Document

Exhibit 99.2

FINANCIAL SUPPLEMENT

As of June 30, 2025

Aspen Insurance Holdings Limited

This financial supplement is for information purposes only. All financial information contained herein is unaudited. This financial supplement is not being filed with the U.S Securities and Exchange Commission ("SEC"). It should be read in conjunction with documents filed by Aspen Insurance Holdings Limited with the SEC, including its Annual Report on Form 20-F. Please refer to the Company's website at www.aspen.co for further information about Aspen.

Investor Contact:

Aspen Insurance Holdings Limited

Mariza Costa, Head of Investor Relations

Mariza.Costa@Aspen.co

+1 201 539 2668

Jo Scott, Group Head of Corporate Communications

Jo.Scott@Aspen.co

+44 20 7184 8000


	ASPEN INSURANCE HOLDINGS LIMITED
	Table Of Contents
		Page

Basis of Presentation		1
Cautionary Statement Regarding Forward-Looking Statements		2
Financial Highlights		3
Consolidated Statements of Operations - Quarterly Results		4
Consolidated Statements of Operations - Year to Date Results		5
Condensed Consolidated Balance Sheets		6
Earnings Per Ordinary Share		7
Book Value Per Ordinary Share		8
Return on Average Equity		9
Consolidated Underwriting Results by Operating Segment		10-11
Operating Segment - Quarterly Results		12 -13
Aspen Capital Markets		14
Written and Earned Premiums by Segment and Lines of Business		15 -16
Consolidated Statements of Changes in Shareholders' Equity		17
Consolidated Statements of Comprehensive Income		18
Condensed Consolidated Statements of Cash Flows		19
Reserves for Losses and Loss Adjustment Expenses		20

Prior Year Reserve Movements		21
Consolidated Investment Portfolio		22
Investment Analysis		23
Operating Income Reconciliation		24
Non-GAAP Financial Measures		25-26

Derivatives		27

ASPEN INSURANCE HOLDINGS LIMITED

Basis of Presentation

Definitions and presentations: All financial information contained herein is unaudited. Unless otherwise noted, all data is in U.S. dollar millions, except for per share amounts, percentages and ratio information.

In presenting Aspen's results, management has included and discussed certain "non-GAAP financial measures". Management believes that these non-GAAP measures, which may be defined differently by other companies within or outside of the re/insurance industry, help explain and enhance Aspen's results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen's business and aligns with how management view internal financial performance. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures is included in this financial supplement. Investors are cautioned not to place undue reliance on these non-GAAP measures in assessing the Company's overall financial performance.

Operating income (a non-GAAP financial measure): Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operating results. Operating income includes an adjustment for the change in deferred gain on retroactive reinsurance contracts in order to economically match the loss recoveries under the loss portfolio transfer (“LPT”) contract with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years. Operating income also excludes certain costs related to the LPT contract with a subsidiary of Enstar Group Limited, net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts, net realized and unrealized gains or losses on investments, non-operating expenses and income, and preference share redemption costs. Non-operating expenses include expenses incurred in connection with non-recurring projects, such as consulting fees and other non-recurring transformation program costs, and are included within general, administrative and corporate expenses in the consolidated statement of operations. The non-operating income tax (benefit)/expense is calculated on the above items by applying the Company’s effective current tax rate for each of the Company’s material tax jurisdictions to the relevant income/expense for those same jurisdictions. The non-operating income tax (benefit)/expense is included within income tax benefit/(expense) in the consolidated statement of operations.

Aspen excludes these items above from its calculation of operating income because management believes they are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates according to, prevailing investment market and interest rate movements. Aspen believes these amounts are largely independent of its business and underwriting process, not aligned with the economics of transactions undertaken, or including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables users of its financial information to analyze Aspen's results of operations in a manner similar to how management analyzes Aspen's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 24 for a reconciliation of net income to operating income.

Average equity (a non-GAAP financial measure): Average equity is used in calculating ordinary shareholders return on average equity. Average equity is calculated by taking the arithmetic average of total shareholders’ equity on a quarterly basis for the stated periods excluding the average value of preference shares less issue expenses.

Annualized operating return on average equity (“Operating ROE”) (a non-GAAP financial measure): Operating ROE is calculated by dividing operating income by average equity, both of which are defined above. Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. See page 24 for a reconciliation of operating income to net income and page 9 for a reconciliation of average shareholders' equity to average ordinary shareholders' equity.

Book value per ordinary share ("BVPS") is calculated by adjusting shareholders’ equity by removing the impact of Preference Shares as at period end, and dividing it by the number of outstanding ordinary shares at the end of the period. Book value per ordinary share ex AOCI is a non-GAAP financial measure. It is book value per ordinary share adjusted to remove the impact of accumulated other comprehensive income (“AOCI”). Diluted Book Value per Ordinary Share illustrates the effect on basic book value per share of dilutive securities and is calculated using the treasury stock method.

Basic Earnings per Ordinary Share is calculated by dividing net income available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted Earnings per Ordinary Share illustrates the effect on basic earnings per share of dilutive securities and is calculated using the treasury stock method.

Basic Operating Earnings per Share and Diluted Operating Earnings per Share are non-GAAP financial measures. Basic operating earnings per share and diluted operating earnings per share are calculated by dividing operating income by the basic or diluted weighted average number of shares outstanding for the period.

Underwriting income or loss (a non-GAAP financial measure): Income or loss for each of the business segments is measured by underwriting income or loss. Underwriting income or loss is the excess of net earned premiums over the sum of losses and loss adjustment expenses, acquisition costs and general and administrative expenses. Underwriting income or loss provides a basis for management to evaluate the segment’s underwriting performance. See pages 10-11 for a reconciliation of underwriting income or loss. Adjusted underwriting income or loss includes an adjustment for the change in deferred gain on retroactive reinsurance contracts in order to economically match the loss recoveries under the LPT contract with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years. See pages 25-26 for a reconciliation of adjusted underwriting income or loss.

Catastrophe losses: Aspen has defined catastrophe losses in the three and six months ended June 30, 2025 and June 30, 2024 as losses primarily associated with natural disasters and extreme weather-related events, and can include pandemics and other events depending on their severity.

General Insurance: Along with most property and casualty insurance companies, Aspen uses the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses, and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Combined ratio is the sum of the loss ratio and the expense ratio. The loss ratio is calculated by dividing losses and loss adjustment expenses by net earned premiums. The expense ratio is calculated by dividing the sum of acquisition costs and general and administrative expenses, by net earned premiums. Adjusted loss/combined ratio includes an adjustment for the change in deferred gain on retroactive reinsurance contracts in order to match the loss recoveries under the LPT contract with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years. See pages 25-26 for a reconciliation of adjusted loss/combined ratio.

ASPEN INSURANCE HOLDINGS LIMITED

Cautionary Statement Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are made pursuant to the “safe harbor” provisions of The Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts. In particular, statements that use the words such as “expect,” “intend,” “plan,” “believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “predict,” “potential,” “on track” or their negatives or variations and similar terminology and words of similar import generally involve forward-looking statements.

All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and that are subject to a number of uncertainties, assumptions and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such forward-looking statements. Accordingly, there are important factors that could cause our actual results to differ materially from those anticipated in the forward-looking statements, including uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect us in the future. These important risks include, but are not limited to, the following: the occurrence of natural disasters, severe weather events and other catastrophe events, as well as outbreaks of pandemic or contagious diseases; unanticipated losses from war, terrorism and political unrest, cyber attacks, government action that is hostile to commercial interests and from sovereign, sub-sovereign and corporate defaults; global climate change, as well as increasing laws, regulation and litigation in the area of climate change; cyclical changes in the reinsurance and insurance industries; reinsurers not reimbursing us for claims on a timely basis, or at all, or associated coverage disputes; the reliance on the assessment and pricing of individual risks by third parties; the failure of any risk management and loss limitation methods we employ; if actual claims exceed our loss reserves; economic or social inflation; interest rate, credit, and real estate related risks within our investment portfolio; the failure of policyholders, brokers or other intermediaries or reinsurers to honor their payment obligations; competition and consolidation in the (re)insurance industry; the Company’s ability to maintain its financial strength ratings; the Company’s reliance on a small number of brokers; political, regulatory, governmental and industry initiatives and the inability of third parties with whom we do business to appropriately manage their risks; if our internal controls over financial reporting have gaps or other deficiencies; management turnover or our inability to attract and retain senior staff, including our executive officers, senior underwriters or other members of our senior management team; our ability to rely on exemptions from certain of the New York Stock Exchange corporate governance standards as a result of our foreign private issuer and “controlled company” status; a failure in our data security and/or technology systems or infrastructure or those of third parties, including those caused by security breaches or cyber-attacks or through the incorporation of artificial intelligence; the impact of compliance obligations with applicable laws, rules and regulations related to being a public company; and many other factors. For a detailed description of these uncertainties and other factors that could impact the forward-looking statements in this press release and other communications issued by or on behalf of Aspen, please see the “Risk Factors” section in Aspen’s Annual Report on Form 20-F for the twelve months ended December 31, 2024, as filed with the SEC, which should be deemed incorporated herein.

