Enhanced Investments - Financial Portal

Published: 2023-01-25 00:00:00 ET

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AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FOURTH QUARTER 2022

AXIS CAPITAL HOLDINGS LIMITED

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Miranda Hunter

Investor Contact

(441) 405-2635

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						2-6
b. Consolidated Segment Data						7
c. Gross Premiums Written by Segment by Line of Business						8
d. Consolidated Data						9
e. Segment Data						10-11
f. Strategic Capital Partners						12
g. Net Investment Income						13
III. Balance Sheets
a. Consolidated Balance Sheets						14
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						15
• Cash and Invested Assets Composition						16

• Corporate Debt Composition						17
• Ten Largest Corporate Debt Holdings						18
• Mortgage-Backed and Asset-Backed Securities Composition						19
c. Reinsurance Recoverable Analysis						20-21
IV. Loss Reserve Analysis
a. Paid to Incurred Analysis						22
b. Paid to Incurred Analysis by Segment						23-25
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures						26

V. Share Analysis
a. Earnings Per Common Share Information						27
b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						28

VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						29
c. Rationale for the Use of Non-GAAP Financial Measures						30-32
VII. Additional Information Regarding the Company's Announcement to Exit Catastrophe and Property Business						33-40
VIII. Additional Information Regarding the Net Financial Impact of the Company's Loss Portfolio Transfer ("LPT") Reinsurance Transaction						41-42

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, 2021 and consolidated statements of operations for the years ended December 31, 2021 and December 31, 2020.

•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 a 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 including our exit from catastrophe and property reinsurance lines of business, our expectations regarding pricing and other market conditions and economic conditions including 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:

COVID-19

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

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;

•actual claims exceeding loss reserves;

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

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

•the failure of our cedants to adequately evaluate risks;

•the adverse impact of inflation;

Strategic Risk

•losses from war including losses related to the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;

•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;

•difficulties with technology and/or data security;

Credit 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 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 obtain additional capital on favorable terms, or at all;

Operational Risk

•changes in accounting policies or practices;

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

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 and foreign corrupt practices; and

Risks Related to Taxation

•changes in tax laws.

Readers should carefully consider the risks noted above together with 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.

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:

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

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, and physical damage and business interruption following an act of terrorism. This line of business includes primary and excess risks, some of which are catastrophe-exposed.

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.

Cyber: provides cover for cyber, technology errors and omissions, media and miscellaneous professional liability. Cover is provided for a range of risks including data recovery and bricking, cyber-crime, liability and regulatory actions, business interruption, extortion, reputational harm, payment card industry data security standard and media liability.

Marine and Aviation: Marine provides cover for traditional marine classes, including offshore energy, renewable offshore energy, cargo, liability including kidnap and ransom, fine art, specie, and hull war. Offshore energy coverages include 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. 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.

Accident and Health: includes personal accident, travel insurance and specialty health products for employer and affinity groups, and pet insurance.

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 and corporate credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events.

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:

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.

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.

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.

Credit and Surety: Credit reinsurance 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 provided to mortgage guaranty insurers and U.S. government sponsored entities for losses related to credit risk transfer into the private sector.

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.

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: Marine 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. The Company exited Aviation business effective January 1, 2023.

Run-off lines

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 an excess of loss basis. The Company exited this line of business in June 2022.

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 to 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, floods, industrial explosions, fires, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis. The Company exited this line of business in June 2022.

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.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Quarters ended December 31,									Years ended December 31,
		2022			2021			Change			2022			2021			Change

HIGHLIGHTS	Gross premiums written	$	1,758,696		$	1,562,828		12.5	%		$	8,214,595		$	7,685,984		6.9	%
	Gross premiums written - Insurance	83.6		%	84.1		%	(0.5)		pts	68.0		%	63.3		%	4.7		pts
	Gross premiums written - Reinsurance	16.4		%	15.9		%	0.5		pts	32.0		%	36.7		%	(4.7)		pts
	Net premiums written	$	1,096,554		$	947,408		15.7	%		$	5,263,056		$	4,926,624		6.8	%
	Net premiums earned	$	1,340,162		$	1,237,760		8.3	%		$	5,160,326		$	4,709,850		9.6	%
	Net premiums earned - Insurance	62.0		%	58.4		%	3.6		pts	60.7		%	56.3		%	4.4		pts
	Net premiums earned - Reinsurance	38.0		%	41.6		%	(3.6)		pts	39.3		%	43.7		%	(4.4)		pts
	Net income available to common shareholders	$	40,928		$	197,329		(79.3	%)		$	192,833		$	588,359		(67.2	%)
	Operating income [a]	$	166,608		$	182,187		(8.6	%)		$	497,931		$	436,477		14.1	%
	Annualized return on average common equity [b]	4.2		%	16.4		%	(12.2)		pts	4.3		%	12.2		%	(7.9)		pts
	Annualized operating return on average common equity [c]	16.9		%	15.1		%	1.8		pts	11.1		%	9.1		%	2.0		pts

	Total shareholders’ equity	$	4,639,910		$	5,410,656		(14.2	%)		$	4,639,910		$	5,410,656		(14.2	%)



PER COMMON SHARE AND COMMON SHARE DATA	Earnings per diluted common share	$0.48			$2.31			(79.2	%)		$2.25			$6.90			(67.4	%)
	Operating income per diluted common share [d]	$1.95			$2.13			(8.5	%)		$5.81			$5.12			13.5	%

	Weighted average diluted common shares outstanding	85,655			85,591			0.1	%		85,669			85,291			0.4	%
	Book value per common share	$48.31			$57.34			(15.7	%)		$48.31			$57.34			(15.7	%)
	Book value per diluted common share (treasury stock method)	$46.95			$55.78			(15.8	%)		$46.95			$55.78			(15.8	%)
	Tangible book value per diluted common share (treasury stock method) [a]	$44.13			$52.84			(16.5	%)		$44.13			$52.84			(16.5	%)





FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	54.3		%	1.2		pts	55.5		%	55.1		%	0.4		pts
	Catastrophe and weather-related losses ratio	4.7		%	4.3		%	0.4		pts	7.8		%	9.5		%	(1.7)		pts
	Current accident year loss ratio	60.2		%	58.6		%	1.6		pts	63.3		%	64.6		%	(1.3)		pts
	Prior year reserve development ratio	(0.6		%)	(0.7		%)	0.1		pts	(0.5		%)	(0.7		%)	0.2		pts
	Net losses and loss expenses ratio	59.6		%	57.9		%	1.7		pts	62.8		%	63.9		%	(1.1)		pts
	Acquisition cost ratio	20.6		%	20.4		%	0.2		pts	19.8		%	19.6		%	0.2		pts
	General and administrative expense ratio [e]	13.9		%	14.8		%	(0.9)		pts	13.2		%	14.0		%	(0.8)		pts
	Combined ratio	94.1		%	93.1		%	1.0		pts	95.8		%	97.5		%	(1.7)		pts


INVESTMENT DATA	Total assets	$	27,595,811		$	27,368,970		0.8	%		$	27,595,811		$	27,368,970		0.8	%
	Total cash and invested assets [f]	$	15,618,714		$	16,489,369		(5.3	%)		$	15,618,714		$	16,489,369		(5.3	%)
	Net investment income	$	147,085		$	128,128		14.8	%		$	418,829		$	454,301		(7.8	%)
	Net investment gains (losses)	$	(42,558)		$	20,410		nm			$	(456,789)		$	134,279		nm



	Book yield of fixed maturities	3.5		%	1.9		%	1.6		pts	3.5		%	1.9		%	1.6		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.

[b] Annualized ROACE is calculated by dividing annualized 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 QUARTERS AND YEARS ENDED DECEMBER 31, 2022 AND 2021



				Quarters ended December 31,						Years ended December 31,
				2022			2021			2022			2021

Revenues
	Net premiums earned	$	1,340,162		$	1,237,760		$	5,160,326		$	4,709,850
	Net investment income	147,085			128,128			418,829			454,301
	Net investment gains (losses)	(42,558)			20,410			(456,789)			134,279
	Other insurance related income	3,076			7,033			13,073			23,295

	Total revenues			1,447,765			1,393,331			5,135,439			5,321,725

Expenses
	Net losses and loss expenses	798,214			716,225			3,242,410			3,008,783
	Acquisition costs	275,573			252,180			1,022,017			921,834
	General and administrative expenses	187,472			184,484			680,343			663,304
	Foreign exchange losses (gains)	78,989			4,632			(157,945)			315
	Interest expense and financing costs	16,426			15,543			63,146			62,302
	Reorganization expenses	9,485			—			31,426			—
	Amortization of value of business acquired	—			771			—			3,854
	Amortization of intangible assets	2,729			3,260			10,917			12,424
	Total expenses			1,368,888			1,177,095			4,892,314			4,672,816

Income before income taxes and interest in income (loss) of equity method investments		78,877			216,236			243,125			648,909
	Income tax expense	(27,341)			(12,557)			(22,037)			(62,384)
	Interest in income (loss) of equity method investments	(3,045)			1,213			1,995			32,084
Net income		48,491			204,892			223,083			618,609


	Preferred share dividends	7,563			7,563			30,250			30,250

Net income available to common shareholders		$	40,928		$	197,329		$	192,833		$	588,359

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


													Year ended December 31,
	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020		2021
UNDERWRITING REVENUES
Gross premiums written	$	1,758,696	$	1,707,808	$	2,113,483	$	2,634,608	$	1,562,828	$	1,348,419	$	7,685,984
Ceded premiums written	(662,142)		(671,024)		(796,636)		(821,736)		(615,420)		(562,970)		(2,759,360)
Net premiums written	1,096,554		1,036,784		1,316,847		1,812,872		947,408		785,449		4,926,624

Gross premiums earned	2,050,239		2,012,426		1,971,208		1,902,508		1,936,521		1,735,932		7,281,709
Ceded premiums earned	(710,077)		(727,560)		(694,156)		(644,262)		(698,761)		(648,564)		(2,571,859)
Net premiums earned	1,340,162		1,284,866		1,277,052		1,258,246		1,237,760		1,087,368		4,709,850
Other insurance related income (loss)	3,076		1,092		2,213		6,693		7,033		(2,819)		23,295
Total underwriting revenues	1,343,238		1,285,958		1,279,265		1,264,939		1,244,793		1,084,549		4,733,145

UNDERWRITING EXPENSES
Net losses and loss expenses	798,214		941,911		769,587		732,699		716,225		817,239		3,008,783
Acquisition costs	275,573		240,511		257,582		248,352		252,180		231,800		921,834
Underwriting-related general and administrative expenses [a]	137,220		132,570		135,403		145,096		140,379		116,345		536,834
Total underwriting expenses	1,211,007		1,314,992		1,162,572		1,126,147		1,108,784		1,165,384		4,467,451

UNDERWRITING INCOME (LOSS) [b]	132,231		(29,034)		116,693		138,792		136,009		(80,835)		265,694

OTHER (EXPENSES) REVENUES
Net investment income	147,085		88,177		92,214		91,355		128,128		109,503		454,301
Net investment gains (losses)	(42,558)		(146,458)		(173,263)		(94,508)		20,410		83,356		134,279


Corporate expenses [a]	(50,252)		(25,675)		(30,183)		(23,945)		(44,105)		(26,907)		(126,470)
Foreign exchange (losses) gains	(78,989)		135,660		57,000		44,273		(4,632)		(72,309)		(315)
Interest expense and financing costs	(16,426)		(15,915)		(15,241)		(15,564)		(15,543)		(15,408)		(62,302)
Reorganization expenses	(9,485)		(6,213)		(15,728)		—		—		(7,059)		—
Amortization of value of business acquired	—		—		—		—		(771)		(1,028)		(3,854)
Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(2,729)		(3,260)		(2,827)		(12,424)
Total other (expenses) revenues	(53,354)		26,847		(87,930)		(1,118)		80,227		67,321		383,215

