Aspen Insurance Holdings Limited (NYSE:AHL) today reported a net
profit after tax for the third quarter of 2009 of $144.7 million
and operating earnings of $1.40 per diluted ordinary share. This
compares to a net loss after tax of $126.1 million, and an
operating loss of $1.02 per diluted share for the third quarter
last year.
Book value per share on a diluted basis
of $33.07 increased by 26.2% when compared to September 30, 2008
and by 17.7% since December 31, 2008, as a result of $291.0 million
of retained income and a $130.4 million increase in unrealized
gains, net of tax, from the fixed income investment portfolio
generated during 2009.
Third Quarter 2009 Financial
Highlights
($ in millions, except per
share amounts and percentages)
(Unaudited)
Q3 2009
Q3 2008 Change Gross written
premium $490.3 $441.3
11.1% Net earned premium
$470.9 $434.2 8.5% Net
investment income $58.9
$19.3 205.2% Net income/(loss) after tax
$144.7 $(126.1)
214.8% Diluted net income/(loss) per share
$1.62 $(1.63)
199.4% Diluted operating earnings/(loss) per share
$1.40 $(1.02)
237.3% Net income/(loss) annualized return on equity
22.0% (23.2)%
Annualized operating return on equity
19.2% (14.4)%
Combined ratio 80.3%
123.3% Book value per ordinary
share $34.30 $27.14
26.4% Diluted book value per ordinary share
$33.07 $26.21
26.2%
Nine Months 2009 Financial
Highlights
($ in millions, except per
share amounts and percentages)
(Unaudited)
2009
2008 Change Gross written
premium $1,661.4 $1,566.3
6.1% Net earned premium
$1,346.8 $1,223.1 10.1%
Net investment income $190.3
$128.9 47.6% Net income after tax
$346.5 $82.0
322.6% Diluted net income per share
$4.23 $0.71 495.8%
Diluted operating earnings per share $3.72
$1.28 190.6% Net income
annualized return on equity 18.4%
3.5% Annualized operating
return on equity 17.7%
6.4% Combined ratio
84.0% 96.5%
Chris O'Kane, Chief Executive Officer said, “I am delighted to
report record earnings for the quarter of
$145 million which reflect both a benign period for cat
losses and the welcome improvement in investment markets.
Our combined ratio for the quarter was 80.3% reflecting
particularly strong performance from our property
reinsurance segment. The book yield on our investment
portfolio has held well at 4.4% and unrealized gains for the
quarter increased by just over $107 million from the half year
stage. Such good results, however, could lead to even greater
challenges for 2010. Responsible underwriting remains the watchword
and we continue to manage our business with consideration of both
risk and opportunity in equal measure.”
Third Quarter and Year to Date 2009 Operating
Highlights
- Cash flows from operating
activities were $186.8 million for the quarter and $489.1 million
for the nine months in 2009 compared with $124.5 million and $444.3
million respectively in 2008.
- Reserve releases were $44.2
million for the quarter and $71.0 million for the nine months in
2009 compared with $15.6 million and $95.6 million respectively in
2008.
- Unrealized gains in the fixed
income portfolio increased by $107.4 million this quarter compared
with unrealized losses of $46.6 million in the third quarter of
2008.
Business Segment Highlights
A summary of the operating highlights for each of Aspen’s four
business segments is presented below.
Property Reinsurance
The combined ratio for the property reinsurance segment was
58.1% for the third quarter compared with 146.0% in the same period
in 2008. The improvement in the combined ratio is driven by the
absence of any catastrophic events, with the third quarter of 2008
being dominated by Hurricane Ike losses. The combined ratio for the
first nine months of 2009 was 54.8% compared with 93.4% in 2008.
Gross written premium increased by 12.0% to $171.2 million for the
quarter and increased by 12.7% to $571.7 million for the nine
months when compared to the same periods in 2008.
Casualty Reinsurance
The combined ratio for the casualty reinsurance segment was
88.3% for the third quarter compared with 90.4% for the same period
in 2008. For the first nine months of 2009 the combined ratio was
93.5% compared with 92.2% for 2008 with the increase driven by a
reduction in reserve releases from $48.0 million in 2008 to $18.6
million in the current period. The accident year combined ratio for
the nine month period improved to 99.2% compared with 103.2% in
2008. Gross written premium for the quarter was $96.5 million, an
increase of 21.1% over the same period in 2008 due to premium
adjustments. Gross written premium for the first nine months of
2009 increased by 7.4% to $342.3 million when compared to 2008.
