AXIS Capital : Reports Fourth Quarter 2024 Results

AXS

Cliff Gallant (Investor Contact):

(415) 262-6843;

investorrelations@axiscapital.com

Nichola Liboro (Media Contact):

(917) 705-4579;

nichola.liboro@axiscapital.com

AXIS CAPITAL REPORTS FOURTH QUARTER NET INCOME AVAILABLE TO COMMON SHAREHOLDERS OF $286 MILLION, or $3.38 PER DILUTED COMMON SHARE AND OPERATING INCOME OF $252 MILLION, or $2.97 PER DILUTED COMMON SHARE

For the fourth quarter of 2024, the Company reports:

For the year ended 2024, the Company reports:

Pembroke, Bermuda, January 29, 2025 - AXIS Capital Holdings Limited ("AXIS Capital" or "AXIS" or "the Company") (NYSE: AXS) today announced financial results for the fourth quarter ended December 31, 2024.

Commenting on the 2024 financial results, Vince Tizzio, President and CEO of AXIS Capital, said:

"2024 was an excellent year for AXIS. We delivered on the financial and operational guideposts that we shared at our Investor Day this past May, highlighted by an operating return-on-equity of 18.6% and 20.7% growth in diluted book value per share.

As a global leader in specialty underwriting, we continued to find attractive opportunities for growth. In our Insurance business, profitability was highlighted by an 89.1% combined ratio for the full year and we grew 7.7%, to reach $6.6 billion in premiums. Our Reinsurance business is producing strong, consistent profits with a 91.8% combined ratio for the full year while growing 7.9% to $2.4 billion in premiums.

In 2024, we made significant strides in enhancing our operating model through our "How We Work program". This included building new capabilities, investing in technology and data, and adding strong talent to complement our existing team. As we progress into 2025, we believe AXIS is poised to build on its positive momentum, while leveraging our specialty expertise to help our customers navigate an increasingly dynamic risk landscape."

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

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Consolidated Highlights*

* Amounts may not reconcile due to rounding differences.

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 2 -

Fourth Quarter Consolidated Underwriting Highlights2

Quarters ended December 31,

KEY RATIOS

2024

2023

Change

Current accident year loss ratio, excluding catastrophe and

55.7%

55.4%

0.3 pts

weather-related losses(4) (5)

Catastrophe and weather-related losses ratio(5)

5.9%

2.1%

3.8 pts

Current accident year loss ratio(5)

61.6%

57.5%

4.1 pts

Prior year reserve development ratio

(1.2%)

33.6%

(34.8 pts)

Net losses and loss expenses ratio

60.4%

91.1%

(30.7 pts)

Acquisition cost ratio

20.1%

20.1%

- pts

General and administrative expense ratio

13.7%

13.4%

0.3 pts

Combined ratio

94.2%

124.6%

(30.4 pts)

Current accident year combined ratio(5)

95.4%

91.0%

4.4 pts

Current accident year combined ratio, excluding catastrophe and

89.5%

88.9%

0.6 pts

weather-related losses(5)

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 3 -

Full Year Consolidated Underwriting Highlights

Years ended December 31,

KEY RATIOS

2024

2023

Change

Current accident year loss ratio, excluding catastrophe and

55.7 %

55.9 %

(0.2 pts)

weather-related losses

Catastrophe and weather-related losses ratio

4.3 %

2.7 %

1.6 pts

Current accident year loss ratio

60.0 %

58.6 %

1.4 pts

Prior year reserve development ratio

(0.5%)

8.1%

(8.6 pts)

Net losses and loss expenses ratio

59.5 %

66.7 %

(7.2 pts)

Acquisition cost ratio

20.2 %

19.7 %

0.5 pts

General and administrative expense ratio

12.6 %

13.5 %

(0.9 pts)

Combined ratio

92.3 %

99.9 %

(7.6 pts)

Current accident year combined ratio

92.8 %

91.8 %

1.0 pts

Current accident year combined ratio, excluding catastrophe and

88.5 %

89.1 %

(0.6 pts)

weather-related losses

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 4 -

Segment Highlights

Insurance Segment

Quarters ended December 31,

($ in thousands)

2024

2023

Change

Gross premiums written

$ 1,700,337

$ 1,583,378

7.4%

Net premiums written

1,058,083

969,871

9.1%

Net premiums earned

1,026,025

916,779

11.9%

Underwriting income (loss)

90,449

(61,675)

nm

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather-

52.2%

52.0%

0.2 pts

related losses

Catastrophe and weather-related losses ratio

7.8%

2.5%

5.3 pts

Current accident year loss ratio

60.0%

54.5%

5.5 pts

Prior year reserve development ratio

(1.2%)

19.8%

(21.0 pts)

Net losses and loss expenses ratio

58.8%

74.3%

(15.5 pts)

Acquisition cost ratio

19.5%

19.1%

0.4 pts

Underwriting-related general and administrative expense ratio

12.9%

13.3%

(0.4 pts)

Combined ratio

91.2%

106.7%

(15.5 pts)

Current accident year combined ratio

92.4%

86.9%

5.5 pts

Current accident year combined ratio, excluding catastrophe and

84.6%

84.4%

0.2 pts

weather-related losses

nm - not meaningful is defined as a variance greater than +/- 100%

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 5 -

Insurance Segment

Years ended December 31,

($ in thousands)

