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. Page Second Quarter 2026 Financial Highlights 48 Overview 49 Consolidated Results of Operations 51 Results by Segment: i) Insurance Segment 53 ii) Reinsurance Segment 58 Net Investment Income and Net Investment Gains (Losses) 62 Other Expenses (Revenues), Net 65 Financial Measures 66 Non-GAAP Financial Measures Reconciliation 68 Cash and Investments 72 Liquidity and Capital Resources 75 Critical Accounting Estimates 77 Recent Accounting Pronouncements 77 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 Three months ended June 30, Six months ended June 30, 2026 % Change 2025 2026 % Change 2025 Underwriting revenues: Gross premiums written $ 2,667,631 6% $ 2,515,971 $ 5,765,597 9% $ 5,310,622 Net premiums written 1,605,798 (2%) 1,635,434 3,512,833 4% 3,385,473 Net premiums earned 1,518,984 9% 1,393,431 2,999,451 10% 2,734,251 Other insurance related income 5,601 (35%) 8,662 11,249 (8%) 12,240 Underwriting expenses: Net losses and loss expenses (933,130) 16% (801,754) (1,800,412) 13% (1,587,679) Acquisition costs (316,268) 15% (275,897) (620,524) 15% (540,477) Underwriting-related general and administrative expenses(1) (132,260) (2%) (135,241) (259,475) (2%) (265,679) Underwriting income (2) 142,927 189,201 330,289 352,656 Net investment income 181,594 (3%) 187,297 366,333 (7%) 395,009 Net investment gains 46,735 8% 43,468 19,514 45% 13,462 Corporate expenses(1) (32,629) 26% (25,837) (63,571) 17% (54,562) Foreign exchange (losses) gains 2,344 nm (94,885) 38,539 nm (151,920) Interest expense and financing costs (16,838) 2% (16,586) (33,265) —% (33,158) Reorganization expenses (5,546) nm — (28,715) nm — Amortization of intangible assets (2,396) —% (2,396) (4,792) (6%) (5,125) Income before income taxes and interest in income (loss) of equity method investments 316,191 280,262 624,332 516,362 Income tax expense (61,404) 9% (56,199) (117,211) 17% (100,521) Interest in income (loss) of equity method investments 3,308 nm (705) 5,738 nm 1,586 Net income 258,095 223,358 512,859 417,427 Preferred share dividends (7,563) —% (7,563) (15,125) —% (15,125) Net income available to common shareholders $ 250,532 $ 215,795 $ 497,734 $ 402,302 nm – not meaningful is defined as a variance greater than +/-100% (1)Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $33 million and $26 million for the three months ended June 30, 2026 and 2025, respectively and $64 million and $55 million for the six months ended June 30, 2026 and 2025, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details. (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 net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details. 51 Table of Contents Underwriting Revenues Underwriting revenues by segment were as follows: Three months ended June 30, Six months ended June 30, 2026 % Change 2025 2026 % Change 2025 Gross premiums written: Insurance $ 2,228,147 15% $ 1,932,435 $ 4,211,888 17% $ 3,588,337 Reinsurance 439,484 (25%) 583,536 1,553,709 (10%) 1,722,285 Total gross premiums written $ 2,667,631 6% $ 2,515,971 $ 5,765,597 9% $ 5,310,622 Percent of gross premiums written ceded Insurance 39 % 6 pts 33 % 37 % 2 pts 35 % Reinsurance 47 % 6 pts 41 % 45 % 6 pts 39 % Total percent of gross premiums written ceded 40 % 5 pts 35 % 39 % 3 pts 36 % Net premiums written: Insurance $ 1,371,309 6% $ 1,290,510 $ 2,664,385 14% $ 2,335,090 Reinsurance 234,489 (32%) 344,924 848,448 (19%) 1,050,383 Total net premiums written $ 1,605,798 (2%) $ 1,635,434 $ 3,512,833 4% $ 3,385,473 Net premiums earned: Insurance $ 1,187,160 15% $ 1,032,961 $ 2,328,915 14% $ 2,043,047 Reinsurance 331,824 (8%) 360,470 670,536 (3%) 691,204 Total net premiums earned $ 1,518,984 9% $ 1,393,431 $ 2,999,451 10% $ 2,734,251 Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues. Combined Ratio The components of the combined ratio were as follows: Three months ended June 30, Six months ended June 30, 2026 % PointChange 2025 2026 % PointChange 2025 Current accident year loss ratio, excluding catastrophe and weather-related losses(1) 57.1 % 0.7 56.4 % 56.8 % 0.5 56.3 % Catastrophe and weather-related losses ratio(1) 5.3 % 2.7 2.6 % 4.3 % 1.1 3.2 % Current accident year loss ratio(1) 62.4 % 3.4 59.0 % 61.1 % 1.6 59.5 % Prior year reserve development ratio (1.0 %) 0.5 (1.5 %) (1.1 %) 0.3 (1.4 %) Net losses and loss expenses ratio 61.4 % 3.9 57.5 % 60.0 % 1.9 58.1 % Acquisition cost ratio 20.8 % 1.0 19.8 % 20.7 % 0.9 19.8 % General and administrative expense ratio(2) 10.9 % (0.7) 11.6 % 10.8 % (0.8) 11.6 % Combined ratio 93.1 % 4.2 88.9 % 91.5 % 2.0 89.5 % (1) Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses 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 losses and loss expenses ratio are provided above 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) The general and administrative expense ratio includes corporate expenses not allocated to underwriting segments of 2.1% and 1.9% for the three months ended June 30, 2026 and 2025, respectively, and 2.1% and 2.0% for the six months ended June 30, 2026 and 2025, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details. Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting expenses. 52 Table of Contents RESULTS BY SEGMENT Insurance Segment Results for the insurance segment were as follows: Three months ended June 30, Six months ended June 30, 2026 % Change 2025 2026 % Change 2025 Revenues: Gross premiums written $ 2,228,147 15% $ 1,932,435 $ 4,211,888 17% $ 3,588,337 Net premiums written 1,371,309 6% 1,290,510 2,664,385 14% 2,335,090 Net premiums earned 1,187,160 15% 1,032,961 2,328,915 14% 2,043,047 Other insurance related income 266 nm 6 637 nm 162 Expenses: Current accident year net losses and loss expenses (718,734) (576,986) (1,374,780) (1,153,052) Prior year reserve development 11,852 15,216 26,911 29,194 Acquisition costs (238,823) (194,912) (462,592) (388,933) Underwriting-related general and administrative expenses (122,359) (124,646) (242,373) (244,238) Underwriting income $ 119,362 $ 151,639 $ 276,718 $ 286,180 Ratios: % PointChange % PointChange Current accident year loss ratio, excluding catastrophe and weather-related losses 54.0 % 1.7 52.3 % 53.6 % 1.3 52.3 % Catastrophe and weather-related losses ratio 6.5 % 2.9 3.6 % 5.4 % 1.3 4.1 % Current accident year loss ratio 60.5 % 4.6 55.9 % 59.0 % 2.6 56.4 % Prior year reserve development ratio (1.0 %) 0.5 (1.5 %) (1.1 %) 0.3 (1.4 %) Net losses and loss expenses ratio 59.5 % 5.1 54.4 % 57.9 % 2.9 55.0 % Acquisition cost ratio 20.1 % 1.2 18.9 % 19.9 % 0.9 19.0 % Underwriting-related general and administrative expense ratio 10.4 % (1.6) 12.0 % 10.3 % (1.7) 12.0 % Combined ratio 90.0 % 4.7 85.3 % 88.1 % 2.1 86.0 % nm – not meaningful 53 Table of Contents