Form 8-K

8-K — AXIS CAPITAL HOLDINGS LTD

Accession: 0001214816-26-000160

Filed: 2026-04-29

Period: 2026-04-29

CIK: 0001214816

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — axs-20260429.htm (Primary)

EX-99.1 (q12026pressrelease.htm)

EX-99.2 (q12026financialsupplement.htm)

EX-99.3 (q12026investorpresentati.htm)

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8-K

8-K (Primary)

Filename: axs-20260429.htm · Sequence: 1

axs-20260429

0001214816AXIS CAPITAL HOLDINGS LTDfalse00012148162026-04-292026-04-290001214816us-gaap:CommonStockMember2026-04-292026-04-290001214816us-gaap:SeriesEPreferredStockMember2026-04-292026-04-29

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): April 29, 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 April 29, 2026, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its first quarter 2026 results and the availability of its first 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 April 29, 2026

99.2

First 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: April 29, 2026

AXIS CAPITAL HOLDINGS LIMITED

By:

/s/ G. Christina Gray-Trefry

G. Christina Gray-Trefry

General Counsel and Secretary

EX-99.1

Filename: q12026pressrelease.htm · Sequence: 2

Document

Cliff Gallant (Investor Contact):

(415) 262-6843;

investorrelations@axiscapital.com

Nichola Liboro (Media Contact):

(917) 705-4579;

nichola.liboro@axiscapital.com

AXIS CAPITAL REPORTS FIRST QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $247 MILLION, or $3.29 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $257 MILLION, or $3.42 PER DILUTED COMMON SHARE

For the first quarter of 2026, the Company reports:

•Annualized return on average common equity ("ROACE") of 17.0% and annualized operating ROACE of 17.7%

•Combined ratio of 89.8%

•Underwriting income of $187 million, an increase of $24 million, or 15%, compared to the first quarter of 2025

•Book value per diluted common share of $78.19, an increase of $0.99, or 1.3%, compared to December 31, 2025

Pembroke, Bermuda, April 29, 2026 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the first quarter ended March 31, 2026.

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

"AXIS began 2026 building on the profitable growth that has defined our performance over the past three years. In the quarter, we produced gross premiums written of $3.1 billion, which represents an 11% increase year-over-year, with an 89.8% combined ratio. This translates to a 17.7% annualized operating return on average common equity, with 17.6% diluted book value per share growth over the past twelve months.

"Our Insurance business generated strong results with $1.9 billion gross premiums written and an 86.3% combined ratio, continuing to benefit from our expanded business classes and recently launched AXIS Capacity Solutions capability. AXIS Re continues to produce very solid underwriting profits, generating a 92.7% combined ratio while leaning into attractive short tail lines which comprised more than 60% of total reinsurance premiums.

"This performance highlights the sustained strength of our operating model. Our investments in products, distribution, innovation and talent are unlocking new opportunities to drive profitable growth as we execute on our specialty strategy."

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 1 -

First Quarter Consolidated Results*

•Net income available to common shareholders for the first quarter of 2026 was $247 million, an increase of $60 million, or 33%, compared to the first quarter of 2025.

•Operating income(1) for the first quarter of 2026 was $257 million, a decrease of $5 million, or 2%, compared to the first quarter of 2025.

•Underwriting income(2) for the first quarter of 2026 was $187 million, an increase of $24 million, or 15%, compared to the first quarter of 2025.

•Net investment income for the first quarter of 2026 was $185 million, a decrease of $23 million, or 11%, primarily attributable to lower income from cash following the loss portfolio transfer reinsurance agreement ("LPT transaction") completed with Enstar in the second quarter of 2025.

•Fees related to arrangements with strategic capital partners for the first quarter of 2026 of $23 million, compared to $16 million in the prior year.

•Book yield of fixed maturities was 4.7% at March 31, 2026, compared to 4.5% at March 31, 2025. The market yield was 5.1% at March 31, 2026.

•The effective tax rate of 18.0% for the quarter was principally due to pre-tax income in our U.S. and U.K. operations, compared to 18.6% for the first quarter of 2025 principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

•Reorganization expenses for the first quarter of 2026 were $23 million, primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership.

•Total capital returned to common shareholders of $93 million, including common share repurchases of $60 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 $78.19 at March 31, 2026, an increase of $0.99, or 1.3%, compared to December 31, 2025.

•Book value per diluted common share increased by $11.71, or 17.6%, over the past twelve months, driven by net income, and a reduction in net unrealized investment losses, partially offset by common share repurchases, and common share dividends of $1.76 per share.

* Amounts may not reconcile due to rounding differences.

1 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.

2 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.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 2 -

First Quarter Consolidated Underwriting Highlights3

Three months ended March 31,

KEY RATIOS 2026 2025 Change

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

56.6 % 56.3 % 0.3 pts

Catastrophe and weather-related losses ratio(5)

3.2 % 3.7 % (0.5 pts)

Current accident year loss ratio(5)

59.8 % 60.0 % (0.2 pts)

Prior year reserve development ratio (1.2 %) (1.4 %) 0.2 pts

Net losses and loss expenses ratio 58.6 % 58.6 % — pts

Acquisition cost ratio 20.5 % 19.7 % 0.8 pts

General and administrative expense ratio 10.7 % 11.9 % (1.2 pts)

Combined ratio 89.8 % 90.2 % (0.4 pts)

Current accident year combined ratio(5)

91.0 % 91.6 % (0.6 pts)

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

87.8 % 87.9 % (0.1 pts)

•Gross premiums written increased by $303 million, or 11% ($244 million, or 9%, on a constant currency basis(6)), to $3.1 billion with an increase of $328 million, or 20% in the insurance segment, partially offset by a decrease of $25 million, or 2% in the reinsurance segment.

•Net premiums written increased by $157 million, or 9% ($101 million, or 6%, on a constant currency basis), to $1.9 billion with an increase of $248 million, or 24% in the insurance segment, partially offset by a decrease of $92 million, or 13% in the reinsurance segment.

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $48 million ($38 million after-tax), or 3.2 points, related to the Insurance segment, including natural catastrophe losses of $33 million or 2.2 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $15 million or 1.0 point were attributable to the Middle East conflict.

•Net favorable prior year reserve development was $18 million (Insurance: $15 million; Reinsurance: $3 million), compared to $18 million in 2025.

•The underwriting-related general and administrative expense ratio decreased by 1.2 points, mainly driven by an increase in net premiums earned and efficiencies gained from investments in underwriting platforms.

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

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 measures, net losses and loss expenses ratio and combined ratio are provided above and a discussion of the rationale for the presentation of these items is 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 are provided above/later in this press release, and a discussion of the rationale for the presentation of these items is 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

- 3 -

Segment Highlights

Insurance Segment

Three months ended March 31,

($ in thousands) 2026 2025 Change

Gross premiums written $ 1,983,742 $ 1,655,903 19.8 %

Net premiums written 1,293,077 1,044,580 23.8 %

Net premiums earned 1,141,753 1,010,086 13.0 %

Underwriting income 157,353 134,541 17.0 %

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather-related losses 53.3 % 52.3 % 1.0 pts

Catastrophe and weather-related losses ratio 4.2 % 4.7 % (0.5 pts)

Current accident year loss ratio 57.5 % 57.0 % 0.5 pts

Prior year reserve development ratio (1.4 %) (1.4 %) — pts

Net losses and loss expenses ratio 56.1 % 55.6 % 0.5 pts

Acquisition cost ratio 19.6 % 19.2 % 0.4 pts

Underwriting-related general and administrative expense ratio 10.6 % 11.9 % (1.3 pts)

Combined ratio 86.3 % 86.7 % (0.4 pts)

Current accident year combined ratio 87.7 % 88.1 % (0.4 pts)

Current accident year combined ratio, excluding catastrophe and weather-related losses 83.5 % 83.4 % 0.1 pts

•Gross premiums written increased by $328 million, or 20% ($309 million, or 19%, on a constant currency basis), primarily attributable to property, professional lines and accident and health lines. Our AXIS Capacity Solutions capability contributed $173 million, or 10% of the increase with approximately half attributable to discrete Funds at Lloyds ("FAL") transactions.

