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AXIS CAPITAL HOLDINGS LIMITED INVESTOR FINANCIAL SUPPLEMENT FOURTH QUARTER 2025
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AXIS CAPITAL HOLDINGS LIMITED 29 Richmond Road Pembroke HM 08 Bermuda Contact Information: Cliff Gallant Investor Contact (415) 262-6843 investorrelations@axiscapital.com Website Information: www.axiscapital.com This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.
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AXIS CAPITAL HOLDINGS LIMITED FINANCIAL SUPPLEMENT TABLE OF CONTENTS Page(s) Basis of Presentation 1 I. Financial Highlights 2 II. Income Statements a. Consolidated Statement of Operations and Key Ratios 3-4 b. Consolidated Data 5 c. Consolidated Segment Data 6 d. Gross Premiums Written by Segment by Line of Business 7 e. Segment Data 8-9 f. Net Investment Income 10 III. Balance Sheets a. Consolidated Balance Sheets 11 b. Cash and Invested Assets: • Cash and Invested Assets Portfolio 12 • Cash and Invested Assets Composition 13 • Mortgage-Backed and Asset-Backed Securities Composition 14 IV. Loss Reserve Analysis a. Paid to Incurred Analysis 15 b. Paid to Incurred Analysis by Segment 16 V. Book Value a. Book Value and Tangible Book Value Per Diluted Common Share - Treasury Stock Method 17 VI. Non-GAAP Financial Measures a. Operating Income and Operating Return on Average Common Equity 18 b. Rationale for the Use of Non-GAAP Financial Measures 19-21
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AXIS CAPITAL HOLDINGS LIMITED BASIS OF PRESENTATION AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance. DEFINITIONS AND PRESENTATION • All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2024 and consolidated statements of operations for the years ended December 31, 2024 and December 31, 2023. • Amounts may not reconcile due to rounding differences. • Unless otherwise noted, all data is in thousands, except for ratio information. • NM - Not meaningful is defined as a variance greater than +/-100%; NA - Not applicable CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This document or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this document are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology. Forward-looking statements made in this document, such as those related to our performance, pricing, growth prospects, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation: Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made catastrophes; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of social and economic inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models. Strategic Risk: industry competition and consolidation; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business. Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business. Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due. Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices. Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements. Risks Related to Taxation: change in tax laws. Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. 1
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AXIS CAPITAL HOLDINGS LIMITED FINANCIAL HIGHLIGHTS Quarters ended December 31, Years ended December 31, 2025 2024 Change 2025 2024 Change HIGHLIGHTS Gross premiums written $ 2,209,707 $ 1,975,324 11.9% $ 9,644,514 $ 9,005,888 7.1% Gross premiums written - Insurance 85.9% 86.1% (0.2) pts 74.4% 73.5% 0.9 pts Gross premiums written - Reinsurance 14.1% 13.9% 0.2 pts 25.6% 26.5% (0.9) pts Net premiums written $ 1,383,193 $ 1,225,549 12.9% $ 6,121,656 $ 5,757,351 6.3% Net premiums earned $ 1,528,475 $ 1,377,014 11.0% $ 5,714,609 $ 5,306,235 7.7% Net premiums earned - Insurance 76.1% 74.5% 1.6 pts 75.1% 74.0% 1.1 pts Net premiums earned - Reinsurance 23.9% 25.5% (1.6) pts 24.9% 26.0% (1.1) pts Net income available to common shareholders $ 282,044 $ 286,069 (1.4%) $ 978,648 $ 1,051,536 (6.9%) Operating income [a] $ 249,544 $ 251,816 (0.9%) $ 1,024,212 $ 952,035 7.6% Annualized return on average common equity [b] 19.4% 20.7% (1.3) pts 17.3% 20.5% (3.2) pts Annualized operating return on average common equity [c] 17.2% 18.2% (1.0) pts 18.1% 18.6% (0.5) pts Total common shareholders’ equity $ 5,806,435 $ 5,539,379 4.8% $ 5,806,435 $ 5,539,379 4.8% PER COMMON SHARE AND COMMON SHARE DATA Earnings per diluted common share $3.67 $3.38 8.6% $12.35 $12.35 —% Operating income per diluted common share [d] $3.25 $2.97 9.4% $12.92 $11.18 15.6% Weighted average diluted common shares outstanding 76,825 84,695 (9.3%) 79,266 85,176 (6.9%) Book value per common share $78.32 $66.75 17.3% $78.32 $66.75 17.3% Book value per diluted common share (treasury stock method) $77.20 $65.27 18.3% $77.20 $65.27 18.3% Tangible book value per diluted common share (treasury stock method) [a] $74.71 $62.97 18.6% $74.71 $62.97 18.6% FINANCIAL RATIOS Current accident year loss ratio, excluding catastrophe and weather-related losses [a],[e] 56.2% 55.7% 0.5 pts 56.3% 55.7% 0.6 pts Catastrophe and weather-related losses ratio [a] 2.0% 5.9% (3.9) pts 2.8% 4.3% (1.5) pts Current accident year loss ratio [a] 58.2% 61.6% (3.4) pts 59.1% 60.0% (0.9) pts Prior year reserve development ratio (2.0%) (1.2%) (0.8) pts (1.6%) (0.5%) (1.1) pts Net losses and loss