AXIS CAPITAL HOLDINGS LTD (Form: 8-K, Received: 04/30/2025 16:20:43)

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): April 30, 2025

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda

001-31721

98-0395986

(State of Incorporation)

(Commission File No.)

(I.R.S. Employer

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 April 30, 2025, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its first quarter 2025 results and the availability of its first quarter 2025 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively.

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


Item 9.01			Financial Statements and Exhibits

(d) Exhibits


Exhibit Number						Description of Document
99.1						Press release dated April 30, 2025
99.2						First quarter 2025 Investor Financial Supplement
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

Dated: April 30, 2025



			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
Nichola Liboro (Media Contact):	(917) 705-4579;	nichola.liboro@axiscapital.com

AXIS CAPITAL REPORTS FIRST QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $187 MILLION, or $2.26 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $261 MILLION, or $3.17 PER DILUTED COMMON SHARE

For the first quarter of 2025, the Company reports:

•Annualized return on average common equity ("ROACE") of 13.7% and annualized operating ROACE of 19.2%

•Combined ratio of 90.2%

•Book value per diluted common share of $66.48, an increase of $9.35, or 16.4%, over the past twelve months

Pembroke, Bermuda, April 30, 2025 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the first quarter ended March 31, 2025.

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

"AXIS delivered another strong quarter of consistent, profitable performance as we continued to lean into our specialty underwriting value proposition, while helping our customers navigate a rapidly changing risk landscape.

We remain focused on driving bottom-line results. In the quarter, we produced annualized operating return-on-equity of 19.2% and achieved record-level book value per diluted common share of $66.48 at March 31st. We're shaping a resilient portfolio that generates strong performance throughout the cycle, as reflected by our 90.2% combined ratio during an active quarter for natural catastrophes including wildfires. In the quarter, AXIS' share of industry catastrophe losses was 0.09%.

Within our business segments, we’re continuing to drive targeted growth in attractive specialty markets. For Insurance, we delivered an 86.7% combined ratio and our highest ever first quarter production with $1.7 billion in gross premiums. A key driver was our Excess & Surplus lines, including growing contributions from our expanded product offerings in North America. In addition, our Reinsurance business continued to generate steady, profitable results with a 92.3% combined ratio and $1.1 billion in premiums.

Underpinning our progress, we’re further enhancing our operations backbone including how we leverage data, technology and AI, reflecting a broader commitment to continuous improvement. Our disciplined efforts across all areas of our business has AXIS on the front foot, and we are excited for what the future holds."

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

Tel. 441.496.2600

www.axiscapital.com

- 1 -

First Quarter Consolidated Results*

•Net income available to common shareholders for the first quarter of 2025 was $187 million, or $2.26 per diluted common share, compared to net income available to common shareholders of $388 million, or $4.53 per diluted common share, for the first quarter of 2024.

•Operating income1 for the first quarter of 2025 was $261 million, or $3.17 per diluted common share1, compared to operating income of $220 million, or $2.57 per diluted common share, for the first quarter of 2024.

•Current accident year combined ratio, excluding catastrophe and weather-related losses of 87.9% for the first quarter of 2025, improved by 1.7 points compared to the first quarter of 2024.

•Net investment income for the first quarter of 2025 was $208 million, compared to $167 million, for the first quarter of 2024, an increase of $40 million or 24%, primarily attributable to income from cash and cash equivalents, higher returns on alternative investments and income from fixed maturities attributable to increased yields on the portfolio.

•Book yield of fixed maturities was 4.5% at March 31, 2025, compared to 4.3% at March 31, 2024. The market yield was 5.2% at March 31, 2025.

•Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025, resulting in an effective tax rate of 18.6% due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

•Common share repurchases pursuant to our Board-authorized share repurchase programs of $440 million and common share dividends of $36 million.

•Book value per diluted common share was $66.48 at March 31, 2025, an increase of $1.21, or 1.9%, compared to December 31, 2024, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $0.44 per share.

•Book value per diluted common share increased by $9.35, or 16.4%, over the past twelve months, driven by net income, and net unrealized investment gains, partially offset by common share repurchases, and common share dividends of $1.76 per share.

•Adjusted for net unrealized investment losses, after-tax, book value per diluted common share was $67.85 at March 31, 2025, a decrease of $0.08, or 0.1%, compared to $67.93 at December 31, 2024, and an increase of $6.29, or 10.2%, compared to $61.56 at March 31, 2024.

* 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

www.axiscapital.com

- 2 -

Recent Developments

Loss Portfolio Transfer Reinsurance Agreement with Enstar

On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement ("LPT") with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years. The transaction is structured as a 75% ground-up quota share retrocession of net reserves for losses and loss expenses of approximately $3.1 billion at September 30, 2024 and provides cover up to a policy limit of approximately $940 million. The transaction is deemed to have met the established criteria for retroactive reinsurance accounting.

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

Tel. 441.496.2600

www.axiscapital.com

- 3 -

First Quarter Consolidated Underwriting Highlights2

•Gross premiums written increased by $140 million, or 5% ($149 million, or 6%, on a constant currency basis(3)), to $2.8 billion with an increase of $81 million, or 5% in the insurance segment, and an increase of $59 million, or 5% in the reinsurance segment.

•Net premiums written increased by $28 million, or 2%, to $1.8 billion with an increase of $22 million, or 2% in the insurance segment, and an increase of $6 million, or 1% in the reinsurance segment.


	Three months ended March 31,
KEY RATIOS	2025		2024		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses(4) (5)	56.3	%	56.4	%	(0.1	pts)
Catastrophe and weather-related losses ratio(5)	3.7	%	1.5	%	2.2	pts
Current accident year loss ratio(5)	60.0	%	57.9	%	2.1	pts
Prior year reserve development ratio	(1.4	%)	—	%	(1.4	pts)
Net losses and loss expenses ratio	58.6	%	57.9	%	0.7	pts
Acquisition cost ratio	19.7	%	20.2	%	(0.5	pts)
General and administrative expense ratio	11.9	%	13.0	%	(1.1	pts)
Combined ratio	90.2	%	91.1	%	(0.9	pts)

Current accident year combined ratio(5)	91.6	%	91.1	%	0.5	pts


Current accident year combined ratio, excluding catastrophe and weather-related losses(5)	87.9	%	89.6	%	(1.7	pts)

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $49 million ($38 million, after-tax), (Insurance: $47.5 million; Reinsurance: $1.5 million), or 3.7 points, including $32 million, or 2.4 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.

•Net favorable prior year reserve development was $18 million (Insurance: $14 million; Reinsurance: $4 million), compared to $nil in 2024.

•General and administrative expense ratio decreased by 1.1 points, mainly driven by an increase in net premiums earned and efficiencies gained through our "How We Work" program.

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

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

4 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.

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

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

Tel. 441.496.2600

www.axiscapital.com

- 4 -

Segment Highlights

Insurance Segment


	Three months ended March 31,
($ in thousands)	2025			2024			Change
Gross premiums written	$	1,655,903		$	1,574,505		5.2	%
Net premiums written	1,044,580			1,022,354			2.2	%
Net premiums earned	1,010,086			917,946			10.0	%
Underwriting income	134,541			122,987			9.4	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.3		%	52.0		%	0.3	pts
Catastrophe and weather-related losses ratio	4.7		%	2.1		%	2.6	pts
Current accident year loss ratio	57.0		%	54.1		%	2.9	pts
Prior year reserve development ratio	(1.4		%)	—		%	(1.4	pts)
Net losses and loss expenses ratio	55.6		%	54.1		%	1.5	pts
Acquisition cost ratio	19.2		%	19.2		%	—	pts
Underwriting-related general and administrative expense ratio	11.9		%	13.3		%	(1.4	pts)
Combined ratio	86.7		%	86.6		%	0.1	pts

Current accident year combined ratio	88.1		%	86.6		%	1.5	pts


Current accident year combined ratio, excluding catastrophe and weather-related losses	83.4		%	84.5		%	(1.1	pts)

•Gross premiums written increased by $81 million, or 5% ($89 million, or 6%, on a constant currency basis), attributable to all lines of business with the exception of cyber lines which decreased in the quarter, principally due to a lower level of premium associated with program business.

•Net premiums written increased by $22 million, or 2% ($30 million, or 3%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decreased cession rate in property lines, partially offset by increased cession rates in accident and health, and cyber lines.

