XML 61 R49.htm IDEA: XBRL DOCUMENT
v3.25.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Total Income Tax | Total income tax (benefit)/expense for the twelve months ended December 31, 2024, 2023 and 2022 was allocated as follows:
| Twelve Months Ended December 31,
| 2024 |  | 2023 |  | 2022
| ($ in millions)
Income tax (benefit) allocated to net income | $ | (22.0) |  |  | $ | (132.1) |  |  | $ | (78.1) |
Income tax expense/(benefit) allocated to other comprehensive income | 3.3 |  |  | 20.6 |  |  | (23.9) |
Total income tax (benefit) | $ | (18.7) |  |  | $ | (111.5) |  |  | $ | (102.0) |
Schedule of Income Tax by Taxing Authority |
| Twelve Months Ended December 31, 2024
| Income before tax |  | Current tax expense |  | Deferred tax expense/(benefit) |  | Total income tax expense/(benefit)
| ($ in millions)
Bermuda (1) | $ | 85.3 |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | 1.3 |
U.S. (2) | 269.0 |  |  | 62.7 |  |  | (4.4) |  |  | 58.3 |
U.K. (3) | 106.9 |  |  | 3.9 |  |  | (85.3) |  |  | (81.4) |
Other (4) | 2.9 |  |  | — |  |  | (0.2) |  |  | (0.2) |
Total | $ | 464.1 |  |  | $ | 66.6 |  |  | $ | (88.6) |  |  | $ | (22.0) |
| Twelve Months Ended December 31, 2023
| Income before tax |  | Current tax expense |  | Deferred tax (benefit)/expense |  | Total income tax (benefit)/expense
| ($ in millions)
Bermuda | $ | 148.8 |  |  | $ | — |  |  | $ | (201.1) |  |  | $ | (201.1) |
U.S. | 236.3 |  |  | 52.4 |  |  | 3.0 |  |  | 55.4 |
U.K. | 0.7 |  |  | 5.3 |  |  | 0.1 |  |  | 5.4 |
Other | 16.8 |  |  | 7.9 |  |  | 0.3 |  |  | 8.2 |
Total | $ | 402.6 |  |  | $ | 65.6 |  |  | $ | (197.7) |  |  | $ | (132.1) |
| Twelve Months Ended December 31, 2022
| (Loss)/Income before tax |  | Current tax expense |  | Deferred tax (benefit) |  | Total income tax (benefit)/expense
| ($ in millions)
Bermuda | $ | (103.3) |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S | 34.8 |  |  | 14.8 |  |  | (102.9) |  |  | (88.1) |
U.K. | 62.4 |  |  | 7.0 |  |  | — |  |  | 7.0 |
Other | (20.9) |  |  | 4.7 |  |  | (1.7) |  |  | 3.0 |
Total | $ | (27.0) |  |  | $ | 26.5 |  |  | $ | (104.6) |  |  | $ | (78.1) |
________________ (1)We have recorded a deferred tax asset in Bermuda consisting of $158.9 million (2023 — $156.6 million) in respect of the ETA and $40.0 million (2023 — $44.5 million) in respect of an OTLC as a result of the newly enacted Corporate Income Tax Act 2023 in Bermuda. The ETA election allows for an adjustment equal to the difference between the fair market value and carrying value of assets and liabilities. The OTLC allows losses from year 2020 to 2024 to be carried forward. We expect this deferred tax asset to be utilized predominantly over a 10-year period. We expect to incur and pay increased taxes in Bermuda beginning in 2025. (2)The U.S. current tax expense of $62.7 million (2023 — $52.4 million) includes $0.2 million (2023 — $0.9 million) of Base Erosion and Anti-abuse Tax. (3)The U.K. deferred tax benefit of $85.3 million includes a change in the judgment of the brought-forward valuation allowance of $107.7 million. (4)Current tax expense and deferred tax (benefit) in “Other” relates to the branches of Aspen UK and Aspen Bermuda Limited.
