AXIS Capital Holdings Limited 8K Axis Capital Reports Third Quarter 2022 Results | AXS 26 Oct 22

AXIS CAPITAL HOLDINGS LIMITED

INVESTOR FINANCIAL SUPPLEMENT

THIRD QUARTER 2022

AXIS Capital Holdings Limited

92 Pitts Bay Road

Pembroke HM 08 Bermuda

Contact Information:

Mei Feng A. Zhang

Investor Contact

(212) 940-3312;

investorrelations@axiscapital.com

Website Information:

www.axiscapital.com

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL SUPPLEMENT TABLE OF CONTENTS


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

• Corporate Debt Composition						17
• Ten Largest Corporate Debt Holdings						18
• Mortgage-Backed and Asset-Backed Securities Composition						19
c. Reinsurance Recoverable Analysis						20-21
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						22



b. Paid to Incurred Analysis by Segment						23-25
c. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures						26
V. Share Analysis
a. Earnings Per Common Share Information						27

b. Book Value Per Diluted Common Share and Tangible Book Value Per Diluted Common Share - Treasury Stock Method						28

VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						29
b. Rationale for the Use of Non-GAAP Financial Measures						30-32
VII. Reinsurance and Group Consolidated Segment Data - Catastrophe and Property						33-40

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

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

DEFINITIONS AND PRESENTATION

•All financial information contained herein is unaudited, except for the consolidated balance sheet at December 31, 2021 and consolidated statements of operations for the years ended December 31, 2021 and December 31, 2020.

•Amounts may not reconcile due to rounding differences.

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

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this document, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States ("U.S.") federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.

Forward-looking statements contained in this document may include, but are not limited to, information regarding our estimates for catastrophes and other weather-related losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including our exit from property reinsurance business, our expectations regarding pricing, other market conditions and economic conditions including inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

COVID-19

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

Insurance Risk

•the cyclical nature of the insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;

•the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change;

•actual claims exceeding loss reserves;

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

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

•the failure of our cedants to adequately evaluate risks;

•the adverse impact of inflation;

Strategic Risk

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

•changes in the political environment of certain countries in which we operate or underwrite business, including the United Kingdom's withdrawal from the European Union;

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

•a decline in our ratings with rating agencies;

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

•difficulties with technology and/or data security;

Credit Risk

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

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

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

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

Liquidity Risk

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

Operational Risk

•changes in accounting policies or practices;

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

Regulatory Risk

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

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

Risks Related to Taxation

•changes in tax laws.

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

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

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

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

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

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

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

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

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

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

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

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

iii

AXIS CAPITAL HOLDINGS LIMITED

BASIS OF PRESENTATION

BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

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

Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. The underlying policies principally cover property-related exposures but other exposures including workers compensation and personal accident are also covered. The principal perils covered by policies in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is written on a proportional and an excess of loss basis. The Company announced its exit from this line of business in June 2022.

Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils covered by policies in this portfolio include windstorm, tornado and earthquake, but other perils such as freezes, riots, floods, industrial explosions, fires, hail and a number of other loss events are also included. This business is written on a proportional and excess of loss basis. The Company announced its exit from this line of business in June 2022.

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

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

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

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

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

FINANCIAL HIGHLIGHTS


		Three months ended September 30,									Nine months ended September 30,
		2022			2021			Change			2022			2021			Change

HIGHLIGHTS	Gross premiums written	$	1,707,808		$	1,646,489		3.7	%		$	6,455,899		$	6,123,156		5.4	%
	Gross premiums written - Insurance	77.2		%	71.5		%	5.7		pts	63.7		%	57.9		%	5.8		pts
	Gross premiums written - Reinsurance	22.8		%	28.5		%	(5.7)		pts	36.3		%	42.1		%	(5.8)		pts
	Net premiums written	$	1,036,784		$	996,471		4.0	%		$	4,166,502		$	3,979,215		4.7	%
	Net premiums earned	$	1,284,866		$	1,211,427		6.1	%		$	3,820,163		$	3,472,090		10.0	%
	Net premiums earned - Insurance	60.9		%	56.2		%	4.7		pts	60.3		%	55.6		%	4.7		pts
	Net premiums earned - Reinsurance	39.1		%	43.8		%	(4.7)		pts	39.7		%	44.4		%	(4.7)		pts
	Net income (loss) available (attributable) to common shareholders	$	(16,947)		$	47,385		nm			$	151,904		$	391,028		(61.2	%)
	Operating income (loss) [a]	$	2,507		$	1,044		nm			$	331,323		$	254,289		30.3	%

	Annualized return on average common equity [b]	(1.7		%)	3.9		%	(5.6)		pts	4.7		%	10.9		%	(6.2)		pts
	Annualized operating return on average common equity [c]	0.3		%	0.1		%	0.2		pts	10.2		%	7.1		%	3.1		pts
	Total shareholders’ equity	$	4,343,423		$	5,335,055		(18.6	%)		$	4,343,423		$	5,335,055		(18.6	%)




PER COMMON SHARE AND COMMON SHARE DATA	Earnings (loss) per diluted common share	($0.20)			$0.56			nm			$1.77			$4.59			(61.4	%)
	Operating income (loss) per diluted common share [d]	$0.03			$0.01			nm			$3.86			$2.98			29.5	%

	Weighted average diluted common shares outstanding	84,660			85,336			(0.8	%)		85,674			85,191			0.6	%
	Book value per common share	$44.80			$56.45			(20.6	%)		$44.80			$56.45			(20.6	%)
	Book value per diluted common share (treasury stock method)	$43.50			$54.86			(20.7	%)		$43.50			$54.86			(20.7	%)
	Tangible book value per diluted common share (treasury stock method) [a]	$40.64			$51.89			(21.7	%)		$40.64			$51.89			(21.7	%)






FINANCIAL RATIOS	Current accident year loss ratio, excluding catastrophe and weather-related losses	57.1		%	55.4		%	1.7		pts	55.5		%	55.4		%	0.1		pts
	Catastrophe and weather-related losses ratio	16.6		%	20.7		%	(4.1)		pts	8.9		%	11.3		%	(2.4)		pts
	Current accident year loss ratio	73.7		%	76.1		%	(2.4)		pts	64.4		%	66.7		%	(2.3)		pts
	Prior year reserve development ratio	(0.4		%)	(0.9		%)	0.5		pts	(0.4		%)	(0.7		%)	0.3		pts
	Net losses and loss expenses ratio	73.3		%	75.2		%	(1.9)		pts	64.0		%	66.0		%	(2.0)		pts
	Acquisition cost ratio	18.7		%	19.1		%	(0.4)		pts	19.5		%	19.3		%	0.2		pts
	General and administrative expense ratio [e]	12.3		%	13.1		%	(0.8)		pts	12.9		%	13.8		%	(0.9)		pts
	Combined ratio	104.3		%	107.4		%	(3.1)		pts	96.4		%	99.1		%	(2.7)		pts



INVESTMENT DATA	Total assets	$	27,119,753		$	27,935,137		(2.9	%)		$	27,119,753		$	27,935,137		(2.9	%)
	Total cash and invested assets [f]	$	15,640,704		$	16,470,740		(5.0	%)		$	15,640,704		$	16,470,740		(5.0	%)
	Net investment income	$	88,177		$	107,339		(17.9	%)		$	271,744		$	326,174		(16.7	%)
	Net investment gains (losses)	$	(146,458)		$	10,932		nm			$	(414,231)		$	113,868		nm



	Book yield of fixed maturities	2.9		%	1.9		%	1.0		pts	2.9		%	1.9		%	1.0		pts

[a] Operating income (loss), operating income (loss) per diluted common share, annualized operating return on average common equity ("operating ROACE") and tangible book value per diluted common share are non-GAAP financial measures as defined by Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share, annualized return on average common equity ("ROACE") and book value per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this document.

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

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

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021


				Three months ended September 30,						Nine months ended September 30,
				2022			2021			2022			2021

Revenues
	Net premiums earned	$	1,284,866		$	1,211,427		$	3,820,163		$	3,472,090
	Net investment income	88,177			107,339			271,744			326,174
	Net investment gains (losses)	(146,458)			10,932			(414,231)			113,868
	Other insurance related income	1,092			7,665			9,998			16,262
	Total revenues			1,227,677			1,337,363			3,687,674			3,928,394

Expenses
	Net losses and loss expenses	941,911			911,369			2,444,196			2,292,559
	Acquisition costs	240,511			231,712			746,443			669,654
	General and administrative expenses	158,245			157,960			492,872			478,820
	Foreign exchange gains	(135,660)			(28,032)			(236,934)			(4,316)
	Interest expense and financing costs	15,915			15,954			46,720			46,759
	Reorganization expenses	6,213			—			21,941			—
	Amortization of value of business acquired	—			1,028			—			3,083
	Amortization of intangible assets	2,729			3,149			8,188			9,163
	Total expenses			1,229,864			1,293,140			3,523,426			3,495,722

Income (loss) before income taxes and interest in income (loss) of equity method investments		(2,187)			44,223			164,248			432,672
	Income tax (expense) benefit	363			(1,186)			5,304			(49,827)
	Interest in income (loss) of equity method investments	(7,560)			11,911			5,040			30,871
Net income (loss)		(9,384)			54,948			174,592			413,716


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

Net income (loss) available (attributable) to common shareholders		$	(16,947)		$	47,385		$	151,904		$	391,028

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


													Year ended December 31,
	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q3 2020		2021
UNDERWRITING REVENUES
Gross premiums written	$	1,707,808	$	2,113,483	$	2,634,608	$	1,562,828	$	1,646,489	$	1,331,178	$	7,685,984
Ceded premiums written	(671,024)		(796,636)		(821,736)		(615,420)		(650,018)		(515,196)		(2,759,360)
Net premiums written	1,036,784		1,316,847		1,812,872		947,408		996,471		815,982		4,926,624

Gross premiums earned	2,012,426		1,971,208		1,902,508		1,936,521		1,879,280		1,680,529		7,281,709
Ceded premiums earned	(727,560)		(694,156)		(644,262)		(698,761)		(667,853)		(589,217)		(2,571,859)
Net premiums earned	1,284,866		1,277,052		1,258,246		1,237,760		1,211,427		1,091,312		4,709,850
Other insurance related income	1,092		2,213		6,693		7,033		7,665		1,440		23,295
Total underwriting revenues	1,285,958		1,279,265		1,264,939		1,244,793		1,219,092		1,092,752		4,733,145

