Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 157

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 157
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                           As at December 31,                                                                           
                           2024                                               2023                   2022               
  Third-party capital      $                                     2,207.4      $         1,662.6      $         1,252.7  

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(1) Fee income earned through cessions to third-party capital vehicles is recorded through underwriting income/(loss) as a decrease to acquisition costs.

Corporate and other expenses

In 2024, we incurred corporate and other expenses of $97.3 million (2023 - $114.0 million). The decrease in corporate and other expenses in 2024 compared to 2023 was due to expense alignment in our functions which support corporate activities.

Non-operating expenses

In 2024, we incurred non-operating expenses of $29.9 million, which included expenses in relation to consulting fees paid to Apollo of $5.0 million, and non-recurring transformation and change activities of $24.9 million.

In 2023, we incurred non-operating expenses of $35.1 million, which included expenses in relation to consulting fees paid to Apollo of $5.0 million, non-recurring transformation and change activities of $25.2 million, a fixed asset write-off of $3.6 million and other non-recurring costs of $1.3 million.

Investment performance

The following table sets forth a summary of total investment returns, average cash and investments and total return on average cash and investments, pre-tax for the twelve months ended December 31, 2024, 2023 and 2022.

                                                                                             Twelve Months Ended December 31,                                                                        
                                                                                             2024                                                      2023                    2022                  
                                                                                             ($ in millions, except for percentages)                                                                 
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net investment income                                                                      $                                              318.0      $            275.7      $              188.1  
  Net realized and unrealized investment (losses)/gains                                      (49.5)                                                    14.5                    (177.6)               
  Change in unrealized gains/(losses) on available for sale securities (before tax) (1)      34.1                                                      126.2                   (391.7)               
  Total investment returns                                                                   $                                              302.6      $            416.4