ASPEN INSURANCE HOLDINGS LTD (AHL) 10-Year Financial Performance & Capital Metrics

AHL • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceReinsuranceDiversified Reinsurers

AboutAspen Insurance Holdings Limited, together with its subsidiaries, engages in the insurance and reinsurance businesses in Australia, Asia, the United Kingdom, Ireland, rest of Europe, the United States, Canada, and internationally. It offers various reinsurance and retrocession products, including property catastrophe reinsurance, other property reinsurance, casualty reinsurance, and specialty reinsurance; and various insurance products, such as first party insurance, specialty insurance, casualty insurance, financial and professional lines insurance, and other insurance. The company offers its products primarily through brokers and reinsurance intermediaries. The company was formerly known as Exali Reinsurance Holdings Ltd and changed its name to Aspen Insurance Holdings Limited in November 2002. Aspen Insurance Holdings Limited was incorporated in 2002 and is headquartered in Hamilton, Bermuda.Show more

Revenue $3.2B +10.5%
Combined Ratio 85.48% -0.7%
Net Income $486M -9.1%
Return on Equity 15.48% -23.8%
Medical Cost Ratio 66.87% +0.1%
Operating Margin 14.52% +4.4%
Net Margin 15.2% -17.7%
ROA 3.14% -10.8%
Equity / Assets 21.41% +12.1%
Book Value per Share 37.12 -23.4%
Tangible BV/Share 36.90 -23.3%
Debt/Equity 0.11 -16.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 85.5% combined ratio
✓Healthy dividend yield of 5.8%
✓Trading near 52-week high
✓Trading at only 1.0x book value

✗Weaknesses

✗Shares diluted 51.3% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2%

5Y5.66%

3Y7.33%

TTM5.8%

Profit (Net Income) CAGR

10Y3.19%

5Y-

3Y153.61%

TTM-2.81%

EPS CAGR

10Y-0.15%

5Y-

3Y111.79%

TTM-17.8%

ROCE

10Y Avg0.58%

5Y Avg1.09%

3Y Avg1.82%

Latest3%

Peer Comparison

Diversified Reinsurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WTMWhite Mountains Insurance Group, Ltd.	5.11B	2061.92	22.96	8.66%	5.63%	2.45%	11.48%	0.11
AHLASPEN INSURANCE HOLDINGS LTD	3.43B	37.32	7.86	10.46%	14.26%	13.07%	15.68%	0.11

