Axis Capital Holdings Limited · NYSE:AXS
Axis Capital — Q3 2026 Earnings Presentation
19 slides from Axis Capital's earnings presentation, October 2026
Slide 1: Investor Presentation 2026 Third Quarter
Investor Presentation 2026 Third Quarter
Slide 2: Safe Harbor Statement
Safe Harbor Statement CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 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 e
Slide 3: AXIS Aspiration
AXIS Aspiration A leading Specialty Underwriter, generating consistent top-quartile diluted book value per common share (“DBVPS”) growth for shareholders 3
Slide 4: AXIS at a Glance
AXIS at a Glance Our strategic focus is on Specialty products: Third Quarter 2026 Headlines Risk transfer solutions that require customized and tailored offerings delivered by underwriting expertise through a global multivariate distribution model and customer profiles Strong Insurance Group Combine
Slide 5: A Leading Specialty Underwriter
A Leading Specialty Underwriter Built for all seasons, an operating model that enables us to pivot as needed Performance Poised for culture that is profitable both results driven growth driven and people- by our strategic oriented initiatives A global distribution Disciplined cycle model grounded in
Slide 6: Global Specialty Platform
Global Specialty Platform Serve global clients Presence in key Full licensing to Multivariate and different specialty markets compete and grow distribution model customer segments Legal entity footprint Licenses and permissions in Multiple, well-established A diversified set of specialty providing a
Slide 7: Winning on Talent
Winning on Talent Dynamic and Experienced Attracting Specialty Underwriting Leadership Team Talent and Building Capabilities Capabilities added include: NA Environmental Vincent C. Tizzio Matthew Kirk Ann Haugh President and CEO CFO Chief Operations Joined Jan. 2022 Joined Nov. 2025 Officer US Const
Slide 8: Specialty Experts
Specialty Experts Products requiring Specialty expertise, GPW, last 12 months1 Third Quarter Performance Highlights Other3 • Gross premiums written were up 11% Cyber2 year-over-year to $2.4 billion Property4 Credit, Surety • Insurance increased by $217 million, or & Political Risk 13% • Delivered a
Slide 9: Cycle Management
Cycle Management Portfolio Reshaping Third Quarter Performance Highlights Insurance Gross Premiums Written Reinsurance Gross Premiums Written • Maintaining underwriting discipline as Group Combined Ratio property pricing moderates and casualty competition increases, with $9.6B portfolio actions focu
Slide 10: Insurance Overview
Insurance Overview Product mix, GPW, last 12 months1 Third Quarter Performance Highlights Credit & Political Risk • Gross premiums written were up 13% Cyber year-over-year to $1.9 billion, including $630 million in new business Accident & Health Property2 • Gross premiums written growth was attribut
Slide 11: Disciplined Growth Aligned With Strategic Ambition
Disciplined Growth Aligned With Strategic Ambition Consistent Performance Insurance, GPW, 12 months ended ($ in billions) • Growth reflects disciplined underwriting and targeted expansion Expanded Products • Retail Segment: Accelerated growth reflects strong traction in newly launched products and e
Slide 12: Reinsurance Overview
Reinsurance Overview Product mix, GPW, last 12 months1 Third Quarter Performance Highlights Marine & Aviation • Delivered a 92.4% combined ratio, Agriculture reflecting continued consistent 7% Credit & Surety profitability and low volatility Motor 27% • Gross premiums written up 4% year- 11% over-ye
Slide 13: Consistent and Predictable Underwriting Performance
Consistent and Predictable Underwriting Performance Consistent Top Quartile Results With Less Volatility Than Our Peers Financial periods Q1’24 through Q2’26 unless otherwise noted AXS (Old) (Q1’18 - Q4’21) AXS (Transition) (Q1’22 - Q4’23) • The low volatility within our AXS (Q1’24 - Q2’26) Peer Com
Slide 14: AXIS Capacity Solutions
AXIS Capacity Solutions In 2025, AXIS launched its AXIS Capacity Solutions (ACS) capability, dedicated to developing structured, multi- line portfolio capacity opportunities on a global basis, while drawing on AXIS’ expertise with third-party capital. ACS VALUE DRIVERS Creates new revenue sources –
Slide 15: How We Work: Scaling Through Operating Leverage and Innovation
How We Work: Scaling Through Operating Leverage and Innovation How We Work has strengthened operating discipline and leverage; AI extends that advantage ACTIONS TAKEN VALUE DELIVERED NEXT CHAPTER 1 Simplify how we work 2 Convert scale into leverage 3 Extend the advantage with AI Focused actions Q3 2
Slide 16: Well-Positioned Portfolio Driving Strong Investment Returns
Well-Positioned Portfolio Driving Strong Investment Returns Strong and Stable Non-Fixed Income 4 Investment portfolio at 9/30/2026 Investment Income Fixed Maturities Total cash and investments Net investment income, in millions A+ Weighted average credit rating of fixed maturities portfolio 3 18% Al
Slide 17: Capital Management Aligned with Strategy Execution
Capital Management Aligned with Strategy Execution • Growth pursued only where returns meet Organic Growth & Investments volatility thresholds. 1 Support organic growth through investments and underwriting where premium is adequate. Optimize the • Reinsurance optimized to protect reinsurance program
Slide 18: Appendix
Appendix Non-GAAP Financial Measures Reconciliations
Slide 19: Non-GAAP Financial Measures Reconciliation (Unaudited)
Non-GAAP Financial Measures Reconciliation (Unaudited) Book Value per Diluted Common Share, Excluding Accumulated Other Comprehensive (Income) Loss ("AOCI") At September 30, 2026 and September 30, 2025 1 Book value per diluted common share, excluding AOCI represents common shareholders' equity exclu
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