The inclusion of forward-looking statements in this report should not be considered as a representation by us that current plans or expectations will be achieved. Aspen undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.


	ASPEN INSURANCE HOLDINGS LIMITED
	Financial Highlights
		Three Months Ended June 30,								Six Months Ended June 30,
(in US$ millions except for percentages, share and per share amounts)		2025			2024			Change		2025			2024			Change
Gross written premiums		$	1,238.9		$	1,250.4		(0.9)	%	$	2,526.1		$	2,481.8		1.8	%
Net written premiums		$	715.5		$	811.1		(11.8)	%	$	1,467.2		$	1,552.0		(5.5)	%
Net earned premiums		$	674.9		$	705.4		(4.3)	%	$	1,377.6		$	1,371.1		0.5	%
Net income		$	46.5		$	69.0		(32.6)	%	$	83.3		$	180.8		(53.9)	%
Operating income		$	110.9		$	97.6		13.6	%	$	161.3		$	201.0		(19.8)	%
Net investment income		$	80.5		$	82.5		(2.4)	%	$	156.4		$	159.3		(1.8)	%
Underwriting income		$	100.4		$	80.3		25.0	%	$	127.6		$	169.8		(24.9)	%
Adjusted underwriting income (1)		$	105.9		$	93.9		12.8	%	$	142.1		$	184.8		(23.1)	%

Aspen Capital Markets fee income		$	53.4		$	34.8		53.5	%	$	99.0		$	68.3		45.0	%

Underwriting Ratios
Loss ratio		56.2		%	59.6		%			60.6		%	58.7		%
Acquisition cost ratio		13.3		%	15.0		%			13.5		%	14.5		%
General, administrative and corporate expense ratio		15.6		%	14.1		%			16.7		%	14.4		%
Expense ratio		28.9		%	29.1		%			30.2		%	28.9		%
Combined ratio		85.1		%	88.7		%			90.8		%	87.6		%
Adjusted combined ratio (1)		84.3		%	86.7		%			89.7		%	86.5		%

Shareholders' Return Metrics

Shareholders' equity, excluding preference shares		$	2,645.8		$	2,116.6		25.0	%	$	2,645.8		$	2,116.6		25.0	%
Shareholders' equity, excluding AOCI and preference shares (2)		$	2,879.5		$	2,533.8		13.6	%	$	2,879.5		$	2,533.8		13.6	%




Annualized operating income return on average equity		17.2		%	18.1		%			12.8		%	18.7		%

Earnings Per Share
Basic earnings per share
Net income available to ordinary shareholders		$	0.39		$	0.61		(35.9)	%	$	0.61		$	1.69		(63.9)	%
Operating income		$	1.22		$	1.07		13.5	%	$	1.77		$	2.21		(20.0)	%

Diluted earnings per share
Net income available to ordinary shareholders		$	0.39		$	0.61		(35.9)	%	$	0.61		$	1.69		(63.9)	%
Operating income		$	1.22		$	1.07		13.5	%	$	1.77		$	2.21		(20.0)	%

Book Value Per Share
Book value per ordinary share		$	28.81		$	23.30		23.6	%	$	28.81		$	23.30		23.6	%
Book value per diluted ordinary share		$	28.78		$	23.30		23.5	%	$	28.78		$	23.30		23.5	%

Book value per ordinary share, ex AOCI		$	31.35		$	27.90		12.4	%	$	31.35		$	27.90		12.4	%
Book value per diluted ordinary share, ex AOCI		$	31.32		$	27.90		12.3	%	$	31.32		$	27.90		12.3	%


See pages 9-11 and 24-26 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures. See page 14 for more details regarding Aspen Capital Markets.
(1) Adjusted underwriting income and adjusted combined ratio includes an adjustment for the change in deferred gain on retroactive reinsurance contracts in order to match the loss recoveries under the LPT contract.
(2) Accumulated other comprehensive income "AOCI".


	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Statements of Operations - Quarterly Results
(in US$ millions except for percentages)		Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024
UNDERWRITING REVENUES
Gross written premiums		$	1,238.9		$	1,287.2		$	1,010.7		$	1,116.8		$	1,250.4		$	1,231.4
Premiums ceded		(523.4)			(535.5)			(293.7)			(443.2)			(439.3)			(490.5)
Net written premiums		715.5			751.7			717.0			673.6			811.1			740.9
Change in unearned premiums		(40.6)			(49.0)			103.3			24.7			(105.7)			(75.2)
Net earned premiums		674.9			702.7			820.3			698.3			705.4			665.7
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		(379.1)			(455.3)			(438.9)			(474.2)			(420.2)			(384.5)
Acquisition costs		(90.0)			(95.7)			(130.0)			(91.7)			(105.6)			(92.9)
General and administrative expenses		(105.4)			(124.5)			(108.4)			(99.4)			(99.3)			(98.8)
Total underwriting expenses		(574.5)			(675.5)			(677.3)			(665.3)			(625.1)			(576.2)

Underwriting income		100.4			27.2			143.0			33.0			80.3			89.5

Net investment income		80.5			75.9			79.1			79.6			82.5			76.8
Interest expense (1)		(8.9)			(9.1)			(11.1)			(20.9)			(14.0)			(16.1)
Corporate and other expenses		(25.4)			(25.4)			(14.0)			(18.6)			(39.0)			(25.7)


Non-operating expenses (2)		(47.3)			(8.3)			(10.6)			(7.6)			(5.5)			(6.2)
Net realized and unrealized foreign exchange (losses)/gains (3)		(31.9)			(12.9)			36.6			(8.5)			1.9			9.1
Net realized and unrealized investment (losses)/gains		(9.3)			(0.3)			(28.5)			6.1			(26.1)			(1.0)
INCOME BEFORE INCOME TAX		58.1			47.1			194.5			63.1			80.1			126.4
Income tax (expense)/benefit		(11.6)			(10.3)			54.1			(6.4)			(11.1)			(14.6)
NET INCOME AFTER TAX, attributable to Aspen Insurance Holdings Limited		46.5			36.8			248.6			56.7			69.0			111.8
Dividends paid on preference shares		(11.0)			(12.5)			(13.8)			(13.8)			(13.7)			(13.6)
Preference share redemption costs		—			(4.4)			—			—			—			—
Income available to Aspen Insurance Holdings Limited's ordinary shareholders		$	35.5		$	19.9		$	234.8		$	42.9		$	55.3		$	98.2

Loss ratio		56.2		%	64.8		%	53.5		%	67.9		%	59.6		%	57.8		%
Acquisition cost ratio		13.3		%	13.6		%	15.8		%	13.1		%	15.0		%	14.0		%
General and administrative expense ratio		15.6		%	17.7		%	13.2		%	14.2		%	14.1		%	14.8		%
Expense ratio		28.9		%	31.3		%	29.0		%	27.3		%	29.1		%	28.8		%
Combined ratio		85.1		%	96.1		%	82.5		%	95.2		%	88.7		%	86.6		%
Adjusted combined ratio (4)		84.3		%	94.8		%	83.4		%	91.5		%	86.7		%	86.3		%
See pages 9-11 and 24-26 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

(1) Interest expense includes interest on funds withheld related to the LPT contract.

(2) Non-operating expenses in Q2 2025 includes expenses in relation to replacement awards granted on the successful completion of the IPO, certain consulting fees, non-recurring transformation activities, and other non-recurring costs.

(3) Includes the net realized and unrealized (losses)/gains from foreign exchange contracts.

(4) Adjusted combined ratio includes an adjustment for the change in deferred gain on retroactive reinsurance contracts in order to match the loss recoveries under the LPT contract. Adjusted combined ratio represents the performance of our business for accident years 2020 onwards, which we believe is useful to management and investors because it reflects the underlying underwriting performance of the ongoing portfolio.


