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Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

Schedule II - Condensed Financial Information of Registrant

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS

As at December 31, 2020 and 2019

						As at December 31, 2020						As at December 31, 2019
						($ in millions, except per share amounts)
ASSETS
Fixed income maturities (trading)						—						75.6
Cash and cash equivalents						92.4						37.4
Investments in subsidiaries (1)						3,325.6						2,973.6
Intercompany funds due from affiliates						0.7						0.1
Right-of-use operating lease assets						1.0						1.4
Other assets						6.4						6.9
Total assets						$	3,426.1					$	3,095.0
LIABILITIES
Accrued expenses and other payables						24.3						7.2
Intercompany funds due to affiliates						103.4						61.2
Long-term debt						299.9						299.8
Operating lease liabilities						0.9						1.3
Total liabilities						$	428.5					$	369.5
SHAREHOLDERS’ EQUITY
Ordinary Shares:
60,395,839 shares of par value $0.01 each (December 31, 2019 — 60,395,839)						$	0.6					$	0.6
Preference Shares:
11,000,000 5.950% shares of par value 0.15144558¢ each (December 31, 2019  — 11,000,000)						—						—
10,000,000 5.625% shares of par value 0.15144558¢ each (December 31, 2019 — 10,000,000)						—						—
10,000,000 5.625% depositary shares of par value 0.15144558¢ each (December 31, 2019 —10,000,000)						—						—
Additional paid in capital						1,469.7						1,201.7
Retained earnings						1,425.7						1,514.6
Accumulated other comprehensive income, net of taxes:
Unrealized gains on investments						186.8						84.5
Gain/(loss) on derivatives						4.6						4.3
Gains on foreign currency translation						(89.8)						(80.2)
Total accumulated other comprehensive income						101.6						8.6
Total shareholders’ equity						2,997.6						2,725.5
Total liabilities and shareholders’ equity						$	3,426.1					$	3,095.0

____________________

(1)    The Company’s investment in subsidiaries are accounted for under the equity method and adjustments to the carrying value of these investments are made based on the Company’s share of capital, including share of income and expenses. Changes in the value were recognized in realized and unrealized investment gains and losses in the statement of operations.

ASPEN INSURANCE HOLDINGS LIMITED

SCHEDULE II  - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Continued

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Twelve Months Ended December 31, 2020, 2019 and 2018

						Twelve Months Ended December 31, 2020						Twelve Months Ended December 31, 2019						Twelve Months Ended December 31, 2018
						($ in millions)
Operating Activities:
Equity in net earnings of subsidiaries and other investments, equity method						$	(92.1)					$	(415.1)					$	(371.3)
Dividend income						141.5						270.0						340.3
Net realized and unrealized investment gains/(losses)						2.5						2.6						(5.1)
Total revenues						51.9						(142.5)						(36.1)
Expenses:
General, administrative and corporate expenses						(74.6)						(70.2)						(83.8)
Interest expense						(14.3)						(25.7)						(25.9)
Other expense						(3.1)						(3.3)						—
(Loss) from operations before income tax						(40.1)						(241.7)						(145.8)
Income tax						—						—						—
Net (loss)						(40.1)						(241.7)						(145.8)
Amount attributable to non-controlling interest						—						1.2						(1.0)
Net (loss) attributable to Aspen Insurance Holdings Limited ordinary shareholders						(40.1)						(240.5)						(146.8)
Other comprehensive Income/(loss), net of taxes:
Change in unrealized gains on investments						102.3						151.3						(76.5)
Net change from current period hedged transactions						0.3						4.0						(1.8)
Change in foreign currency translation adjustment						(9.6)						(24.8)						12.3
Other comprehensive income/(loss), net of tax						93.0						130.5						(66.0)
Comprehensive Income / (loss)						$	52.9					$	(110.0)					$	(212.8)

ASPEN INSURANCE HOLDINGS LIMITED

SCHEDULE II  - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Continued

STATEMENTS OF CASH FLOWS

For the Twelve Months Ended December 31, 2020, 2019 and 2018

						Twelve Months Ended December 31, 2020						Twelve Months Ended December 31, 2019						Twelve Months Ended December 31, 2018
						($ in millions)
Cash Flows From/(Used In) Operating Activities:
Net income (1) (excluding equity in net earnings of subsidiaries)						$	52.0					$	174.6					$	224.5
Adjustments:
Share-based compensation expenses						—						—						10.1
Realized and unrealized losses/(gains)						1.5						9.6						(0.7)
Loss on derivative contracts						(0.3)						(4.0)						1.8
Amortization of right-to-use operating lease assets						0.4						0.3						—
Interest on operating lease liabilities						(0.4)						0.2						—
Change in other assets						0.5						2.1						(0.2)
Change in accrued expenses and other payables						15.9						(51.2)						51.1
Change in intercompany activities						41.6						(59.0)						63.9
Change in operating lease liabilities						—						(0.5)						—
Net cash generated by operating activities						111.2						72.1						350.5
Cash Flows From/(Used in) Investing Activities:
Proceeds/(purchases) of fixed income securities						75.6						(75.6)						79.4
Investment in subsidiaries						(87.3)						(82.7)						(215.9)
Repayment of loan notes issued by Silverton						—						—						18.6
Net cash (used in) investing activities						(11.7)						(158.3)						(117.9)
Cash Flows From/(Used in) Financing Activities:
Proceeds from issuance of ordinary shares, net of issuance costs						—						1.4						2.7
Proceeds from issuance of preference shares, net of issuance costs						—						241.6						—
Ordinary share repurchase						—						(0.1)						—
Ordinary and preference share dividends paid						(44.5)						(35.9)						(73.4)
Repayment of long-term debt issued by Silverton						—						(7.7)						—
Make-whole payment						—						(5.5)						(8.6)
Minority interest buy-out						—						(0.8)						—
Long-term debt redeemed						—						(125.0)						(125.0)
Cash paid for tax withholding purposes						—						—						(4.7)
Net cash (used in)/from financing activities						(44.5)						68.0						(209.0)
Increase/(decrease) in cash and cash equivalents						55.0						(18.2)						23.6
Cash and cash equivalents — beginning of period						37.4						55.6						32.0
Cash and cash equivalents — end of period						$	92.4					$	37.4					$	55.6

 _________

(1)    Net income has been adjusted for the proportion due to non-controlling interest.

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04)
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

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