Income Tax Reconciliation | The reconciliation between the income tax (benefit) and the amount that would result from applying the statutory rate for the Company for the twelve months ended December 31, 2024, 2023 and 2022 is provided in the table below:
| Twelve Months Ended December 31,
| 2024 |  | 2023 |  | 2022
Income Tax Reconciliation | ($ in millions)
Income tax benefit at statutory tax rate of zero percent | $ | — |  |  | $ | — |  |  | $ | — |
Overseas statutory tax rates differential | 88.1 |  |  | 56.3 |  |  | 16.8 |
Base erosion and anti-abuse tax (BEAT) expense | 0.2 |  |  | 0.9 |  |  | 2.3 |
Prior year adjustments (1) | (5.9) |  |  | 6.9 |  |  | (2.9) |
Introduction of Bermuda corporate income tax | 2.2 |  |  | (201.1) |  |  | — |
Change in valuation allowance (2) | (106.6) |  |  | 4.0 |  |  | (98.9) |
Impact of unrecognized tax benefits (3) | — |  |  | — |  |  | — |
Australian non-resident withholding tax | — |  |  | — |  |  | 1.5 |
Foreign exchange | 0.6 |  |  | (1.3) |  |  | (0.3) |
Non-deductible expenses | 0.3 |  |  | 2.5 |  |  | 2.4 |
Tax effect of OCI in income statement | — |  |  | — |  |  | 6.7 |
Impact of changes in statutory tax rates | (0.9) |  |  | (0.3) |  |  | (5.7) |
Total income tax (benefit) | $ | (22.0) |  |  | $ | (132.1) |  |  | $ | (78.1) |
________________ (1)The submission dates for filing income tax returns for the Company’s U.S. and U.K. operating subsidiaries are after the submission date of these consolidated financial statements. Accordingly, the final tax liabilities may differ from the estimated income tax expense included in these consolidated financial statements and may result in prior year adjustments being reported. The prior period adjustments for the twelve months ended December 31, 2024 predominantly relate to the determination of the results of the U.K. operating subsidiaries and its branches. The prior period adjustments for the twelve months ended December 31, 2023 and 2022 predominantly relate to the determination of results in the U.K. (2)The decrease in valuation allowance in 2024 related to a change in judgment about the recoverability of deferred tax assets in Aspen UK. The decrease in valuation allowance in 2022 related to a change in judgment about the recoverability of deferred tax assets in the U.S. operating subsidiaries. (3)In 2024, the Company did not have any unrecognized tax benefits.
Tax Effects of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences and carryforwards that give rise to deferred tax assets and deferred tax liabilities are presented in the following table as at December 31, 2024 and 2023:
| As at December 31,
| 2024 |  | 2023
| ($ in millions)
Deferred tax assets:
Operating loss carryforwards | $ | 181.1 |  |  | $ | 217.2 |
Capital loss carryforwards | 17.8 |  |  | 9.7 |
Insurance reserves: Losses and loss adjustment expenses | 111.2 |  |  | 104.1 |
Unrealized losses on investments | 7.4 |  |  | 8.9 |
Accrued expenses | 11.3 |  |  | 13.4 |
Foreign tax credit carryforwards | 22.0 |  |  | 19.0 |
Insurance reserves: Unearned premiums | 34.5 |  |  | 35.0 |
Intangible assets | 82.7 |  |  | 82.9 |
Office properties and equipment | 14.7 |  |  | 16.5 |
Operating lease liabilities | 15.0 |  |  | 15.6 |
Other temporary differences | 8.1 |  |  | 7.6 |
Total deferred tax assets | $ | 505.8 |  |  | $ | 529.9 |
Less valuation allowance | (64.0) |  |  | (172.7) |
Deferred tax assets, net of valuation allowance | $ | 441.8 |  |  | $ | 357.2 |
Deferred tax liabilities: |  |  |
Intangible assets | $ | (0.2) |  |  | $ | — |
Deferred acquisition costs | (31.0) |  |  | (32.4) |
Right-of-use operating lease assets | (10.4) |  |  | (10.4) |
Insurance reserves: Losses and loss adjustment expenses | — |  |  | (0.1) |
Other temporary differences | (3.4) |  |  | (3.3) |
Total deferred tax (liabilities) | $ | (45.0) |  |  | $ | (46.2) |
Net deferred tax assets | $ | 396.8 |  |  | $ | 311.0 |

X
- Definition Schedule of income tax expense benefit intraperiod tax allocation + References No definition available. + Details
Name: | ahl_ScheduleOfIncomeTaxExpenseBenefitIntraperiodTaxAllocationTableTextBlock
Namespace Prefix: | ahl_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration