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	27,215	$	141,637	$	197,329	$	47,385	$	227,910	$	112,477	$	588,359

[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.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

													Year ended December 31,
	Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q2 2020		2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.3	%	54.2	%	54.3	%	55.4	%	55.7	%	58.0	%	55.1	%
Catastrophe and weather-related losses ratio	5.3	%	4.7	%	4.3	%	20.7	%	2.5	%	3.5	%	9.5	%
Current accident year loss ratio	60.6	%	58.9	%	58.6	%	76.1	%	58.2	%	61.5	%	64.6	%
Prior year reserve development ratio	(0.3	%)	(0.7	%)	(0.7	%)	(0.9	%)	(0.6	%)	(0.2	%)	(0.7	%)
Net losses and loss expenses ratio	60.3	%	58.2	%	57.9	%	75.2	%	57.6	%	61.3	%	63.9	%
Acquisition cost ratio	20.2	%	19.7	%	20.4	%	19.1	%	18.9	%	20.7	%	19.6	%
General and administrative expense ratio [a]	12.9	%	13.5	%	14.8	%	13.1	%	14.1	%	12.7	%	14.0	%
Combined ratio	93.4	%	91.4	%	93.1	%	107.4	%	90.6	%	94.7	%	97.5	%
Weighted average common shares outstanding	85,173		84,961		84,774		84,771		84,764		84,303		84,707
Weighted average diluted common shares outstanding	85,843		85,808		85,591		85,336		85,267		84,600		85,291
Earnings per common share	$0.32		$1.67		$2.33		$0.56		$2.69		$1.33		$6.95
Earnings per diluted common share	$0.32		$1.65		$2.31		$0.56		$2.67		$1.33		$6.90
Annualized ROACE	2.5	%	12.0	%	16.4	%	3.9	%	19.3	%	10.0	%	12.2	%
Annualized operating ROACE	13.7	%	15.3	%	15.1	%	0.1	%	14.4	%	6.3	%	9.1	%

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

4

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

	Six months ended June 30,						Year ended December 31,
	2022		2021		2020		2021		2020
UNDERWRITING REVENUES
Gross premiums written	$	4,748,091	$	4,476,667	$	4,147,341	$	7,685,984	$	6,826,938
Ceded premiums written	(1,618,372)		(1,493,923)		(1,412,363)		(2,759,360)		(2,490,529)
Net premiums written	3,129,719		2,982,744		2,734,978		4,926,624		4,336,409
Gross premiums earned	3,873,717		3,465,908		3,352,273		7,281,709		6,768,733
Ceded premiums earned	(1,338,420)		(1,205,245)		(1,159,645)		(2,571,859)		(2,397,424)
Net premiums earned	2,535,297		2,260,663		2,192,628		4,709,850		4,371,309
Other insurance related income (loss)	8,906		8,598		(6,710)		23,295		(8,089)
Total underwriting revenues	2,544,203		2,269,261		2,185,918		4,733,145		4,363,220
UNDERWRITING EXPENSES
Net losses and loss expenses	1,502,285		1,381,190		1,584,335		3,008,783		3,281,252
Acquisition costs	505,932		437,941		467,152		921,834		929,517
Underwriting-related general and administrative expenses [a]	280,499		261,629		243,786		536,834		477,968
Total underwriting expenses	2,288,716		2,080,760		2,295,273		4,467,451		4,688,737
UNDERWRITING INCOME (LOSS) [b]	255,487		188,501		(109,355)		265,694		(325,517)
OTHER (EXPENSES) REVENUES
Net investment income	183,569		218,836		138,140		454,301		349,601
Net investment gains (losses)	(267,771)		102,936		(9,831)		134,279		129,133
Corporate expenses [a]	(54,128)		(59,231)		(53,926)		(126,470)		(101,822)
Foreign exchange (losses) gains	101,274		(23,716)		51,974		(315)		(81,069)
Interest expense and financing costs	(30,805)		(30,806)		(44,067)		(62,302)		(75,049)
Reorganization expenses	(15,728)		—		591		—		(7,881)
Amortization of value of business acquired	—		(2,056)		(3,083)		(3,854)		(5,139)
Amortization of intangible assets	(5,458)		(6,013)		(5,725)		(12,424)		(11,390)
Total other (expenses) revenues	(89,047)		199,950		74,073		383,215		196,384
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	166,440		388,451		(35,282)		648,909		(129,133)
Income tax (expense) benefit	4,942		(48,641)		(6,026)		(62,384)		12,321
Interest in income (loss) of equity method investments	12,600		18,960		(16,475)		32,084		(3,612)
NET INCOME (LOSS)	183,982		358,770		(57,783)		618,609		(120,424)
Preferred share dividends	(15,125)		(15,125)		(15,125)		(30,250)		(30,250)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	168,857	$	343,645	$	(72,908)	$	588,359	$	(150,674)

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

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

5

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS

	Six months ended June 30,						Year ended December 31,
	2022		2021		2020		2021		2020
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.7	%	55.4	%	57.5	%	55.1	%	57.7	%
Catastrophe and weather-related losses ratio	5.1	%	6.2	%	15.2	%	9.5	%	17.7	%
Current accident year loss ratio	59.8	%	61.6	%	72.7	%	64.6	%	75.4	%
Prior year reserve development ratio	(0.5	%)	(0.5	%)	(0.4	%)	(0.7	%)	(0.3	%)
Net losses and loss expenses ratio	59.3	%	61.1	%	72.3	%	63.9	%	75.1	%
Acquisition cost ratio	20.0	%	19.4	%	21.3	%	19.6	%	21.3	%
General and administrative expense ratio [a]	13.1	%	14.2	%	13.5	%	14.0	%	13.2	%
Combined ratio	92.4	%	94.7	%	107.1	%	97.5	%	109.6	%
Weighted average common shares outstanding	85,068		84,640		84,198		84,707		84,262
Weighted average diluted common shares outstanding [b]	85,826		85,117		84,198		85,291		84,262
Earnings (loss) per common share	$1.98		$4.06		($0.87)		$6.95		($1.79)
Earnings (loss) per diluted common share	$1.97		$4.04		($0.87)		$6.90		($1.79)
Annualized ROACE	7.5	%	14.3	%	(3.1	%)	12.2	%	(3.2	%)
Annualized operating ROACE	14.6	%	10.6	%	(3.9	%)	9.1	%	(3.7	%)

[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 six months ended June 30, 2020, and year ended December 31, 2020, the share equivalents were anti-dilutive.

