2022 Annual Report

AXIS is continuing to evolve our business and is positioned to increase profitability, lower volatility, and strengthen the portfolio, establishing a strong position in the fastest growing specialty markets.

We believe AXIS's rating of A from Standard and oor's and A from A.M. Best reflects our excellent level of financial strength.

Mix of Business by GPW

INSURANCE: 68%

REINSURANCE: 32%

Our business is at a pivotal moment where volatile geopolitical conditions, extreme weather, and financial and social inflation are creating dislocations that are driving risks into the specialty market.

These dynamic market conditions have resulted in a reset in underwriting terms and conditions, improved pricing to keep up with loss cost trends, and more limited reinsurance capacity. This environment creates a unique opportunity for specialty carriers to deliver more value to the market. With a heritage in specialty underwriting that began at our inception, we believe AXIS is particularly well-positioned to help our customers navigate the current environment while providing products and risk solutions to help them operate their businesses with confidence.

While our strategy and structure have evolved, our core values remain the same: exceptional customer service, respect for colleagues, and a commitment to play a positive role in meeting society's needs.

With established leadership positions in attractive specialty markets, a talented and energized team of expert specialty underwriters, and a strong culture rooted in our values, we believe that AXIS can achieve our goals - and deliver on our potential - in 2023 and beyond. In short, AXIS is ready for this moment.

POSITIVE PERFORMANCE TRENDS

The transformation journey we embarked upon some years ago positioned AXIS to deliver solid financial results in 2022 - highlighted by record premium production, as well as improved loss ratio, general and administrative (G&A) ratio, and combined ratio.

For our group results, gross premiums written were $8.2 billion in 2022, increasing by 7% from the prior year. Premium growth was largely due to an increase of 15% in the Insurance segment, partially offset by a 7% decrease in our Reinsurance business as our repositioning led to planned

reductions in Reinsurance Catastrophe, Property, and other selected lines. The Reinsurance lines we have targeted for growth, including Credit and Surety, Agriculture, Accident and Health, and others, experienced an increase of $212 million in gross premiums written compared to the year prior.

Our underwriting performance was strong. Underwriting income rose 35%, to $359 million in 2022, from $266 million in 2021. We improved our overall combined ratio by 1.7 points, to 95.8%. And, in a year marked

by such catastrophic events as the ussia- kraine war, severe weather, and the continued pandemic impact, pre-tax catastrophe and weather- related losses, net of reinsurance and reinstatement premiums, were

et income available to common shareholders for 2022 was 3 million,

per diluted common share, for 202 . Much of the difference was due to investment losses, reflecting the heightened volatility of global financial

To deliver on the potential of our new specialty underwriting model, we announced several changes in leadership during the past year. ince Tizzio, who oined AXIS early in 2022 and was appointed C O of AXIS Insurance, was given an expanded role as C O of Specialty

Insurance and einsurance at mid-year. This new position was created to foster a single, globally integrated approach for our businesses.

to our company. ince is a highly accomplished specialty leader, who in ust over a year with the Company has demonstrated an immediate impact. In ince, we have a fantastic leader who I'm confident has the vision, industry knowledge, grit, and tenacity to lead AXIS to even greater levels of success.

The future of AXIS will be in very capable hands under ince's leadership, and I look forward to working with him to ensure a seamless transition. I am confident in the Company's tremendous potential as a specialty leader, and its ability to build and grow upon the foundation we have established.

is guiding underwriting governance, portfolio management, technical underwriting pricing, and ceded reinsurance and retrocession purchasing. This is an important change that is providing consistent and enhanced access to data, improved information flow, fostering a single view of risk across our portfolio, and enabling faster adoption of innovations to improve our business and our service to customers and distribution partners.

Also in 2022, Ann augh was named einsurance C O, reporting to ince. Ann has an established track record in multiple leadership roles within AXIS e, including resident of lobal roperty and, prior

deliver digitized solutions across the underwriting enterprise.

uring the course of 2022, in connection with our strategic repositioning, we also announced the departure of several longtime executives. I express my deep appreciation to these individuals. In particular I extend my gratitude to former AXIS Insurance C O ete Wilson and AXIS einsurance C O Steve Arora for their tremendous contributions to the Company. In addition, as part of our pivot towards being a specialty carrier, AXIS also bid farewell to several other colleagues, including those from our roperty einsurance business. I would like to take this opportunity to express my deepest gratitude to these colleagues for their contributions to AXIS.

