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

Attached files

file	filename
8-K - 8-K - ASPEN INSURANCE HOLDINGS LTD	form8-kq12015.htm
EX-99.1 - EXHIBIT 99.1 - ASPEN INSURANCE HOLDINGS LTD	a991-ahlq115.htm
EX-99.3 - EXHIBIT 99.3 - ASPEN INSURANCE HOLDINGS LTD	ahlq12015investorpresent.htm

Exhibit 99.2

FINANCIAL SUPPLEMENT

As of March 31, 2015

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



	ASPEN INSURANCE HOLDINGS LIMITED
	Table Of Contents
		Page

Basis of Presentation		1
Financial Highlights		2
Consolidated Statements of Operations - Quarterly Results		3
Consolidated Statements of Operations - Year to Date Results		4
Consolidated Balance Sheets		5
Earnings Per Share and Book Value Per Share		6
Return on Average Equity		7
Consolidated Underwriting Results by Operating Segment		8
Operating Segment - Quarterly Results		9 - 10
Written and Earned Premiums by Segment and Lines of Business		11
Consolidated Statements of Changes in Shareholders' Equity		12
Consolidated Statements of Comprehensive Income		13
Condensed Consolidated Statements of Cash Flows		14
Reserves for Losses and Loss Adjustment Expenses		15
Reserves by Operating Segment		16
Prior Year Reserve Releases		17
Worldwide Natural Catastrophe Exposures: Major Peril Zones		18
Consolidated Investment Portfolio		19
Investment Analysis		20
Book Value Per Ordinary Share		21
Operating Income Reconciliation		22



		ASPEN INSURANCE HOLDINGS LIMITED
		Basis of Presentation

Definitions and presentations: All financial information contained herein is unaudited except for information for the fiscal year ended December 31, 2014 and December 31, 2013. Unless otherwise noted, all data is in U.S. dollar 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-U.S. 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 from foreign exchange contracts and certain non-recurring items. In 2014, non-recurring items included costs associated with defending the unsolicited approach from Endurance Specialty Holdings Ltd. in the amount of $3.0 million for the three months ended March 31, 2014.

Aspen excludes these items above from its calculation of operating income because they are either not expected to recur and therefore are not reflective of underlying performance or 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 determined 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 22 for a reconciliation of operating income to net income.

Annualized operating return on average equity (“Operating ROE”) (a non-GAAP financial measure): Operating ROE 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 and the total amount of non-controlling interest.

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 22 for a reconciliation of operating income to net income and page 7 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 22 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share.

Diluted book value per ordinary share (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 21.

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 March 31,
(in US$ millions except for percentages, share and per share amounts)		2015			2014			Change
Gross written premium		$	919.2		$	855.5		7.4	%
Net written premium		$	763.2		$	697.5		9.4	%
Net earned premium		$	593.6		$	566.5		4.8	%
Net income after tax		$	128.0		$	120.4		6.3	%
Operating income after tax		$	98.0		$	112.7		(13.0	)%
Net investment income		$	47.4		$	49.5		(4.2	)%
Underwriting income		$	66.0		$	73.8		(10.6	)%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend		$	1.91		$	1.70		12.4	%
Operating income adjusted for preference share dividend		$	1.43		$	1.59		(10.1	)%
Diluted earnings per ordinary share
Net income adjusted for preference share dividend		$	1.87		$	1.66		12.7	%
Operating income adjusted for preference share dividend		$	1.39		$	1.55		(10.3	)%
Weighted average number of ordinary shares outstanding (in millions of shares)		62.159			65.289			(4.8	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		63.533			66.566			(4.6	)%
Book value per ordinary share		$	47.14		$	43.28		8.9	%
Diluted book value per ordinary share		$	46.02		$	42.72		7.7	%
Ordinary shares outstanding at March 31, 2015 and March 31, 2014 (in millions of shares)		61.723			65.419			(5.6	)%
Diluted ordinary shares outstanding at March 31, 2015 and March 31, 2014 (in millions of shares)		63.227			66.281			(4.6	)%
Underwriting Ratios
Loss ratio		51.6		%	50.9		%
Policy acquisition expense ratio		20.1		%	19.8		%
General, administrative and corporate expense ratio		17.2		%	16.9		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		17.2		%	16.3		%
Expense ratio		37.3		%	36.7		%
Expense ratio (excluding non-recurring corporate expenses)		37.3		%	36.1		%
Combined ratio		88.9		%	87.6		%
Combined ratio (excluding non-recurring corporate expenses)		88.9		%	87.0		%
Return On Equity
Average equity ⁽¹⁾		$	2,886.3		$	2,787.7
Return on average equity
Net income adjusted for preference share dividend		4.1		%	4.0		%
Operating income adjusted for preference share dividend		3.1		%	3.7		%
Annualized return on average equity
Net income		16.4		%	16.0		%
Operating income		12.4		%	14.8		%