6

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

	Three months ended June 30, 2022									Six months ended June 30, 2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,469,622		$	643,861		$	2,113,483		$	2,796,886		$	1,951,205		$	4,748,091
Ceded premiums written	(600,203)			(196,433)			(796,636)			(1,083,554)			(534,818)			(1,618,372)
Net premiums written	869,419			447,428			1,316,847			1,713,332			1,416,387			3,129,719
Gross premiums earned	1,285,275			685,933			1,971,208			2,518,557			1,355,160			3,873,717
Ceded premiums earned	(516,551)			(177,605)			(694,156)			(997,018)			(341,402)			(1,338,420)
Net premiums earned	768,724			508,328			1,277,052			1,521,539			1,013,758			2,535,297
Other insurance related income	237			1,976			2,213			319			8,587			8,906
Total underwriting revenues	768,961			510,304			1,279,265			1,521,858			1,022,345			2,544,203
UNDERWRITING EXPENSES
Net losses and loss expenses	421,836			347,751			769,587			827,579			674,706			1,502,285
Acquisition costs	144,732			112,850			257,582			283,543			222,389			505,932
Underwriting-related general and administrative expenses	108,577			26,826			135,403			222,527			57,972			280,499
Total underwriting expenses	675,145			487,427			1,162,572			1,333,649			955,067			2,288,716
UNDERWRITING INCOME	$	93,816		$	22,877		$	116,693		$	188,209		$	67,278		$	255,487
Catastrophe and weather-related losses, net of reinstatement premiums	$	27,989		$	39,130		$	67,119		$	60,719		$	66,476		$	127,195
Net favorable prior year reserve development	$	2,773		$	1,167		$	3,940		$	9,838		$	3,059		$	12,897
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.6		%	60.9		%	55.3		%	51.0		%	60.3		%	54.7		%
Catastrophe and weather-related losses ratio	3.6		%	7.7		%	5.3		%	4.0		%	6.6		%	5.1		%
Current accident year loss ratio	55.2		%	68.6		%	60.6		%	55.0		%	66.9		%	59.8		%
Prior year reserve development ratio	(0.3		%)	(0.2		%)	(0.3		%)	(0.6		%)	(0.3		%)	(0.5		%)
Net losses and loss expenses ratio	54.9		%	68.4		%	60.3		%	54.4		%	66.6		%	59.3		%
Acquisition cost ratio	18.8		%	22.2		%	20.2		%	18.6		%	21.9		%	20.0		%
Underwriting-related general and administrative expense ratio	14.1		%	5.3		%	10.5		%	14.7		%	5.7		%	11.0		%
Corporate expense ratio							2.4		%							2.1		%
Combined ratio	87.8		%	95.9		%	93.4		%	87.7		%	94.2		%	92.4		%

7

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

													Six months ended June 30,				Year ended December 31,
	Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q2 2020		2022		2021		2021
INSURANCE SEGMENT
Property	$	386,350	$	284,937	$	281,105	$	273,548	320,424		$	279,436	$	671,287	$	582,210	$	1,136,864
Marine	126,952		198,551		80,355		87,463		114,061		116,398		325,503		302,009		469,826
Terrorism	14,179		22,982		9,868		14,167		12,339		11,008		37,161		32,083		56,117
Aviation	26,844		25,967		27,711		32,954		29,742		23,794		52,811		50,143		110,809
Credit and Political Risk	47,085		47,499		55,360		27,651		43,140		28,002		94,584		80,592		163,602
Professional Lines	496,275		435,865		549,011		465,576		463,763		346,921		932,141		801,528		1,816,116
Liability	306,541		253,162		267,726		228,497		241,522		204,590		559,703		434,777		930,999
Accident and Health	65,396		58,301		43,927		46,644		43,481		27,419		123,696		88,328		178,899
TOTAL INSURANCE SEGMENT	$	1,469,622	$	1,327,264	$	1,315,063	$	1,176,500	$	1,268,472	$	1,037,568	$	2,796,886	$	2,371,670	$	4,863,232
REINSURANCE SEGMENT
Catastrophe	$	62,077	$	138,396	$	19,957	$	88,396	$	133,089	$	189,706	$	200,473	$	384,045	$	492,397
Property	20,386		76,323		4,042		38,584		44,325		54,751		96,709		170,780		213,406
Credit and Surety	76,872		103,876		31,667		55,807		37,413		50,332		180,748		120,634		208,108
Professional Lines	173,056		133,579		49,739		24,279		148,398		111,725		306,635		279,653		353,671
Motor	35,814		151,714		4,511		12,151		39,781		43,065		187,528		263,304		279,966
Liability	190,072		284,348		104,956		166,085		182,688		149,641		474,420		451,889		722,931
Engineering	444		10,065		(874)		(660)		(2,502)		3,006		10,509		(4,930)		(6,464)
Agriculture	49,971		27,826		10,822		11,992		46,874		43,896		77,796		63,314		86,128
Marine and Aviation	25,198		50,485		3,484		12,428		25,714		25,868		75,684		58,056		73,968
Accident and Health	9,971		330,732		19,461		60,927		16,934		6,625		340,703		318,252		398,641
TOTAL REINSURANCE SEGMENT	$	643,861	$	1,307,344	$	247,765	$	469,989	$	672,714	$	678,615	$	1,951,205	$	2,104,997	$	2,822,752
CONSOLIDATED TOTAL	$	2,113,483	$	2,634,608	$	1,562,828	$	1,646,489	$	1,941,186	$	1,716,183	$	4,748,091	$	4,476,667	$	7,685,984

8

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

																			Year ended December 31,
	Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q2 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	2,113,483		$	2,634,608		$	1,562,828		$	1,646,489		$	1,941,186		$	1,716,183		$	7,685,984
Ceded premiums written	(796,636)			(821,736)			(615,420)			(650,018)			(737,328)			(660,249)			(2,759,360)
Net premiums written	1,316,847			1,812,872			947,408			996,471			1,203,858			1,055,934			4,926,624
Gross premiums earned	1,971,208			1,902,508			1,936,521			1,879,280			1,794,769			1,694,861			7,281,709
Ceded premiums earned	(694,156)			(644,262)			(698,761)			(667,853)			(637,828)			(590,858)			(2,571,859)
Net premiums earned	1,277,052			1,258,246			1,237,760			1,211,427			1,156,941			1,104,003			4,709,850
Other insurance related income	2,213			6,693			7,033			7,665			5,817			1,996			23,295
Total underwriting revenues	1,279,265			1,264,939			1,244,793			1,219,092			1,162,758			1,105,999			4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses	769,587			732,699			716,225			911,369			666,473			676,261			3,008,783
Acquisition costs	257,582			248,352			252,180			231,712			219,070			228,502			921,834
Underwriting-related general and administrative expenses	135,403			145,096			140,379			134,826			128,961			113,824			536,834
Total underwriting expenses	1,162,572			1,126,147			1,108,784			1,277,907			1,014,504			1,018,587			4,467,451
UNDERWRITING INCOME (LOSS)	$	116,693		$	138,792		$	136,009		$	(58,815)		$	148,254		$	87,412		$	265,694
Catastrophe and weather-related losses, net of reinstatement premiums	$	67,119		$	60,076		$	54,209		$	249,830		$	28,562		$	36,047		$	442,859
Net favorable prior year reserve development	$	3,940		$	8,956		$	9,270		$	11,012		$	6,808		$	2,655		$	32,410
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.3		%	54.2		%	54.3		%	55.4		%	55.7		%	58.0		%	55.1		%
Catastrophe and weather-related losses ratio	5.3		%	4.7		%	4.3		%	20.7		%	2.5		%	3.5		%	9.5		%
Current accident year loss ratio	60.6		%	58.9		%	58.6		%	76.1		%	58.2		%	61.5		%	64.6		%
Prior year reserve development ratio	(0.3		%)	(0.7		%)	(0.7		%)	(0.9		%)	(0.6		%)	(0.2		%)	(0.7		%)
Net losses and loss expenses ratio	60.3		%	58.2		%	57.9		%	75.2		%	57.6		%	61.3		%	63.9		%
Acquisition cost ratio	20.2		%	19.7		%	20.4		%	19.1		%	18.9		%	20.7		%	19.6		%
Underwriting-related general and administrative expenses ratio	12.9		%	13.5		%	14.8		%	13.1		%	14.1		%	12.7		%	14.0		%
Combined ratio	93.4		%	91.4		%	93.1		%	107.4		%	90.6		%	94.7		%	97.5		%