International Insurance
The combined ratio for the international insurance segment was
89.8% for the third quarter of 2009 compared with 119.4% for the
same period in 2008. The improvement in the combined ratio is
driven largely by the absence of any catastrophic events, as the
third quarter of 2008 included Hurricane Ike losses. The combined
ratio for the first nine months of 2009 was 96.2% compared with
97.9% in 2008. Gross written premium for the quarter of $183.9
million is broadly in line with the same period in 2008. Gross
written premium for the nine month period in 2009 is down 3.4% to
$617.3 million compared to 2008 in response to market conditions in
certain lines in this segment.
U.S. Insurance
The combined ratio for the U.S. insurance segment was 96.6% for
the third quarter compared with 172.1% in the same period in 2008
with the prior year impacted by Hurricane Ike losses. The combined
ratio for the first nine months of 2009 was 117.1% compared with
123.1% in 2008. Gross written premium for the quarter increased to
$38.7 million from $28.0 million in 2008 as a result of the
repositioning of the property book over the past two years. Gross
written premiums for the nine month period increased by 28.6% to
$130.1 million when compared to 2008.
Investment Performance
Net investment income for the quarter was $58.9 million compared
with $19.3 million in the third quarter of 2008. The third quarter
of 2008 featured $42.2 million of losses from funds of hedge funds
investments. The fund of hedge fund investments were redeemed
effective June 30, 2009.
Net realized and unrealized gains included in income for the
quarter were $13.5 million compared with net realized and
unrealized losses of $58.1 million in the third quarter of 2008.
The current quarter included $7.5 million of mark-to-market gains
from the trading portfolios and $1.8 million of
other-than-temporary impairment charges. Net realized and
unrealized gains included in income for the first nine months of
2009 were $6.1 million compared with net realized and unrealized
losses of $56.3 million in the first nine months of 2008. The first
nine months of 2009 included $14.5 million of mark-to-market gains
from the trading portfolios and other-than-temporary impairment
charges of $19.9 million. Other than temporary impairment charges
were $55.8 million for the third quarter and nine months in 2008
driven by the collapse of Lehman Brothers.
Unrealized gains on the available for sale fixed income
portfolio at the end of the third quarter of 2009 were $219.8
million, an increase of $107.4 million from the end of the second
quarter of 2009. Annualized total investment return for the current
quarter was 11.4% and 7.6% for the nine months in 2009.
The book yield on the fixed income portfolio of 4.4%, although
in line with the second quarter of 2009, has decreased from 4.9% at
September 30, 2008. The average credit quality of the portfolio
remains AA+ with an average duration of 3.3 years which has
increased marginally during the quarter from 3.2 years at June 30,
2009.
Outlook for 2009
The Company anticipates total gross written premium of $2
billion +/- 5%, premium ceded of 10% to 12% of gross earned
premium, a combined ratio in the range of 84% to 88%, a tax rate of
13% to 16% and a cat-load of $40 million for the last quarter of
2009, assuming normal loss experience.
Earnings Conference Call
Aspen will hold a conference call to discuss its financial
results on Thursday, October 29, 2009 at 8:30 a.m. (Eastern
Time).
CONFERENCE CALL PARTICIPATION DETAILS – October 29, 2009 at
8:30 a.m. (ET)
Participant Dial-In
Numbers:
+1 (888) 459-5609 (US Toll Free) +1 (404)
665-9920 (International)
Conference ID:
31917197
Please call to register at least 10 minutes before the
conference call begins.
The conference call will be webcast live in the ‘presentations’
section of the Investor Relations page of Aspen's website, which is
located at www.aspen.bm. The earnings press release and a detailed
financial supplement will be posted to the website, as well as a
brief slide presentation which may be used for reference during the
earnings call.
REPLAY DETAILS
A replay of the call will be available for 14 days via telephone
and Internet starting two hours following the end of the live
call.
