ASPEN INSURANCE HOLDINGS LTD

Listed Company

AHL-PDCIK 0001267395NYSEAcceleratedFire, Marine & Casualty InsuranceD0BMFY ends Dec 31

Period

FY 2025

Revenue

$3.22B

Net Income

$340.20M

Total Assets

$16.31B

Equity

$3.63B

Shares Out

91.89M

Op. Cash Flow

$439.00M

Business

ASPEN INSURANCE HOLDINGS LTD underwrites specialty insurance and reinsurance on a global basis through its operating subsidiaries and capital markets platform. It offers reinsurance (property catastrophe, other property, casualty and specialty), insurance (first party, specialty, casualty, financial and professional lines and other products) and investment and ACM services that source third‑party capital and manage ILS and sidecar vehicles. The business is organized into two principal underwriting segments, Aspen Insurance and Aspen Re, supported by investing and Aspen Capital Markets/ACM. Distribution is principally through brokers and reinsurance intermediaries, Lloyd’s platform and branches in multiple jurisdictions worldwide.

Summary from filing dated 2025-03-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31	FY 2015 2015-12-31	FY 2014 2014-12-31
Net earned premium	2,215	2,307	2,637	2,473	2,405
Net investment income	198	189	187	186	190
Realized and unrealized investment gains	110	149	108	95	46
Other income	9	9	6	100,000	5
Total revenues	2,532	2,653	2,939	2,753	2,646
Losses and loss adjustment expenses	1,573	1,995	1,576	1,366	1,308
Amortization of deferred policy acquisition costs	372	401	529	484	451
General, administrative and corporate expenses	492	502	490	424	446
Interest on long-term debt	26	30	30	30	30
Change in fair value of derivatives	32	−28	25	−7	15
Change in fair value of loan notes issued by variable interest entities	4	−21	17	20	19
Realized and unrealized investment losses	175	28	63	78	15
Realized loss on debt extinguishment	9	0	0	—	—
Net realized and unrealized foreign exchange losses/(gains)	4	24	−2	21	−6
Other expenses	3	5	1	700,000	2
Total expenses	2,688	2,935	2,729	2,416	2,279
(Loss)/income from operations before income tax	−156	−282	210	338	368
Income tax benefit/(expense)	10	15	−6	−14	−12
Net (loss)/income	−146	−266	203	323	356
Amount attributable to non-controlling interest	−1	−1	−100,000	−800,000	−800,000
Net (loss)/income attributable to Aspen Insurance Holdings Limiteds ordinary shareholders	−147	−268	203	322	355
Reclassification adjustment for net realized gains/(losses) on investments included in net income	5	−4	−10	−38	−8
Change in net unrealized gains on available for sale securities held	−87	−11	−29	−72	45
Net change from current period hedged transactions	−2	3	600,000	3	−4
Change in foreign currency translation adjustment	22	−56	−28	−83	−24
Other comprehensive (loss), gross of tax	−62	−68	−66	−190	10
Reclassification adjustment for net realized losses on investments included in net income	−700,000	400,000	1	1	200,000
Change in net unrealized gains on available for sale securities held	6	2	300,000	3	−3
Net change from current period hedged transactions	300,000	−400,000	100,000	0	0
Change in foreign currency translation adjustment	−9	16	300,000	11	8
Total tax on other comprehensive (loss)/income	−4	17	2	15	5
Other comprehensive (loss)/income, net of tax	−66	−51	−65	−175	15
Total comprehensive (loss)/income attributable to Aspen Insurance Holdings Limiteds ordinary shareholders	−213	−319	139	148	370
Basic weighted average ordinary shares (in shares)	60	60	60	61	65
Diluted weighted average ordinary shares (in shares)	60	60	62	63	66
Basic (loss)/earnings per ordinary share adjusted for preference share dividends, dollars per share	−2.97	−5.22	2.67	4.64	4.92
Diluted (loss)/earnings per ordinary share adjusted for preference share dividends, dollars per share	−2.97	−5.22	2.61	4.54	4.82

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31	FY 2015 2015-12-31	FY 2014 2014-12-31
Fixed income maturities, available for sale (amortized cost $5,282.3 and $5,201.2)	5,231	5,231	5,665	5,951	5,630
Fixed income maturities, trading at fair value (amortized cost $1,205.0 and $1,634.9)	1,188	1,649	1,266	788	771
Equity securities, trading at fair value (cost $0 and $414.8)	0	491	585	736	616
Short-term investments, available for sale (amortized cost $105.6 and $90.0)	106	90	145	—	—
Short-term investments, trading at fair value (amortized cost $9.5 and $73.0)	10	73	185	—	—
Catastrophe bonds, trading at fair value ( cost $37.9 and $33.5)	36	32	43	55	35
Investments, equity method	67	66	12	9	9
Other investments	103	0	—	—	—
Total investments	6,739	7,633	7,900	7,712	7,429
Cash and cash equivalents (including cash within consolidated variable interest entities of $26.9 and $166.6)	1,084	1,055	1,274	1,100	1,179
Unpaid losses	2,078	1,515	561	355	350
Ceded unearned premiums	559	516	255	169	207
Underwriting premiums	1,459	1,497	1,399	1,116	1,012
Other	121	151	96	94	90
Funds withheld	92	100	73	36	47
Deferred policy acquisition costs	249	294	358	361	299
Derivatives at fair value	15	6	7	9	8
Receivables for securities sold	3	5	2	600,000	2
Office properties and equipment	73	76	84	71	62
Tax recoverable	0	2	500,000	0	—
Deferred tax assets	35	28	0	4	0
Other assets	0	500,000	1	4	14
Intangible assets and goodwill	26	28	80	18	18
Total assets	12,533	12,906	12,090	11,049	10,716
Losses and loss adjustment expenses	7,074	6,750	5,320	4,938	4,751
Unearned premiums	1,709	1,821	1,619	1,587	1,442
Total insurance reserves	8,783	8,570	6,939	6,525	6,193
Reinsurance premiums	406	358	345	93	92
Income taxes payable	100,000	0	0	11	18
Accrued expenses and other payables	248	455	469	344	357
Liabilities under derivative contracts	15	1	18	4	14
Total payables	669	814	839	451	485
Loan notes issued by variable interest entities, at fair value	0	44	115	103	71
Long-term debt	425	550	549	549	549
Total liabilities	9,877	9,978	8,442	7,629	7,297
Commitments and contingent liabilities (see Note 19)	0	0	0	0	0
59,743,156 shares of par value 0.15144558 each (December 31, 2017 59,474,085)	100,000	100,000	100,000	92,000	100,000
Non-controlling interest	4	3	1	1	500,000
Additional paid-in capital	968	955	1,260	1,075	1,134
Retained earnings	1,807	2,027	2,392	2,284	2,050
Accumulated other comprehensive (loss), net of taxes	−122	−56	−5	60	234
Total shareholders equity	2,656	2,929	3,648	3,420	3,419
Total liabilities and shareholders equity	12,533	12,906	12,090	11,049	10,716

