Form 8-K ASPEN INSURANCE HOLDINGS For: Feb 04

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February 4, 2016 4:32 PM EST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 2, 2016

ASPEN INSURANCE HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)



Bermuda	001-31909	Not Applicable
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

141 Front Street

Hamilton HM 19

Bermuda

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (441) 295-8201

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 - Financial Information

Item 2.02 - Results of Operations and Financial Condition

On February 4, 2016, Aspen Insurance Holdings Limited (“Aspen” or the “Company”) issued a press release announcing results for the quarter and year ended December 31, 2015, which is attached hereto as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and year ended December 31, 2015 is attached hereto as Exhibit 99.2.

Section 5 - Corporate Governance and Management

Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Compensatory Arrangements of Certain Officers

On February 4, 2016, Aspen announced that Messrs. Richard Bucknall and Peter O’Flinn will not stand for re-election as Class III directors of the Company at the next Annual General Meeting to be scheduled on April 21, 2016. As a result, as at April 21, 2016, Messrs. Bucknall and O’Flinn will no longer serve as Class III directors of the Company and the Company will have 11 directors on its Board of Directors. The attached press release, furnished as Exhibit 99.4 to this Current Report on Form 8-K, provides additional information.

Section 7 - Regulation FD

Item 7.01 - Regulation FD Disclosure

On February 4, 2016, Aspen issued a press release announcing results for the quarter and year ended December 31, 2015 which is attached hereto as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and year ended December 31, 2015 is attached hereto as Exhibit 99.2.

In addition, the information about Aspen described in the slides attached hereto as Exhibit 99.3 will be presented by the Chief Executive Officer, the Chief Financial Officer and other members of senior management to various investors throughout the first quarter of 2016.

Further, on February 4, 2016, Aspen issued a press release, attached hereto as Exhibit 99.4, announcing that Messrs. Bucknall and O’Flinn will not stand for re-election as Class III directors of the Company at the next Annual General Meeting scheduled on April 21, 2016. The attached press release, furnished as Exhibit 99.4 to this Current Report on Form 8-K, provides additional information.

Safe Harbor for Forward-Looking Statements

Some of the statements in Exhibit 99.3 include forward-looking statements which reflect our current views with respect to future events and financial performance. Such statements may include forward-looking statements both with respect to us in general and the insurance and reinsurance sectors specifically. Statements that include the words “expect,” “assume,” “objective,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “estimate,” “may,” “continue,” “guidance,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar statements of a future or forward-looking nature identify forward-looking statements in Exhibit 99.3 for purposes of the U.S. federal securities laws or otherwise. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the Private Securities Litigation Reform Act of 1995.

All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or may be important factors that could cause actual results to differ from those indicated in the forward-looking statements. See slide 2 of the attached presentation on Exhibit 99.3 for such factors as well as our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission.

Forward-looking statements speak only as of the date on which they are made or as otherwise indicated, and we undertake no obligation publicly to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Section 9 - Financial Statements and Exhibits

Item 9.01- Financial Statements and Exhibits

(d) The following exhibits are furnished as part of this report:


1.	Press Release of the Registrant, dated February 4, 2016.


2.	Earnings Release Supplement for the quarter and year ended December 31, 2015.


3.	Fourth Quarter and Year-End 2015 Slide Presentation.


4.	Press Release of the Registrant, dated February 4, 2016.

The information furnished under Item 2.02 “Results of Operations and Financial Condition” and Item 7.01 “Regulation FD Disclosure” shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	ASPEN INSURANCE HOLDINGS LIMITED (Registrant)

Dated: February 4, 2016	By:	/s/ Scott Kirk
	Name:	Scott Kirk
	Title:	Chief Financial Officer

Exhibit 99.1



	PRESS RELEASE

ASPEN REPORTS RESULTS FOR QUARTER AND YEAR ENDED

DECEMBER 31, 2015

Gross Written Premiums up 3.2% in the Fourth Quarter and 3.3% in the year 2015

Net Income Return on Equity of 10.0% for the year 2015

Operating Return on Equity of 10.0% for the year 2015

Diluted Book Value Per Share of $46.00, up 1.9% from December 31, 2014

Hamilton, Bermuda, February 4, 2016 - Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) reported today net income after tax of $117.9 million, or $1.75 per diluted share, and operating income after tax of $84.0 million, or $1.21 per diluted share, for the fourth quarter of 2015.

Chris O’Kane, Chief Executive Officer, commented, “2015 was a year of significant progress across Aspen. We continued to diversify further our Reinsurance and Insurance operations, expanding both by product and geography. Aspen Re had a very successful year in the face of market conditions that remained challenging, delivering an excellent performance, with growth focused on the Specialty and Other Property sub-segments. Our Insurance business continued to find opportunities for profitable growth, primarily in the U.S. and select international markets.”

He continued, “Looking to the next chapter for expanding our business, we recently launched our global insurance product lines strategy which, we believe, will create opportunities to deploy products more widely, increase scale where we choose and bring us closer to our brokers and clients. Our aim is to deliver consistent, high quality returns across all cycles. We also recently announced the acquisition of AgriLogic, a specialist U.S. crop business with an integrated agricultural consultancy, a company we know well and with strong underwriting skills, and deep intellectual capital, technical and risk management expertise. As we grow the Aspen business, we remain committed to driving efficiency and consistency across our company to generate increased profitability over the long-term.”⁽¹⁾

_____________________

Non-GAAP financial measures are used throughout this release as defined at the end of this press release.

(1) Refer to Safe Harbor disclosure.

