Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 160

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 160
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1)                                     |     |                                         |    94.8 | % |     |      |    86.3 | % |

________________

(1) Operating income, underwriting income, adjusted underwriting income and adjusted combined ratio are non-GAAP financial measures as defined under the rules and regulations of the SEC. Refer to “—Non-GAAP Financial Measures for the Three Months Ended March 31, 2025 and March 31, 2024” below for further details.

|                                                                               |     |                   | As at March 31, 2025 |     |                 | As at December 31, 2024 |
|:------------------------------------------------------------------------------|:----|:------------------|---------------------:|:----|:----------------|------------------------:|
|                                                                               |     | Unaudited Results 
 ($ in millions)   |                      |     | Audited Results 
 ($ in millions) |                         |
| Total shareholders’ equity(1)                                                 |     | $                 |              3,190.5 |     | $               |                 3,371.9 |
| Total shareholders’ equity available to ordinary shareholders, excluding AOCI |     | $                 |              2,811.4 |     | $               |                 2,791.5 |
| Remaining limit available under the LPT                                       |     | $                 |                339.5 |     | $               |                   378.7 |

______________

(1) On January 1, 2025, the Company redeemed all 11,000,000 of its issued and outstanding AHL PRC Shares, the redemption price of $275.0 million of which was paid on January 2, 2025. This impact is reflected in total shareholders’ equity as at March 31, 2025.

As of March 31, 2025, we had approximately $340 million (December 31, 2024: $379 million) of remaining limit available on our LPT contract, representing 28% of our 2019 and prior accident year outstanding reserves. This contract provides protection against deterioration on these accident years, significantly limiting Aspen’s exposure to the risk of unfavorable development from these accident years, and strengthens our balance sheet.

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Non-GAAP Financial Measures for the Three Months Ended March 31, 2025 and March 31, 2024

Operating income

|                                                                                  | ($ in millions) | Three Months Ended | March 31