Exhibit 99.1

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FIRST QUARTER 2022

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

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

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, 2021 and consolidated statements of operations for the years ended December 31, 2021 and December 31, 2020.

• Amounts may not reconcile due to rounding differences.

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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

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

• actual claims exceeding loss reserves;

• general economic, capital and credit market conditions, including fluctuations in interest rates, credit spreads, equity securities’ prices, and/or foreign currency exchange rates;

• 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;

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

• the loss of business provided to us by major brokers;

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

• difficulties with technology and/or data security;

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

• the failure of our cedants to adequately evaluate risks;

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

• the loss of one or more of our key executives;

• a decline in our ratings with rating agencies;

• changes in accounting policies or practices;

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

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

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

i

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

• changes in tax laws; and

• other factors including but not limited to those described under Item 1A, ‘Risk Factors’ in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Readers are urged to carefully consider all such factors as the COVID-19 pandemic may have the effect of heightening many of the other risks and uncertainties described.

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 renewable 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, renewable offshore energy, cargo, liability, recreational marine, fine art, specie, and hull war. Offshore energy coverage includes physical damage, business interruption, operator’s extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.

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, corporate 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 public and private commercial enterprises, financial institutions, not-for-profit organizations and other professional service providers. This business is predominantly written on a claims-made basis.

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

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

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 an excess of loss basis.

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

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

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

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

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

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

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

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

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

iv

AXIS CAPITAL HOLDINGS LIMITED    

FINANCIAL HIGHLIGHTS    

				Three months ended March 31,
				2022				2021				Change
HIGHLIGHTS		Gross premiums written		$	2,634,608			$	2,535,481				3.9	%
		Gross premiums written - Insurance			50.4	%			43.5	%			6.9			pts
		Gross premiums written - Reinsurance			49.6	%			56.5	%			(6.9	)		pts
		Net premiums written		$	1,812,872			$	1,778,886				1.9	%
		Net premiums earned		$	1,258,246			$	1,103,722				14.0	%
		Net premiums earned - Insurance			59.8	%			55.8	%			4.0			pts
		Net premiums earned - Reinsurance			40.2	%			44.2	%			(4.0	)		pts
		Net income available to common shareholders		$	141,637			$	115,737				22.4	%
		Operating income [a]			179,825				82,737				nm
		Annualized return on average common equity [b]			12.0	%			9.9	%			2.1			pts
		Annualized operating return on average common equity [c]			15.3	%			7.1	%			8.2			pts
		Total shareholders’ equity		$	5,120,540			$	5,176,390				(1.1	%)
PER COMMON SHARE AND COMMON SHARE DATA		Earnings per diluted common share		$	1.65			$	1.36				21.3	%
		Operating income per diluted common share [d]		$	2.09			$	0.97				nm
		Weighted average diluted common shares outstanding			85,808				84,965				1.0	%
		Book value per common share		$	53.60			$	54.59				(1.8	%)
		Book value per diluted common share (treasury stock method)		$	51.97			$	53.03				(2.0	%)
		Tangible book value per diluted common share (treasury stock method) [a]		$	49.08			$	49.91				(1.7	%)
FINANCIAL RATIOS		Current accident year loss ratio, excluding catastrophe and weather-related losses			54.2	%			55.1	%			(0.9	)		pts
		Catastrophe and weather-related losses ratio			4.7	%			10.1	%			(5.4	)		pts
		Current accident year loss ratio			58.9	%			65.2	%			(6.3	)		pts
		Prior year reserve development ratio			(0.7	%)			(0.4	%)			(0.3	)		pts
		Net losses and loss expenses ratio			58.2	%			64.8	%			(6.6	)		pts
		Acquisition cost ratio			19.7	%			19.8	%			(0.1	)		pts
		General and administrative expense ratio [e]			13.5	%			14.3	%			(0.8	)		pts
		Combined ratio			91.4	%			98.9	%			(7.5	)		pts
INVESTMENT DATA		Total assets		$	27,808,558			$	27,085,827				2.7	%
		Total cash and invested assets [f]			16,023,182				15,643,178				2.4	%
		Net investment income			91,355				114,165				(20.0	%)
		Net investment gains (losses)			(94,508	)			29,645				nm
		Book yield of fixed maturities			2.1	%			2.1	%			—			pts

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

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

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

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

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

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

1

AXIS CAPITAL HOLDINGS LIMITED    

CONSOLIDATED STATEMENTS OF OPERATIONS    

FOR THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021    

		Three months ended March 31,
		2022				2021
Revenues
Net premiums earned		$	1,258,246			$	1,103,722
Net investment income			91,355				114,165
Net investment gains (losses)			(94,508	)			29,645
Other insurance related income			6,693				2,781
Total revenues			1,261,786				1,250,313
Expenses
Net losses and loss expenses			732,699				714,718
Acquisition costs			248,352				218,871
General and administrative expenses			169,041				158,408
Foreign exchange losses (gains)			(44,273	)			4,113
Interest expense and financing costs			15,564				15,571
Amortization of value of business acquired			—				1,028
Amortization of intangible assets			2,729				2,690
Total expenses			1,124,112				1,115,399
Income before income taxes and interest in income of equity method investments			137,674				134,914
Income tax expense			(24	)			(20,776	)
Interest in income of equity method investments			11,550				9,162
Net income			149,200				123,300
Preferred share dividends			7,563				7,563
Net income available to common shareholders		$	141,637			$	115,737

2

AXIS CAPITAL HOLDINGS LIMITED    

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTER AND PRIOR YEAR    

																										Year ended
																										December 31,
		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020				2021
UNDERWRITING REVENUES
Gross premiums written		$	2,634,608			$	1,562,828			$	1,646,489			$	1,941,186			$	2,535,481			$	2,431,158			$	7,685,984
Ceded premiums written			(821,736	)			(615,420	)			(650,018	)			(737,328	)			(756,595	)			(752,114	)			(2,759,360	)
Net premiums written			1,812,872				947,408				996,471				1,203,858				1,778,886				1,679,044				4,926,624
Gross premiums earned			1,902,508				1,936,521				1,879,280				1,794,769				1,671,139				1,657,412				7,281,709
Ceded premiums earned			(644,262	)			(698,761	)			(667,853	)			(637,828	)			(567,417	)			(568,787	)			(2,571,859	)
Net premiums earned			1,258,246				1,237,760				1,211,427				1,156,941				1,103,722				1,088,625				4,709,850
Other insurance related income (loss)			6,693				7,033				7,665				5,817				2,781				(8,707	)			23,295
Total underwriting revenues			1,264,939				1,244,793				1,219,092				1,162,758				1,106,503				1,079,918				4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses			732,699				716,225				911,369				666,473				714,718				908,073				3,008,783
Acquisition costs			248,352				252,180				231,712				219,070				218,871				238,650				921,834
Underwriting-related general and administrative expenses [a]			145,096				140,379				134,826				128,961				132,668				129,962				536,834
Total underwriting expenses			1,126,147				1,108,784				1,277,907				1,014,504				1,066,257				1,276,685				4,467,451
UNDERWRITING INCOME (LOSS) [b]			138,792				136,009				(58,815	)			148,254				40,246				(196,767	)			265,694
OTHER (EXPENSES) REVENUES
Net investment income			91,355				128,128				107,339				104,672				114,165				93,101				454,301
Net investment gains (losses)			(94,508	)			20,410				10,932				73,293				29,645				(62,877	)			134,279
Corporate expenses [a]			(23,945	)			(44,105	)			(23,134	)			(33,491	)			(25,740	)			(27,098	)			(126,470	)
Foreign exchange (losses) gains			44,273				(4,632	)			28,032				(19,602	)			(4,113	)			61,683				(315	)
Interest expense and financing costs			(15,564	)			(15,543	)			(15,954	)			(15,235	)			(15,571	)			(23,472	)			(62,302	)
Reorganization expenses			—				—				—				—				—				982				—
Amortization of value of business acquired			—				(771	)			(1,028	)			(1,028	)			(1,028	)			(1,799	)			(3,854	)
Amortization of intangible assets			(2,729	)			(3,260	)			(3,149	)			(3,324	)			(2,690	)			(2,870	)			(12,424	)
Total other (expenses) revenues			(1,118	)			80,227				103,038				105,285				94,668				37,650				383,215
INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS			137,674				216,236				44,223				253,539				134,914				(159,117	)			648,909
Income tax (expense) benefit			(24	)			(12,557	)			(1,186	)			(27,865	)			(20,776	)			4,867				(62,384	)
Interest in income (loss) of equity method investments			11,550				1,213				11,911				9,799				9,162				(23,577	)			32,084
NET INCOME (LOSS)			149,200				204,892				54,948				235,473				123,300				(177,827	)			618,609
Preferred share dividends			(7,563	)			(7,563	)			(7,563	)			(7,563	)			(7,563	)			(7,563	)			(30,250	)
NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS		$	141,637			$	197,329			$	47,385			$	227,910			$	115,737			$	(185,390	)		$	588,359

