Axis Capital Holdings Limited · NYSE:AXS
Axis Capital — Q3 2025 Earnings Presentation
22 slides from Axis Capital's earnings presentation, Nov 3, 2025
Slide 1: 2025 Third Quarter Investor Presentation
2025 Third 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 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
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 $7.0 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 22% 22% 18% 10% 10% 9% 5% 4% 1 Percent of total GPW, last twelve months ended 9/30/2025 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 Mari
Slide 7: Growth in Specialty Underwriting Portfolio Reshaping
7 $4.6B $5.1B $5.2B $5.2B $5.6B $2.5B $3.0B $3.4B $3.8B $4.2B $2.1B $2.1B $1.8B $1.4B $1.4B LTM Q3 2021 LTM Q3 2022 LTM Q3 2023 LTM Q3 2024 LTM Q2 2025 $7.5B $8.0B $8.3B $8.8B $9.4B $4.7B $5.4B $6.0B $6.5B $7.0B $2.8B $2.6B $2.3B $2.3B $2.4B LTM Q3 2021 LTM Q3 2022 LTM Q3 2023 LTM Q3 2024 LTM Q3 202
Slide 8: Insurance Overview
8 1 Percent of total GPW, last twelve months ended 9/30/2025 2 Renewable energy is included in Property and Marine & Aviation. Insurance Overview Product mix, GPW, last 12 months1 30% Property2 19% Professional Lines Cyber 18% Liability 12%Marine & Aviation2 8% 7% Accident & Health 6% $7.0 billion C
Slide 9: Reinsurance Overview
9 1 Percent of total GPW, last twelve months ended 9/30/2025 2 Run-off lines include Catastrophe, Property, and Engineering Reinsurance Overview Product mix, GPW, last 12 months1 Run-off Lines2Marine & Aviation 28% 20% Credit & Surety Motor 17% Liability 15% Professional Lines 9% 7% Agriculture $2.4
Slide 10: Improved Underwriting Performance
10 99.6% 99.5% 93.0% 92.3% 73.2% 72.3% 66.4% 66.7% 26.4% 27.2% 26.6% 25.6% 92.3% 90.1% 87.4% 89.5% 57.8% 57.5% 55.0% 57.6% 34.5% 32.6% 32.4% 31.9% 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 com
Slide 11: "How We Work" Leverages our Competitive Platform
11 14.0% 13.2% 13.5% 12.6% 11.8% FY 2021 FY 2022 FY 2023 FY2024 YTD 2025 "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 Incr
Slide 12: Well-Positioned Portfolio Driving Strong Investment Returns
12 $205 $196 $208 $187 $185 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 8% 2% 4% 7% 79% 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, mort
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: Annualized Operating ROACE & ROACE
14 11.1% 11.0% 18.6% 18.2% 4.3% 7.9% 20.5% 16.4% FY 2022 FY 2023 FY 2024 YTD 2025 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 financial measure, and a
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 nine months ended September 30, 2025 and years ended December 31, 2024, 2023, and 2022 (1) Net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate
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 September 30, 2025 and 2024 Non-GAAP Financial Measures Reconciliation (Unaudited) Three months ended September 30, 2025 2024 (in thousands, except per share amounts) Net income available to common sharehold
Slide 19: Current Accident Year Combined Ratio – Insurance Segment
19 Current Accident Year Combined Ratio – Insurance Segment For the nine months ended September 30, 2025 and years ended December 31, 2024, 2023, 2022, and 2021 Non-GAAP Financial Measures Reconciliation (Unaudited) Nine months ended September 30, Years ended December 31, 2025 2024 2023 2022 2021 Un
Slide 20: Current Accident Year Combined Ratio – Reinsurance Segment
20 Current Accident Year Combined Ratio – Reinsurance Segment For the nine months ended September 30, 2025 and years ended December 31, 2024, 2023, 2022, and 2021 Non-GAAP Financial Measures Reconciliation (Unaudited) Nine months ended September 30, Years ended December 31, 2025 2024 2023 2022 2021
Slide 21: Rationale for use of Non-GAAP Measures
21 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 22: Rationale for use of Non-GAAP Measures
22 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 above to the most comparable GAAP financial measures, earnings (loss) per diluted c
AXIS Capital Holdings — Q3 2025 Earnings Presentation on 6ix