AXIS Capital Reports Second Quarter 2022 Results

Mei Feng A. Zhang (Investor Contact):	(212) 940-3312;	[email protected]
Anna Kukowski (Media Contact):	(212) 715-3574;	[email protected]

AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $27 MILLION, or $0.32 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $149 MILLION, or $1.74 PER DILUTED COMMON SHARE

For the second quarter of 2022, the Company reports:

• Current accident year combined ratio, excluding catastrophe and weather-related losses of 88.4%, an improvement of 0.3 points, compared to the prior year
• Annualized retuon average common equity ("ROACE") of 2.5% and annualized operating ROACE of 13.7%

For the six months ended June 30, 2022, the Company reports:

• Current accident year combined ratio, excluding catastrophe and weather-related losses of 87.8%, an improvement of 1.2 points, compared to the prior year
• Annualized retuon average common equity ("ROACE") of 7.5% and annualized operating ROACE of 14.6%

Pembroke, Bermuda, July 26, 2022 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2022.

Commenting on the second quarter 2022 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:

"AXIS delivered another quarter of strong operating performance, continuing our trend of year-over-year improvements in core underwriting metrics.

"The quarter was highlighted by a combined ratio of 93.4% and operating ROE of 13.7%, and record second quarter premium growth contributed to all-time high mid-year production figures including gross and net premiums written, and net premiums earned. This quarter our specialty insurance business again generated solid performance with a robust 16% increase in gross premiums written, 22% growth in net premiums written, and a combined ratio of 87.8%, as we further capitalized on favorable market conditions.

"During the quarter we announced the Company's exit from reinsurance property and catastrophe lines. This completed the shift of AXIS Re to a specialist reinsurer - with a focus on attractive Casualty, Specialty, A&H, and Credit lines - which aligns with our efforts to grow profitably with lower volatility and establish leadership in the specialist space.

"As a measure of our progress, over the past six months our group underwriting income has risen by 36% and operating income is up 30% as compared to the prior year period. As we look to the future, we're well positioned in strong Wholesale and E&S markets and see significant opportunities to drive further profitable growth while delivering value to our customers and advancing our position as a leading specialty underwriter."

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 1 -

Second Quarter Consolidated Results*

• Net income available to common shareholders for the second quarter of 2022 was $27 million, or $0.32 per diluted common share, compared to net income available to common shareholders of $228 million, or $2.67 per diluted common share, for the second quarter of 2021.
• Net income available to common shareholders for the six months ended June 30, 2022 was $169 million, or $1.97 per diluted common share, compared to net income available to common shareholders of $344 million, or $4.04 per diluted common share, for the same period in 2021.
• Operating income1 for the second quarter of 2022 was $149 million, or $1.74 per diluted common share1, compared to operating income of $171 million, or $2.00 per diluted common share, for the second quarter of 2021.
• Operating income for the six months ended June 30, 2022 was $329 million, or $3.83 per diluted common share1, compared to operating income of $253 million, or $2.98 per diluted common share, for the same period in 2021.
• Reorganization expenses related to our exit from property reinsurance business were $16 million. Reorganization expenses are excluded from operating income (loss).
• Our fixed income portfolio book yield was 2.4% at June 30, 2022. The market yield was 4.3% at June 30, 2022.
• Book value per diluted common share of $47.62, a decrease of $4.35, or 8.4%, compared to March 31, 2022, driven by net unrealized losses reported in other comprehensive income (loss) and common share dividends declared, partially offset by net income generated.
• Adjusted for dividends declared, book value per diluted common share decreased by $3.92, or 7.5%, compared to March 31, 2022.
• Adjusted for dividends declared, book value per diluted common share decreased by $6.17, or 11.1%, over the past twelve months.
• Total common shares repurchased during the quarter were 0.6 million shares for $35 million.

* 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

- 2 -

Second Quarter Consolidated Underwriting Highlights2

• Gross premiums written increased by $172 million, or 9% ($198 million, or 10%, on a constant currency basis3), to $2.1 billion with an increase of $201 million, or 16% in the insurance segment, partially offset by a decrease of $29 million, or 4% in the reinsurance segment.
• Net premiums written increased by $113 million, or 9% ($137 million, or 11%, on a constant currency basis), to $1.3 billion with an increase of $157 million, or 22% in the insurance segment, partially offset by a decrease of $44 million, or 9% in the reinsurance segment.

• Pre-taxcatastrophe and weather-related losses, net of reinsurance and reinstatement premiums, were $67 million ($60 million, after-tax), (Insurance: $28 million; Reinsurance: $39 million), or 5.3 points, primarily attributable to South Africa floods, and the high frequency of small to mid-sized other weather-related events that occurred worldwide. Comparatively, pre-tax catastrophe and weather-related losses, net of reinsurance, were $29 million (Insurance: $11 million; Reinsurance: $17 million), or 2.5 points, in 2021.
• Net favorable prior year reserve development was $4 million (Insurance: $3 million; Reinsurance: $1 million),
  compared to $7 million (Insurance: $6 million; Reinsurance: $0.4 million) in 2021.

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

• The 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

- 3 -

Segment Highlights

Insurance Segment

Three months ended June 30,

• Gross premiums written increased by $201 million, or 16% ($216 million, or 17%, on a constant currency basis), primarily attributable to increases in property and liability lines driven by new business and favorable rate changes, professional lines due to favorable rate change, and accident and health lines due to new business.
• Net premiums written increased by $157 million, or 22% ($169 million, or 24%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, and lower cession rates in several lines.
• Pre-taxcatastrophe and weather-related losses, net of reinsurance, were $28 million, primarily attributable to South Africa floods, and the high frequency of small to mid-sized other weather-related events that occurred worldwide, compared to $11 million in 2021.
• The current accident year loss ratio, excluding catastrophe and weather-related losses, decreased by 0.2 points in the second quarter, compared to the same period in 2021, principally due to the impact of favorable pricing over loss trends in most lines of business, partially offset by changes in business mix associated with the increase in professional lines and liability business written in recent periods.
• The acquisition cost ratio increased by 1.9 points in the second quarter, compared to the same period in 2021, primarily related to prior year premium and acquisition cost adjustments.
• The underwriting-related general and administrative expense ratio decreased by 1.7 points in the second quarter, compared to the same period in 2021, mainly driven by an increase in net premiums earned, partially offset by an increase in personnel and travel costs.

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

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 5 -