AXIS Capital - 10-Q quarterly report FY

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-31721

AXIS CAPITAL HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)

Bermuda

(State or other jurisdiction of incorporation or organization)

98-0395986

(I.R.S. Employer Identification No.)

29 Richmond Road, 3rd Flr, Pembroke, Bermuda HM 08

(Address of principal executive offices and zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common shares, par value $0.0125 per share	AXS	New York Stock Exchange
Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share	AXS PRE	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

At April 24, 2026, there were 73,723,236 common shares outstanding, $0.0125 par value per share, of the registrant.

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AXIS CAPITAL HOLDINGS LIMITED

INDEX TO FORM 10-Q


		Page
	PART I
	Financial Information	3
Item 1.	Consolidated Financial Statements	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73
Item 4.	Controls and Procedures	74
	PART II
	Other Information	74
Item 1.	Legal Proceedings	74
Item 1A.	Risk Factors	74
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75
Item 5.	Other Information	75
Item 6.	Exhibits	76
	Signatures	77

Table of Contents

PART I FINANCIAL INFORMATION

In this Form 10-Q, references to "AXIS Capital" refer to AXIS Capital Holdings Limited and references to "we", "us", "our", "AXIS", the "Group" or the "Company" refer to AXIS Capital Holdings Limited and its direct and indirect subsidiaries and branches.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This Quarterly Report on Form 10-Q or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.

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

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

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

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

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

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

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

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

Taxation Risk: changes in tax laws.

Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov.

Table of Contents

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

Website and Social Media Disclosure

We use our website (www.axiscapital.com) and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program, which can be found in the Investor Information section of our website (www.axiscapital.com). The contents of our website and social media channels are not part of this Quarterly Report on Form 10-Q.

Table of Contents

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS


			Page

Consolidated Balance Sheets at March 31, 2026 (Unaudited) and December 31, 2025			6
Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)			7
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (Unaudited)			8
Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2026 and 2025 (Unaudited)			9
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)			10
Notes to Consolidated Financial Statements (Unaudited)			12
Note 1 - Basis of Presentation and Significant Accounting Policies			12
Note 2 - Segment Information			13
Note 3 - Investments			15
Note 4 - Fair Value Measurements			26
Note 5 - Derivative Instruments			33
Note 6 - Reserve for Losses and Loss Expenses			35
Note 7 - Earnings Per Common Share			37
Note 8 - Share-Based Compensation			38
Note 9 - Shareholders' Equity			40
Note 10 - Debt and Financing Arrangements			41
Note 11 - Federal Home Loan Bank Advances			41
Note 12 - Commitments and Contingencies			42
Note 13 - Other Comprehensive Income (Loss)			42
Note 14 - Related Party Transactions			43
Note 15 - Reorganization Expenses			43

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

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


	2026		2025
	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value (Amortized cost 2026: $13,188,252; 2025: $12,937,728 Allowance for expected credit losses 2026: $3,119; 2025: $1,836)	$	13,107,142	$	13,018,027
Fixed maturities, held to maturity, at amortized cost (Fair value 2026: $401,480; 2025: $395,942 Allowance for expected credit losses 2026: $nil; 2025: $nil)	405,220		397,430
Equity securities, at fair value (Cost 2026: $602,603; 2025: $581,275)	688,842		707,569
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2026: $29,308; 2025: $29,742)	343,959		356,840
Other investments, at fair value	1,042,649		1,027,798
Equity method investments	236,767		227,181
Short-term investments, at fair value	5,836		20,298
Total investments	15,830,415		15,755,143
Cash and cash equivalents	862,399		820,252
Restricted cash and cash equivalents	525,719		500,933
Accrued interest receivable	118,475		116,252
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2026: $14,520; 2025: $15,821)	3,878,950		3,244,661
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2026: $40,279; 2025: $40,340)	8,890,145		8,951,763
Reinsurance recoverable on paid losses and loss expenses	581,945		673,765
Deferred acquisition costs	933,802		801,778
Prepaid reinsurance premiums	2,452,190		2,139,294
Receivable for investments sold	5,422		12,806
Goodwill	66,498		66,498
Intangible assets	163,654		166,050
Operating lease right-of-use assets	94,670		93,900
Loan advances made	302,157		231,542
Other assets	912,305		887,289
Total assets	$	35,618,746	$	34,461,926
Liabilities
Reserve for losses and loss expenses	$	18,294,149	$	18,122,256
Unearned premiums	6,563,778		5,825,698
Insurance and reinsurance balances payable	2,180,053		1,882,021
Debt	1,317,104		1,316,710
Federal Home Loan Bank advances	66,380		66,380
Payable for investments purchased	69,071		36,982
Operating lease liabilities	110,181		110,095
Other liabilities	637,394		745,349
Total liabilities	29,238,110		28,105,491


Shareholders’ equity
Preferred shares	550,000		550,000
Common shares (shares issued 2026: 176,580; 2025: 176,580 shares outstanding 2026: 73,937; 2025: 74,135)	2,206		2,206
Additional paid-in capital	2,394,568		2,405,792
Accumulated other comprehensive income (loss)	(97,128)		28,431
Retained earnings	8,395,795		8,181,699
Treasury shares, at cost (2026: 102,643; 2025: 102,445)	(4,864,805)		(4,811,693)
Total shareholders’ equity	6,380,636		6,356,435


Total liabilities and shareholders’ equity	$	35,618,746	$	34,461,926

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands, except per share amounts)
Revenues
Net premiums earned	$	1,480,466	$	1,340,820
Net investment income	184,740		207,713
Other insurance related income	5,649		3,578
Net investment gains (losses):
Increase in allowance for expected credit losses	(850)		(2,729)
Impairment losses	(267)		(1,926)


Other realized and unrealized investment gains (losses)	(26,107)		(25,350)
Total net investment gains (losses)	(27,224)		(30,005)
Total revenues	1,643,631		1,522,106

Expenses
Net losses and loss expenses	867,283		785,925
Acquisition costs	304,255		264,581
General and administrative expenses	158,156		159,163
Foreign exchange losses (gains)	(36,196)		57,034
Interest expense and financing costs	16,426		16,572
Reorganization expenses	23,168		—

Amortization of intangible assets	2,396		2,729
Total expenses	1,335,488		1,286,004

Income before income taxes and interest in income of equity method investments	308,143		236,102
Income tax expense	(55,806)		(44,322)
Interest in income of equity method investments	2,430		2,291
Net income	254,767		194,071


Preferred share dividends	7,563		7,563

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

Per share data
Earnings per common share:
Earnings per common share	$	3.34	$	2.30
Earnings per diluted common share	$	3.29	$	2.26
Weighted average common shares outstanding	74,095		81,152
Weighted average diluted common shares outstanding	75,153		82,378

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands)
Net income	$	254,767	$	194,071
Other comprehensive income (loss), net of tax:
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized	(118,583)		87,058
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized	(2,974)		192
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income	(941)		28,087
Unrealized gains (losses) arising during the period, net of reclassification adjustment	(122,498)		115,337

Foreign currency translation adjustment	(3,061)		(156)


Total other comprehensive income (loss), net of tax	(125,559)		115,181


Comprehensive income	$	129,208	$	309,252

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands)
Preferred shares



Balance at beginning and end of period	$	550,000	$	550,000

Common shares (par value)


Balance at beginning and end of period	2,206		2,206

Additional paid-in capital
Balance at beginning of period	2,405,792		2,394,063

Treasury shares reissued	(27,088)		(29,059)




Share-based compensation expense	15,864		9,800
Balance at end of period	2,394,568		2,374,804

Accumulated other comprehensive income (loss)
Balance at beginning of period	28,431		(267,557)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period	55,990		(225,617)


Unrealized gains (losses) arising during the period, net of reclassification adjustment	(122,498)		115,337

Balance at end of period	(66,508)		(110,280)
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period	(27,559)		(41,940)
Foreign currency translation adjustment	(3,061)		(156)

Balance at end of period	(30,620)		(42,096)




Balance at end of period	(97,128)		(152,376)

Retained earnings
Balance at beginning of period	8,181,699		7,341,569


Net income	254,767		194,071

Preferred share dividends (1)	(7,563)		(7,563)

Common share dividends (1)	(33,108)		(35,593)
Balance at end of period	8,395,795		7,492,484

Treasury shares, at cost
Balance at beginning of period	(4,811,693)		(3,930,902)
Shares repurchased	(82,234)		(464,506)
Shares reissued	29,122		31,089
Balance at end of period	(4,864,805)		(4,364,319)

Total shareholders’ equity	$	6,380,636	$	5,902,799

(1) Refer to Note 9 'Shareholders' Equity' for details on dividends declared and paid related to the Company's common and preferred shares.

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands)
Cash flows from operating activities:
Net income	$	254,767	$	194,071
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses	27,360		30,005
Net realized and unrealized gains on other investments	(16,674)		(22,410)
Amortization of fixed maturities	(9,683)		(10,621)
Interest in income of equity method investments	(2,430)		(2,291)

Other amortization and depreciation	14,362		13,792
Share-based compensation expense	17,898		11,829


Changes in:
Accrued interest receivable	(2,210)		5,503
Reinsurance recoverable on unpaid losses and loss expenses	52,257		(106,132)
Reinsurance recoverable on paid losses and loss expenses	82,799		1,064
Deferred acquisition costs	(132,924)		(103,513)
Prepaid reinsurance premiums	(321,003)		(240,695)
Reserve for losses and loss expenses	187,856		278,614
Unearned premiums	746,213		653,052
Insurance and reinsurance balances, net	(284,341)		(332,261)
Other items	(94,844)		(60,928)
Net cash provided by operating activities	519,403		309,079

Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale	(2,101,400)		(2,946,681)
Fixed maturities, held to maturity	(48,099)		(9,950)
Equity securities	(38,345)		(73,063)
Mortgage loans	(1,078)		(72)
Other investments	(31,060)		(20,729)
Equity method investments	(7,156)		(4,955)
Short-term investments	(415)		(196,153)

Proceeds from the sale of:
Fixed maturities, available for sale	1,556,913		2,872,156
Equity securities	29,245		82,625
Other investments	31,111		34,855
Short-term investments	14,358		228,673
Proceeds from redemption of fixed maturities, available for sale	341,712		369,666
Proceeds from redemption of fixed maturities, held to maturity	40,331		63,780
Proceeds from redemption of short-term investments	509		102,524
Proceeds from the repayment of mortgage loans	9,819		35,579
Proceeds from the purchase of other assets	(14,394)		(7,273)
Loan advances made	(105,490)		(68,696)



Net cash provided by (used in) investing activities	(323,439)		462,286

Cash flows from financing activities:

Repurchase of common shares	(59,525)		(439,992)
Taxes paid on withholding shares	(22,709)		(24,514)
Dividends paid - common shares	(35,137)		(39,590)

Dividends paid - preferred shares	(7,563)		(7,563)








Net cash used in financing activities	(124,934)		(511,659)

Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash	(4,097)		9,440
Increase in cash, cash equivalents and restricted cash	66,933		269,146
Cash, cash equivalents and restricted cash - beginning of period	1,321,185		3,063,621
Cash, cash equivalents and restricted cash - end of period	$	1,388,118	$	3,332,767

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands)
Supplemental disclosures of cash flow information:
Income taxes paid (refund)	$	(2,007)	$	12,770
Interest paid	$	16,972	$	17,099

Refer to Note 3 'Investments' for details of non-cash settlements with Monarch Point Re (Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd., Monarch Point Re (ISA 2025) Ltd., Monarch Point Re (ISA 2026) Ltd., individually, collectively, or together with Monarch Point Re (ISAC) Ltd "Monarch Point Re").

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited consolidated financial statements (the "financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the U.S. Securities and Exchange Commission's ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X and include AXIS Capital Holdings Limited ("AXIS Capital") and its subsidiaries (the "Company"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in AXIS Capital's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC.

In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations for the periods presented.

The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated.

To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation.

Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars.

Significant Accounting Policies

There were no notable changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2025.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2. SEGMENT INFORMATION

The Company's 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.

Insurance

The Company's insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The product lines in this segment are property, professional lines, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, professional lines, motor, accident and health, credit and surety, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.

The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.

