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AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2021

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Matt Rohrmann

Investor Contact

(212) 940-3339

investorrelations@axiscapital.com

Website Information:

www.axiscapital.com

This report is for informational purposes only. It should be read in conjunction with the documents that the Company files with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS


						Page(s)
Basis of Presentation						i - iv
I. Financial Highlights						1
II. Income Statements
a. Consolidated Statement of Operations						2
b. Consolidated Statements of Operations - Quarter						3-4
c. Consolidated Statements of Operations - Year						5-6
d. Consolidated Segment Data						7
e. Gross Premiums Written by Segment by Line of Business						8
f. Consolidated Data - Quarter and Prior Year						9
g. Segment Data - Quarter and Prior Year						10-11
h. Strategic Capital Partners						12
i. Net Investment Income - Quarter and Year						13
III. Balance Sheets
a. Consolidated Balance Sheets						14
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						15-16
• Cash and Invested Assets Composition - Quarter						17

• Corporate Debt Composition						18
• Ten Largest Corporate Debt Holdings						19
• Mortgage-Backed and Asset-Backed Securities Composition						20
c. Reinsurance Recoverable Analysis						21-22
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						23
b. Paid to Incurred Analysis by Segment						24
c. Paid to Incurred Analysis by Segment - Quarter						25-26

d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures						27
V. Share Analysis
a. Earnings Per Common Share Information - As Reported, U.S. GAAP						28
b. Earnings Per Common Share Information and Common Shares Rollforward - Quarter						29
c. Book Value Per Diluted Common Share Analysis - Treasury Stock Method						30
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						31
b. Tangible Book Value Per Diluted Common Share						32
c. Rationale for the Use of Non-GAAP Financial Measures						33

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.

DEFINITIONS AND PRESENTATION

•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2020 and consolidated statements of operations for the years ended December 31, 2020 and December 31, 2019.

•Amounts may not reconcile due to rounding differences.

•Unless otherwise noted, all data is in thousands, except for ratio information.

•NM - Not meaningful is defined as variance greater than +/- 100%; NA - Not applicable

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 catastrophes and other weather-related losses including losses related to the COVID-19 pandemic, 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, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency 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:

•the adverse impact of the ongoing COVID-19 pandemic on our business, results of operations, financial condition, and liquidity;

•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;

•the impact of global climate change on our business, including the possibility that we do not adequately assess or reserve for the increased frequency and severity of natural catastrophes;

•losses from war, terrorism and political unrest, or other unanticipated losses;

•actual claims exceeding loss reserves;

•general economic, capital and credit market conditions, including fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency rates;

•the failure of any of the loss limitation methods we employ;

•the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions;

•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;

•the loss of business provided to us by major brokers;

•breaches by third parties in our program business of their obligations to us;

•difficulties with technology and/or data security;

•the failure of our policyholders or intermediaries to pay premiums;

•the failure of our cedants to adequately evaluate risks;

•the inability to obtain additional capital on favorable terms, or at all;

•the loss of one or more of our key executives;

•a decline in our ratings with rating agencies;

•changes in accounting policies or practices;

•the use of industry models and changes to these models;

•changes in governmental regulations and potential government intervention in our industry;

•inadvertent failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;

•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;

•changes in tax laws; and

•other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. Readers are urged to carefully consider all such factors as the COVID-19 pandemic may have the effect of heightening many of the other risks and uncertainties described.

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

Our insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The following are the lines of business in our insurance segment:

Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects and onshore renewable energy installations. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

Marine: provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability, recreational marine, fine art, specie, and hull war. Offshore energy coverage includes physical damage, business interruption, operator's extra expense and liability coverage for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.

Terrorism: provides cover for physical damage and business interruption of an insured following an act of terrorism and includes kidnap and ransom, and crisis management insurance.

Aviation: provides hull and liability, and specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.

Credit and Political Risk: provides credit and political risk insurance products for banks, commodity traders, corporations and multilateral and export credit agencies. Cover is provided for a range of risks including sovereign default, credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events.

Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, cyber and privacy insurance, medical malpractice and other financial insurance related covers for commercial enterprises, financial institutions, not-for-profit organizations and other professional service providers. This business is predominantly written on a claims-made basis.

Liability: primarily targets primary and low to mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public, and products liability business predominately in the U.K. Target industry sectors include construction, manufacturing, transportation and trucking, and other services.

Accident and Health: includes accidental death, travel insurance and specialty health products for employer and affinity groups.

Discontinued Lines - Novae: includes those lines of business that Novae Group plc ("Novae") exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. These discontinued insurance lines include financial institutions, professional indemnity, international liability, and international direct and facultative property.

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The following are the lines of business in our reinsurance segment:

Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. The underlying policies principally cover property-related exposures but other exposures including workers compensation and personal accident are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and excess of loss basis.

Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is property damage but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, flood, industrial explosions, fire, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis.

Credit and Surety: provides reinsurance of trade credit insurance products and includes proportional and excess of loss structures. The underlying insurance indemnifies sellers of goods and services in the event of a payment default by the buyer of those goods and services. Surety reinsurance provides protection for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands or contract obligations in a variety of jurisdictions around the world. Mortgage reinsurance is also provided to mortgage guaranty insurers and U.S. government-sponsored entities for losses related to credit risk transfer into the private sector.

Professional Lines: provides protection for directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, environmental liability, cyber, and miscellaneous errors and omissions insurance risks. The underlying business is predominantly written on a claims-made basis. This business is written on a proportional and excess of loss basis.

Motor: provides protection to insurers for motor liability and property damage losses arising out of any one occurrence. A loss occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence. Traditional proportional and non-proportional reinsurance as well as structured solutions are offered.

Liability: provides protection to insurers of admitted casualty business, excess and surplus lines casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, workers' compensation, auto liability, and excess casualty.

Engineering: provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment, and electronic equipment as well as business interruption. The Company exited this line of business in 2020.

Agriculture: provides protection for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. This business is written on a proportional and aggregate stop loss reinsurance basis.

Marine and Aviation: includes specialty marine classes such as cargo, hull, pleasure craft, marine liability, inland marine and offshore energy. The principal perils covered by policies in this portfolio include physical loss, damage and/or liability arising from natural perils of the seas or land, man-made events including fire and explosion, stranding/sinking/salvage, pollution, shipowners and maritime employers liability. This business is written on a non-proportional and proportional basis. Aviation provides cover for airline, aerospace and general aviation exposures. This business is written on a proportional and non-proportional basis.

Accident and Health: includes personal accident, specialty health, accidental death, travel, life and disability reinsurance products which are offered on a proportional and catastrophic or per life excess of loss basis.

Discontinued Lines - Novae: includes those lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. These discontinued reinsurance lines include motor reinsurance, general liability reinsurance, and international facultative property.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended September 30,									Nine months ended September 30,
		2021			2020			Change			2021			2020			Change

HIGHLIGHTS	Gross premiums written	$	1,646,489		$	1,331,178		23.7	%		$	6,123,156		$	5,478,519		11.8	%
	Gross premiums written - Insurance	71.5		%	70.3		%	1.2		pts	57.9		%	53.2		%	4.7		pts
	Gross premiums written - Reinsurance	28.5		%	29.7		%	(1.2)		pts	42.1		%	46.8		%	(4.7)		pts
	Net premiums written	$	996,471		$	815,982		22.1	%		$	3,979,215		$	3,550,960		12.1	%
	Net premiums earned	$	1,211,427		$	1,091,312		11.0	%		$	3,472,090		$	3,283,941		5.7	%
	Net premiums earned - Insurance	56.2		%	52.2		%	4.0		pts	55.6		%	52.0		%	3.6		pts
	Net premiums earned - Reinsurance	43.8		%	47.8		%	(4.0)		pts	44.4		%	48.0		%	(3.6)		pts
	Net income (loss) available (attributable) to common shareholders	$	47,385		$	(72,945)		nm			$	391,028		$	(145,855)		nm
	Operating income (loss) [a]	1,044			(65,068)			nm			254,289			(157,977)			nm

	Annualized return on average common equity [b]	3.9		%	(6.2		%)	10.1		pts	10.9		%	(4.1)		%	15.0		pts
	Annualized operating return on average common equity [c]	0.1		%	(5.5		%)	5.6		pts	7.1		%	(4.4)		%	11.5		pts
	Total shareholders’ equity	$	5,335,055		$	5,265,895		1.3	%		$	5,335,055		$	5,265,895		1.3	%



PER COMMON SHARE AND COMMON SHARE DATA	Earnings (loss) per diluted common share	$0.56			($0.87)			nm			$4.59			($1.73)			nm
	Operating income (loss) per diluted common share [d]	$0.01			($0.77)			nm			$2.98			($1.88)			nm

	Weighted average diluted common shares outstanding	85,336			84,308			1.2	%		85,191			84,235			1.1	%
	Book value per common share	$56.45			$55.94			0.9	%		$56.45			$55.94			0.9	%
	Book value per diluted common share (treasury stock method)	$54.86			$54.75			0.2	%		$54.86			$54.75			0.2	%
	Tangible book value per diluted common share (treasury stock method) [a]	$51.89			$51.52			0.7	%		$51.89			$51.52			0.7	%





