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

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EX-99.3 - EXHIBIT 99.3 - ASPEN INSURANCE HOLDINGS LTD	ahlq12018investorpresent.htm
EX-99.1 - EXHIBIT 99.1 - ASPEN INSURANCE HOLDINGS LTD	a991-ahlq118.htm
8-K - 8-K - ASPEN INSURANCE HOLDINGS LTD	form8-kq12018.htm

Exhibit 99.2

FINANCIAL SUPPLEMENT

As of March 31, 2018

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

Mark Jones, Senior Vice President, Investor Relations

T: +1 646 289 4945

email: Mark.P.Jones@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
Consolidated Investment Portfolio		18
Investment Analysis		19
Book Value Per Ordinary Share		20
Operating Income Reconciliation		21
Worldwide Natural Catastrophe Exposures		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, 2017. 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". 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 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 gains or losses, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts, net realized gains or losses on investments, amortization of intangibles and certain non-recurring income and expenses, including expenses associated with the Company's operational effectiveness and efficiency program. Operating income in 2017 excluded the issue costs associated with the redemption of the 7.401% Perpetual Non-Cumulative Preference Shares.

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 21 for a reconciliation of net income to operating 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 21 for a reconciliation of operating income to net income and page 7 for a reconciliation of average shareholders' equity to average ordinary shareholders' equity.

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 20.

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 21 for a reconciliation of basic earnings per share to diluted and basic operating earnings per share.

Accident year loss ratio excluding catastrophes (a non-GAAP financial measure): Aspen believes that the presentation of loss ratios excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year loss ratios excluding catastrophes are calculated by dividing net losses excluding catastrophe losses and prior year reserve movements by net earned premiums excluding catastrophe-related reinstatement premiums. Aspen has defined catastrophe losses in in the first quarter of 2018 as losses associated with Winter Storm Friederike in Europe and weather-related events. Catastrophe losses in the first quarter of 2017 were defined as losses associated with a tornado in Mississippi, Cyclone Debbie in Australia, and various other weather-related events. See pages 9 and 10 for a reconciliation of loss ratios to accident year loss ratios excluding catastrophes.

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)		2018			2017			Change
Gross written premium		$	1,116.8		$	998.0		11.9	%
Net written premium		$	635.5		$	686.2		(7.4	)%
Net earned premium		$	533.5		$	581.1		(8.2	)%
Net income after tax		$	30.8		$	96.5		(68.1	)%
Operating income after tax		$	63.0		$	59.8		5.4	%
Net investment income		$	47.3		$	47.7		(0.8	)%
Underwriting income		$	23.6		$	20.1		17.4	%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend and non-controlling interest		$	0.39		$	1.39		(71.9	)%
Operating income adjusted for preference share dividend and non-controlling interest		$	0.92		$	0.82		12.2	%
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and non-controlling interest		$	0.38		$	1.36		(72.1	)%
Operating income adjusted for preference share dividend and non-controlling interest		$	0.91		$	0.79		15.2	%
Weighted average number of ordinary shares outstanding (in millions of shares)		59.546			59.863			(0.5	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		60.513			61.197			(1.1	)%
Book value per ordinary share		$	39.30		$	48.79		(19.5	)%
Diluted book value per ordinary share		$	38.70		$	47.89		(19.2	)%
Ordinary shares outstanding at March 31, 2018 and March 31, 2017 (in millions of shares)		59.653			59.988			(0.6	)%
Diluted ordinary shares outstanding at March 31, 2018 and March 31, 2017 (in millions of shares)		60.574			61.107			(0.9	)%
Underwriting Ratios
Loss ratio		58.1		%	56.5		%
Policy acquisition expense ratio		17.0		%	19.6		%
General, administrative and corporate expense ratio		22.7		%	20.9		%
General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses)		20.4		%	20.5		%
Expense ratio		39.7		%	40.5		%
Expense ratio (excluding amortization and non-recurring expenses)		37.4		%	40.1		%
Combined ratio		97.8		%	97.0		%
Combined ratio (excluding amortization and non-recurring expenses)		95.5		%	96.6		%
Return On Equity
Average equity ⁽¹⁾		$	2,379.1		$	2,920.9
Return on average equity
Net income adjusted for preference share dividend and non-controlling interest		1.0		%	2.9		%
Operating income adjusted for preference share dividend and non-controlling interest		2.3		%	1.7		%
Annualized return on average equity
Net income		4.0		%	11.6		%
Operating income		9.2		%	6.8		%

