Form 8-K

8-K — AXIS CAPITAL HOLDINGS LTD

Accession: 0001214816-26-000201

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0001214816

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — axs-20260728.htm (Primary)

EX-99.1 (q22026pressrelease.htm)

EX-99.2 (q22026financialsupplement.htm)

EX-99.3 (q22026investorpresentati.htm)

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8-K

8-K (Primary)

Filename: axs-20260728.htm · Sequence: 1

axs-20260728

0001214816AXIS CAPITAL HOLDINGS LTDfalse00012148162026-07-282026-07-280001214816us-gaap:CommonStockMember2026-07-282026-07-280001214816us-gaap:SeriesEPreferredStockMember2026-07-282026-07-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda 001-31721 98-0395986

(State of Incorporation) (Commission File No.)

(I.R.S. Employer

Identification No.)

29 Richmond Road, 3rd Flr

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common shares, par value $0.0125 per share AXS New York Stock Exchange

Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share AXS PRE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On July 28, 2026, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its second quarter 2026 results and the availability of its second quarter 2026 investor financial supplement. The press release and the investor financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively. The Company also filed a presentation to be used in upcoming meetings with investors. The presentation slides are attached hereto as Exhibit 99.3 and incorporated by reference herein. A copy of the presentation will also be available on our investor website at www.investor.axiscapital.com.

The information in this Current Report on Form 8-K, including the information set forth in Exhibits 99.1, 99.2, and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number Description of Document

99.1

Press release dated July 28, 2026

99.2

Second quarter 2026 Investor Financial Supplement

99.3

Investor presentation materials

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: July 28, 2026

AXIS CAPITAL HOLDINGS LIMITED

By:

/s/ G. Christina Gray-Trefry

G. Christina Gray-Trefry

General Counsel and Secretary

EX-99.1

Filename: q22026pressrelease.htm · Sequence: 2

Document

Cliff Gallant (Investor Contact):

(415) 262-6843;

investorrelations@axiscapital.com

Joe Cohen (Media Contact): (212) 715-3524;

joseph.cohen@axiscapital.com

AXIS CAPITAL REPORTS SECOND QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $251 MILLION, or $3.38 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $211 MILLION, or $2.84 PER DILUTED COMMON SHARE

For the second quarter of 2026, the Company reports:

•Annualized return on average common equity ("ROACE") of 17.0% and annualized operating ROACE of 14.3%

•Combined ratio of 93.1%, producing underwriting income of $143 million

•Book value per diluted common share of $80.67

For the six months ended June 30, 2026, the Company reports:

•Net income available to common shareholders of $498 million, or $6.67 per diluted common share and operating income of $468 million, or $6.26 per diluted common share

•Annualized return on average common equity ("ROACE") of 16.9% and annualized operating ROACE of 15.9%

•Combined ratio of 91.5%, producing underwriting income of $330 million

•Book value per diluted common share of $80.67, an increase of $3.47, or 4.5%, compared to December 31, 2025, and an increase of $10.33, or 14.7% compared to June 30, 2025

Pembroke, Bermuda, July 28, 2026 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the second quarter ended June 30, 2026.

Commenting on the second quarter 2026 financial results, Vince Tizzio, President and CEO of AXIS Capital said:

"AXIS continued to generate consistent, profitable growth in the second quarter, amidst an evolving risk landscape impacted by the Middle East conflict and further transitioning market conditions. Our results were highlighted by 14.3% annualized operating return-on-equity, 15% year-over-year increase in book value per diluted common share, and gross premiums written of $2.7 billion, up by 6% over the prior year.

"Our insurance business performed strongly with $2.2 billion in premiums and a 90.0% combined ratio and an 84.5% current accident year ex-cat combined ratio. This was propelled by our expanded classes and contributions from our AXIS Capacity Solutions capability. Within reinsurance, we maintained a disciplined stance, with more than half of our production coming from targeted short-tail lines, complementing our broader underwriting strategy.

"In the third quarter, AXIS will celebrate its 25th anniversary. Our company was founded in the aftermath of September 11 to address an urgent need for tailored insurance solutions. Since then, that need has only intensified, reinforcing the critical role specialists play in helping clients navigate an increasingly dynamic risk environment."

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 1 -

Second Quarter and Year-to-date Consolidated Results*1

•Net income available to common shareholders for the second quarter of 2026 was $251 million, an increase of $35 million, or 16%, compared to the second quarter of 2025.

•Net income available to common shareholders year-to-date was $498 million, an increase of $96 million, or 24%, compared to the six months ended June 30, 2025.

•Operating income(2) for the second quarter of 2026 was $211 million, a decrease of $51 million, or 19%, compared to the second quarter of 2025.

•Operating income year-to-date was $468 million, a decrease of $56 million, or 11%, compared to the six months ended June 30, 2025.

•Underwriting income(3) for the second quarter of 2026 was $143 million, a decrease of $46 million, or 24%, compared to the second quarter of 2025.

•Underwriting income year-to-date was $330 million, a decrease of $22 million, or 6%, compared to the six months ended June 30, 2025.

•Fees related to arrangements with strategic capital partners for the second quarter of 2026 were $22 million, compared to $20 million for the second quarter of 2025. Fees year-to-date were $44 million, compared to $37 million for the six months ended June 30, 2025.

•Book yield of fixed maturities was 4.8% at June 30, 2026, compared to 4.6% at June 30, 2025. The market yield was 5.1% at June 30, 2026.

•Effective tax rate for the second quarter of 2026 was 19.2%, compared to 20.1% for the second quarter of 2025, principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

•Reorganization expenses for the second quarter of 2026 were $6 million, primarily related to the continued implementation of initiatives undertaken to streamline our operations, initiated in the first quarter of 2026.

•Reorganization expenses year-to-date were $29 million, primarily related to initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with transitions in executive leadership.

•Total capital returned to common shareholders was $122 million, including common share repurchases of $89 million pursuant to our Board-authorized share repurchase program, and common share dividends of $33 million in the quarter.

•Book value per diluted common share was $80.67 at June 30, 2026, an increase of $2.48, or 3.2%, compared to March 31, 2026.

•Book value per diluted common share increased by $10.33, or 14.7%, over the past twelve months, driven by net income, partially offset by common share repurchases, common share dividends of $1.76 per share and net unrealized investment losses.

Footnotes referred to above

* Amounts may not reconcile due to rounding differences.

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

2 Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this press release.

3 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 provided later in this press release.

Footnotes referred to on page 3

4 The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.

5 Current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, and current accident year combined ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio and combined ratio, together with a discussion of the rationale for the presentation of these items, are provided later in this press release.

6 Amounts presented on a constant currency basis are non-GAAP financial measures as defined in SEC Regulation G. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to prior year amounts. The reconciliations to the most comparable GAAP financial measures, together with a discussion of the rationale for the presentation of these items, are provided later in this press release. Variances that are unchanged on a constant currency basis are omitted from the narrative.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 2 -

Second Quarter Consolidated Underwriting Highlights

Three months ended June 30, Six months ended June 30,

KEY RATIOS 2026 2025 Change 2026 2025 Change

Current accident year loss ratio, excluding catastrophe and weather-related losses(4) (5)

57.1 % 56.4 % 0.7 pts 56.8 % 56.3 % 0.5 pts

Catastrophe and weather-related losses ratio(5)

5.3 % 2.6 % 2.7 pts 4.3 % 3.2 % 1.1 pts

Current accident year loss ratio(5)

62.4 % 59.0 % 3.4 pts 61.1 % 59.5 % 1.6 pts

Prior year reserve development ratio (1.0 %) (1.5 %) 0.5 pts (1.1 %) (1.4 %) 0.3 pts

Net losses and loss expenses ratio 61.4 % 57.5 % 3.9 pts 60.0 % 58.1 % 1.9 pts

Acquisition cost ratio 20.8 % 19.8 % 1.0 pts 20.7 % 19.8 % 0.9 pts

General and administrative expense ratio 10.9 % 11.6 % (0.7 pts) 10.8 % 11.6 % (0.8 pts)

Combined ratio 93.1 % 88.9 % 4.2 pts 91.5 % 89.5 % 2.0 pts

Current accident year combined ratio(5)

94.1 % 90.4 % 3.7 pts 92.6 % 90.9 % 1.7 pts

Current accident year combined ratio, excluding catastrophe and weather-related losses(5)

88.8 % 87.8 % 1.0 pts 88.3 % 87.7 % 0.6 pts

Three months ended June 30, 2026

•Gross premiums written increased by $152 million, or 6%, to $2.7 billion with an increase of $296 million, or 15% in the insurance segment, partially offset by a decrease of $144 million, or 25% in the reinsurance segment.

•Net premiums written decreased by $30 million, or 2%, to $1.6 billion with a decrease of $110 million, or 32% in the reinsurance segment, partially offset by an increase of $81 million, or 6% in the insurance segment.

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $80 million ($63 million after-tax) (Insurance: $78 million; Reinsurance: $3 million), or 5.3 points, including natural catastrophe losses of $49 million or 3.2 points. The remaining losses of $31 million or 2.1 points were attributable to the Middle East conflict.

•Net favorable prior year reserve development was $15 million (Insurance: $12 million; Reinsurance: $3 million), compared to $20 million in 2025.

Six months ended June 30, 2026

•Gross premiums written increased by $455 million, or 9% ($385 million, or 7%, on a constant currency basis(6)), to $5.8 billion with an increase of $624 million, or 17% in the insurance segment, partially offset by a decrease of $169 million, or 10% in the reinsurance segment.

•Net premiums written increased by $127 million, or 4% ($63 million, or 2%, on a constant currency basis), to $3.5 billion with an increase of $329 million, or 14% in the insurance segment, partially offset by a decrease of $202 million, or 19% in the reinsurance segment.

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $128 million ($102 million after-tax), or 4.3 points, including natural catastrophe losses of $82 million or 2.8 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $46 million or 1.5 points were attributable to the Middle East conflict.

•Net favorable prior year reserve development was $33 million (Insurance: $27 million; Reinsurance: $6 million), compared to $38 million in 2025.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 3 -

Segment Highlights

Insurance Segment

Three months ended June 30, Six months ended June 30,

($ in thousands) 2026 2025 Change 2026 2025 Change

Gross premiums written $ 2,228,147 $ 1,932,435 15.3 % $ 4,211,888 $ 3,588,337 17.4 %

Net premiums written 1,371,309 1,290,510 6.3 % 2,664,385 2,335,090 14.1 %

Net premiums earned 1,187,160 1,032,961 14.9 % 2,328,915 2,043,047 14.0 %

Underwriting income 119,362 151,639 (21.3 %) 276,718 286,180 (3.3 %)

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather-related losses 54.0 % 52.3 % 1.7 pts 53.6 % 52.3 % 1.3 pts

Catastrophe and weather-related losses ratio 6.5 % 3.6 % 2.9 pts 5.4 % 4.1 % 1.3 pts

Current accident year loss ratio 60.5 % 55.9 % 4.6 pts 59.0 % 56.4 % 2.6 pts

Prior year reserve development ratio (1.0 %) (1.5 %) 0.5 pts (1.1 %) (1.4 %) 0.3 pts

Net losses and loss expenses ratio 59.5 % 54.4 % 5.1 pts 57.9 % 55.0 % 2.9 pts

Acquisition cost ratio 20.1 % 18.9 % 1.2 pts 19.9 % 19.0 % 0.9 pts

Underwriting-related general and administrative expense ratio 10.4 % 12.0 % (1.6 pts) 10.3 % 12.0 % (1.7 pts)

Combined ratio 90.0 % 85.3 % 4.7 pts 88.1 % 86.0 % 2.1 pts

Current accident year combined ratio 91.0 % 86.8 % 4.2 pts 89.2 % 87.4 % 1.8 pts

Current accident year combined ratio, excluding catastrophe and weather-related losses 84.5 % 83.2 % 1.3 pts 83.8 % 83.3 % 0.5 pts

Three months ended June 30, 2026

•Gross premiums written increased by $296 million, or 15%, attributable to all lines of business with the exception of cyber lines. Our AXIS Capacity Solutions ("ACS") capability contributed $165 million, or 8% of the increase in gross premiums written in the quarter.