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	78,877		(2,187)		28,763		137,674		216,236		(13,514)		648,909
Income tax (expense) benefit	(27,341)		363		4,965		(24)		(12,557)		6,291		(62,384)
Interest in income (loss) of equity method investments	(3,045)		(7,560)		1,050		11,550		1,213		9,967		32,084

NET INCOME (LOSS)	48,491		(9,384)		34,778		149,200		204,892		2,744		618,609




Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(30,250)

NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	40,928	$	(16,947)	$	27,215	$	141,637	$	197,329	$	(4,819)	$	588,359

[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.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


													Year ended December 31,
	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020		2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5	%	57.1	%	55.3	%	54.2	%	54.3	%	57.4	%	55.1	%
Catastrophe and weather-related losses ratio	4.7	%	16.6	%	5.3	%	4.7	%	4.3	%	18.4	%	9.5	%
Current accident year loss ratio	60.2	%	73.7	%	60.6	%	58.9	%	58.6	%	75.8	%	64.6	%
Prior year reserve development ratio	(0.6	%)	(0.4	%)	(0.3	%)	(0.7	%)	(0.7	%)	(0.6	%)	(0.7	%)
Net losses and loss expenses ratio	59.6	%	73.3	%	60.3	%	58.2	%	57.9	%	75.2	%	63.9	%
Acquisition cost ratio	20.6	%	18.7	%	20.2	%	19.7	%	20.4	%	21.3	%	19.6	%
General and administrative expense ratio [a]	13.9	%	12.3	%	12.9	%	13.5	%	14.8	%	13.1	%	14.0	%
Combined ratio	94.1	%	104.3	%	93.4	%	91.4	%	93.1	%	109.6	%	97.5	%

Weighted average common shares outstanding	84,667		84,660		85,173		84,961		84,774		84,341		84,707
Weighted average diluted common shares outstanding [b]	85,655		84,660		85,843		85,808		85,591		84,341		85,291
Earnings (loss) per common share	$0.48		($0.20)		$0.32		$1.67		$2.33		($0.06)		$6.95
Earnings (loss) per diluted common share	$0.48		($0.20)		$0.32		$1.65		$2.31		($0.06)		$6.90
Annualized ROACE	4.2	%	(1.7	%)	2.5	%	12.0	%	16.4	%	(0.4	%)	12.2	%
Annualized operating ROACE	16.9	%	0.3	%	13.7	%	15.3	%	15.1	%	(1.4	%)	9.1	%

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

[b] Due to the net loss attributable to common shareholders recognized for the quarters ended September 30, 2022 and December 2020, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


	Years ended December 31,
	2022		2021		2020
UNDERWRITING REVENUES
Gross premiums written	$	8,214,595	$	7,685,984	$	6,826,938
Ceded premiums written	(2,951,539)		(2,759,360)		(2,490,529)
Net premiums written	5,263,056		4,926,624		4,336,409

Gross premiums earned	7,936,382		7,281,709		6,768,733
Ceded premiums earned	(2,776,056)		(2,571,859)		(2,397,424)
Net premiums earned	5,160,326		4,709,850		4,371,309
Other insurance related income (loss)	13,073		23,295		(8,089)
Total underwriting revenues	5,173,399		4,733,145		4,363,220

UNDERWRITING EXPENSES
Net losses and loss expenses	3,242,410		3,008,783		3,281,252
Acquisition costs	1,022,017		921,834		929,517
Underwriting-related general and administrative expenses [a]	550,289		536,834		477,968
Total underwriting expenses	4,814,716		4,467,451		4,688,737

UNDERWRITING INCOME (LOSS) [b]	358,683		265,694		(325,517)

OTHER (EXPENSES) REVENUES
Net investment income	418,829		454,301		349,601
Net investment gains (losses)	(456,789)		134,279		129,133
Corporate expenses [a]	(130,054)		(126,470)		(101,822)
Foreign exchange (losses) gains	157,945		(315)		(81,069)
Interest expense and financing costs	(63,146)		(62,302)		(75,049)
Reorganization expenses	(31,426)		—		(7,881)
Amortization of value of business acquired	—		(3,854)		(5,139)
Amortization of intangible assets	(10,917)		(12,424)		(11,390)
Total other (expenses) revenues	(115,558)		383,215		196,384

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	243,125		648,909		(129,133)

Income tax (expense) benefit	(22,037)		(62,384)		12,321
Interest in income (loss) of equity method investments	1,995		32,084		(3,612)

NET INCOME (LOSS)	223,083		618,609		(120,424)





Preferred share dividends	(30,250)		(30,250)		(30,250)


NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	192,833	$	588,359	$	(150,674)

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


	Years ended December 31,
	2022		2021		2020
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5	%	55.1	%	57.7	%
Catastrophe and weather-related losses ratio	7.8	%	9.5	%	17.7	%
Current accident year loss ratio	63.3	%	64.6	%	75.4	%
Prior year reserve development ratio	(0.5	%)	(0.7	%)	(0.3	%)
Net losses and loss expenses ratio	62.8	%	63.9	%	75.1	%
Acquisition cost ratio	19.8	%	19.6	%	21.3	%
General and administrative expense ratio [a]	13.2	%	14.0	%	13.2	%
Combined ratio	95.8	%	97.5	%	109.6	%

Weighted average common shares outstanding	84,864		84,707		84,262
Weighted average diluted common shares outstanding [b]	85,669		85,291		84,262
Earnings (loss) per common share	$2.27		$6.95		($1.79)
Earnings (loss) per diluted common share	$2.25		$6.90		($1.79)
ROACE	4.3	%	12.2	%	(3.2	%)
Operating ROACE	11.1	%	9.1	%	(3.7	%)

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

[b] Due to the net loss attributable to common shareholders recognized for the year ended December 31, 2020, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Quarter ended December 31, 2022									Year ended December 31, 2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,470,805		$	287,891		$	1,758,696		$	5,585,581		$	2,629,014		$	8,214,595
Ceded premium written	(584,019)			(78,123)			(662,142)			(2,207,675)			(743,864)			(2,951,539)
Net premiums written	886,786			209,768			1,096,554			3,377,906			1,885,150			5,263,056

Gross premiums earned	1,368,859			681,380			2,050,239			5,219,303			2,717,079			7,936,382
Ceded premiums earned	(538,345)			(171,732)			(710,077)			(2,085,148)			(690,908)			(2,776,056)
Net premiums earned	830,514			509,648			1,340,162			3,134,155			2,026,171			5,160,326
Other insurance related income	89			2,987			3,076			559			12,514			13,073
Total underwriting revenues	830,603			512,635			1,343,238			3,134,714			2,038,685			5,173,399

UNDERWRITING EXPENSES
Net losses and loss expenses	439,268			358,946			798,214			1,785,854			1,456,556			3,242,410
Acquisition costs	154,859			120,714			275,573			577,838			444,179			1,022,017
Underwriting-related general and administrative expenses	113,106			24,114			137,220			443,704			106,585			550,289
Total underwriting expenses	707,233			503,774			1,211,007			2,807,396			2,007,320			4,814,716

UNDERWRITING INCOME	$	123,370		$	8,861		$	132,231		$	327,318		$	31,365		$	358,683

Catastrophe and weather-related losses, net of reinstatement premiums	$	33,218		$	30,392		$	63,610		$	206,735		$	196,068		$	402,803
Net favorable prior year reserve development	$	3,955		$	3,946		$	7,901		$	16,350		$	9,183		$	25,533

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	49.3		%	65.5		%	55.5		%	51.0		%	62.6		%	55.5		%
Catastrophe and weather-related losses ratio	4.1		%	5.7		%	4.7		%	6.5		%	9.7		%	7.8		%
Current accident year loss ratio	53.4		%	71.2		%	60.2		%	57.5		%	72.3		%	63.3		%
Prior year reserve development ratio	(0.5		%)	(0.8		%)	(0.6		%)	(0.5		%)	(0.4		%)	(0.5		%)
Net losses and loss expenses ratio	52.9		%	70.4		%	59.6		%	57.0		%	71.9		%	62.8		%
Acquisition cost ratio	18.6		%	23.7		%	20.6		%	18.4		%	21.9		%	19.8		%
Underwriting-related general and administrative expense ratio	13.7		%	4.7		%	10.2		%	14.2		%	5.3		%	10.7		%
Corporate expense ratio							3.7		%							2.5		%
Combined ratio	85.2		%	98.8		%	94.1		%	89.6		%	99.1		%	95.8		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Years ended December 31,
	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020		2022		2021

INSURANCE SEGMENT
Professional Lines	$	378,336	$	317,074	$	323,141	$	304,415	$	395,150	$	323,832	$	1,322,966	$	1,290,767
Property	351,503		297,537		400,529		307,919		290,972		269,237		1,357,489		1,192,981
Liability	312,327		266,615		306,541		253,162		267,726		215,972		1,138,645		930,999
Cyber	157,794		182,367		173,134		131,451		153,862		110,304		644,746		525,349
Marine and Aviation	133,712		140,661		153,796		224,517		108,066		87,847		652,687		580,635
Accident and Health	68,551		66,153		65,396		58,301		43,927		40,843		258,399		178,899
Credit and Political Risk	68,582		47,483		47,085		47,499		55,360		56,264		210,649		163,602
TOTAL INSURANCE SEGMENT	$	1,470,805	$	1,317,890	$	1,469,622	$	1,327,264	$	1,315,063	$	1,104,299	$	5,585,581	$	4,863,232

REINSURANCE SEGMENT
Liability	$	88,911	$	156,500	$	190,072	$	284,348	$	104,956	$	113,791	$	719,831	$	722,931
Accident and Health	11,875		59,313		9,971		330,732		19,461		15,706		411,891		398,641
Professional Lines	66,597		27,575		173,056		133,579		49,739		45,888		400,807		353,671
Credit and Surety	63,873		53,944		76,872		103,876		31,667		43,520		298,565		208,108
Motor	30,231		22,035		35,814		151,714		4,511		(15,448)		239,794		279,966
Agriculture	10,904		39,312		49,971		27,826		10,822		901		128,012		86,128
Marine and Aviation	8,863		8,823		25,198		50,485		3,484		10,900		93,371		73,968
Run-off lines
Catastrophe	1,110		21,227		62,077		138,396		19,957		24,497		222,810		492,397
Property	4,611		2,173		20,386		76,323		4,042		(1,187)		103,492		213,406
Engineering	916		(984)		444		10,065		(874)		5,552		10,441		(6,464)
Total run-off lines	6,637		22,416		82,907		224,784		23,125		28,862		336,743		699,339
TOTAL REINSURANCE SEGMENT	$	287,891	$	389,918	$	643,861	$	1,307,344	$	247,765	$	244,120	$	2,629,014	$	2,822,752

CONSOLIDATED TOTAL	$	1,758,696	$	1,707,808	$	2,113,483	$	2,634,608	$	1,562,828	$	1,348,419	$	8,214,595	$	7,685,984

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


																			Year ended December 31,
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q4 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	1,758,696		$	1,707,808		$	2,113,483		$	2,634,608		$	1,562,828		$	1,348,419		$	7,685,984
Ceded premiums written	(662,142)			(671,024)			(796,636)			(821,736)			(615,420)			(562,970)			(2,759,360)
Net premiums written	1,096,554			1,036,784			1,316,847			1,812,872			947,408			785,449			4,926,624

Gross premiums earned	2,050,239			2,012,426			1,971,208			1,902,508			1,936,521			1,735,932			7,281,709
Ceded premiums earned	(710,077)			(727,560)			(694,156)			(644,262)			(698,761)			(648,564)			(2,571,859)
Net premiums earned	1,340,162			1,284,866			1,277,052			1,258,246			1,237,760			1,087,368			4,709,850
Other insurance related income (loss)	3,076			1,092			2,213			6,693			7,033			(2,819)			23,295
Total underwriting revenues	1,343,238			1,285,958			1,279,265			1,264,939			1,244,793			1,084,549			4,733,145

