Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 146

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 146
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 16,474 Bermuda(1)(170,541)(13,272)— Total income tax expense (benefit)$(55,595)$26,316 $22,037 Net current tax receivables$42,991 $78,570 $46,704 Net deferred tax assets (liabilities)278,474 72,850 108,220 Net tax assets$321,465 $151,420 $154,924 (1)    Reflects the recognition of a tax benefit related to the Bermuda ETA, offset by a partial reversal of the 2023 tax benefit on unrealized investment losses included in other comprehensive income (loss) due to the enactment of corporate income tax, effective January 1, 2025.

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

Deferred income taxes reflect the tax impact of temporary differences between the carrying amounts of assets and liabilities for financial reporting and income tax purposes. The following table provides details of the significant components of deferred tax assets and liabilities:At December 31,20242023Deferred tax assets:Discounting of net reserves for losses and loss expenses$66,338 $62,316 Unearned premiums62,656 54,104 Net unrealized investments losses36,536 54,395 Operating and capital loss carryforwards75,864 100,907 Accruals not currently deductible36,253 36,407 Tax credits 2,414 11,602 Bermuda economic transition adjustment176,923 — Other deferred tax assets3,681 4,149 Deferred tax assets before valuation allowance460,665 323,880 Valuation allowance(19,829)(38,711)Deferred tax assets net of valuation allowance440,836 285,169 Deferred tax liabilities:Deferred acquisition costs(35,401)(27,109)Other investment adjustments and impairments(7,933)(7,173)Intangible assets(47,355)(49,486)Depreciation and amortization(7,586)(1,140)Equalization reserves(2,347)(2,726)Acquisition adjustments (1)— (79,466)Lloyd’s deferred year of account results(51,770)(38,194