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.66B	2.85B	2.62B	2.31B	2.43B	2.72B	2.59B	2.64B	2.89B	3.2B
Revenue Growth %	0.01%	0.07%	-0.08%	-0.12%	0.05%	0.12%	-0.05%	0.02%	0.1%	0.1%
Medical Costs & Claims+	1.85B	2.1B	-8.9M	-7.1M	2.09B	2.31B	2.11B	2.11B	1.93B	2.14B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	811.5M	747.5M	2.63B	2.32B	335.5M	417.6M	478.2M	531M	961.4M	1.06B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.06%	-0.08%	2.52%	-0.12%	-0.86%	0.24%	0.15%	0.11%	0.81%	0.1%
Operating Expenses+	474M	538M	2.63B	2.32B	552.1M	455.6M	443.1M	558M	558.8M	595.2M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	28.5M	51.5M	62.2M	43.4M	53.2M	57.6M	65.3M	53.4M	21.7M	8.9M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	337.5M	209.5M	-224.1M	-131.1M	-216.6M	-38M	35.1M	-27M	402.6M	464.1M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.08%	-0.38%	-2.07%	0.41%	-0.65%	0.82%	1.92%	-1.77%	15.91%	0.15%
EBITDA+	366M	261M	-161.9M	-87.7M	-163.4M	19.6M	100.4M	26.4M	424.3M	473M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	29.5M	29.5M	29.5M	25.9M	20.2M	33.9M	14.3M	43.7M	55.2M	62.1M
Non-Operating Income	-29.5M	-29.5M	28.2M	-1M	-20.2M	-33.9M	-14.3M	-43.7M	-55.2M	-62.1M
Pretax Income+	337.5M	209.5M	-281.8M	-156M	-216.6M	-38M	35.1M	-27M	402.6M	464.1M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	14.4M	6.1M	-15.4M	-10.2M	22.9M	18.4M	5.3M	-78.1M	-132.1M	-22M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	322.3M	203.3M	-267.7M	-146.8M	-238.3M	-56.4M	29.8M	51.1M	534.7M	486.1M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.09%	-0.37%	-2.32%	0.45%	-0.62%	0.76%	1.53%	0.71%	9.46%	-0.09%
EPS (Diluted)+	4.54	2.61	-4.48	-2.46	-3.97	-0.94	0.50	0.85	8.91	4.75
EPS Growth %	-0.06%	-0.43%	-2.72%	0.45%	-0.61%	0.76%	1.53%	0.7%	9.48%	-0.47%
EPS (Basic)	4.64	2.67	-4.48	-2.46	-3.97	-0.94	0.50	0.85	8.91	4.75
Diluted Shares Outstanding	62.69M	61.86M	59.75M	59.66M	60.03M	60.03M	60.03M	60.03M	60.03M	90.83M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	11.05B	12.09B	12.91B	12.53B	12.58B	13.09B	13.84B	15.16B	15.22B	15.75B
Asset Growth %	0.03%	0.09%	0.07%	-0.03%	0%	0.04%	0.06%	0.09%	0%	0.03%
Total Investment Assets+	7.88B	7.98B	7.74B	6.85B	6.79B	5.78B	6.55B	6.14B	6.44B	6.76B
Long-Term Investments	7.71B	7.9B	7.63B	6.64B	6.66B	5.65B	6.37B	5.86B	6.2B	6.47B
Short-Term Investments	172.4M	330.7M	162.9M	5.35B	5.16B	4.47B	4.89B	3.85B	4.23B	4.98B
Total Current Assets+	3.01B	3.83B	4.93B	10.65B	0	0	0	0	0	0
Cash & Equivalents	1.1B	1.27B	1.05B	1.08B	1.03B	1.75B	1.31B	959.2M	1.03B	914.2M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-10.39B	-11.19B	-11.57B	-11.94B	-12.01B	-12.59B
Goodwill & Intangibles+	18.2M	79.6M	27.9M	26.3M	23.9M	22.8M	21.9M	21.8M	21.7M	19.9M
Goodwill	0	24.2M	3.9M	3.9M	3.9M	3.9M	3.9M	0	0	2.1M
Intangible Assets	18.2M	55.4M	24M	22.4M	20M	18.9M	18M	21.8M	21.7M	17.8M
PP&E (Net)	70.6M	83.8M	75.5M	73.1M	158.3M	151.5M	197.9M	72.8M	61.6M	53.5M
Other Assets	36M	73.1M	99.8M	-13.63B	-6.84B	-5.82B	-6.59B	-5.96B	-6.29B	-6.55B
Total Liabilities	7.63B	8.44B	9.98B	9.89B	9.86B	10.2B	11.07B	12.8B	12.32B	12.38B
Total Debt+	652.2M	664.3M	593.7M	424.7M	413M	405.9M	415.1M	395.4M	386.1M	375.6M
Net Debt	-447.3M	-609.5M	-461.1M	-659M	-617.5M	-1.34B	-899M	-563.8M	-642M	-538.6M
Long-Term Debt	652.2M	664.3M	593.7M	424.7M	299.8M	299.9M	299.9M	0	300M	300M
Short-Term Debt	0	0	0	0	0	0	0	299.9M	0	0
Total Current Liabilities+	0	0	0	0	0	0	0	0	0	0
