Net Income Available to Ordinary
Shareholders of $55 million and Operating Income of $98 million for
the Three Months Ended June 30, 2024
Net Income Available to Ordinary
Shareholders of $154 million and Operating Income of $201
million for the Six Months Ended June 30, 2024
Operating Return on Average Equity of 18.1%
and Adjusted Combined Ratio of 86.7% for the Three Months Ended
June 30, 2024
Operating Return on Average Equity of 18.7%
and Adjusted Combined Ratio of 86.5% for the Six Months Ended June
30, 2024
Aspen Insurance Holdings Limited (“Aspen”) today reported
results for the three and six months ended June 30, 2024.
Mark Cloutier, Executive Chairman and Group Chief Executive
Officer, commented: “Aspen continues on its path of delivering
consistently strong performance. For the six months ended June 30,
we reported top line growth, and a healthy annualized operating
return on average equity and combined ratio. The results for both
the second quarter and first six months demonstrate the robustness
of our platform, and are in line with our expectations, given the
major industry wide loss events in the period.
“In the first half of the year, we continued to match
interesting business opportunities with our disciplined
underwriting approach, which resulted in a 17% growth in our gross
written premium to $2.5 billion (HY 2023: $2.1 billion). In
addition to our underwriting performance, Aspen Capital Markets
generated fee income of $68 million*, representing a 13% growth,
and we reported net investment income of $159 million, an increase
of 23% from prior year. This resulted in operating income of $201
million** up by 5%.
Our adjusted combined operating ratio of 86.5% ** (HY 2023:
84.8%) reflects the impact of industry event major loss activity
year over year, principally in the first quarter of the year
compared to the prior year period.
Our view on trading conditions remains generally optimistic, and
we believe there is ample opportunity for continued profitable
growth within the construct of our current portfolio and
appetite.”
* Reflected in our underwriting result as
a reduction to acquisition costs.
** Non-GAAP financial measures are used
throughout this release, such as operating income, operating return
on average equity, adjusted underwriting income and adjusted
combined ratio. These are non-GAAP financial measures as defined in
SEC Regulation G. For additional information and reconciliation of
non-GAAP financial measures, refer to the end of this press
release. Refer to "Cautionary Statement Regarding Forward-Looking
Statements" at the end of this press release.
Full Earnings materials
The full earnings press release for the three and six months
ended June 30, 2024 will be published on Aspen’s website at
www.aspen.co.
About Aspen Insurance Holdings Limited (“Aspen” or the
“Company”)
Aspen provides insurance and reinsurance coverage to clients in
various domestic and global markets through wholly-owned operating
subsidiaries in Bermuda, the United States and the United Kingdom,
as well as its branch operations in Canada, Singapore and
Switzerland. For the year ended December 31, 2023, Aspen reported
$15.2 billion in total assets, $7.8 billion in gross loss reserves,
$2.9 billion in total shareholders’ equity and $4.0 billion in
gross written premiums. Aspen's operating subsidiaries have been
assigned a rating of “A-” by Standard & Poor’s Financial
Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For
more information about Aspen, please visit www.aspen.co.
Please refer to the “Financials – Annual Reports” section of
Aspen’s investor website for a copy of our Annual Report on Form
20-F.
Cautionary Statement Regarding Forward-Looking
Statements
This press release or any other written or oral statements made
by or on behalf of the Company may contain written “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that 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. In particular,
statements using the words such as “expect,” “intend,” “plan,”
“believe,” “aim,” “project,” “anticipate,” “seek,” “will,”
“likely,” “assume,” “estimate,” “may,” “continue,” “guidance,”
“objective,” “outlook,” “trends,” “future,” “could,” “would,”
“should,” “target,” “predict,” “potential,” “on track” or their
negatives or variations and similar terminology and words of
similar import generally involve forward-looking statements.
All forward-looking statements rely on a number of assumptions,
estimates and data concerning future results and events and that
are subject to a number of uncertainties, assumptions and other
factors, many of which are outside Aspen’s control that could cause
actual results to differ materially from such forward-looking
statements. Accordingly, there are important factors that could
cause our actual results to differ materially from those
anticipated in the forward-looking statements, including, but not
limited to, our exposure to weather-related natural disasters and
other catastrophes, the direct and indirect impact of global
climate change, our relationship with, and reliance upon, a limited
number of brokers for both our insurance and reinsurance business,
the impact of inflation, our exposure to credit, currency, interest
and others risks within our investment portfolio, the cyclical
nature of the insurance and reinsurance industry, the occurrence,
timing and results of, and market reaction to, our proposed initial
public offering and proposed listing of our ordinary shares on the
New York Stock Exchange and many other factors. For a detailed
description of these uncertainties and other factors that could
impact the forward-looking statements in this press release and
other communications issued by or on behalf of Aspen, please see
the “Risk Factors” section in Aspen’s Annual Report on Form 20-F
for the twelve months ended December 31, 2023, as filed with the
SEC, which should be deemed incorporated herein.
The inclusion of forward-looking statements in this press
release or any other communication should not be considered as a
representation by Aspen that current plans or expectations will be
achieved. Aspen undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240814439160/en/
For further information please contact
Mark Pickering, Group Chief Financial Officer & Treasurer
Mark.Pickering@Aspen.co +1 441 297 9235
Marc MacGillivray, Chief Accounting Officer
Marc.MacGillivray@Aspen.co +44 20 7184 8455