Companies: 11,246     total market cap: ยฃ114.957 T
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AXIS Capital
AXS
#2541
Rank
ยฃ5.55 B
Marketcap
๐Ÿ‡ง๐Ÿ‡ฒ
Country
ยฃ75.31
Share price
-1.64%
Change (1 day)
5.37%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. AXIS Capital
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q2

AXIS Capital - 10-Q quarterly report FY2026 Q2


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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 June 30, 2026
OR
☐        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 classTrading Symbol(s)Name of each exchange on which registered
Common shares, par value $0.0125 per shareAXSNew York Stock Exchange
Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred shareAXS PRENew 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 July 24, 2026, there were 72,966,317 common shares outstanding, $0.0125 par value per share, of the registrant.



AXIS CAPITAL HOLDINGS LIMITED
INDEX TO FORM 10-Q




2


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

Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:
Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.
Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics, and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.

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

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

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

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

Taxation Risk: changes in tax laws.

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


3

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.



4


ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

 Page 
Consolidated Balance Sheets at June 30, 2026 (Unaudited) and December 31, 2025
6
Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (Unaudited)
7
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 (Unaudited)
8
Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2026 and 2025 (Unaudited)
9
Consolidated Statements of Cash Flows for the six months ended June 30, 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
16
Note 4 - Fair Value Measurements
27
Note 5 - Derivative Instruments
35
Note 6 - Reserve for Losses and Loss Expenses
37
Note 7 - Earnings Per Common Share
39
Note 8 - Share-Based Compensation
40
Note 9 - Shareholders' Equity
42
Note 10 - Debt and Financing Arrangements
43
Note 11 - Federal Home Loan Bank Advances
44
Note 12 - Commitments and Contingencies
44
Note 13 - Other Comprehensive Income (Loss)
45
Note 14 - Related Party Transactions
46
Note 15 - Reorganization Expenses
46




















5

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2026 (UNAUDITED) AND DECEMBER 31, 2025
20262025
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2026: $13,916,563; 2025: $12,937,728
    Allowance for expected credit losses 2026: $1,898; 2025: $1,836)
$13,828,314 $13,018,027 
Fixed maturities, held to maturity, at amortized cost
    (Fair value 2026: $402,105; 2025: $395,942
    Allowance for expected credit losses 2026: $nil; 2025: $nil)
407,024 397,430 
Equity securities, at fair value
    (Cost 2026: $606,505; 2025: $581,275)
748,532 707,569 
 Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2026: $27,957; 2025: $29,742)
335,537 356,840 
Other investments, at fair value1,062,933 1,027,798 
Equity method investments203,661 227,181 
Short-term investments, at fair value2,828 20,298 
Total investments16,588,829 15,755,143 
Cash and cash equivalents780,002 820,252 
Restricted cash and cash equivalents443,056 500,933 
Accrued interest receivable124,281 116,252 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2026: $14,479; 2025: $15,821)
4,011,370 3,244,661 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2026: $41,354; 2025: $40,340)
8,949,022 8,951,763 
Reinsurance recoverable on paid losses and loss expenses626,691 673,765 
Deferred acquisition costs946,416 801,778 
Prepaid reinsurance premiums2,610,988 2,139,294 
Receivable for investments sold4,796 12,806 
Goodwill66,498 66,498 
Intangible assets161,258 166,050 
Operating lease right-of-use assets92,801 93,900 
Loan advances made
316,342 231,542 
Other assets900,128 887,289 
Total assets$36,622,478 $34,461,926 
Liabilities
Reserve for losses and loss expenses$18,613,412 $18,122,256 
Unearned premiums6,807,320 5,825,698 
Insurance and reinsurance balances payable2,410,199 1,882,021 
Debt1,317,502 1,316,710 
Federal Home Loan Bank advances61,130 66,380 
Payable for investments purchased189,180 36,982 
Operating lease liabilities108,326 110,095 
Other liabilities612,199 745,349 
Total liabilities30,119,268 28,105,491 
Shareholders’ equity
Preferred shares 550,000 550,000 
Common shares (shares issued 2026: 176,580; 2025: 176,580
    shares outstanding 2026: 73,141; 2025: 74,135)
2,206 2,206 
Additional paid-in capital2,399,137 2,405,792 
Accumulated other comprehensive income (loss)(107,803)28,431 
Retained earnings8,613,341 8,181,699 
Treasury shares, at cost (2026: 103,439; 2025: 102,445)
(4,953,671)(4,811,693)
Total shareholders’ equity 6,503,210 6,356,435 
Total liabilities and shareholders’ equity$36,622,478 $34,461,926 
See accompanying notes to Consolidated Financial Statements.

6

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

 Three months endedSix months ended
2026202520262025
 (in thousands, except per share amounts)
Revenues
Net premiums earned$1,518,984 $1,393,431 $2,999,451 $2,734,251 
Net investment income181,594 187,297 366,333 395,009 
Other insurance related income5,601 8,662 11,249 12,240 
Net investment gains:
(Increase) decrease in allowance for expected credit losses
2,571 (2,332)1,722 (5,062)
Impairment losses(116)(400)(383)(2,326)
Other realized and unrealized investment gains44,280 46,200 18,175 20,850 
Total net investment gains46,735 43,468 19,514 13,462 
Total revenues1,752,914 1,632,858 3,396,547 3,154,962 
Expenses
Net losses and loss expenses933,130 801,754 1,800,412 1,587,679 
Acquisition costs316,268 275,897 620,524 540,477 
General and administrative expenses164,889 161,078 323,046 320,241 
Foreign exchange losses (gains)(2,344)94,885 (38,539)151,920 
Interest expense and financing costs16,838 16,586 33,265 33,158 
Reorganization expenses5,546 — 28,715 — 
    Amortization of intangible assets2,396 2,396 4,792 5,125 
Total expenses1,436,723 1,352,596 2,772,215 2,638,600 
Income before income taxes and interest in income (loss) of equity method investments316,191 280,262 624,332 516,362 
Income tax expense(61,404)(56,199)(117,211)(100,521)
Interest in income (loss) of equity method investments3,308 (705)5,738 1,586 
Net income258,095 223,358 512,859 417,427 
Preferred share dividends7,563 7,563 15,125 15,125 
Net income available to common shareholders$250,532 $215,795 $497,734 $402,302 
Per share data
Earnings per common share:
Earnings per common share$3.41 $2.75 $6.74 $5.04 
Earnings per diluted common share$3.38 $2.72 $6.67 $4.98 
Weighted average common shares outstanding73,549 78,378 73,821 79,757 
Weighted average diluted common shares outstanding74,203 79,329 74,677 80,845 


See accompanying notes to Consolidated Financial Statements.

7

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

 
 Three months endedSix months ended
 2026202520262025
 (in thousands)
Net income$258,095 $223,358 $512,859 $417,427 
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(13,209)104,546 (133,414)192,076 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized(417)575 (1,770)242 
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income
7,535 9,522 6,595 37,662 
Unrealized gains (losses) arising during the period, net of reclassification adjustment(6,091)114,643 (128,589)229,980 
Foreign currency translation adjustment(4,584)16,023 (7,645)15,867 
Total other comprehensive income (loss), net of tax
(10,675)130,666 (136,234)245,847 
Comprehensive income
$247,420 $354,024 $376,625 $663,274 


See accompanying notes to Consolidated Financial Statements.

8

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

Three months endedSix months ended
2026202520262025
 (in thousands)
Preferred shares
Balance at beginning and end of period$550,000 $550,000 $550,000 $550,000 
Common shares (par value)
Balance at beginning and end of period2,206 2,206 2,206 2,206 
Additional paid-in capital
Balance at beginning of period2,394,568 2,374,804 2,405,792 2,394,063 
Treasury shares reissued(8,608)(1,406)(35,696)(30,464)
Share-based compensation expense13,177 11,261 29,041 21,060 
Balance at end of period2,399,137 2,384,659 2,399,137 2,384,659 
Accumulated other comprehensive income (loss)
Balance at beginning of period(97,128)(152,376)28,431 (267,557)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period(66,508)(110,280)55,990 (225,617)
Unrealized gains (losses) arising during the period, net of reclassification adjustment(6,091)114,643 (128,589)229,980 
Balance at end of period(72,599)4,363 (72,599)4,363 
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(30,620)(42,096)(27,559)(41,940)
Foreign currency translation adjustment(4,584)16,023 (7,645)15,867 
Balance at end of period(35,204)(26,073)(35,204)(26,073)
Balance at end of period(107,803)(21,710)(107,803)(21,710)
Retained earnings
Balance at beginning of period8,395,795 7,492,484 8,181,699 7,341,569 
Net income
258,095 223,358 512,859 417,427 
Preferred share dividends (1)
(7,563)(7,563)(15,125)(15,125)
Common share dividends (1)
(32,986)(35,033)(66,092)(70,625)
Balance at end of period8,613,341 7,673,246 8,613,341 7,673,246 
Treasury shares, at cost
Balance at beginning of period(4,864,805)(4,364,319)(4,811,693)(3,930,902)
Shares repurchased(97,474)(51,090)(179,709)(515,596)
Shares reissued8,608 1,406 37,731 32,495 
Balance at end of period(4,953,671)(4,414,003)(4,953,671)(4,414,003)
Total shareholders’ equity $6,503,210 $6,174,398 $6,503,210 $6,174,398 
(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.