•Net premiums written increased by $248 million, or 24% ($232 million, or 22%, on a constant currency basis), reflecting the increase in gross premiums written in the quarter, together with a decreased cession rate in liability lines, partially offset by an increased cession rate in property lines.

•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 1.0 point, principally due to increased competition in property and cyber lines.

•The acquisition cost ratio increased by 0.4 points, primarily related to increases in gross acquisition costs in property lines and changes in business mix.

•The underwriting-related general and administrative expense ratio decreased by 1.3 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 March 31,

($ in thousands) 2026 2025 Change

Gross premiums written $ 1,114,225 $ 1,138,749 (2.2 %)

Net premiums written 613,959 705,459 (13.0 %)

Net premiums earned 338,713 330,734 2.4 %

Underwriting income 30,010 28,913 3.8 %

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather-related losses 67.7 % 68.4 % (0.7 pts)

Catastrophe and weather-related losses ratio — % 0.5 % (0.5 pts)

Current accident year loss ratio 67.7 % 68.9 % (1.2 pts)

Prior year reserve development ratio (0.9 %) (1.2 %) 0.3 pts

Net losses and loss expenses ratio 66.8 % 67.7 % (0.9 pts)

Acquisition cost ratio 23.8 % 21.3 % 2.5 pts

Underwriting-related general and administrative expense ratio 2.1 % 3.3 % (1.2 pts)

Combined ratio 92.7 % 92.3 % 0.4 pts

Current accident year combined ratio 93.6 % 93.5 % 0.1 pts

Current accident year combined ratio, excluding catastrophe and weather-related losses 93.6 % 93.0 % 0.6 pts

•Gross premiums written decreased by $25 million, or 2% ($65 million, or 6%, on a constant currency basis), primarily attributable to non-renewals and decreased line sizes in liability and motor lines, partially offset by increased line sizes and new business in credit and surety lines.

•Net premiums written decreased by $92 million or 13% ($131 million, or 19%, on a constant currency basis), reflecting the decrease in gross premiums written in the quarter, together with increased cession rates in motor, professional lines and liability lines.

•The current accident year loss ratio, excluding catastrophe and weather-related losses is consistent with recent quarters.

•The acquisition cost ratio increased by 2.5 points, primarily related to increases in gross acquisition costs associated with changes in business mix attributable to credit and surety, and motor lines.

•The underwriting-related general and administrative expense ratio decreased by 1.2 points, mainly driven by an increase in fees related to arrangements with strategic capital partners.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 5 -

Investments

Three months ended March 31,

($ in thousands) 2026 2025

Net investment income $ 184,740 $ 207,713

Net investment gains (losses)

(27,224) (30,005)

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

(159,243) 135,560

Interest in income of equity method investments

2,430 2,291

Total $ 703 $ 315,559

Average cash and investments(8)

$ 17,335,191 $ 18,019,104

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

Including investment related foreign exchange movements — % 1.8 %

Excluding investment related foreign exchange movements(9)

0.1 % 1.5 %

•Net investment income decreased by $23 million, or 11%, compared to the first quarter of 2025, primarily attributable to lower income from cash following the LPT transaction completed in the second quarter of 2025.

•Net investment gains (losses) recognized in net income (loss) for the quarter was primarily related to net unrealized losses on equity securities and net realized gains on the sale of equities and fixed maturities.

•Change in net unrealized gains (losses) on fixed maturities, pre-tax of $(159) million ($(135) 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 associated with the increase in sovereign yields and the widening of credit spreads.

•Book yield of fixed maturities was 4.7% at March 31, 2026, compared to 4.5% at March 31, 2025. The market yield was 5.1% at March 31, 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 $(24) million and $47 million for the three months ended March 31, 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 first quarter earnings conference call on Thursday, April 30 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 2973873. 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 5212333. The webcast will be archived in the Investor Information section of our website.

In addition, an investor financial supplement for the quarter ended March 31, 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 $6.4 billion at March 31, 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

MARCH 31, 2026 (UNAUDITED) AND DECEMBER 31, 2025

2026 2025

(in thousands)

Assets

Investments:

Fixed maturities, available for sale, at fair value

$ 13,107,142 $ 13,018,027

Fixed maturities, held to maturity, at amortized cost

405,220 397,430

Equity securities, at fair value

688,842 707,569

Mortgage loans, held for investment, at fair value

343,959 356,840

Other investments, at fair value

1,042,649 1,027,798

Equity method investments

236,767 227,181

Short-term investments, at fair value

5,836 20,298

Total investments 15,830,415 15,755,143

Cash and cash equivalents 862,399 820,252

Restricted cash and cash equivalents 525,719 500,933

Accrued interest receivable 118,475 116,252

Insurance and reinsurance premium balances receivable 3,878,950 3,244,661

Reinsurance recoverable on unpaid losses and loss expenses 8,890,145 8,951,763

Reinsurance recoverable on paid losses and loss expenses 581,945 673,765

Deferred acquisition costs 933,802 801,778

Prepaid reinsurance premiums 2,452,190 2,139,294

Receivable for investments sold 5,422 12,806

Goodwill 66,498 66,498

Intangible assets 163,654 166,050

Operating lease right-of-use assets 94,670 93,900

Loan advances made

302,157 231,542

Other assets 912,305 887,289

Total assets $ 35,618,746 $ 34,461,926

Liabilities

Reserve for losses and loss expenses $ 18,294,149 $ 18,122,256

Unearned premiums 6,563,778 5,825,698

Insurance and reinsurance balances payable 2,180,053 1,882,021

Debt 1,317,104 1,316,710

Federal Home Loan Bank advances 66,380 66,380

Payable for investments purchased 69,071 36,982

Operating lease liabilities 110,181 110,095

Other liabilities 637,394 745,349

Total liabilities 29,238,110 28,105,491

Shareholders' equity

Preferred shares 550,000 550,000

Common shares 2,206 2,206

Additional paid-in capital 2,394,568 2,405,792

Accumulated other comprehensive income (loss) (97,128) 28,431

Retained earnings 8,395,795 8,181,699

Treasury shares, at cost (4,864,805) (4,811,693)

Total shareholders' equity 6,380,636 6,356,435

Total liabilities and shareholders' equity $ 35,618,746 $ 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 MONTHS ENDED MARCH 31, 2026 AND 2025

Three months ended March 31,

2026 2025

(in thousands, except per share amounts)

Revenues

Net premiums earned $ 1,480,466 $ 1,340,820

Net investment income 184,740 207,713

Net investment gains (losses) (27,224) (30,005)

Other insurance related income 5,649 3,578

Total revenues 1,643,631 1,522,106

Expenses

Net losses and loss expenses 867,283 785,925

Acquisition costs 304,255 264,581

General and administrative expenses 158,156 159,163

Foreign exchange losses (gains) (36,196) 57,034

Interest expense and financing costs 16,426 16,572

Reorganization expenses 23,168 —

Amortization of intangible assets 2,396 2,729

Total expenses 1,335,488 1,286,004

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

308,143 236,102

Income tax expense (55,806) (44,322)

Interest in income of equity method investments 2,430 2,291

Net income 254,767 194,071

Preferred share dividends 7,563 7,563

Net income available to common shareholders $ 247,204 $ 186,508

Per share data

Earnings per common share:

Earnings per common share $ 3.34 $ 2.30

Earnings per diluted common share $ 3.29 $ 2.26

Weighted average common shares outstanding

74,095 81,152

Weighted average diluted common shares outstanding

75,153 82,378

Cash dividends declared per common share

$ 0.44 $ 0.44

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 MARCH 31, 2026 AND 2025

2026 2025

Insurance Reinsurance Total Insurance Reinsurance Total

(in thousands)

Gross premiums written $ 1,983,742 $ 1,114,225 $ 3,097,967 $ 1,655,903 $ 1,138,749 $ 2,794,652

