AXIS CAPITAL HOLDINGS LTD (AXS)

ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2026 and 2025 and our financial condition at June 30, 2026 and December 31, 2025. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.

47

Table of Contents

SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS

Second Quarter 2026 Consolidated Results of Operations

•Net income available to common shareholders of $251 million, or $3.38 per diluted common share

•Operating income(1) of $211 million, or $2.84 per diluted common share(1)

•Gross premiums written of $2.7 billion

•Net premiums written of $1.6 billion

•Net premiums earned of $1.5 billion

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $80 million ($63 million, after-tax), (Insurance: $78 million; Reinsurance: $3 million), or 5.3 points, including natural catastrophe losses of $49 million, or 3.2 points. The remaining losses of $31 million, or 2.1 points, were attributable to the Middle East Conflict

•Net favorable prior year reserve development of $15 million (Insurance: $12 million; Reinsurance: $3 million)

•Underwriting income(2) of $143 million and combined ratio of 93.1%

•Fees related to arrangements with strategic capital partners of $22 million, including $17 million recognized as a reimbursement of general and administrative expenses

•Net investment income of $182 million

•Net investment gains of $47 million

•Reorganization expenses of $6 million primarily related to the continued implementation of initiatives undertaken to streamline our operations, initiated in the first quarter of 2026.

•Income tax expense of $61 million, resulting in an effective tax rate of 19.2%

Second Quarter 2026 Consolidated Financial Condition

•Total cash and invested assets of $17.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 87% of total cash and investments and have an average credit rating of AA-

•Total assets of $36.6 billion

•Reserve for losses and loss expenses of $18.6 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.6 billion

•Debt of $1.3 billion and debt to total capital ratio(3) of 16.8%

•Total common shares repurchased were 978,000 shares for a total of $97 million, including $89 million repurchased pursuant to our Board-authorized share repurchase programs, and $8 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units

•Common shareholders’ equity of $6.0 billion; book value per diluted common share of $80.67

(1)Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(3)The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.

48

Table of Contents

OVERVIEW

Business Overview

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with locations in Bermuda, the United States, Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.

We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and inclusive culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first six months of 2026 included the following:

•growing in a number of targeted specialty lines insurance and reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business with a focus on short-tail lines;

•cycle-managing our portfolio towards attractive lines of business, that carry premium adequate returns while deploying capital within risk limits, diversification criteria and risk management strategy;

•investing in attractive growth markets and advancing capabilities to address more transactional specialist business targeting the lower middle market with our key distribution partners;

•leveraging our global platform to introduce our products and services to new regions including the continued expansion of our North America product capabilities;

•continuing the implementation of a more focused distribution strategy while building mutually beneficial relationships with clients and partners;

•improving the effectiveness and efficiency of our operating platforms and processes through our "How We Work" program;

•investing in data and technology, together with AI capabilities and tools, to enhance productivity, empower our teammates and enhance the service that we provide to our customers;

•utilizing reinsurance markets and third-party capital relationships; and

•fostering a positive workplace environment that enables us to attract, retain and develop top talent.

49

Table of Contents

Outlook

AXIS is executing with clarity and conviction in our strategy to be a leading global specialty underwriter, delivering durable, profitable growth across market cycles. Our differentiated market positioning – anchored by a diversified specialty portfolio, deep underwriting expertise, a global operating platform, strong claims and risk management capabilities, and global multivariate distribution model – provides a powerful foundation for continued value creation. This is reinforced by a conservative, high‑quality investment portfolio that enhances earnings resilience and capital flexibility.

The global trade and geopolitical landscape remain fluid, introducing uncertainty across economic conditions, loss costs, and capital deployment. AXIS is built to operate effectively in dynamic risk environments. We proactively assess evolving risks and translate uncertainty into specialized insurance solutions through disciplined pricing, portfolio management, and rigorous risk selection. Our underwriting framework is designed to protect outsized downside outcomes while positioning the business to capitalize on market dislocations as they emerge.

