Axis Capital Holdings Limited · NYSE:AXS
Axis Capital — Q4 2025 Earnings Presentation
18 slides from Axis Capital's earnings presentation, Feb 27, 2026
Slide 1: 2025 Fourth Quarter Investor Presentation
2025 Fourth Quarter Investor Presentation
Slide 2: Safe Harbor Statement
2 Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, and in subsequent filings available at www.sec.gov. We undertake no obligation to publicly update or re
Slide 3: AXIS Aspiration
3 AXIS Aspiration A leading Specialty Underwriter, generating consistent top-quartile diluted book value per common share (“DBVPS”) growth for shareholders
Slide 4: AXIS at a Glance
4 AXIS at a Glance Our strategic focus is on Specialty products: Risk transfer solutions that require customized and tailored offerings delivered by underwriting expertise through differentiated distribution channels and customer profiles Insurance Reinsurance Insurance $7.2 billion Reinsurance $2.4
Slide 5: A Leading Specialty Underwriter
5 A Leading Specialty Underwriter Performance culture that is both results driven and people-oriented Built for all seasons, an operating model that enables us to pivot as needed Poised for profitable growth driven by our strategic initiatives Disciplined cycle management that will put profits above
Slide 6: Global Specialty Platform
Global Specialty Platform 6 Presence in all critical markets Legal entity footprint providing access to all major specialty markets Full licensing to compete and grow Licenses and permissions in place to underwrite all major specialty classes Multivariate distribution model Multiple, well-establishe
Slide 7: Winning on Talent
Winning on Talent 6 Teams added include: Dynamic and Experienced Leadership Team Attracting Specialty Underwriting Talent and Building Capabilities NA Environmental January 2024 US Construction January 2024 Ocean Marine June 2024 Life Sciences September 2024 Michael McKenna Head of North America Joi
Slide 8: Specialty Experts: Full Year Group Performance Highlights
8 22% 21% 18% 10% 10% 9% 5% 5% Specialty Experts Products requiring specialty expertise, GPW, Full Year 20251 Full Year Group Performance Highlights Property4 Cyber2 Liability Marine & Aviation4 Accident & Health (A&H) Other3 Credit, Surety & Political Risk $9.6 billion Professional Lines 1 Percent
Slide 9: Cycle Management
80.0% 85.0% 90.0% 95.0% 100.0% 105.0% 110.0% -- $1 $2 $3 $4 $5 $6 $7 $8 $9 FY2021 FY2022 FY2023 FY2024 FY2025 G ro ss P re m iu m s W ri tt e n , $ B 1 Inclusive of 8.1 points of prior year development. Cycle Management 9 Full Year Performance Highlights • The construction of our portfolio is guided
Slide 10: Insurance Overview
10 Insurance Overview • Gross premiums written were up 9% year-over-year to $7.2 billion, including new business of $2.4 billion • Insurance achieved record full year production and record underwriting income of $597 million • Gross premiums written growth was attributable to all lines of business w
Slide 11: Reinsurance Overview
11 Reinsurance Overview Product mix, GPW, last 12 months1 Marine & Aviation 27% 21% Credit & Surety Motor 17% Liability 15% Professional Lines 1 Percent of total GPW, last twelve months ended 12/31/2025. 2 Run-off lines include Catastrophe, Property, and Engineering. 11% 7% Agriculture $2.4 billion
Slide 12: Consistent and Predictable Underwriting Performance
12 Consistent and Predictable Underwriting Performance V o la ti li ty (C o e ff ic ie n t o f V a ri a n c e ) 55 60 65 Average Quarterly Loss Ratio 70 75 0 10 20 30 40 AXS 1 Peers displayed include: ACGL, AFG, BOW, CB, CINF, CNA, EG, HIG, KMPR, KNSL, MKL, RLI, RNR, SIGI, SPNT, THG, TRV, and WRB. 2
Slide 13: "How We Work" Leverages our Competitive Platform
13 14.0% 13.2% 13.5% 12.6% 12.4% FY 2021 FY 2022 FY 2023 FY2024 FY2025 "How We Work" Leverages our Competitive Platform, while Driving Productivity and Efficiency How We Work program launched in 2023 to enhance how we operate and how we go to market Simplify operating structures and processes Increa
Slide 14: Well-Positioned Portfolio Driving Strong Investment Returns
14 S A+ Weighted average credit rating of fixed $196 $208 $187 $185 $187 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 8% 2% 4% 8% 78% 1 Includes short-term investments, accrued interest receivable, and net receivable/(payable) for investments sold (purchased). 2 Includes equity method investments. 3 Incl
Slide 15: Capital Management Aligned with Strategy Execution
15 A.M. Best Financial strength rating AS&P Financial strength rating A+ Capital Management Aligned with Strategy Execution Capital Deployment Organic deployment in underwriting and investments Investments in capabilities, including underwriting tools and AI Capital returns of $1 billion in 2025 and
Slide 16: Appendix: Non-GAAP Financial Measures Reconciliations
Appendix Non-GAAP Financial Measures Reconciliations
Slide 17: Non-GAAP Financial Measures Reconciliation: Operating Income per Diluted Common Share
Non-GAAP Financial Measures Reconciliation (Unaudited) Operating Income and Operating Income per Diluted Common Share For the years ended December 31, 2025 and 2024
Slide 18: Rationale for use of Non-GAAP Measures
Rationale for use of Non-GAAP 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 fina
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