The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2. SEGMENT INFORMATION (CONTINUED)


	2026									2025
Three months ended and at March 31,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	1,983,742		$	1,114,225		$	3,097,967		$	1,655,903		$	1,138,749		$	2,794,652
Net premiums written	1,293,077			613,959			1,907,036			1,044,580			705,459			1,750,039
Net premiums earned	1,141,753			338,713			1,480,466			1,010,086			330,734			1,340,820
Other insurance related income	370			5,279			5,649			156			3,422			3,578
Current accident year net losses and loss expenses	(656,047)			(229,298)			(885,345)			(576,066)			(227,796)			(803,862)
Net favorable prior year reserve development	15,059			3,003			18,062			13,978			3,959			17,937
Acquisition costs	(223,769)			(80,486)			(304,255)			(194,021)			(70,560)			(264,581)
Underwriting-related general and administrative expenses	(120,013)			(7,201)			(127,214)			(119,592)			(10,846)			(130,438)
Underwriting income	$	157,353		$	30,010		187,363			$	134,541		$	28,913		163,454

Net investment income							184,740									207,713
Net investment gains (losses)							(27,224)									(30,005)
Corporate expenses							(30,942)									(28,725)
Foreign exchange (losses) gains							36,196									(57,034)
Interest expense and financing costs							(16,426)									(16,572)
Reorganization expenses							(23,168)									—

Amortization of intangible assets							(2,396)									(2,729)
Income before income taxes and interest in income of equity method investments							308,143									236,102
Income tax expense							(55,806)									(44,322)
Interest in income of equity method investments							2,430									2,291
Net income							254,767									194,071
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	247,204								$	186,508

Current accident year loss ratio	57.5		%	67.7		%	59.8		%	57.0		%	68.9		%	60.0		%
Prior year reserve development ratio	(1.4		%)	(0.9		%)	(1.2		%)	(1.4		%)	(1.2		%)	(1.4		%)
Net losses and loss expenses ratio	56.1		%	66.8		%	58.6		%	55.6		%	67.7		%	58.6		%
Acquisition cost ratio	19.6		%	23.8		%	20.5		%	19.2		%	21.3		%	19.7		%
General and administrative expense ratio	10.6		%	2.1		%	10.7		%	11.9		%	3.3		%	11.9		%
Combined ratio	86.3		%	92.7		%	89.8		%	86.7		%	92.3		%	90.2		%

Goodwill and intangible assets	$	230,152		$	—		$	230,152		$	239,736		$	—		$	239,736

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS

a) Fixed Maturities, Available for Sale

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:


	Amortized cost		Allowance for expected credit losses		Gross unrealized gains		Gross unrealized losses		Fair value

At March 31, 2026
Available for sale
U.S. government and agency	$	2,470,733	$	—	$	5,365	$	(13,951)	$	2,462,147
Non-U.S. government	854,906		—		4,854		(13,055)		846,705
Corporate debt	5,219,722		(2,383)		47,161		(80,162)		5,184,338
Agency RMBS(1)	2,083,725		—		18,679		(28,452)		2,073,952
CMBS(2)	802,737		(429)		3,734		(17,253)		788,789
Non-agency RMBS	202,057		(246)		685		(4,988)		197,508
ABS(3)	1,503,535		(61)		6,700		(6,357)		1,503,817
Municipals(4)	50,837		—		342		(1,293)		49,886
Total fixed maturities, available for sale	$	13,188,252	$	(3,119)	$	87,520	$	(165,511)	$	13,107,142







At December 31, 2025
Available for sale
U.S. government and agency	$	2,406,907	$	—	$	17,206	$	(6,212)	$	2,417,901
Non-U.S. government	798,984		—		14,961		(3,401)		810,544
Corporate debt	5,168,562		(1,539)		96,137		(40,727)		5,222,433
Agency RMBS(1)	2,026,043		—		31,869		(22,560)		2,035,352
CMBS(2)	811,056		—		6,641		(16,186)		801,511
Non-agency RMBS	193,372		(240)		1,366		(4,374)		190,124
ABS(3)	1,479,963		(57)		12,231		(4,070)		1,488,067
Municipals(4)	52,841		—		462		(1,208)		52,095
Total fixed maturities, available for sale	$	12,937,728	$	(1,836)	$	180,873	$	(98,738)	$	13,018,027

(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.

(2)Commercial mortgage-backed securities ("CMBS").

(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").

(4)Municipals include bonds issued by states, municipalities and political subdivisions.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The table below provides the contractual maturities of fixed maturities classified as available for sale:


	Amortized cost		Fair value		% of Total fair value

At March 31, 2026
Maturity
Due in one year or less	$	370,914	$	369,660	2.8	%
Due after one year through five years	5,762,186		5,738,887		43.8	%
Due after five years through ten years	2,250,473		2,225,720		17.0	%
Due after ten years	212,625		208,809		1.6	%
	8,596,198		8,543,076		65.2	%
Agency RMBS	2,083,725		2,073,952		15.8	%
CMBS	802,737		788,789		6.0	%
Non-agency RMBS	202,057		197,508		1.5	%
ABS	1,503,535		1,503,817		11.5	%
Total	$	13,188,252	$	13,107,142	100.0	%

At December 31, 2025
Maturity
Due in one year or less	$	364,414	$	364,273	2.8	%
Due after one year through five years	5,665,467		5,721,423		44.0	%
Due after five years through ten years	2,212,109		2,231,417		17.1	%
Due after ten years	185,304		185,860		1.4	%
	8,427,294		8,502,973		65.3	%
Agency RMBS	2,026,043		2,035,352		15.6	%
CMBS	811,056		801,511		6.2	%
Non-agency RMBS	193,372		190,124		1.5	%
ABS	1,479,963		1,488,067		11.4	%
Total	$	12,937,728	$	13,018,027	100.0	%

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Gross Unrealized Losses

The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	12 months or greater				Less than 12 months				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses

At March 31, 2026
Fixed maturities, available for sale
U.S. government and agency	$	117,049	$	(3,504)	$	1,611,207	$	(10,447)	$	1,728,256	$	(13,951)
Non-U.S. government	46,797		(2,588)		526,687		(10,467)		573,484		(13,055)
Corporate debt	483,788		(36,407)		2,058,040		(43,755)		2,541,828		(80,162)
Agency RMBS	255,524		(21,537)		570,101		(6,915)		825,625		(28,452)
CMBS	286,908		(15,752)		191,140		(1,501)		478,048		(17,253)
Non-agency RMBS	37,057		(4,410)		46,689		(578)		83,746		(4,988)
ABS	84,553		(3,479)		629,515		(2,878)		714,068		(6,357)
Municipals	19,327		(1,216)		12,821		(77)		32,148		(1,293)
Total fixed maturities, available for sale	$	1,331,003	$	(88,893)	$	5,646,200	$	(76,618)	$	6,977,203	$	(165,511)







At December 31, 2025
Fixed maturities, available for sale
U.S. government and agency	$	186,934	$	(4,695)	$	314,665	$	(1,517)	$	501,599	$	(6,212)
Non-U.S. government	50,892		(2,202)		147,629		(1,199)		198,521		(3,401)
Corporate debt	589,821		(32,617)		501,402		(8,110)		1,091,223		(40,727)
Agency RMBS	338,652		(21,806)		160,500		(754)		499,152		(22,560)
CMBS	331,169		(15,831)		98,333		(355)		429,502		(16,186)
Non-agency RMBS	39,376		(4,361)		1,092		(13)		40,468		(4,374)
ABS	94,908		(3,582)		204,271		(488)		299,179		(4,070)
Municipals	21,039		(1,203)		727		(5)		21,766		(1,208)
Total fixed maturities, available for sale	$	1,652,791	$	(86,297)	$	1,428,619	$	(12,441)	$	3,081,410	$	(98,738)

At March 31, 2026, 3,429 fixed maturities (2025: 2,244) were in an unrealized loss position of $166 million (2025: $99 million) of which $29 million (2025: $9 million) was related to securities below investment grade or not rated.

At March 31, 2026, 1,374 fixed maturities (2025: 1,522) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $1,331 million (2025: $1,653 million).

The unrealized losses of $166 million (2025: $99 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At March 31, 2026, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

b) Fixed Maturities, Held to Maturity

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:


	Amortized cost		Allowance for expected credit losses		Net carrying value		Gross unrealized gains		Gross unrealized losses		Fair value

At March 31, 2026
Held to maturity
Corporate debt	$	140,576	$	—	$	140,576	$	1,121	$	(4,857)	$	136,840
ABS(1)	264,644		—		264,644		181		(185)		264,640
Total fixed maturities, held to maturity	$	405,220	$	—	$	405,220	$	1,302	$	(5,042)	$	401,480

At December 31, 2025
Held to maturity
Corporate debt	$	145,137	$	—	$	145,137	$	2,039	$	(4,100)	$	143,076
ABS(1)	252,293		—		252,293		625		(52)		252,866
Total fixed maturities, held to maturity	$	397,430	$	—	$	397,430	$	2,664	$	(4,152)	$	395,942

(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").

At March 31, 2026, fixed maturities, held to maturity of $405 million (2025: $397 million) were presented net of an allowance for expected credit losses of $nil (2025: $nil).

The Company's ABS, held to maturity consist of CLO debt tranched securities ("CLO Debt"). The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At March 31, 2026, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity was $nil.

To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. At March 31, 2026, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to maturity was $nil.

Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ABS classified as held to maturity had a net carrying value of $265 million (2025: $252 million).

Corporate debt classified as held to maturity with a net carrying value of $32 million (2025: $32 million) is due in 3 years or less. Corporate debt classified as held to maturity with a net carrying value of $106 million (2025: $110 million) is due between 3 years and 10 years. Corporate debt classified as held to maturity with a net carrying value of $3 million (2025: $3 million) is due after 10 years.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

c) Equity Securities

The following table provides the cost and fair values of the Company's equity securities:


	Cost		Gross unrealized gains		Gross unrealized losses		Fair value

At March 31, 2026
Equity securities
Common stocks	$	3,386	$	339	$	(636)	$	3,089
Preferred stocks	43,911		508		(518)		43,901
Exchange-traded funds	268,849		117,853		(5,894)		380,808
Bond mutual funds	286,457		7,268		(32,681)		261,044
Total equity securities	$	602,603	$	125,968	$	(39,729)	$	688,842

At December 31, 2025
Equity securities
Common stocks	$	13,927	$	439	$	(671)	$	13,695
Preferred stocks	19,662		717		(68)		20,311
Exchange-traded funds	259,353		142,901		(497)		401,757
Bond mutual funds	288,333		9,411		(25,938)		271,806
Total equity securities	$	581,275	$	153,468	$	(27,174)	$	707,569

d) Mortgage Loans

The following table provides details of the Company's mortgage loans, held for investment:


	March 31, 2026				December 31, 2025
	Carrying value		% of Total		Carrying value		% of Total

Mortgage loans, held for investment:
Commercial	$	373,267	109	%	$	386,582	108	%
Allowance for expected credit losses	(29,308)		(9	%)	(29,742)		(8	%)


Total mortgage loans held for investment	$	343,959	100	%	$	356,840	100	%

The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly.

The commercial mortgage loan portfolio has a weighted average debt service coverage ratio of 1.6x (2025: 1.6x) and a weighted average loan-to-value ratio of 85% (2025: 84%).

At March 31, 2026, there were two commercial mortgage loans (2025: two) with past due amounts where the Company is assessing exit strategies. The carrying value of these loans net of an allowance for expected credit losses was $15 million (2025: $14 million).

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

On a quarterly basis, the Company's exposure to commercial mortgage loans in the office sector, that represents 50% (2024: 51%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable.

Accordingly, any change in estimated credit losses is recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).

At March 31, 2026, the Company's mortgage loan portfolio had an allowance for expected credit losses of $29 million (2025: $30 million).

e) Other Investments

The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:


	Fair value				Redemption frequency (if currently eligible)	Redemption notice period

At March 31, 2026

Multi-strategy funds	$	10,987	1	%	Quarterly	60-90 days


Direct lending funds	193,616		19	%	Quarterly(1)	90 days
Private equity funds	382,826		37	%	n/a	n/a
Real estate funds	279,937		27	%	Quarterly(2), Annually(3)	45-90 days

Other privately held investments	175,283		17	%	n/a	n/a

Total other investments	$	1,042,649	100	%

At December 31, 2025

Multi-strategy funds	$	11,577	1	%	Quarterly	60-90 days


Direct lending funds	186,747		18	%	Quarterly(1)	90 days
Private equity funds	364,376		36	%	n/a	n/a
Real estate funds	291,491		28	%	Quarterly(2), Annually(3)	45-90 days

Other privately held investments	173,607		17	%	n/a	n/a

Total other investments	$	1,027,798	100	%

n/a - not applicable

(1) Applies to one fund with a fair value of $2 million (2025: $2 million).

(2) Applies to one fund with a fair value of $29 million (2025:$44 million).