See pages 7 and 22 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)		Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014
UNDERWRITING REVENUES
Gross written premiums		$	919.2		$	615.4		$	652.5		$	779.3		$	855.5
Premiums ceded		(156.0		)	(61.4		)	(75.2		)	(92.9		)	(158.0		)
Net written premiums		763.2			554.0			577.3			686.4			697.5
Change in unearned premiums		(169.6		)	58.2			33.1			(70.2		)	(131.0		)
Net earned premiums		593.6			612.2			610.4			616.2			566.5
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		306.1			339.6			342.7			337.1			288.1
Amortization of deferred policy acquisition costs		119.3			114.8			115.5			108.9			112.0
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		102.2			121.5			99.6			103.5			92.6
Total underwriting expenses		527.6			575.9			557.8			549.5			492.7
Underwriting income including corporate expenses		66.0			36.3			52.6			66.7			73.8
OTHER OPERATING REVENUE AND EXPENSES
Net investment income		47.4			46.7			48.0			46.1			49.5
Interest expense		(7.4		)	(7.4		)	(7.4		)	(7.3		)	(7.4		)
Other (expense)/income		(1.6		)	(3.9		)	(7.8		)	2.0			(0.1		)
Total other operating revenue		38.4			35.4			32.8			40.8			42.0
OPERATING INCOME BEFORE TAX		104.4			71.7			85.4			107.5			115.8
Non-recurring corporate expenses		—			—			(20.2		)	(5.3		)	(3.0		)
Net realized and unrealized exchange (losses)/gains ^{(1) (3)}		(11.0		)	(2.8		)	(9.9		)	7.7			2.6
Net realized and unrealized investment gains/(losses)^{(2) (3)}		39.7			(0.9		)	(16.6		)	27.1			8.8
INCOME BEFORE TAX		133.1			68.0			38.7			137.0			124.2
Income tax expense		(5.1		)	(0.8		)	(1.3		)	(6.2		)	(3.8		)
NET INCOME AFTER TAX		128.0			67.2			37.4			130.8			120.4
Dividends paid on ordinary shares		(12.4		)	(12.4		)	(13.1		)	(13.1		)	(11.7		)
Dividends paid on preference shares		(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)
Dividends paid to non-controlling interest		—			(0.1		)	—			—			—
Proportion due to non-controlling interest		—			(0.8		)	0.1			—			(0.1		)
Retained income		$	106.1		$	44.5		$	14.9		$	108.3		$	99.1
Components of net income after tax
Operating income		98.0			71.3			81.7			102.8			112.7
Non-recurring corporate expenses		—			—			(20.2		)	(5.3		)	(3.0		)
Net realized and unrealized exchange (losses)/gains after tax ^{(1) (3)}		(9.8		)	(3.1		)	(7.5		)	6.3			2.1
Net realized and unrealized investment gains/(losses) after tax ^{(2) (3)}		39.8			(1.0		)	(16.6		)	27.0			8.6
NET INCOME AFTER TAX		$	128.0		$	67.2		$	37.4		$	130.8		$	120.4
Loss ratio		51.6		%	55.5		%	56.1		%	54.7		%	50.9		%
Policy acquisition expense ratio		20.1		%	18.8		%	18.9		%	17.7		%	19.8		%
General, administrative and corporate expense ratio		17.2		%	19.8		%	19.6		%	17.7		%	16.9		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		17.2		%	19.8		%	16.3		%	16.8		%	16.3		%
Expense ratio		37.3		%	38.6		%	38.5		%	35.4		%	36.7		%
Expense ratio (excluding non-recurring corporate expenses)		37.3		%	38.6		%	35.2		%	34.5		%	36.1		%
Combined ratio		88.9		%	94.1		%	94.6		%	90.1		%	87.6		%
Combined ratio (excluding non-recurring corporate expenses)		88.9		%	94.1		%	91.3		%	89.2		%	87.0		%
