Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 148

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 148
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)(3,565)Capital loss carryforwards and impaired investments261 — Valuation allowance - end of year$17,221 $31,688 Accumulated other comprehensive income (loss):Valuation allowance - beginning of year$7,023 $20,287 Change in investment - related items(4,415)(13,264)Valuation allowance - end of year2,608 7,023 Total valuation allowance - end of year$19,829 $38,711 At December 31, 2024 and 2023, the Company had a full valuation allowance on operating loss carryforwards relating to operations in Singapore, Ireland and Switzerland, foreign tax credits available in Ireland and certain other deferred tax assets related to branch operations.

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AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 202220.    INCOME TAXES (CONTINUED)

In 2024, the valuation allowance decreased by $19 million (2023: $21 million). The net gain incurred by the AXIS Re SE, the Irish reinsurance company, resulted in the release of a valuation allowance of $13 million (2023: $25 million) against the net deferred tax assets of AXIS Re SE and AXIS Re Europe, the Swiss branch of the Irish reinsurance company, of which $8 million (2023: $12 million) was released in net income (loss) and $5 million (2023: $13 million) was released in other comprehensive income (loss). In 2024, a valuation allowance of $7 million was released against foreign tax credits held by AXIS Specialty Europe and in 2023 a valuation allowance of $6 million was recorded against foreign tax credits held by AXIS Specialty Europe SE. In 2023, a valuation allowance of $2 million was also released against U.S. foreign tax credits that were utilized.At December 31, 2024 and 2023, the Company's U.S. operations had a deferred tax asset of $19 million and $41 million, respectively, for the unrealized losses on its fixed maturities that were recorded in other comprehensive income (loss). The Company examined the need for a valuation allowance and after considering all positive and negative evidence concluded a valuation allowance against its net unrealized investment losses in the U.S was not required.At December