		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
(in US$ millions except for percentages)			Six Months Ended June 30,
			2025			2024
UNDERWRITING REVENUES
Gross written premiums			$	2,526.1		$	2,481.8
Premiums ceded			(1,058.9)			(929.8)
Net written premiums			1,467.2			1,552.0
Change in unearned premiums			(89.6)			(180.9)
Net earned premiums			1,377.6			1,371.1
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			(834.4)			(804.7)
Acquisition costs			(185.7)			(198.5)
General and administrative expenses			(229.9)			(198.1)
Total underwriting expenses			(1,250.0)			(1,201.3)

Underwriting income			127.6			169.8

Net investment income			156.4			159.3
Interest expense (1)			(18.0)			(30.1)
Corporate and other expenses			(50.8)			(64.7)


Non-operating expenses (2)			(55.6)			(11.7)
Net realized and unrealized foreign exchange (losses)/gains (3)			(44.8)			11.0
Net realized and unrealized investment (losses)			(9.6)			(27.1)
INCOME BEFORE INCOME TAX			105.2			206.5
Income tax expense			(21.9)			(25.7)
NET INCOME AFTER TAX, attributable to Aspen Insurance Holdings Limited			83.3			180.8
Dividends paid on preference shares			(23.5)			(27.3)
Preference share redemption costs			(4.4)			—
Income available to Aspen Insurance Holdings Limited's ordinary shareholders			$	55.4		$	153.5

Loss ratio			60.6		%	58.7		%
	Acquisition cost ratio		13.5		%	14.5		%
	General and administrative expense ratio		16.7		%	14.4		%
Expense ratio			30.2		%	28.9		%
Combined ratio			90.8		%	87.6		%
Adjusted combined ratio (4)			89.7		%	86.5		%
See pages 9-11 and 24-26 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

(1) Interest expense includes interest on deferred premium payments for the LPT contract.

(2) Non-operating expenses in the six months ended June 30, 2025 includes expenses in relation to replacement awards granted on the successful completion of the IPO, certain consulting fees, non-recurring transformation activities, and other non-recurring costs.

(3) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.


	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Balance Sheets

(in US$ millions except for per share amounts)		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

ASSETS
Investments		$	6,984.6	$	6,986.8	$	6,741.5	$	6,487.1	$	6,436.4	$	6,746.8
Cash and cash equivalents		939.0		845.2		914.2		1,244.9		921.2		743.4

Unpaid losses recoverable from reinsurers (1)		4,273.9		4,228.4		4,172.0		4,431.3		4,275.3		4,389.5
Ceded unearned premiums		1,102.2		1,019.0		901.7		1,001.0		962.1		872.9
Underwriting premiums receivable		1,921.8		1,728.3		1,617.0		1,819.1		1,838.4		1,667.0

Deferred acquisition costs		364.7		350.8		322.1		361.0		340.9		331.3
Derivative assets		28.1		19.2		17.0		26.0		5.6		3.4
Deferred tax assets		369.5		384.9		397.9		304.4		310.0		311.2
Other assets		408.3		380.4		645.2		407.8		380.0		360.7
Intangible assets and goodwill		19.9		19.9		19.9		21.7		21.7		21.7
Total assets		$	16,412.0	$	15,962.9	$	15,748.5	$	16,104.3	$	15,491.6	$	15,447.9
LIABILITIES

Reserves for losses and loss adjustment expenses		$	8,632.2	$	8,448.9	$	8,122.6	$	8,201.3	$	7,833.0	$	7,796.0
Unearned premiums		2,933.0		2,812.0		2,645.8		2,849.8		2,834.6		2,640.5


Reinsurance premiums		856.4		858.6		901.1		1,309.7		1,310.4		1,390.4
Other payables		325.9		348.9		357.6		412.6		332.0		352.8
Derivative liabilities		22.4		4.0		49.5		7.7		11.5		20.2

Long-term debt (4)		296.4		300.0		300.0		300.0		300.0		300.0
Total liabilities		13,066.3		12,772.4		12,376.6		13,081.1		12,621.5		12,499.9
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1		0.1
Preference shares (2) (3)		699.9		699.9		970.5		753.5		753.5		753.5
Additional paid-in capital		794.3		761.7		761.7		761.7		761.7		761.7
Retained earnings (3)		2,085.1		2,049.6		2,029.7		1,794.9		1,772.0		1,866.7
Accumulated other comprehensive loss, net of taxes		(233.7)		(320.8)		(390.1)		(287.0)		(417.2)		(434.0)
Total shareholders’ equity		3,345.7		3,190.5		3,371.9		3,023.2		2,870.1		2,948.0
Total liabilities and shareholders’ equity		$	16,412.0	$	15,962.9	$	15,748.5	$	16,104.3	$	15,491.6	$	15,447.9

(1) Unpaid losses recoverable from reinsurers includes ceded reserves on the LPT of $1.2 billion for Q2 2025, $1.2 billion for Q1 2025, $1.2 billion for Q4 2024, $1.4 billion for Q3 2024, $1.4 billion for Q2 2024 and $1.5 billion for Q1 2024.

(2) Includes preference shares with a total value as measured by their liquidation preferences of $725 million less issue expenses of $25.1 million as at Q2 2025 and Q1 2025, $1,000 million less issue expenses of $29.5 million as at Q4 2024, and $775 million less issue expenses of $21.5 million as at Q3 2024 and prior periods shown above.

(3) On January 1, 2025, the Company redeemed its 5.950% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares (the "AHL PRC Shares"), representing an aggregate amount of $275 million, plus a reclassification of $4.4 million, between retained earnings and preference shares which represents the difference between the capital raised upon issuance, net of issuance costs and the final redemption cost.

(4) During Q2 2025, the Company issued $300 million of Senior Notes at a coupon rate of 5.75%. The proceeds were used to pay down the $300 million term loan.


	ASPEN INSURANCE HOLDINGS LIMITED
	Earnings Per Ordinary Share

		Three Months Ended				Six Months Ended
(in US$ millions except for number of shares and per share amounts)		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

Basic earnings per ordinary share
Net income available to ordinary shareholders		$	0.39	$	0.61	$	0.61	$	1.69
Operating income		$	1.22	$	1.07	$	1.77	$	2.21

Diluted earnings per ordinary share
Net income available to ordinary shareholders		$	0.39	$	0.61	$	0.61	$	1.69
Operating income		$	1.22	$	1.07	$	1.77	$	2.21

Weighted average number of ordinary shares outstanding (in millions)		90.977		90.833		90.906		90.833
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		91.042		90.833		90.938		90.833

The dilutive effect of options has been calculated using the treasury stock method. The treasury stock method assumes that the proceeds received from the exercise of options will be used to purchase the Company's ordinary shares at the average market price during the period of calculation.


	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share



(in US$ millions except for per share amounts and percentages)		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024

Total shareholders' equity		$	3,345.7	$	3,190.5	$	3,371.9	$	3,023.2	$	2,870.1	$	2,948.0
Less: preference shares (1)		(699.9)		(699.9)		(970.5)		(753.5)		(753.5)		(753.5)
Ordinary shareholders' equity		$	2,645.8	$	2,490.6	$	2,401.4	$	2,269.7	$	2,116.6	$	2,194.5
Less: AOCI		233.7		320.8		390.1		287.0		417.2		434.0
Ordinary shareholders' equity, ex AOCI		$	2,879.5	$	2,811.4	$	2,791.5	$	2,556.7	$	2,533.8	$	2,628.5

Ordinary shares outstanding (in millions) as at period end		91.838		90.833		90.833		90.833		90.833		90.833
Diluted shares outstanding (in millions) as at period end		91.948		90.833		90.833		90.833		90.833		90.833

Book value per ordinary share		$	28.81	$	27.42	$	26.44	$	24.99	$	23.30	$	24.16
Book value per diluted ordinary share		$	28.78	$	27.42	$	26.44	$	24.99	$	23.30	$	24.16

Book value per ordinary share, ex AOCI		$	31.35	$	30.95	$	30.73	$	28.15	$	27.90	$	28.94
Book value per diluted ordinary share, ex AOCI		$	31.32	$	30.95	$	30.73	$	28.15	$	27.90	$	28.94

(1) Includes preference share with a total value as measured by their liquidation preferences of $725 million less issue expenses of $25.1 million as at Q2 2025 and Q1 2025, $1,000 million less issue expenses of $29.5 million as at Q4 2024, and $775 million less issue expenses of $21.5 million as at Q3 2024 and prior periods shown above.


