Underwriting performance has shown significant improvement, with the combined ratio tightening to 81.0% in 2025Q3 from 93.8% in 2025Q1, despite top-line revenue growth remaining inconsistent.
| 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 |
|---|
| Revenue | 3.21B | 3.2B | 2.89B | 2.64B | 2.59B | 2.72B | 2.43B | 2.32B | 2.63B | 2.85B | 2.66B | 2.62B | 2.39B | 2.3B | 2.09B | 2.2B | 2.08B | 1.79B | 2.01B | 1.86B | 1.65B | 1.3B | 841.9M | 141.8M |
| Revenue Growth % | 6.63% | 10.46% | 9.53% | 2.21% | -5.08% | 12.2% | 4.57% | -11.67% | -7.84% | 7.18% | 1.49% | 9.67% | 4.14% | 9.94% | -4.87% | 5.39% | 16.68% | -11.1% | 7.99% | 12.76% | 27.09% | 54.13% | 493.72% | - |
| Medical Costs & Claims | 2.07B | 2.14B | 1.93B | 2.11B | 2.11B | 2.31B | 2.09B | 1.94B | 2.4B | 2.1B | 1.85B | 1.76B | 1.65B | 1.62B | 1.9B | 1.58B | 1.28B | 1.42B | 1.23B | 1.21B | 1.64B | 935.6M | 580.7M | 98M |
| Medical Cost Ratio % | 64.63% | 66.87% | 66.79% | 79.91% | 81.51% | 84.67% | 86.18% | 83.75% | 91.11% | 73.79% | 69.51% | 67.07% | 68.83% | 70.55% | 91.13% | 71.85% | 61.56% | 79.48% | 61.44% | 65.22% | 99.55% | 72.1% | 68.97% | 69.11% |
| Gross Profit | 1.13B | 1.06B | 961.4M | 531M | 478.2M | 417.6M | 335.5M | 377.3M | 233.6M | 747.5M | 811.5M | 863.4M | 745.2M | 676.1M | 185.3M | 617.9M | 800.7M | 366.4M | 774.4M | 646.8M | 7.4M | 362M | 261.2M | 43.8M |
| Gross Margin % | 35.37% | 33.13% | 33.21% | 20.09% | 18.49% | 15.33% | 13.82% | 16.25% | 8.89% | 26.21% | 30.49% | 32.93% | 31.17% | 29.45% | 8.87% | 28.15% | 38.44% | 20.52% | 38.56% | 34.78% | 0.45% | 27.9% | 31.03% | 30.89% |
| Gross Profit Growth % | - | 10.18% | 81.05% | 11.04% | 14.51% | 24.47% | -11.08% | 61.52% | -68.75% | -7.89% | -6.01% | 15.86% | 10.22% | 264.87% | -70.01% | -22.83% | 118.53% | -52.69% | 19.73% | 8640.54% | -97.96% | 38.59% | 496.35% | - |
| Operating Expenses | 679.3M | 595.2M | 558.8M | 558M | 443.1M | 455.6M | 552.1M | 533.3M | 515.4M | 538M | 474M | 495.5M | 402.5M | 380.7M | 332.6M | 277.6M | 266M | 226.2M | 200.4M | 176.4M | 167.8M | 98.8M | -152.3M | 8.7M |
| OpEx / Revenue % | 21.17% | 18.62% | 19.3% | 21.11% | 17.14% | 16.72% | 22.74% | 22.97% | 19.61% | 18.86% | 17.81% | 18.9% | 16.83% | 16.58% | 15.93% | 12.65% | 12.77% | 12.67% | 9.98% | 9.49% | 10.18% | 7.61% | -18.09% | 6.14% |
| Depreciation & Amortization | 17.6M | 8.9M | 21.7M | 53.4M | 65.3M | 57.6M | 53.2M | 43.4M | 62.2M | 51.5M | 28.5M | 29.6M | 41.1M | 38.8M | 28.1M | 21.4M | 10.5M | 10.6M | 18.2M | 17.1M | 15.5M | 12.2M | 5M | 0 |
| Combined Ratio % | 85.8% | 85.48% | 86.09% | 101.02% | 98.64% | 101.39% | 108.92% | 106.72% | 110.72% | 92.66% | 87.32% | 85.97% | 85.67% | 87.13% | 107.05% | 84.5% | 74.33% | 92.15% | 71.42% | 74.7% | 109.73% | 79.72% | 50.88% | 75.25% |
| Operating Income | 455.5M | 464.1M | 402.6M | -27M | 35.1M | -38M | -216.6M | -156M | -281.8M | 209.5M | 337.5M | 367.9M | 342.7M | 295.4M | -147.3M | 340.3M | 534.7M | 140.2M | 574M | 470.4M | -160.4M | 263.2M | 413.5M | 35.1M |
| Operating Margin % | 14.2% | 14.52% | 13.91% | -1.02% | 1.36% | -1.39% | -8.92% | -6.72% | -10.72% | 7.34% | 12.68% | 14.03% | 14.33% | 12.87% | -7.05% | 15.5% | 25.67% | 7.85% | 28.58% | 25.3% | -9.73% | 20.28% | 49.12% | 24.75% |
