Company: AHL
Filing Date: 2025-03-20
Form Type: F-1/A
Source: 0001628280-25-014149
Chunk: 145

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-20
Form: F-1/A
Chunk 145
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 and prior accident years. The adjusted underwriting income and adjusted combined ratio represent the performance of our business for accident years 2020 onwards, which management believe reflects the underlying underwriting performance of the ongoing portfolio.

(3) These metrics are non-GAAP financial measures as defined under SEC rules and regulations. Refer to “—Key Performance Measures and Non-GAAP Financial Measures” for further details.

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Table of C ontents

Operating highlights for the twelve months ended December 31, 2024

• Gross written premiums of $4,609.3 million in 2024 increased by 16.2% from 2023, primarily due to a combination of increased rates, new business growth, and growth in new and existing partnership arrangements.

• Overall underwriting income of $345.8 million (combined ratio of 87.9%) for 2024, including $187.3 million, or 6.5 combined ratio points, of pre-tax catastrophe losses related to significant industry events, including Hurricane Milton, floods in Dubai, Hurricane Helene, the Francis Scott Key Bridge event and other weather-related events. Underwriting income of $326.8 million (combined ratio of 87.5%) for 2023, which included $120.1 million, or 4.6 combined ratio points, of pre-tax catastrophe losses, related to significant industry events, including Hurricane Idalia, wildfires in Hawaii, the earthquake in Morocco, Cyclone Gabrielle and other weather-related events.

• Net adverse prior year loss reserve development, on accident years 2020 onwards, of $0.6 million, or 0.0 combined ratio points for 2024, compared with net adverse development for 2023 of $32.3 million, or 1.2 combined ratio points.

• Adjusted underwriting income of $380.8 million (adjusted combined ratio of 86.8%) for 2024 includes an adjustment to remove a loss of $35.0 million for the net impact of the LPT. Adjusted underwriting income represents the performance of our business for accident years 2020 onwards. Adjusted underwriting income of $355.3 million (adjusted combined ratio of 86.4%) for 2023 included an adjustment to remove a loss of $28.5 million for the net impact of the LPT.

• Our capital markets business contributed total fee income of $169.0 million in the twelve months ended December 31,