Aspen Reports Third Quarter 2025 Results

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

• Improvement of 8.4% percentage points in the combined ratio of 86.8% compared to September 30, 2024, resulting in underwriting income of $94 million
• Adjusted underwriting income of $91 million** with an adjusted combined ratio of 87.3%**
• Aspen Capital Markets fee income of $47 million*, growth of 6.4% compared to September 30, 2024
• Annualized operating return on average equity of 14.8%**

For the nine months ended September 30, 2025, Aspen reports:

• Net income available to ordinary shareholders of $166 million, or $1.82 per diluted ordinary share and operating income of $261 million or $2.86 per
  diluted ordinary share
• Underwriting income of $222 million, with a combined ratio of 89.5%
• Adjusted underwriting income of $233 million** and adjusted combined ratio of 89.0%**
• Aspen Capital Markets fee income of $146 million*, growth of 29.8% compared to September 30, 2024
• Book value per ordinary share of $30.21 as at September 30, 2025, an increase of $5.22, or 20.9%, compared to September 30, 2024

Aspen Insurance Holdings Limited  today reported results for the three and nine months ended September 30, 2025.

Mark Cloutier, Executive Chairman and Group Chief Executive Officer, commented: “Aspen delivered strong results for the third quarter of 2025 continuing the positive trend of the past several quarters, reflecting the quality and stability of our franchise. With market dynamics shifting, including increased competition across several lines of business, I am pleased that we recorded a significantly improved combined ratio. Looking forward, I am confident that the high caliber of our people and our culture means we continue to be well placed to deliver best-in-class solutions and products for our trading partners and customers through the market cycle.

On August 27, 2025, we announced the acquisition of Aspen by the Sompo Group. The acquisition is a testament to the sustainable performance and value we’ve created, and we continue to work diligently towards its successful completion, and we expect the transaction to close during the first half of 2026, subject to regulatory approval.”

Christian Dunleavy, Group President, said: “Aspen continues to be focused on underwriting discipline and robust cycle management. This is reflected in both our excellent underwriting result and our thoughtful approach to new business, which has seen our Gross Written Premiums grow modestly as we prioritize sustainable long-term profitability over growth. Our teams continue to dynamically allocate risk in response to customer need and the trading environment and, in this context, we were pleased to see fee income from Aspen Capital Markets increase once again. Our strong performance for the quarter means we are on track to deliver a mid-teens operating return on equity for the full year, as Aspen continues to create value for all its stakeholders. Thank you to all our colleagues for their hard work and commitment in delivering this result.”

 * 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.