Company: AHL
Filing Date: 2025-04-29
Form Type: F-1/A
Source: 0001628280-25-020463
Chunk: 153

Company: ASPEN INSURANCE HOLDINGS LTD
Filing Date: 2025-04-29
Form: F-1/A
Chunk 153
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 adjustment for the change in deferred gain on retroactive reinsurance contracts in order to economically match the loss recoveries under the ADC/LPT contracts with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years. Operating income also excludes certain costs related to the LPT contract with a subsidiary of Enstar, net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts, net realized and unrealized gains or losses on investments, non-operating expenses and income, net realized loss on debt extinguishment and preference share redemption costs.

Aspen excludes the items above from its calculation of operating income because management believes they are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates according to, prevailing investment market and interest rate movements. Aspen believes these amounts are either largely independent of its business and underwriting process, not aligned with the economics of transactions undertaken, or including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables users of its financial information to analyze Aspen’s results of operations in a manner consistent with how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income.

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| Operating Income Reconciliation                                                         
 ($ in millions)                                                                         |     | Twelve Months Ended December 31, 
 2024                             |        |     | 2023 |        |     | 2022 |        |     | 2021 |       |     | 2020 |        |     | 2019 |        |     | 2018 |        |
|:----------------------------------------------------------------------------------------|:----|:---------------------------------|-------:|:----|:-----|-------:|:----|:-----|-------:|:----|:-----|------:|:----|:-----|-------:|:----|:-----|-------:|:----|:-----|-------:|
| Net income/(loss)                                                                       |     | $                                |  486.1 |     | $    |  534.7 |     | $    |   51.1 |     | $    |  29.8 |     | $    |  -56.4 |     | $    | -239.5 |     | $    | -145.8 |
| Amount