Axis Capital Holdings Limited · NYSE:AXS
Axis Capital — Q2 2025 Earnings Presentation
23 slides from Axis Capital's earnings presentation, Aug 20, 2025
Slide 1: 2025 Second Quarter Investor Presentation
2025 Second Quarter Investor Presentation
Slide 2: Safe Harbor Statement
2 Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated fr
Slide 3: AXIS Aspiration
3 Be the leading Specialty Underwriter, generating consistent top-quartile diluted book value per common share (“DBVPS”) growth for shareholders AXIS Aspiration
Slide 4: AXIS at a Glance: 2Q25 Headlines
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 $6.8 billion Reinsurance $2.4
Slide 5: Emphasis on generating shareholder value
5 Compensation clearly tied to value creation Long-Term Incentive program based on annual Adjusted DBVPS growth and Relative Total Shareholder Return Consistent engagement with investor community — e.g., Investor Day, regular participation in industry and investor conferences Maximum transparency Co
Slide 6: Broad, diverse Specialty portfolio
6 1 Percent of total GPW, last twelve months ended 6/30/2025 2 Includes Cyber insurance only. Cyber reinsurance is included in Professional Lines 3 Includes Agriculture reinsurance, Motor reinsurance, and Run-off lines. 4 Renewable energy is included in Property and Marine & Aviation. Broad, diverse
Slide 7: Growth in Specialty Underwriting Portfolio Reshaping
7 Growth in Specialty Underwriting Portfolio Reshaping ReinsuranceInsurance GPW, last 12 months (“LTM”) Net Premiums Earned, last 12 months (“LTM”) LTM Q2 2021 LTM Q2 2022 LTM Q2 2023 LTM Q2 2024 LTM Q2 2025 38% 62% $7.2B $8.0B $8.1B $8.8B $9.2B 34% 66% 28% 72% 27% 73% 26% 74% LTM Q2 2021 LTM Q2 202
Slide 8: Insurance Overview
8 1 Percent of total GPW, last twelve months ended 6/30/2025 2 Renewable energy is included in Property and Marine & Aviation. Insurance Overview Product mix, GPW, last 12 months1 30% Property 20% Professional Lines Cyber 18% Liability 12%Marine & Aviation 8% 7% Accident & Health 5% $6.8 billion Cre
Slide 9: Reinsurance Overview
9 1 Percent of total GPW, last twelve months ended 6/30/2025 2 Run-off lines include Catastrophe, Property, and Engineering Reinsurance Overview Product mix, GPW, last 12 months1 Run-off Lines2Marine & Aviation 27% 20% Credit & Surety Motor 18% Liability 16% Professional Lines 9% 6% Agriculture $2.4
Slide 10: Improved underwriting performance
10 1 Current accident year combined ratio is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to combined ratio, the most comparable GAAP financial measure, and a discussion of the rationale for its presentation is provided later in this document 2 Current accident yea
Slide 11: "How We Work" program and Group G&A ratio
11 "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 Increase agility and speed to market Deliver efficiencies and capitalize o
Slide 12: Well-positioned portfolio driving strong investment returns
12 1 Includes short-term investments, accrued interest receivable, and net receivable/(payable) for investments sold (purchased) 2 Includes equity method investments 3 Includes other investments, equity securities, mortgage loans, cash and cash equivalents, short-term investments, and investment exp
Slide 13: Capital management aligned with strategy execution
13 A.M. Best Financial strength rating AS&P Financial strength rating A+ Capital management aligned with strategy execution Capital Deployment Cycle management and profitable growth Investments in capabilities Capital returns Inorganic opportunities Capital Generation Capital generated annually from
Slide 14: Business Results: Operating ROACE and book value per share
14 11.1% 11.0% 18.6% 18.7% 4.3% 7.9% 20.5% 14.4% FY 2022 FY 2023 FY 2024 YTD 2025 Operating ROACE ROACE 1 Annualized operating return on average common equity (“operating ROACE") is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to ROACE, the most comparable GAAP fin
Slide 15: Specialty Solutions, Elevated
oe | AND Specialty Solutions, Elevated
Slide 16: Appendix: Non-GAAP Financial Measures Reconciliations
Appendix Non-GAAP Financial Measures Reconciliations
Slide 17: Operating Income and Operating Return on Average Common Equity
17 Operating Income and Operating Return on Average Common Equity For the six months ended June 30, 2025 and years ended December 31, 2024, 2023, and 2022 (1) Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax
Slide 18: Operating Income and Operating Income per Diluted Common Share
18 Operating Income and Operating Income per Diluted Common Share For the three months ended June 30, 2025 and 2024 Non-GAAP Financial Measures Reconciliation (Unaudited)
Slide 19: Current Accident Year Combined Ratio – Insurance Segment
19 Current Accident Year Combined Ratio – Insurance Segment For the three months ended June 30, 2025 and years ended December 31, 2024, 2023, 2022, and 2021 Non-GAAP Financial Measures Reconciliation (Unaudited)
Slide 20: Current Accident Year Combined Ratio – Reinsurance Segment
20 Current Accident Year Combined Ratio – Reinsurance Segment For the three months ended June 30, 2025 and years ended December 31, 2024, 2023, 2022, and 2021 Non-GAAP Financial Measures Reconciliation (Unaudited)
Slide 21: Book Value per Diluted Common Share – excluding unrealized gains and dividends
21 Book Value per Diluted Common Share – excluding unrealized investment gains (losses) and dividends declared For the six months ended June 30, 2025 and years ended December 31, 2024, 2023, and 2022 Non-GAAP Financial Measures Reconciliation (Unaudited) (1) Includes cumulative common share dividend
Slide 22: Rationale for use of Non-GAAP Measures
22 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 f
Slide 23: Rationale for use of Non-GAAP Measures
23 Rationale for use of Non-GAAP Measures We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled to the most comparable GAAP financial measures, earnings (loss) per diluted common
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