Aspen Reports Results for the Three and Twelve Months Ended December 31, 2023

Net Income Available to Common Shareholders of $216 million and Operating Income of $98 million for the Three Months Ended

Net Income Available to Common Shareholders of $485 million and Operating Income of $368 million for the Twelve Months Ended

Operating Return on Average Equity of 20.2% and Adjusted Combined Ratio of 86.4% for the Twelve Months Ended

Hamilton, Bermuda, 1 April, 2024 – Aspen Insurance Holdings Limited (“Aspen”) today reported results for the three and twelve months ended December 31, 2023.

Mark Cloutier, Executive Chairman and Group Chief Executive Officer, commented: “We are pleased to report an excellent set of results for 2023. Aspen’s continued focus on underwriting discipline and operating excellence resulted in our adjusted combined ratio improving to 86.4%*, our net income available to ordinary shareholders increasing to $485 million and an annualized operating return on average equity of 20.2%*, all significant improvements over the prior year.

In addition to improved underwriting performance, investment income of $275.7 million represents a 47% increase year over year. For full year 2023, Aspen Capital Markets generated $135.5 million in total fee income from capital sourced across multiple lines and classes in both our insurance and reinsurance segments.

It is pleasing to note the quality of earnings we are now generating, with meaningful contributions from each of our core earning engines, underwriting, investments and capital markets fees. We believe we have reached a state where we are able to sustain strong ROEs across cycles through the very healthy mix in the sources of our earnings.

The combination of our One Aspen approach, balance sheet strength, and capital markets capabilities, positions us with a distinct advantage in the specialty (re)insurance sector, with the scale to be an important source of capacity to our customers while still maintaining the ability to be nimble, decisive, and opportunistic in response to changes in trading conditions and market opportunities.

In a year that again saw our sector challenged by climate, geopolitical events, and socio-economic challenges, this fourth consecutive year of improved results gives us confidence we have the talent, strategy, tools, and brand to continue to perform at the top of our class, delivering strong returns for our shareholders through changing market cycles and across a wide range of industry loss event scenarios.”