AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2019

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Matthew Rohrmann

Investor Contact

(212) 940-3339

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 - As Reported, U.S.GAAP		2
b. Consolidated Statements of Operations - Quarterly		3-4
c. Consolidated Statements of Operations - Year to Date		5-6
d. Consolidated Segment Data		7
e. Gross Premiums Written by Segment by Line of Business		8
f. Segment Data - Quarterly and Prior Year		9-10
g. Strategic Capital Partners		11
h. Net Investment Income - Quarterly and Year to Date		12
III. Balance Sheets
a. Consolidated Balance Sheets		13
b. Cash and Invested Assets:
•    Cash and Invested Assets Portfolio		14
•    Cash and Invested Assets Composition - Quarterly		15
•    Corporate Debt Composition		16
•    Ten Largest Corporate Debt Holdings		17
•    Mortgage-Backed and Asset-Backed Securities Composition		18
c. Reinsurance Recoverable Analysis		19-20
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis		21
b. Paid to Incurred Analysis by Segment		22
c. Paid to Incurred Analysis by Segment - Quarterly		23-24
d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures		25
V. Share Analysis
a. Earnings Per Common Share Information - As Reported, U.S. GAAP		26
b. Earnings Per Common Share Information and Common Shares Rollforward - Quarterly		27
c. Book Value Per Diluted Common Share Analysis - Treasury Stock Method		28
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity		29
b. Ex-PGAAP Operating Income and Ex-PGAAP Operating Return on Average Common Equity		30
c. Value of Business Acquired		31
d. Tangible Book Value Per Diluted Common Share		32
e. Use of Non-GAAP Financial Measures		33

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, 2018 and the consolidated statements of operations for the years ended December 31, 2018 and December 31, 2017.

• Amounts in tables may not reconcile due to rounding differences.

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

• NM - Not meaningful; 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 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 upon 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 of losses related to catastrophes and other large losses, 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, our expectations regarding estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities' prices, credit spreads and foreign currency 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 results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

• 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;

• the impact of global climate change on our business, including the possibility that we do not adequately assess or reserve for the increased frequency and severity of natural catastrophes;

• losses from war, terrorism and political unrest or other unanticipated losses;

• actual claims exceeding our loss reserves;

• general economic, capital and credit market conditions;

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

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

• our inability to purchase reinsurance or collect amounts due to us;

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

• difficulties with technology and/or data security;

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

• the failure of our cedants to adequately evaluate risks;

• inability to obtain additional capital on favorable terms, or at all;

• the loss of one or more key executives;

• a decline in our ratings with rating agencies;

• loss of business provided to us by our major brokers and credit risk due to our reliance on brokers;

• changes in accounting policies or practices;

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

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

• failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;

• increased competition;

i

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

• fluctuations in interest rates, credit spreads, equity securities' prices and/or currency values;

• the failure to successfully integrate acquired businesses or to realize the expected synergies resulting from such acquisitions;

• the failure to realize the expected benefits or synergies relating to our transformation initiative;

• changes in tax laws; and

• other factors including but not limited to those described under Item 1A, 'Risk Factors' and Item 7, 'Management's Discussion and Analysis of Financial Condition and Results of Operations' 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.

ii

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:

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 energy installations. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

Marine: provides cover for traditional marine classes, including offshore energy, cargo, liability, recreational marine, fine art, specie, and hull and war. Offshore energy coverage includes physical damage, business interruption, operators extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.

Terrorism: provides cover for physical damage and business interruption of an insured following an act of terrorism and includes kidnap and ransom, and crisis management insurance.

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.

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 default, credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events.

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

Liability: primarily targets primary and low/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 predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

Accident and Health: includes accidental death, travel insurance and specialty health products for employer and affinity groups.

Discontinued Lines - Novae: includes those lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. These discontinued insurance lines include financial institutions, professional indemnity, international liability, international direct property.

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. The following are the lines of business in our reinsurance segment:

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 excess of loss basis.

Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in 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.

Professional Lines: provides cover for directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, environmental liability 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: provides reinsurance of trade credit insurance products and includes both 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. Credit insurance cover is provided to mortgage guaranty insurers and government sponsored entities. Cover 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 is also offered.

Motor: provides cover 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.

Liability: provides cover to insurers of standard casualty business, excess and surplus casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, although workers' compensation and auto liability covers are also written.

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. The business is provided on a proportional and aggregate stop loss reinsurance basis.

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.

Marine and Other: includes marine, aviation and personal accident reinsurance.

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

Discontinued Lines - Novae: includes those lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. These discontinued reinsurance lines include motor reinsurance, general liability reinsurance, and international facultative property.

iv

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

			Three months ended September 30,												Nine months ended September 30,
			2019				2018				Change				2019				2018				Change
HIGHLIGHTS		Gross premiums written	$	1,406,506			$	1,423,707			(1.2	%)			$	5,637,491			$	5,737,327			(1.7	%)
		Gross premiums written - Insurance	63.6		%		68.1		%		(4.5	)	pts		48.1		%		50.1		%		(2.0	)	pts
		Gross premiums written - Reinsurance	36.4		%		31.9		%		4.5		pts		51.9		%		49.9		%		2.0		pts
		Net premiums written	$	856,081			$	919,938			(6.9	%)			$	3,703,460			$	3,906,264			(5.2	%)
		Net premiums earned	$	1,157,307			$	1,224,075			(5.5	%)			$	3,415,126			$	3,577,026			(4.5	%)
		Net premiums earned - Insurance	46.4		%		50.2		%		(3.8	)	pts		47.7		%		49.5		%		(1.8	)	pts
		Net premiums earned - Reinsurance	53.6		%		49.8		%		3.8		pts		52.3		%		50.5		%		1.8		pts
		Net income available to common shareholders	$	27,745			$	43,439			(36.1	%)			$	292,258			$	198,843			47.0	%
		Operating income (loss) [a]	(32,541		)		79,123				nm				209,057				305,001				(31.5	%)
		Annualized return on average common equity [b]	2.3		%		3.9		%		(1.6	)	pts		8.6		%		5.9		%		2.7		pts
		Annualized operating return on average common equity [c]	(2.7		)%		7.1		%		(9.8	)	pts		6.1		%		9.0		%		(2.9	)	pts
		Total shareholders’ equity	$	5,585,870			$	5,272,272			5.9	%			$	5,585,870			$	5,272,272			5.9	%
PER COMMON SHARE AND COMMON SHARE DATA		Earnings per diluted common share		$0.33				$0.52			(36.5	%)				$3.46				$2.37			46.0	%
		Operating income (loss) per diluted common share [d]		($0.39	)			$0.94			nm					$2.48				$3.62			(31.5	%)
		Weighted average diluted common shares outstanding	84,582				84,107				0.6	%			84,420				83,939				0.6	%
		Book value per common share		$57.31				$53.82			6.5	%				$57.31				$53.82			6.5	%
		Book value per diluted common share (treasury stock method)		$56.26				$52.70			6.8	%				$56.26				$52.70			6.8	%
		Tangible book value per diluted common share (treasury stock method) [a]		$52.84				$49.14			7.5	%				$52.84				$49.14			7.5	%
FINANCIAL RATIOS		Current accident year loss ratio excluding catastrophe and weather-related losses	61.7		%		61.2		%		0.5		pts		60.1		%		60.4		%		(0.3	)	pts
		Catastrophe and weather-related losses ratio	14.1		%		7.5		%		6.6		pts		5.9		%		4.5		%		1.4		pts
		Current accident year loss ratio	75.8		%		68.7		%		7.1		pts		66.0		%		64.9		%		1.1		pts
		Prior year reserve development ratio	(2.3		%)		(3.8		%)		1.5		pts		(1.9		%)		(4.4		%)		2.5		pts
		Net losses and loss expenses ratio	73.5		%		64.9		%		8.6		pts		64.1		%		60.5		%		3.6		pts
		Acquisition cost ratio	22.5		%		20.3		%		2.2		pts		22.3		%		19.8		%		2.5		pts
		General and administrative expense ratio [e]	13.4		%		12.7		%		0.7		pts		14.5		%		13.7		%		0.8		pts
		Combined ratio	109.4		%		97.9		%		11.5		pts		100.9		%		94.0		%		6.9		pts
INVESTMENT DATA		Total assets	$	25,495,526			$	24,843,026			2.6	%			$	25,495,526			$	24,843,026			2.6	%
		Total cash and invested assets [f]	15,569,249				15,246,193				2.1	%			15,569,249				15,246,193				2.1	%
		Net investment income	115,763				114,421				1.2	%			361,014				325,380				11.0	%
		Net investment gains (losses)	$	14,527			$	(17,628	)		nm				$	48,522			$	(77,551	)		nm
		Book yield of fixed maturities	2.9		%		2.9		%		—		pts		2.9		%		2.9		%		—		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 of non-GAAP financial measures 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).

