Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 10

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 10
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 with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years. Operating income also excludes certain costs related to the LPT contract with a subsidiary of Enstar, net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts, net realized gains or losses on investments and non-operating expenses and income.

Average equity is a non-GAAP financial measure and is used in calculating ordinary shareholders return on average equity. Average equity is calculated by taking the arithmetic average of total shareholders’ equity on a

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quarterly basis for the stated periods excluding the average value of Preference Shares (as defined below) less issue expenses. Operating return on average equity is calculated by dividing operating income by average equity.

Ratio of debt and hybrids to total capital is calculated by adding Preference Shares (aggregate liquidation preference net of issuance costs) and the aggregate principal amount of short-term and long-term debt and dividing by total capital. Total capital is defined as shareholders’ equity plus outstanding debt.

Total return on average cash and investments, pre-tax represents total pre-tax return/(loss) on investments as a percentage of average beginning and ending total cash and investments during the period.

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### SUMMARY

#### Who We Are
We are a leading specialty (re)insurer focused on total value creation for all of our stakeholders. With $4,609 million of gross written premiums for the twelve months ended December 31, 2024 and $3,968 million of gross written premiums for the twelve months ended December 31, 2023, we are a scaled multinational business with a diverse product mix balanced across our primary specialty insurance and opportunistic reinsurance franchises, which are both supported by our fee generating capital markets capabilities. We go to market with a single view of risk through our ‘One Aspen’ approach, which is designed to cater to complex, bespoke solutions that bring together our expertise spanning different lines of business, segments and platforms, enabling us to develop enhanced and differentiated offerings for our distribution partners and customers. We are focused on underwriting excellence and profitable growth to consistently deliver top quartile results, targeting mid-teen operating return on equity across market cycles. This is demonstrated by our combined ratio of 87.9% (adjusted combined ratio of 86.8%), return on average equity adjusted for Preference Share dividends of 19.4% and