Net premiums written 1,293,077 613,959 1,907,036 1,044,580 705,459 1,750,039

Net premiums earned 1,141,753 338,713 1,480,466 1,010,086 330,734 1,340,820

Other insurance related income

370 5,279 5,649 156 3,422 3,578

Current accident year net losses and loss expenses

(656,047) (229,298) (885,345) (576,066) (227,796) (803,862)

Net favorable prior year reserve development 15,059 3,003 18,062 13,978 3,959 17,937

Acquisition costs (223,769) (80,486) (304,255) (194,021) (70,560) (264,581)

Underwriting-related general and

administrative expenses(10)

(120,013) (7,201) (127,214) (119,592) (10,846) (130,438)

Underwriting income

$ 157,353 $ 30,010 187,363 $ 134,541 $ 28,913 163,454

Net investment income 184,740 207,713

Net investment gains (losses)

(27,224) (30,005)

Corporate expenses(10)

(30,942) (28,725)

Foreign exchange (losses) gains 36,196 (57,034)

Interest expense and financing costs (16,426) (16,572)

Reorganization expenses (23,168) —

Amortization of intangible assets (2,396) (2,729)

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

308,143 236,102

Income tax expense

(55,806) (44,322)

Interest in income of equity method investments 2,430 2,291

Net income 254,767 194,071

Preferred share dividends 7,563 7,563

Net income available to common shareholders $ 247,204 $ 186,508

Current accident year loss ratio 57.5 % 67.7 % 59.8 % 57.0 % 68.9 % 60.0 %

Prior year reserve development ratio (1.4 %) (0.9 %) (1.2 %) (1.4 %) (1.2 %) (1.4 %)

Net losses and loss expenses ratio 56.1 % 66.8 % 58.6 % 55.6 % 67.7 % 58.6 %

Acquisition cost ratio 19.6 % 23.8 % 20.5 % 19.2 % 21.3 % 19.7 %

Underwriting-related general and administrative expense ratio

10.6 % 2.1 % 8.6 % 11.9 % 3.3 % 9.8 %

Corporate expense ratio

2.1 % 2.1 %

Combined ratio

86.3 % 92.7 % 89.8 % 86.7 % 92.3 % 90.2 %

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 $31 million and $29 million for the three months ended March 31, 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

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

Three months ended March 31,

2026 2025

(in thousands, except per share amounts)

Net income available to common shareholders $ 247,204 $ 186,508

Net investment (gains) losses

27,224 30,005

Foreign exchange losses (gains)

(36,196) 57,034

Reorganization expenses

23,168 —

Interest in income of equity method investments

(2,430) (2,291)

Income tax benefit(12)

(2,081) (9,787)

Operating income $ 256,889 $ 261,469

Earnings per diluted common share $ 3.29 $ 2.26

Net investment (gains) losses

0.36 0.36

Foreign exchange losses (gains)

(0.48) 0.69

Reorganization expenses 0.31 —

Interest in income of equity method investments

(0.03) (0.03)

Income tax benefit

(0.03) (0.11)

Operating income per diluted common share $ 3.42 $ 3.17

Weighted average diluted common shares outstanding 75,153 82,378

Average common shareholders' equity $ 5,818,536 $ 5,446,089

Annualized return on average common equity 17.0 % 13.7 %

Annualized operating return on average common equity(13)

17.7 % 19.2 %

12 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.

13 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

- 11 -

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, 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

- 12 -

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

- 13 -

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 reinsurance 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

- 14 -

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 and interest in income (loss) of equity method investments.

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance 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 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

- 15 -

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

- 16 -

EX-99.2

Filename: q12026financialsupplement.htm · Sequence: 3

Document

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

FIRST 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

b. Consolidated Data

c. Consolidated Segment Data

d . Gross Premiums Written by Segment by Line of Business

e. Segment Data

6-7

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

• Mortgage-Backed and Asset-Backed Securities Composition

IV. Losses Reserve Analysis

a. Paid to Incurred Analysis

b. Paid to Incurred Analysis by Segment

V. Share Analysis

a. Book Value and Tangible Book Value Per Diluted Common Share - Treasury Stock Method

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

17-19

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 statements of operations for the years ended December 31, 2025 and December 31, 2024.

•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, 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.

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

Three months ended March 31,

2026 2025 Change

HIGHLIGHTS Gross premiums written $ 3,097,967 $ 2,794,652 10.9 %

Gross premiums written - Insurance 64.0 % 59.3 % 4.7 pts

Gross premiums written - Reinsurance 36.0 % 40.7 % (4.7) pts

Net premiums written $ 1,907,036 $ 1,750,039 9.0 %

Net premiums earned $ 1,480,466 $ 1,340,820 10.4 %

Net premiums earned - Insurance 77.1 % 75.3 % 1.8 pts

Net premiums earned - Reinsurance 22.9 % 24.7 % (1.8) pts

Net income available to common shareholders

$ 247,204 $ 186,508 32.5 %

Operating income [a]

$ 256,889 $ 261,469 (1.8 %)

Annualized return on average common equity [b]

17.0 % 13.7 % 3.3 pts

Annualized operating return on average common equity [c]

17.7 % 19.2 % (1.5) pts

Total common shareholders’ equity

$ 5,830,636 $ 5,352,799 8.9 %

PER COMMON SHARE AND COMMON SHARE DATA

Earnings per diluted common share

$3.29 $2.26 45.6 %

Operating income per diluted common share [d]

$3.42 $3.17 7.9 %

Weighted average diluted common shares outstanding 75,153 82,378 (8.8 %)

Book value per common share $78.86 $68.06 15.9 %

Book value per diluted common share (treasury stock method) $78.19 $66.48 17.6 %

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

$75.70 $64.08 18.1 %

FINANCIAL RATIOS

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

56.6 % 56.3 % 0.3 pts

Catastrophe and weather-related losses ratio [a]

3.2 % 3.7 % (0.5) pts

Current accident year loss ratio [a]

59.8 % 60.0 % (0.2) pts

Prior year reserve development ratio (1.2 %) (1.4 %) 0.2 pts

Net losses and loss expenses ratio 58.6 % 58.6 % — pts

Acquisition cost ratio 20.5 % 19.7 % 0.8 pts

General and administrative expense ratio [f]

10.7 % 11.9 % (1.2) pts

Combined ratio 89.8 % 90.2 % (0.4) pts

INVESTMENT DATA Total assets $ 35,618,746 $ 33,249,174 7.1 %

Total cash and invested assets [g]

$ 17,273,359 $ 17,818,374 (3.1 %)

Net investment income $ 184,740 $ 207,713 (11.1 %)

Net investment gains (losses)

$ (27,224) $ (30,005) (9.3 %)

Book yield of fixed maturities 4.7 % 4.5 % 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

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

REVENUES

Net premiums earned $ 1,480,466 $ 1,528,475 $ 1,451,883 $ 1,393,431 $ 1,340,820

Net investment income 184,740 186,992 184,903 187,297 207,713

Net investment gains (losses) (27,224) 14,584 30,905 43,468 (30,005)

Other insurance related income 5,649 4,383 6,593 8,662 3,578

Total revenues

1,643,631 1,734,434 1,674,284 1,632,858 1,522,106

EXPENSES

Net losses and loss expenses 867,283 859,427 841,435 801,754 785,925

Acquisition costs 304,255 310,375 285,618 275,897 264,581

General and administrative expenses

158,156 212,054 171,637 161,078 159,163

Foreign exchange losses (gains) (36,196) 3,555 (13,492) 94,885 57,034

Interest expense and financing costs 16,426 16,844 16,657 16,586 16,572

Reorganization expenses

23,168 — — — —

Amortization of intangible assets 2,396 2,396 2,396 2,396 2,729

Total expenses 1,335,488 1,404,651 1,304,251 1,352,596 1,286,004

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS 308,143 329,783 370,033 280,262 236,102

Income tax (expense) benefit (55,806) (45,959) (70,252) (56,199) (44,322)

Interest in income (loss) of equity method investments 2,430 5,783 2,083 (705) 2,291

