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Aspen Reports Results for the Fourth Quarter and Twelve Months Ended December 31, 2017

HAMILTON, Bermuda, Feb 07, 2018 (BUSINESS WIRE) --

Aspen Insurance Holdings Limited ("Aspen") (NYSE: AHL) reported today a net loss after tax of $(184.9) million, or $(3.25) per diluted ordinary share, and an operating loss after tax of $(178.1) million, or $(3.14) per diluted ordinary share, for the fourth quarter of 2017.

Chris O'Kane, Chief Executive Officer, commented: "Aspen's fourth quarter 2017 results were well below acceptable levels. While some of the losses we reported arose from abnormally high natural catastrophe activity, we recognize that despite prior actions to strengthen our Insurance book, we need to take further actions to deliver substantially better results.

"We are redoubling our efforts to reduce volatility and improve Aspen's profitability. Most of our non-natural catastrophe losses were concentrated in a limited number of lines within Aspen Insurance. We are actively reviewing these lines, and our focus is on taking all actions necessary to mitigate our residual exposure and deliver value to our shareholders. Our loss reserves are strong, and we continue to focus on achieving appropriate loss ratios and realizing the benefits to our expense ratio from the successful implementation of our operational effectiveness and efficiency program."(1)

____________________
Non-GAAP financial measures are used throughout this release
as defined at the end of this press release.
(1) Refer to "Forward-looking Statements Safe Harbor" at the
end of this press release.
 

Operating highlights for the quarter ended December 31, 2017

-- Gross written premiums of $688.3 million in the fourth quarter of 2017, an increase of 13.6% compared with $606.1 million in the fourth quarter of 2016 -- Insurance: Gross written premiums of $472.2 million, an increase of 15.5% compared with $409.0 million in the fourth quarter of 2016, due to growth in all sub-segments

-- Reinsurance: Gross written premiums of $216.1 million, an increase of 9.6% compared with $197.1 million in the fourth quarter of 2016, primarily due to growth in the Specialty sub-segment as a result of AgriLogic

-- Net written premiums of $340.2 million in the fourth quarter of 2017, a decrease of 21.0% compared with $430.8 million in the fourth quarter of 2016 as Aspen continues to make more efficient use of ceded reinsurance to seek to reduce volatility. The retention ratio in the fourth quarter of 2017 was 49.4% compared with 71.1% in the fourth quarter of 2016 -- Insurance: Net written premiums of $187.5 million, a decrease of 19.3% compared with $232.4 million in the fourth quarter of 2016, primarily due to increased use of quota share reinsurance to seek to reduce volatility. The retention ratio in the fourth quarter of 2017 was 39.7% compared with 56.8% in the fourth quarter of 2016

-- Reinsurance: Net written premiums of $152.7 million, a decrease of 23.0% compared with $198.4 million in the fourth quarter of 2016, primarily due to transitional changes to ceding of premiums following the sale of AgriLogic in the fourth quarter of 2017

-- Loss ratio of 106.5% in the fourth quarter of 2017 compared with 63.2% in the fourth quarter of 2016. The loss ratio included pre-tax catastrophe losses of $137.6 million, or 27.0 percentage points, net of reinsurance recoveries and $1.6 million of reinstatement premiums, in the fourth quarter of 2017, including $133.8 million related to wildfires in California. Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $54.6 million, or 8.9 percentage points, in the fourth quarter of 2016 -- Insurance: Loss ratio of 95.2% compared with 68.5% in the fourth quarter of 2016. The loss ratio included pre-tax catastrophe losses of $2.4 million, or 1.0 percentage points, net of reinsurance recoveries and a $(0.7) million credit for reinstatement premiums, in the fourth quarter of 2017. Total pre-tax catastrophe losses in the Insurance segment included $10.2 million of losses related to the wildfires in California offset by favorable development related primarily to other weather-related events in the U.S. Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $17.0 million, or 5.2 percentage points, in the fourth quarter of 2016

-- Reinsurance: Loss ratio of 116.3% compared with 57.2% in the fourth quarter of 2016. The loss ratio included pre-tax catastrophe losses of $135.2 million, or 49.6 percentage points, net of reinsurance recoveries and $2.3 million of reinstatement premiums, in the fourth quarter of 2017. Total pre-tax catastrophe losses in the Reinsurance segment included $123.6 million related to the wildfires in California while the remainder related primarily to other weather-related events. Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $37.6 million, or 13.2 percentage points, in the fourth quarter of 2016