Operating highlights for the quarter ended December 31, 2015


•	Gross written premiums increased by 3.2% to $634.8 million in the fourth quarter of 2015 compared with $615.4 million in the fourth quarter of 2014


•	Combined ratio of 91.8% for the fourth quarter of 2015 compared with 94.1% for the fourth quarter of 2014. Net favorable development on prior year loss reserves of $58.9 million, or 9.4 combined ratio points, for the fourth quarter of 2015 compared with $11.5 million, or 1.9 combined ratio points, in the comparable period

•

Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $45.9 million, or 7.3 combined ratio points, in the fourth quarter of 2015 compared with $15.7 million, or 2.6 combined ratio points, of pre-tax catastrophe losses, net of reinsurance recoveries, in the fourth quarter of 2014. In addition, there were several large non-correlated losses, totaling $34.3 million, in the fourth quarter of 2015, including $17.0 million, or 2.7 combined ratio points, of losses related to the collapse of a dam in Brazil.

Operating highlights for the year ended December 31, 2015


•	Gross written premiums increased by 3.3% to $2,997.3 million for the year ended December 31, 2015 compared with $2,902.7 million in 2014


•	Combined ratio of 91.9% for 2015 compared with 91.7% for 2014. Net favorable development on prior year loss reserves of $156.5 million, or 6.3 combined ratio points, in 2015 compared with $104.1 million or 4.3 combined ratio points, in 2014


•	Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $90.5 million, or 3.7 combined ratio points, in 2015 compared with $65.5 million, or 2.7 combined ratio points, of pre-tax catastrophe losses, net of reinsurance recoveries, in 2014

Financial highlights for the quarter and twelve months ended December 31, 2015


•	Annualized net income return on average equity of 15.2% and annualized operating return on average equity of 10.4% for the quarter ended December 31, 2015 compared with 8.0% and 8.8%, respectively, for the fourth quarter of 2014


•	Net income return on average equity of 10.0% and operating return on average equity of 10.0% for the full year of 2015 compared with 11.1% and 11.5%, respectively, for the full year of 2014


•	Net income per diluted share of $1.75 for the quarter ended December 31, 2015 compared with net income per diluted share of $0.90 for the quarter ended December 31, 2014, and net income per diluted share of $4.54 for the twelve months ended December 31, 2015 compared with net income per diluted share of $4.82 for the twelve months ended December 31, 2014


•	Operating income per diluted share of $1.21 for the quarter ended December 31, 2015 compared with operating income per diluted share of $0.97 for the quarter ended December 31, 2014,and operating income per diluted share of $4.51 for the twelve months ended December 31, 2015 compared with operating income per diluted share of $5.01 for the twelve months ended December 31, 2014


•	Diluted book value per share of $46.00 at December 31, 2015 up 1.9% from December 31, 2014.

Segment Highlights

Insurance

Operating highlights for Insurance for the quarter ended December 31, 2015 include:


•	Gross written premiums of $448.0 million, a decrease of 4.7% compared with $470.1 million in the fourth quarter of 2014


•	Combined ratio of 99.6% compared with 97.1% for the fourth quarter of 2014


•	Prior year favorable reserve development of $21.5 million, or 6.0 combined ratio points, compared with prior year reserve strengthening of $11.9 million, or 3.4 combined ratio points, for the fourth quarter of 2014

Growth in the Property and Casualty, and Financial and Professional Lines sub-segments was offset by a decline in the Marine, Aviation and Energy sub-segment, which includes a number of lines with the strongest market rate pressure. The U.S. platform continued to grow in the fourth quarter and achieved improved profitability compared to the prior year period.

The combined ratio of 99.6% for the fourth quarter of 2015 included $23.3 million, or 6.5 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries, including $25.7 million related to floods in the U.K. offset by $2.4 million of reductions to previously reported catastrophe losses. The combined ratio for the fourth quarter of 2014 included $0.7 million, or 0.2 percentage points, of pre-tax catastrophe losses net of reinsurance recoveries. For the quarter ended December 31, 2015, the Insurance accident year loss ratio excluding catastrophes was 64.6% compared with 56.3% a year ago. There were several non-correlated large losses, totaling $27.3 million, or 7.6 combined ratio points in the fourth quarter of 2015.

Mario Vitale, CEO of Insurance, commented, “The Aspen Insurance team achieved much in 2015. We continued to diversify our business as part of our strategy to drive profitable growth. Our U.S. platform delivered growth in our chosen markets, beat our previously stated targets for net earned premiums and operating expense ratio, and was profitable for the third consecutive year. Our International platform entered new geographic markets such as Singapore but, faced with a more challenging rate environment, pulled back in areas where pricing did not reflect the underlying risk and focused on better rated opportunities, delivering improved profitability for the year. Looking forward to the next phase of growth for Aspen Insurance, we are globalizing our approach to the market, making it easier to deploy products more broadly, increase scale, and strengthen our client and broker relationships. To help us accomplish these ambitious objectives, we were able to add a number of top specialist insurance professionals to our already deep and talented team of underwriters.”⁽¹⁾

Reinsurance

Operating highlights for Reinsurance for the quarter ended December 31, 2015 include:


•	Gross written premiums of $186.8 million, an increase of 28.6% from $145.3 million in the fourth quarter of 2014


•	Combined ratio of 74.1% compared with 82.7% for the fourth quarter of 2014


•	Prior year favorable reserve development of $37.4 million, or 13.8 combined ratio points, compared with $23.4 million prior year favorable reserve development, or 8.9 combined ratio points, for the fourth quarter of 2014

The combined ratio of 74.1% for the fourth quarter of 2015 included $22.6 million, or 8.4% percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries, primarily related to weather-related events in North America and Asia, and floods in the U.K. The combined ratio of 82.7% for the fourth quarter of 2014 included $15.0 million, or 5.7 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries.