FINANCIAL RATIOS	Current accident year loss ratio excluding catastrophe and weather-related losses	55.4		%	58.5		%	(3.1)		pts	55.4		%	57.8		%	(2.4)		pts
	Catastrophe and weather-related losses ratio	20.7		%	22.2		%	(1.5)		pts	11.3		%	17.5		%	(6.2)		pts
	Current accident year loss ratio	76.1		%	80.7		%	(4.6)		pts	66.7		%	75.3		%	(8.6)		pts
	Prior year reserve development ratio	(0.9		%)	(0.1		%)	(0.8)		pts	(0.7		%)	(0.3		%)	(0.4)		pts
	Net losses and loss expenses ratio	75.2		%	80.6		%	(5.4)		pts	66.0		%	75.0		%	(9.0)		pts
	Acquisition cost ratio	19.1		%	21.1		%	(2.0)		pts	19.3		%	21.2		%	(1.9)		pts
	General and administrative expense ratio [e]	13.1		%	12.8		%	0.3		pts	13.8		%	13.4		%	0.4		pts
	Combined ratio	107.4		%	114.5		%	(7.1)		pts	99.1		%	109.6		%	(10.5)		pts


INVESTMENT DATA	Total assets	$	27,935,137		$	26,452,996		5.6	%		$	27,935,137		$	26,452,996		5.6	%
	Total cash and invested assets [f]	16,470,740			15,575,897			5.7	%		16,470,740			15,575,897			5.7	%
	Net investment income	107,339			101,956			5.3	%		326,174			240,098			35.9	%
	Net investment gains	10,932			55,609			(80.3	%)		$	113,868		$	45,777		nm



	Book yield of fixed maturities	1.9		%	2.3		%	(0.4)		pts	1.9		%	2.3		%	(0.4)		pts

[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE") and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE") and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this document. Loss per diluted common share and operating loss per diluted common share for the three and nine months ended September 30, 2020, were calculated using weighted average common shares outstanding due to the net loss attributable to common shareholders and operating loss recognized in these periods.

[b] Annualized ROACE is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the

common shareholders’ equity balances at the beginning and end of the period.

[c] Annualized operating ROACE is calculated by dividing annualized operating income (loss) for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

[d] Operating income (loss) per diluted common share is calculated by dividing operating income (loss) for the period by weighted average diluted common shares outstanding.

[e] Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

[f] Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased).

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020


				Three months ended September 30,						Nine months ended September 30,
				2021			2020			2021			2020

Revenues
	Net premiums earned	$	1,211,427		$	1,091,312		$	3,472,090		$	3,283,941
	Net investment income	107,339			101,956			326,174			240,098
	Net investment gains	10,932			55,609			113,868			45,777
	Other insurance related income (loss)	7,665			1,440			16,262			(5,270)

	Total revenues			1,337,363			1,250,317			3,928,394			3,564,546

Expenses
	Net losses and loss expenses	911,369			879,677			2,292,559			2,464,012
	Acquisition costs	231,712			230,564			669,654			697,716
	General and administrative expenses	157,960			138,823			478,820			436,538
	Foreign exchange losses (gains)	(28,032)			60,734			(4,316)			8,760
	Interest expense and financing costs	15,954			15,574			46,759			59,641
	Reorganization expenses	—			1,413			—			822
	Amortization of value of business acquired	1,028			1,028			3,083			4,111
	Amortization of intangible assets	3,149			2,838			9,163			8,564
	Total expenses			1,293,140			1,330,651			3,495,722			3,680,164

Income (loss) before income taxes and interest in income (loss) of equity method investments		44,223			(80,334)			432,672			(115,618)
	Income tax (expense) benefit	(1,186)			12,056			(49,827)			6,030
	Interest in income (loss) of equity method investments	11,911			2,896			30,871			(13,579)
Net income (loss)		54,948			(65,382)			413,716			(123,167)


	Preferred share dividends	7,563			7,563			22,688			22,688

Net income (loss) available (attributable) to common shareholders		$	47,385		$	(72,945)		$	391,028		$	(145,855)

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - QUARTER


	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q3 2019
UNDERWRITING REVENUES
Gross premiums written	$	1,646,489	$	1,941,186	$	2,535,481	$	1,348,419	$	1,331,178	$	1,406,506
Ceded premiums written	(650,018)		(737,328)		(756,595)		(562,970)		(515,196)		(550,425)
Net premiums written	996,471		1,203,858		1,778,886		785,449		815,982		856,081

Gross premiums earned	1,879,280		1,794,769		1,671,139		1,735,932		1,680,529		1,756,116
Ceded premiums earned	(667,853)		(637,828)		(567,417)		(648,564)		(589,217)		(598,809)
Net premiums earned	1,211,427		1,156,941		1,103,722		1,087,368		1,091,312		1,157,307
Other insurance related income (loss)	7,665		5,817		2,781		(2,819)		1,440		1,533
Total underwriting revenues	1,219,092		1,162,758		1,106,503		1,084,549		1,092,752		1,158,840

UNDERWRITING EXPENSES
Net losses and loss expenses	911,369		666,473		714,718		817,239		879,677		850,913
Acquisition costs	231,712		219,070		218,871		231,800		230,564		260,026
Underwriting-related general and administrative expenses [a]	134,826		128,961		132,668		116,345		117,835		126,619
Total underwriting expenses	1,277,907		1,014,504		1,066,257		1,165,384		1,228,076		1,237,558

UNDERWRITING INCOME (LOSS) [b]	(58,815)		148,254		40,246		(80,835)		(135,324)		(78,718)

OTHER (EXPENSES) REVENUES
Net investment income	107,339		104,672		114,165		109,503		101,956		115,763
Net investment gains	10,932		73,293		29,645		83,356		55,609		14,527


Corporate expenses [a]	(23,134)		(33,491)		(25,740)		(26,907)		(20,988)		(28,903)
Foreign exchange (losses) gains	28,032		(19,602)		(4,113)		(72,309)		(60,734)		59,543
Interest expense and financing costs	(15,954)		(15,235)		(15,571)		(15,408)		(15,574)		(18,042)
Reorganization expenses	—		—		—		(7,059)		(1,413)		(11,215)
Amortization of value of business acquired	(1,028)		(1,028)		(1,028)		(1,028)		(1,028)		(4,368)
Amortization of intangible assets	(3,149)		(3,324)		(2,690)		(2,827)		(2,838)		(2,831)
Total other (expenses) revenues	103,038		105,285		94,668		67,321		54,990		124,474

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	44,223		253,539		134,914		(13,514)		(80,334)		45,756
Income tax (expense) benefit	(1,186)		(27,865)		(20,776)		6,291		12,056		(8,147)
Interest in income of equity method investments	11,911		9,799		9,162		9,967		2,896		792

NET INCOME (LOSS)	54,948		235,473		123,300		2,744		(65,382)		38,401





Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(10,656)


NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	47,385	$	227,910	$	115,737	$	(4,819)	$	(72,945)	$	27,745

[a] Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also includes corporate expenses.

[b] Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above and in the 'Consolidated Statements of Operations - Year' section of this document.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - QUARTER


	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q3 2019
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	55.4	%	55.7	%	55.1	%	57.4	%	58.5	%	61.7	%
Catastrophe and weather-related losses ratio	20.7	%	2.5	%	10.1	%	18.4	%	22.2	%	14.1	%
Current accident year loss ratio	76.1	%	58.2	%	65.2	%	75.8	%	80.7	%	75.8	%
Prior year reserve development ratio	(0.9	%)	(0.6	%)	(0.4	%)	(0.6	%)	(0.1	%)	(2.3	%)
Net losses and loss expenses ratio	75.2	%	57.6	%	64.8	%	75.2	%	80.6	%	73.5	%
Acquisition cost ratio	19.1	%	18.9	%	19.8	%	21.3	%	21.1	%	22.5	%
General and administrative expense ratio [a]	13.1	%	14.1	%	14.3	%	13.1	%	12.8	%	13.4	%
Combined ratio	107.4	%	90.6	%	98.9	%	109.6	%	114.5	%	109.4	%

Weighted average common shares outstanding	84,771		84,764		84,514		84,341		84,308		83,947
Weighted average diluted common shares outstanding	85,336		85,267		84,965		84,341		84,308		84,582
Earnings (loss) per common share	$0.56		$2.69		$1.37		($0.06)		($0.87)		$0.33
Earnings (loss) per diluted common share	$0.56		$2.67		$1.36		($0.06)		($0.87)		$0.33
Annualized ROACE	3.9	%	19.3	%	9.9	%	(0.4	%)	(6.2	%)	2.3	%
Annualized operating ROACE	0.1	%	14.4	%	7.1	%	(1.4	%)	(5.5	%)	(2.7	%)

[a] Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS - YEAR


	Nine months ended September 30,						Year ended December 31,
	2021		2020		2019		2020		2019
UNDERWRITING REVENUES
Gross premiums written	$	6,123,156	$	5,478,519	$	5,637,491	$	6,826,938	$	6,898,858
Ceded premiums written	(2,143,941)		(1,927,559)		(1,934,031)		(2,490,529)		(2,409,243)
Net premiums written	3,979,215		3,550,960		3,703,460		4,336,409		4,489,615