9

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

																			Year ended December 31,
	Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q2 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	1,469,622		$	1,327,264		$	1,315,063		$	1,176,500		$	1,268,472		$	1,037,568		$	4,863,233
Ceded premiums written	(600,203)			(483,352)			(548,369)			(469,008)			(555,587)			(434,807)			(1,968,347)
Net premiums written	869,419			843,912			766,694			707,492			712,885			602,761			2,894,885
Gross premiums earned	1,285,275			1,233,281			1,212,644			1,142,550			1,076,900			952,241			4,445,035
Ceded premiums earned	(516,551)			(480,465)			(490,275)			(461,542)			(445,225)			(375,222)			(1,793,696)
Net premiums earned	768,724			752,816			722,369			681,008			631,675			577,019			2,651,339
Other insurance related income	237			82			227			468			552			755			1,662
Total underwriting revenues	768,961			752,898			722,596			681,476			632,227			577,774			2,653,001
UNDERWRITING EXPENSES
Net losses and loss expenses	421,836			405,745			383,246			442,681			332,175			337,367			1,514,998
Acquisition costs	144,732			138,812			136,172			123,529			106,963			116,259			484,344
Underwriting-related general and administrative expenses	108,577			113,950			121,505			104,905			99,569			89,751			429,282
Total underwriting expenses	675,145			658,507			640,923			671,115			538,707			543,377			2,428,624
UNDERWRITING INCOME	$	93,816		$	94,391		$	81,673		$	10,361		$	93,520		$	34,397		$	224,377
Catastrophe and weather-related losses, net of reinstatement premiums	$	27,989		$	32,730		$	22,654		$	104,873		$	11,088		$	15,786		$	174,559
Net favorable prior year reserve development	$	2,773		$	7,062		$	5,008		$	5,418		$	6,427		$	420		$	18,360
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.6		%	50.5		%	50.8		%	50.8		%	51.8		%	55.6		%	51.4		%
Catastrophe and weather-related losses ratio	3.6		%	4.3		%	2.9		%	15.0		%	1.8		%	2.9		%	6.4		%
Current accident year loss ratio	55.2		%	54.8		%	53.7		%	65.8		%	53.6		%	58.5		%	57.8		%
Prior year reserve development ratio	(0.3		%)	(0.9		%)	(0.6		%)	(0.8		%)	(1.0		%)	—		%	(0.7		%)
Net losses and loss expenses ratio	54.9		%	53.9		%	53.1		%	65.0		%	52.6		%	58.5		%	57.1		%
Acquisition cost ratio	18.8		%	18.4		%	18.9		%	18.1		%	16.9		%	20.1		%	18.3		%
Underwriting-related general and administrative expenses ratio	14.1		%	15.2		%	16.7		%	15.4		%	15.8		%	15.6		%	16.2		%
Combined ratio	87.8		%	87.5		%	88.7		%	98.5		%	85.3		%	94.2		%	91.6		%

10

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

																			Year ended December 31,
	Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q2 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	643,861		$	1,307,344		$	247,765		$	469,989		$	672,714		$	678,615		$	2,822,752
Ceded premiums written	(196,433)			(338,384)			(67,051)			(181,010)			(181,741)			(225,442)			(791,013)
Net premiums written	447,428			968,960			180,714			288,979			490,973			453,173			2,031,739
Gross premiums earned	685,933			669,227			723,877			736,730			717,869			742,620			2,836,674
Ceded premiums earned	(177,605)			(163,797)			(208,486)			(206,311)			(192,603)			(215,636)			(778,163)
Net premiums earned	508,328			505,430			515,391			530,419			525,266			526,984			2,058,511
Other insurance related income	1,976			6,611			6,806			7,197			5,265			1,241			21,633
Total underwriting revenues	510,304			512,041			522,197			537,616			530,531			528,225			2,080,144
UNDERWRITING EXPENSES
Net losses and loss expenses	347,751			326,954			332,979			468,688			334,298			338,894			1,493,785
Acquisition costs	112,850			109,540			116,008			108,183			112,107			112,243			437,490
Underwriting-related general and administrative expenses	26,826			31,146			18,874			29,921			29,392			24,073			107,552
Total underwriting expenses	487,427			467,640			467,861			606,792			475,797			475,210			2,038,827
UNDERWRITING INCOME (LOSS)	$	22,877		$	44,401		$	54,336		$	(69,176)		$	54,734		$	53,015		$	41,317
Catastrophe and weather-related losses, net of reinstatement premiums	$	39,130		$	27,346		$	31,555		$	144,957		$	17,474		$	20,261		$	268,300
Net favorable prior year reserve development	$	1,167		$	1,894		$	4,262		$	5,594		$	381		$	2,235		$	14,050
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	60.9		%	59.7		%	59.2		%	61.4		%	60.4		%	60.6		%	59.9		%
Catastrophe and weather-related losses ratio	7.7		%	5.4		%	6.2		%	28.0		%	3.3		%	4.1		%	13.3		%
Current accident year loss ratio	68.6		%	65.1		%	65.4		%	89.4		%	63.7		%	64.7		%	73.2		%
Prior year reserve development ratio	(0.2		%)	(0.4		%)	(0.8		%)	(1.0		%)	(0.1		%)	(0.4		%)	(0.6		%)
Net losses and loss expenses ratio	68.4		%	64.7		%	64.6		%	88.4		%	63.6		%	64.3		%	72.6		%
Acquisition cost ratio	22.2		%	21.7		%	22.5		%	20.4		%	21.3		%	21.3		%	21.3		%
Underwriting-related general and administrative expense ratio	5.3		%	6.1		%	3.7		%	5.6		%	5.7		%	4.6		%	5.1		%
Combined ratio	95.9		%	92.5		%	90.8		%	114.4		%	90.6		%	90.2		%	99.0		%