UNDERWRITING EXPENSES
Net losses and loss expenses	798,214			941,911			769,587			732,699			716,225			817,239			3,008,783
Acquisition costs	275,573			240,511			257,582			248,352			252,180			231,800			921,834
Underwriting-related general and administrative expenses	137,220			132,570			135,403			145,096			140,379			116,345			536,834
Total underwriting expenses	1,211,007			1,314,992			1,162,572			1,126,147			1,108,784			1,165,384			4,467,451

UNDERWRITING INCOME (LOSS)	$	132,231		$	(29,034)		$	116,693		$	138,792		$	136,009		$	(80,835)		$	265,694

Catastrophe and weather-related losses, net of reinstatement premiums	$	63,610		$	211,969		$	67,119		$	60,076		$	54,209		$	198,028		$	442,859
Net favorable prior year reserve development	$	7,901		$	4,735		$	3,940		$	8,956		$	9,270		$	6,559		$	32,410

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	57.1		%	55.3		%	54.2		%	54.3		%	57.4		%	55.1		%
Catastrophe and weather-related losses ratio	4.7		%	16.6		%	5.3		%	4.7		%	4.3		%	18.4		%	9.5		%
Current accident year loss ratio	60.2		%	73.7		%	60.6		%	58.9		%	58.6		%	75.8		%	64.6		%
Prior year reserve development ratio	(0.6		%)	(0.4		%)	(0.3		%)	(0.7		%)	(0.7		%)	(0.6		%)	(0.7		%)
Net losses and loss expenses ratio	59.6		%	73.3		%	60.3		%	58.2		%	57.9		%	75.2		%	63.9		%
Acquisition cost ratio	20.6		%	18.7		%	20.2		%	19.7		%	20.4		%	21.3		%	19.6		%
General and administrative expense ratio [a]	13.9		%	12.3		%	12.9		%	13.5		%	14.8		%	13.1		%	14.0		%
Combined ratio	94.1		%	104.3		%	93.4		%	91.4		%	93.1		%	109.6		%	97.5		%

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

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA


																			Year ended December 31,
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q4 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	1,470,805		$	1,317,890		$	1,469,622		$	1,327,264		$	1,315,063		$	1,104,299		$	4,863,232
Ceded premiums written	(584,019)			(540,101)			(600,203)			(483,352)			(548,369)			(476,066)			(1,968,347)
Net premiums written	886,786			777,789			869,419			843,912			766,694			628,233			2,894,885

Gross premiums earned	1,368,859			1,331,887			1,285,275			1,233,281			1,212,644			1,006,930			4,445,035
Ceded premiums earned	(538,345)			(549,786)			(516,551)			(480,465)			(490,275)			(417,160)			(1,793,696)
Net premiums earned	830,514			782,101			768,724			752,816			722,369			589,770			2,651,339
Other insurance related income	89			151			237			82			227			556			1,662
Total underwriting revenues	830,603			782,252			768,961			752,898			722,596			590,326			2,653,001

UNDERWRITING EXPENSES
Net losses and loss expenses	439,268			519,006			421,836			405,745			383,246			444,444			1,514,998
Acquisition costs	154,859			139,436			144,732			138,812			136,172			117,954			484,344
Underwriting-related general and administrative expenses	113,106			108,072			108,577			113,950			121,505			93,930			429,282
Total underwriting expenses	707,233			766,514			675,145			658,507			640,923			656,328			2,428,624

UNDERWRITING INCOME (LOSS)	$	123,370		$	15,738		$	93,816		$	94,391		$	81,673		$	(66,002)		$	224,377

Catastrophe and weather-related losses, net of reinstatement premiums	$	33,218		$	112,799		$	27,989		$	32,730		$	22,654		$	118,185		$	174,559
Net favorable prior year reserve development	$	3,955		$	2,558		$	2,773		$	7,062		$	5,008		$	4,417		$	18,360

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	49.3		%	52.6		%	51.6		%	50.5		%	50.8		%	56.1		%	51.4		%
Catastrophe and weather-related losses ratio	4.1		%	14.1		%	3.6		%	4.3		%	2.9		%	20.0		%	6.4		%
Current accident year loss ratio	53.4		%	66.7		%	55.2		%	54.8		%	53.7		%	76.1		%	57.8		%
Prior year reserve development ratio	(0.5		%)	(0.3		%)	(0.3		%)	(0.9		%)	(0.6		%)	(0.7		%)	(0.7		%)
Net losses and loss expenses ratio	52.9		%	66.4		%	54.9		%	53.9		%	53.1		%	75.4		%	57.1		%
Acquisition cost ratio	18.6		%	17.8		%	18.8		%	18.4		%	18.9		%	20.0		%	18.3		%
Underwriting-related general and administrative expense ratio	13.7		%	13.8		%	14.1		%	15.2		%	16.7		%	15.9		%	16.2		%
Combined ratio	85.2		%	98.0		%	87.8		%	87.5		%	88.7		%	111.3		%	91.6		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																			Year ended December 31,
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q4 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	287,891		$	389,918		$	643,861		$	1,307,344		$	247,765		$	244,120		$	2,822,752
Ceded premiums written	(78,123)			(130,923)			(196,433)			(338,384)			(67,051)			(86,904)			(791,013)
Net premiums written	209,768			258,995			447,428			968,960			180,714			157,216			2,031,739

Gross premiums earned	681,380			680,539			685,933			669,227			723,877			729,002			2,836,674
Ceded premiums earned	(171,732)			(177,774)			(177,605)			(163,797)			(208,486)			(231,404)			(778,163)
Net premiums earned	509,648			502,765			508,328			505,430			515,391			497,598			2,058,511
Other insurance related income (loss)	2,987			941			1,976			6,611			6,806			(3,375)			21,633
Total underwriting revenues	512,635			503,706			510,304			512,041			522,197			494,223			2,080,144

UNDERWRITING EXPENSES
Net losses and loss expenses	358,946			422,905			347,751			326,954			332,979			372,795			1,493,785
Acquisition costs	120,714			101,075			112,850			109,540			116,008			113,846			437,490
Underwriting-related general and administrative expenses	24,114			24,498			26,826			31,146			18,874			22,415			107,552
Total underwriting expenses	503,774			548,478			487,427			467,640			467,861			509,056			2,038,827

UNDERWRITING INCOME (LOSS)	$	8,861		$	(44,772)		$	22,877		$	44,401		$	54,336		$	(14,833)		$	41,317

Catastrophe and weather-related losses, net of reinstatement premiums	$	30,392		$	99,170		$	39,130		$	27,346		$	31,555		$	79,843		$	268,300
Net favorable prior year reserve development	$	3,946		$	2,177		$	1,167		$	1,894		$	4,262		$	2,142		$	14,050

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	65.5		%	64.2		%	60.9		%	59.7		%	59.2		%	59.0		%	59.9		%
Catastrophe and weather-related losses ratio	5.7		%	20.3		%	7.7		%	5.4		%	6.2		%	16.3		%	13.3		%
Current accident year loss ratio	71.2		%	84.5		%	68.6		%	65.1		%	65.4		%	75.3		%	73.2		%
Prior year reserve development ratio	(0.8		%)	(0.4		%)	(0.2		%)	(0.4		%)	(0.8		%)	(0.4		%)	(0.6		%)
Net losses and loss expenses ratio	70.4		%	84.1		%	68.4		%	64.7		%	64.6		%	74.9		%	72.6		%
Acquisition cost ratio	23.7		%	20.1		%	22.2		%	21.7		%	22.5		%	22.9		%	21.3		%
Underwriting-related general and administrative expenses ratio	4.7		%	4.9		%	5.3		%	6.1		%	3.7		%	4.5		%	5.1		%
Combined ratio	98.8		%	109.1		%	95.9		%	92.5		%	90.8		%	102.3		%	99.0		%

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS


	Quarters ended December 31,												Years ended December 31,
	2022						2021						2022						2021
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,470,805	$	287,891	$	1,758,696	$	1,315,063	$	247,765	$	1,562,828	$	5,585,581	$	2,629,014	$	8,214,595	$	4,863,232	$	2,822,752	$	7,685,984
Premiums ceded to Harrington Re	5,176		39,863		45,039		7,303		35,894		43,197		19,880		303,666		323,546		16,897		266,045		282,942
Premiums ceded to Other Strategic Capital Partners	—		38,260		38,260		—		31,157		31,157		—		440,198		440,198		—		524,968		524,968
Premiums ceded to Other Reinsurers	578,843		—		578,843		541,066		—		541,066		2,187,795		—		2,187,795		1,951,450		—		1,951,450
Net premiums written	$	886,786	$	209,768	$	1,096,554	$	766,694	$	180,714	$	947,408	$	3,377,906	$	1,885,150	$	5,263,056	$	2,894,885	$	2,031,739	$	4,926,624

FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income	$	—	$	788	$	788	$	—	$	5,467	$	5,467	$	—	$	8,972	$	8,972	$	—	$	18,891	$	18,891
Offset to general and administrative expenses	—		11,331		11,331		—		21,725		21,725		—		43,697		43,697		—		54,297		54,297
Total Fee income	$	—	$	12,119	$	12,119	$	—	$	27,192	$	27,192	$	—	$	52,669	$	52,669	$	—	$	73,188	$	73,188

[a] Total managed premiums represents gross premiums written of $1.8 billion and $1.6 billion for the quarters ended December 31, 2022 and 2021, respectively, and $8.2 billion and $7.7 billion for the years ended December 31, 2022 and 2021, 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.

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


													Years ended December 31,
	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020		2022		2021

Fixed maturities	$	105,077	$	87,364	$	72,607	$	64,809	$	67,623	$	72,727	$	329,858	$	262,049
Other investments	24,242		(7,576)		14,327		26,050		56,965		30,634		57,043		181,906
Equity securities	3,041		2,490		2,688		2,172		4,430		3,069		10,390		12,752
Mortgage loans	8,084		6,256		4,903		4,163		4,461		4,110		23,407		17,427
Cash and cash equivalents	10,127		5,350		3,679		1,118		808		3,768		20,273		4,454
Short-term investments	1,964		1,004		402		166		74		446		3,535		664

Gross investment income	152,535		94,888		98,606		98,478		134,361		114,754		444,506		479,252
Investment expense	(5,450)		(6,711)		(6,392)		(7,123)		(6,233)		(5,251)		(25,677)		(24,951)

Net investment income	$	147,085	$	88,177	$	92,214	$	91,355	$	128,128	$	109,503	$	418,829	$	454,301

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	December 31,			September 30,			June 30,			March 31,			December 31,			December 31,
	2022			2022			2022			2022			2021			2020
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	11,326,894		$	10,784,353		$	11,304,682		$	11,456,024		$	12,313,200		$	12,041,799
Fixed maturities, held to maturity, at amortized cost	698,351			690,380			641,428			493,509			446,016			—
Equity securities, at fair value	485,253			469,839			522,161			563,950			655,675			518,445
Mortgage loans, held for investment, at fair value	627,437			653,700			656,112			627,063			594,088			593,290
Other investments, at fair value	996,751			970,310			981,774			954,602			947,982			829,156
Equity method investments	148,288			151,333			158,893			157,843			146,293			114,209
Short-term investments, at fair value	70,310			80,260			65,683			70,385			31,063			161,897
Total investments	14,353,284			13,800,175			14,330,733			14,323,376			15,134,317			14,258,796
Cash and cash equivalents	1,174,653			1,835,262			1,497,928			1,706,711			1,317,690			1,503,232
Accrued interest receivable	94,418			77,771			73,873			64,906			64,350			65,020
Insurance and reinsurance premium balances receivable	2,733,464			2,788,484			3,174,117			3,163,990			2,622,676			2,738,342
Reinsurance recoverable on unpaid losses and loss expenses	5,831,172			5,244,263			5,008,583			4,957,080			5,017,611			4,496,641
Reinsurance recoverable on paid losses and loss expenses	539,676			438,497			510,613			612,027			642,215			434,201
Deferred acquisition costs	473,569			541,544			576,237			575,250			465,593			431,439
Prepaid reinsurance premiums	1,550,370			1,597,586			1,656,643			1,555,303			1,377,358			1,194,455
Receivable for investments sold	16,052			6,452			10,421			55,473			4,555			2,150
Goodwill	100,801			100,801			100,801			100,801			100,801			100,801
Intangible assets	197,800			200,529			203,259			205,988			208,717			219,633
Value of business acquired	—			—			—			—			—			3,854
Operating lease right-of-use assets	92,214			96,631			94,451			98,837			103,295			123,579
Other assets	438,338			391,758			381,768			388,816			309,792			305,544
TOTAL ASSETS	$	27,595,811		$	27,119,753		$	27,619,427		$	27,808,558		$	27,368,970		$	25,877,687