Replay Access: +1 (800) 642-1687 (US Toll
Free) +1 (706) 645-9291 (International)
www.aspen.bm
Replay ID: 31917197
Aspen Insurance Holdings
Limited
Summary Consolidated Balance
Sheet
($ in millions, except per
share data)
(Unaudited)
(in US$ millions)
As at September 30,
2009
As at December 31,
2008
ASSETS Total investments 5,641.8 4,944.9 Cash and cash equivalents
948.8 809.1 Reinsurance recoverables 448.4 329.6 Premiums
receivable 755.7 677.5 Other assets 432.3 527.7 Total assets
8,227.0 7,288.8 LIABILITIES Losses and loss adjustment
expenses 3,314.0 3,070.3 Unearned premiums 1,006.3 810.7 Other
payables 445.0 379.2 Long-term debt 249.6 249.5 Total liabilities
5,014.9 4,509.7 SHAREHOLDERS’ EQUITY Total shareholders’
equity 3,212.1 2,779.1 Total liabilities and shareholders’ equity
8,227.0 7,288.8 Tangible book value per share 34.30 28.85
Diluted book value per share (treasury stock method) 33.07 28.10
Aspen Insurance Holdings
Limited
Summary Consolidated Statements
of Income
($ in millions, except share,
per share data and ratios)
(Unaudited)
(in US$ millions)
Three Months Ended
September 30, 2009
Three Months Ended
September 30, 2008
UNDERWRITING REVENUES Gross written premiums 490.3 441.3
Premiums ceded (28.2) (37.5) Net written premiums 462.1 403.8
Change in unearned premiums 8.8 30.4 Net earned premiums 470.9
434.2 UNDERWRITING EXPENSES Losses and loss expenses 235.1 413.4
Acquisition expenses 79.6 70.4 General and administrative expenses
63.7 51.6 Total underwriting expenses 378.4 535.4 Underwriting
income 92.5 (101.2) OTHER OPERATING REVENUE Net investment income
58.9 19.3 Interest expense (3.9) (3.8) Total other operating
revenue 55.0 15.5 Other income (expense) 1.1 0.6
OPERATING INCOME BEFORE TAX 148.6 (85.1) OTHER Net realized
exchange gains 7.9 (2.7) Net realized investment losses 13.5 (58.1)
INCOME BEFORE TAX 170.0 (145.9) Income taxes expense (25.3) 19.8
NET INCOME AFTER TAX 144.7 (126.1) Dividends paid on ordinary
shares (12.6) (12.2) Dividend paid on preference shares (5.6) (6.9)
Retained income 126.5 (145.2) Components of net income (after tax)
Operating Income 125.6 (76.2) Net realized exchange gains
(after tax) 7.9 (2.7) Net realized investment losses (after tax)
11.2 (47.2) NET INCOME AFTER TAX 144.7 (126.1) Loss ratio
49.9% 95.2% Policy acquisition expense ratio 16.9% 16.2% General
and administrative expense ratio 13.5% 11.9% Expense ratio 30.4%
28.1% Combined ratio 80.3% 123.3%
Aspen Insurance Holdings
Limited
Summary Consolidated Financial
Data
($ in millions, except share,
per share data and ratios)
(Unaudited)
Three Months Ended Nine Months Ended (in
US$ except for number of shares) September 30, 2009
September 30, 2008 September 30, 2009 September
30, 2008 Basic earnings per ordinary share Net income
adjusted for preference share dividend
$1.67 ($1.63)
$4.36 $0.73 Operating income adjusted for preference
dividend
$1.44 ($1.02)
$3.84 $1.32 Diluted earnings
per ordinary share Net income adjusted for preference share
dividend
$1.62 ($1.63)
$4.23 $0.71 Operating income
adjusted for preference dividend
$1.40 ($1.02)
$3.72
$1.28 Weighted average number of ordinary shares outstanding
(in millions)
83.057 81.376
82.520 83.459 Weighted
average number of ordinary shares outstanding and dilutive
potential ordinary shares (in millions)
85.993 81.376
84.952 86.114 Book value per ordinary share
$34.30 $27.14 Diluted book value (treasury stock method)
$33.07 $26.21 Ordinary shares outstanding at end of
the period (in millions)
83.095 81.450 Ordinary shares
outstanding and dilutive potential ordinary shares at end of the
period (treasury stock method) (in millions)
86.193 84.325
Aspen Insurance Holdings
Limited
Summary Consolidated Segment
Information
($ in millions except
ratios)
(Unaudited)
Three Months Ended
September 30, 2009
Three Months Ended
September 30, 2008
Gross written premiums Property Reinsurance 171.2
152.8 Casualty Reinsurance 96.5 79.7 International Insurance 183.9
180.8 U.S. Insurance 38.7 28.0 Total 490.3 441.3
Premiums
ceded Property Reinsurance 7.8 12.6 Casualty Reinsurance (2.2)
(0.1) International Insurance 13.0 18.6 U.S. Insurance 9.6 6.4
Total 28.2 37.5
Net written premiums Property
Reinsurance 163.4 140.2 Casualty Reinsurance 98.7 79.8
International Insurance 170.9 162.2 U.S. Insurance 29.1 21.6 Total
462.1 403.8
Net earned premiums Property Reinsurance
140.9 138.8 Casualty Reinsurance 115.2 112.9 International
Insurance 187.8 158.6 U.S. Insurance 27.0 23.9 Total 470.9 434.2
Underwriting profit Property Reinsurance 59.0 (63.9)
Casualty Reinsurance 13.5 10.8 International Insurance 19.1 (30.8)
U.S. Insurance 0.9 (17.3) Total 92.5 (101.2)
Combined
ratio Property Reinsurance 58.1% 146.0% Casualty Reinsurance
88.3% 90.4% International Insurance 89.8% 119.4% U.S. Insurance
96.6% 172.1% Total 80.3% 123.3%
About Aspen Insurance Holdings
Limited
Aspen provides reinsurance and insurance