•Net premiums written increased by $80 million, or 6%, reflecting the increase in gross premiums written in the quarter, partially offset by an increased cession rate in property lines. Changes in cessions impacted the ceded ratio in the quarter. This ratio has normalized year-to-date.

•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 1.7 points, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.

•The acquisition cost ratio increased by 1.2 points, primarily related to changes in business mix attributable to accident and health, credit and political risk, property, and professional lines.

•The underwriting-related general and administrative expense ratio decreased by 1.6 points, mainly driven by an increase in net premiums earned.

Six months ended June 30, 2026

•Gross premiums written increased by $624 million, or 17%, attributable to all lines of business with the exception of cyber lines. Our ACS capability contributed $338 million, or 9% of the increase in gross premiums written year-to-date.

•Net premiums written increased by $329 million, or 14% ($306 million, or 13%, on a constant currency basis), reflecting the increase in gross premiums written in the year, together with decreased cession rates in liability, and accident and health lines, partially offset by an increased cession rate in property lines.

•The underwriting-related general and administrative expense ratio decreased by 1.7 points, mainly driven by an increase in net premiums earned.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 4 -

Reinsurance Segment

Three months ended June 30, Six months ended June 30,

($ in thousands) 2026 2025 Change 2026 2025 Change

Gross premiums written $ 439,484 $ 583,536 (24.7 %) $ 1,553,709 $ 1,722,285 (9.8 %)

Net premiums written 234,489 344,924 (32.0 %) 848,448 1,050,383 (19.2 %)

Net premiums earned 331,824 360,470 (7.9 %) 670,536 691,204 (3.0 %)

Underwriting income 23,564 37,562 (37.3 %) 53,571 66,476 (19.4 %)

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather-related losses 68.3 % 67.9 % 0.4 pts 68.0 % 68.2 % (0.2 pts)

Catastrophe and weather-related losses ratio 0.8 % 0.1 % 0.7 pts 0.4 % 0.2 % 0.2 pts

Current accident year loss ratio 69.1 % 68.0 % 1.1 pts 68.4 % 68.4 % — pts

Prior year reserve development ratio (0.9 %) (1.4 %) 0.5 pts (0.9 %) (1.3 %) 0.4 pts

Net losses and loss expenses ratio 68.2 % 66.6 % 1.6 pts 67.5 % 67.1 % 0.4 pts

Acquisition cost ratio 23.3 % 22.5 % 0.8 pts 23.6 % 21.9 % 1.7 pts

Underwriting-related general and administrative expense ratio 3.0 % 2.9 % 0.1 pts 2.5 % 3.1 % (0.6 pts)

Combined ratio 94.5 % 92.0 % 2.5 pts 93.6 % 92.1 % 1.5 pts

Current accident year combined ratio 95.4 % 93.4 % 2.0 pts 94.5 % 93.4 % 1.1 pts

Current accident year combined ratio, excluding catastrophe and weather-related losses 94.6 % 93.3 % 1.3 pts 94.1 % 93.2 % 0.9 pts

Three months ended June 30, 2026

•Gross premiums written decreased by $144 million, or 25%, primarily attributable to non-renewals and decreased line sizes in casualty lines.

•Net premiums written decreased by $110 million, or 32%, reflecting the decrease in gross premiums written in the quarter, together with increased cession rates in professional lines and liability lines.

•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 0.4 points, principally due to elevated loss experience associated with employer stop loss business in accident and health lines.

•The acquisition cost ratio increased by 0.8 points, primarily related to changes in business mix toward credit and surety lines, which are associated with a relatively higher acquisition cost ratio.

Six months ended June 30, 2026

•Gross premiums written decreased by $169 million, or 10% ($210 million, or 12%, on a constant currency basis), primarily attributable to non-renewals and decreased line sizes in casualty lines, partially offset by increased line sizes and new business in credit and surety lines.

•Net premiums written decreased by $202 million, or 19% ($243 million, or 23%, on a constant currency basis), reflecting the decrease in gross premiums written in the year, together with increased cession rates in professional lines, liability and motor lines.

•The acquisition cost ratio increased by 1.7 points, primarily related to changes in business mix toward credit and surety lines, which are associated with a relatively higher acquisition cost ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 5 -

Investments

Three months ended June 30, Six months ended June 30,

($ in thousands) 2026 2025 2026 2025

Net investment income $ 181,594 $ 187,297 $ 366,333 $ 395,009

Net investment gains (losses)

46,735 43,468 19,514 13,462

Change in net unrealized gains (losses) on fixed maturities, pre-tax(7)

(8,309) 142,257 (167,552) 277,817

Interest in income of equity method investments

3,308 (705) 5,738 1,586

Total $ 223,328 $ 372,317 $ 224,033 $ 687,874

Average cash and investments(8)

$ 17,541,960 $ 16,520,011 $ 17,462,178 $ 17,191,155

Pre-tax, total return on average cash and investments:

Including investment related foreign exchange movements 1.3 % 2.3 % 1.3 % 4.0 %

Excluding investment related foreign exchange movements(9)

1.3 % 1.7 % 1.4 % 3.2 %

•Net investment income decreased by $6 million, or 3%, compared to the second quarter of 2025, primarily attributable to lower income from other investments and lower income from cash following the loss portfolio transfer reinsurance agreement completed with Enstar in the second quarter of 2025, partially offset by higher income from fixed maturities attributable to an increase in average fixed maturity assets and an increase in yields on the portfolio.

•Net investment gains (losses) recognized in net income (loss) for the quarter was primarily related to net unrealized gains on equity securities.

•Change in net unrealized gains (losses) on fixed maturities, pre-tax of $(8) million ($(7) million excluding foreign exchange movements) recognized in other comprehensive income (loss) in the quarter was due to a decrease in the market value of our fixed maturities portfolio, compared to change in net unrealized gains (losses), pre-tax of $142 million ($86 million excluding foreign exchange movements) recognized during the second quarter of 2025.

•Book yield of fixed maturities was 4.8% at June 30, 2026, compared to 4.6% at June 30, 2025. The market yield was 5.1% at June 30, 2026.

7 Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

8 The average cash and investments balance is the average of the monthly fair value balances.

9 Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(3) million and $97 million for the three months ended June 30, 2026 and 2025, respectively and foreign exchange (losses) gains of $(26) million and $144 million for the six months ended June 30, 2026 and 2025, respectively.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 6 -

Conference Call

We will host our second quarter earnings conference call on Wednesday, July 29, 2026 at 8:30 a.m. (ET). The earnings conference call can be accessed by dialing 1-877-883-0383 (U.S. callers), 1-866-605-3850 (Canada callers), or 1-412-902-6506 (international callers), and entering the passcode 1050848. A live, listen-only webcast of the call will also be available via the Investor Information section of our website at www.axiscapital.com. A replay will be available for one week by dialing 1-855-669-9658 (U.S. and Canada callers), or 1-412-317-0088 (international callers), and entering the passcode 5224605. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended June 30, 2026 is available in the Investor Information section of our website.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.5 billion at June 30, 2026, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 7 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025

2026 2025

(in thousands)

Assets

Investments:

Fixed maturities, available for sale, at fair value

$ 13,828,314 $ 13,018,027

Fixed maturities, held to maturity, at amortized cost

407,024 397,430

Equity securities, at fair value

748,532 707,569

Mortgage loans, held for investment, at fair value

335,537 356,840

Other investments, at fair value

1,062,933 1,027,798

Equity method investments

203,661 227,181

Short-term investments, at fair value

2,828 20,298

Total investments 16,588,829 15,755,143

Cash and cash equivalents 780,002 820,252

Restricted cash and cash equivalents 443,056 500,933

Accrued interest receivable 124,281 116,252

Insurance and reinsurance premium balances receivable 4,011,370 3,244,661

Reinsurance recoverable on unpaid losses and loss expenses 8,949,022 8,951,763

Reinsurance recoverable on paid losses and loss expenses 626,691 673,765

Deferred acquisition costs 946,416 801,778

Prepaid reinsurance premiums 2,610,988 2,139,294

Receivable for investments sold 4,796 12,806

Goodwill 66,498 66,498

Intangible assets 161,258 166,050

Operating lease right-of-use assets 92,801 93,900

Loan advances made

316,342 231,542

Other assets 900,128 887,289

Total assets $ 36,622,478 $ 34,461,926

Liabilities

Reserve for losses and loss expenses $ 18,613,412 $ 18,122,256

Unearned premiums 6,807,320 5,825,698

Insurance and reinsurance balances payable 2,410,199 1,882,021

Debt 1,317,502 1,316,710

Federal Home Loan Bank advances 61,130 66,380

Payable for investments purchased 189,180 36,982

Operating lease liabilities 108,326 110,095

Other liabilities 612,199 745,349

Total liabilities 30,119,268 28,105,491

Shareholders' equity

Preferred shares 550,000 550,000

Common shares 2,206 2,206

Additional paid-in capital 2,399,137 2,405,792

Accumulated other comprehensive income (loss) (107,803) 28,431

Retained earnings 8,613,341 8,181,699

Treasury shares, at cost (4,953,671) (4,811,693)

Total shareholders' equity 6,503,210 6,356,435

Total liabilities and shareholders' equity $ 36,622,478 $ 34,461,926

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 8 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

Three months ended Six months ended

2026 2025 2026 2025

(in thousands, except per share amounts)

Revenues

Net premiums earned $ 1,518,984 $ 1,393,431 $ 2,999,451 $ 2,734,251

Net investment income 181,594 187,297 366,333 395,009

Net investment gains 46,735 43,468 19,514 13,462

Other insurance related income 5,601 8,662 11,249 12,240

Total revenues 1,752,914 1,632,858 3,396,547 3,154,962

Expenses

Net losses and loss expenses 933,130 801,754 1,800,412 1,587,679

Acquisition costs 316,268 275,897 620,524 540,477

General and administrative expenses 164,889 161,078 323,046 320,241

Foreign exchange losses (gains) (2,344) 94,885 (38,539) 151,920

Interest expense and financing costs 16,838 16,586 33,265 33,158

Reorganization expenses 5,546 — 28,715 —

Amortization of intangible assets 2,396 2,396 4,792 5,125

Total expenses 1,436,723 1,352,596 2,772,215 2,638,600

Income before income taxes and interest in income (loss) of equity method investments 316,191 280,262 624,332 516,362

Income tax expense (61,404) (56,199) (117,211) (100,521)

