Aspen Reports Results for the Six Months Ended June 30, 2019
“While we are seeing rate and terms improving in some classes, particularly where there has been substantial withdrawal of capacity, we will continue to approach a number of the specialty classes cautiously as evidenced in the 5.9% reduction in gross written premium year on year.
“In my short period of time with Aspen I have come to appreciate the depth of talent and experience in the group and firmly believe we can show the right combination of entrepreneurialism and discipline the current market conditions and trends demand of us in order to build a successful business into the future.”
Operating highlights for the six months ended
- Gross written premiums decreased by 5.9% to
$1,854.4 million in the first half of 2019 compared with$1,970.6 million in the first half of 2018.
- Net written premiums increased by 7.6% to
$1,206.9 million in the first half of 2019 compared with$1,121.5 million in the first half of 2018. The retention ratio in the first half of 2019 was 65.1% compared with 56.9% in the first half of 2018.
- Loss ratio of 60.7% for the first half of 2019 compared with 58.9% for the first half of 2018. The loss ratio for the first half of 2019 included
$29.7 million , or 2.9 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries, compared with$42.4 million or 4.0 percentage points in the first half of 2018.
- Net favorable development on prior year loss reserves of
$9.1 million benefited the loss ratio by 0.9 percentage points in the first half of 2019, compared with net favorable development of$80.2 million which benefited the loss ratio by 7.6 percentage points in the first half of 2018.
- Accident year loss ratio excluding catastrophes of 58.7% for the first half of 2019 compared with 62.5% for the first half of 2018.
- Total expense ratio of 43.7% and total expense ratio (excluding non-operating expenses) of 37.7% for the first half of 2019 compared with 38.8% and 36.7%, respectively, for the first half of 2018. Non-operating expenses in the first half of 2019 were
$61.9 million compared with$21.2 million in the first half of 2018. Non-operating expenses in the first half of 2019 included$43.9 million of expenses related to or triggered by the transaction with affiliates of certain investment funds ("the Apollo Funds") affiliated with Apollo Global Management, LLC,$6.0 million of expenses related to the operational effectiveness and efficiency program and$12.0 million of expenses in relation to severance, amortization and other non-recurring costs.
- Net loss after tax of
$(37.3) million for the six months endedJune 30, 2019 compared with a net income of$16.1 million , for the six months endedJune 30, 2018 . The net loss includes$99.2 million of investment income, compared with$97.7 million for the first half of 2018, which was offset by the above-mentioned underwriting and expense movements, as well as$(58.2) million of net realized and unrealized investment losses largely attributable to net realized and unrealized gains and losses from interest rate swaps entered into in 2019, compared with net realized and unrealized investment losses of$(58.4) million in the first half of 2018. The net loss in the first half of 2019 also included$(27.0) million of net realized and unrealized foreign exchange losses compared with$(22.1) million of net realized and unrealized foreign exchange losses in the first half of 2018.
- Operating income after tax of
$101.8 million for the six months endedJune 30, 2019 compared with an operating income of$119.3 million for the six months endedJune 30, 2018 .
- Annualized net income return on average equity of (4.6)% and annualized operating return on average equity of 8.0% for the first half of 2019 compared with 0.1% and 8.8%, respectively, for the first half of 2018.
Segment highlights for the six months ended
- Insurance
- Gross written premiums of
$972.6 million , a decrease of 4.7% in the first half of 2019 compared with$1,021.1 million in the first half of 2018 primarily due to reductions in property and casualty insurance lines and marine, aviation and energy insurance lines, partially offset by growth in financial and professional insurance lines. - Net written premiums of
$522.3 million , an increase of 21.6% compared with$429.6 million in the first half of 2018. Net written premiums in the first half of 2019 were higher than 2018 primarily due to the changes to the ceded reinsurance program, which have resulted in a reduction in the proportion of business ceded on our financial and professional insurance lines. - Loss ratio of 62.5% compared with 59.5% in the first half of 2018. The loss ratio included pre-tax catastrophe losses of
$9.7 million , or 2.0 percentage points, net of reinsurance recoveries, in the first half of 2019 as a result of weather-related events. In the first half of 2018 pre-tax catastrophe losses totaled$17.5 million or 3.6 percentage points, net of reinsurance recoveries and reinstatement premiums, as a result ofU.S. weather related events. - Prior year net unfavorable reserve development of
$9.9 million increased the loss ratio by 2.0 percentage points in the first half of 2019. Prior year net favorable development of$41.3 million benefited the loss ratio by 8.6 percentage points in the first half of 2018. - Accident year loss ratio excluding catastrophes was 58.5% in the first half of 2019 compared with 64.5% in the first half of 2018, reflecting actions taken to enhance underwriting performance throughout the insurance segment.