Gross Premiums Written Gross premiums written by line of business were as follows: Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change Property $ 778,343 34 % $ 645,476 32 % 21% $ 1,391,823 32 % $ 1,140,894 31 % 22% Professional lines 397,536 18 % 343,370 18 % 16% 742,917 18 % 600,529 17 % 24% Liability 394,168 18 % 365,542 19 % 8% 731,841 17 % 669,300 19 % 9% Cyber 130,381 6 % 136,562 7 % (5%) 250,380 6 % 250,507 7 % —% Marine and aviation 276,473 12 % 224,393 12 % 23% 571,433 14 % 491,544 14 % 16% Accident and health 147,342 7 % 126,985 7 % 16% 318,707 8 % 251,826 7 % 27% Credit and political risk 103,904 5 % 90,107 5 % 15% 204,787 5 % 183,737 5 % 11% Total $ 2,228,147 100 % $ 1,932,435 100 % 15% $ 4,211,888 100 % $ 3,588,337 100 % 17% Gross premiums written for the three months ended June 30, 2026 increased by $296 million, or 15%, compared to the three months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. Our AXIS Capacity Solutions ("ACS") capability contributed approximately $165 million to the increase in gross premiums written in three months ended June 30, 2026, compared to the three months ended June 30, 2025. The increases in property and professional lines were primarily attributable to new business. The increase in professional lines was also driven by the timing of renewals of transactional liability business and higher renewals of design professional liability business. The increase in marine and aviation lines was also due to a higher level of premiums related to marine war business. Gross premiums written for the six months ended June 30, 2026 increased by $624 million, or 17%, compared to the six months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. In addition, our ACS capability contributed approximately $338 million to the increase in gross premiums written in six months ended June 30, 2026, compared to the six months ended June 30, 2025, including $61 million attributable to a discrete Funds at Lloyds ("FAL") transaction. The FAL transaction was written on a proportional basis therefore, annual estimated premium income was recognized at inception of the contract. The increases in property, professional lines, accident and health, and liability lines were primarily attributable to new business. The increase in professional lines was also driven by higher renewals of design professional liability business, together with the timing of renewals of transactional liability business. The increase in marine and aviation lines was due to a higher level of premiums related to marine war business, premium adjustments related to marine specie business and higher renewals in offshore renewable energy and ocean marine business. The increase in accident and health lines was also attributable to increased rate associated with renewed pet insurance business. Ceded Premiums Written Ceded premiums written for the three months ended June 30, 2026 was $857 million, or 39%, of gross premiums written, compared to $642 million, or 33%, of gross premiums written for the three months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 5% primarily due to an increased cession rate in property lines. Ceded premiums written for the six months ended June 30, 2026 was $1,548 million, or 37%, of gross premiums written, compared to $1,253 million, or 35%, of gross premiums written for the six months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 2% primarily due to an increased cession rate in property lines, partially offset by decreased cession rates in liability, and accident and health lines. 54 Table of Contents Net Premiums Earned Net premiums earned by line of business were as follows: Three months ended June 30, Six months ended June 30, 2026 2025 %Change 2026 2025 %Change Property $ 348,320 29 % $ 332,581 32 % 5% $ 706,098 30 % $ 650,915 32 % 8% Professional lines 259,927 22 % 211,837 21 % 23% 510,811 22 % 414,479 20 % 23% Liability 162,634 14 % 128,055 12 % 27% 315,738 14 % 246,207 12 % 28% Cyber 70,056 6 % 79,165 8 % (12%) 140,747 6 % 158,372 8 % (11%) Marine and aviation 194,331 16 % 154,643 15 % 26% 351,241 15 % 309,589 15 % 13% Accident and health 100,927 9 % 80,360 8 % 26% 194,983 8 % 169,503 8 % 15% Credit and political risk 50,965 4 % 46,320 4 % 10% 109,297 5 % 93,982 5 % 16% Total $ 1,187,160 100 % $ 1,032,961 100 % 15% $ 2,328,915 100 % $ 2,043,047 100 % 14% Net premiums earned for the three months ended June 30, 2026 increased by $154 million, or 15% ($147 million, or 14%, on a constant currency basis(1)), compared to the three months ended June 30, 2025, primarily driven by increases in professional lines, marine and aviation, and liability lines. The increases in professional lines and marine and aviation lines were due to increases in gross premiums earned. The increase in liability lines was due to an increase in gross premiums earned, together with a decrease in ceded premiums earned attributable to the restructuring of an existing quota share treaty that increased our retention on this line of business. Net premiums earned for the six months ended June 30, 2026 increased by $286 million, or 14%, compared to the six months ended June 30, 2025, primarily driven by increases in professional lines, liability, property, and marine and aviation lines. The increases in professional lines and marine and aviation lines were due to increases in gross premiums earned. The increase in liability lines was due to an increase in gross premiums earned, together with a decrease in ceded premiums earned attributable to the restructuring of an existing quota share treaty that increased our retention on this line of business. The increase in property lines was due to an increase in gross premiums earned, partially offset by an increase in ceded premiums earned attributable to new quota share treaties and the restructuring of an existing quota share treaty that decreased our retentions on this line of business. (1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance. The reconciliations to the most comparable GAAP financial measures are provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' and a discussion of the rationale for the presentation of these items is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'. Variances that are unchanged on a constant currency basis are omitted from the narrative. 