For the quarter ended December 31, 2015, the Reinsurance accident year loss ratio excluding catastrophes was 42.4% compared with 52.8% a year ago.

Stephen Postlewhite, CEO of Reinsurance, commented, “Aspen Re had another excellent year in 2015. Throughout the year, we improved our share with selected clients and capitalized on new business opportunities, including significant new partnerships. Our growth was achieved primarily in our targeted Specialty and Other Property sub-segments where we saw better priced opportunities. We also delivered an excellent accident year ex-cat loss ratio, which improved year over year to 49.7%. We continued to see excellent deal flow throughout 2015 due to our deep relationships with clients and distribution partners, and this has continued into the important January 1 renewal season where we achieved premium growth of 8.9%, driven by our Specialty, Other Property, and Casualty sub-segments. In Property Cat, where rates remain most pressured, we continued to manage down our book, reducing premiums by 10.4%. In addition, we continue to leverage third party capital through Aspen Capital Markets to further manage our exposures in this book.”⁽¹⁾

Investment performance

Aspen’s investment portfolio continues to be comprised primarily of high quality fixed income securities with an average credit quality of “AA-”. The average duration of the fixed income portfolio was 3.65 years at December 31, 2015 excluding the impact of interest rate swaps, or 3.57 years including the impact of interest rate swaps. The total return on Aspen’s aggregate investment portfolio was 0.33% for the three months ended December 31, 2015 and reflected $38.2 million of gains in the equity portfolio. In the twelve months ended December 31, 2015, Aspen’s aggregate investment portfolio had a positive total return of 1.10%.

Book yield as at December 31, 2015 on the fixed income portfolio was 2.59% compared to 2.65% at December 31, 2014.

Capital

Total shareholders’ equity was $3.4 billion at December 31, 2015.

During the fourth quarter of 2015, no ordinary shares were repurchased. Aspen repurchased 1,790,333 ordinary shares for a total cost of $83.7 million during the full year of 2015. Aspen continues to have $416.3 million remaining under its current share repurchase authorization as at February 4, 2016.

January 2016 Reinsurance Renewals

During the January 2016 renewal season, Aspen underwrote $578.4 million in gross written premiums in Reinsurance, an increase of 8.9% compared with the prior year. The renewal data does not include agriculture premiums.

Below is a table reflecting gross written premiums written during the January 2016 renewal season, including new business, by Property Catastrophe, Other Property, Casualty and Specialty Reinsurance.



January Gross Written Premiums (underwriting year basis)
	2016		2015		Increase (Decrease)
	($ in millions)				%
Property Catastrophe	$	129.8	$	144.8	(10.4	)%
Other Property	133.5		124.0		7.7	%
Casualty	136.4		117.7		15.9	%
Specialty	178.7		144.8		23.4	%
	$	578.4	$	531.3	8.9	%

Note: The January premiums shown in the above table include premiums written on a proportional basis which are recognized throughout the year to reflect the expected inception of the underlying risks and therefore do not represent Aspen’s reported gross written premium for each of these periods. Prior year amounts have been conformed to current year presentation.

See “Forward-looking Statements Safe Harbor” below.

Earnings conference call and webcast

Aspen will host a conference call to discuss the results at 8:00 am (ET) on Friday, February 5, 2016.

To participate in the February 5 conference call by phone

Please call to register at least 10 minutes before the conference call begins by dialing:

+1 (844) 378 6481 (US toll free) or

+1 (412) 542 4176 (international)

Conference ID 10077871

To listen live online

Aspen will provide a live webcast on Aspen’s website at www.aspen.co.

To download the materials

The earnings press release and a detailed financial supplement will also be published on Aspen’s website at www.aspen.co.

To listen later

A replay of the call will be available approximately two hours after the end of the live call for 14 days via phone and internet. To listen to the replay by phone please dial:

+1 (877) 344 7529 (US toll free) or

+1 (412) 317 0088 (international)

Replay ID 10077871

The recording will be also available at www.aspen.co on the Event Calendar page within the Investor Relations section.

For further information please contact

Investors

Mark Jones, Senior Vice President, Investor Relations, Aspen

[email protected]

+1 (646) 289 4945

Media

Karen Green, Office of the CEO

[email protected]

+44 20 7184 8110

International - Citigate Dewe Rogerson

Caroline Merrell or Jos Bieneman

[email protected]

+44 20 7638 9571

North America - Sard Verbinnen & Co

Paul Scarpetta or Jamie Tully

+1 (212) 687 8080

Aspen Insurance Holdings Limited

Summary consolidated balance sheet (unaudited)

$ in millions, except per share data



		As at December 31, 2015		As at December 31, 2014

ASSETS
Total investments		$	7,712.2	$	7,428.9
Cash and cash equivalents		1,099.5		1,178.5
Reinsurance recoverables		523.7		556.8
Premiums receivable		1,115.6		1,011.7
Other assets		597.8		540.4
	Total assets	$	11,048.8	$	10,716.3

LIABILITIES
Losses and loss adjustment expenses		$	4,938.2	$	4,750.8
Unearned premiums		1,587.2		1,441.8
Other payables		451.3		484.6
Silverton loan notes		103.0		70.7
Long-term debt		549.2		549.1
	Total liabilities	$	7,628.9	$	7,297.0

SHAREHOLDERS’ EQUITY
Total shareholders’ equity		3,419.9		3,419.3
Total liabilities and shareholders’ equity		$	11,048.8	$	10,716.3

Book value per share		$	46.99	$	46.16
Diluted book value per share (treasury stock method)		$	46.00	$	45.13