Basic earnings per share⁽⁴⁾		$	1.91		$	0.92		$	0.43		$	1.85		$	1.70
Diluted earnings per share ⁽⁴⁾		$	1.87		$	0.90		$	0.42		$	1.82		$	1.66
Annualized return on average equity
Net income		16.4		%	8.0		%	4.0		%	16.8		%	16.0		%
Operating income		12.4		%	8.8		%	10.0		%	12.8		%	14.8		%
See pages 7 and 22 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) Adjusted for a representation of foreign exchange in relation to investment securities from realized and unrealized exchange gains/(losses) to realized and unrealized investment gains/(losses).
(4) Adjusted for preference share dividends and non-controlling interest.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
			Three Months Ended March 31,
			2015			2014			2013
UNDERWRITING REVENUES
Gross written premiums			$	919.2		$	855.5		$	773.4
Premiums ceded			(156.0		)	(158.0		)	(176.4		)
Net written premiums			763.2			697.5			597.0
Change in unearned premiums			(169.6		)	(131.0		)	(86.1		)
Net earned premiums			593.6			566.5			510.9
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			306.1			288.1			268.7
Amortization of deferred policy acquisition costs			119.3			112.0			104.6
General, administrative and corporate expenses (excluding non-recurring corporate expenses)			102.2			92.6			86.6
Total underwriting expenses			527.6			492.7			459.9
Underwriting income including corporate expenses			66.0			73.8			51.0
OTHER OPERATING REVENUE AND EXPENSES
Net investment income			47.4			49.5			48.3
Interest expense			(7.4		)	(7.4		)	(7.7		)
Other (expense)/income			(1.6		)	(0.1		)	0.5
Total other operating revenue			38.4			42.0			41.1
OPERATING INCOME BEFORE TAX			104.4			115.8			92.1
Non-recurring corporate expenses			—			(3.0		)	—
Net realized and unrealized exchange (losses)/gains ⁽¹⁾			(11.0		)	2.6			(10.2		)
Net realized and unrealized investment gains⁽²⁾			39.7			8.8			15.8
INCOME BEFORE TAX			133.1			124.2			97.7
Income tax expense			(5.1		)	(3.8		)	(5.9		)
NET INCOME AFTER TAX			128.0			120.4			91.8
Dividends paid on ordinary shares			(12.4		)	(11.7		)	(11.9		)
Dividends paid on preference shares			(9.5		)	(9.5		)	(8.6		)
Proportion due to non-controlling interest			—			(0.1		)	—
Retained income			$	106.1		$	99.1		$	71.3
Components of net income after tax
	Operating income		98.0			112.7			85.7
	Non-recurring corporate expenses		—			(3.0		)	—
	Net realized and unrealized exchange (losses)/gains after tax ⁽¹⁾		(9.8		)	2.1			(9.5		)
	Net realized and unrealized investment gains after tax ⁽²⁾		39.8			8.6			15.6
NET INCOME AFTER TAX			$	128.0		$	120.4		$	91.8
Loss ratio			51.6		%	50.9		%	52.6		%
	Policy acquisition expense ratio		20.1		%	19.8		%	20.5		%
	General, administrative and corporate expense ratio		17.2		%	16.9		%	17.0		%
	General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		17.2		%	16.3		%	17.0		%
Expense ratio			37.3		%	36.7		%	37.5		%
Expense ratio (excluding non-recurring corporate expenses)			37.3		%	36.1		%	37.5		%
Combined ratio			88.9		%	87.6		%	90.1		%
Combined ratio (excluding non-recurring corporate expenses)			88.9		%	87.0		%	90.1		%