-- Net favorable development on prior year loss reserves of $12.6 million benefited the loss ratio by 2.5 percentage points in the fourth quarter of 2017. Prior year net favorable reserve development of $51.1 million benefited the loss ratio by 8.3 percentage points in the fourth quarter of 2016 -- Insurance: Prior year net favorable reserve development of $1.8 million benefited the loss ratio by 0.8 percentage points in the fourth quarter of 2017. Prior year net favorable development of $16.2 million benefited the loss ratio by 5.0 percentage points in the fourth quarter of 2016

-- Reinsurance: Prior year net favorable reserve development of $10.8 million benefited the loss ratio by 4.0 percentage points in the fourth quarter of 2017. Prior year net favorable development of $34.9 million benefited the loss ratio by 12.2 percentage points in the fourth quarter of 2016

-- Accident year loss ratio excluding catastrophes was 82.0% in the fourth quarter of 2017 compared with 62.6% in the fourth quarter of 2016 -- Insurance: Accident year loss ratio excluding catastrophes for the quarter ended December 31, 2017 was 95.0%. This included 25.0 percentage points related to an increased frequency of mid-sized and attritional losses in the fourth quarter of 2017 which totaled $59.3 million, net of reinstatement premiums. The accident year loss ratio excluding catastrophes in the fourth quarter of 2016 was 68.3%

-- Reinsurance: Accident year loss ratio excluding catastrophes for the quarter ended December 31, 2017 was 70.7%. This included 12.2 percentage points related to premium adjustments which reduced net earned premium by $33.5 million. The accident year loss ratio excluding catastrophes in the fourth quarter of 2016 was 56.2%

-- Total expense ratio of 46.1% and total expense ratio (excluding amortization and non-recurring expenses) of 41.5% in the fourth quarter of 2017 compared with 44.0% and 43.5%, respectively, in the fourth quarter of 2016 -- The policy acquisition expense ratio was 16.7% in the fourth quarter of 2017 compared with 23.0% in the fourth quarter of 2016

-- General and administrative expenses (excluding amortization and non-recurring expenses) were $126.9 million in the fourth quarter of 2017, compared with $125.5 million in the fourth quarter of 2016. The general and administrative expense ratio (excluding amortization and non-recurring expenses) increased to 24.8% from 20.5% in the fourth quarter of 2016

-- Net loss after tax of $(184.9) million, or $(3.25) per diluted ordinary share, in the fourth quarter of 2017 compared with net loss of $(71.5) million, or $(1.41) per diluted ordinary share, in the fourth quarter of 2016. Net income included $14.8 million of net realized and unrealized investment gains in the fourth quarter of 2017 compared with $(58.1) million net realized and unrealized investment losses in the fourth quarter of 2016. Operating loss after tax of $(178.1) million, or $(3.14) per diluted ordinary share, in the fourth quarter of 2017 compared with operating loss of $(7.4) million, or $(0.34) per diluted ordinary share, in the fourth quarter of 2016

-- Annualized net income return on average equity of (30.4)% and annualized operating return on average equity of (29.6)% for the quarter ended December 31, 2017 compared with (11.6)% and (2.8)%, respectively, for the fourth quarter of 2016

Operating highlights for the twelve months ended December 31, 2017

-- Gross written premiums increased by 6.8% to $3,360.9 million in the full year of 2017 compared with $3,147.0 million in the full year of 2016

-- Net written premiums decreased by 14.7% to $2,212.5 million in the full year of 2017 compared with $2,593.7 million in the full year of 2016. The retention ratio in the full year of 2017 was 65.8% compared with 82.4% in the full year of 2016

-- Loss ratio of 86.5% for the full year of 2017 compared with 59.8% for the full year of 2016. The loss ratio included $561.9 million, or 24.6 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries and $14.1 million of reinstatement premiums, in the full year of 2017. This compared with $164.4 million, or 6.3 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries and $2.0 million of reinstatement premiums, in the full year of 2016

-- Net favorable development on prior year loss reserves of $105.4 million benefited the loss ratio by 4.6 percentage points in the full year of 2017. In the full year of 2016, net favorable development of $129.3 million benefited the loss ratio by 4.9 percentage points

-- Accident year loss ratio excluding catastrophes of 66.5% for the full year of 2017 compared with 58.4% for the full year of 2016

