Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 168

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 168
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 |     |      |    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 |   |     | $    |  -381.2 |   |
| Average cash and investments(2)                                                      |     | $                                       | 7,548.1 |   |     | $    | 7,242.8 |   |     | $    | 7,438.0 |   |
| Total return on average cash and investments, pre-tax                                |     |                                         |     4.0 | % |     |      |     5.7 | % |     |      |    -5.1 | % |

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(1) For a discussion on the change in unrealized gains/(losses) on available for sale securities, please refer to “Other comprehensive income,” below.

(2) Average cash and investments are calculated by taking the average of the opening period and closing period balances for total investments plus cash and cash equivalents.

2024 compared to 2023

In the twelve months ended December 31, 2024, net investment income was $318.0 million, an increase of 15.3% from the prior year (2023 — $275.7 million), largely as a result of the active repositioning of our investments during attractive market conditions to take advantage of higher interest rates. The investment portfolio as at December 31, 2024 largely comprises interest income generating fixed income securities. Book yield on the fixed income securities portfolio as at December 31, 2024 was 4.2% compared with 3.8% as at December 31, 2023. Book yield is the yield of the security after adjusting for accretion/amortization of the difference between par value and purchase price.

Total net realized and unrealized investment losses for the twelve months ended December 31, 2024 were $49.5 million (2023 —gains of $14.5 million), which included net unrealized gains of $45.3 million (