UNDERWRITING EXPENSES
Net losses and loss expenses	941,911		769,587		732,699		716,225		911,369		879,677		3,008,783
Acquisition costs	240,511		257,582		248,352		252,180		231,712		230,564		921,834
Underwriting-related general and administrative expenses [a]	132,570		135,403		145,096		140,379		134,826		117,835		536,834
Total underwriting expenses	1,314,992		1,162,572		1,126,147		1,108,784		1,277,907		1,228,076		4,467,451

UNDERWRITING INCOME (LOSS) [b]	(29,034)		116,693		138,792		136,009		(58,815)		(135,324)		265,694

OTHER (EXPENSES) REVENUES
Net investment income	88,177		92,214		91,355		128,128		107,339		101,956		454,301
Net investment gains (losses)	(146,458)		(173,263)		(94,508)		20,410		10,932		55,609		134,279
Corporate expenses [a]	(25,675)		(30,183)		(23,945)		(44,105)		(23,134)		(20,988)		(126,470)
Foreign exchange (losses) gains	135,660		57,000		44,273		(4,632)		28,032		(60,734)		(315)
Interest expense and financing costs	(15,915)		(15,241)		(15,564)		(15,543)		(15,954)		(15,574)		(62,302)
Reorganization expenses	(6,213)		(15,728)		—		—		—		(1,413)		—
Amortization of value of business acquired	—		—		—		(771)		(1,028)		(1,028)		(3,854)
Amortization of intangible assets	(2,729)		(2,729)		(2,729)		(3,260)		(3,149)		(2,838)		(12,424)
Total other (expenses) revenues	26,847		(87,930)		(1,118)		80,227		103,038		54,990		383,215

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	(2,187)		28,763		137,674		216,236		44,223		(80,334)		648,909
Income tax (expense) benefit	363		4,965		(24)		(12,557)		(1,186)		12,056		(62,384)
Interest in income (loss) of equity method investments	(7,560)		1,050		11,550		1,213		11,911		2,896		32,084

NET INCOME (LOSS)	(9,384)		34,778		149,200		204,892		54,948		(65,382)		618,609





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


NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	(16,947)	$	27,215	$	141,637	$	197,329	$	47,385	$	(72,945)	$	588,359

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


													Year ended December 31,
	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q3 2020		2021
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	57.1	%	55.3	%	54.2	%	54.3	%	55.4	%	58.5	%	55.1	%
Catastrophe and weather-related losses ratio	16.6	%	5.3	%	4.7	%	4.3	%	20.7	%	22.2	%	9.5	%
Current accident year loss ratio	73.7	%	60.6	%	58.9	%	58.6	%	76.1	%	80.7	%	64.6	%
Prior year reserve development ratio	(0.4	%)	(0.3	%)	(0.7	%)	(0.7	%)	(0.9	%)	(0.1	%)	(0.7	%)
Net losses and loss expenses ratio	73.3	%	60.3	%	58.2	%	57.9	%	75.2	%	80.6	%	63.9	%
Acquisition cost ratio	18.7	%	20.2	%	19.7	%	20.4	%	19.1	%	21.1	%	19.6	%
General and administrative expense ratio [a]	12.3	%	12.9	%	13.5	%	14.8	%	13.1	%	12.8	%	14.0	%
Combined ratio	104.3	%	93.4	%	91.4	%	93.1	%	107.4	%	114.5	%	97.5	%

Weighted average common shares outstanding	84,660		85,173		84,961		84,774		84,771		84,308		84,707
Weighted average diluted common shares outstanding [b]	84,660		85,843		85,808		85,591		85,336		84,308		85,291
Earnings (loss) per common share	($0.20)		$0.32		$1.67		$2.33		$0.56		($0.87)		$6.95
Earnings (loss) per diluted common share	($0.20)		$0.32		$1.65		$2.31		$0.56		($0.87)		$6.90
Annualized ROACE	(1.7	%)	2.5	%	12.0	%	16.4	%	3.9	%	(6.2	%)	12.2	%
Annualized operating ROACE	0.3	%	13.7	%	15.3	%	15.1	%	0.1	%	(5.5	%)	9.1	%

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS


	Nine months ended September 30,						Year ended December 31,
	2022		2021		2020		2021		2020
UNDERWRITING REVENUES
Gross premiums written	$	6,455,899	$	6,123,156	$	5,478,519	$	7,685,984	$	6,826,938
Ceded premiums written	(2,289,397)		(2,143,941)		(1,927,559)		(2,759,360)		(2,490,529)
Net premiums written	4,166,502		3,979,215		3,550,960		4,926,624		4,336,409

Gross premiums earned	5,886,143		5,345,188		5,032,802		7,281,709		6,768,733
Ceded premiums earned	(2,065,980)		(1,873,098)		(1,748,861)		(2,571,859)		(2,397,424)
Net premiums earned	3,820,163		3,472,090		3,283,941		4,709,850		4,371,309
Other insurance related income (loss)	9,998		16,262		(5,270)		23,295		(8,089)
Total underwriting revenues	3,830,161		3,488,352		3,278,671		4,733,145		4,363,220

UNDERWRITING EXPENSES
Net losses and loss expenses	2,444,196		2,292,559		2,464,012		3,008,783		3,281,252
Acquisition costs	746,443		669,654		697,716		921,834		929,517
Underwriting-related general and administrative expenses [a]	413,069		396,455		361,623		536,834		477,968
Total underwriting expenses	3,603,708		3,358,668		3,523,351		4,467,451		4,688,737

UNDERWRITING INCOME (LOSS) [b]	226,453		129,684		(244,680)		265,694		(325,517)

OTHER (EXPENSES) REVENUES
Net investment income	271,744		326,174		240,098		454,301		349,601
Net investment gains (losses)	(414,231)		113,868		45,777		134,279		129,133

Corporate expenses [a]	(79,803)		(82,365)		(74,915)		(126,470)		(101,822)
Foreign exchange (losses) gains	236,934		4,316		(8,760)		(315)		(81,069)
Interest expense and financing costs	(46,720)		(46,759)		(59,641)		(62,302)		(75,049)
Reorganization expenses	(21,941)		—		(822)		—		(7,881)
Amortization of value of business acquired	—		(3,083)		(4,111)		(3,854)		(5,139)
Amortization of intangible assets	(8,188)		(9,163)		(8,564)		(12,424)		(11,390)
Total other (expenses) revenues	(62,205)		302,988		129,062		383,215		196,384

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	164,248		432,672		(115,618)		648,909		(129,133)
Income tax (expense) benefit	5,304		(49,827)		6,030		(62,384)		12,321
Interest in income (loss) of equity method investments	5,040		30,871		(13,579)		32,084		(3,612)

NET INCOME (LOSS)	174,592		413,716		(123,167)		618,609		(120,424)





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


NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	151,904	$	391,028	$	(145,855)	$	588,359	$	(150,674)

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED KEY RATIOS


	Nine months ended September 30,						Year ended December 31,
	2022		2021		2020		2021		2020
KEY RATIOS/PER SHARE DATA
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5	%	55.4	%	57.8	%	55.1	%	57.7	%
Catastrophe and weather-related losses ratio	8.9	%	11.3	%	17.5	%	9.5	%	17.7	%
Current accident year loss ratio	64.4	%	66.7	%	75.3	%	64.6	%	75.4	%
Prior year reserve development ratio	(0.4	%)	(0.7	%)	(0.3	%)	(0.7	%)	(0.3	%)
Net losses and loss expenses ratio	64.0	%	66.0	%	75.0	%	63.9	%	75.1	%
Acquisition cost ratio	19.5	%	19.3	%	21.2	%	19.6	%	21.3	%
General and administrative expense ratio [a]	12.9	%	13.8	%	13.4	%	14.0	%	13.2	%
Combined ratio	96.4	%	99.1	%	109.6	%	97.5	%	109.6	%

Weighted average common shares outstanding	84,930		84,684		84,235		84,707		84,262
Weighted average diluted common shares outstanding [b]	85,674		85,191		84,235		85,291		84,262
Earnings (loss) per common share	$1.79		$4.62		($1.73)		$6.95		($1.79)
Earnings (loss) per diluted common share	$1.77		$4.59		($1.73)		$6.90		($1.79)
Annualized ROACE	4.7	%	10.9	%	(4.1	%)	12.2	%	(3.2	%)
Annualized operating ROACE	10.2	%	7.1	%	(4.4	%)	9.1	%	(3.7	%)

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

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

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED SEGMENT DATA


	Three months ended September 30, 2022									Nine months ended September 30, 2022
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,317,890		$	389,918		$	1,707,808			$	4,114,776		$	2,341,123		$	6,455,899
Ceded premiums written	(540,101)			(130,923)			(671,024)				(1,623,656)			(665,741)			(2,289,397)
Net premiums written	777,789			258,995			1,036,784				2,491,120			1,675,382			4,166,502

Gross premiums earned	1,331,887			680,539			2,012,426				3,850,444			2,035,699			5,886,143
Ceded premiums earned	(549,786)			(177,774)			(727,560)				(1,546,804)			(519,176)			(2,065,980)
Net premiums earned	782,101			502,765			1,284,866				2,303,640			1,516,523			3,820,163
Other insurance related income	151			941			1,092				470			9,528			9,998
Total underwriting revenues	782,252			503,706			1,285,958				2,304,110			1,526,051			3,830,161

UNDERWRITING EXPENSES
Net losses and loss expenses	519,006			422,905			941,911				1,346,585			1,097,611			2,444,196
Acquisition costs	139,436			101,075			240,511				422,979			323,464			746,443
Underwriting-related general and administrative expenses	108,072			24,498			132,570				330,598			82,471			413,069
Total underwriting expenses	766,514			548,478			1,314,992				2,100,162			1,503,546			3,603,708