Gross premiums earned	5,345,188		5,032,802		5,121,592		6,768,733		6,910,677
Ceded premiums earned	(1,873,098)		(1,748,861)		(1,706,466)		(2,397,424)		(2,323,499)
Net premiums earned	3,472,090		3,283,941		3,415,126		4,371,309		4,587,178
Other insurance related income (loss)	16,262		(5,270)		11,385		(8,089)		16,444
Total underwriting revenues	3,488,352		3,278,671		3,426,511		4,363,220		4,603,622

UNDERWRITING EXPENSES
Net losses and loss expenses	2,292,559		2,464,012		2,187,403		3,281,252		3,044,798
Acquisition costs	669,654		697,716		762,807		929,517		1,024,582
Underwriting-related general and administrative expenses [a]	396,455		361,623		398,540		477,968		505,735
Total underwriting expenses	3,358,668		3,523,351		3,348,750		4,688,737		4,575,115

UNDERWRITING INCOME (LOSS)	129,684		(244,680)		77,761		(325,517)		28,507

OTHER (EXPENSES) REVENUES
Net investment income	326,174		240,098		361,014		349,601		478,572
Net investment gains	113,868		45,777		48,522		129,133		91,233

Corporate expenses [a]	(82,365)		(74,915)		(97,468)		(101,822)		(129,096)
Foreign exchange (losses) gains	4,316		(8,760)		64,868		(81,069)		12,041
Interest expense and financing costs	(46,759)		(59,641)		(49,545)		(75,049)		(68,107)
Reorganization expenses	—		(822)		(29,310)		(7,881)		(37,384)
Amortization of value of business acquired	(3,083)		(4,111)		(24,666)		(5,139)		(26,722)
Amortization of intangible assets	(9,163)		(8,564)		(8,744)		(11,390)		(11,597)
Total other (expenses) revenues	302,988		129,062		264,671		196,384		308,940

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	432,672		(115,618)		342,432		(129,133)		337,447
Income tax (expense) benefit	(49,827)		6,030		(23,850)		12,321		(23,692)
Interest in income (loss) of equity method investments	30,871		(13,579)		5,645		(3,612)		9,718

NET INCOME (LOSS)	413,716		(123,167)		324,227		(120,424)		323,473





Preferred share dividends	(22,688)		(22,688)		(31,969)		(30,250)		(41,112)


NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	391,028	$	(145,855)	$	292,258	$	(150,674)	$	282,361

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS - YEAR


	Nine months ended September 30,						Year ended December 31,
	2021		2020		2019		2020		2019
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio excluding catastrophe and weather-related losses	55.4	%	57.8	%	60.1	%	57.7	%	60.6	%
Catastrophe and weather-related losses ratio	11.3	%	17.5	%	5.9	%	17.7	%	7.5	%
Current accident year loss ratio	66.7	%	75.3	%	66.0	%	75.4	%	68.1	%
Prior year reserve development ratio	(0.7	%)	(0.3	%)	(1.9	%)	(0.3	%)	(1.7	%)
Net losses and loss expenses ratio	66.0	%	75.0	%	64.1	%	75.1	%	66.4	%
Acquisition cost ratio	19.3	%	21.2	%	22.3	%	21.3	%	22.3	%
General and administrative expense ratio [a]	13.8	%	13.4	%	14.5	%	13.2	%	13.9	%
Combined ratio	99.1	%	109.6	%	100.9	%	109.6	%	102.6	%

Weighted average common shares outstanding	84,684		84,235		83,872		84,262		83,894
Weighted average diluted common shares outstanding	85,191		84,235		84,420		84,262		84,473
Earnings (loss) per common share	$4.62		($1.73)		$3.48		($1.79)		$3.37
Earnings (loss) per diluted common share	$4.59		($1.73)		$3.46		($1.79)		$3.34
Annualized ROACE	10.9	%	(4.1	%)	8.6	%	(3.2	%)	6.3	%
Annualized operating ROACE	7.1	%	(4.4	%)	6.1	%	(3.7	%)	4.7	%

[a] Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Three months ended September 30, 2021									Nine months ended September 30, 2021
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,176,500		$	469,989		$	1,646,489			$	3,548,169		$	2,574,987		$	6,123,156
Ceded premiums written	(469,008)			(181,010)			(650,018)				(1,419,979)			(723,962)			(2,143,941)
Net premiums written	707,492			288,979			996,471				2,128,190			1,851,025			3,979,215

Gross premiums earned	1,142,550			736,730			1,879,280				3,232,391			2,112,797			5,345,188
Ceded premiums earned	(461,542)			(206,311)			(667,853)				(1,303,421)			(569,677)			(1,873,098)
Net premiums earned	681,008			530,419			1,211,427				1,928,970			1,543,120			3,472,090
Other insurance related income	468			7,197			7,665				1,435			14,827			16,262
Total underwriting revenues	681,476			537,616			1,219,092				1,930,405			1,557,947			3,488,352

UNDERWRITING EXPENSES
Net losses and loss expenses	442,681			468,688			911,369				1,131,753			1,160,806			2,292,559
Acquisition costs	123,529			108,183			231,712				348,172			321,482			669,654
Underwriting-related general and administrative expenses	104,905			29,921			134,826				307,777			88,678			396,455
Total underwriting expenses	671,115			606,792			1,277,907				1,787,702			1,570,966			3,358,668

UNDERWRITING INCOME (LOSS)	$	10,361		$	(69,176)		$	(58,815)			$	142,703		$	(13,019)		$	129,684

Catastrophe and weather-related losses, net of reinstatement premiums	$	104,873		$	144,957		$	249,830			$	151,987		$	236,655		$	388,642
Net favorable prior year reserve development	$	5,418		$	5,594		$	11,012			$	13,351		$	9,787		$	23,138

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	50.8		%	61.4		%	55.4		%		51.6		%	60.2		%	55.4		%
Catastrophe and weather-related losses ratio	15.0		%	28.0		%	20.7		%		7.8		%	15.7		%	11.3		%
Current accident year loss ratio	65.8		%	89.4		%	76.1		%		59.4		%	75.9		%	66.7		%
Prior year reserve development ratio	(0.8		%)	(1.0		%)	(0.9		%)		(0.7		%)	(0.7		%)	(0.7		%)
Net losses and loss expenses ratio	65.0		%	88.4		%	75.2		%		58.7		%	75.2		%	66.0		%
Acquisition cost ratio	18.1		%	20.4		%	19.1		%		18.0		%	20.8		%	19.3		%
Underwriting-related general and administrative expense ratio	15.4		%	5.6		%	11.2		%		16.0		%	5.8		%	11.4		%
Corporate expense ratio							1.9		%								2.4		%
Combined ratio	98.5		%	114.4		%	107.4		%		92.7		%	101.8		%	99.1		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Nine months ended September 30,				Year ended December 31,
	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q3 2019		2021		2020		2020

INSURANCE SEGMENT
Property	$	273,216	$	320,393	$	261,786	$	255,606	$	238,599	$	241,517	$	855,395	$	741,043	$	996,650
Marine	87,463		114,061		187,948		63,901		82,810		91,161		389,472		355,503		419,405
Terrorism	14,167		12,339		19,744		13,486		14,767		17,284		46,250		42,296		55,781
Aviation	32,954		29,742		20,402		23,946		22,702		17,623		83,098		63,725		87,671
Credit and Political Risk	27,651		43,140		37,451		56,264		24,473		32,528		108,242		100,151		156,414
Professional Lines	465,469		463,796		337,765		434,868		338,907		272,362		1,267,030		943,635		1,378,503
Liability	228,306		241,630		193,151		215,131		172,747		186,253		663,088		548,023		763,155
Accident and Health	46,644		43,481		44,847		40,843		39,262		34,054		134,971		117,743		158,585
Discontinued Lines - Novae	630		(110)		104		254		1,550		2,120		623		1,981		2,235
TOTAL INSURANCE SEGMENT	$	1,176,500	$	1,268,472	$	1,103,198	$	1,104,299	$	935,817	$	894,902	$	3,548,169	$	2,914,100	$	4,018,399

REINSURANCE SEGMENT
Catastrophe	$	88,396	$	133,089	$	250,956	$	24,497	$	74,656	$	94,833	$	472,441	$	526,646	$	551,143
Property	38,584		44,325		126,455		(1,115)		58,907		67,972		209,364		246,859		245,744
Credit and Surety	55,807		37,413		83,221		43,519		38,110		50,989		176,441		189,180		232,699
Professional Lines	24,279		148,398		131,255		45,888		31,752		23,540		303,932		267,047		312,935
Motor	12,151		39,781		223,524		(15,427)		(2,235)		25,367		275,455		319,867		304,439
Liability	166,085		182,106		269,201		113,591		136,791		146,690		617,393		505,322		618,913
Engineering	(660)		(2,502)		(2,428)		5,552		1,408		8,841		(5,590)		20,334		25,886
Agriculture	11,992		46,874		16,441		901		7,455		5,074		75,306		69,599		70,500
Marine and Aviation	12,427		25,613		32,340		10,900		6,341		9,727		70,382		62,202		73,103
Accident and Health	60,927		16,934		301,318		15,706		41,820		78,474		379,179		356,123		371,828
Discontinued Lines - Novae	1		683		—		108		356		97		684		1,240		1,349
TOTAL REINSURANCE SEGMENT	$	469,989	$	672,714	$	1,432,283	$	244,120	$	395,361	$	511,604	$	2,574,987	$	2,564,419	$	2,808,539

