Aspen Reports Results for the Three and Nine Months Ended September 30, 2023

Consolidated Highlights for the Three and Nine Months Ended September 30, 2023

1. Operating income, annualized operating retuon average equity, adjusted combined ratio and annualized total investment retuare non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable U.S. GAAP financial measures and a discussion of the rationale for the presentation of these items is provided later in this press release.

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Aspen Group Consolidated Results

Aspen is a specialty (re)insurer focused on total shareholder value creation. Our 'One Aspen' approach is designed to provide bespoke solutions to complex issues by bringing together our expertise spanning different lines of business, segments and platforms, enabling us to develop enhanced and differentiated offerings to our distribution partners and customers. We are organized across two segments: Insurance and Reinsurance. We adopt a dynamic capital allocation approach, utilizing our platforms across the U.S., U.K., Lloyd's and Bermuda to match risk with the most appropriate source of capital. In addition, through our Aspen Capital Markets team, Aspen generates fee income, which benefits our underwriting results, by offering investors access to Aspen's specialty insurance and reinsurance portfolios.

Significant improvement in underwriting and investment performance drove results for the Three and Nine Months Ended September 30, 2023.

Consolidated Highlights for the Three Months Ended September 30, 2023

• Net income attributable to common shareholders increased by $245 million to $73 million, driven by strong improvement in underwriting results, improved investment income and lower net realized and unrealized investment and foreign exchange gains/losses.
• Operating income increased to $79 million in the quarter, with Aspen achieving an annualized operating retuon average equity of 17.6%.
• Underwriting income increased to $48 million, resulting in a 17.6 percentage point improvement in the combined ratio to 92.7%.
• Adjusted underwriting income increased to $55 million, resulting in a 14.3 percentage point improvement in the adjusted combined ratio to 91.7%.
• Management's planned initiatives to mitigate exposure as part of our continued portfolio optimization, including our decision to reduce writing certain programs, partially offset by strong new business activity in continuing lines and rate increases, resulted in $128 million lower gross written premiums.
• Increased investment income reflects higher interest rates and reinvestment of maturing assets into higher yielding core fixed income assets.

Consolidated Highlights for the Nine Months Ended September 30, 2023

• Net income attributable to common shareholders increased significantly to $269 million, driven by strong improvement in underwriting results, improved investment income and lower net realized and unrealized investment and foreign exchange gains/losses.
• Operating income increased to $270 million in the period, with Aspen achieving an annualized operating retuon average equity of 20.7%.
• Underwriting income increased to $256 million, resulting in an 8.9 percentage point improvement in the combined ratio to 86.8%.
• Adjusted underwriting income increased to $251 million resulting in an 8.5 percentage point improvement in the adjusted combined ratio to 87.1%.
• Continued growth in capital sourced by Aspen Capital Markets to $1.5 billion as at September 30, 2023 resulted in a 25% increase in fee income to $92 million.
• Corporate and other expenses increased by $15 million due to higher letter of credit fees and non-recurring project costs associated with improving our operating model, partially offset by favorable general and administrative expenses allocated to underwriting activities.
• Interest expense increased by $18 million in the period, due to interest costs on the funds withheld account on the Loss Portfolio Transfer contract with an affiliate of Enstar Group Limited ("Enstar") ("LPT" or the "LPT contract").
• Tax expense increased by $31 million to $41 million in the period, driven by higher pre-tax profits in our taxable jurisdictions.

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Insurance Segment

Operating highlights for the Three and Nine Months Ended September 30, 2023

1. Adjusted loss and loss adjustment expenses, adjusted underwriting income/(loss), adjusted loss ratio and adjusted combined ratio are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable U.S. GAAP financial measures are shown above and a discussion of the rationale for the presentation of these items is provided later in this press release.
2. Impact of the LPT and changes in retroactive reinsurance represents the net impact of changes in the deferral of a portion of loss recoveries on 2019 and prior accident year loss development as per accounting requirements for retroactive reinsurance under U.S. GAAP.