9

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Six months ended
20262025
 (in thousands)
Cash flows from operating activities:
Net income$512,859 $417,427 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net investment gains(21,242)(12,370)
Net realized and unrealized gains on other investments(22,899)(39,951)
Amortization of fixed maturities(20,042)(20,058)
Interest in income of equity method investments
(5,738)(1,586)
Other amortization and depreciation29,479 27,271 
Share-based compensation expense
31,076 23,089 
Changes in:
Accrued interest receivable(8,303)5,641 
Reinsurance recoverable on unpaid losses and loss expenses(11,447)(2,247,316)
Reinsurance recoverable on paid losses and loss expenses21,771 (124,418)
Deferred acquisition costs(146,218)(151,947)
Prepaid reinsurance premiums(483,932)(286,888)
Reserve for losses and loss expenses522,713 645,415 
Unearned premiums997,632 942,072 
Insurance and reinsurance balances, net(145,475)(502,453)
Other items(99,294)(19,067)
Net cash provided by (used in) operating activities1,150,940 (1,345,139)
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale(5,401,587)(4,836,342)
Fixed maturities, held to maturity(95,614)(43,923)
Equity securities(51,702)(81,146)
Mortgage loans(11,403)(10,225)
Other investments(70,738)(41,377)
Equity method investments(10,459)(7,340)
Short-term investments(415)(234,067)
Proceeds from the sale of:
Fixed maturities, available for sale3,848,161 4,200,006 
Equity securities30,326 101,326 
Other investments55,537 72,684 
Equity method investments39,716 — 
Short-term investments17,377 290,531 
Proceeds from redemption of fixed maturities, available for sale719,508 706,891 
Proceeds from redemption of fixed maturities, held to maturity86,075 82,290 
Proceeds from redemption of equity securities (preferred stock)8,517 — 
Proceeds from redemption of short-term investments509 118,319 
Proceeds from the repayment of mortgage loans28,330 73,655 
Purchase of other assets(28,562)(19,342)
Loan advances made
(143,209)(94,161)
Net cash provided by (used in) investing activities(979,633)277,779 
Cash flows from financing activities:
Repurchase of common shares
(148,775)(489,981)
Taxes paid on withholding shares(30,934)(25,614)
Dividends paid - common shares(68,448)(74,362)
Dividends paid - preferred shares(15,125)(15,125)
Repayment of Federal Home Loan Bank advances(5,250)— 
Net cash used in financing activities(268,532)(605,082)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash(902)18,022 
Decrease in cash, cash equivalents and restricted cash(98,127)(1,654,420)
Cash, cash equivalents and restricted cash - beginning of period1,321,185 3,063,621 
Cash, cash equivalents and restricted cash - end of period$1,223,058 $1,409,201 

(1) Net investment (gains) losses in the consolidated statement of cash flows excluded net realized (gains) losses on overseas deposits of $(2) million (2025: $1 million) that are included in net investment gains in the consolidated statement of operations.

See accompanying notes to Consolidated Financial Statements.

10

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

Six months ended
2026
2025
(in thousands)
Supplemental disclosures of cash flow information:
Income taxes paid $115,143 $71,984 
Interest paid$31,032 $31,293 
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.

11

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.





12

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:

13

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION (CONTINUED)
  20262025
Three months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$2,228,147$439,484$2,667,631$1,932,435$583,536$2,515,971
Net premiums written1,371,309234,4891,605,7981,290,510344,9241,635,434
Net premiums earned1,187,160331,8241,518,9841,032,961360,4701,393,431
Other insurance related income2665,3345,60168,6568,662
Current accident year net losses and loss expenses
(718,734)(229,232)(947,966)(576,986)(244,997)(821,983)
Net favorable prior year reserve development11,8522,98414,83615,2165,01320,229
Acquisition costs(238,823)(77,445)(316,268)(194,912)(80,985)(275,897)
Underwriting-related general and administrative expenses(122,359)(9,901)(132,260)(124,646)(10,595)(135,241)
Underwriting income$119,362$23,564142,927$151,639$37,562189,201
Net investment income181,594187,297
Net investment gains46,73543,468
Corporate expenses(32,629)(25,837)
Foreign exchange (losses) gains2,344(94,885)
Interest expense and financing costs(16,838)(16,586)
Reorganization expenses(5,546)—
Amortization of intangible assets(2,396)(2,396)
Income before income taxes and interest in income (loss) of equity method investments316,191280,262
Income tax expense(61,404)(56,199)
Interest in income (loss) of equity method investments3,308(705)
Net income258,095223,358
Preferred share dividends7,5637,563
Net income available to common shareholders$250,532$215,795
Current accident year loss ratio60.5 %69.1 %62.4 %55.9 %68.0 %59.0 %
Prior year reserve development ratio(1.0%)(0.9%)(1.0%)(1.5%)(1.4%)(1.5%)
Net losses and loss expenses ratio59.5 %68.2 %61.4 %54.4 %66.6 %57.5 %
Acquisition cost ratio20.1 %23.3 %20.8 %18.9 %22.5 %19.8 %
General and administrative expense ratio10.4 %3.0 %10.9 %12.0 %2.9 %11.6 %
Combined ratio90.0 %94.5 %93.1 %85.3 %92.0 %88.9 %
Goodwill and intangible assets$227,756$—$227,756$237,340$—$237,340













14

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION (CONTINUED)
20262025
Six months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$4,211,888$1,553,709$5,765,597$3,588,337$1,722,285$5,310,622
Net premiums written2,664,385848,4483,512,8332,335,0901,050,3833,385,473
Net premiums earned2,328,915670,5362,999,4512,043,047691,2042,734,251
Other insurance related income
63710,61211,24916212,07812,240
Current accident year net losses and loss expenses(1,374,780)(458,531)(1,833,311)(1,153,052)(472,793)(1,625,845)
Net favorable prior year reserve development26,9115,98832,89929,1948,97238,166
Acquisition costs(462,592)(157,932)(620,524)(388,933)(151,544)(540,477)
Underwriting-related general and administrative expenses(242,373)(17,102)(259,475)(244,238)(21,441)(265,679)
Underwriting income$276,718$53,571330,289$286,180$66,476352,656
Net investment income366,333395,009
Net investment gains19,51413,462
Corporate expenses(63,571)(54,562)
Foreign exchange (losses) gains
38,539(151,920)
Interest expense and financing costs(33,265)(33,158)
Reorganization expenses(28,715)—
Amortization of intangible assets(4,792)(5,125)
Income before income taxes and interest in income of equity method investments
624,332516,362
Income tax expense(117,211)(100,521)
Interest in income of equity method investments
5,7381,586
Net income512,859417,427
Preferred share dividends15,12515,125
Net income available to common shareholders$497,734$402,302
Current accident year loss ratio59.0 %68.4 %61.1 %56.4 %68.4 %59.5 %
Prior year reserve development ratio(1.1%)(0.9%)(1.1%)(1.4%)(1.3%)(1.4%)
Net losses and loss expenses ratio57.9 %67.5 %60.0 %55.0 %67.1 %58.1 %
Acquisition cost ratio19.9 %23.6 %20.7 %19.0 %21.9 %19.8 %
General and administrative expense ratio10.3 %2.5 %10.8 %12.0 %3.1 %11.6 %
Combined ratio88.1 %93.6 %91.5 %86.0 %92.1 %89.5 %
Goodwill and intangible assets$227,756$—$227,756$237,340$—$237,340









15

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 lossesGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At June 30, 2026
Available for sale
U.S. government and agency$2,403,693 $— $2,762 $(19,081)$2,387,374 
Non-U.S. government830,184 (26)4,875 (11,123)823,910 
Corporate debt5,603,202 (1,211)43,724 (60,816)5,584,899 
Agency RMBS(1)
2,445,926 — 12,350 (35,327)2,422,949 
CMBS(2)
804,486 (326)2,104 (17,916)788,348 
Non-agency RMBS212,897 (258)617 (5,217)208,039 
ABS(3)
1,569,414 (77)4,768 (6,846)1,567,259 
Municipals(4)
46,761 — 166 (1,391)45,536 
Total fixed maturities, available for sale$13,916,563 $(1,898)$71,366 $(157,717)$13,828,314 
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. government798,984 — 14,961 (3,401)810,544 
Corporate debt5,168,562 (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 RMBS193,372 (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.




16

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 June 30, 2026
Maturity
Due in one year or less$316,052 $316,161 2.3 %
Due after one year through five years5,802,284 5,776,470 41.8 %
Due after five years through ten years2,478,202 2,464,630 17.8 %
Due after ten years287,302 284,458 2.1 %
 8,883,840 8,841,719 64.0 %
Agency RMBS2,445,926 2,422,949 17.5 %
CMBS804,486 788,348 5.7 %
Non-agency RMBS212,897 208,039 1.5 %
ABS1,569,414 1,567,259 11.3 %
Total$13,916,563 $13,828,314 100.0 %
At December 31, 2025
Maturity
Due in one year or less$364,414 $364,273 2.8 %
Due after one year through five years5,665,467 5,721,423 44.0 %
Due after five years through ten years2,212,109 2,231,417 17.1 %
Due after ten years185,304 185,860 1.4 %
 8,427,294 8,502,973 65.3 %
Agency RMBS2,026,043 2,035,352 15.6 %
CMBS811,056 801,511 6.2 %
Non-agency RMBS193,372 190,124 1.5 %
ABS1,479,963 1,488,067 11.4 %
Total$12,937,728 $13,018,027 100.0 %



17

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 greaterLess than 12 monthsTotal
  
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
At June 30, 2026
Fixed maturities, available for sale
U.S. government and agency$80,143 $(2,884)$1,824,792 $(16,197)$1,904,935 $(19,081)
Non-U.S. government33,680 (2,272)469,148 (8,851)502,828 (11,123)
Corporate debt425,660 (31,460)2,215,798 (29,356)2,641,458 (60,816)
Agency RMBS245,445 (22,826)908,951 (12,501)1,154,396 (35,327)
CMBS271,397 (15,420)216,032 (2,496)487,429 (17,916)
Non-agency RMBS34,594 (4,603)99,552 (614)134,146 (5,217)
ABS80,698 (3,335)537,340 (3,511)618,038 (6,846)
Municipals16,442 (1,278)14,682 (113)31,124 (1,391)
Total fixed maturities, available for sale$1,188,059 $(84,078)$6,286,295 $(73,639)$7,474,354 $(157,717)
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. government50,892 (2,202)147,629 (1,199)198,521 (3,401)
Corporate debt589,821 (32,617)501,402 (8,110)1,091,223 (40,727)
Agency RMBS338,652 (21,806)160,500 (754)499,152 (22,560)
CMBS331,169 (15,831)98,333 (355)429,502 (16,186)
Non-agency RMBS39,376 (4,361)1,092 (13)40,468 (4,374)
ABS94,908 (3,582)204,271 (488)299,179 (4,070)
Municipals21,039 (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 June 30, 2026, 3,588 fixed maturities (2025: 2,244) were in an unrealized loss position of $158 million (2025: $99 million) of which $14 million (2025: $9 million) was related to securities below investment grade or not rated.

At June 30, 2026, 1,292 fixed maturities (2025: 1,522) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $1,188 million (2025: $1,653 million).

The unrealized losses of $158 million (2025: $99 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At June 30, 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.


18

AXIS CAPITAL HOLDINGS LIMITED
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 lossesNet carrying valueGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At June 30, 2026
Held to maturity
Corporate debt$161,479 $— $161,479 $960 $(4,846)$157,593 
ABS(1)
245,545 — 245,545 326 (1,359)244,512 
Total fixed maturities, held to maturity$407,024 $— $407,024 $1,286 $(6,205)$402,105 
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 June 30, 2026, fixed maturities, held to maturity of $407 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 June 30, 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 June 30, 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 $246 million (2025: $252 million).
Corporate debt classified as held to maturity with a net carrying value of $44 million (2025: $32 million) is due in 3 years or less. Corporate debt classified as held to maturity with a net carrying value of $115 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.