11

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

	Three months ended June 30,												Six months ended June 30,
	2022						2021						2022						2021
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,469,622	$	643,861	$	2,113,483	$	1,268,472	$	672,714	$	1,941,186	$	2,796,886	$	1,951,205	$	4,748,091	$	2,371,670	$	2,104,997	$	4,476,667
Premiums ceded to Harrington Re	6,438		89,122		95,560		2,316		67,915		70,231		10,425		218,936		229,361		4,045		185,477		189,522
Premiums ceded to Other Strategic Capital Partners	—		107,311		107,311		—		113,826		113,826		—		315,882		315,882		—		357,475		357,475
Premiums ceded to Other Reinsurers	593,765		—		593,765		553,271		—		553,271		1,073,129		—		1,073,129		946,926		—		946,926
Net premiums written	$	869,419	$	447,428	$	1,316,847	$	712,885	$	490,973	$	1,203,858	$	1,713,332	$	1,416,387	$	3,129,719	$	1,420,699	$	1,562,045	$	2,982,744
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income	$	—	$	1,609	$	1,609	$	—	$	4,921	$	4,921	$	—	$	7,665	$	7,665	$	—	$	6,626	$	6,626
Offset to general and administrative expenses	—		10,221		10,221		—		10,546		10,546		—		21,782		21,782		—		21,069		21,069
Total Fee income	$	—	$	11,830	$	11,830	$	—	$	15,467	$	15,467	$	—	$	29,447	$	29,447	$	—	$	27,695	$	27,695

[a] Total managed premiums represents gross premiums written of $2.1 billion and $1.9 billion for the three months ended June 30, 2022 and 2021, respectively, and $4.7 billion and $4.5 billion for the six months ended June 30, 2022 and 2021, respectively, and includes premiums written by the insurance and reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

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

12

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

													Six months ended June 30,				Year ended December 31,
	Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q2 2020		2022		2021		2021
Fixed maturities	$	72,607	$	64,809	$	67,623	$	63,712	$	61,244	$	80,459	$	137,416	$	130,714	$	262,049
Other investments	14,327		26,050		56,965		41,695		41,414		(37,580)		40,377		83,248		181,906
Equity securities	2,688		2,172		4,430		2,724		3,100		2,263		4,860		5,598		12,752
Mortgage loans	4,903		4,163		4,461		4,426		4,355		3,660		9,067		8,541		17,427
Cash and cash equivalents	3,679		1,118		808		692		617		2,392		4,797		2,953		4,454
Short-term investments	402		166		74		391		66		366		567		199		664
Gross investment income	98,606		98,478		134,361		113,640		110,796		51,560		197,084		231,253		479,252
Investment expenses	(6,392)		(7,123)		(6,233)		(6,301)		(6,124)		(6,520)		(13,515)		(12,417)		(24,951)
Net investment income	$	92,214	$	91,355	$	128,128	$	107,339	$	104,672	$	45,040	$	183,569	$	218,836	$	454,301

13

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,
	2022			2022			2021			2021			2021			2020
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	11,304,682		$	11,456,024		$	12,313,200		$	12,380,959		$	11,898,300		$	12,046,415
Fixed maturities, held to maturity, at amortized cost	641,428			493,509			446,016			416,879			403,370			—
Equity securities, at fair value	522,161			563,950			655,675			618,822			588,196			378,860
Mortgage loans, held for investment, at fair value	656,112			627,063			594,088			623,487			656,056			524,757
Other investments, at fair value	981,774			954,602			947,982			892,664			865,238			768,635
Equity method investments	158,893			157,843			146,293			145,080			133,169			101,346
Short-term investments, at fair value	65,683			70,385			31,063			68,267			112,862			34,337
Total investments	14,330,733			14,323,376			15,134,317			15,146,158			14,657,191			13,854,350
Cash and cash equivalents	1,497,928			1,706,711			1,317,690			1,499,204			1,589,443			1,648,833
Accrued interest receivable	73,873			64,906			64,350			62,423			63,215			68,880
Insurance and reinsurance premium balances receivable	3,174,117			3,163,990			2,622,676			2,978,996			3,393,777			3,527,147
Reinsurance recoverable on unpaid losses and loss expenses	5,008,583			4,957,080			5,017,611			4,989,645			4,626,454			4,160,521
Reinsurance recoverable on paid losses and loss expenses	510,613			612,027			642,215			506,503			467,180			395,990
Deferred acquisition costs	576,237			575,250			465,593			544,384			574,658			583,484
Prepaid reinsurance premiums	1,656,643			1,555,303			1,377,358			1,460,723			1,479,328			1,352,090
Receivable for investments sold	10,421			55,473			4,555			2,028			3,671			2,985
Goodwill	100,801			100,801			100,801			100,801			100,801			102,003
Intangible assets	203,259			205,988			208,717			211,557			214,286			225,092
Value of business acquired	—			—			—			770			1,798			5,909
Operating lease right-of-use assets	94,451			98,837			103,295			107,791			112,444			136,815
Other assets	381,768			388,816			309,792			324,154			297,484			295,074
TOTAL ASSETS	$	27,619,427		$	27,808,558		$	27,368,970		$	27,935,137		$	27,581,730		$	26,359,173
LIABILITIES
Reserve for losses and loss expenses	$	14,398,039		$	14,470,155		$	14,653,094		$	14,658,996		$	14,157,353		$	13,179,166
Unearned premiums	4,963,138			4,824,128			4,090,676			4,464,282			4,698,944			4,418,728
Insurance and reinsurance balances payable	1,624,184			1,522,258			1,324,620			1,442,729			1,409,772			1,365,799
Debt	1,311,637			1,311,304			1,310,975			1,310,650			1,310,328			1,309,076
Payable for investments purchased	186,921			127,284			31,543			239,073			205,895			350,347
Operating lease liabilities	105,129			113,340			119,512			123,874			130,174			141,621
Other liabilities	327,748			319,549			427,894			360,478			279,504			296,616
TOTAL LIABILITIES	22,916,796			22,688,018			21,958,314			22,600,082			22,191,970			21,061,353
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	2,341,507			2,328,986			2,346,179			2,336,895			2,326,288			2,317,354
Accumulated other comprehensive income (loss)	(724,114)			(338,300)			56,536			150,122			226,317			281,599
Retained earnings	6,298,680			6,308,712			6,204,745			6,044,843			6,034,151			5,913,029
Treasury shares, at cost	(3,765,648)			(3,731,064)			(3,749,010)			(3,749,011)			(3,749,202)			(3,766,368)
TOTAL SHAREHOLDERS' EQUITY	4,702,631			5,120,540			5,410,656			5,335,055			5,389,760			5,297,820
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	27,619,427		$	27,808,558		$	27,368,970		$	27,935,137		$	27,581,730		$	26,359,173
Common shares outstanding	84,655			85,276			84,774			84,773			84,767			84,306
Diluted common shares outstanding [a]	87,201			87,948			87,147			87,216			87,197			86,178
Book value per common share	$49.05			$53.60			$57.34			$56.45			$57.09			$56.32
Book value per diluted common share	$47.62			$51.97			$55.78			$54.86			$55.50			$55.09
Tangible book value per diluted common share	$44.74			$49.08			$52.84			$51.89			$52.50			$51.79
Debt to total capital [b]	21.8		%	20.4		%	19.5		%	19.7		%	19.6		%	19.8		%
Debt and preferred equity to total capital	31.0		%	28.9		%	27.7		%	28.0		%	27.8		%	28.1		%

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

[b]      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.