UNDERWRITING INCOME (LOSS)	$	15,738		$	(44,772)		$	(29,034)			$	203,948		$	22,505		$	226,453

Catastrophe and weather-related losses, net of reinstatement premiums	$	112,799		$	99,170		$	211,969			$	173,518		$	165,646		$	339,164
Net favorable prior year reserve development	$	2,558		$	2,177		$	4,735			$	12,396		$	5,236		$	17,632

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.6		%	64.2		%	57.1		%		51.6		%	61.6		%	55.5		%
Catastrophe and weather-related losses ratio	14.1		%	20.3		%	16.6		%		7.4		%	11.1		%	8.9		%
Current accident year loss ratio	66.7		%	84.5		%	73.7		%		59.0		%	72.7		%	64.4		%
Prior year reserve development ratio	(0.3		%)	(0.4		%)	(0.4		%)		(0.5		%)	(0.3		%)	(0.4		%)
Net losses and loss expenses ratio	66.4		%	84.1		%	73.3		%		58.5		%	72.4		%	64.0		%
Acquisition cost ratio	17.8		%	20.1		%	18.7		%		18.4		%	21.3		%	19.5		%
Underwriting-related general and administrative expense ratio	13.8		%	4.9		%	10.3		%		14.3		%	5.4		%	10.8		%
Corporate expense ratio							2.0		%								2.1		%
Combined ratio	98.0		%	109.1		%	104.3		%		91.2		%	99.1		%	96.4		%

AXIS CAPITAL HOLDINGS LIMITED

GROSS PREMIUMS WRITTEN BY SEGMENT BY LINE OF BUSINESS


													Nine months ended September 30,				Year ended December 31,
	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q3 2020		2022		2021		2021

INSURANCE SEGMENT
Property	$	282,242	$	386,350	$	284,937	$	281,105	$	273,548	$	238,640	$	953,529	$	855,759	$	1,136,864
Marine	108,215		126,952		198,551		80,355		87,463		82,810		433,718		389,472		469,826
Terrorism	15,295		14,179		22,982		9,868		14,167		14,767		52,456		46,250		56,117
Aviation	32,446		26,844		25,967		27,711		32,954		22,702		85,256		83,098		110,809
Credit and Political Risk	47,483		47,085		47,499		55,360		27,651		24,473		142,068		108,242		163,602
Professional Lines	499,441		496,275		435,865		549,011		465,576		340,249		1,431,582		1,267,105		1,816,116
Liability	266,615		306,541		253,162		267,726		228,497		172,914		826,318		663,272		930,999
Accident and Health	66,153		65,396		58,301		43,927		46,644		39,262		189,849		134,971		178,899

TOTAL INSURANCE SEGMENT	$	1,317,890	$	1,469,622	$	1,327,264	$	1,315,063	$	1,176,500	$	935,817	$	4,114,776	$	3,548,169	$	4,863,232

REINSURANCE SEGMENT
Catastrophe	$	21,227	$	62,077	$	138,396	$	19,957	$	88,396	$	74,656	$	221,700	$	472,441	$	492,397
Property	2,173		20,386		76,323		4,042		38,584		58,925		98,882		209,364		213,406
Credit and Surety	53,944		76,872		103,876		31,667		55,807		38,109		234,692		176,441		208,108
Professional Lines	27,575		173,056		133,579		49,739		24,279		31,752		334,210		303,932		353,671
Motor	22,035		35,814		151,714		4,511		12,151		(2,148)		209,563		275,455		279,966
Liability	156,500		190,072		284,348		104,956		166,085		137,043		630,921		617,975		722,931
Engineering	(984)		444		10,065		(874)		(660)		1,408		9,525		(5,590)		(6,464)
Agriculture	39,312		49,971		27,826		10,822		11,992		7,455		117,108		75,306		86,128
Marine and Aviation	8,823		25,198		50,485		3,484		12,428		6,341		84,506		70,484		73,968
Accident and Health	59,313		9,971		330,732		19,461		60,927		41,820		400,016		379,179		398,641

TOTAL REINSURANCE SEGMENT	$	389,918	$	643,861	$	1,307,344	$	247,765	$	469,989	$	395,361	$	2,341,123	$	2,574,987	$	2,822,752

CONSOLIDATED TOTAL	$	1,707,808	$	2,113,483	$	2,634,608	$	1,562,828	$	1,646,489	$	1,331,178	$	6,455,899	$	6,123,156	$	7,685,984

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED DATA


																			Year ended December 31,
	Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q3 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	1,707,808		$	2,113,483		$	2,634,608		$	1,562,828		$	1,646,489		$	1,331,178		$	7,685,984
Ceded premiums written	(671,024)			(796,636)			(821,736)			(615,420)			(650,018)			(515,196)			(2,759,360)
Net premiums written	1,036,784			1,316,847			1,812,872			947,408			996,471			815,982			4,926,624

Gross premiums earned	2,012,426			1,971,208			1,902,508			1,936,521			1,879,280			1,680,529			7,281,709
Ceded premiums earned	(727,560)			(694,156)			(644,262)			(698,761)			(667,853)			(589,217)			(2,571,859)
Net premiums earned	1,284,866			1,277,052			1,258,246			1,237,760			1,211,427			1,091,312			4,709,850
Other insurance related income	1,092			2,213			6,693			7,033			7,665			1,440			23,295
Total underwriting revenues	1,285,958			1,279,265			1,264,939			1,244,793			1,219,092			1,092,752			4,733,145

UNDERWRITING EXPENSES
Net losses and loss expenses	941,911			769,587			732,699			716,225			911,369			879,677			3,008,783
Acquisition costs	240,511			257,582			248,352			252,180			231,712			230,564			921,834
Underwriting-related general and administrative expenses	132,570			135,403			145,096			140,379			134,826			117,835			536,834
Total underwriting expenses	1,314,992			1,162,572			1,126,147			1,108,784			1,277,907			1,228,076			4,467,451

UNDERWRITING INCOME (LOSS)	$	(29,034)		$	116,693		$	138,792		$	136,009		$	(58,815)		$	(135,324)		$	265,694

Catastrophe and weather-related losses, net of reinstatement premiums	$	211,969		$	67,119		$	60,076		$	54,209		$	249,830		$	240,025		$	442,859
Net favorable prior year reserve development	$	4,735		$	3,940		$	8,956		$	9,270		$	11,012		$	584		$	32,410

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	57.1		%	55.3		%	54.2		%	54.3		%	55.4		%	58.5		%	55.1		%
Catastrophe and weather-related losses ratio	16.6		%	5.3		%	4.7		%	4.3		%	20.7		%	22.2		%	9.5		%
Current accident year loss ratio	73.7		%	60.6		%	58.9		%	58.6		%	76.1		%	80.7		%	64.6		%
Prior year reserve development ratio	(0.4		%)	(0.3		%)	(0.7		%)	(0.7		%)	(0.9		%)	(0.1		%)	(0.7		%)
Net losses and loss expenses ratio	73.3		%	60.3		%	58.2		%	57.9		%	75.2		%	80.6		%	63.9		%
Acquisition cost ratio	18.7		%	20.2		%	19.7		%	20.4		%	19.1		%	21.1		%	19.6		%
Underwriting-related general and administrative expenses ratio	12.3		%	12.9		%	13.5		%	14.8		%	13.1		%	12.8		%	14.0		%
Combined ratio	104.3		%	93.4		%	91.4		%	93.1		%	107.4		%	114.5		%	97.5		%

AXIS CAPITAL HOLDINGS LIMITED

INSURANCE SEGMENT DATA


																			Year ended December 31,
	Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q3 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	1,317,890		$	1,469,622		$	1,327,264		$	1,315,063		$	1,176,500		$	935,817		$	4,863,233
Ceded premiums written	(540,101)			(600,203)			(483,352)			(548,369)			(469,008)			(390,960)			(1,968,347)
Net premiums written	777,789			869,419			843,912			766,694			707,492			544,857			2,894,885

Gross premiums earned	1,331,887			1,285,275			1,233,281			1,212,644			1,142,550			948,478			4,445,035
Ceded premiums earned	(549,786)			(516,551)			(480,465)			(490,275)			(461,542)			(378,294)			(1,793,696)
Net premiums earned	782,101			768,724			752,816			722,369			681,008			570,184			2,651,339
Other insurance related income	151			237			82			227			468			688			1,662
Total underwriting revenues	782,252			768,961			752,898			722,596			681,476			570,872			2,653,001

UNDERWRITING EXPENSES
Net losses and loss expenses	519,006			421,836			405,745			383,246			442,681			443,389			1,514,998
Acquisition costs	139,436			144,732			138,812			136,172			123,529			114,569			484,344
Underwriting-related general and administrative expenses	108,072			108,577			113,950			121,505			104,905			94,379			429,282
Total underwriting expenses	766,514			675,145			658,507			640,923			671,115			652,337			2,428,624

UNDERWRITING INCOME (LOSS)	$	15,738		$	93,816		$	94,391		$	81,673		$	10,361		$	(81,465)		$	224,377

Catastrophe and weather-related losses, net of reinstatement premiums	$	112,799		$	27,989		$	32,730		$	22,654		$	104,873		$	131,853		$	174,559
Net favorable prior year reserve development	$	2,558		$	2,773		$	7,062		$	5,008		$	5,418		$	270		$	18,360

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	52.6		%	51.6		%	50.5		%	50.8		%	50.8		%	54.7		%	51.4		%
Catastrophe and weather-related losses ratio	14.1		%	3.6		%	4.3		%	2.9		%	15.0		%	23.1		%	6.4		%
Current accident year loss ratio	66.7		%	55.2		%	54.8		%	53.7		%	65.8		%	77.8		%	57.8		%
Prior year reserve development ratio	(0.3		%)	(0.3		%)	(0.9		%)	(0.6		%)	(0.8		%)	—		%	(0.7		%)
Net losses and loss expenses ratio	66.4		%	54.9		%	53.9		%	53.1		%	65.0		%	77.8		%	57.1		%
Acquisition cost ratio	17.8		%	18.8		%	18.4		%	18.9		%	18.1		%	20.1		%	18.3		%
Underwriting-related general and administrative expenses ratio	13.8		%	14.1		%	15.2		%	16.7		%	15.4		%	16.5		%	16.2		%
Combined ratio	98.0		%	87.8		%	87.5		%	88.7		%	98.5		%	114.4		%	91.6		%

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE SEGMENT DATA


																			Year ended December 31,
	Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q3 2020			2021
UNDERWRITING REVENUES
Gross premiums written	$	389,918		$	643,861		$	1,307,344		$	247,765		$	469,989		$	395,361		$	2,822,752
Ceded premiums written	(130,923)			(196,433)			(338,384)			(67,051)			(181,010)			(124,236)			(791,013)
Net premiums written	258,995			447,428			968,960			180,714			288,979			271,125			2,031,739

Gross premiums earned	680,539			685,933			669,227			723,877			736,730			732,051			2,836,674
Ceded premiums earned	(177,774)			(177,605)			(163,797)			(208,486)			(206,311)			(210,923)			(778,163)
Net premiums earned	502,765			508,328			505,430			515,391			530,419			521,128			2,058,511
Other insurance related income	941			1,976			6,611			6,806			7,197			752			21,633
Total underwriting revenues	503,706			510,304			512,041			522,197			537,616			521,880			2,080,144

UNDERWRITING EXPENSES
Net losses and loss expenses	422,905			347,751			326,954			332,979			468,688			436,288			1,493,785
Acquisition costs	101,075			112,850			109,540			116,008			108,183			115,995			437,490
Underwriting-related general and administrative expenses	24,498			26,826			31,146			18,874			29,921			23,456			107,552
Total underwriting expenses	548,478			487,427			467,640			467,861			606,792			575,739			2,038,827

UNDERWRITING INCOME (LOSS)	$	(44,772)		$	22,877		$	44,401		$	54,336		$	(69,176)		$	(53,859)		$	41,317

Catastrophe and weather-related losses, net of reinstatement premiums	$	99,170		$	39,130		$	27,346		$	31,555		$	144,957		$	108,172		$	268,300
Net favorable prior year reserve development	$	2,177		$	1,167		$	1,894		$	4,262		$	5,594		$	314		$	14,050

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	64.2		%	60.9		%	59.7		%	59.2		%	61.4		%	62.7		%	59.9		%
Catastrophe and weather-related losses ratio	20.3		%	7.7		%	5.4		%	6.2		%	28.0		%	21.1		%	13.3		%
Current accident year loss ratio	84.5		%	68.6		%	65.1		%	65.4		%	89.4		%	83.8		%	73.2		%
Prior year reserve development ratio	(0.4		%)	(0.2		%)	(0.4		%)	(0.8		%)	(1.0		%)	(0.1		%)	(0.6		%)
Net losses and loss expenses ratio	84.1		%	68.4		%	64.7		%	64.6		%	88.4		%	83.7		%	72.6		%
Acquisition cost ratio	20.1		%	22.2		%	21.7		%	22.5		%	20.4		%	22.3		%	21.3		%
Underwriting-related general and administrative expense ratio	4.9		%	5.3		%	6.1		%	3.7		%	5.6		%	4.5		%	5.1		%
Combined ratio	109.1		%	95.9		%	92.5		%	90.8		%	114.4		%	110.5		%	99.0		%

AXIS CAPITAL HOLDINGS LIMITED

STRATEGIC CAPITAL PARTNERS


	Three months ended September 30,												Nine months ended September 30,
	2022						2021						2022						2021
TOTAL MANAGED PREMIUMS [a]	Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total		Insurance		Reinsurance		Total
Total Managed Premiums	$	1,317,890	$	389,918	$	1,707,808	$	1,176,500	$	469,989	$	1,646,489	$	4,114,776	$	2,341,123	$	6,455,899	$	3,548,169	$	2,574,987	$	6,123,156
Premiums ceded to Harrington Re	4,279		44,867		49,146		5,549		44,674		50,223		14,704		263,803		278,507		9,594		230,151		239,745
Premiums ceded to Other Strategic Capital Partners	—		86,056		86,056		—		136,336		136,336		—		401,938		401,938		—		493,811		493,811
Premiums ceded to Other Reinsurers	535,822		—		535,822		463,459		—		463,459		1,608,952		—		1,608,952		1,410,385		—		1,410,385
Net premiums written	$	777,789	$	258,995	$	1,036,784	$	707,492	$	288,979	$	996,471	$	2,491,120	$	1,675,382	$	4,166,502	$	2,128,190	$	1,851,025	$	3,979,215

FEE INCOME FROM STRATEGIC CAPITAL PARTNERS [b]
Other insurance related income	$	—	$	519	$	519	$	—	$	6,798	$	6,798	$	—	$	8,184	$	8,184	$	—	$	13,424	$	13,424
Offset to general and administrative expenses	—		10,583		10,583		—		11,499		11,499		—		32,365		32,365		—		32,568		32,568
Total Fee income	$	—	$	11,102	$	11,102	$	—	$	18,297	$	18,297	$	—	$	40,549	$	40,549	$	—	$	45,992	$	45,992

[a] Total managed premiums represents gross premiums written of $1.7 billion and $1.6 billion for the three months ended September 30, 2022 and 2021, respectively, and $6.5 billion and $6.1 billion for the nine months ended September 30, 2022 and 2021, respectively, and includes premiums written by the insurance and reinsurance segments on behalf of strategic capital partners and other reinsurers. Premiums ceded to strategic capital partners and other reinsurers by AXIS Insurance and AXIS Re are presented above.

[b] Fee income from strategic capital partners represents service fees and reimbursement of expenses from strategic capital partners.

AXIS CAPITAL HOLDINGS LIMITED

NET INVESTMENT INCOME


													Nine months ended September 30,				Year ended December 31,
	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q3 2020		2022		2021		2021

Fixed maturities	$	87,364	$	72,607	$	64,809	$	67,623	$	63,712	$	73,992	$	224,780	$	194,426	$	262,049
Other investments	(7,576)		14,327		26,050		56,965		41,695		25,125		32,801		124,941		181,906
Equity securities	2,490		2,688		2,172		4,430		2,724		1,871		7,349		8,322		12,752
Mortgage loans	6,256		4,903		4,163		4,461		4,426		3,609		15,323		12,967		17,427
Cash and cash equivalents	5,350		3,679		1,118		808		692		2,491		10,147		3,645		4,454
Short-term investments	1,004		402		166		74		391		440		1,571		590		664

Gross investment income	94,888		98,606		98,478		134,361		113,640		107,528		291,971		344,891		479,252
Investment expenses	(6,711)		(6,392)		(7,123)		(6,233)		(6,301)		(5,572)		(20,227)		(18,717)		(24,951)

Net investment income	$	88,177	$	92,214	$	91,355	$	128,128	$	107,339	$	101,956	$	271,744	$	326,174	$	454,301

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS


	September 30,			June 30,			March 31,			December 31,			September 30,			September 30,
	2022			2022			2022			2021			2021			2020
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	10,784,353		$	11,304,682		$	11,456,024		$	12,313,200		$	12,380,959		$	12,609,241
Fixed maturities, held to maturity, at amortized cost	690,380			641,428			493,509			446,016			416,879			—
Equity securities, at fair value	469,839			522,161			563,950			655,675			618,822			417,886
Mortgage loans, held for investment, at fair value	653,700			656,112			627,063			594,088			623,487			544,095
Other investments, at fair value	970,310			981,774			954,602			947,982			892,664			760,206
Equity method investments	151,333			158,893			157,843			146,293			145,080			104,242
Short-term investments, at fair value	80,260			65,683			70,385			31,063			68,267			69,996
Total investments	13,800,175			14,330,733			14,323,376			15,134,317			15,146,158			14,505,666
Cash and cash equivalents	1,835,262			1,497,928			1,706,711			1,317,690			1,499,204			1,440,816
Accrued interest receivable	77,771			73,873			64,906			64,350			62,423			70,013
Insurance and reinsurance premium balances receivable	2,788,484			3,174,117			3,163,990			2,622,676			2,978,996			3,131,791
Reinsurance recoverable on unpaid losses and loss expenses	5,244,263			5,008,583			4,957,080			5,017,611			4,989,645			4,337,683
Reinsurance recoverable on paid losses and loss expenses	438,497			510,613			612,027			642,215			506,503			373,431
Deferred acquisition costs	541,544			576,237			575,250			465,593			544,384			520,706
Prepaid reinsurance premiums	1,597,586			1,656,643			1,555,303			1,377,358			1,460,723			1,278,672
Receivable for investments sold	6,452			10,421			55,473			4,555			2,028			17,513
Goodwill	100,801			100,801			100,801			100,801			100,801			102,003
Intangible assets	200,529			203,259			205,988			208,717			211,557			222,362
Value of business acquired	—			—			—			—			770			4,881
Operating lease right-of-use assets	96,631			94,451			98,837			103,295			107,791			131,776
Other assets	391,758			381,768			388,816			309,792			324,154			315,683
TOTAL ASSETS	$	27,119,753		$	27,619,427		$	27,808,558		$	27,368,970		$	27,935,137		$	26,452,996

LIABILITIES
Reserve for losses and loss expenses	$	14,652,196		$	14,398,039		$	14,470,155		$	14,653,094		$	14,658,996		$	13,653,488
Unearned premiums	4,650,934			4,963,138			4,824,128			4,090,676			4,464,282			4,070,649
Insurance and reinsurance balances payable	1,569,946			1,624,184			1,522,258			1,324,620			1,442,729			1,244,846
Debt	1,312,633			1,311,637			1,311,304			1,310,975			1,310,650			1,309,384
Federal Home Loan Bank advances	80,540			—			—			—			—			—
Payable for investments purchased	78,956			186,921			127,284			31,543			239,073			458,111
Operating lease liabilities	103,345			105,129			113,340			119,512			123,874			140,058
Other liabilities	327,780			327,748			319,549			427,894			360,478			310,565
TOTAL LIABILITIES	22,776,330			22,916,796			22,688,018			21,958,314			22,600,082			21,187,101

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,354,895			2,341,507			2,328,986			2,346,179			2,336,895			2,325,196
Accumulated other comprehensive income (loss)	(1,042,650)			(724,114)			(338,300)			56,536			150,122			350,111
Retained earnings	6,244,268			6,298,680			6,308,712			6,204,745			6,044,843			5,804,637
Treasury shares, at cost	(3,765,296)			(3,765,648)			(3,731,064)			(3,749,010)			(3,749,011)			(3,766,255)


