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Matt Rohrmann ( Investor Contact ) : ( 212 ) 940-3339 ; Anna Kukowski ( Media Contact ) : ( 212 ) 715-3574 ; AXIS investorrelations@axiscapital.com anna.kukowski@axiscapital.com AXIS CAPITAL REPORTS FIRST QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $ 116 MILLION , or $ 1.36 PER DILUTED COMMON SHARE For the first quarter of 2021 , the Company reports : • • Operating income of $ 83 million , or $ 0.97 per diluted common share Improvement of 4.3 points in current accident year combined ratio , excluding catastrophe and weather - related losses , compared to the prior year Annualized return on average common equity ( " ROACE " ) of 9.9 % and annualized operating ROACE of 7.1 % Book value per diluted common share of $ 53.03 , an increase of $ 3.25 , or 7 % , compared to March 31 , 2020 Pembroke , Bermuda , April 28 , 2021 - AXIS Capital Holdings Limited ( " AXIS Capital " or " the Company " ) ( NYSE : AXS ) today announced financial results for the first quarter ended March 31 , 2021 . Commenting on the first quarter 2021 financial results , Albert Benchimol , President and CEO of AXIS Capital , said : " In the first quarter of 2021 , our industry was again impacted by significant climate events and our primary thoughts are with the people and communities that have been affected . We are focused on supporting the recovery efforts and fulfilling our purpose to help people when they are down . " Notwithstanding the substantial catastrophe activity , this was a good quarter for AXIS and one where we saw tangible proof that our efforts to reposition our portfolio are generating real traction . Our first quarter results were highlighted by a year - over - year reduction of 4.3 points to our current accident year combined ratio ex - cat and weather , with improvements seen in both segments . " These metrics provide further evidence that our re - underwriting actions are delivering the desired impact . Our Insurance segment's combined ratio of 94 % and our ability to generate a consolidated 99 % combined ratio in light of notable cat and weather activity speak to the progress that we're making . " With market conditions favorable across virtually all of our lines of business , our performance is seeing positive momentum as the global economy continues to recover . We have a strong franchise , deep relationships with our brokers and partners in distribution , and leadership positions across our most attractive markets . We believe AXIS is poised to continue to demonstrate meaningful improvements to our performance in 2021 and beyond . " AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke , Bermuda HM08 Tel . 441.496.2600 Fax 441.405.2600 www.axiscapital.com -1-