Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2023

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda

001-31721

98-0395986

(State of Incorporation)

(Commission File No.)

(I.R.S. Employer

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 August 1, 2023, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its second quarter 2023 results and the availability of its second quarter 2023 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 August 1, 2023
99.2						Second quarter 2023 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: August 1, 2023



			AXIS CAPITAL HOLDINGS LIMITED


			By:			/s/ Conrad D. Brooks
						Conrad D. Brooks
						General Counsel


Miranda Hunter (Investor Contact):	(441) 405-2635;	investorrelations@axiscapital.com
Nichola Liboro (Media Contact):	(917) 705-4579;	nichola.liboro@axiscapital.com

AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $143 MILLION, or $1.67 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $191 MILLION, or $2.23 PER DILUTED COMMON SHARE

For the second quarter of 2023, the Company reports:

•Annualized return on average common equity ("ROACE") of 12.9% and annualized operating ROACE of 17.2%

•Improvement of 1.9 points in the combined ratio to 91.5%

•Book value per diluted common share of $50.98, an increase of $0.67, or 1.3%, compared to March 31, 2023

For the six months ended June 30, 2023, the Company reports:

•Net income available to common shareholders of $316 million, or $3.68 per diluted common share and operating income of $391 million, or $4.56 per diluted common share

•Annualized return on average common equity ("ROACE") of 14.7% and annualized operating ROACE of 18.3%

•Improvement of 1.2 points in the combined ratio to 91.2%

•Book value per diluted common share of $50.98, an increase of $4.03, or 8.6%, compared to December 31, 2022

Pembroke, Bermuda, August 1, 2023 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2023.

Commenting on the second quarter 2023 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

“AXIS delivered strong top- and bottom-line results in the quarter as we further positioned the Company as a specialty underwriting leader. Consistent with our strategic priorities, in the quarter we drove profitable growth across our target markets while generating record performance in numerous areas including the best second quarter premium production in our Company’s history, as well as both the best ever premium and new business production for our specialty insurance business.

"In the first half of 2023, we have accelerated the positive momentum in our performance while capitalizing on favorable market conditions across the vast majority of our lines and leveraging our global platform to elevate our business, culminating in the delivery of our strongest ever six-month operating income per share.

"We’re focused on advancing AXIS as a specialty underwriting leader that produces consistent growth in both profitability and book value for our shareholders.”

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 1 -

Second Quarter Consolidated Results*

•Net income available to common shareholders for the second quarter of 2023 was $143 million, or $1.67 per diluted common share, compared to net income available to common shareholders of $27 million, or $0.32 per diluted common share, for the second quarter of 2022.

•Net income available to common shareholders for the six months ended June 30, 2023 was $316 million, or $3.68 per diluted common share, compared to net income available to common shareholders of $169 million, or $1.97 per diluted common share, for the same period in 2022.

•Operating income1 for the second quarter of 2023 was $191 million, or $2.23 per diluted common share1, compared to operating income of $149 million, or $1.74 per diluted common share, for the second quarter of 2022.

•Operating income for the six months ended June 30, 2023 was $391 million, or $4.56 per diluted common share, compared to operating income of $329 million, or $3.83 per diluted common share, for the same period in 2022.

•Fixed income portfolio book yield was 3.9% at June 30, 2023, compared to 2.4% at June 30, 2022. The market yield was 5.9% at June 30, 2023.

•Net investment income for the second quarter of 2023 was $137 million, compared to $92 million, for the second quarter of 2022, attributable to an increase in income from fixed maturities due to increased yields.

•Book value per diluted common share was $50.98 at June 30, 2023, an increase of $0.67, or 1.3%, compared to March 31, 2023, driven by net income, partially offset by net unrealized investment losses reported in accumulated other comprehensive income (loss), and common share dividends declared.

•Adjusted for dividends declared, book value per diluted common share increased by $1.11, or 2.2%, compared to March 31, 2023.

•Adjusted for dividends declared, book value per diluted common share increased by $5.11, or 10.7%, over the past twelve months.

•Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $58.01 at June 30, 2023, compared to $56.64 at March 31, 2023 and $55.82 at June 30, 2022.

* Amounts may not reconcile due to rounding differences.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 2 -

Second Quarter Consolidated Underwriting Highlights2

•Gross premiums written increased by $171 million, or 8% ($194 million, or 9%, on a constant currency basis3), to $2.3 billion with an increase of $215 million, or 15% in the insurance segment, partially offset by a decrease of $44 million, or 7% in the reinsurance segment.

•Net premiums written increased by $130 million, or 10% ($152 million, or 12%, on a constant currency basis), to $1.4 billion with an increase of $152 million, or 17% in the insurance segment, partially offset by a decrease of $22 million, or 5% in the reinsurance segment.


	Three months ended June 30,
KEY RATIOS	2023		2022		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses4	56.1	%	55.3	%	0.8	pts
Catastrophe and weather-related losses ratio	2.6	%	5.3	%	(2.7	pts)
Current accident year loss ratio	58.7	%	60.6	%	(1.9	pts)
Prior year reserve development ratio	(0.5	%)	(0.3	%)	(0.2	pts)
Net losses and loss expenses ratio	58.2	%	60.3	%	(2.1	pts)
Acquisition cost ratio	20.0	%	20.2	%	(0.2	pts)
General and administrative expense ratio	13.3	%	12.9	%	0.4	pts
Combined ratio	91.5	%	93.4	%	(1.9	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	89.4	%	88.4	%	1.0	pts

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $32 million ($28 million, after-tax), (Insurance: $26 million; Reinsurance: $6 million), or 2.6 points, primarily attributable to Cyclone Gabrielle, and other U.S. weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $67 million, (Insurance: $28 million; Reinsurance: $39 million), or 5.3 points in 2022.

•Net favorable prior year reserve development was $6 million (Insurance: $3 million; Reinsurance: $4 million), compared to $4 million (Insurance: $3 million; Reinsurance: $1 million) in 2022.

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 is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.

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.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 3 -

Year to Date Consolidated Underwriting Highlights

•Gross premiums written decreased by $82 million, or 2% ($17 million, or 0.4%, on a constant currency basis), to $4.7 billion with a decrease of $385 million, or 20% in the reinsurance segment, partially offset by an increase of $303 million, or 11% in the insurance segment.

•Net premiums written decreased by $75 million, or 2% ($12 million, or 0.4%, on a constant currency basis), to $3.1 billion with a decrease of $265 million, or 19% in the reinsurance segment, partially offset by an increase of $190 million, or 11% in the insurance segment.


	Six months ended June 30,
KEY RATIOS	2023		2022		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.0	%	54.7	%	1.3	pts
Catastrophe and weather-related losses ratio	2.8	%	5.1	%	(2.3	pts)
Current accident year loss ratio	58.8	%	59.8	%	(1.0	pts)
Prior year reserve development ratio	(0.4	%)	(0.5	%)	0.1	pts
Net losses and loss expenses ratio	58.4	%	59.3	%	(0.9	pts)
Acquisition cost ratio	19.4	%	20.0	%	(0.6	pts)
General and administrative expense ratio	13.4	%	13.1	%	0.3	pts
Combined ratio	91.2	%	92.4	%	(1.2	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	88.8	%	87.8	%	1.0	pts

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $70 million ($60 million, after-tax), (Insurance: $51 million; Reinsurance: $19 million), or 2.8 points, primarily attributable to Cyclone Gabrielle, the Earthquake in Turkey, New Zealand floods, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $127 million, (Insurance: $61 million; Reinsurance: $66 million), or 5.1 points, in 2022.

•Net favorable prior year reserve development was $10 million (Insurance: $4 million; Reinsurance: $7 million), compared to $13 million (Insurance: $10 million; Reinsurance: $3 million) in 2022.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 4 -

Segment Highlights

Insurance Segment


	Three months ended June 30,
($ in thousands)	2023			2022			Change
Gross premiums written	$	1,684,150		$	1,469,622		14.6	%
Net premiums written	1,021,021			869,419			17.4	%
Net premiums earned	842,751			768,724			9.6	%
Underwriting income	114,653			93,816			22.2	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.5		%	51.6		%	(0.1	pts)
Catastrophe and weather-related losses ratio	3.1		%	3.6		%	(0.5	pts)
Current accident year loss ratio	54.6		%	55.2		%	(0.6	pts)
Prior year reserve development ratio	(0.3		%)	(0.3		%)	—	pts
Net losses and loss expenses ratio	54.3		%	54.9		%	(0.6	pts)
Acquisition cost ratio	18.6		%	18.8		%	(0.2	pts)
Underwriting-related general and administrative expense ratio	13.5		%	14.1		%	(0.6	pts)
Combined ratio	86.4		%	87.8		%	(1.4	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	83.6		%	84.5		%	(0.9	pts)

•Gross premiums written increased by $215 million, or 15%, primarily attributable to increases in property, marine and aviation, and liability lines due to favorable rate changes and new business, and accident and health lines due to new business, partially offset by a decrease in professional lines reflecting the reduction in activity in transactional liability business, together with an unattractive pricing environment for U.S. public D&O business.

•Net premiums written increased by $152 million, or 17% ($163 million, or 19%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decrease in premiums ceded in professional lines.

•The current accident year loss ratio, excluding catastrophe and weather-related losses was comparable to the same period in 2022, principally due to improved loss experience in property, and marine and aviation lines, together with changes in business mix associated with the decrease in professional lines business written in recent periods, being largely offset by higher year-over-year loss ratios in liability lines consistent with changes in loss assumptions reflected in recent periods.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $26 million, or 3.1 points, primarily attributable to U.S. weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $28 million, or 3.6 points, in 2022.

•The underwriting-related general and administrative expense ratio decreased by 0.6 points mainly driven by an increase in net premiums earned, partially offset by increases in information technology costs and personnel costs.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 5 -


	Six months ended June 30,
($ in thousands)	2023			2022			Change
Gross premiums written	$	3,099,762		$	2,796,886		10.8	%
Net premiums written	1,903,597			1,713,332			11.1	%
Net premiums earned	1,659,206			1,521,539			9.0	%
Underwriting income	218,007			188,209			15.8	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.8		%	51.0		%	0.8	pts
Catastrophe and weather-related losses ratio	3.1		%	4.0		%	(0.9	pts)
Current accident year loss ratio	54.9		%	55.0		%	(0.1	pts)
Prior year reserve development ratio	(0.2		%)	(0.6		%)	0.4	pts
Net losses and loss expenses ratio	54.7		%	54.4		%	0.3	pts
Acquisition cost ratio	18.3		%	18.6		%	(0.3	pts)
Underwriting-related general and administrative expense ratio	13.9		%	14.7		%	(0.8	pts)
Combined ratio	86.9		%	87.7		%	(0.8	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	84.0		%	84.3		%	(0.3	pts)

•Gross premiums written increased by $303 million, or 11% ($325 million, or 12%, on a constant currency basis), primarily attributable to increases in property, marine and aviation, liability, cyber, and credit and political risk lines due to favorable rate changes and new business, and accident and health lines due to new business, partially offset by a decrease in professional lines reflecting the reduction in activity in transactional liability business, together with an unattractive pricing environment for U.S. public D&O business.

•Net premiums written increased by $190 million, or 11% ($210 million, or 12%, on a constant currency basis), reflecting the increase in gross premiums written, together with a decrease in premiums ceded in professional lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $51 million, or 3.1 points, primarily attributable to the Earthquake in Turkey, Cyclone Gabrielle, New Zealand floods, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $61 million, or 4.0 points, in 2022.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 6 -

Reinsurance Segment


	Three months ended June 30,
($ in thousands)	2023			2022			Change
Gross premiums written	$	600,228		$	643,861		(6.8	%)
Net premiums written	425,336			447,428			(4.9	%)
Net premiums earned	422,994			508,328			(16.8	%)
Underwriting income	33,839			22,877			47.9	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	65.3		%	60.9		%	4.4	pts
Catastrophe and weather-related losses ratio	1.4		%	7.7		%	(6.3	pts)
Current accident year loss ratio	66.7		%	68.6		%	(1.9	pts)
Prior year reserve development ratio	(0.8		%)	(0.2		%)	(0.6	pts)
Net losses and loss expenses ratio	65.9		%	68.4		%	(2.5	pts)
Acquisition cost ratio	22.8		%	22.2		%	0.6	pts
Underwriting-related general and administrative expense ratio	4.6		%	5.3		%	(0.7	pts)
Combined ratio	93.3		%	95.9		%	(2.6	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	92.7		%	88.4		%	4.3	pts

•Gross premiums written decreased by $44 million, or 7% ($32 million, or 5%, on a constant currency basis). The decreases in catastrophe and property lines were associated with the exit from these lines of business in June 2022. Our ongoing specialty lines increased by 4%, primarily attributable to increases in credit and surety, agriculture, professional lines, and accident and health lines, partially offset by decreases in liability, and motor lines. The increases in credit and surety and professional lines were largely driven by new business attributable to select treaties with favorable risk profiles. The increase in agriculture lines was principally related to timing differences. The decrease in liability lines was primarily due to the decreased line size on a significant contract and non-renewals of U.S. regional multi-line business that included a high proportion of property exposures following the exit from catastrophe and property lines of business. The decrease in motor lines was due to non-renewals and a timing difference.

•Net premiums written decreased by $22 million, or 5% ($11 million, or 2%, on a constant currency basis), reflecting the decrease in gross premiums written in the quarter, partially offset by a decrease in premiums ceded in liability lines.

•The current accident year loss ratio, excluding catastrophe and weather-related losses, increased by 4.4 points principally due to elevated experience in engineering lines and changes in business mix due to the exit from catastrophe and property lines of business, partially offset by the increase in credit and surety lines of business written in the recent periods which carry a lower loss ratio.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 7 -

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $6 million, or 1.4 points, primarily attributable to Cyclone Gabrielle, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $39 million, or 7.7 points, in 2022.

•The acquisition cost ratio increased by 0.6 points, primarily related to changes in business mix associated with the exit from catastrophe and property lines of business, partially offset by the impact of retrocessional contracts.

•The underwriting-related general and administrative expense ratio decreased by 0.7 points, mainly driven by a decrease in personnel costs associated with the exit from catastrophe and property lines of business, partially offset by decreases in net premiums earned and fees related to arrangements with strategic capital partners.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 8 -


	Six months ended June 30,
($ in thousands)	2023			2022			Change
Gross premiums written	$	1,566,592		$	1,951,205		(19.7	%)
Net premiums written	1,151,116			1,416,387			(18.7	%)
Net premiums earned	836,738			1,013,758			(17.5	%)
Underwriting income	69,850			67,278			3.8	%

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.2		%	60.3		%	3.9	pts
Catastrophe and weather-related losses ratio	2.3		%	6.6		%	(4.3	pts)
Current accident year loss ratio	66.5		%	66.9		%	(0.4	pts)
Prior year reserve development ratio	(0.8		%)	(0.3		%)	(0.5	pts)
Net losses and loss expenses ratio	65.7		%	66.6		%	(0.9	pts)
Acquisition cost ratio	21.5		%	21.9		%	(0.4	pts)
Underwriting-related general and administrative expense ratio	5.2		%	5.7		%	(0.5	pts)
Combined ratio	92.4		%	94.2		%	(1.8	pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses	90.9		%	87.9		%	3.0	pts

•Gross premiums written decreased by $385 million, or 20% ($342 million, or 18%, on a constant currency basis). The decreases in catastrophe and property lines were associated with the exit from these lines of business in June 2022. The decrease in marine and aviation lines was attributable to non-renewals of marine business and the exit from aviation business effective January 1, 2023. In our ongoing specialty lines, decreases in liability and accident and health lines were partially offset by increases in credit and surety, professional lines, and agriculture lines. The decrease in liability lines was primarily due to non-renewals of U.S. regional multi-line business that included a high proportion of property exposures and the decreased line size on a significant contract following the exit from catastrophe and property lines of business. The decrease in accident and health lines was due to premium adjustments and timing differences. The increases in credit and surety and professional lines were largely driven by new business attributable to select treaties with favorable risk profiles. The increase in agriculture lines was principally related to timing differences.

•Net premiums written decreased by $265 million, or 19% ($222 million, or 16%, on a constant currency basis), reflecting the decrease in gross premiums written, together with an increase in premiums ceded in accident and health lines, partially offset by a decrease in premiums ceded in liability lines.