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

•The underwriting-related general and administrative expense ratio decreased by 1.4 points, mainly driven by an increase in net premiums earned and efficiencies gained through our "How We Work" program.

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

Tel. 441.496.2600

www.axiscapital.com

- 5 -

Reinsurance Segment


	Three months ended March 31,
($ in thousands)	2025			2024			Change
Gross premiums written	$	1,138,749		$	1,079,922		5.4	%
Net premiums written	705,459			699,719			0.8	%
Net premiums earned	330,734			340,095			(2.8	%)
Underwriting income	28,913			22,676			27.5	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.4		%	68.0		%	0.4	pts
Catastrophe and weather-related losses ratio	0.5		%	0.2		%	0.3	pts
Current accident year loss ratio	68.9		%	68.2		%	0.7	pts
Prior year reserve development ratio	(1.2		%)	—		%	(1.2	pts)
Net losses and loss expenses ratio	67.7		%	68.2		%	(0.5	pts)
Acquisition cost ratio	21.3		%	23.0		%	(1.7	pts)
Underwriting-related general and administrative expense ratio	3.3		%	4.6		%	(1.3	pts)
Combined ratio	92.3		%	95.8		%	(3.5	pts)

Current accident year combined ratio	93.5		%	95.8		%	(2.3	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	93.0		%	95.6		%	(2.6	pts)

•Gross premiums written increased by $59 million, or 5% ($60 million, or 6%, on a constant currency basis), primarily attributable to new business in professional lines and credit and surety lines, the timing of renewals in professional lines and liability lines, together with the restructuring of a significant contract in liability lines, partially offset by decreased line sizes in accident and health lines, and decreased line sizes and non-renewals in motor lines.

•Net premiums written increased by $6 million, or 1%, reflecting the increase in gross premiums written in the quarter, partially offset by an increase in premiums ceded to our strategic capital partners.

•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 0.4 points, principally due to higher loss ratios in several lines of business in the first quarter of 2025, compared to elevated loss experience in marine and aviation lines in the first quarter of 2024.

•The acquisition cost ratio decreased by 1.7 points, primarily related to elevated adjustments attributable to loss-sensitive features in the first quarter of 2024.

•The underwriting-related general and administrative expense ratio decreased by 1.3 points, mainly driven by a decrease in personnel costs.

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

Tel. 441.496.2600

www.axiscapital.com

- 6 -

Investments


	Three months ended March 31,
($ in thousands)	2025			2024
Net investment income	$	207,713		$	167,383
Net investment gains (losses)	(30,005)			(9,207)
Change in net unrealized gains (losses) on fixed maturities, pre-tax(6)	135,560			(51,963)
Interest in income of equity method investments	2,291			1,169
Total	$	315,559		$	107,382

Average cash and investments(7)	$	18,019,104		$	16,822,621

Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements	1.8		%	0.6		%
Excluding investment related foreign exchange movements(8)	1.5		%	0.8		%

•Net investment income increased by $40 million, or 24%, compared to the first quarter of 2024, primarily attributable to income from cash and cash equivalents due to the increased cash balance in anticipation of premiums to be paid for the LPT, higher returns on alternative investments and income from fixed maturities due to increased yields on the portfolio.

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

•Change in net unrealized gains on fixed maturities, pre-tax of $136 million ($102 million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter due to an increase in the market value of fixed maturities attributable to a decline in yields, compared to change in net unrealized losses, pre-tax of $52 million ($39 million excluding foreign exchange movements) recognized during the first quarter of 2024.

•Book yield of fixed maturities was 4.5% at March 31, 2025, compared to 4.3% at March 31, 2024 and 4.5% at December 31, 2024. The market yield was 5.2% at March 31, 2025.

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 average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $47 million and $(25) million for the three months ended March 31, 2025 and 2024, respectively.

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

Tel. 441.496.2600

www.axiscapital.com

- 7 -

Capitalization / Shareholders’ Equity


	March 31,		December 31,
($ in thousands)	2025		2024		Change
Total capital(9)	$	7,218,354	$	7,404,558	$	(186,204)

•Total capital of $7.2 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $7.4 billion at December 31, 2024, with the decrease driven by common shares repurchased pursuant to our Board-authorized share repurchase programs of $440 million and common share dividends, partially offset by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss).

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

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

•At March 31, 2025, we had $160 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases.

Book value per diluted common share


	March 31,		December 31,		March 31,
	2025		2024		2024
Book value per diluted common share(10)	$	66.48	$	65.27	$	57.13

•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,
	March 31, 2025				March 31, 2025
	Change		% Change		Change		% Change
Change in book value per diluted common share	$	1.21	1.9	%	$	9.35	16.4	%
Change in book value per diluted common share - adjusted for dividends declared	$	1.65	2.5	%	$	11.11	19.4	%

•Book value per diluted common share increased by $1.21 in the quarter, and by $9.35 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends.

•Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $67.85.

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

www.axiscapital.com

- 8 -

Conference Call

We will host a conference call on Thursday, May 1, 2025 at 8:30 a.m. (EDT) to discuss the first quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), 1-866-605-3850 (Canada callers), or 1-412-902-6506 (international callers), and entering the passcode 7972919 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), 1-855-669-9658 (Canada callers), or 1-412-317-0088 (international callers), and entering the passcode 8595489. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended March 31, 2025 is available in the Investor Information section of our website.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $5.9 billion at March 31, 2025, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at 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 (http://bit.ly/2kRYbZ5) and X Corp (https://x.com/AXIS_Capital)

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

Tel. 441.496.2600

www.axiscapital.com

- 9 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2025 (UNAUDITED) AND DECEMBER 31, 2024



	2025		2024

	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	11,865,480	$	12,152,753
Fixed maturities, held to maturity, at amortized cost	389,571		443,400
Equity securities, at fair value	574,379		579,274
Mortgage loans, held for investment, at fair value	457,907		505,697
Other investments, at fair value	938,562		930,278
Equity method investments	214,240		206,994
Short-term investments, at fair value	91,330		223,666
Total investments	14,531,469		15,042,062
Cash and cash equivalents	2,757,213		2,143,471
Restricted cash and cash equivalents	575,554		920,150
Accrued interest receivable	108,392		114,012
Insurance and reinsurance premium balances receivable	3,725,518		3,169,355
Reinsurance recoverable on unpaid losses and loss expenses	6,944,518		6,840,897
Reinsurance recoverable on paid losses and loss expenses	531,105		546,287
Deferred acquisition costs	626,104		524,837
Prepaid reinsurance premiums	2,175,425		1,936,979
Receivable for investments sold	39,498		3,693
Goodwill	66,498		66,498
Intangible assets	173,238		175,967

Operating lease right-of-use assets	92,299		92,516
Loan advances made	272,499		247,775
Other assets	629,844		695,794
Total assets	$	33,249,174	$	32,520,293

Liabilities
Reserve for losses and loss expenses	$	17,489,459	$	17,218,929
Unearned premiums	5,859,606		5,211,865
Insurance and reinsurance balances payable	1,883,746		1,713,798
Debt	1,315,555		1,315,179
Federal Home Loan Bank advances	66,380		66,380
Payable for investments purchased	193,752		269,728
Operating lease liabilities	107,289		106,614
Other liabilities	430,588		528,421
Total liabilities	27,346,375		26,430,914

Shareholders' equity
Preferred shares	550,000		550,000
Common shares	2,206		2,206
Additional paid-in capital	2,374,804		2,394,063
Accumulated other comprehensive income (loss)	(152,376)		(267,557)
Retained earnings	7,492,484		7,341,569
Treasury shares, at cost	(4,364,319)		(3,930,902)
Total shareholders' equity	5,902,799		6,089,379



Total liabilities and shareholders' equity	$	33,249,174	$	32,520,293

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

Tel. 441.496.2600

www.axiscapital.com

- 10 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024



	Three months ended March 31,
	2025		2024

	(in thousands, except per share amounts)
Revenues
Net premiums earned	$	1,340,820	$	1,258,041
Net investment income	207,713		167,383
Net investment gains (losses)	(30,005)		(9,207)
Other insurance related income	3,578		8,340
Total revenues	1,522,106		1,424,557