1

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - AS REPORTED, U.S. GAAP

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

			Three months ended September 30,								Nine months ended September 30,
			2019				2018				2019				2018
Revenues
	Net premiums earned		$	1,157,307			$	1,224,075			$	3,415,126			$	3,577,026
	Net investment income		115,763				114,421				361,014				325,380
	Net investment gains (losses)		14,527				(17,628		)		48,522				(77,551		)
	Other insurance related income		1,533				8,475				11,385				18,811
	Total revenues		1,289,130				1,329,343				3,836,047				3,843,666
Expenses
	Net losses and loss expenses		850,913				794,959				2,187,403				2,162,945
	Acquisition costs		260,026				248,314				762,807				709,527
	General and administrative expenses		155,522				154,894				496,008				489,944
	Foreign exchange losses (gains)		(59,543		)		8,305				(64,868		)		2,066
	Interest expense and financing costs		18,042				16,897				49,545				50,758
	Transaction and reorganization expenses		11,215				16,300				29,310				48,125
	Amortization of value of business acquired		4,368				39,018				24,666				149,535
	Amortization of intangible assets		2,831				1,753				8,744				8,564
	Total expenses		1,243,374				1,280,440				3,493,615				3,621,464
Income before income taxes and interest in income of equity method investments			45,756				48,903				342,432				222,202
	Income tax (expense) benefit		(8,147		)		3,525				(23,850		)		3,565
	Interest in income of equity method investments		792				1,667				5,645				5,045
Net income			38,401				54,095				324,227				230,812
	Preferred share dividends		10,656				10,656				31,969				31,969
Net income available to common shareholders			$	27,745			$	43,439			$	292,258			$	198,843

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTERLY

	Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017
UNDERWRITING REVENUES
Gross premiums written	$	1,406,506			$	1,647,760			$	2,583,226			$	1,172,738			$	1,423,707			$	1,185,574
Ceded premiums written	(550,425		)		(577,439		)		(806,167		)		(420,040		)		(503,769		)		(352,831		)
Net premiums written	856,081				1,070,321				1,777,059				752,698				919,938				832,743
Gross premiums earned	1,756,116				1,680,663				1,684,814				1,777,052				1,776,379				1,370,035
Ceded premiums earned	(598,809		)		(557,056		)		(550,602		)		(562,583		)		(552,304		)		(352,904		)
Net premiums earned	1,157,307				1,123,607				1,134,212				1,214,469				1,224,075				1,017,131
Other insurance related income (losses)	1,533				2,925				6,929				(8,189		)		8,475				(3,197		)
Total underwriting revenues	1,158,840				1,126,532				1,141,141				1,206,280				1,232,550				1,013,934
UNDERWRITING EXPENSES
Net losses and loss expenses	850,913				672,463				664,028				1,027,343				794,959				1,235,367
Acquisition costs	260,026				242,363				260,418				259,308				248,314				194,724
Underwriting-related general and administrative expenses [a]	126,619				133,047				138,873				114,293				130,251				96,696
Total underwriting expenses	1,237,558				1,047,873				1,063,319				1,400,944				1,173,524				1,526,787
UNDERWRITING INCOME (LOSS) [b]	(78,718		)		78,659				77,822				(194,664		)		59,026				(512,853		)
OTHER (EXPENSES) REVENUES
Net investment income	115,763				137,949				107,303				113,128				114,421				95,169
Net investment gains (losses)	14,527				21,225				12,767				(72,667		)		(17,628		)		14,632
Corporate expenses [a]	(28,903		)		(32,348		)		(36,218		)		(23,152		)		(24,643		)		(27,933		)
Foreign exchange (losses) gains	59,543				12,381				(7,056		)		31,232				(8,305		)		(32,510		)
Interest expense and financing costs	(18,042		)		(15,607		)		(15,895		)		(16,675		)		(16,897		)		(12,835		)
Transaction and reorganization expenses	(11,215		)		(3,276		)		(14,820		)		(18,815		)		(16,300		)		(5,970		)
Amortization of value of business acquired	(4,368		)		(7,194		)		(13,104		)		(22,797		)		(39,018		)		—
Amortization of intangible assets	(2,831		)		(2,912		)		(3,003		)		(5,251		)		(1,753		)		—
Total other (expenses) revenues	124,474				110,218				29,974				(14,997		)		(10,123		)		30,553
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	45,756				188,877				107,796				(209,661		)		48,903				(482,300		)
Income tax (expense) benefit	(8,147		)		(14,469		)		(1,234		)		25,921				3,525				25,877
Interest in income (loss) of equity method investments	792				2,635				2,219				(4,052		)		1,667				(661		)
NET INCOME (LOSS)	38,401				177,043				108,781				(187,792		)		54,095				(457,084		)
Preferred share dividends	(10,656		)		(10,656		)		(10,656		)		(10,656		)		(10,656		)		(10,656		)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	27,745			$	166,387			$	98,125			$	(198,448	)		$	43,439			$	(467,740	)

[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 as presented above.

[b] Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is presented above and on page 5 (Consolidated Statements of Operations - Year to Date).

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - QUARTERLY

	Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	61.7		%		59.7		%		58.9		%		65.4		%		61.2		%		64.8		%
Catastrophe and weather-related losses ratio	14.1		%		2.3		%		0.9		%		22.5		%		7.5		%		61.4		%
Current accident year loss ratio	75.8		%		62.0		%		59.8		%		87.9		%		68.7		%		126.2		%
Prior year reserve development ratio	(2.3		%)		(2.2		%)		(1.3		%)		(3.3		%)		(3.8		%)		(4.7		%)
Net losses and loss expenses ratio	73.5		%		59.8		%		58.5		%		84.6		%		64.9		%		121.5		%
Acquisition cost ratio	22.5		%		21.6		%		23.0		%		21.4		%		20.3		%		19.1		%
General and administrative expense ratio [a]	13.4		%		14.7		%		15.4		%		11.3		%		12.7		%		12.3		%
Combined ratio	109.4		%		96.1		%		96.9		%		117.3		%		97.9		%		152.9		%
Weighted average common shares outstanding	83,947				83,941				83,725				83,582				83,558				83,305
Weighted average diluted common shares outstanding	84,582				84,401				84,272				83,582				84,107				83,305
Earnings (loss) per common share		$0.33				$1.98				$1.17				($2.37	)			$0.52				($5.61	)
Earnings (loss) per diluted common share		$0.33				$1.97				$1.16				($2.37	)			$0.52				($5.61	)
Annualized ROACE	2.3		%		14.3		%		8.9		%		(18.1		%)		3.9		%		nm
Annualized operating ROACE	(2.7		%)		11.8		%		9.5		%		(13.2		%)		7.1		%		nm

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

4

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - YEAR TO DATE

	Nine months ended September 30,												Year ended December 31,
	2019				2018				2017				2018				2017
UNDERWRITING REVENUES
Gross premiums written	$	5,637,491			$	5,737,327			$	4,459,772			$	6,910,065			$	5,556,273
Ceded premiums written	(1,934,031		)		(1,831,063		)		(1,162,054		)		(2,251,103		)		(1,529,130		)
Net premiums written	3,703,460				3,906,264				3,297,718				4,658,962				4,027,143
Gross premiums earned	5,121,592				5,105,165				3,916,352				6,882,217				5,616,234
Ceded premiums earned	(1,706,466		)		(1,528,139		)		(979,087		)		(2,090,722		)		(1,467,474		)
Net premiums earned	3,415,126				3,577,026				2,937,265				4,791,495				4,148,760
Other insurance related income (losses)	11,385				18,811				(4,420		)		10,622				(1,240		)
Total underwriting revenues	3,426,511				3,595,837				2,932,845				4,802,117				4,147,520
UNDERWRITING EXPENSES
Net losses and loss expenses	2,187,403				2,162,945				2,447,640				3,190,287				3,287,772
Acquisition costs	762,807				709,527				588,879				968,835				823,591
Underwriting-related general and administrative expenses [a]	398,540				404,875				335,782				519,168				449,483
Total underwriting expenses	3,348,750				3,277,347				3,372,301				4,678,290				4,560,846
UNDERWRITING INCOME (LOSS)	77,761				318,490				(439,456		)		123,827				(413,326		)
OTHER (EXPENSES) REVENUES
Net investment income	361,014				325,380				299,899				438,507				400,805
Net investment gains (losses)	48,522				(77,551		)		(14,811		)		(150,218		)		28,226
Bargain purchase gain	—				—				15,044				—				15,044
Corporate expenses [a]	(97,468		)		(85,069		)		(97,922		)		(108,221		)		(129,945		)
Foreign exchange (losses) gains	64,868				(2,066		)		(90,093		)		29,165				(134,737		)
Interest expense and financing costs	(49,545		)		(50,758		)		(38,377		)		(67,432		)		(54,811		)
Transaction and reorganization expenses	(29,310		)		(48,125		)		(5,970		)		(66,940		)		(26,718		)
Amortization of value of business acquired	(24,666		)		(149,535		)		—				(172,332		)		(50,104		)
Amortization of intangible assets	(8,744		)		(8,564		)		—				(13,814		)		(2,543		)
Total other (expenses) revenues	264,671				(96,288		)		67,770				(111,285		)		45,217
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	342,432				222,202				(371,686		)		12,542				(368,109		)
Income tax (expense) benefit	(23,850		)		3,565				38,547				29,486				7,542
Interest in income (loss) of equity method investments	5,645				5,045				(8,402		)		993				(8,402		)
NET INCOME (LOSS)	324,227				230,812				(341,541		)		43,021				(368,969		)
Preferred share dividends	(31,969		)		(31,969		)		(36,154		)		(42,625		)		(46,810		)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	292,258			$	198,843			$	(377,695	)		$	396			$	(415,779	)

[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 as presented above.