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



		Three Months Ended
		December 31, 2015			December 31, 2014
UNDERWRITING REVENUES
Gross written premiums		$	634.8		$	615.4
Premiums ceded		(48.0		)	(61.4		)
Net written premiums		586.8			554.0
Change in unearned premiums		42.9			58.2
Net earned premiums		629.7			612.2
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		334.0			339.6
Amortization of deferred policy acquisition costs		118.2			114.8
General, administrative and corporate expenses		125.9			121.5
Total underwriting expenses		578.1			575.9
Underwriting income including corporate expenses		51.6			36.3
OTHER OPERATING REVENUE
Net investment income		46.4			46.7
Interest expense		(7.4		)	(7.4		)
Other (expense)		(5.4		)	(3.9		)
Total other operating revenue		33.6			35.4

OPERATING INCOME BEFORE TAX		85.2			71.7

Net realized and unrealized exchange gains (losses)		6.1			(2.8		)
Net realized and unrealized investment gains (losses)		31.9			(0.9		)
INCOME BEFORE TAX		123.2			68.0
Income tax expense		(5.3		)	(0.8		)
NET INCOME AFTER TAX		117.9			67.2
Dividends paid on ordinary shares		(12.8		)	(12.4		)
Dividends paid on preference shares		(9.4		)	(9.4		)
Dividends paid to non-controlling interest		(0.1		)	(0.1		)
Proportion due to non-controlling interest		—			(0.8		)
Retained income		$	95.6		$	44.5
Components of net income (after tax)
	Operating income	$	84.0		$	71.3
	Net realized and unrealized exchange gains (losses) after tax	5.7			(3.1		)
	Net realized investment gains (losses) after tax	28.2			(1.0		)
NET INCOME AFTER TAX		$	117.9		$	67.2

Loss ratio		53.0		%	55.5		%
Policy acquisition expense ratio		18.8		%	18.8		%
General, administrative and corporate expense ratio		20.0		%	19.8		%
Expense ratio		38.8		%	38.6		%
Combined ratio		91.8		%	94.1		%

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



		Twelve Months Ended
		December 31, 2015			December 31, 2014
UNDERWRITING REVENUES
Gross written premiums		$	2,997.3		$	2,902.7
Premiums ceded		(351.1		)	(387.5		)
Net written premiums		2,646.2			2,515.2
Change in unearned premiums		(172.9		)	(109.9		)
Net earned premiums		2,473.3			2,405.3
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		1,366.2			1,307.5
Amortization of deferred policy acquisition costs		483.6			451.2
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		424.0			417.2
Total underwriting expenses		2,273.8			2,175.9
Underwriting income including corporate expenses		199.5			229.4
OTHER OPERATING REVENUE
Net investment income		185.5			190.3
Interest expense		(29.5		)	(29.5		)
Other (expense)		(20.3		)	(9.8		)
Total other operating revenue		135.7			151.0

OPERATING INCOME BEFORE TAX		335.2			380.4

Non-recurring corporate expenses (bid defense costs)		—			(28.5		)
Net realized and unrealized exchange (losses)		(9.8		)	(2.4		)
Net realized and unrealized investment gains		12.1			18.4
INCOME BEFORE TAX		337.5			367.9
Income tax expense		(14.4		)	(12.1		)
NET INCOME AFTER TAX		323.1			355.8
Dividends paid on ordinary shares		(50.9		)	(50.3		)
Dividends paid on preference shares		(37.8		)	(37.8		)
Dividends paid to non-controlling interest		(0.1		)	(0.1		)
Proportion due to non-controlling interest		(0.8		)	(0.8		)
Retained income		$	233.5		$	266.8
Components of net income (after tax)
	Operating income	$	321.4		$	368.5
	Non-recurring corporate expenses	—			(28.5		)
	Net realized and unrealized exchange (losses) after tax	(10.2		)	(2.2		)
	Net realized investment gains after tax	11.9			18.0
NET INCOME AFTER TAX		$	323.1		$	355.8

Loss ratio		55.2		%	54.4		%
Policy acquisition expense ratio		19.6		%	18.8		%
General, administrative and corporate expense ratio		17.1		%	18.5		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		17.1		%	17.3		%
Expense ratio		36.7		%	37.3		%
Expense ratio (excluding non-recurring corporate expenses)		36.7		%	36.1		%
Combined ratio		91.9		%	91.7		%
Combined ratio (excluding non-recurring corporate expenses)		91.9		%	90.5		%

Aspen Insurance Holdings Limited

Summary consolidated financial data (unaudited)

$ in millions, except number of shares



		Three Months Ended				Twelve Months Ended
		December 31, 2015		December 31, 2014		December 31, 2015		December 31, 2014

Basic earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$1.78		$0.92		$4.64		$4.92
	Operating income adjusted for preference share dividend and non-controlling interest		$1.23		$0.99		$4.62		$5.11
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$1.75		$0.90		$4.54		$4.82
	Operating income adjusted for preference share dividend and non-controlling interest		$1.21		$0.97		$4.51		$5.01

Weighted average number of ordinary shares outstanding (in millions)		60.785		62.206		61.288		64.536

Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		62.177		63.605		62.688		65.873

Book value per ordinary share			$46.99		$46.16		$46.99		$46.16
Diluted book value per ordinary share (treasury stock method)			$46.00		$45.13		$46.00		$45.13

Ordinary shares outstanding at end of the period (in millions)		60.918		62.017		60.918		62.017

Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		62.240		63.445		62.240		63.445

Aspen Insurance Holdings Limited

Summary consolidated segment information (unaudited)

