The company maintains a robust financial position with a lean debt-to-equity ratio of 0.11% and a strengthened equity base that grew to $3.5 billion by 2025Q3.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Assets | 16.41B | 15.75B | 15.22B | 15.16B | 13.84B | 13.09B | 12.58B | 12.53B | 12.91B | 12.09B | 11.05B | 10.72B | 10.23B | 10.31B | 9.46B | 8.83B | 8.25B | 7.29B | 7.2B | 6.64B | 6.54B | 3.94B | 2.58B | 1.21B |
| Asset Growth % | 11.28% | 3.44% | 0.45% | 9.49% | 5.76% | 4.05% | 0.38% | -2.89% | 6.75% | 9.42% | 3.1% | 4.75% | -0.78% | 8.99% | 7.12% | 7.03% | 13.22% | 1.22% | 8.45% | 1.56% | 65.8% | 52.92% | 112.78% | - |
| Total Investment Assets | 4M | 6.76B | 6.44B | 6.14B | 6.55B | 5.78B | 6.79B | 6.85B | 7.74B | 7.98B | 7.88B | 7.69B | 7.12B | 6.78B | 6.34B | 6.09B | 6B | 4.96B | 4.67B | 4.52B | 3.69B | 2.74B | 1.62B | 922.4M |
| Long-Term Investments | 20.12B | 6.47B | 6.2B | 5.86B | 6.37B | 5.65B | 6.66B | 6.64B | 7.63B | 7.9B | 7.71B | 7.43B | 6.96B | 6.69B | 6.3B | 6.09B | 6B | 4.66B | 4.67B | 4.52B | 3.69B | 2.74B | 1.62B | 922.4M |
| Short-Term Investments | 6.62B | 4.98B | 4.23B | 3.85B | 4.89B | 4.47B | 5.16B | 5.35B | 162.9M | 330.7M | 172.4M | 258.5M | 160.3M | 433.9M | 302.3M | 289.7M | 371.7M | 224.9M | 280.1M | 695.5M | 643M | 528.7M | 568.2M | 835.1M |
| Total Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.65B | 4.93B | 3.83B | 3.01B | 3.1B | 3.03B | 3.65B | 3.04B | 2B | 1.46B | 1.49B | 1.95B | 1.22B | 3.26B | 1.35B | 1.39B | 1.08B |
| Cash & Equivalents | 1.13B | 914.2M | 1.03B | 959.2M | 1.31B | 1.75B | 1.03B | 1.08B | 1.05B | 1.27B | 1.1B | 1.18B | 1.29B | 1.46B | 1.24B | 1.18B | 748.4M | 809.1M | 651.4M | 495M | 748.3M | 284.9M | 230.8M | 9.6M |
| Receivables | 19.79B | 5.79B | 6.02B | 6.4B | 4.76B | 4.52B | 3.76B | 3.66B | 3.17B | 2.06B | 1.56B | 1.45B | 1.42B | 1.63B | 1.41B | 889.8M | 784.3M | 901.2M | 1.02B | 29.8M | 1.87B | 533.4M | 586.2M | 234.2M |
| Other Current Assets | -10.67B | -12.59B | -12.01B | -11.94B | -11.57B | -11.19B | -10.39B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 441.6M | 19.9M | 21.7M | 21.8M | 21.9M | 22.8M | 23.9M | 26.3M | 27.9M | 79.6M | 18.2M | 18.2M | 18.4M | 19M | 20M | 21M | 8.2M | 8.2M | 8.2M | 8.2M | 8.2M | 6.6M | 6.6M | 2M |
| Goodwill | 0 | 2.1M | 0 | 0 | 3.9M | 3.9M | 3.9M | 3.9M | 3.9M | 24.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 381.9M | 17.8M | 21.7M | 21.8M | 18M | 18.9M | 20M | 22.4M | 24M | 55.4M | 18.2M | 18.2M | 18.4M | 19M | 20M | 21M | 8.2M | 8.2M | 8.2M | 8.2M | 8.2M | 6.6M | 6.6M | 2M |
| PP&E (Net) | 45.9M | 53.5M | 61.6M | 72.8M | 197.9M | 151.5M | 158.3M | 73.1M | 75.5M | 83.8M | 70.6M | 62.2M | 60.1M | 57.9M | 53.9M | 34.8M | 27.5M | 33.8M | 27.8M | 24.6M | 22.8M | 5M | 400K | 100K |
| Other Assets | 15.69B | -6.55B | -6.29B | -5.96B | -6.59B | -5.82B | -6.84B | -13.63B | 99.8M | 73.1M | 36M | 46.9M | 46.5M | -6.77B | -6.38B | -6.14B | -6.03B | -4.7B | -4.7B | -4.56B | -3.72B | -2.75B | -1.62B | -924.5M |
| Total Liabilities | 12.94B | 12.38B | 12.32B | 12.8B | 11.07B | 10.2B | 9.86B | 9.89B | 9.98B | 8.44B | 7.63B | 7.3B | 6.93B | 6.82B | 6.3B | 5.59B | 4.95B | 4.51B | 4.38B | 4.25B | 4.5B | 2.46B | 1.28B | 333.7M |
| Total Debt | 296.6M | 375.6M | 386.1M | 395.4M | 415.1M | 405.9M | 413M | 424.7M | 593.7M | 664.3M | 652.2M | 619.8M | 549M | 499.1M | 499M | 498.8M | 249.6M | 249.5M | 249.5M | 249.4M | 249.3M | 249.3M | 40M | 0 |
| Net Debt | -830.2M | -538.6M | -642M | -563.8M | -899M | -1.34B | -617.5M | -659M | -461.1M | -609.5M | -447.3M | -558.7M | -744.6M | -964.5M | -740.1M | -680.3M | -498.8M | -559.6M | -401.9M | -245.6M | -499M | -35.6M | -190.8M | -9.6M |