See pages 7 and 21 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)		Q1 2018			Q4 2017			Q3 2017			Q2 2017			Q1 2017
UNDERWRITING REVENUES
Gross written premiums		$	1,116.8		$	688.3		$	852.5		$	822.1		$	998.0
Premiums ceded		(481.3		)	(348.1		)	(245.1		)	(243.4		)	(311.8		)
Net written premiums		635.5			340.2			607.4			578.7			686.2
Change in unearned premiums		(102.0		)	170.8			45.1			(16.7		)	(105.1		)
Net earned premiums		533.5			511.0			652.5			562.0			581.1
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		310.2			544.2			776.2			346.1			328.2
Amortization of deferred policy acquisition costs		90.8			85.1			105.4			96.3			113.7
General, administrative and corporate expenses		108.9			126.9			105.7			117.8			119.1
Total underwriting expenses		509.9			756.2			987.3			560.2			561.0

Underwriting income/(loss) including corporate expenses		23.6			(245.2		)	(334.8		)	1.8			20.1

Net investment income		47.3			47.5			46.4			47.4			47.7
Interest expense		(7.4		)	(7.3		)	(7.4		)	(7.4		)	(7.4		)
Other income/(expenses) ⁽¹⁾		1.9			18.6			7.6			(1.7		)	0.7
Total other revenue		41.8			58.8			46.6			38.3			41.0

Amortization and non-recurring expenses		(12.1		)	(23.2		)	(5.2		)	(2.1		)	(2.2		)
Net realized and unrealized exchange gains/(losses) ⁽²⁾		18.8			(0.3		)	12.9			(3.0		)	(5.8		)
Net realized and unrealized investment (losses)/gains		(37.7		)	14.8			17.5			42.0			46.2
INCOME/(LOSS) BEFORE TAX		34.4			(195.1		)	(263.0		)	77.0			99.3
Income tax (expense)/credit		(3.6		)	10.2			9.2			(1.2		)	(2.8		)
NET INCOME(LOSS) AFTER TAX		30.8			(184.9		)	(253.8		)	75.8			96.5
Dividends paid on ordinary shares		(14.3		)	(14.3		)	(14.4		)	(14.4		)	(13.2		)
Dividends paid on preference shares		(7.6		)	(7.5		)	(7.7		)	(10.5		)	(10.5		)
Preference share redemption costs		—			—			(5.6		)	—			(2.4		)
Proportion due to non-controlling interest		(0.2		)	(0.5		)	(0.6		)	(0.1		)	(0.1		)
Retained income/(loss)		$	8.7		$	(207.2	)	$	(282.1	)	$	50.8		$	70.3

Loss ratio		58.1		%	106.5		%	119.0		%	61.6		%	56.5		%
Policy acquisition expense ratio		17.0		%	16.7		%	16.2		%	17.1		%	19.6		%
General, administrative and corporate expense ratio		22.7		%	29.4		%	17.0		%	21.3		%	20.9		%
General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses)		20.4		%	24.8		%	16.2		%	21.0		%	20.5		%
Expense ratio		39.7		%	46.1		%	33.2		%	38.4		%	40.5		%
Expense ratio (excluding amortization and non-recurring expenses)		37.4		%	41.5		%	32.4		%	38.1		%	40.1		%
Combined ratio		97.8		%	152.6		%	152.2		%	100.0		%	97.0		%
Combined ratio (excluding amortization and non-recurring expenses)		95.5		%	148.0		%	151.4		%	99.7		%	96.6		%
See pages 7 and 21 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Other income (expenses) in the first quarter of 2018 and first quarter of 2017 included income of $1.0 million and expense of $2.9 million, respectively, related to a change in the fair value of loan notes issued by Silverton Re
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
(in US$ millions except for percentages)			Three Months Ended March 31,
			2018			2017
UNDERWRITING REVENUES
Gross written premiums			$	1,116.8		$	998.0
Premiums ceded			(481.3		)	(311.8		)
Net written premiums			635.5			686.2
Change in unearned premiums			(102.0		)	(105.1		)
Net earned premiums			533.5			581.1
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			310.2			328.2
Amortization of deferred policy acquisition costs			90.8			113.7
General, administrative and corporate expenses			108.9			119.1
Total underwriting expenses			509.9			561.0

Underwriting income including corporate expenses			23.6			20.1

Net investment income			47.3			47.7
Interest expense			(7.4		)	(7.4		)
Other income			1.9			0.7
Total other revenue			41.8			41.0