Interest in income (loss) of equity method investments 3,308 (705) 5,738 1,586

Net income 258,095 223,358 512,859 417,427

Preferred share dividends 7,563 7,563 15,125 15,125

Net income available to common shareholders $ 250,532 $ 215,795 $ 497,734 $ 402,302

Per share data

Earnings per common share:

Earnings per common share $ 3.41 $ 2.75 $ 6.74 $ 5.04

Earnings per diluted common share $ 3.38 $ 2.72 $ 6.67 $ 4.98

Weighted average common shares outstanding

73,549 78,378 73,821 79,757

Weighted average diluted common shares outstanding

74,203 79,329 74,677 80,845

Cash dividends declared per common share

$ 0.44 $ 0.44 $ 0.88 $ 0.88

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 9 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2026 AND 2025

2026 2025

Insurance Reinsurance Total Insurance Reinsurance Total

(in thousands)

Gross premiums written $ 2,228,147 $ 439,484 $ 2,667,631 $ 1,932,435 $ 583,536 $ 2,515,971

Net premiums written 1,371,309 234,489 1,605,798 1,290,510 344,924 1,635,434

Net premiums earned 1,187,160 331,824 1,518,984 1,032,961 360,470 1,393,431

Other insurance related income

266 5,334 5,601 6 8,656 8,662

Current accident year net losses and loss expenses

(718,734) (229,232) (947,966) (576,986) (244,997) (821,983)

Net favorable prior year reserve development 11,852 2,984 14,836 15,216 5,013 20,229

Acquisition costs (238,823) (77,445) (316,268) (194,912) (80,985) (275,897)

Underwriting-related general and

administrative expenses(10)

(122,359) (9,901) (132,260) (124,646) (10,595) (135,241)

Underwriting income

$ 119,362 $ 23,564 142,927 $ 151,639 $ 37,562 189,201

Net investment income 181,594 187,297

Net investment gains 46,735 43,468

Corporate expenses(10)

(32,629) (25,837)

Foreign exchange (losses) gains 2,344 (94,885)

Interest expense and financing costs (16,838) (16,586)

Reorganization expenses (5,546) —

Amortization of intangible assets (2,396) (2,396)

Income before income taxes and interest in income (loss) of equity method investments

316,191 280,262

Income tax expense

(61,404) (56,199)

Interest in income (loss) of equity method investments 3,308 (705)

Net income 258,095 223,358

Preferred share dividends 7,563 7,563

Net income available to common shareholders $ 250,532 $ 215,795

Current accident year loss ratio 60.5 % 69.1 % 62.4 % 55.9 % 68.0 % 59.0 %

Prior year reserve development ratio (1.0 %) (0.9 %) (1.0 %) (1.5 %) (1.4 %) (1.5 %)

Net losses and loss expenses ratio 59.5 % 68.2 % 61.4 % 54.4 % 66.6 % 57.5 %

Acquisition cost ratio 20.1 % 23.3 % 20.8 % 18.9 % 22.5 % 19.8 %

Underwriting-related general and administrative expense ratio

10.4 % 3.0 % 8.8 % 12.0 % 2.9 % 9.7 %

Corporate expense ratio

2.1 % 1.9 %

Combined ratio

90.0 % 94.5 % 93.1 % 85.3 % 92.0 % 88.9 %

10 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 included corporate expenses of $33 million and $26 million for the three months ended June 30, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 10 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

2026 2025

Insurance Reinsurance Total Insurance Reinsurance Total

(in thousands)

Gross premiums written $ 4,211,888 $ 1,553,709 $ 5,765,597 $ 3,588,337 $ 1,722,285 $ 5,310,622

Net premiums written 2,664,385 848,448 3,512,833 2,335,090 1,050,383 3,385,473

Net premiums earned 2,328,915 670,536 2,999,451 2,043,047 691,204 2,734,251

Other insurance related income

637 10,612 11,249 162 12,078 12,240

Current accident year net losses and loss expenses

(1,374,780) (458,531) (1,833,311) (1,153,052) (472,793) (1,625,845)

Net favorable prior year reserve development 26,911 5,988 32,899 29,194 8,972 38,166

Acquisition costs (462,592) (157,932) (620,524) (388,933) (151,544) (540,477)

Underwriting-related general and

administrative expenses(11)

(242,373) (17,102) (259,475) (244,238) (21,441) (265,679)

Underwriting income $ 276,718 $ 53,571 330,289 $ 286,180 $ 66,476 352,656

Net investment income 366,333 395,009

Net investment gains 19,514 13,462

Corporate expenses(11)

(63,571) (54,562)

Foreign exchange (losses) gains 38,539 (151,920)

Interest expense and financing costs (33,265) (33,158)

Reorganization expenses (28,715) —

Amortization of intangible assets (4,792) (5,125)

Income before income taxes and interest in income of equity method investments

624,332 516,362

Income tax expense (117,211) (100,521)

Interest in income of equity method investments

5,738 1,586

Net Income 512,859 417,427

Preferred share dividends 15,125 15,125

Net income available to common shareholders $ 497,734 $ 402,302

Current accident year loss ratio 59.0 % 68.4 % 61.1 % 56.4 % 68.4 % 59.5 %

Prior year reserve development ratio (1.1) % (0.9) % (1.1) % (1.4) % (1.3) % (1.4) %

Net losses and loss expenses ratio 57.9 % 67.5 % 60.0 % 55.0 % 67.1 % 58.1 %

Acquisition cost ratio 19.9 % 23.6 % 20.7 % 19.0 % 21.9 % 19.8 %

Underwriting-related general and administrative expense ratio

10.3 % 2.5 % 8.7 % 12.0 % 3.1 % 9.6 %

Corporate expense ratio

2.1 % 2.0 %

Combined ratio

88.1 % 93.6 % 91.5 % 86.0 % 92.1 % 89.5 %

11Underwriting-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 included corporate expenses of $64 million and $55 million for the six months ended June 30, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 11 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

Three months ended Six months ended

2026 2025 2026 2025

(in thousands, except per share amounts)

Net income available to common shareholders $ 250,532 $ 215,795 $ 497,734 $ 402,302

Net investment gains (46,735) (43,468) (19,514) (13,462)

Foreign exchange losses (gains)

(2,344) 94,885 (38,539) 151,920

Reorganization expenses

5,546 — 28,715 —

Interest in income (loss) of equity method investments (3,308) 705 (5,738) (1,586)

Bermuda net deferred tax asset(12)

— 3,384 — 3,384

Income tax expense (benefit) (13)

6,958 (9,997) 4,878 (19,440)

Operating income $ 210,649 $ 261,304 $ 467,536 $ 523,118

Earnings per diluted common share $ 3.38 $ 2.72 $ 6.67 $ 4.98

Net investment gains (0.63) (0.55) (0.26) (0.17)

Foreign exchange losses (gains)

(0.03) 1.20 (0.52) 1.88

Reorganization expenses 0.07 — 0.38 —

Interest in income (loss) of equity method investments (0.04) 0.01 (0.08) (0.02)

Bermuda net deferred tax asset

— 0.04 — 0.04

Income tax expense (benefit) 0.09 (0.13) 0.07 (0.24)

Operating income per diluted common share $ 2.84 $ 3.29 $ 6.26 $ 6.47

Weighted average diluted common shares outstanding 74,203 79,329 74,677 80,845

Average common shareholders' equity $ 5,891,923 $ 5,488,599 $ 5,879,823 $ 5,581,889

Annualized return on average common equity 17.0 % 15.7 % 16.9 % 14.4 %

Annualized operating return on average common equity(14)

14.3 % 19.0 % 15.9 % 18.7 %

12 Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax.

13Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

14 Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to annualized ROACE, the most comparable GAAP financial measure is presented in the table above, and a discussion of the rationale for its presentation is provided later in this press release.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 12 -

Cautionary Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This press release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this press release are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.

Forward-looking statements made in this press release, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:

Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.

Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.

Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business.

Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due.

Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices.

Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements.

Taxation Risk: changes in tax laws.

Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 13 -

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 press release, we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, current accident year combined ratio, current accident year combined ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax, total return on average cash and investments excluding foreign exchange movements 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 consolidated underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in the 'Consolidated Segmental Data' section of this press release.

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 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

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 14 -

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 and Federal Home Loan Bank advances. 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 in 2026 primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership. 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 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 Segmental Data' section of this press release.

Current Accident Year Loss Ratio

Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses

Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events.

We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 15 -

Current Accident Year Combined Ratio

Current accident year combined ratio represents underwriting results exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year combined ratio provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year combined ratio to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

Current Accident Year Combined Ratio, excluding Catastrophe and Weather-Related Losses

Current accident year combined ratio, excluding catastrophe and weather-related losses represents underwriting results exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events.

We believe that the presentation of current accident year combined ratio, excluding catastrophe and weather-related losses provides investors with an enhanced understanding of our results of operations by highlighting the profitability of our underwriting activities excluding the impact of volatile prior year reserve development and by separately identifying net losses and loss expenses associated with catastrophe and weather-related events due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of current accident year combined ratio, excluding catastrophe and weather-related losses to combined ratio, the most comparable GAAP financial measure, is presented in the 'Consolidated Underwriting Highlights' section of this press release.

Operating Income (Loss)

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

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 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).

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).

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 16 -

Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense is not related to the underwriting process. Therefore, this expense 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset in order 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset 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 press release.

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 press release.

Constant Currency Basis

We present gross premiums written and net premiums written on a constant currency basis in this press release. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums written on a constant basis. The reconciliation to gross premiums written and net premiums written on a GAAP basis is presented in the 'Insurance Segment' and 'Reinsurance Segment' sections of this press release.

Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements

Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investment gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in the 'Investments' section of this press release.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 17 -

EX-99.2

Filename: q22026financialsupplement.htm · Sequence: 3

Document

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

SECOND QUARTER 2026

AXIS Capital Holdings Limited

29 Richmond Road

Pembroke HM 08 Bermuda

Contact Information:

Cliff Gallant

Investor Contact

(415) 262-6843

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. Financial Highlights

II. Income Statements

a. Consolidated Statement of Operations and Key Ratios

3 - 4

b. Consolidated Data

c. Consolidated Segment Data

d .Gross Premiums Written by Segment by Line of Business

e. Segment Data

8 - 9

f. Net Investment Income

III. Balance Sheets

a. Consolidated Balance Sheets

b. Cash and Invested Assets:

• Cash and Invested Assets Portfolio

• Cash and Invested Assets Composition

IV. Losses Reserve Analysis

a. Paid to Incurred Analysis

b. Paid to Incurred Analysis by Segment

V. Share Analysis

a. Book Value Per Diluted Common Share, Tangible Book Value Per Diluted Common Share and Book Value Per Diluted Common Share, Excluding Accumulated Other Comprehensive Income (Loss)

VI. Non-GAAP Financial Measures

a. Operating Income and Operating Return on Average Common Equity

b. Rationale for the Use of Non-GAAP Financial Measures

18 - 20

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, 2025 and consolidated statement of operations for the year ended December 31, 2025.

•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

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This document or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this document are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.

Forward-looking statements made in this document, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:

Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business.

Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due.

Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices.

Taxation Risk: changes in tax laws.