14

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

	At June 30, 2022												At December 31, 2021
	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	$	2,529,109	$	—	$	974	$	(91,774)	$	2,438,309	15.5	%	$	2,682,448	16.3	%
Non-U.S. government	705,258		—		172		(50,710)		654,720		4.2	%	795,178		4.8	%
Corporate debt	4,764,585		(7,180)		2,415		(418,763)		4,341,057		27.6	%	4,495,312		27.3	%
Agency RMBS	1,082,381		—		1,112		(64,369)		1,019,124		6.5	%	1,074,589		6.5	%
CMBS	1,143,767		—		45		(60,772)		1,083,040		6.9	%	1,248,191		7.6	%
Non-Agency RMBS	162,101		(86)		431		(14,342)		148,104		0.9	%	186,164		1.1	%
ABS	1,524,417		(28)		339		(68,578)		1,456,150		9.3	%	1,622,480		9.8	%
Municipals	174,511		—		29		(10,362)		164,178		1.0	%	208,838		1.3	%
Total fixed maturities, available for sale, at fair value	12,086,129		(7,294)		5,517		(779,670)		11,304,682		71.9	%	12,313,200		74.7	%
Fixed maturities, held to maturity, at amortized cost
Corporate debt	67,200		—		—		—		67,200		0.4	%	37,700		0.2	%
ABS	574,228		—		—		—		574,228		3.7	%	408,316		2.5	%
Total fixed maturities, held to maturity, at amortized cost	641,428		—		—		—		641,428		4.1	%	446,016		2.7	%
Equity securities, at fair value
Common stocks	2,998		—		434		(454)		2,978		—	%	1,364		—	%
Preferred Stocks	115		—		—		(19)		96		—	%	179		—	%
Exchange-traded funds	242,992		—		71,393		(8,328)		306,057		1.9	%	336,815		2.0	%
Bond mutual funds	277,093		—		—		(64,063)		213,030		1.4	%	317,317		2.0	%
Total equity securities, at fair value	523,198		—		71,827		(72,864)		522,161		3.3	%	655,675		4.0	%
Total fixed maturities and equity securities	$	13,250,755	$	(7,294)	$	77,344	$	(852,534)	12,468,271		79.3	%	13,414,891		81.4	%
Mortgage loans, held for investment									656,112		4.2	%	594,088		3.6	%
Other investments									981,774		6.2	%	947,982		5.7	%
Equity method investments									158,893		1.0	%	146,293		0.9	%
Short-term investments									65,683		0.4	%	31,063		0.2	%
Total investments									14,330,733		91.1	%	15,134,317		91.8	%
Cash and cash equivalents [a]									1,497,928		9.5	%	1,317,690		8.0	%
Accrued interest receivable									73,873		0.5	%	64,350		0.4	%
Net receivable/(payable) for investments sold (purchased)									(176,500)		(1.1	%)	(26,988)		(0.2	%)
Total cash and invested assets									$	15,726,034	100.0	%	$	16,489,369	100.0	%

[a]    Includes $653 million and $473 million of restricted cash and cash equivalents at June 30, 2022 and December 31, 2021, respectively.

	At June 30, 2022				At December 31, 2021
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:
Long/short equity funds	$	—	—	%	$	3,476	0.4	%
Multi-strategy funds	44,653		4.5	%	56,012		5.9	%
Direct lending funds	260,120		26.5	%	289,867		30.6	%
Real estate funds	289,811		29.5	%	238,222		25.1	%
Private equity funds	266,412		27.1	%	249,974		26.4	%
Other privately held investments	115,970		11.8	%	104,521		11.0	%
Collateralized loan obligations - equity tranches	4,808		0.6	%	5,910		0.6	%
Total	$	981,774	100.0	%	$	947,982	100.0	%

15

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

	Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q2 2020
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	15.5	%	14.3	%	16.3	%	16.3	%	15.9	%	13.2	%
Non-U.S. government	4.2	%	4.6	%	4.8	%	4.4	%	4.2	%	4.0	%
Corporate debt	27.6	%	27.9	%	27.3	%	27.6	%	27.9	%	30.6	%
MBS:
Agency RMBS	6.5	%	5.8	%	6.5	%	7.1	%	6.5	%	10.1	%
CMBS	6.9	%	7.2	%	7.6	%	7.4	%	7.1	%	9.0	%
Non-agency RMBS	0.9	%	1.1	%	1.1	%	1.2	%	1.3	%	0.8	%
ABS	9.3	%	9.6	%	9.8	%	10.0	%	9.3	%	10.1	%
Municipals	1.0	%	1.0	%	1.3	%	1.2	%	1.7	%	1.3	%
Total Fixed Maturities, available for sale	71.9	%	71.5	%	74.7	%	75.2	%	73.9	%	79.1	%
Fixed Maturities, held to maturity:
Corporate debt	0.4	%	0.3	%	0.2	%	0.1	%	—	%	—	%
ABS	3.7	%	2.8	%	2.5	%	2.4	%	2.5	%	—	%
Total Fixed Maturities, held to maturity	4.1	%	3.1	%	2.7	%	2.5	%	2.5	%	—	%
Equity securities	3.3	%	3.5	%	4.0	%	3.8	%	3.7	%	2.5	%
Mortgage loans	4.2	%	3.9	%	3.6	%	3.8	%	4.1	%	3.4	%
Other investments	6.2	%	6.0	%	5.7	%	5.4	%	5.4	%	5.0	%
Equity method investments	1.0	%	1.0	%	0.9	%	0.9	%	0.8	%	0.7	%
Short-term investments	0.4	%	0.4	%	0.2	%	0.4	%	0.6	%	0.3	%
Total Investments	91.1	%	89.4	%	91.8	%	92.0	%	91.0	%	91.0	%
Cash and cash equivalents	9.5	%	10.7	%	8.0	%	9.1	%	9.9	%	10.8	%
Accrued interest receivable	0.5	%	0.4	%	0.4	%	0.4	%	0.4	%	0.5	%
Net receivable/(payable) for investments sold (purchased)	(1.1	%)	(0.5	%)	(0.2	%)	(1.5	%)	(1.3	%)	(2.3	%)
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	20.4	%	19.0	%	21.0	%	21.0	%	20.7	%	16.7	%
AAA	35.1	%	35.0	%	35.2	%	36.1	%	35.2	%	38.9	%
AA	7.7	%	7.6	%	7.7	%	7.1	%	7.4	%	6.8	%
A	15.8	%	15.9	%	15.0	%	14.5	%	14.6	%	16.4	%
BBB	12.0	%	12.8	%	12.5	%	12.4	%	13.2	%	13.2	%
Below BBB	9.0	%	9.7	%	8.6	%	8.9	%	8.9	%	8.0	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year	4.9	%	4.2	%	3.9	%	4.0	%	4.3	%	3.3	%
From one to five years	39.2	%	38.5	%	38.5	%	38.3	%	38.7	%	36.3	%
From five to ten years	18.1	%	19.5	%	19.8	%	19.3	%	20.3	%	20.7	%
Above ten years	2.0	%	2.3	%	2.2	%	2.2	%	1.7	%	1.8	%
Asset-backed and mortgage-backed securities	35.8	%	35.5	%	35.6	%	36.2	%	35.0	%	37.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	2.4	%	2.1	%	1.9	%	1.9	%	2.0	%	2.5	%
Yield to maturity of fixed maturities	4.3	%	3.1	%	1.7	%	1.4	%	1.4	%	1.6	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0 yrs		3.1 yrs		3.0 yrs		3.1 yrs		3.1 yrs		3.4 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

16

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At June 30, 2022

	Fair Value or Net Carrying Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	804,687	18.5	%	5.1	%
Non-U.S. banks	371,507		8.6	%	2.4	%
Corporate/commercial finance	292,941		6.7	%	1.9	%
Insurance	168,233		3.9	%	1.1	%
Investment brokerage	91,266		2.1	%	0.6	%
Total financial institutions	1,728,634		39.8	%	11.1	%
Consumer non-cyclicals	367,009		8.5	%	2.3	%
Communications	230,406		5.3	%	1.5	%
Consumer cyclical	196,569		4.5	%	1.2	%
Utilities	194,202		4.5	%	1.2	%
Technology	158,293		3.6	%	1.0	%
Industrials	134,127		3.1	%	0.9	%
Energy	132,237		3.0	%	0.8	%
Transportation	95,935		2.2	%	0.6	%
Non-U.S. government guaranteed	87,718		2.0	%	0.6	%
Total investment grade	3,325,130		76.5	%	21.2	%
Total non-investment grade	1,015,927		23.5	%	6.4	%
Total corporate debt, available for sale, at fair value	$	4,341,057	100.0	%	27.6	%
Total corporate debt, held to maturity, at amortized cost	$	67,200	100.0	%	0.4	%

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AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At June 30, 2022

	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	125,397	$	(12,331)	$	113,066	0.9	%
GOLDMAN SACHS GROUP	121,812		(10,015)		111,797		0.9	%
MORGAN STANLEY	117,401		(11,345)		106,056		0.9	%
WELLS FARGO & COMPANY	107,986		(8,772)		99,214		0.8	%
JP MORGAN CHASE & CO	101,178		(12,750)		88,428		0.7	%
CITIGROUP INC	95,664		(8,796)		86,868		0.7	%
AT&T INC	47,717		(5,784)		41,933		0.4	%
MITSUBISHI UFJ FINANCIAL GROUP INC	41,719		(3,924)		37,795		0.3	%
COMCAST CORPORATION	37,341		(2,891)		34,450		0.3	%
DEUTSCHE TELKOM AG	34,546		(2,128)		32,418		0.3	%

[a]  These holdings represent direct investments in fixed maturities of the parent issuer and its major subsidiaries. These investments exclude asset and mortgage backed securities that were issued, sponsored or serviced by the parent.

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AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At June 30, 2022

Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
Residential MBS	$	1,019,124		$	133,161		$	4,894		$	4,923		$	246		$	4,880		$	1,167,228
Commercial MBS	49,590			942,735			85,759			4,956			—			—			1,083,040
ABS	—			1,193,312			112,778			94,950			28,940			26,170			1,456,150
Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,068,714		$	2,269,208		$	203,431		$	104,829		$	29,186		$	31,050		$	3,706,418
Percentage of total	28.8		%	61.2		%	5.5		%	2.8		%	0.8		%	0.9		%	100.0		%

Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total
ABS	—			366,686			207,542			—			—			—			574,228
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	366,686		$	207,542		$	—		$	—		$	—		$	574,228
Percentage of total	—		%	63.9		%	36.1		%	—		%	—		%	—		%	100.0		%

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AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

	Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q2 2020
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	382,001	$	445,134	$	451,609	$	338,908	$	318,421	$	205,112
Reinsurance	128,612		166,893		190,606		167,595		148,759		190,878
Total	$	510,613	$	612,027	$	642,215	$	506,503	$	467,180	$	395,990
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	808,623	$	821,432	$	922,709	$	908,182	$	870,602	$	898,849
Reinsurance	670,173		639,251		614,125		575,628		518,973		406,723
Total	$	1,478,796	$	1,460,683	$	1,536,834	$	1,483,810	$	1,389,575	$	1,305,572
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	2,622,990	$	2,592,388	$	2,554,202	$	2,569,194	$	2,395,835	$	2,151,986
Reinsurance	935,198		932,801		956,130		963,728		867,253		723,950
Total	$	3,558,188	$	3,525,189	$	3,510,332	$	3,532,922	$	3,263,088	$	2,875,936
Allowance for expected credit losses:
Insurance	$	(25,682)	$	(25,475)	$	(25,869)	$	(23,664)	$	(22,749)	$	(19,025)
Reinsurance	(2,719)		(3,317)		(3,685)		(3,423)		(3,460)		(1,962)
Total	$	(28,401)	$	(28,792)	$	(29,554)	$	(27,087)	$	(26,209)	$	(20,987)
Reinsurance recoverable on unpaid and paid losses and loss expenses:
Insurance	$	3,787,932	$	3,833,479	$	3,902,651	$	3,792,620	$	3,562,109	$	3,236,922
Reinsurance	1,731,264		1,735,628		1,757,176		1,703,528		1,531,525		1,319,589
Total	$	5,519,196	$	5,569,107	$	5,659,827	$	5,496,148	$	5,093,634	$	4,556,511

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AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At June 30, 2022

Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net  of Collateral	% of Total Shareholders’ Equity	Allowance for expected credit losses		Allowance for expected credit loss as % of Reinsurance  Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverable	$	2,913,132	$	(836,872)	$	2,076,260	51.1%	44.2%	$	(11,347)	0.4%	$	2,901,785
Other reinsurers balances > $20 million	2,096,104		(484,276)		1,611,828		39.7%	34.3%	(12,770)		0.6%	2,083,334
Other reinsurers balances < $20 million	538,361		(161,540)		376,821		9.2%	7.9%	(4,284)		0.8%	534,077
Total	$	5,547,597	$	(1,482,688)	$	4,064,909	100.0%	86.4%	$	(28,401)	0.5%	$	5,519,196

At June 30, 2022, reinsurance recoverable balances, gross of collateral, of 86.4% (December 31, 2021: 85.7%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

