In its Q1 2024 results, Aspen Insurance Holdings has revealed an operating income of $103 million, driven by an 86.3% adjusted combined ratio, down marginally from last year’s $108 million and adjusted combined ratio of 82.7%.
Gross written premiums in Q1 of 2024 were up at $1.23 billion, while net written and earned premiums both increased.
Aspen’s net investment income also improved, climbing to $77 million from $60 million in the same quarter of last year.
However, the firm’s total net income in Q1 2024 fell to $112 million from $129 million last year, while underwriting income dropped to $90 million from $122 million.
Aspen also reported that its current accident year loss ratio, excluding catastrophe losses, was up to 52.6% from 51.1%.
Meanwhile, the firm’s catastrophe loss ratio in Q1 2024 was flat at 4.9%, and its total loss ratio increased slightly to 57.8%.
Commenting on the results, Mark Cloutier, Group Executive Chairman and Chief Executive Officer of Aspen, said, “Aspen produced a strong set of results for the first quarter of 2024.
“We benefited from continuing favourable trading conditions in many of our classes of business achieving 17% growth in year-over-year gross written premium. In addition, we achieved risk-adjusted rate change and adequacy metrics on the aggregate portfolio that were better than planned.”
Cloutier continued, “The results for the quarter include a provision within catastrophe losses for our exposure to the tragic Francis Scott Key Bridge event, which was within expectations given the size of this industry event.
“The current accident year losses also include a modest provision for losses on certain policies exposed to credit risk. The strong performance for the quarter aligns well with our expectations of producing mid to high teen returns across industry cycles and loss event sets.”
