Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 20

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 20
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 returns, we tactically calibrate asset allocation and the duration of our investment portfolio, taking into account the duration of our insurance and reinsurance liabilities, as well as our view of interest rates, the yield curve, credit spreads and other general market conditions. In recent years we have diversified the range of asset classes in which we invest to include collateralized loan obligations, broadly syndicated loans, private credit, real estate equity and debt, private equity related infrastructure investments, high yield bonds and leveraged loans. We hold these investments directly or through fund vehicles. As of December 31, 2024, we allocated $1.6 billion (20%) of our total cash and investments to these asset classes. As of December 31, 2024, Apollo Asset Management Europe PC LLP (“AAME”) managed $1.4 billion of these asset classes. Under our IMAs (as defined below) with AAME, approximately $1.6 billion, or 21%, of our total cash and investments are managed by AAME as of December 31, 2024. As of December 31, 2024, we had $7.7 billion of total cash and investments, excluding catastrophe bonds, net receivables for securities sold and accrued interest receivable, on our balance sheet and for the twelve months ended

<div align='center'>14</div>

December 31, 2024, we generated $318 million of net investment income. The charts below provide further details regarding our investment portfolio as of December 31, 2024.

For more information on our aggregate portfolio reflected in the chart above (including the characterization of our investments as available for sale and trading), please refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Balance Sheet—Total cash and investments.”

#### Our Competitive Strengths
We believe that our competitive strengths include:

‘One Aspen’ Approach, Supported by Dynamic Capital Allocation

Through our ‘One Aspen’ approach, we can actively manage our portfolio across counter-cyclical pricing environments in the insurance and reinsurance markets, shifting capital between our two segments and being opportunistic in markets where we perceive advantageous risk versus return opportunities. The markets we serve require capabilities that are not easily replicated and we come to market in a way that allows us to bring our product offerings together and execute on large new deals across different lines of business, platforms and segments. This provides us with greater control over capital allocation and underwriting outcomes, and is a key pillar of our go-forward offering and