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $19 million, or 2.3 points, primarily attributable to Cyclone Gabrielle, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $66 million, or 6.6 points, in 2022.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 9 -

Investments


	Three months ended June 30,						Six months ended June 30,
($ in thousands)	2023			2022			2023			2022

Net investment income	$	136,829		$	92,214		$	270,601		$	183,569
Net investments losses	(24,370)			(173,263)			(44,558)			(267,771)
Change in net unrealized gains (losses) on fixed maturities(5)	(72,887)			(390,651)			140,034			(845,936)
Interest in income (loss) of equity method investments	2,100			1,050			(105)			12,600
Total	$	41,672		$	(470,650)		$	365,972		$	(917,538)

Average cash and investments(6)	$	16,077,600		$	15,863,410		$	15,951,158		$	16,066,338

Total return on average cash and investments, pre-tax:
Including investment related foreign exchange movements	0.3		%	(3.0		%)	2.3		%	(5.7		%)
Excluding investment related foreign exchange movements(7)	0.1		%	(2.5		%)	2.0		%	(5.1		%)

•Net investment income increased by $45 million, or 48%, in the quarter, compared to the second quarter of 2022, attributable to an increase in income from our fixed maturities portfolio due to increased yields.

•Net investment losses recognized in net income for the quarter included net unrealized gains of $17 million ($15 million excluding foreign exchange movements), attributable to an increase in the market value of our equity securities portfolio.

•Net unrealized losses, pre-tax of $73 million ($93 million excluding foreign exchange movements) were recognized in other comprehensive income (loss) in the quarter due to a decrease in the market value of our fixed maturities portfolio attributable to an increase in yields, compared to net unrealized losses, pre-tax of $391 million ($340 million excluding foreign exchange movements) recognized during the second quarter of 2022.

•Our fixed income portfolio book yield was 3.9% at June 30, 2023, compared to 2.4% at June 30, 2022 and 3.5% at December 31, 2022. The market yield was 5.9% at June 30, 2023.

5 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.

6 The average cash and investments balance is calculated by taking the average of the period end fair value balances.

7 Pre-tax total return on cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax total return on cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $21 million and ($78) million for the three months ended June 30, 2023 and 2022, respectively and foreign exchange (losses) gains of $40 million and ($106) million for the six months ended June 30, 2023 and 2022, respectively.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 10 -

Capitalization / Shareholders’ Equity


	June 30,		December 31,
($ in thousands)	2023		2022		Change
Total capital8	$	6,333,967	$	5,952,224	$	381,743

•Total capital of $6.3 billion included $1.3 billion of debt and $550 million of preferred equity, compared to $6.0 billion at December 31, 2022, with the increase driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss) following an increase in the market value of our fixed maturities portfolio, partially offset by common share dividends declared.

•At June 30, 2023, we had $100 million of remaining authorization under our Board-authorized share repurchase program for common share repurchases through December 31, 2023.

Book Value per diluted common share


	June 30,		March 31,		June 30,
	2023		2023		2022
Book value per diluted common share9	$	50.98	$	50.31	$	47.62

•Dividends declared were $0.44 per common share in the current quarter and $1.75 per common share over the past twelve months.


	Three months ended,				Twelve months ended,
	June 30, 2023				June 30, 2023
	Change		% Change		Change		% Change
Book value per diluted common share	$	0.67	1.3	%	$	3.36	7.1	%
Book value per diluted common share - adjusted for dividends declared	$	1.11	2.2	%	$	5.11	10.7	%

•Book value per diluted common share increased by $0.67 in the quarter, driven by net income, partially offset by net unrealized investment losses reported in accumulated other comprehensive income (loss), and common share dividends declared.

•Book value per diluted common share increased by $3.36 over the past twelve months, driven by net income, and net unrealized investment gains reported in accumulated other comprehensive income (loss), partially offset by common share dividends declared.

•Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share was $58.01.

•Adjusted for dividends declared, the book value per diluted common share increased by $1.11 for the quarter, and increased by $5.11 over the past twelve months.

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

9 Calculated using the treasury stock method.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 11 -

Conference Call

We will host a conference call on Wednesday, August 2, 2023 at 9:30 a.m. (EDT) to discuss the second quarter financial results and related matters. The teleconference can be accessed by dialing 1-877-883-0383 (U.S. callers), or 1-412-902-6506 (international callers), and entering the passcode 2297226 approximately ten minutes in advance of the call. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay of the teleconference will be available for two weeks by dialing 1-877-344-7529 (U.S. callers), or 1-412-317-0088 (international callers), and entering the passcode 4929718. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended June 30, 2023 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 $5.0 billion at June 30, 2023, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

Website and Social Media Disclosure

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

Follow AXIS Capital on LinkedIn and X Corp.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 12 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2023 (UNAUDITED) AND DECEMBER 31, 2022



	2023		2022

	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	11,564,397	$	11,326,894
Fixed maturities, held to maturity, at amortized cost	717,310		698,351
Equity securities, at fair value	596,692		485,253
Mortgage loans, held for investment, at fair value	609,274		627,437
Other investments, at fair value	970,079		996,751
Equity method investments	148,183		148,288
Short-term investments, at fair value	46,282		70,310
Total investments	14,652,217		14,353,284
Cash and cash equivalents	1,173,925		751,415
Restricted cash and cash equivalents	344,345		423,238
Accrued interest receivable	100,915		94,418
Insurance and reinsurance premium balances receivable	3,371,439		2,733,464
Reinsurance recoverable on unpaid losses and loss expenses	5,865,609		5,831,172
Reinsurance recoverable on paid losses and loss expenses	572,757		539,676
Deferred acquisition costs	586,085		473,569
Prepaid reinsurance premiums	1,767,474		1,550,370
Receivable for investments sold	22,102		16,052
Goodwill	100,801		100,801
Intangible assets	192,342		197,800

Operating lease right-of-use assets	108,511		92,214
Other assets	457,171		438,338
Total assets	$	29,315,693	$	27,595,811

Liabilities
Reserve for losses and loss expenses	$	15,419,498	$	15,168,863
Unearned premiums	5,139,177		4,361,447
Insurance and reinsurance balances payable	1,783,610		1,522,764
Debt	1,313,006		1,312,314
Federal Home Loan Bank advances	85,790		81,388
Payable for investments purchased	81,835		19,693
Operating lease liabilities	121,922		102,577
Other liabilities	349,894		386,855
Total liabilities	24,294,732		22,955,901

Shareholders' equity
Preferred shares	550,000		550,000
Common shares	2,206		2,206
Additional paid-in capital	2,361,185		2,366,253
Accumulated other comprehensive income (loss)	(630,509)		(760,300)
Retained earnings	6,485,901		6,247,022
Treasury shares, at cost	(3,747,822)		(3,765,271)
Total shareholders' equity	5,020,961		4,639,910



Total liabilities and shareholders' equity	$	29,315,693	$	27,595,811

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 13 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022



	Three months ended				Six months ended
	2023		2022		2023		2022

	(in thousands, except per share amounts)
Revenues
Net premiums earned	$	1,265,745	$	1,277,052	$	2,495,944	$	2,535,297
Net investment income	136,829		92,214		270,601		183,569
Net investment gains (losses)	(24,370)		(173,263)		(44,558)		(267,771)
Other insurance related income	5,524		2,213		6,100		8,906
Total revenues	1,383,728		1,198,216		2,728,087		2,460,001

Expenses
Net losses and loss expenses	736,257		769,587		1,456,899		1,502,285
Acquisition costs	253,265		257,582		483,638		505,932
General and administrative expenses	168,503		165,586		335,314		334,627
Foreign exchange losses (gains)	30,104		(57,000)		38,814		(101,274)
Interest expense and financing costs	16,738		15,241		33,632		30,805
Reorganization expenses	—		15,728		—		15,728

Amortization of intangible assets	2,729		2,729		5,458		5,458
Total expenses	1,207,596		1,169,453		2,353,755		2,293,561

Income before income taxes and interest in income (loss) of equity method investments	176,132		28,763		374,332		166,440
Income tax (expense) benefit	(27,558)		4,965		(43,454)		4,942
Interest in income (loss) of equity method investments	2,100		1,050		(105)		12,600
Net income	150,674		34,778		330,773		183,982


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

Net income available to common shareholders	$	143,111	$	27,215	$	315,648	$	168,857

Per share data
Earnings per common share:
Earnings per common share	$	1.68	$	0.32	$	3.71	$	1.98
Earnings per diluted common share	$	1.67	$	0.32	$	3.68	$	1.97
Weighted average common shares outstanding	85,207		85,173		85,036		85,068
Weighted average diluted common shares outstanding	85,812		85,843		85,833		85,826
Cash dividends declared per common share	$	0.44	$	0.43	$	0.88	$	0.86

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 14 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2023 AND 2022



	2023									2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	1,684,150		$	600,228		$	2,284,378		$	1,469,622		$	643,861		$	2,113,483
Net premiums written	1,021,021			425,336			1,446,357			869,419			447,428			1,316,847
Net premiums earned	842,751			422,994			1,265,745			768,724			508,328			1,277,052
Other insurance related income	58			5,466			5,524			237			1,976			2,213
Net losses and loss expenses	(457,650)			(278,607)			(736,257)			(421,836)			(347,751)			(769,587)
Acquisition costs	(156,972)			(96,293)			(253,265)			(144,732)			(112,850)			(257,582)
Underwriting-related general and
administrative expenses(10)	(113,534)			(19,721)			(133,255)			(108,577)			(26,826)			(135,403)
Underwriting income(11)	$	114,653		$	33,839		148,492			$	93,816		$	22,877		116,693

Net investment income							136,829									92,214
Net investment gains (losses)							(24,370)									(173,263)
Corporate expenses(10)							(35,248)									(30,183)
Foreign exchange (losses) gains							(30,104)									57,000
Interest expense and financing costs							(16,738)									(15,241)
Reorganization expenses							—									(15,728)

Amortization of intangible assets							(2,729)									(2,729)
Income before income taxes and interest in income of equity method investments							176,132									28,763
Income tax (expense) benefit							(27,558)									4,965
Interest in income of equity method investments							2,100									1,050
Net income							150,674									34,778
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	143,111								$	27,215

Net losses and loss expenses ratio	54.3		%	65.9		%	58.2		%	54.9		%	68.4		%	60.3		%
Acquisition cost ratio	18.6		%	22.8		%	20.0		%	18.8		%	22.2		%	20.2		%
General and administrative expense ratio	13.5		%	4.6		%	13.3		%	14.1		%	5.3		%	12.9		%
Combined ratio	86.4		%	93.3		%	91.5		%	87.8		%	95.9		%	93.4		%

10 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 $35 million and $30 million for the three months ended June 30, 2023 and 2022, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 15 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND 2022



	2023									2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	3,099,762		$	1,566,592		$	4,666,354		$	2,796,886		$	1,951,205		$	4,748,091
Net premiums written	1,903,597			1,151,116			3,054,713			1,713,332			1,416,387			3,129,719
Net premiums earned	1,659,206			836,738			2,495,944			1,521,539			1,013,758			2,535,297
Other insurance related income	112			5,988			6,100			319			8,587			8,906
Net losses and loss expenses	(907,117)			(549,782)			(1,456,899)			(827,579)			(674,706)			(1,502,285)
Acquisition costs	(304,030)			(179,608)			(483,638)			(283,543)			(222,389)			(505,932)
Underwriting-related general and
administrative expenses(12)	(230,164)			(43,486)			(273,650)			(222,527)			(57,972)			(280,499)
Underwriting income(13)	$	218,007		$	69,850		287,857			$	188,209		$	67,278		255,487

Net investment income							270,601									183,569
Net investment gains (losses)							(44,558)									(267,771)
Corporate expenses(12)							(61,664)									(54,128)
Foreign exchange (losses) gains							(38,814)									101,274
Interest expense and financing costs							(33,632)									(30,805)
Reorganization expenses							—									(15,728)

Amortization of intangible assets							(5,458)									(5,458)
Income before income taxes and interest in income (loss) of equity method investments							374,332									166,440
Income tax (expense) benefit							(43,454)									4,942
Interest in income (loss) of equity method investments							(105)									12,600
Net Income							330,773									183,982
Preferred share dividends							15,125									15,125
Net income available to common shareholders							$	315,648								$	168,857

Net losses and loss expenses ratio	54.7		%	65.7		%	58.4		%	54.4		%	66.6		%	59.3		%
Acquisition cost ratio	18.3		%	21.5		%	19.4		%	18.6		%	21.9		%	20.0		%

General and administrative expense ratio	13.9		%	5.2		%	13.4		%	14.7		%	5.7		%	13.1		%
Combined ratio	86.9		%	92.4		%	91.2		%	87.7		%	94.2		%	92.4		%

12Underwriting-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 $62 million and $54 million for the six months ended June 30, 2023 and 2022, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

13Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 16 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022



	Three months ended						Six months ended
	2023			2022			2023			2022
	(in thousands, except per share amounts)

Net income available to common shareholders	$	143,111		$	27,215		$	315,648		$	168,857
Net investment (gains) losses (14)	24,370			173,263			44,558			267,771
Foreign exchange losses (gains)(15)	30,104			(57,000)			38,814			(101,274)
Reorganization expenses(16)	—			15,728			—			15,728
Interest in (income) loss of equity method investments(17)	(2,100)			(1,050)			105			(12,600)
Income tax benefit	(4,308)			(9,165)			(7,893)			(9,663)
Operating income	$	191,177		$	148,991		$	391,232		$	328,819

Earnings per diluted common share	$	1.67		$	0.32		$	3.68		$	1.97
Net investment (gains) losses	0.28			2.02			0.52			3.12
Foreign exchange losses (gains)	0.35			(0.66)			0.45			(1.18)
Reorganization expenses	—			0.18			—			0.18
Interest in (income) loss of equity method investments	(0.02)			(0.01)			—			(0.15)
Income tax benefit	(0.05)			(0.11)			(0.09)			(0.11)
Operating income per diluted common share	$	2.23		$	1.74		$	4.56		$	3.83

Weighted average diluted common shares outstanding	85,812			85,843			85,833			85,826

Average common shareholders' equity	$	4,440,595		$	4,361,586		$	4,280,436		$	4,506,644

Annualized return on average common equity	12.9		%	2.5		%	14.7		%	7.5		%

Annualized operating return on average common equity(18)	17.2		%	13.7		%	18.3		%	14.6		%

14 Tax expense (benefit) of ($2,352) and ($19,598) for the three months ended June 30, 2023 and 2022, respectively, and ($3,880) and ($32,912) for the six months ended June 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

15 Tax expense (benefit) of ($1,956) and $12,132 for the three months ended June 30, 2023 and 2022, respectively, and ($4,013) and $24,948 for the six months ended June 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

16 Tax expense (benefit) of $nil and ($1,699) for the three months ended June 30, 2023 and 2022, respectively, and $nil and ($1,699) for the six months ended June 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

17 Tax expense (benefit) of $nil for the three and six months ended June 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

18 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 above, and a discussion of the rationale for its presentation is provided later in this press release.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 17 -

Cautionary Note Regarding Forward-Looking Statements

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

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

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

Insurance Risk

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

•the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;

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

•actual claims exceeding reserves for losses and loss expenses;

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 18 -

•the adverse impact of inflation;

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

•the failure of our cedants to adequately evaluate risks;

Strategic Risk

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

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

•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;

COVID-19

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

Credit and Market Risk

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

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

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

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

Liquidity Risk

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

Operational Risk

•changes in accounting policies or practices;

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

•difficulties with technology and/or data security;

Regulatory Risk

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 19 -

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

Risks Related to Taxation

•changes in tax laws.

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 20 -

Rationale for the Use of Non-GAAP Financial Measures

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

Underwriting-Related General and Administrative Expenses

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 21 -

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 22 -

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.

Operating Income (Loss)

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

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

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

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).

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 23 -

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

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

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

Constant Currency Basis

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

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

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

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 24 -

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2023

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Miranda Hunter

Investor Contact

(441) 405-2635

investorrelations@axiscapital.com

Website Information:

www.axiscapital.com

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS


						Page(s)
Basis of Presentation						i - iv
I. Financial Highlights						1
II. Income Statements
a. Consolidated Statement of Operations						2-6
b. Consolidated Segment Data						7
c. Gross Premiums Written by Segment by Line of Business						8
d. Consolidated Data						9
e. Segment Data						10-11
f. Strategic Capital Partners						12
g. Net Investment Income						13
III. Balance Sheets
a. Consolidated Balance Sheets						14
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						15
• Cash and Invested Assets Composition						16

• Corporate Debt Composition						17
• Ten Largest Corporate Debt Holdings						18
• Mortgage-Backed and Asset-Backed Securities Composition						19
c. Reinsurance Recoverable Analysis						20-21
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						22



b. Paid to Incurred Analysis by Segment						23-25
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures						26
V. Share Analysis
a. Earnings Per Common Share Information						27

b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						28

VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						29
b. Rationale for the Use of Non-GAAP Financial Measures						30-32
VII. Additional Information Regarding the Company's Exit from Catastrophe and Property Lines of Business						33-4 2

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, 2022 and consolidated statements of operations for the years ended December 31, 2022 and December 31, 2021.

