Form 8-K

8-K — AXIS CAPITAL HOLDINGS LTD

Accession: 0001214816-26-000213

Filed: 2026-10-28

Period: 2026-10-28

CIK: 0001214816

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — axs-20261028.htm (Primary)

EX-99.1 (q32026pressrelease.htm)

EX-99.2 (q32026financialsupplement.htm)

EX-99.3 (q32026investorpresentati.htm)

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8-K

8-K (Primary)

Filename: axs-20261028.htm · Sequence: 1

axs-20261028

0001214816AXIS CAPITAL HOLDINGS LTDfalse00012148162026-10-282026-10-280001214816us-gaap:CommonStockMember2026-10-282026-10-280001214816us-gaap:SeriesEPreferredStockMember2026-10-282026-10-28

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

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

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda 001-31721 98-0395986

(State of Incorporation) (Commission File No.)

(I.R.S. Employer

Identification No.)

29 Richmond Road, 3rd Flr

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

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

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

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

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

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

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

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

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

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

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

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition

On October 28, 2026, AXIS Capital Holdings Limited, a Bermuda company, issued a press release reporting its third quarter 2026 results and the availability of its third 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 October 28, 2026

99.2

Third 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: October 28, 2026

AXIS CAPITAL HOLDINGS LIMITED

By:

/s/ G. Christina Gray-Trefry

G. Christina Gray-Trefry

General Counsel and Secretary

EX-99.1

Filename: q32026pressrelease.htm · Sequence: 2

Document

Cliff Gallant (Investor Contact):

(415) 262-6843;

investorrelations@axiscapital.com

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

joseph.cohen@axiscapital.com

AXIS CAPITAL REPORTS THIRD QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $202 MILLION, or $2.75 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $229 MILLION, or $3.12 PER DILUTED COMMON SHARE

For the third quarter of 2026, the Company reports:

•Annualized return on average common equity ("ROACE") of 13.8% and annualized operating ROACE of 15.7%

•Combined ratio of 94.0% and underwriting income of $134 million

•Book value per diluted common share of $79.06

For the nine months ended September 30, 2026, the Company reports:

•Net income available to common shareholders of $699 million, or $9.42 per diluted common share and operating income of $697 million, or $9.39 per diluted common share

•Annualized ROACE and annualized operating ROACE of 16.1%

•Combined ratio of 92.3% and underwriting income of $464 million

•Book value per diluted common share, excluding accumulated other comprehensive income (loss) ("AOCI") of $84.33, an increase of $10.64, or 14.4%, compared to $73.69 at September 30, 2025

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

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

"This was a strong quarter for AXIS, as our team leaned into attractive underwriting opportunities while practicing disciplined cycle management in a transitioning market. Our performance included a 15.7% annualized operating return-on-equity, $3.12 in operating earnings-per-share, and gross premiums rose 11%. Over the past twelve months, AXIS has generated a 14.4% increase in diluted book value per share, ex AOCI.

"Our Insurance business produced a 13% increase in gross premiums with a 92.0% combined ratio and an 87.2% current accident year ex-cat combined ratio. Leveraging our global platform, we drove diversified premium volume with meaningful contributions from our expanded classes and AXIS Capacity Solutions capability. Within AXIS Re, we generated our 11th consecutive profitable quarter.

"As we look ahead to the remainder of this year and to 2027, AXIS is well-positioned. The strength of our balance sheet provides us with the flexibility to make smart investments in our business spanning products, platforms, and talent. We are excited about where AXIS stands today, supported by a clear strategy, balanced and resilient portfolio, enhanced operating model, and deep and capable team."

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 1 -

Third Quarter and Year-to-date Consolidated Results*(1)

•Net income available to common shareholders for the third quarter of 2026 was $202 million, a decrease of $92 million, or 32%, compared to the third quarter of 2025.

•Net income available to common shareholders year-to-date was $699 million, an increase of $3 million, or 0.4%, compared to the nine months ended September 30, 2025.

•Operating income(2) for the third quarter of 2026 was $229 million, a decrease of $26 million, or 10%, compared to the third quarter of 2025.

•Operating income year-to-date was $697 million, a decrease of $78 million, or 10%, compared to the nine months ended September 30, 2025.

•Underwriting income(3) for the third quarter of 2026 was $134 million, a decrease of $55 million, or 29%, compared to the third quarter of 2025.

•Underwriting income year-to-date was $464 million, a decrease of $77 million, or 14%, compared to the nine months ended September 30, 2025.

•Fees related to arrangements with strategic capital partners for the third quarter of 2026 were $23 million, compared to $19 million for the third quarter of 2025. Fees year-to-date were $67 million, compared to $55 million for the nine months ended September 30, 2025.

•Book yield of fixed maturities was 4.9% at September 30, 2026, compared to 4.6% at September 30, 2025. The market yield was 5.8% at September 30, 2026.

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

•Total capital returned to common shareholders was $141 million, including common share repurchases of $109 million pursuant to our Board-authorized share repurchase program, and common share dividends of $32 million in the quarter.

•Book value per diluted common share was $79.06 at September 30, 2026, a decrease of $1.61, or 2.0%, compared to June 30, 2026.

•Book value per diluted common share increased by $5.24, or 7.1%, over the past twelve months, driven by net income, partially offset by common share repurchases, common share dividends of $1.76 per share and net unrealized investment losses.

•Book value per diluted common share, excluding AOCI(4) was $84.33 at September 30, 2026, an increase of $2.20, or 2.7%, compared to $82.13 at June 30, 2026, and an increase of $10.64, or 14.4%, compared to $73.69 at September 30, 2025.

Footnotes referred to above

* Amounts may not reconcile due to rounding differences.

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

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

3 Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to the most comparable GAAP financial measure, net income (loss), and a discussion of the rationale for its presentation is provided later in this press release.

4 Book value per diluted common share, excluding AOCI is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to the most comparable GAAP financial measure, book value per diluted common share, and a discussion of the rationale for its presentation is provided later in this press release.

Footnotes referred to on page 3

5 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.

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

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

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 2 -

Third Quarter Consolidated Underwriting Highlights

Three months ended September 30, Nine months ended September 30,

KEY RATIOS 2026 2025 Change 2026 2025 Change

Current accident year loss ratio, excluding catastrophe and weather-related losses(5) (6)

57.0 % 56.3 % 0.7 pts 56.9 % 56.3 % 0.6 pts

Catastrophe and weather-related losses ratio(5)

4.6 % 3.0 % 1.6 pts 4.4 % 3.1 % 1.3 pts

Current accident year loss ratio(6)

61.6 % 59.3 % 2.3 pts 61.3 % 59.4 % 1.9 pts

Prior year reserve development ratio (0.9 %) (1.3 %) 0.4 pts (1.0 %) (1.4 %) 0.4 pts

Net losses and loss expenses ratio 60.7 % 58.0 % 2.7 pts 60.3 % 58.0 % 2.3 pts

Acquisition cost ratio 22.5 % 19.7 % 2.8 pts 21.3 % 19.7 % 1.6 pts

General and administrative expense ratio 10.8 % 11.7 % (0.9 pts) 10.7 % 11.8 % (1.1 pts)

Combined ratio 94.0 % 89.4 % 4.6 pts 92.3 % 89.5 % 2.8 pts

Current accident year combined ratio(6)

94.9 % 90.7 % 4.2 pts 93.3 % 90.9 % 2.4 pts

Current accident year combined ratio, excluding catastrophe and weather-related losses(6)

90.3 % 87.7 % 2.6 pts 88.9 % 87.8 % 1.1 pts

Three months ended September 30, 2026

•Gross premiums written increased by $234 million, or 11%, to $2.4 billion with an increase of $217 million, or 13% in the insurance segment, and an increase of $17 million, or 4% in the reinsurance segment.

•Net premiums written increased by $132 million, or 10%, to $1.5 billion with an increase of $144 million, or 13% in the insurance segment, partially offset by a decrease of $12 million, or 5% in the reinsurance segment.

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $75 million ($57 million after-tax) (Insurance: $75 million; Reinsurance: $nil), or 4.6 points, including $44 million or 2.7 points attributable to the Middle East conflict and the Russia-Ukraine war. The remaining losses of $31 million or 1.9 points were attributable to weather-related events.

•Net favorable prior year reserve development was $15 million (Insurance: $12 million; Reinsurance: $3 million), compared to $19 million in 2025.

•The acquisition cost ratio increased by 2.8 points primarily related to new property and professional lines business associated with our AXIS Capacity Solutions ("ACS") capability, and a greater mix of short-tail lines, including marine war business, which have relatively higher acquisition cost ratios.

Nine months ended September 30, 2026

•Gross premiums written increased by $689 million, or 9% ($621 million, or 8%, on a constant currency basis(7)), to $8.1 billion with an increase of $841 million, or 16% in the insurance segment, partially offset by a decrease of $151 million, or 7% in the reinsurance segment.

•Net premiums written increased by $259 million, or 5% ($195 million, or 4%, on a constant currency basis), to $5.0 billion with an increase of $473 million, or 14% in the insurance segment, partially offset by a decrease of $214 million, or 16% in the reinsurance segment.

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, were $203 million ($159 million after-tax) (Insurance: $200 million; Reinsurance: $3 million), or 4.4 points, including natural catastrophe losses of $112 million or 2.4 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $90 million or 2.0 points were attributable to the Middle East conflict and the Russia-Ukraine war.

