Aspen Insurance Holdings Limited (AHL) reported that its first-quarter Net income after tax was $78.7 million, compared to a loss of $152.8 million in the same quarter of last year. Net earnings per share of $0.99 for the quarter compared with a net loss per share of $2.25 in the first quarter of 2011.
Operating earnings per share of $0.88 for the quarter compared with an operating loss per share of $2.38 in the first quarter of 2011.
Net written premiums rose to $633.5 million from $509.6 million in the year ago quarter. Net earned premiums were $495.4 million, up from $452.4 million last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share on revenues of $482.95 million for the quarter. Analysts' estimates typically exclude special items.
Aspen continues to anticipate gross written premiums for 2012 to be unchanged from its initial guidance of $2.3 billion +/- 5%, premiums ceded to be between 10% and 12% of gross earned premiums and the combined ratio to be in the range of 93% to 98% including a catastrophe load of $150 million for the remainder of the year, assuming normal loss experience.
In addition, Aspen Insurance Holdings said that its board has declared a quarterly cash dividend on Aspen's ordinary shares of $0.17 per ordinary share. The amount payable has been increased by 13% from Aspen's previous quarterly cash dividend of $0.15 per ordinary share. The dividend is payable on May 25, 2012 to the holders of record as of the close of trading on May 10, 2012.
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