55 Table of Contents Loss Ratio The components of the loss ratio were as follows: Three months ended June 30, Six months ended June 30, 2026 % Point Change 2025 2026 % Point Change 2025 Current accident year loss ratio 60.5 % 4.6 55.9 % 59.0 % 2.6 56.4 % Prior year reserve development ratio (1.0 %) 0.5 (1.5 %) (1.1 %) 0.3 (1.4 %) Loss ratio 59.5 % 5.1 54.4 % 57.9 % 2.9 55.0 % Current Accident Year Loss Ratio The current accident year loss ratio increased to 60.5% for the three months ended June 30, 2026, from 55.9% for the three months ended June 30, 2025. The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the three months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $78 million, or 6.5 points, including natural catastrophe losses of $49 million, or 4.1 points. The remaining losses of $29 million, or 2.4 points, were attributable to the Middle East conflict. Comparatively, during the three months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $36 million, or 3.6 points, primarily attributable to weather-related events. Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 54.0% for the three months ended June 30, 2026, from 52.3% for the three months ended June 30, 2025, principally due an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines. The current accident year loss ratio increased to 59.0% for the six months ended June 30, 2026, from 56.4% for the six months ended June 30, 2025. The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the six months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $125 million, or 5.4 points, including natural catastrophe losses of $81 million, or 3.6 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $44 million, or 1.8 points, were attributable to the Middle East conflict. Comparatively, during the six months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $84 million, or 4.1 points, including $31 million, or 1.5 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events. Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 53.6% for the six months ended June 30, 2026, from 52.3% for the six months ended June 30, 2025, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines. Prior Year Reserve Development Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment and reserve class. 56 Table of Contents Acquisition Cost Ratio The acquisition cost ratio increased to 20.1% and 19.9% for the three and six months ended June 30, 2026, from 18.9% and 19.0% for the three and six months ended June 30, 2025, primarily related to an increase in gross variable acquisition costs in property lines. In addition, gross acquisition costs increased due to changes in business mix attributable to increases in pet insurance business written in accident and health lines, and program business written in property and professional lines, which are associated with relatively higher gross acquisition cost ratios. The acquisition cost ratio for the three months ended June 30, 2026 benefited from increases in ceding commission in accident and health, and cyber lines. Underwriting-Related General and Administrative Expense Ratio The underwriting-related general and administrative expense ratio decreased to 10.4% for the three months ended June 30, 2026, from 12.0% for the three months ended June 30, 2025, mainly driven by an increase in net premiums earned and fees related to opportunities associated with our ACS initiatives. The underwriting-related general and administrative expense ratio decreased to 10.3% for the six months ended June 30, 2026, from 12.0% for the six months ended June 30, 2025, mainly driven by an increase in net premiums earned. 57 Table of Contents Reinsurance Segment Results from the reinsurance segment were as follows: Three months ended June 30, Six months ended June 30, 2026 % Change 2025 2026 % Change 2025 Revenues: Gross premiums written $ 439,484 (25%) $ 583,536 $ 1,553,709 (10%) $ 1,722,285 Net premiums written 234,489 (32%) 344,924 848,448 (19%) 1,050,383 Net premiums earned 331,824 (8%) 360,470 670,536 (3%) 691,204 Other insurance related income 5,334 (38%) 8,656 10,612 (12%) 12,078 Expenses: Current accident year net losses and loss expenses (229,232) (244,997) (458,531) (472,793) Prior year reserve development 2,984 5,013 5,988 8,972 Acquisition costs (77,445) (80,985) (157,932) (151,544) Underwriting-related general and administrative expenses (9,901) (10,595) (17,102) (21,441) Underwriting income $ 23,564 $ 37,562 $ 53,571 $ 66,476 Ratios: % PointChange % PointChange Current accident year loss ratio, excluding catastrophe and weather-related losses 68.3 % 0.4 67.9 % 68.0 % (0.2) 68.2 % Catastrophe and weather-related losses ratio 0.8 % 0.7 0.1 % 0.4 % 0.2 0.2 % Current accident year loss ratio 69.1 % 1.1 68.0 % 68.4 % — 68.4 % Prior year reserve development ratio (0.9 %) 0.5 (1.4 %) (0.9 %) 0.4 (1.3 %) Net losses and loss expenses ratio 68.2 % 1.6 66.6 % 67.5 % 0.4 67.1 % Acquisition cost ratio 23.3 % 0.8 22.5 % 23.6 % 1.7 21.9 % Underwriting-related general and administrative expense ratio 3.0 % 0.1 2.9 % 2.5 % (0.6) 3.1 % Combined ratio 94.5 % 2.5 92.0 % 93.6 % 1.5 92.1 % 58 Table of Contents Gross Premiums Written Gross premiums written by line of business were as follows: Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change Liability $ 108,262 25 % $ 168,566 29 % (36%) $ 271,368 17 % $ 421,637 24 % (36%) Professional lines 87,417 20 % 171,851 29 % (49%) 265,370 17 % 360,296 21 % (26%) Motor 19,453 4 % 26,066 4 % (25%) 106,765 7 % 150,445 9 % (29%) Accident and health 25,609 6 % 22,337 4 % 15% 321,900 21 % 303,692 18 % 6% Credit and surety 119,947 27 % 116,290 20 % 3% 428,921 28 % 320,956 19 % 34% Agriculture 56,396 12 % 55,256 9 % 2% 109,111 7 % 104,157 6 % 5% Marine and aviation 20,687 5 % 18,871 3 % 10% 46,663 3 % 52,365 3 % (11%) Run-off lines(1) 1,713 1 % 4,299 2 % (60%) 3,611 — % 8,737 — % (59%) Total $ 439,484 100 % $ 583,536 100 % (25%) $ 1,553,709 100 % $ 1,722,285 100 % (10%) (1) Run-off lines include the catastrophe, property, and engineering lines of business. Gross premiums written for the three months ended June 30, 2026, decreased by $144 million, or 25%, compared to the three months ended June 30, 2025 primarily attributable to non-renewals and decreased line sizes in professional lines and liability lines. The decrease in professional lines was driven by to non-renewals of cyber business attributable to client retentions, together with decreased line sizes on several under-performing cyber contracts. The decrease in liability lines was due to decreased line sizes and non-renewals primarily related to general liability business and the timing of renewals. Gross premiums written for the six months ended June 30, 2026, decreased by $169 million, or 10% ($210 million, or 12%, on a constant currency basis), compared to the six months ended June 30, 2025 primarily attributable to non-renewals and decreased line sizes in liability, professional lines and motor lines, partially offset by increased line sizes and new business in credit and surety lines. The decrease in liability lines was due to decreased line sizes and non-renewals primarily related to general liability business. The