•Net favorable prior year reserve development was $48 million (Insurance: $39 million; Reinsurance: $9 million), compared to $57 million in 2025.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 3 -

Segment Highlights

Insurance Segment

Three months ended September 30, Nine months ended September 30,

($ in thousands) 2026 2025 Change 2026 2025 Change

Gross premiums written $ 1,909,181 $ 1,691,882 12.8 % $ 6,121,070 $ 5,280,220 15.9 %

Net premiums written 1,228,754 1,084,947 13.3 % 3,893,140 3,420,038 13.8 %

Net premiums earned 1,300,185 1,085,612 19.8 % 3,629,099 3,128,658 16.0 %

Underwriting income 103,939 153,300 (32.2 %) 380,654 439,480 (13.4 %)

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather-related losses 54.2 % 52.3 % 1.9 pts 53.9 % 52.3 % 1.6 pts

Catastrophe and weather-related losses ratio 5.7 % 3.9 % 1.8 pts 5.5 % 4.1 % 1.4 pts

Current accident year loss ratio 59.9 % 56.2 % 3.7 pts 59.4 % 56.4 % 3.0 pts

Prior year reserve development ratio (0.9 %) (1.3 %) 0.4 pts (1.1 %) (1.4 %) 0.3 pts

Net losses and loss expenses ratio 59.0 % 54.9 % 4.1 pts 58.3 % 55.0 % 3.3 pts

Acquisition cost ratio 22.6 % 18.9 % 3.7 pts 20.9 % 19.0 % 1.9 pts

Underwriting-related general and administrative expense ratio 10.4 % 12.1 % (1.7 pts) 10.3 % 12.0 % (1.7 pts)

Combined ratio 92.0 % 85.9 % 6.1 pts 89.5 % 86.0 % 3.5 pts

Current accident year combined ratio 92.9 % 87.2 % 5.7 pts 90.6 % 87.4 % 3.2 pts

Current accident year combined ratio, excluding catastrophe and weather-related losses 87.2 % 83.3 % 3.9 pts 85.1 % 83.3 % 1.8 pts

Three months ended September 30, 2026

•Gross premiums written increased by $217 million, or 13%, primarily attributable to marine and aviation lines due to higher premiums mainly related to marine war business, property and professional lines due to new business associated with our ACS capability, and accident and health lines due to higher renewals and new business.

•Net premiums written increased by $144 million, or 13%, reflecting the increase in gross premiums written in the quarter.

•The current accident year loss ratio, excluding catastrophe and weather-related losses increased by 1.9 points, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.

•The acquisition cost ratio increased by 3.7 points, primarily related to new property and professional lines business associated with our ACS capability, and a greater mix of short-tail lines, including marine war business, which have relatively higher acquisition cost ratios.

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

Nine months ended September 30, 2026

•Gross premiums written increased by $841 million, or 16% ($810 million, or 15%, on a constant currency basis), attributable to all lines of business.

•Net premiums written increased by $473 million, or 14% ($447 million, or 13%, on a constant currency basis), reflecting the increase in gross premiums written in the year.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 4 -

Reinsurance Segment

Three months ended September 30, Nine months ended September 30,

($ in thousands) 2026 2025 Change 2026 2025 Change

Gross premiums written $ 449,462 $ 432,302 4.0 % $ 2,003,170 $ 2,154,587 (7.0 %)

Net premiums written 255,895 268,042 (4.5 %) 1,104,343 1,318,425 (16.2 %)

Net premiums earned 319,149 366,271 (12.9 %) 989,686 1,057,475 (6.4 %)

Underwriting income 29,761 35,012 (15.0 %) 83,334 101,490 (17.9 %)

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather-related losses 68.3 % 67.9 % 0.4 pts 68.1 % 68.1 % — pts

Catastrophe and weather-related losses ratio — % 0.3 % (0.3 pts) 0.3 % 0.2 % 0.1 pts

Current accident year loss ratio 68.3 % 68.2 % 0.1 pts 68.4 % 68.3 % 0.1 pts

Prior year reserve development ratio (0.9 %) (1.1 %) 0.2 pts (0.9 %) (1.2 %) 0.3 pts

Net losses and loss expenses ratio 67.4 % 67.1 % 0.3 pts 67.5 % 67.1 % 0.4 pts

Acquisition cost ratio 22.0 % 21.9 % 0.1 pts 23.1 % 21.9 % 1.2 pts

Underwriting-related general and administrative expense ratio 3.0 % 3.2 % (0.2 pts) 2.6 % 3.1 % (0.5 pts)

Combined ratio 92.4 % 92.2 % 0.2 pts 93.2 % 92.1 % 1.1 pts

Current accident year combined ratio 93.3 % 93.3 % — pts 94.1 % 93.3 % 0.8 pts

Current accident year combined ratio, excluding catastrophe and weather-related losses 93.3 % 93.0 % 0.3 pts 93.8 % 93.1 % 0.7 pts

Three months ended September 30, 2026

•Gross premiums written increased by $17 million, or 4% ($21 million, or 5%, on a constant currency basis), primarily attributable to a higher level of premiums associated with two contracts in agriculture lines, partially offset by decreased line sizes and non-renewals in liability lines.

•Net premiums written decreased by $12 million, or 5% ($8 million, or 3%, on a constant currency basis), reflecting increased cession rates in liability and motor lines, partially offset by the increase in gross premiums written.

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

Nine months ended September 30, 2026

•Gross premiums written decreased by $151 million, or 7% ($189 million, or 9%, on a constant currency basis), primarily attributable to non-renewals and decreased line sizes in casualty lines, partially offset by increased line sizes and new business in credit and surety lines, and a higher level of premiums associated with two contracts in agriculture lines.

•Net premiums written decreased by $214 million, or 16% ($252 million, or 19%, on a constant currency basis), reflecting the decrease in gross premiums written in the year, together with increased cession rates in liability, professional lines and motor lines.

•The acquisition cost ratio increased by 1.2 points, primarily related to increased business in credit and surety lines which have relatively higher acquisition cost ratios.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 5 -

Investments

Three months ended September 30, Nine months ended September 30,

($ in thousands) 2026 2025 2026 2025

Net investment income $ 211,367 $ 184,903 $ 577,699 $ 579,911

Net investment gains (losses)

(46,506) 30,905 (26,993) 44,365

Change in net unrealized gains (losses) on fixed maturities, pre-tax(8)

(361,016) 46,402 (528,568) 324,219

Interest in income of equity method investments

2,395 2,083 8,133 3,669

Total $ (193,760) $ 264,293 $ 30,271 $ 952,164

Average cash and investments(9)

$ 17,959,385 $ 16,581,947 $ 17,632,100 $ 17,039,182

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

Including investment related foreign exchange movements (1.1 %) 1.6 % 0.2 % 5.6 %

Excluding investment related foreign exchange movements(10)

(1.1 %) 1.7 % 0.3 % 4.8 %

•Net investment income increased by $26 million, or 14%, compared to the third quarter of 2025, primarily attributable to higher income from fixed maturities attributable to an increase in average fixed maturity assets and an increase in yields on the portfolio.

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

•Change in net unrealized gains (losses) on fixed maturities, pre-tax of $(361) million ($(358) 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, compared to change in net unrealized gains (losses), pre-tax of $46 million recognized during the third quarter of 2025.

•Book yield of fixed maturities was 4.9% at September 30, 2026, compared to 4.6% at September 30, 2025. The market yield was 5.8% at September 30, 2026.

8 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.

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

10 Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, also included foreign exchange (losses) gains of $(3) million and $(15) million for the three months ended September 30, 2026 and 2025, respectively and foreign exchange (losses) gains of $(30) million and $129 million for the nine months ended September 30, 2026 and 2025, respectively.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 6 -

Conference Call

We will host our third quarter earnings conference call on Thursday, October 29, 2026 at 8:30 a.m. (ET). The earnings conference call can be accessed by dialing 1-877-883-0383 (U.S. and Canada callers),or 1-412-902-6506 (international callers), and entering the passcode 2021134. 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 6252361. The webcast will be archived in the Investor Information section of our website.

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

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders' equity of $6.3 billion at September 30, 2026, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 7 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

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

2026 2025

(in thousands)

Assets

Investments:

Fixed maturities, available for sale, at fair value

$ 13,691,574 $ 13,018,027

Fixed maturities, held to maturity, at amortized cost

448,228 397,430

Equity securities, at fair value

721,104 707,569

Mortgage loans, held for investment, at fair value

316,834 356,840

Other investments, at fair value

1,050,776 1,027,798

Equity method investments

209,084 227,181

Short-term investments, at fair value

1,736 20,298

Total investments 16,439,336 15,755,143

Cash and cash equivalents 1,037,878 820,252

Restricted cash and cash equivalents 510,570 500,933

Accrued interest receivable 129,601 116,252

Insurance and reinsurance premium balances receivable 3,672,159 3,244,661

Reinsurance recoverable on unpaid losses and loss expenses 9,020,632 8,951,763

Reinsurance recoverable on paid losses and loss expenses 603,475 673,765

Deferred acquisition costs 906,779 801,778

Prepaid reinsurance premiums 2,534,227 2,139,294

Receivable for investments sold 50,997 12,806

Goodwill 66,498 66,498

Intangible assets 155,533 166,050

Operating lease right-of-use assets 90,194 93,900

Loan advances made 314,257 231,542

Other assets 948,930 887,289

Total assets $ 36,481,066 $ 34,461,926

Liabilities

Reserve for losses and loss expenses $ 18,985,497 $ 18,122,256

Unearned premiums 6,599,511 5,825,698

Insurance and reinsurance balances payable 2,375,395 1,882,021

Debt 1,317,905 1,316,710

Federal Home Loan Bank advances 50,130 66,380

Payable for investments purchased 133,120 36,982

Operating lease liabilities 105,653 110,095

Other liabilities 614,400 745,349

Total liabilities 30,181,611 28,105,491

Shareholders' equity

Preferred shares 550,000 550,000

Common shares 2,206 2,206

Additional paid-in capital 2,411,713 2,405,792

Accumulated other comprehensive income (loss) (383,879) 28,431

Retained earnings 8,782,490 8,181,699

Treasury shares, at cost (5,063,075) (4,811,693)

Total shareholders' equity 6,299,455 6,356,435

Total liabilities and shareholders' equity $ 36,481,066 $ 34,461,926

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 8 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

Three months ended Nine months ended

2026 2025 2026 2025

(in thousands, except per share amounts)

Revenues

Net premiums earned $ 1,619,334 $ 1,451,883 $ 4,618,785 $ 4,186,133

Net investment income 211,367 184,903 577,699 579,911

Net investment gains (losses) (46,506) 30,905 (26,993) 44,365

Other insurance related income 5,738 6,593 16,988 18,835

Total revenues 1,789,933 1,674,284 5,186,479 4,829,244

Expenses

Net losses and loss expenses 982,590 841,435 2,783,003 2,429,114

Acquisition costs 364,301 285,618 984,825 826,094

General and administrative expenses 174,570 171,637 497,616 491,878

Foreign exchange losses (gains) (10,041) (13,492) (48,580) 138,428

Interest expense and financing costs 16,680 16,657 49,945 49,816

Reorganization expenses — — 28,715 —

Amortization of intangible assets 5,726 2,396 10,518 7,521

Total expenses 1,533,826 1,304,251 4,306,042 3,942,851

Income before income taxes and interest in income of equity method investments 256,107 370,033 880,437 886,393

