Company: AHL
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001267395-25-000019
Chunk: 348

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-03-19
Form: 20-F
Item: Item 18
Chunk 348
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                   $  
  Overseas statutory tax rates differential                     88.1                                  56.3             16.8  
  Base erosion and anti-abuse tax (BEAT) expense                0.2                                   0.9               2.3  
  Prior year adjustments (1)                                    ( 5.9)                                6.9            ( 2.9)  
  Introduction of Bermuda corporate income tax                  2.2                                   ( 201.1)            —  
  Change in valuation allowance (2)                             ( 106.6)                              4.0           ( 98.9)  
  Impact of unrecognized tax benefits (3)                       —                                     —                   —  
  Australian non-resident withholding tax                       —                                     —                 1.5  
  Foreign exchange                                              0.6                                   ( 1.3)         ( 0.3)  
  Non-deductible expenses                                       0.3                                   2.5               2.4  
  Tax effect of OCI in income statement                         —                                     —                 6.7  
  Impact of changes in statutory tax rates                      ( 0.9)                                ( 0.3)         ( 5.7)  
  Total income tax (benefit)                                    $                                     $                   $  

________________

(1) The submission dates for filing income tax returns for the Company’s U. S. and U. K. operating subsidiaries are after the submission date of these consolidated financial statements. Accordingly, the final tax liabilities may differ from the estimated income tax expense included in these consolidated financial statements and may result in prior year adjustments being reported. The prior period adjustments for the twelve months ended December 31, 2024 predominantly relate to the determination of the results of the U. K. operating subsidiaries and its branches. The prior period adjustments for the twelve months ended December 31, 2023 and 2022 predominantly relate to the determination of results in the U. K.

(2) The decrease in valuation allowance in 2024 related to a change in judgment about the recoverability of deferred tax assets in Aspen UK.

The decrease in valuation allowance in 2022 related to a change in judgment about the recoverability of deferred tax assets in the U. S. operating subsidiaries.

(3) In 2024, the Company did not have any unrecognized tax benefits.

Income tax returns that have been filed by the Company’s U. S. Operating Subsidiaries are