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Aspen Insurance (AHL) investor relations material

Aspen Insurance Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary8 Aug, 2025

Executive summary

  • Achieved strong Q2 2025 results with 13.6% YoY operating income growth and 17.2% annualized operating ROE, supported by disciplined underwriting and investment performance.

  • Adjusted combined ratio improved by 3.6 points YoY to 85.1%, with further improvement to 84.3% excluding LPT impact.

  • S&P upgraded ratings outlook to positive in May 2025, citing improved performance, capital strength, and lower earnings volatility.

  • Aspen Capital Markets fee income grew 53.5% YoY to $53.4M, with third-party capital supporting the platform rising to $2.4B.

  • Continued focus on niche specialty insurance and reinsurance, leveraging the One Aspen strategy and Aspen Capital Markets for risk management and fee income.

Financial highlights

  • Operating income reached $111M ($1.22 per share), up 13.6% YoY.

  • Book value per share grew 23.6% YoY to $28.81 as of June 30, 2025; excluding AOCI, up 12.4% to $31.4.

  • Gross written premiums were $1.24B, down 0.9% YoY due to reinsurance segment decrease, offset by insurance growth.

  • Net investment income was $80.5M, slightly down from $82.5M YoY, with a fixed income book yield of 4.4%.

  • Underwriting income for Q2 was $100M, up 25% YoY; adjusted underwriting income was $106M, up 12.8%.

Outlook and guidance

  • Expect ACM fee income growth to outpace GWP into 2026, then track GWP growth.

  • Retention ratio projected at ~60% long-term, reflecting planned ceded placements.

  • Focus remains on mid-teens operating ROE, disciplined risk selection, and capital stewardship.

  • Management is expanding Aspen Capital Markets, investing in technology, and deepening customer relationships.

  • Insurance and reinsurance segments expected to grow selectively, with long-tail lines outpacing short-tail in near term.

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Frequently asked questions

Aspen Insurance Holdings Limited is a Bermuda-based specialty insurance and reinsurance company. The company provides coverage in areas such as property, casualty, marine, energy, and financial institutions. It operates globally through a network of subsidiaries and underwriters, offering risk management solutions for complex exposures. It is headquartered in Hamilton, Bermuda, and its shares are listed on the NYSE.

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