| Operating Income Growth % | - | 15.28% | 1591.11% | -176.92% | 192.37% | 82.46% | -38.85% | 44.64% | -234.51% | -37.93% | -8.26% | 7.35% | 16.01% | 300.54% | -143.29% | -36.36% | 281.38% | -75.57% | 22.02% | 393.27% | -160.94% | -36.35% | 1078.06% | - |
| EBITDA | 473.1M | 473M | 424.3M | 26.4M | 100.4M | 19.6M | -163.4M | -112.6M | -219.6M | 261M | 366M | 397.5M | 383.8M | 334.2M | -119.2M | 361.7M | 545.2M | 150.8M | 592.2M | 487.5M | -144.9M | 275.4M | 418.5M | 35.1M |
| EBITDA Margin % | 14.74% | 14.79% | 14.66% | 1% | 3.88% | 0.72% | -6.73% | -4.85% | -8.35% | 9.15% | 13.75% | 15.16% | 16.05% | 14.56% | -5.71% | 16.48% | 26.18% | 8.45% | 29.49% | 26.22% | -8.79% | 21.22% | 49.71% | 24.75% |
| Interest Expense | 38.2M | 62.1M | 55.2M | 43.7M | 14.3M | 33.9M | 20.2M | 25.9M | 29.5M | 29.5M | 29.5M | 29.5M | 32.7M | 30.9M | 30.8M | 16.5M | 15.6M | 15.6M | 15.7M | 16.9M | 16.2M | 6.9M | 400K | 0 |
| Non-Operating Income | -38.2M | -62.1M | -55.2M | -43.7M | -14.3M | -33.9M | -20.2M | -25.9M | -29.5M | -29.5M | -29.5M | -29.5M | -32.7M | -30.9M | -30.8M | -16.5M | -15.6M | -15.6M | -15.7M | -16.9M | -16.2M | -6.9M | 206.5M | 0 |
| Pretax Income | 455.5M | 464.1M | 402.6M | -27M | 35.1M | -38M | -216.6M | -156M | -281.8M | 209.5M | 337.5M | 367.9M | 342.7M | 295.4M | -147.3M | 340.3M | 534.7M | 140.2M | 574M | 470.4M | -160.4M | 263.2M | 206.6M | 35.1M |
| Pretax Margin % | 14.2% | 14.52% | 13.91% | -1.02% | 1.36% | -1.39% | -8.92% | -6.72% | -10.72% | 7.34% | 12.68% | 14.03% | 14.33% | 12.87% | -7.05% | 15.5% | 25.67% | 7.85% | 28.58% | 25.3% | -9.73% | 20.28% | 24.54% | 24.75% |
| Income Tax | 1.6M | -22M | -132.1M | -78.1M | 5.3M | 18.4M | 22.9M | -10.2M | -15.4M | 6.1M | 14.4M | 12.1M | 13.4M | 15M | -37.2M | 27.6M | 60.8M | 36.4M | 85M | 92.3M | 17.4M | 68.1M | 54.5M | 6.5M |
| Effective Tax Rate % | 0.35% | -4.74% | -32.81% | 289.26% | 15.1% | -48.42% | -10.57% | 6.54% | 5.46% | 2.91% | 4.27% | 3.29% | 3.91% | 5.08% | 25.25% | 8.11% | 11.37% | 25.96% | 14.81% | 19.62% | -10.85% | 25.87% | 26.38% | 18.52% |
| Net Income | 453.9M | 486.1M | 534.7M | 51.1M | 29.8M | -56.4M | -238.3M | -146.8M | -267.7M | 203.3M | 322.3M | 355M | 329.8M | 280.6M | -110M | 313M | 473.9M | 103.8M | 489M | 378.1M | -177.8M | 195.1M | 152.1M | 28.6M |
| Net Margin % | 14.15% | 15.2% | 18.47% | 1.93% | 1.15% | -2.07% | -9.82% | -6.32% | -10.18% | 7.13% | 12.11% | 13.54% | 13.79% | 12.22% | -5.27% | 14.26% | 22.75% | 5.81% | 24.35% | 20.33% | -10.78% | 15.04% | 18.07% | 20.17% |
| Net Income Growth % | -2.81% | -9.09% | 946.38% | 71.48% | 152.84% | 76.33% | -62.33% | 45.16% | -231.68% | -36.92% | -9.21% | 7.64% | 17.53% | 355.09% | -135.14% | -33.95% | 356.55% | -78.77% | 29.33% | 312.65% | -191.13% | 28.27% | 431.82% | - |
| EPS (Diluted) | 4.93 | 4.75 | 8.91 | 0.85 | 0.50 | -0.94 | -3.97 | -2.46 | -4.48 | 2.61 | 4.54 | 4.82 | 4.14 | 3.38 | -1.82 | 3.62 | 5.64 | 0.89 | 5.11 | 3.75 | -2.40 | 2.74 | 2.56 | 0.50 |
| EPS Growth % | -17.8% | -46.69% | 948.24% | 70% | 153.19% | 76.32% | -61.38% | 45.09% | -271.65% | -42.51% | -5.81% | 16.43% | 22.49% | 285.71% | -150.28% | -35.82% | 533.71% | -82.58% | 36.27% | 256.25% | -187.59% | 7.03% | 412% | - |