-- Total expense ratio of 39.2% and total expense ratio (excluding amortization and non-recurring expenses) of 37.8% for the full year of 2017 compared with 38.7% and 38.3%, respectively, for the full year of 2016, reflecting a decrease in the policy acquisition expense ratio and an increase in the general and administrative expense ratio

-- Net loss after tax of $(266.4) million or $(5.22) per diluted ordinary share for the twelve months ended December 31, 2017 compared with net income of $203.4 million, or $2.61 per diluted ordinary share, for the twelve months ended December 31, 2016. Net loss included $120.5 million of net realized and unrealized investment gains in the full year of 2017 compared with $42.1 million in the full year of 2016. Operating loss after tax of $(355.7) million, or $(6.59) per diluted ordinary share, for the twelve months ended December 31, 2017 compared with operating income of $185.9 million, or $2.33 per diluted ordinary share, for the twelve months ended December 31, 2016

-- Annualized net income return on average equity of (11.1)% and annualized operating return on average equity of (14.0)% for the full year of 2017 compared with 5.4% and 4.8%, respectively, for the full year of 2016

Investment performance

-- Investment income of $47.5 million in the fourth quarter of 2017 compared with $43.2 million in the fourth quarter of 2016

-- The total return on Aspen's aggregate investment portfolio was 0.3% for the three months ended December 31, 2017 and reflects net realized and unrealized gains and losses in both the fixed income and equity portfolios. In the full year of 2017, Aspen's aggregate investment portfolio had a total return of 3.4%

-- Aspen's investment portfolio was comprised primarily of high quality fixed income securities with an average credit quality of "AA-". The average duration of the fixed income portfolio was 3.9 years as at December 31, 2017 and December 31, 2016

-- Book yield on the fixed income portfolio as at December 31, 2017 was 2.56% compared with 2.49% as at December 31, 2016

Capital

-- Total shareholders' equity was $2.9 billion as at December 31, 2017

-- Diluted book value per share was $40.10 as at December 31, 2017, down 14.2% from December 31, 2016

-- Aspen repurchased 648,941 ordinary shares in 2017 at an average price of $46.23 per ordinary share for a total cost of $30.0 million.

-- During 2017, Aspen redeemed Perpetual Non-Cumulative Preference Shares in the aggregate amount of $293.2 million

Operational Effectiveness and Improvement Program

-- Aspen recorded $11.1 million of expenses related to its operational effectiveness and improvement program in the fourth quarter of 2017 and $15.2 million in the full year of 2017

January 2018 Reinsurance Renewals

During the January 2018 renewal season, Aspen Re underwrote contracts representing $585.6 million in gross written premiums, a decrease of (0.4)% compared with the prior year. The renewal data does not include premiums related to AgriLogic.

Below is a table reflecting gross written premiums written during the January 2018 renewal season, including new business, by sub-segment:

 
                                                                        January Gross Written Premiums (underwriting year basis)
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                         2018                              2017                     Increase (Decrease)
                                                                                    --------------------------------                     -------------------------------- -------------------------------
                                                                                                                        ($ in millions)                                                  %
Property Catastrophe                                                                   $ 146.9                                              $ 126.4                            16.2 %
Other Property                                                                           133.7                                                137.3                            (2.6 )%
Casualty                                                                                 148.2                                                145.9                             1.6 %
Specialty                                                                                156.8                             178.6        (12.2 )%
                                                                                    -------------------------------                      -------------------------------  --------- --------------------
                                                                                       $ 585.6                           $ 588.2         (0.4 )%
                                                                                    ==== ===== ====================                      ==== ===== ====================  ========= ====================
                                                                                                                                                                                     

Note: The January premiums shown in the above table include premiums written under contracts on a proportional basis which are recognized throughout the year to reflect the expected inception of the underlying risks and therefore do not represent Aspen's reported gross written premiums for each of these periods. Prior year amounts have been conformed to current year presentation.

See "Forward-looking Statements Safe Harbor" below.

Earnings conference call and webcast

Aspen will host a conference call to discuss the results at 8:00 am (ET) on Thursday, February 8, 2018.

To participate in the February 8 conference call by phone Please call to register at least 10 minutes before the conference call begins by dialing:

+1 (844) 378 6481 (US toll free) or +1 (412) 542 4176 (international) Conference ID 10114711

To listen live online Aspen will provide a live webcast on Aspen's website at www.aspen.co.

To download the materials The earnings press release and a detailed financial supplement will also be published on Aspen's website at www.aspen.co.

To listen later A replay of the call will be available approximately two hours after the end of the live call for 14 days via phone. To listen to the replay by phone please dial:

+1 (877) 344 7529 (US toll free) or +1 (412) 317 0088 (international) Replay ID 10114711

The webcast will be also available at www.aspen.co on the Event Calendar page within the Investor Relations section.

                                                                                                                
Aspen Insurance Holdings Limited
Summary consolidated balance sheet (unaudited)
$ in millions, except per share data
                                                                                                                                                                                              
                                                                                                                                                                  As at                                                As at
                                                                                                                                                           December 31,                                         December 31,
                                                                                                                                                                   2017                                                 2016
                                                                                                                                     --------------------------------                        ------------------------------
                                                                                                                                                                                              
ASSETS
Total investments                                                                                                                       $  7,633.0                                                    $              7,900.3
Cash and cash equivalents                                                                                                                  1,054.8                                                                   1,273.8
Reinsurance recoverables                                                                                                                   2,030.7                                                                     815.9
Premiums receivable                                                                                                                        1,496.5                                                                   1,399.4
Other assets                                                                                                                                 691.4                                                  700.7
                                                                                                                                     ----------------------------------                      --------------------------------
                Total assets                                                                                         $ 12,906.4                                 $             12,090.1
                                                                                                                                     ==== ======== ====================                      ========== ====================
                                                                                                                                                                                              
LIABILITIES
Losses and loss adjustment expenses                                                                                                     $  6,749.5                                                    $              5,319.9
Unearned premiums                                                                                                                          1,820.8                                                                   1,618.6
Other payables                                                                                                                               813.9                                                                     839.0
Silverton loan notes                                                                                                                          44.2                                                                     115.0
Long-term debt                                                                                                                               549.5                                                  549.3
                                                                                                                                     ----------------------------------                      --------------------------------
                                   Total liabilities                                                                                    $  9,977.9                                                    $              8,441.8
                                                                                                                                                                                              
SHAREHOLDERS' EQUITY
Total shareholders' equity                                                                                      2,928.5                                                3,648.3
                                                                                                                                     ----------------------------------                      --------------------------------
Total liabilities and shareholders' equity                                                                   $ 12,906.4                                 $             12,090.1
                                                                                                                                     ==== ======== ====================                      ========== ====================
                                                                                                                                                                                              
Book value per share                                                                                                                    $    40.59                                                    $                47.68
Diluted book value per share (treasury stock method)                                                                                    $    40.10                                 $                46.72
                                                                                                                                     ---- -------- --------------------                      ---------- --------------------
                                                                                                                                                                                                         
 
Aspen Insurance Holdings Limited
Summary consolidated statement of income (unaudited)
$ in millions, except ratios
                                                                        
                                                                                                                                                                      Three Months Ended
                                                                                                                                  -------------------------------------------------------------------------------------------
                                                                                                                                                   December 31, 2017                    December 31, 2016
                                                                                                                                  -----------------------------------                     -----------------------------------
UNDERWRITING REVENUES
Gross written premiums                                                                                                                 $  688.3                                                $  606.1
Premiums ceded                                                                                                                           (348.1 )                                                (175.3 )
                                                                                                                                  ----------------------------------                      ----------------------------------
Net written premiums                                                                                                                      340.2                                                   430.8
Change in unearned premiums                                                                                                               170.8                                181.6  
                                                                                                                                  ----------------------------------                      ----------------------------------
Net earned premiums                                                                                                                       511.0                                612.4  
                                                                                                                                  ----------------------------------                      ----------------------------------
UNDERWRITING EXPENSES
Losses and loss adjustment expenses                                                                                                       544.2                                                   387.3
Amortization of deferred policy acquisition costs                                                                                          85.1                                                   141.1
General, administrative and corporate expenses                                                                                            126.9                                125.5  
                                                                                                                                  ----------------------------------                      ----------------------------------
Total underwriting expenses                                                                                                               756.2                                653.9  
                                                                                                                                  ----------------------------------                      ----------------------------------
                                                                                                                                                                        
                                                                                                                                  -----------------------------------                     -----------------------------------
Underwriting (loss) including corporate expenses                                                                                         (245.2 )                                                 (41.5 )
                                                                                                                                  ----------------------------------                      ----------------------------------
                                                                                                                                                                                           
