Aspen Reports Third Quarter Net Income Available to Ordinary Shareholders of $111 million, or $1.21 per Diluted Ordinary Share and Operating Income of $100 million, or $1.08 per Diluted Ordinary Share

Mark Cloutier, Executive Chairman and Group Chief Executive Officer, commented: “Aspen delivered strong results for the third quarter of 2025 continuing the positive trend of the past several quarters, reflecting the quality and stability of our franchise. With market dynamics shifting, including increased competition across several lines of business, I am pleased that we recorded a significantly improved combined ratio. Looking forward, I am confident that the high caliber of our people and our culture means we continue to be well placed to deliver best-in-class solutions and products for our trading partners and customers through the market cycle.

On August 27, 2025, we announced the acquisition of Aspen by the Sompo Group. The acquisition is a testament to the sustainable performance and value we've created, and we continue to work diligently towards its successful completion, and we expect the transaction to close during the first half of 2026, subject to regulatory approval.”

Christian Dunleavy, Group President, said: “Aspen continues to be focused on underwriting discipline and robust cycle management. This is reflected in both our excellent underwriting result and our thoughtful approach to new business, which has seen our Gross Written Premiums grow modestly as we prioritize sustainable long-term profitability over growth. Our teams continue to dynamically allocate risk in response to customer need and the trading environment and, in this context, we were pleased to see fee income from Aspen Capital Markets increase once again. Our strong performance for the quarter means we are on track to deliver a mid-teens operating return on equity for the full year, as Aspen continues to create value for all its stakeholders. Thank you to all our colleagues for their hard work and commitment in delivering this result.”

Aspen Group Consolidated Results

Aspen is a specialty (re)insurer focused on generating consistent returns for our shareholders. Our ‘One Aspen’ approach is designed to provide bespoke solutions to complex issues by bringing together our expertise spanning different lines of business, segments and platforms, enabling us to develop enhanced and differentiated offerings to our distribution partners and customers. We are organized across two segments: Insurance and Reinsurance. We adopt a dynamic capital allocation approach, utilizing our platforms across the U.S., U.K., Lloyd’s and Bermuda to match risk with the most appropriate source of capital. In addition, through our Aspen Capital Markets team, Aspen generates fee income, which benefits our underwriting results as a reduction to our reinsurance costs, and offers third-party investors access to Aspen’s specialty insurance and reinsurance portfolios.

Consolidated Highlights for the Three Months Ended September 30, 2025

• The Group continues to deliver strong underwriting performance, achieving a net combined ratio of 86.8% and underwriting income of $94 million. On an adjusted basis, underwriting income was $91 million, with an adjusted combined ratio of 87.3%.
• Gross written premiums increased by $10 million compared to September 30, 2024, mainly driven by business growth in U.S. Excess Casualty, offset by a reduction in Property lines in our Reinsurance Segment. The growth has been further offset by rate decreases in U.S. Property in the Insurance Segment and management’s decision to be selective on business we underwrite given the current market conditions in U.S. Primary Casualty.
• Adjusted combined ratio improved by 4.2% percentage points compared to September 30, 2024, mainly due to benign catastrophe experience in the quarter and favorable development on our post LPT prior years across both our segments.
• Operating income of $100 million in the quarter, or $1.08 per diluted ordinary share, resulting in an annualized operating return on average equity of 14.8%.

Consolidated Highlights for the Nine Months Ended September 30, 2025

• Gross written premiums increased by $54 million, primarily driven by growth in the Insurance Segment, with growth in our existing cross-class partnerships within Financial and Professional Lines and U.S. Excess Casualty. This has been partially offset by reductions in certain Property lines within the Reinsurance Segment and U.S. Property in the Insurance Segment, due to rate decreases in the current market together with management’s decision not to underwrite business which did not meet our profitability expectations.
• Adjusted underwriting income of $233 million was $12 million adverse to the same period in the prior year. Favorable prior year development on post LPT years is offset by an increase in acquisition expenses due to business mix, increased compensation related expenses, increased depreciation charge linked to our continued investment in operational excellence enhancements, and higher professional and consulting fees.
• Net income available to ordinary shareholders was $166 million or $1.82 per diluted ordinary share and operating income of $261 million or $2.86 per diluted ordinary share.
• Third-party capital supporting Aspen Capital Markets grew to $2.5 billion, expanding our capacity and generating $146 million of fee income, an increase of 29.9% compared to September 30, 2024.
• Non-operating expenses of $63 million included a one-off charge of $43 million in relation to replacement share awards that were granted in substitution for legacy share options previously granted to certain employees upon the successful completion of the initial public offering (“IPO”).
• As of September 30, 2025, we had approximately $296 million (December 31, 2024: $379 million) of remaining limit available on our LPT contract, representing 27% of our 2019 and prior accident year outstanding reserves. This contract provides protection against deterioration on these accident years, significantly limiting Aspen’s exposure to the risk of unfavorable development from these accident years, and strengthens our balance sheet.

Insurance Segment