•Amounts may not reconcile due to rounding differences.

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

Insurance Risk

•the cyclical nature of the 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;

•the adverse impact of inflation;

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

•the failure of our cedants to adequately evaluate risks;

Strategic Risk

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

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

•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;

COVID-19

•the adverse impact of the ongoing COVID-19 pandemic 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;

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

•difficulties with technology and/or data security;

Regulatory Risk

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

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

Risks Related to Taxation

•changes in tax laws.

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

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

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

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

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

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

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

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

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

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

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis, written on an excess of loss or a proportional basis. For excess of loss business, we typically indemnify the reinsured for a portion of losses, individually and in the aggregate, in excess of a specified individual or aggregate loss deductible. For proportional business, we assume an agreed percentage of the underlying premiums and accept liability for the same percentage of losses and loss expenses. Our business is primarily produced through reinsurance brokers worldwide. The following are the lines of business in our reinsurance segment:

Liability: provides protection to insurers of admitted casualty business, excess and surplus lines casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, workers' compensation, auto liability, and excess casualty.

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

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

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

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

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

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

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 workers compensation and personal accident are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis. The Company exited this line of business in June 2022.

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

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended June 30,									Six months ended June 30,
		2023			2022			Change			2023			2022			Change

HIGHLIGHTS	Gross premiums written	$	2,284,378		$	2,113,483		8.1	%		$	4,666,354		$	4,748,091		(1.7	%)
	Gross premiums written - Insurance	73.7		%	69.5		%	4.2		pts	66.4		%	58.9		%	7.5		pts
	Gross premiums written - Reinsurance	26.3		%	30.5		%	(4.2)		pts	33.6		%	41.1		%	(7.5)		pts
	Net premiums written	$	1,446,357		$	1,316,847		9.8	%		$	3,054,713		$	3,129,719		(2.4	%)
	Net premiums earned	$	1,265,745		$	1,277,052		(0.9	%)		$	2,495,944		$	2,535,297		(1.6	%)
	Net premiums earned - Insurance	66.6		%	60.2		%	6.4		pts	66.5		%	60.0		%	6.5		pts
	Net premiums earned - Reinsurance	33.4		%	39.8		%	(6.4)		pts	33.5		%	40.0		%	(6.5)		pts
	Net income available to common shareholders	$	143,111		$	27,215		nm			$	315,648		$	168,857		86.9	%
	Operating income [a]	$	191,177		$	148,991		28.3	%		$	391,232		$	328,819		19.0	%
	Annualized return on average common equity [b]	12.9		%	2.5		%	10.4		pts	14.7		%	7.5		%	7.2		pts
	Annualized operating return on average common equity [c]	17.2		%	13.7		%	3.5		pts	18.3		%	14.6		%	3.7		pts
	Total shareholders’ equity	$	5,020,961		$	4,702,631		6.8	%		$	5,020,961		$	4,702,631		6.8	%

PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$1.67			$0.32			nm			$3.68			$1.97			86.8	%
	Operating income per diluted common share [d]	$2.23			$1.74			28.2	%		$4.56			$3.83			19.1	%
	Weighted average diluted common shares outstanding	85,812			85,843			—	%		85,833			85,826			—	%
	Book value per common share	$52.47			$49.05			7.0	%		$52.47			$49.05			7.0	%
	Book value per diluted common share (treasury stock method)	$50.98			$47.62			7.1	%		$50.98			$47.62			7.1	%
	Tangible book value per diluted common share (treasury stock method) [a]	$48.22			$44.74			7.8	%		$48.22			$44.74			7.8	%

FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	56.1		%	55.3		%	0.8		pts	56.0		%	54.7		%	1.3		pts
	Catastrophe and weather-related losses ratio	2.6		%	5.3		%	(2.7)		pts	2.8		%	5.1		%	(2.3)		pts
	Current accident year loss ratio	58.7		%	60.6		%	(1.9)		pts	58.8		%	59.8		%	(1.0)		pts
	Prior year reserve development ratio	(0.5		%)	(0.3		%)	(0.2)		pts	(0.4		%)	(0.5		%)	0.1		pts
	Net losses and loss expenses ratio	58.2		%	60.3		%	(2.1)		pts	58.4		%	59.3		%	(0.9)		pts
	Acquisition cost ratio	20.0		%	20.2		%	(0.2)		pts	19.4		%	20.0		%	(0.6)		pts
	General and administrative expense ratio [e]	13.3		%	12.9		%	0.4		pts	13.4		%	13.1		%	0.3		pts
	Combined ratio	91.5		%	93.4		%	(1.9)		pts	91.2		%	92.4		%	(1.2)		pts

INVESTMENT DATA	Total assets	$	29,315,693		$	27,619,427		6.1	%		$	29,315,693		$	27,619,427		6.1	%
	Total cash and invested assets [f]	$	16,211,669		$	15,726,034		3.1	%		$	16,211,669		$	15,726,034		3.1	%
	Net investment income	$	136,829		$	92,214		48.4	%		$	270,601		$	183,569		47.4	%
	Net investment gains (losses)	$	(24,370)		$	(173,263)		(85.9	%)		$	(44,558)		$	(267,771)		(83.4	%)
	Book yield of fixed maturities	3.9		%	2.4		%	1.5		pts	3.9		%	2.4		%	1.5		pts

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

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

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

[c] Annualized operating ROACE is calculated by dividing annualized operating income (loss) for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022


				Three months ended June 30,						Six months ended June 30,
				2023			2022			2023			2022

Revenues
	Net premiums earned	$	1,265,745		$	1,277,052		$	2,495,944		$	2,535,297
	Net investment income	136,829			92,214			270,601			183,569
	Net investment gains (losses)	(24,370)			(173,263)			(44,558)			(267,771)
	Other insurance related income	5,524			2,213			6,100			8,906
	Total revenues			1,383,728			1,198,216			2,728,087			2,460,001

Expenses
	Net losses and loss expenses	736,257			769,587			1,456,899			1,502,285
	Acquisition costs	253,265			257,582			483,638			505,932
	General and administrative expenses	168,503			165,586			335,314			334,627
	Foreign exchange losses (gains)	30,104			(57,000)			38,814			(101,274)
	Interest expense and financing costs	16,738			15,241			33,632			30,805
	Reorganization expenses	—			15,728			—			15,728
	Amortization of intangible assets	2,729			2,729			5,458			5,458
	Total expenses			1,207,596			1,169,453			2,353,755			2,293,561

Income before income taxes and interest in income (loss) of equity method investments		176,132			28,763			374,332			166,440
	Income tax (expense) benefit	(27,558)			4,965			(43,454)			4,942
	Interest in income (loss) of equity method investments	2,100			1,050			(105)			12,600
Net income		150,674			34,778			330,773			183,982
	Preferred share dividends	7,563			7,563			15,125			15,125
Net income available to common shareholders		$	143,111		$	27,215		$	315,648		$	168,857

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


													Year ended December 31,
	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q2 2021		2022
UNDERWRITING REVENUES
Gross premiums written	$	2,284,378	$	2,381,976	$	1,758,696	$	1,707,808	$	2,113,483	$	1,941,186	$	8,214,595
Ceded premiums written	(838,021)		(773,620)		(662,142)		(671,024)		(796,636)		(737,328)		(2,951,539)
Net premiums written	1,446,357		1,608,356		1,096,554		1,036,784		1,316,847		1,203,858		5,263,056

Gross premiums earned	1,969,662		1,921,768		2,050,239		2,012,426		1,971,208		1,794,769		7,936,382
Ceded premiums earned	(703,917)		(691,569)		(710,077)		(727,560)		(694,156)		(637,828)		(2,776,056)
Net premiums earned	1,265,745		1,230,199		1,340,162		1,284,866		1,277,052		1,156,941		5,160,326
Other insurance related income	5,524		577		3,076		1,092		2,213		5,817		13,073
Total underwriting revenues	1,271,269		1,230,776		1,343,238		1,285,958		1,279,265		1,162,758		5,173,399

UNDERWRITING EXPENSES
Net losses and loss expenses	736,257		720,642		798,214		941,911		769,587		666,473		3,242,410
Acquisition costs	253,265		230,373		275,573		240,511		257,582		219,070		1,022,017
Underwriting-related general and administrative expenses [a]	133,255		140,395		137,220		132,570		135,403		128,961		550,289
Total underwriting expenses	1,122,777		1,091,410		1,211,007		1,314,992		1,162,572		1,014,504		4,814,716

UNDERWRITING INCOME (LOSS) [b]	148,492		139,366		132,231		(29,034)		116,693		148,254		358,683

OTHER (EXPENSES) REVENUES
Net investment income	136,829		133,771		147,085		88,177		92,214		104,672		418,829
Net investment gains (losses)	(24,370)		(20,190)		(42,558)		(146,458)		(173,263)		73,293		(456,789)
Corporate expenses [a]	(35,248)		(26,416)		(50,252)		(25,675)		(30,183)		(33,491)		(130,054)
Foreign exchange (losses) gains	(30,104)		(8,710)		(78,989)		135,660		57,000		(19,602)		157,945
Interest expense and financing costs	(16,738)		(16,894)		(16,426)		(15,915)		(15,241)		(15,235)		(63,146)
Reorganization expenses	—		—		(9,485)		(6,213)		(15,728)		—		(31,426)
Amortization of value of business acquired	—		—		—		—		—		(1,028)		—
Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(2,729)		(3,324)		(10,917)
Total other (expenses) revenues	27,640		58,832		(53,354)		26,847		(87,930)		105,285		(115,558)

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	176,132		198,198		78,877		(2,187)		28,763		253,539		243,125
Income tax (expense) benefit	(27,558)		(15,896)		(27,341)		363		4,965		(27,865)		(22,037)
Interest in income (loss) of equity method investments	2,100		(2,205)		(3,045)		(7,560)		1,050		9,799		1,995

NET INCOME (LOSS)	150,674		180,097		48,491		(9,384)		34,778		235,473		223,083
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(30,250)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	143,111	$	172,534	$	40,928	$	(16,947)	$	27,215	$	227,910	$	192,833

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


													Year ended December 31,
	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q2 2021		2022
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.1	%	55.8	%	55.5	%	57.1	%	55.3	%	55.7	%	55.5	%
Catastrophe and weather-related losses ratio	2.6	%	3.1	%	4.7	%	16.6	%	5.3	%	2.5	%	7.8	%
Current accident year loss ratio	58.7	%	58.9	%	60.2	%	73.7	%	60.6	%	58.2	%	63.3	%
Prior year reserve development ratio	(0.5	%)	(0.3	%)	(0.6	%)	(0.4	%)	(0.3	%)	(0.6	%)	(0.5	%)
Net losses and loss expenses ratio	58.2	%	58.6	%	59.6	%	73.3	%	60.3	%	57.6	%	62.8	%
Acquisition cost ratio	20.0	%	18.7	%	20.6	%	18.7	%	20.2	%	18.9	%	19.8	%
General and administrative expense ratio [a]	13.3	%	13.6	%	13.9	%	12.3	%	12.9	%	14.1	%	13.2	%
Combined ratio	91.5	%	90.9	%	94.1	%	104.3	%	93.4	%	90.6	%	95.8	%

Weighted average common shares outstanding	85,207		84,864		84,667		84,660		85,173		84,764		84,864
Weighted average diluted common shares outstanding [b]	85,812		85,853		85,655		84,660		85,843		85,267		85,669
Earnings (loss) per common share	$1.68		$2.03		$0.48		($0.20)		$0.32		$2.69		$2.27
Earnings (loss) per diluted common share	$1.67		$2.01		$0.48		($0.20)		$0.32		$2.67		$2.25
Annualized ROACE	12.9	%	16.2	%	4.2	%	(1.7	%)	2.5	%	19.3	%	4.3	%
Annualized operating ROACE	17.2	%	18.8	%	16.9	%	0.3	%	13.7	%	14.4	%	11.1	%

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

[b] Due to the net loss attributable to common shareholders recognized for the quarter ended September 30, 2022, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


	Six months ended June 30,						Year ended December 31,
	2023		2022		2021		2022		2021
UNDERWRITING REVENUES
Gross premiums written	$	4,666,354	$	4,748,091	$	4,476,667	$	8,214,595	$	7,685,984
Ceded premiums written	(1,611,641)		(1,618,372)		(1,493,923)		(2,951,539)		(2,759,360)
Net premiums written	3,054,713		3,129,719		2,982,744		5,263,056		4,926,624

Gross premiums earned	3,891,430		3,873,717		3,465,908		7,936,382		7,281,709
Ceded premiums earned	(1,395,486)		(1,338,420)		(1,205,245)		(2,776,056)		(2,571,859)
Net premiums earned	2,495,944		2,535,297		2,260,663		5,160,326		4,709,850
Other insurance related income	6,100		8,906		8,598		13,073		23,295
Total underwriting revenues	2,502,044		2,544,203		2,269,261		5,173,399		4,733,145

UNDERWRITING EXPENSES
Net losses and loss expenses	1,456,899		1,502,285		1,381,190		3,242,410		3,008,783
Acquisition costs	483,638		505,932		437,941		1,022,017		921,834
Underwriting-related general and administrative expenses [a]	273,650		280,499		261,629		550,289		536,834
Total underwriting expenses	2,214,187		2,288,716		2,080,760		4,814,716		4,467,451

UNDERWRITING INCOME [b]	287,857		255,487		188,501		358,683		265,694

OTHER (EXPENSES) REVENUES
Net investment income	270,601		183,569		218,836		418,829		454,301
Net investment gains (losses)	(44,558)		(267,771)		102,936		(456,789)		134,279
Corporate expenses [a]	(61,664)		(54,128)		(59,231)		(130,054)		(126,470)
Foreign exchange (losses) gains	(38,814)		101,274		(23,716)		157,945		(315)
Interest expense and financing costs	(33,632)		(30,805)		(30,806)		(63,146)		(62,302)
Reorganization expenses	—		(15,728)		—		(31,426)		—
Amortization of value of business acquired	—		—		(2,056)		—		(3,854)
Amortization of intangible assets	(5,458)		(5,458)		(6,013)		(10,917)		(12,424)
Total other (expenses) revenues	86,475		(89,047)		199,950		(115,558)		383,215

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	374,332		166,440		388,451		243,125		648,909
Income tax (expense) benefit	(43,454)		4,942		(48,641)		(22,037)		(62,384)
Interest in income (loss) of equity method investments	(105)		12,600		18,960		1,995		32,084

NET INCOME	330,773		183,982		358,770		223,083		618,609
Preferred share dividends	(15,125)		(15,125)		(15,125)		(30,250)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	315,648	$	168,857	$	343,645	$	192,833	$	588,359

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


	Six months ended June 30,						Year ended December 31,
	2023		2022		2021		2022		2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.0	%	54.7	%	55.4	%	55.5	%	55.1	%
Catastrophe and weather-related losses ratio	2.8	%	5.1	%	6.2	%	7.8	%	9.5	%
Current accident year loss ratio	58.8	%	59.8	%	61.6	%	63.3	%	64.6	%
Prior year reserve development ratio	(0.4	%)	(0.5	%)	(0.5	%)	(0.5	%)	(0.7	%)
Net losses and loss expenses ratio	58.4	%	59.3	%	61.1	%	62.8	%	63.9	%
Acquisition cost ratio	19.4	%	20.0	%	19.4	%	19.8	%	19.6	%
General and administrative expense ratio [a]	13.4	%	13.1	%	14.2	%	13.2	%	14.0	%
Combined ratio	91.2	%	92.4	%	94.7	%	95.8	%	97.5	%

Weighted average common shares outstanding	85,036		85,068		84,640		84,864		84,707
Weighted average diluted common shares outstanding	85,833		85,826		85,117		85,669		85,291
Earnings per common share	$3.71		$1.98		$4.06		$2.27		$6.95
Earnings per diluted common share	$3.68		$1.97		$4.04		$2.25		$6.90
Annualized ROACE	14.7	%	7.5	%	14.3	%	4.3	%	12.2	%
Annualized operating ROACE	18.3	%	14.6	%	10.6	%	11.1	%	9.1	%

