Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 165

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 165
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 in the deferred gain on retroactive contracts allocated to the Reinsurance segment.

Acquisition costs

Net acquisition costs were $227.0 million for the twelve months ended December 31, 2024, equivalent to 17.4% of net earned premiums (2023 - $208.6 million or 18.1% of net earned premiums). The decrease in the acquisition cost ratio was mainly attributable to increases in ceding commissions resulting from additional reinsurance purchased, which included higher cessions to our capital market partners.

General and administrative expenses

General and administrative expenses increased by $21.1 million, from $120.6 million in 2023 to $141.7 million in 2024. The general and administrative expense ratio was 10.9% in 2024, an increase of 0.5 percentage points from 2023, largely driven by an increase in the number of employees, investment in operational excellence enhancements and expense alignment in our functions which support corporate activities.

Table of Contents

Insurance

Our Insurance segment consists of casualty and liability insurance, first party insurance, specialty insurance, financial and professional lines insurance, and other insurance. For a more detailed description of this segment, refer to Item 4, “ Business Overview - Business Segments - Insurance” and Item 18, Note 3 of our consolidated financial statements, “ Segment Reporting.”

                                                                                               Twelve Months Ended December 31,                                                                                          
                                                                                                                           2024                         % Change       2023                         % Change       2022  
                                                                                        ($ in millions, except for percentages)                                                                                          
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Underwriting Revenues                                                                                                                                                                                                  
  Gross written premiums                                                                                                      $      2,723.5                11.3          $      2,446.6               (3.4)          $  
  Net written premiums                                                                                                               1,666.9                12.3                 1,483.9                 1.0             
  Net earned premiums                                                                                                                1,584.0                 8.5                 1,460.0                 1.6             
  Underwriting Expenses                                                                                                                                                                                                  
  Current accident year net losses and loss expenses, excluding catastrophe losses                                        924.8                             11.0      833.5                              9.5      761.1  
  Catastrophe losses                                                                                                       40.5