Aspen Net Q1 Income up 97% to $121.9 Million; Conference Call Today
Bermuda’s Aspen Insurance Holdings Limited reported that its net income for the first quarter rose by 97 percent to $121.9 million versus $61.8 million for the same quarter in 2006.
Other earnings highlights noted by the Company include the following:
— Earnings per ordinary share of $1.27 versus $0.59 for the same period in 2006, up 115 percent.
— Underwriting income in the first quarter of 2007 increased by 134 percent to $90.5 million compared to $38.7 million in Q1 2006.
— Net investment income in the first quarter of 2007 increased by 52 percent to $67.5 million against $44.5 million in Q1 2006.
— The combined ratio for the first quarter of 2007 was 79.4 percent versus 90.4 percent for the same quarter in 2006, a 12 percent improvement.
— Book value per ordinary share at March 31, 2007 is $23.62 versus $19.40 at March 31, 2006, up 22 percent.
— Annualized return on average equity for the quarter was 22.9 percent.
CEO Chris O’Kane commented: “I am delighted to report an excellent first quarter, with all our product segments performing well and a very strong contribution from investments.”
He also welcomed new appointments to Aspen’s management team – Glyn Jones as Chairman, Richard Houghton as CFO – in addition to underwriters Nathan Warde and Matt Yeldham, whom he said would be “assuming leadership roles for our insurance operations.”
The full report and a financial supplement relating to Aspen’s financial results for the first quarter 2007 is available in the Investor Relations section of the Company’s web site at; www.aspen.bm.
Aspen will hold a conference call today, May 3, 2007 at 9:30 a.m. (Eastern Time) to discuss its 2007 first quarter results. Investors may participate in the live conference call by dialing 877-860-4996 (toll-free domestic U.S.) or 973-582-2854 (international); conference ID: 8628821. Please call to register at least 10 minutes before the conference call begins. A replay of the call will be available for 10 days via telephone starting approximately two hours following the live call on May 3, 2007, and can be accessed at 877-519-4471 (toll-free domestic U.S.) or 973-341-3080 (international); digital pin: 8628821. The live call and a replay can also be heard via Aspen’s web site.