19

AXIS CAPITAL HOLDINGS LIMITED
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 June 30, 2026
Equity securities
Common stocks$3,545 $366 $(626)$3,285 
Preferred stocks45,293 3,976 (428)48,841 
Exchange-traded funds268,849 169,242 (2,956)435,135 
Bond mutual funds288,818 7,510 (35,057)261,271 
Total equity securities$606,505 $181,094 $(39,067)$748,532 
At December 31, 2025   
Equity securities
Common stocks$13,927 $439 $(671)$13,695 
Preferred stocks19,662 717 (68)20,311 
Exchange-traded funds259,353 142,901 (497)401,757 
Bond mutual funds288,333 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:
  
June 30, 2026December 31, 2025
  
Carrying value% of TotalCarrying value% of Total
Mortgage loans, held for investment:
Commercial$363,494 108 %$386,582 108 %
Allowance for expected credit losses (27,957)(8%)(29,742)(8%)
Total mortgage loans held for investment
$335,537 100 %$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 1.5x (2025: 1.6x) and a weighted average loan-to-value ratio of 83% (2025: 84%).

At June 30, 2026, there were three 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 $20 million (2025: $14 million).



20

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 46% (2025: 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 June 30, 2026, the Company's mortgage loan portfolio had an allowance for expected credit losses of $28 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 June 30, 2026    
Multi-strategy funds$6,963 1 %Quarterly
60-90 days
Direct lending funds194,209 18 %
Quarterly(1)
90 days
Private equity funds400,067 38 %n/an/a
Real estate funds278,438 26 %
Quarterly(2), Annually(3)
45-90 days
Other privately held investments183,256 17 %n/an/a
Total other investments$1,062,933 100 % 
At December 31, 2025    
Multi-strategy funds$11,577 1 %Quarterly
60-90 days
Direct lending funds186,747 18 %
Quarterly(1)
90 days
Private equity funds364,376 36 %n/an/a
Real estate funds291,491 28 %
Quarterly(2), Annually(3)
45-90 days
Other privately held investments173,607 17 %n/an/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).



21

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 six months ended June 30, 2026 and 2025, neither of these restrictions impacted the Company's redemption requests.

At June 30, 2026, the Company had $23 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 June 30, 2026, there were no multi-strategy fund holdings (2025: nil) where the Company is still within the lockup period.

At June 30, 2026, the Company had $283 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 June 30, 2026, there were two direct lending fund holdings (2025: one) with a fair value of $23 million (2025: $18 million) where the Company is still within the lockup period.

At June 30, 2026, the Company had $265 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 June 30, 2026, the Company had $96 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 June 30, 2026, the Company had $12 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:
  
June 30, 2026December 31, 2025
  
Carrying valueCarrying value
Equity method investments:
Harrington Re
$126,264 $163,513 
Monarch Point Re
77,397 63,668 
Total equity method investments
$203,661 $227,181 





22

AXIS CAPITAL HOLDINGS LIMITED
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 2024 and 2025, the Company's ownership interest in Harrington increased to 22% and 23%, respectively. During the three months ended June 30, 2026, Harrington repurchased shares from the Company, resulting in a decrease in the Company's ownership interest in Harrington from 23% to 18%.

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 continues to account 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 and 2026, the Company paid $13 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd. During 2026, the Company paid $8 million to acquire 18% 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 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 $183 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 retrocession agreements and are treated as a non-cash activity in the consolidated statement of cash flows. The loan balance receivable at June 30, 2026 was $313 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 interest rates between 4.2% and 4.4% (2025: interest rates between 4.3% and 4.8%). Interest related to these loans of $8 million (2025: $5 million) was received in advance and is included in other liabilities in the consolidated balance sheets.



23

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 ReSix months ended June 30,
20262025
Loan advances made$58,112 $77,272 
Reinsurance recoverable on unpaid losses and loss expenses
23,839 30,017 
Interest receivable on loan advances made8,127 6,814 
Net cash inflows
$90,078 $114,103 
Insurance and reinsurance balances payable, net
$(90,078)$(114,103)
Net cash outflows
$(90,078)$(114,103)
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 71% 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 $612 million at June 30, 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 June 30,Six months ended June 30,
  
2026202520262025
Fixed maturities$163,304 $149,861 $320,000 $296,572 
Other investments6,226 18,479 23,931 40,889 
Equity securities4,631 3,155 8,782 6,363 
Mortgage loans4,154 5,956 8,319 12,824 
Cash and cash equivalents10,655 16,649 19,573 50,028 
Short-term investments71 541 203 2,527 
Gross investment income
189,041 194,641 380,808 409,203 
Investment expenses(7,447)(7,344)(14,475)(14,194)
Net investment income$181,594 $187,297 $366,333 $395,009 



24

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 June 30,Six months ended June 30,
  2026202520262025
Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents
$12,743 $19,394 $44,726 $41,532 
Equity securities84 4,032 12,442 40,100 
Gross realized investment gains12,827 23,426 57,168 81,632 
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents
(22,860)(27,673)(47,905)(79,412)
Equity securities(106)(2,719)(1,004)(11,590)
Mortgage loans
(1,605)— (6,200)— 
Gross realized investment losses(24,571)(30,392)(55,109)(91,002)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale1,220 (859)(62)(1,104)
(Increase) decrease in allowance for expected credit losses, mortgage loans1,351 (1,473)1,784 (3,958)
Impairment losses(1)
(116)(400)(383)(2,326)
Change in fair value of investment derivatives(2)
34 (1,035)180 (1,451)
Net unrealized gains (losses) on equity securities55,990 54,201 15,936 31,671 
Net investment gains (losses)
$46,735 $43,468 $19,514 $13,462 
(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 June 30,Six months ended June 30,
  2026202520262025
Balance at beginning of period$3,119 $4,183 $1,836 $3,938 
Expected credit losses on securities where credit losses were not previously recognized
978 1,345 2,127 1,659 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
(1,439)(325)(1,160)(297)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell— — — — 
Securities sold/redeemed/matured(760)(160)(905)(257)
Balance at end of period$1,898 $5,043 $1,898 $5,043 


25

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 June 30,Six months ended June 30,
  2026202520262025
Balance at beginning of period$29,308 $25,862 $29,742 $23,378 
Expected credit losses on loans where credit losses were not previously recognized
— 1,019 — 1,019 
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized
2,256 454 6,417 2,938 
Loans sold/redeemed/matured
(3,607)— (8,202)— 
Balance at end of period$27,957 $27,335 $27,957 $27,335 

j)    Reverse Repurchase Agreements

At June 30, 2026, the Company held $10 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.






























26

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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AXIS CAPITAL HOLDINGS LIMITED
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

28

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 expedientTotal fair value
At June 30, 2026
Assets
Fixed maturities, available for sale
U.S. government and agency$2,345,018 $42,356 $— $— $2,387,374 
Non-U.S. government— 823,910 — — 823,910 
Corporate debt— 5,361,369 223,530 — 5,584,899 
Agency RMBS— 2,422,949 — — 2,422,949 
CMBS— 788,348 — — 788,348 
Non-agency RMBS— 208,039 — — 208,039 
ABS— 1,497,242 70,017 — 1,567,259 
Municipals— 45,536 — — 45,536 
 2,345,018 11,189,749 293,547 — 13,828,314 
Equity securities
Common stocks3,285 — — — 3,285 
Preferred stocks48,841 — — — 48,841 
Exchange-traded funds435,135 — — — 435,135 
Bond mutual funds— 261,271 — — 261,271 
 487,261 261,271 — — 748,532 
Other investments
Multi-strategy funds— — — 6,963 6,963 
Direct lending funds— — — 194,209 194,209 
Private equity funds— — — 400,067 400,067 
Real estate funds— — — 278,438 278,438 
Other privately held investments— — 131,224 52,032 183,256 
— — 131,224 931,709 1,062,933 
Short-term investments— 2,828 — — 2,828 
Other assets
Derivative instruments (refer to Note 5)
— 8,621 — — 8,621 
Total Assets$2,832,279 $11,462,469 $424,771 $931,709 $15,651,228 
Liabilities
Derivative instruments (refer to Note 5)
$— $1,627 $— $— $1,627 
 Total Liabilities$— $1,627 $— $— $1,627 




30

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 expedientTotal 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 stocks13,695 — — — 13,695 
Preferred stocks14,239 6,072 — — 20,311 
Exchange-traded funds401,757 — — — 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 



31

AXIS CAPITAL HOLDINGS LIMITED
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)
PurchasesSales
Settlements/
distributions
Closing
balance
Change in
unrealized
gains/(losses) (3)
Three months ended June 30, 2026
Fixed maturities, available for sale         
Corporate debt$225,010 $1,378 $— $318 $1,468 $4,834 $(1,566)$(7,912)$223,530 $— 
ABS54,412 — — 3 (1,206)17,850 — (1,042)70,017 — 
 279,422 1,378 — 321 262 22,684 (1,566)(8,954)293,547 — 
Other investments
Other privately held investments
124,139 — — 3,335 — 3,750 — — 131,224 3,335 
 124,139 — — 3,335 — 3,750 — — 131,224 3,335 
Total assets$403,561 $1,378 $— $3,656 $262 $26,434 $(1,566)$(8,954)$424,771 $3,335 
Six months ended June 30, 2026
Fixed maturities, available for sale
Corporate debt$189,272 $1,378 $(2,572)$460 $409 $60,948 $(9,236)$(17,129)$223,530 $— 
ABS39,356 — — 4 (1,046)33,359 (14)(1,642)70,017 — 
228,628 1,378 (2,572)464 (637)94,307 (9,250)(18,771)293,547 — 
Other investments
Other privately held investments123,925 — — 3,549 — 3,750 — — 131,224 3,549 
123,925 — — 3,549 — 3,750 — — 131,224 3,549 
Total assets$352,553 $1,378 $(2,572)$4,013 $(637)$98,057 $(9,250)$(18,771)$424,771 $3,549 
(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.