(3) Applies to one fund with a fair value of $23 million (2025: $24 million).

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During the three months ended March 31, 2026 and 2025, neither of these restrictions impacted the Company's redemption requests.

At March 31, 2026, the Company had $30 million (2025: $30 million) of unfunded commitments as a limited partner in multi-strategy funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund. At March 31, 2026, there were no multi-strategy fund holdings (2025: nil) where the Company is still within the lockup period.

At March 31, 2026, the Company had $319 million (2025: $292 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from four to fifteen years and the General Partners of certain funds have the option to extend the term by up to three years. At March 31, 2026, there was one direct lending fund holding (2025: one) with a fair value of $22 million (2025: $18 million) where the Company is still within the lockup period.

At March 31, 2026, the Company had $240 million (2025: $240 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over six years.

At March 31, 2026, the Company had $100 million (2025: $105 million) of unfunded commitments as a limited partner in real estate funds. These funds include an open-ended fund and funds with investment terms ranging from two years to the dissolution of the underlying fund.

At March 31, 2026, the Company had $15 million (2025: $16 million) of unfunded commitments as a limited partner in four private company investment funds focusing on financial services technology companies with an emphasis on insurance technology companies ("private company investment funds"). Two of these funds have investment terms of five years and one fund has an investment term of ten years and one fund has an investment term of ten years with the option to extend the term by up to three years.

f) Equity Method Investments

The following table provides details of the Company's equity method investments:


	March 31, 2026		December 31, 2025
	Carrying value		Carrying value

Equity method investments:
Harrington Re	$	163,513	$	163,513
Monarch Point Re	73,254		63,668
Total equity method investments	$	236,767	$	227,181

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Harrington Re

During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by the Company and The Blackstone Group L.P. ("Blackstone"). Following share tender offers in 2025 and 2024, the Company's ownership interest in Harrington increased to 23% and 22%, respectively.

Through long-term service agreements, the Company serves as Harrington Re's reinsurance underwriting manager and Blackstone serves as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally.

The Company accounts for its ownership interest in Harrington under the equity method of accounting.

Monarch Point Re

During 2023, the Company paid $22 million to acquire 18% of the common equity of Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd., a collateralized reinsurance company formed under the laws of Bermuda as an incorporated segregated accounts company under the Incorporated Segregated Accounts Companies Act 2019, as amended (the "ISAC Act"). During 2024, the Company paid $14 million to acquire 18% of the common equity of Monarch Point Re (ISA 2024) Ltd. During 2025, the Company paid $11 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd. During 2026, the Company paid $2 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd and $5 million to acquire 19% of the common equity of Monarch Point Re (ISA 2026) Ltd.

The Company retrocedes a diversified portfolio of casualty reinsurance business to Monarch Point Re and Stone Point Credit Adviser LLC, a wholly owned subsidiary of Stone Point Capital, LLC ("Stone Point" refer to Note 14 'Related Party Transactions') serves as its investment manager. As an investor, the Company expects to benefit from underwriting fees generated by Monarch Point Re and the income and capital appreciation Stone Point seeks to deliver through its investment management services.

Monarch Point Re is not a Variable Interest Entity ("VIE") that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Monarch Point Re under the equity method of accounting.

Loan Advances Made to Monarch Point Re

During 2026, the Company advanced $123 million (2025: $227 million) to Monarch Point Re that was included in loan advances made in the Company’s consolidated balance sheets. Loan balances receivable from Monarch Point Re are settled against amounts due to Monarch Point Re under the aforementioned retrocession agreements and are treated as a non-cash activity in the consolidated statement of cash flows. The loan balance receivable at March 31, 2026 was $299 million (2025: $228 million). Loan advances made are expected to be repaid in full by August 15, 2027 (2025: May 15, 2027).

Interest on these loans was payable in 2026 at an interest rate of 4.2% (2025: interest rates between 4.3% and 4.8%). Interest related to these loans of $9 million (2025: $5 million) was received in advance and is included in other liabilities in the consolidated balance sheets.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

The following table provides a summary of non-cash settlements with Monarch Point Re:


Non-cash settlements with Monarch Point Re	Three months ended March 31,
	2026		2025
Loan advances made	$	34,626	$	43,562
Reinsurance recoverable on unpaid losses and loss expenses	9,759		14,214
Interest receivable on loan advances made	5,251		4,516
Net cash inflows	$	49,636	$	62,292

Insurance and reinsurance balances payable, net	$	(49,636)	$	(62,292)
Net cash outflows	$	(49,636)	$	(62,292)

g) Variable Interest Entities

In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by VIEs. These structured securities include RMBS, CMBS and ABS.

The Company also invests in limited partnerships which represent 72% of the Company's other investments. The investments in limited partnerships include multi-strategy funds, direct lending funds, private equity funds and real estate funds that are variable interests issued by VIEs (refer to Note 3(e) 'Other Investments').

The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the carrying value reported in the Company's consolidated balance sheets and its unfunded commitments of $637 million at March 31, 2026 (2025: $612 million). The Company has not provided financial or other support to these structured securities other than the original investment.

h) Net Investment Income

Net investment income was derived from the following sources:


	Three months ended March 31,
	2026		2025

Fixed maturities	$	156,696	$	146,711
Other investments	17,705		22,410
Equity securities	4,152		3,208
Mortgage loans	4,165		6,868
Cash and cash equivalents	8,918		33,380
Short-term investments	132		1,986
Gross investment income	191,768		214,563
Investment expenses	(7,028)		(6,850)
Net investment income	$	184,740	$	207,713

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

i) Net Investment Gains (Losses)

The following table provides an analysis of net investment gains (losses):


	Three months ended March 31,
	2026		2025

Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents	$	31,982	$	22,138
Equity securities	12,358		36,068
Gross realized investment gains	44,340		58,206
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents	(25,045)		(51,739)
Equity securities	(898)		(8,871)
Mortgage loans	(4,595)		—
Gross realized investment losses	(30,538)		(60,610)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale	(1,284)		(245)
(Increase) decrease in allowance for expected credit losses, mortgage loans	434		(2,484)
Impairment losses(1)	(267)		(1,926)

Change in fair value of investment derivatives(2)	146		(416)
Net unrealized gains (losses) on equity securities	(40,055)		(22,530)

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

(1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery.

(2) Refer to Note 5 'Derivative Instruments'.

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:


	Three months ended March 31,
	2026		2025

Balance at beginning of period	$	1,836	$	3,938
Expected credit losses on securities where credit losses were not previously recognized	1,150		314
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	278		28
Impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—
Securities sold/redeemed/matured	(145)		(97)
Balance at end of period	$	3,119	$	4,183

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:


	Three months ended March 31,
	2026		2025

Balance at beginning of period	$	29,742	$	23,378
Expected credit losses on loans where credit losses were not previously recognized	—		—
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized	4,161		2,484
Loans sold/redeemed/matured	(4,595)		—
Balance at end of period	$	29,308	$	25,862

j) Reverse Repurchase Agreements

At March 31, 2026, the Company held $9 million (2025: $14 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

Fair value is defined as the price to sell an asset or transfer a liability (i.e., the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The hierarchy is broken down into three levels as follows:

•Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's judgments about assumptions that market participants might use.

The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment.

Accordingly, the degree of judgment exercised by management in determining fair value is greatest for financial instruments categorized as Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This may lead the Company to change the selection of valuation technique (from market to cash flow approach) or may cause the Company to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy.

Valuation Techniques

The valuation techniques, including significant inputs and assumptions generally used to determine the fair values of the Company's financial instruments as well as the classification of the fair values of its financial instruments in the fair value hierarchy are described in detail below.

Fixed Maturities

At each valuation date, the Company uses the market approach valuation technique to estimate the fair value of its fixed maturities portfolio, where possible. The market approach includes, but is not limited to, prices obtained from third-party pricing services for identical or comparable securities and the use of "pricing matrix models" using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third-party pricing services is sourced from multiple vendors, where available, and the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Where prices are unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers who are active in the corresponding markets. The valuation techniques including significant inputs and assumptions generally used to determine the fair values of the Company's fixed maturities by asset class as well as the classifications of the fair values of these securities in the fair value hierarchy are described in detail below.

U.S. Government and Agency

U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of U.S. Treasury securities are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. The fair values of U.S. government agency securities are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of U.S. government agency securities are classified as Level 2.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Non-U.S. Government

Non-U.S. government securities include bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair values of these securities are based on prices obtained from international indices or valuation models that include inputs such as interest rate yield curves, cross-currency basis index spreads and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs used to price these securities are observable market inputs, the fair values of non-U.S. government securities are classified as Level 2.

Corporate Debt

Corporate debt securities consist primarily of investment grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of corporate debt securities are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Agency RMBS

Agency RMBS consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs used to price these securities are observable market inputs, the fair values of Agency RMBS are classified as Level 2.

CMBS

CMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs used to price these securities are observable market inputs, the fair values of CMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Non-agency RMBS

Non-agency RMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs used to price these securities are observable market inputs, the fair values of non-agency RMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

ABS

ABS mainly include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"), originated by a variety of financial institutions. The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, the fair values of ABS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Municipals

Municipals comprise revenue bonds and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair values of these securities are determined using spreads obtained from the new issue market, trade prices and broker-dealers quotes. As the significant inputs used to price these securities are observable market inputs, the fair values of municipals are classified as Level 2.

Equity Securities

Equity securities include common stocks, preferred stocks, exchange-traded funds and bond mutual funds. As the fair values of common stocks, exchange-traded funds and exchange listed preferred stocks are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. As the significant inputs used to price non-exchange listed preferred stocks are observable market inputs, the fair value of these securities are classified as Level 2. As bond mutual funds have daily liquidity, the fair values of these securities are classified as Level 2.

Other Investments

Other privately held investments include common shares, preferred shares, convertible notes, convertible preferred shares, a variable yield security and private company investment funds. These investments are initially valued at cost, which approximates fair value. In subsequent measurement periods, the fair values of these investments are generally derived from one or a combination of valuation methodologies which consider factors including recent capital raises by the investee companies, comparable precedent transaction multiples, comparable publicly traded multiples, third-party valuations, discounted cash-flow models, and other techniques that consider the industry and development stage of each investee company. The fair value of the variable yield security is determined using an externally developed discounted cash flow model. In order to assess the reasonableness of the information received from investee companies, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact the results of operations, financial condition or liquidity of these companies. In addition, the Company engages in regular communication with management at investee companies.

As the significant inputs used to price these investments are unobservable, the fair values of other privately held investments are classified as Level 3. The fair values of private company investment funds are estimated using net asset valuations ("NAVs") as advised by external fund managers or third-party administrators.

Short-term Investments

Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are typically not actively traded due to their approaching maturity, therefore their amortized cost approximates fair value. The fair values of short-term investments are classified as Level 2.