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

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

3

AXIS CAPITAL HOLDINGS LIMITED    

CONSOLIDATED KEY RATIOS - QUARTER AND PRIOR YEAR    

																										Year ended
																										December 31,
		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020				2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses			54.2	%			54.3	%			55.4	%			55.7	%			55.1	%			57.1	%			55.1	%
Catastrophe and weather-related losses ratio			4.7	%			4.3	%			20.7	%			2.5	%			10.1	%			26.9	%			9.5	%
Current accident year loss ratio			58.9	%			58.6	%			76.1	%			58.2	%			65.2	%			84.0	%			64.6	%
Prior year reserve development ratio			(0.7	%)			(0.7	%)			(0.9	%)			(0.6	%)			(0.4	%)			(0.6	%)			(0.7	%)
Net losses and loss expenses ratio			58.2	%			57.9	%			75.2	%			57.6	%			64.8	%			83.4	%			63.9	%
Acquisition cost ratio			19.7	%			20.4	%			19.1	%			18.9	%			19.8	%			21.9	%			19.6	%
General and administrative expense ratio [a]			13.5	%			14.8	%			13.1	%			14.1	%			14.3	%			14.5	%			14.0	%
Combined ratio			91.4	%			93.1	%			107.4	%			90.6	%			98.9	%			119.8	%			97.5	%
Weighted average common shares outstanding			84,961				84,774				84,771				84,764				84,514				84,094				84,707
Weighted average diluted common shares outstanding [b]			85,808				85,591				85,336				85,267				84,965				84,094				85,291
Earnings (loss) per common share		$	1.67			$	2.33			$	0.56			$	2.69			$	1.37			($	2.20	)		$	6.95
Earnings (loss) per diluted common share		$	1.65			$	2.31			$	0.56			$	2.67			$	1.36			($	2.20	)		$	6.90
Annualized ROACE			12.0	%			16.4	%			3.9	%			19.3	%			9.9	%			nm				12.2	%
Annualized operating ROACE			15.3	%			15.1	%			0.1	%			14.4	%			7.1	%			nm				9.1	%

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

[b] Due to the net loss attributable to common shareholders recognized for the quarter ended March 31, 2020, the share equivalents were anti-dilutive.

4

AXIS CAPITAL HOLDINGS LIMITED    

CONSOLIDATED SEGMENT DATA    

		Three months ended March 31, 2022												Three months ended March 31, 2021
		Insurance				Reinsurance				Total				Insurance				Reinsurance				Total
UNDERWRITING REVENUES
Gross premiums written		$	1,327,264			$	1,307,344			$	2,634,608			$	1,103,198			$	1,432,283			$	2,535,481
Ceded premiums written			(483,352	)			(338,384	)			(821,736	)			(395,384	)			(361,211	)			(756,595	)
Net premiums written			843,912				968,960				1,812,872				707,814				1,071,072				1,778,886
Gross premiums earned			1,233,281				669,227				1,902,508				1,012,941				658,198				1,671,139
Ceded premiums earned			(480,465	)			(163,797	)			(644,262	)			(396,655	)			(170,762	)			(567,417	)
Net premiums earned			752,816				505,430				1,258,246				616,286				487,436				1,103,722
Other insurance related income			82				6,611				6,693				415				2,366				2,781
Total underwriting revenues			752,898				512,041				1,264,939				616,701				489,802				1,106,503
UNDERWRITING EXPENSES
Net losses and loss expenses			405,745				326,954				732,699				356,898				357,820				714,718
Acquisition costs			138,812				109,540				248,352				117,679				101,192				218,871
Underwriting-related general and administrative expenses			113,950				31,146				145,096				103,303				29,365				132,668
Total underwriting expenses			658,507				467,640				1,126,147				577,880				488,377				1,066,257
UNDERWRITING INCOME		$	94,391			$	44,401			$	138,792			$	38,821			$	1,425			$	40,246
Catastrophe and weather-related losses, net of reinstatement premiums		$	32,730			$	27,346			$	60,076			$	36,026			$	74,224			$	110,250
Net favorable prior year reserve development		$	7,062			$	1,894			$	8,956			$	1,505			$	3,812			$	5,317
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses			50.5	%			59.7	%			54.2	%			52.3	%			58.6	%			55.1	%
Catastrophe and weather-related losses ratio			4.3	%			5.4	%			4.7	%			5.9	%			15.6	%			10.1	%
Current accident year loss ratio			54.8	%			65.1	%			58.9	%			58.2	%			74.2	%			65.2	%
Prior year reserve development ratio			(0.9	%)			(0.4	%)			(0.7	%)			(0.3	%)			(0.8	%)			(0.4	%)
Net losses and loss expenses ratio			53.9	%			64.7	%			58.2	%			57.9	%			73.4	%			64.8	%
Acquisition cost ratio			18.4	%			21.7	%			19.7	%			19.1	%			20.8	%			19.8	%
Underwriting-related general and administrative expense ratio			15.2	%			6.1	%			11.6	%			16.8	%			6.0	%			12.0	%
Corporate expense ratio											1.9	%											2.3	%
Combined ratio			87.5	%			92.5	%			91.4	%			93.8	%			100.2	%			98.9	%

5

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS - QUARTER AND PRIOR YEAR

																										Year ended
																										December 31,
		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020				2021
INSURANCE SEGMENT
Property		$	284,937			$	281,105			$	273,548			$	320,424			$	261,787			$	223,932			$	1,136,864
Marine			198,551				80,355				87,463				114,061				187,948				156,296				469,826
Terrorism			22,982				9,868				14,167				12,339				19,744				16,520				56,117
Aviation			25,967				27,711				32,954				29,742				20,402				17,230				110,809
Credit and Political Risk			47,499				55,360				27,651				43,140				37,451				47,675				163,602
Professional Lines			435,865				549,011				465,576				463,763				337,765				257,071				1,816,116
Liability			253,162				267,726				228,497				241,522				193,254				170,929				930,999
Accident and Health			58,301				43,927				46,644				43,481				44,847				51,062				178,899
TOTAL INSURANCE SEGMENT		$	1,327,264			$	1,315,063			$	1,176,500			$	1,268,472			$	1,103,198			$	940,715			$	4,863,232
REINSURANCE SEGMENT
Catastrophe		$	138,396			$	19,957			$	88,396			$	133,089			$	250,956			$	262,283			$	492,397
Property			76,323				4,042				38,584				44,325				126,455				133,357				213,406
Credit and Surety			103,876				31,667				55,807				37,413				83,221				100,738				208,108
Professional Lines			133,579				49,739				24,279				148,398				131,255				123,570				353,671
Motor			151,714				4,511				12,151				39,781				223,524				279,132				279,966
Liability			284,348				104,956				166,085				182,688				269,201				219,523				722,931
Engineering			10,065				(874	)			(660	)			(2,502	)			(2,428	)			15,920				(6,464	)
Agriculture			27,826				10,822				11,992				46,874				16,441				18,248				86,128
Marine and Aviation			50,485				3,484				12,428				25,714				32,340				29,993				73,968
Accident and Health			330,732				19,461				60,927				16,934				301,318				307,678				398,641
TOTAL REINSURANCE SEGMENT		$	1,307,344			$	247,765			$	469,989			$	672,714			$	1,432,283			$	1,490,443			$	2,822,752
CONSOLIDATED TOTAL		$	2,634,608			$	1,562,828			$	1,646,489			$	1,941,186			$	2,535,481			$	2,431,158			$	7,685,984

