AXIS Capital : Investor Presentation – Third Quarter 2022

Investor Presentation

Post 3Q22 Reported Results

Safe Harbor Statement

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This presentation 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 presentation, 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 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 presentation 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, other market conditions and economic conditions (including inflation), our growth prospects, our expectations relating to the Company's transformation program, 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:

COVID-19

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

condition and liquidity; Insurance Risk

• 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, including the potential increase of our exposure to natural catastrophe losses due to climate change;
• actual claims exceeding loss reserves;
• 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 failure of our cedants to adequately evaluate risks;
• the adverse impact of inflation;

Strategic Risk

• losses from war, including losses related to the Russian invasion of Ukraine, terrorism and political unrest or other unanticipated losses;
• 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;
• the loss of business provided to us by major brokers;
• the loss of one or more of our key executives;
• a decline in our ratings with rating agencies;
• difficulties with technology and/or data security;

Credit Risk

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

• the failure of our policyholders or intermediaries to pay premiums;
• general economic, capital and credit market conditions, including fluctuations in interest rates, credit spreads, equity securities' prices and/or foreign currency exchange rates;
• breaches by third parties in our program business of their obligations to us;

Liquidity Risk

• the inability to obtain additional capital on favorable terms, or at all; Operational Risk
• changes in accounting policies or practices;
• the use of industry models and changes to these models; Regulatory Risk
• 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; and Risks Related to Taxation

• changes in tax laws.

Readers should carefully consider the risks noted above together with 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.

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INTRODUCTION & STRATEGY INSURANCE REINSURANCE GROUP ESG & CITIZENSHIP CONCLUSION

Consistent Advancement of Strategy

VISION: Global Leadership in Specialty Risks

Targeting top-quintile profitability

Commitment to underwriting excellence, being a destination for top caliber talent

Franchise anchored in leadership positions in attractive specialty markets

Strong and lasting relationships with key distribution partners and clients

Focus on markets where we have demonstrable relevance, scale and path for profitable growth

Strategic risk financing capabilities to match the right risk with the right capital

Strong employee engagement and workplace culture - translating to retention of top talent and consistency of service to our customers

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INTRODUCTION & STRATEGY INSURANCE REINSURANCE GROUP ESG & CITIZENSHIP CONCLUSION

Advanced leadership position as a specialty underwriter

Building on the progress of prior years, 2022 was a key milestone year for AXIS in furthering its transformation into a leading specialty underwriter through these key actions:

Refocused Business on Profitable Specialty	Completed Shift of AXIS Re to a
Channels
Specialty Reinsurer
Appointed Vince Tizzo as CEO of Specialty	Exited Reinsurance Property/Property
Insurance and Reinsurance; Consolidated all
Catastrophe business; Concentrated focus on
market-facing underwriting functions under a
attractive Casualty, Specialty, A&H, and Credit
single leader
lines
Further Simplified Organizational Models to	Invested in Growth Areas
Improve Agility and Efficiency
Consolidated all underwriting analytics and	Launched AXIS Wholesale Division; Advancing
small-to-mid-sized solutions capability; Designing
support functions under a global Chief
associated digital capabilities
Underwriting Officer

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INTRODUCTION & STRATEGY INSURANCE REINSURANCE GROUP ESG & CITIZENSHIP CONCLUSION

A leading specialty insurer with a niche specialist reinsurance

operation

We provide our clients and distribution partners with a broad range of risk transfer products and services, meaningful capacity and solid financial strength.

Exchange / Ticker	NYSE / "AXS"
Market Capitalization1	$4.7 Billion
Gross Premiums Written1	$7.7 Billion
	•	E&S P&C
Leading Global	•	Specialty Insurance
Underwriter	•	Professional Lines
	•	Casualty & Specialty Reinsurer

Current Quarterly Div. /	$0.43 / 3.2%
Annual Yield1
AM Best / S&P	A / A+
Financial Strength Rating2

Total FY2021 GPW: $7.7 billion

Insurance 63%	Reinsurance
	37%

Insurance

Credit & Political Risk	Terrorism
Aviation
A&H
Marine	Pro Lines
Liability

Property

Reinsurance(3)

Pro Lines	Specialty

		A&H	Cat
	Property	Motor	Liability
1)	Market data as of 11/03/22; GPW data as of YE 2021; $0.43 quarterly dividend announced 9/21/22
2)	Ratings of insurance and reinsurance subsidiaries of AXIS Capital Holdings Limited		5
3)	The Company announced its exit from Reinsurance Property and Property Catastrophe business in June 2022. Will have

substantially existed out of Property & Property Catastrophe Reinsurance in 2023