SPECIALISTS IN SPECIALTY

After a multi-year effort to reposition the business, AXIS today is a focused specialty underwriter, and vastly different from the company it was five years ago. Back then, a much higher proportion of our gross premiums written came from einsurance. In 2022, on a pro forma basis,

of our gross written premium was from Insurance, and we expect to

To get there, we are building upon an already solid foundation our established leadership in key specialty markets. For example, we are

In 2022 we announced several initiatives to target additional attractive markets where we can forge leadership positions, better serve our customers, and provide increased value to our shareholders. Our efforts included launching a dedicated AXIS Wholesale ivision, with a focus on further enhancing the products and risk solutions that we bring to customers across all of our distribution channels, and enhancing our operating infrastructure to be more responsive, integrated, and e cient.

I noted earlier that we have positioned AXIS to be "ready for this moment." Our moment has arrived, in large part, because of the recognition that we live in a world where people are facing increasing risk. We certainly saw that in the geopolitical, economic and public health challenges of the past year, including the Russia-Ukraine war and its attendant human suffering and global disruption, the resurgence of inflation, and the ongoing effects of the pandemic. Add to that the increasing frequency and severity of climate events, and we can see why there is more demand than ever for companies like AXIS that understand and can help mitigate complex risks. That is a vital part of our social purpose - and of our value to our society and economy.

As an organization that serves an essential social purpose, AXIS is also committed to the values of Corporate Citizenship. Our Citizenship program is designed to address key environmental, social and governance (ESG) issues, by focusing on the areas where we believe we can make the greatest impact: protecting our planet, promoting diversity,

equity, and inclusion (DEI), and supporting our communities. This is exemplified by the Company's commitment to phasing out thermal coal- related business, and more recently in setting standards for greenhouse gas (GHG) emissions and establishing goals for gender and ethnic representation through our DEI program. I encourage you to read more about our efforts in the Corporate Citizenship section of this report.

The Company's strong commitment to social purpose and citizenship is directly due to our people and culture. Ours is a receptive and inclusive culture where people can see themselves and their values reflected. We believe that the right way to run a business is by treating each other with respect, bringing our best to our customers and distribution partners, and contributing to our communities. Our people are proud of our culture - and I am proud of them. Importantly, this culture, which has been recognized by Forbes as one of America's Best Midsize Companies in 2022 and 2023 and Insurance Business as a Top Employer in 2023, has enabled us to recruit and retain top talent.

With our upcoming CEO transition, this will be my last Annual Report letter with you as President and CEO of AXIS.

I would like to take this opportunity to offer my heartfelt thanks to so many who have shared this journey with me and have contributed to making AXIS the exciting enterprise it is today.

To my AXIS colleagues, both past and present, I am most proud of our consistent ability over the years to face adversity and always rise to the challenge. I know you will continue to deepen customer and broker relationships by providing outstanding service and products that meet their evolving needs, build a balanced and resilient book of business, and foster a strong culture rooted in our values.

To the members of the Board, I am deeply grateful for your commitment and support for AXIS. Thank you for your guidance and sound wisdom as we embarked on our transformation journey and developed the right strategy for the future.

To our customers and distribution partners, it has been my pleasure to serve you. Together, we navigated through complex risk landscapes, and it has been a wonderful experience to see how our industry

has evolved.

To our shareholders, thank you for your trust and partnership.

I take great pride knowing that AXIS has strong momentum to deliver sustained profitable growth and increased shareholder value in the coming years.

Before I close this Annual Report, I would be greatly remiss without recognizing the impact of former longtime AXIS Chair, Michael Butt, who passed away in February 2023. Michael was a towering figure and a trailblazer in our industry, and played a pivotal role in launching our Company and helping guide our growth from start-up to emerging specialty leader. He was also a passionate advocate for climate change, sustainability, and education. On a more personal note, Michael was a counselor and a mentor, a compassionate leader, and a wonderful friend. The industry, AXIS, and I will miss him dearly.

Serving as President and CEO of AXIS for the last eleven years has truly been an honor - and the highlight of my career. As I embark on the next chapter of my life, I am confident that the future is bright for AXIS and its best days are yet to come.