ASPEN INSURANCE HOLDINGS LTD - FORM 8-K - EX-99.2

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8-K - FORM 8-K - ASPEN INSURANCE HOLDINGS LTD	d571868d8k.htm
EX-99.3 - EX-99.3 - ASPEN INSURANCE HOLDINGS LTD	d571868dex993.htm
EX-99.1 - EX-99.1 - ASPEN INSURANCE HOLDINGS LTD	d571868dex991.htm

Exhibit 99.2

FINANCIAL SUPPLEMENT

As of June 30, 2013


		Aspen Insurance Holdings Limited
		This financial supplement is for information purposes only. It should be read in conjunction with other documents filed or to be filed by Aspen Insurance Holdings Limited with the United States Securities and Exchange Commission. www.aspen.co Investor Contact: Aspen Insurance Holdings Limited Kerry Calaiaro, Senior Vice President, Investor Relations T: +1 646-502-1076 email: kerry.calaiaro@aspen.co
		AHL: NYSE


		ASPEN INSURANCE HOLDINGS LIMITED

		Table Of Contents


	Page

Basis of Presentation		1

Financial Highlights		3

Consolidated Statements of Operations - Quarterly Results		4

Consolidated Statements of Operations - Year to Date Results		5

Consolidated Balance Sheets		6

Earnings Per Share and Book Value Per Share		7

Return on Average Equity		8

Consolidated Underwriting Results by Operating Segment		9-10

Operating Segment - Quarterly Results		11-12

Written and Earned Premiums by Segment and Line of Business		13

Consolidated Statements of Changes in Shareholders’ Equity		14

Consolidated Statements of Comprehensive Income		15

Consolidated Statements of Cash Flows		16

Reserves for Losses and Loss Adjustment Expenses		17

Reserves by Operating Segment		18

Prior Year Reserve Movements		19

Worldwide Natural Catastrophe Exposures: Major Peril Zones		20

Consolidated Investment Portfolio		21

Investment Analysis		22

Book Value Per Ordinary Share		23

Operating Income Reconciliation		24


		ASPEN INSURANCE HOLDINGS LIMITED

		Basis of Presentation

Definitions and presentation: All financial information contained herein is unaudited except for information for the fiscal years ended December 31, 2012 and December 31, 2011. Unless otherwise noted, all data is in U.S. dollars millions, except for per share amounts, percentages and ratio information.

In presenting Aspen’s results, management has included and discussed certain “non-GAAP financial measures”, as such term is defined in Regulation G. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain Aspen’s results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in this financial supplement.

Operating income (a non-GAAP financial measure): Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized capital gains or losses, including net realized and unrealized gains and losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses on foreign exchange contracts and issue costs associated with equity instruments that were redeemed.

Aspen excludes these items from its calculation of operating income because the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 24 for a reconciliation of operating income to net income.

Annualized operating return on average equity (“Operating ROE”) (a non-GAAP financial measure): Annualized operating return on average equity is calculated using operating income, as defined above, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders’ equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs.

Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. See page 24 for a reconciliation of operating income to net income and page 8 for a reconciliation of average ordinary shareholders’ equity to average shareholders’ equity.

Diluted operating earnings per share and basic operating earnings per share (non-GAAP financial measures): Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 24 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share.

Diluted book value per ordinary share (is not a non-GAAP financial measure): Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method as defined on page 23.

Growth in diluted book value per ordinary share (“Adjusted BVPS”) (is not a non-GAAP financial measure): The growth in Adjusted BVPS is defined as the annual change in diluted book value per share after adding back dividends paid to ordinary shareholders during the year.

Underwriting ratios (GAAP financial measures): Aspen, along with others in the industry, uses underwriting ratios as measures of performance. The loss ratio is the ratio of net claims and claims adjustment expenses to net premiums earned. The acquisition expense ratio is the ratio of underwriting expenses (commissions, premium taxes, licenses and fees, as well as other underwriting expenses) to net premiums earned. The general and administrative expense ratio is the ratio of general and administrative expenses to net premiums earned. The combined ratio is the sum of the loss ratio, the acquisition expense ratio and the general and administrative expense ratio. These ratios are relative measurements that describe for every $100 of net premiums earned, the cost of losses and expenses, respectively. The combined ratio presents the total cost per $100 of earned premium. A combined ratio below 100% demonstrates underwriting profit; a combined ratio above 100% demonstrates underwriting loss.

GAAP combined ratios differ from U.S. statutory combined ratios primarily due to the deferral of certain third-party acquisition expenses for GAAP reporting purposes and the use of net premiums earned rather than net premiums written in the denominator when calculating the acquisition expense and the general and administrative expense ratios.


		ASPEN INSURANCE HOLDINGS LIMITED

		Financial Highlights


	Three Months Ended June 30,									Six Months Ended June 30,
(in US$ millions except for percentages, share and per share amounts)	2013			2012			Change			2013			2012			Change

Gross written premium	$	687.3		$	666.6			3.1	%	$	1,460.7		$	1,448.7			0.8	%
Net written premium	$	612.7		$	581.9			5.3	%	$	1,209.7		$	1,215.4			(0.5	%)
Net earned premium	$	544.0		$	513.4			6.0	%	$	1,054.9		$	1,008.8			4.6	%
Net income after tax	$	40.1		$	84.6			(52.6	%)	$	131.9		$	163.3			(19.2	%)
Operating income after tax	$	52.2		$	105.8			(50.7	%)	$	137.9		$	176.3			(21.8	%)
Net investment income	$	45.9		$	52.8			(13.1	%)	$	94.2		$	105.2			(10.5	%)
Underwriting income	$	15.7		$	65.8			(76.1	%)	$	66.7		$	96.3			(30.7	%)

*Earnings Per Share and Book Value Per Share*
Basic earnings per ordinary share
Net income adjusted for preference share dividend	$	0.38		$	1.07			(64.5	%)	$	1.60		$	2.10			(23.8	%)
Operating income adjusted for preference share dividend	$	0.67		$	1.36			(50.7	%)	$	1.80		$	2.28			(21.7	%)
Diluted earnings per ordinary share
Net income adjusted for preference share dividend	$	0.36		$	1.03			(65.0	%)	$	1.52		$	2.02			(25.0	%)
Operating income adjusted for preference share dividend	$	0.63		$	1.32			(52.3	%)	$	1.70		$	2.20			(22.7	%)
Weighted average number of ordinary shares outstanding (in millions of shares)		66.191			71.304			(7.2	%)		67.601			71.124			(5.0	%)
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		69.291			73.846			(6.2	%)		71.087			73.844			(3.7	%)
Book value per ordinary share	$	39.99		$	41.41			(3.4	%)	$	39.99		$	41.41			(3.4	%)
Diluted book value per ordinary share	$	38.87		$	40.01			(2.8	%)	$	38.87		$	40.01			(2.8	%)
Ordinary shares outstanding at June 30, 2013 and June 30, 2012 (in millions of shares)		67.003			70.687
Diluted ordinary shares outstanding at June 30, 2013 and June 30, 2012 (in millions of shares)		68.934			73.161

*Underwriting Ratios*
Loss ratio		61.3	%		51.1	%					57.1	%		54.1	%
Policy acquisition expense ratio		19.7	%		19.9	%					20.1	%		19.6	%
General, administrative and corporate expense ratio		16.1	%		16.3	%					16.5	%		16.7	%
Expense ratio		35.8	%		36.2	%					36.6	%		36.3	%
Combined ratio		97.1	%		87.3	%					93.7	%		90.4	%

*Return On Equity*
Average equity⁽¹⁾	$	2,795.9		$	2,849.4					$	2,853.6		$	2,837.1
Return on average equity
Net income adjusted for preference share dividend		1.1	%		2.7	%					4.0	%		5.3	%
Operating income adjusted for preference share dividend		1.6	%		3.4	%					4.3	%		5.7	%
Annualized return on average equity
Net income		4.4	%		10.8	%					8.0	%		10.6	%
Operating income		6.4	%		13.6	%					8.6	%		11.4	%

See pages 8 and 24 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

(1) Average equity excludes preference shares.


		ASPEN INSURANCE HOLDINGS LIMITED

		Consolidated Statements of Operations - Quarterly Results


(in US$ millions except for percentages and per share amounts)	Q2 2013		Q1 2013		Q4 2012		Q3 2012		Q2 2012		Q1 2012
UNDERWRITING REVENUES
Gross written premiums	$	687.3	$	773.4	$	576.2	$	558.4	$	666.6	$	782.1
Premiums ceded		(74.6)		(176.4)		(51.8)		(51.3)		(84.7)		(148.6)

Net written premiums		612.7		597.0		524.4		507.1		581.9		633.5
Change in unearned premiums		(68.7)		(86.1)		34.1		9.1		(68.5)		(138.1)

Net earned premiums		544.0		510.9		558.5		516.2		513.4		495.4

UNDERWRITING EXPENSES
Losses and loss adjustment expenses		333.4		268.7		437.4		255.0		262.1		284.0
Policy acquisition expenses		107.2		104.6		80.0		103.1		102.0		96.1
General, administrative and corporate expenses		87.7		86.6		86.1		90.7		83.5		84.8

Total underwriting expenses		528.3		459.9		603.5		448.8		447.6		464.9

Underwriting income/(loss) including corporate expenses		15.7		51.0		(45.0)		67.4		65.8		30.5

OTHER OPERATING REVENUE AND EXPENSES
Net investment income		45.9		48.3		51.1		48.6		52.8		52.4
Interest expense		(7.8)		(7.7)		(7.7)		(7.8)		(7.7)		(7.7)
Other income/(expense)		0.9		0.5		(6.2)		4.5		2.9		(0.3)

Total other operating revenue		39.0		41.1		37.2		45.3		48.0		44.4

OPERATING INCOME/(LOSS) BEFORE TAX		54.7		92.1		(7.8)		112.7		113.8		74.9
Net realized and unrealized exchange (losses)/gains ⁽¹⁾		(13.8)		(10.2)		(0.4)		7.7		(13.0)		3.7
Net realized and unrealized investment gains/(losses) ⁽²⁾		0.2		15.8		5.6		2.7		(10.0)		5.5

INCOME/(LOSS) BEFORE TAX		41.1		97.7		(2.6)		123.1		90.8		84.1
Income tax (expense)/recovery		(1.0)		(5.9)		4.6		(8.0)		(6.2)		(5.4)

NET INCOME AFTER TAX		40.1		91.8		2.0		115.1		84.6		78.7
Dividends paid on ordinary shares		(11.9)		(11.9)		(12.0)		(12.2)		(12.2)		(10.6)
Dividends paid on preference shares		(8.0)		(8.6)		(8.5)		(8.6)		(8.3)		(5.7)
Dividends paid to non-controlling interest		-		-		-		(0.1)		-		-
Change in redemption value of the PIERS⁽³⁾		(7.1)		-		-		-		-		-
Proportion due to non-controlling interest		-		-		(0.1)		-		0.2		0.1

Retained income/(loss)	$	13.1	$	71.3	$	(18.6)	$	94.2	$	64.3	$	62.5

Components of net income/(loss) after tax
Operating income/(loss)	$	52.2	$	85.7	$	(2.9)	$	106.5	$	105.8	$	70.5
Net realized and unrealized exchange (losses)/gains after tax ⁽¹⁾		(12.0)		(9.5)		(0.4)		6.1		(10.9)		3.0
Net realized and unrealized investment (losses)/gains after tax ⁽²⁾		(0.1)		15.6		5.3		2.5		(10.3)		5.2

NET INCOME/(LOSS) AFTER TAX	$	40.1	$	91.8	$	2.0	$	115.1	$	84.6	$	78.7

Loss ratio		61.3%		52.6%		78.3%		49.4%		51.1%		57.3%
Policy acquisition expense ratio		19.7%		20.5%		14.3%		20.0%		19.9%		19.4%
General, administrative and corporate expense ratio		16.1%		17.0%		15.4%		17.6%		16.3%		17.1%
Expense ratio		35.8%		37.5%		29.7%		37.6%		36.2%		36.5%
Combined ratio		97.1%		90.1%		108.0%		87.0%		87.3%		93.8%

Basic earnings/(losses) per share ⁽⁴⁾	$	0.38	$	1.21	$	(0.09)	$	1.50	$	1.07	$	1.03
Diluted earnings/(losses) per share ⁽⁴⁾	$	0.36	$	1.15	$	(0.09)	$	1.45	$	1.03	$	0.99
Annualized return on average equity
Net income/(loss)		4.4%		11.6%		(0.8%)		14.4%		10.8%		10.4%
Operating income/(loss)		6.4%		10.8%		(1.6%)		13.2%		13.6%		9.2%

See pages 8 and 24 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

(1) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.