	ASPEN INSURANCE HOLDINGS LIMITED
	Return On Average Equity

		Three Months Ended						Six Months Ended
(in US$ millions except for percentages)		June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024

Average shareholders' equity		$	3,268.1		$	2,909.1		$	3,302.7		$	2,908.9
Average preference shares (1)		(699.9)			(753.5)			(790.1)			(753.5)
Average ordinary shareholders' equity		$	2,568.2		$	2,155.6		$	2,512.6		$	2,155.4

Return on average equity:
Net income available to ordinary shareholders		1.4		%	2.6		%	2.2		%	7.1		%
Operating income		4.3		%	4.5		%	6.4		%	9.3		%
Annualized return on average equity:
Net income available to ordinary shareholders		5.6		%	10.3		%	4.4		%	14.2		%
Operating income		17.2		%	18.1		%	12.8		%	18.7		%

(1) Includes preference shares with a total value as measured by their liquidation preferences of $725 million less issue expenses of $25.1 million as at the current period, and $775 million less issue expenses of $21.5 million for the comparative periods shown above.


	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Three Months Ended June 30, 2025									Three Months Ended June 30, 2024
(in US$ millions except for percentages)		Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross written premiums		$	693.5		$	545.4		$	1,238.9		$	684.2		$	566.2		$	1,250.4
Net written premiums		390.4			325.1			715.5			425.3			385.8			811.1
Gross earned premiums		672.7			443.5			1,116.2			620.9			434.3			1,055.2
Net earned premiums		395.8			279.1			674.9			378.3			327.1			705.4
Losses and loss adjustment expenses		(239.3)			(139.8)			(379.1)			(231.2)			(189.0)			(420.2)
Acquisition costs		(45.2)			(44.8)			(90.0)			(48.2)			(57.4)			(105.6)
General and administrative expenses		(67.1)			(38.3)			(105.4)			(63.4)			(35.9)			(99.3)
Underwriting income		$	44.2		$	56.2		$	100.4		$	35.5		$	44.8		$	80.3
Net investment income								80.5									82.5
Net realized and unrealized investment (losses)								(9.3)									(26.1)
Corporate and other expenses								(25.4)									(39.0)
Non-operating expenses (1)								(47.3)									(5.5)
Interest expense (2)								(8.9)									(14.0)
Net realized and unrealized foreign exchange (losses)/gains (3)								(31.9)									1.9
Income before income tax								$	58.1								$	80.1
Income tax expense								(11.6)									(11.1)
Net income								$	46.5								$	69.0
Ratios
Current accident year loss ratio, excluding catastrophe losses		56.8		%	48.5		%	53.4		%	60.7		%	41.6		%	51.9		%
Catastrophe losses		2.9		%	4.4		%	3.5		%	1.3		%	13.2		%	6.8		%
Current year loss ratio		59.7		%	52.9		%	56.9		%	62.0		%	54.8		%	58.7		%
Prior year reserve development, post LPT years		(0.2)		%	(3.5)		%	(1.5)		%	(0.9)		%	(1.1)		%	(1.1)		%
Adjusted loss ratio		59.5		%	49.4		%	55.4		%	61.1		%	53.7		%	57.6		%
Impact of the LPT		1.0		%	0.7		%	0.8		%	—		%	4.1		%	2.0		%
Loss ratio		60.5		%	50.1		%	56.2		%	61.1		%	57.8		%	59.6		%
Acquisition cost ratio		11.4		%	16.1		%	13.3		%	12.7		%	17.5		%	15.0		%
General and administrative expense ratio		17.0		%	13.7		%	15.6		%	16.8		%	11.0		%	14.1		%
Expense ratio		28.4		%	29.8		%	28.9		%	29.5		%	28.5		%	29.1		%
Combined ratio		88.9		%	79.9		%	85.1		%	90.6		%	86.3		%	88.7		%
Adjusted combined ratio (4)		87.9		%	79.2		%	84.3		%	90.6		%	82.2		%	86.7		%

(1) Non-operating expenses for the three months ended June 30, 2025 includes expenses in relation to replacement awards granted on the successful completion of the IPO, certain consulting fees, non-recurring transformation activities, and other non-recurring costs.

(2) Interest expense includes interest on deferred premium payments for the LPT contract.

(3) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.


	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Six Months Ended June 30, 2025									Six Months Ended June 30, 2024
(in US$ millions except for percentages)		Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross written premiums		$	1,380.0		$	1,146.1		$	2,526.1		$	1,301.2		$	1,180.6		$	2,481.8
Net written premiums		768.3			698.9			1,467.2			763.7			788.3			1,552.0
Gross earned premiums		1,348.3			888.4			2,236.7			1,223.7			848.5			2,072.2
Net earned premiums		799.5			578.1			1,377.6			739.3			631.8			1,371.1
Losses and loss adjustment expenses		(487.2)			(347.2)			(834.4)			(460.3)			(344.4)			(804.7)
Acquisition costs		(95.3)			(90.4)			(185.7)			(83.9)			(114.6)			(198.5)
General and administrative expenses		(141.6)			(88.3)			(229.9)			(125.6)			(72.5)			(198.1)
Underwriting income		$	75.4		$	52.2		$	127.6		$	69.5		$	100.3		$	169.8
Net investment income								156.4									159.3
Net realized and unrealized investment (losses)								(9.6)									(27.1)
Corporate and other expenses								(50.8)									(64.7)
Non-operating expenses (1)								(55.6)									(11.7)
Interest expense (2)								(18.0)									(30.1)
Net realized and unrealized foreign exchange (losses)/gains (3)								(44.8)									11.0
Income before income tax								105.2									206.5
Income tax expense								(21.9)									(25.7)
Net income								$	83.3								$	180.8
Ratios
Current accident year loss ratio, excluding catastrophe losses		56.7		%	46.8		%	52.6		%	61.2		%	41.9		%	52.2		%
Catastrophe losses		3.5		%	15.0		%	8.3		%	2.2		%	10.1		%	5.9		%
Current year loss ratio		60.2		%	61.8		%	60.9		%	63.4		%	52.0		%	58.1		%
Prior year reserve development,post LPT years		(0.3)		%	(2.9)		%	(1.4)		%	(0.5)		%	(0.6)		%	(0.5)		%
Adjusted loss ratio		59.9		%	58.9		%	59.5		%	62.9		%	51.4		%	57.6		%
Impact of the LPT		1.0		%	1.2		%	1.1		%	(0.6)		%	3.1		%	1.1		%
Loss ratio		60.9		%	60.1		%	60.6		%	62.3		%	54.5		%	58.7		%
Acquisition cost ratio		11.9		%	15.6		%	13.5		%	11.3		%	18.1		%	14.5		%
General and administrative expense ratio		17.7		%	15.3		%	16.7		%	17.0		%	11.5		%	14.4		%
Expense ratio		29.6		%	30.9		%	30.2		%	28.3		%	29.6		%	28.9		%
Combined ratio		90.5		%	91.0		%	90.8		%	90.6		%	84.1		%	87.6		%
Adjusted combined ratio (4)		89.5		%	89.8		%	89.7		%	91.2		%	81.0		%	86.5		%

(1) Non-operating expenses in the six months ended June 30, 2025 includes expenses in relation to replacement awards granted on the successful completion of the IPO, certain consulting fees, non-recurring transformation activities, and other non-recurring costs.

(2) Interest expense includes interest on deferred premium payments for the LPT contract.

(3) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.