CONSOLIDATED TOTAL	$	1,646,489	$	1,941,186	$	2,535,481	$	1,348,419	$	1,331,178	$	1,406,506	$	6,123,156	$	5,478,519	$	6,826,938

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA - QUARTER AND PRIOR YEAR


																			Year ended December 31,
	Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q3 2019			2020
UNDERWRITING REVENUES
Gross premiums written	$	1,646,489		$	1,941,186		$	2,535,481		$	1,348,419		$	1,331,178		$	1,406,506		$	6,826,938
Ceded premiums written	(650,018)			(737,328)			(756,595)			(562,970)			(515,196)			(550,425)			(2,490,529)
Net premiums written	996,471			1,203,858			1,778,886			785,449			815,982			856,081			4,336,409

Gross premiums earned	1,879,280			1,794,769			1,671,139			1,735,932			1,680,529			1,756,116			6,768,733
Ceded premiums earned	(667,853)			(637,828)			(567,417)			(648,564)			(589,217)			(598,809)			(2,397,424)
Net premiums earned	1,211,427			1,156,941			1,103,722			1,087,368			1,091,312			1,157,307			4,371,309
Other insurance related income (loss)	7,665			5,817			2,781			(2,819)			1,440			1,533			(8,089)
Total underwriting revenues	1,219,092			1,162,758			1,106,503			1,084,549			1,092,752			1,158,840			4,363,220

UNDERWRITING EXPENSES
Net losses and loss expenses	911,369			666,473			714,718			817,239			879,677			850,913			3,281,252
Acquisition costs	231,712			219,070			218,871			231,800			230,564			260,026			929,517
Underwriting-related general and administrative expenses	134,826			128,961			132,668			116,345			117,835			126,619			477,968
Total underwriting expenses	1,277,907			1,014,504			1,066,257			1,165,384			1,228,076			1,237,558			4,688,737

UNDERWRITING INCOME (LOSS)	$	(58,815)		$	148,254		$	40,246		$	(80,835)		$	(135,324)		$	(78,718)		$	(325,517)

Catastrophe and weather-related losses, net of reinstatement premiums	$	249,830		$	28,562		$	110,250		$	198,028		$	240,025		$	159,869		$	773,919
Net favorable prior year reserve development	$	11,012		$	6,808		$	5,317		$	6,559		$	584		$	26,727		$	15,909

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	55.4		%	55.7		%	55.1		%	57.4		%	58.5		%	61.7		%	57.7		%
Catastrophe and weather-related losses ratio	20.7		%	2.5		%	10.1		%	18.4		%	22.2		%	14.1		%	17.7		%
Current accident year loss ratio	76.1		%	58.2		%	65.2		%	75.8		%	80.7		%	75.8		%	75.4		%
Prior year reserve development ratio	(0.9		%)	(0.6		%)	(0.4		%)	(0.6		%)	(0.1		%)	(2.3		%)	(0.3		%)
Net losses and loss expenses ratio	75.2		%	57.6		%	64.8		%	75.2		%	80.6		%	73.5		%	75.1		%
Acquisition cost ratio	19.1		%	18.9		%	19.8		%	21.3		%	21.1		%	22.5		%	21.3		%
Underwriting-related general and administrative expenses ratio	13.1		%	14.1		%	14.3		%	13.1		%	12.8		%	13.4		%	13.2		%
Combined ratio	107.4		%	90.6		%	98.9		%	109.6		%	114.5		%	109.4		%	109.6		%

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR


																			Year ended December 31,
	Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q3 2019			2020
UNDERWRITING REVENUES
Gross premiums written	$	1,176,500		$	1,268,472		$	1,103,198		$	1,104,299		$	935,817		$	894,902		$	4,018,399
Ceded premiums written	(469,008)			(555,587)			(395,384)			(476,066)			(390,960)			(377,852)			(1,660,898)
Net premiums written	707,492			712,885			707,814			628,233			544,857			517,050			2,357,501

Gross premiums earned	1,142,550			1,076,900			1,012,941			1,006,930			948,478			901,150			3,839,727
Ceded premiums earned	(461,542)			(445,225)			(396,655)			(417,160)			(378,294)			(364,699)			(1,540,689)
Net premiums earned	681,008			631,675			616,286			589,770			570,184			536,451			2,299,038
Other insurance related income	468			552			415			556			688			733			2,647
Total underwriting revenues	681,476			632,227			616,701			590,326			570,872			537,184			2,301,685

UNDERWRITING EXPENSES
Net losses and loss expenses	442,681			332,175			356,898			444,444			443,389			338,966			1,697,014
Acquisition costs	123,529			106,963			117,679			117,954			114,569			115,551			461,533
Underwriting-related general and administrative expenses	104,905			99,569			103,303			93,930			94,379			100,559			378,839
Total underwriting expenses	671,115			538,707			577,880			656,328			652,337			555,076			2,537,386

UNDERWRITING INCOME (LOSS)	$	10,361		$	93,520		$	38,821		$	(66,002)		$	(81,465)		$	(17,892)		$	(235,701)

Catastrophe and weather-related losses, net of reinstatement premiums	$	104,873		$	11,088		$	36,026		$	118,185		$	131,853		$	41,313		$	443,440
Net favorable prior year reserve development	$	5,418		$	6,427		$	1,505		$	4,417		$	270		$	14,609		$	8,937

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	50.8		%	51.8		%	52.3		%	56.1		%	54.7		%	58.2		%	55.1		%
Catastrophe and weather-related losses ratio	15.0		%	1.8		%	5.9		%	20.0		%	23.1		%	7.7		%	19.1		%
Current accident year loss ratio	65.8		%	53.6		%	58.2		%	76.1		%	77.8		%	65.9		%	74.2		%
Prior year reserve development ratio	(0.8		%)	(1.0		%)	(0.3		%)	(0.7		%)	—		%	(2.7		%)	(0.4		%)
Net losses and loss expenses ratio	65.0		%	52.6		%	57.9		%	75.4		%	77.8		%	63.2		%	73.8		%
Acquisition cost ratio	18.1		%	16.9		%	19.1		%	20.0		%	20.1		%	21.5		%	20.1		%
Underwriting-related general and administrative expenses ratio	15.4		%	15.8		%	16.8		%	15.9		%	16.5		%	18.8		%	16.5		%
Combined ratio	98.5		%	85.3		%	93.8		%	111.3		%	114.4		%	103.5		%	110.4		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA - QUARTER AND PRIOR YEAR


																			Year ended December 31,
	Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q3 2019			2020
UNDERWRITING REVENUES
Gross premiums written	$	469,989		$	672,714		$	1,432,283		$	244,120		$	395,361		$	511,604		$	2,808,539
Ceded premiums written	(181,010)			(181,741)			(361,211)			(86,904)			(124,236)			(172,573)			(829,631)
Net premiums written	288,979			490,973			1,071,072			157,216			271,125			339,031			1,978,908

Gross premiums earned	736,730			717,869			658,198			729,002			732,051			854,966			2,929,006
Ceded premiums earned	(206,311)			(192,603)			(170,762)			(231,404)			(210,923)			(234,110)			(856,735)
Net premiums earned	530,419			525,266			487,436			497,598			521,128			620,856			2,072,271
Other insurance related income (loss)	7,197			5,265			2,366			(3,375)			752			800			(10,736)
Total underwriting revenues	537,616			530,531			489,802			494,223			521,880			621,656			2,061,535

UNDERWRITING EXPENSES
Net losses and loss expenses	468,688			334,298			357,820			372,795			436,288			511,947			1,584,238
Acquisition costs	108,183			112,107			101,192			113,846			115,995			144,475			467,984
Underwriting-related general and administrative expenses	29,921			29,392			29,365			22,415			23,456			26,060			99,129
Total underwriting expenses	606,792			475,797			488,377			509,056			575,739			682,482			2,151,351

UNDERWRITING INCOME (LOSS)	$	(69,176)		$	54,734		$	1,425		$	(14,833)		$	(53,859)		$	(60,826)		$	(89,816)

Catastrophe and weather-related losses, net of reinstatement premiums	$	144,957		$	17,474		$	74,224		$	79,843		$	108,172		$	118,556		$	330,479
Net favorable prior year reserve development	$	5,594		$	381		$	3,812		$	2,142		$	314		$	12,118		$	6,972

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	61.4		%	60.4		%	58.6		%	59.0		%	62.7		%	64.8		%	60.6		%
Catastrophe and weather-related losses ratio	28.0		%	3.3		%	15.6		%	16.3		%	21.1		%	19.6		%	16.2		%
Current accident year loss ratio	89.4		%	63.7		%	74.2		%	75.3		%	83.8		%	84.4		%	76.8		%
Prior year reserve development ratio	(1.0		%)	(0.1		%)	(0.8		%)	(0.4		%)	(0.1		%)	(1.9		%)	(0.4		%)
Net losses and loss expenses ratio	88.4		%	63.6		%	73.4		%	74.9		%	83.7		%	82.5		%	76.4		%
Acquisition cost ratio	20.4		%	21.3		%	20.8		%	22.9		%	22.3		%	23.3		%	22.6		%
Underwriting-related general and administrative expense ratio	5.6		%	5.7		%	6.0		%	4.5		%	4.5		%	4.1		%	4.8		%
Combined ratio	114.4		%	90.6		%	100.2		%	102.3		%	110.5		%	109.9		%	103.8		%

