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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.
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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