NET INCOME 254,767 289,607 301,864 223,358 194,071

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

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 247,204 $ 282,044 $ 294,301 $ 215,795 $ 186,508

KEY RATIOS/PER SHARE DATA

Weighted average common shares outstanding 74,095 75,686 77,619 78,378 81,152

Dilutive share equivalents:

Share-based compensation plans

1,058 1,139 982 951 1,226

Weighted average diluted common shares outstanding 75,153 76,825 78,601 79,329 82,378

Earnings per common share $ 3.34 $ 3.73 $ 3.79 $ 2.75 $ 2.30

Earnings per diluted common share $ 3.29 $ 3.67 $ 3.74 $ 2.72 $ 2.26

Annualized ROACE 17.0 % 19.4 % 20.6 % 15.7 % 13.7 %

Annualized operating ROACE 17.7 % 17.2 % 17.8 % 19.0 % 19.2 %

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

Years ended December 31,

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024

UNDERWRITING REVENUES

Gross premiums written $ 3,097,967 $ 2,209,707 $ 2,124,184 $ 2,515,971 $ 2,794,652 $ 9,644,514 $ 9,005,888

Ceded premiums written (1,190,931) (826,514) (771,195) (880,537) (1,044,613) (3,522,858) (3,248,537)

Net premiums written 1,907,036 1,383,193 1,352,989 1,635,434 1,750,039 6,121,656 5,757,351

Gross premiums earned 2,357,298 2,381,138 2,280,608 2,229,370 2,147,045 9,038,161 8,529,567

Ceded premiums earned (876,832) (852,663) (828,725) (835,939) (806,225) (3,323,552) (3,223,332)

Net premiums earned 1,480,466 1,528,475 1,451,883 1,393,431 1,340,820 5,714,609 5,306,235

Other insurance related income 5,649 4,383 6,593 8,662 3,578 23,216 30,721

Total underwriting revenues 1,486,115 1,532,858 1,458,476 1,402,093 1,344,398 5,737,825 5,336,956

UNDERWRITING EXPENSES

Net losses and loss expenses 867,283 859,427 841,435 801,754 785,925 3,288,541 3,158,487

Acquisition costs 304,255 310,375 285,618 275,897 264,581 1,136,469 1,070,551

Underwriting-related general and administrative expenses [a]

127,214 178,879 143,111 135,241 130,438 587,669 536,442

Total underwriting expenses 1,298,752 1,348,681 1,270,164 1,212,892 1,180,944 5,012,679 4,765,480

UNDERWRITING INCOME [b]

$ 187,363 $ 184,177 $ 188,312 $ 189,201 $ 163,454 $ 725,146 $ 571,476

OTHER (EXPENSES) REVENUES

Net investment income 184,740 186,992 184,903 187,297 207,713 766,903 759,229

Net investment gains (losses) (27,224) 14,584 30,905 43,468 (30,005) 58,950 (138,534)

Corporate expenses [a]

(30,942) (33,175) (28,526) (25,837) (28,725) (116,262) (129,760)

Foreign exchange (losses) gains 36,196 (3,555) 13,492 (94,885) (57,034) (141,983) 50,822

Interest expense and financing costs (16,426) (16,844) (16,657) (16,586) (16,572) (66,659) (67,766)

Reorganization expenses (23,168) — — — — — (26,312)

Amortization of intangible assets (2,396) (2,396) (2,396) (2,396) (2,729) (9,917) (10,917)

Total other (expenses) revenues

120,780 145,606 181,721 91,061 72,648 491,032 436,762

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS 308,143 329,783 370,033 280,262 236,102 1,216,178 1,008,238

Income tax (expense) benefit (55,806) (45,959) (70,252) (56,199) (44,322) (216,732) 55,595

Interest in income (loss) of equity method investments 2,430 5,783 2,083 (705) 2,291 9,452 17,953

NET INCOME 254,767 289,607 301,864 223,358 194,071 1,008,898 1,081,786

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

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 247,204 $ 282,044 $ 294,301 $ 215,795 $ 186,508 $ 978,648 $ 1,051,536

Catastrophe and weather-related losses, net of reinstatement premiums $ 47,800 $ 29,855 $ 43,659 $ 36,626 $ 49,070 $ 159,210 $ 225,996

Net favorable prior year reserve development

$ 18,062 $ 29,852 $ 18,946 $ 20,229 $ 17,937 $ 86,963 $ 24,323

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 56.6 % 56.2 % 56.3 % 56.4 % 56.3 % 56.3 % 55.7 %

Catastrophe and weather-related losses ratio 3.2 % 2.0 % 3.0 % 2.6 % 3.7 % 2.8 % 4.3 %

Current accident year loss ratio 59.8 % 58.2 % 59.3 % 59.0 % 60.0 % 59.1 % 60.0 %

Prior year reserve development ratio (1.2 %) (2.0 %) (1.3 %) (1.5 %) (1.4 %) (1.6 %) (0.5 %)

Net losses and loss expenses ratio 58.6 % 56.2 % 58.0 % 57.5 % 58.6 % 57.5 % 59.5 %

Acquisition cost ratio 20.5 % 20.3 % 19.7 % 19.8 % 19.7 % 19.9 % 20.2 %

General and administrative expenses ratio [c]

10.7 % 13.9 % 11.7 % 11.6 % 11.9 % 12.4 % 12.6 %

Combined ratio 89.8 % 90.4 % 89.4 % 88.9 % 90.2 % 89.8 % 92.3 %

[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 March 31, 2026 Three months ended March 31, 2025

Insurance Reinsurance Total Insurance Reinsurance Total

UNDERWRITING REVENUES

Gross premiums written $ 1,983,742 $ 1,114,225 $ 3,097,967 $ 1,655,903 $ 1,138,749 $ 2,794,652

Ceded premiums written (690,665) (500,266) (1,190,931) (611,323) (433,290) (1,044,613)

Net premiums written 1,293,077 613,959 1,907,036 1,044,580 705,459 1,750,039

Gross premiums earned 1,774,966 582,332 2,357,298 1,598,550 548,495 2,147,045

Ceded premiums earned (633,213) (243,619) (876,832) (588,464) (217,761) (806,225)

Net premiums earned 1,141,753 338,713 1,480,466 1,010,086 330,734 1,340,820

Other insurance related income 370 5,279 5,649 156 3,422 3,578

Total underwriting revenues 1,142,123 343,992 1,486,115 1,010,242 334,156 1,344,398

UNDERWRITING EXPENSES

Net losses and loss expenses 640,988 226,295 867,283 562,088 223,837 785,925

Acquisition costs 223,769 80,486 304,255 194,021 70,560 264,581

Underwriting-related general and administrative expenses 120,013 7,201 127,214 119,592 10,846 130,438

Total underwriting expenses 984,770 313,982 1,298,752 875,701 305,243 1,180,944

UNDERWRITING INCOME $ 157,353 $ 30,010 $ 187,363 $ 134,541 $ 28,913 $ 163,454

Catastrophe and weather-related losses, net of reinstatement premiums $ 47,732 $ 68 $ 47,800 $ 47,530 $ 1,540 $ 49,070

Net favorable prior year reserve development $ 15,059 $ 3,003 $ 18,062 $ 13,978 $ 3,959 $ 17,937

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 53.3 % 67.7 % 56.6 % 52.3 % 68.4 % 56.3 %

Catastrophe and weather-related losses ratio 4.2 % — % 3.2 % 4.7 % 0.5 % 3.7 %

Current accident year loss ratio 57.5 % 67.7 % 59.8 % 57.0 % 68.9 % 60.0 %

Prior year reserve development ratio (1.4 %) (0.9 %) (1.2 %) (1.4 %) (1.2 %) (1.4 %)

Net losses and loss expenses ratio 56.1 % 66.8 % 58.6 % 55.6 % 67.7 % 58.6 %

Acquisition cost ratio 19.6 % 23.8 % 20.5 % 19.2 % 21.3 % 19.7 %

Underwriting-related general and administrative expense ratio 10.6 % 2.1 % 8.6 % 11.9 % 3.3 % 9.8 %