Derivative Instruments

Derivative instruments include foreign exchange forward contracts that are customized to the Company's economic hedging strategies and trade in the over-the-counter derivative market. The fair values of these derivatives are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used to price these derivatives are observable market inputs, the fair values of these derivatives are classified as Level 2.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value

At March 31, 2026
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,429,409	$	32,738	$	—	$	—	$	2,462,147
Non-U.S. government	—		846,705		—		—		846,705
Corporate debt	—		4,959,328		225,010		—		5,184,338
Agency RMBS	—		2,073,952		—		—		2,073,952
CMBS	—		788,789		—		—		788,789
Non-agency RMBS	—		197,508		—		—		197,508
ABS	—		1,449,405		54,412		—		1,503,817
Municipals	—		49,886		—		—		49,886
	2,429,409		10,398,311		279,422		—		13,107,142
Equity securities
Common stocks	3,089		—		—		—		3,089
Preferred stocks	37,971		5,930		—		—		43,901
Exchange-traded funds	380,808		—		—		—		380,808
Bond mutual funds	—		261,044		—		—		261,044
	421,868		266,974		—		—		688,842
Other investments
Multi-strategy funds	—		—		—		10,987		10,987
Direct lending funds	—		—		—		193,616		193,616
Private equity funds	—		—		—		382,826		382,826
Real estate funds	—		—		—		279,937		279,937

Other privately held investments	—		—		124,139		51,144		175,283

	—		—		124,139		918,510		1,042,649
Short-term investments	—		5,836		—		—		5,836
Other assets
Derivative instruments (refer to Note 5)	—		13,340		—		—		13,340

Total Assets	$	2,851,277	$	10,684,461	$	403,561	$	918,510	$	14,857,809
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	1,161	$	—	$	—	$	1,161

Total Liabilities	$	—	$	1,161	$	—	$	—	$	1,161

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4. FAIR VALUE MEASUREMENTS (CONTINUED)


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value


































At December 31, 2025
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,385,085	$	32,816	$	—	$	—	$	2,417,901
Non-U.S. government	—		810,544		—		—		810,544
Corporate debt	—		5,033,161		189,272		—		5,222,433
Agency RMBS	—		2,035,352		—		—		2,035,352
CMBS	—		801,511		—		—		801,511
Non-agency RMBS	—		190,124		—		—		190,124
ABS	—		1,448,711		39,356		—		1,488,067
Municipals	—		52,095		—		—		52,095
	2,385,085		10,404,314		228,628		—		13,018,027
Equity securities
Common stocks	13,695		—		—		—		13,695
Preferred stocks	14,239		6,072		—		—		20,311
Exchange-traded funds	401,757		—		—		—		401,757
Bond mutual funds	—		271,806		—		—		271,806
	429,691		277,878		—		—		707,569
Other investments
Multi-strategy funds	—		—		—		11,577		11,577
Direct lending funds	—		—		—		186,747		186,747
Private equity funds	—		—		—		364,376		364,376
Real estate funds	—		—		—		291,491		291,491

Other privately held investments	—		—		123,925		49,682		173,607

	—		—		123,925		903,873		1,027,798
Short-term investments	—		20,298		—				20,298
Other assets
Derivative instruments (refer to Note 5)	—		930		—		—		930

Total Assets	$	2,814,776	$	10,703,420	$	352,553	$	903,873	$	14,774,622
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	8,859	$	—	$	—	$	8,859

Total Liabilities	$	—	$	8,859	$	—	$	—	$	8,859

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI (2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses) (3)

Three months ended March 31, 2026
Fixed maturities, available for sale
Corporate debt	$	189,272	$	—	$	(2,572)	$	142	$	(1,058)	$	56,114	$	(7,671)	$	(9,217)	$	225,010	$	—


ABS	39,356		—		—		1		160		15,509		(14)		(600)		54,412		—
	228,628		—		(2,572)		143		(898)		71,623		(7,685)		(9,817)		279,422		—
Other investments




Other privately held investments	123,925		—		—		214		—		—		—		—		124,139		214
	123,925		—		—		214		—		—		—		—		124,139		214




Total assets	$	352,553	$	—	$	(2,572)	$	357	$	(898)	$	71,623	$	(7,685)	$	(9,817)	$	403,561	$	214





Three months ended March 31, 2025
Fixed maturities, available for sale
Corporate debt	$	126,391	$	—	$	—	$	—	$	357	$	7,664	$	(670)	$	—	$	133,742	$	—
ABS	20,832		—		—		—		311		12,000		—		—		33,143		—
	147,223		—		—		—		668		19,664		(670)		—		166,885		—
Other investments

Other privately held investments	92,230		—		—		4,790		—		—		—		—		97,020		4,790
	92,230		—		—		4,790		—		—		—		—		97,020		4,790
Total assets	$	239,453	$	—	$	—	$	4,790	$	668	$	19,664	$	(670)	$	—	$	263,905	$	4,790

(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

Transfers into Level 3 from Level 2

There were no transfers into Level 3 from Level 2 during the three months ended March 31, 2026 and 2025.

Transfers out of Level 3 into Level 2

The transfers out of Level 3 into Level 2 during the three months ended March 31, 2026 were primarily due to the availability of observable market inputs and multiple quotes from pricing vendors for certain fixed maturities. There were no transfers out of Level 3 into Level 2 during the three months ended March 31, 2025.

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds are estimated using NAVs as advised by external fund managers or third-party administrators. For these funds, NAVs are based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

For multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, valuation statements are typically released on a reporting lag. Therefore, the Company estimates the fair value of these funds by starting with the most recent fund valuations and adjusting for capital calls, redemptions, drawdowns and distributions. Return estimates are not available from the relevant fund managers for these funds, therefore the Company typically has a reporting lag in its fair value measurements of these funds. At March 31, 2026 and December 31, 2025 all funds measured at fair value using NAVs are reported generally on a one quarter lag.

The Company often does not have access to financial information relating to the underlying securities held within the funds, therefore, management is unable to corroborate the fair values placed on the securities underlying the asset valuations provided by fund managers or fund administrators. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a quarterly basis, to assess the quality of the information provided by fund managers and fund administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of the Company's fair value estimates against subsequently received NAVs. Backtesting involves comparing the Company's previously reported fair values for each fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values).

The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, are measured using the NAV practical expedient, therefore the fair values of these funds have not been categorized within the fair value hierarchy.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments, including insurance contracts.

At March 31, 2026, the carrying values of cash and cash equivalents including restricted amounts, accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated fair values due to their short maturities. As these financial instruments are not actively traded, their fair values are classified as Level 2.

At March 31, 2026, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $405 million (2025: $397 million) and a fair value of $401 million (2025: $396 million). The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, their fair values are classified as Level 2.

At March 31, 2026, the carrying value of mortgage loans, held for investment, approximated fair value. The fair values of mortgage loans are primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk or are determined from pricing for similar loans. As mortgage loans are not actively traded, their fair values are classified as Level 3.

At March 31, 2026, the Company's debt was recorded at amortized cost with a carrying value of $1,317 million (2025: $1,317 million) and a fair value of $1,273 million (2025: $1,293 million). The fair value of the Company's debt is based on prices obtained from a third-party pricing service and is determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair value of this debt is classified as Level 2.

At March 31, 2026, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $66 million (2025: $66 million) and a fair value of $66 million (2025: $66 million). As these advances are not actively traded, their fair values are classified as Level 2.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5. DERIVATIVE INSTRUMENTS

The following table provides the balance sheet classifications of derivatives recorded at fair value:


	March 31, 2026						December 31, 2025
	Derivative notional amount		Derivative asset fair value(1)		Derivative liability fair value(1)		Derivative notional amount		Derivative asset fair value(1)		Derivative liability fair value(1)

Relating to investment portfolio:
Foreign exchange forward contracts	$	17,762	$	134	$	2	$	9,583	$	—	$	181

Relating to underwriting portfolio:
Foreign exchange forward contracts	1,308,465		13,206		1,159		1,425,737		930		8,678



Total derivatives			$	13,340	$	1,161			$	930	$	8,859

(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.

The notional amounts of derivative contracts represent the basis on which amounts paid or received are calculated and are presented in the above table to quantify the volume of the Company's derivative activities. Notional amounts are not reflective of credit risk.

None of the Company's derivative instruments are designated as hedges.

Offsetting Assets and Liabilities

The Company's derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure.

The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:


	March 31, 2026						December 31, 2025
	Gross amounts		Gross amounts offset		Net amounts(1)		Gross amounts		Gross amounts offset		Net amounts(1)

Derivative assets	$	16,352	$	(3,012)	$	13,340	$	3,126	$	(2,196)	$	930
Derivative liabilities	$	4,173	$	(3,012)	$	1,161	$	11,055	$	(2,196)	$	8,859

(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.

Refer to Note 3 'Investments' for information on reverse repurchase agreements.

a) Relating to Investment Portfolio

Foreign Currency Risk

The Company's investment portfolio is exposed to foreign currency risk. Therefore, the fair values of its investments are partially influenced by changes in foreign currency exchange rates. The Company may enter into foreign exchange forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5. DERIVATIVE INSTRUMENTS (CONTINUED)

b) Relating to Underwriting Portfolio

Foreign Currency Risk

The Company's insurance and reinsurance subsidiaries and branches operate in various countries. Some of its business is written in currencies other than the U.S. dollar, therefore the underwriting portfolio is exposed to significant foreign currency risk. The Company manages foreign currency risk by seeking to match its foreign-denominated net liabilities under insurance and reinsurance contracts with cash and investments that are denominated in the same currencies. The Company uses derivative instruments, specifically, forward contracts to economically hedge foreign currency exposures.

The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges:


	Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss)	Three months ended March 31,
		2026		2025


Relating to investment portfolio:
Foreign exchange forward contracts	Net investment gains (losses)	$	146	$	(416)

Relating to underwriting portfolio:
Foreign exchange forward contracts	Foreign exchange (losses) gains	4,859		8,330



Total		$	5,005	$	7,914

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6. RESERVE FOR LOSSES AND LOSS EXPENSES

Reserve Roll-Forward

The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses:


	Three months ended March 31,
	2026		2025

Gross reserve for losses and loss expenses, beginning of period	$	18,122,256	$	17,218,929
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period	(8,951,763)		(6,840,897)
Net reserve for unpaid losses and loss expenses, beginning of period	9,170,493		10,378,032

Net incurred losses and loss expenses related to:
Current year	885,345		803,862
Prior years	(18,062)		(17,937)
	867,283		785,925

Net paid losses and loss expenses related to:
Current year	(54,300)		(45,288)
Prior years	(640,693)		(723,513)
	(694,993)		(768,801)

Foreign exchange and other	(48,872)		119,698
Ceded reserves related to retroactive transactions	110,093		30,087
	61,221		149,785

Net reserve for unpaid losses and loss expenses, end of period	9,404,004		10,544,941
Reinsurance recoverable on unpaid losses and loss expenses, end of period	8,890,145		6,944,518
Gross reserve for losses and loss expenses, end of period	$	18,294,149	$	17,489,459

At March 31, 2026, net reserves for losses and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events include U.S. winter storms and the Middle East Conflict in 2026, and the California Wildfires in 2025. As a result, actual losses for these events may ultimately differ materially from current estimates. During the three months ended March 31, 2026, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $48 million (2025: $49 million).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6. RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

Prior Year Reserve Development

The Company's net favorable (adverse) prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net favorable (adverse) prior year reserve development by segment:


	Three months ended March 31,
	2026		2025
	Favorable (Adverse)		Favorable (Adverse)

Insurance	$	15,059	$	13,978
Reinsurance	3,003		3,959
Total	$	18,062	$	17,937

The following sections provide further details on net favorable (adverse) prior year reserve development by segment, reserve class and accident year:

Insurance Segment:

Prior year reserve development by reserve class was as follows:


	Three months ended March 31,
	2026		2025
	Favorable (Adverse)		Favorable (Adverse)

Property	$	9,940	$	9,996
Casualty	—		—
Specialty other	5,119		3,982
Total	$	15,059	$	13,978

Reinsurance Segment:

Prior year reserve development by reserve class was as follows:


	Three months ended March 31,
	2026		2025
	Favorable (Adverse)		Favorable (Adverse)

Casualty	$	—	$	—
Specialty	3,003		3,834
Run-off	—		125
Total	$	3,003	$	3,959

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

7. EARNINGS PER COMMON SHARE

The following table presents a comparison of earnings per common share and earnings per diluted common share:


	Three months ended March 31,
	2026		2025

Earnings per common share
Net income	$	254,767	$	194,071

Less: Preferred share dividends	7,563		7,563

Net income available to common shareholders	$	247,204	$	186,508
Weighted average common shares outstanding	74,095		81,152
Earnings per common share	$	3.34	$	2.30

Earnings per diluted common share
Net income available to common shareholders	$	247,204	$	186,508

Weighted average common shares outstanding	74,095		81,152

Share-based compensation plans	1,058		1,226
Weighted average diluted common shares outstanding	75,153		82,378

Earnings per diluted common share	$	3.29	$	2.26

Weighted average anti-dilutive shares excluded from the dilutive computation	40		—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8. SHARE-BASED COMPENSATION

Performance Restricted Stock Units

Performance Restricted Stock Units granted with a market condition

Certain share-settled performance restricted stock units include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.

Performance Restricted Stock Units granted with a performance condition

Certain share-settled performance restricted stock units include a performance condition which is the Company’s average annual growth in book value per diluted common share, plus accumulated dividends over the performance period, adjusted to exclude unrealized investment gains (losses) recognized in accumulated other comprehensive income (loss), and share repurchases during the performance period ("Adjusted DBVPS"). Adjusted DBVPS is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.

Valuation assumptions

Performance Restricted Stock Units granted with a market condition

The fair value of these performance restricted stock units was measured on the grant date using a Monte Carlo simulation model.

The following table provides details of the significant inputs used in the Monte Carlo simulation model:


Three months ended March 31,	2026	2025

Expected volatility	23.92%	25.30%
Expected term (in years)	3.0	3.0
Expected dividend yield	n/a	n/a
Risk-free interest rate	3.58%	4.16%

n/a - not applicable

Beginning share price: The beginning share price for awards was based on the average closing share price over the 30 trading days preceding and including the start of the performance period.

Ending share price: The ending share price was based on the average projected closing share price over the 30 trading days preceding and including the end of the performance period.