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Three months ended June 30, 2023									Six months ended June 30, 2023
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,684,150		$	600,228		$	2,284,378		$	3,099,762		$	1,566,592		$	4,666,354
Ceded premiums written	(663,129)			(174,892)			(838,021)			(1,196,165)			(415,476)			(1,611,641)
Net premiums written	1,021,021			425,336			1,446,357			1,903,597			1,151,116			3,054,713

Gross premiums earned	1,393,438			576,224			1,969,662			2,764,134			1,127,296			3,891,430
Ceded premiums earned	(550,687)			(153,230)			(703,917)			(1,104,928)			(290,558)			(1,395,486)
Net premiums earned	842,751			422,994			1,265,745			1,659,206			836,738			2,495,944
Other insurance related income	58			5,466			5,524			112			5,988			6,100
Total underwriting revenues	842,809			428,460			1,271,269			1,659,318			842,726			2,502,044

UNDERWRITING EXPENSES
Net losses and loss expenses	457,650			278,607			736,257			907,117			549,782			1,456,899
Acquisition costs	156,972			96,293			253,265			304,030			179,608			483,638
Underwriting-related general and administrative expenses	113,534			19,721			133,255			230,164			43,486			273,650
Total underwriting expenses	728,156			394,621			1,122,777			1,441,311			772,876			2,214,187

UNDERWRITING INCOME	$	114,653		$	33,839		$	148,492		$	218,007		$	69,850		$	287,857

Catastrophe and weather-related losses, net of reinstatement premiums	$	26,440		$	5,788		$	32,228		$	50,773		$	19,178		$	69,951
Net favorable prior year reserve development	$	2,784		$	3,535		$	6,319		$	3,825		$	6,532		$	10,357

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.5		%	65.3		%	56.1		%	51.8		%	64.2		%	56.0		%
Catastrophe and weather-related losses ratio	3.1		%	1.4		%	2.6		%	3.1		%	2.3		%	2.8		%
Current accident year loss ratio	54.6		%	66.7		%	58.7		%	54.9		%	66.5		%	58.8		%
Prior year reserve development ratio	(0.3		%)	(0.8		%)	(0.5		%)	(0.2		%)	(0.8		%)	(0.4		%)
Net losses and loss expenses ratio	54.3		%	65.9		%	58.2		%	54.7		%	65.7		%	58.4		%
Acquisition cost ratio	18.6		%	22.8		%	20.0		%	18.3		%	21.5		%	19.4		%
Underwriting-related general and administrative expense ratio	13.5		%	4.6		%	10.5		%	13.9		%	5.2		%	10.9		%
Corporate expense ratio							2.8		%							2.5		%
Combined ratio	86.4		%	93.3		%	91.5		%	86.9		%	92.4		%	91.2		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Six months ended June 30,				Year ended December 31,
	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q2 2021		2023		2022		2022

INSURANCE SEGMENT
Professional Lines	$	294,403	$	221,615	$	378,336	$	317,074	$	323,141	$	339,467	$	516,018	$	627,556	$	1,322,966
Property	533,479		381,339		351,503		297,537		400,529		332,763		914,818		708,448		1,357,489
Liability	328,768		284,026		312,327		266,615		306,541		241,522		612,795		559,703		1,138,645
Cyber	182,049		152,788		157,794		182,367		173,134		124,297		334,837		304,585		644,746
Marine and Aviation	205,153		233,424		133,712		140,661		153,796		143,803		438,576		378,314		652,687
Accident and Health	85,836		79,384		68,551		66,153		65,396		43,480		165,219		123,696		258,399
Credit and Political Risk	54,462		63,036		68,582		47,483		47,085		43,140		117,499		94,584		210,649
TOTAL INSURANCE SEGMENT	$	1,684,150	$	1,415,612	$	1,470,805	$	1,317,890	$	1,469,622	$	1,268,472	$	3,099,762	$	2,796,886	$	5,585,581

REINSURANCE SEGMENT
Liability	$	159,234	$	198,861	$	88,911	$	156,500	$	190,072	$	182,688	$	358,095	$	474,420	$	719,831
Accident and Health	20,696		295,985		11,875		59,313		9,971		16,934		316,681		340,703		411,891
Professional Lines	186,233		136,201		66,597		27,575		173,056		148,398		322,435		306,635		400,807
Credit and Surety	103,430		115,237		63,873		53,944		76,872		37,413		218,667		180,748		298,565
Motor	26,966		140,115		30,231		22,035		35,814		39,781		167,081		187,528		239,794
Agriculture	66,985		22,399		10,904		39,312		49,971		46,874		89,385		77,796		128,012
Marine and Aviation	22,034		30,531		8,863		8,823		25,198		25,714		52,563		75,684		93,371
Total	585,578		939,329		281,254		367,502		560,954		497,802		1,524,907		1,643,514		2,292,271

Run-off lines
Catastrophe	10,874		16,301		1,110		21,227		62,077		133,089		27,175		200,473		222,810
Property	3,842		9,605		4,611		2,173		20,386		44,325		13,447		96,709		103,492
Engineering	(66)		1,129		916		(984)		444		(2,502)		1,063		10,509		10,441
Total run-off lines	14,650		27,035		6,637		22,416		82,907		174,912		41,685		307,691		336,743
TOTAL REINSURANCE SEGMENT	$	600,228	$	966,364	$	287,891	$	389,918	$	643,861	$	672,714	$	1,566,592	$	1,951,205	$	2,629,014

CONSOLIDATED TOTAL	$	2,284,378	$	2,381,976	$	1,758,696	$	1,707,808	$	2,113,483	$	1,941,186	$	4,666,354	$	4,748,091	$	8,214,595

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


																			Year ended December 31,
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q2 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	2,284,378		$	2,381,976		$	1,758,696		$	1,707,808		$	2,113,483		$	1,941,186		$	8,214,595
Ceded premiums written	(838,021)			(773,620)			(662,142)			(671,024)			(796,636)			(737,328)			(2,951,539)
Net premiums written	1,446,357			1,608,356			1,096,554			1,036,784			1,316,847			1,203,858			5,263,056

Gross premiums earned	1,969,662			1,921,768			2,050,239			2,012,426			1,971,208			1,794,769			7,936,382
Ceded premiums earned	(703,917)			(691,569)			(710,077)			(727,560)			(694,156)			(637,828)			(2,776,056)
Net premiums earned	1,265,745			1,230,199			1,340,162			1,284,866			1,277,052			1,156,941			5,160,326
Other insurance related income	5,524			577			3,076			1,092			2,213			5,817			13,073
Total underwriting revenues	1,271,269			1,230,776			1,343,238			1,285,958			1,279,265			1,162,758			5,173,399

UNDERWRITING EXPENSES
Net losses and loss expenses	736,257			720,642			798,214			941,911			769,587			666,473			3,242,410
Acquisition costs	253,265			230,373			275,573			240,511			257,582			219,070			1,022,017
Underwriting-related general and administrative expenses	133,255			140,395			137,220			132,570			135,403			128,961			550,289
Total underwriting expenses	1,122,777			1,091,410			1,211,007			1,314,992			1,162,572			1,014,504			4,814,716

UNDERWRITING INCOME (LOSS)	$	148,492		$	139,366		$	132,231		$	(29,034)		$	116,693		$	148,254		$	358,683

Catastrophe and weather-related losses, net of reinstatement premiums	$	32,228		$	37,723		$	63,610		$	211,969		$	67,119		$	28,562		$	402,803
Net favorable prior year reserve development	$	6,319		$	4,038		$	7,901		$	4,735		$	3,940		$	6,808		$	25,533

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.1		%	55.8		%	55.5		%	57.1		%	55.3		%	55.7		%	55.5		%
Catastrophe and weather-related losses ratio	2.6		%	3.1		%	4.7		%	16.6		%	5.3		%	2.5		%	7.8		%
Current accident year loss ratio	58.7		%	58.9		%	60.2		%	73.7		%	60.6		%	58.2		%	63.3		%
Prior year reserve development ratio	(0.5		%)	(0.3		%)	(0.6		%)	(0.4		%)	(0.3		%)	(0.6		%)	(0.5		%)
Net losses and loss expenses ratio	58.2		%	58.6		%	59.6		%	73.3		%	60.3		%	57.6		%	62.8		%
Acquisition cost ratio	20.0		%	18.7		%	20.6		%	18.7		%	20.2		%	18.9		%	19.8		%
General and administrative expenses ratio [a]	13.3		%	13.6		%	13.9		%	12.3		%	12.9		%	14.1		%	13.2		%
Combined ratio	91.5		%	90.9		%	94.1		%	104.3		%	93.4		%	90.6		%	95.8		%

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

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA


																			Year ended December 31,
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q2 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	1,684,150		$	1,415,612		$	1,470,805		$	1,317,890		$	1,469,622		$	1,268,472		$	5,585,581
Ceded premiums written	(663,129)			(533,036)			(584,019)			(540,101)			(600,203)			(555,587)			(2,207,675)
Net premiums written	1,021,021			882,576			886,786			777,789			869,419			712,885			3,377,906

Gross premiums earned	1,393,438			1,370,696			1,368,859			1,331,887			1,285,275			1,076,900			5,219,303
Ceded premiums earned	(550,687)			(554,240)			(538,345)			(549,786)			(516,551)			(445,225)			(2,085,148)
Net premiums earned	842,751			816,456			830,514			782,101			768,724			631,675			3,134,155
Other insurance related income	58			54			89			151			237			552			559
Total underwriting revenues	842,809			816,510			830,603			782,252			768,961			632,227			3,134,714

UNDERWRITING EXPENSES
Net losses and loss expenses	457,650			449,467			439,268			519,006			421,836			332,175			1,785,854
Acquisition costs	156,972			147,058			154,859			139,436			144,732			106,963			577,838
Underwriting-related general and administrative expenses	113,534			116,630			113,106			108,072			108,577			99,569			443,704
Total underwriting expenses	728,156			713,155			707,233			766,514			675,145			538,707			2,807,396

UNDERWRITING INCOME	$	114,653		$	103,355		$	123,370		$	15,738		$	93,816		$	93,520		$	327,318

Catastrophe and weather-related losses, net of reinstatement premiums	$	26,440		$	24,333		$	33,218		$	112,799		$	27,989		$	11,088		$	206,735
Net favorable prior year reserve development	$	2,784		$	1,041		$	3,955		$	2,558		$	2,773		$	6,427		$	16,350

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	51.5		%	52.2		%	49.3		%	52.6		%	51.6		%	51.8		%	51.0		%
Catastrophe and weather-related losses ratio	3.1		%	3.0		%	4.1		%	14.1		%	3.6		%	1.8		%	6.5		%
Current accident year loss ratio	54.6		%	55.2		%	53.4		%	66.7		%	55.2		%	53.6		%	57.5		%
Prior year reserve development ratio	(0.3		%)	(0.1		%)	(0.5		%)	(0.3		%)	(0.3		%)	(1.0		%)	(0.5		%)
Net losses and loss expenses ratio	54.3		%	55.1		%	52.9		%	66.4		%	54.9		%	52.6		%	57.0		%
Acquisition cost ratio	18.6		%	18.0		%	18.6		%	17.8		%	18.8		%	16.9		%	18.4		%
Underwriting-related general and administrative expenses ratio	13.5		%	14.2		%	13.7		%	13.8		%	14.1		%	15.8		%	14.2		%
Combined ratio	86.4		%	87.3		%	85.2		%	98.0		%	87.8		%	85.3		%	89.6		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																			Year ended December 31,
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q2 2021			2022
UNDERWRITING REVENUES
Gross premiums written	$	600,228		$	966,364		$	287,891		$	389,918		$	643,861		$	672,714		$	2,629,014
Ceded premiums written	(174,892)			(240,584)			(78,123)			(130,923)			(196,433)			(181,741)			(743,864)
Net premiums written	425,336			725,780			209,768			258,995			447,428			490,973			1,885,150

Gross premiums earned	576,224			551,072			681,380			680,539			685,933			717,869			2,717,079
Ceded premiums earned	(153,230)			(137,329)			(171,732)			(177,774)			(177,605)			(192,603)			(690,908)
Net premiums earned	422,994			413,743			509,648			502,765			508,328			525,266			2,026,171
Other insurance related income	5,466			523			2,987			941			1,976			5,265			12,514
Total underwriting revenues	428,460			414,266			512,635			503,706			510,304			530,531			2,038,685

UNDERWRITING EXPENSES
Net losses and loss expenses	278,607			271,175			358,946			422,905			347,751			334,298			1,456,556
Acquisition costs	96,293			83,315			120,714			101,075			112,850			112,107			444,179
Underwriting-related general and administrative expenses	19,721			23,765			24,114			24,498			26,826			29,392			106,585
Total underwriting expenses	394,621			378,255			503,774			548,478			487,427			475,797			2,007,320

UNDERWRITING INCOME (LOSS)	$	33,839		$	36,011		$	8,861		$	(44,772)		$	22,877		$	54,734		$	31,365

Catastrophe and weather-related losses, net of reinstatement premiums	$	5,788		$	13,390		$	30,392		$	99,170		$	39,130		$	17,474		$	196,068
Net favorable prior year reserve development	$	3,535		$	2,997		$	3,946		$	2,177		$	1,167		$	381		$	9,183

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	65.3		%	63.0		%	65.5		%	64.2		%	60.9		%	60.4		%	62.6		%
Catastrophe and weather-related losses ratio	1.4		%	3.3		%	5.7		%	20.3		%	7.7		%	3.3		%	9.7		%
Current accident year loss ratio	66.7		%	66.3		%	71.2		%	84.5		%	68.6		%	63.7		%	72.3		%
Prior year reserve development ratio	(0.8		%)	(0.8		%)	(0.8		%)	(0.4		%)	(0.2		%)	(0.1		%)	(0.4		%)
Net losses and loss expenses ratio	65.9		%	65.5		%	70.4		%	84.1		%	68.4		%	63.6		%	71.9		%
Acquisition cost ratio	22.8		%	20.1		%	23.7		%	20.1		%	22.2		%	21.3		%	21.9		%
Underwriting-related general and administrative expense ratio	4.6		%	5.8		%	4.7		%	4.9		%	5.3		%	5.7		%	5.3		%
Combined ratio	93.3		%	91.4		%	98.8		%	109.1		%	95.9		%	90.6		%	99.1		%

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS


	Three months ended June 30,												Six months ended June 30,
	2023						2022						2023						2022
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,684,150	$	600,228	$	2,284,378	$	1,469,622	$	643,861	$	2,113,483	$	3,099,762	$	1,566,592	$	4,666,354	$	2,796,886	$	1,951,205	$	4,748,091
Premiums ceded to Harrington Re	2,128		80,653		82,781		6,438		89,122		95,560		5,225		210,963		216,188		10,425		218,936		229,361
Premiums ceded to Other Strategic Capital Partners	—		94,239		94,239		—		107,311		107,311		—		204,513		204,513		—		315,882		315,882
Premiums ceded to Other Reinsurers	661,001		—		661,001		593,765		—		593,765		1,190,940		—		1,190,940		1,073,129		—		1,073,129
Net premiums written	$	1,021,021	$	425,336	$	1,446,357	$	869,419	$	447,428	$	1,316,847	$	1,903,597	$	1,151,116	$	3,054,713	$	1,713,332	$	1,416,387	$	3,129,719

FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income	$	—	$	5,466	$	5,466	$	—	$	1,609	$	1,609	$	—	$	5,988	$	5,988	$	—	$	7,665	$	7,665
Offset to general and administrative expenses	—		9,161		9,161		—		10,221		10,221		—		16,550		16,550		—		21,782		21,782
Total Fee income	$	—	$	14,627	$	14,627	$	—	$	11,830	$	11,830	$	—	$	22,538	$	22,538	$	—	$	29,447	$	29,447

[a] Total managed premiums represents gross premiums written of $2.3 billion and $2.1 billion for the three months ended June 30, 2023 and 2022, respectively, and $4.7 billion for the six months ended June 30, 2023 and 2022, respectively, and includes premiums written by the insurance and reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

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

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


													Six months ended June 30,				Year ended December 31,
	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q2 2021		2023		2022		2022