TOTAL SHAREHOLDERS' EQUITY	4,343,423			4,702,631			5,120,540			5,410,656			5,335,055			5,265,895

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	27,119,753		$	27,619,427		$	27,808,558		$	27,368,970		$	27,935,137		$	26,452,996

Common shares outstanding	84,666			84,655			85,276			84,774			84,773			84,309
Diluted common shares outstanding [a]	87,205			87,201			87,948			87,147			87,216			86,132
Book value per common share	$44.80			$49.05			$53.60			$57.34			$56.45			$55.94
Book value per diluted common share	$43.50			$47.62			$51.97			$55.78			$54.86			$54.75
Tangible book value per diluted common share	$40.64			$44.74			$49.08			$52.84			$51.89			$51.52
Debt to total capital [b]	23.2		%	21.8		%	20.4		%	19.5		%	19.7		%	19.9		%
Debt and preferred equity to total capital	32.9		%	31.0		%	28.9		%	27.7		%	28.0		%	28.3		%

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

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

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS PORTFOLIO


	At September 30, 2022												At December 31, 2021
	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage			Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,524,837	$	—	$	26	$	(138,355)	$	2,386,508	15.3	%		$	2,682,448	16.3	%
Non-U.S. government	595,713		—		254		(80,272)		515,695		3.3	%		795,178		4.8	%
Corporate debt	4,688,443		(10,380)		1,167		(539,118)		4,140,112		26.5	%		4,495,312		27.3	%
Agency RMBS	1,128,676		—		405		(113,073)		1,016,008		6.5	%		1,074,589		6.5	%
CMBS	1,088,174		—		21		(83,187)		1,005,008		6.4	%		1,248,191		7.6	%
Non-Agency RMBS	160,143		(91)		403		(19,099)		141,356		0.9	%		186,164		1.1	%
ABS	1,520,653		(33)		230		(84,138)		1,436,712		9.2	%		1,622,480		9.8	%
Municipals	159,296		—		—		(16,342)		142,954		0.9	%		208,838		1.3	%
Total fixed maturities, available for sale, at fair value	11,865,935		(10,504)		2,506		(1,073,584)		10,784,353		69.0	%		12,313,200		74.7	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	77,200		—		—		—		77,200		0.5	%		37,700		0.2	%
ABS	613,180		—		—		—		613,180		3.9	%		408,316		2.5	%
Total fixed maturities, held to maturity, at amortized cost	690,380		—		—		—		690,380		4.4	%		446,016		2.7	%

Equity securities, at fair value
Common stocks	13,655		—		350		(2,718)		11,287		0.1	%		1,364		—	%
Preferred Stocks	115		—		—		(43)		72		—	%		179		—	%
Exchange-traded funds	227,847		—		56,783		(14,050)		270,580		1.7	%		336,815		2.0	%
Bond mutual funds	278,309		—		—		(90,409)		187,900		1.2	%		317,317		2.0	%
Total equity securities, at fair value	519,926		—		57,133		(107,220)		469,839		3.0	%		655,675		4.0	%

Total fixed maturities and equity securities	$	13,076,241	$	(10,504)	$	59,639	$	(1,180,804)	11,944,572		76.4	%		13,414,891		81.4	%
Mortgage loans, held for investment									653,700		4.2	%		594,088		3.6	%
Other investments									970,310		6.2	%		947,982		5.7	%
Equity method investments									151,333		1.0	%		146,293		0.9	%
Short-term investments									80,260		0.4	%		31,063		0.2	%
Total investments									13,800,175		88.2	%		15,134,317		91.8	%
Cash and cash equivalents [a]									1,835,262		11.7	%		1,317,690		8.0	%
Accrued interest receivable									77,771		0.5	%		64,350		0.4	%
Net receivable/(payable) for investments sold (purchased)									(72,504)		(0.4	%)		(26,988)		(0.2	%)
Total cash and invested assets									$	15,640,704	100.0	%		$	16,489,369	100.0	%

[a] Includes $625 million and $473 million of restricted cash and cash equivalents at September 30, 2022 and December 31, 2021, respectively.


	At September 30, 2022				At December 31, 2021
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:
Long/short equity funds	$	—	—	%	$	3,476	0.4	%
Multi-strategy funds	39,138		4.0	%	56,012		5.9	%

Direct lending funds	249,561		25.7	%	289,867		30.6	%
Real estate funds	287,932		29.7	%	238,222		25.1	%
Private equity funds	268,593		27.7	%	249,974		26.4	%
Other privately held investments	119,919		12.4	%	104,521		11.0	%
Collateralized loan obligations - equity tranches	5,167		0.5	%	5,910		0.6	%
Total	$	970,310	100.0	%	$	947,982	100.0	%

AXIS CAPITAL HOLDINGS LIMITED

CASH AND INVESTED ASSETS COMPOSITION


	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q3 2020
	Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %		Fair Value %
CASH AND INVESTED ASSETS PORTFOLIO
Fixed Maturities, available for sale:
U.S. government and agency	15.3	%	15.5	%	14.3	%	16.3	%	16.3	%	12.8	%
Non-U.S. government	3.3	%	4.2	%	4.6	%	4.8	%	4.4	%	4.3	%
Corporate debt	26.5	%	27.6	%	27.9	%	27.3	%	27.6	%	30.8	%
MBS:
Agency RMBS	6.5	%	6.5	%	5.8	%	6.5	%	7.1	%	10.8	%
CMBS	6.4	%	6.9	%	7.2	%	7.6	%	7.4	%	8.9	%
Non-agency RMBS	0.9	%	0.9	%	1.1	%	1.1	%	1.2	%	0.9	%
ABS	9.2	%	9.3	%	9.6	%	9.8	%	10.0	%	10.7	%
Municipals	0.9	%	1.0	%	1.0	%	1.3	%	1.2	%	1.8	%

Total Fixed Maturities, available for sale	69.0	%	71.9	%	71.5	%	74.7	%	75.2	%	81.0	%
Fixed Maturities, held to maturity:
Corporate debt	0.5	%	0.4	%	0.3	%	0.2	%	0.1	%	—	%
ABS	3.9	%	3.7	%	2.8	%	2.5	%	2.4	%	—	%

Total Fixed Maturities, held to maturity	4.4	%	4.1	%	3.1	%	2.7	%	2.5	%	—	%
Equity securities	3.0	%	3.3	%	3.5	%	4.0	%	3.8	%	2.7	%
Mortgage loans	4.2	%	4.2	%	3.9	%	3.6	%	3.8	%	3.5	%
Other investments	6.2	%	6.2	%	6.0	%	5.7	%	5.4	%	4.9	%
Equity method investments	1.0	%	1.0	%	1.0	%	0.9	%	0.9	%	0.7	%
Short-term investments	0.4	%	0.4	%	0.4	%	0.2	%	0.4	%	0.3	%

Total Investments	88.2	%	91.1	%	89.4	%	91.8	%	92.0	%	93.1	%
Cash and cash equivalents	11.7	%	9.5	%	10.7	%	8.0	%	9.1	%	9.3	%
Accrued interest receivable	0.5	%	0.5	%	0.4	%	0.4	%	0.4	%	0.4	%
Net receivable/(payable) for investments sold (purchased)	(0.4	%)	(1.1	%)	(0.5	%)	(0.2	%)	(1.5	%)	(2.8	%)
Total Cash and Invested Assets	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CREDIT QUALITY OF FIXED MATURITIES
U.S. government and agency	20.8	%	20.4	%	19.0	%	21.0	%	21.0	%	15.8	%
AAA	35.2	%	35.1	%	35.0	%	35.2	%	36.1	%	39.8	%
AA	7.5	%	7.7	%	7.6	%	7.7	%	7.1	%	7.4	%
A	15.7	%	15.8	%	15.9	%	15.0	%	14.5	%	15.7	%
BBB	11.6	%	12.0	%	12.8	%	12.5	%	12.4	%	13.4	%
Below BBB	9.2	%	9.0	%	9.7	%	8.6	%	8.9	%	7.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

MATURITY PROFILE OF FIXED MATURITIES
Within one year	5.4	%	4.9	%	4.2	%	3.9	%	4.0	%	2.9	%
From one to five years	39.0	%	39.2	%	38.5	%	38.5	%	38.3	%	35.3	%
From five to ten years	17.1	%	18.1	%	19.5	%	19.8	%	19.3	%	21.1	%
Above ten years	1.8	%	2.0	%	2.3	%	2.2	%	2.2	%	2.1	%
Asset-backed and mortgage-backed securities	36.7	%	35.8	%	35.5	%	35.6	%	36.2	%	38.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

CASH AND INVESTED ASSETS PORTFOLIO CHARACTERISTICS
Book yield of fixed maturities	2.9	%	2.4	%	2.1	%	1.9	%	1.9	%	2.3	%
Yield to maturity of fixed maturities	5.5	%	4.3	%	3.1	%	1.7	%	1.4	%	1.4	%
Average duration of fixed maturities (inclusive of duration hedges)	2.9 yrs		3.0 yrs		3.1 yrs		3.0 yrs		3.1 yrs		3.4 yrs
Average credit quality	AA-		AA-		AA-		AA-		AA-		AA-

AXIS CAPITAL HOLDINGS LIMITED

CORPORATE DEBT INVESTED ASSETS COMPOSITION

At September 30, 2022


	Fair Value or Net Carrying Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	769,488	18.6	%	4.9	%
Non-U.S. banks	351,942		8.5	%	2.3	%
Corporate/commercial finance	283,155		6.8	%	1.8	%
Insurance	153,784		3.7	%	1.0	%
Investment brokerage	86,801		2.1	%	0.6	%
Total financial institutions	1,645,170		39.7	%	10.6	%
Consumer non-cyclicals	352,700		8.5	%	2.3	%
Communications	209,130		5.1	%	1.3	%
Consumer cyclical	187,898		4.5	%	1.2	%
Utilities	173,696		4.2	%	1.1	%
Technology	143,041		3.5	%	0.9	%
Industrials	132,711		3.2	%	0.8	%
Energy	116,821		2.8	%	0.7	%
Non-U.S. government guaranteed	94,488		2.3	%	0.6	%
Transportation	91,644		2.2	%	0.6	%
Total investment grade	3,147,299		76.0	%	20.1	%

Total non-investment grade	992,813		24.0	%	6.4	%

Total corporate debt, available for sale, at fair value	$	4,140,112	100.0	%	26.5	%

Total corporate debt, held to maturity, at amortized cost	$	77,200	100.0	%	0.5	%

AXIS CAPITAL HOLDINGS LIMITED

INVESTMENT PORTFOLIO

TEN LARGEST CORPORATE DEBT HOLDINGS

At September 30, 2022


	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	126,051	$	(18,024)	$	108,027	0.9	%
GOLDMAN SACHS GROUP	117,073		(14,420)		102,653		0.9	%
MORGAN STANLEY	114,159		(15,773)		98,386		0.9	%
WELLS FARGO & COMPANY	107,423		(12,842)		94,581		0.8	%
JP MORGAN CHASE & CO	100,473		(17,057)		83,416		0.7	%
CITIGROUP INC	89,530		(12,814)		76,716		0.7	%
AT&T INC	46,470		(8,103)		38,367		0.3	%
MITSUBISHI UFJ FINANCIAL GROUP INC	42,426		(5,425)		37,001		0.3	%
BRITISH AMERICAN TOBACCO PLC	34,117		(3,213)		30,904		0.3	%
AMERICAN EXPRESS COMPANY	32,187		(2,022)		30,165		0.3	%

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

AXIS CAPITAL HOLDINGS LIMITED

MORTGAGE-BACKED AND ASSET-BACKED SECURITIES COMPOSITION

At September 30, 2022


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

Residential MBS	$	1,016,008		$	127,848		$	4,772		$	4,015		$	74		$	4,647		$	1,157,364
Commercial MBS	41,257			879,199			79,621			4,931			—			—			1,005,008
ABS	—			1,178,926			112,942			91,970			27,809			25,065			1,436,712

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,057,265		$	2,185,973		$	197,335		$	100,916		$	27,883		$	29,712		$	3,599,084

Percentage of total	29.4		%	60.7		%	5.5		%	2.8		%	0.8		%	0.8		%	100.0		%


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

ABS	—��			391,651			221,529			—			—			—			613,180

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	391,651		$	221,529		$	—		$	—		$	—		$	613,180

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

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS


	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q3 2021		Q3 2020
Reinsurance recoverable on paid losses and loss expenses:
Insurance	$	294,560	$	382,001	$	445,134	$	451,609	$	338,908	$	234,072
Reinsurance	143,937		128,612		166,893		190,606		167,595		139,359
Total	$	438,497	$	510,613	$	612,027	$	642,215	$	506,503	$	373,431

Reinsurance recoverable on unpaid losses and loss expenses: Case reserves
Insurance	$	877,360	$	808,623	$	821,432	$	922,709	$	908,182	$	874,612
Reinsurance	658,797		670,173		639,251		614,125		575,628		452,201
Total	$	1,536,157	$	1,478,796	$	1,460,683	$	1,536,834	$	1,483,810	$	1,326,813

Reinsurance recoverable on unpaid losses and loss expenses: IBNR
Insurance	$	2,744,920	$	2,622,990	$	2,592,388	$	2,554,202	$	2,569,194	$	2,258,508
Reinsurance	992,208		935,198		932,801		956,130		963,728		775,187
Total	$	3,737,128	$	3,558,188	$	3,525,189	$	3,510,332	$	3,532,922	$	3,033,695

Allowance for expected credit losses:
Insurance	$	(26,234)	$	(25,682)	$	(25,475)	$	(25,869)	$	(23,664)	$	(20,369)
Reinsurance	(2,788)		(2,719)		(3,317)		(3,685)		(3,423)		(2,456)
Total	$	(29,022)	$	(28,401)	$	(28,792)	$	(29,554)	$	(27,087)	$	(22,825)

Reinsurance recoverable on unpaid and paid losses and loss expenses:
Insurance	$	3,890,606	$	3,787,932	$	3,833,479	$	3,902,651	$	3,792,620	$	3,346,823
Reinsurance	1,792,154		1,731,264		1,735,628		1,757,176		1,703,528		1,364,291
Total	$	5,682,760	$	5,519,196	$	5,569,107	$	5,659,827	$	5,496,148	$	4,711,114

AXIS CAPITAL HOLDINGS LIMITED

REINSURANCE RECOVERABLE ANALYSIS

At September 30, 2022


Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity	Allowance for expected credit losses		Allowance for expected credit loss as % of Reinsurance Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverable	$	2,984,236	$	(857,754)	$	2,126,482	51.0%	49.0%	$	(11,347)	0.4%	$	2,972,889
Other reinsurers balances > $20 million	2,197,462		(544,698)		1,652,764		39.7%	38.1%	(13,682)		0.6%	2,183,780
Other reinsurers balances < $20 million	530,084		(144,501)		385,583		9.3%	8.8%	(3,993)		0.8%	526,091
Total	$	5,711,782	$	(1,546,953)	$	4,164,829	100.0%	95.9%	$	(29,022)	0.5%	$	5,682,760

At September 30, 2022, reinsurance recoverable balances, gross of collateral, of 85.2% (December 31, 2021: 85.7%) were collectible from reinsurers rated the equivalent of A- or better by A.M. Best.


Top 10 Reinsurers, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	13.7%	13.2%
2	Harrington Re Ltd.	8.6%	8.2%
3	Transatlantic Reinsurance Co	6.1%	5.9%
4	Hannover Ruck SE	5.7%	5.5%
5	Lloyds of London	5.4%	5.2%
6	SCOR Reinsurance Company	4.5%	4.3%
7	Partner Reinsurance Co of the US	4.4%	4.2%
8	Munich Reinsurance America, Inc	3.6%	3.4%
9	Everest Reinsurance Company	3.3%	3.1%
10	Swiss Reinsurance Company Ltd.	2.6%	2.5%
		57.9%	55.5%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES



	Three months ended September 30, 2022						Nine months ended September 30, 2022
	Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses		Reserve for losses and loss expenses		Reinsurance recoverable on unpaid losses and loss expenses		Net reserve for losses and loss expenses
Reserve for losses and loss expenses

Beginning of period	$	14,398,039	$	(5,008,583)	$	9,389,456	$	14,653,094	$	(5,017,611)	$	9,635,483
Incurred losses and loss expenses	1,497,215		(555,304)		941,911		3,710,653		(1,266,457)		2,444,196
Paid losses and loss expenses	(967,448)		272,933		(694,515)		(3,116,927)		947,095		(2,169,832)
Foreign exchange and other	(275,610)		46,691		(228,919)		(594,624)		92,710		(501,914)

End of period [a]	$	14,652,196	$	(5,244,263)	$	9,407,933	$	14,652,196	$	(5,244,263)	$	9,407,933

[a] At September 30, 2022, reserve for losses and loss expenses included IBNR of $9.4 billion, or 64% (December 31, 2021: $9.1 billion, or 62%).

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended September 30, 2022									Nine months ended September 30, 2022
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total

Gross paid losses and loss expenses	$	474,475		$	492,973		$	967,448			$	1,723,656		$	1,393,271		$	3,116,927
Reinsurance recoverable on paid losses and loss expenses	(172,617)			(100,316)			(272,933)				(679,162)			(267,933)			(947,095)
Net paid losses and loss expenses	301,858			392,657			694,515				1,044,494			1,125,338			2,169,832

Gross case reserves	162,750			(36,789)			125,961				(35,574)			84,561			48,987
Gross IBNR	276,075			127,731			403,806				545,228			(489)			544,739
Reinsurance recoverable on unpaid losses and loss expenses	(221,677)			(60,694)			(282,371)				(207,563)			(111,799)			(319,362)
Net unpaid losses and loss expenses	217,148			30,248			247,396				302,091			(27,727)			274,364

Total net incurred losses and loss expenses	$	519,006		$	422,905		$	941,911			$	1,346,585		$	1,097,611		$	2,444,196

Gross reserve for losses and loss expenses	$	8,092,090		$	6,560,106		$	14,652,196			$	8,092,090		$	6,560,106		$	14,652,196

Net favorable prior year reserve development	$	2,558		$	2,177		$	4,735			$	12,396		$	5,236		$	17,632

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	58.2		%	92.8		%	73.7		%		77.6		%	102.5		%	88.8		%

Net paid losses and loss expenses / Net premiums earned	38.6		%	78.1		%	54.1		%		45.3		%	74.2		%	56.8		%
Net unpaid losses and loss expenses / Net premiums earned	27.8		%	6.0		%	19.2		%		13.2		%	(1.8		%)	7.2		%
Net losses and loss expenses ratio	66.4		%	84.1		%	73.3		%		58.5		%	72.4		%	64.0		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

INSURANCE


																			Year ended December 31,
	Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021			Q3 2020			2021
INSURANCE SEGMENT
Gross paid losses and loss expenses	$	474,475		$	549,819		$	699,362		$	691,657		$	441,854		$	502,517		$	2,200,524
Reinsurance recoverable on paid losses and loss expenses	(172,617)			(217,004)			(289,540)			(319,661)			(154,584)			(203,805)			(886,710)
Net paid losses and loss expenses	301,858			332,815			409,822			371,996			287,270			298,712			1,313,814

Gross case reserves	162,750			3,879			(202,202)			67,731			47,583			(68,443)			94,651
Gross IBNR	276,075			126,823			142,331			(66,132)			326,336			277,499			392,451
Reinsurance recoverable on unpaid losses and loss expenses	(221,677)			(41,681)			55,794			9,651			(218,508)			(64,379)			(285,918)
Net unpaid losses and loss expenses	217,148			89,021			(4,077)			11,250			155,411			144,677			201,184

Total net incurred losses and loss expenses	$	519,006		$	421,836		$	405,745		$	383,246		$	442,681		$	443,389		$	1,514,998

Gross reserve for losses and loss expenses	$	8,092,090		$	7,764,775		$	7,719,773		$	7,803,529		$	7,797,533		$	7,135,537		$	7,803,529

Net favorable prior year reserve development	$	2,558		$	2,773		$	7,062		$	5,008		$	5,418		$	270		$	18,360

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	58.2		%	78.9		%	101.0		%	97.1		%	64.9		%	67.4		%	86.7		%

Net paid losses and loss expenses / Net premiums earned	38.6		%	43.3		%	54.4		%	51.5		%	42.2		%	52.4		%	49.6		%
Net unpaid losses and loss expenses / Net premiums earned	27.8		%	11.6		%	(0.5		%)	1.6		%	22.8		%	25.4		%	7.5		%
Net losses and loss expenses ratio	66.4		%	54.9		%	53.9		%	53.1		%	65.0		%	77.8		%	57.1		%

AXIS CAPITAL HOLDINGS LIMITED

RESERVE FOR LOSSES AND LOSS EXPENSES: PAID TO INCURRED ANALYSIS

REINSURANCE


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
























REINSURANCE SEGMENT
Gross paid losses and loss expenses	$	492,973		$	440,219		$	460,079		$	448,300		$	484,553		$	467,319		$	1,758,039
Reinsurance recoverable on paid losses and loss expenses	(100,316)			(81,162)			(86,455)			(98,494)			(78,672)			(69,218)			(307,602)
Net paid losses and loss expenses	392,657			359,057			373,624			349,806			405,881			398,101			1,450,437

Gross case reserves	(36,789)			99,716			21,633			77,796			81,030			65,919			221,891
Gross IBNR	127,731			(62,967)			(65,254)			(68,857)			142,067			59,996			123,080
Reinsurance recoverable on unpaid losses and loss expenses	(60,694)			(48,055)			(3,049)			(25,766)			(160,290)			(87,728)			(301,623)
Net unpaid losses and loss expenses	30,248			(11,306)			(46,670)			(16,827)			62,807			38,187			43,348

Total net incurred losses and loss expenses	$	422,905		$	347,751		$	326,954		$	332,979		$	468,688		$	436,288		$	1,493,785

Gross reserve for losses and loss expenses	$	6,560,106		$	6,633,264		$	6,750,382		$	6,849,565		$	6,861,463		$	6,517,951		$	6,849,565

Net favorable prior year reserve development	$	2,177		$	1,167		$	1,894		$	4,262		$	5,594		$	314		$	14,050

Key Ratios

Net paid losses and loss expenses / Net incurred losses and loss expenses	92.8		%	103.3		%	114.3		%	105.1		%	86.6		%	91.2		%	97.1		%

Net paid losses and loss expenses / Net premiums earned	78.1		%	70.6		%	73.9		%	67.9		%	76.5		%	76.4		%	70.5		%
Net unpaid losses and loss expenses / Net premiums earned	6.0		%	(2.2		%)	(9.2		%)	(3.3		%)	11.9		%	7.3		%	2.1		%
Net losses and loss expenses ratio	84.1		%	68.4		%	64.7		%	64.6		%	88.4		%	83.7		%	72.6		%

AXIS CAPITAL HOLDINGS LIMITED

NET PROBABLE MAXIMUM LOSSES TO CERTAIN PEAK INDUSTRY CATASTROPHE EXPOSURES - AS OF OCTOBER 1, 2022


		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		% of Common Shareholders' Equity		100 Year Return Period		% of Common Shareholders' Equity		250 Year Return Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	79	2.1	%	$	103	2.7	%	$	151	4.0	%
Northeast	U.S. Hurricane	18		0.5	%	51		1.3	%	116		3.1	%
Mid-Atlantic	U.S. Hurricane	41		1.1	%	87		2.3	%	153		4.0	%
Gulf of Mexico	U.S. Hurricane	85		2.2	%	123		3.2	%	171		4.5	%
Europe	Windstorm	68		1.8	%	86		2.3	%	112		3.0	%
Japan	Windstorm	30		0.8	%	71		1.9	%	94		2.5	%
Japan	Earthquake	46		1.2	%	92		2.4	%	160		4.2	%
California	Earthquake	78		2.1	%	126		3.3	%	211		5.6	%

The table above shows our net Probable Maximum Loss (“PML”) to a single natural peril catastrophe event within certain defined single zones which correspond to peak industry catastrophe exposures at October 1, 2022. The return period refers to the frequency with which losses of a given amount or greater are expected to occur. A zone is a geographic area in which the insurance risks are considered to be correlated to a single catastrophic event. Estimated losses from a modeled event are grouped into a single zone, as shown above, based on where the majority of the total estimated industry loss is expected to occur.

As indicated in the table above, our modeled single occurrence 1-in-100 year return period PML for a Southeast U.S. hurricane, net of reinsurance, is approximately $0.1 billion. According to our modeling, there is a one percent chance that on an annual basis, losses incurred from a Southeast U.S. hurricane event could be in excess of $0.1 billion. Conversely, there is a 99% chance that on an annual basis, the loss from a Southeast U.S. hurricane will fall below $0.1 billion.

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

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


	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021

Net income (loss) available (attributable) to common shareholders	$	(16,947)	$	47,385	$	151,904	$	391,028

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Weighted average common shares outstanding	84,660		84,771		84,930		84,684
Dilutive share equivalents:
Share-based compensation plans [a]	—		565		744		507
Weighted average diluted common shares outstanding	84,660		85,336		85,674		85,191

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	($0.20)		$0.56		$1.79		$4.62
Earnings (loss) per diluted common share	($0.20)		$0.56		$1.77		$4.59

[a] Due to the net loss attributable to common shareholders recognized for the three months ended September 30, 2022, the share equivalents were anti-dilutive.

EARNINGS PER COMMON SHARE INFORMATION AND COMMON SHARES ROLL FORWARD


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

Net income (loss) available (attributable) to common shareholders	$	(16,947)	$	27,215	$	141,637	$	197,329	$	47,385	$	(72,945)

COMMON SHARES OUTSTANDING
Common shares - at beginning of period	84,655		85,276		84,774		84,773		84,767		84,306
Shares issued and treasury shares reissued	17		19		747		5		10		5
Shares repurchased for treasury	(6)		(640)		(245)		(4)		(4)		(2)
Common shares - at end of period	84,666		84,655		85,276		84,774		84,773		84,309

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding	84,660		85,173		84,961		84,774		84,771		84,308
Dilutive share equivalents:

Share-based compensation plans [a]	—		670		847		817		565		—
Weighted average diluted common shares outstanding	84,660		85,843		85,808		85,591		85,336		84,308

EARNINGS (LOSS) PER COMMON SHARE
Earnings (loss) per common share	($0.20)		$0.32		$1.67		$2.33		$0.56		($0.87)
Earnings (loss) per diluted common share	($0.20)		$0.32		$1.65		$2.31		$0.56		($0.87)

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

AXIS CAPITAL HOLDINGS LIMITED

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


	At September 30, 2022

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

Closing stock price					$49.15

Book value per common share		$	3,793,423	84,666	$44.80

Dilutive securities: [b]

Restricted stock units				2,539	(1.30)
Book value per diluted common share		$	3,793,423	87,205	$43.50

	At December 31, 2021

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

Closing stock price					$54.47

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



Dilutive securities: [b]


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

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

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

TANGIBLE BOOK VALUE PER DILUTED COMMON SHARE



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

Common shareholders' equity	$	3,793,423	$	4,152,631	$	4,570,540	$	4,860,656	$	4,785,055	$	4,715,895
Less: goodwill	(100,801)		(100,801)		(100,801)		(100,801)		(100,801)		(102,003)
Less: intangible assets	(200,529)		(203,259)		(205,988)		(208,717)		(211,557)		(222,362)
Associated tax impact	52,086		52,546		53,055		53,500		53,175		46,333
Tangible common shareholders' equity	$	3,544,179	$	3,901,117	$	4,316,806	$	4,604,638	$	4,525,872	$	4,437,863

Diluted common shares outstanding, net of treasury shares [a]	87,205		87,201		87,948		87,147		87,216		86,132

Book value per diluted common share	$	43.50	$	47.62	$	51.97	$	55.78	$	54.86	$	54.75

Tangible book value per diluted common share	$	40.64	$	44.74	$	49.08	$	52.84	$	51.89	$	51.52

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

AXIS CAPITAL HOLDINGS LIMITED

NON-GAAP FINANCIAL MEASURES RECONCILIATION (UNAUDITED)

OPERATING INCOME AND OPERATING RETURN ON AVERAGE COMMON EQUITY



	Three months ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Net income (loss) available (attributable) to common shareholders	$	(16,947)		$	47,385		$	151,904		$	391,028
Net investment (gains) losses [a]	146,458			(10,932)			414,231			(113,868)
Foreign exchange gains [b]	(135,660)			(28,032)			(236,934)			(4,316)
Reorganization expenses [c]	6,213			—			21,941			—
Interest in (income) loss of equity method investments [d]	7,560			(11,911)			(5,040)			(30,871)
Income tax expense (benefit)	(5,117)			4,534			(14,779)			12,316
Operating income	$	2,507		$	1,044		$	331,323		$	254,289

Earnings (loss) per diluted common share	$	(0.20)		$	0.56		$	1.77		$	4.59
Net investment (gains) losses	1.72			(0.13)			4.83			(1.34)
Foreign exchange gains	(1.59)			(0.33)			(2.77)			(0.05)
Reorganization expenses	0.07			—			0.26			—
Interest in (income) loss of equity method investments	0.09			(0.14)			(0.06)			(0.36)
Income tax expense (benefit)	(0.06)			0.05			(0.17)			0.14
Operating income per diluted common share	$	0.03		$	0.01		$	3.86		$	2.98

Weighted average diluted common shares outstanding	85,376			85,336			85,674			85,191

Average common shareholders' equity	$	3,973,027		$	4,812,408		$	4,327,040		$	4,765,375

Annualized return on average common equity	(1.7		%)	3.9		%	4.7		%	10.9		%

Annualized operating return on average common equity	0.3		%	0.1		%	10.2		%	7.1		%

[a] Tax expense (benefit) of ($608) and $606 for the three months ended September 30, 2022 and 2021, respectively, and ($33,519) and $9,581 for the nine months ended September 30, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the ability to utilize capital losses.