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.    FAIR VALUE MEASUREMENTS (CONTINUED)
Opening
balance		Transfers
into
Level 3		Transfers
out of
Level 3
Included 
in net income(1)
Included
in OCI(2)
PurchasesSalesSettlements/
distributions		Closing
balance
Change in
unrealized
gains/(losses)(3)
Three months ended June 30, 2025
Fixed maturities, available for sale
Corporate debt$133,742 $— $— $238 $687 $17,386 $(19,343)$(1,237)$131,473 $— 
ABS33,143 — — — 349 — — — 33,492 — 
166,885 — — 238 1,036 17,386 (19,343)(1,237)164,965 — 
Other investments
 Other privately held investments97,020 — — 2,269 — — — (4,942)94,347 2,269 
97,020 — — 2,269 — — — (4,942)94,347 2,269 
Total assets$263,905 $— $— $2,507 $1,036 $17,386 $(19,343)$(6,179)$259,312 $2,269 
Six months ended June 30, 2025
Fixed maturities, available for sale
Corporate debt$126,391 $— $— $238 $1,044 $25,050 $(20,013)$(1,237)$131,473 $— 
ABS20,832 — — — 660 12,000 — — 33,492 — 
147,223 — — 238 1,704 37,050 (20,013)(1,237)164,965 — 
Other investments
 Other privately held investments92,230 — — 7,059 — — — (4,942)94,347 7,059 
92,230 — — 7,059 — — — (4,942)94,347 7,059 
Total assets$239,453 $— $— $7,297 $1,704 $37,050 $(20,013)$(6,179)$259,312 $7,059 
(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

The transfers into Level 3 from Level 2 during the three and six months ended June 30, 2026 were primarily due to the lack of observable market inputs and multiple quotes from pricing vendors for certain fixed maturities. There were no transfers into Level 3 from Level 2 during the three and six months ended June 30, 2025.

Transfers out of Level 3 into Level 2

The transfers out of Level 3 into Level 2 during the six months ended June 30, 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 and six months ended June 30, 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.

33

AXIS CAPITAL HOLDINGS LIMITED
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 June 30, 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 June 30, 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 June 30, 2026, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $407 million (2025: $397 million) and a fair value of $402 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 June 30, 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 June 30, 2026, the Company's debt was recorded at amortized cost with a carrying value of $1,318 million (2025: $1,317 million) and a fair value of $1,278 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 June 30, 2026, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $61 million (2025: $66 million) and a fair value of $61 million (2025: $66 million). As these advances are not actively traded, their fair values are classified as Level 2.



34

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:
  June 30, 2026December 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$13,984 $106 $3 $9,583 $— $181 
Relating to underwriting portfolio:
Foreign exchange forward contracts1,272,572 8,515 1,624 1,425,737 930 8,678 
Total derivatives$8,621 $1,627 $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:
June 30, 2026December 31, 2025
Gross amountsGross amounts offset
Net
amounts(1)
Gross amountsGross amounts offset
Net
amounts(1)
Derivative assets$12,268 $(3,647)$8,621 $3,126 $(2,196)$930 
Derivative liabilities$5,274 $(3,647)$1,627 $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.


35

AXIS CAPITAL HOLDINGS LIMITED
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 June 30,Six months ended June 30,
  2026202520262025
Relating to investment portfolio:
Foreign exchange forward contractsNet investment gains (losses)$34 $(1,035)$180 $(1,451)
Relating to underwriting portfolio:
Foreign exchange forward contractsForeign exchange (losses) gains(3,217)(22,015)1,642 (13,686)
Total$(3,183)$(23,050)$1,822 $(15,137)

36

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:
Six months ended June 30,
20262025
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 period9,170,493 10,378,032 
Net incurred losses and loss expenses related to:
Current year1,833,311 1,625,845 
Prior years(32,899)(38,166)
 1,800,412 1,587,679 
Net paid losses and loss expenses related to:
Current year(196,928)(166,553)
Prior years(1,233,370)(1,395,871)
 (1,430,298)(1,562,424)
Foreign exchange and other(61,837)291,481 
Ceded reserves related to retroactive transactions
185,620 (1,902,645)
123,783 (1,611,164)
Net reserve for unpaid losses and loss expenses, end of period9,664,390 8,792,123 
Reinsurance recoverable on unpaid losses and loss expenses, end of period8,949,022 9,086,900 
Gross reserve for losses and loss expenses, end of period$18,613,412 $17,879,023 

At June 30, 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 six months ended June 30, 2026, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $128 million (2025: $86 million).


37

AXIS CAPITAL HOLDINGS LIMITED
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 June 30,Six months ended June 30,
2026202520262025
Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Insurance$11,852 $15,216 $26,911 $29,194 
Reinsurance2,984 5,013 5,988 8,972 
Total$14,836 $20,229 $32,899 $38,166 

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

Insurance Segment:

Prior year reserve development by reserve class was as follows:
Three months ended June 30,Six months ended June 30,
2026202520262025
Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Property
$7,902 $6,980 $17,842 $16,976 
Casualty
— — — — 
Specialty other
3,950 8,236 9,069 12,218 
Total$11,852 $15,216 $26,911 $29,194 
Reinsurance Segment:
Prior year reserve development by reserve class was as follows:
  Three months ended June 30,Six months ended June 30,
  2026202520262025
Favorable
(Adverse)		Favorable
(Adverse)		Favorable
(Adverse)		Favorable
(Adverse)
Casualty
$— $— $— $— 
Specialty
2,984 5,013 5,988 8,847 
Run-off
— — — 125 
Total$2,984 $5,013 $5,988 $8,972 


38

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 June 30,Six months ended June 30,
  2026202520262025
Earnings per common share
Net income$258,095 $223,358 $512,859 $417,427 
Less: Preferred share dividends7,563 7,563 15,125 15,125 
Net income available to common shareholders$250,532 $215,795 $497,734 $402,302 
Weighted average common shares outstanding73,549 78,378 73,821 79,757 
Earnings per common share
$3.41 $2.75 $6.74 $5.04 
Earnings per diluted common share
Net income available to common shareholders
$250,532 $215,795 $497,734 $402,302 
Weighted average common shares outstanding 73,549 78,378 73,821 79,757 
    Share-based compensation plans654 951 856 1,088 
Weighted average diluted common shares outstanding74,203 79,329 74,677 80,845 
Earnings per diluted common share
$3.38 $2.72 $6.67 $4.98 
Weighted average anti-dilutive shares excluded from the dilutive computation
40 7 40 3 






























    

39

AXIS CAPITAL HOLDINGS LIMITED
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:
Six months ended June 30,20262025
Expected volatility 23.92%25.30%
Expected term (in years)3.03.0
Expected dividend yieldn/an/a
Risk-free interest rate3.58%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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AXIS CAPITAL HOLDINGS LIMITED
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 six months ended June 30, 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 period271 $75.43 1,467 $71.25 
     Granted102 104.41 533 102.36 
Performance adjustment (1)
84 65.28 — — 
     Vested(189)66.05 (590)67.20 
     Forfeited(2)78.70 (104)75.71 
Non-vested restricted stock units - end of period266 $89.88 1,306 $85.43 
(1) The performance adjustment represents the difference between the number of performance restricted stock units granted and earned, that vested following three-year performance periods that ended in 2026 and 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:
Six months ended June 30,20262025
Share-based compensation expense
$31,079 $23,095 
Tax benefits associated with share-based compensation expense
$9,547 $7,883 
Fair value of restricted stock units vested(1)
$80,706 $72,104 
Unrecognized share-based compensation expense$98,518 $93,339 
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense2.6 years2.7 years
(1) Fair value is based on the closing price of the Company's common shares on the vest date.











41

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 June 30,Six months ended June 30,
  2026202520262025
Shares issued, balance at beginning of period176,580 176,580 176,580 176,580 
Shares issued— — — — 
Total shares issued at end of period176,580 176,580 176,580 176,580 
Treasury shares, balance at beginning of period(102,643)(97,929)(102,445)(93,596)
Shares repurchased(978)(510)(1,772)(5,557)
Shares reissued 182 32 778 746 
Total treasury shares at end of period(103,439)(98,407)(103,439)(98,407)
Total shares outstanding73,141 78,173 73,141 78,173 
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 June 30, 2026, remaining authorization under this plan was exhausted.
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 program 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. At June 30, 2026, remaining authorization under this plan was $263 million.
The following table presents common shares repurchased from shares held in Treasury:
  Three months ended June 30,Six months ended June 30,
  2026202520262025
Publicly announced programs:(1)
Total shares893 499 1,473 5,292 
Total cost$89,249 $49,990 $148,775 $489,982 
Average price per share(2)
$99.91 $100.25 $101.01 $92.59 
From employees:(3)
Total shares85 11 299 265 
Total cost$8,225 $1,100 $30,934 $25,614 
Average price per share(2)
$97.41 $101.78 $103.35 $96.79 
Total shares repurchased:
Total shares978 510 1,772 5,557 
Total cost$97,474 $51,090 $179,709 $515,596 
Average price per share(2)
$99.69 $100.28 $101.40 $92.79 
(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 declaredDividends paid in period of declarationDividends paid in period following declaration
Three months ended June 30, 2026
   Common shares$0.44 $— $0.44 
   Series E preferred shares$34.38 $— $34.38 
Three months ended June 30, 2025
   Common shares$0.44 $— $0.44 
   Series E preferred shares$34.38 $— $34.38 
Six months ended June 30, 2026
   Common shares$0.88 $0.44 $0.44 
   Series E preferred shares
$68.75 $34.38 $34.38 
Six months ended June 30, 2025
   Common shares$0.88 $0.44 $0.44 
   Series E preferred shares$68.75 $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.

43

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 June 30, 2026, the companies had admitted assets of approximately $3.9 billion (2025: $3.6 billion) which provides borrowing capacity of up to approximately $981 million (2025: $888 million).

At June 30, 2026, the Company had borrowings under the FHLB program of $61 million (2025: $66 million) with maturities in July and August 2026.

Interest is payable at interest rates between 3.9% and 4.0% (2025: interest rates between 3.9% and 4.6%). The Company incurred interest expense of $0.1 million (2025: $1 million) for the three months ended June 30, 2026 and $1 million (2025: $2 million) for the six months ended June 30, 2026.

The borrowings under the FHLB program are secured by cash and investments with a fair value of $66 million (2025: $74 million).

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.
























44

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
13.    OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the tax effects allocated to each component of other comprehensive income (loss):
20262025
Before tax amountIncome tax (expense) benefitNet of tax amountBefore tax amountIncome tax (expense) benefitNet of tax amount
Three months ended June 30,
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized $(17,079)$3,870 $(13,209)$130,559 $(26,013)$104,546 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized (507)90 (417)692 (117)575 
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)
9,277 (1,742)7,535 11,006 (1,484)9,522 
Unrealized gains (losses) arising during the period, net of reclassification adjustment
(8,309)2,218 (6,091)142,257 (27,614)114,643 
Foreign currency translation adjustment(4,584)— (4,584)16,023 — 16,023 
Total other comprehensive income (loss), net of tax
$(12,893)$2,218 $(10,675)$158,280 $(27,614)$130,666 
Six months ended June 30,
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized$(173,491)$40,077 $(133,414)$232,201 $(40,125)$192,076 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized(2,121)351 (1,770)300 (58)242 
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)
8,060 (1,465)6,595 45,316 (7,654)37,662 
Unrealized gains (losses) arising during the period, net of reclassification adjustment
(167,552)38,963 (128,589)277,817 (47,837)229,980 
Foreign currency translation adjustment(7,645)— (7,645)15,867 — 15,867 
Total other comprehensive income (loss), net of tax
$(175,197)$38,963 $(136,234)$293,684 $(47,837)$245,847 

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 ComponentsConsolidated statement of operations line item that includes reclassification adjustmentThree months ended June 30,Six months ended June 30,
2026202520262025
Unrealized gains (losses) on available for sale investments
Other realized and unrealized investment gains (losses)
$(9,161)$(10,606)$(7,677)$(42,990)
Impairment losses(116)(400)(383)(2,326)
Total before tax(9,277)(11,006)(8,060)(45,316)
Income tax benefit1,742 1,484 1,465 7,654 
Net of tax$(7,535)$(9,522)$(6,595)$(37,662)
(1)     Amounts in parentheses are charges to net income (loss).