expenses ratio 56.2% 60.4% (4.2) pts 57.5% 59.5% (2.0) pts Acquisition cost ratio 20.3% 20.1% 0.2 pts 19.9% 20.2% (0.3) pts General and administrative expense ratio [f] 13.9% 13.7% 0.2 pts 12.4% 12.6% (0.2) pts Combined ratio 90.4% 94.2% (3.8) pts 89.8% 92.3% (2.5) pts INVESTMENT DATA Total assets $ 34,461,926 $ 32,681,309 5.4% $ 34,461,926 $ 32,681,309 5.4% Total cash and invested assets [g] $ 17,168,404 $ 17,953,660 (4.4%) $ 17,168,404 $ 17,953,660 (4.4%) Net investment income $ 186,992 $ 195,773 (4.5%) $ 766,903 $ 759,229 1.0% Net investment gains (losses) $ 14,584 $ (108,030) nm $ 58,950 $ (138,534) nm Book yield of fixed maturities 4.6% 4.5% 0.1 pts 4.6 % 4.5% 0.1 pts [a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather- related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/later in this document. [b] Annualized ROACE is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period. [c] Annualized operating ROACE is calculated by dividing annualized operating income (loss) for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period. [d] Operating income (loss) per diluted common share is calculated by dividing operating income (loss) for the period by weighted average diluted common shares outstanding. [e] 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. [f] Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio. [g] 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). 2
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AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - QUARTERLY Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 REVENUES Net premiums earned $ 1,528,475 $ 1,451,883 $ 1,393,431 $ 1,340,820 $ 1,377,014 Net investment income 186,992 184,903 187,297 207,713 195,773 Net investment gains (losses) 14,584 30,905 43,468 (30,005) (108,030) Other insurance related income 4,383 6,593 8,662 3,578 7,016 Total revenues 1,734,434 1,674,284 1,632,858 1,522,106 1,471,773 EXPENSES Net losses and loss expenses 859,427 841,435 801,754 785,925 831,956 Acquisition costs 310,375 285,618 275,897 264,581 276,273 General and administrative expenses 212,054 171,637 161,078 159,163 189,186 Foreign exchange losses (gains) 3,555 (13,492) 94,885 57,034 (112,090) Interest expense and financing costs 16,844 16,657 16,586 16,572 16,761 Amortization of intangible assets 2,396 2,396 2,396 2,729 2,729 Total expenses 1,404,651 1,304,251 1,352,596 1,286,004 1,204,815 INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS 329,783 370,033 280,262 236,102 266,958 Income tax (expense) benefit (45,959) (70,252) (56,199) (44,322) 19,410 Interest in income (loss) of equity method investments 5,783 2,083 (705) 2,291 7,264 NET INCOME 289,607 301,864 223,358 194,071 293,632 Preferred share dividends 7,563 7,563 7,563 7,563 7,563 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 282,044 $ 294,301 $ 215,795 $ 186,508 $ 286,069 KEY RATIOS/PER SHARE DATA Weighted average common shares outstanding 75,686 77,619 78,378 81,152 83,380 Dilutive share equivalents: Share-based compensation plans 1,139 982 951 1,226 1,315 Weighted average diluted common shares outstanding 76,825 78,601 79,329 82,378 84,695 Earnings per common share $3.73 $3.79 $2.75 $2.30 $3.43 Earnings per diluted common share $3.67 $3.74 $2.72 $2.26 $3.38 Annualized ROACE 19.4% 20.6% 15.7% 13.7% 20.7% Annualized operating ROACE 17.2% 17.8% 19.0% 19.2% 18.2% 3
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AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS - FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024 Years ended December 31, 2025 2024 REVENUES Net premiums earned $ 5,714,609 $ 5,306,235 Net investment income 766,903 759,229 Net investment gains (losses) 58,950 (138,534) Other insurance related income 23,216 30,721 Total revenues 6,563,678 5,957,651 EXPENSES Net losses and loss expenses 3,288,541 3,158,487 Acquisition costs 1,136,469 1,070,551 General and administrative expenses 703,931 666,202 Foreign exchange losses (gains) 141,983 (50,822) Interest expense and financing costs 66,659 67,766 Reorganization expenses — 26,312 Amortization of intangible assets 9,917 10,917 Total expenses 5,347,500 4,949,413 INCOME BEFORE INCOME TAX AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS 1,216,178 1,008,238 Income tax (expense) benefit (216,732) 55,595 Interest in income of equity method investments 9,452 17,953 NET INCOME 1,008,898 1,081,786 Preferred share dividends 30,250 30,250 NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 978,648 $ 1,051,536 KEY RATIOS/PER SHARE DATA Weighted average common shares outstanding 78,192 84,165 Dilutive share equivalents: Share-based compensation plans 1,074 1,011 Weighted average diluted common shares outstanding 79,266 85,176 Earnings per common share $12.52 $12.49 Earnings per diluted common share $12.35 $12.35 ROACE 17.3% 20.5% Operating ROACE 18.1% 18.6% 4