The following are some key trends shaping our markets that underscore the strength of our approach:

•Pricing dynamics are evolving following multiple years of rate increases that exceeded loss cost trends. Market conditions are softening with variances across the various "micro markets" where AXIS competes: casualty lines continue to achieve positive rate momentum, financial lines pricing remains stable, and property markets continue to experience pressure from increased capital inflows that are fueling global market competition. We are deliberately managing capital deployment where premium adequacy remains compelling. This approach includes ensuring volatility is appropriately priced while seeking additional market dislocations and opportunities at target returns.

•Distribution dynamics remain constructive for disciplined specialty underwriters. In North America, submission growth through the wholesale channel remains steady as market conditions vary by line of business, reinforcing the importance of underwriting selectivity. In the London Market, increasingly granular "micro‑markets" by line of business and channel continue to reward technical underwriting expertise and strong broker relationships. These conditions play directly to AXIS, strengths and support sustainable, profitable growth.

•Reinsurance pricing is moderating, with outcomes varying by line of business and structure. We expect this environment to persist and continue to manage our reinsurance portfolio with a singular focus on margin, volatility management, and long‑term profitability.

Across AXIS, we are actively deploying capital in areas where pricing supports our return thresholds and scaling back where it does not. Growth is a consequence of disciplined underwriting – not an objective in isolation. With a strengthened portfolio, improved mix, and expanding presence in our chosen specialty markets, AXIS is well positioned to generate attractive, risk‑adjusted returns and drive profitable growth through 2026.

50

Table of Contents

CONSOLIDATED RESULTS OF OPERATIONS

[Excerpt truncated for page length; source filing is linked above.]

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the years ended December 31, 2025 and 2024, and our financial condition at December 31, 2025 and 2024. This should be read in conjunction with Item 8 'Financial Statements and Supplementary Data' of this report. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts may not reconcile due to rounding differences.

58

2025 FINANCIAL HIGHLIGHTS

2025 Consolidated Results of Operations

•Net income available to common shareholders of $979 million, or $12.52 per common share, and $12.35 per diluted common share

•Operating income(1) of $1.0 billion, or $12.92 per diluted common share(1)

•Gross premiums written of $9.6 billion

•Net premiums written of $6.1 billion

•Net premiums earned of $5.7 billion

•Pre-tax catastrophe and weather-related losses, net of reinsurance, were $159 million ($127 million, after-tax), (Insurance: $156 million; Reinsurance: $3 million) or 2.8 points, including natural catastrophe and weather-related losses of $137 million or 2.4 points, primarily attributable to California Wildfires, Hurricane Melissa and other weather-related events. The remaining losses of $22 million or 0.4 points were attributable to the Middle East Conflict.

•Net favorable prior year reserve development of $87 million

•Underwriting income(2) of $725 million and combined ratio of 89.8%

•Net investment income of $767 million

•Net investment gains of $59 million

•Foreign exchange losses of $142 million

•Income tax expense of $217 million, inclusive of a Bermuda deferred tax benefit of $19 million. Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Overview – Recent Developments – Bermuda Corporate Income Tax Act 2023 for further details.

2025 Consolidated Financial Condition

•Total cash and investments of $17.2 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 86% of total cash and investments and have an average credit rating of AA-

•Total assets of $34.5 billion

•Reserve for losses and loss expenses of $18.1 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.6 billion.

•Debt of $1.3 billion and a debt to total capital ratio(3) of 17.2%

•Total common shares repurchased were 10 million shares for a total of $914 million, including $888 million repurchased pursuant to our Board-authorized share repurchase programs, and $27 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units

•Common shareholders’ equity of $5.8 billion; book value per diluted common share of $77.20

(1) Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(3)The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.

59

OVERVIEW

Business Overview

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with operations in Bermuda, the U.S., Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.