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Insurance Segment Results

Aspen Insurance operates on a global and regional product basis, delivers service excellence from underwriting through to claims, thereby transforming risk for our customers into opportunities. Aspen Insurance focuses on market segments with high barriers to entry that require bespoke underwriting expertise and customized solutions to address client needs. Aspen Insurance has long-standing partnerships with brokers, and our responsiveness and innovative mind-set make us an ideal partner to deliver effective risk management solutions. Aspen Insurance is organized into four portfolios of business: Financial and Professional Lines; Casualty and Liability Lines, First Party Lines and Specialty Lines.

During 2023, Aspen Insurance has continued its focus on disciplined underwriting, reducing exposure concentration and operational efficiency.

Insurance Segment Highlights for the Three Months Ended September 30, 2023

• Underwriting income increased by $63 million to $(5) million (adjusted underwriting income increased by $36 million to $32 million).
• Gross written premiums increased by $14 million or 2%, primarily due to strong new business activity within financial and professional lines, partially offset by our decision to reduce writing certain programs within our casualty and liability insurance portfolio.
• The adjusted loss ratio improved by 5.2 percentage points, driven by reduced catastrophe losses and a reduction in adverse development on prior years' losses, partially offset by increased provisions in our current accident year loss ratios to proactively recognize the potential impact of higher economic uncertainty and inflation as well as the impact in business mix changes.
• The adverse impact of the LPT of $37 million represents the net impact of changes in the deferral of a portion of loss recoveries on 2019 and prior accident year loss development as per accounting requirements for retroactive reinsurance under U.S. GAAP.
• Increased cessions to Aspen Capital Markets resulted in increased fee income which, combined with the exiting of programs with higher acquisition cost ratios, contributed to the 3.1 percentage point reduction of the insurance segment's acquisition cost ratio to 10.7%.

Insurance Segment Highlights for the Nine Months Ended September 30, 2023

• Underwriting income increased by $42 million to $93 million (adjusted underwriting income increased by $15 million to $117 million).
• Increased cessions to Aspen Capital Markets resulted in increased fee income which, combined with the exiting of programs with higher acquisition cost ratios, contributed to a 1.4 percentage point reduction in the insurance segment's acquisition cost ratio.
• Our strategy to reduce property exposure in our insurance segment helped to limit the impact of industry catastrophe events during 2023, reducing the loss ratio by 2.6 percentage points with prior year heavily impacted by Hurricane Ian. This has been partially offset by increased provisions in our current accident year loss ratios to proactively recognize the potential impact of higher economic uncertainty and inflation, the impact of business mix changes and an increase in estimated claims handling costs.

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Reinsurance Segment

Operating highlights for the Three and Nine Months Ended September 30, 2023

1. Adjusted loss and loss adjustment expenses, adjusted underwriting income/(loss), adjusted loss ratio and adjusted combined ratio are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable U.S. GAAP financial measures are shown above and a discussion of the rationale for the presentation of these items is provided later in this press release.
2. Impact of the LPT and changes in retroactive reinsurance represents the net impact of changes in the deferral of a portion of loss recoveries on 2019 and prior accident year loss development as per accounting requirements for retroactive reinsurance under U.S. GAAP.

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Reinsurance Segment Results

Aspen Reinsurance offers a full suite of products organized around core products Property, Casualty and Specialty. Through our highly experienced underwriting teams which are supported by claims, modelling and actuarial functions, we have developed enduring relationships with our clients. We also provide innovative solutions to risk including utilizing Aspen Capital Markets to access additional third-party capital.

During 2023, Aspen Reinsurance has continued to focus on disciplined underwriting, reducing and repositioning our property catastrophe exposures.

