Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 152

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 152
---
 loss adjustment expenses by net earned premiums. The expense ratio is calculated by dividing the sum of acquisition costs and general and administrative expenses, by net earned premium.

<div align='center'>97</div>

Combined ratios differ from U.S. statutory combined ratios primarily due to the deferral of certain third-party acquisition expenses for GAAP reporting purposes and the use of net earned premiums rather than net written premiums in the denominator when calculating the acquisition cost and the general and administrative expense ratios.

| Adjusted Combined Ratio                            | ($ in millions, except for percentages) | Twelve Months Ended December 31, |    2024 |   |     |   |    2023 |   |     |   |    2022 |   |
|:---------------------------------------------------|:----------------------------------------|:---------------------------------|--------:|:--|:----|:--|--------:|:--|:----|:--|--------:|:--|
| Net earned premium                                 |                                         | $                                | 2,889.7 |   |     | $ | 2,614.5 |   |     | $ | 2,688.7 |   |
| Current accident year net losses and loss expenses |                                         |                                  | 1,494.9 |   |     |   | 1,372.1 |   |     |   | 1,345.1 |   |
| Catastrophe losses                                 |                                         |                                  |   187.3 |   |     |   |   120.1 |   |     |   |   306.8 |   |
| Prior year reserve development, post-LPT years     |                                         |                                  |     0.6 |   |     |   |    32.3 |   |     |   |    13.0 |   |
| Adjusted losses and loss adjustment expenses       |                                         |                                  | 1,682.8 |   |     |   | 1,524.5 |   |     |   | 1,664.9 |   |
| Impact of the LPT                                  |                                         |                                  |    35.0 |   |     |   |    28.5 |   |     |   |    15.1 |   |
| Losses and loss adjustment expenses                |                                         |                                  | 1,717.8 |   |     |   | 1,553.0 |   |     |   | 1,