Daily Insurance Industry News
Daily Insurance Industry News
Sunday 21st of January 2018
October 28, 2010

Aspen announces quarterly results

by Richard Kilner

Story link: Aspen announces quarterly results

Aspen Insurance Holdings Limited has reported that in the third quarter it made net income of $92.8m and operating earnings per ordinary diluted share of $0.79.

This is a substantial decline on the $145.8m net income ($1.40 per share) that the firm achieved in the corresponding period last year.

Gross written premiums declined by $75m from Q3 2009 to stand at $415.8m, and net income from annualised return on equity fell to 13.2% from 22.4%.

However, for the first nine months of the year gross written premiums increased b $2.6m to $1,664m, but net income in the first nine months fell from $347.6m to $220m.

Chief Executive Officer Chris O’Kane said he was pleased that the firm had managed to deliver an 8th consecutive quarter of rising book value per share, up 15% year-on-year.

O’Kane added that market conditions remained challenging for the firm and stated Aspen had adopted a defensive underwriting posture and would take a rigorous approach to risk.


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