Aspen Reports Q4, FY Record Income

Bermuda-based Aspen Insurance Holdings Limited reported record quarterly results for the quarter ended December 31, 2006, and for the full year 2006.

The Company’s bulletin gave the following details:
— Net income was $119.5 million for the three months ended December 31, 2006, and $378.1 million for the full year. For the quarter this translated to $1.20 net income per diluted ordinary share adjusted for preference share dividends, and for the full year, $3.75 net income per diluted ordinary share.
— Net investment income in the fourth quarter of 2006 increased by 59.5 percent to $62.7 million compared to the fourth quarter of 2005, and was up 68.5 percent to $204.4 million for the full year versus $121.3 million for 2005.
— The combined ratio for the fourth quarter of 2006 was 76.8 percent versus 104.8 percent for the same quarter in 2005. For the full year, the 2006 combined ratio was 82.4 percent compared to 117.2 percent for 2005.
— Shareholders’ equity increased 17.1 percent to $2,389.3 million at December 31, 2006 from $2,039.8 million at December 31, 2005.
— Annualized return on average equity for the quarter was 22.4 percent and 18.5 percent for the full year 2006.

CEO Chris O’Kane commented: “The net income we achieved in the final quarter of 2006 is the highest of any quarter in the history of Aspen and contributed to a record full year result. I am particularly pleased that we achieved these results in a transitional year, where we reduced catastrophe exposures by about 50 percent while maintaining significant retrocessional spend. This underscores the strengths of our diversified business model and is highly encouraging for 2007 and beyond.”

The full earnings report, additional details and a replay of the investors conference call, held Friday, Feb. 9 may be obtained on the Company’s web site at: www.aspen.bm.

The call replay will also be available for 10 days via telephone, and can be accessed at 877-519-4471 (toll-free domestic U.S.) or 973-341-3080 (international); digital pin: 8363714.