Daily Insurance Industry News
Daily Insurance Industry News
Thursday 18th of October 2018
July 29, 2011

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.


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