AXIS Capital : Q4 2022 Financial Supplement

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

AXIS CAPITAL HOLDINGS LIMITED

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Miranda Hunter

Investor Contact

1. [e-mail]

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	2-6
b. Consolidated Segment Data	7
c. Gross Premiums Written by Segment by Line of Business	8
d. Consolidated Data	9
e. Segment Data	10-11
f. Strategic Capital Partners	12
g. Net Investment Income	13
III. Balance Sheets
a. Consolidated Balance Sheets	14
b. Cash and Invested Assets:	15
• Cash and Invested Assets Portfolio
• Cash and Invested Assets Composition	16
• Corporate Debt Composition	17
• Ten Largest Corporate Debt Holdings	18
• Mortgage-Backedand Asset-BackedSecurities Composition	19
c. Reinsurance Recoverable Analysis	20-21
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis	22
b. Paid to Incurred Analysis by Segment	23-25
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures	26
V. Share Analysis
a. Earnings Per Common Share Information	27
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method	28
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity	29
c. Rationale for the Use of Non-GAAP Financial Measures	30-32
VII. Additional Information Regarding the Company's Announcement to Exit Catastrophe and Property Business	33-40
VIII. Additional Information Regarding the Net Financial Impact of the Company's Loss Portfolio Transfer ("LPT") Reinsurance Transaction	41-42

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 including our exit from catastrophe and property reinsurance lines of business, our expectations regarding pricing and other market conditions and economic conditions including inflation, 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:

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 increasing litigation and 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;
• a decline in our ratings with rating agencies;
• the loss of one or more of our key executives;
• difficulties with technology and/or data security;

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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.

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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