Corporate expense ratio 2.1 % 2.1 %

Combined ratio 86.3 % 92.7 % 89.8 % 86.7 % 92.3 % 90.2 %

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

Years ended December 31,

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024

INSURANCE SEGMENT

Property $ 613,480 $ 557,230 $ 468,098 $ 645,476 $ 495,417 $ 2,166,222 $ 2,050,329

Professional Lines 345,381 404,835 337,888 343,370 257,159 1,343,252 1,162,323

Liability 337,674 351,489 345,455 365,542 303,758 1,366,245 1,251,603

Cyber 119,999 119,693 103,404 136,562 113,945 473,604 561,937

Marine and Aviation 294,960 198,739 190,321 224,393 267,151 880,604 815,168

Accident and Health 171,365 151,078 161,470 126,985 124,843 564,374 450,810

Credit and Political Risk 100,883 115,922 85,246 90,107 93,630 384,905 323,414

TOTAL INSURANCE SEGMENT $ 1,983,742 $ 1,898,986 $ 1,691,882 $ 1,932,435 $ 1,655,903 $ 7,179,206 $ 6,615,584

REINSURANCE SEGMENT

Liability $ 163,106 $ 91,530 $ 154,460 $ 168,566 $ 253,070 $ 667,626 $ 616,333

Professional Lines 177,953 16,403 38,567 171,851 188,445 415,266 421,846

Motor 87,312 70,332 47,303 26,066 124,380 268,080 238,961

Accident and Health 296,290 44,275 18,192 22,337 281,355 366,159 436,296

Credit and Surety 308,973 80,634 108,505 116,290 204,666 510,094 417,717

Agriculture 52,715 1,290 55,704 55,256 48,901 161,151 150,373

Marine and Aviation 25,978 3,903 8,602 18,871 33,492 64,870 82,274

Run-off lines

1,898 2,354 969 4,299 4,440 12,062 26,504

TOTAL REINSURANCE SEGMENT $ 1,114,225 $ 310,721 $ 432,302 $ 583,536 $ 1,138,749 $ 2,465,308 $ 2,390,304

CONSOLIDATED TOTAL $ 3,097,967 $ 2,209,707 $ 2,124,184 $ 2,515,971 $ 2,794,652 $ 9,644,514 $ 9,005,888

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

Years ended December 31,

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024

UNDERWRITING REVENUES

Gross premiums written $ 1,983,742 $ 1,898,986 $ 1,691,882 $ 1,932,435 $ 1,655,903 $ 7,179,206 $ 6,615,584

Ceded premiums written (690,665) (691,799) (606,935) (641,925) (611,323) (2,551,982) (2,365,039)

Net premiums written 1,293,077 1,207,187 1,084,947 1,290,510 1,044,580 4,627,224 4,250,545

Gross premiums earned 1,774,966 1,787,562 1,690,735 1,633,396 1,598,550 6,710,242 6,254,836

Ceded premiums earned (633,213) (624,736) (605,123) (600,435) (588,464) (2,418,757) (2,328,800)

Net premiums earned 1,141,753 1,162,826 1,085,612 1,032,961 1,010,086 4,291,485 3,926,036

Other insurance related income 370 254 261 6 156 677 94

Total underwriting revenues 1,142,123 1,163,080 1,085,873 1,032,967 1,010,242 4,292,162 3,926,130

UNDERWRITING EXPENSES

Net losses and loss expenses 640,988 617,562 595,807 561,770 562,088 2,337,227 2,245,420

Acquisition costs 223,769 225,952 205,440 194,912 194,021 820,324 766,915

Underwriting-related general and administrative expenses 120,013 161,994 131,326 124,646 119,592 537,558 485,929

Total underwriting expenses 984,770 1,005,508 932,573 881,328 875,701 3,695,109 3,498,264

UNDERWRITING INCOME $ 157,353 $ 157,572 $ 153,300 $ 151,639 $ 134,541 $ 597,053 $ 427,866

Catastrophe and weather-related losses, net of reinstatement premiums $ 47,732 $ 29,755 $ 42,689 $ 36,440 $ 47,530 $ 156,414 $ 216,093

Net favorable prior year reserve development

$ 15,059 $ 22,939 $ 14,843 $ 15,216 $ 13,978 $ 66,975 $ 16,209

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 53.3 % 52.5 % 52.3 % 52.3 % 52.3 % 52.4 % 52.1 %

Catastrophe and weather-related losses ratio 4.2 % 2.6 % 3.9 % 3.6 % 4.7 % 3.6 % 5.5 %

Current accident year loss ratio 57.5 % 55.1 % 56.2 % 55.9 % 57.0 % 56.0 % 57.6 %

Prior year reserve development ratio (1.4 %) (2.0 %) (1.3 %) (1.5 %) (1.4 %) (1.5 %) (0.4 %)

Net losses and loss expenses ratio 56.1 % 53.1 % 54.9 % 54.4 % 55.6 % 54.5 % 57.2 %

Acquisition cost ratio 19.6 % 19.4 % 18.9 % 18.9 % 19.2 % 19.1 % 19.5 %

Underwriting-related general and administrative expenses ratio 10.6 % 14.0 % 12.1 % 12.0 % 11.9 % 12.5 % 12.4 %

Combined ratio 86.3 % 86.5 % 85.9 % 85.3 % 86.7 % 86.1 % 89.1 %

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

Years ended December 31,

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024

UNDERWRITING REVENUES

Gross premiums written $ 1,114,225 $ 310,721 $ 432,302 $ 583,536 $ 1,138,749 $ 2,465,308 $ 2,390,304

Ceded premiums written (500,266) (134,715) (164,260) (238,612) (433,290) (970,876) (883,498)

Net premiums written 613,959 176,006 268,042 344,924 705,459 1,494,432 1,506,806

Gross premiums earned 582,332 593,576 589,873 595,974 548,495 2,327,919 2,274,731

Ceded premiums earned (243,619) (227,927) (223,602) (235,504) (217,761) (904,795) (894,532)

Net premiums earned 338,713 365,649 366,271 360,470 330,734 1,423,124 1,380,199

Other insurance related income 5,279 4,129 6,332 8,656 3,422 22,539 30,627

Total underwriting revenues 343,992 369,778 372,603 369,126 334,156 1,445,663 1,410,826

UNDERWRITING EXPENSES

Net losses and loss expenses 226,295 241,865 245,628 239,984 223,837 951,314 913,067

Acquisition costs 80,486 84,423 80,178 80,985 70,560 316,145 303,636

Underwriting-related general and administrative expenses 7,201 16,885 11,785 10,595 10,846 50,111 50,513

Total underwriting expenses 313,982 343,173 337,591 331,564 305,243 1,317,570 1,267,216

UNDERWRITING INCOME $ 30,010 $ 26,605 $ 35,012 $ 37,562 $ 28,913 $ 128,093 $ 143,610

Catastrophe and weather-related losses, net of reinstatement premiums $ 68 $ 100 $ 970 $ 186 $ 1,540 $ 2,796 $ 9,903

Net favorable prior year reserve development

$ 3,003 $ 6,913 $ 4,103 $ 5,013 $ 3,959 $ 19,988 $ 8,114

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 67.7 % 68.0 % 67.9 % 67.9 % 68.4 % 68.1 % 66.0 %

Catastrophe and weather-related losses ratio — % — % 0.3 % 0.1 % 0.5 % 0.2 % 0.7 %

Current accident year loss ratio 67.7 % 68.0 % 68.2 % 68.0 % 68.9 % 68.3 % 66.7 %

Prior year reserve development ratio (0.9 %) (1.9 %) (1.1 %) (1.4 %) (1.2 %) (1.5 %) (0.5 %)

Net losses and loss expenses ratio 66.8 % 66.1 % 67.1 % 66.6 % 67.7 % 66.8 % 66.2 %

Acquisition cost ratio 23.8 % 23.1 % 21.9 % 22.5 % 21.3 % 22.2 % 22.0 %

Underwriting-related general and administrative expense ratio 2.1 % 4.7 % 3.2 % 2.9 % 3.3 % 3.6 % 3.6 %