Income tax expense (49,424) (70,252) (166,635) (170,773)

Interest in income of equity method investments 2,395 2,083 8,133 3,669

Net income 209,078 301,864 721,935 719,289

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

Net income available to common shareholders $ 201,515 $ 294,301 $ 699,247 $ 696,601

Per share data

Earnings per common share:

Earnings per common share $ 2.77 $ 3.79 $ 9.52 $ 8.81

Earnings per diluted common share $ 2.75 $ 3.74 $ 9.42 $ 8.70

Weighted average common shares outstanding

72,671 77,619 73,433 79,037

Weighted average diluted common shares outstanding

73,373 78,601 74,238 80,090

Cash dividends declared per common share

$ 0.44 $ 0.44 $ 1.32 $ 1.32

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 SEPTEMBER 30, 2026 AND 2025

2026 2025

Insurance Reinsurance Total Insurance Reinsurance Total

(in thousands)

Gross premiums written $ 1,909,181 $ 449,462 $ 2,358,643 $ 1,691,882 $ 432,302 $ 2,124,184

Net premiums written 1,228,754 255,895 1,484,649 1,084,947 268,042 1,352,989

Net premiums earned 1,300,185 319,149 1,619,334 1,085,612 366,271 1,451,883

Other insurance related income 319 5,420 5,738 261 6,332 6,593

Current accident year net losses and loss expenses (779,429) (218,004) (997,433) (610,650) (249,731) (860,381)

Net favorable prior year reserve development 11,845 2,998 14,843 14,843 4,103 18,946

Acquisition costs (294,087) (70,214) (364,301) (205,440) (80,178) (285,618)

Underwriting-related general and

administrative expenses(11)

(134,894) (9,588) (144,482) (131,326) (11,785) (143,111)

Underwriting income $ 103,939 $ 29,761 133,699 $ 153,300 $ 35,012 188,312

Net investment income 211,367 184,903

Net investment gains (losses) (46,506) 30,905

Corporate expenses(11)

(30,088) (28,526)

Foreign exchange gains 10,041 13,492

Interest expense and financing costs (16,680) (16,657)

Amortization of intangible assets (5,726) (2,396)

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

256,107 370,033

Income tax expense (49,424) (70,252)

Interest in income of equity method investments 2,395 2,083

Net income 209,078 301,864

Preferred share dividends 7,563 7,563

Net income available to common shareholders $ 201,515 $ 294,301

Current accident year loss ratio 59.9 % 68.3 % 61.6 % 56.2 % 68.2 % 59.3 %

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

Net losses and loss expenses ratio 59.0 % 67.4 % 60.7 % 54.9 % 67.1 % 58.0 %

Acquisition cost ratio 22.6 % 22.0 % 22.5 % 18.9 % 21.9 % 19.7 %

Underwriting-related general and administrative expense ratio

10.4 % 3.0 % 8.9 % 12.1 % 3.2 % 9.7 %

Corporate expense ratio 1.9 % 2.0 %

Combined ratio

92.0 % 92.4 % 94.0 % 85.9 % 92.2 % 89.4 %

11 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 $30 million and $29 million for the three months ended September 30, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 10 -

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENTAL DATA (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

2026 2025

Insurance Reinsurance Total Insurance Reinsurance Total

(in thousands)

Gross premiums written $ 6,121,070 $ 2,003,170 $ 8,124,240 $ 5,280,220 $ 2,154,587 $ 7,434,807

Net premiums written 3,893,140 1,104,343 4,997,483 3,420,038 1,318,425 4,738,463

Net premiums earned 3,629,099 989,686 4,618,785 3,128,658 1,057,475 4,186,133

Other insurance related income 955 16,033 16,988 424 18,411 18,835

Current accident year net losses and loss expenses (2,154,209) (676,535) (2,830,744) (1,763,702) (722,524) (2,486,226)

Net favorable prior year reserve development 38,755 8,986 47,741 44,036 13,076 57,112

Acquisition costs (756,679) (228,146) (984,825) (594,372) (231,722) (826,094)

Underwriting-related general and

administrative expenses(12)

(377,267) (26,690) (403,957) (375,564) (33,226) (408,790)

Underwriting income $ 380,654 $ 83,334 463,988 $ 439,480 $ 101,490 540,970

Net investment income 577,699 579,911

Net investment gains (losses) (26,993) 44,365

Corporate expenses(12)

(93,659) (83,088)

Foreign exchange (losses) gains 48,580 (138,428)

Interest expense and financing costs (49,945) (49,816)

Reorganization expenses (28,715) —

Amortization of intangible assets (10,518) (7,521)

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

880,437 886,393

Income tax expense (166,635) (170,773)

Interest in income of equity method investments 8,133 3,669

Net Income 721,935 719,289

Preferred share dividends 22,688 22,688

Net income available to common shareholders $ 699,247 $ 696,601

Current accident year loss ratio 59.4 % 68.4 % 61.3 % 56.4 % 68.3 % 59.4 %

Prior year reserve development ratio (1.1 %) (0.9 %) (1.0 %) (1.4 %) (1.2 %) (1.4 %)

Net losses and loss expenses ratio 58.3 % 67.5 % 60.3 % 55.0 % 67.1 % 58.0 %

Acquisition cost ratio 20.9 % 23.1 % 21.3 % 19.0 % 21.9 % 19.7 %

Underwriting-related general and administrative expense ratio

10.3 % 2.6 % 8.7 % 12.0 % 3.1 % 9.8 %

Corporate expense ratio 2.0 % 2.0 %

Combined ratio

89.5 % 93.2 % 92.3 % 86.0 % 92.1 % 89.5 %

12Underwriting-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 $94 million and $83 million for the nine months ended September 30, 2026 and 2025, respectively. Underwriting-related general and administrative expenses and corporate expenses are included in the general and administrative expense ratio.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 11 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

Three months ended Nine months ended

2026 2025 2026 2025

(in thousands, except per share amounts)

Net income available to common shareholders $ 201,515 $ 294,301 $ 699,247 $ 696,601

Net investment (gains) losses 46,506 (30,905) 26,993 (44,365)

Foreign exchange losses (gains) (10,041) (13,492) (48,580) 138,428

Reorganization expenses — — 28,715 —

Interest in income of equity method investments (2,395) (2,083) (8,133) (3,669)

Income tax expense (benefit) (13)

(6,382) 7,454 (1,503) (12,330)

Operating income $ 229,203 $ 255,275 $ 696,739 $ 774,665

Earnings per diluted common share $ 2.75 $ 3.74 $ 9.42 $ 8.70

Net investment (gains) losses 0.63 (0.39) 0.36 (0.55)

Foreign exchange losses (gains) (0.14) (0.17) (0.65) 1.73

Reorganization expenses — — 0.39 —

Interest in income of equity method investments (0.03) (0.03) (0.11) (0.05)

Income tax expense (benefit) (0.09) 0.10 (0.02) (0.16)

Operating income per diluted common share $ 3.12 $ 3.25 $ 9.39 $ 9.67

Weighted average diluted common shares outstanding 73,373 78,601 74,238 80,090

Average common shareholders' equity $ 5,851,333 $ 5,720,704 $ 5,777,945 $ 5,678,194

Annualized return on average common equity 13.8 % 20.6 % 16.1 % 16.4 %

Annualized operating return on average common equity(14)

15.7 % 17.8 % 16.1 % 18.2 %

13 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.

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

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 12 -

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

BOOK VALUE PER DILUTED COMMON SHARE, EXCLUDING

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

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

Three months ended

2026 2025

Common shareholders' equity $ 5,749,455 $ 5,817,009

Less: AOCI 383,879 (10,169)

Common shareholders' equity, excluding AOCI $ 6,133,334 $ 5,806,840

Diluted common shares outstanding 72,727 78,796

Book value per diluted common share $ 79.06 $ 73.82

Book value per diluted common share, excluding AOCI

$ 84.33 $ 73.69

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 13 -

Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements made in this press release, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the impact of 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 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

- 14 -

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, pre-tax, total return on average cash and investments excluding foreign exchange movements, and book value per diluted common share, excluding AOCI which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses

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 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

- 15 -

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 initiatives undertaken to streamline our operations, including actions taken to optimize our reinsurance platform and costs associated with 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

- 16 -

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

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

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 17 -

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.

Book value per diluted common share, excluding AOCI

Book value per diluted common share, excluding AOCI represents common shareholders' equity exclusive of AOCI. We present book value per diluted common share, excluding AOCI calculated under the treasury stock method. We believe this measure is useful as AOCI may fluctuate significantly between periods based on movements in interest and foreign currency rates. A reconciliation of book value per diluted common share, excluding AOCI to book value per diluted common share, the most comparable GAAP financial measure is presented in the 'Non-GAAP Financial Measures Reconciliation' section of this press release.

AXIS Capital Holdings Limited 29 Richmond Road Pembroke, Bermuda HM08

Tel. 441.496.2600

www.axiscapital.com

- 18 -

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Document

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2026

AXIS Capital Holdings Limited

29 Richmond Road

Pembroke HM 08 Bermuda

Contact Information:

Cliff Gallant

Investor Contact

(415) 262-6843

investorrelations@axiscapital.com

Website Information:

www.axiscapital.com

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS

Page(s)

Basis of Presentation

I. Financial Highlights

II. Income Statements

a. Consolidated Statement of Operations and Key Ratios

3 - 4

b. Consolidated Data

c. Consolidated Segment Data

d .Gross Premiums Written by Segment by Line of Business

e. Segment Data

8 - 9

f. Net Investment Income

III. Balance Sheets

a. Consolidated Balance Sheets

b. Cash and Invested Assets:

• Cash and Invested Assets Portfolio

• Cash and Invested Assets Composition

IV. Losses Reserve Analysis

a. Paid to Incurred Analysis

b. Paid to Incurred Analysis by Segment

V. Share Analysis

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

VI. Non-GAAP Financial Measures

a. Operating Income and Operating Return on Average Common Equity

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

18 - 20

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

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

DEFINITIONS AND PRESENTATION

•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2025 and consolidated statement of operations for the year ended December 31, 2025.