decrease in professional lines was driven by non-renewals of cyber business attributable to client retentions and unfavorable market conditions, together with decreased line sizes on several under-performing cyber contracts. The decrease in motor lines was due to decreased line sizes and non-renewals of non-proportional U.K. business associated with increased competition and unfavorable market conditions, partially offset by new non-U.K. proportional and non-proportional business. The increase in credit and surety lines was driven by increased line sizes and new credit, surety and credit and political risk business. Ceded Premiums Written Ceded premiums written for the three months ended June 30, 2026, was $205 million, or 47%, of gross premiums written, compared to $239 million, or 41%, of gross premiums written for the three months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 6% primarily due to increased cession rates in professional lines and liability lines. Ceded premiums written for the six months ended June 30, 2026, was $705 million, or 45%, of gross premiums written, compared to $672 million, or 39%, of gross premiums written for the six months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 6% primarily due to increased cession rates in professional lines, liability and motor lines. 59 Table of Contents Net Premiums Earned Net premiums earned by line of business were as follows: Three months ended June 30, Six months ended June 30, 2026 2025 % Change 2026 2025 % Change Liability $ 65,514 20 % $ 80,684 22 % (19%) $ 136,241 20 % $ 154,824 22 % (12%) Professional lines 42,929 12 % 51,829 14 % (17%) 92,204 14 % 95,005 14 % (3%) Motor 24,145 7 % 32,255 9 % (25%) 45,385 7 % 61,532 9 % (26%) Accident and health 74,209 22 % 81,110 23 % (9%) 150,798 22 % 150,097 22 % —% Credit and surety 73,180 22 % 75,983 21 % (4%) 148,117 22 % 139,021 20 % 7% Agriculture 39,004 12 % 21,862 6 % 78% 71,492 11 % 53,946 8 % 33% Marine and aviation 11,048 3 % 12,567 3 % (12%) 23,185 3 % 28,267 4 % (18%) Run-off lines 1,795 2 % 4,180 2 % (57%) 3,114 1 % 8,512 1 % (63%) Total $ 331,824 100 % $ 360,470 100 % (8%) $ 670,536 100 % $ 691,204 100 % (3%) Net premiums earned for the three months ended June 30, 2026, decreased by $29 million, or 8% ($37 million, or 10%, on a constant currency basis), compared to the three months ended June 30, 2025 primarily driven by decreases in liability, professional lines, and motor lines, partially offset by an increase in agriculture lines. The decreases in liability and professional lines were due to decreases in gross premiums earned. The decrease in motor lines was due to an increase in ceded premiums earned attributable to the restructuring of existing quota share treaties with strategic capital partners that decreased our retentions of these lines of business. The increase in agriculture lines was attributable to an increase in gross premiums earned. Net premiums earned for the six months ended June 30, 2026, decreased by $21 million, or 3% ($36 million, or 5%, on a constant currency basis), compared to the six months ended June 30, 2025 primarily driven by decreases in liability and motor lines, partially offset by an increase in agriculture lines. The decrease in liability lines was due to a decrease in gross premiums earned. The decrease in motor lines was due to a decrease in gross premiums earned and an increase in ceded premiums earned attributable to the restructuring of existing quota share treaties with strategic capital partners that decreased our retentions of these lines of business. The increase in agriculture lines was attributable to an increase in gross premiums earned. Loss Ratio The components of the loss ratio were as follows: Three months ended June 30, Six months ended June 30, 2026 % Point Change 2025 2026 % Point Change 2025 Current accident year loss ratio 69.1 % 1.1 68.0 % 68.4 % — 68.4 % Prior year reserve development ratio (0.9 %) 0.5 (1.4 %) (0.9 %) 0.4 (1.3 %) Loss ratio 68.2 % 1.6 66.6 % 67.5 % 0.4 67.1 % Current Accident Year Loss Ratio The current accident year loss ratio increased to 69.1% for the three months ended June 30, 2026, from 68.0% for the three months ended June 30, 2025. The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the three months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.8 points, attributable to the Middle East conflict. Comparatively, during the three months ended June 30, 2025, catastrophe and weather-related losses, were $0.2 million, or 0.1 point. 60 Table of Contents Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 68.3% for the three months ended June 30, 2026, from 67.9% for the three months ended June 30, 2025, principally due to elevated loss experience associated with employer stop loss business in accident and health lines. The current accident year loss ratio was 68.4% for the six months ended June 30, 2026 and June 30, 2025. During the six months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.4 points, attributable to the Middle East conflict. Comparatively, during the six months ended June 30, 2025, catastrophe and weather-related losses, were $2 million, or 0.2 points, attributable to California Wildfires. Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio of 68.0% for the six months ended June 30, 2026, was comparable to 68.2% for the six months ended June 30, 2025. Prior Year Reserve Development Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment and reserve class. Acquisition Cost Ratio The acquisition cost ratio increased to 23.3% for the three months ended June 30, 2026, from 22.5% for the three months ended June 30, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent periods, which is associated with a relatively higher acquisition cost ratio. The acquisition cost ratio increased to 23.6% for the six months ended June 30, 2026, from 21.9% for the six months ended June 30, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent periods, which is associated with a relatively higher acquisition cost ratio. Underwriting-Related General and Administrative Expense Ratio The underwriting-related general and administrative expense ratio decreased to 2.5% for the six months ended June 30, 2026, from 3.1% for the six months ended June 30, 2025, mainly driven by an increase in fees related to arrangements with strategic capital partners. 