45


AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

14.    RELATED PARTY TRANSACTIONS
Related Party Transactions with Stone Point Capital, LLC ("Stone Point")
The Company has identified Stone Point Capital, LLC as a related party. In 2023, the Company and Stone Point Credit Adviser LLC. a wholly owned subsidiary of Stone Point Capital, LLC, jointly sponsored a newly created collateralized reinsurer, Monarch Point Re. Refer to Note 3 'Investments'.

15.    REORGANIZATION EXPENSES

Reorganization expense for the three and six months ended June 30, 2026, were $6 million (2025: $nil) and $29 million (2025: $nil), respectively, primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership.

46


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 and six months ended June 30, 2026 and 2025 and our financial condition at June 30, 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  
Second Quarter 2026 Financial Highlights
48
Overview
49
Consolidated Results of Operations
51
Results by Segment:
i) Insurance Segment
53
ii) Reinsurance Segment
58
Net Investment Income and Net Investment Gains (Losses)
62
Other Expenses (Revenues), Net
65
Financial Measures
66
Non-GAAP Financial Measures Reconciliation
68
Cash and Investments
72
Liquidity and Capital Resources
75
Critical Accounting Estimates
77
Recent Accounting Pronouncements
77


47


SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

Second Quarter 2026 Consolidated Results of Operations

•Net income available to common shareholders of $251 million, or $3.38 per diluted common share
•Operating income(1) of $211 million, or $2.84 per diluted common share(1)
•Gross premiums written of $2.7 billion
•Net premiums written of $1.6 billion
•Net premiums earned of $1.5 billion
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $80 million ($63 million, after-tax), (Insurance: $78 million; Reinsurance: $3 million), or 5.3 points, including natural catastrophe losses of $49 million, or 3.2 points. The remaining losses of $31 million, or 2.1 points, were attributable to the Middle East Conflict
•Net favorable prior year reserve development of $15 million (Insurance: $12 million; Reinsurance: $3 million)
•Underwriting income(2) of $143 million and combined ratio of 93.1%
•Fees related to arrangements with strategic capital partners of $22 million, including $17 million recognized as a reimbursement of general and administrative expenses
•Net investment income of $182 million
•Net investment gains of $47 million
•Reorganization expenses of $6 million primarily related to the continued implementation of initiatives undertaken to streamline our operations, initiated in the first quarter of 2026.
•Income tax expense of $61 million, resulting in an effective tax rate of 19.2%

Second Quarter 2026 Consolidated Financial Condition 
•Total cash and invested assets of $17.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 87% of total cash and investments and have an average credit rating of AA-
•Total assets of $36.6 billion
•Reserve for losses and loss expenses of $18.6 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.6 billion
•Debt of $1.3 billion and debt to total capital ratio(3) of 16.8%
•Total common shares repurchased were 978,000 shares for a total of $97 million, including $89 million repurchased pursuant to our Board-authorized share repurchase programs, and $8 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 $6.0 billion; book value per diluted common share of $80.67


(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.

48


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 United States, 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 six 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 with a focus on short-tail lines;

•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 enhance productivity, 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.
















49


Outlook

AXIS is executing with clarity and conviction in 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 global multivariate distribution model – 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 remain fluid, introducing uncertainty across economic conditions, loss costs, and capital deployment. AXIS is built to operate effectively in dynamic risk environments. We proactively assess evolving risks and translate uncertainty into specialized insurance solutions 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.

The following are some key trends shaping our markets that underscore the strength of our approach:

•Pricing dynamics are evolving following multiple years of rate increases that exceeded loss cost trends. Market conditions are softening with variances across the various "micro markets" where AXIS competes: casualty lines continue to achieve positive rate momentum, financial lines pricing remains stable, and property markets continue to experience pressure from increased capital inflows that are fueling global market competition. We are deliberately managing capital deployment where premium adequacy remains compelling. This approach includes ensuring volatility is appropriately priced while seeking additional market dislocations and opportunities at target returns.

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


50


CONSOLIDATED RESULTS OF OPERATIONS

  Three months ended June 30,Six months ended June 30,
  2026% Change20252026% Change2025
Underwriting revenues:
Gross premiums written$2,667,631 6%$2,515,971 $5,765,597 9%$5,310,622 
Net premiums written1,605,798 (2%)1,635,434 3,512,833 4%3,385,473 
Net premiums earned1,518,984 9%1,393,431 2,999,451 10%2,734,251 
Other insurance related income5,601 (35%)8,662 11,249 (8%)12,240 
Underwriting expenses:
Net losses and loss expenses(933,130)16%(801,754)(1,800,412)13%(1,587,679)
Acquisition costs(316,268)15%(275,897)(620,524)15%(540,477)
Underwriting-related general and administrative expenses(1)
(132,260)(2%)(135,241)(259,475)(2%)(265,679)
Underwriting income (2)
142,927 189,201 330,289 352,656 
Net investment income181,594 (3%)187,297 366,333 (7%)395,009 
Net investment gains46,735 8%43,468 19,514 45%13,462 
Corporate expenses(1)
(32,629)26%(25,837)(63,571)17%(54,562)
Foreign exchange (losses) gains
2,344 nm(94,885)38,539 nm(151,920)
Interest expense and financing costs(16,838)2%(16,586)(33,265)—%(33,158)
Reorganization expenses(5,546)nm— (28,715)nm— 
Amortization of intangible assets(2,396)—%(2,396)(4,792)(6%)(5,125)
Income before income taxes and interest in income (loss) of equity method investments316,191 280,262 624,332 516,362 
Income tax expense
(61,404)9%(56,199)(117,211)17%(100,521)
Interest in income (loss) of equity method investments3,308 nm(705)5,738 nm1,586 
Net income258,095 223,358 512,859 417,427 
Preferred share dividends(7,563)—%(7,563)(15,125)—%(15,125)
Net income available to common shareholders$250,532 $215,795 $497,734 $402,302 
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 $33 million and $26 million for the three months ended June 30, 2026 and 2025, respectively and $64 million and $55 million for the six months ended June 30, 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.





51

Underwriting Revenues

Underwriting revenues by segment were as follows:
  Three months ended June 30,Six months ended June 30,
  2026% Change20252026% Change2025
Gross premiums written:
Insurance$2,228,14715%$1,932,435$4,211,88817%$3,588,337
Reinsurance439,484(25%)583,5361,553,709(10%)1,722,285
Total gross premiums written$2,667,6316%$2,515,971$5,765,5979%$5,310,622
Percent of gross premiums written ceded
Insurance39 %6 pts33 %37 %2 pts35 %
Reinsurance47 %6 pts41 %45 %6 pts39 %
Total percent of gross premiums written ceded40 %5 pts35 %39 %3 pts36 %
Net premiums written:
Insurance$1,371,3096%$1,290,510$2,664,38514%$2,335,090
Reinsurance234,489(32%)344,924848,448(19%)1,050,383
Total net premiums written$1,605,798(2%)$1,635,434$3,512,8334%$3,385,473
Net premiums earned:
Insurance$1,187,16015%$1,032,961$2,328,91514%$2,043,047
Reinsurance331,824(8%)360,470670,536(3%)691,204
Total net premiums earned$1,518,9849%$1,393,431$2,999,45110%$2,734,251
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 June 30,Six months ended June 30,
  2026
% Point
Change
20252026
% Point
Change
2025
Current accident year loss ratio, excluding catastrophe and weather-related losses(1)
57.1 %0.756.4 %56.8 %0.556.3 %
Catastrophe and weather-related losses ratio(1)
5.3 %2.72.6 %4.3 %1.13.2 %
Current accident year loss ratio(1)
62.4 %3.459.0 %61.1 %1.659.5 %
Prior year reserve development ratio(1.0%)0.5(1.5%)(1.1%)0.3(1.4%)
Net losses and loss expenses ratio61.4 %3.957.5 %60.0 %1.958.1 %
Acquisition cost ratio20.8 %1.019.8 %20.7 %0.919.8 %
General and administrative expense ratio(2)
10.9 %(0.7)11.6 %10.8 %(0.8)11.6 %
Combined ratio93.1 %4.288.9 %91.5 %2.089.5 %
(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 measures, net losses and loss expenses ratio are 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 includes corporate expenses not allocated to underwriting segments of 2.1% and 1.9% for the three months ended June 30, 2026 and 2025, respectively, and 2.1% and 2.0% for the six months ended June 30, 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.
Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting expenses.

52


RESULTS BY SEGMENT

Insurance Segment

Results for the insurance segment were as follows:
  Three months ended June 30,Six months ended June 30,
  2026% Change20252026% Change2025
Revenues:
Gross premiums written$2,228,14715%$1,932,435$4,211,88817%$3,588,337
Net premiums written1,371,3096%1,290,5102,664,38514%2,335,090
Net premiums earned1,187,16015%1,032,9612,328,91514%2,043,047
Other insurance related income
266nm6637nm162
Expenses:
Current accident year net losses and loss expenses(718,734)(576,986)(1,374,780)(1,153,052)
Prior year reserve development11,85215,21626,91129,194 
Acquisition costs(238,823)(194,912)(462,592)(388,933)
Underwriting-related general and administrative expenses(122,359)(124,646)(242,373)(244,238)
Underwriting income$119,362$151,639$276,718$286,180 
Ratios:
% Point
Change
% Point
Change
Current accident year loss ratio, excluding catastrophe and weather-related losses54.0 %1.752.3 %53.6 %1.352.3 %
Catastrophe and weather-related losses ratio6.5 %2.93.6 %5.4 %1.34.1 %
Current accident year loss ratio60.5 %4.655.9 %59.0 %2.656.4 %
Prior year reserve development ratio(1.0%)0.5(1.5%)(1.1%)0.3(1.4%)
Net losses and loss expenses ratio59.5 %5.154.4 %57.9 %2.955.0 %
Acquisition cost ratio20.1 %1.218.9 %19.9 %0.919.0 %
Underwriting-related general and administrative expense ratio10.4 %(1.6)12.0 %10.3 %(1.7)12.0 %
Combined ratio90.0 %4.785.3 %88.1 %2.186.0 %
nm – not meaningful











53

Gross Premiums Written

Gross premiums written by line of business were as follows:
  Three months ended June 30,Six months ended June 30,
  20262025% Change20262025%
Change
Property$778,343 34 %$645,476 32 %21%$1,391,823 32 %$1,140,894 31 %22%
Professional lines397,536 18 %343,370 18 %16%742,917 18 %600,529 17 %24%
Liability394,168 18 %365,542 19 %8%731,841 17 %669,300 19 %9%
Cyber130,381 6 %136,562 7 %(5%)250,380 6 %250,507 7 %—%
Marine and aviation276,473 12 %224,393 12 %23%571,433 14 %491,544 14 %16%
Accident and health147,342 7 %126,985 7 %16%318,707 8 %251,826 7 %27%
Credit and political risk103,904 5 %90,107 5 %15%204,787 5 %183,737 5 %11%
Total$2,228,147 100 %$1,932,435 100 %15%$4,211,888 100 %$3,588,337 100 %17%

Gross premiums written for the three months ended June 30, 2026 increased by $296 million, or 15%, compared to the three months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. Our AXIS Capacity Solutions ("ACS") capability contributed approximately $165 million to the increase in gross premiums written in three months ended June 30, 2026, compared to the three months ended June 30, 2025.

The increases in property and professional lines were primarily attributable to new business.

The increase in professional lines was also driven by the timing of renewals of transactional liability business and higher renewals of design professional liability business.

The increase in marine and aviation lines was also due to a higher level of premiums related to marine war business.

Gross premiums written for the six months ended June 30, 2026 increased by $624 million, or 17%, compared to the six months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. In addition, our ACS capability contributed approximately $338 million to the increase in gross premiums written in six months ended June 30, 2026, compared to the six months ended June 30, 2025, including $61 million attributable to a discrete Funds at Lloyds ("FAL") transaction. The FAL transaction was written on a proportional basis therefore, annual estimated premium income was recognized at inception of the contract.

The increases in property, professional lines, accident and health, and liability lines were primarily attributable to new business.

The increase in professional lines was also driven by higher renewals of design professional liability business, together with the timing of renewals of transactional liability business.

The increase in marine and aviation lines was due to a higher level of premiums related to marine war business, premium adjustments related to marine specie business and higher renewals in offshore renewable energy and ocean marine 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 June 30, 2026 was $857 million, or 39%, of gross premiums written, compared to $642 million, or 33%, of gross premiums written for the three months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 5% primarily due to an increased cession rate in property lines.

Ceded premiums written for the six months ended June 30, 2026 was $1,548 million, or 37%, of gross premiums written, compared to $1,253 million, or 35%, of gross premiums written for the six months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 2% primarily due to an increased cession rate in property lines, partially offset by decreased cession rates in liability, and accident and health lines.



54

Net Premiums Earned

Net premiums earned by line of business were as follows:
  Three months ended June 30,Six months ended June 30,
  20262025
%
Change
20262025
%
Change
Property$348,320 29 %$332,581 32 %5%$706,098 30 %$650,915 32 %8%
Professional lines259,927 22 %211,837 21 %23%510,811 22 %414,479 20 %23%
Liability162,634 14 %128,055 12 %27%315,738 14 %246,207 12 %28%
Cyber70,056 6 %79,165 8 %(12%)140,747 6 %158,372 8 %(11%)
Marine and aviation194,331 16 %154,643 15 %26%351,241 15 %309,589 15 %13%
Accident and health100,927 9 %80,360 8 %26%194,983 8 %169,503 8 %15%
Credit and political risk50,965 4 %46,320 4 %10%109,297 5 %93,982 5 %16%
Total$1,187,160 100 %$1,032,961 100%15%$2,328,915 100 %$2,043,047 100 %14%

Net premiums earned for the three months ended June 30, 2026 increased by $154 million, or 15% ($147 million, or 14%, on a constant currency basis(1)), compared to the three months ended June 30, 2025, primarily driven by increases in professional lines, marine and aviation, and liability lines.

The increases in professional lines and marine and aviation lines were 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 an existing quota share treaty that increased our retention on this line of business.

Net premiums earned for the six months ended June 30, 2026 increased by $286 million, or 14%, compared to the six months ended June 30, 2025, primarily driven by increases in professional lines, liability, property, and marine and aviation lines.

The increases in professional lines and marine and aviation lines were 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 an existing quota share treaty that increased our retention on this line of business.

The increase in property lines was due to an increase in gross premiums earned, partially offset by an increase in ceded premiums earned attributable to new quota share treaties and the restructuring of an existing quota share treaty that decreased our retentions on this line of business.
















(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. The reconciliations to the most comparable GAAP financial measures are provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' and a discussion of the rationale for the presentation of these items is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'. Variances that are unchanged on a constant currency basis are omitted from the narrative.

55

Loss Ratio

The components of the loss ratio were as follows:
  Three months ended June 30,Six months ended June 30,
2026% Point
Change		20252026% Point
Change		2025
Current accident year loss ratio60.5 %4.655.9 %59.0 %2.656.4 %
Prior year reserve development ratio(1.0%)0.5(1.5%)(1.1%)0.3(1.4%)
Loss ratio59.5 %5.154.4 %57.9 %2.955.0 %

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 60.5% for the three months ended June 30, 2026, from 55.9% for the three months ended June 30, 2025.

The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the three months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $78 million, or 6.5 points, including natural catastrophe losses of $49 million, or 4.1 points. The remaining losses of $29 million, or 2.4 points, were attributable to the Middle East conflict. Comparatively, during the three months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $36 million, or 3.6 points, primarily attributable to weather-related events.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 54.0% for the three months ended June 30, 2026, from 52.3% for the three months ended June 30, 2025, principally due an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.

The current accident year loss ratio increased to 59.0% for the six months ended June 30, 2026, from 56.4% for the six months ended June 30, 2025.

The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the six months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $125 million, or 5.4 points, including natural catastrophe losses of $81 million, or 3.6 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $44 million, or 1.8 points, were attributable to the Middle East conflict. Comparatively, during the six months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $84 million, or 4.1 points, including $31 million, or 1.5 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 53.6% for the six months ended June 30, 2026, from 52.3% for the six months ended June 30, 2025, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.

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 and reserve class.

56

Acquisition Cost Ratio

The acquisition cost ratio increased to 20.1% and 19.9% for the three and six months ended June 30, 2026, from 18.9% and 19.0% for the three and six months ended June 30, 2025, primarily related to an increase in gross variable 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, which are associated with relatively higher gross acquisition cost ratios. The acquisition cost ratio for the three months ended June 30, 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 10.4% for the three months ended June 30, 2026, from 12.0% for the three months ended June 30, 2025, mainly driven by an increase in net premiums earned and fees related to opportunities associated with our ACS initiatives.

The underwriting-related general and administrative expense ratio decreased to 10.3% for the six months ended June 30, 2026, from 12.0% for the six months ended June 30, 2025, mainly driven by an increase in net premiums earned.

57

Reinsurance Segment

Results from the reinsurance segment were as follows:
  Three months ended June 30,Six months ended June 30,
  2026% Change20252026% Change2025
Revenues:
Gross premiums written$439,484(25%)$583,536$1,553,709(10%)$1,722,285
Net premiums written234,489(32%)344,924848,448(19%)1,050,383
Net premiums earned331,824(8%)360,470670,536(3%)691,204
Other insurance related income5,334(38%)8,65610,612(12%)12,078
Expenses:
Current accident year net losses and loss expenses(229,232)(244,997)(458,531)(472,793)
Prior year reserve development2,9845,0135,9888,972 
Acquisition costs(77,445)(80,985)(157,932)(151,544)
Underwriting-related general and administrative expenses(9,901)(10,595)(17,102)(21,441)
Underwriting income
$23,564$37,562$53,571$66,476 
Ratios:
% Point
Change
% Point
Change
Current accident year loss ratio, excluding catastrophe and weather-related losses68.3%0.467.9 %68.0 %(0.2)68.2 %
Catastrophe and weather-related losses ratio0.8%0.70.1 %0.4 %0.20.2 %
Current accident year loss ratio69.1%1.168.0 %68.4 %—68.4 %
Prior year reserve development ratio(0.9%)0.5(1.4%)(0.9%)0.4(1.3%)
Net losses and loss expenses ratio68.2%1.666.6 %67.5 %0.467.1 %
Acquisition cost ratio23.3%0.822.5 %23.6 %1.721.9 %
Underwriting-related general and administrative expense ratio3.0%0.12.9 %2.5 %(0.6)3.1 %
Combined ratio94.5%2.592.0 %93.6 %1.592.1 %



58

Gross Premiums Written

Gross premiums written by line of business were as follows:
  Three months ended June 30,Six months ended June 30,
  20262025
% 
Change
20262025
% 
Change
Liability$108,262 25 %$168,566 29 %(36%)$271,368 17 %$421,637 24 %(36%)
Professional lines87,417 20 %171,851 29 %(49%)265,370 17 %360,296 21 %(26%)
Motor19,453 4 %26,066 4 %(25%)106,765 7 %150,445 9 %(29%)
Accident and health25,609 6 %22,337 4 %15%321,900 21 %303,692 18 %6%
Credit and surety119,947 27 %116,290 20 %3%428,921 28 %320,956 19 %34%
Agriculture56,396 12 %55,256 9 %2%109,111 7 %104,157 6 %5%
Marine and aviation20,687 5 %18,871 3 %10%46,663 3 %52,365 3 %(11%)
Run-off lines(1)
1,713 1 %4,299 2 %(60%)3,611 — %8,737 — %(59%)
Total$439,484 100 %$583,536 100 %(25%)$1,553,709 100 %$1,722,285 100 %(10%)
(1)    Run-off lines include the catastrophe, property, and engineering lines of business.

Gross premiums written for the three months ended June 30, 2026, decreased by $144 million, or 25%, compared to the three months ended June 30, 2025 primarily attributable to non-renewals and decreased line sizes in professional lines and liability lines.

The decrease in professional lines was driven by to non-renewals of cyber business attributable to client retentions, together with decreased line sizes on several under-performing cyber contracts.

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

Gross premiums written for the six months ended June 30, 2026, decreased by $169 million, or 10% ($210 million, or 12%, on a constant currency basis), compared to the six months ended June 30, 2025 primarily attributable to non-renewals and decreased line sizes in liability, professional lines and motor lines, partially offset by increased line sizes and new business in credit and surety lines.

