Aspen Reports Results for the Three and Six Months Ended June 30, 2024

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

Hamilton, Bermuda, August 14, 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.