61 Table of Contents NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES) Net Investment Income Net investment income from our cash and investment portfolio by major asset class was as follows: Three months ended June 30, Six months ended June 30, 2026 % Change 2025 2026 % Change 2025 Fixed maturities $ 163,304 9% $ 149,861 $ 320,000 8% $ 296,572 Other investments 6,226 (66%) 18,479 23,931 (41%) 40,889 Equity securities 4,631 47% 3,155 8,782 38% 6,363 Mortgage loans 4,154 (30%) 5,956 8,319 (35%) 12,824 Cash and cash equivalents 10,655 (36%) 16,649 19,573 (61%) 50,028 Short-term investments 71 (87%) 541 203 (92%) 2,527 Gross investment income 189,041 (3%) 194,641 380,808 (7%) 409,203 Investment expense (7,447) 1% (7,344) (14,475) 2% (14,194) Net investment income $ 181,594 (3%) $ 187,297 $ 366,333 (7%) $ 395,009 Pre-tax yield:(1) Fixed maturities 4.7 % 4.8 % 4.7 % 4.7 % (1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances. Fixed Maturities Net investment income for the three and six months ended June 30, 2026 increased by $13 million, or 9%, and $23 million, or 8%, compared to the same periods in 2025, respectively, due to the increase in average fixed maturity assets and an increase in yields. Other Investments Net investment income from other investments was as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Multi-strategy, direct lending, private equity and real estate funds $ 4,078 $ 12,431 $ 20,223 $ 27,601 Other privately held investments 2,148 6,048 3,708 12,704 CLO-Equities — — — 584 Total net investment income from other investments $ 6,226 $ 18,479 $ 23,931 $ 40,889 Pre-tax return on other investments(1) 0.6 % 2.0 % 2.3 % 4.4 % (1)Pre-tax return on other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated. Net investment income for the three months ended June 30, 2026 decreased by $12 million, or 66%, compared to the same period in 2025, attributable to lower returns from direct lending and real estate funds. Net investment income for the six months ended June 30, 2026 decreased by $17 million, or 41%, compared to the same period in 2025, attributable to lower returns from other privately held investments and real estate funds. 62 Table of Contents Mortgage Loans Net investment income for the three and six months ended June 30, 2026 decreased by $2 million, or 30%, and $5 million, or 35%, compared to the same periods in 2025, respectively, related to loan repayments during the periods. Cash and cash equivalents Net investment income for the three and six months ended June 30, 2026 decreased by $6 million, or 36%, and $30 million, or 61%, compared to the same periods in 2025, respectively, due to lower average cash balances following premiums paid for the loss portfolio transfer reinsurance agreement transaction with Enstar that was completed in April 2025. Net Investment Gains (Losses) Net investment gains (losses) were as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 On sale of investments: Fixed maturities, short-term investments, and cash and cash equivalents $ (10,117) $ (8,279) $ (3,179) $ (37,880) Equity securities (22) 1,313 11,438 28,510 Mortgage loans (1,605) — (6,200) — (11,744) (6,966) 2,059 (9,370) (Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale 1,220 (859) (62) (1,104) (Increase) decrease in allowance for expected credit losses, mortgage loans 1,351 (1,473) 1,784 (3,958) Impairment losses (1) (116) (400) (383) (2,326) Change in fair value of investment derivatives 34 (1,035) 180 (1,451) Net unrealized gains (losses) on equity securities 55,990 54,201 15,936 31,671 Net investment gains (losses) $ 46,735 $ 43,468 $ 19,514 $ 13,462 (1)Related to instances where we intend to sell securities, or it is more likely than not that we will be required to sell securities before their anticipated recovery. On Sale of Investments and Net Unrealized Gains (Losses) on Equity Securities Generally, sales of individual securities occur when there are changes in the relative value, credit quality, or duration of a particular issue. We may also sell securities to re-balance our investment portfolio in order to change exposure to particular asset classes or sectors. Net investment gains for the three months ended June 30, 2026 were $47 million, compared to net investment gains of $43 million in the same period of 2025. Net investment gains reported in the three months ended June 30, 2026, mainly reflected net unrealized gains on equities, partially offset by net realized losses on the sale of U.S. government and corporate debt securities. Net investment gains reported for the three months ended June 30, 2025, mainly reflected net unrealized gains on equity securities, partially offset by net realized losses on the sale of corporate debt and Agency RMBS. Net investment gains for the six months ended June 30, 2026 were $20 million, compared to net investment gains of $13 million in the same period of 2025. Net investment gains reported in the six months ended June 30, 2026, mainly reflected net unrealized gains on equities and net realized gains on the sale of equity securities, partially offset by net realized losses on the sale of corporate debt securities and mortgage loans. Net investment gains for the six months ended June 30, 2025, mainly reflected net unrealized gains on equity securities and net realized gains on the sale of equity securities, partially offset by net realized losses on the sale of corporate debt, Agency RMBS and U.S. government securities. 63 Table of Contents Total Return Total return on cash and investments was as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net investment income $ 181,594 $ 187,297 $ 366,333 $ 395,009 Net investment gains (losses) 46,735 43,468 19,514 13,462 Change in net unrealized gains (losses) on fixed maturities (1) (8,309) 142,257 (167,552) 277,817 Interest in income of equity method investments 3,308 (705) 5,738 1,586 Total $ 223,328 $ 372,317 $ 224,033 $ 687,874 Average cash and investments(2) $ 17,541,960 $ 16,520,011 $ 17,462,178 $ 17,191,155 Pre-tax, total return on average cash and investments: Including investment related foreign exchange movements 1.3 % 2.3 % 1.3 % 4.0 % Excluding investment related foreign exchange movements(3) 1.3 % 1.7 % 1.4 % 3.2 % (1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end. (2)The average cash and investments balance is the average of the monthly fair value balances. (3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(3) million and $97 million for the three months ended June 30, 2026 and 2025, respectively, and foreign exchange (losses) gains of $(26) million and $144 million for the six months ended June 30, 2026 and 2025, respectively. 