Amortization and non-recurring expenses			(12.1		)	(2.2		)
Net realized and unrealized exchange gains/(losses) ⁽¹⁾			18.8			(5.8		)
Net realized and unrealized investment (losses)/gains			(37.7		)	46.2
INCOME BEFORE TAX			34.4			99.3
Income tax (expense)			(3.6		)	(2.8		)
NET INCOME AFTER TAX			30.8			96.5
Dividends paid on ordinary shares			(14.3		)	(13.2		)
Dividends paid on preference shares			(7.6		)	(10.5		)
Preference share redemption costs			—			(2.4		)
Proportion due to non-controlling interest			(0.2		)	(0.1		)
Retained income			$	8.7		$	70.3

Loss ratio			58.1		%	56.5		%
	Policy acquisition expense ratio		17.0		%	19.6		%
	General, administrative and corporate expense ratio		22.7		%	20.9		%
	General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses)		20.4		%	20.5		%
Expense ratio			39.7		%	40.5		%
Expense ratio (excluding amortization and non-recurring expenses)			37.4		%	40.1		%
Combined ratio			97.8		%	97.0		%
Combined ratio (excluding amortization and non-recurring expenses)			95.5		%	96.6		%
See pages 7 and 21 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.




	Consolidated Balance Sheets

(in US$ millions except for per share amounts)		March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017

Investments
Fixed income securities		$	7,049.8		$	6,880.3		$	7,030.4		$	6,854.8		$	6,977.6
Equity securities		—			491.0			468.6			658.7			623.6
Other investments		66.1			66.4			4.0			3.9			5.0
Catastrophe bonds		34.8			32.4			30.3			28.3			41.8
Short-term investments		81.6			162.9			124.7			115.6			348.1
Total investments		7,232.3			7,633.0			7,658.0			7,661.3			7,996.1
Cash and cash equivalents		1,246.9			1,054.8			1,209.3			1,228.4			873.1
Reinsurance recoverables
Unpaid losses		1,611.3			1,515.2			1,369.5			779.4			635.8
Ceded unearned premiums		683.9			515.5			446.4			464.1			404.8
Receivables
Underwriting premiums		1,743.0			1,496.5			1,529.0			1,614.1			1,557.8
Other		108.6			151.1			175.8			106.1			120.7
Funds withheld		102.9			99.8			100.1			89.9			90.4
Deferred policy acquisition costs		319.9			294.3			354.1			364.6			367.5
Derivatives at fair value		15.6			6.4			8.4			22.1			5.2
Receivable for securities sold		4.1			5.3			19.0			13.6			25.7
Office properties and equipment		77.1			75.5			89.8			85.3			86.1
Taxation		34.3			30.6			13.1			7.2			—
Other assets		0.5			0.5			1.0			1.0			1.0
Intangible assets and goodwill		27.5			27.9			78.1			79.4			80.5
Total assets		$	13,207.9		$	12,906.4		$	13,051.6		$	12,516.5		$	12,244.7
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	6,679.4		$	6,749.5		$	6,490.6		$	5,571.4		$	5,365.9
Unearned premiums		2,097.7			1,820.8			1,926.5			1,981.5			1,891.8
Total insurance reserves		8,777.1			8,570.3			8,417.1			7,552.9			7,257.7
Payables
Reinsurance premiums		491.3			357.5			439.4			316.7			362.9
Taxation		—			—			0.5			4.4			4.0
Accrued expenses and other payables		496.5			455.4			377.9			352.8			361.8
Liabilities under derivative contracts		2.3			1.0			2.9			8.6			4.3
Total payables		990.1			813.9			820.7			682.5			733.0
Loan notes issued by variable interest entities, at fair value		32.2			44.2			101.5			110.8			110.2
Long-term debt		549.5			549.5			549.4			549.4			549.4
Total liabilities		10,348.9			9,977.9			9,888.7			8,895.6			8,650.3
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1			0.1			0.1			0.1			0.1
Non-controlling interest		2.9			2.7			2.2			1.6			1.5
Preference shares		—			—			—			—			—
Additional paid-in capital		959.5			954.7			951.8			1,125.2			1,142.1
Retained earnings		2,035.6			2,026.9			2,234.1			2,516.2			2,465.4
Accumulated other comprehensive income, net of taxes		(139.1		)	(55.9		)	(25.3		)	(22.2		)	(14.7		)
Total shareholders’ equity		2,859.0			2,928.5			3,162.9			3,620.9			3,594.4
Total liabilities and shareholders’ equity		$	13,207.9		$	12,906.4		$	13,051.6		$	12,516.5		$	12,244.7

Book value per ordinary share		$	39.30		$	40.59		$	44.59		$	49.34		$	48.79
Book value per diluted ordinary share		$	38.70		$	40.10		$	44.00		$	48.64		$	47.89