(2) Includes the net realized and unrealized gains/(losses) from interest rate swaps.

(3) Preferred Income Equity Redemption Securities (“PIERS”).

(4) Adjusted for preference share dividends.


		ASPEN INSURANCE HOLDINGS LIMITED

		Consolidated Statements of Operations - Year To Date Results


	Six Months Ended June 30,
(in US$ millions except for percentages)	2013			2012			2011
UNDERWRITING REVENUES
Gross written premiums	$	1,460.7		$	1,448.7		$	1,253.5
Premiums ceded		(251.0	)		(233.3	)		(218.2	)

Net written premiums		1,209.7			1,215.4			1,035.3
Change in unearned premiums		(154.8	)		(206.6	)		(123.1	)

Net earned premiums		1,054.9			1,008.8			912.2

UNDERWRITING EXPENSES
Losses and loss adjustment expenses		602.1			546.1			855.3
Policy acquisition expenses		211.8			198.1			168.1
General, administrative and corporate expenses ⁽¹⁾		174.3			168.3			133.2

Total underwriting expenses		988.2			912.5			1,156.6

Underwriting income/(loss) including corporate expenses		66.7			96.3			(244.4	)

OTHER OPERATING REVENUE AND EXPENSES
Net investment income		94.2			105.2			114.1
Interest expense		(15.5	)		(15.4	)		(15.4	)
Other income/(expense)		1.4			2.6			(1.3	)

Total other operating revenue		80.1			92.4			97.4


OPERATING INCOME/(LOSS) BEFORE TAX		146.8			188.7			(147.0	)

Net realized and unrealized exchange (losses) ⁽²⁾		(24.0	)		(9.3	)		(4.8	)
Net realized and unrealized investment gains/(losses) ⁽³⁾		16.0			(4.5	)		(7.2	)

INCOME/(LOSS) BEFORE TAX		138.8			174.9			(159.0	)
Income tax (expense)/recovery		(6.9	)		(11.6	)		15.3

NET INCOME/(LOSS) AFTER TAX		131.9			163.3			(143.7	)
Dividends paid on ordinary shares		(23.8	)		(22.8	)		(21.2	)
Dividends paid on preference shares		(16.6	)		(14.0	)		(11.4	)
Change in redemption value of the PIERS ⁽⁴⁾		(7.1	)		-			-
Proportion due to non-controlling interest		-			0.3			0.4

Retained income/(loss)	$	84.4		$	126.8		$	(175.9	)

Components of net income/(loss) after tax
Operating income/(loss)	$	137.9		$	176.3		$	(130.9	)
Net realized and unrealized exchange (losses) after tax ⁽²⁾		(21.5	)		(7.9	)		(3.0	)
Net realized and unrealized investment gains/(losses) after tax ⁽³⁾		15.5			(5.1	)		(9.8	)

NET INCOME/(LOSS) AFTER TAX	$	131.9		$	163.3		$	(143.7	)

Loss ratio		57.1	%		54.1	%		93.8	%
Policy acquisition expense ratio		20.1	%		19.6	%		18.4	%
General, administrative and corporate expense ratio ⁽¹⁾		16.5	%		16.7	%		14.6	%
Expense ratio		36.6	%		36.3	%		33.0	%
Combined ratio		93.7	%		90.4	%		126.8	%

See pages 8 and 24 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

(1) In 2012, the Company adopted the provision of ASU 2010-26, “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.” Under the standard, the Company is required to expense the proportion of its general and administrative deferred acquisition costs not directly related to successful business acquisition. The application of this standard has resulted in a net $16.0 million write down of deferred acquisition costs through retained earnings brought forward and the restatement of our quarterly balance sheets from December 31, 2010 to December 31, 2011.

(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.

(3) Includes the net realized and unrealized gains/(losses) from interest rate swaps.

(4) Preferred Income Equity Redemption Securities.


		ASPEN INSURANCE HOLDINGS LIMITED

		Consolidated Balance Sheets


(in US$ millions except for per share amounts)	June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012		December 31, 2011
ASSETS
Investments
Fixed income maturities		$6,046.4		$5,961.9		$6,013.4		$5,983.1		$5,791.2		$5,842.1		$5,820.2
Equity securities		413.1		414.1		200.1		197.1		187.4		188.1		179.5
Other investments		44.9		45.0		45.0		34.8		33.1		33.1		33.1
Short-term investments		242.3		353.1		433.9		505.3		503.6		433.8		302.3

Total investments		6,746.7		6,774.1		6,692.4		6,720.3		6,515.3		6,497.1		6,335.1

Cash and cash equivalents		1,188.9		1,212.7		1,463.6		1,374.2		1,309.0		1,173.3		1,239.1
Reinsurance recoverables
Unpaid losses		472.3		479.2		499.0		461.6		457.4		455.4		426.6
Ceded unearned premiums		226.0		217.4		122.6		151.3		190.8		175.3		87.8
Receivables
Underwriting premiums		1,197.6		1,149.7		1,057.5		993.4		1,063.3		1,061.2		894.4
Other		71.8		66.0		68.5		76.4		75.1		70.2		69.7
Funds withheld		81.5		85.0		84.3		79.5		91.0		86.9		90.7
Deferred policy acquisition costs ⁽¹⁾		264.4		238.5		223.0		232.0		233.2		215.3		184.5
Derivatives at fair value		2.0		2.0		2.0		5.8		3.3		0.9		1.3
Receivable for securities sold		5.8		20.7		0.2		14.6		9.5		2.0		1.1
Office properties and equipment		57.2		55.2		57.9		59.1		56.9		58.5		53.9
Income tax receivable		-		-		2.4		12.3		15.7		20.3		19.5
Other assets		20.9		17.0		18.2		38.1		39.3		31.1		36.8
Intangible assets		18.7		18.8		19.0		19.2		19.5		19.7		20.0