64 Table of Contents OTHER EXPENSES (REVENUES), NET The following table provides a summary of other expenses (revenues), net: Three months ended June 30, Six months ended June 30, 2026 % Change 2025 2026 % Change 2025 Corporate expenses $ 32,629 26% $ 25,837 $ 63,571 17% $ 54,562 Foreign exchange losses (gains) (2,344) nm 94,885 (38,539) nm 151,920 Interest expense and financing costs 16,838 2% 16,586 33,265 —% 33,158 Income tax expense 61,404 9% 56,199 117,211 17% 100,521 Total $ 108,527 $ 193,507 $ 175,508 $ 340,161 nm – not meaningful Corporate Expenses Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As a percentage of net premiums earned, corporate expenses for the three months ended June 30, 2026 and 2025, were 2.1% and 1.9%, respectively. As a percentage of net premiums earned, corporate expenses for the six months ended June 30, 2026 and 2025, were 2.1% and 2.0%, respectively. Foreign Exchange Losses (Gains) Foreign exchange gains for the three months ended June 30, 2026 of $2 million reflected the impact of the strengthening of the U.S. dollar against euro and Canadian dollar, partially offset by the weakening of the U.S. dollar against pound sterling. Foreign exchange gains for the six months ended June 30, 2026 of $39 million reflected the impact of the strengthening of the U.S. dollar against euro and Canadian dollar. Foreign exchange losses for the three and six months ended June 30, 2025 of $95 million and $152 million, respectively, reflected the impact of the weakening of the U.S. dollar against euro, pound sterling and Canadian dollar. Interest Expense and Financing Costs Interest expense and financing costs are related to interest due on senior unsecured notes, junior subordinated notes and the Federal Home Loan advances ("FHLB advances") received in 2026 and 2025. Income Tax Expense Income tax expense primarily results from income in our global operations. Our effective tax rate which is calculated as income tax expense divided by income before tax including interest in income (loss) of equity method investments was 19.2% and 18.6%, for the three and six months ended June 30, 2026 and 20.1% and 19.4% for the three and six months ended June 30, 2025, respectively. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors. The income tax expense for the three months ended June 30, 2026 of $61 million was principally due to pre-tax income in our U.S., U.K. and European operations. The income tax expense for the six months ended June 30, 2026 of $117 million was principally due to pre-tax income in our U.S., U.K., European and Bermuda operations. The income tax expense of $56 million and $101 million for the three and six months ended June 30, 2025 was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations. 65 Table of Contents FINANCIAL MEASURES We believe the following financial indicators are important in evaluating performance and measuring the overall growth in value generated for common shareholders: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Annualized return on average common equity(1) 17.0 % 15.7 % 16.9 % 14.4 % Annualized operating return on average common equity(2) 14.3 % 19.0 % 15.9 % 18.7 % Book value per diluted common share(3) $ 80.67 $ 70.34 $ 80.67 $ 70.34 Cash dividends declared per common share $ 0.44 $ 0.44 $ 0.88 $ 0.88 Increase in book value per diluted common share adjusted for dividends $ 2.92 $ 4.30 $ 4.35 $ 5.95 (1)Annualized return on average common equity ("ROACE") is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders' equity determined using the common shareholders' equity balances at the beginning and end of the period. (2)Annualized operating return on average common equity ("operating ROACE") 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, annualized ROACE, 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)Book value per diluted common share represents total common shareholders' equity divided by the number of diluted common share outstanding, determined using the treasury stock method. Return on Average Common Equity and Operating Return on Average Common Equity Our objective is to generate superior returns on capital that appropriately reward common shareholders for the risks we assume and to grow revenue only when we expect the returns will meet or exceed our requirements. We recognize that the nature of underwriting cycles and the frequency or severity of large loss events in any one year may challenge the ability to achieve a profitability target in any specific period. ROACE reflects the impact of net income (loss) available (attributable) to common shareholders, including net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset. The increase in ROACE for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, was primarily driven by net income available to common shareholders, partially offset by an increase in average common shareholders' equity. The decrease in operating ROACE for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, was primarily driven by a decrease in operating income and an increase in average common shareholders' equity. 66 Table of Contents Book Value per Diluted Common Share We consider book value per diluted common share to be an appropriate measure of returns to common shareholders, as we believe growth in book value on a diluted basis will ultimately translate into appreciation of our stock price. During the three and six months ended June 30, 2026, book value per diluted common share increased by 3.2% and 4.5%, respectively due to net income for the period, partially offset by common share repurchases, common share dividends declared and net unrealized investment losses recognized in accumulated other comprehensive income (loss). During the three and six months ended June 30, 2025, book value per diluted common share increased by 5.8% and 7.8%, respectively due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared. Cash Dividends Declared per Common Share and Common Share Repurchases We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-three consecutive years. 67 Table of Contents NON-GAAP FINANCIAL MEASURES RECONCILIATION Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Net income available to common shareholders $ 250,532 $ 215,795 $ 497,734 $ 402,302 Net investment gains (46,735) (43,468) (19,514) (13,462) Foreign exchange losses (gains) (2,344) 94,885 (38,539) 151,920 Reorganization expenses 5,546 — 28,715 — Interest in income (loss) of equity method investments (3,308) 705 (5,738) (1,586) Bermuda net deferred tax asset — 3,384 — 3,384 Income tax expense (benefit)(1) 6,958 (9,997) 4,878 (19,440) Operating income $ 210,649 $ 261,304 $ 467,536 $ 523,118 Earnings per diluted common share $ 3.38 $ 2.72 $ 6.67 $ 4.98 Net investment gains (0.63) (0.55) (0.26) (0.17) Foreign exchange losses (gains) (0.03) 1.20 (0.52) 1.88 Reorganization expenses 0.07 — 0.38 — Interest in income (loss) of equity method investments (0.04) 0.01 (0.08) (0.02) Bermuda net deferred tax asset — 0.04 — 0.04 Income tax expense (benefit) 0.09 (0.13) 0.07 (0.24) Operating income per diluted common share $ 2.84 $ 3.29 $ 6.26 $ 6.47 Weighted average diluted common shares outstanding(2) 74,203 79,329 74,677 80,845 Average common shareholders' equity $ 5,891,923 $ 5,488,599 $ 5,879,823 $ 5,581,889 Annualized return on average common equity 17.0 % 15.7 % 16.9 % 14.4 % Annualized operating return on average common equity 14.3 % 19.0 % 15.9 % 18.7 % (1)Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions. (2)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details. 