Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 161

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 161
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 — |   |
| Adjusted losses and loss adjustment expenses(1)    |                                     |                              | 446.3 |   |     |   | 383.1 |   |
| Impact of the LPT(2)                               |                                     |                              |   9.0 |   |     |   |   1.4 |   |
| Losses and loss adjustment expenses                |                                     |                              | 455.3 |   |     |   | 384.5 |   |
| Acquisition costs                                  |                                     |                              |  95.7 |   |     |   |  92.9 |   |
| General and administrative expenses                |                                     |                              | 124.5 |   |     |   |  98.8 |   |
| Underwriting expenses                              |                                     | $                            | 675.5 |   |     | $ | 576.2 |   |
| Underwriting income                                |                                     | $                            |  27.2 |   |     | $ |  89.5 |   |
| Combined ratio                                     |                                     |                              |  96.1 | % |     |   |  86.6 | % |
| Adjusted underwriting income                       |                                     | $                            |  36.2 |   |     | $ |  90.9 |   |
| Adjusted combined ratio                            |                                     |                              |  94.8 | % |     |   |  86.3 | % |

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(1) Adjusted losses and loss adjustment expenses is a non-GAAP financial measure as defined under the rules and regulations of the SEC. 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.

(2) Impact of the LPT represents the deferral of a portion of loss recoveries on 2019 and prior accident year loss development as per accounting requirements for retroactive reinsurance under GAAP.

Results of Operations for the twelve months ended December 31, 2024, 2023 and 2022.

Our consolidated financial statements are prepared in accordance with GAAP. The discussions that follow include tables and commentary relating to our consolidated income