Logo

AHL-PE

Aspen Insurance Holdings Limited

AHL-PE

Aspen Insurance Holdings Limited • NYSE
$20.45 ▲ 1.34% (+0.27)
Market Cap $1.88 B
52w High $22.50
52w Low $17.53
Dividend Yield 1.41%
P/E -84.16
Volume 7.76K
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 Revenue has been steadily rising again after earlier volatility, and profitability has improved markedly in the last couple of years. The company moved from small or negative earnings to much stronger, more consistent profits, suggesting better underwriting discipline and pricing in its insurance and reinsurance books. Margins look noticeably healthier than they were a few years ago, though results can still swing with claims activity, catastrophe events, and investment markets. Overall, the profit picture today looks much stronger and more stable than in the early part of the five‑year period, but as with any property and casualty insurer, earnings will remain exposed to occasional bad-loss years.

Balance Sheet

Balance Sheet The balance sheet appears stronger and more resilient than a few years ago. Total assets have grown, and shareholder equity has been rebuilt after a dip in the middle of the period, indicating retained earnings and capital strength. Debt levels look relatively steady and modest compared with the overall balance sheet, which suggests a cautious use of leverage. Cash holdings are lower than at their peak but still meaningful, and in insurance that’s also supported by large investment portfolios beyond pure cash. Taken together, Aspen looks better capitalized than it was a few years back, with a balance sheet that seems positioned to absorb normal volatility in claims, though major catastrophe clusters would still be a test.

Cash Flow

Cash Flow Cash generation has tightened up in a positive way. A few years ago, operating cash flow was patchy, including periods where more cash went out than came in. More recently, operating and free cash flow have both been solidly positive, and capital spending remains light. That pattern suggests the underlying insurance operations and investment flows are now converting accounting profits into real cash more reliably. The improvement reduces financial strain, supports flexibility for claims, and gives management more room to maneuver, although insurance cash flows can still be lumpy year to year.

Competitive Edge

Competitive Edge Aspen operates in specialty property and casualty insurance and reinsurance, where expertise, discipline, and relationships matter more than sheer size. Its strengths are in complex, harder‑to‑place risks and in carefully pruning unprofitable lines. The Aspen Capital Markets unit is a notable differentiator, giving access to third‑party capital and fee income, and extending Aspen’s reach beyond traditional balance sheet underwriting. The integrated “One Aspen” model, combining insurance, reinsurance, and capital markets, allows more tailored solutions than many more siloed rivals. On the flip side, the niche, specialty focus means performance is closely tied to maintaining underwriting talent, broker relationships, and a reputation for disciplined risk selection.

Innovation and R&D

Innovation and R&D The company is clearly trying to shift from being a slower adopter of technology to a more data‑driven insurer. Aspen Data Labs is central to this, aiming to embed analytics and artificial intelligence into underwriting, claims, and operations. Partnerships like the one with IntellectAI, and internal innovation programs that have already produced new niche products, show a willingness to experiment and modernize. If executed well, these efforts could improve risk selection, speed, and cost efficiency. The pending acquisition by Sompo adds another dimension: access to larger‑scale resources and technology, but also integration risk and uncertainty about future priorities. Success will depend on whether Aspen can turn these innovation projects into clear, measurable improvements in underwriting quality and service.

Summary

Aspen Insurance Holdings today looks like a company that has come through a period of repair and repositioning into one of stronger profitability, a more robust balance sheet, and healthier cash generation. Its edge lies in specialty lines, disciplined underwriting, and a distinctive capital markets platform that broadens its toolkit beyond standard insurance. At the same time, it is leaning into data and AI to modernize how it prices and manages risk, with Aspen Data Labs and external tech partnerships as key enablers. The main watch points are the usual insurance risks—catastrophe exposure, pricing cycles, and claims volatility—along with execution risk around its technology strategy and the upcoming integration with Sompo. Overall, the financial and strategic trajectory over the past few years has been one of stabilization and gradual strengthening, but the business will remain sensitive to both risk events and how well it delivers on its innovation agenda.