Aspen delivers losses in full-year financials

Aspen delivers losses in full-year financials | Insurance Business

Aspen delivers losses in full-year financials

It’s the turn of Aspen Insurance Holdings Limited to reveal its financial results for the year ended December 31, 2020, and the group finds itself in the red.

Here’s how Aspen performed in the 12-month span:

Metric

2020 result

Gross written premium

$3.7 billion

Investment income

$154.6 million

Operating loss after tax

$37.2 million

Net loss after tax

$40.1 million

 

Blamed for the hit in 2020 are “above average” catastrophe losses amounting to $360.8 million. The sum includes $181.2 million in losses associated with COVID-19.

Group executive chairman and chief executive Mark Cloutier, however, seems unfazed.  

“Although we are reporting a combined ratio of 107.3%, reflecting losses experienced due to COVID-19 and a significant catastrophe year, our underlying performance gives me great encouragement around the progress we are making as a business including successfully reducing our catastrophe exposure,” said Cloutier.

“Alongside this, our focus on underwriting discipline can be seen in our operating combined ratio, which improved significantly to an impressive 91.8%, and our accident year ex-catastrophe loss ratio, which improved to 58.5% compared to 64.3% in 2019. This performance was achieved through a reshaping of our book which saw us dispose of, or non-renew, business that no longer matches our underwriting strategy.”