Expenses
Net losses and loss expenses	785,925		728,671
Acquisition costs	264,581		254,254
General and administrative expenses	159,163		163,373
Foreign exchange losses (gains)	57,034		(23,552)
Interest expense and financing costs	16,572		17,147
Reorganization expenses	—		12,299

Amortization of intangible assets	2,729		2,729
Total expenses	1,286,004		1,154,921

Income before income taxes and interest in income of equity method investments	236,102		269,636
Income tax (expense) benefit	(44,322)		124,654
Interest in income of equity method investments	2,291		1,169
Net income	194,071		395,459


Preferred share dividends	7,563		7,563

Net income available to common shareholders	$	186,508	$	387,896

Per share data
Earnings per common share:
Earnings per common share	$	2.30	$	4.57
Earnings per diluted common share	$	2.26	$	4.53
Weighted average common shares outstanding	81,152		84,879
Weighted average diluted common shares outstanding	82,378		85,693
Cash dividends declared per common share	$	0.44	$	0.44

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

Tel. 441.496.2600

www.axiscapital.com

- 11 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024



	2025									2024
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	1,655,903		$	1,138,749		$	2,794,652		$	1,574,505		$	1,079,922		$	2,654,427
Net premiums written	1,044,580			705,459			1,750,039			1,022,354			699,719			1,722,073
Net premiums earned	1,010,086			330,734			1,340,820			917,946			340,095			1,258,041
Other insurance related income	156			3,422			3,578			21			8,319			8,340
Current accident year net losses and loss expenses	(576,066)			(227,796)			(803,862)			(496,864)			(231,807)			(728,671)
Net favorable prior year reserve development	13,978			3,959			17,937			—			—			—
Acquisition costs	(194,021)			(70,560)			(264,581)			(176,029)			(78,225)			(254,254)
Underwriting-related general and
administrative expenses(11)	(119,592)			(10,846)			(130,438)			(122,087)			(15,706)			(137,793)
Underwriting income(12)	$	134,541		$	28,913		163,454			$	122,987		$	22,676		145,663

Net investment income							207,713									167,383
Net investment gains (losses)							(30,005)									(9,207)
Corporate expenses(11)							(28,725)									(25,580)
Foreign exchange (losses) gains							(57,034)									23,552
Interest expense and financing costs							(16,572)									(17,147)
Reorganization expenses							—									(12,299)

Amortization of intangible assets							(2,729)									(2,729)
Income before income taxes and interest in income of equity method investments							236,102									269,636
Income tax (expense) benefit							(44,322)									124,654
Interest in income of equity method investments							2,291									1,169
Net income							194,071									395,459
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	186,508								$	387,896

Current accident year loss ratio	57.0		%	68.9		%	60.0		%	54.1		%	68.2		%	57.9		%
Prior year reserve development ratio	(1.4		%)	(1.2		%)	(1.4		%)	—		%	—		%	—		%
Net losses and loss expenses ratio	55.6		%	67.7		%	58.6		%	54.1		%	68.2		%	57.9		%
Acquisition cost ratio	19.2		%	21.3		%	19.7		%	19.2		%	23.0		%	20.2		%
Underwriting-related general and administrative expense ratio	11.9		%	3.3		%	9.8		%	13.3		%	4.6		%	11.0		%
Corporate expense ratio							2.1		%							2.0		%
Combined ratio	86.7		%	92.3		%	90.2		%	86.6		%	95.8		%	91.1		%

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 $29 million and $26 million for the three months ended March 31, 2025 and 2024, 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

www.axiscapital.com

- 12 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024



	Three months ended March 31,
	2025			2024
	(in thousands, except per share amounts)

Net income available to common shareholders	$	186,508		$	387,896
Net investment (gains) losses	30,005			9,207
Foreign exchange losses (gains)	57,034			(23,552)
Reorganization expenses	—			12,299
Interest in income of equity method investments	(2,291)			(1,169)
Bermuda net deferred tax asset(13)	—			(162,705)
Income tax benefit(14)	(9,787)			(1,814)
Operating income	$	261,469		$	220,162

Earnings per diluted common share	$	2.26		$	4.53
Net investment (gains) losses	0.36			0.11
Foreign exchange losses (gains)	0.69			(0.27)
Reorganization expenses	—			0.14
Interest in income of equity method investments	(0.03)			(0.01)
Bermuda net deferred tax asset	—			(1.90)
Income tax benefit	(0.11)			(0.03)
Operating income per diluted common share	$	3.17		$	2.57

Weighted average diluted common shares outstanding	82,378			85,693

Average common shareholders' equity	$	5,446,089		$	4,834,176

Annualized return on average common equity	13.7		%	32.1		%

Annualized operating return on average common equity(15)	19.2		%	18.2		%

13 Net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

14 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.

15 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

www.axiscapital.com

- 13 -

Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates for losses and loss expenses, measurements of potential losses in the fair value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including the loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, the impact of the current trade and and geopolitical environment on our business, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

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

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;

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

Tel. 441.496.2600

www.axiscapital.com

- 14 -

•actual claims exceeding reserves for losses and loss expenses;

•losses related to the conflict in the Middle East, 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;

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

Strategic Risk

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

•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 and the evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures;

•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 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;

•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;

•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;

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

Tel. 441.496.2600

www.axiscapital.com

- 15 -

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.

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

www.axiscapital.com

- 16 -

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

www.axiscapital.com

- 17 -

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 in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

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

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

Tel. 441.496.2600

www.axiscapital.com

- 18 -

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

www.axiscapital.com

- 19 -

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

www.axiscapital.com

- 20 -

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 Bermuda corporate income tax that is 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

www.axiscapital.com

- 21 -

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 Average Cash and Investments excluding Foreign Exchange Movements

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

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

Tel. 441.496.2600

www.axiscapital.com

- 22 -

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FIRST QUARTER 2025

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						2-4
b. Consolidated Segment Data						5
c. Gross Premiums Written by Segment by Line of Business						6
d. Consolidated Data						7
e. Segment Data						8-9
f. Net Investment Income						10
III. Balance Sheets
a. Consolidated Balance Sheets						11
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						12
• Cash and Invested Assets Composition						13
• Mortgage-Backed and Asset-Backed Securities Composition						14
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						15
b. Paid to Incurred Analysis by Segment						16
V. Share Analysis
a. Earnings Per Common Share Information						17
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						18
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						19
b. Rationale for the Use of Non-GAAP Financial Measures						20-23

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, 2024 and consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023.

•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", "aim", "will", "target", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates for losses and loss expenses, measurements of potential losses in the fair value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including the loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, the impact of the current trade and and geopolitical environment on our business, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

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

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 conflict in the Middle East, 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;

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

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 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;

•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;

•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 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 predominantly 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, life sciences and other services.

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

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

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

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

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, environmental liability, and excess casualty.

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

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

Credit and Surety: Credit reinsurance provides protection for trade credit insurance and credit and political risk insurance. Trade credit insurance protects sellers of goods and services in the event of a payment default by the buyer of those goods and services. Credit and political risk insurance covers a range of risks predominantly corporate and sovereign non-payment. Surety reinsurance provides protection for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands, contract, and commercial obligations in a variety of jurisdictions around the world. Mortgage reinsurance is provided to mortgage guaranty insurers and U.S. government-sponsored entities and other mortgage market participants. These entities seek to manage their credit risk exposure emanating from defined pools of mortgage loans.

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

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

Marine and Aviation: Marine includes specialty marine exposures such as cargo, hull, pleasure craft, marine liability, inland marine and offshore energy. The principal perils covered by policies in this portfolio include physical loss, damage and/or liability arising from natural perils of the seas or land, man-made events including fire and explosion, stranding/sinking/salvage, pollution, shipowners and maritime employers liability. This business is written on a non-proportional and proportional basis. Aviation provides cover for airline, aerospace and general aviation exposures. This business is written on a proportional and non-proportional basis. The Company exited Aviation business effective January 1, 2023.