	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024

Gross written premiums		$	693.5		$	686.5		$	721.7		$	700.6		$	684.2		$	617.0
Net written premiums		390.4			377.9			493.3			409.9			425.3			338.4
Gross earned premiums		672.7			675.6			689.5			652.5			620.9			602.8
Net earned premiums		395.8			403.7			439.9			404.8			378.3			361.0
Net losses and loss adjustment expenses		(239.3)			(247.9)			(250.6)			(265.6)			(231.2)			(229.1)
Amortization of deferred policy acquisition costs		(45.2)			(50.1)			(61.5)			(47.8)			(48.2)			(35.7)
General and administrative expenses		(67.1)			(74.5)			(80.4)			(58.2)			(63.4)			(62.2)
Underwriting income		$	44.2		$	31.2		$	47.4		$	33.2		$	35.5		$	34.0
Ratios
Current accident year loss ratio, excluding catastrophe losses		56.8		%	56.7		%	55.4		%	56.7		%	60.7		%	61.6		%
Catastrophe losses		2.9		%	4.2		%	3.2		%	2.4		%	1.3		%	3.2		%
Current accident year loss ratio		59.7		%	60.9		%	58.6		%	59.1		%	62.0		%	64.8		%
Prior year reserve development ratio, post LPT years		(0.2)		%	(0.5)		%	—		%	1.0		%	(0.9)		%	—		%
Adjusted loss ratio		59.5		%	60.4		%	58.6		%	60.1		%	61.1		%	64.8		%
Impact of the LPT		1.0		%	1.0		%	(1.6)		%	5.5		%	—		%	(1.3)		%
Loss ratio		60.5		%	61.4		%	57.0		%	65.6		%	61.1		%	63.5		%
Acquisition cost ratio		11.4		%	12.4		%	14.0		%	11.8		%	12.7		%	9.9		%
General and administrative expense ratio		17.0		%	18.5		%	18.3		%	14.4		%	16.8		%	17.2		%
Combined ratio		88.9		%	92.3		%	89.3		%	91.8		%	90.6		%	90.6		%
Adjusted combined ratio (1)		87.9		%	91.3		%	90.9		%	86.3		%	90.6		%	91.9		%

(1) Adjusted combined ratio includes an adjustment for the change in deferred gain on retroactive reinsurance contracts in order to match the loss recoveries under the LPT contract. Adjusted combined ratio represents the performance of our business for accident years 2020 onwards, which we believe is useful to management and investors because it reflects the underlying underwriting performance of the ongoing portfolio.


	ASPEN INSURANCE HOLDINGS LIMITED
	Reinsurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024

Gross written premiums		$	545.4		$	600.7		$	289.0		$	416.2		$	566.2		$	614.4
Net written premiums		325.1			373.8			223.7			263.7			385.8			402.5
Gross earned premiums		443.5			444.9			523.9			449.7			434.3			414.2
Net earned premiums		279.1			299.0			380.4			293.5			327.1			304.7
Net losses and loss adjustment expenses		(139.8)			(207.4)			(188.3)			(208.6)			(189.0)			(155.4)
Amortization of deferred policy acquisition costs		(44.8)			(45.6)			(68.5)			(43.9)			(57.4)			(57.2)
General and administrative expenses		(38.3)			(50.0)			(28.0)			(41.2)			(35.9)			(36.6)
Underwriting income/(loss)		$	56.2		$	(4.0)		$	95.6		$	(0.2)		$	44.8		$	55.5
Ratios
Current accident year loss ratio, excluding catastrophe losses		48.5		%	45.3		%	38.9		%	53.8		%	41.6		%	42.2		%
Catastrophe losses		4.4		%	24.9		%	9.9		%	15.4		%	13.2		%	6.8		%
Current accident year loss ratio		52.9		%	70.2		%	48.8		%	69.2		%	54.8		%	49.0		%
Prior year reserve development ratio, post LPT years		(3.5)		%	(2.4)		%	0.5		%	0.3		%	(1.1)		%	—		%
Adjusted loss ratio		49.4		%	67.8		%	49.3		%	69.5		%	53.7		%	49.0		%
Impact of the LPT		0.7		%	1.6		%	0.2		%	1.6		%	4.1		%	2.0		%
Loss ratio		50.1		%	69.4		%	49.5		%	71.1		%	57.8		%	51.0		%
Acquisition cost ratio		16.1		%	15.3		%	18.0		%	15.0		%	17.5		%	18.8		%
General and administrative expense ratio		13.7		%	16.7		%	7.4		%	14.0		%	11.0		%	12.0		%
Combined ratio		79.9		%	101.4		%	74.9		%	100.1		%	86.3		%	81.8		%
Adjusted combined ratio (1)		79.2		%	99.8		%	74.7		%	98.5		%	82.2		%	79.8		%


	ASPEN INSURANCE HOLDINGS LIMITED
	Aspen Capital Markets

Aspen Capital Markets sources capital and develops alternative reinsurance structures and products to leverage the Company's underwriting and analytical expertise and earns underwriting, management and performance fees for Aspen from other third party investors primarily through the placement and management of side cars, Insurance Linked Securities (ILS) funds and other offerings. The numbers in the table below are exclusive of co-investments made by the Company.

		Six Months Ended June 30,
(in US$ millions)		2025		2024

Third Party Capital		$	2,355.3	$	1,855.4

Earned Premium		$	545.8	$	386.8

Fee Income (1)		$	99.0	$	68.3

(1) Fee income of $99.0 million and $68.3 million is included as an offset to acquisition expenses for the the six months ended June 30, 2025 and the the six months ended June 30, 2024, respectively.


	ASPEN INSURANCE HOLDINGS LIMITED
	Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums		Q2 2025		Q1 2025		Q4 2024		Q3 2024		Q2 2024		Q1 2024
Insurance
First Party Insurance		$	66.7	$	65.0	$	78.3	$	71.1	$	74.2	$	66.3
Specialty Insurance		122.7		116.5		127.4		120.3		127.8		106.2
Casualty and Liability Insurance		192.3		168.3		193.3		182.0		200.2		162.7
Financial and Professional Lines Insurance		258.0		290.2		290.6		285.6		243.1		234.2
Other Insurance (1)		53.8		46.5		32.1		41.6		38.9		47.6
Total Insurance		$	693.5	$	686.5	$	721.7	$	700.6	$	684.2	$	617.0
Reinsurance
Property Catastrophe Reinsurance		$	177.5	$	145.1	$	17.4	$	88.3	$	172.9	$	151.6
Other Property Reinsurance		73.8		97.7		69.9		103.1		109.9		125.9
Casualty Reinsurance		219.2		258.2		161.5		171.9		201.1		228.8
Specialty Reinsurance		74.9		99.7		40.2		52.9		82.3		108.1
Total Reinsurance		$	545.4	$	600.7	$	289.0	$	416.2	$	566.2	$	614.4

Total Gross Written Premiums		$	1,238.9	$	1,287.2	$	1,010.7	$	1,116.8	$	1,250.4	$	1,231.4

Net Written Premiums
Insurance
First Party Insurance		$	49.6	$	43.0	$	73.3	$	65.7	$	56.8	$	33.2
Specialty Insurance		82.6		62.7		105.7		93.7		88.6		63.7
Casualty and Liability Insurance		101.4		88.4		121.7		64.7		115.2		95.0
Financial and Professional Lines Insurance		125.5		154.4		157.1		162.8		145.9		120.9
Other Insurance (1)		31.3		29.4		35.5		23.0		18.8		25.6
Total Insurance		$	390.4	$	377.9	$	493.3	$	409.9	$	425.3	$	338.4
Reinsurance
Property Catastrophe Reinsurance		$	58.0	$	48.5	$	12.0	$	18.5	$	69.2	$	43.8
Other Property Reinsurance		62.6		81.9		66.5		92.1		106.7		109.8
Casualty Reinsurance		133.7		153.0		98.2		105.2		127.9		146.2
Specialty Reinsurance		70.8		90.4		47.0		47.9		82.0		102.7
Total Reinsurance		$	325.1	$	373.8	$	223.7	$	263.7	$	385.8	$	402.5

Total Net Written Premiums		$	715.5	$	751.7	$	717.0	$	673.6	$	811.1	$	740.9

Net Earned Premiums
Insurance
First Party Insurance		$	50.9	$	58.1	$	59.7	$	62.8	$	56.0	$	58.3
Specialty Insurance		83.3		83.7		89.2		85.9		78.4		79.8
Casualty and Liability Insurance		92.7		93.1		103.7		91.6		88.5		91.1
Financial and Professional Lines Insurance		139.9		149.7		150.3		149.1		143.0		125.0
Other Insurance (1)		29.0		19.1		37.0		15.4		12.4		6.8
Total Insurance		$	395.8	$	403.7	$	439.9	$	404.8	$	378.3	$	361.0
Reinsurance
Property Catastrophe Reinsurance		$	19.4	$	47.5	$	42.4	$	36.2	$	33.1	$	32.3
Other Property Reinsurance		70.5		81.8		87.6		92.2		101.3		103.2
Casualty Reinsurance		130.6		116.2		115.9		116.0		117.3		107.5
Specialty Reinsurance		58.6		53.5		134.5		49.1		75.4		61.7
Total Reinsurance		$	279.1	$	299.0	$	380.4	$	293.5	$	327.1	$	304.7

Total Net Earned Premiums		$	674.9	$	702.7	$	820.3	$	698.3	$	705.4	$	665.7

(1) Includes Aspen's share of written and earned premiums through Carbon Syndicate 4747 and its digital follow capacity through Ki's Lloyd's platform.


