ASPEN INSURANCE HOLDINGS LTD AHL-PD
Aspen Insurance Holdings Limited ("Aspen Holdings") was incorporated on May 23, 2002 as a holding company headquartered in Bermuda. We underwrite specialty insurance and reinsurance on a global basis through our Operating Subsidiaries based in Bermuda, the United States and the United Kingdom: Aspen U.K. and AUL (corporate member of Syndicate 4711 at Lloyd's of London and managed by AMAL) (United Kingdom), Aspen Bermuda (Bermuda) and Aspen Specialty and AAIC (United States). We also have branches in Australia, Canada, Ireland, Singapore, Switzerland and the United Arab Emirates. Please see Exhibit 21.1 of this report for a complete list of our subsidiaries and our corporate chart.
Our goal is to generate superior value and long-term return on capital for our shareholders while ensuring that we have sufficient capital and liquidity to meet our obligations. We believe our global underwriting talent and product capabilities, coupled with our focus on expense discipline and risk management, position us to achieve this goal.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.22B | $3.26B | $2.97B | $2.89B | $2.63B | $2.83B | $2.59B | $2.53B | $2.65B | $2.94B |
| SG&A | $671.4M | $533.1M | $503.6M | $494.2M | $418.0M | $410.9M | $521.6M | $491.7M | $502.2M | $490.1M |
| Pre-tax income | $444.1M | $464.1M | $402.6M | -$27.0M | $35.1M | -$38.0M | -$216.6M | -$156.0M | -$281.8M | $209.5M |
| Income tax | $103.9M | $22.0M | $132.1M | $78.1M | $5.3M | $18.4M | $22.9M | $10.2M | $15.4M | $6.1M |
| Net income | $340.2M | $486.1M | $534.7M | $51.1M | $29.8M | -$56.4M | -$238.3M | -$146.8M | -$267.7M | $203.3M |
| EPS, basic | 3.18 | 4.75 | 5.34 | 0.07 | -0.24 | — | — | -2.97 | -5.22 | 2.67 |
| EPS, diluted | 3.17 | 4.75 | 5.34 | 0.07 | -0.24 | — | — | -2.97 | -5.22 | 2.61 |
| Shares, diluted (wtd. avg.) | $91.5M | $90.8M | $90.8M | $90.8M | $60.4M | — | — | $59.7M | $59.8M | $61.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.66B | $914.2M | $1.03B | $959.2M | $1.31B | $1.75B | $1.03B | $1.08B | $1.05B | $1.05B |
| Short-term investments | — | — | — | — | — | — | — | $105.6M | $89.9M | $145.3M |
| Property, plant and equipment | — | — | — | $81.3M | $114.5M | $77.4M | $64.8M | $73.1M | $75.5M | $83.8M |
| Goodwill | $2.1M | $2.1M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $3.9M | $24.2M |
| Total assets | $16.31B | $15.75B | $15.22B | $15.16B | $13.84B | $13.09B | $12.58B | $12.53B | $12.91B | $12.09B |
| Short-term debt | $296.8M | $300.0M | $300.0M | $299.9M | $0 | — | — | — | — | — |
| Long-term debt | — | — | $300.0M | $0 | $299.9M | $299.9M | $299.8M | $424.7M | $549.5M | $549.3M |
| Total liabilities | $12.68B | $12.38B | $12.32B | $12.80B | $11.07B | $10.20B | $9.86B | $9.89B | $9.98B | $8.44B |
| Retained earnings | $2.32B | $2.03B | $1.79B | $1.35B | $1.38B | $1.40B | $1.51B | $1.79B | $2.03B | $2.39B |
| Total equity | $3.63B | $3.37B | $2.91B | $2.36B | $2.77B | $2.89B | $2.63B | $2.64B | $2.91B | $3.65B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $439.0M | $554.9M | $324.7M | -$55.0M | $524.7M | -$672.7M | -$337.8M | -$304.5M | -$111.5M | $453.2M |
| Depreciation and amortisation | $7.9M | -$1.0M | $11.0M | $43.3M | $53.3M | $45.8M | $39.8M | $43.4M | $62.2M | $51.5M |
| Stock-based compensation | — | — | — | — | — | $0 | $0 | $10.1M | $9.8M | $15.5M |
| Investing cash flow | $339.8M | -$352.8M | -$172.2M | -$196.5M | -$950.3M | $1.15B | $218.3M | $657.3M | $419.0M | -$350.9M |
| Financing cash flow | -$48.7M | -$307.9M | -$90.2M | -$84.6M | $500.0K | $223.5M | $65.2M | -$307.2M | -$540.4M | $90.0M |
| Dividends paid | $0 | $195.0M | $40.3M | $40.0M | $0 | $0 | $0 | $42.9M | $56.2M | — |
| Buybacks | — | — | — | — | $0 | $0 | $100.0K | $0 | $30.0M | $75.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001267395-26-000007.
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