AXIS Capital Reports Fourth Quarter 2021 Results

Fourth Quarter Consolidated Underwriting Highlights2

• Gross premiums written increased by $214 million, or 16%, to $1.6 billion with an increase of $211 million, or 19%, in the insurance segment, and an increase of $4 million, or 1%, in the reinsurance segment.
• Net premiums written increased by $162 million, or 21% ($160 million, or 20% on a constant currency basis3), to $947 million with an increase of $138 million, or 22%, in the insurance segment, and an increase of $23 million, or 15%, in the reinsurance segment.

• Pre-taxcatastrophe and weather-related losses, net of reinsurance, were $54 million ($42 million, after-tax), (Insurance: $23 million; Reinsurance: $32 million) or 4.3 points, primarily attributable to Quad-state tornadoes, the December Convective Storms which principally impacted the U.S. Southwest and the Upper Midwest, and other weather-related events, compared to $198 million, (Insurance: $118 million; Reinsurance: $80 million) or 18.4 points, in 2020, which included $125 million, or 11.6 points, attributable to the COVID-19 pandemic.
• No change to the net loss estimate of $360 million established in 2020 for the COVID-19 pandemic.
• Net favorable prior year reserve development was $9 million (Insurance: $5 million; Reinsurance: $4 million),
  compared to $7 million (Insurance: $4 million; Reinsurance: $2 million) in 2020.

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

3Amounts 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 and a discussion of the rationale for the presentation of these items are provided in this press release.

4The current accident year loss ratio, excluding catastrophe and weather-related losses, was calculated by dividing the current accident year losses less estimated 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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Full Year Consolidated Underwriting Highlights

• Gross premiums written increased by $859 million, or 13% ($786 million or 12% on a constant currency), to $7.7 billion with an increase of $845 million, or 21%, in the insurance segment and an increase of $14 million, or 1%, in the reinsurance segment.
• Net premiums written increased by $590 million, or 14% ($523 million or 12%, on a constant currency), to $4.9 billion with an increase of $537 million, or 23%, in the insurance segment and an increase of $53 million, or 3%, in the reinsurance segment.

• Pre-taxcatastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $443 million ($378 million, after-tax), (Insurance: $175 million; Reinsurance: $268 million) or 9.5 points, primarily attributable to Hurricane Ida, Winter Storms Uri and Viola, which principally impacted the state of Texas, July European floods, and other weather-related events, compared to $774 million (Insurance: $443 million; Reinsurance: $330 million), or 17.7 points, in 2020, which included $360 million, or 8.2 points, attributable to the COVID-19 pandemic.
• No change to the net loss estimate of $360 million established in 2020 for the COVID-19 pandemic.
• Net favorable prior year reserve development was $32 million (Insurance: $18 million; Reinsurance: $14
  million), compared to $16 million (Insurance: $9 million; Reinsurance: $7 million) in 2020.

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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Segment Highlights

Insurance Segment

Quarters ended December 31,

• Gross premiums written increased by $211 million, or 19%, primarily attributable to increases in professional lines, liability, property, and marine lines driven by new business and favorable rate changes.
• Net premiums written increased by $138 million, or 22%, reflecting the increase in gross premiums written in the quarter.
• Pre-taxcatastrophe and weather-related losses, net of reinsurance, were $23 million, primarily attributable to Quad-state tornadoes, and other weather-related events, compared to $118 million in 2020, which included $67 million, or 11.4 points, attributable to the COVID-19 pandemic.
• The current accident year loss ratio, excluding catastrophe and weather-related losses, decreased by 5.3 points in the fourth quarter, compared to the same period in 2020, principally due to the impact of favorable pricing over loss trends and generally improved loss experience in several lines of business.
• The acquisition cost ratio decreased by 1.1 points in the fourth quarter, compared to the same period in 2020, primarily due to an increase in ceding commissions.
• The underwriting-related general and administrative expense ratio increased by 0.8 points in the fourth quarter, compared to the same period in 2020, mainly driven by an increase in performance-related compensation costs and personnel costs, partially offset by an increase in net premiums earned.

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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