coverage to clients in various domestic and global markets through
wholly-owned subsidiaries and offices in Bermuda, France, Ireland,
Singapore, the United States, the United Kingdom, and Switzerland.
For the three months ended September 30, 2009, Aspen reported gross
written premiums of $490.3 million, net income of $144.7 million
and total assets of $8.2 billion. Its operating subsidiaries have
been assigned a rating of “A” (“Strong”) by Standard & Poor’s,
an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody’s
Investors Service. For more information about Aspen, please visit
www.aspen.bm.
Application of the Safe Harbor of the
Private Securities Litigation Reform Act of 1995:
This press release contains, and Aspen's
earnings conference call will contain, written or oral
"forward-looking statements" within the meaning of the U.S. federal
securities laws. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements include all statements that do
not relate solely to historical or current facts, and can be
identified by the use of words such as "expect," "intend," "plan,"
"believe," "project," "anticipate," "seek," "will," "estimate,"
"may," "continue," "guidance," and similar expressions of a future
or forward-looking nature.
All forward-looking statements address
matters that involve risks and uncertainties. Accordingly, there
are or will be important factors that could cause actual results to
differ materially from those indicated in these statements. Aspen
believes these factors include, but are not limited to: the
continuing and uncertain impact of the current depressed credit
environment, the banking crises and economic recessions in many of
the countries in which we operate and of the measures being taken
by governments to counter these issues; the risk of a material
decline in the value or liquidity of all or parts of our investment
portfolio; changes in insurance and reinsurance market conditions
that could adversely impact execution of the business plan; changes
in our ability to exercise capital management or strategic
initiatives or to arrange banking facilities as a result of
prevailing market changes or changes in our financial position; our
ability to execute our business plan to enter new markets,
introduce new products and develop new distribution channels,
including their integration into our existing operations; increased
counterparty risk due to the impairment of financial institutions;
changes in the total industry losses, or our share of total
industry losses, resulting from past events such as Hurricanes Ike
and Gustav and, with respect to such events, our reliance on loss
reports received from cedants and loss adjustors, our reliance on
industry loss estimates and those generated by modelling
techniques, changes in rulings on flood damage or other exclusions
as a result of prevailing lawsuits and case law, any changes in our
reinsurers’ credit quality and the amount and timing of reinsurance
recoverables; the impact of acts of terrorism and related
legislation and acts of war; the possibility of greater frequency
or severity of claims and loss activity, including as a result of
natural or man-made catastrophic events, than our underwriting,
reserving, reinsurance purchasing or investment practices have
anticipated; evolving interpretive issues with respect to coverage
after major loss events; the level of inflation in repair costs due
to limited availability of labor and materials after catastrophes;
the effectiveness of our loss limitation methods; changes in the
availability, cost or quality of reinsurance or retrocessional
coverage; the reliability of, and changes in assumptions to,
catastrophe pricing, accumulation and estimated loss models; loss
of key personnel; a decline in our operating subsidiaries’ ratings
with Standard & Poor’s (“S&P”), A.M. Best or Moody’s
Investors Service (“Moody’s”); changes in general economic
conditions, including inflation, foreign currency exchange rates,
interest rates and other factors that could affect our investment
portfolio; the number and type of insurance and reinsurance
contracts that we wrote at the January 1st and other renewal
periods in 2009 and the premium rates available at the time of such
renewals within our targeted business lines; increased competition
on the basis of pricing, capacity, coverage terms or other factors
and the related demand and supply dynamics as contracts come up for
renewal; decreased demand for our insurance or reinsurance products
and cyclical changes in the insurance and reinsurance sectors;
changes in government regulations or tax laws in jurisdictions
where we conduct business; and Aspen or its Bermudian
subsidiary becoming subject to income taxes in the United States or
the United Kingdom; and the effect on insurance markets, business
practices and relationships of ongoing litigation, investigations
and regulatory activity by insurance regulators and prosecutors.