Fixed maturities	$	124,390	$	118,262	$	105,077	$	87,364	$	72,607	$	61,244	$	242,652	$	137,416	$	329,858
Other investments	(5,341)		486		24,242		(7,576)		14,327		41,414		(4,855)		40,377		57,043
Equity securities	2,990		2,455		3,041		2,490		2,688		3,100		5,445		4,860		10,390
Mortgage loans	8,880		8,386		8,084		6,256		4,903		4,355		17,266		9,067		23,407
Cash and cash equivalents	11,161		10,012		10,127		5,350		3,679		617		21,174		4,797		20,273
Short-term investments	2,129		1,660		1,964		1,004		402		66		3,789		567		3,535

Gross investment income	144,209		141,261		152,535		94,888		98,606		110,796		285,471		197,084		444,506
Investment expenses	(7,380)		(7,490)		(5,450)		(6,711)		(6,392)		(6,124)		(14,870)		(13,515)		(25,677)

Net investment income	$	136,829	$	133,771	$	147,085	$	88,177	$	92,214	$	104,672	$	270,601	$	183,569	$	418,829

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,
	2023			2023			2022			2022			2022			2021
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	11,564,397		$	11,627,555		$	11,326,894		$	10,784,353		$	11,304,682		$	11,898,300
Fixed maturities, held to maturity, at amortized cost	717,310			716,768			698,351			690,380			641,428			403,370
Equity securities, at fair value	596,692			573,916			485,253			469,839			522,161			588,196
Mortgage loans, held for investment, at fair value	609,274			634,470			627,437			653,700			656,112			656,056
Other investments, at fair value	970,079			1,008,887			996,751			970,310			981,774			865,238
Equity method investments	148,183			146,083			148,288			151,333			158,893			133,169
Short-term investments, at fair value	46,282			70,416			70,310			80,260			65,683			112,862
Total investments	14,652,217			14,778,095			14,353,284			13,800,175			14,330,733			14,657,191
Cash and cash equivalents	1,518,270			1,179,295			1,174,653			1,835,262			1,497,928			1,589,443
Accrued interest receivable	100,915			97,983			94,418			77,771			73,873			63,215
Insurance and reinsurance premium balances receivable	3,371,439			3,119,158			2,733,464			2,788,484			3,174,117			3,393,777
Reinsurance recoverable on unpaid losses and loss expenses	5,865,609			5,823,417			5,831,172			5,244,263			5,008,583			4,626,454
Reinsurance recoverable on paid losses and loss expenses	572,757			593,013			539,676			438,497			510,613			467,180
Deferred acquisition costs	586,085			560,173			473,569			541,544			576,237			574,658
Prepaid reinsurance premiums	1,767,474			1,632,513			1,550,370			1,597,586			1,656,643			1,479,328
Receivable for investments sold	22,102			7,079			16,052			6,452			10,421			3,671
Goodwill	100,801			100,801			100,801			100,801			100,801			100,801
Intangible assets	192,342			195,071			197,800			200,529			203,259			214,286
Value of business acquired	—			—			—			—			—			1,798
Operating lease right-of-use assets	108,511			88,155			92,214			96,631			94,451			112,444
Other assets	457,171			390,224			438,338			391,758			381,768			297,484
TOTAL ASSETS	$	29,315,693		$	28,564,977		$	27,595,811		$	27,119,753		$	27,619,427		$	27,581,730

LIABILITIES
Reserve for losses and loss expenses	$	15,419,498		$	15,314,644		$	15,168,863		$	14,652,196		$	14,398,039		$	14,157,353
Unearned premiums	5,139,177			4,821,775			4,361,447			4,650,934			4,963,138			4,698,944
Insurance and reinsurance balances payable	1,783,610			1,574,608			1,522,764			1,569,946			1,624,184			1,409,772
Debt	1,313,006			1,312,658			1,312,314			1,312,633			1,311,637			1,310,328
Federal Home Loan Bank advances	85,790			85,790			81,388			80,540			—			—
Payable for investments purchased	81,835			78,711			19,693			78,956			186,921			205,895
Operating lease liabilities	121,922			99,130			102,577			103,345			105,129			130,174
Other liabilities	349,894			317,432			386,855			327,780			327,748			279,504
TOTAL LIABILITIES	24,294,732			23,604,748			22,955,901			22,776,330			22,916,796			22,191,970

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	2,361,185			2,347,637			2,366,253			2,354,895			2,341,507			2,326,288
Accumulated other comprehensive income (loss)	(630,509)			(571,896)			(760,300)			(1,042,650)			(724,114)			226,317
Retained earnings	6,485,901			6,381,201			6,247,022			6,244,268			6,298,680			6,034,151
Treasury shares, at cost	(3,747,822)			(3,748,919)			(3,765,271)			(3,765,296)			(3,765,648)			(3,749,202)


TOTAL SHAREHOLDERS' EQUITY	5,020,961			4,960,229			4,639,910			4,343,423			4,702,631			5,389,760

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	29,315,693		$	28,564,977		$	27,595,811		$	27,119,753		$	27,619,427		$	27,581,730

Common shares outstanding	85,216			85,183			84,668			84,666			84,655			84,767
Diluted common shares outstanding [a]	87,706			87,660			87,113			87,205			87,201			87,197
Book value per common share	$52.47			$51.77			$48.31			$44.80			$49.05			$57.09
Book value per diluted common share	$50.98			$50.31			$46.95			$43.50			$47.62			$55.50
Tangible book value per diluted common share	$48.22			$47.53			$44.13			$40.64			$44.74			$52.50
Debt to total capital [b]	20.7		%	20.9		%	22.0		%	23.2		%	21.8		%	19.6		%

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

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

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO


	At June 30, 2023												At December 31, 2022
	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	$	2,889,184	$	—	$	421	$	(97,593)	$	2,792,012	17.2	%		$	2,639,330	16.8	%
Non-U.S. government	621,702		(17)		2,560		(37,633)		586,612		3.6	%		562,029		3.6	%
Corporate debt	4,655,745		(10,397)		9,342		(327,082)		4,327,608		26.7	%		4,255,556		27.2	%
Agency RMBS	1,496,299		—		3,975		(96,620)		1,403,654		8.7	%		1,202,785		7.7	%
CMBS	950,340		—		38		(79,271)		871,107		5.4	%		947,778		6.1	%
Non-Agency RMBS	149,827		(100)		274		(15,900)		134,101		0.8	%		133,534		0.9	%
ABS	1,347,053		(37)		568		(47,028)		1,300,556		8.0	%		1,429,527		9.2	%
Municipals	162,108		—		219		(13,580)		148,747		0.9	%		156,355		1.0	%
Total fixed maturities, available for sale, at fair value	12,272,258		(10,551)		17,397		(714,707)		11,564,397		71.3	%		11,326,894		72.5	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	90,200		—		—		—		90,200		0.6	%		85,200		0.5	%
ABS	627,110		—		—		—		627,110		3.8	%		613,151		4.0	%
Total fixed maturities, held to maturity, at amortized cost	717,310		—		—		—		717,310		4.4	%		698,351		4.5	%

Equity securities, at fair value
Common stocks	3,130		—		322		(406)		3,046		—	%		7,473		—	%
Preferred Stocks	5,115		—		—		(131)		4,984		—	%		72		—	%
Exchange-traded funds	198,244		—		103,126		(2,205)		299,165		1.9	%		269,806		1.7	%
Bond mutual funds	358,476		—		269		(69,248)		289,497		1.8	%		207,902		1.4	%
Total equity securities, at fair value	564,965		—		103,717		(71,990)		596,692		3.7	%		485,253		3.1	%

Total fixed maturities and equity securities	$	13,554,533	$	(10,551)	$	121,114	$	(786,697)	12,878,399		79.4	%		12,510,498		80.1	%
Mortgage loans, held for investment									609,274		3.8	%		627,437		4.0	%
Other investments									970,079		6.0	%		996,751		6.4	%
Equity method investments									148,183		0.9	%		148,288		0.9	%
Short-term investments									46,282		0.3	%		70,310		0.5	%
Total investments									14,652,217		90.4	%		14,353,284		91.9	%
Cash and cash equivalents [a]									1,518,270		9.4	%		1,174,653		7.5	%
Accrued interest receivable									100,915		0.6	%		94,418		0.6	%
Net receivable/(payable) for investments sold (purchased)									(59,733)		(0.4	%)		(3,641)		—	%
Total cash and invested assets									$	16,211,669	100.0	%		$	15,618,714	100.0	%

[a] Includes $344 million and $423 million of restricted cash and cash equivalents at June 30, 2023 and December 31, 2022, respectively.


	At June 30, 2023				At December 31, 2022
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	26,126		2.7	%	32,616		3.3	%

Direct lending funds	248,834		25.7	%	258,626		25.9	%
Real estate funds	302,945		31.2	%	298,499		29.9	%
Private equity funds	272,249		28.1	%	265,836		26.7	%
Other privately held investments	115,048		11.9	%	136,158		13.7	%
Collateralized loan obligations - equity tranches	4,877		0.4	%	5,016		0.5	%
Total	$	970,079	100.0	%	$	996,751	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q2 2021
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	17.2	%	18.1	%	16.8	%	15.3	%	15.5	%	15.9	%
Non-U.S. government	3.6	%	3.5	%	3.6	%	3.3	%	4.2	%	4.2	%
Corporate debt	26.7	%	26.9	%	27.2	%	26.5	%	27.6	%	27.9	%
MBS:
Agency RMBS	8.7	%	8.0	%	7.7	%	6.5	%	6.5	%	6.5	%
CMBS	5.4	%	5.8	%	6.1	%	6.4	%	6.9	%	7.1	%
Non-agency RMBS	0.8	%	0.8	%	0.9	%	0.9	%	0.9	%	1.3	%
ABS	8.0	%	8.7	%	9.2	%	9.2	%	9.3	%	9.3	%
Municipals	0.9	%	0.9	%	1.0	%	0.9	%	1.0	%	1.7	%

Total Fixed Maturities, available for sale	71.3	%	72.7	%	72.5	%	69.0	%	71.9	%	73.9	%
Fixed Maturities, held to maturity:
Corporate debt	0.6	%	0.5	%	0.5	%	0.5	%	0.4	%	—	%
ABS	3.8	%	4.0	%	4.0	%	3.9	%	3.7	%	2.5	%

Total Fixed Maturities, held to maturity	4.4	%	4.5	%	4.5	%	4.4	%	4.1	%	2.5	%
Equity securities	3.7	%	3.6	%	3.1	%	3.0	%	3.3	%	3.7	%
Mortgage loans	3.8	%	4.0	%	4.0	%	4.2	%	4.2	%	4.1	%
Other investments	6.0	%	6.3	%	6.4	%	6.2	%	6.2	%	5.4	%
Equity method investments	0.9	%	0.9	%	0.9	%	1.0	%	1.0	%	0.8	%
Short-term investments	0.3	%	0.5	%	0.5	%	0.4	%	0.4	%	0.6	%

Total Investments	90.4	%	92.5	%	91.9	%	88.2	%	91.1	%	91.0	%
Cash and cash equivalents	9.4	%	7.4	%	7.5	%	11.7	%	9.5	%	9.9	%
Accrued interest receivable	0.6	%	0.6	%	0.6	%	0.5	%	0.5	%	0.4	%
Net receivable/(payable) for investments sold (purchased)	(0.4	%)	(0.5	%)	—	%	(0.4	%)	(1.1	%)	(1.3	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	22.7	%	23.5	%	21.9	%	20.8	%	20.4	%	20.7	%
AAA	34.8	%	34.3	%	34.9	%	35.2	%	35.1	%	35.2	%
AA	7.0	%	7.1	%	7.3	%	7.5	%	7.7	%	7.4	%
A	15.6	%	14.9	%	15.3	%	15.7	%	15.8	%	14.6	%
BBB	11.2	%	11.3	%	11.5	%	11.6	%	12.0	%	13.2	%
Below BBB	8.7	%	8.9	%	9.1	%	9.2	%	9.0	%	8.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	4.9	%	4.5	%	3.4	%	5.4	%	4.9	%	4.3	%
From one to five years	42.3	%	42.4	%	42.5	%	39.0	%	39.2	%	38.7	%
From five to ten years	16.2	%	16.4	%	16.4	%	17.1	%	18.1	%	20.3	%
Above ten years	1.3	%	1.4	%	1.7	%	1.8	%	2.0	%	1.7	%
Asset-backed and mortgage-backed securities	35.3	%	35.3	%	36.0	%	36.7	%	35.8	%	35.0	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	3.9	%	3.7	%	3.5	%	2.9	%	2.4	%	2.0	%
Yield to maturity of fixed maturities	5.9	%	5.4	%	5.6	%	5.5	%	4.3	%	1.4	%
Average duration of fixed maturities (inclusive of duration hedges)	2.9 yrs		3.0 yrs		3.0 yrs		2.9 yrs		3.0 yrs		3.1 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At June 30, 2023


	Fair Value or Net Carrying Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	741,192	17.1	%	4.6	%
Non-U.S. banks	346,923		8.0	%	2.1	%
Corporate/commercial finance	291,230		6.7	%	1.8	%
Insurance	135,815		3.1	%	0.8	%
Investment brokerage	90,369		2.1	%	0.6	%
Total financial institutions	1,605,529		37.0	%	9.9	%
Consumer non-cyclicals	389,562		9.0	%	2.4	%
Communications	255,914		5.9	%	1.6	%
Consumer cyclical	210,629		4.9	%	1.3	%
Utilities	179,469		4.1	%	1.1	%
Industrials	162,357		3.8	%	1.0	%
Technology	149,540		3.5	%	0.9	%
Energy	135,694		3.1	%	0.8	%
Non-U.S. government guaranteed	127,650		2.9	%	0.8	%
Transportation	92,108		2.1	%	0.6	%
Total investment grade	3,308,452		76.3	%	20.4	%

Total non-investment grade	1,019,156		23.7	%	6.3	%

Total corporate debt, available for sale, at fair value	$	4,327,608	100.0	%	26.7	%

Total corporate debt, held to maturity, at amortized cost	$	90,200	100.0	%	0.6	%

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At June 30, 2023


	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	124,285	$	(11,823)	$	112,462	0.9	%
MORGAN STANLEY	111,620		(10,587)		101,033		0.8	%
GOLDMAN SACHS GROUP	108,362		(9,068)		99,294		0.8	%
WELLS FARGO & COMPANY	102,174		(8,588)		93,586		0.8	%
JP MORGAN CHASE & CO	98,508		(10,946)		87,562		0.7	%
CITIGROUP INC	81,240		(8,480)		72,760		0.6	%
AT&T INC	46,941		(5,949)		40,992		0.3	%
COMCAST CORPORATION	42,967		(2,762)		40,205		0.3	%
UBS GROUP AG	41,107		(5,808)		35,299		0.3	%
MITSUBISHI UFJ FINANCIAL GROUP INC	36,591		(3,826)		32,765		0.3	%

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

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At June 30, 2023


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

Residential MBS	$	1,403,654		$	124,426		$	5,812		$	1,452		$	114		$	2,297		$	1,537,755
Commercial MBS	49,951			770,876			40,577			9,703			—			—			871,107
ABS	—			1,064,681			111,265			91,479			32,764			367			1,300,556

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,453,605		$	1,959,983		$	157,654		$	102,634		$	32,878		$	2,664		$	3,709,418

Percentage of total	39.2		%	52.8		%	4.3		%	2.8		%	0.9		%	—		%	100.0		%


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

ABS	$	—		$	393,070		$	234,040		$	—		$	—		$	—		$	627,110

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	393,070		$	234,040		$	—		$	—		$	—		$	627,110

Percentage of total	—		%	62.7		%	37.3		%	—		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS


	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q2 2021
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	435,052	$	438,780	$	394,817	$	294,560	$	382,001	$	318,421
Reinsurance	137,705		154,233		144,859		143,937		128,612		148,759
Total	$	572,757	$	593,013	$	539,676	$	438,497	$	510,613	$	467,180

Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	1,122,667	$	1,152,901	$	1,152,659	$	877,360	$	808,623	$	870,602
Reinsurance	680,184		695,196		677,591		658,797		670,173		518,973
Total	$	1,802,851	$	1,848,097	$	1,830,250	$	1,536,157	$	1,478,796	$	1,389,575

Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	3,105,627	$	3,034,739	$	3,008,010	$	2,744,920	$	2,622,990	$	2,395,835
Reinsurance	990,279		972,928		1,023,627		992,208		935,198		867,253
Total	$	4,095,906	$	4,007,667	$	4,031,637	$	3,737,128	$	3,558,188	$	3,263,088

Allowance for expected credit losses:
Insurance	$	(29,985)	$	(29,335)	$	(27,463)	$	(26,234)	$	(25,682)	$	(22,749)
Reinsurance	(3,163)		(3,012)		(3,252)		(2,788)		(2,719)		(3,460)
Total	$	(33,148)	$	(32,347)	$	(30,715)	$	(29,022)	$	(28,401)	$	(26,209)

Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	4,633,361	$	4,597,085	$	4,528,023	$	3,890,606	$	3,787,932	$	3,562,109
Reinsurance	1,805,005		1,819,345		1,842,825		1,792,154		1,731,264		1,531,525
Total	$	6,438,366	$	6,416,430	$	6,370,848	$	5,682,760	$	5,519,196	$	5,093,634

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At June 30, 2023


Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity	Allowance for expected credit losses		Allowance for expected credit losses as % of Reinsurance Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverables	$	3,455,116	$	(1,509,115)	$	1,946,001	44.5%	38.8%	$	(12,603)	0.4%	$	3,442,513
Other reinsurers balances > $20 million	2,534,096		(468,436)		2,065,660		47.3%	41.1%	(16,336)		0.6%	2,517,760
Other reinsurers balances < $20 million	482,302		(124,183)		358,119		8.2%	7.1%	(4,209)		0.9%	478,093
Total	$	6,471,514	$	(2,101,734)	$	4,369,780	100.0%	87.0%	$	(33,148)	0.5%	$	6,438,366

At June 30, 2023, reinsurance recoverable balances, gross of collateral, of 83.1% (December 31, 2022: 81.8%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.