Accounts Payable	92.7M	345.3M	357.5M	421.2M	439.6M	572.8M	575.7M	1.98B	1.42B	901.1M
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	-103.5M	-345.3M	-357.5M	-421.3M	-663.1M	-796M	-869.4M	-2.49B	-1.64B	-1.15B
Deferred Taxes	0	1000K	0	0	0	1000K	1000K	900K	1000K	1000K
Other Liabilities	-652.2M	-670.4M	-593.7M	-424.7M	-413M	-411.1M	-417.9M	-96.4M	-387.7M	-376.7M
Total Equity+	3.42B	3.65B	2.93B	2.64B	2.73B	2.89B	2.77B	2.36B	2.91B	3.37B
Equity Growth %	0%	0.07%	-0.2%	-0.1%	0.03%	0.06%	-0.04%	-0.15%	0.23%	0.16%
Shareholders Equity	3.42B	3.65B	2.93B	2.64B	2.73B	2.89B	2.77B	2.36B	2.91B	3.37B
Minority Interest	1.3M	1.3M	2.7M	3.7M	0	0	0	0	0	0
Retained Earnings	2.28B	2.39B	2.03B	1.81B	1.51B	1.4B	1.38B	1.35B	1.79B	2.03B
Common Stock	100K	100K	100K	100K	600K	600K	600K	600K	600K	600K
Accumulated OCI	59.6M	-5.1M	-55.9M	-121.9M	8.6M	19.7M	-123M	-506.3M	-400.3M	-390.1M
Return on Equity (ROE)	0.09%	0.06%	-0.08%	-0.05%	-0.09%	-0.02%	0.01%	0.02%	0.2%	0.15%
Return on Assets (ROA)	0.03%	0.02%	-0.02%	-0.01%	-0.02%	-0%	0%	0%	0.04%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.19x	0.18x	0.20x	0.16x	0.15x	0.14x	0.15x	0.17x	0.13x	0.11x
Book Value per Share	54.55	58.97	49.01	44.26	45.41	48.10	46.23	39.28	48.45	37.12
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	574.2M	453.2M	-111.5M	-304.5M	-337.8M	-672.7M	524.7M	-55M	324.7M	554.9M
Operating CF Growth %	-0.05%	-0.21%	-1.25%	-1.73%	-0.11%	-0.99%	1.78%	-1.1%	6.9%	0.71%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	322.3M	203.3M	-267.7M	-146.8M	-240.5M	-40.1M	29.8M	51.1M	534.7M	486.1M
Depreciation & Amortization	28.5M	51.5M	62.2M	43.4M	53.2M	57.6M	65.3M	53.4M	21.7M	8.9M
Stock-Based Compensation	17.9M	15.5M	9.8M	10.1M	0	0	0	0	0	0
Deferred Taxes	-8.9M	9.4M	-32.5M	62.1M	24.7M	-5.7M	-3.2M	-104.6M	-197.7M	-88.6M
Other Non-Cash Items	19.8M	-35.4M	-121.6M	-2.7M	-31.3M	-89.3M	-16.6M	193.1M	-11.4M	64.4M
Working Capital Changes	194.6M	208.9M	238.3M	-270.6M	-143.9M	-595.2M	449.4M	-248M	-22.6M	84.1M
Cash from Investing+	-501.9M	-350.9M	419M	657.3M	218.3M	1.15B	-950.3M	-196.5M	-172.2M	-352.8M
Capital Expenditures	-13.9M	-23.7M	-35M	-27.3M	-22.2M	-40.7M	-64.5M	0	-8.9M	-17.5M
Acquisitions	-800K	-59.5M	0	-1.4M	-1.1M	6.1M	-200K	-400K	-400K	0
Purchase of Investments	-3.32B	-3.87B	-3.24B	-3.31B	-3.48B	-2.28B	-3.36B	-2.84B	-2.38B	-3.45B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-2.1M	72.2M	-9.9M	-5.5M	-400K	1.5M	26.6M	-28.8M	19.9M	16.8M
Cash from Financing+	-133.5M	90M	-540.4M	-307.2M	65.2M	223.5M	500K	-84.6M	-90.2M	-307.9M
Dividends Paid	-88.7M	-94.5M	-92.4M	-73.4M	-35.9M	-44.5M	-44.5M	-84.6M	-90.2M	-249.9M
Share Repurchases	-83.7M	-75M	-323.2M	0	-100K	0	0	0	0	0
Stock Issued	6.8M	2.5M	500K	2.7M	1.4M	268M	45M	0	0	0
Debt Issuance (Net)	1000K	1000K	-1000K	-1000K	-1000K	0	0	0	0	0
Other Financing	-100K	0	-9.7M	-25.1M	-9.1M	0	0	0	0	0
Net Change in Cash+	-79M	174.3M	-219M	28.9M	-53.2M	716.8M	-433.2M	-354.9M	68.9M	-113.9M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	1.18B	1.1B	1.27B	1.05B	1.08B	1.03B	1.75B	1.31B	959.2M	1.03B
Cash at End	1.1B	1.27B	1.05B	1.08B	1.03B	1.75B	1.31B	959.2M	1.03B	914.2M
Free Cash Flow+	560.3M	429.5M	-146.5M	-331.8M	-360M	-713.4M	460.2M	-55M	315.8M	537.4M
FCF Growth %	-0.03%	-0.23%	-1.34%	-1.26%	-0.08%	-0.98%	1.65%	-1.12%	6.74%	0.7%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	8.94	6.94	-2.45	-5.56	-6	-11.88	7.67	-0.92	5.26	5.92