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

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended March 31,
		2025			2024			Change

HIGHLIGHTS	Gross premiums written	$	2,794,652		$	2,654,427		5.3	%
	Gross premiums written - Insurance	59.3		%	59.3		%	—		pts
	Gross premiums written - Reinsurance	40.7		%	40.7		%	—		pts
	Net premiums written	$	1,750,039		$	1,722,073		1.6	%
	Net premiums earned	$	1,340,820		$	1,258,041		6.6	%
	Net premiums earned - Insurance	75.3		%	73.0		%	2.3		pts
	Net premiums earned - Reinsurance	24.7		%	27.0		%	(2.3)		pts
	Net income available to common shareholders	$	186,508		$	387,896		(51.9	%)
	Operating income [a]	$	261,469		$	220,162		18.8	%
	Annualized return on average common equity [b]	13.7		%	32.1		%	(18.4)		pts
	Annualized operating return on average common equity [c]	19.2		%	18.2		%	1.0		pts
	Total shareholders’ equity	$	5,902,799		$	5,505,155		7.2	%


PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$2.26			$4.53			(50.1	%)
	Operating income per diluted common share [d]	$3.17			$2.57			23.3	%
	Weighted average diluted common shares outstanding	82,378			85,693			(3.9	%)
	Book value per common share	$68.06			$58.51			16.3	%
	Book value per diluted common share (treasury stock method)	$66.48			$57.13			16.4	%
	Tangible book value per diluted common share (treasury stock method) [a]	$64.08			$54.42			17.8	%

FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses [a]	56.3		%	56.4		%	(0.1)		pts
	Catastrophe and weather-related losses ratio [a]	3.7		%	1.5		%	2.2		pts
	Current accident year loss ratio [a]	60.0		%	57.9		%	2.1		pts
	Prior year reserve development ratio	(1.4		%)	—		%	(1.4)		pts
	Net losses and loss expenses ratio	58.6		%	57.9		%	0.7		pts
	Acquisition cost ratio	19.7		%	20.2		%	(0.5)		pts
	General and administrative expense ratio [e]	11.9		%	13.0		%	(1.1)		pts
	Combined ratio	90.2		%	91.1		%	(0.9)		pts

INVESTMENT DATA	Total assets	$	33,249,174		$	31,758,690		4.7	%
	Total cash and invested assets [f]	$	17,818,374		$	16,808,240		6.0	%
	Net investment income	$	207,713		$	167,383		24.1	%
	Net investment gains (losses)	$	(30,005)		$	(9,207)		nm
	Book yield of fixed maturities	4.5		%	4.3		%	0.2		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 MONTHS ENDED MARCH 31, 2025 AND 2024


				Three months ended March 31,
				2025			2024

Revenues
	Net premiums earned	$	1,340,820		$	1,258,041
	Net investment income	207,713			167,383
	Net investment gains (losses)	(30,005)			(9,207)
	Other insurance related income	3,578			8,340
	Total revenues			1,522,106			1,424,557

Expenses
	Net losses and loss expenses	785,925			728,671
	Acquisition costs	264,581			254,254
	General and administrative expenses	159,163			163,373
	Foreign exchange losses (gains)	57,034			(23,552)
	Interest expense and financing costs	16,572			17,147
	Reorganization expenses	—			12,299
	Amortization of intangible assets	2,729			2,729
	Total expenses			1,286,004			1,154,921

Income before income taxes and interest in income of equity method investments		236,102			269,636
	Income tax (expense) benefit	(44,322)			124,654
	Interest in income of equity method investments	2,291			1,169
Net income		194,071			395,459
	Preferred share dividends	7,563			7,563
Net income available to common shareholders		$	186,508		$	387,896

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


													Year ended December 31,
	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q1 2023		2024
UNDERWRITING REVENUES
Gross premiums written	$	2,794,652	$	1,975,324	$	1,935,902	$	2,440,236	$	2,654,427	$	2,381,976	$	9,005,888
Ceded premiums written	(1,044,613)		(749,775)		(699,917)		(866,492)		(932,354)		(773,620)		(3,248,537)
Net premiums written	1,750,039		1,225,549		1,235,985		1,573,744		1,722,073		1,608,356		5,757,351

Gross premiums earned	2,147,045		2,207,338		2,159,646		2,117,937		2,044,647		1,921,768		8,529,567
Ceded premiums earned	(806,225)		(830,324)		(792,945)		(813,459)		(786,606)		(691,569)		(3,223,332)
Net premiums earned	1,340,820		1,377,014		1,366,701		1,304,478		1,258,041		1,230,199		5,306,235
Other insurance related income	3,578		7,016		6,838		8,526		8,340		577		30,721
Total underwriting revenues	1,344,398		1,384,030		1,373,539		1,313,004		1,266,381		1,230,776		5,336,956

UNDERWRITING EXPENSES
Net losses and loss expenses	785,925		831,956		831,872		765,988		728,671		720,642		3,158,487
Acquisition costs	264,581		276,273		274,935		265,091		254,254		230,373		1,070,551
Underwriting-related general and administrative expenses [a]	130,438		146,299		131,582		120,768		137,793		140,395		536,442
Total underwriting expenses	1,180,944		1,254,528		1,238,389		1,151,847		1,120,718		1,091,410		4,765,480

UNDERWRITING INCOME [b]	163,454		129,502		135,150		161,157		145,663		139,366		571,476

OTHER (EXPENSES) REVENUES
Net investment income	207,713		195,773		205,100		190,975		167,383		133,771		759,229
Net investment gains (losses)	(30,005)		(108,030)		32,182		(53,479)		(9,207)		(20,190)		(138,534)
Corporate expenses [a]	(28,725)		(42,887)		(33,621)		(27,673)		(25,580)		(26,416)		(129,760)
Foreign exchange (losses) gains	(57,034)		112,090		(92,204)		7,384		23,552		(8,710)		50,822
Interest expense and financing costs	(16,572)		(16,761)		(16,849)		(17,010)		(17,147)		(16,894)		(67,766)
Reorganization expenses	—		—		—		(14,014)		(12,299)		—		(26,312)

Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(10,917)
Total other (expenses) revenues	72,648		137,456		91,879		83,454		123,973		58,832		436,762

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	236,102		266,958		227,029		244,611		269,636		198,198		1,008,238
Income tax (expense) benefit	(44,322)		19,410		(47,922)		(40,547)		124,654		(15,896)		55,595
Interest in income (loss) of equity method investments	2,291		7,264		1,621		7,900		1,169		(2,205)		17,953

NET INCOME	194,071		293,632		180,728		211,964		395,459		180,097		1,081,786
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	186,508	$	286,069	$	173,165	$	204,401	$	387,896	$	172,534	$	1,051,536

[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,
	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q1 2023		2024
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3	%	55.7	%	55.7	%	55.1	%	56.4	%	55.8	%	55.7	%
Catastrophe and weather-related losses ratio	3.7	%	5.9	%	5.8	%	3.6	%	1.5	%	3.1	%	4.3	%
Current accident year loss ratio	60.0	%	61.6	%	61.5	%	58.7	%	57.9	%	58.9	%	60.0	%
Prior year reserve development ratio	(1.4	%)	(1.2	%)	(0.6	%)	—	%	—	%	(0.3	%)	(0.5	%)
Net losses and loss expenses ratio	58.6	%	60.4	%	60.9	%	58.7	%	57.9	%	58.6	%	59.5	%
Acquisition cost ratio	19.7	%	20.1	%	20.1	%	20.3	%	20.2	%	18.7	%	20.2	%
General and administrative expense ratio [a]	11.9	%	13.7	%	12.1	%	11.4	%	13.0	%	13.6	%	12.6	%
Combined ratio	90.2	%	94.2	%	93.1	%	90.4	%	91.1	%	90.9	%	92.3	%

Weighted average common shares outstanding	81,152		83,380		83,936		84,475		84,879		84,864		84,165
Weighted average diluted common shares outstanding	82,378		84,695		85,000		85,326		85,693		85,853		85,176
Earnings per common share	$2.30		$3.43		$2.06		$2.42		$4.57		$2.03		$12.49
Earnings per diluted common share	$2.26		$3.38		$2.04		$2.40		$4.53		$2.01		$12.35
Annualized ROACE	13.7	%	20.7	%	13.0	%	16.2	%	32.1	%	16.2	%	20.5	%
Annualized operating ROACE	19.2	%	18.2	%	17.3	%	19.9	%	18.2	%	18.8	%	18.6	%

[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 March 31, 2025									Three months ended March 31, 2024
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,655,903		$	1,138,749		$	2,794,652			$	1,574,505		$	1,079,922		$	2,654,427
Ceded premiums written	(611,323)			(433,290)			(1,044,613)				(552,151)			(380,203)			(932,354)
Net premiums written	1,044,580			705,459			1,750,039				1,022,354			699,719			1,722,073

