Aspen Insurance (AHL) Investor Presentation summary

Group overview and strategy

• Operates as a top quartile specialty (re)insurer, focused on underwriting profit and investment performance, with a diversified portfolio across insurance and reinsurance segments.

• Pursues a "One Aspen" strategy, leveraging deep trading relationships, multi-platform offerings, and a single view of risk to drive growth and manage volatility.

• Strategic goals center on sustained profitability, brand strength, and being an employer of choice, underpinned by a collaborative and innovative culture.

• Completed a comprehensive transformation post-Apollo acquisition in 2019, including leadership changes and operational enhancements.

Financial and operational highlights

• 2023 gross written premiums reached $4.0bn, with a 62% insurance and 38% reinsurance split.

• Achieved a 20.2% operating ROE and an 86.4% adjusted combined ratio in 2023, reflecting strong underwriting and risk management.

• H1 2024 gross written premium was $2.48bn, with annualized operating ROE at 18.7% and adjusted combined ratio at 86.5%.

• ACM fee income grew to $136m in 2023, with a 41% CAGR since 2018, and $68.3m in H1 2024.

• Total common equity stood at $2.6bn at year-end 2023, rising to $2.87bn including preferred shares by H1 2024.

Portfolio and risk management

• Maintains a diversified, multi-platform approach across U.S., U.K., Lloyd's, and Bermuda, matching risk with capital sources and supporting cross-class trades.

• Insurance segment focuses on niche, complex lines requiring deep expertise, with a 5-year GWP CAGR of 10%.

• Reinsurance segment is opportunistic, with a nimble strategy and a 7% 5-year GWP CAGR, optimizing property catastrophe exposure.

• Deep, long-standing trading partner relationships and a diversified ACM investor base support market access and capital flexibility.

• ACM enables risk placement across multiple lines, with 85% of fee income from non-CAT products and over 90% from long-term investor relationships.