- The accident year loss ratio excluding catastrophes from continuing lines in insurance was 55.4%.
- Gross written premiums of
- Reinsurance
- Gross written premiums of
$881.8 million , a decrease of 7.1% in the first half of 2019 compared with$949.5 million in the first half of 2018 primarily due to reductions in property catastrophe reinsurance, specialty reinsurance and casualty reinsurance. - Net written premiums of
$684.6 million , a decrease of 1.1% compared with$691.9 million in the first half of 2018. - Loss ratio of 59.2% compared with 58.4% in the first half of 2018. The loss ratio included pre-tax catastrophe losses of
$20.0 million or 3.6 percentage points, net of reinsurance recoveries in the first half of 2019 as a result of weather-related events. In the first half of 2018 pre-tax catastrophe losses totaled$24.9 million or 4.4 percentage points, net of reinsurance recoveries, including$3.9 million from Storm Friederike, and$21.0 million fromU.S. weather-related events. - Prior year net favorable reserve development of
$19.0 million benefited the loss ratio by 3.4 percentage points in the first half of 2019. Prior year net favorable development of$38.9 million benefited the loss ratio by 6.8 percentage points in the first half of 2018. - Accident year loss ratio excluding catastrophes was 59.0% in the first half of 2019 compared with 60.8% in the first half of 2018, reflecting improvement in the Casualty Reinsurance and Other Property Reinsurance lines of business.
- Excluding the impact from our
U.S. Agricultural business, the accident year loss ratio excluding catastrophes was 53.6%.
- Gross written premiums of
Investment performance
- Investment income of
$99.2 million for the six months endedJune 30, 2019 compared with$97.7 million for the six months endedJune 30, 2018 . - Net realized and unrealized investment losses reported in the statement of income of
$(58.2) million for the six months endedJune 30, 2019 consisted of a loss of$(120.5) million associated with the interest rate-swaps offsetting investment gains of$62.3 million primarily from the fixed income portfolio. In addition$146.8 million of unrealized investment gains were recognised through other comprehensive income in the six months endedJune 30, 2019 . - The total return on Aspen’s aggregate investment portfolio was 2.5% for the six months ended
June 30, 2019 and reflects net investment income, net realized and unrealized gains and losses mainly in the fixed income portfolio and losses associated with interest rate-swaps. - Aspen’s investment portfolio as at
June 30, 2019 consisted primarily of high quality fixed income securities with an average credit quality of “AA-”. The average duration of the fixed income portfolio was 1.37 years including the impact of interest rate swaps as atJune 30, 2019 . - Book yield on the fixed income portfolio as at
June 30, 2019 was 2.79% compared with 2.69% as atDecember 31, 2018 .
Capital and Debt
- Total shareholders’ equity was
$2,729.1 million as atJune 30, 2019 , an increase of$73.1 million compared with$2,656.0 million as atDecember 31, 2018 . - On
August 13, 2019 ,Aspen issued 10,000,000 Depositary Shares, each of which represents 1/1000th interest in a share ofAspen's newly designated 5.625% Perpetual Non-Cumulative Preference Shares (the “Preference Shares”). The Preference Shares have a liquidation preference of$25,000 per Preference Share, equivalent to$25 per Depositary Share (or$250 million in aggregate liquidation preference).Aspen intends to use the net proceeds from the offering to redeem all ofAspen's outstanding 6.00% Senior notes due 2020 and for general corporate purposes.
Earnings materials
The earnings press release and a detailed financial supplement will be published on Aspen’s website at www.aspen.co.