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

The decrease in professional lines was driven by non-renewals of cyber business attributable to client retentions and unfavorable market conditions, together with decreased line sizes on several under-performing cyber contracts.

The decrease in motor lines was due to decreased line sizes and non-renewals of non-proportional U.K. business associated with 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 June 30, 2026, was $205 million, or 47%, of gross premiums written, compared to $239 million, or 41%, of gross premiums written for the three months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 6% primarily due to increased cession rates in professional lines and liability lines.

Ceded premiums written for the six months ended June 30, 2026, was $705 million, or 45%, of gross premiums written, compared to $672 million, or 39%, of gross premiums written for the six months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 6% primarily due to increased cession rates in professional lines, liability and motor lines.



59

Net Premiums Earned

Net premiums earned by line of business were as follows:
  Three months ended June 30,Six months ended June 30,
  2026  2025  % Change2026  2025  % Change
Liability$65,514 20 %$80,684 22 %(19%)$136,241 20 %$154,824 22 %(12%)
Professional lines42,929 12 %51,829 14 %(17%)92,204 14 %95,005 14 %(3%)
Motor24,145 7 %32,255 9 %(25%)45,385 7 %61,532 9 %(26%)
Accident and health74,209 22 %81,110 23 %(9%)150,798 22 %150,097 22 %—%
Credit and surety73,180 22 %75,983 21 %(4%)148,117 22 %139,021 20 %7%
Agriculture39,004 12 %21,862 6 %78%71,492 11 %53,946 8 %33%
Marine and aviation11,048 3 %12,567 3 %(12%)23,185 3 %28,267 4 %(18%)
Run-off lines1,795 2 %4,180 2 %(57%)3,114 1%8,512 1 %(63%)
Total$331,824 100 %$360,470 100 %(8%)$670,536 100 %$691,204 100 %(3%)

Net premiums earned for the three months ended June 30, 2026, decreased by $29 million, or 8% ($37 million, or 10%, on a constant currency basis), compared to the three months ended June 30, 2025 primarily driven by decreases in liability, professional lines, and motor lines, partially offset by an increase in agriculture lines.

The decreases in liability and professional lines were due to decreases in gross premiums earned. The decrease in motor lines was due to 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 agriculture lines was attributable to an increase in gross premiums earned.

Net premiums earned for the six months ended June 30, 2026, decreased by $21 million, or 3% ($36 million, or 5%, on a constant currency basis), compared to the six months ended June 30, 2025 primarily driven by decreases in liability and motor lines, partially offset by an increase in agriculture lines.

The decrease in liability lines was due to a decrease in gross premiums earned. The decrease in motor lines was due to a decrease in gross premiums earned and 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 agriculture lines was attributable to an increase in gross premiums earned.

Loss Ratio

The components of the loss ratio were as follows:
  Three months ended June 30,Six months ended June 30,
  2026% Point
Change		20252026% Point
Change		2025
Current accident year loss ratio69.1 %1.168.0 %68.4 %—68.4 %
Prior year reserve development ratio(0.9%)0.5(1.4%)(0.9%)0.4(1.3%)
Loss ratio68.2 %1.666.6 %67.5 %0.467.1 %

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 69.1% for the three months ended June 30, 2026, from 68.0% for the three months ended June 30, 2025. The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses.

During the three months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.8 points, attributable to the Middle East conflict. Comparatively, during the three months ended June 30, 2025, catastrophe and weather-related losses, were $0.2 million, or 0.1 point.

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Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 68.3% for the three months ended June 30, 2026, from 67.9% for the three months ended June 30, 2025, principally due to elevated loss experience associated with employer stop loss business in accident and health lines.

The current accident year loss ratio was 68.4% for the six months ended June 30, 2026 and June 30, 2025.

During the six months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.4 points, attributable to the Middle East conflict. Comparatively, during the six months ended June 30, 2025, catastrophe and weather-related losses, were $2 million, or 0.2 points, attributable to California Wildfires.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio of 68.0% for the six months ended June 30, 2026, was comparable to 68.2% for the six months ended June 30, 2025.

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 and reserve class.

Acquisition Cost Ratio

The acquisition cost ratio increased to 23.3% for the three months ended June 30, 2026, from 22.5% for the three months ended June 30, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent periods, which is associated with a relatively higher acquisition cost ratio.

The acquisition cost ratio increased to 23.6% for the six months ended June 30, 2026, from 21.9% for the six months ended June 30, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent periods, which is associated with a relatively higher acquisition cost ratio.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio decreased to 2.5% for the six months ended June 30, 2026, from 3.1% for the six months ended June 30, 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 June 30,Six months ended June 30,
  2026% Change20252026% Change2025
Fixed maturities$163,3049%$149,861$320,0008%$296,572
Other investments6,226(66%)18,47923,931(41%)40,889
Equity securities4,63147%3,1558,78238%6,363
Mortgage loans4,154(30%)5,9568,319(35%)12,824
Cash and cash equivalents10,655(36%)16,64919,573(61%)50,028
Short-term investments71(87%)541203(92%)2,527
Gross investment income189,041(3%)194,641380,808(7%)409,203
Investment expense(7,447)1%(7,344)(14,475)2%(14,194)
Net investment income$181,594(3%)$187,297$366,333(7%)$395,009
Pre-tax yield:(1)
Fixed maturities4.7 %4.8 %4.7 %4.7 %
(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 for the three and six months ended June 30, 2026 increased by $13 million, or 9%, and $23 million, or 8%, compared to the same periods in 2025, respectively, 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 June 30,Six months ended June 30,
  2026202520262025
Multi-strategy, direct lending, private equity and real estate funds
$4,078$12,431$20,223$27,601
Other privately held investments2,1486,0483,70812,704
CLO-Equities———584
Total net investment income from other investments
$6,226$18,479$23,931$40,889
Pre-tax return on other investments(1)
0.6%2.0%2.3%4.4%
(1)Pre-tax return on other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated.

Net investment income for the three months ended June 30, 2026 decreased by $12 million, or 66%, compared to the same period in 2025, attributable to lower returns from direct lending and real estate funds.

Net investment income for the six months ended June 30, 2026 decreased by $17 million, or 41%, compared to the same period in 2025, attributable to lower returns from other privately held investments and real estate funds.






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Mortgage Loans

Net investment income for the three and six months ended June 30, 2026 decreased by $2 million, or 30%, and $5 million, or 35%, compared to the same periods in 2025, respectively, related to loan repayments during the periods.

Cash and cash equivalents

Net investment income for the three and six months ended June 30, 2026 decreased by $6 million, or 36%, and $30 million, or 61%, compared to the same periods in 2025, respectively, 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.

Net Investment Gains (Losses)

Net investment gains (losses) were as follows:
  Three months ended June 30,Six months ended June 30,
  2026202520262025
On sale of investments:
Fixed maturities, short-term investments, and cash and cash equivalents
$(10,117)$(8,279)$(3,179)$(37,880)
Equity securities(22)1,313 11,438 28,510 
Mortgage loans
(1,605)— (6,200)— 
 (11,744)(6,966)2,059 (9,370)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale
1,220 (859)(62)(1,104)
(Increase) decrease in allowance for expected credit losses, mortgage loans
1,351 (1,473)1,784 (3,958)
Impairment losses (1)
(116)(400)(383)(2,326)
Change in fair value of investment derivatives
34 (1,035)180 (1,451)
Net unrealized gains (losses) on equity securities55,990 54,201 15,936 31,671 
Net investment gains (losses)
$46,735 $43,468 $19,514 $13,462 
(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 gains for the three months ended June 30, 2026 were $47 million, compared to net investment gains of $43 million in the same period of 2025. Net investment gains reported in the three months ended June 30, 2026, mainly reflected net unrealized gains on equities, partially offset by net realized losses on the sale of U.S. government and corporate debt securities. Net investment gains reported for the three months ended June 30, 2025, mainly reflected net unrealized gains on equity securities, partially offset by net realized losses on the sale of corporate debt and Agency RMBS.

Net investment gains for the six months ended June 30, 2026 were $20 million, compared to net investment gains of $13 million in the same period of 2025. Net investment gains reported in the six months ended June 30, 2026, mainly reflected net unrealized gains on equities and net realized gains on the sale of equity securities, partially offset by net realized losses on the sale of corporate debt securities and mortgage loans. Net investment gains for the six months ended June 30, 2025, mainly reflected net unrealized gains on equity securities and net realized gains on the sale of equity securities, partially offset by net realized losses on the sale of corporate debt, Agency RMBS and U.S. government securities.




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Total Return

Total return on cash and investments was as follows:
  Three months ended June 30,Six months ended June 30,
  2026202520262025
Net investment income$181,594$187,297$366,333$395,009
Net investment gains (losses)
46,73543,46819,51413,462
Change in net unrealized gains (losses) on fixed maturities (1)
(8,309)142,257(167,552)277,817
Interest in income of equity method investments
3,308(705)5,7381,586
Total$223,328$372,317$224,033$687,874
Average cash and investments(2)
$17,541,960$16,520,011$17,462,178$17,191,155
Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements1.3%2.3%1.3%4.0%
Excluding investment related foreign exchange movements(3)
1.3%1.7%1.4%3.2%
(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 $(3) million and $97 million for the three months ended June 30, 2026 and 2025, respectively, and foreign exchange (losses) gains of $(26) million and $144 million for the six months ended June 30, 2026 and 2025, respectively.



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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:
  Three months ended June 30,Six months ended June 30,
  2026% Change20252026% Change2025
Corporate expenses$32,629 26%$25,837 $63,571 17%$54,562 
Foreign exchange losses (gains)(2,344)nm94,885 (38,539)nm151,920 
Interest expense and financing costs16,838 2%16,586 33,265 —%33,158 
Income tax expense61,404 9%56,199 117,211 17%100,521 
Total$108,527 $193,507 $175,508 $340,161 
nm – not meaningful

Corporate Expenses

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 a percentage of net premiums earned, corporate expenses for the three months ended June 30, 2026 and 2025, were 2.1% and 1.9%, respectively. As a percentage of net premiums earned, corporate expenses for the six months ended June 30, 2026 and 2025, were 2.1% and 2.0%, respectively.

Foreign Exchange Losses (Gains)

Foreign exchange gains for the three months ended June 30, 2026 of $2 million reflected the impact of the strengthening of the U.S. dollar against euro and Canadian dollar, partially offset by the weakening of the U.S. dollar against pound sterling. Foreign exchange gains for the six months ended June 30, 2026 of $39 million reflected the impact of the strengthening of the U.S. dollar against euro and Canadian dollar.

Foreign exchange losses for the three and six months ended June 30, 2025 of $95 million and $152 million, respectively, reflected the impact of the weakening of the U.S. dollar against euro, pound sterling and Canadian dollar.

