Aspen Reports Results for the Three and Twelve Months Ended December 31, 2024

Net Income Available to Ordinary Shareholders of $235 million and Operating Income** of $145 million for the Three Months Ended December 31, 2024

Net Income Available to Ordinary Shareholders of $431 million and Operating Income** of $433 million for the Twelve Months Ended December 31, 2024

Annualized Operating Return on Average Equity** of 24.8% and Adjusted Combined Ratio** of 83.4% for the Three Months Ended December 31, 2024

Operating Return on Average Equity** of 19.4% and Adjusted Combined Ratio** of 86.8% for the Twelve Months Ended December 31, 2024

Hamilton, Bermuda, February 27, 2025 – Aspen Insurance Holdings Limited today reported results for the three and twelve months ended December 31, 2024.

Mark Cloutier, Executive Chairman and Group Chief Executive Officer, commented: “2024 has seen Aspen deliver yet another excellent set of results driven by healthy performance from each of our powerful earnings engines, underwriting, investments, and capital markets. 2025 is set to be an important year for Aspen, and one we enter with confidence with the business now demonstrating sustained strong performance.

In a year challenged by several industry-wide major loss events, these results demonstrate how Aspen’s expert and disciplined underwriting, consistent investment performance and a growing contribution from Aspen Capital Markets are enabling us to successfully deliver against our strategy, resulting in an operating return on average equity of 19.4%**.

Ongoing political uncertainty and accelerated changes in technology, as well as a significant number of natural and weather-related catastrophes that are affecting millions of people, mean that the risk environment has never been more complex or challenging. I am proud of the role we at Aspen play in helping people, organizations and communities manage risk and recover from often tragic losses. Looking forward, we believe we have the product and service offerings, culture, market standing, and risk appetite that position us very well to continue to deliver much needed solutions to our customers and trading partners, while also achieving sustainable growth and consistent returns for our shareholders across a broad spectrum of industry loss event sets and market trading conditions.

In the aftermath of the California Wildfires, our thoughts remain with the communities affected, and we are committed to playing our part in the recovery and rebuild. As a result of our careful and balanced approach to managing our risk portfolio, Aspen’s exposure to the California Wildfires is limited and falls within expectations. The California Wildfires, net of reinsurance and reinstatement premiums, are expected to generate claims in the range of $50 to $75 million, based on our modelled loss projections and exposure analysis, at an industry loss estimate in the range of $35 to $45 billion, and this impact will be included in Aspen’s first quarter results.”

Christian Dunleavy, Group President, said: “For the twelve months ended December 31, 2024, we saw gross written premiums grow by 16.2% to $4.6 billion. Aspen Capital Markets generated fee income of $169 million*, an increase of 24.8%, while net investment income grew 15.3% to $318 million. The resulting operating income of $433 million** represents an increase of 17.7% over the prior year. All of these results reinforce our core strategies and underscore the relevance and importance of our platforms, products, and service offerings in their respective markets.

Alongside the strong, profitable growth we have achieved in 2024, we have maintained excellent underwriting performance, with an adjusted combined ratio of 86.8%** and adjusted underwriting income increasing by 7.2% to $381 million**. This performance is testament to our proactive portfolio construction, our distribution network and Aspen’s ability to nimbly allocate risk across our platforms, enhanced by Aspen Capital Markets, in response to the needs of our customers. Underpinned by our balance sheet strength, we are well placed to grow where we see opportunity, while delivering sustainable underwriting profitability for our shareholders.”

View the full results here.

* Reflected in our underwriting result as a reduction to acquisition costs.

** Non-GAAP financial measures are used throughout this release, such as operating income, annualized operating return on average equity, underwriting income, 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.