Gross premiums earned	1,598,550			548,495			2,147,045				1,499,039			545,608			2,044,647
Ceded premiums earned	(588,464)			(217,761)			(806,225)				(581,093)			(205,513)			(786,606)
Net premiums earned	1,010,086			330,734			1,340,820				917,946			340,095			1,258,041
Other insurance related income	156			3,422			3,578				21			8,319			8,340
Total underwriting revenues	1,010,242			334,156			1,344,398				917,967			348,414			1,266,381

UNDERWRITING EXPENSES
Net losses and loss expenses	562,088			223,837			785,925				496,864			231,807			728,671
Acquisition costs	194,021			70,560			264,581				176,029			78,225			254,254
Underwriting-related general and administrative expenses	119,592			10,846			130,438				122,087			15,706			137,793
Total underwriting expenses	875,701			305,243			1,180,944				794,980			325,738			1,120,718

UNDERWRITING INCOME	$	134,541		$	28,913		$	163,454			$	122,987		$	22,676		$	145,663

Catastrophe and weather-related losses, net of reinstatement premiums	$	47,530		$	1,540		$	49,070			$	19,153		$	602		$	19,755
Net favorable prior year reserve development	$	13,978		$	3,959		$	17,937			$	—		$	—		$	—

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.3		%	68.4		%	56.3		%		52.0		%	68.0		%	56.4		%
Catastrophe and weather-related losses ratio	4.7		%	0.5		%	3.7		%		2.1		%	0.2		%	1.5		%
Current accident year loss ratio	57.0		%	68.9		%	60.0		%		54.1		%	68.2		%	57.9		%
Prior year reserve development ratio	(1.4		%)	(1.2		%)	(1.4		%)		—		%	—		%	—		%
Net losses and loss expenses ratio	55.6		%	67.7		%	58.6		%		54.1		%	68.2		%	57.9		%
Acquisition cost ratio	19.2		%	21.3		%	19.7		%		19.2		%	23.0		%	20.2		%
Underwriting-related general and administrative expense ratio	11.9		%	3.3		%	9.8		%		13.3		%	4.6		%	11.0		%
Corporate expense ratio							2.1		%								2.0		%
Combined ratio	86.7		%	92.3		%	90.2		%		86.6		%	95.8		%	91.1		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Year ended December 31,
	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q1 2023			2024

INSURANCE SEGMENT
Professional Lines	$	257,159	$	340,463	$	286,108	$	299,087	$	236,665	$	221,615		$	1,162,323
Property	495,417		496,504		433,843		641,147		478,835		381,339			2,050,329
Liability	303,758		331,130		321,205		311,563		287,705		284,026			1,251,603
Cyber	113,945		134,939		129,543		164,518		132,936		152,788			561,937
Marine and Aviation	267,151		169,470		163,838		219,850		262,010		233,424			815,168
Accident and Health	124,843		125,277		119,686		101,243		104,606		79,384			450,810
Credit and Political Risk	93,630		102,554		72,453		76,658		71,748		63,036			323,414
TOTAL INSURANCE SEGMENT	$	1,655,903	$	1,700,337	$	1,526,676	$	1,814,066	$	1,574,505	$	1,415,612		$	6,615,584

REINSURANCE SEGMENT
Liability	$	253,070	$	95,980	$	132,245	$	169,933	$	218,175	$	198,861		$	616,333
Accident and Health	281,355		45,675		47,452		32,376		310,792		295,985			436,296
Professional Lines	188,445		28,001		44,013		203,001		146,832		136,201			421,846
Credit and Surety	204,666		65,041		100,352		88,281		164,043		115,237			417,717
Motor	124,380		25,481		35,295		26,039		152,145		140,115			238,961
Agriculture	48,901		3,317		33,265		74,290		39,501		22,399			150,373
Marine and Aviation	33,492		2,201		11,059		22,881		46,134		30,531			82,274
Total	1,134,309		265,696		403,681		616,801		1,077,622		939,329			2,363,800

Run-off lines
Catastrophe	967		3,346		1,564		4,491		1,423		16,301			10,823
Property	1,646		(527)		1,800		2,013		(156)		9,605			3,130
Engineering	1,827		6,472		2,181		2,865		1,033		1,129			12,551
Total run-off lines	4,440		9,291		5,545		9,369		2,300		27,035			26,504
TOTAL REINSURANCE SEGMENT	$	1,138,749	$	274,987	$	409,226	$	626,170	$	1,079,922	$	966,364		$	2,390,304

CONSOLIDATED TOTAL	$	2,794,652	$	1,975,324	$	1,935,902	$	2,440,236	$	2,654,427	$	2,381,976		$	9,005,888

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


																			Year ended December 31,
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q1 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	2,794,652		$	1,975,324		$	1,935,902		$	2,440,236		$	2,654,427		$	2,381,976		$	9,005,888
Ceded premiums written	(1,044,613)			(749,775)			(699,917)			(866,492)			(932,354)			(773,620)			(3,248,537)
Net premiums written	1,750,039			1,225,549			1,235,985			1,573,744			1,722,073			1,608,356			5,757,351

Gross premiums earned	2,147,045			2,207,338			2,159,646			2,117,937			2,044,647			1,921,768			8,529,567
Ceded premiums earned	(806,225)			(830,324)			(792,945)			(813,459)			(786,606)			(691,569)			(3,223,332)
Net premiums earned	1,340,820			1,377,014			1,366,701			1,304,478			1,258,041			1,230,199			5,306,235
Other insurance related income	3,578			7,016			6,838			8,526			8,340			577			30,721
Total underwriting revenues	1,344,398			1,384,030			1,373,539			1,313,004			1,266,381			1,230,776			5,336,956

UNDERWRITING EXPENSES
Net losses and loss expenses	785,925			831,956			831,872			765,988			728,671			720,642			3,158,487
Acquisition costs	264,581			276,273			274,935			265,091			254,254			230,373			1,070,551
Underwriting-related general and administrative expenses	130,438			146,299			131,582			120,768			137,793			140,395			536,442
Total underwriting expenses	1,180,944			1,254,528			1,238,389			1,151,847			1,120,718			1,091,410			4,765,480

UNDERWRITING INCOME	$	163,454		$	129,502		$	135,150		$	161,157		$	145,663		$	139,366		$	571,476

Catastrophe and weather-related losses, net of reinstatement premiums	$	49,070		$	81,063		$	78,120		$	47,060		$	19,755		$	37,723		$	225,996
Net favorable prior year reserve development	$	17,937		$	16,311		$	8,012		$	—		$	—		$	4,038		$	24,323

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.3		%	55.7		%	55.7		%	55.1		%	56.4		%	55.8		%	55.7		%
Catastrophe and weather-related losses ratio	3.7		%	5.9		%	5.8		%	3.6		%	1.5		%	3.1		%	4.3		%
Current accident year loss ratio	60.0		%	61.6		%	61.5		%	58.7		%	57.9		%	58.9		%	60.0		%
Prior year reserve development ratio	(1.4		%)	(1.2		%)	(0.6		%)	—		%	—		%	(0.3		%)	(0.5		%)
Net losses and loss expenses ratio	58.6		%	60.4		%	60.9		%	58.7		%	57.9		%	58.6		%	59.5		%
Acquisition cost ratio	19.7		%	20.1		%	20.1		%	20.3		%	20.2		%	18.7		%	20.2		%
General and administrative expenses ratio [a]	11.9		%	13.7		%	12.1		%	11.4		%	13.0		%	13.6		%	12.6		%
Combined ratio	90.2		%	94.2		%	93.1		%	90.4		%	91.1		%	90.9		%	92.3		%

[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,
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q1 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	1,655,903		$	1,700,337		$	1,526,676		$	1,814,066		$	1,574,505		$	1,415,612		$	6,615,584
Ceded premiums written	(611,323)			(642,254)			(550,765)			(619,869)			(552,151)			(533,036)			(2,365,039)
Net premiums written	1,044,580			1,058,083			975,911			1,194,197			1,022,354			882,576			4,250,545

Gross premiums earned	1,598,550			1,621,228			1,592,802			1,541,766			1,499,039			1,370,696			6,254,836
Ceded premiums earned	(588,464)			(595,203)			(568,951)			(583,554)			(581,093)			(554,240)			(2,328,800)
Net premiums earned	1,010,086			1,026,025			1,023,851			958,212			917,946			816,456			3,926,036
Other insurance related income (loss)	156			40			93			(61)			21			54			94
Total underwriting revenues	1,010,242			1,026,065			1,023,944			958,151			917,967			816,510			3,926,130