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AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED DATA Years ended December 31, Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 UNDERWRITING REVENUES Gross premiums written $ 2,209,707 $ 2,124,184 $ 2,515,971 $ 2,794,652 $ 1,975,324 $ 9,644,514 $ 9,005,888 Ceded premiums written (826,514) (771,195) (880,537) (1,044,613) (749,775) (3,522,858) (3,248,537) Net premiums written 1,383,193 1,352,989 1,635,434 1,750,039 1,225,549 6,121,656 5,757,351 Gross premiums earned 2,381,138 2,280,608 2,229,370 2,147,045 2,207,338 9,038,161 8,529,567 Ceded premiums earned (852,663) (828,725) (835,939) (806,225) (830,324) (3,323,552) (3,223,332) Net premiums earned 1,528,475 1,451,883 1,393,431 1,340,820 1,377,014 5,714,609 5,306,235 Other insurance related income 4,383 6,593 8,662 3,578 7,016 23,216 30,721 Total underwriting revenues 1,532,858 1,458,476 1,402,093 1,344,398 1,384,030 5,737,825 5,336,956 UNDERWRITING EXPENSES Net losses and loss expenses 859,427 841,435 801,754 785,925 831,956 3,288,541 3,158,487 Acquisition costs 310,375 285,618 275,897 264,581 276,273 1,136,469 1,070,551 Underwriting-related general and administrative expenses [a] 178,879 143,111 135,241 130,438 146,299 587,669 536,442 Total underwriting expenses 1,348,681 1,270,164 1,212,892 1,180,944 1,254,528 5,012,679 4,765,480 UNDERWRITING INCOME [b] $ 184,177 $ 188,312 $ 189,201 $ 163,454 $ 129,502 $ 725,146 $ 571,476 OTHER (EXPENSES) REVENUES Net investment income 186,992 184,903 187,297 207,713 195,773 766,903 759,229 Net investment gains (losses) 14,584 30,905 43,468 (30,005) (108,030) 58,950 (138,534) Corporate expenses [a] (33,175) (28,526) (25,837) (28,725) (42,887) (116,262) (129,760) Foreign exchange (losses) gains (3,555) 13,492 (94,885) (57,034) 112,090 (141,983) 50,822 Interest expense and financing costs (16,844) (16,657) (16,586) (16,572) (16,761) (66,659) (67,766) Reorganization expenses — — — — — — (26,312) Amortization of intangible assets (2,396) (2,396) (2,396) (2,729) (2,729) (9,917) (10,917) Total other (expenses) revenues 145,606 181,721 91,061 72,648 137,456 491,032 436,762 INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS 329,783 370,033 280,262 236,102 266,958 1,216,178 1,008,238 Income tax (expense) benefit (45,959) (70,252) (56,199) (44,322) 19,410 (216,732) 55,595 Interest in income (loss) of equity method investments 5,783 2,083 (705) 2,291 7,264 9,452 17,953 NET INCOME 289,607 301,864 223,358 194,071 293,632 1,008,898 1,081,786 Preferred share dividends (7,563) (7,563) (7,563) (7,563) (7,563) (30,250) (30,250) NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 282,044 $ 294,301 $ 215,795 $ 186,508 $ 286,069 $ 978,648 $ 1,051,536 Catastrophe and weather-related losses, net of reinstatement premiums $ 29,855 $ 43,659 $ 36,626 $ 49,070 $ 81,063 $ 159,210 $ 225,996 Net favorable prior year reserve development $ 29,852 $ 18,946 $ 20,229 $ 17,937 $ 16,311 $ 86,963 $ 24,323 KEY RATIOS Current accident year loss ratio, excluding catastrophe and weather-related losses 56.2% 56.3% 56.4% 56.3% 55.7% 56.3% 55.7% Catastrophe and weather-related losses ratio 2.0% 3.0% 2.6% 3.7% 5.9% 2.8% 4.3% Current accident year loss ratio 58.2% 59.3% 59.0% 60.0% 61.6% 59.1% 60.0% Prior year reserve development ratio (2.0%) (1.3%) (1.5%) (1.4%) (1.2%) (1.6%) (0.5%) Net losses and loss expenses ratio 56.2% 58.0% 57.5% 58.6% 60.4% 57.5% 59.5% Acquisition cost ratio 20.3% 19.7% 19.8% 19.7% 20.1% 19.9% 20.2% General and administrative expense ratio [c] 13.9% 11.7% 11.6% 11.9% 13.7% 12.4% 12.6% Combined ratio 90.4% 89.4% 88.9% 90.2% 94.2% 89.8% 92.3% [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. [c] Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio. 5
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AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED SEGMENT DATA Quarter ended December 31, 2025 Year ended December 31, 2025 Insurance Reinsurance Total Insurance Reinsurance Total UNDERWRITING REVENUES Gross premiums written $ 1,898,986 $ 310,721 $ 2,209,707 $ 7,179,206 $ 2,465,308 $ 9,644,514 Ceded premium written (691,799) (134,715) (826,514) (2,551,982) (970,876) (3,522,858) Net premiums written 1,207,187 176,006 1,383,193 4,627,224 1,494,432 6,121,656 Gross premiums earned 1,787,562 593,576 2,381,138 6,710,242 2,327,919 9,038,161 Ceded premiums earned (624,736) (227,927) (852,663) (2,418,757) (904,795) (3,323,552) Net premiums earned 1,162,826 365,649 1,528,475 4,291,485 1,423,124 5,714,609 Other insurance related income 254 4,129 4,383 677 22,539 23,216 Total underwriting revenues 1,163,080 369,778 1,532,858 4,292,162 1,445,663 5,737,825 UNDERWRITING EXPENSES Net losses and loss expenses 617,562 241,865 859,427 2,337,227 951,314 3,288,541 Acquisition costs 225,952 84,423 310,375 820,324 316,145 1,136,469 Underwriting-related general and administrative expenses 161,994 16,885 178,879 537,558 50,111 587,669 Total underwriting expenses 1,005,508 343,173 1,348,681 3,695,109 1,317,570 5,012,679 UNDERWRITING INCOME $ 157,572 $ 26,605 $ 184,177 $ 597,053 $ 128,093 $ 725,146 Catastrophe and weather-related losses, net of reinstatement premiums $ 29,755 $ 100 $ 29,855 $ 156,414 $ 2,796 $ 159,210 Net favorable prior year reserve development $ 22,939 $ 6,913 $ 29,852 $ 66,975 $ 19,988 $ 86,963 KEY RATIOS Current accident year loss ratio, excluding catastrophe and weather-related losses 52.5% 68.0% 56.2% 52.4% 68.1% 56.3% Catastrophe and weather-related losses ratio 2.6% —% 2.0% 3.6% 0.2% 2.8% Current accident year loss ratio 55.1% 68.0% 58.2% 56.0% 68.3% 59.1% Prior year reserve development ratio (2.0%) (1.9%) (2.0%) (1.5%) (1.5%) (1.6%) Net losses and loss expenses ratio 53.1% 66.1% 56.2% 54.5% 66.8% 57.5% Acquisition cost ratio 19.4% 23.1% 20.3% 19.1% 22.2% 19.9% Underwriting-related general and administrative expense ratio 14.0% 4.7% 11.7% 12.5% 3.6% 10.4% Corporate expense ratio 2.2% 2.0% Combined ratio 86.5% 93.9% 90.4% 86.1% 92.6% 89.8% 6