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS


	Three months ended September 30,												Nine months ended September 30,
	2021						2020						2021						2020
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,176,500	$	469,989	$	1,646,489	$	935,817	$	395,361	$	1,331,178	$	3,548,169	$	2,574,987	$	6,123,156	$	2,914,100	$	2,564,419	$	5,478,519
Premiums ceded to Harrington Re	5,549		44,674		50,223		2,686		36,415		39,101		9,594		230,151		239,745		7,886		209,549		217,435
Premiums ceded to Other Strategic Capital Partners	—		136,336		136,336		16,365		87,821		104,186		—		493,811		493,811		52,165		533,178		585,343
Premiums ceded to Other Reinsurers	463,459		—		463,459		371,909		—		371,909		1,410,385		—		1,410,385		1,124,781		—		1,124,781
Net premiums written	$	707,492	$	288,979	$	996,471	$	544,857	$	271,125	$	815,982	$	2,128,190	$	1,851,025	$	3,979,215	$	1,729,268	$	1,821,692	$	3,550,960

FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Fee income	$	—	$	18,297	$	18,297	$	2,552	$	13,022	$	15,574	$	—	$	45,992	$	45,992	$	7,971	$	39,591	$	47,562

[a] Total managed premiums represents gross premiums written of $1.6 billion and $1.3 billion for the three months ended September 30, 2021 and 2020, respectively, and $6.1 billion and $5.5 billion for the nine months ended September 30, 2021 and 2020, respectively and includes premiums written by the insurance and reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

[b] Fee income from strategic capital partners represents service fees and reimbursement of expenses from strategic capital partners. Fee income from strategic capital partners included $6.8 million and $0.4 million in other insurance related income (loss) for the three months ended September 30, 2021 and 2020, respectively and $13.4 million and $2.0 million for the nine months ended September 30, 2021 and 2020, respectively. It also included $11.5 million and $15.2 million as an offset to general and administrative expenses for the three months ended September 30, 2021 and 2020, respectively and $32.6 million and $45.6 million for the nine months ended September 30, 2021 and 2020, respectively.

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME - QUARTER AND YEAR


													Nine months ended September 30,
	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q3 2019		2021		2020

Fixed maturities	$	63,712	$	61,244	$	69,470	$	72,727	$	73,992	$	96,311	$	194,426	$	244,394
Other investments	41,695		41,414		41,833		30,634		25,125		11,143		124,941		(14,574)
Equity securities	2,724		3,100		2,498		3,069		1,871		2,232		8,322		6,258
Mortgage loans	4,426		4,355		4,187		4,110		3,609		3,984		12,967		11,322
Cash and cash equivalents	692		617		2,336		3,768		2,491		7,034		3,645		9,814
Short-term investments	391		66		133		446		440		973		590		2,303

Gross investment income	113,640		110,796		120,457		114,754		107,528		121,677		344,891		259,517
Investment expenses	(6,301)		(6,124)		(6,292)		(5,251)		(5,572)		(5,914)		(18,717)		(19,419)

Net investment income	$	107,339	$	104,672	$	114,165	$	109,503	$	101,956	$	115,763	$	326,174	$	240,098

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,
	2021			2021			2021			2020			2020			2019
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	12,380,959		$	11,898,300		$	11,728,611		$	12,041,799		$	12,609,241		$	12,616,241
Fixed maturities, held to maturity, at amortized cost	416,879			403,370			404,690			—
Equity securities, at fair value	618,822			588,196			547,676			518,445			417,886			429,903
Mortgage loans, held for investment, at fair value	623,487			656,056			629,576			593,290			544,095			407,790
Other investments, at fair value	892,664			865,238			790,530			829,156			760,206			779,200
Equity method investments	145,080			133,169			123,370			114,209			104,242			113,748
Short-term investments, at fair value	68,267			112,862			185,699			161,897			69,996			12,539
Total investments	15,146,158			14,657,191			14,410,152			14,258,796			14,505,666			14,359,421
Cash and cash equivalents	1,499,204			1,589,443			1,560,279			1,503,232			1,440,816			1,208,551
Accrued interest receivable	62,423			63,215			61,222			65,020			70,013			81,371
Insurance and reinsurance premium balances receivable	2,978,996			3,393,777			3,367,142			2,738,342			3,131,791			3,322,316
Reinsurance recoverable on unpaid losses and loss expenses	4,989,645			4,626,454			4,533,232			4,496,641			4,337,683			3,705,793
Reinsurance recoverable on paid losses and loss expenses	506,503			467,180			459,411			434,201			373,431			252,087
Deferred acquisition costs	544,384			574,658			577,509			431,439			520,706			586,440
Prepaid reinsurance premiums	1,460,723			1,479,328			1,379,450			1,194,455			1,278,672			1,243,040
Receivable for investments sold	2,028			3,671			1,450			2,150			17,513			9,711
Goodwill	100,801			100,801			100,801			100,801			102,003			102,003
Intangible assets	211,557			214,286			216,904			219,633			222,362			233,305
Value of business acquired	770			1,798			2,826			3,854			4,881			11,048
Operating lease right-of-use assets	107,791			112,444			116,693			123,579			131,776			116,560
Other assets	324,154			297,484			298,756			305,544			315,683			263,880
TOTAL ASSETS	$	27,935,137		$	27,581,730		$	27,085,827		$	25,877,687		$	26,452,996		$	25,495,526

LIABILITIES
Reserve for losses and loss expenses	$	14,658,996		$	14,157,353		$	14,025,274		$	13,926,766		$	13,653,488		$	12,498,507
Unearned premiums	4,464,282			4,698,944			4,551,424			3,685,886			4,070,649			4,153,003
Insurance and reinsurance balances payable	1,442,729			1,409,772			1,231,403			1,092,042			1,244,846			1,276,123
Debt	1,310,650			1,310,328			1,310,009			1,309,695			1,309,384			1,388,135
Payable for investments purchased	239,073			205,895			389,925			104,777			458,111			89,805
Operating lease liabilities	123,874			130,174			134,002			140,263			140,058			115,887
Other liabilities	360,478			279,504			267,400			322,564			310,565			388,196
TOTAL LIABILITIES	22,600,082			22,191,970			21,909,437			20,581,993			21,187,101			19,909,656

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			775,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,336,895			2,326,288			2,316,147			2,330,054			2,325,196			2,309,483
Accumulated other comprehensive income	150,122			226,317			214,861			414,395			350,111			176,296
Retained earnings	6,044,843			6,034,151			5,842,850			5,763,607			5,804,637			6,101,902
Treasury shares, at cost	(3,749,011)			(3,749,202)			(3,749,674)			(3,764,568)			(3,766,255)			(3,779,017)


TOTAL SHAREHOLDERS' EQUITY	5,335,055			5,389,760			5,176,390			5,295,694			5,265,895			5,585,870

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	27,935,137		$	27,581,730		$	27,085,827		$	25,877,687		$	26,452,996		$	25,495,526

Common shares outstanding	84,773			84,767			84,753			84,353			84,309			83,947
Diluted common shares outstanding [a]	87,216			87,197			87,235			86,143			86,132			85,516
Book value per common share	$56.45			$57.09			$54.59			$56.26			$55.94			$57.31
Book value per diluted common share	$54.86			$55.50			$53.03			$55.09			$54.75			$56.26
Tangible book value per diluted common share	$51.89			$52.50			$49.91			$51.90			$51.52			$52.84
Debt to total capital [b]	19.7		%	19.6		%	20.2		%	19.8		%	19.9		%	19.9		%
Debt and preferred equity to total capital	28.0		%	27.8		%	28.7		%	28.2		%	28.3		%	31.0		%

[a] Treasury stock method was applied. Under this method, unvested restricted stock units are included in determining the diluted common shares outstanding.

[b] The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

At September 30, 2021


	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,688,431	$	—	$	14,768	$	(10,805)	$	2,692,394	16.3	%
Non-U.S. government	714,081		—		13,696		(7,855)		719,922		4.4	%
Corporate debt	4,450,477		(324)		121,913		(24,416)		4,547,650		27.6	%
Agency RMBS	1,144,205		—		24,213		(5,380)		1,163,038		7.1	%
CMBS	1,185,705		—		42,927		(2,407)		1,226,225		7.4	%
Non-Agency RMBS	192,129		(75)		2,818		(1,108)		193,764		1.2	%
ABS	1,640,602		—		6,311		(3,668)		1,643,245		10.0	%
Municipals	187,137		—		7,826		(242)		194,721		1.2	%
Total fixed maturities, available for sale, at fair value	12,202,767		(399)		234,472		(55,881)		12,380,959		75.2	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	10,000		—		—		—		10,000		0.1	%
ABS	406,879		—		—		—		406,879		2.4	%
Total fixed maturities, held to maturity, at amortized cost	416,879		—		—		—		416,879		2.5	%

Equity securities, at fair value
Common stocks	943		—		493		(409)		1,027		—	%
Preferred Stocks	115		—		148		—		263		—	%
Exchange traded funds	203,336		—		107,163		(659)		309,840		1.9	%
Bond mutual funds	306,497		—		1,730		(535)		307,692		1.9	%
Total equity securities, at fair value	510,891		—		109,534		(1,603)		618,822		3.8	%

Total fixed maturities and equity securities	$	13,130,537	$	(399)	$	344,006	$	(57,484)	13,416,660		81.5	%

Mortgage loans, held for investment									623,487		3.8	%

Other investments									892,664		5.4	%

Equity method investments									145,080		0.9	%

Short-term investments									68,267		0.4	%

Total investments									15,146,158		92.0	%

Cash and cash equivalents [a]									1,499,204		9.1	%

Accrued interest receivable									62,423		0.4	%

Net receivable/(payable) for investments sold (purchased)									(237,045)		(1.5	%)

Total cash and invested assets									$	16,470,740	100.0	%

[a] Includes $552 million of restricted cash and cash equivalents.

