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Aspen Reports Results For The Quarter Ended March 31, 2012

The recording will be also available at www.aspen.co.

 

Aspen Insurance Holdings Limited

Summary consolidated balance sheet (unaudited)

$ in millions, except per share data

 
       

As at

March 31,

2012

     

As at

December 31,

2011

     
ASSETS
Total investments $ 6,497.1 $ 6,335.1
Cash and cash equivalents 1,173.3 1,239.1
Reinsurance recoverables 630.7 514.4
Premiums receivable 1,061.2 894.4
Other assets (1)   504.9         477.5
Total assets $ 9,867.2       $ 9,460.5
 
LIABILITIES
Losses and loss adjustment expenses $ 4,585.7 $ 4,525.2
Unearned premiums 1,146.3 916.1
Other payables 425.3 364.2
Long-term debt   499.0         499.0
Total liabilities 6,656.3 6,304.5
 
SHAREHOLDERS’ EQUITY
Total shareholders’ equity (1)   3,210.9         3,156.0
Total liabilities and shareholders’ equity (1) $ 9,867.2       $ 9,460.5
 
Book value per share (1) $ 39.96 $ 39.66
Diluted book value per share (treasury stock method) (1) $ 38.58       $ 38.21
 

(1) See provision of ASU 2010-26 on page 12

 
 

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except share, per share data and ratios

 
        Three Months Ended

March 31, 2012

   

March 31, 2011 (1)

UNDERWRITING REVENUES    
Gross written premiums $ 782.1 $ 671.3
Premiums ceded   (148.6 )       (161.7 )
Net written premiums 633.5 509.6
Change in unearned premiums   (138.1 )       (57.2 )
Net earned premiums   495.4         452.4  
UNDERWRITING EXPENSES
Losses and loss adjustment expenses 284.0 528.9
Policy acquisition expenses 96.1 81.4
General, administrative and corporate expenses   84.8         62.5  
Total underwriting expenses   464.9         672.8  
Underwriting income/(loss) including corporate expenses   30.5         (220.4 )
OTHER OPERATING REVENUE
Net investment income 52.4 55.5
Interest expense   (7.7 )       (7.7 )
Total other operating revenue   44.7         47.8  
 
Other income   (0.3 )       (8.1 )
OPERATING INCOME/(LOSS) BEFORE TAX 74.9 (180.7 )
OTHER
Net realized and unrealized exchange gains 3.7 2.9
Net realized and unrealized investment gains   5.5         8.5  
INCOME/(LOSS) BEFORE TAX 84.1 (169.3 )
Income taxes (expense)/benefit   (5.4 )       16.5  
NET INCOME/(LOSS) AFTER TAX 78.7 (152.8 )
Dividends paid on ordinary shares (10.6 ) (10.6 )
Dividends paid on preference shares (5.7 ) (5.7 )
Proportion due to non-controlling interest   0.1         0.2  
Retained income/(loss) $ 62.5       $ (168.9 )
Components of net income (after tax)
Operating income/(loss) $ 70.5 $ (161.7 )
Net realized and unrealized exchange gains after tax 3.0 1.8
Net realized investment gains after tax   5.2         7.1  
NET INCOME/(LOSS) AFTER TAX $ 78.7       $ (152.8 )
 
Loss ratio 57.3 % 116.9 %
Policy acquisition expense ratio 19.4 % 18.0 %
General, administrative and corporate expense ratio 17.1 % 13.8 %
Expense ratio 36.5 % 31.8 %
Combined ratio   93.8 %       148.7 %
 

(1) See provision of ASU 2010-26 on page 12

 
 

        Aspen Insurance Holdings Limited

        Summary consolidated financial data (unaudited)

        $ in millions, except share, per share data and ratios

 
            Three Months Ended

March 31,

2012

     

March 31,

2011 (1)

Basic earnings per ordinary share      
Net income/(loss) adjusted for preference share dividend $ 1.03 $ (2.25 )
Operating income/(loss) adjusted for preference dividend $ 0.92 $ (2.38 )
Diluted earnings per ordinary share
Net income/(loss) adjusted for preference share dividend $ 0.99 $ (2.25 )
Operating income/(loss) adjusted for preference dividend $ 0.88 $ (2.38 )
Weighted average number of ordinary shares outstanding (in millions) 70.944 70.552

(2)

Weighted average number of ordinary shares outstanding and

dilutive potential ordinary shares (in millions)

73.832 70.552

(2)

 

Book value per ordinary share

$ 39.96 $ 37.96
Diluted book value (treasury stock method) $ 38.58 $ 36.48
Ordinary shares outstanding at end of the period (in millions) 71.496 70.731

Ordinary shares outstanding and dilutive potential ordinary shares

at end of the period (treasury stock method) (in millions)

74.064 73.559
           
 
(1) See provision of ASU 2010-26 on page 12.
 

(2) The basic and diluted number of ordinary shares for the three months ended March 31, 2011 used in the above table

is the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.

 
 

        Aspen Insurance Holdings Limited

        Summary consolidated segment information (unaudited)

        $ in millions, except ratios

 
        Three Months Ended March 31, 2012       Three Months Ended March 31, 2011
Reinsurance     Insurance     Total Reinsurance     Insurance     Total
               
Gross written premiums $ 474.2 $ 307.9 $ 782.1 $ 437.1 $ 234.2 $ 671.3
Net written premiums 429.5 204.0 633.5 388.4 121.2 509.6
Gross earned premiums 290.2 266.9 557.1 284.8 224.0 508.8
Net earned premiums 271.0 224.4 495.4 272.0 180.4 452.4
Losses and loss adjustment expenses 135.6 148.4 284.0 410.1 118.8 528.9
Policy acquisition expenses 51.8 44.3 96.1 49.4 32.0 81.4
General and administrative expenses (1)   29.0         41.4         70.4     25.0         29.8         54.8  
Underwriting income/(loss) (1) $ 54.6       $ (9.7 ) 44.9 $ (212.5 )     $ (0.2 ) (212.7 )
 
Net investment income 52.4 55.5
Net investment gains (2) 5.5 8.5
Corporate expenses (14.4 ) (7.7 )
Other income/(expenses) (0.3 ) (8.1 )
Interest expenses (7.7 ) (7.7 )
Net foreign exchange gains (3)   3.7     2.9  
Income/(loss) before tax 84.1 (169.3 )
Income tax (expense)/benefit   (5.4 )   16.5  

Net income/(loss) (1)

$ 78.7   $ (152.8 )
 
Ratios
Loss ratio 50.0 % 66.1 % 57.3 % 150.8 % 65.9 % 116.9 %
  Policy acquisition expense ratio 19.1 % 19.7 % 19.4 % 18.2 % 17.7 % 18.0 %
General and administrative expense ratio (1, 4) 10.7 % 18.4 % 17.1 % 9.2 % 16.5 % 13.8 %
Expense ratio (1) 29.8 % 38.1 % 36.5 % 27.4 % 34.2 % 31.8 %
Combined ratio (1)   79.8 %       104.2 %       93.8 %         178.2 %       100.1 %       148.7 %
 
(1) See provision of ASU 2010-26 on page 12.
(2) Includes realized and unrealized capital gains and losses and realized and unrealized gains and losses on interest rate swaps.
(3) Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts.
(4) The total group general and administrative expense ratio includes the impact from corporate expenses.
 

About Aspen Insurance Holdings Limited

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2011, Aspen reported $9.5 billion in total assets, $4.5 billion in gross reserves, $3.2 billion in shareholders’ equity and $2.2 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard & Poor’s, an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody’s Investors Service.

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