Aspen Insurance Report Net Income Of $114.4M
Bermuda-based Aspen Insurance Holdings Limited reported net income after tax of $114.4 million, or $1.68 per diluted share, and operating income after tax of $89.9 million, or $1.29 per diluted share, for the first quarter of 2016.
Chris O’Kane, Chief Executive Officer, commented, “Aspen has started the year well, with solid first quarter underwriting results from our Insurance and Reinsurance businesses contributing to an annualized operating return on equity of 11.2% and 4.8% growth in diluted book value per share.
“Our Insurance teams are successfully executing our global products line strategy and delivered growth in targeted lines of business. At the same time, we continued to pull back from areas where we do not feel returns are adequate or are historically more volatile.
“Within Aspen Re, our teams had successful January and April renewals, again demonstrating our ability to maintain relevance with clients while navigating a challenging and changing market. We also welcomed our colleagues from AgriLogic.
“In addition, we continue to move closer to our clients, recently announcing the opening of our Dubai office to serve as our hub for the Middle East and Africa. As we move forward, we remain focused on consistently delivering value for our shareholders.”
Mario Vitale, CEO of Insurance, commented, “Aspen Insurance started the year with a solid quarter of profitable growth. The growth in the quarter was largely driven from businesses in which we have selectively chosen to expand, including contributions from Global Accident and Health, Management Liability, and our new European Property business.
“We continue to focus on growing our business in those areas that are strongest and offer us the most consistent returns which, we believe, will further improve our loss ratios over time. Our global insurance product line strategy is progressing well, most recently with the appointment of Lorraine Seib as Global head of Excess Casualty.”
