Market ‘generally optimistic’ says Aspen on posting 5% boost to H1 operating income

Bermuda’s Aspen Insurance booked a 5% boost to operating income in the first six months of 2024 to $201m, which it said held up to major industry-wide loss events in the period. The insurer and reinsurer also reported 17% growth in gross written premium to $2.5bn and a 23% increase in net investment income to $159m.

Mark Cloutier, group CEO, said the group closed its mid-year with top line growth and a combined ratio of 86.5%, raised from 84.5% for H1 2023, in line with expectations. He added that trading conditions remain “generally optimistic” with “ample opportunity for continued profitable growth”.

During the first half of the year, Aspen said its reinsurance line was able to take advantage of favourable market conditions, achieving significant rate growth on renewals, particularly in specialty and casualty.

The second quarter of the year saw the group book underwriting income of $94m (adjusted), up 11%, while total underwriting income at the mid-year stage was down 6% to $185m after a 27% drop in underwriting income in the insurance unit. The reinsurance unit posted a 7% uplift in underwriting income to $120m.

Aspen said favourable earnings from premium growth was partially offset by increased cat losses, including from the Baltimore Bridge event as well as flooding in Dubai and Germany.