5

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - YEAR TO DATE

	Nine months ended September 30,												Year ended December 31,
	2019				2018				2017				2018				2017
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	60.1		%		60.4		%		64.1		%		61.7		%		63.7		%
Catastrophe and weather-related losses ratio	5.9		%		4.5		%		24.1		%		9.0		%		20.4		%
Current accident year loss ratio	66.0		%		64.9		%		88.2		%		70.7		%		84.1		%
Prior year reserve development ratio	(1.9		%)		(4.4		%)		(4.9		%)		(4.1		%)		(4.9		%)
Net losses and loss expenses ratio	64.1		%		60.5		%		83.3		%		66.6		%		79.2		%
Acquisition cost ratio	22.3		%		19.8		%		20.0		%		20.2		%		19.9		%
General and administrative expense ratio [a]	14.5		%		13.7		%		14.8		%		13.1		%		14.0		%
Combined ratio	100.9		%		94.0		%		118.1		%		99.9		%		113.1		%
Weighted average common shares outstanding	83,872				83,474				84,479				83,501				84,108
Weighted average diluted common shares outstanding	84,420				83,939				84,479				84,007				84,108
Earnings (loss) per common share		$3.48				$2.38				($4.47	)			$—				($4.94	)
Earnings (loss) per diluted common share		$3.46				$2.37				($4.47	)			$—				($4.94	)
Annualized ROACE	8.6		%		5.9		%		(10.3		%)		—		%		(8.6		%)
Annualized operating ROACE	6.1		%		9.0		%		(7.5		%)		3.6		%		(5.3		%)

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

6

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

		Three months ended September 30, 2019												Nine months ended September 30, 2019
		Insurance				Reinsurance				Total				Insurance				Reinsurance				Total
UNDERWRITING REVENUES
Gross premiums written		$	894,902			$	511,604			$	1,406,506			$	2,714,322			$	2,923,169			$	5,637,491
Ceded premiums written		(377,852		)		(172,573		)		(550,425		)		(1,076,125		)		(857,906		)		(1,934,031		)
Net premiums written		517,050				339,031				856,081				1,638,197				2,065,263				3,703,460
Gross premiums earned		901,150				854,966				1,756,116				2,695,580				2,426,012				5,121,592
Ceded premiums earned		(364,699		)		(234,110		)		(598,809		)		(1,065,107		)		(641,359		)		(1,706,466		)
Net premiums earned		536,451				620,856				1,157,307				1,630,473				1,784,653				3,415,126
Other insurance related income		733				800				1,533				1,779				9,606				11,385
Total underwriting revenues		537,184				621,656				1,158,840				1,632,252				1,794,259				3,426,511
UNDERWRITING EXPENSES
Net losses and loss expenses		338,966				511,947				850,913				961,444				1,225,959				2,187,403
Acquisition costs		115,551				144,475				260,026				344,981				417,826				762,807
Underwriting-related general and administrative expenses		100,559				26,060				126,619				311,491				87,049				398,540
Total underwriting expenses		555,076				682,482				1,237,558				1,617,916				1,730,834				3,348,750
UNDERWRITING INCOME (LOSS)		$	(17,892	)		$	(60,826	)		$	(78,718	)		$	14,336			$	63,425			$	77,761
Catastrophe and weather-related losses, net of reinstatement premiums		$	41,313			$	118,556			$	159,869			$	63,800			$	132,317			$	196,117
Favorable prior year reserve development		14,609				12,118				26,727				42,849				22,172				65,021
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses		58.2		%		64.8		%		61.7		%		57.7		%		62.3		%		60.1		%
Catastrophe and weather-related losses ratio		7.7		%		19.6		%		14.1		%		3.9		%		7.6		%		5.9		%
Current accident year loss ratio		65.9		%		84.4		%		75.8		%		61.6		%		69.9		%		66.0		%
Prior year reserve development ratio		(2.7		%)		(1.9		%)		(2.3		%)		(2.6		%)		(1.2		%)		(1.9		%)
Net losses and loss expenses ratio		63.2		%		82.5		%		73.5		%		59.0		%		68.7		%		64.1		%
Acquisition cost ratio		21.5		%		23.3		%		22.5		%		21.2		%		23.4		%		22.3		%
Underwriting-related general and administrative expense ratio		18.8		%		4.1		%		10.9		%		19.0		%		4.9		%		11.6		%
Corporate expense ratio										2.5		%										2.9		%
Combined ratio		103.5		%		109.9		%		109.4		%		99.2		%		97.0		%		100.9		%

7

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

																										Nine months ended September 30,								Year ended December 31,
		Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017				2019				2018				2018
INSURANCE SEGMENT
Property		$	241,517			$	259,295			$	200,502			$	245,851			$	307,014			$	154,882			$	701,314			$	946,956			$	1,192,807
Marine		91,161				99,389				146,979				56,202				88,412				42,483				337,529				310,844				367,047
Terrorism		17,284				15,157				14,362				12,920				16,032				12,147				46,803				48,743				61,663
Aviation		17,623				18,539				17,670				23,496				24,116				23,814				53,832				66,178				89,673
Credit and Political Risk		32,528				36,076				45,907				70,206				44,761				19,793				114,511				120,227				190,433
Professional Lines		272,362				321,284				227,308				328,078				281,928				213,009				820,953				787,136				1,115,213
Liability		186,253				190,030				142,642				144,277				153,356				131,975				518,925				409,184				553,461
Accident and Health		34,054				28,126				51,048				37,080				42,883				53,040				113,228				173,421				210,502
Discontinued Lines - Novae		2,120				429				4,678				2,626				10,862				—				7,227				14,167				16,793
TOTAL INSURANCE SEGMENT		$	894,902			$	968,325			$	851,096			$	920,736			$	969,364			$	651,144			$	2,714,322			$	2,876,856			$	3,797,592
REINSURANCE SEGMENT
Catastrophe		$	94,833			$	245,203			$	358,133			$	41,137			$	64,919			$	89,510			$	698,169			$	495,106			$	536,243
Property		67,972				43,135				172,742				(3,345		)		85,135				90,001				283,849				346,135				342,789
Professional Lines		23,540				92,915				109,828				19,312				26,418				20,175				226,283				248,870				268,181
Credit and Surety		50,989				38,465				151,904				28,442				51,683				38,216				241,358				300,683				329,126
Motor		25,367				6,846				281,401				21,921				22,450				40,385				313,614				477,805				499,727
Liability		146,690				125,990				185,320				50,790				137,625				139,083				458,000				387,977				438,767
Agriculture		5,074				70,077				126,440				14,131				12,765				11,152				201,592				212,114				226,246
Engineering		8,841				7,600				22,766				24,099				3,149				10,120				39,207				36,259				60,358
Marine and Other		9,727				22,042				36,336				3,354				1,107				2,566				68,104				41,388				44,741
Accident and Health		78,474				27,723				287,592				51,050				49,114				93,221				393,789				314,610				365,660
Discontinued Lines - Novae		97				(561		)		(332		)		1,111				(22		)		—				(796		)		(476		)		635
TOTAL REINSURANCE SEGMENT		$	511,604			$	679,435			$	1,732,130			$	252,002			$	454,343			$	534,429			$	2,923,169			$	2,860,471			$	3,112,473
CONSOLIDATED TOTAL		$	1,406,506			$	1,647,760			$	2,583,226			$	1,172,738			$	1,423,707			$	1,185,574			$	5,637,491			$	5,737,327			$	6,910,065

8

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA - QUARTERLY AND PRIOR YEAR

																										Year ended December 31,
		Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017				2018
UNDERWRITING REVENUES
Gross premiums written		$	894,902			$	968,325			$	851,096			$	920,736			$	969,364			$	651,144			$	3,797,592
Ceded premiums written		(377,852		)		(376,416		)		(321,857		)		(344,130		)		(367,294		)		(244,090		)		(1,472,845		)
Net premiums written		517,050				591,909				529,239				576,606				602,070				407,054				2,324,747
Gross premiums earned		901,150				884,480				909,951				937,784				990,529				648,148				3,757,436
Ceded premiums earned		(364,699		)		(347,220		)		(353,189		)		(347,305		)		(375,734		)		(227,373		)		(1,394,830		)
Net premiums earned		536,451				537,260				556,762				590,479				614,795				420,775				2,362,606
Other insurance related income (losses)		733				(695		)		1,742				101				1,526				302				3,460
Total underwriting revenues		537,184				536,565				558,504				590,580				616,321				421,077				2,366,066
UNDERWRITING EXPENSES
Net losses and loss expenses		338,966				308,703				313,776				428,525				415,488				576,688				1,494,323
Acquisition costs		115,551				111,655				117,775				109,111				111,888				61,541				399,193
Underwriting-related general and administrative expenses		100,559				104,898				106,034				89,858				100,656				71,008				395,252
Total underwriting expenses		555,076				525,256				537,585				627,494				628,032				709,238				2,288,768
UNDERWRITING INCOME (LOSS)		$	(17,892	)		$	11,309			$	20,919			$	(36,914	)		$	(11,711	)		$	(288,160	)		$	77,298
Catastrophe and weather-related losses, net of reinstatement premiums		$	41,313			$	14,483			$	8,004			$	92,128			$	61,814			$	317,475			$	203,862
Favorable prior year reserve development		14,609				21,326				6,913				32,257				13,478				7,926				92,806
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses		58.2		%		58.7		%		56.2		%		62.4		%		59.7		%		63.5		%		58.5		%
Catastrophe and weather-related losses ratio		7.7		%		2.7		%		1.4		%		15.6		%		10.1		%		75.4		%		8.7		%
Current accident year loss ratio		65.9		%		61.4		%		57.6		%		78.0		%		69.8		%		138.9		%		67.2		%
Prior year reserve development ratio		(2.7		%)		(3.9		%)		(1.2		%)		(5.4		%)		(2.2		%)		(1.8		%)		(4.0		%)
Net losses and loss expenses ratio		63.2		%		57.5		%		56.4		%		72.6		%		67.6		%		137.1		%		63.2		%
Acquisition cost ratio		21.5		%		20.8		%		21.2		%		18.5		%		18.2		%		14.6		%		16.9		%
Underwriting-related general and administrative expenses ratio		18.8		%		19.5		%		19.0		%		15.2		%		16.4		%		16.9		%		16.8		%
Combined ratio		103.5		%		97.8		%		96.6		%		106.3		%		102.2		%		168.6		%		96.9		%