UNDERWRITING EXPENSES
Net losses and loss expenses	562,088			603,311			602,654			542,591			496,864			449,467			2,245,420
Acquisition costs	194,021			199,606			203,255			188,026			176,029			147,058			766,915
Underwriting-related general and administrative expenses	119,592			132,699			119,249			111,894			122,087			116,630			485,929
Total underwriting expenses	875,701			935,616			925,158			842,511			794,980			713,155			3,498,264

UNDERWRITING INCOME	$	134,541		$	90,449		$	98,786		$	115,640		$	122,987		$	103,355		$	427,866

Catastrophe and weather-related losses, net of reinstatement premiums	$	47,530		$	80,110		$	71,038		$	45,793		$	19,153		$	24,333		$	216,093
Net favorable prior year reserve development	$	13,978		$	12,200		$	4,009		$	—		$	—		$	1,041		$	16,209

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.3		%	52.2		%	52.3		%	51.8		%	52.0		%	52.2		%	52.1		%
Catastrophe and weather-related losses ratio	4.7		%	7.8		%	7.0		%	4.8		%	2.1		%	3.0		%	5.5		%
Current accident year loss ratio	57.0		%	60.0		%	59.3		%	56.6		%	54.1		%	55.2		%	57.6		%
Prior year reserve development ratio	(1.4		%)	(1.2		%)	(0.4		%)	—		%	—		%	(0.1		%)	(0.4		%)
Net losses and loss expenses ratio	55.6		%	58.8		%	58.9		%	56.6		%	54.1		%	55.1		%	57.2		%
Acquisition cost ratio	19.2		%	19.5		%	19.9		%	19.6		%	19.2		%	18.0		%	19.5		%
Underwriting-related general and administrative expenses ratio	11.9		%	12.9		%	11.6		%	11.7		%	13.3		%	14.2		%	12.4		%
Combined ratio	86.7		%	91.2		%	90.4		%	87.9		%	86.6		%	87.3		%	89.1		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																			Year ended December 31,
	Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024			Q1 2023			2024
UNDERWRITING REVENUES
Gross premiums written	$	1,138,749		$	274,987		$	409,226		$	626,170		$	1,079,922		$	966,364		$	2,390,304
Ceded premiums written	(433,290)			(107,521)			(149,152)			(246,623)			(380,203)			(240,584)			(883,498)
Net premiums written	705,459			167,466			260,074			379,547			699,719			725,780			1,506,806

Gross premiums earned	548,495			586,110			566,844			576,171			545,608			551,072			2,274,731
Ceded premiums earned	(217,761)			(235,121)			(223,994)			(229,905)			(205,513)			(137,329)			(894,532)
Net premiums earned	330,734			350,989			342,850			346,266			340,095			413,743			1,380,199
Other insurance related income	3,422			6,976			6,745			8,587			8,319			523			30,627
Total underwriting revenues	334,156			357,965			349,595			354,853			348,414			414,266			1,410,826

UNDERWRITING EXPENSES
Net losses and loss expenses	223,837			228,645			229,218			223,397			231,807			271,175			913,067
Acquisition costs	70,560			76,667			71,680			77,065			78,225			83,315			303,636
Underwriting-related general and administrative expenses	10,846			13,600			12,333			8,874			15,706			23,765			50,513
Total underwriting expenses	305,243			318,912			313,231			309,336			325,738			378,255			1,267,216

UNDERWRITING INCOME	$	28,913		$	39,053		$	36,364		$	45,517		$	22,676		$	36,011		$	143,610

Catastrophe and weather-related losses, net of reinstatement premiums	$	1,540		$	953		$	7,082		$	1,267		$	602		$	13,390		$	9,903
Net favorable prior year reserve development	$	3,959		$	4,111		$	4,003		$	—		$	—		$	2,997		$	8,114

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	68.4		%	66.0		%	66.0		%	64.2		%	68.0		%	63.0		%	66.0		%
Catastrophe and weather-related losses ratio	0.5		%	0.3		%	2.0		%	0.3		%	0.2		%	3.3		%	0.7		%
Current accident year loss ratio	68.9		%	66.3		%	68.0		%	64.5		%	68.2		%	66.3		%	66.7		%
Prior year reserve development ratio	(1.2		%)	(1.2		%)	(1.1		%)	—		%	—		%	(0.8		%)	(0.5		%)
Net losses and loss expenses ratio	67.7		%	65.1		%	66.9		%	64.5		%	68.2		%	65.5		%	66.2		%
Acquisition cost ratio	21.3		%	21.8		%	20.9		%	22.3		%	23.0		%	20.1		%	22.0		%
Underwriting-related general and administrative expense ratio	3.3		%	4.0		%	3.6		%	2.5		%	4.6		%	5.8		%	3.6		%
Combined ratio	92.3		%	90.9		%	91.4		%	89.3		%	95.8		%	91.4		%	91.8		%

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


													Year ended December 31,
	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q1 2023			2024

Fixed maturities	$	146,711	$	164,283	$	163,002	$	154,023	$	139,396	$	118,262		$	620,704
Other investments	22,410		9,099		19,594		14,301		5,673		486			48,666
Equity securities	3,208		3,574		3,529		3,057		2,762		2,455			12,922
Mortgage loans	6,868		7,617		8,175		9,108		9,130		8,386			34,028
Cash and cash equivalents	33,380		17,804		14,402		13,733		13,661		10,012			59,600
Short-term investments	1,986		1,421		3,919		3,766		3,463		1,660			12,569

Gross investment income	214,563		203,798		212,621		197,988		174,085		141,261			788,489
Investment expenses	(6,850)		(8,025)		(7,521)		(7,013)		(6,702)		(7,490)			(29,260)

Net investment income	$	207,713	$	195,773	$	205,100	$	190,975	$	167,383	$	133,771		$	759,229

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	March 31,			December 31,			September 30,			June 30,			March 31,			March 31,
	2025			2024			2024			2024			2024			2023
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	11,865,480		$	12,152,753		$	13,768,193		$	12,585,137		$	12,269,310		$	11,627,555
Fixed maturities, held to maturity, at amortized cost	389,571			443,400			503,776			637,792			693,042			716,768
Equity securities, at fair value	574,379			579,274			604,834			589,899			582,178			573,916
Mortgage loans, held for investment, at fair value	457,907			505,697			524,929			544,859			609,704			634,470
Other investments, at fair value	938,562			930,278			939,734			936,680			934,724			1,008,887
Equity method investments	214,240			206,994			197,712			193,705			182,594			146,083
Short-term investments, at fair value	91,330			223,666			127,867			57,436			75,879			70,416
Total investments	14,531,469			15,042,062			16,667,045			15,545,508			15,347,431			14,778,095
Cash and cash equivalents	3,332,767			3,063,621			1,471,326			1,655,063			1,841,574			1,179,295
Accrued interest receivable	108,392			114,012			125,770			118,147			107,131			97,983
Insurance and reinsurance premium balances receivable	3,725,518			3,169,355			3,408,271			3,686,819			3,517,242			3,119,158
Reinsurance recoverable on unpaid losses and loss expenses	6,944,518			6,840,897			6,810,929			6,591,821			6,503,188			5,823,417
Reinsurance recoverable on paid losses and loss expenses	531,105			546,287			476,045			483,447			472,660			593,013
Deferred acquisition costs	626,104			524,837			574,012			592,067			543,343			560,173
Prepaid reinsurance premiums	2,175,425			1,936,979			2,020,952			2,113,364			2,060,717			1,632,513
Receivable for investments sold	39,498			3,693			871			11,899			5,686			7,079
Goodwill	66,498			66,498			100,801			100,801			100,801			100,801
Intangible assets	173,238			175,967			178,696			181,426			184,155			195,071

Operating lease right-of-use assets	92,299			92,516			97,912			101,101			104,162			88,155
Loan advances made	272,499			247,775			283,624			328,921			345,065			79,684
Other assets	629,844			695,794			506,394			568,498			625,535			390,224
TOTAL ASSETS	$	33,249,174		$	32,520,293		$	32,722,648		$	32,078,882		$	31,758,690		$	28,644,661

