Company: AHL
Filing Date: 2025-05-08
Form Type: 424B4
Source: 0001628280-25-023859
Chunk: 148

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-05-08
Form: 424B4
Chunk 148
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 business for accident years 2020 onwards, which management believes reflects the underlying underwriting performance of the ongoing business.

Along with most property and casualty insurance companies, we use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net earned premiums, the amount of losses and loss adjustment expenses, and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates an underwriting profit and a combined ratio of over 100 indicates an underwriting loss.

#### Combined ratio
is the sum of the loss ratio and expense ratio. The loss ratio is calculated by dividing losses and loss adjustment expenses by net earned premiums. The expense ratio is calculated by dividing the sum of acquisition costs and general and administrative expenses, by net earned premiums.

#### Adjusted combined ratio
is a non-GAAP financial measure. It is the sum of the adjusted loss ratio and the expense ratio. The adjusted loss ratio is calculated by dividing the adjusted losses and loss adjustment expenses by net earned premiums. The expense ratio is calculated by dividing the sum of acquisition costs and general and administrative expenses, by net earned premium.

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Combined ratios differ from U.S. statutory combined ratios primarily due to the deferral of certain third-party acquisition expenses for GAAP reporting purposes and the use of net earned premiums rather than net written premiums in the denominator when calculating the acquisition cost and the general and administrative expense ratios.

| Adjusted Combined Ratio                            | ($ in millions, except for percentages) | Twelve Months Ended December 31, |    2024 |   |     |   |    2023 |   |     |   |    2022 |   |
|:---------------------------------------------------|:----------------------------------------|:---------------------------------|--------:|:--|:----|:--|--------:|:--|:----|:--|--------:|:--|
| Net earned premium                                 |                                         | $                                | 2,889.7 |   |     | $ | 2,614.5 |   |     | $ | 2,688.7 |   |
| Current accident year net losses and loss expenses |                                         |                                  | 1,494.9 |   |     |   | 1,372.1 |   |     |   | 1,345.1 |   |
| Catastrophe losses                                 |                                         |                                  |