9

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA - QUARTERLY AND PRIOR YEAR

																										Year ended December 31,
		Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017				2018
UNDERWRITING REVENUES
Gross premiums written		$	511,604			$	679,435			$	1,732,130			$	252,002			$	454,343			$	534,429			$	3,112,473
Ceded premiums written		(172,573		)		(201,023		)		(484,310		)		(75,910		)		(136,475		)		(108,740		)		(778,258		)
Net premiums written		339,031				478,412				1,247,820				176,092				317,868				425,689				2,334,215
Gross premiums earned		854,966				796,183				774,863				839,268				785,850				721,886				3,124,781
Ceded premiums earned		(234,110		)		(209,836		)		(197,413		)		(215,278		)		(176,570		)		(125,530		)		(695,892		)
Net premiums earned		620,856				586,347				577,450				623,990				609,280				596,356				2,428,889
Other insurance related income (losses)		800				3,620				5,187				(8,290		)		6,949				(3,500		)		7,162
Total underwriting revenues		621,656				589,967				582,637				615,700				616,229				592,857				2,436,051
UNDERWRITING EXPENSES
Net losses and loss expenses		511,947				363,760				350,252				598,818				379,471				658,679				1,695,964
Acquisition costs		144,475				130,708				142,643				150,197				136,426				133,183				569,642
Underwriting-related general and administrative expenses		26,060				28,149				32,839				24,435				29,595				25,689				123,916
Total underwriting expenses		682,482				522,617				525,734				773,450				545,492				817,550				2,389,522
UNDERWRITING INCOME (LOSS)		$	(60,826	)		$	67,350			$	56,903			$	(157,750	)		$	70,737			$	(224,694	)		$	46,529
Catastrophe and weather-related losses, net of reinstatement premiums		$	118,556			$	11,081			$	2,680			$	177,002			$	30,232			$	299,313			$	225,861
Favorable prior year reserve development		12,118				2,295				7,759				7,321				32,182				39,842				106,856
KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses		64.8		%		60.5		%		61.5		%		68.3		%		62.6		%		65.8		%		64.8		%
Catastrophe and weather-related losses ratio		19.6		%		1.9		%		0.5		%		28.8		%		5.0		%		51.3		%		9.4		%
Current accident year loss ratio		84.4		%		62.4		%		62.0		%		97.1		%		67.6		%		117.1		%		74.2		%
Prior year reserve development ratio		(1.9		%)		(0.4		%)		(1.3		%)		(1.1		%)		(5.3		%)		(6.6		%)		(4.4		%)
Net losses and loss expenses ratio		82.5		%		62.0		%		60.7		%		96.0		%		62.3		%		110.5		%		69.8		%
Acquisition cost ratio		23.3		%		22.3		%		24.7		%		24.1		%		22.4		%		22.3		%		23.5		%
Underwriting-related general and administrative expense ratio		4.1		%		4.8		%		5.6		%		3.9		%		4.8		%		4.3		%		5.1		%
Combined ratio		109.9		%		89.1		%		91.0		%		124.0		%		89.5		%		137.1		%		98.4		%

10

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS

		Three months ended September 30,																								Nine months ended September 30,
		2019												2018												2019												2018
TOTAL MANAGED PREMIUMS [a]		Insurance				Reinsurance				Total				Insurance				Reinsurance				Total				Insurance				Reinsurance				Total				Insurance				Reinsurance				Total
Total Managed Premiums		$	894,902			$	511,604			$	1,406,506			$	969,364			$	454,343			$	1,423,707			$	2,714,322			$	2,923,169			$	5,637,491			$	2,876,856			$	2,860,471			$	5,737,327
Premiums ceded to Harrington Re		1,348				47,540				48,888				—				49,063				49,063				3,810				203,127				206,937				—				162,825				162,825
Premiums ceded to Other Strategic Capital Partners		12,165				125,033				137,198				—				87,412				87,412				40,993				654,779				695,772				—				539,524				539,524
Premiums ceded to Other Reinsurers		364,339				—				364,339				367,294				—				367,294				1,031,322				—				1,031,322				1,128,714				—				1,128,714
Net premiums written		$	517,050			$	339,031			$	856,081			$	602,070			$	317,868			$	919,938			$	1,638,197			$	2,065,263			$	3,703,460			$	1,748,142			$	2,158,122			$	3,906,264
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Fee income		$	1,552			$	16,642			$	18,194			$	—			$	18,303			$	18,303			$	5,392			$	51,739			$	57,131			$	—			$	42,746			$	42,746

[a] Total managed premiums represents gross premiums written of $1,406,506 and $1,423,707 for the three months ended September 30, 2019 and 2018, respectively, and $5,637,491 and $5,737,327 for the nine months ended September 30, 2019 and 2018, 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. Fee income from strategic capital partners included $602 and $5,933 in other insurance related income (losses) for the three months ended September 30, 2019 and 2018, respectively, and $8,590 and $12,452 for the nine months ended September 30, 2019 and 2018, respectively. It also included $17,592 and $12,370 as offset to general and administrative expenses for the three months ended September 30, 2019 and 2018, respectively, and $48,541 and $30,294 for the nine months ended September 30, 2019 and 2018, respectively.

11

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME - QUARTERLY AND YEAR TO DATE

																										Nine months ended September 30,
		Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017				2019				2018
Fixed maturities		$	96,311			$	97,370			$	91,382			$	94,108			$	89,887			$	74,978			$	285,062			$	262,165
Other investments		11,143				31,232				6,895				4,780				15,933				17,373				49,271				44,179
Equity securities		2,232				3,197				2,328				3,062				2,099				3,223				7,757				7,015
Mortgage loans		3,984				3,689				3,063				3,762				3,322				2,895				10,735				9,805
Cash and cash equivalents		7,034				8,138				5,801				10,796				6,992				3,111				20,974				16,770
Short-term investments		973				1,108				3,894				3,432				3,413				698				5,975				5,933
Gross investment income		121,677				144,734				113,363				119,940				121,646				102,278				379,774				345,867
Investment expenses		(5,914		)		(6,785		)		(6,060		)		(6,812		)		(7,225		)		(7,109		)		(18,760		)		(20,487		)
Net investment income		$	115,763			$	137,949			$	107,303			$	113,128			$	114,421			$	95,169			$	361,014			$	325,380

12

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

		September 30,				June 30,				March 31,				December 31,				September 30,				September 30,
		2019				2019				2019				2018				2018				2017
ASSETS
Investments:
Fixed maturities, available for sale, at fair value		$	12,616,241			$	12,522,955			$	11,874,518			$	11,435,347			$	11,767,697			$	11,086,386
Equity securities, at fair value		429,903				433,407				418,863				381,633				433,311				659,751
Mortgage loans, held for investment, at fair value		407,790				394,179				313,421				298,650				333,018				360,381
Other investments, at fair value		779,200				802,064				795,331				787,787				833,563				830,253
Equity method investments		113,748				112,956				110,322				108,103				112,155				108,597
Short-term investments, at fair value		12,539				32,421				41,853				144,040				156,090				15,282
Total investments		14,359,421				14,297,982				13,554,308				13,155,560				13,635,834				13,060,650
Cash and cash equivalents		1,208,551				1,094,714				1,606,258				1,830,020				1,752,402				1,631,127
Accrued interest receivable		81,371				82,567				78,594				80,335				76,000				68,023
Insurance and reinsurance premium balances receivable		3,322,316				3,732,529				3,667,923				3,007,296				3,463,360				2,968,096
Reinsurance recoverable on unpaid losses and loss expenses		3,705,793				3,564,812				3,555,341				3,501,669				3,217,787				2,298,022
Reinsurance recoverable on paid losses and loss expenses		252,087				364,536				321,798				280,233				221,293				62,799
Deferred acquisition costs		586,440				657,275				703,028				566,622				682,785				562,774
Prepaid reinsurance premiums		1,243,040				1,291,979				1,271,303				1,013,573				1,114,039				734,129
Receivable for investments sold		9,711				25,850				10,888				32,627				2,140				9,357
Goodwill		102,003				102,003				102,003				102,003				102,003				48,969
Intangible assets		233,305				236,009				238,763				241,568				247,927				38,237
Value of business acquired		11,048				15,416				22,610				35,714				58,511				—
Operating lease right-of-use assets		116,560				132,940				143,887				—				—				—
Other assets		263,880				271,562				280,878				285,346				268,945				335,967
TOTAL ASSETS		$	25,495,526			$	25,870,174			$	25,557,582			$	24,132,566			$	24,843,026			$	21,818,150
LIABILITIES
Reserve for losses and loss expenses		$	12,498,507			$	12,254,711			$	12,275,771			$	12,280,769			$	12,025,947			$	10,787,575
Unearned premiums		4,153,003				4,503,132				4,535,163				3,635,758				4,242,108				3,521,063
Insurance and reinsurance balances payable		1,276,123				1,484,285				1,440,942				1,338,991				1,301,580				670,292
Senior notes and notes payable		1,388,135				1,387,748				1,342,345				1,341,961				1,377,582				993,797
Payable for investments purchased		89,805				181,274				159,544				111,838				220,183				122,065
Operating lease liabilities		115,887				133,257				144,298				—				—				—
Other liabilities		388,196				359,290				359,363				393,178				403,354				268,659
TOTAL LIABILITIES		19,909,656				20,303,697				20,257,426				19,102,495				19,570,754				16,363,451
SHAREHOLDERS’ EQUITY
Preferred shares		775,000				775,000				775,000				775,000				775,000				775,000
Common shares		2,206				2,206				2,206				2,206				2,206				2,206
Additional paid-in capital		2,309,483				2,303,592				2,296,639				2,308,583				2,304,107				2,291,516
Accumulated other comprehensive income (loss)		176,296				156,145				29,096				(177,110		)		(162,312		)		141,613
Retained earnings		6,101,902				6,108,577				5,976,603				5,912,812				6,145,482				6,051,659
Treasury shares, at cost		(3,779,017		)		(3,779,043		)		(3,779,388		)		(3,791,420		)		(3,792,211		)		(3,807,295		)
TOTAL SHAREHOLDERS' EQUITY		5,585,870				5,566,477				5,300,156				5,030,071				5,272,272				5,454,699
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	25,495,526			$	25,870,174			$	25,557,582			$	24,132,566			$	24,843,026			$	21,818,150
Common shares outstanding		83,947				83,947				83,934				83,586				83,557				83,157
Diluted common shares outstanding [b]		85,516				85,579				85,632				85,229				85,335				84,575
Book value per common share			$57.31				$57.08				$53.91				$50.91				$53.82				$56.28
Book value per diluted common share			$56.26				$55.99				$52.84				$49.93				$52.70				$55.33
Tangible book value per diluted common share			$52.84				$52.54				$49.37				$46.41				$49.14				$54.30
Debt to total capital [a]		19.9		%		20.0		%		20.2		%		21.1		%		20.7		%		15.4		%
Debt and preferred equity to total capital		31.0		%		31.1		%		31.9		%		33.2		%		32.4		%		27.4		%