| EPS (Basic) | - | 4.75 | 8.91 | 0.85 | 0.50 | -0.94 | -3.97 | -2.46 | -4.48 | 2.67 | 4.64 | 4.92 | 4.29 | 3.51 | -1.82 | 3.80 | 5.82 | 0.92 | 5.25 | 3.82 | -2.40 | 2.82 | 2.63 | 0.50 |
| Diluted Shares Outstanding | 92.03M | 90.83M | 60.03M | 60.03M | 60.03M | 60.03M | 60.03M | 59.66M | 59.75M | 61.86M | 62.69M | 65.87M | 69.42M | 73.69M | 70.67M | 80.02M | 85.33M | 86.11M | 90.36M | 96.73M | 74.02M | 71.12M | 59.49M | 56.92M |
Social inflation and cat-losses
As evidenced by the most recent quarterly data, Aspen Insurance Holdings achieved a combined ratio of 81.0% in 2025Q3, marking a significant improvement from the 91.9% reported in the prior quarter and suggesting a disciplined approach to underwriting profitability in the current specialty insurance market cycle.
The sharp contraction in the combined ratio indicates that the company is successfully leveraging premium rate increases while maintaining tight control over loss adjustment expenses. This performance suggests that the firm's portfolio remediation efforts are yielding tangible results, effectively decoupling underwriting profitability from the volatility of catastrophe events.
Based on reported figures, Aspen's top-line growth has exhibited significant fluctuations, ranging from a 26.2% surge in 2024Q4 to a 6.5% contraction in 2025Q2, which highlights the inherent sensitivity of the firm's specialty and reinsurance segments to global renewal cycles and shifting market pricing conditions.
The inconsistent revenue trajectory warrants further investigation into whether these swings are driven by strategic exits from underperforming lines or broader market-wide pricing pressures. Investors should monitor whether the firm can sustain consistent premium growth without compromising the underwriting discipline that has recently bolstered its combined ratio.
While the 2025Q3 combined ratio of 81.0% appears robust, the historical volatility in loss ratios, which peaked at 86.0% in 2019Q2, suggests that the company remains vulnerable to long-tail casualty claims and the persistent impact of social inflation on legal settlement costs.
The reliance on favorable reserve development to support net income may mask underlying deterioration in current-year underwriting standards. Analysts should remain cautious, as any future strengthening of reserves for older accident years could quickly erode the current margin gains and pressure the firm's bottom-line performance.
Quick answers to the most common questions about buying AHL stock.
For fiscal year 2024, ASPEN INSURANCE HOLDINGS LTD (AHL) reported total revenue of $3.20B. This represents a 2154.8% increase compared to $141.8M in 2002.
ASPEN INSURANCE HOLDINGS LTD (AHL) is profitable, generating $486.1M in net income for the fiscal year ending 2024 with a net profit margin of 15.2%.
ASPEN INSURANCE HOLDINGS LTD (AHL) reported an operating income of $464.1M, resulting in an operating profit margin of 14.5%. This margin reflects the operational efficiency of the business before interest and taxes.
ASPEN INSURANCE HOLDINGS LTD (AHL) generated $1.06B in gross profit for the year, representing a gross profit margin of 33.1%. This demonstrates the company's core pricing power and production efficiency.