Aspen Insurance (AHL) investor relations material

Executive summary

• Net income available to ordinary shareholders was $111 million ($1.21 per diluted share) for Q3 2025 and $166 million ($1.82 per diluted share) for the nine months ended September 30, 2025, with strong underwriting and investment results.

• Operating income reached $100 million ($1.08 per diluted share) in Q3 and $261 million ($2.86 per diluted share) for the nine months, reflecting improved underwriting discipline and cycle management.

• Combined ratio improved by 8.4 percentage points year-over-year to 86.8% in Q3, with adjusted combined ratio at 87.3%.

• Aspen Capital Markets fee income grew 6.4% in Q3 and 29.8% year-over-year for the nine months, reaching $146 million.

• Book value per ordinary share increased 20.9% year-over-year to $30.21 as of September 30, 2025.

Financial highlights

• Gross written premiums rose 0.9% in Q3 and 1.5% for the nine months year-over-year, driven by growth in U.S. Excess Casualty and Financial & Professional Lines, offset by reductions in Property lines.

• Underwriting income was $94 million in Q3 (up 186.1% year-over-year) and $222 million for the nine months.

• Net investment income was $82 million in Q3 and $238 million for the nine months, with total return on average cash and investments at 1.5% for Q3 and 5.0% for the nine months.

• Annualized operating return on average equity was 14.8% in Q3 and 13.5% for the nine months.

Outlook and guidance

• Management expects to deliver a mid-teens operating return on equity for the full year, maintaining focus on underwriting discipline and sustainable profitability.

• The acquisition by Sompo Group is expected to close in the first half of 2026, pending regulatory approval.