Aspen returns to quarterly profits
by Richard Kilner
Story link: Aspen returns to quarterly profits
Aspen Insurance Holdings Limited has reported that it made net profits of $10.2m (equating to $0.06 per diluted share) in the second quarter of 2011.
The firm’s quarterly results were significantly affected by catastrophes, which caused losses of $65m ($0.89 per diluted share) during the quarter.
The second quarter also marked a return to the black after Aspen incurred a net loss of $151.7m, equating to $2.40 per diluted ordinary share, in the first quarter.
Operating income was $31.9m ($0.36 per diluted share), around a third of that made in the corresponding period last year ($105m, equating to $1.23 per diluted share).
Chief Executive Officer Chris O’Kane attributed the firm’s performance to a successful implementation of its diversified business strategy.
O’Kane added that the quarterly results were achieved despite low investment yields, above average levels of catastrophe and varied market conditions.