Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 471

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 471
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                                     |  -27.0 |     | $           | 26.5 |     | $                 | -104.6 |     | $                                  |  -78.1 |

________________

(1) We have recorded a deferred tax asset in Bermuda consisting of $ 158.9million (2023 — $ 156.6million) in respect of the ETA and $ 40.0million (2023 — $ 44.5million) in respect of an OTLC as a result of the newly enacted Corporate Income Tax Act 2023 in Bermuda. The ETA election allows for an adjustment equal to the difference between the fair market value and carrying value of assets and liabilities. The OTLC allows losses from year 2020 to 2024 to be carried forward. We expect this deferred tax asset to be utilized predominantly over a 10-year period. We expect to incur and pay increased taxes in Bermuda beginning in 2025.

(2) The U.S. current tax expense of $ 62.7million (2023 — $ 52.4million) includes $ 0.2million (2023 — $ 0.9million) of Base Erosion and Anti-abuse Tax.

(3) The U.K. deferred tax benefit of $ 85.3million includes a change in the judgment of the brought-forward valuation allowance of $ 107.7million.

(4) Current tax expense and deferred tax (benefit) in “Other” relates to the branches of Aspen UK and Aspen Bermuda Limited.

As noted above, the tax rate in Bermuda, the Company’s country of domicile, is currently zero. Application of the statutory income tax rate for operations in other jurisdictions produces a differential to the expected income tax (benefit)/expense as shown in the table below. The reconciliation between the income tax (benefit) and the amount

<div align='center'>F-59</div>

that would result from applying the statutory rate for the Company for the twelve months ended December 31, 2024, 2023 and 2022 is provided in the table below:

| Income Tax Reconciliation                                |     | Twelve Months Ended December 31, 
 2024                             
 ($ in millions)                  |        |     | 2023 |        |     | 2022 |       |
|:---------------------------------------------------------|:----|:---------------------------------|-------:|:----|:-----|-------:|:----|:-----|------:|
|