This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Aspen Reports Results For The Quarter And Full Year Ended December 31, 2011

Aspen Insurance Holdings Limited (“Aspen” or the “Company”) (NYSE: AHL) today reported net income after tax of $13.5 million, or $0.11 per diluted share, for the fourth quarter of 2011. For the full year 2011, net loss after tax was $105.8 million, or $1.82 per diluted share. Performance in Aspen’s insurance segment was strong, a result of significant growth in certain niche areas and improvement across a number of lines. Reinsurance results were materially impacted by a high frequency and severity of natural catastrophes in 2011, which were partially offset by a good performance in casualty and specialty reinsurance lines.

Operating highlights for the quarter ended December 31, 2011

  • Strong performance in the insurance segment with an improvement in the loss ratio to 58.0% in the fourth quarter of 2011 compared with 77.4% in the fourth quarter of 2010
  • Net earnings per diluted share of $0.11 for the quarter ended December 31, 2011 compared with $1.12 in the fourth quarter of 2010
  • Operating earnings per diluted share of $0.01 for the quarter ended December 31, 2011 compared with operating earnings per diluted share of $1.02 in the fourth quarter of 2010
  • Diluted book value per share of $38.43, down 1.2% from the fourth quarter of 2010 and up 0.4% from September 30, 2011
  • Annualized net income return on average equity of 1.2% for the fourth quarter of 2011 and annualized operating return on average equity of nil
  • Gross written premiums of $458.7 million for the fourth quarter of 2011, compared with $412.8 million for the fourth quarter of 2010
  • Combined ratio of 114.1%, or 89.2% excluding catastrophe losses for the quarter ended December 31, 2011 compared with a combined ratio of 95.3% or 88.3% excluding catastrophe losses for the fourth quarter of 2010
  • Prior year net reserve releases of $22.0 million for the quarter ended December 31, 2011 compared with $12.6 million of net reserve releases in the fourth quarter of 2010
         
Financial highlights, quarter ended December 31, 2011 (unaudited)

$ in millions, except per share amounts and percentages

 
Q4 2011   Q4 2010   Change
Gross written premiums $ 458.7 $ 412.8 11.1 %
Net earned premiums $ 489.4 $ 499.7 (2.1 )%
Net investment income $ 54.2 $ 57.0 (4.9 )%
Operating income after tax $ 6.1 $ 75.8 (92.0 )%
Net income after tax $ 13.5 $ 92.7 (85.4 )%
Diluted net income per share $ 0.11 $ 1.12 (90.2 )%
Diluted operating earnings per share $ 0.01 $ 1.02 (99.0 )%
Annualized net income return on equity 1.2 % 13.2 %
Annualized operating return on equity - % 10.8 %
Combined ratio 114.1 % 95.3 %
Book value per ordinary share $ 39.89 $ 40.96 (2.6 )%
Diluted book value per ordinary share $ 38.43     $ 38.90     (1.2 )%
 
         
Financial highlights, full year ended December 31, 2011 (unaudited)

$ in millions, except per share amounts and percentages

 
  2011       2010     Change
Gross written premiums $ 2,207.8 $ 2,076.8 6.3 %
Net earned premiums $ 1,888.5 $ 1,898.9 (0.5 )%
Net investment income $ 225.6 $ 232.0 (2.8 )%
Operating income/(loss) after tax $ (66.1 ) $ 258.9 (125.5 )%
Net income/(loss) after tax $ (105.8 ) $ 312.7 (133.8 )%
Diluted net income/(loss) per share $ (1.82 ) $ 3.62 (150.3 )%
Diluted operating earnings/(loss) per share $ (1.26 ) $ 2.94 (142.9 )%
Annualized net income/(loss) return on equity (5.3 )% 11.2 %
Annualized operating return/(loss) on equity (3.7 )% 9.1 %
Combined ratio   115.6 %     96.7 %    
 

Chris O’Kane, Chief Executive Officer commented, “A combination of natural catastrophes and global economic uncertainty made 2011 a very difficult year for our industry. Aspen reported an operating loss of $1.26 per share and a book value of $38.43 per share for 2011, down 1.2% from year end 2010.

1 of 9

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,038.18 -60.27 -0.35%
S&P 500 2,000.09 -3.28 -0.16%
NASDAQ 4,588.4660 +8.1950 0.18%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs