Aspen Reports Results for the Three and Twelve Months Ended December 31, 2024

Net Income Available to Ordinary Shareholders of $235 million and Operating Income** of $145 million for the Three Months Ended December 31, 2024

Net Income Available to Ordinary Shareholders of $431 million and Operating Income** of $433 million for the Twelve Months Ended December 31, 2024

Annualized Operating Return on Average Equity** of 24.8% and Adjusted Combined Ratio** of 83.4% for the Three Months Ended December 31, 2024

Operating Return on Average Equity** of 19.4% and Adjusted Combined Ratio** of 86.8% for the Twelve Months Ended December 31, 2024

Aspen Insurance Holdings Limited (“Aspen,” the “Company,” “we,” or “us”) today reported results for the three and twelve months ended December 31, 2024.

Mark Cloutier, Executive Chairman and Group Chief Executive Officer, commented: “2024 has seen Aspen deliver yet another excellent set of results driven by healthy performance from each of our powerful earnings engines, underwriting, investments, and capital markets. 2025 is set to be an important year for Aspen, and one we enter with confidence with the business now demonstrating sustained strong performance.

“In a year challenged by several industry-wide major loss events, these results demonstrate how Aspen’s expert and disciplined underwriting, consistent investment performance and a growing contribution from Aspen Capital Markets are enabling us to successfully deliver against our strategy, resulting in an operating return on average equity of 19.4%**.

“Ongoing political uncertainty and accelerated changes in technology, as well as a significant number of natural and weather-related catastrophes that are affecting millions of people, mean that the risk environment has never been more complex or challenging. I am proud of the role we at Aspen play in helping people, organizations and communities manage risk and recover from often tragic losses. Looking forward, we believe we have the product and service offerings, culture, market standing, and risk appetite that position us very well to continue to deliver much needed solutions to our customers and trading partners, while also achieving sustainable growth and consistent returns for our shareholders across a broad spectrum of industry loss event sets and market trading conditions.

“In the aftermath of the California Wildfires, our thoughts remain with the communities affected, and we are committed to playing our part in the recovery and rebuild. As a result of our careful and balanced approach to managing our risk portfolio, Aspen’s exposure to the California Wildfires is limited and falls within expectations. The California Wildfires, net of reinsurance and reinstatement premiums, are expected to generate claims in the range of $50 to $75 million, based on our modelled loss projections and exposure analysis, at an industry loss estimate in the range of $35 to $45 billion, and this impact will be included in Aspen’s first quarter results.”

Christian Dunleavy, Group President, said: “For the twelve months ended December 31, 2024, we saw gross written premiums grow by 16.2% to $4.6 billion. Aspen Capital Markets generated fee income of $169 million*, an increase of 24.8%, while net investment income grew 15.3% to $318 million. The resulting operating income of $433 million** represents an increase of 17.7% over the prior year. All of these results reinforce our core strategies and underscore the relevance and importance of our platforms, products, and service offerings in their respective markets.

“Alongside the strong, profitable growth we have achieved in 2024, we have maintained excellent underwriting performance, with an adjusted combined ratio of 86.8%** and adjusted underwriting income increasing by 7.2% to $381 million**. This performance is testament to our proactive portfolio construction, our distribution network and Aspen’s ability to nimbly allocate risk across our platforms, enhanced by Aspen Capital Markets, in response to the needs of our customers. Underpinned by our balance sheet strength, we are well placed to grow where we see opportunity, while delivering sustainable underwriting profitability for our shareholders.”

Full Earnings materials

The full earnings press release for the three and twelve months ended December 31, 2024 will be published on Aspen’s website at www.aspen.co.

About Aspen Insurance Holdings Limited (“Aspen” or the “Company”)

Aspen provides insurance and reinsurance coverage to clients in various domestic and global markets through wholly-owned operating subsidiaries in Bermuda, the United States and the United Kingdom, as well as its branch operations in Canada, Singapore and Switzerland. For more information about Aspen, please visit www.aspen.co.

Please refer to the “Financials – Annual Reports” section of Aspen’s investor website for a copy of our most recent Annual Report on Form 20-F.

Cautionary Statement Regarding Forward-Looking Statements

This press release or any other written or oral statements made by or on behalf of the Company 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. Accordingly, there are important factors that could cause our actual results to differ materially from those anticipated in the forward-looking statements, including, but not limited to, our exposure to weather-related natural disasters and other catastrophes, the direct and indirect impact of global climate change, our relationship with, and reliance upon, a limited number of brokers for both our insurance and reinsurance business, the impact of inflation, our exposure to credit, currency, interest and others risks within our investment portfolio, the cyclical nature of the insurance and reinsurance industry, the occurrence, timing and results of, and market reaction to, our proposed initial public offering and proposed listing of our ordinary shares on the New York Stock Exchange and many other factors. For a detailed description of these uncertainties and other factors that could impact the forward-looking statements in this press release and other communications issued by or on behalf of Aspen, please see the “Risk Factors” section in Aspen’s Annual Report on Form 20-F for the twelve months ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in the Aspen’s periodic filings with the SEC, which should be deemed incorporated herein.

The inclusion of forward-looking statements in this press release or any other communication should not be considered as a representation by Aspen that current plans or expectations will be achieved. Aspen undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

Basis of Preparation

Aspen has prepared the financial information contained within this financial results press release in accordance with the principles of U.S. Generally Accepted Accounting Principles (“GAAP”).

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