Bermuda-based company's profits hit $473.9m last year, compared to $126.3m for 2008
Aspen today reported a net profit after tax for 2009 of $473.9m or an operating profit of $5.16 per diluted ordinary share and net profit after tax for the fourth quarter of 2009 of $126.3 million or an operating profit of $1.44 per diluted ordinary share.
This compares to a net profit after tax of $103.8 million for 2008, or operating earnings of $1.44 per diluted share and net profit after tax of $21.8 million, or operating earnings of $0.17 per diluted share for the fourth quarter last year.
Chris O’Kane, chief executive said: “2009 was a very good year and I am delighted to report a combined ratio of 84.1% and an operating return on equity of 18.0% for the group against a challenging pricing environment and historically low interest rates. We have entered 2010 in a very strong position and our $200 million share buy-back in early January demonstrated our continued commitment to active capital management. Trading conditions are demanding but I remain confident of achieving a 2010 ROE that reaches into the teens assuming normal loss experience as we seek to maximize the advantages of our diversified business model.”
Book value per share on a diluted basis of $34.04 increased by 21.1% when compared to December 31, 2008 and by 2.9% since the end of September 2009, as a result of $400.3 million of retained income and a $101.8 million increase in unrealized gains, net of tax, from the fixed income investment portfolio generated during 2009.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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