Net investment income                                                                                                                      47.5                                                    43.2
Interest expense                                                                                                                           (7.3 )                                                  (7.4 )
Other income (expenses)                                                                                                                    18.6                                 (1.3 )
                                                                                                                                  ----------------------------------                      ----------------------------------
Total other revenue                                                                                                                        58.8                                 34.5  
                                                                                                                                  ----------------------------------                      ----------------------------------
                                                                                                                                                                                           
Amortization and non-recurring expenses                                                                                                   (23.2 )                                                  (3.4 )
Net realized and unrealized exchange (losses) gains                                                                                        (0.3 )                                                  (5.6 )
Net realized and unrealized investment gains (losses)                                                                                      14.8                                (58.1 )
                                                                                                                                  ----------------------------------                      ----------------------------------
(LOSS) BEFORE TAX                                                                                                                        (195.1 )                                                 (74.1 )
Income tax credit                                                                                                                          10.2                                  2.6  
                                                                                                                                  ----------------------------------                      ----------------------------------
NET (LOSS) AFTER TAX                                                                                                                     (184.9 )                                                 (71.5 )
Dividends paid on ordinary shares                                                                                                         (14.3 )                                                 (13.2 )
Dividends paid on preference shares                                                                                                        (7.5 )                                                 (13.4 )
Proportion due to non-controlling interest                                                                                                 (0.5 )                                                  (0.1 )
                                                                                                                                  ----------------------------------                      ----------------------------------
Retained (loss)                                                                                                                        $ (207.2 )                                              $  (98.2 )
                                                                                                                                  ====== ====== ====================                      ====== ====== ====================
                                                                                                                                                                                           
Loss ratio                                                                                                                                106.5 %                                                  63.2 %
   Policy acquisition expense ratio                                                                                                        16.7 %                                                  23.0 %
   General, administrative and corporate expense ratio                                                                                     29.4 %                                                  21.0 %
   General, administrative and corporate expense ratio (excluding                                                                          24.8 %                                                  20.5 %
   amortization and non-recurring expenses)
Expense ratio                                                                                                                              46.1 %                                                  44.0 %
Expense ratio (excluding amortization and non-recurring expenses)                                                                          41.5 %                                                  43.5 %
Combined ratio                                                                                                                            152.6 %                                                 107.2 %
Combined ratio (excluding amortization and non-recurring expenses)                                                                        148.0 %                                                 106.7 %
                                                                                                                                  ----------------------------------                      ----------------------------------
                                                                                                                                                                                                         
 
Aspen Insurance Holdings Limited
Summary consolidated statement of income (unaudited)
$ in millions, except ratios
                                                                        
                                                                                                                                                                        Twelve Months Ended
                                                                                                                                  ----------------------------------------------------------------------------------------------
                                                                                                                                                    December 31, 2017                      December 31, 2016
                                                                                                                                  ------------------------------------                     -------------------------------------
UNDERWRITING REVENUES
Gross written premiums                                                                                                                 $ 3,360.9                                                 $ 3,147.0
Premiums ceded                                                                                                                          (1,148.4 )                                                  (553.3 )
                                                                                                                                  -----------------------------------                      ------------------------------------
Net written premiums                                                                                                                     2,212.5                                                   2,593.7
Change in unearned premiums                                                                                                                 94.1                                   43.6  
                                                                                                                                  -----------------------------------                      ------------------------------------
Net earned premiums                                                                                                                      2,306.6                                2,637.3  
                                                                                                                                  -----------------------------------                      ------------------------------------
UNDERWRITING EXPENSES
Losses and loss adjustment expenses                                                                                                      1,994.7                                                   1,576.1
Amortization of deferred policy acquisition costs                                                                                          400.5                                                     528.9
General, administrative and corporate expenses                                                                                             469.5                                  480.4  
                                                                                                                                  -----------------------------------                      ------------------------------------
Total underwriting expenses                                                                                                              2,864.7                                2,585.4  
                                                                                                                                  -----------------------------------                      ------------------------------------
                                                                                                                                                                         
                                                                                                                                  ------------------------------------                     -------------------------------------
Underwriting (loss) income including corporate expenses                                                                                   (558.1 )                                                    51.9  
                                                                                                                                  -----------------------------------                      ------------------------------------
                                                                                                                                                                                            