Combined ratio 92.7 % 93.9 % 92.2 % 92.0 % 92.3 % 92.6 % 91.8 %

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

Years ended December 31,

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 2025 2024

Fixed maturities $ 156,696 $ 159,830 $ 155,796 $ 149,861 $ 146,711 $ 612,198 $ 620,704

Other investments 17,705 13,367 15,019 18,479 22,410 69,275 48,666

Equity securities 4,152 4,185 3,046 3,155 3,208 13,593 12,922

Mortgage loans 4,165 4,873 5,890 5,956 6,868 23,587 34,028

Cash and cash equivalents 8,918 12,466 12,597 16,649 33,380 75,092 59,600

Short-term investments 132 254 355 541 1,986 3,136 12,569

Gross investment income 191,768 194,975 192,703 194,641 214,563 796,881 788,489

Investment expenses (7,028) (7,983) (7,800) (7,344) (6,850) (29,978) (29,260)

Net investment income $ 184,740 $ 186,992 $ 184,903 $ 187,297 $ 207,713 $ 766,903 $ 759,229

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

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

2026 2025 2025 2025 2025 2024

ASSETS

Investments:

Fixed maturities, available for sale, at fair value $ 13,107,142 $ 13,018,027 $ 12,879,372 $ 12,137,475 $ 11,865,480 $ 12,152,753

Fixed maturities, held to maturity, at amortized cost 405,220 397,430 406,658 405,041 389,571 443,400

Equity securities, at fair value 688,842 707,569 649,970 619,275 574,379 579,274

Mortgage loans, held for investment, at fair value 343,959 356,840 409,699 438,571 457,907 505,697

Other investments, at fair value 1,042,649 1,027,798 972,867 938,922 938,562 930,278

Equity method investments 236,767 227,181 220,022 215,920 214,240 206,994

Short-term investments, at fair value 5,836 20,298 17,185 51,726 91,330 223,666

Total investments 15,830,415 15,755,143 15,555,773 14,806,930 14,531,469 15,042,062

Cash and cash equivalents 1,388,118 1,321,185 1,358,078 1,409,201 3,332,767 3,063,621

Accrued interest receivable 118,475 116,252 117,720 108,506 108,392 114,012

Insurance and reinsurance premium balances receivable 3,878,950 3,244,661 3,326,346 3,669,460 3,388,550 2,826,942

Reinsurance recoverable on unpaid losses and loss expenses 8,890,145 8,951,763 9,043,009 9,086,900 6,944,518 6,840,897

Reinsurance recoverable on paid losses and loss expenses 581,945 673,765 648,126 637,726 531,105 546,287

Deferred acquisition costs 933,802 801,778 822,774 837,456 787,512 685,853

Prepaid reinsurance premiums 2,452,190 2,139,294 2,164,297 2,223,255 2,175,425 1,936,979

Receivable for investments sold 5,422 12,806 3,813 29,099 39,498 3,693

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

Intangible assets 163,654 166,050 168,446 170,842 173,238 175,967

Operating lease right-of-use assets 94,670 93,900 92,706 89,421 92,299 92,516

Loan advances made 302,157 231,542 250,537 263,779 272,499 247,775

Other assets 912,305 887,289 899,509 934,469 966,812 1,038,207

TOTAL ASSETS $ 35,618,746 $ 34,461,926 $ 34,517,632 $ 34,333,542 $ 33,410,582 $ 32,681,309

LIABILITIES

Reserve for losses and loss expenses $ 18,294,149 $ 18,122,256 $ 17,996,236 $ 17,879,023 $ 17,489,459 $ 17,218,929

Unearned premiums 6,563,778 5,825,698 5,994,611 6,154,844 5,859,606 5,211,865

Insurance and reinsurance balances payable 2,180,053 1,882,021 1,855,349 1,932,269 1,883,746 1,713,798

Debt 1,317,104 1,316,710 1,316,321 1,315,936 1,315,555 1,315,179

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

Payable for investments purchased 69,071 36,982 194,988 79,677 193,752 269,728

Operating lease liabilities 110,181 110,095 108,960 106,544 107,289 106,614

Other liabilities 637,394 745,349 617,778 624,471 591,996 689,437

TOTAL LIABILITIES 29,238,110 28,105,491 28,150,623 28,159,144 27,507,783 26,591,930

SHAREHOLDERS’ EQUITY

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

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

Additional paid-in capital 2,394,568 2,405,792 2,395,615 2,384,659 2,374,804 2,394,063

Accumulated other comprehensive income (loss) (97,128) 28,431 10,169 (21,710) (152,376) (267,557)

Retained earnings 8,395,795 8,181,699 7,932,969 7,673,246 7,492,484 7,341,569

Treasury shares, at cost (4,864,805) (4,811,693) (4,523,950) (4,414,003) (4,364,319) (3,930,902)

TOTAL SHAREHOLDERS' EQUITY 6,380,636 6,356,435 6,367,009 6,174,398 5,902,799 6,089,379

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 35,618,746 $ 34,461,926 $ 34,517,632 $ 34,333,542 $ 33,410,582 $ 32,681,309

Debt to total capital [a]

17.1 % 17.2 % 17.1 % 17.6 % 18.2 % 17.8 %

[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 March 31, 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 $ 2,470,733 $ — $ 5,365 $ (13,951) $ 2,462,147 14.3 % $ 2,417,901 14.0 %

Non-U.S. government 854,906 — 4,854 (13,055) 846,705 4.9 % 810,544 4.7 %

Corporate debt 5,219,722 (2,383) 47,161 (80,162) 5,184,338 30.0 % 5,222,433 30.4 %

Agency RMBS 2,083,725 — 18,679 (28,452) 2,073,952 12.0 % 2,035,352 11.9 %

CMBS 802,737 (429) 3,734 (17,253) 788,789 4.6 % 801,511 4.7 %

Non-Agency RMBS 202,057 (246) 685 (4,988) 197,508 1.1 % 190,124 1.1 %

ABS 1,503,535 (61) 6,700 (6,357) 1,503,817 8.7 % 1,488,067 8.7 %

Municipals 50,837 — 342 (1,293) 49,886 0.3 % 52,095 0.3 %

Total fixed maturities, available for sale, at fair value 13,188,252 (3,119) 87,520 (165,511) 13,107,142 75.9 % 13,018,027 75.8 %

Fixed maturities, held to maturity, at amortized cost

Corporate debt 140,576 — — — 140,576 0.8 % 145,137 0.8 %

ABS 264,644 — — — 264,644 1.5 % 252,293 1.5 %

Total fixed maturities, held to maturity, at amortized cost 405,220 — — — 405,220 2.3 % 397,430 2.3 %

Equity securities, at fair value

Common stocks 3,386 — 339 (636) 3,089 — % 13,695 0.1 %

Preferred Stocks 43,911 — 508 (518) 43,901 0.3 % 20,311 0.1 %

Exchange-traded funds 268,849 — 117,853 (5,894) 380,808 2.2 % 401,757 2.3 %

Bond mutual funds 286,457 — 7,268 (32,681) 261,044 1.5 % 271,806 1.6 %

Total equity securities, at fair value 602,603 — 125,968 (39,729) 688,842 4.0 % 707,569 4.1 %

Total fixed maturities and equity securities $ 14,196,075 $ (3,119) $ 213,488 $ (205,240) 14,201,204 82.2 % 14,123,026 82.2 %

Mortgage loans, held for investment 343,959 2.0 % 356,840 2.1 %

Other investments 1,042,649 6.0 % 1,027,798 6.0 %

Equity method investments 236,767 1.4 % 227,181 1.3 %

Short-term investments 5,836 — % 20,298 0.2 %

Total investments 15,830,415 91.6 % 15,755,143 91.8 %

Cash and cash equivalents [a] 1,388,118 8.0 % 1,321,185 7.7 %

Accrued interest receivable 118,475 0.7 % 116,252 0.7 %

Net receivable/(payable) for investments sold (purchased) (63,649) (0.3 %) (24,176) (0.2 %)

Total cash and invested assets $ 17,273,359 100.0 % $ 17,168,404 100.0 %

[a] Includes $526 million and $501 million of restricted cash and cash equivalents at March 31, 2026 and December 31, 2025, respectively.