•Amounts may not reconcile due to rounding differences.

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

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

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

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

Taxation Risk: changes in tax laws.

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS

Three months ended September 30, Nine months ended September 30,

2026 2025 Change 2026 2025 Change

HIGHLIGHTS Gross premiums written $ 2,358,643 $ 2,124,184 11.0 % $ 8,124,240 $ 7,434,807 9.3 %

Gross premiums written - Insurance 80.9 % 79.6 % 1.3 pts 75.3 % 71.0 % 4.3 pts

Gross premiums written - Reinsurance 19.1 % 20.4 % (1.3) pts 24.7 % 29.0 % (4.3) pts

Net premiums written $ 1,484,649 $ 1,352,989 9.7 % $ 4,997,483 $ 4,738,463 5.5 %

Net premiums earned $ 1,619,334 $ 1,451,883 11.5 % $ 4,618,785 $ 4,186,133 10.3 %

Net premiums earned - Insurance 80.3 % 74.8 % 5.5 pts 78.6 % 74.7 % 3.9 pts

Net premiums earned - Reinsurance 19.7 % 25.2 % (5.5) pts 21.4 % 25.3 % (3.9) pts

Net income available to common shareholders

$ 201,515 $ 294,301 (31.5 %) $ 699,247 $ 696,601 0.4 %

Operating income [a]

$ 229,203 $ 255,275 (10.2 %) $ 696,739 $ 774,665 (10.1 %)

Annualized return on average common equity [b]

13.8 % 20.6 % (6.8) pts 16.1 % 16.4 % (0.3) pts

Annualized operating return on average common equity [c]

15.7 % 17.8 % (2.1) pts 16.1 % 18.2 % (2.1) pts

Total common shareholders’ equity

$ 5,749,455 $ 5,817,009 (1.2 %) $ 5,749,455 $ 5,817,009 (1.2 %)

PER COMMON SHARE AND COMMON SHARE DATA

Earnings per diluted common share

$2.75 $3.74 (26.5 %) $9.42 $8.70 8.3 %

Operating income per diluted common share [d]

$3.12 $3.25 (4.0 %) $9.39 $9.67 (2.9 %)

Weighted average diluted common shares outstanding 73,373 78,601 (6.7 %) 74,238 80,090 (7.3 %)

Book value per common share $79.76 $75.51 5.6 % $79.76 $75.51 5.6 %

Book value per diluted common share (treasury stock method) $79.06 $73.82 7.1 % $79.06 $73.82 7.1 %

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

$76.59 $71.42 7.2 % $76.59 $71.42 7.2 %

Book value per diluted common share, excluding accumulated other comprehensive income (loss) ("AOCI") [a]

$84.33 $73.69 14.4 % $84.33 $73.69 14.4 %

FINANCIAL RATIOS

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

57.0 % 56.3 % 0.7 pts 56.9 % 56.3 % 0.6 pts

Catastrophe and weather-related losses ratio [a]

4.6 % 3.0 % 1.6 pts 4.4 % 3.1 % 1.3 pts

Current accident year loss ratio [a]

61.6 % 59.3 % 2.3 pts 61.3 % 59.4 % 1.9 pts

Prior year reserve development ratio (0.9 %) (1.3 %) 0.4 pts (1.0 %) (1.4 %) 0.4 pts

Net losses and loss expenses ratio 60.7 % 58.0 % 2.7 pts 60.3 % 58.0 % 2.3 pts

Acquisition cost ratio 22.5 % 19.7 % 2.8 pts 21.3 % 19.7 % 1.6 pts

General and administrative expense ratio [f]

10.8 % 11.7 % (0.9) pts 10.7 % 11.8 % (1.1) pts

Combined ratio 94.0 % 89.4 % 4.6 pts 92.3 % 89.5 % 2.8 pts

INVESTMENT DATA Total assets $ 36,481,066 $ 34,517,632 5.7 % $ 36,481,066 $ 34,517,632 5.7 %

Total cash and invested assets [g]

$ 18,035,262 $ 16,840,396 7.1 % $ 18,035,262 $ 16,840,396 7.1 %

Net investment income $ 211,367 $ 184,903 14.3 % $ 577,699 $ 579,911 (0.4 %)

Net investment gains (losses) $ (46,506) $ 30,905 nm $ (26,993) $ 44,365 nm

Book yield of fixed maturities 4.9 % 4.6 % 0.3 pts 4.9 % 4.6 % 0.3 pts

*nm - not meaningful

[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, tangible book value per diluted common share, and book value per diluted common share, excluding AOCI 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

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025

REVENUES

Net premiums earned $ 1,619,334 $ 1,518,984 $ 1,480,466 $ 1,528,475 $ 1,451,883

Net investment income 211,367 181,594 184,740 186,992 184,903

Net investment gains (losses) (46,506) 46,735 (27,224) 14,584 30,905

Other insurance related income 5,738 5,601 5,649 4,383 6,593

Total revenues

1,789,933 1,752,914 1,643,631 1,734,434 1,674,284

EXPENSES

Net losses and loss expenses 982,590 933,130 867,283 859,427 841,435

Acquisition costs 364,301 316,268 304,255 310,375 285,618

General and administrative expenses 174,570 164,889 158,156 212,054 171,637

Foreign exchange losses (gains) (10,041) (2,344) (36,196) 3,555 (13,492)

Interest expense and financing costs 16,680 16,838 16,426 16,844 16,657

Reorganization expenses — 5,546 23,168 — —

Amortization of intangible assets 5,726 2,396 2,396 2,396 2,396

Total expenses 1,533,826 1,436,723 1,335,488 1,404,651 1,304,251

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS 256,107 316,191 308,143 329,783 370,033

Income tax expense (49,424) (61,404) (55,806) (45,959) (70,252)

Interest in income of equity method investments 2,395 3,308 2,430 5,783 2,083

NET INCOME 209,078 258,095 254,767 289,607 301,864

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

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 201,515 $ 250,532 $ 247,204 $ 282,044 $ 294,301

KEY RATIOS/PER SHARE DATA

Weighted average common shares outstanding 72,671 73,549 74,095 75,686 77,619

Dilutive share equivalents:

Share-based compensation plans 702 654 1,058 1,139 982

Weighted average diluted common shares outstanding 73,373 74,203 75,153 76,825 78,601

Earnings per common share $ 2.77 $ 3.41 $ 3.34 $ 3.73 $ 3.79

Earnings per diluted common share $ 2.75 $ 3.38 $ 3.29 $ 3.67 $ 3.74

Annualized ROACE 13.8 % 17.0 % 17.0 % 19.4 % 20.6 %

Annualized operating ROACE 15.7 % 14.3 % 17.7 % 17.2 % 17.8 %

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND KEY RATIOS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

Nine months ended September 30,

2026 2025

REVENUES

Net premiums earned $ 4,618,785 $ 4,186,133

Net investment income 577,699 579,911

Net investment gains (losses) (26,993) 44,365

Other insurance related income 16,988 18,835

Total revenues 5,186,479 4,829,244

EXPENSES

Net losses and loss expenses 2,783,003 2,429,114

Acquisition costs 984,825 826,094

General and administrative expenses 497,616 491,878

Foreign exchange losses (gains) (48,580) 138,428

Interest expense and financing costs 49,945 49,816

Reorganization expenses 28,715 —

Amortization of intangible assets 10,518 7,521

Total expenses 4,306,042 3,942,851

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS 880,437 886,393

Income tax expense (166,635) (170,773)

Interest in income of equity method investments 8,133 3,669

NET INCOME 721,935 719,289

Preferred share dividends 22,688 22,688

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 699,247 $ 696,601

KEY RATIOS/PER SHARE DATA

Weighted average common shares outstanding 73,433 79,037

Dilutive share equivalents:

Share-based compensation plans 805 1,053

Weighted average diluted common shares outstanding 74,238 80,090

Earnings per common share $9.52 $8.81

Earnings per diluted common share $9.42 $8.70

Annualized ROACE 16.1 % 16.4 %

Annualized operating ROACE 16.1 % 18.2 %

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA

Nine months ended September 30, Year ended December 31,

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

UNDERWRITING REVENUES

Gross premiums written $ 2,358,643 $ 2,667,631 $ 3,097,967 $ 2,209,707 $ 2,124,184 $ 8,124,240 $ 7,434,807 $ 9,644,514

Ceded premiums written (873,994) (1,061,833) (1,190,931) (826,514) (771,195) (3,126,757) (2,696,344) (3,522,858)

Net premiums written 1,484,649 1,605,798 1,907,036 1,383,193 1,352,989 4,997,483 4,738,463 6,121,656

Gross premiums earned 2,566,454 2,420,835 2,357,298 2,381,138 2,280,608 7,344,586 6,657,023 9,038,161

Ceded premiums earned (947,120) (901,851) (876,832) (852,663) (828,725) (2,725,801) (2,470,890) (3,323,552)

Net premiums earned 1,619,334 1,518,984 1,480,466 1,528,475 1,451,883 4,618,785 4,186,133 5,714,609

Other insurance related income 5,738 5,601 5,649 4,383 6,593 16,988 18,835 23,216

Total underwriting revenues 1,625,072 1,524,585 1,486,115 1,532,858 1,458,476 4,635,773 4,204,968 5,737,825

UNDERWRITING EXPENSES

Net losses and loss expenses 982,590 933,130 867,283 859,427 841,435 2,783,003 2,429,114 3,288,541

Acquisition costs 364,301 316,268 304,255 310,375 285,618 984,825 826,094 1,136,469

Underwriting-related general and administrative expenses [a]

144,482 132,260 127,214 178,879 143,111 403,957 408,790 587,669

Total underwriting expenses 1,491,373 1,381,658 1,298,752 1,348,681 1,270,164 4,171,785 3,663,998 5,012,679

UNDERWRITING INCOME [b]

$ 133,699 $ 142,927 $ 187,363 $ 184,177 $ 188,312 $ 463,988 $ 540,970 $ 725,146

OTHER (EXPENSES) REVENUES

Net investment income 211,367 181,594 184,740 186,992 184,903 577,699 579,911 766,903

Net investment gains (losses) (46,506) 46,735 (27,224) 14,584 30,905 (26,993) 44,365 58,950

Corporate expenses [a]