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AXIS CAPITAL HOLDINGS LIMITED GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS Years ended December 31, Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 INSURANCE SEGMENT Property $ 557,230 $ 468,098 $ 645,476 $ 495,417 $ 496,504 $ 2,166,222 $ 2,050,329 Professional Lines 404,835 337,888 343,370 257,159 340,463 1,343,252 1,162,323 Liability 351,489 345,455 365,542 303,758 331,130 1,366,245 1,251,603 Cyber 119,693 103,404 136,562 113,945 134,939 473,604 561,937 Marine and Aviation 198,739 190,321 224,393 267,151 169,470 880,604 815,168 Accident and Health 151,078 161,470 126,985 124,843 125,277 564,374 450,810 Credit and Political Risk 115,922 85,246 90,107 93,630 102,554 384,905 323,414 TOTAL INSURANCE SEGMENT $ 1,898,986 $ 1,691,882 $ 1,932,435 $ 1,655,903 $ 1,700,337 $ 7,179,206 $ 6,615,584 REINSURANCE SEGMENT Liability $ 91,530 $ 154,460 $ 168,566 $ 253,070 $ 95,980 $ 667,626 $ 616,333 Professional Lines 16,403 38,567 171,851 188,445 28,001 415,266 421,846 Motor 70,332 47,303 26,066 124,380 25,481 268,080 238,961 Accident and Health 44,275 18,192 22,337 281,355 45,675 366,159 436,296 Credit and Surety 80,634 108,505 116,290 204,666 65,041 510,094 417,717 Agriculture 1,290 55,704 55,256 48,901 3,317 161,151 150,373 Marine and Aviation 3,903 8,602 18,871 33,492 2,201 64,870 82,274 Total 308,367 431,333 579,237 1,134,309 265,696 2,453,246 2,363,800 Run-off lines Catastrophe (30) (510) 249 967 3,346 677 10,823 Property 644 577 848 1,646 (527) 3,715 3,130 Engineering 1,740 902 3,202 1,827 6,472 7,670 12,551 Total run-off lines 2,354 969 4,299 4,440 9,291 12,062 26,504 TOTAL REINSURANCE SEGMENT $ 310,721 $ 432,302 $ 583,536 $ 1,138,749 $ 274,987 $ 2,465,308 $ 2,390,304 CONSOLIDATED TOTAL $ 2,209,707 $ 2,124,184 $ 2,515,971 $ 2,794,652 $ 1,975,324 $ 9,644,514 $ 9,005,888 7
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AXIS CAPITAL HOLDINGS LIMITED INSURANCE SEGMENT DATA Years ended December 31, Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 UNDERWRITING REVENUES Gross premiums written $ 1,898,986 $ 1,691,882 $ 1,932,435 $ 1,655,903 $ 1,700,337 $ 7,179,206 $ 6,615,584 Ceded premiums written (691,799) (606,935) (641,925) (611,323) (642,254) (2,551,982) (2,365,039) Net premiums written 1,207,187 1,084,947 1,290,510 1,044,580 1,058,083 4,627,224 4,250,545 Gross premiums earned 1,787,562 1,690,735 1,633,396 1,598,550 1,621,228 6,710,242 6,254,836 Ceded premiums earned (624,736) (605,123) (600,435) (588,464) (595,203) (2,418,757) (2,328,800) Net premiums earned 1,162,826 1,085,612 1,032,961 1,010,086 1,026,025 4,291,485 3,926,036 Other insurance related income 254 261 6 156 40 677 94 Total underwriting revenues 1,163,080 1,085,873 1,032,967 1,010,242 1,026,065 4,292,162 3,926,130 UNDERWRITING EXPENSES Net losses and loss expenses 617,562 595,807 561,770 562,088 603,311 2,337,227 2,245,420 Acquisition costs 225,952 205,440 194,912 194,021 199,606 820,324 766,915 Underwriting-related general and administrative expenses 161,994 131,326 124,646 119,592 132,699 537,558 485,929 Total underwriting expenses 1,005,508 932,573 881,328 875,701 935,616 3,695,109 3,498,264 UNDERWRITING INCOME $ 157,572 $ 153,300 $ 151,639 $ 134,541 $ 90,449 $ 597,053 $ 427,866 Catastrophe and weather-related losses, net of reinstatement premiums $ 29,755 $ 42,689 $ 36,440 $ 47,530 $ 80,110 $ 156,414 $ 216,093 Net favorable prior year reserve development $ 22,939 $ 14,843 $ 15,216 $ 13,978 $ 12,200 $ 66,975 $ 16,209 KEY RATIOS Current accident year loss ratio, excluding catastrophe and weather-related losses 52.5% 52.3% 52.3% 52.3% 52.2% 52.4% 52.1% Catastrophe and weather-related losses ratio 2.6% 3.9% 3.6% 4.7% 7.8% 3.6% 5.5% Current accident year loss ratio 55.1% 56.2% 55.9% 57.0% 60.0% 56.0% 57.6% Prior year reserve development ratio (2.0%) (1.3%) (1.5%) (1.4%) (1.2%) (1.5%) (0.4%) Net losses and loss expenses ratio 53.1% 54.9% 54.4% 55.6% 58.8% 54.5% 57.2% Acquisition cost ratio 19.4% 18.9% 18.9% 19.2% 19.5% 19.1% 19.5% Underwriting-related general and administrative expense ratio 14.0% 12.1% 12.0% 11.9% 12.9% 12.5% 12.4% Combined ratio 86.5% 85.9% 85.3% 86.7% 91.2% 86.1% 89.1% 8
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AXIS CAPITAL HOLDINGS LIMITED REINSURANCE SEGMENT DATA Years ended December 31, Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 UNDERWRITING REVENUES Gross premiums written $ 310,721 $ 432,302 $ 583,536 $ 1,138,749 $ 274,987 $ 2,465,308 $ 2,390,304 Ceded premiums written (134,715) (164,260) (238,612) (433,290) (107,521) (970,876) (883,498) Net premiums written 176,006 268,042 344,924 705,459 167,466 1,494,432 1,506,806 Gross premiums earned 593,576 589,873 595,974 548,495 586,110 2,327,919 2,274,731 Ceded premiums earned (227,927) (223,602) (235,504) (217,761) (235,121) (904,795) (894,532) Net premiums earned 365,649 366,271 360,470 330,734 350,989 1,423,124 1,380,199 Other insurance related income 4,129 6,332 8,656 3,422 6,976 22,539 30,627 Total underwriting revenues 