$ in millions, except ratios



		Three Months Ended December 31, 2015									Three Months Ended December 31, 2014
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	186.8		$	448.0		$	634.8		$	145.3		$	470.1		$	615.4
Net written premiums		178.5			408.3			586.8			143.6			410.4			554.0
Gross earned premiums		295.9			436.0			731.9			278.4			417.0			695.4
Net earned premiums		270.3			359.4			629.7			263.1			349.1			612.2
Losses and loss adjustment expenses		99.9			234.1			334.0			130.4			209.2			339.6
Policy acquisition expenses		56.1			62.1			118.2			47.7			67.1			114.8
General and administrative expenses		44.0			61.8			105.8			39.4			62.9			102.3
Underwriting income		$	70.3		$	1.4		$	71.7		$	45.6		$	9.9		$	55.5

Net investment income								46.4									46.7
Net realized and unrealized investment gains (losses) ⁽¹⁾								31.9									(0.9		)
Corporate expenses								(20.1		)							(19.2		)
Other (expense) ⁽²⁾								(5.4		)							(3.9		)
Interest expense								(7.4		)							(7.4		)
Net realized and unrealized foreign exchange gains (losses) ⁽³⁾								6.1									(2.8		)
Income before tax								$	123.2								$	68.0
Income tax expense								(5.3		)							(0.8		)
Net income								$	117.9								$	67.2

Ratios
Loss ratio		37.0		%	65.1		%	53.0		%	49.6		%	59.9		%	55.5		%
	Policy acquisition expense ratio	20.8		%	17.3		%	18.8		%	18.1		%	19.2		%	18.8		%
	General and administrative expense ratio ⁽⁴⁾	16.3		%	17.2		%	20.0		%	15.0		%	18.0		%	19.8		%
Expense ratio		37.1		%	34.5		%	38.8		%	33.1		%	37.2		%	38.6		%
Combined ratio		74.1		%	99.6		%	91.8		%	82.7		%	97.1		%	94.1		%

⁽¹⁾Includes realized and unrealized capital gains and losses and realized and unrealized gains and losses on interest rate swaps

⁽²⁾ Other (expense) in the fourth quarter of 2015 and fourth quarter of 2014 included $5.3 million and $4.1 million, respectively, related to a change in the fair value of loan notes issued by Silverton Re

⁽³⁾Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts

⁽⁴⁾ The total group general and administrative expense ratio includes the impact from corporate expenses

Aspen Insurance Holdings Limited

Summary consolidated segment information (unaudited)

$ in millions, except ratios



		Twelve Months Ended December 31, 2015									Twelve Months Ended December 31, 2014
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	1,248.9		$	1,748.4		$	2,997.3		$	1,172.8		$	1,729.9		$	2,902.7
Net written premiums		1,153.5			1,492.7			2,646.2			1,124.0			1,391.2			2,515.2
Gross earned premiums		1,153.5			1,703.3			2,856.8			1,137.6			1,599.0			2,736.6
Net earned premiums		1,072.6			1,400.7			2,473.3			1,088.2			1,317.1			2,405.3
Losses and loss adjustment expenses		491.6			874.6			1,366.2			497.8			809.7			1,307.5
Policy acquisition expenses		224.7			258.9			483.6			200.0			251.2			451.2
General and administrative expenses		146.5			213.6			360.1			146.4			205.5			351.9
Underwriting income		$	209.8		$	53.6		$	263.4		$	244.0		$	50.7		$	294.7

Net investment income								185.5									190.3
Net realized and unrealized investment gains ⁽¹⁾								12.1									18.4
Corporate expenses								(63.9		)							(65.3		)
Non-recurring corporate expenses								—									(28.5		)
Other (expense) ⁽²⁾								(20.3		)							(9.8		)
Interest expense								(29.5		)							(29.5		)
Net realized and unrealized foreign exchange (losses)⁽³⁾								(9.8		)							(2.4		)
Income before tax								$	337.5								$	367.9
Income tax expense								(14.4		)							(12.1		)
Net income								$	323.1								$	355.8

Ratios
Loss ratio		45.8		%	62.4		%	55.2		%	45.7		%	61.5		%	54.4		%
	Policy acquisition expense ratio	20.9		%	18.5		%	19.6		%	18.4		%	19.1		%	18.8		%
	General and administrative expense ratio ⁽⁴⁾	13.7		%	15.2		%	17.1		%	13.5		%	15.6		%	18.5		%
	General and administrative expense ratio (excluding non-recurring corporate expenses) ⁽⁴⁾	13.7		%	15.2		%	17.1		%	13.5		%	15.6		%	17.3		%
Expense ratio		34.6		%	33.7		%	36.7		%	31.9		%	34.7		%	37.3		%
Expense ratio (excluding non-recurring corporate expenses)		34.6		%	33.7		%	36.7		%	31.9		%	34.7		%	36.1		%
Combined ratio		80.4		%	96.1		%	91.9		%	77.6		%	96.2		%	91.7		%
Combined ratio (excluding non-recurring corporate expenses)		80.4		%	96.1		%	91.9		%	77.6		%	96.2		%	90.5		%

⁽¹⁾Includes realized and unrealized capital gains and losses and realized and unrealized gains and losses on interest rate swaps

⁽²⁾ Other (expense) in the twelve months ended December 31, 2015 and December 31, 2014 included $19.8 million and $18.6 million, respectively, related to a change in the fair value of loan notes issued by Silverton Re

⁽³⁾ Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts

⁽⁴⁾ The total group general and administrative expense ratio includes the impact from corporate expenses

About Aspen Insurance Holdings Limited

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2015, Aspen reported $11.0 billion in total assets, $4.9 billion in gross reserves, $3.4 billion in total shareholders’ equity and $3.0 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” by Standard & Poor’s Financial Services LLC (“S&P”), an “A” (“Excellent”) by A.M. Best Company Inc. (“A.M. Best”) and an “A2” by Moody’s Investor Service, Inc. (“Moody’s”).

