Aspen unveils 2023 results

Company notes improvements in combined ratio and net income in "excellent set of results for 2023"

Aspen unveils 2023 results

Insurance News

By Ryan Smith

Aspen Insurance Holdings has released its financial results for both the three months and 12 months ended Dec. 31.

The company posted improvements in combined ratio and net income, according to a news release.

“We are pleased to report an excellent set of results for 2023,” said Mark Cloutier, Aspen’s executive chairman and group CEO. “Aspen’s continued focus on underwriting discipline and operating excellence resulted in our adjusted combined ratio improving to 89.4%, our net income available to ordinary shareholders increasing to $485 million and an annualized operating return on average equity of 20.2%, all significant improvements over the prior year.”

Aspen’s investment income of $276 million represents a 47% increase over the prior year, Cloutier said. Aspen Capital Markets generated 4136 million in total fee income for the full year 2023. The fee income came from capital sourced across multiple lines in the company’s insurance and reinsurance segments.

“It is pleasing to note the quality of earnings we are now generating, with meaningful contributions from each of our core engines, underwriting, investments and capital markets fees,” Cloutier said. “We believe we have reached a state where we are able to sustain strong ROEs across investment cycles through the very healthy mix in the sources of our earnings.”

Cloutier said the company’s “One Aspen” approach, balance sheet strength and capital markets capabilities give it a “distinct advantage” in the specialty (re)insurance sector. He said Aspen’s scale was “an important source of capacity” to its customers, while still giving the company the ability “to be nimble, decisive, and opportunistic” when responding to market opportunities and changes in trading conditions.

“In a year that saw our sector challenged by climate, geopolitical events, and socioeconomic challenges, this fourth consecutive year of improved results gives us confidence we have the talent, strategy, platforms and brand to continue to perform at the top of our class, delivering strong returns for our shareholders through changing market cycles and across a wide range of industry loss event scenarios,” he said.

Aspen recently inked a multi-year capacity deal with Coalition. The deal allows Aspen to contribute to Coalition’s US surplus lines cyber program. In January, the company announced the launch of Aspen Cyber Risk Services.

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