Top 10 Reinsurers, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	13.2%	11.5%
2	Lloyds of London	7.1%	6.2%
3	Transatlantic Reinsurance Co	6.2%	5.4%
4	Hannover Ruck SE	6.0%	5.2%
5	SCOR Reinsurance Company	4.6%	4.0%
6	Partner Reinsurance Co of the US	4.4%	3.8%
7	Swiss Reinsurance Company Ltd.	3.7%	3.2%
8	Everest Reinsurance Company	3.6%	3.1%
9	Munich Reinsurance America, Inc	3.2%	2.8%
10	Harrington Re Ltd.	3.1%	2.7%
		55.1%	47.9%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended June 30, 2023						Six months ended June 30, 2023
	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	$	15,314,644	$	(5,823,417)	$	9,491,227	$	15,168,863	$	(5,831,172)	$	9,337,691
Incurred losses and loss expenses	1,124,459		(388,202)		736,257		2,185,396		(728,497)		1,456,899
Paid losses and loss expenses	(1,097,894)		371,578		(726,316)		(2,077,393)		737,878		(1,339,515)
Foreign exchange and other	78,289		(25,568)		52,721		142,632		(43,818)		98,814

End of period [a]	$	15,419,498	$	(5,865,609)	$	9,553,889	$	15,419,498	$	(5,865,609)	$	9,553,889

[a] At June 30, 2023, reserve for losses and loss expenses included IBNR of $9.9 billion, or 64% (December 31, 2022: $9.6 billion, or 63%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended June 30, 2023									Six months ended June 30, 2023
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	672,765		$	425,129		$	1,097,894			$	1,230,433		$	846,960		$	2,077,393
Reinsurance recoverable on paid losses and loss expenses	(286,768)			(84,810)			(371,578)				(572,196)			(165,682)			(737,878)
Net paid losses and loss expenses	385,997			340,319			726,316				658,237			681,278			1,339,515

Gross case reserves	(59,310)			(83,887)			(143,197)				(3,542)			(56,138)			(59,680)
Gross IBNR	152,830			16,932			169,762				283,753			(116,070)			167,683
Reinsurance recoverable on unpaid losses and loss expenses	(21,867)			5,243			(16,624)				(31,331)			40,712			9,381
Net unpaid losses and loss expenses	71,653			(61,712)			9,941				248,880			(131,496)			117,384

Total net incurred losses and loss expenses	$	457,650		$	278,607		$	736,257			$	907,117		$	549,782		$	1,456,899

Gross reserve for losses and loss expenses	$	8,733,273		$	6,686,225		$	15,419,498			$	8,733,273		$	6,686,225		$	15,419,498

Net favorable prior year reserve development	$	2,784		$	3,535		$	6,319			$	3,825		$	6,532		$	10,357

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	84.3		%	122.2		%	98.6		%		72.6		%	123.9		%	91.9		%

Net paid losses and loss expenses / Net premiums earned	45.8		%	80.5		%	57.4		%		39.7		%	81.4		%	53.7		%
Net unpaid losses and loss expenses / Net premiums earned	8.5		%	(14.6		%)	0.8		%		15.0		%	(15.7		%)	4.7		%
Net losses and loss expenses ratio	54.3		%	65.9		%	58.2		%		54.7		%	65.7		%	58.4		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE


																			Year ended December 31,
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q2 2021			2022
INSURANCE SEGMENT
Gross paid losses and loss expenses	$	672,765		$	557,669		$	605,505		$	474,475		$	549,819		$	493,803		$	2,329,161
Reinsurance recoverable on paid losses and loss expenses	(286,768)			(285,428)			(274,278)			(172,617)			(217,004)			(174,727)			(953,438)
Net paid losses and loss expenses	385,997			272,241			331,227			301,858			332,815			319,076			1,375,723

Gross case reserves	(59,310)			55,769			131,714			162,750			3,879			(1,372)			96,140
Gross IBNR	152,830			130,922			68,639			276,075			126,823			83,955			613,866
Reinsurance recoverable on unpaid losses and loss expenses	(21,867)			(9,465)			(92,312)			(221,677)			(41,681)			(69,484)			(299,875)
Net unpaid losses and loss expenses	71,653			177,226			108,041			217,148			89,021			13,099			410,131

Total net incurred losses and loss expenses	$	457,650		$	449,467		$	439,268		$	519,006		$	421,836		$	332,175		$	1,785,854

Gross reserve for losses and loss expenses	$	8,733,273		$	8,599,025		$	8,381,593		$	8,092,090		$	7,764,775		$	7,456,368		$	8,381,593

Net favorable prior year reserve development	$	2,784		$	1,041		$	3,955		$	2,558		$	2,773		$	6,427		$	16,350

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	84.3		%	60.6		%	75.4		%	58.2		%	78.9		%	96.1		%	77.0		%

Net paid losses and loss expenses / Net premiums earned	45.8		%	33.3		%	39.9		%	38.6		%	43.3		%	50.5		%	43.9		%
Net unpaid losses and loss expenses / Net premiums earned	8.5		%	21.8		%	13.0		%	27.8		%	11.6		%	2.1		%	13.1		%
Net losses and loss expenses ratio	54.3		%	55.1		%	52.9		%	66.4		%	54.9		%	52.6		%	57.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE


																			Year ended December 31,
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q2 2021			2022
























REINSURANCE SEGMENT
Gross paid losses and loss expenses	$	425,129		$	421,831		$	439,623		$	492,973		$	440,219		$	416,850		$	1,832,894
Reinsurance recoverable on paid losses and loss expenses	(84,810)			(80,872)			(85,613)			(100,316)			(81,162)			(79,713)			(353,547)
Net paid losses and loss expenses	340,319			340,959			354,010			392,657			359,057			337,137			1,479,347

Gross case reserves	(83,887)			27,748			22,597			(36,789)			99,716			58,448			107,158
Gross IBNR	16,932			(133,002)			17,823			127,731			(62,967)			(27,193)			17,334
Reinsurance recoverable on unpaid losses and loss expenses	5,243			35,470			(35,484)			(60,694)			(48,055)			(34,094)			(147,283)
Net unpaid losses and loss expenses	(61,712)			(69,784)			4,936			30,248			(11,306)			(2,839)			(22,791)

Total net incurred losses and loss expenses	$	278,607		$	271,175		$	358,946		$	422,905		$	347,751		$	334,298		$	1,456,556

Gross reserve for losses and loss expenses	$	6,686,225		$	6,715,619		$	6,787,270		$	6,560,106		$	6,633,264		$	6,700,985		$	6,787,270

Net favorable prior year reserve development	$	3,535		$	2,997		$	3,946		$	2,177		$	1,167		$	381		$	9,183

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	122.2		%	125.7		%	98.6		%	92.8		%	103.3		%	100.8		%	101.6		%

Net paid losses and loss expenses / Net premiums earned	80.5		%	82.4		%	69.5		%	78.1		%	70.6		%	64.2		%	73.0		%
Net unpaid losses and loss expenses / Net premiums earned	(14.6		%)	(16.9		%)	0.9		%	6.0		%	(2.2		%)	(0.6		%)	(1.1		%)
Net losses and loss expenses ratio	65.9		%	65.5		%	70.4		%	84.1		%	68.4		%	63.6		%	71.9		%

AXIS CAPITAL HOLDINGS LIMITED

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


		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		% of Common Shareholders' Equity		100 Year Return Period		% of Common Shareholders' Equity		250 Year Return Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	121	2.7	%	$	146	3.3	%	$	165	3.7	%
Northeast	U.S. Hurricane	9		0.2	%	27		0.6	%	60		1.3	%
Mid-Atlantic	U.S. Hurricane	40		0.9	%	87		1.9	%	131		2.9	%
Gulf of Mexico	U.S. Hurricane	99		2.2	%	123		2.8	%	145		3.2	%
Europe	Windstorm	60		1.3	%	83		1.9	%	100		2.2	%
Japan	Windstorm	9		0.2	%	10		0.2	%	18		0.4	%
Japan	Earthquake	43		1.0	%	67		1.5	%	107		2.4	%
California	Earthquake	101		2.3	%	138		3.1	%	167		3.7	%

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

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast U.S. hurricane, net of reinsurance, is approximately $146 million. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $146 million. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $146 million.

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022

Net income available to common shareholders	$	143,111	$	27,215	$	315,648	$	168,857

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	85,207		85,173		85,036		85,068
Dilutive share equivalents:
Share-based compensation plans	605		670		797		758
Weighted average diluted common shares outstanding	85,812		85,843		85,833		85,826

EARNINGS PER COMMON SHARE
Earnings per common share	$1.68		$0.32		$3.71		$1.98
Earnings per diluted common share	$1.67		$0.32		$3.68		$1.97

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD


	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q2 2021

Net income (loss) available (attributable) to common shareholders	$	143,111	$	172,534	$	40,928	$	(16,947)	$	27,215	$	227,910

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	85,183		84,668		84,666		84,655		85,276		84,753
Shares issued and treasury shares reissued	53		777		8		17		19		22
Shares repurchased for treasury	(20)		(262)		(6)		(6)		(640)		(8)
Common shares - at end of period	85,216		85,183		84,668		84,666		84,655		84,767

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	85,207		84,864		84,667		84,660		85,173		84,764
Dilutive share equivalents:

Share-based compensation plans [a]	605		989		988		—		670		503
Weighted average diluted common shares outstanding	85,812		85,853		85,655		84,660		85,843		85,267

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$1.68		$2.03		$0.48		($0.20)		$0.32		$2.69
Earnings (loss) per diluted common share	$1.67		$2.01		$0.48		($0.20)		$0.32		$2.67

[a] Due to the net loss attributable to common shareholders recognized for the quarter ended September 30, 2022, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

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


	At June 30, 2023

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

Closing stock price					$53.83

Book value per common share		$	4,470,961	85,216	$52.47

Dilutive securities: [b]

Restricted stock units				2,490	(1.49)
Book value per diluted common share		$	4,470,961	87,706	$50.98

	At December 31, 2022

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

Closing stock price					$54.17

Book value per common share		$	4,089,910	84,668	$48.31



Dilutive securities: [b]


Restricted stock units				2,445	(1.36)
Book value per diluted common share		$	4,089,910	87,113	$46.95

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

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

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE



	Q2 2023		Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q2 2021

Common shareholders' equity	$	4,470,961	$	4,410,229	$	4,089,910	$	3,793,423	$	4,152,631	$	4,839,760
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(100,801)
Less: intangible assets	(192,342)		(195,071)		(197,800)		(200,529)		(203,259)		(214,286)
Associated tax impact	51,613		52,235		52,856		52,086		52,546		53,241
Tangible common shareholders' equity	$	4,229,431	$	4,166,592	$	3,844,165	$	3,544,179	$	3,901,117	$	4,577,914

Diluted common shares outstanding, net of treasury shares [a]	87,706		87,660		87,113		87,205		87,201		87,197

Book value per diluted common share	$	50.98	$	50.31	$	46.95	$	43.50	$	47.62	$	55.50

Tangible book value per diluted common share	$	48.22	$	47.53	$	44.13	$	40.64	$	44.74	$	52.50

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

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Net income available to common shareholders	$	143,111		$	27,215		$	315,648		$	168,857
Net investment (gains) losses [a]	24,370			173,263			44,558			267,771
Foreign exchange losses (gains) [b]	30,104			(57,000)			38,814			(101,274)
Reorganization expenses [c]	—			15,728			—			15,728
Interest in (income) loss of equity method investments [d]	(2,100)			(1,050)			105			(12,600)
Income tax benefit	(4,308)			(9,165)			(7,893)			(9,663)
Operating income	$	191,177		$	148,991		$	391,232		$	328,819

Earnings per diluted common share	$	1.67		$	0.32		$	3.68		$	1.97
Net investment (gains) losses	0.28			2.02			0.52			3.12
Foreign exchange losses (gains)	0.35			(0.66)			0.45			(1.18)
Reorganization expenses	—			0.18			—			0.18
Interest in (income) loss of equity method investments	(0.02)			(0.01)			—			(0.15)
Income tax benefit	(0.05)			(0.11)			(0.09)			(0.11)
Operating income per diluted common share	$	2.23		$	1.74		$	4.56		$	3.83

Weighted average diluted common shares outstanding	85,812			85,843			85,833			85,826

Average common shareholders' equity	$	4,440,595		$	4,361,586		$	4,280,436		$	4,506,644

Annualized return on average common equity	12.9		%	2.5		%	14.7		%	7.5		%

Annualized operating return on average common equity	17.2		%	13.7		%	18.3		%	14.6		%

[a] Tax expense (benefit) of ($2,352) and ($19,598) for the three months ended June 30, 2023 and 2022, respectively, and ($3,880) and ($32,912) for the six months ended June 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax expense (benefit) of ($1,956) and $12,132 for the three months ended June 30, 2023 and 2022, respectively, and ($4,013) and $24,948 for the six months ended June 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax expense (benefit) of $nil and ($1,699) for the three months ended June 30, 2023 and 2022, respectively, and $nil and ($1,699) for the six months ended June 30, 2023 and 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax expense (benefit) of $nil for the three and six months ended June 30, 2023 and 2022, respectively. 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), 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 recognized in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

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

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

Operating Income (Loss)

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

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.

ADDITIONAL INFORMATION REGARDING THE COMPANY'S EXIT FROM CATASTROPHE AND PROPERTY LINES OF BUSINESS

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Catastrophe and Property [a]



	Quarter-to-date
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021
UNDERWRITING REVENUES
Gross written premiums	$	14,716		$	25,906		$	5,720		$	23,400		$	82,463		$	214,719		$	23,999		$	126,980		$	177,414
Ceded premiums written	(3,259)			(5,130)			526			(35,425)			(26,892)			(82,975)			(5,650)			(99,619)			(54,977)
Net premiums written	11,457			20,776			6,246			(12,025)			55,571			131,744			18,348			27,362			122,436

Gross premiums earned	25,945			42,803			84,745			100,360			124,503			136,273			184,236			198,263			189,985
Ceded premiums earned	(8,293)			(10,834)			(28,886)			(40,327)			(43,697)			(41,258)			(89,389)			(83,351)			(65,995)
Net premiums earned	17,652			31,969			55,859			60,033			80,806			95,014			94,847			114,912			123,990
Other insurance related income (loss)	(248)			91			13			126			36			44			(1,419)			1,543			15
Total underwriting revenues	17,404			32,059			55,872			60,159			80,842			95,058			93,427			116,455			124,005

UNDERWRITING EXPENSES
Net losses and loss expenses	2,019			(13,992)			20,097			104,330			63,548			15,981			63,085			181,543			49,422
Acquisition costs	4,625			7,137			11,601			10,347			14,208			15,689			17,747			19,224			21,771
Underwriting-related general and administrative expenses [b]	1,075			1,566			2,128			2,596			2,850			5,739			1,119			2,659			4,322
Total underwriting expenses	7,719			(5,289)			33,826			117,272			80,606			37,410			81,951			203,425			75,515

UNDERWRITING INCOME (LOSS)	$	9,685		$	37,348		$	22,046		$	(57,113)		$	237		$	57,649		$	11,476		$	(86,970)		$	48,490

Catastrophe and weather-related losses, net of reinstatement premiums	$	5,361		$	12,252		$	8,930		$	83,157		$	38,020		$	12,999		$	29,609		$	139,714		$	16,876
Net favorable (adverse) prior year reserve development	$	9,752		$	37,941		$	10,673		$	7,694		$	1,360		$	22,293		$	(151)		$	5,937		$	8,653

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	36.3		%	36.6		%	43.5		%	39.3		%	32.8		%	26.6		%	34.0		%	36.3		%	33.1		%
Catastrophe and weather-related losses ratio	30.4		%	38.3		%	11.6		%	147.3		%	47.5		%	13.7		%	32.4		%	126.8		%	13.7		%
Current accident year loss ratio	66.7		%	74.9		%	55.1		%	186.6		%	80.3		%	40.3		%	66.4		%	163.2		%	46.8		%
Prior year reserve development ratio	(55.3		%)	(118.7		%)	(19.1		%)	(12.8		%)	(1.7		%)	(23.5		%)	0.2		%	(5.2		%)	(7.0		%)
Net losses and loss expenses ratio	11.4		%	(43.8		%)	36.0		%	173.8		%	78.6		%	16.8		%	66.5		%	158.0		%	39.9		%
Acquisition cost ratio	26.2		%	22.3		%	20.8		%	17.2		%	17.6		%	16.5		%	18.7		%	16.7		%	17.6		%
Underwriting-related general and administrative expense ratio	6.1		%	4.9		%	3.8		%	4.3		%	3.5		%	6.0		%	1.2		%	2.3		%	3.5		%
Combined ratio	43.7		%	(16.5		%)	60.6		%	195.3		%	99.8		%	39.4		%	86.4		%	177.0		%	60.9		%

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

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

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Specialty Reinsurance [a]



	Quarter-to-date
		Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021
UNDERWRITING REVENUES
Gross written premiums		$	585,512		$	940,458		$	282,171		$	366,518		$	561,398		$	1,092,625		$	223,767		$	343,009		$	495,300
Ceded premiums written		(171,633)			(235,454)			(78,649)			(95,498)			(169,541)			(255,410)			(61,400)			(81,391)			(126,764)
Net premiums written		413,879			705,004			203,522			271,020			391,857			837,215			162,366			261,618			368,536

Gross premiums earned		550,279			508,269			596,635			580,179			561,430			532,953			539,641			538,467			527,884
Ceded premiums earned		(144,937)			(126,494)			(142,846)			(137,447)			(133,908)			(122,538)			(119,096)			(122,961)			(126,608)
Net premiums earned		405,342			381,775			453,789			442,732			427,522			410,415			420,545			415,507			401,276
Other insurance related income		5,714			432			2,974			815			1,940			6,567			8,225			5,654			5,250
Total underwriting revenues		411,056			382,207			456,763			443,547			429,462			416,983			428,770			421,160			406,525

UNDERWRITING EXPENSES
Net losses and loss expenses		276,588			285,167			338,849			318,575			284,203			310,973			269,895			287,146			284,876
Acquisition costs		91,668			76,178			109,113			90,728			98,642			93,850			98,261			88,959			90,336
Underwriting-related general and administrative expenses [b]		18,646			22,199			21,986			21,903			23,977			25,407			17,755			27,262			25,070
Total underwriting expenses		386,902			383,544			469,948			431,206			406,821			430,230			385,910			403,367			400,282

UNDERWRITING INCOME (LOSS)		$	24,154		$	(1,337)		$	(13,185)		$	12,340		$	22,641		$	(13,248)		$	42,860		$	17,793		$	6,243

Catastrophe and weather-related losses, net of reinstatement premiums		$	427		$	1,138		$	21,463		$	16,013		$	1,110		$	14,347		$	1,946		$	5,243		$	598
Net favorable (adverse) prior year reserve development		$	(6,217)		$	(34,945)		$	(6,726)		$	(5,517)		$	(193)		$	(20,400)		$	4,413		$	(344)		$	(8,271)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses		66.6		%	65.2		%	68.4		%	67.1		%	66.2		%	67.3		%	64.7		%	67.8		%	68.8		%
Catastrophe and weather-related losses ratio		0.1		%	0.3		%	4.8		%	3.6		%	0.3		%	3.5		%	0.5		%	1.3		%	0.1		%
Current accident year loss ratio		66.7		%	65.5		%	73.2		%	70.7		%	66.4		%	70.8		%	65.2		%	69.0		%	68.9		%
Prior year reserve development ratio		1.5		%	9.2		%	1.5		%	1.2		%	—		%	5.0		%	(1.0		%)	0.1		%	2.1		%
Net losses and loss expenses ratio		68.2		%	74.7		%	74.7		%	72.0		%	66.5		%	75.8		%	64.2		%	69.1		%	71.0		%
Acquisition cost ratio		22.6		%	20.0		%	24.0		%	20.5		%	23.1		%	22.9		%	23.4		%	21.4		%	22.5		%
Underwriting-related general and administrative expense ratio		4.6		%	5.8		%	4.8		%	4.9		%	5.6		%	6.2		%	4.2		%	6.6		%	6.2		%
Combined ratio		95.4		%	100.5		%	103.6		%	97.4		%	95.2		%	104.8		%	91.8		%	97.1		%	99.8		%

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

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

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total [a]



	Quarter-to-date
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021
UNDERWRITING REVENUES
Gross written premiums	$	600,228		$	966,364		$	287,891		$	389,918		$	643,861		$	1,307,344		$	247,765		$	469,989		$	672,714
Ceded premiums written	(174,892)			(240,584)			(78,123)			(130,923)			(196,433)			(338,384)			(67,051)			(181,010)			(181,741)
Net premiums written	425,336			725,780			209,768			258,995			447,428			968,960			180,714			288,979			490,973

Gross premiums earned	576,224			551,072			681,380			680,539			685,933			669,227			723,877			736,730			717,869
Ceded premiums earned	(153,230)			(137,329)			(171,732)			(177,774)			(177,605)			(163,797)			(208,486)			(206,311)			(192,603)
Net premiums earned	422,994			413,743			509,648			502,765			508,328			505,430			515,391			530,419			525,266
Other insurance related income	5,466			523			2,987			941			1,976			6,611			6,806			7,197			5,265
Total underwriting revenues	428,460			414,266			512,635			503,706			510,304			512,041			522,197			537,616			530,531

UNDERWRITING EXPENSES
Net losses and loss expenses	278,607			271,175			358,946			422,905			347,751			326,954			332,979			468,688			334,298
Acquisition costs	96,293			83,315			120,714			101,075			112,850			109,540			116,008			108,183			112,107
Underwriting-related general and administrative expenses	19,721			23,765			24,114			24,498			26,826			31,146			18,874			29,921			29,392
Total underwriting expenses	394,621			378,255			503,774			548,478			487,427			467,640			467,861			606,792			475,797

UNDERWRITING INCOME (LOSS)	$	33,839		$	36,011		$	8,861		$	(44,772)		$	22,877		$	44,401		$	54,336		$	(69,176)		$	54,734

Catastrophe and weather-related losses, net of reinstatement premiums	$	5,788		$	13,390		$	30,392		$	99,170		$	39,130		$	27,346		$	31,555		$	144,957		$	17,474
Net favorable prior year reserve development	$	3,535		$	2,997		$	3,946		$	2,177		$	1,167		$	1,894		$	4,262		$	5,594		$	381

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	65.3		%	63.0		%	65.5		%	64.2		%	60.9		%	59.7		%	59.2		%	61.4		%	60.4		%
Catastrophe and weather-related losses ratio	1.4		%	3.3		%	5.7		%	20.3		%	7.7		%	5.4		%	6.2		%	28.0		%	3.3		%
Current accident year loss ratio	66.7		%	66.3		%	71.2		%	84.5		%	68.6		%	65.1		%	65.4		%	89.4		%	63.7		%
Prior year reserve development ratio	(0.8		%)	(0.8		%)	(0.8		%)	(0.4		%)	(0.2		%)	(0.4		%)	(0.8		%)	(1.0		%)	(0.1		%)
Net losses and loss expenses ratio	65.9		%	65.5		%	70.4		%	84.1		%	68.4		%	64.7		%	64.6		%	88.4		%	63.6		%
Acquisition cost ratio	22.8		%	20.1		%	23.7		%	20.1		%	22.2		%	21.7		%	22.5		%	20.4		%	21.3		%
Underwriting-related general and administrative expense ratio	4.6		%	5.8		%	4.7		%	4.9		%	5.3		%	6.1		%	3.7		%	5.6		%	5.7		%
Combined ratio	93.3		%	91.4		%	98.8		%	109.1		%	95.9		%	92.5		%	90.8		%	114.4		%	90.6		%

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

AXIS CAPITAL HOLDINGS LIMITED

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


	Total Reinsurance									Reinsurance Catastrophe and Property [a]									Specialty Reinsurance [a]
	Year-to-date									Year-to-date									Year-to-date
	Q2 2023			Q2 2022			Q2 2021			Q2 2023			Q2 2022			Q2 2021			Q2 2023			Q2 2022			Q2 2021
UNDERWRITING REVENUES
Gross written premiums	$	1,566,592		$	1,951,205		$	2,104,997		$	40,622		$	297,182		$	554,825		$	1,525,970		$	1,654,023		$	1,550,172
Ceded premiums written	(415,476)			(534,818)			(542,952)			(8,389)			(109,867)			(189,796)			(407,087)			(424,951)			(353,156)
Net premiums written	1,151,116			1,416,387			1,562,045			32,233			187,315			365,029			1,118,883			1,229,072			1,197,016

Gross premiums earned	1,127,296			1,355,160			1,376,067			68,748			260,776			389,906			1,058,548			1,094,384			986,161
Ceded premiums earned	(290,558)			(341,402)			(363,366)			(19,127)			(84,955)			(129,797)			(271,431)			(256,447)			(233,569)
Net premiums earned	836,738			1,013,758			1,012,701			49,621			175,821			260,109			787,117			837,937			752,592
Other insurance related income (loss)	5,988			8,587			7,631			(158)			80			(312)			6,146			8,507			7,943
Total underwriting revenues	842,726			1,022,345			1,020,332			49,463			175,901			259,797			793,263			846,444			760,535

UNDERWRITING EXPENSES
Net losses and loss expenses	549,782			674,706			692,118			(11,973)			79,529			166,868			561,755			595,177			525,250
Acquisition costs	179,608			222,389			213,299			11,762			29,898			44,920			167,846			192,491			168,379
Underwriting-related general and administrative expenses	43,486			57,972			58,757			2,641			8,589			8,894			40,845			49,383			49,863
Total underwriting expenses	772,876			955,067			964,174			2,430			118,016			220,682			770,446			837,051			743,492

UNDERWRITING INCOME	$	69,850		$	67,278		$	56,158		$	47,033		$	57,885		$	39,115		$	22,817		$	9,393		$	17,043

Catastrophe and weather-related losses, net of reinstatement premiums	$	19,178		$	66,476		$	91,698		$	17,613		$	51,019		$	90,613		$	1,565		$	15,457		$	1,085
Net favorable (adverse) prior year reserve development	$	6,532		$	3,059		$	4,194		$	47,693		$	23,653		$	11,828		$	(41,161)		$	(20,594)		$	(7,634)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.2		%	60.3		%	59.5		%	36.5		%	29.5		%	32.7		%	65.9		%	66.7		%	68.6		%
Catastrophe and weather-related losses ratio	2.3		%	6.6		%	9.3		%	35.5		%	29.2		%	36.0		%	0.2		%	1.8		%	0.2		%
Current accident year loss ratio	66.5		%	66.9		%	68.8		%	72.0		%	58.7		%	68.7		%	66.1		%	68.5		%	68.8		%
Prior year reserve development ratio	(0.8		%)	(0.3		%)	(0.5		%)	(96.1		%)	(13.5		%)	(4.5		%)	5.3		%	2.5		%	1.0		%
Net losses and loss expenses ratio	65.7		%	66.6		%	68.3		%	(24.1		%)	45.2		%	64.2		%	71.4		%	71.0		%	69.8		%
Acquisition cost ratio	21.5		%	21.9		%	21.1		%	23.7		%	17.0		%	17.3		%	21.3		%	23.0		%	22.4		%
Underwriting-related general and administrative expense ratio	5.2		%	5.7		%	5.8		%	5.3		%	4.9		%	3.3		%	5.2		%	5.9		%	6.6		%
Combined ratio	92.4		%	94.2		%	95.2		%	4.9		%	67.1		%	84.8		%	97.9		%	99.9		%	98.8		%

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data



	Quarter-to-date
	Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021
UNDERWRITING REVENUES
Gross written premiums	$	2,284,378		$	2,381,976		$	1,758,696		$	1,707,808		$	2,113,483		$	2,634,608		$	1,562,828		$	1,646,489		$	1,941,186
Ceded premiums written	(838,021)			(773,620)			(662,142)			(671,024)			(796,636)			(821,736)			(615,420)			(650,018)			(737,328)
Net premiums written	1,446,357			1,608,356			1,096,554			1,036,784			1,316,847			1,812,872			947,408			996,471			1,203,858

Gross premiums earned	1,969,662			1,921,768			2,050,239			2,012,426			1,971,208			1,902,508			1,936,521			1,879,280			1,794,769
Ceded premiums earned	(703,917)			(691,569)			(710,077)			(727,560)			(694,156)			(644,262)			(698,761)			(667,853)			(637,828)
Net premiums earned	1,265,745			1,230,199			1,340,162			1,284,866			1,277,052			1,258,246			1,237,760			1,211,427			1,156,941
Other insurance related income	5,524			577			3,076			1,092			2,213			6,693			7,033			7,665			5,817
Total underwriting revenues	1,271,269			1,230,776			1,343,238			1,285,958			1,279,265			1,264,939			1,244,793			1,219,092			1,162,758

UNDERWRITING EXPENSES
Net losses and loss expenses	736,257			720,642			798,214			941,911			769,587			732,699			716,225			911,369			666,473
Acquisition costs	253,265			230,373			275,573			240,511			257,582			248,352			252,180			231,712			219,070
Underwriting-related general and administrative expenses	133,255			140,395			137,220			132,570			135,403			145,096			140,379			134,826			128,961
Total underwriting expenses	1,122,777			1,091,410			1,211,007			1,314,992			1,162,572			1,126,147			1,108,784			1,277,907			1,014,504

UNDERWRITING INCOME (LOSS)	$	148,492		$	139,366		$	132,231		$	(29,034)		$	116,693		$	138,792		$	136,009		$	(58,815)		$	148,254

Catastrophe and weather-related losses, net of reinstatement premiums	$	32,228		$	37,723		$	63,610		$	211,969		$	67,119		$	60,076		$	54,209		$	249,830		$	28,562
Net favorable prior year reserve development	$	6,319		$	4,038		$	7,901		$	4,735		$	3,940		$	8,956		$	9,270		$	11,012		$	6,808

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.1		%	55.8		%	55.5		%	57.1		%	55.3		%	54.2		%	54.3		%	55.4		%	55.7		%
Catastrophe and weather-related losses ratio	2.6		%	3.1		%	4.7		%	16.6		%	5.3		%	4.7		%	4.3		%	20.7		%	2.5		%
Current accident year loss ratio	58.7		%	58.9		%	60.2		%	73.7		%	60.6		%	58.9		%	58.6		%	76.1		%	58.2		%
Prior year reserve development ratio	(0.5		%)	(0.3		%)	(0.6		%)	(0.4		%)	(0.3		%)	(0.7		%)	(0.7		%)	(0.9		%)	(0.6		%)
Net losses and loss expenses ratio	58.2		%	58.6		%	59.6		%	73.3		%	60.3		%	58.2		%	57.9		%	75.2		%	57.6		%
Acquisition cost ratio	20.0		%	18.7		%	20.6		%	18.7		%	20.2		%	19.7		%	20.4		%	19.1		%	18.9		%
General and administrative expense ratio [a]	13.3		%	13.6		%	13.9		%	12.3		%	12.9		%	13.5		%	14.8		%	13.1		%	14.1		%
Combined ratio	91.5		%	90.9		%	94.1		%	104.3		%	93.4		%	91.4		%	93.1		%	107.4		%	90.6		%