For more information about Aspen, please visit www.aspen.co.

(1) Forward-looking Statements Safe Harbor

This press release contains, and Aspen’s earnings conference call will contain, written or oral “forward-looking statements” within the meaning of the US federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” "on track" and similar expressions of a future or forward-looking nature.

All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. Aspen believes these factors include, but are not limited to: our ability to successfully implement steps to further optimize the business portfolio, ensure capital efficiency and enhance investment returns; the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made (including economic and political risks) catastrophic or material loss events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; the assumptions and uncertainties underlying reserve levels that may be impacted by future payments for settlements of claims and expenses or by other factors causing adverse or favorable development, including our assumptions on inflation costs associated with long-tail casualty business which could differ materially from actual experience; the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; decreased demand for our insurance or reinsurance products and cyclical changes in the insurance and reinsurance industry; the models we use to assess our exposure to losses from future natural catastrophes contain inherent uncertainties and our actual losses may differ significantly from expectations; our capital models may provide materially different indications than actual results; increased competition from existing insurers and reinsurers and from alternative capital providers and insurance-linked funds and collateralized special purpose insurers on the basis of pricing, capacity, coverage terms, new capital, binding authorities to brokers or other factors and the related demand and supply dynamics as contracts come up for renewal; our ability to execute our business plan to enter new markets, introduce new products and develop new distribution channels, including their integration into our existing operations; our acquisition strategy; the recent consolidation in the (re)insurance industry; loss of one or more of our senior underwriters or key personnel; changes in our ability to exercise capital management initiatives (including our share repurchase program) or to arrange banking facilities as a result of prevailing market conditions or changes in our financial position; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in general economic conditions, including inflation, deflation, foreign currency exchange rates, interest rates and other factors that could affect our financial results; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; the risks associated with the management of capital on behalf of investors; evolving issues with respect to interpretation of coverage after major loss events; our ability to adequately model and price the effects of climate cycles and climate change; any intervening legislative or governmental action and changing judicial interpretation and judgments on insurers’ liability to various risks; the risks related to litigation; the effectiveness of our risk management loss limitation methods, including our reinsurance purchasing; changes in the total industry losses, or our share of total industry losses, resulting from past events and, with respect to such events, our reliance on loss reports received from cedants and loss adjustors, our reliance on industry loss estimates and those generated by modeling techniques, changes

in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law; the impact of one or more large losses from events other than natural catastrophes or by an unexpected accumulation of attritional losses and deterioration with loss estimates; the impact of acts of terrorism, acts of war and related legislation; any changes in our reinsurers’ credit quality and the amount and timing of reinsurance recoverables; the continuing and uncertain impact of the current depressed lower growth economic environment in many of the countries in which we operate; our reliance on information and technology and third-party service providers for our operations and systems; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; a decline in our operating subsidiaries’ ratings with S&P, A.M. Best or Moody’s; the failure of our reinsurers, policyholders, brokers or other intermediaries to honor their payment obligations; our reliance on the assessment and pricing of individual risks by third parties; our dependence on a few brokers for a large portion of our revenues; the persistence of heightened financial risks, including excess sovereign debt, the banking system and the Eurozone crisis; changes in government regulations or tax laws in jurisdictions where we conduct business; changes in accounting principles or policies or in the application of such accounting principles or policies; increased counterparty risk due to the credit impairment of financial institutions; and Aspen or Aspen Bermuda Limited becoming subject to income taxes in the United States or the United Kingdom. For a more detailed description of these uncertainties and other factors, please see the “Risk Factors” section in Aspen’s Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 23, 2015. Aspen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. The actuarial range of reserves and management’s best estimate represents a distribution from our internal capital model for reserving risk based on our then current state of knowledge and explicit and implicit assumptions relating to the incurred pattern of claims, the expected ultimate settlement amount, inflation and dependencies between lines of business. Due to the complexity of factors contributing to the losses and the preliminary nature of the information used to prepare these estimates, there can be no assurance that Aspen’s ultimate losses will remain within the stated amount.

Non-GAAP Financial Measures

In presenting Aspen’s results, management has included and discussed certain “non-GAAP financial measures” as such term is defined in Regulation G. Management believes that these non-GAAP financial measures, which may be defined differently by other companies, better explain Aspen’s results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in the financial supplement, which can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Annualized Operating Return on Average Equity (“Operating ROE”) is a non-GAAP financial measure. Operating ROE is calculated using operating income, as defined below, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders’ equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs and the total amount of non-controlling interest. Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information.

See page 22 of Aspen’s financial supplement for a reconciliation of operating income to net income and page 7 for a reconciliation of average ordinary shareholders’ equity to average shareholders’ equity. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Operating Income is a non-GAAP financial measure. Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized gains or losses, including net realized and unrealized gains and losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts and certain non-recurring items. In 2014, non-recurring items included costs associated with defending the unsolicited approach from Endurance Specialty

Holdings Ltd. in the amount of $Nil and $28.5 million for the three and twelve months ended December 31, 2014, respectively.

Aspen excludes the items above from its calculation of operating income because they are either not expected to recur and therefore are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 22 of Aspen’s financial supplement for a reconciliation of operating income to net income. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Diluted Book Value per Ordinary Share is not a non-GAAP financial measure. Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method, defined on page 21 of Aspen’s financial supplement, which can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Diluted Operating Earnings per Share and Basic Operating Earnings per Share are non-GAAP financial measures. Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 22 of Aspen’s financial supplement for a reconciliation of diluted and basic operating earnings per share to basic earnings per share. Aspen’s financial supplement can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co.