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

Three months ended June 30, Six months ended June 30,

2026 2025 Change 2026 2025 Change

HIGHLIGHTS Gross premiums written $ 2,667,631 $ 2,515,971 6.0 % $ 5,765,597 $ 5,310,622 8.6 %

Gross premiums written - Insurance 83.5 % 76.8 % 6.7 pts 73.1 % 67.6 % 5.5 pts

Gross premiums written - Reinsurance 16.5 % 23.2 % (6.7) pts 26.9 % 32.4 % (5.5) pts

Net premiums written $ 1,605,798 $ 1,635,434 (1.8 %) $ 3,512,833 $ 3,385,473 3.8 %

Net premiums earned $ 1,518,984 $ 1,393,431 9.0 % $ 2,999,451 $ 2,734,251 9.7 %

Net premiums earned - Insurance 78.2 % 74.1 % 4.1 pts 77.6 % 74.7 % 2.9 pts

Net premiums earned - Reinsurance 21.8 % 25.9 % (4.1) pts 22.4 % 25.3 % (2.9) pts

Net income available to common shareholders

$ 250,532 $ 215,795 16.1 % $ 497,734 $ 402,302 23.7 %

Operating income [a]

$ 210,649 $ 261,304 (19.4 %) $ 467,536 $ 523,118 (10.6 %)

Annualized return on average common equity [b]

17.0 % 15.7 % 1.3 pts 16.9 % 14.4 % 2.5 pts

Annualized operating return on average common equity [c]

14.3 % 19.0 % (4.7) pts 15.9 % 18.7 % (2.8) pts

Total common shareholders’ equity

$ 5,953,210 $ 5,624,398 5.8 % $ 5,953,210 $ 5,624,398 5.8 %

PER COMMON SHARE AND COMMON SHARE DATA

Earnings per diluted common share

$3.38 $2.72 24.3 % $6.67 $4.98 33.9 %

Operating income per diluted common share [d]

$2.84 $3.29 (13.7 %) $6.26 $6.47 (3.2 %)

Weighted average diluted common shares outstanding 74,203 79,329 (6.5 %) 74,677 80,845 (7.6 %)

Book value per common share $81.39 $71.95 13.1 % $81.39 $71.95 13.1 %

Book value per diluted common share (treasury stock method) $80.67 $70.34 14.7 % $80.67 $70.34 14.7 %

Tangible book value per diluted common share (treasury stock method) [a]

$78.18 $67.95 15.1 % $78.18 $67.95 15.1 %

FINANCIAL RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses [a], [e]

57.1 % 56.4 % 0.7 pts 56.8 % 56.3 % 0.5 pts

Catastrophe and weather-related losses ratio [a]

5.3 % 2.6 % 2.7 pts 4.3 % 3.2 % 1.1 pts

Current accident year loss ratio [a]

62.4 % 59.0 % 3.4 pts 61.1 % 59.5 % 1.6 pts

Prior year reserve development ratio (1.0 %) (1.5 %) 0.5 pts (1.1 %) (1.4 %) 0.3 pts

Net losses and loss expenses ratio 61.4 % 57.5 % 3.9 pts 60.0 % 58.1 % 1.9 pts

Acquisition cost ratio 20.8 % 19.8 % 1.0 pts 20.7 % 19.8 % 0.9 pts

General and administrative expense ratio [f]

10.9 % 11.6 % (0.7) pts 10.8 % 11.6 % (0.8) pts

Combined ratio 93.1 % 88.9 % 4.2 pts 91.5 % 89.5 % 2.0 pts

INVESTMENT DATA Total assets $ 36,622,478 $ 34,151,036 7.2 % $ 36,622,478 $ 34,151,036 7.2 %

Total cash and invested assets [g]

$ 17,751,784 $ 16,274,059 9.1 % $ 17,751,784 $ 16,274,059 9.1 %

Net investment income $ 181,594 $ 187,297 (3.0 %) $ 366,333 $ 395,009 (7.3 %)

Net investment gains $ 46,735 $ 43,468 7.5 % $ 19,514 $ 13,462 45.0 %

Book yield of fixed maturities 4.8 % 4.6 % 0.2 pts 4.8 % 4.6 % 0.2 pts

[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE"), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses 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"), net losses and loss expenses ratio and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided above/later in this document.

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

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

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

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

[e] The current accident year loss ratio, excluding catastrophe and weather-related losses is calculated by dividing the current accident year losses less pre-tax catastrophe and weather-related losses, net of reinsurance, by net premiums earned less reinstatement premiums.

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

[g] 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 AND KEY RATIOS - QUARTERLY

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025

REVENUES

Net premiums earned $ 1,518,984 $ 1,480,466 $ 1,528,475 $ 1,451,883 $ 1,393,431

Net investment income 181,594 184,740 186,992 184,903 187,297

Net investment gains (losses) 46,735 (27,224) 14,584 30,905 43,468

Other insurance related income 5,601 5,649 4,383 6,593 8,662

Total revenues

1,752,914 1,643,631 1,734,434 1,674,284 1,632,858

EXPENSES

Net losses and loss expenses 933,130 867,283 859,427 841,435 801,754

Acquisition costs 316,268 304,255 310,375 285,618 275,897

General and administrative expenses 164,889 158,156 212,054 171,637 161,078

Foreign exchange losses (gains) (2,344) (36,196) 3,555 (13,492) 94,885

Interest expense and financing costs 16,838 16,426 16,844 16,657 16,586

Reorganization expenses 5,546 23,168 — — —

Amortization of intangible assets 2,396 2,396 2,396 2,396 2,396

Total expenses 1,436,723 1,335,488 1,404,651 1,304,251 1,352,596

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS 316,191 308,143 329,783 370,033 280,262

Income tax expense (61,404) (55,806) (45,959) (70,252) (56,199)

Interest in income (loss) of equity method investments 3,308 2,430 5,783 2,083 (705)

NET INCOME 258,095 254,767 289,607 301,864 223,358

Preferred share dividends 7,563 7,563 7,563 7,563 7,563

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 250,532 $ 247,204 $ 282,044 $ 294,301 $ 215,795

KEY RATIOS/PER SHARE DATA

Weighted average common shares outstanding 73,549 74,095 75,686 77,619 78,378

Dilutive share equivalents:

Share-based compensation plans 654 1,058 1,139 982 951

Weighted average diluted common shares outstanding 74,203 75,153 76,825 78,601 79,329

Earnings per common share $ 3.41 $ 3.34 $ 3.73 $ 3.79 $ 2.75

Earnings per diluted common share $ 3.38 $ 3.29 $ 3.67 $ 3.74 $ 2.72

Annualized ROACE 17.0 % 17.0 % 19.4 % 20.6 % 15.7 %

Annualized operating ROACE 14.3 % 17.7 % 17.2 % 17.8 % 19.0 %

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS

FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

Six months ended June 30,

2026 2025

REVENUES

Net premiums earned $ 2,999,451 $ 2,734,251

Net investment income 366,333 395,009

Net investment gains 19,514 13,462

Other insurance related income 11,249 12,240

Total revenues 3,396,547 3,154,962

EXPENSES

Net losses and loss expenses 1,800,412 1,587,679

Acquisition costs 620,524 540,477

General and administrative expenses 323,046 320,241

Foreign exchange losses (gains) (38,539) 151,920

Interest expense and financing costs 33,265 33,158

Reorganization expenses 28,715 —

Amortization of intangible assets 4,792 5,125

Total expenses 2,772,215 2,638,600

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS 624,332 516,362

Income tax expense (117,211) (100,521)

Interest in income of equity method investments 5,738 1,586

NET INCOME 512,859 417,427

Preferred share dividends 15,125 15,125

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 497,734 $ 402,302

KEY RATIOS/PER SHARE DATA

Weighted average common shares outstanding 73,821 79,757

Dilutive share equivalents:

Share-based compensation plans 856 1,088

Weighted average diluted common shares outstanding 74,677 80,845

Earnings per common share $6.74 $5.04

Earnings per diluted common share $6.67 $4.98

Annualized ROACE 16.9 % 14.4 %

Annualized operating ROACE 15.9 % 18.7 %

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

Six months ended June 30, Year ended December 31,

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2026 2025 2025

UNDERWRITING REVENUES

Gross premiums written $ 2,667,631 $ 3,097,967 $ 2,209,707 $ 2,124,184 $ 2,515,971 $ 5,765,597 $ 5,310,622 $ 9,644,514

Ceded premiums written (1,061,833) (1,190,931) (826,514) (771,195) (880,537) (2,252,764) (1,925,149) (3,522,858)

Net premiums written 1,605,798 1,907,036 1,383,193 1,352,989 1,635,434 3,512,833 3,385,473 6,121,656

Gross premiums earned 2,420,835 2,357,298 2,381,138 2,280,608 2,229,370 4,778,132 4,376,414 9,038,161

Ceded premiums earned (901,851) (876,832) (852,663) (828,725) (835,939) (1,778,681) (1,642,163) (3,323,552)

Net premiums earned 1,518,984 1,480,466 1,528,475 1,451,883 1,393,431 2,999,451 2,734,251 5,714,609

Other insurance related income 5,601 5,649 4,383 6,593 8,662 11,249 12,240 23,216

Total underwriting revenues 1,524,585 1,486,115 1,532,858 1,458,476 1,402,093 3,010,700 2,746,491 5,737,825

UNDERWRITING EXPENSES

Net losses and loss expenses 933,130 867,283 859,427 841,435 801,754 1,800,412 1,587,679 3,288,541

Acquisition costs 316,268 304,255 310,375 285,618 275,897 620,524 540,477 1,136,469

Underwriting-related general and administrative expenses [a]

132,260 127,214 178,879 143,111 135,241 259,475 265,679 587,669

Total underwriting expenses 1,381,658 1,298,752 1,348,681 1,270,164 1,212,892 2,680,411 2,393,835 5,012,679

UNDERWRITING INCOME [b]

$ 142,927 $ 187,363 $ 184,177 $ 188,312 $ 189,201 $ 330,289 $ 352,656 $ 725,146

OTHER (EXPENSES) REVENUES

Net investment income 181,594 184,740 186,992 184,903 187,297 366,333 395,009 766,903

Net investment gains (losses) 46,735 (27,224) 14,584 30,905 43,468 19,514 13,462 58,950

Corporate expenses [a]

(32,629) (30,942) (33,175) (28,526) (25,837) (63,571) (54,562) (116,262)

Foreign exchange (losses) gains 2,344 36,196 (3,555) 13,492 (94,885) 38,539 (151,920) (141,983)

Interest expense and financing costs (16,838) (16,426) (16,844) (16,657) (16,586) (33,265) (33,158) (66,659)

Reorganization expenses (5,546) (23,168) — — — (28,715) — —

Amortization of intangible assets (2,396) (2,396) (2,396) (2,396) (2,396) (4,792) (5,125) (9,917)

Total other (expenses) revenues

173,264 120,780 145,606 181,721 91,061 294,043 163,706 491,032

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS 316,191 308,143 329,783 370,033 280,262 624,332 516,362 1,216,178

Income tax expense (61,404) (55,806) (45,959) (70,252) (56,199) (117,211) (100,521) (216,732)

Interest in income (loss) of equity method investments 3,308 2,430 5,783 2,083 (705) 5,738 1,586 9,452