		ASPEN INSURANCE HOLDINGS LIMITED
		Earnings Per Share and Book Value Per Share

			Three Months Ended
(in US$ except for number of shares)			March 31, 2018		March 31, 2017

Basic earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$	0.39	$	1.39
	Operating income adjusted for preference share dividend and non-controlling interest		$	0.92	$	0.82
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$	0.38	$	1.36
	Operating income adjusted for preference share dividend and non-controlling interest		$	0.91	$	0.79

Weighted average number of ordinary shares outstanding (in millions)			59.546		59.863
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			60.513		61.197

Book value per ordinary share			$	39.30	$	48.79
Diluted book value per ordinary share			$	38.70	$	47.89

Ordinary shares outstanding at end of the period (in millions)			59.653		59.988
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			60.574		61.107

See pages 7 and 21 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, 2018			March 31, 2017

Average shareholders' equity			$	2,893.8		$	3,621.4
Average non-controlling interest			(2.8		)	(1.5		)
Average preference shares			(511.9		)	(699.0		)
Average ordinary shareholders' equity			$	2,379.1		$	2,920.9
Return on average equity:
	Net income adjusted for preference share dividend and non-controlling interest		1.0		%	2.9		%
	Operating income adjusted for preference share dividend and non-controlling interest		2.3		%	1.7		%
Annualized return on average equity:
	Net income		4.0		%	11.6		%
	Operating income		9.2		%	6.8		%
Components of return on average equity:
	Return on average equity from underwriting activity⁽¹⁾		1.0		%	0.8		%
	Return on average equity from investment and other activity ⁽²⁾		1.4		%	1.0		%
	Pre-tax operating income return on average equity ⁽³⁾		2.4		%	1.8		%
	Post-tax operating income return on average equity ⁽⁴⁾		2.3		%	1.7		%

See page 21 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 and non-controlling interest.
(3) Calculated by using operating income before tax adjusted for preference share dividends and non-controlling interest.
(4) Calculated by using operating income after-tax adjusted for preference share dividends and non-controlling interest.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Three Months Ended March 31, 2018									Three Months Ended March 31, 2017
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	623.5		$	493.3		$	1,116.8		$	565.3		$	432.7		$	998.0
Net written premiums		425.0			210.5			635.5			448.2			238.0			686.2
Gross earned premiums		375.0			467.6			842.6			327.6			423.7			751.3
Net earned premiums		282.5			251.0			533.5			277.5			303.6			581.1
Losses and loss adjustment expenses		166.9			143.3			310.2			143.1			185.1			328.2
Amortization of deferred policy acquisition costs		55.9			34.9			90.8			59.5			54.2			113.7
General and administrative expenses		31.6			63.6			95.2			43.9			61.8			105.7
Underwriting income		$	28.1		$	9.2		$	37.3		$	31.0		$	2.5		$	33.5
Net investment income								47.3									47.7
Net realized and unrealized investment (losses)/gains								(37.7		)							46.2
Corporate expenses								(13.7		)							(13.4		)
Amortization and non-recurring expenses ⁽¹⁾								(12.1		)							(2.2		)
Other income⁽²⁾								1.9									0.7
Interest expense								(7.4		)							(7.4		)
Net realized and unrealized foreign exchange gains/(losses) ⁽³⁾								18.8									(5.8		)
Income before tax								$	34.4								$	99.3
Income tax expense								(3.6		)							(2.8		)
Net income								$	30.8								$	96.5
Ratios
Loss ratio		59.1		%	57.1		%	58.1		%	51.6		%	61.0		%	56.5		%
Policy acquisition expense ratio		19.8		%	13.9		%	17.0		%	21.4		%	17.9		%	19.6		%
General and administrative expense ratio ⁽⁴⁾		11.2		%	25.3		%	22.7		%	15.8		%	20.4		%	20.9		%
General and administrative expense ratio (excluding amortization and non-recurring expenses)⁽⁴⁾		11.2		%	25.3		%	20.4		%	15.8		%	20.4		%	20.5		%
Expense ratio		31.0		%	39.2		%	39.7		%	37.2		%	38.3		%	40.5		%
Expense ratio (excluding amortization and non-recurring expenses)		31.0		%	39.2		%	37.4		%	37.2		%	38.3		%	40.1		%
Combined ratio		90.1		%	96.3		%	97.8		%	88.8		%	99.3		%	97.0		%
Combined ratio (excluding amortization and non-recurring expenses)		90.1		%	96.3		%	95.5		%	88.8		%	99.3		%	96.6		%

(1) Amortization and non-recurring expenses includes $11.8 million of expenses related to the Operational Effectiveness and Efficiency Program.

