Aspen Announce Third Quarter Profitability

by Stewart Douglas

Story link: Aspen Announce Third Quarter Profitability

Insurance group Aspen has today announced strong performance over the third quarter of the year, and on the first nine months as compared to the same period last year after its promotional drive and expansion over the course of this year.

The US based global group reported strong profitability and increased revenues for the third quarter and nine months aggregate, amidst measures designed to reduce costs and expand the reach of the company employed over the early stages of this year.

In the third quarter figures released by the firm today profits for the period had increased by over 28% to $117 million from the results of the same period in 2006. Additionally, it highlighted an increase in income over expenditure of over a third to $353.8 million.

The quarter saw minimal losses in the catastrophic class, totalling only $10 million largely as a result of domestic flooding over the summer months. The company also reported that it would be investing more of its funds in private equity led investment trusts in order to boost profitability from that side of the business.

Meanwhile its investment division brought in an additional $72 million over this period, giving it one of its strongest ever recorded returns overall in what have been record-breaking results in 2007.

Speaking today on the performance, executive Chris O’Kane said that the record results of today were high positive for the future of the company, underlining its commitment to improving business efficiency across the board without sacrificing service.

It remains to be seen whether Aspen’s continuing growth within excess insurance markets will enable it to keep up its current profitability over the remainder of this year into the next few quarters.