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property



	Quarter-to-date
		Q2 2023			Q1 2023			Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021
UNDERWRITING REVENUES
Gross written premiums		$	2,269,662		$	2,356,070		$	1,752,976		$	1,684,408		$	2,031,020		$	2,419,889		$	1,538,830		$	1,519,509		$	1,763,772
Ceded premiums written		(834,761)			(768,490)			(662,668)			(635,599)			(769,744)			(738,761)			(609,769)			(550,399)			(682,351)
Net premiums written		1,434,901			1,587,580			1,090,307			1,048,809			1,261,275			1,681,128			929,060			969,109			1,081,422

Gross premiums earned		1,943,717			1,878,964			1,965,494			1,912,066			1,846,705			1,766,236			1,752,285			1,681,017			1,604,784
Ceded premiums earned		(695,624)			(680,734)			(681,190)			(687,233)			(650,460)			(603,004)			(609,372)			(584,502)			(571,833)
Net premiums earned		1,248,093			1,198,230			1,284,303			1,224,833			1,196,245			1,163,231			1,142,914			1,096,515			1,032,951
Other insurance related income		5,772			486			3,063			965			2,177			6,650			8,452			6,122			5,802
Total underwriting revenues		1,253,865			1,198,716			1,287,366			1,225,798			1,198,422			1,169,881			1,151,366			1,102,637			1,038,753

UNDERWRITING EXPENSES
Net losses and loss expenses		734,239			734,634			778,117			837,581			706,039			716,718			653,140			729,826			617,051
Acquisition costs		248,640			223,236			263,972			230,164			243,373			232,662			234,433			212,488			197,299
Underwriting-related general and administrative expenses [a]		132,180			138,829			135,091			129,975			132,553			139,357			139,259			132,168			124,639
Total underwriting expenses		1,115,059			1,096,699			1,177,181			1,197,720			1,081,965			1,088,736			1,026,832			1,074,482			938,990

UNDERWRITING INCOME		$	138,806		$	102,018		$	110,186		$	28,078		$	116,457		$	81,145		$	124,534		$	28,155		$	99,763

Catastrophe and weather-related losses, net of reinstatement premiums		$	26,867		$	25,471		$	54,680		$	128,812		$	29,099		$	47,077		$	24,600		$	110,116		$	11,686
Net favorable (adverse) prior year reserve development		$	(3,433)		$	(33,904)		$	(2,772)		$	(2,958)		$	2,580		$	(13,337)		$	9,422		$	5,075		$	(1,845)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses		56.4		%	56.4		%	56.1		%	57.8		%	56.8		%	56.4		%	55.9		%	57.2		%	58.4		%
Catastrophe and weather-related losses ratio		2.2		%	2.1		%	4.3		%	10.3		%	2.4		%	4.0		%	2.1		%	9.8		%	1.1		%
Current accident year loss ratio		58.6		%	58.5		%	60.4		%	68.1		%	59.2		%	60.5		%	58.0		%	67.0		%	59.6		%
Prior year reserve development ratio		0.2		%	2.8		%	0.2		%	0.2		%	(0.2		%)	1.1		%	(0.8		%)	(0.5		%)	0.2		%
Net losses and loss expenses ratio		58.8		%	61.3		%	60.6		%	68.4		%	59.0		%	61.6		%	57.1		%	66.6		%	59.7		%
Acquisition cost ratio		19.9		%	18.6		%	20.6		%	18.8		%	20.3		%	20.0		%	20.5		%	19.4		%	19.1		%
General and administrative expense ratio [b]		13.4		%	13.8		%	14.4		%	12.7		%	13.6		%	14.0		%	16.0		%	14.2		%	15.3		%
Combined ratio		92.1		%	93.7		%	95.6		%	99.9		%	93.0		%	95.7		%	93.7		%	100.1		%	94.1		%

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

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property


	Group Total [a]									Reinsurance Catastrophe and Property [b]									Group Total excluding Reinsurance Catastrophe and Property [b]
	Year-to-date									Year-to-date									Year-to-date
	Q2 2023			Q2 2022			Q2 2021			Q2 2023			Q2 2022			Q2 2021			Q2 2023			Q2 2022			Q2 2021
UNDERWRITING REVENUES
Gross written premiums	$	4,666,354		$	4,748,091		$	4,476,667		$	40,622		$	297,182		$	554,825		$	4,625,732		$	4,450,909		$	3,921,842
Ceded premiums written	(1,611,641)			(1,618,372)			(1,493,923)			(8,389)			(109,867)			(189,796)			(1,603,252)			(1,508,505)			(1,304,127)
Net premiums written	3,054,713			3,129,719			2,982,744			32,233			187,315			365,029			3,022,480			2,942,404			2,617,715

Gross premiums earned	3,891,430			3,873,717			3,465,908			68,748			260,776			389,906			3,822,682			3,612,941			3,076,002
Ceded premiums earned	(1,395,486)			(1,338,420)			(1,205,245)			(19,127)			(84,955)			(129,797)			(1,376,359)			(1,253,465)			(1,075,448)
Net premiums earned	2,495,944			2,535,297			2,260,663			49,621			175,821			260,109			2,446,323			2,359,476			2,000,554
Other insurance related income (loss)	6,100			8,906			8,598			(158)			80			(312)			6,258			8,826			8,910
Total underwriting revenues	2,502,044			2,544,203			2,269,261			49,463			175,901			259,797			2,452,581			2,368,302			2,009,464

UNDERWRITING EXPENSES
Net losses and loss expenses	1,456,899			1,502,285			1,381,190			(11,973)			79,529			166,868			1,468,872			1,422,756			1,214,322
Acquisition costs	483,638			505,932			437,941			11,762			29,898			44,920			471,876			476,034			393,021
Underwriting-related general and administrative expenses	273,650			280,499			261,629			2,641			8,589			8,894			271,009			271,910			252,735
Total underwriting expenses	2,214,187			2,288,716			2,080,760			2,430			118,016			220,682			2,211,757			2,170,700			1,860,078

UNDERWRITING INCOME	$	287,857		$	255,487		$	188,501		$	47,033		$	57,885		$	39,115		$	240,824		$	197,602		$	149,386

Catastrophe and weather-related losses, net of reinstatement premiums	$	69,951		$	127,195		$	138,812		$	17,613		$	51,019		$	90,613		$	52,338		$	76,176		$	48,199
Net favorable (adverse) prior year reserve development	$	10,357		$	12,897		$	12,126		$	47,693		$	23,653		$	11,828		$	(37,336)		$	(10,756)		$	298

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	56.0		%	54.7		%	55.4		%	36.5		%	29.5		%	32.7		%	56.4		%	56.6		%	58.3		%
Catastrophe and weather-related losses ratio	2.8		%	5.1		%	6.2		%	35.5		%	29.2		%	36.0		%	2.1		%	3.2		%	2.4		%
Current accident year loss ratio	58.8		%	59.8		%	61.6		%	72.0		%	58.7		%	68.7		%	58.5		%	59.8		%	60.7		%
Prior year reserve development ratio	(0.4		%)	(0.5		%)	(0.5		%)	(96.1		%)	(13.5		%)	(4.5		%)	1.5		%	0.5		%	—		%
Net losses and loss expenses ratio	58.4		%	59.3		%	61.1		%	(24.1		%)	45.2		%	64.2		%	60.0		%	60.3		%	60.7		%
Acquisition cost ratio	19.4		%	20.0		%	19.4		%	23.7		%	17.0		%	17.3		%	19.3		%	20.2		%	19.6		%
Underwriting-related general and administrative expense ratio	13.4		%	13.1		%	14.2		%	5.3		%	4.9		%	3.3		%	13.6		%	13.8		%	15.6		%
Combined ratio	91.2		%	92.4		%	94.7		%	4.9		%	67.1		%	84.8		%	92.9		%	94.3		%	95.9		%

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

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

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total, Catastrophe and Property, and Specialty Reinsurance - Prior Years


	Total Reinsurance									Reinsurance Catastrophe and Property [a]									Specialty Reinsurance [a]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	2,629,014		$	2,822,752		$	2,808,539		$	326,303		$	705,804		$	796,988		$	2,302,712		$	2,116,948		$	2,011,550
Ceded premiums written	(743,864)			(791,013)			(829,631)			(144,766)			(295,065)			(353,459)			(599,098)			(495,947)			(476,173)
Net premiums written	1,885,150			2,031,739			1,978,908			181,537			410,738			443,530			1,703,614			1,621,001			1,535,378

Gross premiums earned	2,717,079			2,836,674			2,929,006			445,881			772,405			865,770			2,271,198			2,064,269			2,063,237
Ceded premiums earned	(690,908)			(778,163)			(856,735)			(154,168)			(302,537)			(364,513)			(536,739)			(475,625)			(492,224)
Net premiums earned	2,026,171			2,058,511			2,072,271			291,713			469,868			501,258			1,734,459			1,588,644			1,571,013
Other insurance related income (loss)	12,514			21,633			(10,736)			218			(188)			(1,877)			12,296			21,821			(8,859)
Total underwriting revenues	2,038,685			2,080,144			2,061,535			291,931			469,679			499,381			1,746,754			1,610,465			1,562,154

UNDERWRITING EXPENSES
Net losses and loss expenses	1,456,556			1,493,785			1,584,238			203,955			411,495			482,598			1,252,601			1,082,290			1,101,641
Acquisition costs	444,179			437,490			467,984			51,846			81,891			99,954			392,333			355,599			368,029
Underwriting-related general and administrative expenses	106,585			107,552			99,129			13,312			12,672			7,057			93,272			94,880			92,072
Total underwriting expenses	2,007,320			2,038,827			2,151,351			269,113			506,059			589,609			1,738,207			1,532,768			1,561,742

UNDERWRITING INCOME (LOSS)	$	31,365		$	41,317		$	(89,816)		$	22,818		$	(36,379)		$	(90,229)		$	8,548		$	77,697		$	412

Catastrophe and weather-related losses, net of reinstatement premiums	$	196,068		$	268,300		$	330,479		$	143,120		$	259,936		$	297,304		$	52,949		$	8,364		$	33,175
Net favorable (adverse) prior year reserve development	$	9,183		$	14,050		$	6,972		$	42,019		$	17,614		$	3,272		$	(32,837)		$	(3,565)		$	3,700

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	62.6		%	59.9		%	60.6		%	34.2		%	33.8		%	36.2		%	67.3		%	67.4		%	68.2		%
Catastrophe and weather-related losses ratio	9.7		%	13.3		%	16.2		%	50.2		%	57.5		%	60.8		%	3.1		%	0.5		%	2.1		%
Current accident year loss ratio	72.3		%	73.2		%	76.8		%	84.3		%	91.3		%	96.9		%	70.3		%	67.9		%	70.4		%
Prior year reserve development ratio	(0.4		%)	(0.6		%)	(0.4		%)	(14.4		%)	(3.7		%)	(0.7		%)	1.9		%	0.2		%	(0.2		%)
Net losses and loss expenses ratio	71.9		%	72.6		%	76.4		%	69.9		%	87.6		%	96.3		%	72.2		%	68.1		%	70.1		%
Acquisition cost ratio	21.9		%	21.3		%	22.6		%	17.8		%	17.4		%	19.9		%	22.6		%	22.4		%	23.4		%
Underwriting-related general and administrative expense ratio	5.3		%	5.1		%	4.8		%	4.6		%	2.7		%	1.4		%	5.4		%	6.0		%	5.9		%
Combined ratio	99.1		%	99.0		%	103.8		%	92.3		%	107.7		%	117.6		%	100.2		%	96.5		%	99.4		%

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property - Prior Years


	Group Total [a]									Reinsurance Catastrophe and Property [b]									Group Total excluding Reinsurance Catastrophe and Property [b]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	8,214,595		$	7,685,984		$	6,826,938		$	326,303		$	705,804		$	796,988		$	7,888,292		$	6,980,181		$	6,029,950
Ceded premiums written	(2,951,539)			(2,759,360)			(2,490,529)			(144,766)			(295,065)			(353,459)			(2,806,773)			(2,464,295)			(2,137,070)
Net premiums written	5,263,056			4,926,624			4,336,409			181,537			410,738			443,530			5,081,519			4,515,886			3,892,880

Gross premiums earned	7,936,382			7,281,709			6,768,733			445,881			772,405			865,770			7,490,501			6,509,304			5,902,963
Ceded premiums earned	(2,776,056)			(2,571,859)			(2,397,424)			(154,168)			(302,537)			(364,513)			(2,621,888)			(2,269,321)			(2,032,912)
Net premiums earned	5,160,326			4,709,850			4,371,309			291,713			469,868			501,258			4,868,613			4,239,983			3,870,051
Other insurance related income (loss)	13,073			23,295			(8,089)			218			(188)			(1,877)			12,855			23,484			(6,213)
Total underwriting revenues	5,173,399			4,733,145			4,363,220			291,931			469,679			499,381			4,881,468			4,263,466			3,863,839

UNDERWRITING EXPENSES
Net losses and loss expenses	3,242,410			3,008,783			3,281,252			203,955			411,495			482,598			3,038,455			2,597,288			2,798,654
Acquisition costs	1,022,017			921,834			929,517			51,846			81,891			99,954			970,171			839,943			829,563
Underwriting-related general and administrative expenses	550,289			536,834			477,968			13,312			12,672			7,057			536,977			524,162			470,910
Total underwriting expenses	4,814,716			4,467,451			4,688,737			269,113			506,059			589,609			4,545,602			3,961,392			4,099,127

UNDERWRITING INCOME (LOSS)	$	358,683		$	265,694		$	(325,517)		$	22,818		$	(36,379)		$	(90,229)		$	335,866		$	302,074		$	(235,288)

Catastrophe and weather-related losses, net of reinstatement premiums	$	402,803		$	442,859		$	773,919		$	143,120		$	259,936		$	297,304		$	259,683		$	182,923		$	476,615
Net favorable (adverse) prior year reserve development	$	25,533		$	32,410		$	15,909		$	42,019		$	17,614		$	3,272		$	(16,487)		$	14,795		$	12,638

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	55.1		%	57.7		%	34.2		%	33.8		%	36.2		%	56.8		%	57.4		%	60.5		%
Catastrophe and weather-related losses ratio	7.8		%	9.5		%	17.7		%	50.2		%	57.5		%	60.8		%	5.3		%	4.2		%	12.2		%
Current accident year loss ratio	63.3		%	64.6		%	75.4		%	84.3		%	91.3		%	96.9		%	62.1		%	61.6		%	72.6		%
Prior year reserve development ratio	(0.5		%)	(0.7		%)	(0.3		%)	(14.4		%)	(3.7		%)	(0.7		%)	0.3		%	(0.3		%)	(0.3		%)
Net losses and loss expenses ratio	62.8		%	63.9		%	75.1		%	69.9		%	87.6		%	96.3		%	62.4		%	61.3		%	72.3		%
Acquisition cost ratio	19.8		%	19.6		%	21.3		%	17.8		%	17.4		%	19.9		%	19.9		%	19.8		%	21.4		%
Underwriting-related general and administrative expense ratio	13.2		%	14.0		%	13.2		%	4.6		%	2.7		%	1.4		%	13.7		%	15.3		%	14.8		%
Combined ratio	95.8		%	97.5		%	109.6		%	92.3		%	107.7		%	117.6		%	96.0		%	96.4		%	108.6		%

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

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

Document and Entity Information Document and Entity Information	Aug. 01, 2023
Document Information [Line Items]
Entity Central Index Key	0001214816
Entity Registrant Name	AXIS CAPITAL HOLDINGS LTD
Entity Emerging Growth Company	false
Pre-commencement Tender Offer	false
Pre-commencement Tender Offer	false
Soliciting Material	false
Written Communications	false
Entity Tax Identification Number	98-0395986
Entity File Number	001-31721
Entity Incorporation, State or Country Code	D0
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 01, 2023
Entity Address, Address Line One	92 Pitts Bay Road
Entity Address, City or Town	Pembroke
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM 08
City Area Code	441
Local Phone Number	496-2600
Common Stock
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	AXS
Title of 12(b) Security	Common shares, par value $0.0125 per share
Series E Preferred Stock
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	AXS PRE
Title of 12(b) Security	Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share

Cover	Aug. 01, 2023
Cover [Abstract]
Document Period End Date	Aug. 01, 2023

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