Total assets		$10,353.8		$10,336.3		$10,310.6		$10,237.8		$10,079.3		$9,867.2		$9,460.5

LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$4,734.9		$4,683.8		$4,779.7		$4,639.6		$4,556.4		$4,585.7		$4,525.2
Unearned premiums		1,375.3		1,295.7		1,120.8		1,184.0		1,223.8		1,146.3		916.1

Total insurance reserves		6,110.2		5,979.5		5,900.5		5,823.6		5,780.2		5,732.0		5,441.3

Payables
Reinsurance premiums		224.8		209.7		154.1		71.1		109.5		192.2		155.8
Taxation		16.4		14.7		11.8		23.7		22.5		22.9		18.5
Accrued expenses and other payables		258.7		285.6		249.3		261.4		230.3		208.9		187.8
Liabilities under derivative contracts		9.6		8.0		7.4		4.7		2.7		1.3		2.1

Total payables		509.5		518.0		422.6		360.9		365.0		425.3		364.2

Long-term debt		499.2		499.2		499.1		499.1		499.0		499.0		499.0

Total liabilities		7,118.9		6,996.7		6,822.2		6,683.6		6,644.2		6,656.3		6,304.5

SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1		0.1		0.1
Non-controlling interest		0.2		0.2		0.2		(0.1)		0.1		0.3		0.4
Preference shares		-		-		-		-		-		-		-
Additional paid-in capital		1,346.7		1,318.2		1,516.7		1,521.9		1,523.2		1,390.8		1,385.0
Retained earnings ⁽¹⁾		1,628.4		1,615.3		1,544.0		1,562.6		1,468.4		1,404.1		1,341.6
Accumulated other comprehensive income, net of taxes		259.5		405.8		427.4		469.7		443.3		415.6		428.9

Total shareholders’ equity		3,234.9		3,339.6		3,488.4		3,554.2		3,435.1		3,210.9		3,156.0

Total liabilities and shareholders’ equity		$10,353.8		$10,336.3		$10,310.6		$10,237.8		$10,079.3		$9,867.2		$9,460.5


Book value per ordinary share		$39.99		$43.14		$42.12		$42.90		$41.41		$39.96		$39.66
Book value per diluted ordinary share		$38.87		$40.68		$40.65		$41.53		$40.01		$38.58		$38.21

See pages 8 and 24 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.


		ASPEN INSURANCE HOLDINGS LIMITED

		Earnings Per Share and Book Value Per Share


	Three Months Ended				Six Months Ended
(in US$ except for number of shares)	June 30, 2013		June 30, 2012		June 30, 2013		June 30, 2012

Basic earnings per ordinary share
Net income adjusted for preference share dividend	$	0.38	$	1.07	$	1.60	$	2.10
Operating income adjusted for preference share dividend	$	0.67	$	1.36	$	1.80	$	2.28
Diluted earnings per ordinary share
Net income adjusted for preference share dividend	$	0.36	$	1.03	$	1.52	$	2.02
Operating income adjusted for preference share dividend	$	0.63	$	1.32	$	1.70	$	2.20

Weighted average number of ordinary shares outstanding (in millions)		66.191		71.304		67.601		71.124
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		69.291		73.846		71.087		73.844

Book value per ordinary share	$	39.99	$	41.41	$	39.99	$	41.41
Diluted book value per ordinary share	$	38.87	$	40.01	$	38.87	$	40.01

Ordinary shares outstanding at end of the period (in millions)		67.003		70.687		67.003		70.687
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)		68.934		73.161		68.934		73.161

See pages 8 and 24 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.


		ASPEN INSURANCE HOLDINGS LIMITED

		Return On Average Equity

Three Months Ended

Six Months Ended

(in US$ millions except for percentages)

June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012

Average shareholders’ equity

$3,339.6

$3,323.0

$3,382.1

$3,259.3

Average preference shares

(543.7)

(473.6)

(528.5)

(422.2)

Average ordinary shareholders’ equity

$2,795.9

$2,849.4

$2,853.6

$2,837.1

Return on average equity:

Net income adjusted for preference share dividend

1.1%

2.7%

4.0%

5.3%

Operating income adjusted for preference share dividend

1.6%

3.4%

4.3%

5.7%

Annualized return on average equity:

Net income

4.4%

10.8%

8.0%

10.6%

Operating income

6.4%

13.6%

8.6%

11.4%

Components of return on average equity:

Return on average equity from underwriting activity ⁽¹⁾

0.6%

2.3%

2.3%

3.4%

Return on average equity from investment and other activity ⁽²⁾

1.1%

1.4%

2.2%

2.8%

Pre-tax operating income return on average equity

1.7%

3.7%

4.6%

6.2%

Post-tax operating income return on average equity ⁽³⁾

1.6%

3.4%

4.3%

5.7%

See page 24 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

(1) Calculated by using underwriting income.

(2) Calculated by using total other operating revenue and other income/(expense) adjusted for preference share dividends.

(3) Calculated by using operating income after-tax adjusted for preference share dividends.


