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ASPEN INSURANCE HOLDINGS LTD

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ASPEN INSURANCE HOLDINGS LTD • NYSE
$37.05 ▲ 0.22% (+0.08)
Market Cap $3.40 B
52w High $37.08
52w Low $27.05
Dividend Yield 0%
P/E 5.45
Volume 138.11K
Outstanding Shares 91.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $796.4M ▲ $171.8M ▼ $122M ▲ 15.319% ▲ $1.21 ▲ $2.8M ▼
Q2-2025 $714.2M ▼ $187M ▲ $46.5M ▲ 6.511% ▲ $0.39 ▲ $71.1M ▲
Q1-2025 $765.4M ▼ $167.3M ▲ $36.8M ▼ 4.808% ▼ $0.33 ▼ $64.9M ▼
Q4-2024 $907.5M ▲ $144.1M ▼ $248.6M ▲ 27.394% ▲ $3.89 ▲ $207.6M ▲
Q3-2024 $775.5M $146.5M $56.7M 7.311% $0.71 $85.4M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $16.41B ▼ $12.936B ▼ $3.474B ▲
Q2-2025 $6.211B ▲ $16.412B ▲ $13.066B ▲ $3.346B ▲
Q1-2025 $6.117B ▲ $15.963B ▲ $12.772B ▲ $3.191B ▼
Q4-2024 $5.894B ▼ $15.748B ▼ $12.377B ▼ $3.372B ▲
Q3-2024 $5.896B $16.104B $13.081B $3.023B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $122M ▲ $-4.1M ▼ $105.9M ▲ $86.9M ▲ $187.8M ▲ $-5.5M ▼
Q2-2025 $46.5M ▲ $22.9M ▼ $73.6M ▲ $-14.6M ▼ $93.8M ▲ $13.1M ▼
Q1-2025 $36.8M ▼ $105.1M ▼ $-165.9M ▲ $-12.5M ▲ $-69M ▲ $98.6M ▼
Q4-2024 $248.6M ▲ $187.8M ▼ $-413.1M ▼ $-91.8M ▼ $-330.7M ▼ $179.7M ▼
Q3-2024 $56.7M $189.9M $137.4M $-13.8M $323.7M $188.9M

Five-Year Company Overview

Income Statement

Income Statement Over the past few years Aspen has shifted from patchy performance to more consistent profitability. Revenue has grown modestly, but the real story is better underwriting discipline: losses have been reduced, margins have widened, and net results have moved from loss to solid profit. Earnings recently dipped slightly from a standout year, but remain far stronger than earlier in the period, suggesting a business that has been cleaned up and refocused rather than one chasing rapid top-line growth.

Balance Sheet

Balance Sheet The balance sheet looks broadly healthy and gradually stronger. Total assets have edged up, equity has rebuilt after an earlier dip, and leverage appears restrained, with debt kept at a relatively low and stable level. Cash holdings have come down from prior highs but remain meaningful, indicating the company has been comfortable using some excess liquidity while still keeping a buffer. Overall, capital strength and solvency look like clear priorities.

Cash Flow

Cash Flow Cash generation has gone from uneven to much more reliable. Operating cash flow was volatile earlier in the period but has improved notably in the most recent years, aligning better with the stronger profits. Free cash flow now tracks operating cash flow closely, helped by modest capital spending needs, which is typical for an insurer that does not require heavy physical investment. The main watchpoint is whether this stronger cash performance can be sustained through more challenging claim environments.

Competitive Edge

Competitive Edge Aspen positions itself as a specialist rather than a mass-market insurer, focusing on complex and niche risks in both insurance and reinsurance. Its edge appears to come from disciplined underwriting, careful exit from weaker lines, and a diversified model that blends traditional insurance with capital markets partnerships. The “One Aspen” approach and multi-platform structure allow it to assemble tailored solutions, which can be attractive for large or unusual risks. The main risk is that this specialty focus also exposes the firm to areas where competition is sophisticated and losses can be volatile if discipline slips.

Innovation and R&D

Innovation and R&D Instead of traditional lab-style R&D, Aspen invests heavily in data, analytics, and AI platforms such as Aspen Data Labs and its Echo underwriting engine. These tools aim to sharpen pricing, speed up decisions, and better model complex risks like cyber and excess casualty. The company is also experimenting with differentiated products—such as mental health support for construction workers—and digital partnerships, for example with insurtech players at Lloyd’s. The key question is execution: whether these innovations translate into consistently better loss ratios, lower expenses, and defensible advantages versus peers pursuing similar technologies.

Summary

Aspen looks like a specialty insurer that has spent the past few years tightening its underwriting and rebuilding its financial strength rather than chasing headline growth. Profitability and cash flow have clearly improved, leverage is contained, and equity has been rebuilt, all of which point to a more resilient franchise. Competitively, its focus on complex risks, data-driven underwriting, and digital partnerships offers clear opportunities but also requires continued discipline and strong risk management. Future performance will likely hinge on how well Aspen sustains its underwriting standards, scales its technology platforms, and grows in specialty niches without reintroducing the volatility it has worked to reduce.

NEWS

November 13, 2025 · 4:34 PM UTC

Aspen Reports Third Quarter Net Income Available to Ordinary Shareholders of $111 million, or $1.21 per Diluted Ordinary Share and Operating Income of $100 million, or $1.08 per Diluted Ordinary Share

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