	ASPEN INSURANCE HOLDINGS LIMITED
	Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)		Six Months Ended June 30,
Gross Written Premiums		2025		2024
Insurance
First Party Insurance		$	131.7	$	140.5
Specialty Insurance		239.2		234.0
Casualty and Liability Insurance		360.6		362.9
Financial and Professional Lines Insurance		548.2		477.3
Other Insurance (1)		100.3		86.5
Total Insurance		$	1,380.0	$	1,301.2
Reinsurance
Property Catastrophe Reinsurance		$	322.6	$	324.5
Other Property Reinsurance		171.5		235.8
Casualty Reinsurance		477.4		429.9
Specialty Reinsurance		174.6		190.4
Total Reinsurance		$	1,146.1	$	1,180.6

Total Gross Written Premiums		$	2,526.1	$	2,481.8

Net Written Premiums
Insurance
First Party Insurance		$	92.6	$	90.0
Specialty Insurance		145.3		152.3
Casualty and Liability Insurance		189.8		210.2
Financial and Professional Lines Insurance		279.9		266.8
Other Insurance (1)		60.7		44.4
Total Insurance		$	768.3	$	763.7
Reinsurance
Property Catastrophe Reinsurance		$	106.5	$	113.0
Other Property Reinsurance		144.5		216.5
Casualty Reinsurance		286.7		274.1
Specialty Reinsurance		161.2		184.7
Total Reinsurance		$	698.9	$	788.3

Total Net Written Premiums		$	1,467.2	$	1,552.0

Net Earned Premiums
Insurance
First Party Insurance		$	109.0	$	114.3
Specialty Insurance		167.0		158.2
Casualty and Liability Insurance		185.8		179.6
Financial and Professional Lines Insurance		289.6		268.0
Other Insurance (1)		48.1		19.2
Total Insurance		$	799.5	$	739.3
Reinsurance
Property Catastrophe Reinsurance		$	66.9	$	65.4
Other Property Reinsurance		152.3		204.5
Casualty Reinsurance		246.8		224.8
Specialty Reinsurance		112.1		137.1
Total Reinsurance		$	578.1	$	631.8

Total Net Earned Premiums		$	1,377.6	$	1,371.1

(1) Includes Aspen's share of written and earned premiums through Carbon Syndicate 4747 and its digital follow capacity through Ki's Lloyd's platform.


	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Statements of Changes in Shareholders' Equity
		Six Months Ended June 30,
(in US$ millions)		2025		2024
Ordinary shares
Beginning of period		$	0.1	$	0.1


End of period		0.1		0.1

Preference shares (1)
Beginning of period		970.5		753.5

Preference shares redeemed		(270.6)		—
End of period		699.9		753.5

Additional paid-in capital
Beginning of period - share premium		761.7		761.7


Share-based compensation		32.6		—
End of period		794.3		761.7

Retained earnings
Beginning of period		2,029.7		1,793.5
Net income for the period		83.3		180.8
Dividends paid on preference shares		(23.5)		(27.3)
Dividends paid on ordinary shares		—		(175.0)
Preference share redemption costs(1)		(4.4)		—
End of period		2,085.1		1,772.0

Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
Beginning of period		(186.6)		(172.5)
Change for the period		43.5		(1.6)
End of period		(143.1)		(174.1)
(Loss)/gain on derivatives:
Beginning of period		(5.3)		(0.2)
Net change from current period hedged transactions		8.3		(0.2)
End of period		3.0		(0.4)
Unrealized (depreciation)/appreciation on available for sale investments, net of taxes:
Beginning of period		(198.2)		(227.6)
Change for the period		104.6		(15.1)
End of period		(93.6)		(242.7)
Total accumulated other comprehensive (loss)		(233.7)		(417.2)
Total shareholders' equity		$	3,345.7	$	2,870.1

(1) On January 1, 2025, the Company redeemed its 5.950% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares (the "AHL PRC Shares"), representing an aggregate amount of $275 million, plus a reclassification of $4.4 million, between retained earnings and preference shares, which represents the difference between the capital raised upon issuance, net of issuance costs and the final redemption cost.


	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Statements of Comprehensive Income

		Three Months Ended June 30,				Six Months Ended June 30,
(in US$ millions)		2025		2024		2025		2024



Net income		$	46.5	$	69.0	$	83.3	$	180.8
Other comprehensive income, net of taxes:
Available for sale investments:
Reclassification adjustment for net realized losses included in net income		23.8		19.5		26.5		23.0
Change in net unrealized gains/(losses) on available for sale securities held		25.4		(10.5)		78.1		(38.1)
Net change from current period hedged transactions		4.1		0.3		8.3		(0.2)
Change in foreign currency translation adjustment		33.8		7.5		43.5		(1.6)
Other comprehensive income/(loss)		87.1		16.8		156.4		(16.9)
Comprehensive income		$	133.6	$	85.8	$	239.7	$	163.9


	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended June 30,				Six Months Ended June 30,
(in US$ millions)		2025		2024		2025		2024

Net cash from operating activities		$	22.9	$	74.5	$	128.0	$	177.2
Net cash from (used in) investing activities		73.6		292.2		(92.3)		(77.1)
Net cash (used in) financing activities		(14.6)		(188.7)		(27.1)		(202.3)
Effect of exchange rate movements on cash and cash equivalents		11.9		(0.2)		16.2		(4.7)
Increase (Decrease) in cash and cash equivalents		93.8		177.8		24.8		(106.9)
Cash and cash equivalents at beginning of period		845.2		743.4		914.2		1,028.1
Cash and cash equivalents at end of period (1)		$	939.0	$	921.2	$	939.0	$	921.2

(1) Cash and cash equivalents includes restricted cash for the the six months ended June 30, 2025 of $217.2 million (the the six months ended June 30, 2024 — $220.9 million) which are held in trusts.


	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Six Months Ended June 30, 2025		For the Six Months Ended June 30, 2024		For the Twelve Months Ended December 31, 2024

Reserves for losses and loss adjustment expenses at the start of the period		$	8,122.6	$	7,810.6	$	7,810.6
Unpaid losses recoverable from reinsurers at the start of the period		(4,172.0)		(4,577.8)		(4,577.8)
Net reserve for losses and loss adjustment expenses at the start of the period		3,950.6		3,232.8		3,232.8




Movement in net reserve for losses and loss adjustment expenses for claims incurred
Current period		839.1		796.9		1,682.2
Prior period reserve development (1)		(4.7)		7.8		35.6
Total incurred		834.4		804.7		1,717.8

Net losses and loss adjustment expenses payments for claims incurred		(522.3)		(453.1)		(941.5)

Foreign exchange losses/(gains)		95.6		(26.7)		(58.5)

Net reserve for losses and loss adjustment expenses at the end of the period		4,358.3		3,557.7		3,950.6
Unpaid losses recoverable from reinsurers at the end of the period		4,273.9		4,275.3		4,172.0
Reserves for losses and loss adjustment expenses at the end of the period		$	8,632.2	$	7,833.0	$	8,122.6

(1) Prior period reserve development includes an increase adjustment for the change in deferred gain on retroactive reinsurance contracts in order to match the loss recoveries under the LPT contracts with the underlying loss development of the assumed net loss reserves for the subject business of 2019 and prior accident years of $14.5 million (June 30, 2024 — $15.0 million).