See pages 7 and 22 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.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Balance Sheets

(in US$ millions except for per share amounts)		March 31, 2015		December 31, 2014		September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013

Investments
Fixed income securities		$	6,339.2	$	6,401.0	$	6,271.9		$	6,297.7		$	6,256.1		$	6,285.3
Equity securities		719.0		725.9		647.0			574.2			507.8			460.4
Other investments		9.5		8.7		8.7			8.7			8.7			48.0
Catastrophe bonds		32.8		34.8		32.2			30.0			18.0			5.8
Short-term investments		180.9		258.5		314.2			349.7			215.5			160.3
Total investments		7,281.4		7,428.9		7,274.0			7,260.3			7,006.1			6,959.8
Cash and cash equivalents		1,225.9		1,178.5		1,289.1			1,345.2			1,443.7			1,293.6
Reinsurance recoverables
Unpaid losses		360.1		350.0		384.7			360.0			352.1			332.7
Ceded unearned premiums		276.4		206.8		229.8			217.9			221.3			151.9
Receivables
Underwriting premiums		1,264.8		1,011.7		1,105.3			1,192.7			1,189.5			999.0
Other		92.1		90.2		92.0			106.4			107.8			90.3
Funds withheld		46.1		46.9		47.5			47.8			49.4			46.5
Deferred policy acquisition costs		333.8		299.0		301.6			306.4			289.6			262.2
Derivatives at fair value		2.1		8.0		7.0			1.6			6.8			7.0
Receivable for securities sold		0.3		2.3		1.6			9.1			14.8			5.2
Office properties and equipment		61.9		62.2		64.4			65.1			61.8			60.1
Taxation		—		—		4.0			2.8			0.5			1.6
Other assets		18.2		13.6		10.4			1.5			1.5			2.2
Intangible assets		18.2		18.2		18.2			18.2			18.3			18.4
Total assets		$	10,981.3	$	10,716.3	$	10,829.6		$	10,935.0		$	10,763.2		$	10,230.5
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	4,698.9	$	4,750.8	$	4,787.3		$	4,795.8		$	4,760.7		$	4,678.9
Unearned premiums		1,665.1		1,441.8		1,508.7			1,568.5			1,479.7			1,280.6
Total insurance reserves		6,364.0		6,192.6		6,296.0			6,364.3			6,240.4			5,959.5
Payables
Reinsurance premiums		171.5		92.0		146.8			93.5			155.1			88.2
Taxation		34.8		21.4		25.7			28.0			16.5			15.7
Accrued expenses and other payables		308.6		356.9		290.3			284.5			361.6			265.6
Liabilities under derivative contracts		11.5		14.3		12.7			5.4			0.4			2.9
Total payables		526.4		484.6		475.5			411.4			533.6			372.4
Loan notes issued by variable interest entities, at fair value		76.0		70.7		64.5			56.0			53.4			50.0
Long-term debt		549.1		549.1		549.1			549.1			549.0			549.0
Total liabilities		7,515.5		7,297.0		7,385.1			7,380.8			7,376.4			6,930.9
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1			0.1			0.1			0.1
Non-controlling interest		0.5		0.5		(0.3		)	(0.2		)	(0.2		)	(0.3		)
Preference shares		—		—		—			—			—			—
Additional paid-in capital		1,106.0		1,134.3		1,186.4			1,276.7			1,269.9			1,297.4
Retained earnings		2,156.2		2,050.1		2,005.6			1,990.7			1,882.4			1,783.3
Accumulated other comprehensive income, net of taxes		203.0		234.3		252.7			286.9			234.6			219.1
Total shareholders’ equity		3,465.8		3,419.3		3,444.5			3,554.2			3,386.8			3,299.6
Total liabilities and shareholders’ equity		$	10,981.3	$	10,716.3	$	10,829.6		$	10,935.0		$	10,763.2		$	10,230.5

Book value per ordinary share		$	47.14	$	46.16	$	45.60		$	45.81		$	43.28		$	41.87
Book value per diluted ordinary share		$	46.02	$	45.13	$	44.60		$	44.84		$	42.72		$	40.90
See pages 7 and 22 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
(in US$ except for number of shares)			March 31, 2015		March 31, 2014

Basic earnings per ordinary share
	Net income adjusted for preference share dividend		$	1.91	$	1.70
	Operating income adjusted for preference share dividend		$	1.43	$	1.59
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend		$	1.87	$	1.66
	Operating income adjusted for preference share dividend		$	1.39	$	1.55

Weighted average number of ordinary shares outstanding (in millions)			62.159		65.289
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			63.533		66.566

Book value per ordinary share			$	47.14	$	43.28
Diluted book value per ordinary share			$	46.02	$	42.72

Ordinary shares outstanding at end of the period (in millions)			61.723		65.419
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			63.227		66.281

See pages 7 and 22 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
(in US$ millions except for percentages)			March 31, 2015			March 31, 2014

Average shareholders' equity			$	3,442.6		$	3,343.2
Average non-controlling interest			(0.5		)	0.3
Average preference shares			(555.8		)	(555.8		)
Average ordinary shareholders' equity			$	2,886.3		$	2,787.7
Return on average equity:
	Net income adjusted for preference share dividend and non-controlling interest		4.1		%	4.0		%
	Operating income adjusted for preference share dividend and non-controlling interest		3.1		%	3.7		%
Annualized return on average equity:
	Net income		16.4		%	16.0		%
	Operating income		12.4		%	14.8		%
Components of return on average equity:
	Return on average equity from underwriting activity⁽¹⁾		2.3		%	2.6		%
	Return on average equity from investment and other activity ⁽²⁾		1.0		%	1.2		%
	Pre-tax operating income return on average equity		3.3		%	3.8		%
	Post-tax operating income return on average equity ⁽³⁾		3.1		%	3.7		%

