Aspen reports Q2 net income of $36 million
Aspen Insurance Holdings Limited has reported half year net income available to ordinary shareholders of $55 million, down from the same period last year when the company made $153.5 million.
Second quarter net income available to ordinary shareholders was also down to $35.5 million from last year’s second quarter of $55.3 million
Mark Cloutier, executive chairman and group chief executive officer, commented: “Aspen delivered a strong performance for the second quarter, with both of our earnings engines contributing to growth in our operating income and an improvement in our adjusted combined ratio in the context of evolving market dynamics.
“These results – our first quarter since our IPO – continue to demonstrate the strength and consistency of Aspen’s performance which, alongside lower earnings volatility and an improved capital position, were recognized by S&P in May this year with an upgrade of our ratings outlook to positive from stable.
“Aspen’s nimble yet disciplined approach and multi-platform capabilities allow us to deliver much-needed solutions for our customers and trading partners while maintaining a profitable and well-balanced portfolio across market cycles.
“Looking forward, we remain confident that we have the business mix, risk appetite, market standing and culture to achieve sustainable growth and deliver shareholder value as a top quartile specialty (insurer and) reinsurer across market cycles.”
Christian Dunleavy, group president, said: “Aspen’s strong underwriting performance across both insurance and reinsurance in the second quarter is a testament to our continued focus on building a well-balanced portfolio, our disciplined risk selection, and our ability to allocate risk across platforms in competitive market conditions.
“Fee income from Aspen Capital Markets delivered strong growth through the last quarter, providing underwriting expertise to third-party capital investors while also enabling Aspen to further manage net exposures and volatility within our portfolio.
“We remain on track to deliver mid-teens operating return on equity and will continue to focus on deploying our specialty expertise, further deepening our customer and trade relationships, growing Aspen Capital Markets, and investing in the technology and tools that will make us even better risk allocators.
“By concentrating our efforts on total value creation and sustainable profitability, we are confident that Aspen has the resilience, strategy and positioning to succeed across market cycles.”
• For more on Aspen Q2 results, see Related Media
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