Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 244

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 244
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 in light of projected capital requirements for the period thereafter. We monitor and review the Aspen Group and the Operating Subsidiaries’ capital and liquidity positions on an ongoing basis. The following table shows our capital structures as at December 31, 2024 compared to December 31, 2023:

                                                                                                                            As at December 31, 2024                   As at December 31, 2023
                                                                                                                                                                              ($ in millions)
Share capital, additional paid-in capital, retained income and accumulated other comprehensive loss                              $2,401.4                                  $2,155.0          
Preference shares (net of issue costs)                                                                                              970.5                                     753.5          
Long-term debt                                                                                                                      300.0                                     300.0          
Total capital                                                                                                                    $3,671.9                                  $3,208.5          
As at December 31, 2024, total shareholders’ equity was $3,371.9 million compared to $2,908.5 million as at December 31, 2023. Our total shareholders’ equity as at December 31, 2024 includes four classes of preference shares with a total value of $970.5 million net of share issuance costs (December 31, 2023 — $753.5 million, three classes of preference shares). 
On November 26, 2024, the Company issued 9,000 AHL PRF Shares, which are represented by 9,000,000 depositary shares, each of which represents 1/1000th interest in an AHL PRF Share. Each AHL PRF Share has a liquidation preference of $25,000 per share. Net proceeds were $217.0 million, comprising $225.0 million of total liquidation preference less $8.0 million of issuance expenses. The depositary shares are listed on the NYSE under the symbol “AHL PRF”.
Our preference shares are classified in our balance sheet as equity but may receive a different treatment in some cases under the capital adequacy assessments made by certain rating agencies. Such securities are often referred to as “hybrids” as they have certain attributes of both debt and equity. Management monitors the ratio of the total of debt and hybrids to total capital which was 34.6% as of December 31, 2024 (December 31, 2023 — 32.8%). Total capital is defined as being shareholders’ equity plus outstanding debt.
On July 26, 2023, the