See page 22 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 March 31, 2015									Three Months Ended March 31, 2014
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	484.8		$	434.4		$	919.2		$	472.2		$	383.3		$	855.5
Net written premiums		442.1			321.1			763.2			442.6			254.9			697.5
Gross earned premiums		265.8			415.1			680.9			278.5			373.6			652.1
Net earned premiums		249.4			344.2			593.6			266.7			299.8			566.5
Losses and loss adjustment expenses		105.5			200.6			306.1			110.4			177.7			288.1
Amortization of deferred policy acquisition costs		53.4			65.9			119.3			50.4			61.6			112.0
General and administrative expenses		32.4			55.3			87.7			32.8			45.9			78.7
Underwriting income		$	58.1		$	22.4		$	80.5		$	73.1		$	14.6		$	87.7
Net investment income								47.4									49.5
Net realized and unrealized investment gains ⁽¹⁾								39.7									8.3
Corporate expenses								(14.5		)							(13.9		)
Non-recurring corporate expenses								—									(3.0		)
Other expense								(1.6		)							(0.1		)
Interest expense								(7.4		)							(7.4		)
Net realized and unrealized foreign exchange (losses)/gains ⁽²⁾								(11.0		)							3.1
Income before tax								$	133.1								$	124.2
Income tax expense								(5.1		)							(3.8		)
Net income								$	128.0								$	120.4
Ratios
Loss ratio		42.3		%	58.3		%	51.6		%	41.4		%	59.3		%	50.9		%
Policy acquisition expense ratio		21.4		%	19.1		%	20.1		%	18.9		%	20.5		%	19.8		%
General and administrative expense ratio ⁽³⁾		13.0		%	16.1		%	17.2		%	12.3		%	15.3		%	16.9		%
General and administrative expense ratio (excluding non-recurring corporate expenses)⁽³⁾		13.0		%	16.1		%	17.2		%	12.3		%	15.3		%	16.3		%
Expense ratio		34.4		%	35.2		%	37.3		%	31.2		%	35.8		%	36.7		%
Expense ratio (excluding non-recurring corporate expenses)		34.4		%	35.2		%	37.3		%	31.2		%	35.8		%	36.1		%
Combined ratio		76.7		%	93.5		%	88.9		%	72.6		%	95.1		%	87.6		%
Combined ratio (excluding non-recurring corporate expenses)		76.7		%	93.5		%	88.9		%	72.6		%	95.1		%	87.0		%

(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)		Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014

Gross written premiums		$	484.8		$	145.3		$	256.9		$	298.4		$	472.2
Net written premiums		442.1			143.6			250.9			286.9			442.6
Gross earned premiums		265.8			278.4			291.0			289.7			278.5
Net earned premiums		249.4			263.1			279.6			278.8			266.7
Net losses and loss adjustment expenses		105.5			130.4			132.0			125.0			110.4
Amortization of deferred policy acquisition costs		53.4			47.7			52.1			49.8			50.4
General and administrative expenses		32.4			39.4			38.4			35.8			32.8
Underwriting income		$	58.1		$	45.6		$	57.1		$	68.2		$	73.1
Ratios
Loss ratio		42.3		%	49.6		%	47.2		%	44.8		%	41.4		%
Policy acquisition expense ratio		21.4		%	18.1		%	18.6		%	17.9		%	18.9		%
General and administrative expense ratio		13.0		%	15.0		%	13.7		%	12.8		%	12.3		%
Expense ratio		34.4		%	33.1		%	32.3		%	30.7		%	31.2		%
Combined ratio		76.7		%	82.7		%	79.5		%	75.5		%	72.6		%



	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014

Gross written premiums		$	434.4		$	470.1		$	395.6		$	480.9		$	383.3
Net written premiums		321.1			410.4			326.4			399.5			254.9
Gross earned premiums		415.1			417.0			403.9			404.5			373.6
Net earned premiums		344.2			349.1			330.8			337.4			299.8
Net losses and loss adjustment expenses		200.6			209.2			210.7			212.1			177.7
Amortization of deferred policy acquisition costs		65.9			67.1			63.4			59.1			61.6
General and administrative expenses		55.3			62.9			45.6			51.1			45.9
Underwriting income		$	22.4		$	9.9		$	11.1		$	15.1		$	14.6
Ratios
Loss ratio		58.3		%	59.9		%	63.7		%	62.9		%	59.3		%
Policy acquisition expense ratio		19.1		%	19.2		%	19.2		%	17.5		%	20.5		%
General and administrative expense ratio		16.1		%	18.0		%	13.8		%	15.1		%	15.3		%
Expense ratio		35.2		%	37.2		%	33.0		%	32.6		%	35.8		%
Combined ratio		93.5		%	97.1		%	96.7		%	95.5		%	95.1		%