(2) Other income in the first quarter of 2018 and first quarter of 2017 included $1.0 million of income and $2.9 million of expenses, respectively, related to a change in the fair value of loan notes issued by Silverton Re.

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

(4)The total group general and administrative expense ratio includes the impact from corporate and non-recurring expenses.



	ASPEN INSURANCE HOLDINGS LIMITED
	Reinsurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q1 2018			Q4 2017			Q3 2017			Q2 2017			Q1 2017

Gross written premiums		$	623.5		$	216.1		$	431.5		$	335.6		$	565.3
Net written premiums		425.0			152.7			363.6			285.5			448.2
Gross earned premiums		375.0			339.6			464.0			320.6			327.6
Net earned premiums		282.5			273.9			382.0			272.7			277.5
Net losses and loss adjustment expenses		166.9			318.5			502.2			152.6			143.1
Amortization of deferred policy acquisition costs		55.9			61.1			61.5			53.4			59.5
General and administrative expenses		31.6			39.9			32.8			40.7			43.9
Underwriting income/(loss)		$	28.1		$	(145.6	)	$	(214.5	)	$	26.0		$	31.0
Ratios
Loss ratio		59.1		%	116.3		%	131.5		%	56.0		%	51.6		%
Policy acquisition expense ratio		19.8		%	22.3		%	16.1		%	19.6		%	21.4		%
General and administrative expense ratio		11.2		%	14.6		%	8.6		%	14.9		%	15.8		%
Expense ratio		31.0		%	36.9		%	24.7		%	34.5		%	37.2		%
Combined ratio		90.1		%	153.2		%	156.2		%	90.5		%	88.8		%
Accident Year Ex-cat Loss Ratio
Loss ratio		59.1		%	116.3		%	131.5		%	56.0		%	51.6		%
Prior year loss development		2.7		%	4.0		%	4.8		%	12.0		%	7.6		%
Catastrophe losses		(5.2		)%	(49.6		)%	(74.6		)%	(3.8		)%	(8.9		)%
Accident year ex-cat loss ratio		56.6		%	70.7		%	61.7		%	64.2		%	50.3		%



	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q1 2018			Q4 2017			Q3 2017			Q2 2017			Q1 2017

Gross written premiums		$	493.3		$	472.2		$	421.0		$	486.5		$	432.7
Net written premiums		210.5			187.5			243.8			293.2			238.0
Gross earned premiums		467.6			455.3			449.3			429.1			423.7
Net earned premiums		251.0			237.1			270.5			289.3			303.6
Net losses and loss adjustment expenses		143.3			225.7			274.0			193.5			185.1
Amortization of deferred policy acquisition costs		34.9			24.0			43.9			42.9			54.2
General and administrative expenses		63.6			67.0			59.4			65.7			61.8
Underwriting income/(loss)		$	9.2		$	(79.6	)	$	(106.8	)	$	(12.8	)	$	2.5
Ratios
Loss ratio		57.1		%	95.2		%	101.3		%	66.9		%	61.0		%
Policy acquisition expense ratio		13.9		%	10.1		%	16.2		%	14.8		%	17.9		%
General and administrative expense ratio		25.3		%	28.3		%	22.0		%	22.7		%	20.4		%
Expense ratio		39.2		%	38.4		%	38.2		%	37.5		%	38.3		%
Combined ratio		96.3		%	133.6		%	139.5		%	104.4		%	99.3		%
Accident Year Ex-cat Loss Ratio
Loss ratio		57.1		%	95.2		%	101.3		%	66.9		%	61.0		%
Prior year loss development		12.0		%	0.8		%	0.3		%	5.6		%	1.6		%
Catastrophe losses		(3.7		)%	(1.0		)%	(30.3		)%	(9.4		)%	(1.5		)%
Accident year ex-cat loss ratio		65.4		%	95.0		%	71.3		%	63.1		%	61.1		%



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q1 2018		Q4 2017		Q3 2017		Q2 2017		Q1 2017
	Reinsurance
	Property Catastrophe Reinsurance		$	151.2	$	12.9	$	63.3	$	72.4	$	130.7
	Other Property Reinsurance		104.8		63.6		88.1		79.7		118.9
	Casualty Reinsurance		143.3		46.4		75.8		53.1		143.7
	Specialty Reinsurance		224.2		93.2		204.3		130.4		172.0
	Total Reinsurance		$	623.5	$	216.1	$	431.5	$	335.6	$	565.3
	Insurance
	Property and Casualty Insurance		$	231.3	$	201.9	$	194.6	$	249.3	$	211.1
	Marine, Aviation and Energy Insurance		101.5		100.8		86.0		92.7		105.8
	Financial and Professional Lines Insurance		160.5		169.5		140.4		144.5		115.8
	Total Insurance		$	493.3	$	472.2	$	421.0	$	486.5	$	432.7

