Aspen Insurance Holdings Limited released its unaudited financial results for the first quarter of 2025, showing a mix of growth in premiums but a decline in profitability compared to the same period last year.
The company’s gross written premiums reached about $1.29 billion, a slight increase from $1.23 billion a year ago. Net earned premiums rose to $702.7 million, compared to $665.7 million in Q1 2024.
However, despite the revenue growth, Aspen’s net income fell significantly to $36.8 million from $111.8 million in the prior year. Operating income also declined to $50.4 million, compared to $103.4 million last year.
Underwriting results were similarly impacted, with underwriting income dropping to $27.2 million, from $89.5 million in Q1 2024. The catastrophe loss ratio saw an increase, reaching 13.0%, compared to 4.9% in the previous year. This contributed to a higher combined ratio of 96.1%, compared to 86.6% in the same quarter of 2024.
Aspen’s balance sheet also showed a decrease in total shareholders’ equity, which stood at $3.19 billion as of March 31, 2025. This figure is down from $3.37 billion at the end of 2024.
The company’s remaining limit under its loss portfolio transfer (LPT) contract, which helps manage risk related to prior accident year reserves, was $339.5 million, down from $378.7 million at the end of 2024.
The results come after Aspen announced the launch of its initial public offering of 11 million class A ordinary shares in the New York Stock Exchange. The shares will be sold by entities managed by affiliates of Apollo Global Management, which currently controls the Bermuda-based insurer.
The offering price is expected to fall between $29.00 and $31.00 per share.
Selling shareholders have granted underwriters a 30-day option to purchase up to an additional 1.65 million shares. Aspen’s shares have been approved for listing on the New York Stock Exchange under the ticker symbol “AHL,” subject to official notice of issuance.