We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and diverse culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy in 2025 included the following:

•growing in a number of targeted specialty lines insurance and reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business;

•cycle-managing our portfolio towards attractive lines of business, that carry premium adequate returns while deploying capital within risk limits, diversification criteria and risk management strategy;

•investing in attractive growth markets and advancing capabilities to address more transactional specialist business targeting the lower middle market with our key distribution partners;

•leveraging our global platform to introduce our products and services to new regions including the continued expansion of our North America product capabilities;

•continuing the implementation of a more focused distribution strategy while building mutually beneficial relationships with clients and partners;

•improving the effectiveness and efficiency of our operating platforms and processes through our "How We Work" program;

•investing in data and technology, together with AI capabilities and tools, to empower our underwriters and enhance the service that we provide to our customers;

•utilizing reinsurance markets and third-party capital relationships;

•fostering a positive workplace environment that enables us to attract, retain and develop top talent; and

•leveraging our sustainability program to support and to make a positive impact on our communities.

For discussion of our results of operations and changes in financial condition for year ended December 31, 2024, compared to year ended December 31, 2023, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2024 Form 10-K, which was filed with the SEC on February 26, 2025, and such discussions are incorporated herein by reference.

60

Outlook

We are executing on our commitment to advance AXIS as a specialty underwriting leader that delivers consistent, profitable growth. Our market positioning, diversified book of business, specialty underwriting acumen, global platform, claims management capabilities, and deep distribution relationships, supported by a well performing investment portfolio, provide the foundation for profitable growth in our targeted specialty markets.

The current trade and geopolitical environment introduce uncertainty across several dimensions including potential impacts on economic growth and loss costs. At AXIS, we assess all forms of uncertainty presented, and through our normal underwriting practices we take steps and measures that guard against adverse outcomes. Looking at the trends impacting our business:

•Following multiple years of rate increases outpacing loss cost trends across the specialty sector, overall pricing has moderated and in some sectors is softening. Casualty lines continue to see positive rate achievement while property rates are deteriorating due to the influx of capital being deployed in the space. We will continue to lean into sectors where premium adequacy metrics remain strong, where market dislocations arise and where organic profitable growth opportunities exist.

•The wholesale channel continues to experience submission growth in North America due to dislocations in the standard lines markets. This dynamic broadly enables specialty carriers to deploy a disciplined underwriting strategy to market opportunities.

•Overall pricing remains robust but is moderating for our reinsurance business. We continue to see nuances by line of business and expect these conditions to persist. We continue to focus on underwriting discipline and profitability.

Across the business, we will continue to pursue attractive opportunities by employing a focused underwriting strategy and selective appetite.

Where price continues to deliver adequate profitability, we will look to grow within our risk and volatility guidelines. With a strong and balanced book of business, and an expanding footprint in our chosen specialty markets, we believe AXIS remains well positioned to drive profitable growth in 2026.

Recent Developments

Loss Portfolio Transfer Reinsurance Agreement with Enstar

On December 13, 2024, we entered into a loss portfolio transfer reinsurance agreement ("LPT agreement") with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years. The transaction was subject to regulatory approvals and other customary conditions.

On April 24, 2025 (the "closing date"), the LPT transaction was completed and consideration of $2,039 million was paid to Enstar.

The transaction is structured as a 75% ground-up quota share retrocession of net reserves for losses and loss expenses of approximately $2,060 million and provides cover up to a policy limit of approximately $940 million. The transaction was deemed to have met the established criteria for retroactive reinsurance accounting. Under the terms of the LPT agreement we retained responsibility for the management of claims.

Pursuant to the LPT transaction, Enstar was required to post collateral equal to 102% of our estimate of Enstar's obligations based on our estimate of net reserves for losses and loss expenses at the closing date. The collateral is provided through a collateral trust arrangement (the "LPT Trust") established by Enstar. At December 31, 2025, the balance in the LPT Trust was $1,895 million, together with a funds withheld balance of $17 million, and a letter of credit of $65 million, with the total balance of collateral securing Enstar’s obligations of $1,977 million. At December 31, 2025, the total reinsurance recoverable on unpaid losses associated with the LPT tr

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]