Aspen Insurance Holdings Limited Summary consolidated balance sheet (unaudited) $ in millions, except per share data |
|||||||||
|
As at 2019 |
|
As at 2018 |
||||||
|
|
|
|
||||||
ASSETS |
|
|
|
||||||
Total investments |
$ |
6,584.0 |
|
|
$ |
6,739.4 |
|
||
Cash and cash equivalents |
1,195.4 |
|
|
1,083.7 |
|
||||
Reinsurance recoverables |
2,885.8 |
|
|
2,636.4 |
|
||||
Premiums receivable |
1,516.2 |
|
|
1,459.3 |
|
||||
Other assets |
783.8 |
|
|
614.1 |
|
||||
|
Total assets |
$ |
12,965.2 |
|
|
$ |
12,532.9 |
|
|
|
|
|
|
||||||
LIABILITIES |
|
|
|
||||||
Losses and loss adjustment expenses |
$ |
6,782.7 |
|
|
$ |
7,074.2 |
|
||
Unearned premiums |
1,947.3 |
|
|
1,709.1 |
|
||||
Other payables |
1,081.3 |
|
|
668.9 |
|
||||
Long-term debt |
424.8 |
|
|
424.7 |
|
||||
|
Total liabilities |
$ |
10,236.1 |
|
|
$ |
9,876.9 |
|
|
|
|
|
|
||||||
SHAREHOLDERS’ EQUITY |
|
|
|
||||||
Total shareholders’ equity |
2,729.1 |
|
|
2,656.0 |
|
||||
Total liabilities and shareholders’ equity |
$ |
12,965.2 |
|
|
$ |
12,532.9 |
|
Aspen Insurance Holdings Limited Summary consolidated statement of income (unaudited) $ in millions, except ratios |
||||||||
|
Six Months Ended |
|||||||
|
|
|
|
|||||
UNDERWRITING REVENUES |
|
|
|
|||||
Gross written premiums |
$ |
1,854.4 |
|
|
$ |
1,970.6 |
|
|
Premiums ceded |
(647.5 |
) |
|
(849.1 |
) |
|||
Net written premiums |
1,206.9 |
|
|
1,121.5 |
|
|||
Change in unearned premiums |
(166.7 |
) |
|
(68.5 |
) |
|||
Net earned premiums |
1,040.2 |
|
|
1,053.0 |
|
|||
UNDERWRITING EXPENSES |
|
|
|
|||||
Losses and loss adjustment expenses |
631.9 |
|
|
620.6 |
|
|||
Amortization of deferred policy acquisition costs |
190.0 |
|
|
176.7 |
|
|||
General, administrative and corporate expenses |
202.1 |
|
|
210.0 |
|
|||
Total underwriting expenses |
1,024.0 |
|
|
1,007.3 |
|
|||
|
|
|
|
|||||
Underwriting income including corporate expenses |
16.2 |
|
|
45.7 |
|
|||
|
|
|
|
|||||
Net investment income |
99.2 |
|
|
97.7 |
|
|||
Interest expense |
(11.0 |
) |
|
(15.0 |
) |
|||
Other (expense) income |
(1.4 |
) |
|
0.1 |
|
|||
Total other revenue |
86.8 |
|
|
82.8 |
|
|||
|
|
|
|
|||||
Non-operating expenses (1) |
(61.9 |
) |
|
(21.2 |
) |
|||
Net realized and unrealized exchange (losses) (2) |
(27.0 |
) |
|
(22.1 |
) |
|||
Net realized and unrealized investment (losses) (3) |
(58.2 |
) |
|
(58.4 |
) |
|||
Realized (loss) on debt extinguishment |
— |
|
|
(8.6 |
) |
|||
(LOSS) INCOME BEFORE TAX |
(44.1 |
) |
|
18.2 |
|
|||
Income tax benefit (expense) |
6.8 |
|
|
(2.1 |
) |
|||
NET (LOSS) INCOME AFTER TAX |
(37.3 |
) |
|
16.1 |
|
|||
Dividends paid on ordinary shares |
— |
|
|
(28.6 |
) |
|||
Dividends paid on preference shares |
(15.2 |
) |
|
(15.2 |
) |
|||
Proportion due to non-controlling interest |
1.2 |
|
|
(0.3 |
) |
|||
Retained (loss) |
$ |
(51.3 |
) |
|
$ |
(28.0 |
) |
|
|
|
|
|
|||||
Loss ratio |
60.7 |
% |
|
58.9 |
% |
|||
Policy acquisition expense ratio |
18.3 |
% |
|
16.8 |
% |
|||
General, administrative and corporate expense ratio |
25.4 |
% |
|
22.0 |
% |
|||
General, administrative and corporate expense ratio (excluding non-operating expenses) |
19.4 |
% |
|
19.9 |
% |
|||
Expense ratio |