LIABILITIES
Reserve for losses and loss expenses	$	17,489,459		$	17,218,929		$	17,295,329		$	16,738,871		$	16,630,897		$	15,314,644
Unearned premiums	5,859,606			5,211,865			5,452,873			5,674,787			5,353,827			4,821,775
Insurance and reinsurance balances payable	1,883,746			1,713,798			1,828,297			2,005,126			1,909,309			1,654,292
Debt	1,315,555			1,315,179			1,314,806			1,314,438			1,314,074			1,312,658
Federal Home Loan Bank advances	66,380			66,380			75,580			85,790			85,790			85,790
Payable for investments purchased	193,752			269,728			127,609			118,706			493,582			78,711
Operating lease liabilities	107,289			106,614			115,176			116,264			119,124			99,130
Other liabilities	430,588			528,421			429,751			365,429			346,932			317,432
TOTAL LIABILITIES	27,346,375			26,430,914			26,639,421			26,419,411			26,253,535			23,684,432

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	2,374,804			2,394,063			2,385,905			2,376,244			2,368,144			2,347,637
Accumulated other comprehensive income (loss)	(152,376)			(267,557)			(76,738)			(394,968)			(411,849)			(571,896)
Retained earnings	7,492,484			7,341,569			7,092,817			6,957,185			6,790,558			6,381,201
Treasury shares, at cost	(4,364,319)			(3,930,902)			(3,870,963)			(3,831,196)			(3,793,904)			(3,748,919)


TOTAL SHAREHOLDERS' EQUITY	5,902,799			6,089,379			6,083,227			5,659,471			5,505,155			4,960,229

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	33,249,174		$	32,520,293		$	32,722,648		$	32,078,882		$	31,758,690		$	28,644,661






Debt to total capital [a]	18.2		%	17.8		%	17.8		%	18.8		%	19.3		%	20.9		%

[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 March 31, 2025												At December 31, 2024
	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	$	2,550,984	$	—	$	14,930	$	(12,071)	$	2,553,843	14.3	%		$	2,802,986	15.5	%
Non-U.S. government	719,115		(59)		8,044		(12,575)		714,525		4.0	%		729,939		4.1	%
Corporate debt	4,690,383		(3,875)		38,761		(97,659)		4,627,610		26.0	%		4,842,190		27.0	%
Agency RMBS	1,591,388		—		8,903		(42,737)		1,557,554		8.7	%		1,184,845		6.6	%
CMBS	879,004		—		3,347		(26,243)		856,108		4.8	%		819,608		4.6	%
Non-Agency RMBS	195,220		(196)		731		(6,016)		189,739		1.1	%		122,536		0.7	%
ABS	1,296,928		(53)		5,120		(8,121)		1,293,874		7.3	%		1,539,832		8.6	%
Municipals	74,308		—		261		(2,342)		72,227		0.4	%		110,817		0.6	%
Total fixed maturities, available for sale, at fair value	11,997,330		(4,183)		80,097		(207,764)		11,865,480		66.6	%		12,152,753		67.7	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	128,906		—		—		—		128,906		0.7	%		122,706		0.7	%
ABS	260,665		—		—		—		260,665		1.5	%		320,694		1.8	%
Total fixed maturities, held to maturity, at amortized cost	389,571		—		—		—		389,571		2.2	%		443,400		2.5	%

Equity securities, at fair value
Common stocks	3,061		—		64		(509)		2,616		—	%		2,638		—	%
Preferred Stocks	5,843		—		157		(112)		5,888		—	%		5,867		—	%
Exchange-traded funds	235,124		—		83,685		(4,301)		314,508		1.8	%		314,042		1.7	%
Bond mutual funds	294,350		—		2,469		(45,452)		251,367		1.4	%		256,727		1.5	%
Total equity securities, at fair value	538,378		—		86,375		(50,374)		574,379		3.2	%		579,274		3.2	%

Total fixed maturities and equity securities	$	12,925,279	$	(4,183)	$	166,472	$	(258,138)	12,829,430		72.0	%		13,175,427		73.4	%
Mortgage loans, held for investment									457,907		2.6	%		505,697		2.8	%
Other investments									938,562		5.3	%		930,278		5.2	%
Equity method investments									214,240		1.2	%		206,994		1.2	%
Short-term investments									91,330		0.5	%		223,666		1.2	%
Total investments									14,531,469		81.6	%		15,042,062		83.8	%
Cash and cash equivalents [a]									3,332,767		18.7	%		3,063,621		17.1	%
Accrued interest receivable									108,392		0.6	%		114,012		0.6	%
Net receivable/(payable) for investments sold (purchased)									(154,254)		(0.9	%)		(266,035)		(1.5	%)
Total cash and invested assets									$	17,818,374	100.0	%		$	17,953,660	100.0	%

[a] Includes $576 million and $920 million of restricted cash and cash equivalents at March 31, 2025 and December 31, 2024, respectively.


	At March 31, 2025				At December 31, 2024
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	$	16,625	1.8	%	$	24,919	2.7	%

Direct lending funds	167,425		17.8	%	171,048		18.4	%
Real estate funds	291,564		31.1	%	291,640		31.3	%
Private equity funds	329,542		35.1	%	320,690		34.5	%
Other privately held investments	133,406		14.2	%	121,981		13.1	%

Total	$	938,562	100.0	%	$	930,278	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q1 2023
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	14.3	%	15.5	%	15.5	%	15.4	%	15.6	%	18.1	%
Non-U.S. government	4.0	%	4.1	%	4.5	%	4.4	%	4.4	%	3.5	%
Corporate debt	26.0	%	27.0	%	31.6	%	29.6	%	29.2	%	26.9	%
MBS:
Agency RMBS	8.7	%	6.6	%	9.6	%	9.3	%	9.4	%	8.0	%
CMBS	4.8	%	4.6	%	4.5	%	4.8	%	4.9	%	5.8	%
Non-agency RMBS	1.1	%	0.7	%	0.7	%	0.7	%	0.8	%	0.8	%
ABS	7.3	%	8.6	%	8.7	%	8.0	%	7.8	%	8.7	%
Municipals	0.4	%	0.6	%	0.8	%	0.9	%	0.9	%	0.9	%

Total Fixed Maturities, available for sale	66.6	%	67.7	%	75.9	%	73.1	%	73.0	%	72.7	%
Fixed Maturities, held to maturity:
Corporate debt	0.7	%	0.7	%	0.7	%	0.6	%	0.6	%	0.5	%
ABS	1.5	%	1.8	%	2.1	%	3.1	%	3.5	%	4.0	%

Total Fixed Maturities, held to maturity	2.2	%	2.5	%	2.8	%	3.7	%	4.1	%	4.5	%
Equity securities	3.2	%	3.2	%	3.3	%	3.4	%	3.5	%	3.6	%
Mortgage loans	2.6	%	2.8	%	2.9	%	3.2	%	3.6	%	4.0	%
Other investments	5.3	%	5.2	%	5.2	%	5.4	%	5.6	%	6.3	%
Equity method investments	1.2	%	1.2	%	1.1	%	1.1	%	1.1	%	0.9	%
Short-term investments	0.5	%	1.2	%	0.7	%	0.4	%	0.4	%	0.5	%

Total Investments	81.6	%	83.8	%	91.9	%	90.3	%	91.3	%	92.5	%
Cash and cash equivalents	18.7	%	17.1	%	8.1	%	9.6	%	11.0	%	7.4	%
Accrued interest receivable	0.6	%	0.6	%	0.7	%	0.7	%	0.6	%	0.6	%
Net receivable/(payable) for investments sold (purchased)	(0.9	%)	(1.5	%)	(0.7	%)	(0.6	%)	(2.9	%)	(0.5	%)
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	20.8	%	22.3	%	19.7	%	20.2	%	20.0	%	23.5	%
AAA [a]	20.3	%	21.2	%	20.1	%	21.0	%	21.7	%	34.3	%
AA [a]	21.8	%	18.7	%	20.5	%	20.4	%	20.4	%	7.1	%
A	16.8	%	16.6	%	17.8	%	16.8	%	16.1	%	14.9	%
BBB	9.5	%	9.5	%	11.9	%	11.4	%	11.6	%	11.3	%
Below BBB	10.8	%	11.7	%	10.0	%	10.2	%	10.2	%	8.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	6.5	%	7.1	%	5.2	%	4.3	%	3.3	%	4.5	%
From one to five years	43.0	%	44.7	%	43.4	%	42.7	%	44.7	%	42.4	%
From five to ten years	15.2	%	14.9	%	17.1	%	18.0	%	16.3	%	16.4	%
Above ten years	1.4	%	1.6	%	1.7	%	1.3	%	1.3	%	1.4	%
Asset-backed and mortgage-backed securities	33.9	%	31.7	%	32.6	%	33.7	%	34.4	%	35.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	4.5	%	4.5	%	4.4	%	4.4	%	4.3	%	3.7	%
Yield to maturity of fixed maturities	5.2	%	5.3	%	4.9	%	5.7	%	5.6	%	5.4	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0 yrs		2.8 yrs		3.0 yrs		3.1 yrs		3.0 yrs		3.0 yrs
Average credit quality of fixed maturities	A+		A+		A+		A+		A+		AA-