| Long-Term Debt | 296.6M | 300M | 300M | 0 | 299.9M | 299.9M | 299.8M | 424.7M | 593.7M | 664.3M | 652.2M | 619.8M | 549M | 499.1M | 499M | 498.8M | 249.6M | 249.5M | 249.5M | 249.4M | 249.3M | 249.3M | 40M | 0 |
| Short-Term Debt | 0 | 0 | 0 | 299.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 12.57B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 576.2M | 901.1M | 1.42B | 1.98B | 575.7M | 572.8M | 439.6M | 421.2M | 357.5M | 345.3M | 92.7M | 92M | 88.2M | 154.1M | 155.8M | 113.7M | 110.8M | 103M | 81.3M | 312.4M | 339.1M | 274M | 0 | 0 |
| Deferred Revenue | 2.9B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 8.67B | -1.15B | -1.64B | -2.49B | -869.4M | -796M | -663.1M | -421.3M | -357.5M | -345.3M | -103.5M | -110.3M | -103.9M | -154.1M | -155.8M | -124.8M | -121.1M | -304.5M | -351.9M | -340.1M | -339.1M | -304.7M | -64.7M | -17.4M |
| Deferred Taxes | 4.4M | 1000K | 1000K | 900K | 1000K | 1000K | 0 | 0 | 0 | 1000K | 0 | 1000K | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 |
| Other Liabilities | -1.1M | -376.7M | -387.7M | -96.4M | -417.9M | -411.1M | -413M | -424.7M | -593.7M | -670.4M | -652.2M | -622.9M | -549M | -510.9M | -499M | -498.8M | -249.6M | -249.5M | -249.5M | -283.5M | -282M | -276.3M | -57M | 0 |
| Total Equity | 3.47B | 3.37B | 2.91B | 2.36B | 2.77B | 2.89B | 2.73B | 2.64B | 2.93B | 3.65B | 3.42B | 3.42B | 3.35B | 3.49B | 3.16B | 3.24B | 3.31B | 2.78B | 2.82B | 2.39B | 2.04B | 1.48B | 1.3B | 878.1M |
| Equity Growth % | 57.11% | 15.93% | 23.35% | -15.02% | -3.89% | 5.93% | 3.22% | -9.84% | -19.73% | 6.68% | 0.02% | 2.08% | -3.98% | 10.53% | -2.65% | -1.92% | 18.94% | -1.37% | 17.93% | 17.13% | 37.68% | 14.08% | 47.9% | - |
| Shareholders Equity | 3.47B | 3.37B | 2.91B | 2.36B | 2.77B | 2.89B | 2.73B | 2.64B | 2.93B | 3.65B | 3.42B | 3.42B | 3.3B | 3.49B | 3.16B | 3.24B | 3.31B | 2.78B | 2.82B | 2.39B | 2.04B | 1.48B | 1.3B | 878.1M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.7M | 2.7M | 1.3M | 1.3M | 500K | 49.7M | 200K | 400K | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 2.2B | 2.03B | 1.79B | 1.35B | 1.38B | 1.4B | 1.51B | 1.81B | 2.03B | 2.39B | 2.28B | 2.05B | 1.78B | 1.54B | 1.36B | 1.53B | 1.28B | 884.7M | 858.8M | 450.5M | 144.2M | 367.5M | 180.7M | 28.6M |
| Common Stock | 100K | 600K | 600K | 600K | 600K | 600K | 600K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 100K | 1.1B | 1.09B | 836.9M |
| Accumulated OCI | -221.1M | -390.1M | -400.3M | -506.3M | -123M | 19.7M | 8.6M | -121.9M | -55.9M | -5.1M | 59.6M | 234.3M | 219.1M | 427.4M | 428.9M | 324.3M | 257.3M | 139.5M | 112.6M | 17M | 8.5M | 17.9M | 27.2M | 12.6M |
| Return on Equity (ROE) | 13.07% | 15.48% | 20.31% | 1.99% | 1.05% | -2.01% | -8.88% | -5.27% | -8.14% | 5.75% | 9.43% | 10.49% | 9.65% | 8.45% | -3.44% | 9.56% | 15.58% | 3.71% | 18.78% | 17.07% | -10.1% | 14.04% | 13.97% | 3.26% |
| Return on Assets (ROA) | 2.77% | 3.14% | 3.52% | 0.35% | 0.22% | -0.44% | -1.9% | -1.15% | -2.14% | 1.76% | 2.96% | 3.39% | 3.21% | 2.84% | -1.2% | 3.66% | 6.1% | 1.43% | 7.07% | 5.74% | -3.39% | 5.98% | 8.03% | 2.36% |
| Equity / Assets | 21.17% | 21.41% | 19.1% | 15.56% | 20.04% | 22.06% | 21.66% | 21.07% | 22.69% | 30.18% | 30.95% | 31.91% | 32.74% | 33.83% | 33.36% | 36.71% | 40.05% | 38.13% | 39.13% | 35.98% | 31.2% | 37.57% | 50.37% | 72.46% |
| Debt / Equity | 0.09x | 0.11x | 0.13x | 0.17x | 0.15x | 0.14x | 0.15x | 0.16x | 0.20x | 0.18x | 0.19x | 0.18x | 0.16x | 0.14x | 0.16x | 0.15x | 0.08x | 0.09x | 0.09x | 0.10x | 0.12x | 0.17x | 0.03x | - |
