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Aspen Reports Results for Q4 2013 (Excerpt)
Hamilton, Bermuda – 07 February, 2014 – Aspen Insurance Holdings Limited (“Aspen” or the “Company”; Ticker: NYSE:AHL; BSX: AHL.BH) has reported net income after tax of $90.0 million, or $1.21 diluted net income per share, for the fourth quarter of 2013.
Chris O’Kane, Chief Executive Officer, commented, “In 2013 we continued to advance our three levers for enhancing return on equity -- capital management, enhancing investment returns and business portfolio optimization. Our Insurance segment benefited from the success of the buildout of our U.S. platform, which achieved profitability in each quarter last year and is positioned to drive meaningful operating leverage going forward. The Reinsurance business had outstanding results in 2013 and we are pleased with our January 1 renewals, which show that clients recognized the strength of Aspen Re’s capabilities and our importance as a trading partner.”
Operating highlights for the quarter ended December 31, 2013
· Gross written premiums increased overall by 4.9% to $604.4 million in the fourth quarter of 2013 from the fourth quarter of 2012. Gross written premiums in Reinsurance for the fourth quarter of 2013 decreased by 9.4% while Insurance grew 12.2%;
· Combined ratio of 91.9% for the fourth quarter of 2013 compared with a combined ratio of 108.0% for the fourth quarter of 2012. There were $34.7 million, or 6.1 combined ratio points, of catastrophe losses pre-tax net of reinsurance recoveries and reinstatement premiums in the fourth quarter of 2013 compared with $185.2 million, or 33.5 combined ratio points, in the fourth quarter of 2012;
· Net favorable development on prior year loss reserves of $20.5 million, or 3.6 combined ratio points, for the fourth quarter of 2013 compared with $42.0 million, or 7.5 combined ratio points, for the fourth quarter of 2012;
· Financial highlights for the quarter and year ended December 31, 2013
· Annualized net income return on average equity of 12.0% and annualized operating return on average equity of 11.2% for the fourth quarter of 2013 compared with (0.8)% and (1.6)%, respectively, for the fourth quarter of 2012;
· Net income return on average equity of 10.6% and operating return on average equity of 9.7% for 2013 compared with 8.5% and 8.5%, respectively, for 2012;
· Diluted net income per share of $1.21 for the quarter ended December 31, 2013 compared with diluted net loss per share of $0.09 for the fourth quarter of 2012, and diluted net income per share of $4.14 for the year ended December 31, 2013 compared with diluted net income per share of $3.39 for the year ended December 31, 2012;
· Diluted operating income per share of $1.13 for the quarter ended December 31, 2013;
· compared with diluted operating loss per share of $0.15 for the fourth quarter of 2012 and diluted operating income per share of $3.88 for the year ended December 31, 2013 compared with diluted operating income per share of $3.38 for the year ended December 31, 2012;
· On an after-tax basis, net catastrophe losses were $31.8 million, or $0.48 per diluted share, for the fourth quarter of 2013, and $94.0 million, or $1.45 per diluted share, for the year ended December 31, 2013;
· Diluted book value per share of $40.90 at December 31, 2013, up 1.2% from September 30, 2013
Earnings conference call and webcast
Aspen will host a conference call to discuss the results at 9:30 am (EST) on Friday, February 7, 2014.
To participate in the February 7 conference call by phone Please call to register at least 10 minutes before the conference call begins by dialing:
+1 (888) 459 5609 (US toll free) or
+1 (404) 665 9920 (international)
Conference ID 27934010
To listen live online
Aspen will provide a live webcast on Aspen’s website at www.aspen.co
To download the materials
The full text of this 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 for 14 days via phone and internet, available two hours after the end of the live call. To listen to the replay by phone please dial:
+1 (855) 859 2056 (US toll free) or
+1 (404) 537 3406 (international)
Replay ID 27934010
The recording will be also available at www.aspen.co on the Event Calendar page within the Investor Relations section.
For further information please contact:
Investors
Kerry Calaiaro, Senior Vice President, Investor Relations, Aspen
+1 (646) 502 1076
Kathleen de Guzman, Vice President, Investor Relations, Aspen
+1 (646) 289 4912
Media
Steve Colton, Head of Communications, Aspen
+44 20 7184 8337
International – Citigate Dewe Rogerson Caroline Merrell or Jos Bieneman
caroline.merrell@citigatedr.co.uk
+44 20 7638 9571
North America – Abernathy MacGregor
Carina Davidson
+1 (212) 371 5999
About Aspen Insurance Holdings Limited