NET INCOME 258,095 254,767 289,607 301,864 223,358 512,859 417,427 1,008,898

Preferred share dividends (7,563) (7,563) (7,563) (7,563) (7,563) (15,125) (15,125) (30,250)

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 250,532 $ 247,204 $ 282,044 $ 294,301 $ 215,795 $ 497,734 $ 402,302 $ 978,648

Catastrophe and weather-related losses, net of reinstatement premiums $ 80,334 $ 47,800 $ 29,855 $ 43,659 $ 36,626 $ 128,133 $ 85,696 $ 159,210

Net favorable prior year reserve development

$ 14,836 $ 18,062 $ 29,852 $ 18,946 $ 20,229 $ 32,899 $ 38,166 $ 86,963

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 57.1% 56.6% 56.2% 56.3% 56.4% 56.8% 56.3% 56.3%

Catastrophe and weather-related losses ratio 5.3% 3.2% 2.0% 3.0% 2.6% 4.3% 3.2% 2.8%

Current accident year loss ratio 62.4% 59.8% 58.2% 59.3% 59.0% 61.1% 59.5% 59.1%

Prior year reserve development ratio (1.0%) (1.2%) (2.0%) (1.3%) (1.5%) (1.1%) (1.4%) (1.6%)

Net losses and loss expenses ratio 61.4% 58.6% 56.2% 58.0% 57.5% 60.0% 58.1% 57.5%

Acquisition cost ratio 20.8% 20.5% 20.3% 19.7% 19.8% 20.7% 19.8% 19.9%

General and administrative expenses ratio [c]

10.9% 10.7% 13.9% 11.7% 11.6% 10.8% 11.6% 12.4%

Combined ratio 93.1% 89.8% 90.4% 89.4% 88.9% 91.5% 89.5% 89.8%

[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.

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

Three months ended June 30, 2026 Six months ended June 30, 2026

Insurance Reinsurance Total Insurance Reinsurance Total

UNDERWRITING REVENUES

Gross premiums written $ 2,228,147 $ 439,484 $ 2,667,631 $ 4,211,888 $ 1,553,709 $ 5,765,597

Ceded premiums written (856,838) (204,995) (1,061,833) (1,547,503) (705,261) (2,252,764)

Net premiums written 1,371,309 234,489 1,605,798 2,664,385 848,448 3,512,833

Gross premiums earned 1,849,390 571,445 2,420,835 3,624,355 1,153,777 4,778,132

Ceded premiums earned (662,230) (239,621) (901,851) (1,295,440) (483,241) (1,778,681)

Net premiums earned 1,187,160 331,824 1,518,984 2,328,915 670,536 2,999,451

Other insurance related income 266 5,334 5,601 637 10,612 11,249

Total underwriting revenues 1,187,426 337,158 1,524,585 2,329,552 681,148 3,010,700

UNDERWRITING EXPENSES

Net losses and loss expenses 706,882 226,248 933,130 1,347,869 452,543 1,800,412

Acquisition costs 238,823 77,445 316,268 462,592 157,932 620,524

Underwriting-related general and administrative expenses 122,359 9,901 132,260 242,373 17,102 259,475

Total underwriting expenses 1,068,064 313,594 1,381,658 2,052,834 627,577 2,680,411

UNDERWRITING INCOME $ 119,362 $ 23,564 $ 142,927 $ 276,718 $ 53,571 $ 330,289

Catastrophe and weather-related losses, net of reinstatement premiums $ 77,676 $ 2,658 $ 80,334 $ 125,408 $ 2,725 $ 128,133

Net favorable prior year reserve development $ 11,852 $ 2,984 $ 14,836 $ 26,911 $ 5,988 $ 32,899

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 54.0 % 68.3 % 57.1 % 53.6 % 68.0 % 56.8 %

Catastrophe and weather-related losses ratio 6.5 % 0.8 % 5.3 % 5.4 % 0.4 % 4.3 %

Current accident year loss ratio 60.5 % 69.1 % 62.4 % 59.0 % 68.4 % 61.1 %

Prior year reserve development ratio (1.0 %) (0.9 %) (1.0 %) (1.1 %) (0.9 %) (1.1 %)

Net losses and loss expenses ratio 59.5 % 68.2 % 61.4 % 57.9 % 67.5 % 60.0 %

Acquisition cost ratio 20.1 % 23.3 % 20.8 % 19.9 % 23.6 % 20.7 %

Underwriting-related general and administrative expense ratio 10.4 % 3.0 % 8.8 % 10.3 % 2.5 % 8.7 %

Corporate expense ratio 2.1 % 2.1 %

Combined ratio 90.0 % 94.5 % 93.1 % 88.1 % 93.6 % 91.5 %

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

Six months ended June 30, Year ended December 31,

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2026 2025 2025

INSURANCE SEGMENT

Property $ 778,343 $ 613,480 $ 557,230 $ 468,098 $ 645,476 $ 1,391,823 $ 1,140,894 $ 2,166,222

Professional Lines 397,536 345,381 404,835 337,888 343,370 742,917 600,529 1,343,252

Liability 394,168 337,674 351,489 345,455 365,542 731,841 669,300 1,366,245

Cyber 130,381 119,999 119,693 103,404 136,562 250,380 250,507 473,604

Marine and Aviation 276,473 294,960 198,739 190,321 224,393 571,433 491,544 880,604

Accident and Health 147,342 171,365 151,078 161,470 126,985 318,707 251,826 564,374

Credit and Political Risk 103,904 100,883 115,922 85,246 90,107 204,787 183,737 384,905

TOTAL INSURANCE SEGMENT $ 2,228,147 $ 1,983,742 $ 1,898,986 $ 1,691,882 $ 1,932,435 $ 4,211,888 $ 3,588,337 $ 7,179,206

REINSURANCE SEGMENT

Liability $ 108,262 $ 163,106 $ 91,530 $ 154,460 $ 168,566 $ 271,368 $ 421,637 $ 667,626

Professional Lines 87,417 177,953 16,403 38,567 171,851 265,370 360,296 415,266

Motor 19,453 87,312 70,332 47,303 26,066 106,765 150,445 268,080

Accident and Health 25,609 296,290 44,275 18,192 22,337 321,900 303,692 366,159

Credit and Surety 119,947 308,973 80,634 108,505 116,290 428,921 320,956 510,094

Agriculture 56,396 52,715 1,290 55,704 55,256 109,111 104,157 161,151

Marine and Aviation 20,687 25,978 3,903 8,602 18,871 46,663 52,365 64,870

Run-off lines [a]

1,713 1,898 2,354 969 4,299 3,611 8,737 12,062

TOTAL REINSURANCE SEGMENT $ 439,484 $ 1,114,225 $ 310,721 $ 432,302 $ 583,536 $ 1,553,709 $ 1,722,285 $ 2,465,308

CONSOLIDATED TOTAL $ 2,667,631 $ 3,097,967 $ 2,209,707 $ 2,124,184 $ 2,515,971 $ 5,765,597 $ 5,310,622 $ 9,644,514

[a] Run-off lines include the catastrophe, property, and engineering lines of business.

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

Six months ended June 30, Year ended December 31,

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2026 2025 2025

UNDERWRITING REVENUES

Gross premiums written $ 2,228,147 $ 1,983,742 $ 1,898,986 $ 1,691,882 $ 1,932,435 $ 4,211,888 $ 3,588,337 $ 7,179,206

Ceded premiums written (856,838) (690,665) (691,799) (606,935) (641,925) (1,547,503) (1,253,247) (2,551,982)

Net premiums written 1,371,309 1,293,077 1,207,187 1,084,947 1,290,510 2,664,385 2,335,090 4,627,224

Gross premiums earned 1,849,390 1,774,966 1,787,562 1,690,735 1,633,396 3,624,355 3,231,945 6,710,242

Ceded premiums earned (662,230) (633,213) (624,736) (605,123) (600,435) (1,295,440) (1,188,898) (2,418,757)

Net premiums earned 1,187,160 1,141,753 1,162,826 1,085,612 1,032,961 2,328,915 2,043,047 4,291,485

Other insurance related income 266 370 254 261 6 637 162 677

Total underwriting revenues 1,187,426 1,142,123 1,163,080 1,085,873 1,032,967 2,329,552 2,043,209 4,292,162

UNDERWRITING EXPENSES

Net losses and loss expenses 706,882 640,988 617,562 595,807 561,770 1,347,869 1,123,858 2,337,227

Acquisition costs 238,823 223,769 225,952 205,440 194,912 462,592 388,933 820,324

Underwriting-related general and administrative expenses 122,359 120,013 161,994 131,326 124,646 242,373 244,238 537,558

Total underwriting expenses 1,068,064 984,770 1,005,508 932,573 881,328 2,052,834 1,757,029 3,695,109

UNDERWRITING INCOME $ 119,362 $ 157,353 $ 157,572 $ 153,300 $ 151,639 $ 276,718 $ 286,180 $ 597,053

Catastrophe and weather-related losses, net of reinstatement premiums $ 77,676 $ 47,732 $ 29,755 $ 42,689 $ 36,440 $ 125,408 $ 83,970 $ 156,414

Net favorable prior year reserve development

$ 11,852 $ 15,059 $ 22,939 $ 14,843 $ 15,216 $ 26,911 $ 29,194 $ 66,975

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 54.0 % 53.3 % 52.5 % 52.3 % 52.3 % 53.6 % 52.3 % 52.4 %

Catastrophe and weather-related losses ratio 6.5 % 4.2 % 2.6 % 3.9 % 3.6 % 5.4 % 4.1 % 3.6 %

Current accident year loss ratio 60.5 % 57.5 % 55.1 % 56.2 % 55.9 % 59.0 % 56.4 % 56.0 %

Prior year reserve development ratio (1.0 %) (1.4 %) (2.0 %) (1.3 %) (1.5 %) (1.1 %) (1.4 %) (1.5 %)

Net losses and loss expenses ratio 59.5 % 56.1 % 53.1 % 54.9 % 54.4 % 57.9 % 55.0 % 54.5 %

Acquisition cost ratio 20.1 % 19.6 % 19.4 % 18.9 % 18.9 % 19.9 % 19.0 % 19.1 %

Underwriting-related general and administrative expenses ratio 10.4 % 10.6 % 14.0 % 12.1 % 12.0 % 10.3 % 12.0 % 12.5 %

Combined ratio 90.0 % 86.3 % 86.5 % 85.9 % 85.3 % 88.1 % 86.0 % 86.1 %

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

Six months ended June 30, Year ended December 31,

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2026 2025 2025

UNDERWRITING REVENUES

Gross premiums written $ 439,484 $ 1,114,225 $ 310,721 $ 432,302 $ 583,536 $ 1,553,709 $ 1,722,285 $ 2,465,308

Ceded premiums written (204,995) (500,266) (134,715) (164,260) (238,612) (705,261) (671,902) (970,876)

Net premiums written 234,489 613,959 176,006 268,042 344,924 848,448 1,050,383 1,494,432

Gross premiums earned 571,445 582,332 593,576 589,873 595,974 1,153,777 1,144,469 2,327,919

Ceded premiums earned (239,621) (243,619) (227,927) (223,602) (235,504) (483,241) (453,265) (904,795)

Net premiums earned 331,824 338,713 365,649 366,271 360,470 670,536 691,204 1,423,124

