Aspen reports full-year numbers

Aspen reports full-year numbers | Insurance Business America

Insurance News

Aspen reports full-year numbers

Results “a strong set” amid challenging year

Insurance News

By
Terry Gangcuangco

Aspen Insurance Holdings has reasons to be merry about its financial results for the 12 months ended December 31, 2022.

According to the company, here’s how it fared during what group executive chair and chief executive Mark Cloutier described as a challenging year:

Metric

FY 2022

FY 2021

Gross written premium

$4.3 billion

$3.9 billion

Underwriting income/(loss)

$190.4 million

$(30 million)

Net investment income

$188.1 million

$147.5 million

Net income

$51.1 million

$29.8 million

Operating income

$202.3 million

$50.6 million

Of Aspen’s underwriting income, $104 million came from the group’s insurance segment; $87 million from reinsurance. Both segments enjoyed growth in the period, from an underwriting loss of $101 million for insurance in 2021 and from reinsurance’s $71 million in underwriting income.

Meanwhile the group’s capital markets franchise, Aspen Capital Markets, generated $104 million in total fee income. The growth from 2021’s $61 million was attributed to an increase in assets under management to $1.3 billion.

“We delivered a strong set of results in a challenging year that included Russia’s invasion of Ukraine, rising inflation, and significant natural catastrophe activity, all of which generated notable loss activity for our industry,” said Cloutier, who cited Aspen’s “significant progress” in 2022.

“Against this backdrop, our reported combined ratio improved to 93.0% (2021: 101.2%), an outstanding result. Adjusted for the impacts of the loss portfolio transfer and adverse development contracts, our combined ratio was 92.4% (2021: 98.8%).

“We have been clear in our ambition to establish Aspen as a top quartile specialty (re)insurer, and we have maintained momentum during 2022 through the strength of our underwriting performance and continued operational resilience.”

What do you think about Aspen’s 2022 financial results? Share your thoughts in the comments below.