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

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

13

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

At September 30, 2019

		Cost or Amortized Cost				Unrealized Gains				Unrealized Losses				Fair Value				Percentage
Fixed Maturities, available for sale
U.S. government and agency		$	2,106,902			$	30,012			$	(2,958	)		$	2,133,956			13.6	%
Non-U.S. government		543,426				6,214				(12,008		)		537,632				3.5	%
Corporate debt		4,966,942				133,081				(22,928		)		5,077,095				32.6	%
Agency RMBS		1,609,193				26,811				(3,236		)		1,632,768				10.5	%
CMBS		1,321,029				48,726				(865		)		1,368,890				8.8	%
Non-Agency RMBS		59,308				1,230				(1,586		)		58,952				0.4	%
ABS		1,600,758				5,974				(6,197		)		1,600,535				10.3	%
Municipals		200,146				6,444				(177		)		206,413				1.3	%
Total fixed maturities		12,407,704				258,492				(49,955		)		12,616,241				81.0	%
Equity securities
Common stocks		504				67				(387		)		184				—	%
Exchange traded funds		215,620				61,809				(3,707		)		273,722				1.8	%
Bond mutual funds		164,521				—				(8,524		)		155,997				1.0	%
Total equity securities		380,645				61,876				(12,618		)		429,903				2.8	%
Total fixed maturities and equity securities		$	12,788,349			$	320,368			$	(62,573	)		13,046,144				83.8	%
Mortgage loans, held for investment														407,790				2.6	%
Other investments (see below)														779,200				5.0	%
Equity method investments														113,748				0.7	%
Short-term investments														12,539				0.1	%
Total investments														14,359,421				92.2	%
Cash and cash equivalents [a]														1,208,551				7.8	%
Accrued interest receivable														81,371				0.5	%
Net receivable/(payable) for investments sold (purchased)														(80,094		)		(0.5	%)
Total cash and invested assets														$	15,569,249			100.0	%
														Fair Value				Percentage
Other Investments:
Long/short equity funds														$	30,617			3.9	%
Multi-strategy funds														166,079				21.3	%
Direct lending funds														275,619				35.4	%
Real estate funds														130,209				16.7	%
Private equity funds														67,210				8.6	%
Other privately held investments														30,719				3.9	%
Collateralized loan obligations - equity tranches														15,454				2.1	%
Overseas deposits														$	63,293			8.1	%
Total														$	779,200			100.0	%

[a] Includes $445 million of restricted cash and cash equivalents.

14

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION - QUARTERLY

		Q3 2019			Q2 2019			Q1 2019			Q4 2018			Q3 2018			Q3 2017
		Fair Value %			Fair Value %			Fair Value %			Fair Value %			Fair Value %			Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities:
U.S. government and agency		13.6	%		15.1	%		13.1	%		10.1	%		10.5	%		10.7	%
Non-U.S. government		3.5	%		3.5	%		3.2	%		3.3	%		3.6	%		3.9	%
Corporate debt		32.6	%		32.3	%		32.1	%		32.5	%		33.3	%		30.7	%
MBS:
Agency RMBS		10.5	%		11.0	%		11.3	%		11.0	%		10.8	%		15.7	%
CMBS		8.8	%		7.7	%		7.0	%		7.3	%		7.1	%		4.6	%
Non-agency RMBS		0.4	%		0.4	%		0.3	%		0.3	%		0.3	%		0.3	%
ABS		10.3	%		10.4	%		10.7	%		10.9	%		10.8	%		8.8	%
Municipals		1.3	%		1.3	%		1.0	%		0.9	%		0.8	%		1.0	%
Total Fixed Maturities		81.0	%		81.7	%		78.7	%		76.3	%		77.2	%		75.7	%
Equity securities		2.8	%		2.8	%		2.8	%		2.5	%		2.8	%		4.5	%
Mortgage loans		2.6	%		2.6	%		2.1	%		2.0	%		2.2	%		2.5	%
Other investments		5.0	%		5.2	%		5.3	%		5.3	%		5.5	%		5.7	%
Equity method investments		0.7	%		0.7	%		0.7	%		0.7	%		0.7	%		0.7	%
Short-term investments		0.1	%		0.3	%		0.2	%		1.0	%		1.0	%		0.1	%
Total Investments		92.2	%		93.3	%		89.8	%		87.8	%		89.4	%		89.2	%
Cash and cash equivalents		7.8	%		7.1	%		10.6	%		12.2	%		11.5	%		11.1	%
Accrued interest receivable		0.5	%		0.5	%		0.5	%		0.5	%		0.5	%		0.5	%
Net receivable/(payable) for investments sold or purchased		(0.5	%)		(0.9	%)		(0.9	%)		(0.5	%)		(1.4	%)		(0.8	%)
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		16.9	%		18.5	%		16.6	%		13.3	%		13.6	%		14.0	%
AAA		38.6	%		35.8	%		38.7	%		40.0	%		39.3	%		39.5	%
AA		7.1	%		8.6	%		7.1	%		7.7	%		7.7	%		7.9	%
A		14.8	%		14.1	%		15.0	%		15.5	%		16.3	%		15.0	%
BBB		13.8	%		13.6	%		13.3	%		14.7	%		14.1	%		14.5	%
Below BBB		8.8	%		9.4	%		9.3	%		8.8	%		9.0	%		9.1	%
Total		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year		2.7	%		3.1	%		3.5	%		3.7	%		4.2	%		3.9	%
From one to five years		39.9	%		41.8	%		41.9	%		41.0	%		41.5	%		34.7	%
From five to ten years		17.2	%		15.7	%		14.5	%		14.8	%		15.1	%		20.5	%
Above ten years		3.3	%		3.2	%		2.9	%		1.8	%		1.8	%		2.0	%
Asset-backed and mortgage-backed securities		36.9	%		36.2	%		37.2	%		38.7	%		37.4	%		38.9	%
Total		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities		2.9	%		3.0	%		3.1	%		3.1	%		2.9	%		2.6	%
Yield to maturity of fixed maturities		2.5	%		2.7	%		3.1	%		3.6	%		3.5	%		2.6	%
Average duration of fixed maturities (inclusive of duration hedges)		3.1 yrs			3.0 yrs			2.9 yrs			2.8 yrs			2.9 yrs			3.2 yrs
Average credit quality		AA-			AA-			AA-			AA-			AA-			AA-

15

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At September 30, 2019

		Fair Value				% of Total Corporate Debt			% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks		$	976,943			19.2	%		6.3	%
Non-U.S. banks		342,407				6.7	%		2.2	%
Corporate/commercial finance		268,445				5.3	%		1.7	%
Insurance		146,945				2.9	%		0.9	%
Investment brokerage		43,366				0.9	%		0.3	%
Total financial institutions		1,778,106				35.0	%		11.4	%
Consumer non-cyclicals		514,508				10.1	%		3.3	%
Consumer cyclical		299,547				5.9	%		1.9	%
Communications		288,012				5.7	%		1.8	%
Technology		255,982				5.0	%		1.6	%
Energy		227,331				4.5	%		1.5	%
Non-U.S. government guaranteed		193,950				3.8	%		1.2	%
Transportation		182,952				3.6	%		1.2	%
Utilities		145,819				2.9	%		0.9	%
Industrials		142,151				2.8	%		0.9	%
Total investment grade		4,028,358				79.3	%		25.7	%
Total non-investment grade		1,048,737				20.7	%		6.9	%
Total corporate debt		$	5,077,095			100.0	%		32.6	%

16

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At September 30, 2019

		Amortized Cost				Net Unrealized Gain (Loss)				Fair Value				% of Total Fixed  Maturities
ISSUER [a]
BANK OF AMERICA CORP		$	126,487			$	4,903			$	131,390			1.0	%
JP MORGAN CHASE & CO		117,886				3,564				121,450				1.0	%
MORGAN STANLEY		111,938				3,446				115,384				0.9	%
WELLS FARGO & COMPANY		111,596				2,916				114,512				0.9	%
CITIGROUP INC		87,198				3,319				90,517				0.7	%
GOLDMAN SACHS GROUP		84,951				2,350				87,301				0.7	%
AT&T INC		57,885				2,479				60,364				0.5	%
MITSUBISHI UFJ FINANCIAL GROUP INC		55,968				1,189				57,157				0.5	%
CVS HEALTH CORP		48,224				3,071				51,295				0.4	%
COMCAST CORPORATION		48,817				1,827				50,644				0.4	%

[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.