Top 10 Reinsurers, Net of Collateral		% of  Total Reinsurance Recoverable, Net of Collateral	% of  Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	14.0%	12.1%
2	Harrington Re Ltd.	8.4%	7.3%
3	Transatlantic Reinsurance Co	6.2%	5.4%
4	Hannover Ruck SE	5.7%	4.9%
5	Lloyds of London	5.5%	4.7%
6	Partner Reinsurance Co of the US	4.5%	3.9%
7	SCOR Reinsurance Company	4.3%	3.7%
8	Munich Reinsurance America, Inc	3.4%	3.0%
9	Everest Reinsurance Company	3.2%	2.7%
10	Swiss Reinsurance Company Ltd.	2.6%	2.2%
		57.8%	49.9%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

	Three months ended June 30, 2022						Six months ended June 30, 2022
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses		Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period	$	14,470,155	$	(4,957,080)	$	9,513,075	$	14,653,094	$	(5,017,611)	$	9,635,483
Incurred losses and loss expenses	1,157,489		(387,902)		769,587		2,213,438		(711,153)		1,502,285
Paid losses and loss expenses	(990,038)		298,166		(691,872)		(2,149,480)		674,162		(1,475,318)
Foreign exchange and other	(239,567)		38,233		(201,334)		(319,013)		46,019		(272,994)
End of period [a]	$	14,398,039	$	(5,008,583)	$	9,389,456	$	14,398,039	$	(5,008,583)	$	9,389,456

[a]   At June 30, 2022, reserve for losses and loss expenses included IBNR of $9.1 billion, or 63% (December 31, 2021: $9.1 billion, or 62%).

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

	Three months ended June 30, 2022									Six months ended June 30, 2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
Gross paid losses and loss expenses	$	549,819		$	440,219		$	990,038		$	1,249,182		$	900,298		$	2,149,480
Reinsurance recoverable on paid losses and loss expenses	(217,004)			(81,162)			(298,166)			(506,544)			(167,618)			(674,162)
Net paid losses and loss expenses	332,815			359,057			691,872			742,638			732,680			1,475,318
Gross case reserves	3,879			99,716			103,595			(198,323)			121,349			(76,974)
Gross IBNR	126,823			(62,967)			63,856			269,151			(128,219)			140,932
Reinsurance recoverable on unpaid losses and loss expenses	(41,681)			(48,055)			(89,736)			14,113			(51,104)			(36,991)
Net unpaid losses and loss expenses	89,021			(11,306)			77,715			84,941			(57,974)			26,967
Total net incurred losses and loss expenses	$	421,836		$	347,751		$	769,587		$	827,579		$	674,706		$	1,502,285
Gross reserve for losses and loss expenses	$	7,764,775		$	6,633,264		$	14,398,039		$	7,764,775		$	6,633,264		$	14,398,039
Net favorable prior year reserve development	$	2,773		$	1,167		$	3,940		$	9,838		$	3,059		$	12,897
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	78.9		%	103.3		%	89.9		%	89.7		%	108.6		%	98.2		%
Net paid losses and loss expenses / Net premiums earned	43.3		%	70.6		%	54.2		%	48.8		%	72.3		%	58.2		%
Net unpaid losses and loss expenses / Net premiums earned	11.6		%	(2.2		%)	6.1		%	5.6		%	(5.7		%)	1.1		%
Net losses and loss expenses ratio	54.9		%	68.4		%	60.3		%	54.4		%	66.6		%	59.3		%

22

AXIS CAPITAL HOLDINGS LIMITED

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

																			Year ended December 31,
	Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q2 2020			2021
INSURANCE SEGMENT
Gross paid losses and loss expenses	$	549,819		$	699,362		$	691,657		$	441,854		$	493,803		$	543,599		$	2,200,524
Reinsurance recoverable on paid losses and loss expenses	(217,004)			(289,540)			(319,661)			(154,584)			(174,727)			(218,928)			(886,710)
Net paid losses and loss expenses	332,815			409,822			371,996			287,270			319,076			324,671			1,313,814
Gross case reserves	3,879			(202,202)			67,731			47,583			(1,372)			72,563			94,651
Gross IBNR	126,823			142,331			(66,132)			326,336			83,955			(35,502)			392,451
Reinsurance recoverable on unpaid losses and loss expenses	(41,681)			55,794			9,651			(218,508)			(69,484)			(24,365)			(285,918)
Net unpaid losses and loss expenses	89,021			(4,077)			11,250			155,411			13,099			12,696			201,184
Total net incurred losses and loss expenses	$	421,836		$	405,745		$	383,246		$	442,681		$	332,175		$	337,367		$	1,514,998
Gross reserve for losses and loss expenses	$	7,764,775		$	7,719,773		$	7,803,529		$	7,797,533		$	7,456,368		$	6,865,343		$	7,803,529
Net favorable prior year reserve development	$	2,773		$	7,062		$	5,008		$	5,418		$	6,427		$	420		$	18,360
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	78.9		%	101.0		%	97.1		%	64.9		%	96.1		%	96.2		%	86.7		%
Net paid losses and loss expenses / Net premiums earned	43.3		%	54.4		%	51.5		%	42.2		%	50.5		%	56.3		%	49.6		%
Net unpaid losses and loss expenses / Net premiums earned	11.6		%	(0.5		%)	1.6		%	22.8		%	2.1		%	2.2		%	7.5		%
Net losses and loss expenses ratio	54.9		%	53.9		%	53.1		%	65.0		%	52.6		%	58.5		%	57.1		%
REINSURANCE SEGMENT
Gross paid losses and loss expenses	$	440,219		$	460,079		$	448,300		$	484,553		$	416,850		$	466,692		$	1,758,039
Reinsurance recoverable on paid losses and loss expenses	(81,162)			(86,455)			(98,494)			(78,672)			(79,713)			(100,748)			(307,602)
Net paid losses and loss expenses	359,057			373,624			349,806			405,881			337,137			365,944			1,450,437
Gross case reserves	99,716			21,633			77,796			81,030			58,448			97,573			221,891
Gross IBNR	(62,967)			(65,254)			(68,857)			142,067			(27,193)			(92,099)			123,080
Reinsurance recoverable on unpaid losses and loss expenses	(48,055)			(3,049)			(25,766)			(160,290)			(34,094)			(32,524)			(301,623)
Net unpaid losses and loss expenses	(11,306)			(46,670)			(16,827)			62,807			(2,839)			(27,050)			43,348
Total net incurred losses and loss expenses	$	347,751		$	326,954		$	332,979		$	468,688		$	334,298		$	338,894		$	1,493,785
Gross reserve for losses and loss expenses	$	6,633,264		$	6,750,382		$	6,849,565		$	6,861,463		$	6,700,985		$	6,313,823		$	6,849,565
Net favorable prior year reserve development	$	1,167		$	1,894		$	4,262		$	5,594		$	381		$	2,235		$	14,050
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses	103.3		%	114.3		%	105.1		%	86.6		%	100.8		%	108.0		%	97.1		%
Net paid losses and loss expenses / Net premiums earned	70.6		%	73.9		%	67.9		%	76.5		%	64.2		%	69.4		%	70.5		%
Net unpaid losses and loss expenses / Net premiums earned	(2.2		%)	(9.2		%)	(3.3		%)	11.9		%	(0.6		%)	(5.1		%)	2.1		%
Net losses and loss expenses ratio	68.4		%	64.7		%	64.6		%	88.4		%	63.6		%	64.3		%	72.6		%