Other insurance related income 5,334 5,279 4,129 6,332 8,656 10,612 12,078 22,539

Total underwriting revenues 337,158 343,992 369,778 372,603 369,126 681,148 703,282 1,445,663

UNDERWRITING EXPENSES

Net losses and loss expenses 226,248 226,295 241,865 245,628 239,984 452,543 463,821 951,314

Acquisition costs 77,445 80,486 84,423 80,178 80,985 157,932 151,544 316,145

Underwriting-related general and administrative expenses 9,901 7,201 16,885 11,785 10,595 17,102 21,441 50,111

Total underwriting expenses 313,594 313,982 343,173 337,591 331,564 627,577 636,806 1,317,570

UNDERWRITING INCOME $ 23,564 $ 30,010 $ 26,605 $ 35,012 $ 37,562 $ 53,571 $ 66,476 $ 128,093

Catastrophe and weather-related losses, net of reinstatement premiums $ 2,658 $ 68 $ 100 $ 970 $ 186 $ 2,725 $ 1,726 $ 2,796

Net favorable prior year reserve development

$ 2,984 $ 3,003 $ 6,913 $ 4,103 $ 5,013 $ 5,988 $ 8,972 $ 19,988

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 68.3 % 67.7 % 68.0 % 67.9 % 67.9 % 68.0 % 68.2 % 68.1 %

Catastrophe and weather-related losses ratio 0.8 % — % — % 0.3 % 0.1 % 0.4 % 0.2 % 0.2 %

Current accident year loss ratio 69.1 % 67.7 % 68.0 % 68.2 % 68.0 % 68.4 % 68.4 % 68.3 %

Prior year reserve development ratio (0.9 %) (0.9 %) (1.9 %) (1.1 %) (1.4 %) (0.9 %) (1.3 %) (1.5 %)

Net losses and loss expenses ratio 68.2 % 66.8 % 66.1 % 67.1 % 66.6 % 67.5 % 67.1 % 66.8 %

Acquisition cost ratio 23.3 % 23.8 % 23.1 % 21.9 % 22.5 % 23.6 % 21.9 % 22.2 %

Underwriting-related general and administrative expense ratio 3.0 % 2.1 % 4.7 % 3.2 % 2.9 % 2.5 % 3.1 % 3.6 %

Combined ratio 94.5 % 92.7 % 93.9 % 92.2 % 92.0 % 93.6 % 92.1 % 92.6 %

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

Six months ended June 30, Year ended December 31,

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 2026 2025 2025

Fixed maturities $ 163,304 $ 156,696 $ 159,830 $ 155,796 $ 149,861 $ 320,000 $ 296,572 $ 612,198

Other investments 6,226 17,705 13,367 15,019 18,479 23,931 40,889 69,275

Equity securities 4,631 4,152 4,185 3,046 3,155 8,782 6,363 13,593

Mortgage loans 4,154 4,165 4,873 5,890 5,956 8,319 12,824 23,587

Cash and cash equivalents 10,655 8,918 12,466 12,597 16,649 19,573 50,028 75,092

Short-term investments 71 132 254 355 541 203 2,527 3,136

Gross investment income 189,041 191,768 194,975 192,703 194,641 380,808 409,203 796,881

Investment expenses (7,447) (7,028) (7,983) (7,800) (7,344) (14,475) (14,194) (29,978)

Net investment income $ 181,594 $ 184,740 $ 186,992 $ 184,903 $ 187,297 $ 366,333 $ 395,009 $ 766,903

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

June 30, March 31, December 31, September 30, June 30,

2026 2026 2025 2025 2025

ASSETS

Investments:

Fixed maturities, available for sale, at fair value $ 13,828,314 $ 13,107,142 $ 13,018,027 $ 12,879,372 $ 12,137,475

Fixed maturities, held to maturity, at amortized cost 407,024 405,220 397,430 406,658 405,041

Equity securities, at fair value 748,532 688,842 707,569 649,970 619,275

Mortgage loans, held for investment, at fair value 335,537 343,959 356,840 409,699 438,571

Other investments, at fair value 1,062,933 1,042,649 1,027,798 972,867 938,922

Equity method investments 203,661 236,767 227,181 220,022 215,920

Short-term investments, at fair value 2,828 5,836 20,298 17,185 51,726

Total investments 16,588,829 15,830,415 15,755,143 15,555,773 14,806,930

Cash and cash equivalents 1,223,058 1,388,118 1,321,185 1,358,078 1,409,201

Accrued interest receivable 124,281 118,475 116,252 117,720 108,506

Insurance and reinsurance premium balances receivable 4,011,370 3,878,950 3,244,661 3,326,346 3,669,460

Reinsurance recoverable on unpaid losses and loss expenses 8,949,022 8,890,145 8,951,763 9,043,009 9,086,900

Reinsurance recoverable on paid losses and loss expenses 626,691 581,945 673,765 648,126 637,726

Deferred acquisition costs 946,416 933,802 801,778 822,774 837,456

Prepaid reinsurance premiums 2,610,988 2,452,190 2,139,294 2,164,297 2,223,255

Receivable for investments sold 4,796 5,422 12,806 3,813 29,099

Goodwill 66,498 66,498 66,498 66,498 66,498

Intangible assets 161,258 163,654 166,050 168,446 170,842

Operating lease right-of-use assets 92,801 94,670 93,900 92,706 89,421

Loan advances made 316,342 302,157 231,542 250,537 263,779

Other assets 900,128 912,305 887,289 899,509 934,469

TOTAL ASSETS $ 36,622,478 $ 35,618,746 $ 34,461,926 $ 34,517,632 $ 34,333,542

LIABILITIES

Reserve for losses and loss expenses $ 18,613,412 $ 18,294,149 $ 18,122,256 $ 17,996,236 $ 17,879,023

Unearned premiums 6,807,320 6,563,778 5,825,698 5,994,611 6,154,844

Insurance and reinsurance balances payable 2,410,199 2,180,053 1,882,021 1,855,349 1,932,269

Debt 1,317,502 1,317,104 1,316,710 1,316,321 1,315,936

Federal Home Loan Bank advances 61,130 66,380 66,380 66,380 66,380

Payable for investments purchased 189,180 69,071 36,982 194,988 79,677

Operating lease liabilities 108,326 110,181 110,095 108,960 106,544

Other liabilities 612,199 637,394 745,349 617,778 624,471

TOTAL LIABILITIES 30,119,268 29,238,110 28,105,491 28,150,623 28,159,144

SHAREHOLDERS’ EQUITY

Preferred shares 550,000 550,000 550,000 550,000 550,000

Common shares 2,206 2,206 2,206 2,206 2,206

Additional paid-in capital 2,399,137 2,394,568 2,405,792 2,395,615 2,384,659

Accumulated other comprehensive income (loss) (107,803) (97,128) 28,431 10,169 (21,710)

Retained earnings 8,613,341 8,395,795 8,181,699 7,932,969 7,673,246

Treasury shares, at cost (4,953,671) (4,864,805) (4,811,693) (4,523,950) (4,414,003)

TOTAL SHAREHOLDERS' EQUITY 6,503,210 6,380,636 6,356,435 6,367,009 6,174,398

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 36,622,478 $ 35,618,746 $ 34,461,926 $ 34,517,632 $ 34,333,542

Debt to total capital [a]

16.8 % 17.1 % 17.2 % 17.1 % 17.6 %

[a] 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.

[b] To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation. These reclassifications did not impact results of operations, financial condition, or liquidity.

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO

At June 30, 2026 At December 31, 2025

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 $ 2,403,693 $ — $ 2,762 $ (19,081) $ 2,387,374 13.5 % $ 2,417,901 14.0 %

Non-U.S. government 830,184 (26) 4,875 (11,123) 823,910 4.6 % 810,544 4.7 %

Corporate debt 5,603,202 (1,211) 43,724 (60,816) 5,584,899 31.5 % 5,222,433 30.4 %

Agency RMBS 2,445,926 — 12,350 (35,327) 2,422,949 13.6 % 2,035,352 11.9 %

CMBS 804,486 (326) 2,104 (17,916) 788,348 4.4 % 801,511 4.7 %

Non-Agency RMBS 212,897 (258) 617 (5,217) 208,039 1.2 % 190,124 1.1 %

ABS 1,569,414 (77) 4,768 (6,846) 1,567,259 8.8 % 1,488,067 8.7 %

Municipals 46,761 — 166 (1,391) 45,536 0.3 % 52,095 0.3 %

Total fixed maturities, available for sale, at fair value 13,916,563 (1,898) 71,366 (157,717) 13,828,314 77.9 % 13,018,027 75.8 %

Fixed maturities, held to maturity, at amortized cost

Corporate debt 161,479 — — — 161,479 0.9 % 145,137 0.8 %

ABS 245,545 — — — 245,545 1.4 % 252,293 1.5 %

Total fixed maturities, held to maturity, at amortized cost 407,024 — — — 407,024 2.3 % 397,430 2.3 %

Equity securities, at fair value

Common stocks 3,545 — 366 (626) 3,285 — % 13,695 0.1 %

Preferred Stocks 45,293 — 3,976 (428) 48,841 0.3 % 20,311 0.1 %

Exchange-traded funds 268,849 — 169,242 (2,956) 435,135 2.4 % 401,757 2.3 %

Bond mutual funds 288,818 — 7,510 (35,057) 261,271 1.5 % 271,806 1.6 %

Total equity securities, at fair value 606,505 — 181,094 (39,067) 748,532 4.2 % 707,569 4.1 %

Total fixed maturities and equity securities $ 14,930,092 $ (1,898) $ 252,460 $ (196,784) 14,983,870 84.4 % 14,123,026 82.2 %

Mortgage loans, held for investment 335,537 1.9 % 356,840 2.1 %

Other investments 1,062,933 6.0 % 1,027,798 6.0 %

Equity method investments 203,661 1.1 % 227,181 1.3 %

Short-term investments 2,828 — % 20,298 0.2 %

Total investments 16,588,829 93.4 % 15,755,143 91.8 %

Cash and cash equivalents [a] 1,223,058 6.9 % 1,321,185 7.7 %

Accrued interest receivable 124,281 0.7 % 116,252 0.7 %

Net receivable/(payable) for investments sold (purchased) (184,384) (1.0 %) (24,176) (0.2 %)

Total cash and invested assets $ 17,751,784 100.0 % $ 17,168,404 100.0 %

[a] Includes $443 million and $501 million of restricted cash and cash equivalents at June 30, 2026 and December 31, 2025, respectively.