		ASPEN INSURANCE HOLDINGS LIMITED

		Consolidated Underwriting Results by Operating Segment


	Three Months Ended June 30, 2013							Three Months Ended June 30, 2012
(in US$ millions except for percentages)	Reinsurance		Insurance		Total			Reinsurance		Insurance		Total

Gross written premiums		$298.6		$388.7		$687.3			$299.8		$366.8		$666.6
Net written premiums		288.6		324.1		612.7			276.8		305.1		581.9
Gross earned premiums		288.4		331.3		619.7			300.8		279.9		580.7
Net earned premiums		275.8		268.2		544.0			282.0		231.4		513.4
Losses and loss adjustment expenses		158.4		175.0		333.4			133.7		128.4		262.1
Policy acquisition expenses		56.6		50.6		107.2			59.3		42.7		102.0
General and administrative expenses		30.4		42.1		72.5			30.0		42.1		72.1

Underwriting income		$30.4		$0.5		$30.9			$59.0		$18.2		$77.2


Net investment income						45.9							52.8
Net realized and unrealized investment gains/(losses) ⁽¹⁾						0.2							(10.0	)
Corporate expenses						(15.2	)						(11.4	)
Other income						0.9							2.9
Interest expense						(7.8	)						(7.7	)
Net realized and unrealized foreign exchange (losses) ⁽²⁾						(13.8	)						(13.0	)

Income before income tax expense						$41.1							$90.8
Income tax expense						(1.0	)						(6.2	)

Net income						$40.1							$84.6


Ratios
Loss ratio		57.4%		65.2%		61.3%			47.4%		55.5%		51.1%
Policy acquisition expense ratio		20.5%		18.9%		19.7%			21.0%		18.5%		19.9%
General and administrative expense ratio ⁽³⁾		11.0%		15.7%		16.1%			10.6%		18.2%		16.3%
Expense ratio		31.5%		34.6%		35.8%			31.6%		36.7%		36.2%
Combined ratio		88.9%		99.8%		97.1%			79.0%		92.2%		87.3%

(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.

(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.

(3) The total group general and administrative expense ratio includes the impact from corporate expenses.


		ASPEN INSURANCE HOLDINGS LIMITED

		Consolidated Underwriting Results by Operating Segment


	Six Months Ended June 30, 2013							Six Months Ended June 30, 2012
(in US$ millions except for percentages)	Reinsurance		Insurance		Total			Reinsurance		Insurance		Total

Gross written premiums		$738.2		$722.5		$1,460.7			$774.0		$674.7		$1,448.7
Net written premiums		689.1		520.6		1,209.7			706.3		509.1		1,215.4
Gross earned premiums		560.3		644.2		1,204.5			591.0		546.8		1,137.8
Net earned premiums		532.5		522.4		1,054.9			553.0		455.8		1,008.8
Losses and loss adjustment expenses		272.7		329.4		602.1			269.3		276.8		546.1
Policy acquisition expenses		111.9		99.9		211.8			111.1		87.0		198.1
General and administrative expenses		62.6		84.5		147.1			59.0		83.5		142.5

Underwriting income		$85.3		$8.6		$93.9			$113.6		$8.5		$122.1


Net investment income						94.2							105.2
Net realized and unrealized investment gains/(losses) ⁽¹⁾						16.0							(4.5	)
Corporate expenses						(27.2	)						(25.8	)
Other income						1.4							2.6
Interest expense						(15.5	)						(15.4	)
Net realized and unrealized foreign exchange (losses) ⁽²⁾						(24.0	)						(9.3	)

Income before income tax expense						$138.8							$174.9
Income tax expense						(6.9	)						(11.6	)

Net income						$131.9							$163.3


Ratios
Loss ratio		51.2%		63.1%		57.1%			48.7%		60.7%		54.1%
Policy acquisition expense ratio		21.0%		19.1%		20.1%			20.1%		19.1%		19.6%
General and administrative expense ratio ⁽³⁾		11.8%		16.2%		16.5%			10.7%		18.3%		16.7%
Expense ratio		32.8%		35.3%		36.6%			30.8%		37.4%		36.3%
Combined ratio		84.0%		98.4%		93.7%			79.5%		98.1%		90.4%

(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.

(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.

(3 The total group general and administrative expense ratio includes the impact from corporate expenses.


		ASPEN INSURANCE HOLDINGS LIMITED

		Reinsurance Segment - Quarterly Results


(in US$ millions except for percentages)	Q2 2013		Q1 2013		Q4 2012			Q3 2012		Q2 2012		Q1 2012

Gross written premiums		$298.6		$439.6		$194.4			$259.5		$299.8		$474.2
Net written premiums		288.6		400.5		193.7			256.9		276.8		429.5
Gross earned premiums		288.4		271.9		317.2			299.8		300.8		290.2
Net earned premiums		275.8		256.7		299.8			279.6		282.0		271.0
Net losses and loss adjustment expenses		158.4		114.3		248.9			117.1		133.7		135.6
Policy acquisition expenses		56.6		55.3		41.0			55.7		59.3		51.8
General and administrative expenses		30.4		32.2		31.3			33.6		30.0		29.0

Underwriting income/(loss)		$30.4		$54.9		$(21.4	)		$73.2		$59.0		$54.6

Ratios
Loss ratio		57.4%		44.5%		83.0%			41.9%		47.4%		50.0%
Policy acquisition expense ratio		20.5%		21.5%		13.7%			19.9%		21.0%		19.1%
General and administrative expense ratio		11.0%		12.5%		10.4%			12.0%		10.6%		10.7%
Expense ratio		31.5%		34.0%		24.1%			31.9%		31.6%		29.8%
Combined ratio		88.9%		78.5%		107.1%			73.8%		79.0%		79.8%


		ASPEN INSURANCE HOLDINGS LIMITED

		Insurance Segment - Quarterly Results


(in US$ millions except for percentages)	Q2 2013		Q1 2013		Q4 2012		Q3 2012		Q2 2012		Q1 2012
Gross written premiums		$388.7		$333.8		$381.8		$298.9		$366.8		$307.9
Net written premiums		324.1		196.5		330.7		250.2		305.1		204.0
Gross earned premiums		331.3		312.9		328.2		302.0		279.9		266.9
Net earned premiums		268.2		254.2		258.7		236.6		231.4		224.4
Net losses and loss adjustment expenses		175.0		154.4		188.5		137.9		128.4		148.4
Policy acquisition expenses		50.6		49.3		39.0		47.4		42.7		44.3
General and administrative expenses		42.1		42.4		41.9		42.8		42.1		41.4

Underwriting income/(loss)		$0.5		$8.1		$(10.7)		$8.5		$18.2		$(9.7)

Ratios
Loss ratio		65.2%		60.7%		72.9%		58.3%		55.5%		66.1%
Policy acquisition expense ratio		18.9%		19.4%		15.1%		20.0%		18.5%		19.7%
General and administrative expense ratio		15.7%		16.7%		16.2%		18.1%		18.2%		18.4%
Expense ratio		34.6%		36.1%		31.3%		38.1%		36.7%		38.1%
Combined ratio		99.8%		96.8%		104.2%		96.4%		92.2%		104.2%