Expected volatility: The expected volatility is estimated based on the Company's historical share price volatility.

Expected term: Performance for awards granted in 2026 is measured from January 1, 2026 to December 31, 2028, and performance for awards granted in 2025 is measured from January 1, 2025 to December 31, 2027.Expected dividend yield: The expected dividend yield is not applicable to the performance restricted stock units as dividends are paid at the end of the vesting period and do not affect the value of the performance restricted stock units.

Risk-free interest rate: The risk-free rate is estimated based on the yield on a U.S. treasury zero-coupon bond issued with a remaining term equal to the vesting period of the performance restricted stock units.

Compensation expense associated with performance restricted stock units granted is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model, and is recognized on a straight-line basis over the requisite service period.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8. SHARE-BASED COMPENSATION (CONTINUED)

Performance Restricted Stock Units granted with a performance condition

The fair value of performance restricted stock units was determined based on the closing price of the Company's common shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the performance period.

The following table provides an activity summary of the Company's share-settled restricted stock units for the three months ended March 31, 2026:


	Share-Settled Performance Restricted Stock Units			Share-Settled Service Restricted Stock Units
	Number of restricted stock units	Weighted average grant date fair value		Number of restricted stock units	Weighted average grant date fair value

Non-vested restricted stock units - beginning of period	271	$	75.43	1,467	$	71.25
Granted	102	104.41		509	102.48
Performance adjustment (1)	54	74.89		—	—
Vested	(93)	72.58		(504)	67.18
Forfeited	(2)	78.70		(73)	73.73
Non-vested restricted stock units - end of period	332	$	85.01	1,399	$	83.95

(1) The performance adjustment represents the difference between the number of performance restricted stock units granted and earned, that vested following the three-year performance period that ended in 2025. The performance restricted stock units were granted at the target level of achievement.

The following table provides additional information related to share-based compensation:


Three months ended March 31,	2026		2025

Share-based compensation expense	$	17,898	$	11,829
Tax benefits associated with share-based compensation expense	$	5,670	$	5,351
Fair value of restricted stock units vested(1)	$	62,981	$	68,889
Unrecognized share-based compensation expense	$	111,226	$	107,782
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense	2.8 years		2.9 years

(1) Fair value is based on the closing price of the Company's common shares on the vest date.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9. SHAREHOLDERS' EQUITY

The following table presents changes in common shares issued and outstanding:


	Three months ended March 31,
	2026	2025

Shares issued, balance at beginning of period	176,580	176,580
Shares issued	—	—
Total shares issued at end of period	176,580	176,580

Treasury shares, balance at beginning of period	(102,445)	(93,596)
Shares repurchased	(794)	(5,047)
Shares reissued	596	714
Total treasury shares at end of period	(102,643)	(97,929)

Total shares outstanding	73,937	78,651

Treasury Shares

On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At March 31, 2026, remaining authorization under this plan was $53 million.

On February 26, 2026, the Company's Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase programs supplements the existing share repurchase program, and is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.

The following table presents common shares repurchased from shares held in Treasury:


	Three months ended March 31,
	2026		2025

Publicly announced programs:(1)
Total shares	579		4,793
Total cost	$	59,525	$	439,992
Average price per share(2)	$	102.70	$	91.79

From employees:(3)
Total shares	215		254
Total cost	$	22,709	$	24,514
Average price per share(2)	$	105.68	$	96.58






Total shares repurchased:
Total shares	794		5,047
Total cost	$	82,234	$	464,506
Average price per share(2)	$	103.51	$	92.03

(1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase programs.

(2) Calculated using whole numbers.

(3) Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9. SHAREHOLDERS' EQUITY (CONTINUED)

Dividends

The following table presents dividends declared and paid related to the Company's common and preferred shares:


	Per share data
	Dividends declared		Dividends paid in period of declaration		Dividends paid in period following declaration

Three months ended March 31, 2026
Common shares	$	0.44	$	—	$	0.44

Series E preferred shares	$	34.38	$	—	$	34.38

Three months ended March 31, 2025
Common shares	$	0.44	$	—	$	0.44

Series E preferred shares	$	34.38	$	—	$	34.38

10. DEBT AND FINANCING ARRANGEMENTS

Letter of Credit Facility

On March 23, 2026, the $300 million Facility was amended to reduce the committed utilization capacity available under the Facility to $250 million (the "$250 million Facility") and extend the tenors of issuable letters of credit to March 31, 2028.

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of Syndicate 1686 and Syndicate 2050 (collectively, the "Syndicates"), entered into a Facility Letter and Master Agreement (together, the "Agreements") with Citibank (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.

The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

On October 8, 2025, AXIS Specialty Limited (the "Borrower"), entered into a Letter Agreement with Wells Fargo Bank, National Association (the "Bank"), providing for an uncommitted bilateral short-term line of credit facility up to a maximum aggregate amount of $150 million (the "$150 million Facility") with tenors of issuable letters of credit to October 7, 2026.

The $150 million Facility is intended to support the Borrower's working capital requirements and general corporate expenses. The line of credit facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

11. FEDERAL HOME LOAN BANK ADVANCES

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").

At March 31, 2026, the companies had admitted assets of approximately $3.5 billion (2025: $3.6 billion) which provides borrowing capacity of up to approximately $877 million (2025: $888 million).

At March 31, 2026, the Company had borrowings under the FHLB program of $66 million (2025: $66 million).

The FHLB advances have maturities in 2026 (2025: 2026) and interest payable at interest rates between 3.9% and 4.2% (2025: interest rates between 3.9% and 4.6%). The Company incurred interest expense of $1 million (2025: $1 million).

The borrowings under the FHLB program are secured by cash and investments with a fair value of $74 million (2025: $74 million).

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

12. COMMITMENTS AND CONTINGENCIES

Legal Proceedings

From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in the Company's consolidated balance sheets.

The Company is not party to any material legal proceedings arising outside the ordinary course of business.

Investments

Refer to Note 3 - 'Investments' for information on the Company's unfunded investment commitments related to the Company's other investment portfolio.

13. OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the tax effects allocated to each component of other comprehensive income (loss):


	2026						2025
	Before tax amount		Income tax (expense) benefit		Net of tax amount		Before tax amount		Income tax (expense) benefit		Net of tax amount

Three months ended March 31,
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized	$	(154,455)	$	35,872	$	(118,583)	$	101,007	$	(13,949)	$	87,058
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized	(3,571)		597		(2,974)		243		(51)		192
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)	(1,217)		276		(941)		34,310		(6,223)		28,087
Unrealized gains (losses) arising during the period, net of reclassification adjustment	(159,243)		36,745		(122,498)		135,560		(20,223)		115,337

Foreign currency translation adjustment	(3,061)		—		(3,061)		(156)		—		(156)


Total other comprehensive income (loss), net of tax	$	(162,304)	$	36,745	$	(125,559)	$	135,404	$	(20,223)	$	115,181

The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss):


		Amount reclassified from AOCI(1)
AOCI Components	Consolidated statement of operations line item that includes reclassification adjustment	Three months ended March 31,
		2026		2025

Unrealized gains (losses) on available for sale investments
	Other realized and unrealized investment gains (losses)	$	1,484	$	(32,384)
	Impairment losses	(267)		(1,926)

	Total before tax	1,217		(34,310)
	Income tax (expense) benefit	(276)		6,223
	Net of tax	$	941	$	(28,087)

(1) Amounts in parentheses are charges to net income (loss).

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

14. RELATED PARTY TRANSACTIONS

Related Party Transactions with Stone Point Capital, LLC ("Stone Point")

Investment in Monarch Point Re

Refer to Note 3 'Investments'

Loan Advances Made to Monarch Point Re

Refer to Note 3 'Investments'

15. REORGANIZATION EXPENSES

For the three months ended March 31, 2026, reorganization expenses were $23 million (2025: $nil) primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three months ended March 31, 2026 and 2025 and our financial condition at March 31, 2026 and December 31, 2025. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.


			Page

First Quarter 2026 Financial Highlights			45
Overview			46
Consolidated Results of Operations			48
Results by Segment:
i) Insurance Segment			50
ii) Reinsurance Segment			54
Net Investment Income and Net Investment Gains (Losses)			58
Other Expenses (Revenues), Net			61
Financial Measures			62
Non-GAAP Financial Measures Reconciliation			63
Cash and Investments			67
Liquidity and Capital Resources			70
Critical Accounting Estimates			72
Recent Accounting Pronouncements			72

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FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS

First Quarter 2026 Consolidated Results of Operations

•Net income available to common shareholders of $247 million, or $3.29 per diluted common share

•Operating income(1) of $257 million, or $3.42 per diluted common share(1)

•Gross premiums written of $3.1 billion

•Net premiums written of $1.9 billion

•Net premiums earned of $1.5 billion

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

•Net favorable prior year reserve development of $18 million (Insurance: $15 million; Reinsurance: $3 million)

•Underwriting income(2) of $187 million and combined ratio of 89.8%

•Fees related to arrangements with strategic capital partners of $23 million, including $18 million recognized as a reimbursement of general and administrative expenses

•Net investment income of $185 million

•Net investment losses of $27 million

•Foreign exchange gains of $36 million

•Reorganization expenses of $23 million primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership

•Income tax expense of $56 million, resulting in an effective tax rate of 18.0%

First Quarter 2026 Consolidated Financial Condition

•Total cash and invested assets of $17.3 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 86% of total cash and investments and have an average credit rating of AA-

•Total assets of $35.6 billion

•Reserve for losses and loss expenses of $18.3 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.5 billion

•Debt of $1.3 billion and debt to total capital ratio(3) of 17.1%

•Total common shares repurchased were 0.8 million shares for a total of $82 million, including $60 million repurchased pursuant to our Board-authorized share repurchase programs, and $23 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units

•Common shareholders’ equity of $5.8 billion; book value per diluted common share of $78.19

(1)Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(3)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.

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OVERVIEW

Business Overview

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with locations in Bermuda, the U.S., Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.

We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and inclusive culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first three months of 2026 included the following:

•growing in a number of targeted specialty lines insurance and reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business;

•cycle-managing our portfolio towards attractive lines of business, that carry premium adequate returns while deploying capital within risk limits, diversification criteria and risk management strategy;

•investing in attractive growth markets and advancing capabilities to address more transactional specialist business targeting the lower middle market with our key distribution partners;

•leveraging our global platform to introduce our products and services to new regions including the continued expansion of our North America product capabilities;

•continuing the implementation of a more focused distribution strategy while building mutually beneficial relationships with clients and partners;

•improving the effectiveness and efficiency of our operating platforms and processes through our "How We Work" program;

•investing in data and technology, together with AI capabilities and tools, to empower our teammates and enhance the service that we provide to our customers;

•utilizing reinsurance markets and third-party capital relationships; and

•fostering a positive workplace environment that enables us to attract, retain and develop top talent.

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Outlook

AXIS is executing with clarity and conviction on our strategy to be a leading global specialty underwriter, delivering durable, profitable growth across market cycles. Our differentiated market positioning—anchored by a diversified specialty portfolio, deep underwriting expertise, a global operating platform, strong claims and risk management capabilities, and long‑standing distribution partnerships—provides a powerful foundation for continued value creation. This is reinforced by a conservative, high‑quality investment portfolio that enhances earnings resilience and capital flexibility.

The global trade and geopolitical landscape remains fluid, introducing uncertainty across economic conditions, loss costs, and capital deployment. AXIS is built to operate effectively in precisely these environments. We proactively assess evolving risks and translate uncertainty into underwriting advantage through disciplined pricing, portfolio management, and rigorous risk selection. Our underwriting framework is designed to protect outsized downside outcomes while positioning the business to capitalize on market dislocations as they emerge.

Key trends shaping our markets underscore the strength of our approach:

•Pricing dynamics are evolving following multiple years of rate increases that exceeded loss cost trends. While pricing has moderated overall—and softened in select classes—casualty lines continue to achieve positive rate momentum, financial lines pricing remains stable, and property markets are experiencing pressure from increased capital inflows. We are deliberately concentrating capacity where premium adequacy remains compelling, where volatility is appropriately priced, and where dislocations create opportunities to deploy capital at attractive returns.

•Distribution dynamics remain constructive for disciplined specialty underwriters. In North America, submission growth through the wholesale channel has remained steady as market conditions vary by class, reinforcing the importance of underwriting selectivity. In the London Market, increasingly granular "micro‑markets" by class and channel continue to reward technical underwriting expertise and strong broker relationships. These conditions play directly to AXIS’s strengths and support sustainable, profitable growth.