LIABILITIES
Reserve for losses and loss expenses	$	15,168,863		$	14,652,196		$	14,398,039		$	14,470,155		$	14,653,094		$	13,926,766
Unearned premiums	4,361,447			4,650,934			4,963,138			4,824,128			4,090,676			3,685,886
Insurance and reinsurance balances payable	1,522,764			1,569,946			1,624,184			1,522,258			1,324,620			1,092,042
Debt	1,312,314			1,312,633			1,311,637			1,311,304			1,310,975			1,309,695
Federal Home Loan Bank advances	81,388			80,540			—			—			—			—
Payable for investments purchased	19,693			78,956			186,921			127,284			31,543			104,777
Operating lease liabilities	102,577			103,345			105,129			113,340			119,512			140,263
Other liabilities	386,855			327,780			327,748			319,549			427,894			322,564
TOTAL LIABILITIES	22,955,901			22,776,330			22,916,796			22,688,018			21,958,314			20,581,993

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,366,253			2,354,895			2,341,507			2,328,986			2,346,179			2,330,054
Accumulated other comprehensive income (loss)	(760,300)			(1,042,650)			(724,114)			(338,300)			56,536			414,395
Retained earnings	6,247,022			6,244,268			6,298,680			6,308,712			6,204,745			5,763,607
Treasury shares, at cost	(3,765,271)			(3,765,296)			(3,765,648)			(3,731,064)			(3,749,010)			(3,764,568)


TOTAL SHAREHOLDERS' EQUITY	4,639,910			4,343,423			4,702,631			5,120,540			5,410,656			5,295,694

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	27,595,811		$	27,119,753		$	27,619,427		$	27,808,558		$	27,368,970		$	25,877,687

Common shares outstanding	84,668			84,666			84,655			85,276			84,774			84,353
Diluted common shares outstanding [a]	87,113			87,205			87,201			87,948			87,147			86,143
Book value per common share	$48.31			$44.80			$49.05			$53.60			$57.34			$56.26
Book value per diluted common share	$46.95			$43.50			$47.62			$51.97			$55.78			$55.09
Tangible book value per diluted common share	$44.13			$40.64			$44.74			$49.08			$52.84			$51.90
Debt to total capital [b]	22.0		%	23.2		%	21.8		%	20.4		%	19.5		%	19.8		%

[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 December 31, 2022												At December 31, 2021
	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage		Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,731,733	$	—	$	5,386	$	(97,789)	$	2,639,330	16.8	%	$	2,682,448	16.3	%
Non-U.S. government	612,546		—		2,395		(52,912)		562,029		3.6	%	795,178		4.8	%
Corporate debt	4,680,798		(11,521)		5,269		(418,990)		4,255,556		27.2	%	4,495,312		27.3	%
Agency RMBS	1,297,423		—		4,663		(99,301)		1,202,785		7.7	%	1,074,589		6.5	%
CMBS	1,029,863		—		60		(82,145)		947,778		6.1	%	1,248,191		7.6	%
Non-Agency RMBS	151,907		(123)		275		(18,525)		133,534		0.9	%	186,164		1.1	%
ABS	1,499,728		(35)		555		(70,721)		1,429,527		9.2	%	1,622,480		9.8	%
Municipals	172,475		(54)		139		(16,205)		156,355		1.0	%	208,838		1.3	%
Total fixed maturities, available for sale, at fair value	12,176,473		(11,733)		18,742		(856,588)		11,326,894		72.5	%	12,313,200		74.7	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	85,200		—		—		—		85,200		0.5	%	37,700		0.2	%
ABS	613,151		—		—		—		613,151		4.0	%	408,316		2.5	%
Total fixed maturities, held to maturity, at amortized cost	698,351		—		—		—		698,351		4.5	%	446,016		2.7	%
Equity securities, at fair value
Common stocks	7,279		—		636		(442)		7,473		—	%	1,364		—	%
Preferred stocks	115		—		—		(43)		72		—	%	179		—	%
Exchange-traded funds	207,505		—		68,058		(5,757)		269,806		1.7	%	336,815		2.0	%
Bond mutual funds	279,457		—		—		(71,555)		207,902		1.4	%	317,317		2.0	%
Total equity securities, at fair value	494,356		—		68,694		(77,797)		485,253		3.1	%	655,675		4.0	%

Total fixed maturities and equity securities	$	13,369,180	$	(11,733)	$	87,436	$	(934,385)	12,510,498		80.1	%	13,414,891		81.4	%
Mortgage loans, held for investment									627,437		4.0	%	594,088		3.6	%
Other investments									996,751		6.4	%	947,982		5.7	%
Equity method investments									148,288		0.9	%	146,293		0.9	%
Short-term investments									70,310		0.5	%	31,063		0.2	%
Total investments									14,353,284		91.9	%	15,134,317		91.8	%
Cash and cash equivalents [a]									1,174,653		7.5	%	1,317,690		8.0	%
Accrued interest receivable									94,418		0.6	%	64,350		0.4	%
Net receivable/(payable) for investments sold (purchased)									(3,641)		—	%	(26,988)		(0.2	%)
Total cash and invested assets									$	15,618,714	100.0	%	$	16,489,369	100.0	%

[a] Includes $423 million and $473 million of restricted cash and cash equivalents at December 31, 2022 and December 31, 2021, respectively.


	At December 31, 2022				At December 31, 2021
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:
Long/short equity funds	$	—	—	%	$	3,476	0.4	%
Multi-strategy funds	32,616		3.3	%	56,012		5.9	%

Direct lending funds	258,626		25.9	%	289,867		30.6	%
Real estate funds	298,499		29.9	%	238,222		25.1	%
Private equity funds	265,836		26.7	%	249,974		26.4	%
Other privately held investments	136,158		13.7	%	104,521		11.0	%
Collateralized loan obligations - equity tranches	5,016		0.5	%	5,910		0.6	%

Total	$	996,751	100.0	%	$	947,982	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020
	Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	16.8	%	15.3	%	15.5	%	14.3	%	16.3	%	12.2	%
Non-U.S. government	3.6	%	3.3	%	4.2	%	4.6	%	4.8	%	4.3	%
Corporate debt	27.2	%	26.5	%	27.6	%	27.9	%	27.3	%	29.6	%
MBS:
Agency RMBS	7.7	%	6.5	%	6.5	%	5.8	%	6.5	%	8.2	%
CMBS	6.1	%	6.4	%	6.9	%	7.2	%	7.6	%	8.6	%
Non-agency RMBS	0.9	%	0.9	%	0.9	%	1.1	%	1.1	%	0.9	%
ABS	9.2	%	9.2	%	9.3	%	9.6	%	9.8	%	10.9	%
Municipals	1.0	%	0.9	%	1.0	%	1.0	%	1.3	%	1.9	%

Total Fixed Maturities, available for sale	72.5	%	69.0	%	71.9	%	71.5	%	74.7	%	76.6	%
Fixed Maturities, held to maturity:
Corporate debt	0.5	%	0.5	%	0.4	%	0.3	%	0.2	%	—	%
ABS	4.0	%	3.9	%	3.7	%	2.8	%	2.5	%	—	%

Total Fixed Maturities, held to maturity	4.5	%	4.4	%	4.1	%	3.1	%	2.7	%	—	%
Equity securities	3.1	%	3.0	%	3.3	%	3.5	%	4.0	%	3.3	%
Mortgage loans	4.0	%	4.2	%	4.2	%	3.9	%	3.6	%	3.8	%
Other investments	6.4	%	6.2	%	6.2	%	6.0	%	5.7	%	5.3	%
Equity method investments	0.9	%	1.0	%	1.0	%	1.0	%	0.9	%	0.7	%
Short-term investments	0.5	%	0.4	%	0.4	%	0.4	%	0.2	%	1.0	%

Total investments	91.9	%	88.2	%	91.1	%	89.4	%	91.8	%	90.7	%
Cash and cash equivalents	7.5	%	11.7	%	9.5	%	10.7	%	8.0	%	9.6	%
Accrued interest receivable	0.6	%	0.5	%	0.5	%	0.4	%	0.4	%	0.4	%
Net receivable/(payable) for investments sold (purchased)	—	%	(0.4	%)	(1.1	%)	(0.5	%)	(0.2	%)	(0.7	%)
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	21.9	%	20.8	%	20.4	%	19.0	%	21.0	%	15.9	%
AAA	34.9	%	35.2	%	35.1	%	35.0	%	35.2	%	37.8	%
AA	7.3	%	7.5	%	7.7	%	7.6	%	7.7	%	7.6	%
A	15.3	%	15.7	%	15.8	%	15.9	%	15.0	%	15.7	%
BBB	11.5	%	11.6	%	12.0	%	12.8	%	12.5	%	14.4	%
Below BBB	9.1	%	9.2	%	9.0	%	9.7	%	8.6	%	8.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	3.4	%	5.4	%	4.9	%	4.2	%	3.9	%	3.6	%
From one to five years	42.5	%	39.0	%	39.2	%	38.5	%	38.5	%	36.0	%
From five to ten years	16.4	%	17.1	%	18.1	%	19.5	%	19.8	%	20.7	%
Above ten years	1.7	%	1.8	%	2.0	%	2.3	%	2.2	%	2.3	%
Asset-backed and mortgage-backed securities	36.0	%	36.7	%	35.8	%	35.5	%	35.6	%	37.4	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	3.5	%	2.9	%	2.4	%	2.1	%	1.9	%	2.3	%
Yield to maturity of fixed maturities	5.6	%	5.5	%	4.3	%	3.1	%	1.7	%	1.3	%
Average duration of fixed maturities (inclusive of duration hedges)	3.0	yrs	2.9 yrs		3.0 yrs		3.1 yrs		3.0 yrs		3.3	yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At December 31, 2022


	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	$	786,186	18.5	%	5.0	%
Non-U.S. banks	345,346		8.1	%	2.2	%
Corporate/commercial finance	310,591		7.3	%	2.0	%
Insurance	148,858		3.5	%	1.0	%
Investment brokerage	88,457		2.1	%	0.6	%
Total financial institutions	1,679,438		39.5	%	10.8	%
Consumer non-cyclicals	374,187		8.8	%	2.4	%
Communications	225,659		5.3	%	1.4	%
Consumer cyclicals	190,720		4.5	%	1.2	%
Utilities	164,215		3.9	%	1.1	%
Industrials	147,887		3.5	%	0.9	%
Technology	146,104		3.4	%	0.9	%
Energy	114,876		2.7	%	0.7	%
Non-U.S. government guaranteed	97,133		2.3	%	0.6	%
Transportation	94,140		2.2	%	0.6	%
Total investment grade	3,234,359		76.1	%	20.6	%

Total non-investment grade	1,021,197		23.9	%	6.6	%

Total corporate debt, available for sale, at fair value	$	4,255,556	100.0	%	27.2	%

