Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 150

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 150
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%0.0 %Foreign taxes at local expected rates:U.S.8.4 %(2.5 %)0.2 %Europe6.0 %11.9 %1.9 %Valuation allowance(1.4 %)(2.0 %)9.5 %Prior year adjustments(1.5 %)1.3 %(0.3 %)Incremental branch taxes1.1 %0.9 %(0.4 %)Change in enacted tax rate(1)(1.9 %)(3.3 %)(2.2 %)Bermuda economic transition adjustment(17.2 %)— %— %Change in unrealized investment gain/(loss)0.6 %— %— %Withholding tax0.3 %— %— %Other0.2 %0.2 %0.3 %Actual tax rate(5.4 %)6.5 %9.0 %(1)    At December 31, 2024, the change in enacted tax rate represents the rate change related to deferred tax assets and deferred tax liabilities on acquisition adjustments no longer required. At December 31, 2023, the change in enacted tax rate represents the enactment of the Bermuda Corporate Income Tax Act of 2023 related to unrealized investment losses included in other comprehensive income (loss). At December 31, 2022, the change in enacted tax rate included a change in the UK tax rate from 19% to 25% and in Belgium from 30% to 25%.

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AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 2022 21.    OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the tax effects allocated to each component of other comprehensive income (loss):Before tax amountIncome tax (expense) benefitNet of tax amountYear ended December 31, 2024Available for sale investments:Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has not been recognized$(44,964)$11,934 $(33,030)Unrealized gains (losses) arising during the year for which an allowance for expected credit losses has been recognized(278)30 (248)Adjustment for reclassification