At June 30, 2026 At December 31, 2025

Fair Value Percentage Fair Value Percentage

Other Investments:

Multi-strategy funds $ 6,963 0.7 % $ 11,577 1.1 %

Direct lending funds 194,209 18.3 % 186,747 18.2 %

Real estate funds 278,438 26.2 % 291,491 28.4 %

Private equity funds 400,067 37.6 % 364,376 35.5 %

Other privately held investments 183,256 17.2 % 173,607 16.8 %

Total $ 1,062,933 100.0 % $ 1,027,798 100.0 %

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025

Fair Value %

CASH AND INVESTED ASSETS PORTFOLIO

Fixed Maturities, available for sale:

U.S. government and agency 13.5 % 14.3 % 14.0 % 15.0 % 14.6 %

Non-U.S. government 4.6 % 4.9 % 4.7 % 4.7 % 4.9 %

Corporate debt 31.5 % 30.0 % 30.4 % 30.6 % 29.6 %

MBS:

Agency RMBS 13.6 % 12.0 % 11.9 % 11.2 % 10.7 %

CMBS 4.4 % 4.6 % 4.7 % 4.9 % 5.1 %

Non-agency RMBS 1.2 % 1.1 % 1.1 % 1.2 % 1.1 %

ABS 8.8 % 8.7 % 8.7 % 8.5 % 8.2 %

Municipals 0.3 % 0.3 % 0.3 % 0.4 % 0.4 %

Total Fixed Maturities, available for sale 77.9 % 75.9 % 75.8 % 76.5 % 74.6 %

Fixed Maturities, held to maturity:

Corporate debt 0.9 % 0.8 % 0.8 % 0.8 % 0.8 %

ABS 1.4 % 1.5 % 1.5 % 1.6 % 1.7 %

Total Fixed Maturities, held to maturity 2.3 % 2.3 % 2.3 % 2.4 % 2.5 %

Equity securities 4.2 % 4.0 % 4.1 % 3.9 % 3.8 %

Mortgage loans 1.9 % 2.0 % 2.1 % 2.4 % 2.7 %

Other investments 6.0 % 6.0 % 6.0 % 5.8 % 5.8 %

Equity method investments 1.1 % 1.4 % 1.3 % 1.3 % 1.3 %

Short-term investments — % — % 0.2 % 0.1 % 0.3 %

Total Investments 93.4 % 91.6 % 91.8 % 92.4 % 91.0 %

Cash and cash equivalents 6.9 % 8.0 % 7.7 % 8.1 % 8.7 %

Accrued interest receivable 0.7 % 0.7 % 0.7 % 0.7 % 0.7 %

Net receivable/(payable) for investments sold (purchased) (1.0 %) (0.3 %) (0.2 %) (1.2 %) (0.4 %)

Total Cash and Invested Assets 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

CREDIT QUALITY OF FIXED MATURITIES

U.S. government and agency 16.8 % 18.2 % 18.0 % 19.1 % 19.0 %

AAA [a]

18.4 % 19.4 % 19.2 % 19.6 % 20.0 %

AA [a]

25.0 % 23.7 % 23.7 % 22.7 % 23.4 %

A 17.6 % 17.1 % 17.4 % 17.8 % 17.1 %

BBB 11.6 % 10.4 % 10.0 % 9.7 % 9.8 %

Below BBB 10.6 % 11.2 % 11.7 % 11.1 % 10.7 %

Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

MATURITY PROFILE OF FIXED MATURITIES

Within one year 2.4 % 2.8 % 2.7 % 3.9 % 5.5 %

From one to five years 41.1 % 43.0 % 43.3 % 42.9 % 43.0 %

From five to ten years 17.7 % 16.9 % 17.1 % 16.9 % 15.2 %

Above ten years 2.0 % 1.6 % 1.4 % 1.6 % 1.6 %

Asset-backed and mortgage-backed securities 36.8 % 35.7 % 35.5 % 34.7 % 34.7 %

Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS

Book yield of fixed maturities 4.8 % 4.7 % 4.6 % 4.6 % 4.6 %

Yield to maturity of fixed maturities 5.1 % 5.1 % 4.7 % 4.8 % 5.0 %

Average duration of fixed maturities (inclusive of duration hedges) 3.4 yrs 3.2 yrs 3.1 yrs 3.2 yrs 3.1 yrs

Average credit quality of fixed maturities

A+ A+ A+ A+ A+

[a] Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

Three months ended June 30, 2026 Six months ended June 30, 2026

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 $ 18,294,149 $ (8,890,145) $ 9,404,004 $ 18,122,256 $ (8,951,763) $ 9,170,493

Incurred losses and loss expenses 1,587,469 (654,339) 933,130 2,982,684 (1,182,272) 1,800,412

Paid losses and loss expenses (1,247,129) 511,824 (735,305) (2,398,444) 968,146 (1,430,298)

Foreign exchange and other

(21,077) 83,638 62,561 (93,084) 216,867 123,783

End of period [a]

$ 18,613,412 $ (8,949,022) $ 9,664,390 $ 18,613,412 $ (8,949,022) $ 9,664,390

[a] At June 30, 2026, reserve for losses and loss expenses included IBNR of $12.7 billion, or 68% (December 31, 2025: $12.3 billion, or 68%).

AXIS CAPITAL HOLDINGS LIMITED

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

Three months ended June 30, 2026 Six months ended June 30, 2026

Insurance Reinsurance Total Insurance Reinsurance Total

Gross paid losses and loss expenses $ 837,256 $ 409,873 $ 1,247,129 $ 1,599,545 $ 798,899 $ 2,398,444

Reinsurance recoverable on paid losses and loss expenses (396,225) (115,599) (511,824) (687,665) (280,481) (968,146)

Net paid losses and loss expenses 441,031 294,274 735,305 911,880 518,418 1,430,298

Change in gross case reserves

232,313 (43,902) 188,411 232,937 (66,772) 166,165

Change in gross IBNR

127,433 24,496 151,929 365,777 52,298 418,075

Change in reinsurance recoverable on unpaid losses and loss expenses

(93,895) (48,620) (142,515) (162,725) (51,401) (214,126)

Change in net unpaid losses and loss expenses

265,851 (68,026) 197,825 435,989 (65,875) 370,114

Total net incurred losses and loss expenses $ 706,882 $ 226,248 $ 933,130 $ 1,347,869 $ 452,543 $ 1,800,412

Gross reserve for losses and loss expenses $ 11,711,111 $ 6,902,301 $ 18,613,412 $ 11,711,111 $ 6,902,301 $ 18,613,412

Net favorable prior year reserve development $ 11,852 $ 2,984 $ 14,836 $ 26,911 $ 5,988 $ 32,899

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses 62.4 % 130.1 % 78.8 % 67.7 % 114.6 % 79.4 %

Net paid losses and loss expenses / Net premiums earned 37.2 % 88.7 % 48.4 % 39.2 % 77.3 % 47.7 %

Net unpaid losses and loss expenses / Net premiums earned 22.3 % (20.5 %) 13.0 % 18.7 % (9.8 %) 12.3 %

Net losses and loss expenses ratio 59.5 % 68.2 % 61.4 % 57.9 % 67.5 % 60.0 %

AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD

At June 30, 2026 At December 31, 2025

Common

Shareholders’

Equity

Common Shares Outstanding, net of

Treasury Shares Per share Common

Shareholders’ Equity Common Shares Outstanding, net of

Treasury Shares Per share

Closing stock price $107.44 $107.09

Book value per common share $ 5,953,210 73,141 $81.39 $ 5,806,435 74,135 $78.32

Dilutive securities:

Restricted stock units 656 (0.72) 1,074 (1.12)

Book value per diluted common share $ 5,953,210 73,797 $80.67 $ 5,806,435 75,209 $77.20

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE AND BOOK VALUE PER DILUTED COMMON SHARE, EXCLUDING

ACCUMULATED OTHER COMPREHENSIVE (INCOME) LOSS ("AOCI")

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025

Common shareholders' equity $ 5,953,210 $ 5,830,636 $ 5,806,435 $ 5,817,009 $ 5,624,398

Less: goodwill (66,498) (66,498) (66,498) (66,498) (66,498)

Less: intangible assets (161,258) (163,654) (166,050) (168,446) (170,842)

Associated tax impact 44,152 44,703 45,255 45,806 46,357

Tangible common shareholders' equity $ 5,769,606 $ 5,645,187 $ 5,619,142 $ 5,627,871 $ 5,433,415

Common shareholders' equity $ 5,953,210 $ 5,830,636 $ 5,806,435 $ 5,817,009 $ 5,624,398

Less: AOCI 107,803 97,128 (28,431) (10,169) 21,710

Common shareholders' equity, excluding AOCI $ 6,061,013 $ 5,927,764 $ 5,778,004 $ 5,806,840 $ 5,646,108

Diluted common shares outstanding [a] 73,797 74,571 75,209 78,796 79,957

Book value per diluted common share $ 80.67 $ 78.19 $ 77.20 $ 73.82 $ 70.34

Tangible book value per diluted common share $ 78.18 $ 75.70 $ 74.71 $ 71.42 $ 67.95

Book value per diluted common share, excluding AOCI

$ 82.13 $ 79.49 $ 76.83 $ 73.69 $ 70.61

[a] Diluted common shares outstanding 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

Three months ended June 30, Six months ended June 30,

2026 2025 2026 2025

Net income available to common shareholders $ 250,532 $ 215,795 $ 497,734 $ 402,302

Net investment gains (46,735) (43,468) (19,514) (13,462)

Foreign exchange losses (gains) (2,344) 94,885 (38,539) 151,920

Reorganization expenses 5,546 — 28,715 —

Interest in income (loss) of equity method investments (3,308) 705 (5,738) (1,586)

Bermuda net deferred tax asset [a]

— 3,384 — 3,384

Income tax expense (benefit) [b]

6,958 (9,997) 4,878 (19,440)

Operating income $ 210,649 $ 261,304 $ 467,536 $ 523,118

Earnings per diluted common share $ 3.38 $ 2.72 $ 6.67 $ 4.98

Net investment gains

(0.63) (0.55) (0.26) (0.17)

Foreign exchange losses (gains) (0.03) 1.20 (0.52) 1.88

Reorganization expenses 0.07 — 0.38 —

Interest in income (loss) of equity method investments

(0.04) 0.01 (0.08) (0.02)

Bermuda net deferred tax asset — 0.04 — 0.04

Income tax expense (benefit)

0.09 (0.13) 0.07 (0.24)

Operating income per diluted common share $ 2.84 $ 3.29 $ 6.26 $ 6.47

Weighted average diluted common shares outstanding 74,203 79,329 74,677 80,845

Average common shareholders' equity $ 5,891,923 $ 5,488,599 $ 5,879,823 $ 5,581,889

Annualized return on average common equity 17.0 % 15.7 % 16.9 % 14.4 %

Annualized operating return on average common equity 14.3 % 19.0 % 15.9 % 18.7 %

[a] Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax.

[b] Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. 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), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, 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, and book value per diluted common share, excluding AOCI 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

Consolidated Underwriting Income (Loss)

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 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 and Federal Home Loan Bank advances. 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).

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 Data' section of this document.

Current Accident Year Loss Ratio

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses

Operating Income (Loss)

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 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).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expense, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.in order 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.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.

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 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 and Book Value per Diluted Common Share, Excluding AOCI' section of this document.

Book Value per Diluted Common Share, Excluding AOCI

Book value per diluted common share, excluding AOCI represents common shareholders' equity exclusive of AOCI. We present book value per diluted common share, excluding AOCI calculated under the treasury stock method. We believe this measure is useful as AOCI may fluctuate significantly between periods based on movements in interest and foreign currency rates. A reconciliation of book value per diluted common share, excluding AOCI to book value per diluted common share, the most comparable GAAP financial measure, is presented in the 'Tangible Book Value per Diluted Common Share and Book Value per Diluted Common Share, Excluding AOCI' section of this document.

