Investor Presentation – Fourth Quarter 2023

Safe Harbor Statement

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 losses and loss expenses, 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 and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, 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:

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 and the potential for
  inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;
• the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;
• actual claims exceeding reserves for losses and loss expenses;
• losses related to the Israel-Hamas conflict, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;
• the adverse impact of inflation;
• the failure of any of the loss limitation methods we employ;
• the failure of our cedants to adequately evaluate risks;

Strategic Risk

• underwriting and investment exposure in light of the recent disruption in the banking sector, which we expect to be within our risk appetite for an event of this nature;
• 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;
• increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;
• the adverse impact of contagious diseases (including COVID-19) on our business, results of operations, financial condition, and liquidity;

Credit and Market 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 banking and commercial real estate sector instability, financial market illiquidity and 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 access sufficient cash to meet our obligations when they are due;

Operational Risk

• changes in accounting policies or practices;
• the use of industry models and changes to these models;
• difficulties with technology and/or data security;
• the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;

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, foreign corrupt practices; data protection and privacy; and

Risks Related to Taxation

• changes in tax laws.

Delivering on our strategy to elevate AXIS as a

Specialty

Underwriting

Leader

"AXS" Shares Listed on the New York Stock Exchange Since

2003

Cash & Investments(4)

$16.7Billion

Market Capitalization(1)

$5.4Billion

Represented in

20

Offices Worldwide

Financial Strength Rating(5)

A/A+

With Stable Outlook

FY 2023 ROACE

7.9%

FY 2023 Operating ROACE(2)

11.0%

2000+

Employees

Total Assets

$30.3Billion

Mix of Business by GPW(3)

27%

$8.4

Billion

73%

Insurance Reinsurance

$6.1Billion $2.2Billion

Current Quarterly Dividend(1)

$0.44/2.9%

And Annual Yield(1)

GPW BY LINE OF BUSINESS(1)

For the 12 months ended 12/31/2023

Professional lines

Insurance 73% / 27% Reinsurance

INSURANCE

Our Insurance segment includes business written out of North America with a focus on Excess & Surplus and Wholesale, including Financial Lines, Programs, multiline products for the Canadian markets and International business, including London focused through Lloyd's of London and Global Professional Lines

REINSURANCE

AXIS Re is a specialist reinsurer with a focus on A&H, Casualty, Credit and Surety and

other Specialty business that is

complementary and accretive to our specialty insurance book

2023 PRODUCTION HIGHLIGHTS

• Gross Premiums Written grew to $8.4 billion, representing the highest annual production in company history
• Insurance segment generated record quarterly production every quarter of 2023, with premiums increasing 17% year-over-year when excluding professional lines

Reinsurance Property Cat GPW

All other GPW, ex-Property Cat Re (1)

Includes 8.1% of prior year development

SOUTHEAST HURRICANE PML REDUCTIONS(1)

Estimated Net Exposures ($ in millions)

$750

12.8%

--

4.4%

3.7%3.2%

3.5%3.3%2.8%