For a more detailed description of these uncertainties and other
factors, please see the "Risk Factors" section in Aspen's Annual
Reports on Form 10-K as filed with the U.S. Securities and Exchange
Commission on February 26, 2009. Aspen undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the dates on which they are
made.
In addition, any estimates relating to
loss events involve the exercise of considerable judgment and
reflect a combination of ground-up evaluations, information
available to date from brokers and cedants, market intelligence,
initial tentative loss reports and other sources. Due to the
complexity of factors contributing to the losses and the
preliminary nature of the information used to prepare these
estimates, there can be no assurance that Aspen's ultimate losses
will remain within the stated amount.
Non-GAAP Financial Measures
In presenting Aspen's results,
management has included and discussed certain "non-GAAP financial
measures" as such term is defined in Regulation G. Management
believes that these non-GAAP measures, which may be defined
differently by other companies, better explain Aspen's results of
operations in a manner that allows for a more complete
understanding of the underlying trends in Aspen's business.
However, these measures should not be viewed as a substitute for
those determined in accordance with GAAP. The reconciliation of
such non-GAAP financial measures to their respective most directly
comparable GAAP financial measures in accordance with Regulation G
is included in the financial supplement, which can be obtained from
the Investor Relations section of Aspen's website at www.aspen.bm.
(1) Annualized Operating Return on
Average Equity (“Operating ROE”) is a non-GAAP financial
measure. Annualized Operating Return on Average Equity 1) is
calculated using operating income, as defined below and 2) excludes
from average equity, the average after-tax unrealized appreciation
or depreciation on investments and the average after-tax unrealized
foreign exchange gains or losses and the aggregate value of the
liquidation preferences of our preference shares. Unrealized
appreciation (depreciation) on investments is primarily the result
of interest rate movements and the resultant impact on fixed income
securities, and unrealized appreciation (depreciation) on foreign
exchange is the result of exchange rate movements between the U.S.
dollar and the British pound. Such appreciation (depreciation) is
not related to management actions or operational performance (nor
is it likely to be realized). Therefore, Aspen believes that
excluding these unrealized appreciations (depreciations) provides a
more consistent and useful measurement of operating performance,
which supplements GAAP information. Average equity is calculated as
the arithmetic average on a monthly basis for the stated
periods.
Aspen presents Operating ROE as a
measure that is commonly recognized as a standard of performance by
investors, analysts, rating agencies and other users of its
financial information.
See page 29 of Aspen's financial
supplement for a reconciliation of operating income to net income
and page 8 for a reconciliation of average equity.
(2) Annualized Operating Return on
Average Equity excluding gains or losses from funds of hedge funds
(“Adjusted Operating ROE”) is a non-GAAP financial measure.
