Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 171

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 171
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 31, 2024.

2023 compared to 2022

The increase in interest expense for 2023 was primarily driven by the increase in the interest expense on the funds withheld account related to the LPT contract with Enstar. This increase was due to a higher variable crediting rate due to higher total investment returns in 2023 compared to 2022, partially offset by a lower average funds withheld account balance as the underlying losses were paid down.

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Income tax benefit

The following table sets forth the income tax benefit/(expense) by jurisdiction for the twelve months ended December 31, 2024, 2023 and 2022:

|                    |     | Twelve Months Ended December 31, 
 2024                             
 ($ in millions)                  |       |     | 2023 |       |     | 2022 |      |
|:-------------------|:----|:---------------------------------|------:|:----|:-----|------:|:----|:-----|-----:|
| Bermuda tax        |     | $                                |  -1.3 |     | $    | 201.1 |     | $    |    — |
| U.S. tax           |     |                                  | -58.3 |     |      | -55.4 |     |      | 88.1 |
| U.K. tax           |     |                                  |  81.4 |     |      |  -5.4 |     |      | -7.0 |
| Other              |     |                                  |   0.2 |     |      |  -8.2 |     |      | -3.0 |
| Income tax benefit |     | $                                |  22.0 |     | $    | 132.1 |     | $    | 78.1 |

2024, 2023 and 2022

The effective tax rate (defined as the tax expense or benefit, divided by the profit or loss before tax), for the twelve months ended December 31, 2024, on profit before tax was (4.7)% (2023 — (32.8)%), driven by a change in judgment about the recoverability of deferred tax assets in the U.K. operating subsidiaries. As a result, the Company has recognized a $106.6 million tax benefit from the reversal of brought forward valuation allowances, relating mostly to Net Operating Losses, Deferred Synd