•Reinsurance pricing is moderating, with outcomes varying by line of business and structure. We expect this environment to persist and continue to manage our reinsurance portfolio with a singular focus on margin, volatility management, and long‑term profitability.

Across AXIS, we are actively deploying capital in areas where pricing supports our return thresholds and scaling back where it does not. Growth is a consequence of disciplined underwriting—not an objective in isolation. With a strengthened portfolio, improved mix, and expanding presence in our chosen specialty markets, AXIS is well positioned to generate attractive, risk‑adjusted returns and drive profitable growth through 2026.

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CONSOLIDATED RESULTS OF OPERATIONS


	Three months ended March 31,
	2026		% Change	2025

Underwriting revenues:
Gross premiums written	$	3,097,967	11%	$	2,794,652
Net premiums written	1,907,036		9%	1,750,039
Net premiums earned	1,480,466		10%	1,340,820
Other insurance related income	5,649		58%	3,578
Underwriting expenses:
Net losses and loss expenses	(867,283)		10%	(785,925)
Acquisition costs	(304,255)		15%	(264,581)
Underwriting-related general and administrative expenses(1)	(127,214)		(2%)	(130,438)
Underwriting income (2)	187,363			163,454

Net investment income	184,740		(11%)	207,713
Net investment gains (losses)	(27,224)		(9%)	(30,005)
Corporate expenses(1)	(30,942)		8%	(28,725)
Foreign exchange (losses) gains	36,196		nm	(57,034)
Interest expense and financing costs	(16,426)		(1%)	(16,572)
Reorganization expenses	(23,168)		nm	—

Amortization of intangible assets	(2,396)		(12%)	(2,729)

Income before income taxes and interest in income of equity method investments	308,143			236,102
Income tax expense	(55,806)		26%	(44,322)
Interest in income of equity method investments	2,430		6%	2,291
Net income	254,767			194,071

Preferred share dividends	(7,563)		—%	(7,563)

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

nm – not meaningful is defined as a variance greater than +/-100%

(1)Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $31 million and $29 million for the three months ended March 31, 2026 and 2025, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

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Underwriting Revenues

Underwriting revenues by segment were as follows:


	Three months ended March 31,
	2026			% Change	2025

Gross premiums written:
Insurance	$	1,983,742		20%	$	1,655,903
Reinsurance	1,114,225			(2%)	1,138,749
Total gross premiums written	$	3,097,967		11%	$	2,794,652

Percent of gross premiums written ceded
Insurance	35		%	(2 pts)	37		%
Reinsurance	45		%	7 pts	38		%
Total percent of gross premiums written ceded	38		%	1 pt	37		%

Net premiums written:
Insurance	$	1,293,077		24%	$	1,044,580
Reinsurance	613,959			(13%)	705,459
Total net premiums written	$	1,907,036		9%	$	1,750,039

Net premiums earned:
Insurance	$	1,141,753		13%	$	1,010,086
Reinsurance	338,713			2%	330,734
Total net premiums earned	$	1,480,466		10%	$	1,340,820

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues.

Combined Ratio

The components of the combined ratio were as follows:


	Three months ended March 31,
	2026		% Point Change	2025

Current accident year loss ratio, excluding catastrophe and weather-related losses(1)	56.6	%	0.3	56.3	%
Catastrophe and weather-related losses ratio(1)	3.2	%	(0.5)	3.7	%
Current accident year loss ratio(1)	59.8	%	(0.2)	60.0	%
Prior year reserve development ratio	(1.2	%)	0.2	(1.4	%)
Net losses and loss expenses ratio	58.6	%	—	58.6	%
Acquisition cost ratio	20.5	%	0.8	19.7	%
General and administrative expense ratio(2)	10.7	%	(1.2)	11.9	%
Combined ratio	89.8	%	(0.4)	90.2	%

(1) Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio is provided above and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2) The general and administrative expense ratio included corporate expenses not allocated to underwriting segments of 2.1% for the three months ended March 31, 2026 and 2025. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details.

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting expenses.

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RESULTS BY SEGMENT

Insurance Segment

Results for the insurance segment were as follows:


	Three months ended March 31,
	2026			% Change	2025

Revenues:
Gross premiums written	$	1,983,742		20%	$	1,655,903
Net premiums written	1,293,077			24%	1,044,580
Net premiums earned	1,141,753			13%	1,010,086
Other insurance related income	370			nm	156

Expenses:
Current accident year net losses and loss expenses	(656,047)				(576,066)
Prior year reserve development	15,059				13,978
Acquisition costs	(223,769)				(194,021)
Underwriting-related general and administrative expenses	(120,013)				(119,592)

Underwriting income	$	157,353			$	134,541

Ratios:				% Point Change
Current accident year loss ratio, excluding catastrophe and weather-related losses	53.3		%	1.0	52.3		%
Catastrophe and weather-related losses ratio	4.2		%	(0.5)	4.7		%
Current accident year loss ratio	57.5		%	0.5	57.0		%
Prior year reserve development ratio	(1.4		%)	—	(1.4		%)
Net losses and loss expenses ratio	56.1		%	0.5	55.6		%
Acquisition cost ratio	19.6		%	0.4	19.2		%
Underwriting-related general and administrative expense ratio	10.6		%	(1.3)	11.9		%
Combined ratio	86.3		%	(0.4)	86.7		%

nm – not meaningful

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Gross Premiums Written

Gross premiums written by line of business were as follows:


	Three months ended March 31,
	2026				2025				% Change

Property	$	613,480	31	%	$	495,417	29	%	24%
Professional lines	345,381		17	%	257,159		16	%	34%
Liability	337,674		17	%	303,758		18	%	11%
Cyber	119,999		6	%	113,945		7	%	5%
Marine and aviation	294,960		15	%	267,151		16	%	10%
Accident and health	171,365		9	%	124,843		8	%	37%
Credit and political risk	100,883		5	%	93,630		6	%	8%
Total	$	1,983,742	100	%	$	1,655,903	100	%	20%

Gross premiums written for the three months ended March 31, 2026 increased by $328 million, or 20% ($309 million, or 19%, on a constant currency basis(1)), compared to the three months ended March 31, 2025, primarily attributable to new business in property, professional lines and accident and health lines. In addition, our AXIS Capacity Solutions capability contributed approximately $173 million to the increase in gross premiums written in three months ended March 31, 2026, compared to the three months ended March 31, 2025, including $59 million attributable to discrete Funds at Lloyds ("FAL") transactions. The FAL transactions were written on a proportional basis therefore, annual estimated premium income was recognized at inception of the contracts.

The increase in property lines was also due to a higher level of premiums associated with excess and surplus lines, and onshore renewable energy business, partially offset by reduced opportunities in global property associated with competitive market conditions.

The increase in professional lines was also driven by a higher level of premiums and increased rate associated with transactional liability business.

The increase in accident and health lines was also attributable to increased rate associated with renewed pet insurance business.

Ceded Premiums Written

Ceded premiums written for the three months ended March 31, 2026 was $691 million, or 35%, of gross premiums written, compared to $611 million, or 37%, of gross premiums written for the three months ended March 31, 2025. The decrease in ceded premiums written to gross premiums written of 2% was primarily due to a decreased cession rate in liability lines, partially offset by an increased cession rate in property lines.

(1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance.

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Net Premiums Earned

Net premiums earned by line of business were as follows:


	Three months ended March 31,
	2026				2025				% Change

Property	$	357,779	32	%	$	318,333	31	%	12%
Professional lines	250,884		22	%	202,642		20	%	24%
Liability	153,105		13	%	118,152		12	%	30%
Cyber	70,690		6	%	79,206		8	%	(11%)
Marine and aviation	156,910		14	%	154,946		15	%	1%
Accident and health	94,052		8	%	89,145		9	%	6%
Credit and political risk	58,333		5	%	47,662		5	%	22%
Total	$	1,141,753	100	%	$	1,010,086	100	%	13%

Net premiums earned for the three months ended March 31, 2026 increased by $132 million, or 13%, compared to the three months ended March 31, 2025, primarily driven by increases in professional lines, property, and liability lines.

The increases in professional lines and property lines was due to increases in gross premiums earned. The increase in liability lines was due to an increase in gross premiums earned, together with a decrease in ceded premiums earned attributable to the restructuring of existing quota share treaties that increased our retentions on this line of business.

Loss Ratio

The components of the loss ratio were as follows:


	Three months ended March 31,
	2026		% Point Change	2025

Current accident year loss ratio	57.5	%	0.5	57.0	%
Prior year reserve development ratio	(1.4	%)	—	(1.4	%)
Loss ratio	56.1	%	0.5	55.6	%

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 57.5% for the three months ended March 31, 2026, from 57.0% for the three months ended March 31, 2025.

During the three months ended March 31, 2026, catastrophe and weather-related losses, net of reinsurance, were $48 million, or 4.2 points, including natural catastrophe losses of $33 million, or 2.9 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $15 million, or 1.4 points, were attributable to the Middle East conflict.

Comparatively, during the three months ended March 31, 2025, catastrophe and weather-related losses, net of reinsurance, were $47.5 million, or 4.7 points, primarily attributable to California Wildfires.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 53.3% for the three months ended March 31, 2026, from 52.3% for the three months ended March 31, 2025, principally due to increased competition in property lines and cyber lines.

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Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio increased to 19.6% for the three months ended March 31, 2026, from 19.2% for the three months ended March 31, 2025, primarily related to an increase in gross acquisition costs in property lines. In addition, gross acquisition costs increased due to changes in business mix attributable to increases in pet insurance business written in accident and health lines, and program business written in property and professional lines all associated with relatively higher gross acquisition cost ratios. The acquisition cost ratio for the three months ended March 31, 2026 benefited from increases in ceding commission in accident and health, and cyber lines.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio decreased to 10.6% for the three months ended March 31, 2026, from 11.9% for the three months ended March 31, 2025, mainly driven by an increase in net premiums earned.

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Reinsurance Segment

Results from the reinsurance segment were as follows:


	Three months ended March 31,
	2026			% Change	2025

Revenues:
Gross premiums written	$	1,114,225		(2%)	$	1,138,749
Net premiums written	613,959			(13%)	705,459
Net premiums earned	338,713			2%	330,734
Other insurance related income	5,279			54%	3,422

Expenses:
Current accident year net losses and loss expenses	(229,298)				(227,796)
Prior year reserve development	3,003				3,959
Acquisition costs	(80,486)				(70,560)
Underwriting-related general and administrative expenses	(7,201)				(10,846)

Underwriting income	$	30,010			$	28,913
Ratios:				% Point Change
Current accident year loss ratio, excluding catastrophe and weather-related losses	67.7		%	(0.7)	68.4		%
Catastrophe and weather-related losses ratio	—		%	(0.5)	0.5		%
Current accident year loss ratio	67.7		%	(1.2)	68.9		%
Prior year reserve development ratio	(0.9		%)	0.3	(1.2		%)
Net losses and loss expenses ratio	66.8		%	(0.9)	67.7		%
Acquisition cost ratio	23.8		%	2.5	21.3		%
Underwriting-related general and administrative expense ratio	2.1		%	(1.2)	3.3		%
Combined ratio	92.7		%	0.4	92.3		%

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Gross Premiums Written

Gross premiums written by line of business were as follows:


	Three months ended March 31,
	2026				2025				% Change

Liability	$	163,106	15	%	$	253,070	22	%	(36%)
Professional lines	177,953		16	%	188,445		17	%	(6%)
Motor	87,312		8	%	124,380		11	%	(30%)
Accident and health	296,290		27	%	281,355		25	%	5%
Credit and surety	308,973		28	%	204,666		18	%	51%
Agriculture	52,715		4	%	48,901		4	%	8%
Marine and aviation	25,978		2	%	33,492		3	%	(22%)






Run-off lines(1)	1,898		—	%	4,440		—	%	(57%)
Total	$	1,114,225	100	%	$	1,138,749	100	%	(2%)

(1) Run-off lines include the catastrophe, property, and engineering lines of business.

Gross premiums written for the three months ended March 31, 2026, decreased by $25 million, or 2% ($65 million, or 6%, on a constant currency basis), compared to the three months ended March 31, 2025 primarily attributable to non-renewals and decreased line sizes.

The decrease in liability lines was due to non-renewals and decreased line sizes primarily related to general liability business.

The decrease in motor lines was driven by decreased line sizes and non-renewals of non-proportional U.K business attributable to increased competition and unfavorable market conditions, partially offset by new non-U.K. proportional and non-proportional business.

The increase in credit and surety lines was driven by increased line sizes and new credit, surety and credit and political risk business.