Total corporate debt, held to maturity, at amortized cost	$	85,200	100.0	%	0.5	%

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At December 31, 2022


	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	128,080	$	(14,982)	$	113,098	0.9	%
MORGAN STANLEY	116,273		(13,431)		102,842		0.9	%
GOLDMAN SACHS GROUP	113,608		(11,542)		102,066		0.8	%
WELLS FARGO & COMPANY	106,457		(10,411)		96,046		0.8	%
JP MORGAN CHASE & CO	103,393		(14,516)		88,877		0.7	%
CITIGROUP INC	86,868		(10,599)		76,269		0.6	%
AT&T INC	46,162		(6,653)		39,509		0.3	%
MITSUBISHI UFJ FINANCIAL GROUP INC	40,195		(4,671)		35,524		0.3	%
DEUTSCHE TELEKOM AG	34,102		(2,290)		31,812		0.3	%
BRITISH AMERICAN TOBACCO PLC	33,857		(2,417)		31,440		0.3	%

[a] The 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 December 31, 2022


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

Residential MBS	$	1,202,785		$	121,188		$	4,192		$	3,682		$	122		$	4,350		$	1,336,319
Commercial MBS	48,805			833,850			60,207			4,916			—			—			947,778
ABS	—			1,168,291			113,849			89,122			32,274			25,991			1,429,527

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,251,590		$	2,123,329		$	178,248		$	97,720		$	32,396		$	30,341		$	3,713,624

Percentage of total	33.7		%	57.2		%	4.8		%	2.6		%	0.9		%	0.8		%	100.0		%


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

ABS	$	—		$	391,616		$	221,535		$	—		$	—		$	—		$	613,151

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	391,616		$	221,535		$	—		$	—		$	—		$	613,151

Percentage of total	—		%	63.9		%	36.1		%	—		%	—		%	—		%	100.0		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS


	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	394,817	$	294,560	$	382,001	$	445,134	$	451,609	$	265,494
Reinsurance	144,859		143,937		128,612		166,893		190,606		168,707
Total	$	539,676	$	438,497	$	510,613	$	612,027	$	642,215	$	434,201

Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	1,152,659	$	877,360	$	808,623	$	821,432	$	922,709	$	878,107
Reinsurance	677,591		658,797		670,173		639,251		614,125		505,437
Total	$	1,830,250	$	1,536,157	$	1,478,796	$	1,460,683	$	1,536,834	$	1,383,544

Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	3,008,010	$	2,744,920	$	2,622,990	$	2,592,388	$	2,554,202	$	2,339,557
Reinsurance	1,023,627		992,208		935,198		932,801		956,130		797,251
Total	$	4,031,637	$	3,737,128	$	3,558,188	$	3,525,189	$	3,510,332	$	3,136,808

Allowance for expected credit losses:
Insurance	$	(27,463)	$	(26,234)	$	(25,682)	$	(25,475)	$	(25,869)	$	(21,298)
Reinsurance	(3,252)		(2,788)		(2,719)		(3,317)		(3,685)		(2,413)
Total	$	(30,715)	$	(29,022)	$	(28,401)	$	(28,792)	$	(29,554)	$	(23,711)

Reinsurance recoverables on unpaid and paid losses and loss expenses:
Insurance	$	4,528,023	$	3,890,606	$	3,787,932	$	3,833,479	$	3,902,651	$	3,461,860
Reinsurance	1,842,825		1,792,154		1,731,264		1,735,628		1,757,176		1,468,982
Total	$	6,370,848	$	5,682,760	$	5,519,196	$	5,569,107	$	5,659,827	$	4,930,842

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At December 31, 2022


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 losses as % of Reinsurance Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverables	$	3,465,595	$	(1,369,096)	$	2,096,499	47.1%	45.2%	$	(11,082)	0.3%	$	3,454,513
Other reinsurers balances > $20 million	2,489,728		(448,334)		2,041,394		45.8%	44.0%	(16,135)		0.6%	2,473,593
Other reinsurers balances < $20 million	460,783		(143,259)		317,524		7.1%	6.8%	(3,498)		0.8%	457,285
Total	$	6,416,106	$	(1,960,689)	$	4,455,417	100.0%	96.0%	$	(30,715)	0.5%	$	6,385,391

At December 31, 2022, reinsurance recoverable balances, gross of collateral of 81.8% (December 31, 2021: 85.7%) 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	13.1%	12.6%
2	Harrington Re Ltd.	7.1%	6.8%
3	Lloyds of London	7.0%	6.7%
4	Transatlantic Reinsurance Co	6.0%	5.7%
5	Hannover Ruck SE	5.5%	5.3%
6	SCOR Reinsurance Company	4.2%	4.0%
7	Partner Reinsurance Co of the US	4.2%	4.0%
8	Everest Reinsurance Company	3.3%	3.2%
9	Munich Reinsurance America, Inc	3.2%	3.1%
10	Swiss Reinsurance Company Ltd.	2.7%	2.6%
		56.3%	54.0%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES


	Quarter ended December 31, 2022						Year ended December 31, 2022
	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	$	14,652,196	$	(5,244,263)	$	9,407,933	$	14,653,094	$	(5,017,611)	$	9,635,483
Incurred losses and loss expenses	1,285,901		(487,687)		798,214		4,996,553		(1,754,143)		3,242,410
Paid losses and loss expenses	(1,045,128)		359,891		(685,237)		(4,162,055)		1,306,985		(2,855,070)
Foreign exchange and other [a]	275,894		(459,113)		(183,219)		(318,729)		(366,403)		(685,132)

End of period [b]	$	15,168,863	$	(5,831,172)	$	9,337,691	$	15,168,863	$	(5,831,172)	$	9,337,691

[a] On December 9, 2022 we entered into loss portfolio transfer reinsurance agreements with a third-party to reinsure several of our professional lines and liability insurance portfolios, relating to 2019 and prior accident years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. At December 31, 2022, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $422 million related to this transaction. Refer to "Net financial impact of the Company's Loss Portfolio Transfer ("LPT") Reinsurance Transaction" later in this document for further details.

[b] At December 31, 2022, reserve for losses and loss expenses included IBNR of $9.6 billion, or 63%, (December 31, 2021: $9.1 billion, or 62%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Quarter ended December 31, 2022									Year ended December 31, 2022
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	605,505		$	439,623		$	1,045,128		$	2,329,161		$	1,832,894		$	4,162,055
Reinsurance recoverable on paid losses and loss expenses	(274,278)			(85,613)			(359,891)			(953,438)			(353,547)			(1,306,985)

Net paid losses and loss expenses	331,227			354,010			685,237			1,375,723			1,479,347			2,855,070

Gross case reserves	131,714			22,597			154,311			96,140			107,158			203,298
Gross IBNR	68,639			17,823			86,462			613,866			17,334			631,200
Reinsurance recoverable on unpaid losses and loss expenses	(92,312)			(35,484)			(127,796)			(299,875)			(147,283)			(447,158)
Net unpaid losses and loss expenses	108,041			4,936			112,977			410,131			(22,791)			387,340

Total net incurred losses and loss expenses	$	439,268		$	358,946		$	798,214		$	1,785,854		$	1,456,556		$	3,242,410

Gross reserve for losses and loss expenses	$	8,381,593		$	6,787,270		$	15,168,863		$	8,381,593		$	6,787,270		$	15,168,863

Net favorable prior year reserve development	$	3,955		$	3,946		$	7,901		$	16,350		$	9,183		$	25,533

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	75.4		%	98.6		%	85.8		%	77.0		%	101.6		%	88.1		%

Net paid losses and loss expenses / Net premiums earned	39.9		%	69.5		%	51.1		%	43.9		%	73.0		%	55.3		%
Net unpaid losses and loss expenses / Net premiums earned	13.0		%	0.9		%	8.5		%	13.1		%	(1.1		%)	7.5		%
Net losses and loss expenses ratio	52.9		%	70.4		%	59.6		%	57.0		%	71.9		%	62.8		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE


																			Year ended December 31,
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q4 2020			2021

INSURANCE SEGMENT
Gross paid losses and loss expenses	$	605,505		$	474,475		$	549,819		$	699,362		$	691,657		$	683,379		$	2,200,524
Reinsurance recoverable on paid losses and loss expenses	(274,278)			(172,617)			(217,004)			(289,540)			(319,661)			(273,686)			(886,710)

Net paid losses and loss expenses	331,227			301,858			332,815			409,822			371,996			409,693			1,313,814

Gross case reserves	131,714			162,750			3,879			(202,202)			67,731			(34,344)			94,651
Gross IBNR	68,639			276,075			126,823			142,331			(66,132)			132,082			392,451
Reinsurance recoverable on unpaid losses and loss expenses	(92,312)			(221,677)			(41,681)			55,794			9,651			(62,987)			(285,918)
Net unpaid losses and loss expenses	108,041			217,148			89,021			(4,077)			11,250			34,751			201,184

Total net incurred losses and loss expenses	$	439,268		$	519,006		$	421,836		$	405,745		$	383,246		$	444,444		$	1,514,998

Gross reserve for losses and loss expenses	$	8,381,593		$	8,092,090		$	7,764,775		$	7,719,773		$	7,803,529		$	7,310,498		$	7,803,529

Net favorable prior year reserve development	$	3,955		$	2,558		$	2,773		$	7,062		$	5,008		$	4,417		$	18,360

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	75.4		%	58.2		%	78.9		%	101.0		%	97.1		%	92.2		%	86.7		%

Net paid losses and loss expenses / Net premiums earned	39.9		%	38.6		%	43.3		%	54.4		%	51.5		%	69.5		%	49.6		%
Net unpaid losses and loss expenses / Net premiums earned	13.0		%	27.8		%	11.6		%	(0.5		%)	1.6		%	5.9		%	7.5		%
Net losses and loss expenses ratio	52.9		%	66.4		%	54.9		%	53.9		%	53.1		%	75.4		%	57.1		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE


																			Year ended December 31,
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q4 2020			2021

REINSURANCE SEGMENT
Gross paid losses and loss expenses	$	439,623		$	492,973		$	440,219		$	460,079		$	448,300		$	594,863		$	1,758,039
Reinsurance recoverable on paid losses and loss expenses	(85,613)			(100,316)			(81,162)			(86,455)			(98,494)			(125,680)			(307,602)

Net paid losses and loss expenses	354,010			392,657			359,057			373,624			349,806			469,183			1,450,437

Gross case reserves	22,597			(36,789)			99,716			21,633			77,796			104,547			221,891
Gross IBNR	17,823			127,731			(62,967)			(65,254)			(68,857)			(137,925)			123,080
Reinsurance recoverable on unpaid losses and loss expenses	(35,484)			(60,694)			(48,055)			(3,049)			(25,766)			(63,010)			(301,623)
Net unpaid losses and loss expenses	4,936			30,248			(11,306)			(46,670)			(16,827)			(96,388)			43,348

Total net incurred losses and loss expenses	$	358,946		$	422,905		$	347,751		$	326,954		$	332,979		$	372,795		$	1,493,785

Gross reserve for losses and loss expenses	$	6,787,270		$	6,560,106		$	6,633,264		$	6,750,382		$	6,849,565		$	6,616,268		$	6,849,565

Net favorable prior year reserve development	$	3,946		$	2,177		$	1,167		$	1,894		$	4,262		$	2,142		$	14,050

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	98.6		%	92.8		%	103.3		%	114.3		%	105.1		%	125.9		%	97.1		%

Net paid losses and loss expenses / Net premiums earned	69.5		%	78.1		%	70.6		%	73.9		%	67.9		%	94.3		%	70.5		%
Net unpaid losses and loss expenses / Net premiums earned	0.9		%	6.0		%	(2.2		%)	(9.2		%)	(3.3		%)	(19.4		%)	2.1		%
Net losses and loss expenses ratio	70.4		%	84.1		%	68.4		%	64.7		%	64.6		%	74.9		%	72.6		%

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF JANUARY 1, 2023


		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	$	74	1.8	%	$	96	2.3	%	$	125	3.1	%
Northeast	U.S. Hurricane	11		0.3	%	35		0.9	%	72		1.8	%
Mid-Atlantic	U.S. Hurricane	26		0.6	%	59		1.4	%	99		2.4	%
Gulf of Mexico	U.S. Hurricane	67		1.6	%	86		2.1	%	121		3.0	%
Europe	Windstorm	39		1.0	%	57		1.4	%	77		1.9	%
Japan	Windstorm	39		1.0	%	106		2.6	%	146		3.6	%
Japan	Earthquake	50		1.2	%	115		2.8	%	195		4.8	%
California	Earthquake	65		1.6	%	98		2.4	%	144		3.5	%

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 January 1, 2023. 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 $96 million. 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 $96 million. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $96 million.