6

AXIS CAPITAL HOLDINGS LIMITED    

CONSOLIDATED DATA - QUARTER AND PRIOR YEAR    

																										Year ended
																										December 31,
		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020				2021
UNDERWRITING REVENUES
Gross premiums written		$	2,634,608			$	1,562,828			$	1,646,489			$	1,941,186			$	2,535,481			$	2,431,158			$	7,685,984
Ceded premiums written			(821,736	)			(615,420	)			(650,018	)			(737,328	)			(756,595	)			(752,114	)			(2,759,360	)
Net premiums written			1,812,872				947,408				996,471				1,203,858				1,778,886				1,679,044				4,926,624
Gross premiums earned			1,902,508				1,936,521				1,879,280				1,794,769				1,671,139				1,657,412				7,281,709
Ceded premiums earned			(644,262	)			(698,761	)			(667,853	)			(637,828	)			(567,417	)			(568,787	)			(2,571,859	)
Net premiums earned			1,258,246				1,237,760				1,211,427				1,156,941				1,103,722				1,088,625				4,709,850
Other insurance related income (loss)			6,693				7,033				7,665				5,817				2,781				(8,707	)			23,295
Total underwriting revenues			1,264,939				1,244,793				1,219,092				1,162,758				1,106,503				1,079,918				4,733,145
UNDERWRITING EXPENSES
Net losses and loss expenses			732,699				716,225				911,369				666,473				714,718				908,073				3,008,783
Acquisition costs			248,352				252,180				231,712				219,070				218,871				238,650				921,834
Underwriting-related general and administrative expenses			145,096				140,379				134,826				128,961				132,668				129,962				536,834
Total underwriting expenses			1,126,147				1,108,784				1,277,907				1,014,504				1,066,257				1,276,685				4,467,451
UNDERWRITING INCOME (LOSS)		$	138,792			$	136,009			$	(58,815	)		$	148,254			$	40,246			$	(196,767	)		$	265,694
Catastrophe and weather-related losses, net of reinstatement premiums		$	60,076			$	54,209			$	249,830			$	28,562			$	110,250			$	299,695			$	442,859
Net favorable prior year reserve development		$	8,956			$	9,270			$	11,012			$	6,808			$	5,317			$	6,113			$	32,410
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses			54.2	%			54.3	%			55.4	%			55.7	%			55.1	%			57.1	%			55.1	%
Catastrophe and weather-related losses ratio			4.7	%			4.3	%			20.7	%			2.5	%			10.1	%			26.9	%			9.5	%
Current accident year loss ratio			58.9	%			58.6	%			76.1	%			58.2	%			65.2	%			84.0	%			64.6	%
Prior year reserve development ratio			(0.7	%)			(0.7	%)			(0.9	%)			(0.6	%)			(0.4	%)			(0.6	%)			(0.7	%)
Net losses and loss expenses ratio			58.2	%			57.9	%			75.2	%			57.6	%			64.8	%			83.4	%			63.9	%
Acquisition cost ratio			19.7	%			20.4	%			19.1	%			18.9	%			19.8	%			21.9	%			19.6	%
Underwriting-related general and administrative expenses ratio			13.5	%			14.8	%			13.1	%			14.1	%			14.3	%			14.5	%			14.0	%
Combined ratio			91.4	%			93.1	%			107.4	%			90.6	%			98.9	%			119.8	%			97.5	%

7

AXIS CAPITAL HOLDINGS LIMITED    

INSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR    

																										Year ended
																										December 31,
		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020				2021
UNDERWRITING REVENUES
Gross premiums written		$	1,327,264			$	1,315,063			$	1,176,500			$	1,268,472			$	1,103,198			$	940,715			$	4,863,233
Ceded premiums written			(483,352	)			(548,369	)			(469,008	)			(555,587	)			(395,384	)			(359,065	)			(1,968,347	)
Net premiums written			843,912				766,694				707,492				712,885				707,814				581,650				2,894,885
Gross premiums earned			1,233,281				1,212,644				1,142,550				1,076,900				1,012,941				932,078				4,445,035
Ceded premiums earned			(480,465	)			(490,275	)			(461,542	)			(445,225	)			(396,655	)			(370,014	)			(1,793,696	)
Net premiums earned			752,816				722,369				681,008				631,675				616,286				562,064				2,651,339
Other insurance related income			82				227				468				552				415				647				1,662
Total underwriting revenues			752,898				722,596				681,476				632,227				616,701				562,711				2,653,001
UNDERWRITING EXPENSES
Net losses and loss expenses			405,745				383,246				442,681				332,175				356,898				471,812				1,514,998
Acquisition costs			138,812				136,172				123,529				106,963				117,679				112,751				484,344
Underwriting-related general and administrative expenses			113,950				121,505				104,905				99,569				103,303				100,778				429,282
Total underwriting expenses			658,507				640,923				671,115				538,707				577,880				685,341				2,428,624
UNDERWRITING INCOME (LOSS)		$	94,391			$	81,673			$	10,361			$	93,520			$	38,821			$	(122,630	)		$	224,377
Catastrophe and weather-related losses, net of reinstatement premiums		$	32,730			$	22,654			$	104,873			$	11,088			$	36,026			$	177,583			$	174,559
Net favorable prior year reserve development		$	7,062			$	5,008			$	5,418			$	6,427			$	1,505			$	3,832			$	18,360
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses			50.5	%			50.8	%			50.8	%			51.8	%			52.3	%			54.2	%			51.4	%
Catastrophe and weather-related losses ratio			4.3	%			2.9	%			15.0	%			1.8	%			5.9	%			30.4	%			6.4	%
Current accident year loss ratio			54.8	%			53.7	%			65.8	%			53.6	%			58.2	%			84.6	%			57.8	%
Prior year reserve development ratio			(0.9	%)			(0.6	%)			(0.8	%)			(1.0	%)			(0.3	%)			(0.7	%)			(0.7	%)
Net losses and loss expenses ratio			53.9	%			53.1	%			65.0	%			52.6	%			57.9	%			83.9	%			57.1	%
Acquisition cost ratio			18.4	%			18.9	%			18.1	%			16.9	%			19.1	%			20.1	%			18.3	%
Underwriting-related general and administrative expenses ratio			15.2	%			16.7	%			15.4	%			15.8	%			16.8	%			17.9	%			16.2	%
Combined ratio			87.5	%			88.7	%			98.5	%			85.3	%			93.8	%			121.9	%			91.6	%

