Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 151

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 151
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active reinsurance contracts in order to match the loss recoveries under the LPT contract with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years. The adjusted underwriting income and adjusted combined ratio represent the performance of our business for accident years 2020 onwards, which management believe reflects the underlying underwriting performance of the ongoing portfolio.

(3) These metrics are non-GAAP financial measures as defined under SEC rules and regulations. Refer to “ Reconciliation of Non-GAAP Financial Measures” for further details.

Table of Contents

Gross written premiums

The following table sets forth the gross written premiums for our two business segments in the twelve months ended December 31, 2024, 2023 and 2022 and the percentage change in gross written premiums:

                        Gross Written Premiums for the Twelve Months Ended December 31,                                                                                          
  Business Segment      2024                                                                                            2023                                                     
                        ($ in millions)                                                                   % change      ($ in millions)                   % change               
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Reinsurance           $                                                                    1,885.8          24.0      $                    1,521.0        (15.8)      1,807.0  
  Insurance                                                                                  2,723.5          11.3                           2,446.6         (3.4)      2,531.7  
  Total                 $                                                                    4,609.3          16.2      $                    3,967.6         (8.6)      4,338.7  

Overall gross written premiums increased by 16.2% in 2024 compared to 2023. Gross written premiums in our Reinsurance segment increased by 24.0% in 2024 compared to 2023, with growth across all lines of business. We saw significant growth in the casualty reinsurance line of business with increased premiums from both existing clients and new business, as a result of a strong rate environment, exposure growth and strategic line size growth resulting from the execution of global client strategies. The remaining lines of business grew modestly predominantly due to a combination of new business growth, a stronger rate environment within the property catastrophe line of business, and positive premium adjustments within our other property reinsurance business.

Gross written premiums in our Insurance segment increased by 11.3%, with growth achieved