Aspen Reports Second Quarter 2025 Results

Aspen Reports Second Quarter Net Income Available to Ordinary Shareholders of $36 million, or $0.39 per Diluted Ordinary Share and Operating Income of $111 million, or $1.22 per Diluted Ordinary Share  

For the three months ended June 30, 2025, Aspen reports:  

• Improvement of 3.6 percentage points in the combined ratio of 85.1% compared to June 30, 2024, resulting in underwriting income of $100 million 
• Adjusted underwriting income of $106 million** with an adjusted combined ratio of 84.3%** 
• Aspen Capital Markets fee income of $53 million*, growth of 53.5% compared to June 30, 2024 
• Annualized operating return on average equity of 17.2%**

For the six months ended June 30, 2025, Aspen reports:  

• Net income available to ordinary shareholders of $55 million, or $0.61 per diluted ordinary share and operating income of $161 million or $1.77 per diluted ordinary share 

• Underwriting income of $128 million, with a combined ratio of 90.8% 

• Adjusted underwriting income of $142 million** and adjusted combined ratio of 89.7%**  

• Book value per ordinary share of $28.81 as at June 30, 2025, an increase of $5.51, or 23.6%, compared to June 30, 2024 
   

Hamilton, Bermuda, August 7, 2025 – Aspen Insurance Holdings Limited (NYSE: AHL) (“Aspen,” the “Company,” “we,” or “us”) today reported results for the three and six months ended June 30, 2025.

Mark Cloutier, Executive Chairman and Group Chief Executive Officer, commented: “Aspen delivered a strong performance for the second quarter, with both of our earnings engines contributing to growth in our operating income and an improvement in our adjusted combined ratio in the context of evolving market dynamics.

These results – our first quarter since our IPO – continue to demonstrate the strength and consistency of Aspen’s performance which, alongside lower earnings volatility and an improved capital position, were recognized by S&P in May this year with an upgrade of our ratings outlook to Positive from Stable.

Aspen’s nimble yet disciplined approach and multi-platform capabilities allow us to deliver much-needed solutions for our customers and trading partners while maintaining a profitable and well-balanced portfolio across market cycles. Looking forward, we remain confident that we have the business mix, risk appetite, market standing and culture to achieve sustainable growth and deliver shareholder value as a top quartile specialty (re)insurer across market cycles.”

Christian Dunleavy, Group President, said: “Aspen’s strong underwriting performance across both insurance and reinsurance in the second quarter is a testament to our continued focus on building a well-balanced portfolio, our disciplined risk selection, and our ability to allocate risk across platforms in competitive market conditions. Fee income from Aspen Capital Markets delivered strong growth through the last quarter, providing underwriting expertise to third-party capital investors while also enabling Aspen to further manage net exposures and volatility within our portfolio.

We remain on track to deliver mid-teens operating return on equity and will continue to focus on deploying our specialty expertise, further deepening our customer and trade relationships, growing Aspen Capital Markets, and investing in the technology and tools that will make us even better risk allocators. By concentrating our efforts on total value creation and sustainable profitability, we are confident that Aspen has the resilience, strategy and positioning to succeed across market cycles.”

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.