Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 154

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 4
Chunk 154
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 %  
  Current accident year losses, excluding catastrophe losses      $                                     1,494.9      51.8            $                           52.5      $                           50.0  
  Catastrophe losses                                              187.3                                              6.5             120.1                        4.6      306.8                       11.4  
  Current accident year                                                                                 1,682.2      58.3                                        57.1                                  61.4  
  Prior year adverse reserve development — Post-LPT years         0.6                                                —               32.3                         1.2      13.0                         0.5  
  Adjusted losses and loss adjustment expenses (1)                                                      1,682.8      58.3                                        58.3                                  61.9  
  Impact of the LPT                                               35.0                                               1.1             28.5                         1.1      15.1                         0.6  
  Total losses and loss adjustment expenses                       $                                     1,717.8      59.4            $                           59.4      $                           62.5  

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(1) Adjusted losses and loss adjustment expenses and the adjusted loss ratio are non-GAAP financial measures as defined under SEC rules and regulations. The calculation of the adjusted loss ratio is presented above. Refer to “ Reconciliation of Non-GAAP Financial Measures” for further details.

The overall loss ratio has remained consistent at 59.4% for both 2023 and 2024, with losses and loss adjustment expenses increasing from $1,553.0 million in 2023 to $1,717.8 million in 2024. This was mainly due to the following:

Current accident year losses, excluding the impact of catastrophe losses. Current accident year losses, excluding the impact of catastrophe losses, contributed $1,494.9 million or 51.8 percentage points for 2024 compared to $1,372.1 million or 52.5 percentage points for 2023. The decrease is mainly due to a change in business mix, with increased net earned premium in specialty reinsurance, which attracts a lower loss ratio specifically within its mortgage portfolio, partially offset by an increase in the frequency and severity of losses in financial and professional lines.

Catastrophe losses. Catastrophe losses contributed $187.3 million or 6.5 percentage points for the twelve