Net investment income                                                                                                                      189.0                                                     187.1
Interest expense                                                                                                                           (29.5 )                                                   (29.5 )
Other income (expenses)                                                                                                                     25.2                                  (12.7 )
                                                                                                                                  -----------------------------------                      ------------------------------------
Total other revenue                                                                                                                        184.7                                  144.9  
                                                                                                                                  -----------------------------------                      ------------------------------------
                                                                                                                                                                                            
Amortization and non-recurring expenses                                                                                                    (32.7 )                                                    (9.7 )
Net realized and unrealized exchange gains (losses)                                                                                          3.8                                                     (19.7 )
Net realized and unrealized investment gains                                                                                               120.5                                   42.1  
                                                                                                                                  -----------------------------------                      ------------------------------------
(LOSS) INCOME BEFORE TAX                                                                                                                  (281.8 )                                                   209.5
Income tax credit (expense)                                                                                                                 15.4                                   (6.1 )
                                                                                                                                  -----------------------------------                      ------------------------------------
NET (LOSS) INCOME AFTER TAX                                                                                                               (266.4 )                                                   203.4
Dividends paid on ordinary shares                                                                                                          (56.3 )                                                   (52.7 )
Dividends paid on preference shares                                                                                                        (36.2 )                                                   (41.8 )
Preference share redemption costs                                                                                                           (8.0 )                                          --
Proportion due to non-controlling interest                                                                                                  (1.3 )                                                    (0.1 )
                                                                                                                                  -----------------------------------                      ------------------------------------
Retained (loss) income                                                                                                                 $  (368.2 )                                               $   108.8  
                                                                                                                                  ====== ======= ====================                      ======= ======= ====================
                                                                                                                                                                                            
Loss ratio                                                                                                                                  86.5 %                                                    59.8 %
   Policy acquisition expense ratio                                                                                                         17.4 %                                                    20.1 %
   General, administrative and corporate expense ratio                                                                                      21.8 %                                                    18.6 %
   General, administrative and corporate expense ratio (excluding                                                                           20.4 %                                                    18.2 %
   amortization and non-recurring expenses)
Expense ratio                                                                                                                               39.2 %                                                    38.7 %
Expense ratio (excluding amortization and non-recurring expenses)                                                                           37.8 %                                                    38.3 %
Combined ratio                                                                                                                             125.7 %                                                    98.5 %
Combined ratio (excluding amortization and non-recurring expenses)                                                                         124.3 %                                                    98.1 %
                                                                                                                                  -----------------------------------                      ------------------------------------
                                                                                                                                                                                                            
 
Aspen Insurance Holdings Limited
Operating income reconciliation (unaudited)
$ in millions, except per share amounts
                                                                                                                                     
                                                                                                                                                       Three Months Ended                                                                              Twelve Months Ended
                                                                                                                 ------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------
(in US$ millions except where stated)                                                                                               December 31, 2017                      December 31, 2016            December 31, 2017                    December 31, 2016
                                                                                                                 -------------------------------------                     --------------------------------------------------------- ----------------------------------                     -------------------------------------
                                                                                                                                                                                                                                                                                             