At March 31, 2026 At December 31, 2025

Fair Value Percentage Fair Value Percentage

Other Investments:

Multi-strategy funds $ 10,987 1.1 % $ 11,577 1.1 %

Direct lending funds 193,616 18.6 % 186,747 18.2 %

Real estate funds 279,937 26.8 % 291,491 28.4 %

Private equity funds 382,826 36.7 % 364,376 35.5 %

Other privately held investments 175,283 16.8 % 173,607 16.8 %

Total $ 1,042,649 100.0 % $ 1,027,798 100.0 %

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Fair Value %

CASH AND INVESTED ASSETS PORTFOLIO

Fixed Maturities, available for sale:

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

Non-U.S. government 4.9 % 4.7 % 4.7 % 4.9 % 4.0 %

Corporate debt 30.0 % 30.4 % 30.6 % 29.6 % 26.0 %

MBS:

Agency RMBS 12.0 % 11.9 % 11.2 % 10.7 % 8.7 %

CMBS 4.6 % 4.7 % 4.9 % 5.1 % 4.8 %

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

ABS 8.7 % 8.7 % 8.5 % 8.2 % 7.3 %

Municipals 0.3 % 0.3 % 0.4 % 0.4 % 0.4 %

Total Fixed Maturities, available for sale 75.9 % 75.8 % 76.5 % 74.6 % 66.6 %

Fixed Maturities, held to maturity:

Corporate debt 0.8 % 0.8 % 0.8 % 0.8 % 0.7 %

ABS 1.5 % 1.5 % 1.6 % 1.7 % 1.5 %

Total Fixed Maturities, held to maturity 2.3 % 2.3 % 2.4 % 2.5 % 2.2 %

Equity securities 4.0 % 4.1 % 3.9 % 3.8 % 3.2 %

Mortgage loans 2.0 % 2.1 % 2.4 % 2.7 % 2.6 %

Other investments 6.0 % 6.0 % 5.8 % 5.8 % 5.3 %

Equity method investments 1.4 % 1.3 % 1.3 % 1.3 % 1.2 %

Short-term investments — % 0.2 % 0.1 % 0.3 % 0.5 %

Total Investments 91.6 % 91.8 % 92.4 % 91.0 % 81.6 %

Cash and cash equivalents 8.0 % 7.7 % 8.1 % 8.7 % 18.7 %

Accrued interest receivable 0.7 % 0.7 % 0.7 % 0.7 % 0.6 %

Net receivable/(payable) for investments sold (purchased) (0.3 %) (0.2 %) (1.2 %) (0.4 %) (0.9 %)

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 18.2 % 18.0 % 19.1 % 19.0 % 20.8 %

AAA [a]

19.4 % 19.2 % 19.6 % 20.0 % 20.3 %

AA [a]

23.7 % 23.7 % 22.7 % 23.4 % 21.8 %

A 17.1 % 17.4 % 17.8 % 17.1 % 16.8 %

BBB 10.4 % 10.0 % 9.7 % 9.8 % 9.5 %

Below BBB 11.2 % 11.7 % 11.1 % 10.7 % 10.8 %

Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

MATURITY PROFILE OF FIXED MATURITIES

Within one year 2.8 % 2.7 % 3.9 % 5.5 % 6.5 %

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

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

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

Asset-backed and mortgage-backed securities 35.7 % 35.5 % 34.7 % 34.7 % 33.9 %

Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS

Book yield of fixed maturities 4.7 % 4.6 % 4.6 % 4.6 % 4.5 %

Yield to maturity of fixed maturities 5.1 % 4.7 % 4.8 % 5.0 % 5.2 %

Average duration of fixed maturities (inclusive of duration hedges) 3.2 yrs 3.1 yrs 3.2 yrs 3.1 yrs 3.0 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

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At March 31, 2026

Available for sale, at fair value Agencies AAA AA A BBB

Non-Investment

Grade

Total

Residential MBS $ 2,073,952 $ 191,763 $ 4,245 $ 227 $ 31 $ 1,242 $ 2,271,460

Commercial MBS 172,871 561,549 40,339 12,160 968 902 788,789

ABS — 1,214,775 111,138 140,710 35,134 2,060 1,503,817

Total mortgage-backed and asset-backed securities, available for sale, at fair value $ 2,246,823 $ 1,968,087 $ 155,722 $ 153,097 $ 36,133 $ 4,204 $ 4,564,066

Percentage of total 49.2 % 43.1 % 3.4 % 3.4 % 0.8 % 0.1 % 100.0 %

Held to maturity, at amortized cost Agencies AAA AA A BBB

Non-Investment

Grade

Total

ABS $ — $ 138,044 $ 114,900 $ 11,700 $ — $ — $ 264,644

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost $ — $ 138,044 $ 114,900 $ 11,700 $ — $ — $ 264,644

Percentage of total — % 52.2 % 43.4 % 4.4 % — % — % 100.0 %

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

Three months ended March 31, 2026 Three months ended March 31, 2025

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 $ 18,122,256 $ (8,951,763) $ 9,170,493 $ 17,218,929 $ (6,840,897) $ 10,378,032

Incurred losses and loss expenses 1,395,216 (527,933) 867,283 1,278,752 (492,827) 785,925

Paid losses and loss expenses (1,151,315) 456,322 (694,993) (1,151,905) 383,104 (768,801)

Foreign exchange and other

(72,008) 133,229 61,221 143,683 6,102 149,785

End of period [a]

$ 18,294,149 $ (8,890,145) $ 9,404,004 $ 17,489,459 $ (6,944,518) $ 10,544,941

[a] At March 31, 2026, reserve for losses and loss expenses included IBNR of $12.5 billion, or 69% (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 March 31, 2026 Three months ended March 31, 2025

Insurance Reinsurance Total Insurance Reinsurance Total

Gross paid losses and loss expenses $ 762,290 $ 389,025 $ 1,151,315 $ 721,591 $ 430,314 $ 1,151,905

Reinsurance recoverable on paid losses and loss expenses (291,440) (164,882) (456,322) (274,816) (108,288) (383,104)

Net paid losses and loss expenses 470,850 224,143 694,993 446,775 322,026 768,801

Change in gross case reserves

622 (22,869) (22,247) 79,726 (62,988) 16,738

Change in gross IBNR

238,346 27,802 266,148 96,702 13,407 110,109

Change in reinsurance recoverable on unpaid losses and loss expenses

(68,830) (2,781) (71,611) (61,115) (48,608) (109,723)

Change in net unpaid losses and loss expenses

170,138 2,152 172,290 115,313 (98,189) 17,124

Total net incurred losses and loss expenses $ 640,988 $ 226,295 $ 867,283 $ 562,088 $ 223,837 $ 785,925

Gross reserve for losses and loss expenses $ 11,364,381 $ 6,929,768 $ 18,294,149 $ 10,731,598 $ 6,757,873 $ 17,489,459

Net favorable prior year reserve development $ 15,059 $ 3,003 $ 18,062 $ 13,978 $ 3,959 $ 17,937

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses 73.5 % 99.0 % 80.1 % 79.5 % 143.9 % 97.8 %

Net paid losses and loss expenses / Net premiums earned 41.2 % 66.2 % 46.9 % 44.2 % 97.4 % 57.3 %

Net unpaid losses and loss expenses / Net premiums earned 14.9 % 0.6 % 11.7 % 11.4 % (29.7 %) 1.3 %

Net losses and loss expenses ratio 56.1 % 66.8 % 58.6 % 55.6 % 67.7 % 58.6 %

AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD

At March 31, 2026

Common

Shareholders’

Equity

Common Shares Outstanding, net of

Treasury Shares Per share

Closing stock price $101.41

Book value per common share $ 5,830,636 73,937 $78.86

Dilutive securities:

