Aspen Insurance (AHL) investor relations material

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.