	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Movements

(in US$ millions)		Three Months Ended June 30, 2025								Three Months Ended June 30, 2024
		Gross*		Reinsurance Recoverables*		Impact of LPT Deferred Gain*		Net		Gross*		Reinsurance Recoverables*		Impact of LPT Deferred Gain*		Net
Insurance		$	(11.5)	$	12.0	$	(3.7)	$	(3.2)	$	2.6	$	0.9	$	(0.1)	$	3.4
Reinsurance		7.3		2.4		(1.8)		7.9		9.4		(5.7)		(13.5)		(9.8)
(Adverse)/favorable movements in reserves for prior years during the period		$	(4.2)	$	14.4	$	(5.5)	$	4.7	$	12.0	$	(4.8)	$	(13.6)	$	(6.4)

		Six Months Ended June 30, 2025								Six Months Ended June 30, 2024
		Gross*		Reinsurance Recoverables*		Impact of LPT Deferred Gain*		Net		Gross*		Reinsurance Recoverables*		Impact of LPT Deferred Gain*		Net
Insurance		$	(30.4)	$	32.8	$	(7.8)	$	(5.4)	$	(5.1)	$	8.6	$	4.5	$	8.0
Reinsurance		21.8		(5.0)		(6.7)		10.1		(6.1)		9.8		(19.5)		(15.8)
(Adverse)/favorable movements in reserves for prior years during the period		$	(8.6)	$	27.8	$	(14.5)	$	4.7	$	(11.2)	$	18.4	$	(15.0)	$	(7.8)

*Gross and reinsurance recoverables represent the prior year reserve movements for accident years 2020 onwards, which which we believe reflects the underlying underwriting performance of the ongoing portfolio. The impact of LPT deferred gain reflects development in the 2019 and prior accident years net of the movement in the deferred gain on retroactive contracts.


	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Investment Portfolio
(in US$ millions)		Fair Market Value
		June 30, 2025		March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Fixed Income Securities - Available For Sale
U.S. government securities		$	1,408.4	$	1,407.2	$	1,480.6	$	1,326.4	$	1,260.9	$	1,252.2
U.S. agency securities		7.4		7.4		7.2		7.4		7.2		7.2
Municipal securities		113.9		116.1		82.3		79.4		78.2		105.0
Corporate securities		2,201.1		2,161.8		1,986.4		1,964.2		1,933.8		2,039.4
Non-U.S. government securities		342.2		296.9		246.8		272.9		264.1		277.2
Non-U.S. government-backed corporate securities		126.1		130.2		131.3		144.2		136.6		129.1
Asset -backed securities		382.6		341.3		234.5		200.1		154.9		141.1
Mortgage-backed securities		564.6		627.2		523.1		561.2		548.4		553.2
Total fixed income securities - Available for sale		5,146.3		5,088.1		4,692.2		4,555.8		4,384.1		4,504.4
Short-term investments - Available for Sale		90.8		139.6		261.9		66.5		81.7		79.2
Privately-held investments - Available for sale		26.4		25.0		24.2		25.3		14.8		15.1
Total Investments - Available for sale		$	5,263.5	$	5,252.7	$	4,978.3	$	4,647.6	$	4,480.6	$	4,598.7

Fixed Income Securities - Trading
U.S. government securities		$	264.8	$	255.4	$	261.3	$	267.1	$	260.5	$	261.6
Municipal securities		3.3		2.2		1.6		2.0		2.1		3.1
Corporate securities		153.1		146.1		151.1		152.6		148.2		146.8
Non-U.S. government securities		26.8		25.6		24.4		24.2		23.4		23.8
Non-U.S. government-backed corporate securities		—		2.8		2.8		6.3		6.2		6.3
Asset-backed securities		580.5		599.7		625.2		688.7		705.2		914.2
Mortgage-backed securities		30.8		30.7		31.1		33.4		31.3		25.6
High yield loans		108.7		109.9		102.4		107.0		99.6		99.3
Total fixed income securities - Trading		1,168.0		1,172.4		1,199.9		1,281.3		1,276.5		1,480.7
Short-term investments - Trading		8.4		19.1		1.0		3.2		2.6		5.7
Catastrophe bonds - Trading		—		—		1.0		1.0		1.1		1.1
Privately-held investments - Trading		225.1		230.8		286.8		341.2		459.4		445.0
Total Investments - Trading		$	1,401.5	$	1,422.3	$	1,488.7	$	1,626.7	$	1,739.6	$	1,932.5

Other Investments		$	319.6	$	311.8	$	274.5	$	212.8	$	216.2	$	215.6

Total Investments		$	6,984.6	$	6,986.8	$	6,741.5	$	6,487.1	$	6,436.4	$	6,746.8

Cash and cash equivalents		939.0		845.2		914.2		1,244.9		921.2		743.4
Accrued interest		60.5		59.7		54.6		55.0		53.1		54.8
Total Cash and Accrued Interest		$	999.5	$	904.9	$	968.8	$	1,299.9	$	974.3	$	798.2

Total Cash, Accrued Interest and Investments		$	7,984.1	$	7,891.7	$	7,710.3	$	7,787.0	$	7,410.7	$	7,545.0


	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q2 2025			Q1 2025			Q4 2024			Q3 2024			Q2 2024			Q1 2024

Fixed income securities - Available for sale		$	53.5		$	50.5		$	44.5		$	40.7		$	40.8		$	35.5
Fixed income securities - Trading		16.6			17.9			18.9			21.5			23.2			24.6
Short term investments - Available for sale		0.8			1.8			2.0			0.7			0.9			0.9
Short term investments - Trading		0.1			0.1			—			—			—			0.1
Fixed term deposits (included in cash and cash equivalents)		8.7			8.5			12.1			12.1			9.6			11.5

Privately-held investments - Available for sale		0.4			0.3			0.5			0.3			0.2			0.2
Privately-held investments - Trading		4.1			5.3			5.2			8.7			9.7			11.3
Other investments, at fair value		(0.1)			(5.1)			(1.8)			(2.3)			1.6			(3.7)
Total investment income		$	84.1		$	79.3		$	81.4		$	81.7		$	86.0		$	80.4
Investment expenses		(3.6)			(3.4)			(2.3)			(2.1)			(3.5)			(3.6)
Net investment income		$	80.5		$	75.9		$	79.1		$	79.6		$	82.5		$	76.8
Net realized and unrealized investment (losses)/gains		(9.3)			(0.3)			(28.5)			6.1			(26.1)			(1.0)
Change in unrealized gains/(losses) on available for sale investments (before tax)		61.8			69.8			(69.4)			120.6			9.6			(26.7)
Total return on investments		$	133.0		$	145.4		$	(18.8)		$	206.3		$	66.0		$	49.1

Portfolio Characteristics
Fixed income portfolio book yield		4.4		%	4.3		%	4.2		%	4.0		%	4.0		%	4.0		%
Fixed income portfolio duration		3.2 years			3.3 years			2.9 years			2.5 years			2.5 years			2.4 years


	ASPEN INSURANCE HOLDINGS LIMITED
	Operating Income Reconciliation

Net income is adjusted to exclude after-tax change in net foreign exchange gains and losses, realized gains and losses in investments and non-operating items.
		Three Months Ended				Six Months Ended
(in US$ millions except where stated)		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

Net income		$	46.5	$	69.0	$	83.3	$	180.8
Preference share dividends		(11.0)		(13.7)		(23.5)		(27.3)
Preference share redemption		—		—		(4.4)		—
Net income available to Aspen Insurance Holdings Limited's ordinary shareholders		35.5		55.3		55.4		153.5
Add/(deduct) items before tax:
Net foreign exchange losses/(gains)		31.9		(1.9)		44.8		(11.0)
Net realized and unrealized investment losses		9.3		26.1		9.6		27.1
Non-operating expenses		47.3		5.5		55.6		11.7
Impact of the LPT		5.6		13.5		14.6		15.0
Variable interest on the LPT funds withheld		2.5		5.2		5.4		11.5
Non-operating income tax (benefit)		(21.2)		(6.1)		(28.5)		(6.8)
Preference share redemption costs		—		—		4.4		—
Operating income		$	110.9	$	97.6	$	161.3	$	201.0