68 Table of Contents Rationale for the Use of Non-GAAP Financial 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 financial measures under SEC rules and regulations. In this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on average cash and investments excluding foreign exchange movements, which are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Underwriting-Related General and Administrative Expenses Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Item 8, Note 2 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses. The reconciliation of consolidated underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'. Consolidated Underwriting Income (Loss) Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in Item 8, Note 2 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis. We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure. Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss). Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss). 69 Table of Contents Reorganization expenses in 2026 primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss). Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss). We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'. Current Accident Year Loss Ratio Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'. Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development. Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural catastrophes, man-made disasters, other significant catastrophe events and other weather-related events. We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events. The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'. Operating Income (Loss) Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset. Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies. Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, 70 Table of Contents we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss). Reorganization expenses in 2026 primarily related to costs attributable to streamlining our operations and costs attributable to transitions in executive leadership. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss). Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss). Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense is not related to the underwriting process. Therefore, this expense is excluded from operating income (loss). Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset in order to understand the profitability of recurring sources of income. We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented above. 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 common share and annualized return on average common equity ("ROACE"), respectively. Constant Currency Basis We present gross premiums written and net premiums earned on a constant currency basis in this MD&A. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums earned on a constant basis. The reconciliation to gross premiums written and net premiums earned on a GAAP basis is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment'. Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investment gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Net Investment Income and Net Investment Gains (Losses)'. 71 Table of Contents CASH AND INVESTMENTS Details of cash and investments are as follows: June 30, 2026 December 31, 2025 Fair Value Fair Value Fixed maturities, available for sale $ 13,828,314 $ 13,018,027 Fixed maturities, held to maturity(1) 402,105 395,942 Equity securities 748,532 707,569 Mortgage loans 335,537 356,840 Other investments 1,062,933 1,027,798 Equity method investments 203,661 227,181 Short-term investments 2,828 20,298 Total investments $ 16,583,910 $ 15,753,655 Cash and cash equivalents(2) $ 1,223,058 $ 1,321,185 (1)Presented at net carrying value of $407 million (2025: $397 million) in the consolidated balance sheets. (2)Includes restricted cash and cash equivalents of $443 million and $501 million at June 30, 2026 and at December 31, 2025, respectively. 72 Table of Contents Overview The fair value of total investments increased by $830 million in the six months ended June 30, 2026, driven by the reinvestment of interest income and cashflows from operations. An analysis of our investment portfolio for significant asset classes is detailed below: Fixed Maturities Details of our fixed maturities portfolio are as follows: June 30, 2026 December 31, 2025 Fair Value % of Total Fair Value % of Total Fixed maturities: U.S. government and agency $ 2,387,374 17 % $ 2,417,901 18 % Non-U.S. government 823,910 6 % 810,544 6 % Corporate debt 5,742,492 40 % 5,365,509 41 % Agency RMBS 2,422,949 17 % 2,035,352 15 % CMBS 788,348 6 % 801,511 6 % Non-agency RMBS 208,039 1 % 190,124 1 % ABS 1,811,771 13 % 1,740,933 13 % Municipals(1) 45,536 — % 52,095 — % Total $ 14,230,419 100 % $ 13,413,969 100 % Credit ratings: U.S. government and agency $ 2,387,374 17 % $ 2,417,901 18 % AAA(2) 2,615,261 18 % 2,577,512 19 % AA 3,551,582 24 % 3,182,165 24 % A 2,497,166 18 % 2,331,459 17 % BBB 1,648,809 12 % 1,339,101 10 % Below BBB(3) 1,530,227 11 % 1,565,831 12 % Total $ 14,230,419 100 % $ 13,413,969 100 % (1)Includes bonds issued by states, municipalities, and political subdivisions. (2)Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS"). (3)Non-investment grade and non-rated securities. At June 30, 2026, fixed maturities had a weighted average credit rating of A+ (2025: A+), a book yield of 4.8% (2025: 4.6%), and an average duration of 3.4 years (2025: 3.1 years). At June 30, 2026, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $15.5 billion) had a weighted average credit rating of AA- (2025: AA-) and an average duration of 3.2 years (2025: 2.8 years). At June 30, 2026, net unrealized losses on fixed maturities, available for sale were $88 million, compared to net unrealized gains of $80 million at December 31, 2025, a decrease of $168 million due to the decline in market values. Equity Securities At June 30, 2026, net unrealized gains on equity securities were $142 million, compared to $126 million at December 31, 2025, an increase of $16 million driven by the increase in market values, partially offset by net realized gains associated with sales in the period. 