Net (loss) income as reported                                                                                          $  (184.9 )                                               $   (71.5 )                                             $ (266.4 )                                               $   203.4
Change in redemption value of preference shares                                                                   --                                            --                                                   (8.0 )                                          --
Net change attributable to non-controlling interest                                                                         (0.5 )                                                    (0.1 )                                                 (1.3 )                                                    (0.1 )
Preference share dividends                                                                                                  (7.5 )                                                   (13.4 )                             (36.2 )                                                   (41.8 )
                                                                                                                 ------------------------------------                      ------------------------------------ -------------------- ---------------------------------                      ------------------------------------
Net (loss) income available to ordinary shareholders                                                                      (192.9 )                                                   (85.0 )                                               (311.9 )                                                   161.5
Add (deduct) after tax income:
                       Net foreign exchange (gains) losses                                                                   1.0                                                       4.1                                                   (1.5 )                                                    14.8
                       Net realized (gains) losses on investments                                                          (14.0 )                                                    57.1                                                 (115.8 )                                                   (41.0 )
                       Change in redemption value of preference shares                                            --                                            --                                                    8.0                                            --
                       Amortization and non-recurring expenses                                                              19.8                                    2.9             28.0                                    8.7  
                                                                                                                 ------------------------------------                      ------------------------------------ -------------------- ---------------------------------                      ------------------------------------
Operating (loss) income after tax available to ordinary shareholders                                                      (186.1 )                                                   (20.9 )                                               (393.2 )                                                   144.0
Tax (credit) expense on operating income                                                                                    (8.3 )                                                     0.4            (17.7 )                                                    10.9  
                                                                                                                 ------------------------------------                      ------------------------------------ -------------------- ---------------------------------                      ------------------------------------
Operating (loss) income before tax available to ordinary shareholders                                                  $  (194.4 )                                               $   (20.5 )                          $ (410.9 )                                               $   154.9  
                                                                                                                 ======= ======= ====================                      ======= ======= ==================== ==================== ===== ====== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                             
Basic earnings per ordinary share
Net (loss) income adjusted for preference share dividends and                                                          $   (3.25 )                                               $   (1.41 )                                             $  (5.22 )                                               $    2.67
non-controlling interest
Add (deduct) after tax income:
                       Net foreign exchange (gains) losses                                                                  0.02                                                      0.07                                                  (0.03 )                                                    0.24
                       Net realized (gains) losses on investments                                                          (0.24 )                                                    0.95                                                  (1.94 )                                                   (0.68 )
                       Change in redemption value of preference shares                                            --                                            --                                                   0.13                                            --
                       Amortization and non-recurring expenses                                                              0.33                                   0.05             0.47                                   0.14  
                                                                                                                 ------------------------------------                      ------------------------------------ -------------------- ---------------------------------                      ------------------------------------
Operating (loss) income adjusted for preference shares dividends and                                                   $   (3.14 )                                               $   (0.34 )                          $  (6.59 )                                               $    2.37  
non-controlling interest
                                                                                                                 ======= ======= ====================                      ======= ======= ==================== ==================== ===== ====== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                             
Diluted earnings per ordinary share
Net income adjusted for preference share dividends and                                                                 $   (3.25 )                                               $   (1.41 )                                             $  (5.22 )                                               $    2.61
non-controlling interest
Add (deduct) after tax income:
                       Net foreign exchange (gains) losses                                                                  0.02                                                      0.07                                                  (0.03 )                                                    0.24
                       Net realized (gains) losses on investments                                                          (0.24 )                                                    0.95                                                  (1.94 )                                                   (0.66 )
                       Change in redemption value of preference shares                                            --                                            --                                                   0.13                                            --
                       Amortization and non-recurring expenses                                                              0.33                                   0.05                                0.47                                   0.14  
                                                                                                                 ------------------------------------                      ------------------------------------                      ---------------------------------                      ------------------------------------
Operating (loss) income adjusted for preference shares dividends and                                                   $   (3.14 )                                               $   (0.34 )                          $  (6.59 )                                               $    2.33  
non-controlling interest
                                                                                                                 ======= ======= ====================                      ======= ======= ==================== ==================== ===== ====== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                             
 
Aspen Insurance Holdings Limited
Summary consolidated financial data (unaudited)
$ in millions, except number of shares
                                                                                                                              
                                                                                                                                                                        Three Months Ended                                                      Twelve Months Ended
                                                                                                                                                          -----------------------------------------------                     -------------------------------------------------------
                                                                                                                                                          December 31,   December 31,                      December 31,       December 31,
                                                                                                                                                              2017                              2016                              2017                                  2016
                                                                                                                                                          ------------ -------------------- ------------                      ------------ -------------------- --------------------
                                                                                                                                                                                                                         
Basic earnings per ordinary share
     Net (loss) income adjusted for preference share dividend and                                                                           ($3.25)                           ($1.41)                           ($5.22)                                     $2.67
                        non-controlling interest
                        Operating (loss) income adjusted for preference share dividend and                                                                     ($3.14)                           ($0.34)                           ($6.59)                                     $2.37
                        non-controlling interest
Diluted earnings per ordinary share
                        Net (loss) income adjusted for preference share dividend and                                                                           ($3.25)                           ($1.41)                           ($5.22)                                     $2.61
                        non-controlling interest
                        Operating (loss) income adjusted for preference share dividend and                                                                     ($3.14)                           ($0.34)                           ($6.59)                                     $2.33
                        non-controlling interest
                                                                                                                                                                                                                                                                 
Weighted average number of ordinary shares outstanding (in millions)(1)                                                                                         59.431                            60.152                            59.754                                    60.479
                                                                                                                                                                                                                                                                 
Weighted average number of ordinary shares outstanding and dilutive                                                     

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