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q1 2015		Q4 2014			Q3 2014		Q2 2014		Q1 2014
	Reinsurance
	Property Catastrophe Reinsurance		$	153.8	$	1.1		$	40.0	$	91.6	$	168.8
	Other Property Reinsurance		109.9		55.4			95.4		89.8		102.4
	Casualty Reinsurance		114.7		37.3			70.7		60.6		113.3
	Specialty Reinsurance		106.4		51.5			50.8		56.4		87.7
	Total Reinsurance		$	484.8	$	145.3		$	256.9	$	298.4	$	472.2
	Insurance
	Property and Casualty Insurance		$	213.4	$	202.5		$	200.9	$	221.3	$	176.3
	Marine, Aviation and Energy Insurance		131.7		145.8			88.2		153.6		131.7
	Financial and Professional Lines Insurance		89.3		121.8			106.5		106.0		75.3
	Total Insurance		$	434.4	$	470.1		$	395.6	$	480.9	$	383.3

	Total Gross Written Premiums		$	919.2	$	615.4		$	652.5	$	779.3	$	855.5
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	126.1	$	(0.1	)	$	37.4	$	80.9	$	147.9
	Other Property Reinsurance		98.8		54.9			92.0		88.3		96.6
	Casualty Reinsurance		113.8		37.4			70.7		61.5		111.4
	Specialty Reinsurance		103.4		51.4			50.8		56.2		86.7
	Total Reinsurance		$	442.1	$	143.6		$	250.9	$	286.9	$	442.6
	Insurance
	Property and Casualty Insurance		$	156.7	$	159.3		$	166.4	$	171.0	$	101.5
	Marine, Aviation and Energy Insurance		120.5		137.6			64.2		131.1		119.5
	Financial and Professional Lines Insurance		43.9		113.5			95.8		97.4		33.9
	Total Insurance		$	321.1	$	410.4		$	326.4	$	399.5	$	254.9

	Total Net Written Premiums		$	763.2	$	554.0		$	577.3	$	686.4	$	697.5
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	57.1	$	60.0		$	62.5	$	62.7	$	62.4
	Other Property Reinsurance		77.5		68.0			84.1		81.5		79.2
	Casualty Reinsurance		57.8		75.4			75.0		78.8		72.2
	Specialty Reinsurance		57.0		59.7			58.0		55.8		52.9
	Total Reinsurance		$	249.4	$	263.1		$	279.6	$	278.8	$	266.7
	Insurance
	Property and Casualty Insurance		$	159.8	$	141.9		$	148.0	$	146.9	$	119.5
	Marine, Aviation and Energy Insurance		99.4		111.4			107.2		119.9		115.1
	Financial and Professional Lines Insurance		85.0		95.8			75.6		70.6		65.2
	Total Insurance		$	344.2	$	349.1		$	330.8	$	337.4	$	299.8

	Total Net Earned Premiums		$	593.6	$	612.2		$	610.4	$	616.2	$	566.5



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Three Months Ended March 31,
(in US$ millions)			2015			2014
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		0.5			(0.3		)
	Net change for the period		—			0.1
	End of period		0.5			(0.2		)
Additional paid-in capital
	Beginning of period		1,134.3			1,297.4
	New shares issued		3.5			0.8
	Ordinary shares repurchased		(36.5		)	(30.9		)
	Share-based compensation		4.7			2.6
	End of period		1,106.0			1,269.9
Retained earnings
	Beginning of period		2,050.1			1,783.3
	Net income for the period		128.0			120.4
	Dividends paid on ordinary and preference shares		(21.9		)	(21.2		)
	Proportion due to non-controlling interest		—			(0.1		)
	End of period		2,156.2			1,882.4
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		72.7			88.6
	Change for the period		(26.1		)	(4.8		)
	End of period		46.6			83.8
Loss on derivatives:
	Beginning of period		(3.8		)	—
	Net change from current period hedged transactions		(2.4		)	—
	End of period		(6.2		)	—
Unrealized appreciation/(depreciation) on investments, net of taxes:
	Beginning of period		165.4			130.5
	Change for the period		(2.8		)	20.3
	End of period		162.6			150.8
Total accumulated other comprehensive income			203.0			234.6

Total shareholders' equity			$	3,465.8		$	3,386.8



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income

			Three Months Ended March 31,
(in US$ millions)			2015			2014

Net income adjusted for non-controlling interest			$	128.0		$	120.3
Other comprehensive income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains) included in net income		(32.3		)	(0.2		)
	Change in net unrealized gains on available for sale securities held		29.5			20.5
	Net change from current period hedged transactions		(2.4		)	—
	Change in foreign currency translation adjustment		(26.1		)	(4.8		)
	Other comprehensive (loss)/income		(31.3		)	15.5
Comprehensive income			$	96.7		$	135.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended March 31,
(in US$ millions)		2015			2014

