Aspen Reveals 2023 Results | Insurance business America
The company notes improvements in combined ratios and net income, reporting “excellent results for 2023.”
Insurance News
By Ryan Smith
Aspen Insurance Holdings has released its financial results for both the three months and 12 months ended December 31st.
The company reported improvements in its combined ratio and net income, according to a press release.
“We are pleased to report excellent results for 2023,” said Mark Cloutier, Executive Chairman and Group CEO of Aspen. “Aspen’s continued focus on underwriting discipline and operational excellence resulted in our adjusted combined ratio improving to 89.4%, our net income available to common stockholders increasing to $485 million, and annual operating margin to average equity of 20.2% came, all of which were significant improvements compared to the previous year.”
Aspen’s investment income of $276 million represents a 47% increase from last year, Cloutier said. Aspen Capital Markets generated total fee income of $4,136 million for the full year of 2023. Fee income came from capital raised across multiple lines of business in the Company’s insurance and reinsurance segments.
“It is pleasing to see the quality of returns we are now generating, with significant contributions from each of our core businesses, underwriting, investments and capital markets fees,” Cloutier said. “We believe we have reached a state where the very healthy mix of our revenue sources enables us to maintain strong ROEs across investment cycles.”
Cloutier said the company’s “One Aspen” approach, balance sheet strength and capital markets capabilities gave it a “significant advantage” in the specialty (re)insurance sector. He said Aspen’s size is “an important source of capacity” for its customers while giving the company the ability to be “flexible, decisive and opportunistic” as it responds to market opportunities and changes in trading conditions.
“In a year when our industry has been challenged by climate, geopolitical events and socio-economic challenges, this fourth consecutive year of improved results gives us confidence that we have the talent, strategy, platforms and brand to continue to be at the top of our class. We deliver strong returns to our shareholders despite changing market cycles and in a variety of industry loss scenarios,” he said.
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2024-04-01 18:44:58
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