Restricted stock units 634 (0.67)

Book value per diluted common share $ 5,830,636 74,571 $78.19

At December 31, 2025

Common

Shareholders’ Equity

Common Shares Outstanding, net of

Treasury Shares Per share

Closing stock price $107.09

Book value per common share $ 5,806,435 74,135 $78.32

Dilutive securities:

Restricted stock units 1,074 (1.12)

Book value per diluted common share $ 5,806,435 75,209 $77.20

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025

Common shareholders' equity $ 5,830,636 $ 5,806,435 $ 5,817,009 $ 5,624,398 $ 5,352,799

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

Less: intangible assets (163,654) (166,050) (168,446) (170,842) (173,238)

Associated tax impact 44,703 45,255 45,806 46,357 46,909

Tangible common shareholders' equity $ 5,645,187 $ 5,619,142 $ 5,627,871 $ 5,433,415 $ 5,159,972

Diluted common shares outstanding [a]

74,571 75,209 78,796 79,957 80,520

Book value per diluted common share $ 78.19 $ 77.20 $ 73.82 $ 70.34 $ 66.48

Tangible book value per diluted common share $ 75.70 $ 74.71 $ 71.42 $ 67.95 $ 64.08

[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 March 31,

2026 2025

Net income available to common shareholders $ 247,204 $ 186,508

Net investment (gains) losses 27,224 30,005

Foreign exchange losses (gains) (36,196) 57,034

Reorganization expenses 23,168 —

Interest in income of equity method investments

(2,430) (2,291)

Income tax benefit [a]

(2,081) (9,787)

Operating income $ 256,889 $ 261,469

Earnings per diluted common share $ 3.29 $ 2.26

Net investment (gains) losses 0.36 0.36

Foreign exchange losses (gains) (0.48) 0.69

Reorganization expenses 0.31 —

Interest in income of equity method investments

(0.03) (0.03)

Income tax benefit

(0.03) (0.11)

Operating income per diluted common share $ 3.42 $ 3.17

Weighted average diluted common shares outstanding 75,153 82,378

Average common shareholders' equity $ 5,818,536 $ 5,446,089

Annualized return on average common equity 17.0 % 13.7 %

Annualized operating return on average common equity 17.7 % 19.2 %

[a] 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 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).

Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. 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).

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

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).

Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

Tangible Book Value per Diluted Common Share

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

EX-99.3

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q12026investorpresentati

2026 First 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, 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

25% 75% 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 differentiated distribution channels and customer profiles Insurance Reinsurance Insurance $7.5 billion Reinsurance $2.4 billion Strong Insurance Segment Gross Premiums Written, up 19.8% year over year Diluted Book Value per Common Share of $78.19, an increase of 17.6% over the past 12 months First Quarter 2026 Headlines $9.9 billion1 Group Combined Ratio of 89.8% Capital Returns $93 million returned to common shareholders, including $60 million in share repurchases and $33 million in dividends 1 Gross Premiums Written (“GPW”) by segment, last twelve months ended 3/31/2026.

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 11 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 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

23% 20% 18% 10% 10% 10% 5% 4% 8 Specialty Experts Products requiring specialty expertise, GPW, last 12 months1 First Quarter Performance Highlights Property4 Cyber2 Liability Marine & Aviation4 Accident & Health (A&H) Other3 Credit, Surety & Political Risk $9.9 billion Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 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. • Gross premiums written were up 11% year-over-year to $3.1 billion • Insurance increased by $328 million, or 20% • Active management of our book resulted in an attractive combined ratio of 89.8% • Reinsurance decreased by $25 million, or 2%

1 Inclusive of 8.1 points of prior year reserve development. Cycle Management 9 First 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 • The Insurance segment underlying loss ratio increased by a point year over year and was offset by improvements to the G&A ratio • We are leaning into profitable Specialty lines, while taking caution on Casualty lines Insurance Gross Premiums Written Reinsurance Gross Premiums Written Group Combined Ratio Portfolio Reshaping

30% 19%19% 12% 8% 7% 5% 10 Insurance Overview • Gross premiums written were up 20% year-over-year to $2.0 billion, including $724 million in new business • Gross premiums written growth was attributable to all lines of business • Growth was supported by expanded initiatives, including Lower Middle Market business and business sourced by AXIS Capacity Solutions Product mix, GPW, last 12 months1 Property2 Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 2 Renewable energy is included in Property and Marine & Aviation. Cyber Liability Marine & Aviation2 Accident & Health $7.5 billion Credit & Political Risk First Quarter Performance Highlights

11 Reinsurance Overview Product mix, GPW, last 12 months1 Marine & Aviation 27% 21% Credit & Surety Motor 17% Liability 15% Professional Lines 1 Percent of total GPW, last twelve months ended 3/31/2026. 2 Run-off lines include Catastrophe, Property, and Engineering, and made up less than 1 percent of GPW in the last twelve months. 11% 7% Agriculture $2.4 billion Accident & Health Run-off Lines2 • Continued to deliver positive bottom- line results, maintaining commitment to generate consistent profitability and low volatility • Gross premiums written down 2% year- over-year (down 6% on a constant currency basis) to $1.1 billion, attributable to non-renewals and decreased line sizes • We are leaning into short-tail Specialty lines and maintain caution on Casualty lines First Quarter Performance Highlights 25% 24% 17% 16% 9% 7% 2%2%

12 Vo la til ity (C oe ff ic ie nt o f V ar ia nc 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 Q4’25 unless otherwise noted AXS (Old) AXS (Transition) AXS (Q1’18 - Q4’21) (Q1’22 - Q4’23) (Q1’24 - Q4’25) Peer Company Consistent Top Quartile Results With Less Volatility Than Our Peers AXS (Transition) AXS (Old) AXS 55 57.5 60 62.5 65 67.5 70 72.5 75 0 5 10 15 20 25 Consistent and Predictable Underwriting Performance

13.5% 12.6% 12.4% FY2023 FY2024 FY2025 13 "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% 11.9% 10.7% Q1 2025 Q1 2026 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

8% 2% 4% 7% 79% 14 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 3/31/2026 Strong and Stable Investment Income Total cash and investments Net investment income, in millions Non-Fixed Income 4 Fixed Maturities maturities portfolio 19% Allocation to risk assets 3.2 year Average duration of fixed maturities (inclusive of duration hedges) 4.7% / 5.1% Book / Market yield of fixed maturities at 3/31/2026 $17.3 billion Mortgage loans Cash and equivalents1 Fixed maturities Equity securities Other investments2 $208 $187 $185 $187 $185 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 3

15 A.M. Best Financial strength rating AS&P Financial strength rating A+ Capital Management Aligned with Strategy Execution Capital Deployment Organic deployment in underwriting and investments Investments in capabilities, including underwriting tools and AI Capital returns of $1 billion in 2025, including $888 million in share repurchases Inorganic opportunities 1 2 3 4

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v3.26.1

Document and Entity Information Document and Entity Information

Apr. 29, 2026

Document Information [Line Items]

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0001214816

Entity Registrant Name

AXIS CAPITAL HOLDINGS LTD

Entity Emerging Growth Company

false

Pre-commencement Tender Offer

false

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false

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false

Entity Tax Identification Number

98-0395986

Entity File Number

001-31721

Entity Incorporation, State or Country Code

Document Type

8-K

Amendment Flag

false

Document Period End Date

Apr. 29, 2026

Entity Address, Address Line One

29 Richmond Road, 3rd Flr

Entity Address, City or Town

Pembroke

Entity Address, Country

Entity Address, Postal Zip Code

HM 08

City Area Code

441

Local Phone Number

496-2600

Common Stock

Document Information [Line Items]

Security Exchange Name

NYSE

Trading Symbol

AXS

Title of 12(b) Security

Common shares, par value $0.0125 per share

Series E Preferred Stock

Document Information [Line Items]

Security Exchange Name

NYSE

Trading Symbol

AXS PRE

Title of 12(b) Security

Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share

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v3.26.1

Cover

Apr. 29, 2026

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