Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 219

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 219
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 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.
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   2022                                
                                       ($ in millions)                      % change                        ($ in millions)                        % change                        ($ in millions)
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 across most lines of business. We saw significant growth in our other insurance line of business as a result of our new partnership with Ki, offering digital follow capacity through Ki’s Lloyd’s platform, as well as continued growth in Carbon Synd