	Total Gross Written Premiums		$	1,116.8	$	688.3	$	852.5	$	822.1	$	998.0
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	54.1	$	3.0	$	40.3	$	58.2	$	71.1
	Other Property Reinsurance		77.4		55.1		76.0		65.6		89.0
	Casualty Reinsurance		136.7		42.9		72.9		46.5		142.0
	Specialty Reinsurance		156.8		51.7		174.4		115.2		146.1
	Total Reinsurance		$	425.0	$	152.7	$	363.6	$	285.5	$	448.2
	Insurance
	Property and Casualty Insurance		$	63.7	$	41.4	$	122.7	$	180.0	$	94.8
	Marine, Aviation and Energy Insurance		82.0		53.2		50.7		40.8		71.1
	Financial and Professional Lines Insurance		64.8		92.9		70.4		72.4		72.1
	Total Insurance		$	210.5	$	187.5	$	243.8	$	293.2	$	238.0

	Total Net Written Premiums		$	635.5	$	340.2	$	607.4	$	578.7	$	686.2
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	29.4	$	45.2	$	51.3	$	48.3	$	34.0
	Other Property Reinsurance		69.3		72.6		76.8		66.2		77.3
	Casualty Reinsurance		81.2		67.5		74.1		68.9		81.8
	Specialty Reinsurance		102.6		88.6		179.8		89.3		84.4
	Total Reinsurance		$	282.5	$	273.9	$	382.0	$	272.7	$	277.5
	Insurance
	Property and Casualty Insurance		$	108.7	$	106.7	$	137.7	$	156.7	$	144.4
	Marine, Aviation and Energy Insurance		64.5		59.9		53.8		52.7		77.4
	Financial and Professional Lines Insurance		77.8		70.5		79.0		79.9		81.8
	Total Insurance		$	251.0	$	237.1	$	270.5	$	289.3	$	303.6

	Total Net Earned Premiums		$	533.5	$	511.0	$	652.5	$	562.0	$	581.1



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Three Months Ended March 31,
(in US$ millions)			2018			2017
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		2.7			1.4
	Net change for the period		0.2			0.1
	End of period		2.9			1.5
Additional paid-in capital
	Beginning of period		954.7			1,259.6
	New shares issued		0.2			0.1
	Preference shares redemption		—			(133.2		)
	Preference share redemption costs		—			2.4
	Share-based compensation		4.6			13.2
	End of period		959.5			1,142.1
Retained earnings
	Beginning of period		2,026.9			2,392.3
	Net income for the period		30.8			96.5
	Dividends paid on ordinary and preference shares		(21.9		)	(23.7		)
	Preference shares redemption costs		—			(2.4		)
	Proportion due to non-controlling interest		(0.2		)	(0.1		)
	Share-based payment		—			2.8
	End of period		2,035.6			2,465.4
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		(67.7		)	(27.1		)
	Change for the period		(6.5		)	(12.9		)
	End of period		(74.2		)	(40.0		)
Gain on derivatives:
	Beginning of period		2.1			(0.5		)
	Net change from current period hedged transactions		0.7			1.2
	End of period		2.8			0.7
Unrealized appreciation on available for sale investments, net of taxes:
	Beginning of period		9.7			22.5
	Change for the period		(77.4		)	2.1
	End of period		(67.7		)	24.6
Total accumulated other comprehensive (loss)			(139.1		)	(14.7		)

Total shareholders' equity			$	2,859.0		$	3,594.4



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income

			Three Months Ended March 31,
(in US$ millions)			2018			2017

Net income adjusted for non-controlling interest			$	30.6		$	96.4
Other comprehensive income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains) included in net income		—			(0.8		)
	Change in net unrealized gains on available for sale securities held		(77.4		)	2.9
	Net change from current period hedged transactions		0.7			1.2
	Change in foreign currency translation adjustment		(6.5		)	(12.9		)
	Other comprehensive (loss)		(83.2		)	(9.6		)
Comprehensive (loss)/income			$	(52.6	)	$	86.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended March 31,
(in US$ millions)		2018			2017