8

AXIS CAPITAL HOLDINGS LIMITED    

REINSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR    

																										Year ended
																										December 31,
		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020				2021
UNDERWRITING REVENUES
Gross premiums written		$	1,307,344			$	247,765			$	469,989			$	672,714			$	1,432,283			$	1,490,443			$	2,822,752
Ceded premiums written			(338,384	)			(67,051	)			(181,010	)			(181,741	)			(361,211	)			(393,049	)			(791,013	)
Net premiums written			968,960				180,714				288,979				490,973				1,071,072				1,097,394				2,031,739
Gross premiums earned			669,227				723,877				736,730				717,869				658,198				725,334				2,836,674
Ceded premiums earned			(163,797	)			(208,486	)			(206,311	)			(192,603	)			(170,762	)			(198,773	)			(778,163	)
Net premiums earned			505,430				515,391				530,419				525,266				487,436				526,561				2,058,511
Other insurance related income (loss)			6,611				6,806				7,197				5,265				2,366				(9,354	)			21,633
Total underwriting revenues			512,041				522,197				537,616				530,531				489,802				517,207				2,080,144
UNDERWRITING EXPENSES
Net losses and loss expenses			326,954				332,979				468,688				334,298				357,820				436,261				1,493,785
Acquisition costs			109,540				116,008				108,183				112,107				101,192				125,899				437,490
Underwriting-related general and administrative expenses			31,146				18,874				29,921				29,392				29,365				29,184				107,552
Total underwriting expenses			467,640				467,861				606,792				475,797				488,377				591,344				2,038,827
UNDERWRITING INCOME (LOSS)		$	44,401			$	54,336			$	(69,176	)		$	54,734			$	1,425			$	(74,137	)		$	41,317
Catastrophe and weather-related losses, net of reinstatement premiums		$	27,346			$	31,555			$	144,957			$	17,474			$	74,224			$	122,112			$	268,300
Net favorable prior year reserve development		$	1,894			$	4,262			$	5,594			$	381			$	3,812			$	2,281			$	14,050
KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses			59.7	%			59.2	%			61.4	%			60.4	%			58.6	%			60.2	%			59.9	%
Catastrophe and weather-related losses ratio			5.4	%			6.2	%			28.0	%			3.3	%			15.6	%			23.1	%			13.3	%
Current accident year loss ratio			65.1	%			65.4	%			89.4	%			63.7	%			74.2	%			83.3	%			73.2	%
Prior year reserve development ratio			(0.4	%)			(0.8	%)			(1.0	%)			(0.1	%)			(0.8	%)			(0.4	%)			(0.6	%)
Net losses and loss expenses ratio			64.7	%			64.6	%			88.4	%			63.6	%			73.4	%			82.9	%			72.6	%
Acquisition cost ratio			21.7	%			22.5	%			20.4	%			21.3	%			20.8	%			23.9	%			21.3	%
Underwriting-related general and administrative expense ratio			6.1	%			3.7	%			5.6	%			5.7	%			6.0	%			5.5	%			5.1	%
Combined ratio			92.5	%			90.8	%			114.4	%			90.6	%			100.2	%			112.3	%			99.0	%

9

AXIS CAPITAL HOLDINGS LIMITED    

STRATEGIC CAPITAL PARTNERS    

		Three months ended March 31,
		2022												2021
TOTAL MANAGED PREMIUMS [a]		Insurance				Reinsurance				Total				Insurance				Reinsurance				Total
Total Managed Premiums		$	1,327,264			$	1,307,344			$	2,634,608			$	1,103,198			$	1,432,283			$	2,535,481
Premiums ceded to Harrington Re			3,987				129,814				133,801				1,729				117,562				119,291
Premiums ceded to Other Strategic Capital Partners			—				208,570				208,570				—				243,649				243,649
Premiums ceded to Other Reinsurers			479,365				—				479,365				393,655				—				393,655
Net premiums written		$	843,912			$	968,960			$	1,812,872			$	707,814			$	1,071,072			$	1,778,886
FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income		$	—			$	6,056			$	6,056			$	—			$	1,705			$	1,705
Offset to general and administrative expenses			—				11,561				11,561				—				10,523				10,523
Total Fee income		$	—			$	17,617			$	17,617			$	—			$	12,228			$	12,228

[a] Total managed premiums represents gross premiums written of $2.6 billion and $2.5 billion for the three months ended March 31, 2022 and 2021, 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.

10

AXIS CAPITAL HOLDINGS LIMITED    

NET INVESTMENT INCOME - QUARTER AND PRIOR YEAR    

																										Year ended
																										December 31,
		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020				2021
Fixed maturities		$	64,809			$	67,623			$	63,712			$	61,244			$	69,470			$	89,943			$	262,049
Other investments			26,050				56,965				41,695				41,414				41,833				(2,120	)			181,906
Equity securities			2,172				4,430				2,724				3,100				2,498				2,125				12,752
Mortgage loans			4,163				4,461				4,426				4,355				4,187				4,053				17,427
Cash and cash equivalents			1,118				808				692				617				2,336				4,930				4,454
Short-term investments			166				74				391				66				133				1,498				664
Gross investment income			98,478				134,361				113,640				110,796				120,457				100,429				479,252
Investment expenses			(7,123	)			(6,233	)			(6,301	)			(6,124	)			(6,292	)			(7,328	)			(24,951	)
Net investment income		$	91,355			$	128,128			$	107,339			$	104,672			$	114,165			$	93,101			$	454,301

11

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

		March 31,				December 31,				September 30,				June 30,				March 31,				March 31,
		2022				2021				2021				2021				2021				2020
ASSETS
Investments:
Fixed maturities, available for sale, at fair value		$	11,456,024			$	12,313,200			$	12,380,959			$	11,898,300			$	11,728,611			$	12,076,186
Fixed maturities, held to maturity, at amortized cost			493,509				446,016				416,879				403,370				404,690				—
Equity securities, at fair value			563,950				655,675				618,822				588,196				547,676				404,945
Mortgage loans, held for investment, at fair value			627,063				594,088				623,487				656,056				629,576				517,181
Other investments, at fair value			954,602				947,982				892,664				865,238				790,530				797,808
Equity method investments			157,843				146,293				145,080				133,169				123,370				94,244
Short-term investments, at fair value			70,385				31,063				68,267				112,862				185,699				77,101
Total investments			14,323,376				15,134,317				15,146,158				14,657,191				14,410,152				13,967,465
Cash and cash equivalents			1,706,711				1,317,690				1,499,204				1,589,443				1,560,279				1,241,063
Accrued interest receivable			64,906				64,350				62,423				63,215				61,222				76,569
Insurance and reinsurance premium balances receivable			3,163,990				2,622,676				2,978,996				3,393,777				3,367,142				3,485,043
Reinsurance recoverable on unpaid losses and loss expenses			4,957,080				5,017,611				4,989,645				4,626,454				4,533,232				4,101,579
Reinsurance recoverable on paid losses and loss expenses			612,027				642,215				506,503				467,180				459,411				357,185
Deferred acquisition costs			575,250				465,593				544,384				574,658				577,509				611,229
Prepaid reinsurance premiums			1,555,303				1,377,358				1,460,723				1,479,328				1,379,450				1,281,808
Receivable for investments sold			55,473				4,555				2,028				3,671				1,450				34,137
Goodwill			100,801				100,801				100,801				100,801				100,801				102,003
Intangible assets			205,988				208,717				211,557				214,286				216,904				227,821
Value of business acquired			—				—				770				1,798				2,826				7,194
Operating lease right-of-use assets			98,837				103,295				107,791				112,444				116,693				140,149
Other assets			388,816				309,792				324,154				297,484				298,756				315,523
TOTAL ASSETS		$	27,808,558			$	27,368,970			$	27,935,137			$	27,581,730			$	27,085,827			$	25,948,768
LIABILITIES
Reserve for losses and loss expenses		$	14,470,155			$	14,653,094			$	14,658,996			$	14,157,353			$	14,025,274			$	13,082,273
Unearned premiums			4,824,128				4,090,676				4,464,282				4,698,944				4,551,424				4,395,240
Insurance and reinsurance balances payable			1,522,258				1,324,620				1,442,729				1,409,772				1,231,403				1,263,389
Debt			1,311,304				1,310,975				1,310,650				1,310,328				1,310,009				1,808,645
Payable for investments purchased			127,284				31,543				239,073				205,895				389,925				123,678
Operating lease liabilities			113,340				119,512				123,874				130,174				134,002				143,071
Other liabilities			319,549				427,894				360,478				279,504				267,400				292,894
TOTAL LIABILITIES			22,688,018				21,958,314				22,600,082				22,191,970				21,909,437				21,109,190
SHAREHOLDERS’ EQUITY
Preferred shares			550,000				550,000				550,000				550,000				550,000				550,000
Common shares			2,206				2,206				2,206				2,206				2,206				2,206
Additional paid-in capital			2,328,986				2,346,179				2,336,895				2,326,288				2,316,147				2,307,998
Accumulated other comprehensive income (loss)			(338,300	)			56,536				150,122				226,317				214,861				(89,919	)
Retained earnings			6,308,712				6,204,745				6,044,843				6,034,151				5,842,850				5,836,007
Treasury shares, at cost			(3,731,064	)			(3,749,010	)			(3,749,011	)			(3,749,202	)			(3,749,674	)			(3,766,714	)
TOTAL SHAREHOLDERS’ EQUITY			5,120,540				5,410,656				5,335,055				5,389,760				5,176,390				4,839,578
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	27,808,558			$	27,368,970			$	27,935,137			$	27,581,730			$	27,085,827			$	25,948,768
Common shares outstanding			85,276				84,774				84,773				84,767				84,753				84,298
Diluted common shares outstanding [a]			87,948				87,147				87,216				87,197				87,235				86,170
Book value per common share		$	53.60			$	57.34			$	56.45			$	57.09			$	54.59			$	50.89
Book value per diluted common share		$	51.97			$	55.78			$	54.86			$	55.50			$	53.03			$	49.78
Tangible book value per diluted common share		$	49.08			$	52.84			$	51.89			$	52.50			$	49.91			$	46.45
Debt to total capital [b]			20.4	%			19.5	%			19.7	%			19.6	%			20.2	%			27.2	%
Debt and preferred equity to total capital			28.9	%			27.7	%			28.0	%			27.8	%			28.7	%			35.5	%

