AXIS Capital Reports First Quarter 2023 Results

Miranda Hunter (Investor Contact):	(441) 205-2635;	[email protected]
Joe Cohen (Media Contact):	(212) 715-3524;	[email protected]

AXIS CAPITAL REPORTS FIRST QUARTER NET INCOME AVAILABLE TO COMMON

SHAREHOLDERS OF $173 MILLION, or $2.01 PER DILUTED COMMON SHARE AND OPERATING

INCOME OF $200 MILLION, or $2.33 PER DILUTED COMMON SHARE

For the first quarter of 2023, the Company reports:

• Annualized retuon average common equity ("ROACE") of 16.2% and annualized operating ROACE of 18.8%
• Book value per diluted common share of $50.31

Pembroke, Bermuda, April 26, 2023 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the first quarter ended March 31, 2023.

Commenting on the first quarter 2023 financial results, Albert Benchimol, President and CEO of AXIS Capital said:

"AXIS once again delivered strong performance as we continued to advance our strategy to achieve specialty leadership, demonstrating resilience despite dynamic market conditions that included turbulence in the financial markets and heightened weather and cat activity. In the first quarter, we produced very good results across our core metrics that included a combined ratio of 91%, operating income of $200 million, and record operating income per diluted common share of $2.33.

"As I prepare to complete my tenure as CEO of AXIS, following nearly 13 years with the Company, it is gratifying to see the continued progress in our performance following years of hard work to reposition the business to a more focused specialist underwriter, well positioned to consistently deliver profitable results. I have complete confidence that the best is yet to come for AXIS. In Vince Tizzio, we have the right leader to take the Company to the next level."

Vince Tizzio, CEO Specialty Insurance and Reinsurance of AXIS Capital - and future President and CEO, effective May 4, 2023, added:

"With a clear focus on delivering sustainable value creation to our shareholders, we continued to drive strong growth in our priority markets while capitalizing on favorable market conditions that included a general resurgence in pricing momentum across the majority of our lines. Our Specialty Insurance business delivered record first quarter production, generating $1.4 billion in gross written premiums, a combined ratio of 87% and underwriting profit of $103 million.

"Our Reinsurance business contributed a combined ratio of 91% and $36 million of underwriting profit as we further transitioned the business to a specialist reinsurer with a smaller and less volatile book of business.

"Looking to the future, I feel confident about the growth potential for the business and believe that AXIS is on a positive trajectory toward achieving its place as a specialty leader defined by the strength of our underwriting and the value that we provide to our customers and shareholders."

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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First Quarter Consolidated Results*

• Net income available to common shareholders for the first quarter of 2023 was $173 million, or $2.01 per diluted common share, compared to net income available to common shareholders of $142 million, or $1.65 per diluted common share, for the first quarter of 2022.
• Operating income1 for the first quarter of 2023 was $200 million, or $2.33 per diluted common share1, compared to operating income of $180 million, or $2.09 per diluted common share, for the first quarter of 2022.
• Book value per diluted common share of $50.31, an increase of $3.36, or 7.2%, compared to December 31, 2022, driven by net income and net unrealized gains reported in other comprehensive income (loss), partially offset by common share dividends declared.
• Our fixed income portfolio book yield was 3.7% at March 31, 2023, compared to 2.1% at March 31, 2022. The market yield was 5.4% at March 31, 2023.
• Net investment income for the first quarter of 2023 was $134 million, compared to $91 million, for the first quarter of 2022, attributable to an increase in income from fixed maturities due to increased yields.
• Adjusted for net unrealized investment losses, after-tax, reported in accumulated other comprehensive income (loss), book value per diluted common share of $56.64 at March 31, 2023, compared to $55.49 at December 31, 2022 and $55.78 at March 31, 2022.
• Adjusted for dividends declared, book value per diluted common share increased by $3.80, or 8.1%, compared to December 31, 2022.
• Adjusted for dividends declared, book value per diluted common share increased by $0.08, or 0.2%, over the past twelve months.

* Amounts may not reconcile due to rounding differences.

• Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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First Quarter Consolidated Underwriting Highlights2

• Gross premiums written decreased by $253 million, or 10% ($211 million, or 8%, on a constant currency basis3), to $2.4 billion with a decrease of $341 million, or 26%, in the reinsurance segment, partially offset by an increase of $88 million, or 7%, in the insurance segment.
• Net premiums written decreased by $205 million, or 11% ($164 million, or 9%, on a constant currency basis3), to $1.6 billion with a decrease of $243 million, or 25%, in the reinsurance segment, partially offset by an increase of $39 million, or 5%, in the insurance segment.

• The current accident year loss ratio, excluding catastrophe and weather-related losses, increased by 1.6 points in the first quarter, compared to the same period in 2022, principally due to changes in business mix associated with the exit from catastrophe and property lines of business.
• Pre-taxcatastrophe and weather-related losses, net of reinsurance, were $38 million ($32 million, after-tax), (Insurance: $24 million; Reinsurance: $13 million), or 3.1 points, primarily attributable to New Zealand floods, Cyclone Gabrielle, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $60 million, (Insurance: $33 million; Reinsurance: $27 million), or 4.7 points in 2022, including $30 million, or 2.3 points attributable to the Russia-Ukraine war.
• Net favorable prior year reserve development was $4 million (Insurance: $1 million; Reinsurance: $3 million),
  compared to $9 million (Insurance: $7 million; Reinsurance: $2 million) in 2022.

• All comparisons are with the same period of the prior year, unless otherwise stated.

• Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures is provided above and a discussion of the rationale for the presentation of these items is provided later in this press release.

• The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Reinsurance Segment

Three months ended March 31,

• Gross premiums written decreased by $341 million, or 26% ($309 million, or 24%, on a constant currency basis). The decrease in catastrophe and property lines was associated with the exit from these lines of business in June 2022. The decrease in marine and aviation was due to non-renewals of marine business and the exit from the aviation business effective January 1, 2023. In our ongoing specialty lines, decreases in liability, and accident and health lines were partially offset by an increase in credit and surety lines. The decrease in liability lines was primarily due to non-renewals of U.S. regional multi-line business following the exit from catastrophe and property lines of business. The decrease in accident and health lines was due to timing differences, decreased line sizes and premium adjustments. The increase in credit and surety lines was primarily driven by new business
• Net premiums written decreased by $243 million, or 25% ($211 million, or 22%, on a constant currency basis), reflecting the decrease in gross premiums written in the quarter.
• The current accident year loss ratio, excluding catastrophe and weather-related losses, increased by 3.3 points in the first quarter, compared to the same period in 2022, principally due to the exit from catastrophe and property lines of business, partially offset by improved loss experience in marine and aviation lines, and changes in business mix due to the increase in credit and surety lines of business written in the period which carry a lower loss ratio.
• Pre-taxcatastrophe and weather-related losses, net of reinsurance, were $13 million, or 3.3 points, primarily attributable to New Zealand floods, and other weather-related events. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $27 million in 2022.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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