369,778 372,603 369,126 334,156 357,965 1,445,663 1,410,826 UNDERWRITING EXPENSES Net losses and loss expenses 241,865 245,628 239,984 223,837 228,645 951,314 913,067 Acquisition costs 84,423 80,178 80,985 70,560 76,667 316,145 303,636 Underwriting-related general and administrative expenses 16,885 11,785 10,595 10,846 13,600 50,111 50,513 Total underwriting expenses 343,173 337,591 331,564 305,243 318,912 1,317,570 1,267,216 UNDERWRITING INCOME $ 26,605 $ 35,012 $ 37,562 $ 28,913 $ 39,053 $ 128,093 $ 143,610 Catastrophe and weather-related losses, net of reinstatement premiums $ 100 $ 970 $ 186 $ 1,540 $ 953 $ 2,796 $ 9,903 Net favorable prior year reserve development $ 6,913 $ 4,103 $ 5,013 $ 3,959 $ 4,111 $ 19,988 $ 8,114 KEY RATIOS Current accident year loss ratio, excluding catastrophe and weather-related losses 68.0% 67.9% 67.9% 68.4% 66.0% 68.1% 66.0% Catastrophe and weather-related losses ratio —% 0.3% 0.1% 0.5% 0.3% 0.2% 0.7% Current accident year loss ratio 68.0% 68.2% 68.0% 68.9% 66.3% 68.3% 66.7% Prior year reserve development ratio (1.9%) (1.1%) (1.4%) (1.2%) (1.2%) (1.5%) (0.5%) Net losses and loss expenses ratio 66.1% 67.1% 66.6% 67.7% 65.1% 66.8% 66.2% Acquisition cost ratio 23.1% 21.9% 22.5% 21.3% 21.8% 22.2% 22.0% Underwriting-related general and administrative expenses ratio 4.7% 3.2% 2.9% 3.3% 4.0% 3.6% 3.6% Combined ratio 93.9% 92.2% 92.0% 92.3% 90.9% 92.6% 91.8% 9
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AXIS CAPITAL HOLDINGS LIMITED NET INVESTMENT INCOME Years ended December 31, Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 2025 2024 Fixed maturities $ 159,830 $ 155,796 $ 149,861 $ 146,711 $ 164,283 $ 612,198 $ 620,704 Other investments 13,367 15,019 18,479 22,410 9,099 69,275 48,666 Equity securities 4,185 3,046 3,155 3,208 3,574 13,593 12,922 Mortgage loans 4,873 5,890 5,956 6,868 7,617 23,587 34,028 Cash and cash equivalents 12,466 12,597 16,649 33,380 17,804 75,092 59,600 Short-term investments 254 355 541 1,986 1,421 3,136 12,569 Gross investment income 194,975 192,703 194,641 214,563 203,798 796,881 788,489 Investment expense (7,983) (7,800) (7,344) (6,850) (8,025) (29,978) (29,260) Net investment income $ 186,992 $ 184,903 $ 187,297 $ 207,713 $ 195,773 $ 766,903 $ 759,229 10
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AXIS CAPITAL HOLDINGS LIMITED CONSOLIDATED BALANCE SHEETS December 31, September 30, June 30, March 31, December 31, 2025 2025 2025 2025 2024 ASSETS Investments: Fixed maturities, available for sale, at fair value $ 13,018,027 $ 12,879,372 $ 12,137,475 $ 11,865,480 $ 12,152,753 Fixed maturities, held to maturity, at amortized cost 397,430 406,658 405,041 389,571 443,400 Equity securities, at fair value 707,569 649,970 619,275 574,379 579,274 Mortgage loans, held for investment, at fair value 356,840 409,699 438,571 457,907 505,697 Other investments, at fair value 1,027,798 972,867 938,922 938,562 930,278 Equity method investments 227,181 220,022 215,920 214,240 206,994 Short-term investments, at fair value 20,298 17,185 51,726 91,330 223,666 Total investments 15,755,143 15,555,773 14,806,930 14,531,469 15,042,062 Cash and cash equivalents 1,321,185 1,358,078 1,409,201 3,332,767 3,063,621 Accrued interest receivable 116,252 117,720 108,506 108,392 114,012 Insurance and reinsurance premium balances receivable 3,244,661 3,326,346 3,669,460 3,388,550 2,826,942 Reinsurance recoverable on unpaid losses and loss expenses 8,951,763 9,043,009 9,086,900 6,944,518 6,840,897 Reinsurance recoverable on paid losses and loss expenses 673,765 648,126 637,726 531,105 546,287 Deferred acquisition costs 801,778 822,774 837,456 787,512 685,853 Prepaid reinsurance premiums 2,139,294 2,164,297 2,223,255 2,175,425 1,936,979 Receivable for investments sold 12,806 3,813 29,099 39,498 3,693 Goodwill 66,498 66,498 66,498 66,498 66,498 Intangible assets 166,050 168,446 170,842 173,238 175,967 Operating lease right-of-use assets 93,900 92,706 89,421 92,299 92,516 Loan advances made 231,542 250,537 263,779 272,499 247,775 Other assets 887,289 899,509 934,469 966,812 1,038,207 TOTAL ASSETS $ 34,461,926 $ 34,517,632 $ 34,333,542 $ 33,410,582 $ 32,681,309 LIABILITIES Reserve for losses and loss expenses $ 18,122,256 $ 17,996,236 $ 17,879,023 $ 17,489,459 $ 17,218,929 Unearned premiums 5,825,698 5,994,611 6,154,844 5,859,606 5,211,865 Insurance and reinsurance balances payable 1,882,021 1,855,349 1,932,269 1,883,746 1,713,798 Debt 1,316,710 1,316,321 1,315,936 1,315,555 1,315,179 Federal Home Loan Bank advances 66,380 66,380 66,380 66,380 66,380 Payable for investments purchased 36,982 194,988 79,677 193,752 269,728 Operating lease liabilities 110,095 108,960 106,544 107,289 106,614 Other liabilities 745,349 617,778 624,471 591,996 689,437 TOTAL LIABILITIES 28,105,491 28,150,623 28,159,144 27,507,783 26,591,930 SHAREHOLDERS’ EQUITY Preferred shares 550,000 550,000 550,000 550,000 550,000 Common shares 2,206 2,206 2,206 2,206 2,206 Additional paid-in capital 2,405,792 2,395,615 2,384,659 2,374,804 2,394,063 Accumulated other comprehensive income (loss) 28,431 10,169 (21,710) (152,376) (267,557) Retained earnings 8,181,699 7,932,969 7,673,246 7,492,484 7,341,569 Treasury shares, at cost (4,811,693) (4,523,950) (4,414,003) (4,364,319) (3,930,902) TOTAL SHAREHOLDERS' EQUITY 6,356,435 6,367,009 6,174,398 5,902,799 6,089,379 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 34,461,926 $ 34,517,632 $ 34,333,542 $ 33,410,582 $ 32,681,309 Debt to total capital [a] 17.2% 17.1% 17.6% 18.2% 17.8% [a] The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt. [b] To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. These reclassifications did not impact results of operations, financial condition, or liquidity. 11