73 Table of Contents Mortgage Loans At June 30, 2026, investment in commercial mortgage loans was $336 million, compared to $357 million at December 31, 2025, a decrease of $21 million mainly driven by repayments of loans. The commercial mortgage loans are collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At June 30, 2026, the allowance for expected credit losses of $28 million, was primarily related to commercial properties exposed to the office sector. Other Investments Details of our other investments portfolio are as follows: June 30, 2026 December 31, 2025 Fair Value % of Total Fair Value % of Total Multi-strategy funds $ 6,963 1 % $ 11,577 1 % Direct lending funds 194,209 18 % 186,747 18 % Private equity funds 400,067 38 % 364,376 36 % Real estate funds 278,438 26 % 291,491 28 % Total multi-strategy, direct lending, private equity and real estate funds 879,677 83 % 854,191 83 % Other privately held investments 183,256 17 % 173,607 17 % Total other investments $ 1,062,933 100 % $ 1,027,798 100 % Refer to Note 3 to the Consolidated Financial Statements 'Investments' for details on all other asset classes. 74 Table of Contents LIQUIDITY AND CAPITAL RESOURCES Refer to the 'Liquidity and Capital Resources' section included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for a general discussion of liquidity and capital resources. The following table summarizes consolidated capital: June 30, 2026 December 31, 2025 Debt $ 1,317,502 $ 1,316,710 Preferred shares 550,000 550,000 Common equity 5,953,210 5,806,435 Shareholders’ equity 6,503,210 6,356,435 Total capital $ 7,820,712 $ 7,673,145 Ratio of debt to total capital 16.8 % 17.2 % We finance our operations with a combination of debt and equity capital. The debt to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations. Federal Home Loan Bank Advances The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB"). At June 30, 2026, the companies had admitted assets of approximately $3.9 billion which provides borrowing capacity of up to approximately $981 million. At June 30, 2026, the Company had borrowings under the FHLB program of $61 million with maturities in July and August 2026. The borrowings under the FHLB program are secured by cash and investments with a fair value of $66 million. Refer to Note 11 to the Consolidated Financial Statements 'Federal Home Loan Advances'. Letter of Credit Facility On March 23, 2026, the $300 million Facility was amended to reduce the committed utilization capacity available under the Facility to $250 million (the "$250 million Facility") and extend the tenors of issuable letters of credit to March 31, 2028. On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027. On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of Syndicate 1686 and Syndicate 2050 (collectively, the "Syndicates"), entered into a Facility Letter and Master Agreement (together, the "Agreements") with Citibank (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited. 75 Table of Contents The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature. On October 8, 2025, AXIS Specialty Limited (the "Borrower"), entered into a Letter Agreement with Wells Fargo Bank, National Association (the "Bank"), providing for an uncommitted bilateral short-term line of credit facility up to a maximum aggregate amount of $150 million (the "$150 million Facility") with tenors of issuable letters of credit to October 7, 2026. The $150 million Facility is intended to support the Borrower's working capital requirements and general corporate expenses. The line of credit facility contains customary representations, warranties, covenants, and events of default for transactions of this nature. Common Equity During the six months ended June 30, 2026, common equity increased by $147 million. The following table reconciles opening and closing common equity positions: Six months ended June 30, 2026 Common equity - opening $ 5,806,435 Share-based compensation expense 29,041 Change in unrealized gains (losses) on available for sale investments, net of tax (128,589) Foreign currency translation adjustment (7,645) Net income 512,859 Preferred share dividends (15,125) Common share dividends (66,092) Treasury shares repurchased (179,709) Treasury shares reissued 2,035 Common equity - closing $ 5,953,210 During the six months ended June 30, 2026, we repurchased 1.8 million common shares for a total of $180 million, including $149 million repurchased pursuant to our Board-authorized share repurchase programs and $31 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units granted under our 2017 Long-Term Equity Compensation Plan. On September 17, 2025, our Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At June 30, 2026, authorization under this plan was exhausted. On February 26, 2026, our Board of Directors approved a new share repurchase program for up to $300 million of the Company's common shares. The new share repurchase programs supplements the existing share repurchase program, and is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At June 30, 2026, remaining authorization under this plan was $263 million (refer to Part II, Item 2 'Unregistered Sales of Equity Securities and Use of Proceeds' for further details). We expect cash flows generated from operations, combined with liquidity provided by our investment portfolio, will be sufficient to cover cash outflows and other contractual commitments through the foreseeable future. 76 Table of Contents CRITICAL ACCOUNTING ESTIMATES The consolidated financial statements include certain amounts that are inherently uncertain and judgmental in nature. As a result, we are required to make assumptions and best estimates in order to determine the reported values. We consider an accounting estimate to be critical if: (1) it requires that significant assumptions be made in order to deal with uncertainties and (2) changes in the estimate could have a material impact on our results of operations, financial condition or liquidity. We believe the material items requiring such subjective and complex estimates are: •reserves for losses and loss expenses; •reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses; •gross premiums written and net premiums earned; •fair value measurements of financial assets and liabilities; and •the allowance for expected credit losses associated with fixed maturities, available for sale. We believe that the critical accounting estimates discussion in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025, continues to describe the significant estimates and judgments included in the preparation of the consolidated financial statements. RECENT ACCOUNTING PRONOUNCEMENTS At June 30, 2026, there were no recently issued accounting pronouncements that we have not yet adopted that we expect could have a material impact on our results of operations, financial condition or liquidity. 77 Table of Contents