[b] Tax expense (benefit) of ($3,757) and $3,928 for the three months ended September 30, 2022 and 2021, respectively and $21,191 and $2,735 for the nine months ended September 30, 2022 and 2021 respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions, after consideration of other relevant factors including the tax status of specific foreign exchange transactions.

[c] Tax expense (benefit) of ($752) and ($2,451) for the three and nine months ended September 30, 2022, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

[d] Tax expense (benefit) of $nil for the three and nine months ended September 30, 2022 and 2021, respectively. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

AXIS CAPITAL HOLDINGS LIMITED

RATIONALE FOR THE USE OF NON-GAAP FINANCIAL MEASURES

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

Underwriting-Related General and Administrative Expenses

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

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

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

Consolidated Underwriting Income (Loss)

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

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

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

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

Reorganization expenses include compensation-related costs and software asset impairments mainly attributable to our exit from catastrophe and property reinsurance lines of business, part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from consolidated underwriting income (loss).

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

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

Operating Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. In addition, we recognize unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities in net investment gains (losses). We recognize unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss). These unrealized foreign exchange losses (gains) generally offset a large portion of the foreign exchange losses (gains) reported in net income (loss), thereby minimizing the impact of foreign exchange rate movements on total shareholders’ equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business, therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses include compensation-related costs and software asset impairments mainly attributable to our exit of our catastrophe and property reinsurance lines of business, part of an overall approach to reduce our exposure to volatile catastrophe risk, announced in June 2022. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process, therefore, these expenses are excluded from operating income (loss).

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

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

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

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

Tangible Book Value per Diluted Common Share

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

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

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Catastrophe and Property [a]



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

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

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

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

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Specialty Reinsurance [a]



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

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

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

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

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

Reinsurance Segment Data - Reinsurance Total [a]



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

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

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

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

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


	Total Reinsurance									Reinsurance Catastrophe and Property [a]									Specialty Reinsurance [a]
	Year-to-date									Year-to-date									Year-to-date
	Q3 2022			Q3 2021			Q3 2020			Q3 2022			Q3 2021			Q3 2020			Q3 2022			Q3 2021			Q3 2020
UNDERWRITING REVENUES
Gross written premiums	$	2,341,123		$	2,574,987		$	2,564,419		$	320,582		$	681,805		$	773,679		$	2,020,540		$	1,893,182		$	1,790,740
Ceded premiums written	(665,741)			(723,962)			(742,727)			(145,292)			(289,415)			(335,355)			(520,449)			(434,547)			(407,372)
Net premiums written	1,675,382			1,851,025			1,821,692			175,290			392,390			438,324			1,500,092			1,458,635			1,383,368

Gross Premiums earned	2,035,699			2,112,797			2,200,005			361,136			588,169			651,102			1,674,563			1,524,628			1,548,902
Ceded premiums earned	(519,176)			(569,677)			(625,332)			(125,282)			(213,148)			(259,835)			(393,893)			(356,529)			(365,497)
Net premiums earned	1,516,523			1,543,120			1,574,673			235,854			375,021			391,267			1,280,669			1,168,099			1,183,406
Other insurance related income (loss)	9,528			14,827			(7,361)			206			1,231			1,968			9,322			13,596			(9,329)
Total underwriting revenues	1,526,051			1,557,947			1,567,312			236,059			376,252			393,236			1,289,991			1,181,695			1,174,077

UNDERWRITING EXPENSES
Net losses and loss expenses	1,097,611			1,160,806			1,211,443			183,859			348,411			367,961			913,752			812,395			843,482
Acquisition costs	323,464			321,482			354,137			40,245			64,144			78,143			283,220			257,338			275,994
Underwriting-related general and administrative expenses	82,471			88,678			76,714			11,184			11,553			6,596			71,286			77,125			70,118
Total underwriting expenses	1,503,546			1,570,966			1,642,294			235,288			424,107			452,699			1,268,258			1,146,859			1,189,595

UNDERWRITING INCOME (LOSS)	$	22,505		$	(13,019)		$	(74,982)		$	772		$	(47,855)		$	(59,463)		$	21,733		$	34,837		$	(15,518)

Catastrophe and weather-related losses, net of reinstatement premiums	$	165,646		$	236,655		$	250,902		$	134,206		$	230,326		$	229,133		$	31,440		$	6,329		$	21,769
Net favorable (adverse) prior year reserve development	$	5,236		$	9,787		$	4,830		$	31,346		$	17,765		$	3,933		$	(26,111)		$	(7,978)		$	898

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	61.6		%	60.2		%	61.1		%	31.7		%	33.8		%	35.1		%	66.9		%	68.3		%	69.5		%
Catastrophe and weather-related losses ratio	11.1		%	15.7		%	16.1		%	59.6		%	63.9		%	60.0		%	2.5		%	0.5		%	1.8		%
Current accident year loss ratio	72.7		%	75.9		%	77.2		%	91.2		%	97.6		%	95.0		%	69.3		%	68.9		%	71.4		%
Prior year reserve development ratio	(0.3		%)	(0.7		%)	(0.3		%)	(13.3		%)	(4.7		%)	(1.0		%)	2.0		%	0.7		%	(0.1		%)
Net losses and loss expenses ratio	72.4		%	75.2		%	76.9		%	78.0		%	92.9		%	94.0		%	71.3		%	69.5		%	71.3		%
Acquisition cost ratio	21.3		%	20.8		%	22.5		%	17.1		%	17.1		%	20.0		%	22.1		%	22.0		%	23.3		%
Underwriting-related general and administrative expense ratio	5.4		%	5.8		%	4.9		%	4.7		%	3.1		%	1.7		%	5.6		%	6.6		%	5.9		%
Combined ratio	99.1		%	101.8		%	104.3		%	99.8		%	113.1		%	115.7		%	99.0		%	98.2		%	100.5		%

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data



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

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

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

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property



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

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

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

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

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

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

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

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

AXIS CAPITAL HOLDINGS LIMITED

Group Consolidated Data - Excluding Reinsurance Catastrophe and Property


	Group Total [a]									Reinsurance Catastrophe and Property [b]									Group Total excluding Reinsurance Catastrophe and Property [b]
	Year-to-date									Year-to-date									Year-to-date
	Q3 2022			Q3 2021			Q3 2020			Q3 2022			Q3 2021			Q3 2020			Q3 2022			Q3 2021			Q3 2020
UNDERWRITING REVENUES
Gross written premiums	$	6,455,899		$	6,123,156		$	5,478,519		$	320,582		$	681,805		$	773,679		$	6,135,317		$	5,441,351		$	4,704,840
Ceded premiums written	(2,289,397)			(2,143,941)			(1,927,559)			(145,292)			(289,415)			(335,355)			(2,144,105)			(1,854,526)			(1,592,204)
Net premiums written	4,166,502			3,979,215			3,550,960			175,290			392,390			438,324			3,991,212			3,586,825			3,112,636

Gross Premiums earned	5,886,143			5,345,188			5,032,802			361,136			588,169			651,102			5,525,007			4,757,019			4,381,700
Ceded premiums earned	(2,065,980)			(1,873,098)			(1,748,861)			(125,282)			(213,148)			(259,835)			(1,940,698)			(1,659,950)			(1,489,026)
Net premiums earned	3,820,163			3,472,090			3,283,941			235,854			375,021			391,267			3,584,309			3,097,069			2,892,674
Other insurance related income (loss)	9,998			16,262			(5,270)			206			1,231			1,968			9,792			15,031			(7,238)
Total underwriting revenues	3,830,161			3,488,352			3,278,671			236,059			376,252			393,236			3,594,102			3,112,100			2,885,435

UNDERWRITING EXPENSES
Net losses and loss expenses	2,444,196			2,292,559			2,464,012			183,859			348,411			367,961			2,260,337			1,944,148			2,096,051
Acquisition costs	746,443			669,654			697,716			40,245			64,144			78,143			706,198			605,510			619,573
Underwriting-related general and administrative expenses	413,069			396,455			361,623			11,184			11,553			6,596			401,885			384,902			355,027
Total underwriting expenses	3,603,708			3,358,668			3,523,351			235,288			424,107			452,699			3,368,420			2,934,561			3,070,652

UNDERWRITING INCOME (LOSS)	$	226,453		$	129,684		$	(244,680)		$	772		$	(47,855)		$	(59,463)		$	225,681		$	177,539		$	(185,217)

Catastrophe and weather-related losses, net of reinstatement premiums	$	339,164		$	388,642		$	575,981		$	134,206		$	230,326		$	229,133		$	204,958		$	158,316		$	346,848
Net favorable (adverse) prior year reserve development	$	17,632		$	23,138		$	9,351		$	31,346		$	17,765		$	3,933		$	(13,714)		$	5,373		$	5,418

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	55.5		%	55.4		%	57.8		%	31.7		%	33.8		%	35.1		%	57.0		%	57.9		%	60.8		%
Catastrophe and weather-related losses ratio	8.9		%	11.3		%	17.5		%	59.6		%	63.9		%	60.0		%	5.7		%	5.0		%	11.8		%
Current accident year loss ratio	64.4		%	66.7		%	75.3		%	91.2		%	97.6		%	95.0		%	62.7		%	62.9		%	72.6		%
Prior year reserve development ratio	(0.4		%)	(0.7		%)	(0.3		%)	(13.3		%)	(4.7		%)	(1.0		%)	0.4		%	(0.2		%)	(0.2		%)
Net losses and loss expenses ratio	64.0		%	66.0		%	75.0		%	78.0		%	92.9		%	94.0		%	63.1		%	62.8		%	72.5		%
Acquisition cost ratio	19.5		%	19.3		%	21.2		%	17.1		%	17.1		%	20.0		%	19.7		%	19.6		%	21.4		%
Underwriting-related general and administrative expense ratio	12.9		%	13.8		%	13.4		%	4.7		%	3.1		%	1.7		%	13.4		%	15.1		%	14.9		%
Combined ratio	96.4		%	99.1		%	109.6		%	99.8		%	113.1		%	115.7		%	96.2		%	97.4		%	108.7		%

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

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

AXIS Capital Holdings Limited (AXS) 8-KAxis Capital Reports Third Quarter 2022 Results