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AXIS CAPITAL HOLDINGS LIMITED CASH AND INVESTED ASSETS PORTFOLIO At December 31, 2025 At December 31, 2024 Cost or Amortized Cost Allowance for Expected Credit Losses Unrealized Gains Unrealized Losses Fair Value or Net Carrying Value Percentage Fair Value or Net Carrying Value Percentage Fixed Maturities, available for sale, at fair value U.S. government and agency $ 2,406,907 $ — $ 17,206 $ (6,212) $ 2,417,901 14.0% $ 2,802,986 15.5% Non-U.S. government 798,984 — 14,961 (3,401) 810,544 4.7% 729,939 4.1% Corporate debt 5,168,562 (1,539) 96,137 (40,727) 5,222,433 30.4% 4,842,190 27.0% Agency RMBS 2,026,043 — 31,869 (22,560) 2,035,352 11.9% 1,184,845 6.6% CMBS 811,056 — 6,641 (16,186) 801,511 4.7% 819,608 4.6% Non-Agency RMBS 193,372 (240) 1,366 (4,374) 190,124 1.1% 122,536 0.7% ABS 1,479,963 (57) 12,231 (4,070) 1,488,067 8.7% 1,539,832 8.6% Municipals 52,841 — 462 (1,208) 52,095 0.3% 110,817 0.6% Total fixed maturities, available for sale, at fair value 12,937,728 (1,836) 180,873 (98,738) 13,018,027 75.8% 12,152,753 67.7% Fixed maturities, held to maturity, at amortized cost Corporate debt 145,137 — — — 145,137 0.8% 122,706 0.7% ABS 252,293 — — — 252,293 1.5% 320,694 1.8% Total fixed maturities, held to maturity, at amortized cost 397,430 — — — 397,430 2.3% 443,400 2.5% Equity securities, at fair value Common stocks 13,927 — 439 (671) 13,695 0.1% 2,638 —% Preferred stocks 19,662 — 717 (68) 20,311 0.1% 5,867 —% Exchange-traded funds 259,353 — 142,901 (497) 401,757 2.3% 314,042 1.7% Bond mutual funds 288,333 — 9,411 (25,938) 271,806 1.6% 256,727 1.5% Total equity securities, at fair value 581,275 — 153,468 (27,174) 707,569 4.1% 579,274 3.2% Total fixed maturities and equity securities $ 13,916,433 $ (1,836) $ 334,341 $ (125,912) 14,123,026 82.2% 13,175,427 73.4% Mortgage loans, held for investment 356,840 2.1% 505,697 2.8% Other investments 1,027,798 6.0% 930,278 5.2% Equity method investments 227,181 1.3 % 206,994 1.2 % Short-term investments 20,298 0.2% 223,666 1.2% Total investments 15,755,143 91.8% 15,042,062 83.8% Cash and cash equivalents [a] 1,321,185 7.7% 3,063,621 17.1% Accrued interest receivable 116,252 0.7% 114,012 0.6% Net receivable/(payable) for investments sold (purchased) (24,176) (0.2%) (266,035) (1.5%) Total cash and invested assets $ 17,168,404 100.0% $ 17,953,660 100.0% [a] Includes $501 million and $920 million of restricted cash and cash equivalents at December 31, 2025 and December 31, 2024, respectively. At December 31, 2025 At December 31, 2024 Fair Value Percentage Fair Value Percentage Other Investments: Multi-strategy funds 11,577 1.1% 24,919 2.7% Direct lending funds 186,747 18.2% 171,048 18.4% Real estate funds 291,491 28.4% 291,640 31.3% Private equity funds 364,376 35.5% 320,690 34.5% Other privately held investments 173,607 16.8% 121,981 13.1% Total $ 1,027,798 100.0% $ 930,278 100.0% 12
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AXIS CAPITAL HOLDINGS LIMITED CASH AND INVESTED ASSETS COMPOSITION Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Fair Value % CASH AND INVESTED ASSETS PORTFOLIO Fixed Maturities, available for sale: U.S. government and agency 14.0% 15.0% 14.6% 14.3% 15.5% Non-U.S. government 4.7% 4.7% 4.9% 4.0% 4.1% Corporate debt 30.4% 30.6% 29.6% 26.0% 27.0% MBS: Agency RMBS 11.9% 11.2% 10.7% 8.7% 6.6% CMBS 4.7% 4.9% 5.1% 4.8% 4.6% Non-agency RMBS 1.1% 1.2% 1.1% 1.1% 0.7% ABS 8.7% 8.5% 8.2% 7.3% 8.6% Municipals 0.3% 0.4% 0.4% 0.4% 0.6% Total Fixed Maturities, available for sale 75.8% 76.5% 74.6% 66.6% 67.7% Fixed Maturities, held to maturity: Corporate debt 0.8% 0.8% 0.8% 0.7% 0.7% ABS 1.5% 1.6% 1.7% 1.5% 1.8% Total Fixed Maturities, held to maturity 2.3% 2.4% 2.5% 2.2% 2.5% Equity securities 4.1% 3.9% 3.8% 3.2% 3.2% Mortgage loans 2.1% 2.4% 2.7% 2.6% 2.8% Other investments 6.0% 5.8% 5.8% 5.3% 5.2% Equity method investments 1.3% 1.3% 1.3% 1.2% 1.2% Short-term investments 0.2% 0.1% 0.3% 0.5% 1.2% Total investments 91.8% 92.4% 91.0% 81.6% 83.8% Cash and cash equivalents 7.7% 8.1% 8.7% 18.7% 17.1% Accrued interest receivable 0.7% 0.7% 0.7% 0.6% 0.6% Net receivable/(payable) for investments sold (purchased) (0.2%) (1.2%) (0.4%) (0.9%) (1.5%) Total Cash and Invested Assets 100.0% 100.0% 100.0% 100.0% 100.0% CREDIT QUALITY OF FIXED MATURITIES U.S. government and agency 18.0% 19.1% 19.0% 20.8% 22.3% AAA [a] 19.2% 19.6% 20.0% 20.3% 21.2% AA [a] 23.7% 22.7% 23.4% 21.8% 18.7% A 17.4% 17.8% 17.1% 16.8% 16.6% BBB 10.0% 9.7% 9.8% 9.5% 9.5% Below BBB 11.7% 11.1% 10.7% 10.8% 11.7% Total 100.0% 100.0% 100.0% 100.0% 100.0% MATURITY PROFILE OF FIXED MATURITIES Within one year 2.7% 3.9% 5.5% 6.5% 7.1% From one to five years 43.3% 42.9% 43.0% 43.0% 44.7% From five to ten years 17.1% 16.9% 15.2% 15.2% 14.9% Above ten years 1.4% 1.6% 1.6% 1.4% 1.6% Asset-backed and mortgage-backed securities 35.5% 34.7% 34.7% 33.9% 31.7% Total 100.0% 100.0% 100.0% 100.0% 100.0% CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS Book yield of fixed maturities 4.6% 4.6% 4.6% 4.5% 4.5% Yield to maturity of fixed maturities 4.7% 4.8% 5.0% 5.2% 5.3% Average duration of fixed maturities (inclusive of duration hedges) 3.1 yrs 3.2 yrs 3.1 yrs 3.0 yrs 2.8 yrs Average credit quality of fixed maturities A+ A+ A+ A+ A+ [a] Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"). 13
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AXIS CAPITAL HOLDINGS LIMITED MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION At December 31, 2025 Available for sale, at fair value Agencies AAA AA A BBB Non-Investment Grade Total Residential MBS $ 2,035,352 $ 184,093 $ 4,451 $ 207 $ 57 $ 1,316 $ 2,225,476 Commercial MBS 166,392 571,618 44,408 17,578 868 647 801,511 ABS — 1,213,059 111,436 130,880 30,767 1,925 1,488,067 Total mortgage-backed and asset-backed securities, available for sale, at fair value $ 2,201,744 $ 1,968,770 $ 160,295 $ 148,665 $ 31,692 $ 3,888 $ 4,515,054 Percentage of total 48.8% 43.6% 3.6% 3.3% 0.7% —% 100.0% Held to maturity, at amortized cost Agencies AAA AA A BBB Non-Investment Grade Total ABS $ — $ 127,492 $ 124,801 $ — $ — $ — $ 252,293 Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost $ — $ 127,492 $ 124,801 $ — $ — $ — $ 252,293 Percentage of total — % 50.5 % 49.5 % — % — % — % 100.0 % 14
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AXIS CAPITAL HOLDINGS LIMITED RESERVE FOR LOSSES AND LOSS EXPENSES Quarter ended December 31, 2025 Year ended December 31, 2025 Reserve for losses and loss expenses Reinsurance recoverable on unpaid losses and loss expenses Net reserve for losses and loss expenses Reserve for losses and loss expenses Reinsurance recoverable on unpaid losses and loss expenses Net reserve for losses and loss expenses Reserve for losses and loss expenses Beginning of period $ 17,996,236 $ (9,043,009) $ 8,953,227 $ 17,218,929 $ (6,840,897) $ 10,378,032 Incurred losses and loss expenses 1,335,685 (476,258) 859,427 5,296,931 (2,008,390) 3,288,541 Paid losses and loss expenses (1,221,643) 422,961 (798,682) (4,781,853) 1,635,211 (3,146,642) Foreign exchange and other [a] 11,978 144,543 156,521 388,249 (1,737,687) (1,349,438) End of period [b] $ 18,122,256 $ (8,951,763) $ 9,170,493 $ 18,122,256 $ (8,951,763) $ 9,170,493 [a] On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. At December 31, 2025, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $1.8 billion related to this transaction. [b] At December 31, 2025, reserve for losses and loss expenses included IBNR of $12.3 billion, or 68% (December 31, 2024: $11.8 billion, or 68%). 15
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AXIS CAPITAL HOLDINGS LIMITED RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENT Quarter ended December 31, 2025 Year ended December 31, 2025 Insurance Reinsurance Total Insurance Reinsurance Total Gross paid losses and loss expenses $ 801,393 $ 420,250 $ 1,221,643 $ 3,200,474 $ 1,581,379 $ 4,781,853 Reinsurance recoverable on paid losses and loss expenses (311,917) (111,044) (422,961) (1,228,587) (406,624) (1,635,211) Net paid losses and loss expenses 489,476 309,206 798,682 1,971,887 1,174,755 3,146,642 Change in gross case reserves 143,984 (41,949) 102,035 328,376 (173,253) 155,123 Change in gross IBNR (14,811) 26,818 12,007 175,984 183,971 359,955 Change in reinsurance recoverable on unpaid losses and loss expenses (1,087) (52,210) (53,297) (139,020) (234,159) (373,179) Change in net unpaid losses and loss expenses 128,086 (67,341) 60,745 365,340 (223,441) 141,899 Total net incurred losses and loss expenses $ 617,562 $ 241,865 $ 859,427 $ 2,337,227 $ 951,314 $ 3,288,541 Gross reserve for losses and loss expenses $ 11,156,522 $ 6,965,734 $ 18,122,256 $ 11,156,522 $ 6,965,734 $ 18,122,256 Net favorable prior year reserve development $ 22,939 $ 6,913 $ 29,852 $ 66,975 $ 19,988 $ 86,963 Key Ratios Net paid losses and loss expenses / Net incurred losses and loss expenses 79.3% 127.8% 92.9% 84.4% 123.5% 95.7% Net paid losses and loss expenses / Net premiums earned 42.1% 84.6% 52.3% 45.9% 82.5% 55.1% Net unpaid losses and loss expenses / Net premiums earned 11.0% (18.5%) 3.9% 8.6% (15.7%) 2.4% Net losses and loss expenses ratio 53.1% 66.1% 56.2% 54.5% 66.8% 57.5% 16
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AXIS CAPITAL HOLDINGS LIMITED BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD At December 31, 2025 Common Shareholders’ Equity Common Shares Outstanding, net of Treasury Shares Per share Closing stock price $107.09 Book value per common share $ 5,806,435 74,135 $78.32 Dilutive securities: Restricted stock units 1,074 (1.12) Book value per diluted common share $ 5,806,435 75,209 $77.20 At December 31, 2024 Common Shareholders’ Equity Common Shares Outstanding, net of Treasury Shares Per share Closing stock price $88.62 Book value per common share $ 5,539,379 82,984 $66.75 Dilutive securities Restricted stock units 1,886 (1.48) Book value per diluted common share $ 5,539,379 84,870 $65.27 TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Common shareholders' equity $ 5,806,435 $ 5,817,009 $ 5,624,398 $ 5,352,799 $ 5,539,379 Less: goodwill (66,498) (66,498) (66,498) (66,498) (66,498) Less: intangible assets (166,050) (168,446) (170,842) (173,238) (175,967) Associated tax impact 45,255 45,806 46,357 46,909 47,530 Tangible common shareholders' equity $ 5,619,142 $ 5,627,871 $ 5,433,415 $ 5,159,972 $ 5,344,444 Diluted common shares outstanding [a] 75,209 78,796 79,957 80,520 84,870 Book value per diluted common share $ 77.20 $ 73.82 $ 70.34 $ 66.48 $ 65.27 Tangible book value per diluted common share $ 74.71 $ 71.42 $ 67.95 $ 64.08 $ 62.97 [a] Diluted common shares outstanding is calculated in the table above. 17