PMLs are based on results of stochastic models that consider a wide range of possible events, their losses and probabilities. It is important to consider that an actual event does not necessarily resemble one of the stochastic events and the specific characteristics of an actual event can lead to substantial differences between actual and modeled loss.

We have developed our PML estimates by combining judgment and experience with the outputs from the catastrophe model, commercially available from Verisk Analytics, Inc.. 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 to internal modeling, underwriting portfolios, reinsurance purchasing strategy and foreign currency exchange rates.

AXIS CAPITAL HOLDINGS LIMITED

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


	Quarters ended December 31,				Years ended December 31,
	2022		2021		2022		2021

Net income available to common shareholders	$	40,928	$	197,329	$	192,833	$	588,359

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,667		84,774		84,864		84,707
Dilutive share equivalents:

Share-based compensation plans	988		817		805		584
Weighted average diluted common shares outstanding	85,655		85,591		85,669		85,291

EARNINGS PER COMMON SHARE
Earnings per common share	$0.48		$2.33		$2.27		$6.95
Earnings per diluted common share	$0.48		$2.31		$2.25		$6.90

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLLFORWARD


	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020

Net income (loss) available (attributable) to common shareholders	$	40,928	$	(16,947)	$	27,215	$	141,637	$	197,329	$	(4,819)

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	84,666		84,655		85,276		84,774		84,773		84,309
Shares issued and treasury shares reissued	8		17		19		747		5		83
Shares repurchased for treasury	(6)		(6)		(640)		(245)		(4)		(39)
Common shares - at end of period	84,668		84,666		84,655		85,276		84,774		84,353

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,667		84,660		85,173		84,961		84,774		84,341
Dilutive share equivalents:

Share-based compensation plans [a]	988		—		670		847		817		—
Weighted average diluted common shares outstanding	85,655		84,660		85,843		85,808		85,591		84,341

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	$0.48		($0.20)		$0.32		$1.67		$2.33		($0.06)
Earnings (loss) per diluted common share	$0.48		($0.20)		$0.32		$1.65		$2.31		($0.06)

[a] Due to the net loss attributable to common shareholders recognized for the quarters ended September 30, 2022 and December 2020, respectively, the share equivalents were anti-dilutive.

AXIS CAPITAL HOLDINGS LIMITED

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


	At December 31, 2022

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

Closing stock price				$54.17





Book value per common share	$	4,089,910	84,668	$48.31

Dilutive securities: [b]
Restricted stock units			2,445	(1.36)
Book value per diluted common share	$	4,089,910	87,113	$46.95

	At December 31, 2021

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

Closing stock price				$54.47

Book value per common share	$	4,860,656	84,774	$57.34





Dilutive securities: [b]


Restricted stock units			2,373	(1.56)
Book value per diluted common share	$	4,860,656	87,147	$55.78

[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.

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE



	Q4 2022		Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q4 2020
Common shareholders' equity	$	4,089,910	$	3,793,423	$	4,152,631	$	4,570,540	$	4,860,656	$	4,745,694
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(100,801)
Less: intangible assets	(197,800)		(200,529)		(203,259)		(205,988)		(208,717)		(219,633)
Associated tax impact	52,856		52,086		52,546		53,055		53,500		45,991
Tangible common shareholders' equity	$	3,844,165	$	3,544,179	$	3,901,117	$	4,316,806	$	4,604,638	$	4,471,251

Diluted common shares outstanding, net of treasury shares [a]	87,113		87,205		87,201		87,948		87,147		86,143

Book value per diluted common share	$	46.95	$	43.50	$	47.62	$	51.97	$	55.78	$	55.09

Tangible book value per diluted common share	$	44.13	$	40.64	$	44.74	$	49.08	$	52.84	$	51.90

[a] Diluted common shares outstanding, net of treasury shares, is calculated in the table above.

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Quarters ended December 31,						Years ended December 31,
	2022			2021			2022			2021
Net income available to common shareholders	$	40,928		$	197,329		$	192,833		$	588,359

Net investment (gains) losses [a]	42,558			(20,410)			456,789			(134,279)
Foreign exchange losses (gains) [b]	78,989			4,632			(157,945)			315
Reorganization expenses [c]	9,485			—			31,426			—
Interest in (income) loss of equity method investments [d]	3,045			(1,213)			(1,995)			(32,084)
Income tax expense (benefit)	(8,397)			1,849			(23,177)			14,166
Operating income	$	166,608		$	182,187		$	497,931		$	436,477


Earnings per diluted common share	$	0.48		$	2.31		$	2.25		$	6.90

Net investment (gains) losses	0.50			(0.24)			5.33			(1.57)

Foreign exchange losses (gains)	0.92			0.05			(1.84)			—

Reorganization expenses	0.11			—			0.37			—
Interest in (income) loss of equity method investments	0.04			(0.01)			(0.02)			(0.38)








Income tax expense (benefit)	(0.10)			0.02			(0.28)			0.17
Operating income per diluted common share	$	1.95		$	2.13		$	5.81		$	5.12

Weighted average diluted common shares outstanding	85,655			85,591			85,669			85,291



Average common shareholders' equity	$	3,941,666		$	4,822,856		$	4,475,283		$	4,803,175

Annualized return on average common equity	4.2		%	16.4		%	4.3		%	12.2		%

Annualized operating return on average common equity	16.9		%	15.1		%	11.1		%	9.1		%

[a] Tax expense (benefit) of $(2) million and $2 million for the quarters ended December 31, 2022 and 2021, respectively, and $(36) million and $11 million for the years ended December 31, 2022 and 2021, 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 $(5) million and $nil for the quarters ended December 31, 2022 and 2021, respectively, and $16 million and $3 million for the years ended December 31, 2022 and 2021, 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 $(1) million and $nil for the quarters ended December 31, 2022 and 2021, respectively, and $(4) million and $nil for the years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax expense (benefit) of $nil for the quarters and years ended December 31, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

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' section 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, including 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 recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments recognized in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation 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 include compensation-related costs and software asset impairments mainly attributable to our exit from catastrophe and property reinsurance lines of business,

part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. 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' section 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. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including 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 recognized in net

investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments recognized in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business, therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses include compensation-related costs and software asset impairments mainly attributable to our exit from catastrophe and property reinsurance lines of business, part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. 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.

ADDITIONAL INFORMATION REGARDING THE COMPANY'S ANNOUNCEMENT TO EXIT CATASTROPHE AND PROPERTY BUSINESS

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Catastrophe and Property [a]



	Quarter-to-date
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	5,720		$	23,400		$	82,463		$	214,719		$	23,999		$	126,980		$	177,414		$	377,411		$	23,310
Ceded premiums written	526			(35,425)			(26,892)			(82,975)			(5,650)			(99,619)			(54,977)			(134,819)			(18,104)
Net premiums written	6,246			(12,025)			55,571			131,744			18,348			27,362			122,436			242,592			5,205

Gross premiums earned	84,745			100,360			124,503			136,273			184,236			198,263			189,985			199,921			214,668
Ceded premiums earned	(28,886)			(40,327)			(43,697)			(41,258)			(89,389)			(83,351)			(65,995)			(63,802)			(104,678)
Net premiums earned	55,859			60,033			80,806			95,014			94,847			114,912			123,990			136,119			109,990
Other insurance related income (loss)	13			126			36			44			(1,419)			1,543			15			(327)			(3,845)
Total underwriting revenues	55,872			60,159			80,842			95,058			93,427			116,455			124,005			135,792			106,145

UNDERWRITING EXPENSES
Net losses and loss expenses	20,097			104,330			63,548			15,981			63,085			181,543			49,422			117,446			114,637
Acquisition costs	11,601			10,347			14,208			15,689			17,747			19,224			21,771			23,149			21,812
Underwriting-related general and administrative expenses [b]	2,128			2,596			2,850			5,739			1,119			2,659			4,322			4,572			462
Total underwriting expenses	33,826			117,272			80,606			37,410			81,951			203,425			75,515			145,167			136,910

UNDERWRITING INCOME (LOSS)	$	22,046		$	(57,113)		$	237		$	57,649		$	11,476		$	(86,970)		$	48,490		$	(9,376)		$	(30,765)

Catastrophe and weather-related losses, net of reinstatement premiums	$	8,930		$	83,157		$	38,020		$	12,999		$	29,609		$	139,714		$	16,876		$	73,737		$	68,119
Net favorable (adverse) prior year reserve development	$	10,673		$	7,694		$	1,360		$	22,293		$	(151)		$	5,937		$	8,653		$	3,175		$	(661)

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	43.5		%	39.3		%	32.8		%	26.6		%	34.0		%	36.3		%	33.1		%	32.4		%	40.0		%
Catastrophe and weather-related losses ratio	11.6		%	147.3		%	47.5		%	13.7		%	32.4		%	126.8		%	13.7		%	56.2		%	63.6		%
Current accident year loss ratio	55.1		%	186.6		%	80.3		%	40.3		%	66.4		%	163.2		%	46.8		%	88.6		%	103.6		%
Prior year reserve development ratio	(19.1		%)	(12.8		%)	(1.7		%)	(23.5		%)	0.2		%	(5.2		%)	(7.0		%)	(2.3		%)	0.6		%
Net losses and loss expenses ratio	36.0		%	173.8		%	78.6		%	16.8		%	66.5		%	158.0		%	39.9		%	86.3		%	104.2		%
Acquisition cost ratio	20.8		%	17.2		%	17.6		%	16.5		%	18.7		%	16.7		%	17.6		%	17.0		%	19.8		%
Underwriting-related general and administrative expense ratio	3.8		%	4.3		%	3.5		%	6.0		%	1.2		%	2.3		%	3.5		%	3.4		%	0.4		%
Combined ratio	60.6		%	195.3		%	99.8		%	39.4		%	86.4		%	177.0		%	60.9		%	106.6		%	124.5		%

[a] Catastrophe and Property refers to business written by the AXIS Re as defined on page iv.