(30,088) (32,629) (30,942) (33,175) (28,526) (93,659) (83,088) (116,262)

Foreign exchange (losses) gains 10,041 2,344 36,196 (3,555) 13,492 48,580 (138,428) (141,983)

Interest expense and financing costs (16,680) (16,838) (16,426) (16,844) (16,657) (49,945) (49,816) (66,659)

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

Amortization of intangible assets (5,726) (2,396) (2,396) (2,396) (2,396) (10,518) (7,521) (9,917)

Total other (expenses) revenues

122,408 173,264 120,780 145,606 181,721 416,449 345,423 491,032

INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS 256,107 316,191 308,143 329,783 370,033 880,437 886,393 1,216,178

Income tax expense (49,424) (61,404) (55,806) (45,959) (70,252) (166,635) (170,773) (216,732)

Interest in income of equity method investments 2,395 3,308 2,430 5,783 2,083 8,133 3,669 9,452

NET INCOME 209,078 258,095 254,767 289,607 301,864 721,935 719,289 1,008,898

Preferred share dividends (7,563) (7,563) (7,563) (7,563) (7,563) (22,688) (22,688) (30,250)

NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 201,515 $ 250,532 $ 247,204 $ 282,044 $ 294,301 $ 699,247 $ 696,601 $ 978,648

Catastrophe and weather-related losses, net of reinstatement premiums $ 74,508 $ 80,334 $ 47,800 $ 29,855 $ 43,659 $ 202,641 $ 129,355 $ 159,210

Net favorable prior year reserve development

$ 14,843 $ 14,836 $ 18,062 $ 29,852 $ 18,946 $ 47,741 $ 57,112 $ 86,963

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 57.0% 57.1% 56.6% 56.2% 56.3% 56.9% 56.3% 56.3%

Catastrophe and weather-related losses ratio 4.6% 5.3% 3.2% 2.0% 3.0% 4.4% 3.1% 2.8%

Current accident year loss ratio 61.6% 62.4% 59.8% 58.2% 59.3% 61.3% 59.4% 59.1%

Prior year reserve development ratio (0.9%) (1.0%) (1.2%) (2.0%) (1.3%) (1.0%) (1.4%) (1.6%)

Net losses and loss expenses ratio 60.7% 61.4% 58.6% 56.2% 58.0% 60.3% 58.0% 57.5%

Acquisition cost ratio 22.5% 20.8% 20.5% 20.3% 19.7% 21.3% 19.7% 19.9%

General and administrative expenses ratio [c]

10.8% 10.9% 10.7% 13.9% 11.7% 10.7% 11.8% 12.4%

Combined ratio 94.0% 93.1% 89.8% 90.4% 89.4% 92.3% 89.5% 89.8%

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

[b] Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented above.

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA

Three months ended September 30, 2026 Nine months ended September 30, 2026

Insurance Reinsurance Total Insurance Reinsurance Total

UNDERWRITING REVENUES

Gross premiums written $ 1,909,181 $ 449,462 $ 2,358,643 $ 6,121,070 $ 2,003,170 $ 8,124,240

Ceded premiums written (680,427) (193,567) (873,994) (2,227,930) (898,827) (3,126,757)

Net premiums written 1,228,754 255,895 1,484,649 3,893,140 1,104,343 4,997,483

Gross premiums earned 2,013,223 553,231 2,566,454 5,637,579 1,707,007 7,344,586

Ceded premiums earned (713,038) (234,082) (947,120) (2,008,480) (717,321) (2,725,801)

Net premiums earned 1,300,185 319,149 1,619,334 3,629,099 989,686 4,618,785

Other insurance related income 319 5,420 5,738 955 16,033 16,988

Total underwriting revenues 1,300,504 324,569 1,625,072 3,630,054 1,005,719 4,635,773

UNDERWRITING EXPENSES

Net losses and loss expenses 767,584 215,006 982,590 2,115,454 667,549 2,783,003

Acquisition costs 294,087 70,214 364,301 756,679 228,146 984,825

Underwriting-related general and administrative expenses 134,894 9,588 144,482 377,267 26,690 403,957

Total underwriting expenses 1,196,565 294,808 1,491,373 3,249,400 922,385 4,171,785

UNDERWRITING INCOME $ 103,939 $ 29,761 $ 133,699 $ 380,654 $ 83,334 $ 463,988

Catastrophe and weather-related losses, net of reinstatement premiums $ 74,508 $ — $ 74,508 $ 199,916 $ 2,725 $ 202,641

Net favorable prior year reserve development $ 11,845 $ 2,998 $ 14,843 $ 38,755 $ 8,986 $ 47,741

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 54.2 % 68.3 % 57.0 % 53.9 % 68.1 % 56.9 %

Catastrophe and weather-related losses ratio 5.7 % — % 4.6 % 5.5 % 0.3 % 4.4 %

Current accident year loss ratio 59.9 % 68.3 % 61.6 % 59.4 % 68.4 % 61.3 %

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

Net losses and loss expenses ratio 59.0 % 67.4 % 60.7 % 58.3 % 67.5 % 60.3 %

Acquisition cost ratio 22.6 % 22.0 % 22.5 % 20.9 % 23.1 % 21.3 %

Underwriting-related general and administrative expense ratio 10.4 % 3.0 % 8.9 % 10.3 % 2.6 % 8.7 %

Corporate expense ratio 1.9 % 2.0 %

Combined ratio 92.0 % 92.4 % 94.0 % 89.5 % 93.2 % 92.3 %

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS

Nine months ended September 30, Year ended December 31,

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

INSURANCE SEGMENT

Property $ 521,142 $ 778,343 $ 613,480 $ 557,230 $ 468,098 $ 1,912,964 $ 1,608,992 $ 2,166,222

Professional Lines 391,106 397,536 345,381 404,835 337,888 1,134,024 938,417 1,343,252

Liability 340,243 394,168 337,674 351,489 345,455 1,072,084 1,014,756 1,366,245

Cyber 110,528 130,381 119,999 119,693 103,404 360,908 353,911 473,604

Marine and Aviation 255,277 276,473 294,960 198,739 190,321 826,710 681,865 880,604

Accident and Health 194,654 147,342 171,365 151,078 161,470 513,362 413,296 564,374

Credit and Political Risk 96,231 103,904 100,883 115,922 85,246 301,018 268,983 384,905

TOTAL INSURANCE SEGMENT $ 1,909,181 $ 2,228,147 $ 1,983,742 $ 1,898,986 $ 1,691,882 $ 6,121,070 $ 5,280,220 $ 7,179,206

REINSURANCE SEGMENT

Liability $ 116,356 $ 108,262 $ 163,106 $ 91,530 $ 154,460 $ 387,724 $ 576,096 $ 667,626

Professional Lines 24,781 87,417 177,953 16,403 38,567 290,151 398,863 415,266

Motor 49,510 19,453 87,312 70,332 47,303 156,276 197,749 268,080

Accident and Health 34,201 25,609 296,290 44,275 18,192 356,101 321,884 366,159

Credit and Surety 101,675 119,947 308,973 80,634 108,505 530,595 429,460 510,094

Agriculture 112,301 56,396 52,715 1,290 55,704 221,412 159,860 161,151

Marine and Aviation 8,021 20,687 25,978 3,903 8,602 54,683 60,968 64,870

Run-off lines [a]

2,617 1,713 1,898 2,354 969 6,228 9,707 12,062

TOTAL REINSURANCE SEGMENT $ 449,462 $ 439,484 $ 1,114,225 $ 310,721 $ 432,302 $ 2,003,170 $ 2,154,587 $ 2,465,308

CONSOLIDATED TOTAL $ 2,358,643 $ 2,667,631 $ 3,097,967 $ 2,209,707 $ 2,124,184 $ 8,124,240 $ 7,434,807 $ 9,644,514

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

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA

Nine months ended September 30, Year ended December 31,

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

UNDERWRITING REVENUES

Gross premiums written $ 1,909,181 $ 2,228,147 $ 1,983,742 $ 1,898,986 $ 1,691,882 $ 6,121,070 $ 5,280,220 $ 7,179,206

Ceded premiums written (680,427) (856,838) (690,665) (691,799) (606,935) (2,227,930) (1,860,182) (2,551,982)

Net premiums written 1,228,754 1,371,309 1,293,077 1,207,187 1,084,947 3,893,140 3,420,038 4,627,224

Gross premiums earned 2,013,223 1,849,390 1,774,966 1,787,562 1,690,735 5,637,579 4,922,681 6,710,242

Ceded premiums earned (713,038) (662,230) (633,213) (624,736) (605,123) (2,008,480) (1,794,023) (2,418,757)

Net premiums earned 1,300,185 1,187,160 1,141,753 1,162,826 1,085,612 3,629,099 3,128,658 4,291,485

Other insurance related income 319 266 370 254 261 955 424 677

Total underwriting revenues 1,300,504 1,187,426 1,142,123 1,163,080 1,085,873 3,630,054 3,129,082 4,292,162

UNDERWRITING EXPENSES

Net losses and loss expenses 767,584 706,882 640,988 617,562 595,807 2,115,454 1,719,666 2,337,227

Acquisition costs 294,087 238,823 223,769 225,952 205,440 756,679 594,372 820,324

Underwriting-related general and administrative expenses 134,894 122,359 120,013 161,994 131,326 377,267 375,564 537,558

Total underwriting expenses 1,196,565 1,068,064 984,770 1,005,508 932,573 3,249,400 2,689,602 3,695,109

UNDERWRITING INCOME $ 103,939 $ 119,362 $ 157,353 $ 157,572 $ 153,300 $ 380,654 $ 439,480 $ 597,053

Catastrophe and weather-related losses, net of reinstatement premiums $ 74,508 $ 77,676 $ 47,732 $ 29,755 $ 42,689 $ 199,916 $ 126,659 $ 156,414

Net favorable prior year reserve development

$ 11,845 $ 11,852 $ 15,059 $ 22,939 $ 14,843 $ 38,755 $ 44,036 $ 66,975

KEY RATIOS

Current accident year loss ratio, excluding catastrophe and weather-related losses 54.2 % 54.0 % 53.3 % 52.5 % 52.3 % 53.9 % 52.3 % 52.4 %

Catastrophe and weather-related losses ratio 5.7 % 6.5 % 4.2 % 2.6 % 3.9 % 5.5 % 4.1 % 3.6 %