Ceded Premiums Written

Ceded premiums written for the three months ended March 31, 2026, was $500 million, or 45%, of gross premiums written, compared to $433 million, or 38%, of gross premiums written for the three months ended March 31, 2025. The increase in ceded premiums written to gross premiums written of 7% was primarily due to increased cession rates in motor, professional lines and liability lines.

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Net Premiums Earned

Net premiums earned by line of business were as follows:


	Three months ended March 31,
	2026				2025				% Change

Liability	$	70,727	21	%	$	74,140	22	%	(5%)
Professional lines	49,275		14	%	43,175		13	%	14%
Motor	21,240		6	%	29,278		9	%	(27%)
Accident and health	76,589		23	%	68,987		21	%	11%
Credit and surety	74,936		22	%	63,039		19	%	19%
Agriculture	32,489		10	%	32,085		10	%	1%
Marine and aviation	12,139		4	%	15,695		5	%	(23%)






Run-off lines	1,318		—	%	4,335		1	%	(70%)

Total	$	338,713	100	%	$	330,734	100	%	2%

Net premiums earned for the three months ended March 31, 2026, increased by $8 million, or 2% ($nil, on a constant currency basis), compared to the three months ended March 31, 2025 primarily driven by increases in credit and surety, and accident and health lines, partially offset by a decrease in motor lines.

The increase in credit and surety lines was due to an increase in gross premiums earned, partially offset by an increase in ceded premiums earned attributable to the restructuring of existing quota share treaties with strategic capital partners that decreased our retentions of these lines of business. The increase in accident and health lines was attributable to gross premiums earned. The decrease in motor lines was due to a decrease in gross premiums earned.

Loss Ratio

The components of the loss ratio were as follows:


	Three months ended March 31,
	2026		% Point Change	2025

Current accident year loss ratio	67.7	%	(1.2)	68.9	%
Prior year reserve development ratio	(0.9	%)	0.3	(1.2	%)
Loss ratio	66.8	%	(0.9)	67.7	%

Current Accident Year Loss Ratio

The current accident year loss ratio decreased to 67.7% for the three months ended March 31, 2026, from to 68.9% for the three months ended March 31, 2025.

During the three months ended March 31, 2026, catastrophe and weather-related losses, net of reinsurance, were $nil. Comparatively, during the three months ended March 31, 2025, catastrophe and weather-related losses, were $1.5 million, or 0.5 points, attributable to California Wildfires.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio decreased to 67.7% for the three months ended March 31, 2026, from 68.4% for the three months ended March 31, 2025, principally due to changes in our view of risk, rate and trend.

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Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio increased to 23.8% for the three months ended March 31, 2026, from 21.3% for the three months ended March 31, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent period which is associated with a relatively higher acquisition cost ratio. In addition, the acquisition cost ratio increased due to changes in business mix within motor, and credit and surety lines mainly related to an increase in proportional business written in the recent periods.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio decreased to 2.1% for the three months ended March 31, 2026, from 3.3% for the three months ended March 31, 2025, mainly driven by an increase in fees related to arrangements with strategic capital partners.

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NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income

Net investment income from our cash and investment portfolio by major asset class was as follows:


	Three months ended March 31,
	2026			% Change	2025

Fixed maturities	$	156,696		7%	$	146,711
Other investments	17,705			(21%)	22,410
Equity securities	4,152			29%	3,208
Mortgage loans	4,165			(39%)	6,868
Cash and cash equivalents	8,918			(73%)	33,380
Short-term investments	132			(93%)	1,986
Gross investment income	191,768			(11%)	214,563
Investment expense	(7,028)			3%	(6,850)
Net investment income	$	184,740		(11%)	$	207,713

Pre-tax yield:(1)
Fixed maturities	4.7		%		4.6		%

(1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances.

Fixed Maturities

Net investment income in 2026 increased $10 million or 7% compared to the same period in 2025 due to the increase in average fixed maturity assets and an increase in yields.

Other Investments

Net investment income from other investments was as follows:


	Three months ended March 31,
	2026		2025

Multi-strategy, direct lending, private equity and real estate funds	$	16,145	$	15,170
Other privately held investments	1,560		6,656
CLO-Equities	—		584
Total net investment income from other investments	$	17,705	$	22,410

Net investment income in 2026 decreased $5 million or 21%, compared to the same period in 2025 attributable to lower returns from other privately held investments and real estate funds.

Mortgage Loans

Net investment income in 2026 decreased $3 million or 39%, compared to the same period in 2025 related to loan repayments during the period.

Cash and cash equivalents

Net investment income in 2026 decreased $24 million or 73%, compared to the same period in 2025 due to lower average cash balances following premiums paid for the loss portfolio transfer reinsurance agreement transaction with Enstar that was completed in April 2025.

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Net Investment Gains (Losses)

Net investment gains (losses) were as follows:


	Three months ended March 31,
	2026		2025

On sale of investments:
Fixed maturities, short-term investments, and cash and cash equivalents	$	6,937	$	(29,601)
Equity securities	11,460		27,197
Mortgage loans	(4,595)		—
	13,802		(2,404)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale	(1,284)		(245)
(Increase) decrease in allowance for expected credit losses, mortgage loans	434		(2,484)
Impairment losses (1)	(267)		(1,926)

Change in fair value of investment derivatives	146		(416)
Net unrealized gains (losses) on equity securities	(40,055)		(22,530)
Net investment gains (losses)	$	(27,224)	$	(30,005)

(1)Related to instances where we intend to sell securities, or it is more likely than not that we will be required to sell securities before their anticipated recovery.

On Sale of Investments and Net Unrealized Gains (Losses) on Equity Securities

Generally, sales of individual securities occur when there are changes in the relative value, credit quality, or duration of a particular issue. We may also sell securities to re-balance our investment portfolio in order to change exposure to particular asset classes or sectors.

Net investment losses in 2026 were $27 million compared to net investment losses of $30 million in the same period of 2025. Net investment losses reported in 2026 mainly reflected net unrealized losses on equities, partially offset by net realized gains on the sale of equities, U.S. government and Agency RMBS.

Net investment losses reported in 2025 mainly reflected net realized losses on the sale of corporate debt and U.S. government securities and net unrealized losses on equity securities, partially offset by net realized gains on the sale of equity securities.

(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale

Refer to Note 3(i) to the Consolidated Financial Statements 'Investments'.

(Increase) decrease in allowance for expected credit losses, mortgage loans

Refer to Note 3(i) to the Consolidated Financial Statements 'Investments'.

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Total Return

Total return on cash and investments was as follows:


	Three months ended March 31,
	2026			2025

Net investment income	$	184,740		$	207,713
Net investment gains (losses)	(27,224)			(30,005)
Change in net unrealized gains (losses) on fixed maturities (1)	(159,243)			135,560
Interest in income of equity method investments	2,430			2,291
Total	$	703		$	315,559

Average cash and investments(2)	$	17,335,191		$	18,019,104

Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements	—		%	1.8		%
Excluding investment related foreign exchange movements(3)	0.1		%	1.5		%

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

(2)The average cash and investments balance is the average of the monthly fair value balances.

(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(24) million and $47 million for the three months ended March 31, 2026 and 2025, respectively.

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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:


	Three months ended March 31,
	2026		% Change	2025

Corporate expenses	$	30,942	8%	$	28,725
Foreign exchange losses (gains)	(36,196)		nm	57,034
Interest expense and financing costs	16,426		(1%)	16,572
Income tax expense	55,806		26%	44,322
Total	$	66,978		$	146,653

nm – not meaningful

Corporate Expenses

Foreign Exchange Losses (Gains)

Foreign exchange gains of $36 million for the three months ended March 31, 2026 reflected the impact of the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling, euro and Canadian dollar.

Foreign exchange losses of $57 million for the three months ended March 31, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro.

Interest Expense and Financing Costs

Interest expense and financing costs are related to interest due on senior unsecured notes, junior subordinated notes and the Federal Home Loan advances ("FHLB advances") received in 2026 and 2025.

Interest expense and financing costs were $16 million for the three months ended March 31, 2026 was comparable to $17 million for the three months ended March 31, 2025.

Income Tax Expense (Benefit)

Income tax expense (benefit) primarily results from income (loss) in our global operations. Our effective tax rate which is calculated as income tax expense (benefit) divided by income (loss) before tax including interest in income (loss) of equity method investments was 18.0%, for the three months ended March 31, 2026, and 18.6% for the three months ended March 31, 2025. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors.

The income tax expense of $56 million, for the three months ended March 31, 2026, was principally due to pre-tax income in our U.S. and U.K operations.

The income tax expense of $44 million for the three months ended March 31, 2025 was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

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FINANCIAL MEASURES

We believe the following financial indicators are important in evaluating performance and measuring the overall growth in value generated for common shareholders:


	Three months ended March 31,
	2026			2025

Annualized return on average common equity(1)	17.0		%	13.7		%
Annualized operating return on average common equity(2)	17.7		%	19.2		%

Book value per diluted common share(3)	$	78.19		$	66.48
Cash dividends declared per common share	$	0.44		$	0.44

(1)Annualized return on average common equity ("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.

(2)Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, annualized ROACE, and a discussion of the rationale for its presentation is provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(3)Book value per diluted common share represents total common shareholders’ equity divided by the number of diluted common share outstanding, determined using the treasury stock method.

Return on Average Common Equity and Operating Return on Average Common Equity

Our objective is to generate superior returns on capital that appropriately reward common shareholders for the risks we assume and to grow revenue only when we expect the returns will meet or exceed our requirements. We recognize that the nature of underwriting cycles and the frequency or severity of large loss events in any one year may challenge the ability to achieve a profitability target in any specific period.

The increase in ROACE for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily driven by net income available to commons shareholders, partially offset by an increase in average common shareholders' equity.

The decrease in operating ROACE for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily driven by an increase in average common shareholders' equity.

Book Value per Diluted Common Share

We consider book value per diluted common share to be an appropriate measure of returns to common shareholders, as we believe growth in book value on a diluted basis will ultimately translate into appreciation of our stock price.

During the three months ended March 31, 2026, book value per diluted common share increased by 1.3% due to net income for the period, partially offset by net unrealized investment losses recognized in accumulated other comprehensive income (loss), common share repurchases and common share dividends declared.

During the three months ended March 31, 2025, book value per diluted common share increased by 1.9% due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.

Cash Dividends Declared per Common Share and Common Share Repurchases

We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-three consecutive years.

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NON-GAAP FINANCIAL MEASURES RECONCILIATION


	Three months ended March 31,
	2026			2025


Net income available to common shareholders	$	247,204		$	186,508
Net investment (gains) losses	27,224			30,005
Foreign exchange losses (gains)	(36,196)			57,034
Reorganization expenses	23,168			—
Interest in income of equity method investments	(2,430)			(2,291)

Income tax benefit(1)	(2,081)			(9,787)
Operating income	$	256,889		$	261,469

Earnings per diluted common share	$	3.29		$	2.26
Net investment (gains) losses	0.36			0.36
Foreign exchange losses (gains)	(0.48)			0.69
Reorganization expenses	0.31			—
Interest in income of equity method investments	(0.03)			(0.03)

Income tax benefit	(0.03)			(0.11)
Operating income per diluted common share	$	3.42		$	3.17

Weighted average diluted common shares outstanding(2)	75,153			82,378

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

Annualized return on average common equity	17.0		%	13.7		%


Annualized operating return on average common equity	17.7		%	19.2		%

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

(2)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.

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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 Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on average cash and investments excluding foreign exchange movements, which are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. 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 Item 8, Note 3 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

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

The reconciliation of consolidated underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

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 Item 8, Note 3 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

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

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

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

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Reorganization expenses in 2026 primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

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

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

Current Accident Year Loss Ratio

Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

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

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

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

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

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Operating Income (Loss)

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

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

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our

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underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

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

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

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

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 above to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively.

Constant Currency Basis

We present gross premiums written and net premiums earned on a constant currency basis in this MD&A. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums earned on a constant basis. The reconciliation to gross premiums written and net premiums earned on a GAAP basis is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment'.

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

Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investment gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Net Investment Income and Net Investment Gains (Losses)'.

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CASH AND INVESTMENTS

Details of cash and investments are as follows:


	March 31, 2026			December 31, 2025
		Fair Value		Fair Value

Fixed maturities, available for sale		$	13,107,142	$	13,018,027
Fixed maturities, held to maturity(1)		401,480		395,942
Equity securities		688,842		707,569
Mortgage loans		343,959		356,840
Other investments		1,042,649		1,027,798
Equity method investments		236,767		227,181
Short-term investments		5,836		20,298
Total investments		$	15,826,675	$	15,753,655

Cash and cash equivalents(2)		$	1,388,118	$	1,321,185

(1)Presented at net carrying value of $405 million (2025: $397 million) in the consolidated balance sheets.