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

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

12

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

		At March 31, 2022																								At December 31, 2021
		Cost or Amortized Cost				Allowance for Expected Credit Losses				Unrealized Gains				Unrealized Losses				Fair Value or Net Carrying Value				Percentage				Fair Value or Net Carrying Value				Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency		$	2,340,104			$	—			$	1,077			$	(67,978	)		$	2,273,203				14.3	%		$	2,682,448				16.3	%
Non-U.S. government			761,463				—				2,051				(24,381	)			739,133				4.6	%			795,178				4.8	%
Corporate debt			4,658,246				(284	)			15,787				(200,198	)			4,473,551				27.9	%			4,495,312				27.3	%
Agency RMBS			972,244				—				2,670				(39,077	)			935,837				5.8	%			1,074,589				6.5	%
CMBS			1,188,811				—				1,333				(30,759	)			1,159,385				7.2	%			1,248,191				7.6	%
Non-Agency RMBS			181,171				(79	)			1,250				(7,454	)			174,888				1.1	%			186,164				1.1	%
ABS			1,566,692				(20	)			1,198				(33,865	)			1,534,005				9.6	%			1,622,480				9.8	%
Municipals			171,370				—				828				(6,176	)			166,022				1.0	%			208,838				1.3	%
Total fixed maturities, available for sale, at fair value			11,840,101				(383	)			26,194				(409,888	)			11,456,024				71.5	%			12,313,200				74.7	%
Fixed maturities, held to maturity, at amortized cost
Corporate debt			55,200				—				—				—				55,200				0.3	%			37,700				0.2	%
ABS			438,309				—				—				—				438,309				2.8	%			408,316				2.5	%
Total fixed maturities, held to maturity, at amortized cost			493,509				—				—				—				493,509				3.1	%			446,016				2.7	%
Equity securities, at fair value
Common stocks			1,373				—				578				(442	)			1,509				—	%			1,364				—	%
Preferred Stocks			115				—				76				—				191				—	%			179				—	%
Exchange-traded funds			203,455				—				117,952				(1,151	)			320,256				2.0	%			336,815				2.0	%
Bond mutual funds			275,816				—				—				(33,822	)			241,994				1.5	%			317,317				2.0	%
Total equity securities, at fair value			480,759				—				118,606				(35,415	)			563,950				3.5	%			655,675				4.0	%
Total fixed maturities and equity securities		$	12,814,369			$	(383	)		$	144,800			$	(445,303	)			12,513,483				78.1	%			13,414,891				81.4	%
Mortgage loans, held for investment																			627,063				3.9	%			594,088				3.6	%
Other investments																			954,602				6.0	%			947,982				5.7	%
Equity method investments																			157,843				1.0	%			146,293				0.9	%
Short-term investments																			70,385				0.4	%			31,063				0.2	%
Total investments																			14,323,376				89.4	%			15,134,317				91.8	%
Cash and cash equivalents [a]																			1,706,711				10.7	%			1,317,690				8.0	%
Accrued interest receivable																			64,906				0.4	%			64,350				0.4	%
Net receivable/(payable) for investments sold (purchased)																			(71,811	)			(0.5	%)			(26,988	)			(0.2	%)
Total cash and invested assets																		$	16,023,182				100.0	%		$	16,489,369				100.0	%

[a] Includes $720 million and $473 million of restricted cash and cash equivalents at March 31, 2022 and December 31, 2021, respectively.

		At March 31, 2022								At December 31, 2021
		Fair Value				Percentage				Fair Value				Percentage
Other Investments:
Long/short equity funds		$	3,056				0.3	%		$	3,476				0.4	%
Multi-strategy funds			48,561				5.1	%			56,012				5.9	%
Direct lending funds			276,211				28.9	%			289,867				30.6	%
Real estate funds			245,823				25.8	%			238,222				25.1	%
Private equity funds			260,596				27.3	%			249,974				26.4	%
Other privately held investments			115,474				12.1	%			104,521				11.0	%
Collateralized loan obligations - equity tranches			4,881				0.5	%			5,910				0.6	%
Total		$	954,602				100.0	%		$	947,982				100.0	%