43.7 |
% |
|
38.8 |
% |
|||
Expense ratio (excluding non-operating expenses) |
37.7 |
% |
|
36.7 |
% |
|||
Combined ratio |
104.4 |
% |
|
97.7 |
% |
|||
Combined ratio (excluding non-operating expenses) |
98.4 |
% |
|
95.6 |
% |
(1) Non-operating expenses includes |
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts. |
(3) Includes the net realized and unrealized gains/(losses) from interest rate swaps. |
Aspen Insurance Holdings Limited Summary consolidated segment information (unaudited) $ in millions, except ratios |
||||||||||||
|
Six Months Ended |
|||||||||||
|
Reinsurance |
|
Insurance |
|
Total |
|||||||
|
|
|
|
|
|
|||||||
Gross written premiums |
$ |
881.8 |
|
|
$ |
972.6 |
|
|
$ |
1,854.4 |
|
|
Net written premiums |
684.6 |
|
|
522.3 |
|
|
1,206.9 |
|
||||
Gross earned premiums |
670.9 |
|
|
956.9 |
|
|
1,627.8 |
|
||||
Net earned premiums |
552.8 |
|
|
487.4 |
|
|
1,040.2 |
|
||||
Losses and loss adjustment expenses |
327.5 |
|
|
304.4 |
|
|
631.9 |
|
||||
Amortization of deferred policy acquisition expenses |
126.4 |
|
|
63.6 |
|
|
190.0 |
|
||||
General and administrative expenses |
59.9 |
|
|
116.3 |
|
|
176.2 |
|
||||
Underwriting income |
$ |
39.0 |
|
|
$ |
3.1 |
|
|
$ |
42.1 |
|
|
|
|
|
|
|
|
|||||||
Net investment income |
|
|
|
|
99.2 |
|
||||||
Net realized and unrealized investment (losses) (1) |
|
(58.2 |
) |
|||||||||
Corporate expenses |
|
|
|
|
(25.9 |
) |
||||||
Non-operating expenses (2) |
|
|
|
(61.9 |
) |
|||||||
Other expense |
|
|
|
|
(1.4 |
) |
||||||
Interest expense |
|
|
|
|
(11.0 |
) |
||||||
Net realized and unrealized foreign exchange (losses) (3) |
|
(27.0 |
) |
|||||||||
(Loss) before tax |
|
|
|
|
$ |
(44.1 |
) |
|||||
Income tax benefit |
|
|
|
|
6.8 |
|
||||||
Net (loss) |
|
|
|
|
$ |
(37.3 |
) |
|||||
Ratios |
|
|
|
|
|
|||||||
Loss ratio |
59.2 |
% |
|
62.5 |
% |
|
60.7 |
% |
||||
|
Policy acquisition expense ratio |
22.9 |
% |
|
13.0 |
% |
|
18.3 |
% |
|||
|
General and administrative expense ratio (4) |
10.8 |
% |
|
23.9 |
% |
|
25.4 |
% |
|||
|
General and administrative expense ratio (excluding non-operating expenses) (5) |
10.8 |
% |
|
23.9 |
% |
|
19.4 |
% |
|||
Expense ratio |
33.7 |
% |
|
36.9 |
% |
|
43.7 |
% |
||||
Expense ratio (excluding non-operating expenses) |
33.7 |
% |
|
36.9 |
% |
|
37.7 |
% |
||||
Combined ratio |
92.9 |
% |
|
99.4 |
% |
|
104.4 |
% |
||||
Combined ratio (excluding non-operating expenses) |
92.9 |
% |
|
99.4 |
% |
|
98.4 |
% |
||||
Accident Year Ex-cat Loss Ratio |
|
|
|
|
|
|||||||
Loss ratio |
59.2 |
% |
|
62.5 |
% |
|
60.7 |
% |
||||
Prior year loss development |
3.4 |
% |
|
(2.0 |
)% |
|
0.9 |
% |
||||
Catastrophe losses |
(3.6 |
)% |
|
(2.0 |
)% |
|
(2.9 |
)% |
||||
Accident year ex-cat loss ratio |
59.0 |
% |
|
58.5 |
% |
|
58.7 |
% |
(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps. |
(2) Non-operating expenses includes |
(3) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts. |
(4) The total group general and administrative expense ratio includes the impact from corporate expenses and non-operating expenses. |
(5) The total group general and administrative expense ratio includes the impact from corporate expenses. |