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31	FY 2015 2015-12-31	FY 2014 2014-12-31
Net (loss	−146	−266	203	323	356
Depreciation and amortization	43	62	52	29	30
Share-based compensation	10	10	16	18	15
Deferred taxes	−7	−33	9	−7	5
Net realized and unrealized investment foreign exchange (gains)/losses	−800,000	−15	1	6	800,000
Net change from current period hedged transactions	−2	3	700,000	3	0
Losses and loss adjustment expenses	403	1,292	466	245	159
Unearned premiums	−92	174	24	120	153
Unpaid losses	−576	−944	−220	−9	−19
Ceded unearned premiums	−45	−258	−88	38	−52
Other receivables	30	−48	1	600,000	−5
Deferred policy acquisition costs	42	69	2	−62	−42
Reinsurance premiums payable	52	24	234	3	5
Funds withheld	8	−27	−37	11	−400,000
Premiums receivable	32	−89	−271	−124	−29
Income tax payable	2	16	−20	−7	−11
Accrued expenses and other payable	−88	147	76	−12	52
Fair value of derivatives and settlement of liabilities under derivatives	6	−17	16	−11	10
Long-term debt and loan notes issued by variable interest entities	−44	−71	12	100,000	100,000
Other assets	500,000	500,000	3	9	−6
Net cash (used in)/generated by operating activities	−305	−112	453	574	607
(Purchases) of fixed income securities Available for sale	−1,786	−1,573	−2,237	−2,132	−2,005
(Purchases) of fixed income securities Trading	−1,261	−1,313	−973	−557	−653
Proceeds from sales and maturities of fixed income securities Available for sale	1,647	2,019	2,308	1,656	1,910
Proceeds from sales and maturities of fixed income securities Trading	1,661	958	594	520	616
(Purchases) of equity securities Trading	−17	−131	−195	−392	−361
Net proceeds of catastrophe bonds Trading	−4	7	13	−21	−29
Proceeds from sales of equity securities Trading	506	316	372	271	62
(Purchases) of short-term investments Available for sale	−131	−131	−225	−212	−581
Proceeds from sale of short-term investments Available for sale	113	190	243	283	470
(Purchases) of short-term investments Trading	−16	−96	−191	−46	−114
Proceeds from sale of short-term investments Trading	79	212	14	36	114
Net change in (payable)/receivable for securities (purchased)/sold	−6	−10	13	−2	3
Net (purchases) of investments, equity method	−100	0	0	−800,000	39
Net proceeds in (purchases)/sales from other investments	0	−500,000	0	0	—
(Net) purchases of equipment	−27	−35	−24	−14	−26
Sale of investment	0	9	0	0	—
Net (purchases) of investments, equity method	−1	−2	−3	−800,000	0
Payments for acquisitions and investments, net of cash acquired	0	0	−60	0	—
Net cash from/(used in) investing activities	657	419	−351	−502	−515
Proceeds from the issuance of ordinary shares, net of issuance costs	3	500,000	3	7	3
Ordinary shares repurchased	0	−30	−75	−84	−181
Proceeds from the issuance of preference shares, net of issuance costs	0	0	241	0	0
Preference share redemption	0	−293	0	0	0
Proceeds from loan notes issued by Silverton	0	0	105	100	70
Repayment of long-term debt issued by Silverton	−86	−116	−89	−68	0
Dividends paid on ordinary shares	−43	−56	−53	−51	−50
Dividends paid on preference shares	−31	−36	−42	−38	−38
Dividends paid to non-controlling interest	−100,000	−100,000	0	−100,000	−100,000
Contingent consideration - earn out provision settlement	−12	0	0	—	—
Long-term debt repayment	−125	0	0	0	0
Make-whole payment	−9	0	0	—	—
Cash paid for withholdings purposes	−5	−10	0	0	—
Net cash (used in)/from financing activities	−307	−540	90	−134	−196
Effect of exchange rate movements on cash and cash equivalents	−17	14	−18	−18	−11
Increase/(decrease) in cash and cash equivalents	29	−219	174	−79	−115
Net cash (received)/paid during the period for income tax	−300,000	3	7	9	2
Cash paid during the period for interest	25	29	29	29	29

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