2024

2023

Change

Gross premiums written

Net premiums written

Net premiums earned

Underwriting income

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather- related losses

Catastrophe and weather-related losses ratio Current accident year loss ratio

Prior year reserve development ratio Net losses and loss expenses ratio Acquisition cost ratio

Underwriting-related general and administrative expense ratio Combined ratio

Current accident year combined ratio

Current accident year combined ratio, excluding catastrophe and weather-related losses

$ 6,615,584

$ 6,140,764

7.7%

4,250,545

3,758,720

13.1%

3,926,036

3,461,700

13.4%

427,866

260,944

64.0%

52.1%

51.8%

0.3 pts

5.5%

3.2%

2.3 pts

57.6%

55.0%

2.6 pts

(0.4%)

5.1%

(5.5 pts)

57.2%

60.1%

(2.9 pts)

19.5%

18.7%

0.8 pts

12.4%

13.7%

(1.3 pts)

89.1%

92.5%

(3.4 pts)

89.5%

87.4%

2.1 pts

84.0%

84.2%

(0.2 pts)

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 6 -

Reinsurance Segment

Quarters ended December 31,

($ in thousands)

2024

2023

Change

Gross premiums written

$

274,987

$

200,915

36.9%

Net premiums written

167,466

102,384

63.6%

Net premiums earned

350,989

348,494

0.7%

Underwriting income (loss)

39,053

(212,398)

nm

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather-

66.0 %

64.5 %

1.5 pts

related losses

Catastrophe and weather-related losses ratio

0.3 %

0.8 %

(0.5 pts)

Current accident year loss ratio

66.3 %

65.3 %

1.0 pts

Prior year reserve development ratio

(1.2%)

69.8%

(71.0 pts)

Net losses and loss expenses ratio

65.1 %

135.1 %

(70.0 pts)

Acquisition cost ratio

21.8 %

22.6 %

(0.8 pts)

Underwriting-related general and administrative expense ratio

4.0 %

5.1 %

(1.1 pts)

Combined ratio

90.9 %

162.8 %

(71.9 pts)

Current accident year combined ratio

92.1 %

93.0 %

(0.9 pts)

Current accident year combined ratio, excluding catastrophe and

91.8 %

92.2 %

(0.4 pts)

weather-related losses

nm - not meaningful

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 7 -

Reinsurance Segment

Years ended December 31,

($ in thousands)

2024

2023

Change

Gross premiums written

Net premiums written

Net premiums earned

Underwriting income (loss)

Underwriting ratios:

Current accident year loss ratio, excluding catastrophe and weather- related losses

Catastrophe and weather-related losses ratio Current accident year loss ratio

Prior year reserve development ratio Net losses and loss expenses ratio Acquisition cost ratio

Underwriting-related general and administrative expense ratio Combined ratio

Current accident year combined ratio

Current accident year combined ratio, excluding catastrophe and weather-related losses

$ 2,390,304

$ 2,215,761

7.9%

1,506,806

1,343,605

12.1%

1,380,199

1,622,081

(14.9%)

143,610

(100,182)

nm

66.0%

64.8%

1.2 pts

0.7%

1.6%

(0.9 pts)

66.7%

66.4%

0.3 pts

(0.5%)

14.6%

(15.1 pts)

66.2%

81.0%

(14.8 pts)

22.0%

21.7%

0.3 pts

3.6%

4.9%

(1.3 pts)

91.8%

107.6%

(15.8 pts)

92.3%

93.0%

(0.7 pts)

91.6%

91.4%

0.2 pts

nm - not meaningful

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 8 -

Investments

Quarters ended December 31,

Years ended December 31,

($ in thousands)

2024

2023

2024

2023

Net investment income

$

195,773

$

186,937

$

759,229

$

611,742

Net investments gains (losses)

(108,030)

23,041

(138,534)

(74,630)

Change in net unrealized gains (losses) on fixed

(228,736)

466,386

125,742

448,477

maturities, pre-tax(6)

Interest in income (loss) of equity method investments

7,264

1,328

17,953

4,163

Total

$

(133,729)

$

677,692

$

764,390

$

989,752

Average cash and investments(7)

$

18,097,432

$

16,395,033

$

17,409,516

$

16,155,418

Pre-tax, total return on average cash and investments:

Including investment related foreign exchange movements

Excluding investment related foreign exchange movements(8)

(0.7%)

4.1%

4.4%

6.1%

(0.2%)

3.8%

4.8%

5.8%

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 9 -

Capitalization / Shareholders' Equity

December 31,

December 31,

($ in thousands)

2024

2023

Change

Total capital(9)

$

7,404,558

$

6,576,910

$

827,648

Book Value per diluted common share

December 31,

September 30,

December 31,

2024

2024

2023

Book value per diluted common share(10)

$

65.27

$

64.65

$

54.06

Three months ended,

Twelve months ended,

December 31, 2024

December 31, 2024

Change

% Change

Change

% Change

Book value per diluted common share

$

0.62

1.0 %

$

11.21

20.7 %

Book value per diluted common share - adjusted for

$

1.06

1.6 %

$

12.97

24.0 %

dividends declared

AXIS Capital Holdings Limited 92 Pitts Bay Road Pembroke, Bermuda HM08

Tel. 441.496.2600 Fax 441.405.2600

www.axiscapital.com

- 10 -

Disclaimer

Axis Capital Holdings Limited published this content on January 29, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on January 29, 2025 at 21:28:27.754.