Net cash (used in) operating activities		$	(122.8	)	$	(84.3	)
Net cash from/(used in) investing activities		385.3			(44.1		)
Net cash (used in) financing activities		(71.7		)	(275.8		)
Effect of exchange rate movements on cash and cash equivalents		1.3			3.5
Increase/(decrease) in cash and cash equivalents		192.1			(400.7		)
Cash at beginning of period		1,054.8			1,273.8
Cash at end of period		$	1,246.9		$	873.1



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Three Months Ended March 31, 2018			For the Three Months Ended March 31, 2017		For the Twelve Months Ended December 31, 2017

Provision for losses and loss adjustment expenses at the start of the period		$	6,749.5		5,319.9		$	5,319.9
Reinsurance recoverables		(1,515.2		)	(560.7	)	(560.7		)
Net loss and loss adjustment expenses at the start of the period		5,234.3			4,759.2		4,759.2

Net loss and loss adjustment expenses assumed		—			—		(125.5		)
Provision for losses and loss adjustment expenses for claims incurred
Current period		347.9			354.4		2,100.1
Prior period release		(37.7		)	(26.2	)	(105.4		)
Total incurred		310.2			328.2		1,994.7

Losses and loss adjustment expenses payments for claims incurred		(491.1		)	(398.4	)	(1,555.1		)

Foreign exchange losses		14.7			41.1		161.0

Net loss and loss adjustment expenses reserves at the end of the period		5,068.1			4,730.1		5,234.3
Reinsurance recoverables on unpaid losses at the end of the period		1,611.3			635.8		1,515.2
Gross loss and loss adjustment expenses reserves at the end of the period		$	6,679.4		5,365.9		$	6,749.5



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment

		As at March 31, 2018							As at December 31, 2017
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net

Reinsurance		$	3,130.6	$	(307.0	)	$	2,823.6	$	3,186.4	$	(269.3	)	$	2,917.1
Insurance		3,548.8		(1,304.3		)	2,244.5		3,563.1		(1,245.9		)	2,317.2
Total losses and loss adjustment expense reserves		$	6,679.4	$	(1,611.3	)	$	5,068.1	$	6,749.5	$	(1,515.2	)	$	5,234.3



	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Movements

(in US$ millions)		Three Months Ended March 31, 2018							Three Months Ended March 31, 2017
		Gross		Reinsurance Recoverables			Net		Gross			Reinsurance Recoverables			Net
Reinsurance		$	3.0	$	4.5		$	7.5	$	24.0		$	(2.8	)	$	21.2
Insurance		39.7		(9.5		)	30.2		(3.8		)	8.8			5.0
Movements in reserves for prior years during the period		$	42.7	$	(5.0	)	$	37.7	$	20.2		$	6.0		$	26.2



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Investment Portfolio
(in US$ millions)			Fair Market Value
			March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017		March 31, 2017
Marketable Securities - Available For Sale
U.S. government securities			$	1,292.2	$	1,159.4	$	1,172.7	$	1,220.8	$	1,267.1
U.S. agency securities			52.7		52.1		62.1		75.5		107.4
Municipal securities			47.6		54.9		50.1		32.8		24.4
Corporate securities			2,446.2		2,415.7		2,468.3		2,503.4		2,587.7
Non-U.S. government securities			483.4		484.9		531.7		525.9		494.2
Asset-backed securities			18.5		26.2		33.7		48.9		54.8
Non-U.S. government-backed corporate securities			97.8		91.3		94.0		92.6		84.5
Mortgage-backed securities			973.8		946.5		952.8		997.4		1,044.3
Total fixed income securities			5,412.2		5,231.0		5,365.4		5,497.3		5,664.4
Short-term investments			54.6		89.9		34.4		41.9		163.5
Total Available For Sale			$	5,466.8	$	5,320.9	$	5,399.8	$	5,539.2	$	5,827.9

Marketable Securities - Trading
U.S. government securities			$	141.7	$	161.9	$	160.6	$	112.8	$	95.4
Municipal securities			74.3		32.2		32.3		5.7		15.6
Corporate securities			1,003.6		1,046.3		1,045.0		896.0		866.2
Non-U.S. government securities			216.6		202.5		210.9		186.5		191.7
Asset-backed securities			8.3		9.9		11.1		12.2		13.4
Mortgage-backed securities			192.1		195.5		203.1		142.3		130.9
Non-U.S. government-backed corporate securities			1.0		1.0		2.0		2.0		—
Total fixed income securities			1,637.6		1,649.3		1,665.0		1,357.5		1,313.2
Short-term investments			27.0		73.0		90.4		73.7		184.6
Equity securities			—		491.0		468.5		658.7		623.6
Catastrophe bonds			34.8		32.4		30.3		28.3		41.8
Total Trading			$	1,699.4	$	2,245.7	$	2,254.2	$	2,118.2	$	2,163.2

