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Matt Rohrmann ( Investor Contact ) : Anna Kukowski ( Media Contact ) : ( 212 ) 940-3339 ; ( 212 ) 715-3574 ; AXIS investorrelations@axiscapital.com anna.kukowski@axiscapital.com AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $ 228 MILLION , or $ 2.67 PER DILUTED COMMON SHARE For the second quarter of 2021 , the Company reports : • • • Operating income of $ 171 million , or $ 2.00 per diluted common share Improvement of 2.7 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 19.3 % and annualized operating ROACE of 14.4 % Book value per diluted common share of $ 55.50 , an increase of $ 2.47 , or 4.7 % , compared to March 31 , 2021 Pembroke , Bermuda , July 27 , 2021 - AXIS Capital Holdings Limited ( " AXIS Capital " or " the Company " ) ( NYSE : AXS ) today announced financial results for the second quarter ended June 30 , 2021 . Commenting on the second quarter 2021 financial results , Albert Benchimol , President and CEO of AXIS Capital , said : " We are pleased to report record operating earnings per share for the quarter and first half of the year , along with excellent production and robust underwriting and investment performance . " Our core underwriting results were strong , as evidenced by this quarter's current year ex - cat combined ratio of 88.7 % . Our continued progress in underwriting performance provides tangible proof that our efforts to reposition our portfolio are delivering meaningful improvements . " Our insurance business is well positioned in the markets experiencing the strongest conditions , leading to 22 % growth in gross premiums written to achieve a record level of premium production . Our reinsurance business demonstrated agility and discipline , growing in attractive classes , but also holding the line where terms were not deemed sufficiently attractive , and continuing to manage down catastrophe volatility . " During the quarter , we recorded average rate increases of 14 % across our insurance book , which is higher than the previous quarter and on par with the prior year period - and we remain confident that pricing will remain at or above loss cost trends well into 2022 and likely beyond , providing a tailwind to ongoing improvements in underwriting profitability . " AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke , Bermuda HM08 Tel . 441.496.2600 Fax 441.405.2600 www.axiscapital.com -1-