		ASPEN INSURANCE HOLDINGS LIMITED

		Written and Earned Premiums by Segment and Line of Business


(in US$ millions)

Gross Written Premiums	Q2 2013		Q1 2013		Q4 2012		Q3 2012		Q2 2012		Q1 2012
Reinsurance
Property Catastrophe Reinsurance		$83.2		$145.5		$23.8		$42.7		$91.9		$152.9
Other Property Reinsurance		91.0		79.5		61.3		92.6		81.0		78.5
Casualty Reinsurance		63.4		125.3		55.7		76.3		66.6		138.9
Specialty Reinsurance		61.0		89.3		53.6		47.9		60.3		103.9

Total Reinsurance		$298.6		$439.6		$194.4		$259.5		$299.8		$474.2

Insurance
Property Insurance		$74.0		$54.6		$53.7		$51.5		$82.1		$52.4
Casualty Insurance		63.9		43.7		61.3		49.9		53.0		28.6
Marine, Energy and Transportation Insurance		143.8		136.8		145.4		102.2		133.7		149.6
Financial and Professional Lines Insurance		68.1		65.8		89.8		63.8		68.3		49.7
Programs		38.9		32.9		31.6		31.5		29.7		27.6

Total Insurance		$388.7		$333.8		$381.8		$298.9		$366.8		$307.9



Total Gross Written Premiums		$687.3		$773.4		$576.2		$558.4		$666.6		$782.1

Net Written Premiums

Reinsurance
Property Catastrophe Reinsurance		$75.2		$124.0		$23.9		$43.7		$76.0		$123.5
Other Property Reinsurance		89.8		65.6		62.3		89.2		76.8		64.8
Casualty Reinsurance		62.6		123.1		53.9		76.1		66.5		137.3
Specialty Reinsurance		61.0		87.8		53.6		47.9		57.5		103.9

Total Reinsurance		$288.6		$400.5		$193.7		$256.9		$276.8		$429.5

Insurance
Property Insurance		$67.1		$16.3		$41.4		$37.9		$72.1		$21.0
Casualty Insurance		56.2		24.6		43.6		35.5		42.1		20.0
Marine, Energy and Transportation Insurance		102.7		126.4		142.2		93.1		103.4		140.7
Financial and Professional Lines Insurance		64.3		2.9		82.0		57.9		59.0		(3.1)
Programs		33.8		26.3		21.5		25.8		28.5		25.4

Total Insurance		$324.1		$196.5		$330.7		$250.2		$305.1		$204.0



Total Net Written Premiums		$612.7		$597.0		$524.4		$507.1		$581.9		$633.5

Net Earned Premiums

Reinsurance
Property Catastrophe Reinsurance		$65.1		$58.7		$83.3		$62.3		$60.8		$62.9
Other Property Reinsurance		79.1		71.0		68.0		72.7		68.2		68.2
Casualty Reinsurance		75.2		66.6		88.1		82.3		88.1		66.9
Specialty Reinsurance		56.4		60.4		60.4		62.3		64.9		73.0

Total Reinsurance		$275.8		$256.7		$299.8		$279.6		$282.0		$271.0

Insurance
Property Insurance		$44.1		$45.7		$42.8		$36.9		$38.4		$38.4
Casualty Insurance		40.7		34.6		32.5		29.6		29.9		26.3
Marine, Energy and Transportation Insurance		116.8		101.6		126.3		108.2		110.9		102.6
Financial and Professional Lines Insurance		45.9		51.0		47.0		45.4		39.9		51.5
Programs		20.7		21.3		10.1		16.5		12.3		5.6

Total Insurance		$268.2		$254.2		$258.7		$236.6		$231.4		$224.4



Total Net Earned Premiums		$544.0		$510.9		$558.5		$516.2		$513.4		$495.4


		ASPEN INSURANCE HOLDINGS LIMITED

		Consolidated Statements of Changes in Shareholders’ Equity


	Six Months Ended June 30,
(in US$ millions)	2013		2012
Ordinary shares
Beginning and end of period		$0.1		$0.1

Preference shares
Beginning and end of period		-		-

Non-controlling interest
Beginning of period		0.2		0.4
Net (loss) for the period		-		(0.3)

End of period		0.2		0.1

Additional paid-in capital
Beginning of period		1,516.7		1,385.0
New shares issued		12.8		2.0
Ordinary shares repurchased		(240.1)		(26.8)
Preference shares issued		270.4		154.5
Preference shares repurchased and cancelled		(230.0)		-
Changes in redemption value of the PIERS ⁽¹⁾		7.1		-
Share-based compensation		9.8		8.5

End of period		1,346.7		1,523.2

Retained earnings
Beginning of period		1,544.0		1,341.6
Net income for the period		131.9		163.3
Dividends paid on ordinary and preference shares		(40.4)		(36.8)
Changes in redemption value of the PIERS ⁽¹⁾		(7.1)		-
Proportion due to non-controlling interest		-		0.3

End of period		1,628.4		1,468.4

Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
Beginning of period		112.7		124.2
Change for the period		(24.4)		(10.9)

End of period		88.3		113.3

Loss on derivatives:
Beginning of period		(0.5)		(0.7)
Reclassification to interest payable		0.2		0.1

End of period		(0.3)		(0.6)

Unrealized (depreciation)/appreciation on investments, net of taxes:
Beginning of period		315.2		305.4
Change for the period		(143.7)		25.2

End of period		171.5		330.6

Total accumulated other comprehensive income		259.5		443.3



Total shareholders’ equity		$3,234.9		$3,435.1

(1) Preferred Income Equity Redemption Securities.