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q22026investorpresentati

2026 Second Quarter Investor Presentation

2 Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Safe Harbor Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward- looking statements. This presentation or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this presentation are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology. Forward-looking statements made in this presentation, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation: Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models. Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business. Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business. Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due. Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices. Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements. Taxation Risk: changes in tax laws.

3 AXIS Aspiration A leading Specialty Underwriter, generating consistent top-quartile diluted book value per common share (“DBVPS”) growth for shareholders

4 AXIS at a Glance Our strategic focus is on Specialty products: Risk transfer solutions that require customized and tailored offerings delivered by underwriting expertise through a global multivariate distribution model and customer profiles Insurance Reinsurance Insurance $7.8 billion Reinsurance $2.3 billion Strong Insurance Segment Gross Premiums Written, up 15.3% year over year Diluted Book Value per Common Share of $80.67, an increase of 14.7% over the past 12 months Second Quarter 2026 Headlines $10.1 billion Group Combined Ratio of 93.1% Capital Returns $122 million returned to common shareholders, including $89 million in share repurchases and $33 million in dividends 1 Gross Premiums Written (“GPW”) by segment, last twelve months ended 6/30/2026. GPW, last 12 months1

5 A Leading Specialty Underwriter Performance culture that is both results driven and people- oriented Built for all seasons, an operating model that enables us to pivot as needed Poised for profitable growth driven by our strategic initiatives Disciplined cycle management that puts profits above premiums A global distribution model grounded in customer centricity and deep broker partnerships

Global Specialty Platform 6 Presence in all critical markets Legal entity footprint providing access to all major specialty markets Full licensing to compete and grow Licenses and permissions in place to underwrite all major specialty classes Multivariate distribution model Multiple, well-established channels connecting us to brokers and customers Serve global clients and different customer segments A diversified set of specialty solutions built around underwriting expertise • Admitted • Non-admitted • Lloyd’s platform • Authorized, collateralized, facultative, treaty, and retrocession capabilities • Retail • Wholesale • Delegated authority and facilities • Intermediary-led • Access to major specialty classes • Durable, multi-product global broker relationships • Direct • Reinsurance

Sara Farrup Head of Global Markets Joined Nov. 2024 Winning on Talent 7 Capabilities added include: Dynamic and Experienced Leadership Team Attracting Specialty Underwriting Talent and Building Capabilities NA Environmental US Construction Ocean Marine Life Sciences Michael McKenna Head of North America Joined May 2023 David Phillips Chief Investment Officer 12 years at AXIS Ann Haugh Chief Operations Officer 7 years at AXIS Matthew Kirk CFO Joined Nov. 2025 Dan Draper Group CUO and Head of AXIS Re 13 years at AXIS Megan Watt Chief Claims Officer Joined April 2023 Vincent C. Tizzio President and CEO Joined Jan. 2022 Conrad Brooks Chief Admin. and Legal Officer 19 years at AXIS A dedicated Lower Middle Market team, Inland Marine, Allied Health, Surety, Pet, and AXIS Capacity Solutions

8 Specialty Experts Products requiring specialty expertise, GPW, last 12 months1 Second Quarter Performance Highlights Property4 Cyber2 Liability Marine & Aviation4 Accident & Health (A&H) Other3 Credit, Surety & Political Risk $10.1 billion Professional Lines 1 Percent of total GPW, last twelve months ended 6/30/2026. 2 Includes Cyber insurance only. Cyber reinsurance is included in Professional Lines. 3 Includes Agriculture reinsurance, Motor reinsurance, and Run-off lines. 4 Renewable energy is included in Property and Marine & Aviation. 5 Note: Percentages may not sum to 100% due to rounding. • Gross premiums written were up 6% year-over-year to $2.7 billion • Insurance increased by $296 million, or 15% • Active management of our book resulted in an attractive combined ratio of 93.1% • Reinsurance decreased by $144 million, or 25%

1 Inclusive of 8.1 points of net adverse prior year reserve development. Cycle Management 9 Second Quarter Performance Highlights • The construction of our portfolio is guided by our principled view in managing the mix of our portfolio to achieve profitable growth • We are leaning into profitable Specialty lines, while taking continued caution on Casualty lines • Year-to-date 2026 combined ratio of 91.5%, including 4.3 points of catastrophe losses, compared with 89.5% and 3.2 points of catastrophe losses in the prior-year period Insurance Gross Premiums Written Reinsurance Gross Premiums Written Group Combined Ratio Portfolio Reshaping $8.4B $9.0B $9.6B $5.3B $5.8B 27% 27% 26% 32% 27% 73% 73% 74% 68% 73% 99.9%1 92.3% 89.8% 89.5% 91.5%

1 Percent of total GPW, last twelve months ended 6/30/2026. 2 Renewable energy is included in Property and Marine & Aviation. 3 Note: Percentages may not sum to 100% due to rounding. 10 Insurance Overview • Gross premiums written were up 15% year-over-year to $2.2 billion, including $729 million in new business • Gross premiums written growth was attributable to all lines of business, excluding Cyber • Growth was supported by expanded initiatives, including Lower Middle Market business and business sourced by AXIS Capacity Solutions (ACS) Product mix, GPW, last 12 months1 Property2 Cyber Liability Marine & Aviation2 Accident & Health $7.8 billion Credit & Political Risk Second Quarter Performance Highlights Professional Lines

10 Disciplined Growth Aligned With Strategic Ambition Insurance, GPW, 12 months ended ($ in billions) Core Product Lines Expanded Product Lines AXIS Capacity Solutions $5.9B $6.4B $7.8B $6.8B Consistent Performance • Growth reflects disciplined underwriting and targeted expansion Expanded Classes • Retail Segment: Accelerated growth reflects strong traction in newly launched products and expansion into niche specialty segments • Wholesale Lower Middle Market: Continued scaling of distribution partnerships and enhanced technology-enabled underwriting • Representative New North America Products Launched since 2023: Inland Marine, Life Sciences, US Ocean Marine, US Construction, Canada Construction, Canada Environmental, Allied Health 94% 92% 87% 80% 6% 8% 13% 17% 3% 1

1 Percent of total GPW, last twelve months ended 6/30/2026. 2 Note: Percentages may not sum to 100% due to rounding. 11 Reinsurance Overview Product mix, GPW, last 12 months1 Marine & Aviation 27% 21% Credit & Surety Motor 17% Liability 15% 11% 7% Agriculture $2.3 billion Accident & Health • Continued to deliver positive bottom- line results, maintaining commitment to generate consistent profitability and low volatility • Gross premiums written down 25% year- over-year to $439 million, reflecting deliberate portfolio actions to reduce exposure through non-renewals and lower line sizes in Casualty lines • Short-tail business increased to 51% of Reinsurance GPW, up from 36% in the prior-year period, reflecting strategic portfolio repositioning toward short-tail lines and continued caution in Casualty lines Second Quarter Performance Highlights 2 Professional Lines

13 V o la ti li ty (C o e ff ic ie n t o f V a ri a n c e ) Average Quarterly Loss Ratio 1 Peers displayed include: ACGL, AFG, BOW, CB, CINF, CNA, EG, HIG, KMPR, KNSL, MKL, SIGI, SPNT, THG, TRV, and WRB. 2 Coefficient of variance calculated by standard deviation of quarterly loss ratios divided by average. • The low volatility within our quarterly loss ratio underscores disciplined underwriting and risk selection • An average quarterly loss ratio of 58.5% since the beginning of 2024 is highly competitive against a set of top peers Financial periods Q1’24 through Q1’26 unless otherwise noted AXS (Old) AXS (Transition) AXS (Q1’18 - Q4’21) (Q1’22 - Q4’23) (Q1’24 - Q1’26) Peer Company Consistent Top Quartile Results With Less Volatility Than Our Peers Consistent and Predictable Underwriting Performance

14 AXIS Capacity Solutions In 2025, AXIS launched its AXIS Capacity Solutions (ACS) capability, dedicated to developing structured, multi- line portfolio capacity opportunities on a global basis, while drawing on AXIS’ expertise with third party capital. ACS VALUE DRIVERS Creates new revenue sources – contributed $338 million of year-to-date Gross Premiums Written through open brokerage and selective delegated opportunities Reduces volatility – introduces new reinsurance capital to optimize AXIS net exposure, reducing balance sheet volatility Augments ROACE – fee-based, capital-light earnings support high quality returns Generates fee income – capital-efficient fee streams through ceding and structuring, diversifying revenue sources, and projected to generate $17 million of fee income in 2026 ACS enables AXIS to capitalize on industry trend where growth of multi-line facilities are outpacing the broader insurance market

15 "How We Work" Leverages our Competitive Platform, while Driving Productivity and Efficiency How We Work program launched in 2023 to enhance how we operate and how we go to market Simplify operating structures and processes Increase agility and speed to market Deliver efficiencies and capitalize on productivity gains Enhance ability to leverage data, digital and AI capabilities Group G&A Ratio From year-end 2023 to 2025, Gross Premiums Written have grown 15% while G&A dollars spent has only risen 3% AI strategic pillars Drive value through AI-enabled core processes: Applying AI across underwriting, claims, and operations to improve speed, efficiency, consistency, and governance Build the technical foundation for AI at scale: Accelerating delivery of technical solutions, strengthening our data foundation, and modernizing system architecture to support scalable, enterprise-wide AI enablement Develop a future-ready workforce: Upskilling employees to use AI in daily workflows, reinforcing data/AI governance and risk management, and recruiting AI-ready talent to help accelerate adoption

16 A+ Weighted average credit rating of fixed 1 Includes short-term investments, accrued interest receivable, and net receivable/(payable) for investments sold (purchased). 2 Includes equity method investments. 3 Includes common stocks, preferred stocks, exchange-traded funds, equity method investments, below-investment-grade bonds, and other investments. 4 Includes other investments, equity securities, mortgage loans, cash and cash equivalents, short-term investments, and investment expenses. Well-Positioned Portfolio Driving Strong Investment Returns Investment portfolio at 6/30/2026 Strong and Stable Investment Income Total cash and investments Net investment income, in millions Non-Fixed Income 4 Fixed Maturities maturities portfolio 18% Allocation to risk assets 3.4 years Average duration of fixed maturities (inclusive of duration hedges) 4.8% / 5.1% Book / Market yield of fixed maturities at 6/30/2026 $17.8 billion Mortgage loans Cash and equivalents1 Fixed maturities Equity securities Other investments2 3

A.M. Best Financial strength rating AS&P Financial strength rating A+ Capital Management Aligned with Strategy Execution 1 2 3 4 Organic Growth & Investments Support organic growth through investments and underwriting where premium is adequate. Optimize the reinsurance program and asset allocation within risk appetite. Operational Excellence Invest in modernizing the operating core, leveraging initiatives that improve efficiency and our long-term capabilities. Return Capital to Common Shareholders Buybacks and dividends when excess capital and liquidity is present and the return profile is attractive. Accretive M&A Core add-ons, adjacent specialty lines, and new distribution channels or geographic locations that enhance the portfolio. • Growth pursued only where returns meet volatility thresholds. • Reinsurance optimized to protect balance sheet and manage peak risks. • G&A ratio declining structurally. • Productivity reinvested into capabilities and efficiencies. • Stable dividend policy. • Opportunistic buyback strategy. • M&A represents a high bar, must outpace returns from our existing opportunity set. Executed with discipline to sustain the financial strength ratings that anchor our franchise 17

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