[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Specialty Reinsurance [a]



	Quarter-to-date
		Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums		$	282,171		$	366,518		$	561,398		$	1,092,625		$	223,767		$	343,009		$	495,300		$	1,054,872		$	220,810
Ceded premiums written		(78,649)			(95,498)			(169,541)			(255,410)			(61,400)			(81,391)			(126,764)			(226,391)			(68,800)
Net premiums written		203,522			271,020			391,857			837,215			162,366			261,618			368,536			828,481			152,010

Gross premiums earned		596,635			580,179			561,430			532,953			539,641			538,467			527,884			458,277			514,335
Ceded premiums earned		(142,846)			(137,447)			(133,908)			(122,538)			(119,096)			(122,961)			(126,608)			(106,960)			(126,728)
Net premiums earned		453,789			442,732			427,522			410,415			420,545			415,507			401,276			351,317			387,607
Other insurance related income		2,974			815			1,940			6,567			8,225			5,654			5,250			2,693			470
Total underwriting revenues		456,763			443,547			429,462			416,983			428,770			421,160			406,525			354,010			388,077

UNDERWRITING EXPENSES
Net losses and loss expenses		338,849			318,575			284,203			310,973			269,895			287,146			284,876			240,374			258,158
Acquisition costs		109,113			90,728			98,642			93,850			98,261			88,959			90,336			78,043			92,035
Underwriting-related general and administrative expenses [b]		21,986			21,903			23,977			25,407			17,755			27,262			25,070			24,792			21,954
Total underwriting expenses		469,948			431,206			406,821			430,230			385,910			403,367			400,282			343,209			372,147

UNDERWRITING INCOME (LOSS)		$	(13,185)		$	12,340		$	22,641		$	(13,248)		$	42,860		$	17,793		$	6,243		$	10,800		$	15,930

Catastrophe and weather-related losses, net of reinstatement premiums		$	21,463		$	16,013		$	1,110		$	14,347		$	1,946		$	5,243		$	598		$	487		$	11,724
Net favorable (adverse) prior year reserve development		$	(6,726)		$	(5,517)		$	(193)		$	(20,400)		$	4,413		$	(344)		$	(8,271)		$	637		$	2,803

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses		68.4		%	67.1		%	66.2		%	67.3		%	64.7		%	67.8		%	68.8		%	68.5		%	64.2		%
Catastrophe and weather-related losses ratio		4.8		%	3.6		%	0.3		%	3.5		%	0.5		%	1.3		%	0.1		%	0.1		%	3.1		%
Current accident year loss ratio		73.2		%	70.7		%	66.4		%	70.8		%	65.2		%	69.0		%	68.9		%	68.6		%	67.3		%
Prior year reserve development ratio		1.5		%	1.2		%	—		%	5.0		%	(1.0		%)	0.1		%	2.1		%	(0.2		%)	(0.7		%)
Net losses and loss expenses ratio		74.7		%	72.0		%	66.5		%	75.8		%	64.2		%	69.1		%	71.0		%	68.4		%	66.6		%
Acquisition cost ratio		24.0		%	20.5		%	23.1		%	22.9		%	23.4		%	21.4		%	22.5		%	22.2		%	23.7		%
Underwriting-related general and administrative expense ratio		4.8		%	4.9		%	5.6		%	6.2		%	4.2		%	6.6		%	6.2		%	7.1		%	5.7		%
Combined ratio		103.6		%	97.4		%	95.2		%	104.8		%	91.8		%	97.1		%	99.8		%	97.7		%	96.0		%

[a] Specialty Reinsurance refers to business written by the AXIS Re including liability, accident and health, professional lines, credit and surety, motor, agriculture, engineering, marine and aviation, and engineering as defined on page iv.

[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total [a]



	Quarter-to-date
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	287,891		$	389,918		$	643,861		$	1,307,344		$	247,765		$	469,989		$	672,714		$	1,432,283		$	244,120
Ceded premiums written	(78,123)			(130,923)			(196,433)			(338,384)			(67,051)			(181,010)			(181,741)			(361,211)			(86,904)
Net premiums written	209,768			258,995			447,428			968,960			180,714			288,979			490,972			1,071,073			157,216

Gross premiums earned	681,380			680,539			685,933			669,227			723,877			736,730			717,869			658,198			729,002
Ceded premiums earned	(171,732)			(177,774)			(177,605)			(163,797)			(208,486)			(206,311)			(192,603)			(170,762)			(231,404)
Net premiums earned	509,648			502,765			508,328			505,430			515,391			530,419			525,266			487,436			497,598
Other insurance related income (loss)	2,987			941			1,976			6,611			6,806			7,197			5,265			2,366			(3,375)
Total underwriting revenues	512,635			503,706			510,304			512,041			522,197			537,616			530,531			489,801			494,223

UNDERWRITING EXPENSES
Net losses and loss expenses	358,946			422,905			347,751			326,954			332,979			468,688			334,298			357,820			372,795
Acquisition costs	120,714			101,075			112,850			109,540			116,008			108,183			112,107			101,192			113,846
Underwriting-related general and administrative expenses	24,114			24,498			26,826			31,146			18,874			29,921			29,392			29,365			22,415
Total underwriting expenses	503,774			548,478			487,427			467,640			467,861			606,792			475,797			488,377			509,056

UNDERWRITING INCOME (LOSS)	$	8,861		$	(44,772)		$	22,877		$	44,401		$	54,336		$	(69,176)		$	54,733		$	1,425		$	(14,833)

Catastrophe and weather-related losses, net of reinstatement premiums	$	30,392		$	99,170		$	39,130		$	27,346		$	31,555		$	144,957		$	17,474		$	74,224		$	79,843
Net favorable prior year reserve development	$	3,946		$	2,177		$	1,167		$	1,894		$	4,262		$	5,594		$	382		$	3,812		$	2,142

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	65.5		%	64.2		%	60.9		%	59.7		%	59.2		%	61.4		%	60.4		%	58.6		%	59.0		%
Catastrophe and weather-related losses ratio	5.7		%	20.3		%	7.7		%	5.4		%	6.2		%	28.0		%	3.3		%	15.6		%	16.3		%
Current accident year loss ratio	71.2		%	84.5		%	68.6		%	65.1		%	65.4		%	89.4		%	63.7		%	74.2		%	75.3		%
Prior year reserve development ratio	(0.8		%)	(0.4		%)	(0.2		%)	(0.4		%)	(0.8		%)	(1.0		%)	(0.1		%)	(0.8		%)	(0.4		%)
Net losses and loss expenses ratio	70.4		%	84.1		%	68.4		%	64.7		%	64.6		%	88.4		%	63.6		%	73.4		%	74.9		%
Acquisition cost ratio	23.7		%	20.1		%	22.2		%	21.7		%	22.5		%	20.4		%	21.3		%	20.8		%	22.9		%
Underwriting-related general and administrative expense ratio	4.7		%	4.9		%	5.3		%	6.1		%	3.7		%	5.6		%	5.6		%	6.0		%	4.5		%
Combined ratio	98.8		%	109.1		%	95.9		%	92.5		%	90.8		%	114.4		%	90.6		%	100.2		%	102.3		%

[a] Reinsurance Total refers to business written by the AXIS Re including Catastrophe and Property, and Specialty Reinsurance.

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total, Catastrophe and Property, and Specialty Reinsurance


	Total Reinsurance									Reinsurance Catastrophe and Property [a]									Specialty Reinsurance [a]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	2,629,014		$	2,822,752		$	2,808,539		$	326,303		$	705,804		$	796,988		$	2,302,712		$	2,116,948		$	2,011,550
Ceded premiums written	(743,864)			(791,013)			(829,631)			(144,766)			(295,065)			(353,459)			(599,098)			(495,947)			(476,173)
Net premiums written	1,885,150			2,031,739			1,978,908			181,537			410,738			443,530			1,703,614			1,621,001			1,535,378

Gross premiums earned	2,717,079			2,836,674			2,929,006			445,881			772,405			865,770			2,271,198			2,064,269			2,063,237
Ceded premiums earned	(690,908)			(778,163)			(856,735)			(154,168)			(302,537)			(364,513)			(536,739)			(475,625)			(492,224)
Net premiums earned	2,026,171			2,058,511			2,072,271			291,713			469,868			501,258			1,734,459			1,588,644			1,571,013
Other insurance related income (loss)	12,514			21,633			(10,736)			218			(188)			(1,877)			12,296			21,821			(8,859)
Total underwriting revenues	2,038,685			2,080,144			2,061,535			291,931			469,679			499,381			1,746,754			1,610,465			1,562,154

UNDERWRITING EXPENSES
Net losses and loss expenses	1,456,556			1,493,785			1,584,238			203,955			411,495			482,598			1,252,601			1,082,290			1,101,641
Acquisition costs	444,179			437,490			467,984			51,846			81,891			99,954			392,333			355,599			368,029
Underwriting-related general and administrative expenses	106,585			107,552			99,129			13,312			12,672			7,057			93,272			94,880			92,072
Total underwriting expenses	2,007,320			2,038,827			2,151,351			269,113			506,059			589,609			1,738,207			1,532,768			1,561,742

UNDERWRITING INCOME (LOSS)	$	31,365		$	41,317		$	(89,816)		$	22,818		(36,379)			(90,229)			$	8,548		77,697			412

Catastrophe and weather-related losses, net of reinstatement premiums	$	196,068		$	268,300		$	330,479		$	143,120		259,936			$	297,304		$	52,949		8,364			33,175
Net favorable (adverse) prior year reserve development	$	9,183		$	14,050		$	6,972		$	42,019		$	17,614		$	3,272		$	(32,837)		$	(3,565)		$	3,700

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	62.6		%	59.9		%	60.6		%	34.2		%	33.8		%	36.2		%	67.3		%	67.4		%	68.2		%
Catastrophe and weather-related losses ratio	9.7		%	13.3		%	16.2		%	50.2		%	57.5		%	60.8		%	3.1		%	0.5		%	2.1		%
Current accident year loss ratio	72.3		%	73.2		%	76.8		%	84.3		%	91.3		%	96.9		%	70.3		%	67.9		%	70.4		%
Prior year reserve development ratio	(0.4		%)	(0.6		%)	(0.4		%)	(14.4		%)	(3.7		%)	(0.7		%)	1.9		%	0.2		%	(0.2		%)
Net losses and loss expenses ratio	71.9		%	72.6		%	76.4		%	69.9		%	87.6		%	96.3		%	72.2		%	68.1		%	70.1		%
Acquisition cost ratio	21.9		%	21.3		%	22.6		%	17.8		%	17.4		%	19.9		%	22.6		%	22.4		%	23.4		%
Underwriting-related general and administrative expense ratio	5.3		%	5.1		%	4.8		%	4.6		%	2.7		%	1.4		%	5.4		%	6.0		%	5.9		%
Combined ratio	99.1		%	99.0		%	103.8		%	92.3		%	107.7		%	117.6		%	100.2		%	96.5		%	99.4		%

[a] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data



	Quarter-to-date
	Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	1,758,696		$	1,707,808		$	2,113,483		$	2,634,608		$	1,562,828		$	1,646,489		$	1,941,186		$	2,535,481		$	1,348,419
Ceded premiums written	(662,142)			(671,024)			(796,636)			(821,736)			(615,420)			(650,018)			(737,328)			(756,595)			(562,970)
Net premiums written	1,096,554			1,036,784			1,316,847			1,812,872			947,408			996,471			1,203,858			1,778,886			785,449

Gross premiums earned	2,050,239			2,012,426			1,971,208			1,902,508			1,936,521			1,879,280			1,794,769			1,671,139			1,735,932
Ceded premiums earned	(710,077)			(727,560)			(694,156)			(644,262)			(698,761)			(667,853)			(637,828)			(567,417)			(648,564)
Net premiums earned	1,340,162			1,284,866			1,277,052			1,258,246			1,237,760			1,211,427			1,156,941			1,103,722			1,087,368
Other insurance related income (loss)	3,076			1,092			2,213			6,693			7,033			7,665			5,817			2,781			(2,819)
Total underwriting revenues	1,343,238			1,285,958			1,279,265			1,264,939			1,244,793			1,219,092			1,162,758			1,106,503			1,084,549

UNDERWRITING EXPENSES
Net losses and loss expenses	798,214			941,911			769,587			732,699			716,225			911,369			666,473			714,718			817,239
Acquisition costs	275,573			240,511			257,582			248,352			252,180			231,712			219,070			218,871			231,800
Underwriting-related general and administrative expenses	137,220			132,570			135,403			145,096			140,379			134,826			128,961			132,668			116,345
Total underwriting expenses	1,211,007			1,314,992			1,162,572			1,126,147			1,108,784			1,277,907			1,014,504			1,066,257			1,165,384

UNDERWRITING INCOME (LOSS)	$	132,231		$	(29,034)		$	116,693		$	138,792		$	136,009		$	(58,815)		$	148,254		$	40,246		$	(80,835)

Catastrophe and weather-related losses, net of reinstatement premiums	$	63,610		$	211,969		$	67,119		$	60,076		$	54,209		$	249,830		$	28,562		$	110,250		$	198,028
Net favorable prior year reserve development	$	7,901		$	4,735		$	3,940		$	8,956		$	9,270		$	11,012		$	6,808		$	5,317		$	6,559

