Aspen sees slight Q1 2017 profit fall
Aspen has announced that it made a second quarter 2017 profit of $75.8 million, up on the $64.9 million it made in the same period of 2016.
The second quarter results takes the company to a half-year net income figure of $172.3 million, a slight fall from the $179.3 million it reported for the first six months of 2016.
Gross written premiums for the second quarter of 2017 came to $822.1 million, an increase of 2.5 percent compared with $801.7 million in the second quarter of 2016.
Gross written premiums for the first half of the year increased by 2.4 percent to $1.82 billion in the first half of 2017 compared with $1.77 billion in the first half of 2016, whilst net written premiums decreased by 17.0 percent to $1.26 billion in the first half of 2017 compared with $1.5 billion in the first half of 2016. The retention ratio in the first half of 2017 was 69.5 percent compared with 85.8 percent in the first half of 2016.
“We continue to make progress in both Reinsurance and Insurance to enhance further our competitive position and profitability,” said CEO Chris O’Kane.
“With a strong regional network and deep local relationships, the Aspen Re team has been able to capture new opportunities and again deliver strong results in an operating environment that remains challenging. The Aspen Insurance team remains focused on lines that provide the best opportunities for long-term profitable growth such as Professional Liability, with its excellent track record of growth and strong underwriting performance.
“While our second quarter underwriting results reflected elevated loss levels in certain areas of the business, our investment performance contributed positively to diluted book value per share growth.”
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Aspen, Second quarter 2017 results, Chris O’Kane, Insurance, Reinsurance, Bermuda