Current accident year loss ratio 59.9 % 60.5 % 57.5 % 55.1 % 56.2 % 59.4 % 56.4 % 56.0 %

Prior year reserve development ratio (0.9 %) (1.0 %) (1.4 %) (2.0 %) (1.3 %) (1.1 %) (1.4 %) (1.5 %)

Net losses and loss expenses ratio 59.0 % 59.5 % 56.1 % 53.1 % 54.9 % 58.3 % 55.0 % 54.5 %

Acquisition cost ratio 22.6 % 20.1 % 19.6 % 19.4 % 18.9 % 20.9 % 19.0 % 19.1 %

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

Combined ratio 92.0 % 90.0 % 86.3 % 86.5 % 85.9 % 89.5 % 86.0 % 86.1 %

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA

Nine months ended September 30, Year ended December 31,

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

UNDERWRITING REVENUES

Gross premiums written $ 449,462 $ 439,484 $ 1,114,225 $ 310,721 $ 432,302 $ 2,003,170 $ 2,154,587 $ 2,465,308

Ceded premiums written (193,567) (204,995) (500,266) (134,715) (164,260) (898,827) (836,162) (970,876)

Net premiums written 255,895 234,489 613,959 176,006 268,042 1,104,343 1,318,425 1,494,432

Gross premiums earned 553,231 571,445 582,332 593,576 589,873 1,707,007 1,734,342 2,327,919

Ceded premiums earned (234,082) (239,621) (243,619) (227,927) (223,602) (717,321) (676,867) (904,795)

Net premiums earned 319,149 331,824 338,713 365,649 366,271 989,686 1,057,475 1,423,124

Other insurance related income 5,420 5,334 5,279 4,129 6,332 16,033 18,411 22,539

Total underwriting revenues 324,569 337,158 343,992 369,778 372,603 1,005,719 1,075,886 1,445,663

UNDERWRITING EXPENSES

Net losses and loss expenses 215,006 226,248 226,295 241,865 245,628 667,549 709,448 951,314

Acquisition costs 70,214 77,445 80,486 84,423 80,178 228,146 231,722 316,145

Underwriting-related general and administrative expenses 9,588 9,901 7,201 16,885 11,785 26,690 33,226 50,111

Total underwriting expenses 294,808 313,594 313,982 343,173 337,591 922,385 974,396 1,317,570

UNDERWRITING INCOME $ 29,761 $ 23,564 $ 30,010 $ 26,605 $ 35,012 $ 83,334 $ 101,490 $ 128,093

Catastrophe and weather-related losses, net of reinstatement premiums $ — $ 2,658 $ 68 $ 100 $ 970 $ 2,725 $ 2,696 $ 2,796

Net favorable prior year reserve development

$ 2,998 $ 2,984 $ 3,003 $ 6,913 $ 4,103 $ 8,986 $ 13,076 $ 19,988

KEY RATIOS

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

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

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

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

Net losses and loss expenses ratio 67.4 % 68.2 % 66.8 % 66.1 % 67.1 % 67.5 % 67.1 % 66.8 %

Acquisition cost ratio 22.0 % 23.3 % 23.8 % 23.1 % 21.9 % 23.1 % 21.9 % 22.2 %

Underwriting-related general and administrative expense ratio 3.0 % 3.0 % 2.1 % 4.7 % 3.2 % 2.6 % 3.1 % 3.6 %

Combined ratio 92.4 % 94.5 % 92.7 % 93.9 % 92.2 % 93.2 % 92.1 % 92.6 %

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME

Nine months ended September 30, Year ended December 31,

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

Fixed maturities $ 182,411 $ 163,304 $ 156,696 $ 159,830 $ 155,796 $ 502,411 $ 452,368 $ 612,198

Other investments 19,202 6,226 17,705 13,367 15,019 43,132 55,907 69,275

Equity securities 4,127 4,631 4,152 4,185 3,046 12,909 9,408 13,593

Mortgage loans 4,067 4,154 4,165 4,873 5,890 12,386 18,714 23,587

Cash and cash equivalents 9,272 10,655 8,918 12,466 12,597 28,846 62,626 75,092

Short-term investments 62 71 132 254 355 265 2,882 3,136

Gross investment income 219,141 189,041 191,768 194,975 192,703 599,949 601,905 796,881

Investment expenses (7,774) (7,447) (7,028) (7,983) (7,800) (22,250) (21,994) (29,978)

Net investment income $ 211,367 $ 181,594 $ 184,740 $ 186,992 $ 184,903 $ 577,699 $ 579,911 $ 766,903

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

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

2026 2026 2026 2025 2025

ASSETS

Investments:

Fixed maturities, available for sale, at fair value $ 13,691,574 $ 13,828,314 $ 13,107,142 $ 13,018,027 $ 12,879,372

Fixed maturities, held to maturity, at amortized cost 448,228 407,024 405,220 397,430 406,658

Equity securities, at fair value 721,104 748,532 688,842 707,569 649,970

Mortgage loans, held for investment, at fair value 316,834 335,537 343,959 356,840 409,699

Other investments, at fair value 1,050,776 1,062,933 1,042,649 1,027,798 972,867

Equity method investments 209,084 203,661 236,767 227,181 220,022

Short-term investments, at fair value 1,736 2,828 5,836 20,298 17,185

Total investments 16,439,336 16,588,829 15,830,415 15,755,143 15,555,773

Cash and cash equivalents 1,548,448 1,223,058 1,388,118 1,321,185 1,358,078

Accrued interest receivable 129,601 124,281 118,475 116,252 117,720

Insurance and reinsurance premium balances receivable 3,672,159 4,011,370 3,878,950 3,244,661 3,326,346

Reinsurance recoverable on unpaid losses and loss expenses 9,020,632 8,949,022 8,890,145 8,951,763 9,043,009

Reinsurance recoverable on paid losses and loss expenses 603,475 626,691 581,945 673,765 648,126

Deferred acquisition costs 906,779 946,416 933,802 801,778 822,774

Prepaid reinsurance premiums 2,534,227 2,610,988 2,452,190 2,139,294 2,164,297

Receivable for investments sold 50,997 4,796 5,422 12,806 3,813

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

Intangible assets 155,533 161,258 163,654 166,050 168,446

Operating lease right-of-use assets 90,194 92,801 94,670 93,900 92,706

Loan advances made 314,257 316,342 302,157 231,542 250,537

Other assets 948,930 900,128 912,305 887,289 899,509

TOTAL ASSETS $ 36,481,066 $ 36,622,478 $ 35,618,746 $ 34,461,926 $ 34,517,632

LIABILITIES

Reserve for losses and loss expenses $ 18,985,497 $ 18,613,412 $ 18,294,149 $ 18,122,256 $ 17,996,236

Unearned premiums 6,599,511 6,807,320 6,563,778 5,825,698 5,994,611

Insurance and reinsurance balances payable 2,375,395 2,410,199 2,180,053 1,882,021 1,855,349

Debt 1,317,905 1,317,502 1,317,104 1,316,710 1,316,321

Federal Home Loan Bank advances 50,130 61,130 66,380 66,380 66,380

Payable for investments purchased 133,120 189,180 69,071 36,982 194,988

Operating lease liabilities 105,653 108,326 110,181 110,095 108,960

Other liabilities 614,400 612,199 637,394 745,349 617,778

TOTAL LIABILITIES 30,181,611 30,119,268 29,238,110 28,105,491 28,150,623

SHAREHOLDERS’ EQUITY

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

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

Additional paid-in capital 2,411,713 2,399,137 2,394,568 2,405,792 2,395,615

Accumulated other comprehensive income (loss) (383,879) (107,803) (97,128) 28,431 10,169

Retained earnings 8,782,490 8,613,341 8,395,795 8,181,699 7,932,969

Treasury shares, at cost (5,063,075) (4,953,671) (4,864,805) (4,811,693) (4,523,950)

TOTAL SHAREHOLDERS' EQUITY 6,299,455 6,503,210 6,380,636 6,356,435 6,367,009

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 36,481,066 $ 36,622,478 $ 35,618,746 $ 34,461,926 $ 34,517,632

Debt to total capital [a]

17.3 % 16.8 % 17.1 % 17.2 % 17.1 %

[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 September 30, 2026 At December 31, 2025

Cost or

Amortized

Cost

Allowance for Expected Credit Losses

Unrealized

Gains

Unrealized

Losses

Fair Value or Net Carrying Value Percentage Fair Value or Net Carrying Value Percentage

Fixed Maturities, available for sale, at fair value

U.S. government and agency $ 2,496,625 $ — $ 13 $ (48,813) $ 2,447,825 13.5 % $ 2,417,901 14.0 %

Non-U.S. government 835,820 (107) 2,174 (26,095) 811,792 4.5 % 810,544 4.7 %

Corporate debt 5,724,193 (1,173) 13,841 (181,353) 5,555,508 30.8 % 5,222,433 30.4 %

Agency RMBS 2,403,616 — 902 (153,231) 2,251,287 12.5 % 2,035,352 11.9 %

CMBS 821,574 (350) 347 (31,425) 790,146 4.4 % 801,511 4.7 %

Non-Agency RMBS 220,710 (255) 372 (7,814) 213,013 1.2 % 190,124 1.1 %

ABS 1,601,297 (81) 2,925 (18,267) 1,585,874 8.8 % 1,488,067 8.7 %

Municipals 37,719 — 9 (1,599) 36,129 0.2 % 52,095 0.3 %

Total fixed maturities, available for sale, at fair value 14,141,554 (1,966) 20,583 (468,597) 13,691,574 75.9 % 13,018,027 75.8 %

Fixed maturities, held to maturity, at amortized cost

Corporate debt 163,889 — — — 163,889 0.9 % 145,137 0.8 %

ABS 284,339 — — — 284,339 1.6 % 252,293 1.5 %

Total fixed maturities, held to maturity, at amortized cost 448,228 — — — 448,228 2.5 % 397,430 2.3 %

Equity securities, at fair value

Common stocks 3,210 — 348 (376) 3,182 — % 13,695 0.1 %

Preferred Stocks 52,422 — 321 (696) 52,047 0.3 % 20,311 0.1 %

Exchange-traded funds 268,849 — 175,465 (4,540) 439,774 2.4 % 401,757 2.3 %

Bond mutual funds 266,829 — 4,106 (44,834) 226,101 1.3 % 271,806 1.6 %

Total equity securities, at fair value 591,310 — 180,240 (50,446) 721,104 4.0 % 707,569 4.1 %

Total fixed maturities and equity securities $ 15,181,092 $ (1,966) $ 200,823 $ (519,043) 14,860,906 82.4 % 14,123,026 82.2 %

Mortgage loans, held for investment 316,834 1.8 % 356,840 2.1 %

Other investments 1,050,776 5.8 % 1,027,798 6.0 %

Equity method investments 209,084 1.2 % 227,181 1.3 %

Short-term investments 1,736 — % 20,298 0.2 %

Total investments 16,439,336 91.2 % 15,755,143 91.8 %

Cash and cash equivalents [a] 1,548,448 8.6 % 1,321,185 7.7 %

Accrued interest receivable 129,601 0.7 % 116,252 0.7 %

Net receivable/(payable) for investments sold (purchased) (82,123) (0.5 %) (24,176) (0.2 %)

Total cash and invested assets $ 18,035,262 100.0 % $ 17,168,404 100.0 %

[a] Includes $511 million and $501 million of restricted cash and cash equivalents at September 30, 2026 and December 31, 2025, respectively.

