Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 12

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 12
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, net of issuance costs, with a total value of $971 million, was $2,792 million as of December 31, 2024. For the twelve months ended December 31, 2024, we generated $486 million of net income, representing a 19.4% return on average equity adjusted for Preference Share dividends and $433 million of operating income, representing a 19.4% Op. ROE.

For the twelve months ended December 31, 2023 , we wrote $3,968 million in gross written premiums across our Insurance and Reinsurance segments, at a combined ratio of 87.5% (adjusted combined ratio 86.4%) . Our shareholders’ equity, excluding AOCI of $(400) million and Preference Shares, net of issuance costs, with a total value of $754 million, was $2,555 million as of December 31, 2023 . For the twelve months ended December 31, 2023 , we generated $535 million of net income, representing a 26.7% return on average equity adjusted for Preference Share dividends and $368 million of operating income, representing a 20.2% Op. ROE.

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Table of C ontents

#### Our Transformation
We have progressed through a comprehensive transformation of the business since our acquisition by Apollo in February 2019, centered around a clear strategic vision that has four core tenets: (1) focused underwriting; (2) reduced volatility; (3) improved operational efficiency; and (4) culture.

• Focused Underwriting : We have significantly reduced the breadth of our Insurance and Reinsurance product offerings to focus on core lines of business where we have a distinct relevance and leading market positions and believe we can achieve superior underwriting results with successful long-term track records. Since our acquisition by Apollo in 2019, we have exited twelve Insurance and five Reinsurance lines of business as part of the strategic repositioning of our underwriting portfolio, which accounted for approximately $911 million of gross written premiums for the twelve months ended December 31, 2018. We have classified $820 million of this as “Legacy” (as defined in “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Performance Measures and Non-GAAP Financial Measures—Summary of Continuing and Legacy Business”) business for purposes of reporting on historical legacy underwriting results as these lines of business were exited during the main underwriting remediation period from