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	57.1		%	55.3		%	54.2		%	54.3		%	55.4		%	55.7		%	55.1		%	57.4		%
Catastrophe and weather-related losses ratio	4.7		%	16.6		%	5.3		%	4.7		%	4.3		%	20.7		%	2.5		%	10.1		%	18.4		%
Current accident year loss ratio	60.2		%	73.7		%	60.6		%	58.9		%	58.6		%	76.1		%	58.2		%	65.2		%	75.8		%
Prior year reserve development ratio	(0.6		%)	(0.4		%)	(0.3		%)	(0.7		%)	(0.7		%)	(0.9		%)	(0.6		%)	(0.4		%)	(0.6		%)
Net losses and loss expenses ratio	59.6		%	73.3		%	60.3		%	58.2		%	57.9		%	75.2		%	57.6		%	64.8		%	75.2		%
Acquisition cost ratio	20.6		%	18.7		%	20.2		%	19.7		%	20.4		%	19.1		%	18.9		%	19.8		%	21.3		%
General and administrative expense ratio [a]	13.9		%	12.3		%	12.9		%	13.5		%	14.8		%	13.1		%	14.1		%	14.3		%	13.1		%
Combined ratio	94.1		%	104.3		%	93.4		%	91.4		%	93.1		%	107.4		%	90.6		%	98.9		%	109.6		%

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property



	Quarter-to-date
		Q4 2022			Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums		$	1,752,976		$	1,684,408		$	2,031,020		$	2,419,889		$	1,538,830		$	1,519,509		$	1,763,772		$	2,158,070		$	1,325,110
Ceded premiums written		(662,668)			(635,599)			(769,744)			(738,761)			(609,769)			(550,399)			(682,351)			(621,776)			(544,865)
Net premiums written		1,090,307			1,048,809			1,261,275			1,681,128			929,060			969,109			1,081,422			1,536,294			780,245

Gross premiums earned		1,965,494			1,912,066			1,846,705			1,766,236			1,752,285			1,681,017			1,604,784			1,471,218			1,521,264
Ceded premiums earned		(681,190)			(687,233)			(650,460)			(603,004)			(609,372)			(584,502)			(571,833)			(503,614)			(543,886)
Net premiums earned		1,284,303			1,224,833			1,196,245			1,163,231			1,142,914			1,096,515			1,032,951			967,604			977,378
Other insurance related income		3,063			965			2,177			6,650			8,452			6,122			5,802			3,108			1,026
Total underwriting revenues		1,287,366			1,225,798			1,198,422			1,169,881			1,151,366			1,102,637			1,038,753			970,712			978,404

UNDERWRITING EXPENSES
Net losses and loss expenses		778,117			837,581			706,039			716,718			653,140			729,826			617,051			597,271			702,602
Acquisition costs		263,972			230,164			243,373			232,662			234,433			212,488			197,299			195,723			209,989
Underwriting-related general and administrative expenses [a]		135,091			129,975			132,553			139,357			139,259			132,168			124,639			128,096			115,883
Total underwriting expenses		1,177,181			1,197,720			1,081,965			1,088,736			1,026,832			1,074,482			938,990			921,089			1,028,475

UNDERWRITING INCOME (LOSS)		$	110,186		$	28,078		$	116,457		$	81,145		$	124,534		$	28,155		$	99,763		$	49,622		$	(50,072)

Catastrophe and weather-related losses, net of reinstatement premiums		$	54,680		$	128,812		$	29,099		$	47,077		$	24,600		$	110,116		$	11,686		$	36,513		$	129,909
Net favorable (adverse) prior year reserve development		$	(2,772)		$	(2,958)		$	2,580		$	(13,337)		$	9,422		$	5,075		$	(1,845)		$	2,143		$	7,220

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses		56.1		%	57.8		%	56.8		%	56.4		%	55.9		%	57.2		%	58.4		%	58.2		%	59.3		%
Catastrophe and weather-related losses ratio		4.3		%	10.3		%	2.4		%	4.0		%	2.1		%	9.8		%	1.1		%	3.8		%	13.3		%
Current accident year loss ratio		60.4		%	68.1		%	59.2		%	60.5		%	58.0		%	67.0		%	59.6		%	61.9		%	72.6		%
Prior year reserve development ratio		0.2		%	0.2		%	(0.2)		%	1.1		%	(0.8)		%	(0.5)		%	0.2		%	(0.2)		%	(0.7)		%
Net losses and loss expenses ratio		60.6		%	68.4		%	59.0		%	61.6		%	57.1		%	66.6		%	59.7		%	61.7		%	71.9		%
Acquisition cost ratio		20.6		%	18.8		%	20.3		%	20.0		%	20.5		%	19.4		%	19.1		%	20.2		%	21.5		%
General and administrative expense ratio [b]		14.4		%	12.7		%	13.6		%	14.0		%	16.0		%	14.2		%	15.3		%	15.9		%	14.6		%
Combined ratio		95.6		%	99.9		%	93.0		%	95.7		%	93.7		%	100.1		%	94.1		%	97.9		%	108.0		%

[a] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations.

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property


	Group Total [a]									Reinsurance Catastrophe and Property [b]									Group Total excluding Reinsurance Catastrophe and Property [b]
	Year-to-date									Year-to-date									Year-to-date
	Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020			Q4 2022			Q4 2021			Q4 2020
UNDERWRITING REVENUES
Gross written premiums	$	8,214,595		$	7,685,984		$	6,826,938		$	326,303		$	705,804		$	796,988		$	7,888,292		$	6,980,181		$	6,029,950
Ceded premiums written	(2,951,539)			(2,759,360)			(2,490,529)			(144,766)			(295,065)			(353,459)			(2,806,773)			(2,464,295)			(2,137,070)
Net premiums written	5,263,056			4,926,624			4,336,409			181,537			410,738			443,530			5,081,519			4,515,886			3,892,880

Gross premiums earned	7,936,382			7,281,709			6,768,733			445,881			772,405			865,770			7,490,501			6,509,304			5,902,963
Ceded premiums earned	(2,776,056)			(2,571,859)			(2,397,424)			(154,168)			(302,537)			(364,513)			(2,621,888)			(2,269,321)			(2,032,912)
Net premiums earned	5,160,326			4,709,850			4,371,309			291,713			469,868			501,258			4,868,613			4,239,983			3,870,051
Other insurance related income (loss)	13,073			23,295			(8,089)			218			(188)			(1,877)			12,855			23,484			(6,213)
Total underwriting revenues	5,173,399			4,733,145			4,363,220			291,931			469,679			499,381			4,881,468			4,263,466			3,863,839

UNDERWRITING EXPENSES
Net losses and loss expenses	3,242,410			3,008,783			3,281,252			203,955			411,495			482,598			3,038,455			2,597,288			2,798,654
Acquisition costs	1,022,017			921,834			929,517			51,846			81,891			99,954			970,171			839,943			829,563
Underwriting-related general and administrative expenses	550,289			536,834			477,968			13,312			12,672			7,057			536,977			524,162			470,910
Total underwriting expenses	4,814,716			4,467,451			4,688,737			269,113			506,059			589,609			4,545,602			3,961,392			4,099,127

UNDERWRITING INCOME (LOSS)	$	358,683		$	265,694		$	(325,517)		$	22,818		$	(36,379)		$	(90,229)		$	335,866		$	302,074		$	(235,288)

Catastrophe and weather-related losses, net of reinstatement premiums	$	402,803		$	442,859		$	773,919		$	143,120		$	259,936		$	297,304		$	259,683		$	182,923		$	476,615
Net favorable (adverse) prior year reserve development	$	25,533		$	32,410		$	15,909		$	42,019		$	17,614		$	3,272		$	(16,487)		$	14,795		$	12,638

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	55.1		%	57.7		%	34.2		%	33.8		%	36.2		%	56.8		%	57.4		%	60.5		%
Catastrophe and weather-related losses ratio	7.8		%	9.5		%	17.7		%	50.2		%	57.5		%	60.8		%	5.3		%	4.2		%	12.2		%
Current accident year loss ratio	63.3		%	64.6		%	75.4		%	84.3		%	91.3		%	96.9		%	62.1		%	61.6		%	72.6		%
Prior year reserve development ratio	(0.5		%)	(0.7		%)	(0.3		%)	(14.4		%)	(3.7		%)	(0.7		%)	0.3		%	(0.3		%)	(0.3		%)
Net losses and loss expenses ratio	62.8		%	63.9		%	75.1		%	69.9		%	87.6		%	96.3		%	62.4		%	61.3		%	72.3		%
Acquisition cost ratio	19.8		%	19.6		%	21.3		%	17.8		%	17.4		%	19.9		%	19.9		%	19.8		%	21.4		%
Underwriting-related general and administrative expense ratio	13.2		%	14.0		%	13.2		%	4.6		%	2.7		%	1.4		%	13.7		%	15.3		%	14.8		%
Combined ratio	95.8		%	97.5		%	109.6		%	92.3		%	107.7		%	117.6		%	96.0		%	96.4		%	108.6		%

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

[b] Underwriting-related general and administrative expenses reflect the expected allocation of corporate costs necessary to support ongoing Specialty Reinsurance operations

ADDITIONAL INFORMATION REGARDING THE NET FINANCIAL IMPACT OF THE COMPANY'S LOSS PORTFOLIO TRANSFER ("LPT") REINSURANCE TRANSACTION

AXIS CAPITAL HOLDINGS LIMITED

NET FINANCIAL IMPACT OF THE COMPANY'S LOSS PORTFOLIO TRANSFER ("LPT") REINSURANCE TRANSACTION


	Quarter ended December 31, 2022
	Insurance			Group
UNDERWRITING REVENUES






Net premiums earned	$	830,514		$	1,340,162
Other insurance related income	89			3,076
Total underwriting revenues	830,603			1,343,238

UNDERWRITING EXPENSES
Net losses and loss expenses	439,268			798,214

Acquisition costs excluding the impact of the LPT	148,927			269,641
Impact of the LPT on acquisition costs [a]	5,932			5,932
Acquisition costs	154,859			275,573

Underwriting-related general and administrative expenses	113,106			137,220
Total underwriting expenses	707,233			1,211,007

UNDERWRITING INCOME	$	123,370		$	132,231




Net favorable prior year reserve development excluding the impact of the LPT	$	8,562		$	12,508
Impact of the LPT on prior year reserve development [a]	(4,607)			(4,607)
Net favorable prior year reserve development	$	3,955		$	7,901

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	49.3		%	55.5		%
Catastrophe and weather-related losses ratio	4.1		%	4.7		%
Current accident year loss ratio	53.4		%	60.2		%

Prior year reserve development ratio excluding the impact of the LPT	(1.0		%)	(0.9		%)
Impact of the LPT on prior year development ratio [a]	0.5		%	0.3		%
Prior year reserve development ratio	(0.5		%)	(0.6		%)

Net losses and loss expenses ratio	52.9		%	59.6		%

Acquisition cost ratio excluding the impact of the LPT	17.9		%	20.1		%
Impact of the LPT on acquisition cost ratio [a]	0.7		%	0.5		%
Acquisition cost ratio	18.6		%	20.6		%

Underwriting-related general and administrative expense ratio	13.7		%	10.2		%
Corporate expense ratio				3.7		%
Combined ratio	85.2		%	94.1		%

Net adverse financial impact of the LPT on underwriting income [a]	$	10,539		$	10,539
Impact of the LPT on combined ratio [a]	1.2		%	0.8		%

[a] On December 9, 2022 we entered into loss portfolio transfer reinsurance agreements with a third-party to reinsure several of our professional lines and liability insurance portfolios, relating to 2019 and prior accident years. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. The impact of this transaction on acquisition costs, prior year reserve development, the prior year reserve development ratio and the acquisition cost ratio is presented above.