Accident Year Loss Ratio Excluding Catastrophes is a non-GAAP financial measure. Aspen believes that the presentation of loss ratios excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year loss ratios excluding catastrophes are calculated by dividing net losses excluding catastrophe losses, net expenses and prior year reserve movements by net earned premiums excluding catastrophe-related reinstatement premiums. Aspen has defined catastrophe losses in the fourth quarter of 2015 as losses associated with floods in the U.K. and weather related events in North America and Asia and, in the fourth quarter of 2014, as losses predominantly associated with North American, Asian and Australian storms. See pages 10 and 11 of Aspen’s financial supplement for a reconciliation of loss ratios to accident year loss ratios excluding catastrophes.

Exhibit 99.2

FINANCIAL SUPPLEMENT

As of December 31, 2015

Aspen Insurance Holdings Limited

This financial supplement is for information purposes only. It should be read in conjunction with other documents filed or to be filed by Aspen Insurance Holdings Limited with the United States Securities and Exchange Commission.

www.aspen.co

Investor Contact:

Aspen Insurance Holdings Limited

Mark Jones, Senior Vice President, Investor Relations

T: +1 646 289 4945

email: [email protected]



	ASPEN INSURANCE HOLDINGS LIMITED
	Table Of Contents
		Page

Basis of Presentation		1
Financial Highlights		2
Consolidated Statements of Operations - Quarterly Results		3
Consolidated Statements of Operations - Year to Date Results		4
Consolidated Balance Sheets		5
Earnings Per Share and Book Value Per Share		6
Return on Average Equity		7
Consolidated Underwriting Results by Operating Segment		8 - 9
Operating Segment - Quarterly Results		10 - 11
Written and Earned Premiums by Segment and Lines of Business		12
Consolidated Statements of Changes in Shareholders' Equity		13
Consolidated Statements of Comprehensive Income		14
Condensed Consolidated Statements of Cash Flows		15
Reserves for Losses and Loss Adjustment Expenses		16
Reserves by Operating Segment		17
Prior Year Reserve Releases		18
Consolidated Investment Portfolio		19
Investment Analysis		20
Book Value Per Ordinary Share		21
Operating Income Reconciliation		22



		ASPEN INSURANCE HOLDINGS LIMITED
		Basis of Presentation

Definitions and presentations: All financial information contained herein is unaudited except for information for the fiscal year ended December 31, 2014. Unless otherwise noted, all data is in U.S. dollar millions, except for per share amounts, percentages and ratio information.

In presenting Aspen's results, management has included and discussed certain "non-GAAP financial measures", as such term is defined in Regulation G. Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain Aspen's results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included in this financial supplement.

Operating income (a non-GAAP financial measure): Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized gains or losses, including net realized and unrealized gains and losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts and certain non-recurring items. In 2014, non-recurring items included costs associated with defending the unsolicited approach from Endurance Specialty Holdings Ltd. in the amount of $Nil and $28.5 million for the three and twelve months to December 31, 2014, respectively.

Aspen excludes these items above from its calculation of operating income because they are either not expected to recur and therefore are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen's results of operations in a manner similar to how management analyzes Aspen's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 22 for a reconciliation of operating income to net income.

Annualized operating return on average equity (“Operating ROE”) (a non-GAAP financial measure): Operating ROE is calculated using operating income, as defined above, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders' equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs and the total amount of non-controlling interest.

Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. See page 22 for a reconciliation of operating income to net income and page 7 for a reconciliation of average ordinary shareholders' equity to average shareholders' equity.

Diluted operating earnings per share and basic operating earnings per share (non-GAAP financial measures): Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 22 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share.

Diluted book value per ordinary share (not a non-GAAP financial measure): Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method as defined on page 21.

Accident year loss ratio excluding catastrophes (a non-GAAP financial measure): Aspen believes that the presentation of loss ratios excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year loss ratios excluding catastrophes are calculated by dividing net losses excluding catastrophe losses, net expenses and prior year reserve movements by net earned premiums excluding catastrophe-related reinstatement premiums. Aspen has defined catastrophe losses in the fourth quarter of 2015 as losses associated with the floods in the U.K. and weather related events in North America and Asia and in the fourth quarter of 2014 as losses predominantly associated with North American, Asian and Australian storms. See pages 10 and 11 for a reconciliation of loss ratios to accident year loss ratios excluding catastrophes.

Underwriting ratios (GAAP financial measures): Aspen, along with others in the industry, uses underwriting ratios as measures of performance. The loss ratio is the ratio of net claims and claims adjustment expenses to net premiums earned. The acquisition expense ratio is the ratio of underwriting expenses (commissions, premium taxes, licenses and fees, as well as other underwriting expenses) to net premiums earned. The general and administrative expense ratio is the ratio of general and administrative expenses to net premiums earned. The combined ratio is the sum of the loss ratio, the acquisition expense ratio and the general and administrative expense ratio. These ratios are relative measurements that describe for every $100 of net premiums earned, the cost of losses and expenses, respectively. The combined ratio presents the total cost per $100 of earned premium. A combined ratio below 100% demonstrates underwriting profit; a combined ratio above 100% demonstrates underwriting loss.

GAAP combined ratios differ from U.S. statutory combined ratios primarily due to the deferral of certain third-party acquisition expenses for GAAP reporting purposes and the use of net premiums earned rather than net premiums written in the denominator when calculating the acquisition expense and the general and administrative expense ratios.



