Aspen Insurance Holdings has reported improved underwriting results and a sharp rise in capital markets fee income for the second quarter and first half of 2025, despite some year-on-year pressure on overall profitability.
For the three months ended June 30, Aspen posted a combined ratio of 85.1%, a 3.6-point improvement from the same period in 2024. Underwriting income for the quarter reached $100 million, while adjusted underwriting income came in at $106 million, with an adjusted combined ratio of 84.3%.
Fee income from the Aspen Capital Markets division surged to $53 million, representing a 53.5% increase year-on-year. The annualised operating return on average equity stood at 17.2% for the quarter.
Gross written premiums rose to $1.29 billion from $1.23 billion a year earlier, and net earned premiums increased to $702.7 million from $665.7 million.
However, quarterly profitability was impacted by higher catastrophe losses. Net income fell to $36.8 million from $111.8 million, while operating income dropped to $50.4 million from $103.4 million. Underwriting income was down from $89.5 million to $27.2 million. The catastrophe loss ratio climbed to 13% from 4.9%, and the combined ratio deteriorated to 96.1% from 86.6%.
For the six months ended June 30, Aspen recorded net income available to ordinary shareholders of $55 million and operating income of $161 million.
Underwriting income for the first half reached $128 million, with a reported combined ratio of 90.8%. On an adjusted basis, underwriting income was $142 million and the adjusted combined ratio was 89.7%. Book value per ordinary share stood at $28.81 as of June 30, up $5.51, or 23.6%, compared to the same date in 2024.
In April, Aspen launched its initial public offering (IPO) of 11 million Class A ordinary shares, with Goldman Sachs, Citigroup, and Jefferies serving as lead book-running managers.
Upon its debut on the New York Stock Exchange at $33.25 per share, surpassing its IPO price of $30. The upsized offering—expanded to 13.25 million shares—generated approximately $397.5 million in proceeds. This transaction reduced Apollo’s stake in Aspen from 99.8 % to 86.7 %, valuing the business at approximately $2.8 billion.