17

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At September 30, 2019

		Agencies				AAA				AA				A				BBB				Non-Investment Grade				Total
Residential MBS		$	1,632,768			$	33,004			$	14,572			$	1,186			$	2,996			$	7,194			$	1,691,720
Commercial MBS		384,696				933,286				47,734				3,174				—				—				1,368,890
ABS		—				1,462,228				69,912				28,644				12,435				27,316				1,600,535
Total mortgage-backed and asset-backed securities		$	2,017,464			$	2,428,518			$	132,218			$	33,004			$	15,431			$	34,510			$	4,661,145
Percentage of total		43.3		%		52.1		%		2.8		%		0.7		%		0.3		%		0.8		%		100.0		%

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AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

		Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017
Reinsurance recoverable on paid losses and loss expenses:
Insurance		$	158,491			$	159,259			$	136,923			$	159,347			$	119,275			$	38,654
Reinsurance		93,596				205,558				185,156				121,112				102,234				24,145
Total		$	252,087			$	364,817			$	322,079			$	280,459			$	221,509			$	62,799
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance		$	869,575			$	871,493			$	859,971			$	791,215			$	789,143			$	587,060
Reinsurance		351,179				351,230				351,413				327,067				250,812				99,303
Total		$	1,220,754			$	1,222,723			$	1,211,384			$	1,118,282			$	1,039,955			$	686,363
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance		$	1,932,766			$	1,889,003			$	1,916,176			$	1,919,002			$	1,809,504			$	1,406,025
Reinsurance		570,738				470,322				446,571				484,754				387,508				221,873
Total		$	2,503,504			$	2,359,325			$	2,362,747			$	2,403,756			$	2,197,012			$	1,627,898
Provision against reinsurance recoverable on unpaid losses and loss expenses:
Insurance		$	(17,598	)		$	(16,722	)		$	(17,583	)		$	(18,191	)		$	(17,613	)		$	(15,972	)
Reinsurance		(867		)		(795		)		(1,488		)		(2,404		)		(1,783		)		(267		)
Total		$	(18,465	)		$	(17,517	)		$	(19,071	)		$	(20,595	)		$	(19,396	)		$	(16,239	)
Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance		$	2,943,234			$	2,903,033			$	2,895,487			$	2,851,373			$	2,700,309			$	2,015,767
Reinsurance		1,014,646				1,026,315				981,652				930,529				738,771				345,054
Total		$	3,957,880			$	3,929,348			$	3,877,139			$	3,781,902			$	3,439,080			$	2,360,821

19

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At September 30, 2019

Categories		Reinsurance Recoverable, Gross of Collateral				Collateral				Reinsurance Recoverable, Net of Collateral				% of Total Reinsurance Recoverable, Net  of Collateral		% of Total Shareholders’ Equity		Provision Against Reinsurance Recoverable				Provision Against Reinsurance Recoverable as % of Reinsurance  Recoverable, Gross of Collateral		Reinsurance recoverable on unpaid and paid losses
Top 10 reinsurers based on reinsurance recoverable		$	2,234,734			$	(469,374	)		$	1,765,360			55.8%		31.6%		$	(9,368	)		0.4%		$	2,225,366
Other reinsurers balances > $20 million		1,275,616				(222,825		)		1,052,791				33.3%		18.8%		(7,005		)		0.5%		1,268,611
Other reinsurers balances < $20 million		466,274				(121,860		)		344,414				10.9%		6.2%		(2,371		)		0.5%		463,903
Total		$	3,976,624			$	(814,059	)		$	3,162,565			100.0%		56.6%		$	(18,744	)		0.5%		$	3,957,880

At September 30, 2019, 89.8% (December 31, 2018: 89.5%) of reinsurance recoverable, gross of collateral was 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 Corp		13.0%		7.3%
2	Lloyd's of London		12.3%		6.9%
3	Transatlantic Reinsurance Co		6.5%		3.7%
4	Harrington Re Ltd.		5.8%		3.3%
5	Partner Reinsurance Co of the US		5.4%		3.1%
6	Hannover Ruck SE		4.8%		2.7%
7	Everest Reinsurance Company		3.9%		2.2%
8	Munich Reinsurance America, Inc.		3.4%		1.9%
9	SCOR Reinsurance		2.5%		1.4%
10	Liberty Mutual Insurance		2.4%		1.3%
			60.0%		33.8%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

		Three months ended September 30, 2019												Nine months ended September 30, 2019
		Reserve for losses and loss expenses				Reinsurance recoverable on unpaid losses				Net reserve for losses and loss expenses				Reserve for losses and loss expenses				Reinsurance recoverable on unpaid losses				Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period		$	12,254,711			$	(3,564,812	)		$	8,689,899			$	12,280,769			$	(3,501,669	)		$	8,779,100
Incurred losses and loss expenses		1,317,768				(466,855		)		850,913				3,322,290				(1,134,887		)		2,187,403
Paid losses and loss expenses		(989,240		)		305,013				(684,227		)		(3,035,991		)		915,239				(2,120,752		)
Foreign exchange and other		(84,732		)		20,861				(63,871		)		(68,561		)		15,524				(53,037		)
End of period [a]		$	12,498,507			$	(3,705,793	)		$	8,792,714			$	12,498,507			$	(3,705,793	)		$	8,792,714

[a] At September 30, 2019, reserve for losses and loss expenses included IBNR of $7,703 million, or 62%, of reserves for loss and loss expenses. At December 31, 2018, the comparable amount was $7,655 million, or 62%.

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AXIS CAPITAL HOLDINGS LIMITED

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

		Three months ended September 30, 2019												Nine months ended September 30, 2019
		Insurance				Reinsurance				Total				Insurance				Reinsurance				Total
Gross paid losses and loss expenses		$	546,316			$	442,924			$	989,240			$	1,644,131			$	1,391,860			$	3,035,991
Reinsurance recoverable on paid losses and loss expenses		(232,791		)		(72,222		)		(305,013		)		(626,743		)		(288,496		)		(915,239		)
Net paid losses and loss expenses		313,525				370,702				684,227				1,017,388				1,103,364				2,120,752
Change in:
Gross case reserves		35,106				27,062				62,168				143,608				87,338				230,946
Gross IBNR		42,137				224,223				266,360				(101,081		)		156,434				55,353
Reinsurance recoverable on unpaid losses and loss expenses		(51,802		)		(110,040		)		(161,842		)		(98,471		)		(121,177		)		(219,648		)
Total net incurred losses and loss expenses		$	338,966			$	511,947			$	850,913			$	961,444			$	1,225,959			$	2,187,403
Gross reserve for losses and loss expenses		$	6,437,281			$	6,061,226			$	12,498,507			$	6,437,281			$	6,061,226			$	12,498,507
Net favorable prior year reserve development		$	14,609			$	12,118			$	26,727			$	42,849			$	22,172			$	65,021
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses		92.5		%		72.4		%		80.4		%		105.8		%		90.0		%		97.0		%
Net paid losses and loss expenses / Net premiums earned		58.4		%		59.7		%		59.1		%		62.4		%		61.8		%		62.1		%
Change in net losses and loss expenses / Net premiums earned		4.8		%		22.8		%		14.4		%		(3.4		%)		6.9		%		2.0		%
Net losses and loss expenses ratio		63.2		%		82.5		%		73.5		%		59.0		%		68.7		%		64.1		%

22

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTERLY

		Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017
Gross paid losses and loss expenses		$	546,316			$	537,634			$	560,181			$	676,665			$	586,874			$	407,751
Reinsurance recoverable on paid losses and loss expenses		(232,791		)		(175,788		)		(218,163		)		(254,452		)		(198,332		)		(113,348		)
Net paid losses and loss expenses		313,525				361,846				342,018				422,213				388,542				294,403
Change in:
Gross case reserves		35,106				(8,250		)		116,753				(40,794		)		13,241				32,639
Gross IBNR		42,137				(57,015		)		(86,204		)		117,212				55,737				268,021
Reinsurance recoverable on unpaid losses and loss expenses		(51,802		)		12,122				(58,791		)		(70,106		)		(42,032		)		(18,375		)
Total net incurred losses and loss expenses		$	338,966			$	308,703			$	313,776			$	428,525			$	415,488			$	576,688
Gross reserve for losses and loss expenses		$	6,437,281			$	6,395,448			$	6,465,347			$	6,426,309			$	6,379,962			$	5,369,358
Net favorable prior year reserve development		$	14,609			$	21,326			$	6,913			$	32,257			$	13,478			$	7,926
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses		92.5		%		117.2		%		109.0		%		98.5		%		93.5		%		51.1		%
Net paid losses and loss expenses / Net premiums earned		58.4		%		67.4		%		61.4		%		71.5		%		63.2		%		70.0		%
Change in net losses and loss expenses / Net premiums earned		4.8		%		(9.9		%)		(5.0		%)		1.1		%		4.4		%		67.1		%
Net losses and loss expenses ratio		63.2		%		57.5		%		56.4		%		72.6		%		67.6		%		137.1		%