Aspen Insurance Holdings Limited |
The following table presents supplementary financial performance information regarding our two reporting segments, Reinsurance and Insurance, and is included to show further details of the segmental information found on the previous page. |
|
Six Months Ended |
|||||||||||||||||||
|
Reinsurance |
|
Insurance |
|||||||||||||||||
|
Reinsurance |
Agricultural |
Reinsurance Total |
|
Insurance |
Legacy (1) |
Insurance Total |
|||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Gross written premiums |
$ |
748.7 |
|
$ |
133.1 |
|
$ |
881.8 |
|
|
$ |
936.9 |
|
$ |
35.7 |
|
$ |
972.6 |
|
|
Net written premiums |
562.8 |
|
121.8 |
|
684.6 |
|
|
507.7 |
|
14.6 |
|
522.3 |
|
|||||||
Gross earned premiums |
589.3 |
|
81.6 |
|
670.9 |
|
|
881.8 |
|
75.1 |
|
956.9 |
|
|||||||
Net earned premiums |
475.2 |
|
77.6 |
|
552.8 |
|
|
447.1 |
|
40.3 |
|
487.4 |
|
|||||||
Losses and loss adjustment expenses |
254.0 |
|
73.5 |
|
327.5 |
|
|
270.0 |
|
34.4 |
|
304.4 |
|
|||||||
Amortization of deferred policy acquisition expenses |
118.0 |
|
8.4 |
|
126.4 |
|
|
58.6 |
|
5.0 |
|
63.6 |
|
|||||||
General and administrative expenses |
59.9 |
|
— |
|
59.9 |
|
|
105.9 |
|
10.4 |
|
116.3 |
|
|||||||
Underwriting income (loss) |
$ |
43.3 |
|
$ |
(4.3 |
) |
$ |
39.0 |
|
|
$ |
12.6 |
|
$ |
(9.5 |
) |
$ |
3.1 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Ratios |
|
|
|
|
|
|
|
|||||||||||||
Loss ratio |
53.5 |
% |
94.7 |
% |
59.2 |
% |
|
60.4 |
% |
85.4 |
% |
62.5 |
% |
|||||||
|
Policy acquisition expense ratio |
24.8 |
% |
10.8 |
% |
22.9 |
% |
|
13.1 |
% |
12.4 |
% |
13.0 |
% |
||||||
|
General and administrative expense ratio |
12.6 |
% |
0.0 |
% |
10.8 |
% |
|
23.7 |
% |
25.8 |
% |
23.9 |
% |
||||||
Expense ratio |
37.4 |
% |
10.8 |
% |
33.7 |
% |
|
36.8 |
% |
38.2 |
% |
36.9 |
% |
|||||||
Combined ratio |
90.9 |
% |
105.5 |
% |
92.9 |
% |
|
97.2 |
% |
123.6 |
% |
99.4 |
% |
|||||||
Accident Year Ex-cat Loss Ratio |
|
|
|
|
|
|
|
|||||||||||||
Loss ratio |
53.5 |
% |
94.7 |
% |
59.2 |
% |
|
60.4 |
% |
85.4 |
% |
62.5 |
% |
|||||||
Prior year loss development |
4.3 |
% |
(1.5 |
)% |
3.4 |
% |
|
(2.8 |
)% |
6.9 |
% |
(2.0 |
)% |
|||||||
Catastrophe losses |
(4.2 |
)% |
— |
% |
(3.6 |
)% |
|
(2.2 |
)% |
— |
% |
(2.0 |
)% |
|||||||
Accident year ex-cat loss ratio |
53.6 |
% |
93.2 |
% |
59.0 |
% |
|
55.4 |
% |
92.3 |
% |
58.5 |
% |
________________ |
||
(1)
|
Legacy includes business we have recently ceased to underwrite, such as aviation insurance, Lloyd's marine hull insurance and |
About Aspen Insurance Holdings Limited
As of
For more information about
(1) Cautionary Statement Regarding Forward-Looking Statements
This press release may contain written “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are made pursuant to the “safe harbor” provisions of The Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts. In particular, statements using the words such as “expect,” “intend,” “plan,” “believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “predict,” “potential,” “on track” or their negatives or variations and similar terminology and words of similar import generally involve forward-looking statements.
