Company: AHL
Filing Date: 2025-04-29
Form Type: 6-K
Source: 0001628280-25-020462
Chunk: 5

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: 6-K
Chunk 5
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 match the loss recoveries under the LPT contract with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years. Adjusted underwriting income or loss also excludes certain costs related to the LPT contract with a subsidiary of Enstar Group Limited that closed in the second quarter of 2022. Adjusted underwriting income represents the performance of our business for accident years 2020 onwards, which management believes reflects the underlying underwriting performance of the ongoing portfolio.

#### Adjusted combined ratio
is a non-GAAP financial measure. It is the sum of the adjusted loss ratio and the expense ratio. The adjusted loss ratio is calculated by dividing the adjusted losses and loss adjustment expenses by net earned premiums. The expense ratio is calculated by dividing the sum of acquisition costs and general and administrative expenses by net earned premiums.

#### Adjusted losses and loss adjustment expenses
is a non-GAAP financial measure. It is the sum of current accident year losses, catastrophe losses and prior year reserve strengthening/(releases) post-LPT years. Adjusted losses and loss adjustment expenses excludes the change in the deferred gain on retroactive reinsurance contracts and represents the performance of our business for accident years 2020 onwards, which management believes reflects the underlying underwriting performance of the ongoing business.

| Underwriting Income, Adjusted Underwriting Income and Adjusted Combined Ratio 
 ($ in millions except where stated)                                           |     | Three Months Ended March 31, |     | 2025 * |       |   |     | 2024 * |       |   |
|:------------------------------------------------------------------------------|:----|:-----------------------------|:----|:-------|------:|:--|:----|:-------|------:|:--|
| Net earned premiums                                                           |     |                              |     | $      | 702.7 |   |     | $      | 665.7 |   |
| Current accident year net losses and loss expenses                            |     |                              |     |        | 363.9 |   |     |        | 350.7 |   |
| Catastrophe losses                                                            |     |                              |     |        |  91.4 |   |     |        |  32.4 |   |
| Prior year reserve development, post LPT years                                |     |                              |     |        |  -9.0 |   |     |        |     — |   |
| Adjusted losses and loss adjustment expenses(1)