Aspen sees slight Q1 2017 profit fall

Aspen Insurance has reported that its net income after tax for the first quarter of 2017 came to $96.5 million, an 18.5 percent fall on the $114.4 million it made in the same period of 2016.

Operating income after tax also fell, going from $89.9 million in the first quarter of 2016 to $59.8 million in the first three months of 2017.

Gross written premiums for the period came to $998 million, an increase of 2.3 percent on the $975.7 million it wrote in the first three months of 2016.

Gross written reinsurance premiums for the first quarter came to $565.3 million, a 9.2 percent increase on the $517.6 it reported for the first quarter of the previous year.

However, gross written insurance premiums for the same period came to $432.7 million, a decrease of 5.5 percent on the $458.1 million it wrote in the first quarter of 2016.

Aspen CEO Chris O’Kane said: “Aspen recorded positive underwriting contributions from both our Insurance and Reinsurance businesses in the first quarter. At Aspen Insurance, we are focused on areas of expertise where we can provide our clients with the best service and capitalise on opportunities for profitable growth. Aspen Re’s diversified business model, strong client relationships and highly innovative solutions continue to provide a winning combination, resulting once again in strong results for the quarter.”