AXIS Capital Holdings Limited · NYSE:AXS
AXIS Capital — Q4 2025 Earnings Presentation
18 slides from AXIS Capital's earnings presentation, Oct 6, 2026
Slide 1: Investor Presentation Fourth Quarter 2025
Investor Presentation 2025 Fourth 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: 2025 Headlines Risk transfer solutions that require customized and tailored offerings delivered by underwriting expertise through differentiated distribution channels and customer profiles Record Full Year Full Year Operating EPS 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 growth driven driven and by our strategic people-oriented initiatives A global distribution Disciplined cycle model grounded in
Slide 6: Global Specialty Platform
Global Specialty Platform Serve global clients Presence in all Full licensing to Multivariate and different critical markets compete and grow distribution model customer segments Legal entity footprint Licenses and permissions in Multiple, well-established A diversified set of specialty providing ac
Slide 7: Winning on Talent
Winning on Talent Dynamic and Experienced Attracting Specialty Underwriting Leadership Team Talent and Building Capabilities Teams added include: NA Environmental January 2024 Vincent C. Tizzio Matthew Kirk Ann Haugh President and CEO Incoming CFO Chief Operations US Construction Joined Nov. 2025 Of
Slide 8: Specialty Experts
Specialty Experts Products requiring specialty expertise, GPW, Full Year 20251 Full Year Group Performance Highlights Other3 • Gross premiums written were up 7% Cyber2 year-over-year to $9.6 billion 5% Property4 Credit, Surety 5% • Insurance increased by $564 million, or & Political Risk 22% 9% 9% •
Slide 9: Gross Premiums Written and Combined Ratio
Cycle Management Portfolio Reshaping Full Year Performance Highlights Insurance Gross Premiums Written Reinsurance Gross Premiums Written • The construction of our portfolio is Group Combined Ratio guided by our principled view in $9.6B 110.0% managing the mix of our portfolio to $9.0B Gross Premium
Slide 10: Insurance Overview
Insurance Overview Product mix, GPW, last 12 months1 Full Year Performance Highlights Credit & Political Risk Cyber • Gross premiums written were up 9% 5% year-over-year to $7.2 billion, 7% including new business of $2.4 billion Accident & Health Property2 30% • Insurance achieved record full 8% yea
Slide 11: Reinsurance Overview
Reinsurance Overview Product mix, GPW, last 12 months1 Full Year Performance Highlights Marine & Aviation Run-off Lines2 Agriculture <1% • Continued to deliver positive bottom- 3% line results, maintaining commitment to 7% generate consistent profitability and low Liability Motor 27% volatility 11%
Slide 12: 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 Q3’25 unless otherwise noted AXS (Old) (Q1’18 - Q4’21) AXS (Transition) (Q1’22 - Q4’23) • The low volatility within 40 AXS (Q1’24 - Q3’25) Peer Comp
Slide 13: "How We Work" Leverages our Competitive Platform
"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 Group G&A Ratio Since year end 2023, Gross Premiums Written have grown 15% while G&A dollars spent has only grown 3% 14.0
Slide 14: Well-Positioned Portfolio Driving Strong Investment Returns
Well-Positioned Portfolio Driving Strong Investment Returns Strong and Stable Non-Fixed Income 3 Investment portfolio as of 12/31/2025 Investment Income Fixed Maturities Total cash and investments Net investment income, in millions A+ 2% Weighted average credit rating of fixed 4% maturities portfoli
Slide 15: Capital Management Aligned with Strategy Execution
Capital Management Aligned with Strategy Execution Capital Generation Capital Deployment Capital generated annually Organic deployment in from operations underwriting and investments Further optionality through Investments in capabilities, including insurance-linked securities underwriting tools and
Slide 16: Appendix
Appendix Non-GAAP Financial Measures Reconciliations
Slide 17: Non-GAAP Financial Measures Reconciliation (Unaudited)
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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