Net cash from operating activities		$	66.2		$	211.9
Net cash from/(used in) investing activities		120.9			(12.1		)
Net cash (used in) financing activities		(119.8		)	(51.3		)
Effect of exchange rate movements on cash and cash equivalents		(19.9		)	1.6
Increase in cash and cash equivalents		47.4			150.1
Cash at beginning of period		1,178.5			1,293.6
Cash at end of period		$	1,225.9		$	1,443.7



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Three Months Ended March 31, 2015			For the Twelve Months Ended December 31, 2014

Provision for losses and loss adjustment expenses at the start of the period		$	4,750.8		$	4,678.9
Reinsurance recoverables		(350.0		)	(332.7		)
Net loss and loss adjustment expenses at the start of the period		4,400.8			4,346.2

Net loss and loss adjustment expenses disposed		—			(24.2		)
Provision for losses and loss adjustment expenses for claims incurred
Current period		333.6			1,411.6
Prior period release		(27.5		)	(104.1		)
Total incurred		306.1			1,307.5

Losses and loss adjustment expenses payments for claims incurred		(271.7		)	(1,107.7		)

Foreign exchange (gains)		(96.4		)	(121.0		)

Net loss and loss adjustment expenses reserves at the end of the period		4,338.8			4,400.8
Reinsurance recoverables on unpaid losses at the end of the period		360.1			350.0
Gross loss and loss adjustment expenses reserves at the end of the period		$	4,698.9		$	4,750.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment

		As at March 31, 2015							As at December 31, 2014
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net

Reinsurance		$	2,447.3	$	(36.4	)	$	2,410.9	$	2,531.1	$	(37.8	)	$	2,493.3
Insurance		2,251.6		(323.7		)	1,927.9		2,219.7		(312.2		)	1,907.5
Total losses and loss adjustment expense reserves		$	4,698.9	$	(360.1	)	$	4,338.8	$	4,750.8	$	(350.0	)	$	4,400.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Releases

(in US$ millions)		Three Months Ended March 31, 2015							Three Months Ended March 31, 2014
		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net
Reinsurance		$	14.5	$	(1.3	)	$	13.2	$	22.1	$	(0.9	)	$	21.2
Insurance		21.2		(6.9		)	14.3		0.6		6.4			7.0
Release in reserves for prior years during the period		$	35.7	$	(8.2	)	$	27.5	$	22.7	$	5.5		$	28.2





	ASPEN INSURANCE HOLDINGS LIMITED
	Worldwide Natural Catastrophe Exposures: Major Peril Zones as at April 1, 2015


	1 in 100 year tolerance: 17.5% of total shareholders' equity				1 in 250 year tolerance: 25.0% of total shareholders' equity

	Based on Shareholders' equity of $3,465.3 million (excluding non-controlling interest) at March 31, 2015. The estimates reflect Aspen's own view of the modelled maximum losses (“PMLs”) at the return periods shown which include input from various third party vendor models, our own proprietary adjustments to these models, and planned reinsurance purchases. Catastrophe loss experience may materially differ from the modelled PMLs 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
			March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Marketable Securities - Available For Sale
U.S. government securities			$	1,041.8	$	1,094.4	$	973.9	$	994.0	$	1,014.7
U.S. agency securities			182.9		197.4		201.9		205.0		245.2
Municipal securities			30.7		31.5		31.7		26.9		33.6
Corporate securities			2,333.6		2,319.4		2,278.4		2,244.9		2,154.1
Foreign government securities			637.7		665.7		752.6		766.5		735.0
Asset-backed securities			140.9		143.5		143.9		140.3		130.0
Bonds backed by foreign government			68.2		78.0		75.5		83.9		91.5
Mortgage-backed securities			1,104.0		1,100.1		1,039.9		1,065.3		1,117.6
Total fixed income securities			5,539.8		5,630.0		5,497.8		5,526.8		5,521.7
Short-term investments			180.2		258.3		307.2		335.7		215.5
Equity securities			—		109.9		125.9		142.1		147.4
Total Available For Sale			$	5,720.0	$	5,998.2	$	5,930.9	$	6,004.6	$	5,884.6

Marketable Securities - Trading
U.S. government securities			$	9.0	$	—	$	16.5	$	12.9	$	16.8
U.S. agency securities			0.2		0.2		0.2		0.2		0.2
Municipal securities			0.5		1.1		1.1		1.2		1.2
Corporate securities			554.1		529.8		521.1		524.5		494.8
Foreign government securities			133.7		140.1		139.2		139.3		136.4
Asset-backed securities			16.0		14.7		15.2		11.4		12.3
Bank loans			85.9		85.1		80.8		81.4		72.7
Total fixed income securities			799.4		771.0		774.1		770.9		734.4
Short-term investments			0.7		0.2		7.0		14.0		—
Equity securities			719.0		616.0		521.1		432.1		360.4
Catastrophe bonds			32.8		34.8		32.2		30.0		18.0
Total Trading			$	1,551.9	$	1,422.0	$	1,334.4	$	1,247.0	$	1,112.8

