Aspen jumps to third quarter profit

Aspen Insurance Holdings bounced back to a profit of $86 million in the third quarter after losing $161 million in the same period a year ago.

The company said it had net income for the nine months to September 30 of $305 milliuon and operating income of $270 million. 

Operating income for the quarter was $79 million. 

Mark Cloutier, executive chairman and group chief executive officer, commented: “Aspen’s focus on disciplined underwriting, careful portfolio management and operational efficiency has delivered an excellent result for the quarter, with the business achieving an adjusted combined ratio of 91.7% and operating income of $79 million, both significant improvements over the same period last year. 

“Our results also benefited from increased investment income, driven by a higher rate environment, as well as increased Aspen Capital Markets fee income which enhanced the quality of our earnings.”

He added: “Our objective is to drive continuous improvement in all aspects of our business. 

:It is encouraging to see our third quarter results add to the positive trends of the first half of 2023, achieving an adjusted combined ratio of 87.1% and annualised operating return on average equity of 20.7% for the nine months ended September 30, 2023. 

“As we move into 2024, we anticipate that market conditions will remain favourable in most of our classes.”