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AXIS CAPITAL HOLDINGS LIMITED NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED) OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY Quarters ended December 31, Years ended December 31, 2025 2024 2025 2024 Net income available to common shareholders $ 282,044 $ 286,069 $ 978,648 $ 1,051,536 Net investment (gains) losses (14,584) 108,030 (58,950) 138,534 Foreign exchange losses (gains) 3,555 (112,090) 141,983 (50,822) Reorganization expenses — — — 26,312 Interest in income of equity method investments (5,783) (7,264) (9,452) (17,953) Bermuda deferred tax asset [a] (18,782) (14,218) (18,782) (176,923) Income tax expense (benefit) [b] 3,094 (8,711) (9,235) (18,649) Operating income $ 249,544 $ 251,816 $ 1,024,212 $ 952,035 Earnings per diluted common share $ 3.67 $ 3.38 $ 12.35 $ 12.35 Net investment (gains) losses (0.19) 1.28 (0.74) 1.63 Foreign exchange losses (gains) 0.05 (1.32) 1.79 (0.60) Reorganization expenses — — — 0.31 Interest in income of equity method investments (0.08) (0.09) (0.12) (0.21) Bermuda deferred tax asset (0.24) (0.17) (0.24) (2.08) Income tax expense (benefit) 0.04 (0.11) (0.12) (0.22) Operating income per diluted common share $ 3.25 $ 2.97 $ 12.92 $ 11.18 Weighted average diluted common shares outstanding 76,825 84,695 79,266 85,176 Average common shareholders' equity $ 5,811,722 $ 5,536,303 $ 5,672,907 $ 5,126,288 Annualized return on average common equity 19.4% 20.7% 17.3% 20.5% Annualized operating return on average common equity 17.2% 18.2% 18.1% 18.6% [a] Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax. [b] Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions. 18
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AXIS CAPITAL HOLDINGS LIMITED RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this document, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) ( in total and on a per share basis ), annualized operating return on average common equity ("operating ROACE"), tangible book value per diluted common share which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Underwriting-Related General and Administrative Expenses 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 consolidated underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Data' section of this document. Consolidated Underwriting Income (Loss) Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis. We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure. Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss). Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss). 19
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Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss). Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss). 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 Data' section of this document. Current Accident Year Loss Ratio Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document. Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development. Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events. We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events. The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Financial Highlights' section of this document. Operating Income (Loss) Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda deferred tax asset. Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies. Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss). 20
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Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss). Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss). Bermuda deferred tax benefit in 2025 is due to the derecognition of deferred tax liabilities related to Bermuda corporate income tax, pursuant to the Corporate Income Tax Act amendment (No. 2) 2025 that is effective December 11, 2025. Bermuda deferred tax benefit in 2024 is due to the recognition of deferred tax assets net of deferred tax liabilities pursuant to the Corporate Income Tax Act 2023 that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax benefits are not related to the underwriting process. Therefore, this income is excluded from operating income (loss). Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda deferred tax asset 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, interest in income (loss) of equity method investments and Bermuda deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this document. We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this document. Tangible Book Value per Diluted Common Share Tangible book value represents common shareholders' equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share' section of this document. 21