Reinsurance Segment Highlights for the Three Months Ended September 30, 2023

• Underwriting income increased by $55 million to $53 million (adjusted underwriting income increased by $60 million to $22 million)
• Repositioning of the portfolio into higher attachment points and significant rate increase helped reduce the loss ratio which fell by 18.5 percentage points compared with prior year, with an improvement of 29.4 percentage points on the catastrophe loss ratio (note that the prior period was notably impacted by Hurricane Ian). This was partially offset by a higher attritional loss in the current year and lower favorable prior years' reserve development compared to the prior year.
• The favorable impact of the LPT of $30 million represents the deferral of a portion of loss recoveries on 2019 and prior accident year loss development as per accounting requirements for retroactive reinsurance under U.S. GAAP.
• Management's planned initiatives to reduce exposure as part of our continued portfolio optimization resulted in lower gross written premiums, primarily related to reductions in mortgage and property pro rata business as well as our previously announced exit from space, aviation, and bloodstock. These planned reductions were partially offset by strong rate increases.

Reinsurance Segment Highlights for the Nine Months Ended September 30, 2023

• Underwriting income increased by $128 million to $163 million (adjusted underwriting income increased by $147 million to $134 million).
• Management's planned initiatives to reduce exposure as part of our continued portfolio optimization led to a decrease in gross written premiums of $312 million, or 20%, primarily related to reductions in mortgage and property pro rata business as well as our previously announced exit from space, aviation, and bloodstock. These planned reductions were partially offset by strong rate increases.
• Net catastrophe exposure have been further reduced through increased cessions to Aspen Capital Markets on our property reinsurance lines, with premiums ceded to reinsurers as a percentage of gross written premium in the period, increasing to 30% compared with 22% in the prior period.
• The catastrophe loss ratio improved by 14.4 percentage points due to lower catastrophe losses in the period. The prior period catastrophe losses were adversely impacted, primarily due to Hurricane Ian, by $102 million.
• The acquisition cost ratio improved by 1.4 percentage points due to changes in business mix, partially offset by an increase in profit commissions due to favorable loss performance.

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Investment performance

1. Includes net unrealized gains of $6.8 million for the quarter (2022 - $(52.0) million), and $28.6 million gains for the nine months ended September 30, 2023 (2022 - $(142.9) million).
2. The tax impact of the change in unrealized gains/(losses) on available for sale investments was an expense of $0.2 million for the quarter (2022 - $24.9 million), and an expense of $1.8 million for the nine months ended September 30, 2023 (2022 - benefit of $4.6 million).
3. • Net investment income of $78 million in the quarter, increased by $30 million, or 63%, compared to the third quarter of 2022, as a result of active repositioning of our investments to take advantage of higher interest rates.
   • Net unrealized gains/(losses) on available for sale investments recognized as other comprehensive income was a loss of $45 million for the three months ended September 30, 2023. The change in net realized and unrealized investment gains and losses is a result of valuation changes, predominantly driven by the higher interest rates in the quarter.
   • The total return, pre-tax, on Aspen's cash and investments was 1.7% in the quarter, compared to (7.9)% in the third quarter of 2022, and reflects the increase in net investment income and the impact of changes in net realized and unrealized gains and losses.
   • The sovereign downgrade of the U.S. Government by Fitch Ratings in August 2023, affected approximately 40% of the core fixed income portfolio. As a result, Aspen's average credit rating of the fixed income securities reduced to "A+" as of September 30, 2023.

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Shareholders' equity and debt

• Total shareholders' equity was $2,535 million as of September 30, 2023, an increase of $197 million, compared with $2,358 million as of December 31, 2022. This is primarily due to net income of $305 million, partially offset by ordinary and preference dividends totaling $76 million and other comprehensive loss of $52 million primarily in relation to valuation changes related to investments classified as available for sale.
• On November 9, 2023, Aspen drew down on the $300 million term loan facility and the proceeds were used to settle the $300 million 4.65% Senior Notes due November 15, 2023.

Earnings materials

The earnings press release for the three and nine months ended September 30, 2023 will be published on Aspen's website at www.aspen.co.

For further information please contact

Marc MacGillivray, Chief Accounting Officer [email protected]

+44 20 7184 8455

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Aspen Insurance Holdings Limited

Summary condensed consolidated balance sheet (unaudited) $ in millions

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