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Schedule II - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2023

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, 2023 and 2022

						As at December 31, 2023						As at December 31, 2022
						($ in millions, except per share amounts)
ASSETS
Fixed income maturities (trading)						43.2						40.5
Cash and cash equivalents						43.5						44.4
Investments in subsidiaries (1)						3,284.2						2,767.9
Intercompany funds due from affiliates						4.3						1.7
Right-of-use operating lease assets						1.5						2.0
Other assets						5.6						5.9
Total assets						$	3,382.3					$	2,862.4
LIABILITIES
Accrued expenses and other payables						27.8						22.3
Intercompany funds due to affiliates						144.7						180.5
Long-term debt						300.0						—
Short-term debt						—						299.9
Operating lease liabilities						1.3						1.7
Total liabilities						$	473.8					$	504.4
SHAREHOLDERS’ EQUITY
Ordinary shares						$	0.6					$	0.6
Preference shares						753.5						753.5
Additional paid in capital						761.2						761.2
Retained earnings						1,793.5						1,349.0
Accumulated other comprehensive income, net of taxes:
Unrealized (loss) on investments						(227.6)						(333.2)
(Loss)/gain on derivatives						(0.2)						13.8
Cumulative (losses) on foreign currency translation adjustments						(172.5)						(186.9)
Total accumulated other comprehensive (loss)						(400.3)						(506.3)
Total shareholders’ equity						2,908.5						2,358.0
Total liabilities and shareholders’ equity						$	3,382.3					$	2,862.4

____________________

(1)    The Company’s investment in subsidiaries is 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, 2023, 2022 and 2021

						Twelve Months Ended December 31, 2023						Twelve Months Ended December 31, 2022						Twelve Months Ended December 31, 2021
						($ in millions)
Operating Activities:
Equity in net earnings/(losses) of subsidiaries and other investments, equity method						$	304.7					$	14.2					$	(90.5)
Dividend income						364.4						121.7						193.0
Net realized and unrealized investment gains/(losses)						1.1						(4.0)						(0.5)
Other income						3.2						1.0						—
Total revenues						673.4						132.9						102.0
Expenses:
General, administrative and corporate expenses						(121.3)						(62.7)						(54.6)
Interest expense						(15.6)						(14.3)						(14.3)
Other expense						(1.8)						(4.8)						(3.3)
Income from operations before income taxes						534.7						51.1						29.8
Income tax expense						—						—						—
Net income						534.7						51.1						29.8
Other comprehensive income/(loss), net of taxes:
Change in unrealized gains/(losses) on investments						105.6						(367.8)						(158.6)
Net change from current period hedged transactions						(14.0)						15.4						(6.2)
Change in foreign currency translation adjustment						14.4						(30.9)						21.4
Other comprehensive income/(loss), net of tax						106.0						(383.3)						(143.4)
Comprehensive Income /(loss)						$	640.7					$	(332.2)					$	(113.6)

ASPEN INSURANCE HOLDINGS LIMITED

SCHEDULE II  - CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Continued

STATEMENTS OF CASH FLOWS

For the Twelve Months Ended December 31, 2023, 2022 and 2021

						Twelve Months Ended December 31, 2023						Twelve Months Ended December 31, 2022						Twelve Months Ended December 31, 2021
						($ in millions)
Cash Flows From Operating Activities:
Net income (excluding equity in net earnings of subsidiaries)						$	230.0					$	36.9					$	120.3
Adjustments:
Realized and unrealized (gains)/losses						(14.8)						19.7						(6.7)
Loss/(gain) on derivative contracts						14.0						(15.4)						6.2
Amortization of right-of-use operating lease assets						0.5						0.5						0.5
Interest on operating lease liabilities						0.1						0.1						0.1
Change in other assets						0.3						2.1						(1.6)
Change in accrued expenses and other payables						5.5						(3.2)						1.4
Change in intercompany activities						(38.4)						41.1						35.0
Change in right-of use assets						—						—						(2.0)
Change in operating lease liabilities						(0.5)						(0.6)						1.5
Net cash provided by operating activities						196.7						81.2						154.7
Cash Flows From Investing Activities:
(Purchases)/proceeds of fixed income securities						(8.1)						(10.0)						(42.6)
Proceeds from sales and maturities of fixed maturities, trading						6.4						7.8						—
Investment in subsidiaries						(105.7)						5.0						(115.0)
Net cash (used in)/provided by investing activities						(107.4)						2.8						(157.6)
Cash Flows From Financing Activities:
Repayment of short-term debt						(300.0)						—						—
Proceeds from term loan facility						300.0						—						—
Dividends paid on ordinary shares						(40.3)						(40.0)						—
Dividends paid on preference shares						(49.9)						(44.6)						(44.5)
Net cash (used in) financing activities						(90.2)						(84.6)						(44.5)
(Decrease) in cash and cash equivalents						(0.9)						(0.6)						(47.4)
Cash and cash equivalents — beginning of period						44.4						45.0						92.4
Cash and cash equivalents — end of period						$	43.5					$	44.4					$	45.0

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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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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