13

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION - QUARTER

		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020
		Fair Value %				Fair Value %				Fair Value %				Fair Value %				Fair Value %				Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency			14.3	%			16.3	%			16.3	%			15.9	%			14.0	%			12.4	%
Non-U.S. government			4.6	%			4.8	%			4.4	%			4.2	%			4.6	%			3.9	%
Corporate debt			27.9	%			27.3	%			27.6	%			27.9	%			28.7	%			31.5	%
MBS:
Agency RMBS			5.8	%			6.5	%			7.1	%			6.5	%			7.7	%			10.6	%
CMBS			7.2	%			7.6	%			7.4	%			7.1	%			8.1	%			9.4	%
Non-agency RMBS			1.1	%			1.1	%			1.2	%			1.3	%			1.1	%			0.8	%
ABS			9.6	%			9.8	%			10.0	%			9.3	%			9.0	%			9.5	%
Municipals			1.0	%			1.3	%			1.2	%			1.7	%			1.8	%			1.4	%
Total Fixed Maturities, available for sale			71.5	%			74.7	%			75.2	%			73.9	%			75.0	%			79.5	%
Fixed Maturities, held to maturity:
Corporate debt			0.3	%			0.2	%			0.1	%			—	%			—	%			—	%
ABS			2.8	%			2.5	%			2.4	%			2.5	%			2.6	%			—	%
Total Fixed Maturities, held to maturity			3.1	%			2.7	%			2.5	%			2.5	%			2.6	%			—	%
Equity securities			3.5	%			4.0	%			3.8	%			3.7	%			3.5	%			2.7	%
Mortgage loans			3.9	%			3.6	%			3.8	%			4.1	%			4.0	%			3.4	%
Other investments			6.0	%			5.7	%			5.4	%			5.4	%			5.1	%			5.3	%
Equity method investments			1.0	%			0.9	%			0.9	%			0.8	%			0.8	%			0.6	%
Short-term investments			0.4	%			0.2	%			0.4	%			0.6	%			1.1	%			0.4	%
Total Investments			89.4	%			91.8	%			92.0	%			91.0	%			92.1	%			91.9	%
Cash and cash equivalents			10.7	%			8.0	%			9.1	%			9.9	%			10.0	%			8.2	%
Accrued interest receivable			0.4	%			0.4	%			0.4	%			0.4	%			0.4	%			0.5	%
Net receivable/(payable) for investments sold (purchased)			(0.5	%)			(0.2	%)			(1.5	%)			(1.3	%)			(2.5	%)			(0.6	%)
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			19.0	%			21.0	%			21.0	%			20.7	%			18.0	%			15.5	%
AAA			35.0	%			35.2	%			36.1	%			35.2	%			37.0	%			39.8	%
AA			7.6	%			7.7	%			7.1	%			7.4	%			7.8	%			7.0	%
A			15.9	%			15.0	%			14.5	%			14.6	%			15.2	%			15.9	%
BBB			12.8	%			12.5	%			12.4	%			13.2	%			13.4	%			13.0	%
Below BBB			9.7	%			8.6	%			8.9	%			8.9	%			8.6	%			8.8	%
Total			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
MATURITY PROFILE OF FIXED MATURITIES
Within one year			4.2	%			3.9	%			4.0	%			4.3	%			5.0	%			3.5	%
From one to five years			38.5	%			38.5	%			38.3	%			38.7	%			36.9	%			36.5	%
From five to ten years			19.5	%			19.8	%			19.3	%			20.3	%			19.5	%			19.1	%
Above ten years			2.3	%			2.2	%			2.2	%			1.7	%			1.9	%			2.7	%
Asset-backed and mortgage-backed securities			35.5	%			35.6	%			36.2	%			35.0	%			36.7	%			38.2	%
Total			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%			100.0	%
CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities			2.1	%			1.9	%			1.9	%			2.0	%			2.1	%			2.7	%
Yield to maturity of fixed maturities			3.1	%			1.7	%			1.4	%			1.4	%			1.5	%			2.9	%
Average duration of fixed maturities (inclusive of duration hedges)			3.1 yrs				3.0 yrs				3.1 yrs				3.1 yrs				3.3 yrs				3.3 yrs
Average credit quality			AA-				AA-				AA-				AA-				AA-				AA-

14

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At March 31, 2022

		Fair Value or Net Carrying Value				% of Total Corporate Debt				% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks		$	789,992				17.7	%			4.9	%
Non-U.S. banks			388,344				8.7	%			2.4	%
Corporate/commercial finance			295,281				6.6	%			1.8	%
Insurance			171,700				3.8	%			1.1	%
Investment brokerage			74,987				1.7	%			0.5	%
Total financial institutions			1,720,304				38.5	%			10.7	%
Consumer non-cyclicals			396,744				8.9	%			2.5	%
Communications			242,885				5.4	%			1.5	%
Consumer cyclical			214,062				4.8	%			1.3	%
Utilities			185,126				4.1	%			1.2	%
Technology			164,024				3.7	%			1.0	%
Energy			149,394				3.3	%			0.9	%
Industrials			113,067				2.5	%			0.7	%
Transportation			101,419				2.3	%			0.6	%
Non-U.S. government guaranteed			96,574				2.2	%			0.6	%
Total investment grade			3,383,599				75.7	%			21.0	%
Total non-investment grade			1,089,952				24.3	%			6.9	%
Total corporate debt, available for sale, at fair value		$	4,473,551				100.0	%			27.9	%
Total corporate debt, held to maturity, at amortized cost		$	55,200				100.0	%			0.3	%

15

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At March 31, 2022

		Amortized Cost				Net Unrealized Gain (Loss)				Fair Value				% of Total Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP		$	124,635			$	(6,088	)		$	118,547				1.0	%
GOLDMAN SACHS GROUP			120,025				(4,875	)			115,150				1.0	%
MORGAN STANLEY			118,192				(5,870	)			112,322				0.9	%
JP MORGAN CHASE & CO			100,803				(6,945	)			93,858				0.8	%
WELLS FARGO & COMPANY			95,623				(4,172	)			91,451				0.8	%
CITIGROUP INC			92,718				(2,858	)			89,860				0.8	%
AT&T INC			48,615				(2,644	)			45,971				0.4	%
MITSUBISHI UFJ FINANCIAL GROUP INC			39,973				(2,277	)			37,696				0.3	%
BRITISH AMERICAN TOBACCO PLC			35,181				(870	)			34,311				0.3	%
COMCAST CORPORATION			35,041				(1,174	)			33,867				0.3	%

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

16

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At March 31, 2022

Available for sale, at fair value		Agencies				AAA				AA				A				BBB				Non-Investment Grade				Total
Residential MBS		$	935,837			$	157,638			$	5,809			$	5,942			$	272			$	5,227			$	1,110,725
Commercial MBS			61,778				1,006,052				86,518				5,037				—				—				1,159,385
ABS			—				1,256,594				117,206				96,388				35,372				28,445				1,534,005
Total mortgage-backed and asset-backed securities, available for sale, at fair value		$	997,615			$	2,420,284			$	209,533			$	107,367			$	35,644			$	33,672			$	3,804,115
Percentage of total			26.2	%			63.6	%			5.5	%			2.8	%			0.9	%			1.0	%			100.0	%
Held to maturity, at amortized cost		Agencies				AAA				AA				A				BBB				Non-Investment Grade				Total
ABS			—				280,731				157,578				—				—				—				438,309
Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost		$	—			$	280,731			$	157,578			$	—			$	—			$	—			$	438,309
Percentage of total			—	%			64.0	%			36.0	%			—	%			—	%			—	%			100.0	%

17

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020
Reinsurance recoverable on paid losses and loss expenses:
Insurance		$	445,134			$	451,609			$	338,908			$	318,421			$	329,210			$	200,990
Reinsurance			166,893				190,606				167,595				148,759				130,201				156,195
Total		$	612,027			$	642,215			$	506,503			$	467,180			$	459,411			$	357,185
Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance		$	821,432			$	922,709			$	908,182			$	870,602			$	870,816			$	892,354
Reinsurance			639,251				614,125				575,628				518,973				491,517				482,347
Total		$	1,460,683			$	1,536,834			$	1,483,810			$	1,389,575			$	1,362,333			$	1,374,701
Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance		$	2,592,388			$	2,554,202			$	2,569,194			$	2,395,835			$	2,329,090			$	2,127,989
Reinsurance			932,801				956,130				963,728				867,253				866,927				617,843
Total		$	3,525,189			$	3,510,332			$	3,532,922			$	3,263,088			$	3,196,017			$	2,745,832
Allowance for expected credit losses:
Insurance		$	(25,475	)		$	(25,869	)		$	(23,664	)		$	(22,749	)		$	(22,037	)		$	(17,203	)
Reinsurance			(3,317	)			(3,685	)			(3,423	)			(3,460	)			(3,081	)			(1,751	)
Total		$	(28,792	)		$	(29,554	)		$	(27,087	)		$	(26,209	)		$	(25,118	)		$	(18,954	)
Reinsurance recoverable on unpaid and paid losses and loss expenses:
Insurance		$	3,833,479			$	3,902,651			$	3,792,620			$	3,562,109			$	3,507,079			$	3,204,130
Reinsurance			1,735,628				1,757,176				1,703,528				1,531,525				1,485,564				1,254,634
Total		$	5,569,107			$	5,659,827			$	5,496,148			$	5,093,634			$	4,992,643			$	4,458,764

