Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 224

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 5
Chunk 224
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 $114.0 million). The decrease in corporate and other expenses in 2024 compared to 2023 was due to expense alignment in our functions which support corporate activities.
Non-operating expenses
In 2024, we incurred non-operating expenses of $29.9 million, which included expenses in relation to consulting fees paid to Apollo of $5.0 million, and non-recurring transformation and change activities of $24.9 million.
In 2023, we incurred non-operating expenses of $35.1 million, which included expenses in relation to consulting fees paid to Apollo of $5.0 million, non-recurring transformation and change activities of $25.2 million, a fixed asset write-off of $3.6 million and other non-recurring costs of $1.3 million.
Investment performance
The following table sets forth a summary of total investment returns, average cash and investments and total return on average cash and investments, pre-tax for the twelve months ended December 31, 2024, 2023 and 2022.

                                                                                                                                                          Twelve Months Ended December 31,
                                                                                                                  2024                              2023                              2022
                                                                                                                                                   ($ in millions, except for percentages)
Net investment income                                                                                      $318.0                            $275.7                            $188.1     
Net realized and unrealized investment (losses)/gains                                                      (49.5)                              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)    %
____________
(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.
In the twelve months ended December 31, 2024, net investment income was $318.0 million, an increase of