Aspen Insurance (AHL) Q1 2025 earnings summary

Executive summary

• Gross written premiums rose to $1,287.2M for Q1 2025, up from $1,231.4M year-over-year.

• Net income available to ordinary shareholders dropped to $19.9M from $98.2M year-over-year.

• Operating income (non-GAAP) was $50.4M, down from $103.4M in Q1 2024.

• Preference shares totaling $275M were redeemed in January 2025, impacting shareholders' equity.

Financial highlights

• Net earned premiums increased to $702.7M from $665.7M year-over-year.

• Net investment income was $75.9M, nearly flat compared to $76.8M last year.

• Underwriting income fell to $27.2M from $89.5M; adjusted underwriting income was $36.2M, down from $90.9M.

• Combined ratio deteriorated to 96.1% from 86.6%; adjusted combined ratio rose to 94.8% from 86.3%.

• Catastrophe loss ratio increased to 13.0% from 4.9% year-over-year.

Outlook and guidance

• Forward-looking statements highlight exposure to natural disasters, climate change, inflation, and market cycles as key uncertainties.

• LPT contract continues to provide protection against adverse reserve development for 2019 and prior accident years.