Other Investments			$	9.5	$	8.7	$	8.7	$	8.7	$	8.7

Cash			1,225.9		1,178.5		1,289.1		1,345.2		1,443.7
Accrued interest			43.9		47.2		45.7		49.7		46.5
	Total Cash and Accrued Interest		$	1,269.8	$	1,225.7	$	1,334.8	$	1,394.9	$	1,490.2

	Total Cash and Investments		$	8,551.2	$	8,654.6	$	8,608.8	$	8,655.2	$	8,496.3



	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014

Net investment income from fixed income investments and cash		$	41.2		$	43.6		$	43.5		$	42.0		$	44.1
Net investment income from equity securities		6.2			3.1			4.5			4.1			5.4
Net investment income		47.4			46.7			48.0			46.1			49.5

Net realized and unrealized investment gains/(losses) excluding the interest rate swaps ⁽¹⁾		42.9			3.5			(17.5		)	31.3			10.7
Net realized investment (losses)/gains from the interest rate swaps		(3.2		)	(2.7		)	0.9			(3.5		)	(1.9		)
Other-than-temporary impairment charges		—			(1.7		)	—			(0.7		)	—
Net realized and unrealized investment gains/(losses) ⁽¹⁾		39.7			(0.9		)	(16.6		)	27.1			8.8

Change in unrealized gains/(losses) on available for sale investments (gross of tax)⁽¹⁾		—			21.2			(39.6		)	33.8			22.6
Total return/(loss) on investments ⁽¹⁾		$	87.1		$	67.0		$	(8.2	)	$	107.0		$	80.9

Portfolio Characteristics
Fixed income portfolio book yield (excluding the impact of the interest rate swaps)		2.56		%	2.65		%	2.65		%	2.61		%	2.68		%
Fixed income portfolio duration (excluding the impact of the interest rate swaps)		3.5 years			3.5 years			3.5 years			3.4 years			3.5 years

(1) Adjusted for a representation of foreign exchange in relation to investment securities from realized and unrealized exchange gains/(losses) to realized and unrealized investment gains/(losses).



	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)		March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014

Net assets		$	3,465.8		$	3,419.3		$	3,444.5		$	3,554.2		$	3,386.8
Less: Preference shares		(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)
Less: Non-controlling interest		(0.5		)	(0.5		)	0.3			0.2			0.2
Total		$	2,909.5		$	2,863.0		$	2,889.0		$	2,998.6		$	2,831.2

Ordinary shares outstanding (in millions)		61.723			62.017			63.350			65.463			65.419
Ordinary shares and dilutive potential ordinary shares (in millions)		63.227			63.445			64.783			66.871			66.281

Book value per ordinary share		$	47.14		$	46.16		$	45.60		$	45.81		$	43.28
Diluted book value per ordinary share		$	46.02		$	45.13		$	44.60		$	44.84		$	42.72

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, realized gains and losses in investments and non-recurring items.
			Three Months Ended
(in US$ millions except where stated)			March 31, 2015			March 31, 2014

Net income as reported			$	128.0		$	120.4
Net change attributable to non-controlling interest			—			(0.1		)
Preference share dividends			(9.5		)	(9.5		)
Net income available to ordinary shareholders			118.5			110.8
Add (deduct) after tax income:
	Net foreign exchange losses		9.8			(2.6		)
	Net realized (gains) on investments		(39.8		)	(8.1		)
	Non-recurring corporate expenses		—			3.0
Operating income after tax available to ordinary shareholders			88.5			103.1

Tax expense on operating income			6.4			3.1
Operating income before tax available to ordinary shareholders			$	94.9		$	106.2

Basic earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	1.91		$	1.70
Add (deduct) after tax income:
	Net foreign exchange losses		0.16			(0.04		)
	Net realized (gains) on investments		(0.64		)	(0.12		)
	Non-recurring corporate expenses		—			0.05
Operating income adjusted for preference shares dividends and non-controlling interest			$	1.43		$	1.59

Diluted earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	1.87		$	1.66
Add (deduct) after tax income:
	Net foreign exchange losses		0.15			(0.04		)
	Net realized (gains) on investments		(0.63		)	(0.12		)
	Non-recurring corporate expenses		—			0.05
Operating income adjusted for preference shares dividends and non-controlling interest			$	1.39		$	1.55

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ASPEN INSURANCE HOLDINGS LTD - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - April 22, 2015

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