Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 147

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 147
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)Other deferred tax liabilities(9,970)(7,025)Deferred tax liabilities(162,362)(212,319)Net deferred tax assets (liabilities)$278,474 $72,850 (1) During the year ended December 31, 2024, the Company assessed that certain deferred tax assets and deferred tax liabilities related to acquisitions were no longer required.

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

The following table summarizes total operating and capital loss carryforwards and tax credits:At December 31,20242023Operating and Capital Loss Carryforwards(1)Singapore operating loss carryforward$91,924 $70,815 U.K. operating loss carryforward216,928 293,533 U.K. capital loss carryforward93 — Ireland operating loss carryforward27 78,154 Ireland capital loss carryforward1,372 716 Switzerland operating loss carryforward(2)68,573 123,453 U.S. capital loss carryforward(3)59,434 — Tax Credits(1)Ireland foreign tax credit$333 $6,922 U.K. foreign tax credit504 2,605 U.S. foreign tax credit(4)1,577 2,074 (1)    At December 31, 2024, the Singapore, U.K., and Ireland operating and capital loss carryforwards and tax credits can be carried forward indefinitely.(2)    At December 31, 2024, the Swiss net operating loss carryforwards expire in 2029.(3)    At December 31, 2024, the U.S. capital loss carryforwards expire in 2029.(4)    At December 31, 2024, the U.S. foreign tax credits expire in 2032.The following table shows an analysis of the movement in the Company's valuation allowance:At December 31,20242023Income tax expense (benefit):Valuation allowance - beginning of year$31,688 $39,782 Operating loss carryforwards(6,572)(8,713)Foreign tax credit(6,589)4,184 U.K. branch assets and other foreign rate differentials(1,567