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	87.32%	92.66%	100%	100%	108.92%	101.39%	98.64%	101.02%	86.09%	85.48%
Medical Cost Ratio	69.51%	73.79%	-0.34%	-0.31%	86.18%	84.67%	81.51%	79.91%	66.79%	66.87%
Return on Equity (ROE)	9.43%	5.75%	-8.14%	-5.27%	-8.88%	-2.01%	1.05%	1.99%	20.31%	15.48%
Return on Assets (ROA)	2.96%	1.76%	-2.14%	-1.15%	-1.9%	-0.44%	0.22%	0.35%	3.52%	3.14%
Equity / Assets	30.95%	30.18%	22.69%	21.07%	21.66%	22.06%	20.04%	15.56%	19.1%	21.41%
Book Value / Share	54.55	58.97	49.01	44.26	45.41	48.1	46.23	39.28	48.45	37.12
Debt / Equity	0.19x	0.18x	0.20x	0.16x	0.15x	0.14x	0.15x	0.17x	0.13x	0.11x
Revenue Growth	1.49%	7.18%	-8.15%	-11.65%	4.89%	12.2%	-5.08%	2.21%	9.53%	10.46%

Revenue by Segment

	2011
Reinsurance	1.11B
Reinsurance Growth	-
Insurance	780.2M
Insurance Growth	-

Frequently Asked Questions

Valuation & Price

ASPEN INSURANCE HOLDINGS LTD (AHL) has a price-to-earnings (P/E) ratio of 7.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

ASPEN INSURANCE HOLDINGS LTD (AHL) grew revenue by 10.5% over the past year. This is steady growth.

Yes, ASPEN INSURANCE HOLDINGS LTD (AHL) is profitable, generating $453.9M in net income for fiscal year 2024 (15.2% net margin).

Dividend & Returns

Yes, ASPEN INSURANCE HOLDINGS LTD (AHL) pays a dividend with a yield of 5.75%. This makes it attractive for income-focused investors.

ASPEN INSURANCE HOLDINGS LTD (AHL) has a return on equity (ROE) of 15.5%. This is reasonable for most industries.

Industry Metrics

ASPEN INSURANCE HOLDINGS LTD (AHL) has a combined ratio of 85.5%. A ratio below 100% indicates underwriting profitability.

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