		ASPEN INSURANCE HOLDINGS LIMITED

		Consolidated Statements of Comprehensive Income

Three Months Ended June 30,

Six Months Ended June 30,

(in US$ millions)

2013

2012

2013

2012

Net income

$40.1

$84.6

$131.9

$163.3

Other comprehensive income/(loss), net of taxes:

Available for sale investments:

Reclassification adjustment for net realized (gains)/losses included in net income

(4.0)

1.2

(10.5)

0.3

Change in net unrealized gains and losses on available for sale securities held

(123.5)

35.8

(133.2)

24.9

Loss on derivatives reclassified to interest expense

0.1

0.1

0.2

0.1

Change in foreign currency translation adjustment

(18.9)

(9.4)

(24.4)

(10.9)

Other comprehensive (loss)/income

(146.3)

27.7

(167.9)

14.4

Comprehensive (loss)/income

$(106.2)

$112.3

$(36.0)

$177.7


		ASPEN INSURANCE HOLDINGS LIMITED

		Condensed Consolidated Statements of Cash Flows

Three Months Ended June 30,

Six Months Ended June 30,

(in US$ millions)

2013

2012

2013

2012

Net cash from operating activities

$144.7

$60.2

$248.2

$159.6

Net cash (used in) investing activities

(155.7)

(23.3)

(284.2)

(179.6)

Net cash (used in)/from financing activities

(2.6)

107.9

(227.3)

92.9

Effect of exchange rate movements on cash and cash equivalents

(10.2)

(9.1)

(11.4)

(3.0)

(Decrease)/increase in cash and cash equivalents

(23.8)

135.7

(274.7)

69.9

Cash at beginning of period

1,212.7

1,173.3

1,463.6

1,239.1

Cash at end of period

$1,188.9

$1,309.0

$1,188.9

$1,309.0


		ASPEN INSURANCE HOLDINGS LIMITED

		Reserves for Losses and Loss Adjustment Expenses


(in US$ millions)	For the Six Months Ended June 30, 2013			For the Twelve Months Ended December 31, 2012
Provision for losses and loss adjustment expenses at the start of the period		$4,779.7			$4,525.2
Reinsurance recoverables		(499.0	)		(426.6	)

Net loss and loss adjustment expenses at the start of the period		4,280.7			4,098.6

Net loss and loss adjustment expenses disposed		(17.3	)		(9.0	)

Provision for losses and loss adjustment expenses for claims incurred
Current period		655.7			1,375.9
Prior period release		(53.6	)		(137.4	)

Total incurred		602.1			1,238.5

Losses and loss adjustment expenses payments for claims incurred		(526.6	)		(1,080.0	)

Foreign exchange (gains)/losses		(76.3	)		32.6

Net loss and loss adjustment expenses reserves at the end of the period		4,262.6			4,280.7
Reinsurance recoverables on unpaid losses at the end of the period		472.3			499.0

Gross loss and loss adjustment expenses reserves at the end of the period		$4,734.9			$4,779.7


		ASPEN INSURANCE HOLDINGS LIMITED

		Reserves by Operating Segment

As At June 30, 2013

As At December 31, 2012

(in US$ millions)

Gross

Reinsurance
Recoverables

Net

Gross

Reinsurance
Recoverables

Net

Reinsurance

$2,868.0

$(152.1)

$2,715.9

$2,983.7

$(172.4)

$2,811.3

Insurance

1,866.9

(320.2)

1,546.7

1,796.0

(326.6)

1,469.4

Total losses and loss adjustment expense reserves

$4,734.9

$(472.3)

$4,262.6

$4,779.7

$(499.0)

$4,280.7


		ASPEN INSURANCE HOLDINGS LIMITED

		Prior Year Reserve Releases

(in US$ millions)

Three Months Ended June 30, 2013

Three Months Ended June 30, 2012

Gross

Reinsurance
Recoverables

Net

Gross

Reinsurance
Recoverables

Net

Reinsurance

$24.0

$0.1

$24.1

$12.6

$1.5

$14.1

Insurance

(9.3)

12.6

3.3

15.5

(1.0)

14.5

Release in reserves for prior years during the period

$14.7

$12.7

$27.4

$28.1

$0.5

$28.6

Six Months Ended June 30, 2013

Six Months Ended June 30, 2012

Gross

Reinsurance
Recoverables

Net

Gross

Reinsurance
Recoverables

Net

Reinsurance

$44.1

$0.1

$44.2

$37.1

$5.1

$42.2

Insurance

(7.4)

16.8

9.4

18.8

4.5

23.3

Release in reserves for prior years during the period

$36.7

$16.9

$53.6

$55.9

$9.6

$65.5


		ASPEN INSURANCE HOLDINGS LIMITED

		Worldwide Natural Catastrophe Exposures: Major Peril Zones

LOGO

Based on Shareholders’ equity of $3,234.9 million as at June 30, 2013. The estimates reflect Aspen’s own view of the modelled maximum losses ("PML’s") at the return periods shown which include input from various third party vendor models and our own proprietary adjustments to these models. Catastrophe loss experience may materially differ from the modelled PML’s due to limitations in one or more of the models or uncertainties in the application of policy terms and limits.


		ASPEN INSURANCE HOLDINGS LIMITED

		Consolidated Investment Portfolio

(in US$ millions)


	Fair Market Value
Marketable Securities - Available For Sale	As At June 30, 2013		As At March 31, 2013		As At December 31, 2012		As At September 30, 2012		As At June 30, 2012

U.S. government securities		$1,118.4		$1,175.3		$1,126.3		$1,068.6		$975.7
U.S. agency securities		308.7		314.0		308.6		311.7		309.2
Municipal securities		33.1		38.0		39.7		39.9		39.9
Corporate securities		2,027.3		2,006.0		2,038.5		1,929.7		1,896.7
Foreign government securities		755.7		644.6		641.0		628.5		596.3
Asset-backed securities		86.8		74.5		53.8		63.8		62.0
FDIC Guaranteed		-		-		-		3.0		3.0
Bonds backed by foreign government		87.0		85.3		101.1		139.1		119.8
Mortgage-backed securities		1,125.6		1,155.4		1,248.3		1,363.5		1,384.8

Total fixed income maturities		5,542.6		5,493.1		5,557.3		5,547.8		5,387.4
Short-term investments		231.7		352.3		431.5		494.7		489.6
Equity securities		183.2		209.1		200.1		197.1		187.4

Total Available For Sale		$5,957.5		$6,054.5		$6,188.9		$6,239.6		$6,064.4


Marketable Securities - Trading

U.S. government securities		$39.0		$27.7		$9.4		$38.8		$38.8
U.S. agency securities		0.2		0.2		0.2		2.0		1.9
Municipal securities		0.6		2.8		2.9		2.9		2.9
Corporate securities		365.6		395.9		414.4		368.2		337.7
Foreign government securities		27.5		27.3		26.3		21.8		21.9
Mortgage-backed securities		-		-		-		0.3		-
Asset-backed securities		5.7		5.8		2.9		1.3		0.6
Bank loans		65.2		9.1		-		-		-

Total fixed income maturities		503.8		468.8		456.1		435.3		403.8
Short-term investments		10.6		0.8		2.4		10.6		14.0
Equity securities		229.9		205.0		-		-		-

Total Trading		$744.3		$674.6		$458.5		$445.9		$417.8

Other investments		$44.9		$45.0		$45.0		$34.8		$33.1

Cash		1,188.9		1,212.7		1,463.6		1,374.2		1,309.0
Accrued interest		48.3		45.0		47.7		49.7		48.8

Total Cash and Accrued Interest		$1,237.2		$1,257.7		$1,511.3		$1,423.9		$1,357.8



Total Cash and Investments		$7,983.9		$8,031.8		$8,203.7		$8,144.2		$7,873.1


		ASPEN INSURANCE HOLDINGS LIMITED

		Investment Analysis


(in US$ millions except for percentages and years)	Q2 2013		Q1 2013		Q4 2012		Q3 2012		Q2 2012		Q1 2012

Net investment income from fixed income investments and cash		$42.0		$45.0		$49.8		$46.9		$51.0		$51.0
Net investment income from equity securities		3.9		3.3		1.3		1.7		1.8		1.4

Net investment income		45.9		48.3		51.1		48.6		52.8		52.4

Net realized and unrealized investment (losses)/gains excluding the interest rate swaps		(6.6)		15.2		5.7		12.9		2.2		9.0
Net realized investment gains/(losses) from the interest rate swaps		6.8		0.6		(0.1)		(8.1)		(11.3)		(3.5)
Other-than-temporary impairment charges		-		-		-		(2.1)		(0.9)		-

Net realized and unrealized investment gains/(losses)		0.2		15.8		5.6		2.7		(10.0)		5.5


Change in unrealized (losses)/gains on available for sale investments (gross of tax)		(138.4)		(17.5)		(37.9)		32.2		36.6		(11.7)

Total (loss)/return on investments		$(92.3)		$46.6		$18.8		$83.5		$79.4		$46.2


Portfolio Characteristics
Fixed income portfolio book yield (excluding the impact of the interest rate swaps)		2.71%		2.80%		2.88%		3.04%		3.19%		3.31%
Fixed income portfolio duration (excluding the impact of the interest rate swaps)		3.4 years		3.2 years		3.0 years		2.8 years		2.9 years		3.0 years


		ASPEN INSURANCE HOLDINGS LIMITED

		Book Value Per Ordinary Share


(in US$ millions except for number of shares and per share amounts)	June 30, 2013		March 31, 2013		December 31, 2012		September 30, 2012		June 30, 2012		March 31, 2012
Net assets		$3,234.9		$3,339.6		$3,488.4		$3,554.2		$3,435.1		$3,210.9
Less: Preference shares		(555.6)		(508.1)		(508.1)		(508.1)		(508.1)		(353.6)

Total		$2,679.3		$2,831.5		$2,980.3		$3,046.1		$2,927.0		$2,857.3


Ordinary shares outstanding (in millions)		67.003		65.634		70.754		71.012		70.687		71.496
Ordinary shares and dilutive potential ordinary shares (in millions)		68.934		69.611		73.312		73.341		73.161		74.064

Book value per ordinary share		$39.99		$43.14		$42.12		$42.90		$41.41		$39.96
Diluted book value per ordinary share		$38.87		$40.68		$40.65		$41.53		$40.01		$38.58

The dilutive effect of options has been calculated using the treasury stock method. The treasury stock method assumes that the proceeds received from the exercise of options will be used to purchase the Company’s ordinary shares at the average market price during the period of calculation.


		ASPEN INSURANCE HOLDINGS LIMITED

		Operating Income Reconciliation

Net income is adjusted to exclude after-tax change in net foreign exchange gains and losses and realized gains and losses in investments.

Three Months Ended

Six Months Ended

June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012

(in US$ millions except where stated)

Net income as reported

$40.1

$84.6

$131.9

$163.3

Changes in redemption value of the PIERS ⁽¹⁾

(7.1)

Preference share dividends

(8.0)

(8.3)

(16.6)

(14.0)

Net income available to ordinary shareholders

25.0

76.3

108.2

149.3

Add (deduct) after tax income:

Net foreign exchange losses

12.0

10.9

21.5

7.9

Net realized losses/(gains) on investments

0.1

10.3

(15.5)

5.1

Changes in redemption value of the PIERS ⁽¹⁾

7.1

Operating income after tax available to ordinary shareholders

44.2

97.5

121.3

162.3

Tax on operating income

2.5

8.0

8.9

12.4

Operating income before tax available to ordinary shareholders

$46.7

$105.5

$130.2

$174.7

Basic earnings per ordinary share

Net income adjusted for preference share dividend

$0.38

$1.07

$1.60

$2.10

Add (deduct) after tax income:

Net foreign exchange losses

0.18

0.15

0.32

0.11

Net realized losses/(gains) on investments

0.14

(0.23)

0.07

Changes in redemption value of the PIERS ⁽¹⁾

0.11

Operating income adjusted for preference shares dividend

$0.67

$1.36

$1.80

$2.28

Diluted earnings per ordinary share

Net income adjusted for preference share dividend

$0.36

$1.03

$1.52

$2.02

Add (deduct) after tax income:

Net foreign exchange losses

0.17

0.15

0.30

0.11

Net realized losses/(gains) on investments

0.14

(0.22)

0.07

Changes in redemption value of the PIERS ⁽¹⁾

0.10

Operating income adjusted for preference shares dividend

$0.63

$1.32

$1.70

$2.20

(1) Preferred Income Equity Redemption Securities

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