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.

Income Tax Expense

Income tax expense primarily results from income in our global operations. Our effective tax rate which is calculated as income tax expense divided by income before tax including interest in income (loss) of equity method investments was 19.2% and 18.6%, for the three and six months ended June 30, 2026 and 20.1% and 19.4% for the three and six months ended June 30, 2025, respectively. 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 for the three months ended June 30, 2026 of $61 million was principally due to pre-tax income in our U.S., U.K. and European operations. The income tax expense for the six months ended June 30, 2026 of $117 million was principally due to pre-tax income in our U.S., U.K., European and Bermuda operations. The income tax expense of $56 million and $101 million for the three and six months ended June 30, 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 June 30,Six months ended June 30,
  2026202520262025
Annualized return on average common equity(1)
17.0%15.7 %16.9%14.4%
Annualized operating return on average common equity(2)
14.3%19.0 %15.9%18.7%
Book value per diluted common share(3)
$80.67$70.34$80.67$70.34
Cash dividends declared per common share$0.44$0.44$0.88$0.88
Increase in book value per diluted common share adjusted for dividends
$2.92$4.30$4.35$5.95
(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.

ROACE reflects the impact of net income (loss) available (attributable) to common shareholders, including net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

The increase in ROACE for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, was primarily driven by net income available to common shareholders, partially offset by an increase in average common shareholders' equity.

The decrease in operating ROACE for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, was primarily driven by a decrease in operating income and an increase in average common shareholders' equity.



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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 and six months ended June 30, 2026, book value per diluted common share increased by 3.2% and 4.5%, respectively due to net income for the period, partially offset by common share repurchases, common share dividends declared and net unrealized investment losses recognized in accumulated other comprehensive income (loss).

During the three and six months ended June 30, 2025, book value per diluted common share increased by 5.8% and 7.8%, respectively 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 June 30,Six months ended June 30,
2026202520262025
Net income available to common shareholders$250,532$215,795$497,734$402,302
Net investment gains(46,735)(43,468)(19,514)(13,462)
Foreign exchange losses (gains)
(2,344)94,885(38,539)151,920
Reorganization expenses
5,546—28,715—
Interest in income (loss) of equity method investments(3,308)705(5,738)(1,586)
 Bermuda net deferred tax asset—3,384—3,384
Income tax expense (benefit)(1)
6,958(9,997)4,878(19,440)
Operating income$210,649$261,304$467,536$523,118
Earnings per diluted common share$3.38$2.72$6.67$4.98
Net investment gains(0.63)(0.55)(0.26)(0.17)
Foreign exchange losses (gains)
(0.03)1.20(0.52)1.88
Reorganization expenses0.07—0.38—
Interest in income (loss) of equity method investments(0.04)0.01(0.08)(0.02)
Bermuda net deferred tax asset
—0.04—0.04
Income tax expense (benefit)0.09(0.13)0.07(0.24)
Operating income per diluted common share$2.84$3.29$6.26$6.47
Weighted average diluted common shares outstanding(2)
74,20379,32974,67780,845
Average common shareholders' equity$5,891,923$5,488,599$5,879,823$5,581,889
Annualized return on average common equity17.0%15.7%16.9%14.4%
Annualized operating return on average common equity
14.3%19.0%15.9%18.7%
(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 2 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 2 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 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, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

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

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

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we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

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

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

Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense is not related to the underwriting process. Therefore, this expense is excluded from operating income (loss).

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

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented 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:
  June 30, 2026December 31, 2025
  Fair ValueFair Value
Fixed maturities, available for sale$13,828,314 $13,018,027 
Fixed maturities, held to maturity(1)
402,105 395,942 
Equity securities748,532 707,569 
Mortgage loans335,537 356,840 
Other investments1,062,933 1,027,798 
Equity method investments203,661 227,181 
Short-term investments2,828 20,298 
Total investments$16,583,910 $15,753,655 
Cash and cash equivalents(2)
$1,223,058 $1,321,185 
(1)Presented at net carrying value of $407 million (2025: $397 million) in the consolidated balance sheets.
(2)Includes restricted cash and cash equivalents of $443 million and $501 million at June 30, 2026 and at December 31, 2025, respectively.




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Overview

The fair value of total investments increased by $830 million in the six months ended June 30, 2026, driven by the reinvestment of interest income and cashflows from operations.

An analysis of our investment portfolio for significant asset classes is detailed below:

Fixed Maturities

Details of our fixed maturities portfolio are as follows:
  June 30, 2026December 31, 2025
  Fair Value% of TotalFair Value% of Total
Fixed maturities:
U.S. government and agency$2,387,374 17 %$2,417,901 18 %
Non-U.S. government823,910 6 %810,544 6 %
Corporate debt5,742,492 40 %5,365,509 41 %
Agency RMBS2,422,949 17 %2,035,352 15 %
CMBS788,348 6 %801,511 6 %
Non-agency RMBS208,039 1 %190,124 1 %
ABS1,811,771 13 %1,740,933 13 %
Municipals(1)
45,536 — %52,095 — %
Total$14,230,419 100 %$13,413,969 100 %
Credit ratings:
U.S. government and agency$2,387,374 17 %$2,417,901 18 %
AAA(2)
2,615,261 18 %2,577,512 19 %
AA
3,551,582 24 %3,182,165 24 %
A2,497,166 18 %2,331,459 17 %
BBB1,648,809 12 %1,339,101 10 %
Below BBB(3)
1,530,227 11 %1,565,831 12 %
Total$14,230,419 100 %$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 June 30, 2026, fixed maturities had a weighted average credit rating of A+ (2025: A+), a book yield of 4.8% (2025: 4.6%), and an average duration of 3.4 years (2025: 3.1 years).

At June 30, 2026, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $15.5 billion) had a weighted average credit rating of AA- (2025: AA-) and an average duration of 3.2 years (2025: 2.8 years).

At June 30, 2026, net unrealized losses on fixed maturities, available for sale were $88 million, compared to net unrealized gains of $80 million at December 31, 2025, a decrease of $168 million due to the decline in market values.

Equity Securities

At June 30, 2026, net unrealized gains on equity securities were $142 million, compared to $126 million at December 31, 2025, an increase of $16 million driven by the increase in market values, partially offset by net realized gains associated with sales in the period.

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Mortgage Loans

At June 30, 2026, investment in commercial mortgage loans was $336 million, compared to $357 million at December 31, 2025, a decrease of $21 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 June 30, 2026, the allowance for expected credit losses of $28 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:
June 30, 2026December 31, 2025
  Fair Value% of TotalFair Value% of Total
Multi-strategy funds$6,963 1 %$11,577 1 %
Direct lending funds194,209 18 %186,747 18 %
Private equity funds400,067 38 %364,376 36 %
Real estate funds278,438 26 %291,491 28 %
Total multi-strategy, direct lending, private equity and real estate funds
879,677 83 %854,191 83 %
Other privately held investments183,256 17 %173,607 17 %
Total other investments$1,062,933 100 %$1,027,798 100 %

Refer to Note 3 to the Consolidated Financial Statements 'Investments' for details on all other asset classes.




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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:
June 30, 2026December 31, 2025
Debt$1,317,502 $1,316,710 
Preferred shares550,000 550,000 
Common equity5,953,210 5,806,435 
Shareholders’ equity6,503,210 6,356,435 
Total capital$7,820,712 $7,673,145 
Ratio of debt to total capital16.8 %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 June 30, 2026, the companies had admitted assets of approximately $3.9 billion which provides borrowing capacity of up to approximately $981 million.

At June 30, 2026, the Company had borrowings under the FHLB program of $61 million with maturities in July and August 2026. The borrowings under the FHLB program are secured by cash and investments with a fair value of $66 million.

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


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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.

Common Equity
During the six months ended June 30, 2026, common equity increased by $147 million. The following table reconciles opening and closing common equity positions:
Six months ended June 30,2026
Common equity - opening$5,806,435 
Share-based compensation expense29,041 
Change in unrealized gains (losses) on available for sale investments, net of tax
(128,589)
Foreign currency translation adjustment(7,645)
Net income
512,859 
Preferred share dividends(15,125)
Common share dividends(66,092)
Treasury shares repurchased(179,709)
Treasury shares reissued2,035 
Common equity - closing$5,953,210 

During the six months ended June 30, 2026, we repurchased 1.8 million common shares for a total of $180 million, including $149 million repurchased pursuant to our Board-authorized share repurchase programs and $31 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.

On September 17, 2025, our 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 June 30, 2026, authorization under this plan was exhausted.

On February 26, 2026, our 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. At June 30, 2026, remaining authorization under this plan was $263 million (refer to Part II, Item 2 'Unregistered Sales of Equity Securities and Use of Proceeds' for further details).

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 June 30, 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:
AUDCADEURGBPJPYOtherTotal
At June 30, 2026
Net managed assets (liabilities), excluding derivatives
$92,211 $425,626 $(13,392)$83,658 $(7,437)$225,090 $805,756 
Foreign currency derivatives, net
(63,519)(356,841)(1,940)23,456 26,990 (214,250)(586,104)
Net managed foreign currency exposure
28,692 68,785 (15,332)107,114 19,553 10,840 219,652 
Other net foreign currency exposure— 311 271 177 — 1 760 
Total net foreign currency exposure
$28,692 $69,096 $(15,061)$107,291 $19,553 $10,841 $220,412 
Net foreign currency exposure as a percentage of total shareholders’ equity
0.4%1.1%(0.2%)1.6%0.3%0.2%3.4%
Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1)
$2,869 $6,910 $(1,506)$10,729 $1,955 $1,084 $22,041 
(1)Assumes 10% appreciation in underlying currencies relative to the U.S. dollar.

Total Net Foreign Currency Exposure

At June 30, 2026, total net foreign currency assets were $220 million primarily driven by exposures to the pound sterling, Canadian dollar, Australian dollar and Japanese yen. During the six months ended June 30, 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 June 30, 2026. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that, at June 30, 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 June 30, 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 June 30, 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 June 30, 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)
April 1-30, 2026341 $100.64 313 $321 million
May 1-31, 2026229 $99.57 225 $298 million
June 1-30, 2026408 $98.97 355 $263 million
Total  
978  893 $263 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 June 30, 2026, authorization under this plan was exhausted.
(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 June 30, 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 June 30, 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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Table of Contents


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).
†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.
†101The following financial information from AXIS Capital Holdings Limited’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 formatted in Inline XBRL: (i) Consolidated Balance Sheets at June 30, 2026 and December 31, 2025; (ii) Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025; (iii) Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025; (iv) Consolidated Statements of Changes in Shareholders' Equity for the six months ended June 30, 2026 and 2025; (v) Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail.
†104Cover 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: July 28, 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)


































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