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

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At March 31, 2025


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

Residential MBS	$	1,557,554		$	182,735		$	5,092		$	244		$	81		$	1,587		$	1,747,293
Commercial MBS	165,781			625,751			57,961			5,605			—			1,010			856,108
ABS	—			1,095,422			105,179			57,981			33,752			1,540			1,293,874

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,723,335		$	1,903,908		$	168,232		$	63,830		$	33,833		$	4,137		$	3,897,275

Percentage of total	44.2		%	48.9		%	4.3		%	1.6		%	0.9		%	0.1		%	100.0		%


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

ABS	$	—		$	105,591		$	155,074		$	—		$	—		$	—		$	260,665

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	105,591		$	155,074		$	—		$	—		$	—		$	260,665

Percentage of total	—		%	40.5		%	59.5		%	—		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended March 31, 2025						Three months ended March 31, 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	$	17,218,929	$	(6,840,897)	$	10,378,032		$	16,434,018	$	(6,323,083)	$	10,110,935
Incurred losses and loss expenses	1,278,752		(492,827)		785,925			1,237,194		(508,523)		728,671
Paid losses and loss expenses	(1,151,905)		383,104		(768,801)			(972,666)		309,371		(663,295)
Foreign exchange and other	143,683		6,102		149,785			(67,649)		19,047		(48,602)

End of period [a]	$	17,489,459	$	(6,944,518)	$	10,544,941		$	16,630,897	$	(6,503,188)	$	10,127,709

[a] At March 31, 2025, reserve for losses and loss expenses included IBNR of $12.0 billion, or 68% (December 31, 2024: $11.8 billion, or 68%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended March 31, 2025									Three months ended March 31, 2024
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	721,591		$	430,314		$	1,151,905			$	567,035		$	405,631		$	972,666
Reinsurance recoverable on paid losses and loss expenses	(274,816)			(108,288)			(383,104)				(219,214)			(90,157)			(309,371)
Net paid losses and loss expenses	446,775			322,026			768,801				347,821			315,474			663,295

Change in gross case reserves	79,726			(62,988)			16,738				25,899			(68,248)			(42,349)
Change in gross IBNR	96,702			13,407			110,109				279,567			27,310			306,877
Change in reinsurance recoverable on unpaid losses and loss expenses	(61,115)			(48,608)			(109,723)				(156,423)			(42,729)			(199,152)
Change in net unpaid losses and loss expenses	115,313			(98,189)			17,124				149,043			(83,667)			65,376

Total net incurred losses and loss expenses	$	562,088		$	223,837		$	785,925			$	496,864		$	231,807		$	728,671

Gross reserve for losses and loss expenses	$	10,731,598		$	6,757,873		$	17,489,459			$	9,789,623		$	6,841,274		$	16,630,897

Net favorable prior year reserve development	$	13,978		$	3,959		$	17,937			$	—		$	—		$	—

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	79.5		%	143.9		%	97.8		%		70.0		%	136.1		%	91.0		%

Net paid losses and loss expenses / Net premiums earned	44.2		%	97.4		%	57.3		%		37.9		%	92.8		%	52.7		%
Net unpaid losses and loss expenses / Net premiums earned	11.4		%	(29.7		%)	1.3		%		16.2		%	(24.6		%)	5.2		%
Net losses and loss expenses ratio	55.6		%	67.7		%	58.6		%		54.1		%	68.2		%	57.9		%

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended March 31,
	2025		2024

Net income available to common shareholders	$	186,508	$	387,896

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	81,152		84,879
Dilutive share equivalents:
Share-based compensation plans	1,226		814
Weighted average diluted common shares outstanding	82,378		85,693

EARNINGS PER COMMON SHARE
Earnings per common share	$2.30		$4.57
Earnings per diluted common share	$2.26		$4.53

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD


	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q1 2023

Net income available to common shareholders	$	186,508	$	286,069	$	173,165	$	204,401	$	387,896	$	172,534

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	82,984		83,649		84,179		84,687		85,286		84,668
Shares issued and treasury shares reissued	714		28		12		37		682		777
Shares repurchased for treasury	(5,047)		(693)		(542)		(545)		(1,281)		(262)
Common shares - at end of period	78,651		82,984		83,649		84,179		84,687		85,183

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	81,152		83,380		83,936		84,475		84,879		84,864
Dilutive share equivalents:

Share-based compensation plans	1,226		1,315		1,064		851		814		989
Weighted average diluted common shares outstanding	82,378		84,695		85,000		85,326		85,693		85,853

EARNINGS PER COMMON SHARE
Earnings per common share	$2.30		$3.43		$2.06		$2.42		$4.57		$2.03
Earnings per diluted common share	$2.26		$3.38		$2.04		$2.40		$4.53		$2.01

AXIS CAPITAL HOLDINGS LIMITED

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


	At March 31, 2025

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

Closing stock price					$100.24

Book value per common share		$	5,352,799	78,651	$68.06

Dilutive securities:

Restricted stock units				1,869	(1.58)
Book value per diluted common share		$	5,352,799	80,520	$66.48

	At December 31, 2024

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

Closing stock price					$88.62

Book value per common share		$	5,539,379	82,984	$66.75



Dilutive securities:


Restricted stock units				1,886	(1.48)
Book value per diluted common share		$	5,539,379	84,870	$65.27

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

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE



	Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024		Q1 2023

Common shareholders' equity	$	5,352,799	$	5,539,379	$	5,533,227	$	5,109,471	$	4,955,155	$	4,410,229
Less: goodwill	(66,498)		(66,498)		(100,801)		(100,801)		(100,801)		(100,801)
Less: intangible assets	(173,238)		(175,967)		(178,696)		(181,426)		(184,155)		(195,071)
Associated tax impact	46,909		47,530		48,507		49,128		49,749		52,235
Tangible common shareholders' equity	$	5,159,972	$	5,344,444	$	5,302,237	$	4,876,372	$	4,719,948	$	4,166,592

Diluted common shares outstanding, net of treasury shares [a]	80,520		84,870		85,583		86,172		86,738		87,660

Book value per diluted common share	$	66.48	$	65.27	$	64.65	$	59.29	$	57.13	$	50.31

Tangible book value per diluted common share	$	64.08	$	62.97	$	61.95	$	56.59	$	54.42	$	47.53

[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 March 31,
	2025			2024
Net income available to common shareholders	$	186,508		$	387,896
Net investment (gains) losses	30,005			9,207
Foreign exchange losses (gains)	57,034			(23,552)
Reorganization expenses	—			12,299
Interest in income of equity method investments	(2,291)			(1,169)
Bermuda net deferred tax asset [a]	—			(162,705)
Income tax benefit [b]	(9,787)			(1,814)
Operating income	$	261,469		$	220,162

Earnings per diluted common share	$	2.26		$	4.53
Net investment (gains) losses	0.36			0.11
Foreign exchange losses (gains)	0.69			(0.27)
Reorganization expenses	—			0.14
Interest in income of equity method investments	(0.03)			(0.01)
Bermuda net deferred tax asset	—			(1.90)
Income tax benefit	(0.11)			(0.03)
Operating income per diluted common share	$	3.17		$	2.57

Weighted average diluted common shares outstanding	82,378			85,693

Average common shareholders' equity	$	5,446,089		$	4,834,176

Annualized return on average common equity	13.7		%	32.1		%

Annualized operating return on average common equity	19.2		%	18.2		%

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

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

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).

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).

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.