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AHL-PD

Aspen Insurance Holdings Limited

AHL-PD

Aspen Insurance Holdings Limited • NYSE
$20.54 ▲ 1.43% (+0.29)
Market Cap $2.66 B
52w High $22.56
52w Low $17.59
Dividend Yield 1.41%
P/E -84.53
Volume 20.17K
Outstanding Shares 129.39M

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 Revenue has grown gradually over the past five years, showing a business that is expanding rather than shrinking. The bigger story, though, is the sharp improvement in profitability: underwriting and core operations have moved from roughly break-even a few years ago to producing solid operating and net profits recently. Earnings were volatile earlier in the period, including a loss year, which is common for specialty insurers exposed to large losses and market swings. The most recent years show a cleaner, more profitable profile, suggesting tighter underwriting discipline and more focused business mix, but investors should remember that insurance earnings can still be lumpy from year to year.

Balance Sheet

Balance Sheet The balance sheet looks progressively stronger. Total assets have grown, while shareholders’ equity has been rebuilt and increased, which points to an improved capital position and better loss experience over time. Debt levels have stayed fairly stable and modest relative to the size of the company, implying a conservative use of leverage for a financial firm. Cash has come down from earlier elevated levels but remains meaningful, which suggests the company has not over-stretched itself to chase growth. Overall, the balance sheet appears solid and more resilient than it was a few years ago, although, as with all insurers, it remains sensitive to large loss events and investment market conditions.

Cash Flow

Cash Flow Cash generation has gone from choppy to more consistent. A few years back, operating cash flow swung negative in some periods, reflecting challenging underwriting conditions and claim payments. More recently, operating cash flow has turned clearly positive and aligned with the reported profits, which is a good sign that earnings are supported by real cash, not just accounting gains. Capital spending is very light, so free cash flow closely tracks operating cash flow and has improved as well. This healthier cash profile gives the company more flexibility to absorb shocks, reinvest in the business, or support capital needs, though future catastrophe events can still disrupt cash trends.

Competitive Edge

Competitive Edge Aspen operates in specialty property and casualty insurance and reinsurance, where deep expertise and disciplined underwriting matter more than sheer size. Its “One Aspen” approach—managing insurance and reinsurance as a single, coordinated portfolio—helps it steer capital toward the best risk-adjusted opportunities across major hubs like the U.S., U.K., Lloyd’s, and Bermuda. The firm focuses on complex, hard-to-place risks and has deliberately exited weaker lines, which tends to support margins but limits diversification. Aspen Capital Markets adds an extra edge by bringing in third-party capital and fee income, helping to smooth results and manage peak exposures. Strong relationships with a broad broker network provide access to deal flow. Key risks to this position include intense competition from other specialty and global insurers, exposure to large catastrophe and liability events, and the cyclical nature of pricing in reinsurance.

Innovation and R&D

Innovation and R&D Aspen is leaning heavily into data and AI to sharpen its underwriting. Aspen Data Labs and the Aspen Echo AI underwriting platform are central to this push, aiming to improve risk selection, pricing accuracy, and claims efficiency. Internally, the company encourages experimentation through innovation competitions and awards, which have produced new, tailored products such as the construction wellbeing solution and the bundled “Project Trinity” liability product. These efforts suggest an organization that is trying to stay ahead of changing risk patterns and client needs rather than simply following the market. Looking ahead, expansion in Asia-Pacific, potential acquisitions of tech-enabled MGAs, and deeper AI integration could all enhance its edge—but they also introduce execution risk and depend on management maintaining underwriting discipline while pursuing growth.

Summary

Aspen has shifted from a period of volatile and occasionally weak results to one of more consistent profitability, stronger capital, and healthier cash flow. The business is positioned as a specialist in complex risks, supported by a global footprint, disciplined underwriting, and an additional fee-based stream via Aspen Capital Markets. At the same time, it operates in a sector that is inherently cyclical and exposed to large, unpredictable losses. Its strategic bet on data, AI, and innovative product design could further strengthen its economics if executed well. Overall, the story is of a specialty insurer that has cleaned up its portfolio, rebuilt financial strength, and is now trying to convert technological and underwriting capabilities into a more durable competitive edge, with the usual uncertainties that come with insurance risk and rapid technological change.