At September 30, 2026 At December 31, 2025

Fair Value Percentage Fair Value Percentage

Other Investments:

Multi-strategy funds $ 6,344 0.6 % $ 11,577 1.1 %

Direct lending funds 167,784 16.0 % 186,747 18.2 %

Real estate funds 267,327 25.4 % 291,491 28.4 %

Private equity funds 416,938 39.7 % 364,376 35.5 %

Other privately held investments 192,383 18.3 % 173,607 16.8 %

Total $ 1,050,776 100.0 % $ 1,027,798 100.0 %

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025

Fair Value %

CASH AND INVESTED ASSETS PORTFOLIO

Fixed Maturities, available for sale:

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

Non-U.S. government 4.5 % 4.6 % 4.9 % 4.7 % 4.7 %

Corporate debt 30.8 % 31.5 % 30.0 % 30.4 % 30.6 %

MBS:

Agency RMBS 12.5 % 13.6 % 12.0 % 11.9 % 11.2 %

CMBS 4.4 % 4.4 % 4.6 % 4.7 % 4.9 %

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

ABS 8.8 % 8.8 % 8.7 % 8.7 % 8.5 %

Municipals 0.2 % 0.3 % 0.3 % 0.3 % 0.4 %

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

Fixed Maturities, held to maturity:

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

ABS 1.6 % 1.4 % 1.5 % 1.5 % 1.6 %

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

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

Mortgage loans 1.8 % 1.9 % 2.0 % 2.1 % 2.4 %

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

Equity method investments 1.2 % 1.1 % 1.4 % 1.3 % 1.3 %

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

Total Investments 91.2 % 93.4 % 91.6 % 91.8 % 92.4 %

Cash and cash equivalents 8.6 % 6.9 % 8.0 % 7.7 % 8.1 %

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

Net receivable/(payable) for investments sold (purchased) (0.5 %) (1.0 %) (0.3 %) (0.2 %) (1.2 %)

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 17.3 % 16.8 % 18.2 % 18.0 % 19.1 %

AAA [a]

17.8 % 18.4 % 19.4 % 19.2 % 19.6 %

AA [a]

24.2 % 25.0 % 23.7 % 23.7 % 22.7 %

A 18.1 % 17.6 % 17.1 % 17.4 % 17.8 %

BBB 11.5 % 11.6 % 10.4 % 10.0 % 9.7 %

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

Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

MATURITY PROFILE OF FIXED MATURITIES

Within one year 2.6 % 2.4 % 2.8 % 2.7 % 3.9 %

From one to five years 44.9 % 41.1 % 43.0 % 43.3 % 42.9 %

From five to ten years 14.2 % 17.7 % 16.9 % 17.1 % 16.9 %

Above ten years 2.1 % 2.0 % 1.6 % 1.4 % 1.6 %

Asset-backed and mortgage-backed securities 36.2 % 36.8 % 35.7 % 35.5 % 34.7 %

Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS

Book yield of fixed maturities 4.9 % 4.8 % 4.7 % 4.6 % 4.6 %

Yield to maturity of fixed maturities 5.8 % 5.1 % 5.1 % 4.7 % 4.8 %

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

Average credit quality of fixed maturities

A+ A+ A+ A+ A+

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

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES

Three months ended September 30, 2026 Nine months ended September 30, 2026

Reserve for losses and loss expenses Reinsurance recoverable on unpaid losses and loss expenses Net reserve for losses and loss expenses

Reserve for losses and loss expenses

Reinsurance recoverable on unpaid losses and loss expenses Net reserve for losses and loss expenses

Reserve for losses and loss expenses

Beginning of period $ 18,613,412 $ (8,949,022) $ 9,664,390 $ 18,122,256 $ (8,951,763) $ 9,170,493

Incurred losses and loss expenses 1,557,289 (574,699) 982,590 4,539,975 (1,756,972) 2,783,003

Paid losses and loss expenses (1,166,681) 401,783 (764,898) (3,565,125) 1,369,929 (2,195,196)

Foreign exchange and other

(18,523) 101,306 82,783 (111,609) 318,174 206,565

End of period [a]

$ 18,985,497 $ (9,020,632) $ 9,964,865 $ 18,985,497 $ (9,020,632) $ 9,964,865

[a] At September 30, 2026, reserve for losses and loss expenses included IBNR of $12.9 billion, or 68% (December 31, 2025: $12.3 billion, or 68%).

AXIS CAPITAL HOLDINGS LIMITED

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

Three months ended September 30, 2026 Nine months ended September 30, 2026

Insurance Reinsurance Total Insurance Reinsurance Total

Gross paid losses and loss expenses $ 825,875 $ 340,806 $ 1,166,681 $ 2,425,421 $ 1,139,704 $ 3,565,125

Reinsurance recoverable on paid losses and loss expenses (311,017) (90,766) (401,783) (998,682) (371,247) (1,369,929)

Net paid losses and loss expenses 514,858 250,040 764,898 1,426,739 768,457 2,195,196

Change in gross case reserves

144,540 21,577 166,117 377,477 (45,195) 332,282

Change in gross IBNR

213,185 11,306 224,491 578,963 63,605 642,568

Change in reinsurance recoverable on unpaid losses and loss expenses

(104,999) (67,917) (172,916) (267,725) (119,318) (387,043)

Change in net unpaid losses and loss expenses

252,726 (35,034) 217,692 688,715 (100,908) 587,807

Total net incurred losses and loss expenses $ 767,584 $ 215,006 $ 982,590 $ 2,115,454 $ 667,549 $ 2,783,003

Gross reserve for losses and loss expenses $ 12,063,853 $ 6,921,644 $ 18,985,497 $ 12,063,853 $ 6,921,644 $ 18,985,497

Net favorable prior year reserve development $ 11,845 $ 2,998 $ 14,843 $ 38,755 $ 8,986 $ 47,741

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses 67.1 % 116.3 % 77.8 % 67.4 % 115.1 % 78.9 %

Net paid losses and loss expenses / Net premiums earned 39.6 % 78.3 % 47.2 % 39.3 % 77.6 % 47.5 %

Net unpaid losses and loss expenses / Net premiums earned 19.4 % (10.9 %) 13.5 % 19.0 % (10.1 %) 12.8 %

Net losses and loss expenses ratio 59.0 % 67.4 % 60.7 % 58.3 % 67.5 % 60.3 %

AXIS CAPITAL HOLDINGS LIMITED

BOOK VALUE PER DILUTED COMMON SHARE ANALYSIS - TREASURY STOCK METHOD

At September 30, 2026 At December 31, 2025

Common

Shareholders’

Equity

Common Shares Outstanding, net of

Treasury Shares Per share Common

Shareholders’ Equity Common Shares Outstanding, net of

Treasury Shares Per share

Closing stock price $94.20 $107.09

Book value per common share $ 5,749,455 72,084 $79.76 $ 5,806,435 74,135 $78.32

Dilutive securities:

Restricted stock units 643 (0.70) 1,074 (1.12)

Book value per diluted common share $ 5,749,455 72,727 $79.06 $ 5,806,435 75,209 $77.20

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

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

Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025

Common shareholders' equity $ 5,749,455 $ 5,953,210 $ 5,830,636 $ 5,806,435 $ 5,817,009

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

Less: intangible assets (155,533) (161,258) (163,654) (166,050) (168,446)

Associated tax impact 42,901 44,152 44,703 45,255 45,806

Tangible common shareholders' equity $ 5,570,325 $ 5,769,606 $ 5,645,187 $ 5,619,142 $ 5,627,871

Common shareholders' equity $ 5,749,455 $ 5,953,210 $ 5,830,636 $ 5,806,435 $ 5,817,009

Less: AOCI 383,879 107,803 97,128 (28,431) (10,169)

Common shareholders' equity, excluding AOCI $ 6,133,334 $ 6,061,013 $ 5,927,764 $ 5,778,004 $ 5,806,840

Diluted common shares outstanding [a] 72,727 73,797 74,571 75,209 78,796

Book value per diluted common share $ 79.06 $ 80.67 $ 78.19 $ 77.20 $ 73.82

Tangible book value per diluted common share $ 76.59 $ 78.18 $ 75.70 $ 74.71 $ 71.42

Book value per diluted common share, excluding AOCI

$ 84.33 $ 82.13 $ 79.49 $ 76.83 $ 73.69

[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 September 30, Nine months ended September 30,

2026 2025 2026 2025

Net income available to common shareholders $ 201,515 $ 294,301 $ 699,247 $ 696,601

Net investment (gains) losses 46,506 (30,905) 26,993 (44,365)

Foreign exchange losses (gains) (10,041) (13,492) (48,580) 138,428

Reorganization expenses — — 28,715 —

Interest in income of equity method investments (2,395) (2,083) (8,133) (3,669)

Income tax expense (benefit) [a]

(6,382) 7,454 (1,503) (12,330)

Operating income $ 229,203 $ 255,275 $ 696,739 $ 774,665

Earnings per diluted common share $ 2.75 $ 3.74 $ 9.42 $ 8.70

Net investment (gains) losses 0.63 (0.39) 0.36 (0.55)

Foreign exchange losses (gains) (0.14) (0.17) (0.65) 1.73

Reorganization expenses — — 0.39 —

Interest in income of equity method investments

(0.03) (0.03) (0.11) (0.05)

Income tax expense (benefit)

(0.09) 0.10 (0.02) (0.16)

Operating income per diluted common share $ 3.12 $ 3.25 $ 9.39 $ 9.67

Weighted average diluted common shares outstanding 73,373 78,601 74,238 80,090

Average common shareholders' equity $ 5,851,333 $ 5,720,704 $ 5,777,945 $ 5,678,194

Annualized return on average common equity 13.8 % 20.6 % 16.1 % 16.4 %

Annualized operating return on average common equity 15.7 % 17.8 % 16.1 % 18.2 %

[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, and book value per diluted common share, excluding AOCI which are non-GAAP financial measures as defined in SEC Regulation G. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses

Consolidated Underwriting Income (Loss)

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of 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).