| Book Value per Share | 37.75 | 37.12 | 48.45 | 39.28 | 46.23 | 48.10 | 45.41 | 44.26 | 49.01 | 58.97 | 54.55 | 51.91 | 48.25 | 47.34 | 44.66 | 40.52 | 38.74 | 32.27 | 31.18 | 24.70 | 27.56 | 20.83 | 21.83 | 15.43 |
| Tangible BV per Share | 33.60 | 36.90 | 48.09 | 38.92 | 45.86 | 47.72 | 45.01 | 43.82 | 48.54 | 57.69 | 54.26 | 51.63 | 47.99 | 47.08 | 44.38 | 40.25 | 38.64 | 32.18 | 31.09 | 24.61 | 27.45 | 20.74 | 21.72 | 15.39 |
Social inflation and cat-losses
As reported in recent financial statements, Aspen Insurance Holdings has grown its equity base from $2.5 billion in 2023Q3 to $3.5 billion by 2025Q3, suggesting a strengthening capital position despite the inherent cyclicality of its specialty insurance and reinsurance underwriting operations.
The steady accumulation of equity appears to reflect disciplined underwriting performance and the retention of earnings under private ownership. This trajectory suggests that the company is successfully building a larger capital buffer to support its specialty lines, though investors should monitor whether this growth remains sustainable if underwriting margins compress.
Based on the provided quarterly data, Aspen Insurance Holdings maintains substantial loss reserves, with claims and loss expenses reaching $484.8 million in 2025Q3, which indicates a significant ongoing commitment to funding future policyholder obligations in a complex, high-inflation environment for casualty lines.
The consistency of these loss provisions suggests a conservative actuarial approach, which is essential for maintaining long-term solvency. However, the historical fluctuation in loss ratios implies that the company remains exposed to the risk of adverse development, necessitating careful scrutiny of reserve adequacy in future reporting periods.
According to recent SEC filings and historical data, Aspen Insurance Holdings maintains a lean debt-to-equity profile, which, as noted in company intelligence, sits at approximately 0.11%, providing the firm with significant financial flexibility to navigate volatile market cycles without excessive leverage constraints.
This low leverage ratio appears to be a strategic choice, likely optimized for the firm's current private ownership structure under Apollo. Such a capital structure suggests that the company is well-positioned to absorb potential underwriting shocks, though it also raises questions regarding the potential for future capital extraction or aggressive dividend policies.
As indicated by the historical loss ratio peak of 86.0% in 2019Q2, Aspen Insurance Holdings faces non-obvious risks from social inflation, which may lead to unexpected reserve strengthening that could impair the current 81.0% combined ratio reported in 2025Q3.
While current underwriting performance appears strong, the potential for long-tail casualty claims to exceed initial actuarial estimates warrants further investigation. Investors should remain cautious, as the impact of rising legal costs and jury awards may not be fully reflected in the current balance sheet valuations.
Quick answers to the most common questions about buying AHL stock.
As of 2024, ASPEN INSURANCE HOLDINGS LTD (AHL) had total assets of $15.75B including $0.0M in current assets.
ASPEN INSURANCE HOLDINGS LTD (AHL) carries total debt of $375.6M, offset by $5.89B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ASPEN INSURANCE HOLDINGS LTD (AHL) has total shareholders' equity (book value) of $3.37B ($37.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.