Annualized Operating Return on Average Equity excluding gains or
losses from funds of hedge funds 1) is calculated using adjusted
operating income, as defined below and 2) excludes from average
equity, the average after-tax unrealized appreciation or
depreciation on investments and the average after-tax unrealized
foreign exchange gains or losses and the aggregate value of the
liquidation preferences of our preference shares. Unrealized
appreciation (depreciation) on investments is primarily the result
of interest rate movements and the resultant impact on fixed income
securities, and unrealized appreciation (depreciation) on foreign
exchange is the result of exchange rate movements between the U.S.
dollar and the British pound. Such appreciation (depreciation) is
not related to management actions or operational performance (nor
is it likely to be realized). Therefore, Aspen believes that
excluding these unrealized appreciations (depreciations) provides a
more consistent and useful measurement of operating performance,
which supplements GAAP information. Average equity is calculated as
the arithmetic average on a monthly basis for the stated
periods.
Aspen presents Adjusted Operating ROE as
a measure that is commonly recognized as a standard of performance
by investors, analysts, rating agencies and other users of its
financial information.
See page 31 of Aspen's financial
supplement for a reconciliation of adjusted operating income to net
income and page 8 for a reconciliation of average equity.
(3) Operating income is a
non-GAAP financial measure. Operating income is an internal
performance measure used by Aspen in the management of its
operations and represents after-tax operational results excluding,
as applicable, after-tax net realized capital gains or losses and
after-tax net foreign exchange gains or losses.
Aspen excludes after-tax net realized
capital gains or losses and after-tax net foreign exchange gains or
losses from its calculation of operating income because the amount
of these gains or losses is heavily influenced by, and fluctuates
in part, according to the availability of market opportunities.
Aspen believes these amounts are largely independent of its
business and underwriting process and including them distorts the
analysis of trends in its operations. In addition to presenting net
income determined in accordance with GAAP, Aspen believes that
showing operating income enables investors, analysts, rating
agencies and other users of its financial information to more
easily analyze Aspen's results of operations in a manner similar to
how management analyzes Aspen's underlying business performance.
Operating income should not be viewed as a substitute for GAAP net
income. Please see above and page 29 of Aspen's financial
supplement for a reconciliation of operating income to net income.
Aspen’s financial supplement can be obtained from the Investor
Relations section of Aspen's website at www.aspen.bm.
(4) Adjusted Operating income is
a non-GAAP financial measure. Adjusted operating income is an
internal performance measure used by Aspen in the management of its
operations and represents after-tax operational results excluding,
as applicable, after-tax net realized capital gains or losses,
after-tax net foreign exchange gains or losses and excludes after
tax net gains or losses from our investments in funds of hedge
funds.
Aspen excludes after-tax net realized
capital gains or losses, after-tax net foreign exchange gains or
losses and after tax net gains or losses from our investments in
funds of hedge funds from its calculation of operating income
because the amount of these gains or losses is heavily influenced
by, and fluctuates in part, according to the availability of market
opportunities. Aspen believes these amounts are largely independent
of its business and underwriting process and including them
distorts the analysis of trends in its operations. In addition to
presenting net income determined in accordance with GAAP, Aspen
believes that showing operating income enables investors, analysts,
rating agencies and other users of its financial information to
more easily analyze Aspen’s results of operations in a manner
similar to how management analyzes Aspen’s underlying business
performance. Operating income should not be viewed as a substitute
for GAAP net income. Please see above and page 31 of Aspen’s
financial supplement for a reconciliation of adjusted operating
income to net income. Aspen’s financial supplement can be obtained
from the Investor Relations section of Aspen’s website at
www.aspen.bm.
(5) Diluted book value per ordinary
share is a non-GAAP financial measure. Aspen has included
diluted book value per ordinary share because it takes into account
the effect of dilutive securities; therefore, Aspen believes it is
a better measure of calculating shareholder returns than book value
per share. Please see page 27 of Aspen’s financial supplement for a
reconciliation of diluted book value per share to basic book value
per share. Aspen’s financial supplement can be obtained from the
Investor Relations section of Aspen’s website at www.aspen.bm.
(6) Diluted Operating Earnings Per
Share and Basic Operating Earnings Per Share is a non-GAAP
financial measure. Aspen believes that the presentation of diluted
operating earnings per share and basic operating earnings per share
supports meaningful comparison from period to period and the
analysis of normal business operations. Diluted operating earnings
per share and basic operating earnings per share are calculated by
dividing operating income by the diluted or basic weighted average
number of shares outstanding for the period. See page 29 for a
reconciliation of diluted and basic operating earnings per share to
basic earnings per share. Aspen’s financial supplement can be
obtained from the Investor Relations section of Aspen’s website at
www.aspen.bm.
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