Aspen Insurance Holdings has released its quarterly results for the quarter ended 31 March 2007.
• Net income of $121.9m versus $61.8m for the same quarter in 2006, up 97%.
• Earnings per ordinary share of $1.27 versus $0.59 for the same period in 2006, up 115%.
• Underwriting income in the first quarter of 2007 increased by 134% to $90.5m compared to $38.7m the first quarter 2006.
• Net investment income in the first quarter of 2007 increased by 52% to $67.5m against $44.5m in the first quarter of 2006.
• The combined ratio for the first quarter of 2007 was 79.4% versus 90.4% for the same quarter in 2006, a 12% improvement.
• Book value per ordinary share at March 31, 2007 is $23.62 versus $19.40 at March 31, 2006, up 22%.
• Annualized return on average equity for the quarter was 22.9%.
Chris O'Kane, chief executive officer, commented, “I am delighted to report an excellent first quarter, with all our product segments performing well and a very strong contribution from investments. In addition we have recently announced a number of significant new appointments to our management team, including Glyn Jones as Chairman, Richard Houghton as CFO with two outstanding underwriting talents, Nathan Warde and Matt Yeldham assuming leadership roles for our insurance operations. I look forward to working with them as we build on a terrific start to the year.”