AXIS Capital : Investor Presentation - Third Quarter 2025

Investor Presentation

2025 Third Quarter

AXIS Aspiration

3

Be the leading Specialty Underwriter, generating consistent top-quartile diluted book value per common share ("DBVPS") growth for shareholders

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

3Q25 Headlines Record Third Quarter Operating EPS of $3.252

26%

$9.4

billion1

74%

Insurance Reinsurance

Insurance

$7.0 billion

Reinsurance

$2.4 billion Record Diluted Book Value per Common Share of $73.82,

an increase of 14% over the past 12 months

1. Gross Premiums Written ("GPW") by segment, last twelve months ended 9/30/2025

2. Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to 4

common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided later in this document.

Emphasis on Generating Shareholder Value

Fully aligned incentives between management and shareholders

Compensation clearly tied to value creation

Long-Term Incentive Program based on annual Adjusted DBVPS growth and Relative Total Shareholder Return

Maximum transparency

Consistent engagement with investor community - e.g., Investor Day, regular participation in industry and investor conferences

Strategic capital management

Continuing to invest in profitable business growth

Ongoing share repurchases Regular dividends

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Broad, Diverse Specialty Portfolio

Product mix, GPW, last 12 months1 Q3 Group Performance Highlights

Credit, Surety & Political Risk

Marine

& Aviation4

Accident & Health

Cyber2

9%

10%

10%

Other3

5% 4%

$9.4

billion

18%

Property4

22%

22%

Liability

• Gross premiums written were up 10% year-over-year to $2.1 billion, including new business of $670 million

• AXIS achieved record third quarter production

• We are delivering strong results, demonstrated by a combined ratio of 89.4% as we lean into targeted, attractive specialty lines.

Professional Lines

1. Percent of total GPW, last twelve months ended 9/30/2025

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2. Includes Cyber insurance only. Cyber reinsurance is included in Professional Lines

3. Includes Agriculture reinsurance, Motor reinsurance, and Run-off lines. 6

4. Renewable energy is included in Property and Marine & Aviation.

Growth in Specialty Underwriting

Portfolio Reshaping

Insurance

Reinsurance

$2.8B

$2.6B

$2.3B

$2.3B

$2.4B

$2.1B

$1.8B

$1.4B

$1.4B

GPW, last 12 months ("LTM") Net Premiums Earned, last 12 months ("LTM")

72%

68%

62%

26%

32%

38%

74%

74%

26%

28%

$8.3B

$8.0B

$7.5B

$9.4B

25.9% Cumulative growth

$8.8B

73%

65%

22.0% Cumulative growth

$5.6B

$5.1B

$5.2B

$5.2B

$4.6B

45%

40%

35%

27%

25%

55%

60%

75%

$4.7B

$5.4B

$6.0B

$6.5B

$7.0B

$2.1B

$2.5B

$3.0B

$3.4B

$3.8B

$4.2B

LTM Q3 2021 LTM Q3 2022 LTM Q3 2023 LTM Q3 2024 LTM Q3 2025 LTM Q3 2021 LTM Q3 2022 LTM Q3 2023 LTM Q3 2024 LTM Q2 2025

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Insurance Overview

Product mix, GPW, last 12 months1

Credit & Political Risk

Cyber

6%

7%

Accident & Health

Property2

Q3 Insurance Performance Highlights

• Gross premiums written were up 11% year-over-year to $1.7 billion, including new business of $570 million

• Insurance achieved record third quarter

  Marine & Aviation2

  8%

  12%

  $7.0

  billion

  30%

  production and record underwriting income of $153 million

  • Gross premiums written growth was attributable to all lines of business with the exception of Cyber

    18%

    Professional Lines

    19%

    Liability

    8

    1. Percent of total GPW, last twelve months ended 9/30/2025

    2. Renewable energy is included in Property and Marine & Aviation. 8

    Reinsurance Overview

    
    
    

    Product mix, GPW, last 12 months1

    Marine & Aviation

    
    
    

    3%

    Run-off Lines2

    Q3 Reinsurance Performance Highlights

    Agriculture

    1% • Continued to deliver positive bottom-line results, maintaining commitment to

    Motor

    Accident & Health

    9%

    15%

    7%

    $2.4

    billion

    28%

    Liability

    generate consistent profitability and low volatility

• Gross premiums written for Reinsurance were up 6% year-over-year to $432 million, with growth in Agriculture, Motor, and Liability lines

Professional Lines

17%

20% Credit & Surety

9

9

1. Percent of total GPW, last twelve months ended 9/30/2025

2. Run-off lines include Catastrophe, Property, and Engineering 9

Improved Underwriting Performance

Consistent profitability

Current Accident Year ("CAY") Combined ratio1

CAY loss ratio2 Expense ratio3

92.3%		90.1%		87.4%		89.5%			87.4%
34.5%		32.6%		32.4%		31.9%			31.0%
57.8%		57.5%		55.0%		57.6%			56.4%

Insurance

66.7%

66.4%

72.3%

73.2%

25.6%

26.6%

27.2%

26.4%

99.6% 99.5% 93.0% 92.3%

93.3%

68.3%

25.0%

Reinsurance

FY 2021 FY 2022 FY 2023 FY 2024 YTD 2025

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

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2. Current accident year loss ratio is a non-GAAP financial measure as defined in SEC Regulation G. The reconciliation to net losses and loss expenses ratio, the most comparable GAAP financial measure, and a discussion of the rationale for its presentation is provided later in this document

3. Expense ratio includes acquisition cost ratio and underwriting-related general and administrative ratio