Aspen Reports Net Income Of $40.1 Million
Bermuda-based Aspen Insurance Holdings Limited today reported net income after tax of $40.1 million, or $0.36 diluted net income per share, for the second quarter of 2013.
Chris O’Kane, Chief Executive Officer commented, “In the second quarter, Aspen delivered solid operating results in an above average catastrophe quarter, with our combined ratio excluding catastrophes improving modestly from last year. We continue to make progress on the three initiatives we outlined earlier this year to drive increased profitability.
“We have released $70 million of capital in our U.S. property insurance line and our U.S. operations overall continue to gain scale and momentum towards sustainable profitability.
“We executed over $240 million of share repurchases in the first six months of the year and continued to carefully reallocate a portion of our investment portfolio to achieve higher risk -adjusted returns. We remain intensely focused on executing these initiatives and achieving increased profitability.”
