Aspen Insurance Holdings Ltd. (AHL), Tuesday reported a significant rise in profit for the fourth quarter, helped by higher net investment income and lower underwriting expenses. Both earnings and revenues came in ahead of analysts' estimates.
The Hamilton, Bermuda-based insurance and reinsurance company's net income after tax increased to $126.3 million from $21.8 million last year. Earnings per share increased to $1.40 from $0.18 last year.
Operating earnings per share increased to $1.44 from $0.17 prior year.
On average, seven analysts polled by Thomson Reuters expected the company to report profit of $1.12 per share for the quarter. Analysts' estimates typically exclude special items. Net earned premium was $476.2 million, down 0.5% from $478.6 million last year. Analysts expected revenues of $472.70 million for the quarter.
Property reinsurance premiums increased to $148.0 million from $143.0 million a year ago. Casualty reinsurance premiums declined to $109.8 million from $120.1 million in the previous year. International insurance premiums increased to $193.1 million from $190.1 million in the comparable quarter last year. U.S. Insurance premiums were $25.3 million, compared to $25.4 million in the prior-year quarter.
Total underwriting expenses declined to $402.9 million from $446.7 million in the previous year. Losses and loss expenses were $227.5 million, down from $310.6 million a year ago.
Net investment income increased to $58.2 million from $10.3 million in the comparable quarter last year.
Net realized exchange gains were $6.7 million, compared to $4.8 million in the previous year. Net realized investment losses declined to $4.2 million from $8.4 million a year ago.
For the fiscal year 2010, net profit after tax was $473.9 million or $5.64 per share, compared to $103.8 million or $0.89 per share last year. Operating earnings per share were $5.16, compared to $1.44 a year ago. Net earned premium for the year increased 7.1% to $1.82 billion from $1.70 billion in the previous year.
Analysts expected earnings of $4.88 per share on revenues of $1.82 billion for the full year.
At a Board meeting on February 9, the Board authorized a new share repurchase program for up to $400 million over two years, the previous authorization having been fully utilized following a $200 million accelerated share repurchase entered into on January 5, 2010.
AHL closed Tuesday's regular trading at $26.73, up 0.09 or 0.34%, on a volume of 0.57 million shares on the NYSE.
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