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AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF JULY 1, 2022

		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		% of Common Shareholders' Equity		100 Year Return Period		% of Common Shareholders' Equity		250 Year Return Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	122	2.9	%	$	144	3.5	%	$	184	4.4	%
Northeast	U.S. Hurricane	26		0.6	%	68		1.6	%	149		3.6	%
Mid-Atlantic	U.S. Hurricane	53		1.3	%	119		2.9	%	191		4.6	%
Gulf of Mexico	U.S. Hurricane	114		2.7	%	142		3.4	%	184		4.4	%
Europe	Windstorm	83		2.0	%	104		2.5	%	150		3.6	%
Japan	Windstorm	32		0.8	%	78		1.9	%	104		2.5	%
Japan	Earthquake	58		1.4	%	115		2.8	%	185		4.5	%
California	Earthquake	121		2.9	%	179		4.3	%	265		6.4	%

The table above shows our net Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at July 1, 2022. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast U.S. hurricane, net of reinsurance, is approximately $0.1 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $0.1 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $0.1 billion.

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

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

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

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AXIS CAPITAL HOLDINGS LIMITED

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

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net income available to common shareholders	$	27,215	$	227,910	$	168,857	$	343,645
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	85,173		84,764		85,068		84,640
Dilutive share equivalents:
Share-based compensation plans	670		503		758		477
Weighted average diluted common shares outstanding	85,843		85,267		85,826		85,117
EARNINGS PER COMMON SHARE
Earnings per common share	$0.32		$2.69		$1.98		$4.06
Earnings per diluted common share	$0.32		$2.67		$1.97		$4.04

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD

	Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q2 2020
Net income available to common shareholders	$	27,215	$	141,637	$	197,329	$	47,385	$	227,910	$	112,477
COMMON SHARES OUTSTANDING
Common shares - at beginning of period	85,276		84,774		84,773		84,767		84,753		84,298
Shares issued and treasury shares reissued	19		747		5		10		22		11
Shares repurchased for treasury	(640)		(245)		(4)		(4)		(8)		(3)
Common shares - at end of period	84,655		85,276		84,774		84,773		84,767		84,306
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	85,173		84,961		84,774		84,771		84,764		84,303
Dilutive share equivalents:
Share-based compensation plans [a]	670		847		817		565		503		297
Weighted average diluted common shares outstanding	85,843		85,808		85,591		85,336		85,267		84,600
EARNINGS PER COMMON SHARE
Earnings per common share	$0.32		$1.67		$2.33		$0.56		$2.69		$1.33
Earnings per diluted common share	$0.32		$1.65		$2.31		$0.56		$2.67		$1.33

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AXIS CAPITAL HOLDINGS LIMITED

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

	At June 30, 2022
		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price					$57.09
Book value per common share		$	4,152,631	84,655	$49.05
Dilutive securities: [b]
Restricted stock units				2,546	(1.43)
Book value per diluted common share		$	4,152,631	87,201	$47.62
	At December 31, 2021
		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share
Closing stock price					$54.47
Book value per common share		$	4,860,656	84,774	$57.34
Dilutive securities: [b]
Restricted stock units				2,373	(1.56)
Book value per diluted common share		$	4,860,656	87,147	$55.78

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

[b]   Cash-settled restricted stock units are excluded.

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

	Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q2 2021		Q2 2020
Common shareholders' equity	$	4,152,631	$	4,570,540	$	4,860,656	$	4,785,055	$	4,839,760	$	4,747,820
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(102,003)
Less: intangible assets	(203,259)		(205,988)		(208,717)		(211,557)		(214,286)		(225,092)
Associated tax impact	52,546		53,055		53,500		53,175		53,241		42,515
Tangible common shareholders' equity	$	3,901,117	$	4,316,806	$	4,604,638	$	4,525,872	$	4,577,914	$	4,463,240
Diluted common shares outstanding, net of treasury shares [a]	87,201		87,948		87,147		87,216		87,197		86,178
Book value per diluted common share	$	47.62	$	51.97	$	55.78	$	54.86	$	55.50	$	55.09
Tangible book value per diluted common share	$	44.74	$	49.08	$	52.84	$	51.89	$	52.50	$	51.79

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

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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,
	2022			2021			2022			2021
Net income available to common shareholders	$	27,215		$	227,910		$	168,857		$	343,645
Net investment (gains) losses [a]	173,263			(73,293)			267,771			(102,936)
Foreign exchange losses (gains) [b]	(57,000)			19,602			(101,274)			23,716
Reorganization expenses [c]	15,728			—			15,728			—
Interest in income of equity method investments[d]	(1,050)			(9,799)			(12,600)			(18,960)
Income tax expense (benefit)	(9,165)			6,088			(9,663)			7,782
Operating income	$	148,991		$	170,508		$	328,819		$	253,247
Earnings per diluted common share	$	0.32		$	2.67		$	1.97		$	4.04
Net investment (gains) losses	2.02			(0.86)			3.12			(1.21)
Foreign exchange losses (gains)	(0.66)			0.23			(1.18)			0.28
Reorganization expenses	0.18			—			0.18			—
Interest in income of equity method investments	(0.01)			(0.11)			(0.15)			(0.22)
Income tax expense (benefit)	(0.11)			0.07			(0.11)			0.09
Operating income per diluted common share	$	1.74		$	2.00		$	3.83		$	2.98
Weighted average diluted common shares outstanding	85,843			85,267			85,826			85,117
Average common shareholders' equity	$	4,361,586		$	4,733,075		$	4,506,644		$	4,792,727
Annualized return on average common equity	2.5		%	19.3		%	7.5		%	14.3		%
Annualized operating return on average common equity	13.7		%	14.4		%	14.6		%	10.6		%

[a] Tax expense (benefit) of $(19,598) and $7,491 for the three months ended June 30, 2022 and 2021, respectively, and ($32,912) and $8,975 for the six months ended June 30, 2022 and 2021 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax expense (benefit) of $12,132 and ($1,403) for the three months ended June 30, 2022 and 2021, respectively and $24,948 and ($1,193) for the six months ended June 30, 2022 and 2021 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax expense (benefit) of ($1,699) for the three and six months ended June 30, 2022. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax expense (benefit) of $nil for the three and six months ended June 30, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

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 Statements of Operations ' section of this document.

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.

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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 generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance, therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

Reorganization expenses relate to our exit from property reinsurance business, part of an overall approach to reduce our exposure to volatile catastrophe risk, in the second quarter of 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

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

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

Operating Income (Loss)

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

Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. In addition, we recognize 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 in net investment gains (losses). We recognize unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss). These unrealized foreign exchange losses (gains) generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss), 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).

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Reorganization expenses relate to the exit of our property reinsurance business, part of an overall approach to reduce our exposure to volatile catastrophe risk, in the second quarter of 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from operating income (loss).

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

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

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

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

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