23

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTERLY

		Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017
Gross paid losses and loss expenses		$	442,924			$	428,428			$	520,508			$	611,056			$	422,678			$	333,573
Reinsurance recoverable on paid losses and loss expenses		(72,222		)		(82,907		)		(133,368		)		(92,279		)		(79,765		)		(23,886		)
Net paid losses and loss expenses		370,702				345,521				387,140				518,777				342,913				309,687
Change in:
Gross case reserves		27,062				25,790				34,485				199,227				76,880				159,834
Gross IBNR		224,223				20,656				(88,443		)		42,084				(10,986		)		348,403
Reinsurance recoverable on unpaid losses and loss expenses		(110,040		)		(28,207		)		17,070				(161,270		)		(29,336		)		(159,245		)
Total net incurred losses and loss expenses		$	511,947			$	363,760			$	350,252			$	598,818			$	379,471			$	658,679
Gross reserve for losses and loss expenses		$	6,061,226			$	5,859,263			$	5,810,424			$	5,854,460			$	5,645,985			$	5,418,217
Net favorable prior year reserve development		$	12,118			$	2,295			$	7,759			$	7,321			$	32,182			$	39,842
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses		72.4		%		95.0		%		110.5		%		86.6		%		90.4		%		47.0		%
Net paid losses and loss expenses / Net premiums earned		59.7		%		58.9		%		67.0		%		83.1		%		56.3		%		51.9		%
Change in net losses and loss expenses / Net premiums earned		22.8		%		3.1		%		(6.3		%)		12.9		%		6.0		%		58.6		%
Net losses and loss expenses ratio		82.5		%		62.0		%		60.7		%		96.0		%		62.3		%		110.5		%

24

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AT OCTOBER 1, 2019

				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		$	373			7.8	%		$	436			9.1	%		$	640			13.3	%
Northeast		U.S. Hurricane		53				1.1	%		154				3.2	%		287				6.0	%
Mid-Atlantic		U.S. Hurricane		122				2.5	%		299				6.2	%		467				9.7	%
Gulf of Mexico		U.S. Hurricane		250				5.2	%		324				6.7	%		395				8.2	%
California		Earthquake		214				4.4	%		329				6.8	%		417				8.7	%
Europe		Windstorm		216				4.5	%		271				5.6	%		340				7.1	%
Japan		Earthquake		146				3.0	%		219				4.6	%		343				7.1	%
Japan		Windstorm		117				2.4	%		187				3.9	%		256				5.3	%

The above table shows our Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at October 1, 2019. 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 hurricane, net of reinsurance, is approximately $0.4 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast hurricane event could be in excess of $0.4 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast hurricane will fall below $0.4 billion.

We have developed our PML estimates using multiple commercially available catastrophe vendor models, including AIR and RMS. We weight the use of these vendor models based upon our own judgment and experience, and include in our estimates non-modeled perils and other factors which we believe provide us with a more complete view of catastrophe risk.

A supplementary disclosure entitled “Overview of AXIS Natural Peril Catastrophe Risk Measurement and Management” dated August 3, 2011 is available in the Investor Information section of our website. This disclosure provides an overview of our PML methodology, including our approach to zonal aggregation, as well as information about zonal definitions commonly used by other external parties.

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, foremost by ensuring that management’s judgment supplements the model outputs. We also perform ongoing model validation both within our business units and through our catastrophe model validation unit. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

Our 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 in our own modeling, changes in our underwriting portfolios, changes to our reinsurance purchasing strategy and changes in foreign exchange rates.

25

AXIS CAPITAL HOLDINGS LIMITED

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

		Three months ended September 30,								Nine months ended September 30,
		2019				2018				2019				2018
`
Net income available to common shareholders		$	27,745			$	43,439			$	292,258			$	198,843
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding		83,947				83,558				83,872				83,474
Dilutive share equivalents:
Share-based compensation plans		635				549				548				465
Weighted average diluted common shares outstanding		84,582				84,107				84,420				83,939
EARNINGS PER COMMON SHARE
Earnings per common share			$0.33				$0.52				$3.48				$2.38
Earnings per diluted common share			$0.33				$0.52				$3.46				$2.37

26

AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLLFOWARD - QUARTERLY

		Q3 2019				Q2 2019				Q1 2019				Q4 2018				Q3 2018				Q3 2017
Net income (loss) available (attributable) to common shareholders		$	27,745			$	166,387			$	98,125			$	(198,448	)		$	43,439			$	(467,740	)
COMMON SHARES OUTSTANDING
Common shares - at beginning of period		83,947				83,934				83,586				83,557				83,556				83,203
Shares issued and treasury share reissued		1				20				505				53				1				5
Shares repurchased for treasury		(1		)		(7		)		(157		)		(24		)		—				(51		)
Common shares - at end of period		83,947				83,947				83,934				83,586				83,557				83,157
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding		83,947				83,941				83,725				83,582				83,558				83,305
Dilutive share equivalents:
Share-based compensation plans [a]		635				460				547				—				549				—
Weighted average diluted common shares outstanding		84,582				84,401				84,272				83,582				84,107				83,305
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share			$0.33				$1.98				$1.17				($2.37	)			$0.52				($5.61	)
Earnings (loss) per diluted common share			$0.33				$1.97				$1.16				($2.37	)			$0.52				($5.61	)

[a] Due to the net loss recognized in the three months ended December 31, 2018 and September 30, 2017, all the share equivalents were anti-dilutive.

27

AXIS CAPITAL HOLDINGS LIMITED

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

		At September 30, 2019
			Common Shareholders’ Equity				Common Shares Outstanding net of Treasury Shares			Per share
Closing stock price											$66.72
Book value per common share			$	4,810,870			83,947				$57.31
Dilutive securities: [b]
Restricted stock units							1,569			(1.05		)
Book value per diluted common share			$	4,810,870			85,516				$56.26
		At December 31, 2018
			Common Shareholders’ Equity				Common Shares Outstanding net of Treasury Shares			Per share
Closing stock price											$51.64
Book value per common share			$	4,255,071			83,586				$50.91
Dilutive securities: [b]
Restricted stock units							1,643			(0.98		)
Book value per diluted common share			$	4,255,071			85,229				$49.93

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

[b] Excludes cash-settled restricted stock units.

28

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

		Three months ended September 30,								Nine months ended September 30,
		2019				2018				2019				2018
Net income available to common shareholders		$	27,745			$	43,439			$	292,258			$	198,843
Net investment (gains) losses [a]		(14,527		)		17,628				(48,522		)		77,551
Foreign exchange losses (gains) [b]		(59,543		)		8,305				(64,868		)		2,066
Transaction and reorganization expenses [c]		11,215				16,300				29,310				48,125
Interest in (income) of equity method investments [d]		(792		)		(1,667		)		(5,645		)		(5,045		)
Income tax expense (benefit)		3,361				(4,882		)		6,524				(16,539		)
Operating income (loss)		$	(32,541	)		$	79,123			$	209,057			$	305,001
Earnings per diluted common share		$	0.33			$	0.52			$	3.46			$	2.37
Net investment (gains) losses		(0.17		)		0.21				(0.57		)		0.92
Foreign exchange losses (gains)		(0.71		)		0.10				(0.77		)		0.02
Transaction and reorganization expenses		0.13				0.19				0.35				0.57
Interest in (income) of equity method investments		(0.01		)		(0.02		)		(0.07		)		(0.06		)
Income tax expense (benefit)		0.04				(0.06		)		0.08				(0.20		)
Operating income (loss) per diluted common share		$	(0.39	)		$	0.94			$	2.48			$	3.62
Weighted average diluted common shares outstanding		83,947				84,107				84,420				83,939
Average common shareholders' equity		$	4,801,174			$	4,487,639			$	4,532,971			$	4,531,768
Annualized ROACE		2.3		%		3.9		%		8.6		%		5.9		%
Annualized operating ROACE [e]		(2.7		)%		7.1		%		6.1		%		9.0		%

[a] Tax cost (benefit) of $897 and ($623) for the three months ended September 30, 2019 and 2018, respectively, and $6,667 and ($4,011) for the nine months ended September 30, 2019 and 2018, 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 cost (benefit) of $4,784 and ($1,870) for the three months ended September 30, 2019 and 2018, respectively, and $5,372 and ($5,424) for the nine months ended September 30, 2019 and 2018, 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 cost (benefit) of ($2,320) and ($2,389) for the three months ended September 30, 2019 and 2018, respectively, and ($5,515) and ($7,416) for the nine months ended September 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax cost (benefit) of $nil for the three months ended September 30, 2019 and 2018 and $nil and $312 for the nine months ended September 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[e] Annualized operating ROACE for the three months ended September 30, 2019, was calculated using weighted average common shares outstanding due to the operating loss recognized in the period.