(2)Includes restricted cash and cash equivalents of $526 million and $501 million at March 31, 2026 and at December 31, 2025, respectively.

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Overview

The fair value of total investments increased by $73 million in the three months ended March 31, 2026, as the reinvestment of interest income and cashflows from operations was partially offset by the decrease in market value of fixed maturities and equities.

An analysis of our investment portfolio by asset class is detailed below:

Fixed Maturities

Details of our fixed maturities portfolio are as follows:


	March 31, 2026				December 31, 2025
	Fair Value		% of Total		Fair Value		% of Total

Fixed maturities:
U.S. government and agency	$	2,462,147	18	%	$	2,417,901	18	%
Non-U.S. government	846,705		6	%	810,544		6	%
Corporate debt	5,321,178		41	%	5,365,509		41	%
Agency RMBS	2,073,952		15	%	2,035,352		15	%
CMBS	788,789		6	%	801,511		6	%
Non-agency RMBS	197,508		1	%	190,124		1	%
ABS	1,768,457		13	%	1,740,933		13	%
Municipals(1)	49,886		—	%	52,095		—	%
Total	$	13,508,622	100	%	$	13,413,969	100	%

Credit ratings:
U.S. government and agency	$	2,462,147	18	%	$	2,417,901	18	%
AAA(2)	2,622,092		19	%	2,577,512		19	%
AA	3,198,065		25	%	3,182,165		24	%
A	2,313,733		17	%	2,331,459		17	%
BBB	1,399,221		10	%	1,339,101		10	%
Below BBB(3)	1,513,364		11	%	1,565,831		12	%
Total	$	13,508,622	100	%	$	13,413,969	100	%

(1)Includes bonds issued by states, municipalities, and political subdivisions.

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

(3)Non-investment grade and non-rated securities.

At March 31, 2026, fixed maturities had a weighted average credit rating of A+ (2025: A+), a book yield of 4.7% (2025: 4.6%), and an average duration of 3.2 years (2025: 3.1 years).

At March 31, 2026, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $14.9 billion) had a weighted average credit rating of AA- (2025: AA-) and an average duration of 2.9 years (2025: 2.8 years).

At March 31, 2026, net unrealized losses on fixed maturities, available for sale were $81 million, compared to net unrealized gains of $80 million at December 31, 2025, a decrease of $161 million due to the decline in market values.

Equity Securities

At March 31, 2026, net unrealized gains on equity securities were $86 million, compared to $126 million at December 31, 2025, a decrease of $40 million driven by the decline in market values, and net realized gains associated with sales in the period.

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Mortgage Loans

At March 31, 2026, investment in commercial mortgage loans was $344 million, compared to $357 million at December 31, 2025, a decrease of $13 million mainly driven by repayments of loans. The commercial mortgage loans are collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At March 31, 2026, the allowance for expected credit losses of $29 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:


	March 31, 2026				December 31, 2025
	Fair Value		% of Total		Fair Value		% of Total



Multi-strategy funds	$	10,987	1	%	$	11,577	1	%




Direct lending funds	193,616		19	%	186,747		18	%
Private equity funds	382,826		37	%	364,376		36	%
Real estate funds	279,937		27	%	291,491		28	%
Total multi-strategy, direct lending, private equity and real estate funds	867,366		84	%	854,191		83	%


Other privately held investments	175,283		17	%	173,607		17	%

Total other investments	$	1,042,649	100	%	$	1,027,798	100	%

Refer to Note 3(e) to the Consolidated Financial Statements 'Investments'.

Equity Method Investments

Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.

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LIQUIDITY AND CAPITAL RESOURCES

Refer to the 'Liquidity and Capital Resources' section included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for a general discussion of liquidity and capital resources.

The following table summarizes consolidated capital:


	March 31, 2026			December 31, 2025

Debt	$	1,317,104		$	1,316,710

Preferred shares	550,000			550,000
Common equity	5,830,636			5,806,435
Shareholders’ equity	6,380,636			6,356,435
Total capital	$	7,697,740		$	7,673,145

Ratio of debt to total capital	17.1		%	17.2		%

We finance our operations with a combination of debt and equity capital. The debt to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations.

Federal Home Loan Bank Advances

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").

At March 31, 2026, the companies had admitted assets of approximately $3.5 billion which provides borrowing capacity of up to approximately $877 million.

At March 31, 2026, the Company had borrowings under the FHLB program of $66 million.

The FHLB advances have maturities in 2026 and interest payable at interest rates between 3.9% and 4.2%. The Company incurred interest expense of $1 million for the three months ended March 31, 2026.

The borrowings under the FHLB program are secured by cash and investments with a fair value of $74 million.

Refer to Note 11 to the Consolidated Financial Statements 'Federal Home Loan Advances'.

Letter of Credit Facility

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

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Common Equity

During the three months ended March 31, 2026, common equity increased by $24 million. The following table reconciles opening and closing common equity positions:


Three months ended March 31,	2026

Common equity - opening	$	5,806,435


Share-based compensation expense	15,864
Change in unrealized gains (losses) on available for sale investments, net of tax	(122,498)
Foreign currency translation adjustment	(3,061)
Net income	254,767
Preferred share dividends	(7,563)
Common share dividends	(33,108)
Treasury shares repurchased	(82,234)
Treasury shares reissued	2,034

Common equity - closing	$	5,830,636

During the three months ended March 31, 2026, we repurchased 0.8 million common shares for a total of $82 million, including $60 million repurchased pursuant to our Board-authorized share repurchase programs and $23 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units granted under our 2017 Long-Term Equity Compensation Plan.

We expect cash flows generated from operations, combined with liquidity provided by our investment portfolio, will be sufficient to cover cash outflows and other contractual commitments through the foreseeable future.

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CRITICAL ACCOUNTING ESTIMATES

The consolidated financial statements include certain amounts that are inherently uncertain and judgmental in nature. As a result, we are required to make assumptions and best estimates in order to determine the reported values. We consider an accounting estimate to be critical if: (1) it requires that significant assumptions be made in order to deal with uncertainties and (2) changes in the estimate could have a material impact on our results of operations, financial condition or liquidity.

We believe the material items requiring such subjective and complex estimates are:

•reserves for losses and loss expenses;

•reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses;

•gross premiums written and net premiums earned;

•fair value measurements of financial assets and liabilities; and

•the allowance for expected credit losses associated with fixed maturities, available for sale.

We believe that the critical accounting estimates discussion in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025, continues to describe the significant estimates and judgments included in the preparation of the consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS

At March 31, 2026, there were no recently issued accounting pronouncements that we have not yet adopted that we expect could have a material impact on our results of operations, financial condition or liquidity.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Refer to Item 7A included in our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to this item since December 31, 2025, with the exception of the changes in exposure to foreign currency risk presented below.

Foreign Currency Risk

The table below provides a sensitivity analysis of total net foreign currency exposures:



	AUD			CAD			EUR			GBP			JPY			Other			Total

At March 31, 2026
Net managed assets (liabilities), excluding derivatives	$	74,059		$	358,912		$	48,965		$	(13,394)		$	(25,452)		$	204,625		$	647,715
Foreign currency derivatives, net	(126,627)			(415,142)			(57,934)			(65,151)			17,867			(185,105)			(832,092)
Net managed foreign currency exposure	(52,568)			(56,230)			(8,969)			(78,545)			(7,585)			19,520			(184,377)
Other net foreign currency exposure	—			276			245			159			—			1			681
Total net foreign currency exposure	$	(52,568)		$	(55,954)		$	(8,724)		$	(78,386)		$	(7,585)		$	19,521		$	(183,696)
Net foreign currency exposure as a percentage of total shareholders’ equity	(0.8		%)	(0.9		%)	(0.1		%)	(1.2		%)	(0.1		%)	0.3		%	(2.9		%)
Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1)	$	(5,257)		$	(5,595)		$	(872)		$	(7,839)		$	(759)		$	1,952		$	(18,370)

(1)Assumes 10% appreciation in underlying currencies relative to the U.S. dollar.

Total Net Foreign Currency Exposure

At March 31, 2026, total net foreign currency liabilities were $184 million primarily driven by exposures to the pound sterling, Canadian dollar, Australian dollar, euro and Japanese yen. During the three months ended March 31, 2026, the change in total net foreign currency exposure was primarily due to new business written in the period.

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ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) at March 31, 2026. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that, at March 31, 2026, the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and is accumulated and communicated to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of changes in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 2026.

Based upon that evaluation, there were no changes in the Company's internal control over financial reporting that occurred during the three months ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against us in the ordinary course of our insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in our consolidated balance sheets.

We are not party to any material legal proceedings arising outside the ordinary course of business.

ITEM 1A. RISK FACTORS

There were no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table shows information regarding the number of common shares repurchased in the quarter ended March 31, 2026:


Period	Total number of shares purchased (a) (b)	Average price paid per share	Total number of shares purchased as part of publicly announced programs (a)	Maximum number (or approximate dollar value) of shares that may yet be purchased under the announced programs (c) (d)

January 1-31, 2026	1	$107.09	—	$112 million
February 1-28, 2026	259	$103.87	255	$386 million
March 1-31, 2026	534	$103.32	324	$353 million
Total	794		579	$353 million

(a) In thousands.

(b) Includes shares repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units under our 2017 Long-Term Equity Compensation Plans.

(c) On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At March 31, 2026, remaining authorization under this plan was $53 million.

(d) On February 26, 2026, the Company's Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase programs supplements the existing share repurchase program, and is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.

ITEM 5. OTHER INFORMATION

Disclosure of Certain Activities Under Section 13(r) of the Securities Exchange Act of 1934

Section 13(r) of the Securities Exchange Act of 1934, as amended, requires issuers to disclose in their annual and quarterly reports whether they or any of their affiliates knowingly engaged in certain activities with Iran or with individuals or entities that are subject to certain sanctions under U.S. law. Issuers are required to provide this disclosure even where the activities, transactions or dealings are conducted outside of the U.S. in compliance with applicable law.

As and when allowed by the applicable law and regulations, certain of our non-U.S. subsidiaries provide treaty reinsurance coverage to non-U.S. insurers on a worldwide basis, including insurers of liability, marine, aviation and energy risks, and as a result, these underlying insurance and reinsurance portfolios may have some exposure to Iran. In addition, we provide insurance and facultative reinsurance on a global basis to non-U.S. insureds and insurers, including for liability, marine, aviation and energy risks. Coverage provided to non-Iranian business may indirectly cover an exposure in Iran. For example, certain of our operations underwrite global marine hull war and cargo policies that provide coverage for vessels navigating into and out of ports worldwide, including Iran. For the quarter ended March 31, 2026, there has been no material amount of premium allocated or apportioned to activities relating to Iran. We intend for our non-U.S. subsidiaries to continue to provide such coverage only to the extent permitted by applicable law.

Insider Trading Arrangements and Policies

During the three months ended March 31, 2026, no director or officer of the Company adopted, terminated or is currently party to a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS


3.1			Certificate of Incorporation and Memorandum of Association (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1(Amendment No. 1) (No. 333-103620) filed on April 16, 2003).
3.2			Amended and Restated Bye-Laws (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-8 filed on May 15, 2009).
4.1			Specimen Common Share Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) (No. 333-103620) filed on June 10, 2003).
4.2			Certificate of Designations establishing the specific rights, preferences, limitations and other terms of the Series E Preferred Shares (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 7, 2016).
10.1			Amendment Agreement dated March 23, 2026, by and among AXIS Specialty Limited, AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Company, AXIS Surplus Insurance Company, AXIS Reinsurance Company and Citibank Europe plc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 24, 2026).








†31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

†31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
†32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
†32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
†101			The following financial information from AXIS Capital Holdings Limited’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 formatted in Inline XBRL: (i) Consolidated Balance Sheets at March 31, 2026 and December 31, 2025; (ii) Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025; (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025; (iv) Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2026 and 2025; (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail.
†104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

† Filed herewith.

* Management contract, compensatory plan or arrangement.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

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

Dated: April 29, 2026


AXIS CAPITAL HOLDINGS LIMITED
By:			/S/ VINCENT TIZZIO
			Vincent Tizzio
			President and Chief Executive Officer
			(Principal Executive Officer)

			/S/ MATTHEW KIRK
			Matthew Kirk
			Chief Financial Officer
			(Principal Financial Officer)

AXIS Capital - 10-Q quarterly report FY

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