Other Investments			$	66.1	$	66.4	$	4.0	$	3.9	$	5.0

Cash			1,246.9		1,054.8		1,209.3		1,228.4		873.1
Accrued interest			44.3		45.2		45.3		46.9		46.5
	Total Cash and Accrued Interest		$	1,291.2	$	1,100.0	$	1,254.6	$	1,275.3	$	919.6

	Total Cash and Investments		$	8,523.5	$	8,733.0	$	8,912.6	$	8,936.6	$	8,915.7



	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q1 2018			Q4 2017			Q3 2017			Q2 2017			Q1 2017

Net investment income from fixed income investments and cash		$	46.1		$	45.6		$	43.6		$	43.7		$	42.5
Net investment income from equity securities		1.2			1.9			2.8			3.7			5.2
Net investment income		47.3			47.5			46.4			47.4			47.7

Net realized and unrealized investment (losses)/gains		(37.7		)	15.0			17.6			42.1			46.5
Other-than-temporary impairment charges		—			(0.2		)	(0.1		)	(0.1		)	(0.3		)
Net realized and unrealized investment (losses)/gains		(37.7		)	14.8			17.5			42.0			46.2

Change in unrealized (losses)/gains on available for sale investments (gross of tax)		(82.8		)	(30.0		)	0.3			12.9			2.0
Total (loss)/return on investments		$	(73.2	)	$	32.3		$	64.2		$	102.3		$	95.9

Portfolio Characteristics
Fixed income portfolio book yield		2.63		%	2.56		%	2.54		%	2.53		%	2.53		%
Fixed income portfolio duration		4 years			3.9 years			3.9 years			3.9 years			3.9 years



	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)		March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017

Net assets		$	2,859.0		$	2,928.5		$	3,162.9		$	3,620.9		$	3,594.4
Less: Preference shares		(511.9		)	(511.9		)	(511.9		)	(666.3		)	(666.3		)
Less: Non-controlling interest		(2.9		)	(2.7		)	(2.2		)	(1.6		)	(1.5		)
Total		$	2,344.2		$	2,413.9		$	2,648.8		$	2,953.0		$	2,926.6

Ordinary shares outstanding (in millions)		59.653			59.474			59.407			59.844			59.988
Ordinary shares and dilutive potential ordinary shares (in millions)		60.574			60.202			60.200			60.712			61.107

Book value per ordinary share		$	39.30		$	40.59		$	44.59		$	49.34		$	48.79
Diluted book value per ordinary share		$	38.70		$	40.10		$	44.00		$	48.64		$	47.89

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, 2018			March 31, 2017

Net income as reported			$	30.8		$	96.5
Preference share redemption costs			—			(2.4		)
Net change attributable to non-controlling interest			(0.2		)	(0.1		)
Preference share dividends			(7.6		)	(10.5		)
Net income available to ordinary shareholders			23.0			83.5
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(15.4		)	5.1
	Net realized losses/(gains) on investments		37.8			(43.8		)
	Preference share redemption costs		—			2.4
	Amortization and non-recurring expenses		9.8			2.0
Operating income after tax available to ordinary shareholders			55.2			49.2
Tax expense on operating income			2.4			1.3
Operating income before tax available to ordinary shareholders			$	57.6		$	50.5

Basic earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.39		1.39
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(0.26		)	0.09
	Net realized losses/(gains) on investments		0.63			(0.73		)
	Preference share redemption costs		—			0.04
	Amortization and non-recurring expenses		0.16			0.03
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.92		0.82

Diluted earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.38		1.36
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(0.25		)	0.08
	Net realized losses/(gains) on investments		0.62			(0.72		)
	Preference share redemption costs		—			0.04
	Amortization and non-recurring expenses		0.16			0.03
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.91		0.79



	ASPEN INSURANCE HOLDINGS LIMITED
	Worldwide Natural Catastrophe Exposures: Major Peril Zones as at April 1, 2018



100 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MM⁽¹⁾		250 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MM⁽¹⁾



	1 in 100 year tolerance: 17.5% of total shareholders’ equity	1 in 250 year tolerance: 25.0% of total shareholders’ equity
The Probable Maximum Losses ("PMLs") are net of reinsurance and Aspen Capital Markets' third-party capital.

(1) Based on shareholders' equity of $2,856.1 million (excluding non-controlling interest) as at March 31, 2018. The estimates reflect Aspen's view of the modelled maximum losses at the return periods shown which include input from various third party vendor models and Aspen's 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.

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