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AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION

EX-PGAAP OPERATING INCOME AND EX-PGAAP OPERATING RETURN ON AVERAGE COMMON EQUITY

		Three months ended September 30,								Nine months ended September 30,
		2019				2018				2019				2018
Net income available to common shareholders		$	27,745			$	43,439			$	292,258			$	198,843
Net investment (gains) losses [a]		(14,527		)		17,628				(48,522		)		77,551
Foreign exchange losses (gains) [a]		(59,543		)		8,305				(64,868		)		2,066
Transaction and reorganization expenses [a]		11,215				16,300				29,310				48,125
Interest in (income) of equity method investments [a]		(792		)		(1,667		)		(5,645		)		(5,045		)
Income tax expense (benefit)		3,361				(4,882		)		6,524				(16,539		)
Operating income (loss)		$	(32,541	)		$	79,123			$	209,057			$	305,001
Amortization of VOBA and intangible assets [b]		6,891				40,664				32,985				$	156,882
Amortization of acquisition cost [c]		(1,568		)		(29,344		)		(10,689		)		(109,434		)
Income tax (benefit)		(1,011		)		(2,151		)		(4,236		)		(9,015		)
Ex-PGAAP operating income (loss) [d]		$	(28,229	)		$	88,292			$	227,117			$	343,434
Earnings per diluted common share		$	0.33			$	0.52			$	3.46			$	2.37
Net investment (gains) losses		(0.17		)		0.21				(0.57		)		0.92
Foreign exchange losses (gains)		(0.71		)		0.10				(0.77		)		0.02
Transaction and reorganization expenses		0.13				0.19				0.35				0.57
Interest in (income) of equity method investments		(0.01		)		(0.02		)		(0.07		)		(0.06		)
Income tax expense (benefit)		0.04				(0.06		)		0.08				(0.20		)
Operating income (loss) per diluted common share		$	(0.39	)		$	0.94			$	2.48			$	3.62
Amortization of VOBA and intangible assets		0.08				0.48				$	0.39			1.87
Amortization of acquisition cost		(0.02		)		(0.35		)		(0.13		)		(1.30		)
Income tax (benefit)		(0.01		)		(0.03		)		(0.05		)		(0.11		)
Ex-PGAAP operating income (loss) per diluted common share [d]		$	(0.34	)		$	1.04			$	2.69			$	4.08
Weighted average diluted common shares outstanding		83,947				84,107				84,420				83,939
Average common shareholders' equity		4,801,174				4,487,639				$	4,532,971			$	4,531,768
Annualized ROACE		2.3		%		3.9		%		8.6		%		5.9		%
Annualized operating ROACE		(2.7		)%		7.1		%		6.1		%		9.0		%
Annualized ex-PGAAP operating ROACE [d]		(2.4		)%		7.9		%		6.7		%		10.1		%

[a] Tax cost (benefit) shown on previous page.

[b] Tax cost (benefit) of $(1,309) and $(7,726) for the three months ended September 30, 2019 and 2018, respectively and $(6,267) and $(29,808) for the nine months ended September 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[c] Tax cost (benefit) of $298 and $5,575 for the three months ended September 30, 2019 and 2018, respectively and $2,031 and $20,792 for the nine months ended September 30, 2019 and 2018, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Ex-PGAAP operating income (loss), ex-PGAAP operating income (loss) per diluted common share and annualized ex-PGAAP operating ROACE 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, earnings (loss) per diluted common share and annualized ROACE, respectively, are provided in the table above, and a discussion of the rationale for the presentation of these items is provided later in this document. Annualized ex-PGAAP operating ROACE for the three months ended September 30, 2019, was calculated using weighted average common shares outstanding due to the ex-PGAAP operating loss recognized in the period.

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AXIS CAPITAL HOLDINGS LIMITED

VALUE OF BUSINESS ACQUIRED

Acquisition of Novae Group plc ("Novae")

On October 2, 2017 (the "closing date" or the "acquisition date"), AXIS Specialty UK Holdings Limited, a wholly owned subsidiary of the Company, acquired all of the issued and to be issued share capital of Novae for an aggregate purchase price of $617 million. The results of Novae are included in the results of the Company's insurance and reinsurance segments from that date. The acquisition of Novae was undertaken to accelerate the growth strategy of the Company's international insurance business, and to significantly scale up its capabilities to enable the Company to even better serve its clients and brokers.

At the acquisition date, the Company identified Value of Business Acquired ("VOBA") which represents the present value of the expected underwriting profit within policies that were in-force at the closing date of the transaction, of $257 million, pre-tax.

Amortization of Value of Business Acquired ("VOBA")

VOBA is amortized over its economic useful life and the expense is included in amortization of value of business acquired in the consolidated statement of operations. The amortization of VOBA affects the Company’s operating income, a non-GAAP financial measure but this expense is not included in the results of the Company's insurance and reinsurance segments.

The estimated amortization expense for VOBA with a finite life is as follows:

VOBA Amortization expense
	Q4 2017	$	50,104
	2018	171,124
	2019	26,722
	2020	5,139
	2021	3,853
	2022	—
	2023 and thereafter	—
	VOBA	256,942
	Associated tax impact	(48,992		)
	VOBA, net of tax [a]	$	207,950

[a] VOBA, net of tax is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to VOBA, the most comparable GAAP financial measure, is provided in the table above and a discussion of the rationale for the presentation of this item is provided later in this document.

The purchase price was allocated to the assets acquired and liabilities assumed based on estimated fair values at the closing date. This resulted in the write-off of the deferred acquisition cost asset on Novae's balance at the acquisition date as the value of policies in-force on that date are considered within VOBA. Consequently, the expense associated with VOBA is estimated to include all acquisition costs previously paid as well as future profits associated with the policies in-force at acquisition.

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AXIS CAPITAL HOLDINGS LIMITED

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE - TREASURY STOCK METHOD [a]
	September 30,				June 30,				March 31,				December 31,				September 30,				September 30,
	2019				2019				2019				2018				2018				2017
Common shareholders' equity	$	4,810,870			$	4,791,477			$	4,525,156			$	4,255,071			$	4,497,272			$	4,679,699
Less: goodwill	(102,003		)		(102,003		)		(102,003		)		(102,003		)		(102,003		)		(48,969		)
Less: intangible assets	(233,305		)		(236,009		)		(238,763		)		(241,568		)		(247,927		)		(38,237		)
Associated tax impact	42,881				43,205				43,522				43,814				46,196				14,386
Tangible common shareholders' equity	$	4,518,443			$	4,496,670			$	4,227,912			$	3,955,314			$	4,193,538			$	4,606,879
Diluted common shares outstanding, net of treasury shares	85,516				85,579				85,632				85,229				85,335				84,575
Book value per diluted common share	$	56.26			$	55.99			$	52.84			$	49.93			$	52.70			$	55.33
Tangible book value per diluted common share	$	52.84			$	52.54			$	49.37			$	46.41			$	49.14			$	54.47

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

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AXIS CAPITAL HOLDINGS LIMITED

USE OF NON-GAAP FINANCIAL MEASURES

We present our results of operations in the way we believe will be most 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 ROACE, tangible book value per diluted common share, ex-PGAAP operating income (loss) (in total and on a per share basis) and annualized ex-PGAAP operating ROACE 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, better 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 individual 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 individual 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 Statements of Operations - Quarterly' and 'Consolidated Statements of Operations - Year to date' sections 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 (losses) 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 such, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

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Foreign exchange (losses) gains in our consolidated statement 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 generally offset a large portion of the foreign exchange (losses) gains arising from our underwriting portfolio. As a result, we believe that foreign exchange (losses) gains 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 senior notes and notes payable. As these expenses are not incremental and/or directly attributable to our individual underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

Transaction and 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 including 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 income (loss) before income taxes and interest in income (loss) of equity method investments, the most comparable GAAP financial measure, is included in the 'Consolidated Statements of Operations - Quarterly'' and 'Consolidated Statements of Operations - Year to date' sections of this document.

Operating Income (Loss)

Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange (losses) gains, transaction and 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. In addition, we recognize unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized upon the sale of our available for sale investments and equity securities in net investment gains (losses) in our consolidated statements of operations. However, these movements are only one element of the overall impact of foreign exchange rate fluctuations on our financial position. We also recognize unrealized foreign exchange (losses) gains on our available for sale investments in other comprehensive income (loss). These unrealized foreign exchange (losses) gains generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss) available (attributable) to common shareholders,

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thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, the foreign exchange (losses) gains in our consolidated statement of operations in isolation are not a fair representation of the performance of our business.

Transaction and 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).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange (losses) gains, transaction and reorganization expenses and interest in income (loss) of equity method investments 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, transaction and 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 in 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 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 goodwill and intangible assets, net of tax. We also present tangible book value per diluted common share calculated under the treasury stock method. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is included in the 'Tangible Book Value per Diluted Common Share' section of this document.

Tangible book value per diluted common share excludes the impacts of certain purchase accounting adjustments. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders.

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Ex-PGAAP Operating Income (Loss)

Ex-PGAAP operating income (loss) represents operating income (loss) exclusive of amortization of VOBA and intangible assets, net of tax and amortization of acquisition costs, net of tax both associated with Novae's balance sheet at October 2, 2017 (the "closing date" or "acquisition date"). The reconciliation of ex-PGAAP operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure is provided in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

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

We believe the presentation of ex-PGAAP operating income (loss), ex-PGAAP operating income (loss) per diluted common share and annualized ex-PGAAP operating ROACE enables investors and other users of our financial information to better analyze the performance of our business.

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