Bermuda-based re/insurer Aspen has reported improved underwriting performance for full-year 2025, with underwriting income rising to $370.8 million, up from $345.8 million in 2024.
The firm’s gross written premiums grew slightly to $4.67 billion in 2025, compared with $4.61 billion the previous year, while net written premiums declined to $2.84 billion from $2.94 billion, reflecting ongoing portfolio management actions.
Aspen manages its underwriting operations through two distinct segments, Insurance (Aspen Insurance) and Reinsurance (Aspen Re), to “enhance and better serve” its global customer base.
In 2025, gross written premiums in the Insurance segment rose 1.6% year-on-year, while premiums in the Reinsurance segment increased 1.0%.
The growth in the Reinsurance segment was primarily driven by new business in casualty reinsurance, as Aspen Re continues to capitalise on favourable market conditions.
Meanwhile, Aspen’s combined ratio improved to 86.9% from 87.9% in 2024, driven by a stronger loss ratio of 54.6%, partially offset by a higher expense ratio of 32.3%.
On an adjusted basis, the combined ratio improved to 86.2% from 86.8%.
Catastrophe losses contributed $151.5 million, or 5.3 percentage points, to Aspen’s combined ratio in 2025, compared with $187.3 million, or 6.5 percentage points, for 2024.
Catastrophe losses in 2025 included the impact of California wildfires and other weather-related events, while 2024 losses were driven by Hurricane Milton, floods in Dubai, Hurricane Helene, the Francis Scott Key Bridge event, and other weather-related events.
Despite the stronger underwriting result, Aspen’s net income declined to $340.2 million in 2025, down from $486.1 million in 2024.
The decrease was primarily driven by a swing in investment and foreign exchange results, including $78.5 million of FX losses compared with gains of $60.2 million in the prior year, alongside lower realised and unrealised investment gains.
The 2025 results come amid Aspen’s major corporate shift, as Japanese insurer Sompo Holdings completed its ~$3.5 billion acquisition in February, taking the company private and delisting its Class A shares from the NYSE.
Aspen now operates as a wholly owned subsidiary within Sompo, a move expected to enhance Sompo’s global specialty and reinsurance footprint and support long‑term growth ambitions.