18

AXIS CAPITAL HOLDINGS LIMITED    

REINSURANCE RECOVERABLE ANALYSIS    

At March 31, 2022

Categories		Reinsurance Recoverable, Gross of Collateral				Collateral				Reinsurance Recoverable, Net of Collateral				% of Total Reinsurance Recoverable, Net of Collateral				% of Total Shareholders’ Equity				Allowance for expected credit losses				Allowance for expected credit loss as % of Reinsurance Recoverable, Gross of Collateral				Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverable		$	2,930,325			$	(702,180	)		$	2,228,145				54.1	%			43.5	%		$	(11,934	)			0.4	%		$	2,918,391
Other reinsurers balances > $20 million			2,155,746				(609,779	)			1,545,967				37.6	%			30.2	%			(12,654	)			0.6	%			2,143,092
Other reinsurers balances < $20 million			511,828				(170,730	)			341,098				8.3	%			6.7	%			(4,204	)			0.8	%			507,624
Total		$	5,597,899			$	(1,482,689	)		$	4,115,210				100.0	%			80.4	%		$	(28,792	)			0.5	%		$	5,569,107

At March 31, 2022, reinsurance recoverable balances, gross of collateral, of 86.5% (December 31, 2021: 85.7%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.

Top 10 Reinsurers, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral				% of Total Shareholders’ Equity
1   Swiss Reinsurance America Corporation			14.1	%			11.4	%
2   Harrington Re Ltd.			8.0	%			6.4	%
3   Transatlantic Reinsurance Co			6.1	%			4.9	%
4   Hannover Ruck SE			5.9	%			4.7	%
5   Lloyds of London			5.6	%			4.4	%
6   Partner Reinsurance Co of the US			4.4	%			3.6	%
7   SCOR Reinsurance Company			4.1	%			3.3	%
8   Munich Reinsurance America, Inc			3.4	%			2.7	%
9   Everest Reinsurance Company			3.3	%			2.7	%
10   Swiss Reinsurance Company Ltd.			2.6	%			2.1	%
			57.5	%			46.2	%

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AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

		Three months ended March 31, 2022												Three months ended March 31, 2021
		Reserve for losses and loss expenses				Reinsurance recoverable on unpaid losses and loss expenses				Net reserve for losses and loss expenses				Reserve for losses and loss expenses				Reinsurance recoverable on unpaid losses and loss expenses				Net reserve for losses and loss expenses
Reserve for losses and loss expenses
Beginning of period		$	14,653,094			$	(5,017,611	)		$	9,635,483			$	13,926,766			$	(4,496,641	)		$	9,430,125
Incurred losses and loss expenses			1,055,949				(323,250	)			732,699				1,092,229				(377,511	)			714,718
Paid losses and loss expenses			(1,159,441	)			375,995				(783,446	)			(981,545	)			288,462				(693,083	)
Foreign exchange and other			(79,447	)			7,786				(71,661	)			(12,176	)			52,458				40,282
End of period [a]		$	14,470,155			$	(4,957,080	)		$	9,513,075			$	14,025,274			$	(4,533,232	)		$	9,492,042

[a] At March 31, 2022, reserve for losses and loss expenses included IBNR of $9.2 billion, or 63% (December 31, 2021: $9.1 billion, or 62%).

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

		Three months ended March 31, 2022												Three months ended March 31, 2021
		Insurance				Reinsurance				Total				Insurance				Reinsurance				Total
Gross paid losses and loss expenses		$	699,362			$	460,079			$	1,159,441			$	573,209			$	408,336			$	981,545
Reinsurance recoverable on paid losses and loss expenses			(289,540	)			(86,455	)			(375,995	)			(237,739	)			(50,723	)			(288,462	)
Net paid losses and loss expenses			409,822				373,624				783,446				335,470				357,613				693,083
Gross case reserves			(202,202	)			21,633				(180,569	)			(19,290	)			4,616				(14,674	)
Gross IBNR			142,331				(65,254	)			77,077				48,294				77,064				125,358
Reinsurance recoverable on unpaid losses and loss expenses			55,794				(3,049	)			52,745				(7,576	)			(81,473	)			(89,049	)
Net unpaid losses and loss expenses			(4,077	)			(46,670	)			(50,747	)			21,428				207				21,635
Total net incurred losses and loss expenses		$	405,745			$	326,954			$	732,699			$	356,898			$	357,820			$	714,718
Gross reserve for losses and loss expenses		$	7,719,773			$	6,750,382			$	14,470,155			$	7,368,569			$	6,656,705			$	14,025,274
Net favorable prior year reserve development		$	7,062			$	1,894			$	8,956			$	1,505			$	3,812			$	5,317
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses			101.0	%			114.3	%			106.9	%			94.0	%			99.9	%			97.0	%
Net paid losses and loss expenses / Net premiums earned			54.4	%			73.9	%			62.3	%			54.4	%			73.4	%			62.8	%
Net unpaid losses and loss expenses / Net premiums earned			(0.5	%)			(9.2	%)			(4.1	%)			3.5	%			—	%			2.0	%
Net losses and loss expenses ratio			53.9	%			64.7	%			58.2	%			57.9	%			73.4	%			64.8	%

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AXIS CAPITAL HOLDINGS LIMITED

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

		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020				Year ended December 31, 2021
INSURANCE SEGMENT
Gross paid losses and loss expenses		$	699,362			$	691,657			$	441,854			$	493,803			$	573,209			$	509,378			$	2,200,524
Reinsurance recoverable on paid losses and loss expenses			(289,540	)			(319,661	)			(154,584	)			(174,727	)			(237,739	)			(204,348	)			(886,710	)
Net paid losses and loss expenses			409,822				371,996				287,270				319,076				335,470				305,030				1,313,814
Gross case reserves			(202,202	)			67,731				47,583				(1,372	)			(19,290	)			18,286				94,651
Gross IBNR			142,331				(66,132	)			326,336				83,955				48,294				380,280				392,451
Reinsurance recoverable on unpaid losses and loss expenses			55,794				9,651				(218,508	)			(69,484	)			(7,576	)			(231,784	)			(285,918	)
Net unpaid losses and loss expenses			(4,077	)			11,250				155,411				13,099				21,428				166,782				201,184
Total net incurred losses and loss expenses		$	405,745			$	383,246			$	442,681			$	332,175			$	356,898			$	471,812			$	1,514,998
Gross reserve for losses and loss expenses		$	7,719,773			$	7,803,529			$	7,797,533			$	7,456,368			$	7,368,569			$	6,814,171			$	7,803,529
Net favorable prior year reserve development		$	7,062			$	5,008			$	5,418			$	6,427			$	1,505			$	3,832			$	18,360
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses			101.0	%			97.1	%			64.9	%			96.1	%			94.0	%			64.7	%			86.7	%
Net paid losses and loss expenses / Net premiums earned			54.4	%			51.5	%			42.2	%			50.5	%			54.4	%			54.3	%			49.6	%
Net unpaid losses and loss expenses / Net premiums earned			(0.5	%)			1.6	%			22.8	%			2.1	%			3.5	%			29.6	%			7.5	%
Net losses and loss expenses ratio			53.9	%			53.1	%			65.0	%			52.6	%			57.9	%			83.9	%			57.1	%
REINSURANCE SEGMENT
Gross paid losses and loss expenses		$	460,079			$	448,300			$	484,553			$	416,850			$	408,336			$	468,015			$	1,758,039
Reinsurance recoverable on paid losses and loss expenses			(86,455	)			(98,494	)			(78,672	)			(79,713	)			(50,723	)			(101,950	)			(307,602	)
Net paid losses and loss expenses			373,624				349,806				405,881				337,137				357,613				366,065				1,450,437
Gross case reserves			21,633				77,796				81,030				58,448				4,616				80,024				221,891
Gross IBNR			(65,254	)			(68,857	)			142,067				(27,193	)			77,064				39,492				123,080
Reinsurance recoverable on unpaid losses and loss expenses			(3,049	)			(25,766	)			(160,290	)			(34,094	)			(81,473	)			(49,320	)			(301,623	)
Net unpaid losses and loss expenses			(46,670	)			(16,827	)			62,807				(2,839	)			207				70,196				43,348
Total net incurred losses and loss expenses		$	326,954			$	332,979			$	468,688			$	334,298			$	357,820			$	436,261			$	1,493,785
Gross reserve for losses and loss expenses		$	6,750,382			$	6,849,565			$	6,861,463			$	6,700,985			$	6,656,705			$	6,268,102			$	6,849,565
Net favorable prior year reserve development		$	1,894			$	4,262			$	5,594			$	381			$	3,812			$	2,281			$	14,050
Key Ratios
Net paid losses and loss expenses / Net incurred losses and loss expenses			114.3	%			105.1	%			86.6	%			100.8	%			99.9	%			83.9	%			97.1	%
Net paid losses and loss expenses / Net premiums earned			73.9	%			67.9	%			76.5	%			64.2	%			73.4	%			69.5	%			70.5	%
Net unpaid losses and loss expenses / Net premiums earned			(9.2	%)			(3.3	%)			11.9	%			(0.6	%)			—	%			13.4	%			2.1	%
Net losses and loss expenses ratio			64.7	%			64.6	%			88.4	%			63.6	%			73.4	%			82.9	%			72.6	%