All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and that are subject to a number of uncertainties, assumptions and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such forward-looking statements.
The inclusion of forward-looking statements in this press release or any other communication should not be considered as a representation by
In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. The actuarial range of reserves and management’s best estimate represents a distribution from our internal capital model for reserving risk based on our current state of knowledge and explicit and implicit assumptions relating to the incurred pattern of claims, the expected ultimate settlement amount, inflation and dependencies between lines of business. Due to the complexity of factors contributing to losses and the preliminary nature of the information used to prepare estimates, there can be no assurance that Aspen’s ultimate losses will remain within the stated amounts.
Basis of Preparation
Non-GAAP Financial Measures
In presenting Aspen’s results, management has included and discussed certain “non-GAAP financial measures.” Management believes these non-GAAP financial measures, which may be defined differently by other companies, better explain Aspen’s results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP.
Operating Income is a non-GAAP financial measure. Operating income is an internal performance measure used by
|
|
Six Months Ended |
|||||||
(in US$ millions except where stated) |
|
|
|
|
|||||
|
|
|
|
|
|||||
(Loss)/income before tax as reported |
|
$ |
(44.1 |
) |
|
$ |
18.2 |
|
|
|
|
|
|
|
|||||
Add (deduct) non-operating expenses |
|
|
|
|
|||||
|
Net foreign exchange losses |
|
27.0 |
|
|
22.1 |
|
||
|
Net realized losses on investments |
|
58.2 |
|
|
58.4 |
|
||
|
Net realized loss on debt extinguishment |
|
— |
|
|
8.6 |
|
||
|
Non-operating expenses |
|
61.9 |
|
|
21.2 |
|
||
Operating income before tax |
|
103.0 |
|
|
128.5 |
|
|||
Tax expense/(benefit) on operating income |
|
(1.2 |
) |
|
(9.2 |
) |
|||
Operating income after tax |
|
$ |
101.8 |
|
|
$ |
119.3 |
|
Accident Year Loss Ratio Excluding Catastrophes is a non-GAAP financial measure.
Retention ratio is a non-GAAP financial measure and is calculated by dividing net written premiums by gross written premiums.
Combined Ratio Excluding Non-Operating Expenses is the sum of the loss ratio and the expenses ratio excluding non-operating expenses. The loss ratio is calculated by dividing losses and loss adjustment expenses by net premiums earned. The expense ratio (excluding non-operating expenses) is calculated by dividing the sum of amortization and deferred policy acquisition costs and general, administrative, and corporate expenses excluding non-operating expenses, by net premiums earned.
Combined |
Six Months Ended |
|||||
(in US$ millions except where stated) |
|
|
||||
|
|
|
||||
Numerator: Sum of: |
|
|
||||
Losses and loss adjustment expenses |
631.9 |
|
620.6 |
|
||
Amortization and deferred policy acquisition costs |
190.0 |
|
176.7 |
|
||
General, administrative and corporate expenses |
202.1 |
|
210.0 |
|
||
Non-operating expenses |
61.9 |
|
21.2 |
|
||
Numerator total |
1,085.9 |
|
1,028.5 |
|
||
|
|
|
||||
Denominator: Net earned premiums |
1,040.2 |
|
1,053.0 |
|
||
|
|
|
||||
Combined ratio |
104.4 |
% |
97.7 |
% |
||
|
|
|
||||
Adjustments to numerator: |
|
|
||||
Exclude non-operating expenses |
(61.9 |
) |
(21.2 |
) |
||
Numerator total - excluding non-operating expenses |
1,024.0 |
|
1,007.3 |
|
||
|
|
|
||||
Combined ratio (excluding non-operating expenses) |
98.4 |
% |
95.6 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20190815005614/en/
[email protected]
+44 20 7184 8760
Source: Aspen Insurance Holdings Limited
AM Best Downgrades Credit Ratings of Westminster American Insurance Company
An Inconvenient Truth (Opportunity) For Financial Advisors
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News