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 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).

Tangible Book Value per Diluted Common Share

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

Book Value per Diluted Common Share, Excluding AOCI

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

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2026 Third Quarter Investor Presentation

2 Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Safe Harbor Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward- looking statements. This presentation or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact, included in or incorporated by reference in this presentation are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology. Forward-looking statements made in this presentation, such as those related to our performance, pricing, growth prospects, fee income, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the impact of 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 pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business. Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business. Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due. Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices. Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements. Taxation Risk: changes in tax laws.

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

4 AXIS at a Glance Our strategic focus is on Specialty products: Risk transfer solutions that require customized and tailored offerings delivered by underwriting expertise through a global multivariate distribution model and customer profiles Insurance Reinsurance Insurance $8.0 billion Reinsurance $2.3 billion Strong Insurance Segment Gross Premiums Written, up 12.8% year over year Diluted Book Value per Common Share of $79.06, an increase of 7.1% over the past 12 months; Ex-AOCI Diluted Book Value per Common Share of $84.33 2 , an increase of 14.4% over the past 12 months Third Quarter 2026 Headlines $10.3 billion Group Combined Ratio of 94.0% Capital Returns $141 million returned to common shareholders, including $109 million in share repurchases and $32 million in dividends 1 Gross Premiums Written (“GPW”) by segment, last twelve months ended 9/30/2026. 2 Book value per diluted common share, excluding AOCI is a non-GAAP financial measures as defined in SEC Regulation G. The reconciliation to the most comparable GAAP financial measure, book value per diluted common share and a discussion of the rationale for the presentation of this item is provided later in this document. GPW, last 12 months1

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

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

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

8 Specialty Experts Products requiring Specialty expertise, GPW, last 12 months1 Third Quarter Performance Highlights Property4 Cyber2 LiabilityMarine & Aviation4 Accident & Health (A&H) Other3 Credit, Surety & Political Risk $10.3 billion Professional Lines 1 Percent of total GPW, last twelve months ended 9/30/2026. 2 Includes Cyber insurance only. Cyber reinsurance is included in Professional Lines. 3 Includes Agriculture reinsurance, Motor reinsurance, and Run-off lines. 4 Renewable energy is included in Property and Marine & Aviation. . • Gross premiums written were up 11% year-over-year to $2.4 billion • Insurance increased by $217 million, or 13% • Delivered a profitable 94.0% combined ratio despite catastrophe and weather- related losses, including losses associated with geopolitical conflicts • Reinsurance increased by $17 million, or 4%

1 Inclusive of 8.1 points of net adverse prior year reserve development. Cycle Management 9 Third Quarter Performance Highlights • Maintaining underwriting discipline as property pricing moderates and casualty competition increases, with portfolio actions focused on meeting risk-adjusted returns • Deploying capital toward profitable Specialty lines while maintaining a cautious approach to Casualty • Year-to-date combined ratio of 92.3% includes 4.4 points of catastrophe losses, including losses associated with geopolitical conflicts Insurance Gross Premiums Written Reinsurance Gross Premiums Written Group Combined Ratio Portfolio Reshaping $8.4B $9.0B $9.6B $7.4B $8.1B 27% 27% 26% 29% 25% 73% 73% 74% 71% 75% 99.9%1 92.3% 89.8% 89.5% 92.3%

1 Percent of total GPW, last twelve months ended 9/30/2026. 2 Renewable energy is included in Property and Marine & Aviation. 10 Insurance Overview • Gross premiums written were up 13% year-over-year to $1.9 billion, including $630 million in new business • Gross premiums written growth was attributable to all lines of business, excluding Liability • Growth was supported by expanded initiatives, including Pet business and business sourced by AXIS Capacity Solutions (ACS) Product mix, GPW, last 12 months1 Property2 Cyber Liability Marine & Aviation2 Accident & Health $8.0 billion Credit & Political Risk Third Quarter Performance Highlights Professional Lines

11 Disciplined Growth Aligned With Strategic Ambition Insurance, GPW, 12 months ended ($ in billions) Consistent Performance • Growth reflects disciplined underwriting and targeted expansion Expanded Products • Retail Segment: Accelerated growth reflects strong traction in newly launched products and expansion into niche specialty segments • Wholesale Lower Middle Market: Continued scaling of distribution partnerships and enhanced technology-enabled underwriting • Representative New North America Products Launched since 2023: Inland Marine, Life Sciences, US Ocean Marine, US Construction, Canada Construction, Canada Environmental, Allied Health, Canada Property, Canada Ocean Marine 95% 91% 86% 78%

1 Percent of total GPW, last twelve months ended 9/30/2026. 12 Reinsurance Overview Product mix, GPW, last 12 months1 Marine & Aviation 27% 21% Credit & Surety Motor 17% Liability 15% 11% 7% Agriculture $2.3 billion Accident & Health • Delivered a 92.4% combined ratio, reflecting continued consistent profitability and low volatility • Gross premiums written up 4% year- over-year to $449 million, primarily attributable to two contracts in agriculture lines, partially offset by continued portfolio actions to reduce exposure in Casualty lines through decreased line sizes and non-renewals • Short-tail business increased to 57% of Reinsurance GPW, up from 44% in the prior-year period, reflecting strategic portfolio repositioning toward short-tail lines and continued caution in Casualty lines Third Quarter Performance Highlights Professional Lines

13 V o la ti li ty (C o e ff ic ie n t o f V a ri a ti o n ) 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 variation calculated by standard deviation of quarterly loss ratios divided by average. 3 Peer comparison reflects the latest commonly available reporting period, Q1 2024 through Q2 2026. AXIS Q3 2026 is not included to preserve comparability. • The low volatility within our quarterly loss ratio underscores disciplined underwriting and risk selection • An average quarterly loss ratio of 58.8% since the beginning of 2024 is highly competitive against a set of top peers Financial periods Q1’24 through Q2’26 unless otherwise noted AXS (Old) AXS (Transition) AXS (Q1’18 - Q4’21) (Q1’22 - Q4’23) (Q1’24 - Q2’26) Peer Company Consistent Top Quartile Results With Less Volatility Than Our Peers Consistent and Predictable Underwriting Performance

14 AXIS Capacity Solutions In 2025, AXIS launched its AXIS Capacity Solutions (ACS) capability, dedicated to developing structured, multi- line portfolio capacity opportunities on a global basis, while drawing on AXIS’ expertise with third-party capital. ACS VALUE DRIVERS Creates new revenue sources – contributed $449 million of year-to-date Gross Premiums Written growth through open brokerage and selective delegated opportunities Reduces volatility – introduces new reinsurance capital to optimize AXIS net exposure, reducing balance sheet volatility Augments Return on Average Common Equity – fee-based, capital-light earnings support high-quality returns Generates fee income – capital-efficient fee streams through ceding and structuring, diversifying revenue sources, and projected to generate $17 million of fee income in 2026 ACS positions AXIS to participate in growing demand for multi-line portfolio capacity

15 How We Work: Scaling Through Operating Leverage and Innovation How We Work has strengthened operating discipline and leverage; AI extends that advantage ACTIONS TAKEN 1 Simplify how we work VALUE DELIVERED 2 Convert scale into leverage NEXT CHAPTER 3 Extend the advantage with AI Focused actions Simplified operating structures and decision paths Reduced turnaround times across underwriting and claims More capacity for profitable growth Q3 2026 proof points $10.3B LTM gross premiums written 10.7% YTD Group G&A ratio Down from 11.8% in YTD 2025 AI strategy AI-enabled core processes Underwriting, claims and operations Deploy AI enterprise-wide Build colleague experience and fluency Mature the foundations Talent, data, core technology and cyber Outcome: Enabling operating leverage and stronger underwriting and claims operations

16 A+ Weighted average credit rating of fixed 1 Includes short-term investments, accrued interest receivable, and net receivable/(payable) for investments sold (purchased). 2 Includes equity method investments. 3 Includes common stocks, preferred stocks, exchange-traded funds, equity method investments, below-investment-grade bonds, and other investments. 4 Includes other investments, equity securities, mortgage loans, cash and cash equivalents, short-term investments, and investment expenses. Well-Positioned Portfolio Driving Strong Investment Returns Investment portfolio at 9/30/2026 Strong and Stable Investment Income Total cash and investments Net investment income, in millions Non-Fixed Income 4 Fixed Maturities maturities portfolio 18% Allocation to risk assets 3.2 years Average duration of fixed maturities (inclusive of duration hedges) 4.9% / 5.8% Book / Market yield of fixed maturities at 9/30/2026 $18.0 billion Mortgage loans Cash and equivalents1 Fixed maturities Equity securities Other investments2 3

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

Appendix Non-GAAP Financial Measures Reconciliations

Book Value per Diluted Common Share, Excluding Accumulated Other Comprehensive (Income) Loss ("AOCI") At September 30, 2026 and September 30, 2025 Non-GAAP Financial Measures Reconciliation (Unaudited) 1 Book value per diluted common share, excluding AOCI represents common shareholders' equity exclusive of AOCI. We present book value per diluted common share, excluding AOCI calculated under the treasury stock method. We believe this measure is useful as AOCI may fluctuate significantly between periods based on movements in interest and foreign currency rates. A reconciliation of book value per diluted common share, excluding AOCI to book value per diluted common share, the most comparable GAAP financial measure is presented above.

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