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AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF APRIL 1, 2022

				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		$	126				2.8	%		$	178				3.9	%		$	260				5.7	%
Northeast		U.S. Hurricane			40				0.9	%			111				2.4	%			233				5.1	%
Mid-Atlantic		U.S. Hurricane			74				1.6	%			195				4.3	%			361				7.9	%
Gulf of Mexico		U.S. Hurricane			116				2.5	%			157				3.4	%			229				5.0	%
Europe		Windstorm			89				1.9	%			119				2.6	%			161				3.5	%
Japan		Windstorm			38				0.8	%			87				1.9	%			117				2.6	%
Japan		Earthquake			55				1.2	%			112				2.5	%			187				4.1	%
California		Earthquake			96				2.1	%			178				3.9	%			255				5.6	%

The table above shows our net Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at April 1, 2022. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast U.S. hurricane, net of reinsurance, is approximately $0.2 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $0.2 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $0.2 billion.

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

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

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

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AXIS CAPITAL HOLDINGS LIMITED

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

		Three months ended March 31,
		2022				2021
Net income available to common shareholders		$	141,637			$	115,737
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding			84,961				84,514
Dilutive share equivalents:
Share-based compensation plans			847				451
Weighted average diluted common shares outstanding			85,808				84,965
EARNINGS PER COMMON SHARE
Earnings per common share		$	1.67			$	1.37
Earnings per diluted common share		$	1.65			$	1.36

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD - QUARTER

		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020
Net income (loss) available (attributable) to common shareholders		$	141,637			$	197,329			$	47,385			$	227,910			$	115,737			$	(185,390	)
COMMON SHARES OUTSTANDING
Common shares - at beginning of period			84,774				84,773				84,767				84,753				84,353				83,959
Shares issued and treasury shares reissued			747				5				10				22				589				489
Shares repurchased for treasury			(245	)			(4	)			(4	)			(8	)			(189	)			(150	)
Common shares - at end of period			85,276				84,774				84,773				84,767				84,753				84,298
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding			84,961				84,774				84,771				84,764				84,514				84,094
Dilutive share equivalents:
Share-based compensation plans [a]			847				817				565				503				451				—
Weighted average diluted common shares outstanding			85,808				85,591				85,336				85,267				84,965				84,094
EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share		$	1.67			$	2.33			$	0.56			$	2.69			$	1.37				($2.20	)
Earnings (loss) per diluted common share		$	1.65			$	2.31			$	0.56			$	2.67			$	1.36				($2.20	)

[a] Due to the net loss attributable to common shareholders recognized for the three month ended March 31, 2020, the share equivalents were anti-dilutive.

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AXIS CAPITAL HOLDINGS LIMITED

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

		At March 31, 2022
		Common Shareholders’ Equity				Common Shares Outstanding net of Treasury Shares				Per share
Closing stock price										$	60.47
Book value per common share		$	4,570,540				85,276			$	53.60
Dilutive securities: [b]
Restricted stock units							2,672				(1.63	)
Book value per diluted common share		$	4,570,540				87,948			$	51.97

		At December 31, 2021
		Common Shareholders’ Equity				Common Shares Outstanding net of Treasury Shares				Per share
Closing stock price										$	54.47
Book value per common share		$	4,860,656				84,774			$	57.34
Dilutive securities: [b]
Restricted stock units							2,373				(1.56	)
Book value per diluted common share		$	4,860,656				87,147			$	55.78

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

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

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

		Q1 2022				Q4 2021				Q3 2021				Q2 2021				Q1 2021				Q1 2020
Common shareholders’ equity		$	4,570,540			$	4,860,656			$	4,785,055			$	4,839,760			$	4,626,390			$	4,289,578
Less: goodwill			(100,801	)			(100,801	)			(100,801	)			(100,801	)			(100,801	)			(102,003	)
Less: intangible assets			(205,988	)			(208,717	)			(211,557	)			(214,286	)			(216,904	)			(227,821	)
Associated tax impact			53,055				53,500				53,175				53,241				45,565				42,857
Tangible common shareholders’ equity		$	4,316,806			$	4,604,638			$	4,525,872			$	4,577,914			$	4,354,250			$	4,002,611
Diluted common shares outstanding, net of treasury shares [a]			87,948				87,147				87,216				87,197				87,235				86,170
Book value per diluted common share		$	51.97			$	55.78			$	54.86			$	55.50			$	53.03			$	49.78
Tangible book value per diluted common share		$	49.08			$	52.84			$	51.89			$	52.50			$	49.91			$	46.45

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

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AXIS CAPITAL HOLDINGS LIMITED    

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)    

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY    

		Three months ended March 31,
		2022				2021
Net income available to common shareholders		$	141,637			$	115,737
Net investment (gains) losses [a]			94,508				(29,645	)
Foreign exchange losses (gains) [b]			(44,273	)			4,113
Interest in income of equity method investments [c]			(11,550	)			(9,162	)
Income tax expense (benefit)			(497	)			1,694
Operating income		$	179,825			$	82,737
Earnings per diluted common share		$	1.65			$	1.36
Net investment (gains) losses			1.10				(0.35	)
Foreign exchange losses (gains)			(0.52	)			0.05
Interest in income of equity method investments			(0.13	)			(0.11	)
Income tax expense (benefit)			(0.01	)			0.02
Operating income per diluted common share		$	2.09			$	0.97
Weighted average diluted common shares outstanding			85,808				84,965
Average common shareholders’ equity		$	4,715,599			$	4,686,042
Annualized return on average common equity			12.0	%			9.9	%
Annualized operating return on average common equity			15.3	%			7.1	%

[a] Tax expense (benefit) of ($13,313) and $1,484 for the three months ended March 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax expense (benefit) of $12,816 and $210 for the three months ended March 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax expense (benefit) of $nil for the three months ended March 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

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

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

The reconciliation of 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 - Quarter’ and ‘Consolidated Statements of Operations - Year’ 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 (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the ‘Segment Information’ note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

26

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio 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) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance, therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

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

We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the ‘Consolidated Statements of Operations - Quarter’ and ‘Consolidated Statements of Operations -Year’ 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), 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 on the sale of our available for sale investments and equity securities in net investment gains (losses). 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), thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business, therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

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

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

Tangible Book Value per Diluted Common Share

Tangible book value represents common shareholders’ equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the ‘Tangible Book Value per Diluted Common Share’ section of this document.

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