ASPEN INSURANCE HOLDINGS LIMITED

Non-GAAP Financial Measures


	Three Months Ended June 30, 2025									Three Months Ended June 30, 2024
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	($ in millions, except for percentages)									($ in millions, except for percentages)
Underwriting Revenues
Gross written premiums	$	693.5		$	545.4		$	1,238.9		$	684.2		$	566.2		$	1,250.4
Net written premiums	$	390.4		$	325.1		$	715.5		$	425.3		$	385.8		$	811.1
Net earned premiums	$	395.8		$	279.1		$	674.9		$	378.3		$	327.1		$	705.4
Underwriting Expenses
Current accident year net losses and loss expenses	$	(224.8)		$	(135.4)		$	(360.2)		$	(229.6)		$	(136.0)		$	(365.6)
Catastrophe losses	(11.3)			(12.3)			(23.6)			(5.0)			(43.2)			(48.2)
Prior year reserve development, post LPT years	0.5			9.7			10.2			3.5			3.7			7.2
Adjusted losses and loss adjustment expenses (1)	(235.6)			(138.0)			(373.6)			(231.1)			(175.5)			(406.6)
Impact of the LPT (2)	(3.7)			(1.8)			(5.5)			(0.1)			(13.5)			(13.6)
Losses and loss adjustment expenses	(239.3)			(139.8)			(379.1)			(231.2)			(189.0)			(420.2)
Acquisition costs	(45.2)			(44.8)			(90.0)			(48.2)			(57.4)			(105.6)
General and administrative expenses	(67.1)			(38.3)			(105.4)			(63.4)			(35.9)			(99.3)
Underwriting income (1)	$	44.2		$	56.2		$	100.4		$	35.5		$	44.8		$	80.3
Adjusted underwriting income (1)	$	47.9		$	58.0		$	105.9		$	35.6		$	58.3		$	93.9

Ratios
Current accident year loss ratio, excluding catastrophe losses	56.8		%	48.5		%	53.4		%	60.7		%	41.6		%	51.9		%
Current accident year catastrophe loss ratio	2.9			4.4			3.5			1.3			13.2			6.8
Current accident year loss ratio	59.7			52.9			56.9			62.0			54.8			58.7
Prior year reserve development ratio, post LPT years	(0.2)			(3.5)			(1.5)			(0.9)			(1.1)			(1.1)
Adjusted loss ratio (1)	59.5			49.4			55.4			61.1			53.7			57.6
Impact of the LPT (2)	1.0			0.7			0.8			—			4.1			2.0
Loss ratio	60.5			50.1			56.2			61.1			57.8			59.6
Acquisition cost ratio	11.4			16.1			13.3			12.7			17.5			15.0
General and administrative expense ratio	17.0			13.7			15.6			16.8			11.0			14.1
Combined ratio	88.9		%	79.9		%	85.1		%	90.6		%	86.3		%	88.7		%
Adjusted combined ratio (1)	87.9		%	79.2		%	84.3		%	90.6		%	82.2		%	86.7		%

(1) Adjusted losses and loss adjustment expenses, underwriting income, adjusted underwriting income, adjusted loss ratio and adjusted combined ratio are non-GAAP financial measures as defined in SEC Regulation G. The reconciliations to the most comparable U.S. GAAP financial measures are shown above.

(2) Impact of the LPT includes the impact of prior year development on 2019 and prior accident years, net of the change in the deferred gain recognized in relation to retroactive reinsurance contracts as per accounting requirements for retroactive reinsurance under U.S. GAAP.

ASPEN INSURANCE HOLDINGS LIMITED

Non-GAAP Financial Measures


	Six Months Ended June 30, 2025									Six Months Ended June 30, 2024
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
	($ in millions, except for percentages)									($ in millions, except for percentages)
Underwriting Revenues
Gross written premiums	$	1,380.0		$	1,146.1		$	2,526.1		$	1,301.2		$	1,180.6		$	2,481.8
Net written premiums	$	768.3		$	698.9		$	1,467.2		$	763.7		$	788.3		$	1,552.0
Net earned premiums	$	799.5		$	578.1		$	1,377.6		$	739.3		$	631.8		$	1,371.1
Underwriting Expenses
Current accident year net losses and loss expenses	$	(453.5)		$	(270.6)		$	(724.1)		$	(451.7)		$	(264.6)		$	(716.3)
Catastrophe losses	(28.3)			(86.7)			(115.0)			(16.6)			(64.0)			(80.6)
Prior year reserve development, post LPT years	2.4			16.8			19.2			3.5			3.7			7.2
Adjusted losses and loss adjustment expenses (1)	(479.4)			(340.5)			(819.9)			(464.8)			(324.9)			(789.7)
Impact of the LPT (2)	(7.8)			(6.7)			(14.5)			4.5			(19.5)			(15.0)
Losses and loss adjustment expenses	(487.2)			(347.2)			(834.4)			(460.3)			(344.4)			(804.7)
Acquisition costs	(95.3)			(90.4)			(185.7)			(83.9)			(114.6)			(198.5)
General and administrative expenses	(141.6)			(88.3)			(229.9)			(125.6)			(72.5)			(198.1)
Underwriting income (1)	$	75.4		$	52.2		$	127.6		$	69.5		$	100.3		$	169.8
Adjusted underwriting income (1)	$	83.2		$	58.9		$	142.1		$	65.0		$	119.8		$	184.8

Ratios
Current accident year loss ratio, excluding catastrophe losses	56.7		%	46.8		%	52.6		%	61.2		%	41.9		%	52.2		%
Current accident year catastrophe loss ratio	3.5			15.0			8.3			2.2			10.1			5.9
Current accident year loss ratio	60.2			61.8			60.9			63.4			52.0			58.1
Prior year reserve development ratio, post LPT years	(0.3)			(2.9)			(1.4)			(0.5)			(0.6)			(0.5)
Adjusted loss ratio (1)	59.9			58.9			59.5			62.9			51.4			57.6
Impact of the LPT (2)	1.0			1.2			1.1			(0.6)			3.1			1.1
Loss ratio	60.9			60.1			60.6			62.3			54.5			58.7
Acquisition cost ratio	11.9			15.6			13.5			11.3			18.1			14.5
General and administrative expense ratio	17.7			15.3			16.7			17.0			11.5			14.4
Combined ratio	90.5		%	91.0		%	90.8		%	90.6		%	84.1		%	87.6		%
Adjusted combined ratio (1)	89.5		%	89.8		%	89.7		%	91.2		%	81.0		%	86.5		%


			ASPEN INSURANCE HOLDINGS LIMITED
			Derivatives

The following tables summarize information on the location and amounts of derivative fair values on the consolidated balance sheet as at June 30, 2025 and December 31, 2024:


		As at June 30, 2025					As at December 31, 2024
Derivatives Not Designated as Hedging Instruments Under ASC 815	Balance Sheet Location	Notional Amount		Fair Value			Notional Amount		Fair Value
		($ in millions)					($ in millions)
Foreign Exchange Contracts	Derivative assets	$	740.6	$	23.8		$	550.0	$	17.0
Foreign Exchange Contracts	Derivative liabilities	$	981.1	$	(21.7)	(1)	$	1,036.9	$	(41.7)
Loss Portfolio Transfer Liability - Embedded Derivative	Derivative liabilities	$	—	$	(0.7)	(2)	$	—	$	(3.6)

(1) Net of $1.0 million cash collateral (December 31, 2024 — $0.8 million)

(2) The LPT contains an embedded derivative within the contract in relation to the variable interest crediting rate.


		As at June 30, 2025					As at December 31, 2024
Derivatives Designated as Hedging Instruments Under ASC 815	Balance Sheet Location	Notional Amount		Fair Value			Notional Amount		Fair Value
		($ in millions)					($ in millions)
Foreign Exchange Contracts	Derivative assets	$	79.1	$	4.3		$	—	$	—
Foreign Exchange Contracts	Derivative liabilities	$	—	$	—	(1)	$	158.0	$	(4.2)

(1) Net of $Nil cash collateral (December 31, 2024 — $2.0 million)

The following table provides the unrealized and realized gains/(losses) recorded in the statements of operations and other comprehensive income for derivatives that are not designated or designated as hedging instruments under ASC 815 - “Derivatives and Hedging” for the three and six months ended June 30, 2025 and 2024.


		Amount of Gain/(Loss) Recognized on Derivatives
		Three Months Ended		Six Months Ended
	Location of Gain/(Loss) Recognized on Derivatives	June 30, 2025	June 30, 2024	June 30, 2025	June 30, 2024
Derivatives not designated as hedges		($ in millions)		($ in millions)
Foreign Exchange Contracts	Change in Fair Value of Derivatives	19.5	(4.9)	43.0	(22.4)
Loss Portfolio Transfer Liability - Embedded Derivative	Change in Fair Value of Derivatives	0.5	2.9	2.9	6.8

Derivatives designated as hedges
Foreign Exchange Contracts	General, administrative and corporate expenses	0.4	—	(0.4)	—
Foreign Exchange Contracts	Net change gross of tax from current period hedged transactions	5.3	0.3	10.5	(0.2)