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO (CONTINUED)

At September 30, 2021



	Fair Value		Percentage
Other Investments:
Long/short equity funds	$	3,762	0.4	%
Multi-strategy funds	67,628		7.6	%

Direct lending funds	297,047		33.3	%
Real estate funds	225,673		25.3	%
Private equity funds	226,745		25.4	%
Other privately held investments	65,512		7.3	%
Collateralized loan obligations - equity tranches	6,297		0.7	%
Total	$	892,664	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION - QUARTER


	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q3 2019
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	16.3	%	15.9	%	14.0	%	12.2	%	12.8	%	13.6	%
Non-U.S. government	4.4	%	4.2	%	4.6	%	4.3	%	4.3	%	3.5	%
Corporate debt	27.6	%	27.9	%	28.7	%	29.6	%	30.8	%	32.6	%
MBS:
Agency RMBS	7.1	%	6.5	%	7.7	%	8.2	%	10.8	%	10.5	%
CMBS	7.4	%	7.1	%	8.1	%	8.6	%	8.9	%	8.8	%
Non-agency RMBS	1.2	%	1.3	%	1.1	%	0.9	%	0.9	%	0.4	%
ABS	10.0	%	9.3	%	9.0	%	10.9	%	10.7	%	10.3	%
Municipals	1.2	%	1.7	%	1.8	%	1.9	%	1.8	%	1.3	%

Total Fixed Maturities, available for sale	75.2	%	73.9	%	75.0	%	76.6	%	81.0	%	81.0	%
Fixed Maturities, held to maturity:
Corporate debt	0.1	%	—	%	—	%	—	%	—	%	—	%
ABS	2.4	%	2.5	%	2.6	%	—	%	—	%	—	%

Total Fixed Maturities, held to maturity	2.5	%	2.5	%	2.6	%	—	%	—	%	—	%
Equity securities	3.8	%	3.7	%	3.5	%	3.3	%	2.7	%	2.8	%
Mortgage loans	3.8	%	4.1	%	4.0	%	3.8	%	3.5	%	2.6	%
Other investments	5.4	%	5.4	%	5.1	%	5.3	%	4.9	%	5.0	%
Equity method investments	0.9	%	0.8	%	0.8	%	0.7	%	0.7	%	0.7	%
Short-term investments	0.4	%	0.6	%	1.1	%	1.0	%	0.3	%	0.1	%

Total Investments	92.0	%	91.0	%	92.1	%	90.7	%	93.1	%	92.2	%
Cash and cash equivalents	9.1	%	9.9	%	10.0	%	9.6	%	9.3	%	7.8	%
Accrued interest receivable	0.4	%	0.4	%	0.4	%	0.4	%	0.4	%	0.5	%
Net receivable/(payable) for investments sold (purchased)	(1.5	%)	(1.3	%)	(2.5	%)	(0.7	%)	(2.8	%)	(0.5	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	21.0	%	20.7	%	18.0	%	15.9	%	15.8	%	16.9	%
AAA	36.1	%	35.2	%	37.0	%	37.8	%	39.8	%	38.6	%
AA	7.1	%	7.4	%	7.8	%	7.6	%	7.4	%	7.1	%
A	14.5	%	14.6	%	15.2	%	15.7	%	15.7	%	14.8	%
BBB	12.4	%	13.2	%	13.4	%	14.4	%	13.4	%	13.8	%
Below BBB	8.9	%	8.9	%	8.6	%	8.6	%	7.9	%	8.8	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	4.0	%	4.3	%	5.0	%	3.6	%	2.9	%	2.7	%
From one to five years	38.3	%	38.7	%	36.9	%	36.0	%	35.3	%	39.9	%
From five to ten years	19.3	%	20.3	%	19.5	%	20.7	%	21.1	%	17.2	%
Above ten years	2.2	%	1.7	%	1.9	%	2.3	%	2.1	%	3.3	%
Asset-backed and mortgage-backed securities	36.2	%	35.0	%	36.7	%	37.4	%	38.6	%	36.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	1.9	%	2.0	%	2.1	%	2.3	%	2.3	%	2.9	%
Yield to maturity of fixed maturities	1.4	%	1.4	%	1.5	%	1.3	%	1.4	%	2.5	%
Average duration of fixed maturities	3.1 yrs		3.1 yrs		3.3 yrs		3.3 yrs		3.4 yrs		3.1 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At September 30, 2021


	Fair Value or Net Carrying Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	819,165	18.0	%	5.0	%
Non-U.S. banks	376,607		8.3	%	2.3	%
Corporate/commercial finance	268,883		5.9	%	1.6	%
Insurance	147,693		3.2	%	0.9	%
Investment brokerage	75,800		1.7	%	0.5	%
Total financial institutions	1,688,148		37.1	%	10.3	%
Consumer non-cyclicals	446,118		9.8	%	2.7	%
Communications	273,019		6.0	%	1.7	%
Consumer cyclical	210,617		4.6	%	1.3	%
Technology	188,128		4.1	%	1.1	%
Utilities	188,576		4.1	%	1.1	%
Energy	163,481		3.6	%	1.0	%
Non-U.S. government guaranteed	140,311		3.1	%	0.9	%
Industrials	122,587		2.7	%	0.7	%
Transportation	99,489		2.2	%	0.6	%
Total investment grade	3,520,474		77.3	%	21.4	%

Total non-investment grade	1,027,176		22.7	%	6.2	%

Total corporate debt, available for sale, at fair value	$	4,547,650	100.0	%	27.6	%

Total corporate debt, held to maturity, at amortized cost	$	10,000	100.0	%	0.1	%

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At September 30, 2021


	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	127,036	$	4,271	$	131,307	1.1	%
MORGAN STANLEY	124,491		3,682		128,173		1.0	%
JP MORGAN CHASE & CO	105,913		1,827		107,740		0.9	%
GOLDMAN SACHS GROUP	101,588		2,883		104,471		0.8	%
WELLS FARGO & COMPANY	90,199		3,377		93,576		0.8	%
CITIGROUP INC	75,543		3,667		79,210		0.6	%
AT&T INC	48,018		1,014		49,032		0.4	%
MITSUBISHI UFJ FINANCIAL GROUP INC	43,558		808		44,366		0.4	%
COMCAST CORPORATION	38,545		1,793		40,338		0.3	%
VERIZON COMMUNICATIONS INC	37,806		1,527		39,333		0.3	%

[a] These holdings represent direct investments in fixed maturities of the parent issuer and its major subsidiaries. These investments exclude asset and mortgage backed securities that were issued, sponsored or serviced by the parent.

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At September 30, 2021


Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

Residential MBS	$	1,163,038		$	171,489		$	4,043		$	11,634		$	684		$	5,914		$	1,356,802
Commercial MBS	86,400			1,071,524			63,051			5,250			—			—			1,226,225
ABS	—			1,370,938			105,109			94,075			40,334			32,789			1,643,245

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,249,438		$	2,613,951		$	172,203		$	110,959		$	41,018		$	38,703		$	4,226,272

Percentage of total	29.6		%	61.9		%	4.1		%	2.6		%	1.0		%	0.8		%	100.0		%


Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

ABS	—			275,054			131,825			—			—			—			406,879

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	275,054		$	131,825		$	—		$	—		$	—		$	406,879

Percentage of total	—		%	67.6		%	32.4		%	—		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS


	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q3 2019
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	338,908	$	318,421	$	329,210	$	265,494	$	234,072	$	158,491
Reinsurance	167,595		148,759		130,201		168,707		139,359		93,596
Total	$	506,503	$	467,180	$	459,411	$	434,201	$	373,431	$	252,087

Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	908,182	$	870,602	$	870,816	$	878,107	$	874,612	$	869,575
Reinsurance	575,628		518,973		491,517		505,437		452,201		351,179
Total	$	1,483,810	$	1,389,575	$	1,362,333	$	1,383,544	$	1,326,813	$	1,220,754

Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	2,569,194	$	2,395,835	$	2,329,090	$	2,339,557	$	2,258,508	$	1,932,766
Reinsurance	963,728		867,253		866,927		797,251		775,187		570,738
Total	$	3,532,922	$	3,263,088	$	3,196,017	$	3,136,808	$	3,033,695	$	2,503,504

Allowance for expected credit losses:
Insurance	$	(23,664)	$	(22,749)	$	(22,037)	$	(21,298)	$	(20,369)	$	(17,598)
Reinsurance	(3,423)		(3,460)		(3,081)		(2,413)		(2,456)		(867)
Total	$	(27,087)	$	(26,209)	$	(25,118)	$	(23,711)	$	(22,825)	$	(18,465)

Reinsurance recoverable on unpaid and paid losses and loss expenses:
Insurance	$	3,792,620	$	3,562,109	$	3,507,079	$	3,461,860	$	3,346,823	$	2,943,234
Reinsurance	1,703,528		1,531,525		1,485,564		1,468,982		1,364,291		1,014,646
Total	$	5,496,148	$	5,093,634	$	4,992,643	$	4,930,842	$	4,711,114	$	3,957,880

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At September 30, 2021


Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity	Allowance for expected credit losses		Allowance for expected credit loss as % of Reinsurance Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverable	$	2,862,627	$	(674,499)	$	2,188,128	52.3%	41.0%	$	(10,996)	0.4%	$	2,851,631
Other reinsurers balances > $20 million	2,176,499		(538,866)		1,637,633		39.2%	30.7%	(11,924)		0.5%	2,164,575
Other reinsurers balances < $20 million	484,109		(127,185)		356,924		8.5%	6.7%	(4,167)		0.9%	479,942
Total	$	5,523,235	$	(1,340,550)	$	4,182,685	100.0%	78.4%	$	(27,087)	0.5%	$	5,496,148

At September 30, 2021, reinsurance recoverable balances, gross of collateral, of 85.7% (December 31, 2020: 87.6%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.


Top 10 Reinsurers, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	13.4%	10.5%
2	Harrington Re Ltd.	8.8%	6.9%
3	Lloyds of London	6.8%	5.3%
4	Transatlantic Reinsurance Co	5.9%	4.6%
5	Hannover Ruck SE	5.2%	4.1%
6	Partner Reinsurance Co of the US	4.2%	3.3%
7	SCOR Reinsurance Company	3.6%	2.8%
8	Munich Reinsurance America, Inc	3.2%	2.5%
9	Everest Reinsurance Company	3.1%	2.4%
10	Swiss Reinsurance Company Ltd	2.1%	1.6%
		56.3%	44.0%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES


	Three months ended September 30, 2021						Nine months ended September 30, 2021
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses		Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses

Beginning of period	$	14,157,353	$	(4,626,454)	$	9,530,899	$	13,926,766	$	(4,496,641)	$	9,430,125
Incurred losses and loss expenses	1,523,423		(612,054)		911,369		3,640,142		(1,347,583)		2,292,559
Paid losses and loss expenses	(926,407)		233,256		(693,151)		(2,818,606)		776,158		(2,042,448)
Foreign exchange and other	(95,373)		15,607		(79,766)		(89,306)		78,421		(10,885)

End of period [a]	$	14,658,996	$	(4,989,645)	$	9,669,351	$	14,658,996	$	(4,989,645)	$	9,669,351

[a] At September 30, 2021, reserve for losses and loss expenses included IBNR of $9.2 billion, or 63% (December 31, 2020: $8.6 billion, or 62%).

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS BY SEGMENT


	Three months ended September 30, 2021									Nine months ended September 30, 2021
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	441,854		$	484,553		$	926,407			$	1,508,867		$	1,309,739		$	2,818,606
Reinsurance recoverable on paid losses and loss expenses	(154,584)			(78,672)			(233,256)				(567,050)			(209,108)			(776,158)
Net paid losses and loss expenses	287,270			405,881			693,151				941,817			1,100,631			2,042,448

Gross case reserves	47,583			81,030			128,613				26,921			144,094			171,015
Gross IBNR	326,336			142,067			468,403				458,583			191,938			650,521
Reinsurance recoverable on unpaid losses and loss expenses	(218,508)			(160,290)			(378,798)				(295,568)			(275,857)			(571,425)
Net unpaid losses and loss expenses	155,411			62,807			218,218				189,936			60,175			250,111

Total net incurred losses and loss expenses	$	442,681		$	468,688		$	911,369			$	1,131,753		$	1,160,806		$	2,292,559

Gross reserve for losses and loss expenses	$	7,797,533		$	6,861,463		$	14,658,996			$	7,797,533		$	6,861,463		$	14,658,996

Net favorable prior year reserve development	$	5,418		$	5,594		$	11,012			$	13,351		$	9,787		$	23,138

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	64.9		%	86.6		%	76.1		%		83.2		%	94.8		%	89.1		%

Net paid losses and loss expenses / Net premiums earned	42.2		%	76.5		%	57.2		%		48.8		%	71.3		%	58.8		%
Net unpaid losses and loss expenses / Net premiums earned	22.8		%	11.9		%	18.0		%		9.9		%	3.9		%	7.2		%
Net losses and loss expenses ratio	65.0		%	88.4		%	75.2		%		58.7		%	75.2		%	66.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE - QUARTER


	Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q3 2019

Gross paid losses and loss expenses	$	441,854		$	493,803		$	573,209		$	683,379		$	502,517		$	546,316
Reinsurance recoverable on paid losses and loss expenses	(154,584)			(174,727)			(237,739)			(273,686)			(203,805)			(232,791)
Net paid losses and loss expenses	287,270			319,076			335,470			409,693			298,712			313,525

Gross case reserves	47,583			(1,372)			(19,290)			(34,344)			(68,443)			35,106
Gross IBNR	326,336			83,955			48,294			132,082			277,499			42,137
Reinsurance recoverable on unpaid losses and loss expenses	(218,508)			(69,484)			(7,576)			(62,987)			(64,379)			(51,802)
Net unpaid losses and loss expenses	155,411			13,099			21,428			34,751			144,677			25,441

Total net incurred losses and loss expenses	$	442,681		$	332,175		$	356,898		$	444,444		$	443,389		$	338,966

Gross reserve for losses and loss expenses	$	7,797,533		$	7,456,368		$	7,368,569		$	7,310,498		$	7,135,537		$	6,437,281

Net favorable prior year reserve development	$	5,418		$	6,427		$	1,505		$	4,417		$	270		$	14,609

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	64.9		%	96.1		%	94.0		%	92.2		%	67.4		%	92.5		%

Net paid losses and loss expenses / Net premiums earned	42.2		%	50.5		%	54.4		%	69.5		%	52.4		%	58.4		%
Net unpaid losses and loss expenses / Net premiums earned	22.8		%	2.1		%	3.5		%	5.9		%	25.4		%	4.8		%
Net losses and loss expenses ratio	65.0		%	52.6		%	57.9		%	75.4		%	77.8		%	63.2		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE - QUARTER


	Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q3 2019

Gross paid losses and loss expenses	$	484,553		$	416,850		$	408,336		$	594,863		$	467,319		$	442,924
Reinsurance recoverable on paid losses and loss expenses	(78,672)			(79,713)			(50,723)			(125,680)			(69,218)			(72,222)
Net paid losses and loss expenses	405,881			337,137			357,613			469,183			398,101			370,702

Gross case reserves	81,030			58,448			4,616			104,547			65,919			27,062
Gross IBNR	142,067			(27,193)			77,064			(137,925)			59,996			224,223
Reinsurance recoverable on unpaid losses and loss expenses	(160,290)			(34,094)			(81,473)			(63,010)			(87,728)			(110,040)
Net unpaid losses and loss expenses	62,807			(2,839)			207			(96,388)			38,187			141,245

Total net incurred losses and loss expenses	$	468,688		$	334,298		$	357,820		$	372,795		$	436,288		$	511,947

Gross reserve for losses and loss expenses	$	6,861,463		$	6,700,985		$	6,656,705		$	6,616,268		$	6,517,951		$	6,061,226

Net favorable prior year reserve development	$	5,594		$	381		$	3,812		$	2,142		$	314		$	12,118

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	86.6		%	100.8		%	99.9		%	125.9		%	91.2		%	72.4		%

Net paid losses and loss expenses / Net premiums earned	76.5		%	64.2		%	73.4		%	94.3		%	76.4		%	59.7		%
Net unpaid losses and loss expenses / Net premiums earned	11.9		%	(0.6		%)	—		%	(19.4		%)	7.3		%	22.8		%
Net losses and loss expenses ratio	88.4		%	63.6		%	73.4		%	74.9		%	83.7		%	82.5		%

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AT OCTOBER 1, 2021


		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		% of Common Shareholders' Equity		100 Year Return Period		% of Common Shareholders' Equity		250 Year Return Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	151	3.2	%	$	213	4.5	%	$	308	6.4	%
Northeast	U.S. Hurricane	26		0.5	%	93		1.9	%	207		4.3	%
Mid-Atlantic	U.S. Hurricane	61		1.3	%	185		3.9	%	348		7.3	%
Gulf of Mexico	U.S. Hurricane	118		2.5	%	168		3.5	%	249		5.2	%
California	Earthquake	130		2.7	%	253		5.3	%	338		7.1	%
Europe	Windstorm	115		2.4	%	146		3.1	%	187		3.9	%
Japan	Earthquake	65		1.4	%	129		2.7	%	235		4.9	%
Japan	Windstorm	62		1.3	%	118		2.5	%	136		2.8	%

The table above shows our net Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at October 1, 2021. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast U.S. hurricane, net of reinsurance, is approximately $0.2 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $0.2 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $0.2 billion.

We have developed our PML estimates by combining judgment and experience with the outputs from the catastrophe model, commercially available from AIR Worldwide. Additionally, we have included our estimate of non-modeled perils and other factors which we believe provides us with a more complete view of catastrophe risk.

Our PML estimates are based on assumptions that are inherently subject to significant uncertainties and contingencies. These uncertainties and contingencies can affect actual losses and could cause actual losses to differ materially from those expressed above. We aim to reduce the potential for model error in a number of ways, the most important of which is by ensuring that management’s judgment supplements the model outputs. Models are continuously validated at the line of business and at a group level by our catastrophe model validation team. These validation procedures include sensitivity testing of models to understand their key variables and, where possible, back testing the model outputs to actual results.

Estimated net losses from peak zone catastrophes may change from period to period as a result of several factors, which include but are not limited to, updates to vendor catastrophe models, changes in internal modeling, underwriting portfolios, reinsurance purchasing strategy and in foreign exchange rates.

AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION - AS REPORTED, U.S. GAAP


	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020

Net income (loss) available (attributable) to common shareholders	$	47,385	$	(72,945)	$	391,028	$	(145,855)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,771		84,308		84,684		84,235
Dilutive share equivalents:
Share-based compensation plans [a]	565		—		507		—
Weighted average diluted common shares outstanding	85,336		84,308		85,191		84,235

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$0.56		($0.87)		$4.62		($1.73)
Earnings (loss) per diluted common share	$0.56		($0.87)		$4.59		($1.73)

[a] Due to the net loss attributable to common shareholders recognized for the three and nine months ended September 30, 2020, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD - QUARTER


	Q3 2021		Q2 2021		Q1 2021		Q4 2020		Q3 2020		Q3 2019

Net income (loss) available (attributable) to common shareholders	$	47,385	$	227,910	$	115,737	$	(4,819)	$	(72,945)	$	27,745

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	84,767		84,753		84,353		84,309		84,306		83,947
Shares issued and treasury shares reissued	10		22		589		83		5		1
Shares repurchased for treasury	(4)		(8)		(189)		(39)		(2)		(1)
Common shares - at end of period	84,773		84,767		84,753		84,353		84,309		83,947

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,771		84,764		84,514		84,341		84,308		83,947
Dilutive share equivalents:

Share-based compensation plans [a]	565		503		451		—		—		635
Weighted average diluted common shares outstanding	85,336		85,267		84,965		84,341		84,308		84,582

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$0.56		$2.69		$1.37		($0.06)		($0.87)		$0.33
Earnings (loss) per diluted common share	$0.56		$2.67		$1.36		($0.06)		($0.87)		$0.33

[a] Due to the net loss attributable to common shareholders recognized for the three months ended December 31, 2020 and September 30, 2020, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD [a]


	At September 30, 2021

		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share

Closing stock price					$46.04

Book value per common share		$	4,785,055	84,773	$56.45

Dilutive securities: [b]

Restricted stock units				2,443	(1.59)
Book value per diluted common share		$	4,785,055	87,216	$54.86

	At December 31, 2020

		Common Shareholders’ Equity		Common Shares Outstanding net of Treasury Shares	Per share

Closing stock price					$50.39

Book value per common share		$	4,745,694	84,353	$56.26



Dilutive securities: [b]


Restricted stock units				1,790	(1.17)
Book value per diluted common share		$	4,745,694	86,143	$55.09

[a] Under this method, unvested restricted stock units are included in determining the diluted common shares outstanding.

[b] Cash-settled restricted stock units are excluded.

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Three months ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Net income (loss) available (attributable) to common shareholders	$	47,385		$	(72,945)		$	391,028		$	(145,855)

Net investment gains [a]	(10,932)			(55,609)			(113,868)			(45,777)

Foreign exchange losses (gains) [b]	(28,032)			60,734			(4,316)			8,760







Reorganization expenses [c]	—			1,413			—			822

Interest in (income) loss of equity method investments [d]	(11,911)			(2,896)			(30,871)			13,579



Income tax expense	4,534			4,235			12,316			10,494
Operating income (loss)	$	1,044		$	(65,068)		$	254,289		$	(157,977)

Earnings (loss) per diluted common share	$	0.56		$	(0.87)		$	4.59		$	(1.73)

Net investment gains	(0.13)			(0.66)			(1.34)			(0.54)

Foreign exchange losses (gains)	(0.33)			0.72			(0.05)			0.10





Reorganization expenses	—			0.02			—			0.01





Interest in (income) loss of equity method investments	(0.14)			(0.03)			(0.36)			0.16
Income tax expense	0.05			0.05			0.14			0.12


Operating income (loss) per diluted common share	$	0.01		$	(0.77)		$	2.98		$	(1.88)

Weighted average diluted common shares outstanding	85,336			84,308			85,191			84,235

Average common shareholders' equity	$	4,812,408		$	4,731,858		$	4,765,375		$	4,742,452

Annualized return on average common equity	3.9		%	(6.2		%)	10.9		%	(4.1		%)

Annualized operating return on average common equity	0.1		%	(5.5		%)	7.1		%	(4.4		%)

[a] Tax expense (benefit) of $606 and $6,667 for the three months ended September 30, 2021 and 2020, respectively, and $9,581 and $9,104 for the nine months ended September 30, 2021 and 2020 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax expense (benefit) of $3,928 and ($2,245) for the three months ended September 30, 2021 and 2020, respectively, and $2,735 and $1,366 for the nine months ended September 30, 2021 and 2020 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax expense (benefit) of $(187) for the three months ended September 30, 2020 and $24 for the nine months ended September 30, 2020, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax expense (benefit) of $nil for the three and nine months ended September 30, 2021 and 2020 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

AXIS CAPITAL HOLDINGS LIMITED

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE


TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE - TREASURY STOCK METHOD [a]
	September 30,		June 30,		March 31,		December 31,		September 30,		September 30,
	2021		2021		2021		2020		2020		2019
Common shareholders' equity	$	4,785,055	$	4,839,760	$	4,626,390	$	4,745,694	$	4,715,895	$	4,810,870
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(102,003)		(102,003)
Less: intangible assets	(211,557)		(214,286)		(216,904)		(219,633)		(222,362)		(233,305)
Associated tax impact	53,175		53,241		45,565		45,991		46,333		42,881
Tangible common shareholders' equity	$	4,525,872	$	4,577,914	$	4,354,250	$	4,471,251	$	4,437,863	$	4,518,443

Diluted common shares outstanding, net of treasury shares	87,216		87,197		87,235		86,143		86,132		85,516

Book value per diluted common share	$	54.86	$	55.50	$	53.03	$	55.09	$	54.75	$	56.26

Tangible book value per diluted common share	$	51.89	$	52.50	$	49.91	$	51.90	$	51.52	$	52.84

[a] Under this method, unvested restricted stock units are included in determining the diluted common shares outstanding. Cash-settled restricted stock units are excluded.

AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this document, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), tangible book value per diluted common share which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses

Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.

The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations - Quarter' and 'Consolidated Statements of Operations - Year' sections of this document.

Consolidated Underwriting Income (Loss)

Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in the 'Segment Information' note to our Consolidated Financial Statements, it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio. As a result, we believe that foreign exchange losses (gains) are not a meaningful contributor to our underwriting performance, therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss).

Reorganization expenses are related to the transformation program which was launched in 2017. This program encompasses the integration of Novae Group plc ("Novae"), which commenced in the fourth quarter of 2017, the realignment of our accident and health business, together with other initiatives designed to increase efficiency and enhance profitability, while delivering a customer-centric operating model. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

Amortization of intangible assets including value of business acquired ("VOBA") arose from business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in the 'Consolidated Statements of Operations - Quarter' and 'Consolidated Statements of Operations - Year' sections of this document.

Operating Income (Loss)

Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, and interest in income (loss) of equity method investments.

Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. In addition, we recognize unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities in net investment gains (losses). We also recognize unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss). These unrealized foreign exchange losses (gains) generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss), thereby minimizing

the impact of foreign exchange rate movements on total shareholders’ equity. As a result, foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business.

Reorganization expenses are related to the transformation program which was launched in 2017. This program encompasses the integration of Novae, which commenced in the fourth quarter of 2017, the realignment of our accident and health business, together with other initiatives designed to increase efficiency and enhance profitability, while delivering a customer-centric operating model. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from operating income (loss).

Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, this income (loss) is excluded from operating income (loss).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, and interest in income (loss) of equity method investments to understand the profitability of recurring sources of income.

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, and interest in income (loss) of equity method investments reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively, in the 'Non-GAAP Financial Measures Reconciliation' section of this document.

Tangible Book Value per Diluted Common Share

Tangible book value represents common shareholders' equity exclusive of after-tax goodwill and intangible assets. We present tangible book value per diluted common share calculated under the treasury stock method. We believe that this measure, in combination with book value per diluted common share, is useful in assessing value generated for our common shareholders. A reconciliation of tangible book value per diluted common share to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share' section of this document.