	ASPEN INSURANCE HOLDINGS LIMITED
	Financial Highlights
		Three Months Ended December 31,								Twelve Months Ended December 31,
(in US$ millions except for percentages, share and per share amounts)		2015			2014			Change		2015			2014			Change
Gross written premium		$	634.8		$	615.4		3.2	%	$	2,997.3		$	2,902.7		3.3	%
Net written premium		$	586.8		$	554.0		5.9	%	$	2,646.2		$	2,515.2		5.2	%
Net earned premium		$	629.7		$	612.2		2.9	%	$	2,473.3		$	2,405.3		2.8	%
Net income after tax		$	117.9		$	67.2		75.4	%	$	323.1		$	355.8		(9.2	)%
Operating income after tax		$	84.0		$	71.3		17.8	%	$	321.4		$	368.5		(12.8	)%
Net investment income		$	46.4		$	46.7		(0.6	)%	$	185.5		$	190.3		(2.5	)%
Underwriting income		$	51.6		$	36.3		42.1	%	$	199.5		$	229.4		(13.0	)%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend and non-controlling interest		$	1.78		$	0.92		93.5	%	$	4.64		$	4.92		(5.7	)%
Operating income adjusted for preference share dividend and non-controlling interest		$	1.23		$	0.99		24.2	%	$	4.62		$	5.11		(9.6	)%
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and non-controlling interest		$	1.75		$	0.90		94.4	%	$	4.54		$	4.82		(5.8	)%
Operating income adjusted for preference share dividend and non-controlling interest		$	1.21		$	0.97		24.7	%	$	4.51		$	5.01		(10.0	)%
Weighted average number of ordinary shares outstanding (in millions of shares)		60.785			62.206			(2.3	)%	61.288			64.536			(5.0	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		62.177			63.605			(2.2	)%	62.688			65.873			(4.8	)%
Book value per ordinary share		$	46.99		$	46.16		1.8	%	$	46.99		$	46.16		1.8	%
Diluted book value per ordinary share		$	46.00		$	45.13		1.9	%	$	46.00		$	45.13		1.9	%
Ordinary shares outstanding at December 31, 2015 and December 31, 2014 (in millions of shares)		60.918			62.017			(1.8	)%	60.918			62.017			(1.8	)%
Diluted ordinary shares outstanding at December 31, 2015 and December 31, 2014 (in millions of shares)		62.240			63.445			(1.9	)%	62.240			63.445			(1.9	)%
Underwriting Ratios
Loss ratio		53.0		%	55.5		%			55.2		%	54.4		%
Policy acquisition expense ratio		18.8		%	18.8		%			19.6		%	18.8		%
General, administrative and corporate expense ratio		20.0		%	19.8		%			17.1		%	18.5		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		20.0		%	19.8		%			17.1		%	17.3		%
Expense ratio		38.8		%	38.6		%			36.7		%	37.3		%
Expense ratio (excluding non-recurring corporate expenses)		38.8		%	38.6		%			36.7		%	36.1		%
Combined ratio		91.8		%	94.1		%			91.9		%	91.7		%
Combined ratio (excluding non-recurring corporate expenses)		91.8		%	94.1		%			91.9		%	90.5		%
Return On Equity
Average equity ⁽¹⁾		$	2,838.5		$	2,876.0				$	2,849.5		$	2,874.6
Return on average equity
Net income adjusted for preference share dividend and non-controlling interest		3.8		%	2.0		%			10.0		%	11.1		%
Operating income adjusted for preference share dividend and non-controlling interest		2.6		%	2.2		%			10.0		%	11.5		%
Annualized return on average equity
Net income		15.2		%	8.0		%			10.0		%	11.1		%
Operating income		10.4		%	8.8		%			10.0		%	11.5		%

See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Average equity excludes preference shares.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Statements of Operations - Quarterly Results
(in US$ millions except for percentages and per share amounts)		Q4 2015			Q3 2015			Q2 2015			Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014
UNDERWRITING REVENUES
Gross written premiums		$	634.8		$	720.5		$	722.8		$	919.2		$	615.4		$	652.5		$	779.3		$	855.5
Premiums ceded		(48.0		)	(68.7		)	(78.4		)	(156.0		)	(61.4		)	(75.2		)	(92.9		)	(158.0		)
Net written premiums		586.8			651.8			644.4			763.2			554.0			577.3			686.4			697.5
Change in unearned premiums		42.9			(11.2		)	(35.0		)	(169.6		)	58.2			33.1			(70.2		)	(131.0		)
Net earned premiums		629.7			640.6			609.4			593.6			612.2			610.4			616.2			566.5
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		334.0			365.6			360.5			306.1			339.6			342.7			337.1			288.1
Amortization of deferred policy acquisition costs		118.2			132.0			114.1			119.3			114.8			115.5			108.9			112.0
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		125.9			100.5			95.4			102.2			121.5			99.6			103.5			92.6
Total underwriting expenses		578.1			598.1			570.0			527.6			575.9			557.8			549.5			492.7
Underwriting income including corporate expenses		51.6			42.5			39.4			66.0			36.3			52.6			66.7			73.8
OTHER OPERATING REVENUE AND EXPENSES
Net investment income		46.4			45.0			46.7			47.4			46.7			48.0			46.1			49.5
Interest expense		(7.4		)	(7.4		)	(7.3		)	(7.4		)	(7.4		)	(7.4		)	(7.3		)	(7.4		)
Other (expense)/income		(5.4		)	(10.6		)	(2.7		)	(1.6		)	(3.9		)	(7.8		)	2.0			(0.1		)
Total other operating revenue		33.6			27.0			36.7			38.4			35.4			32.8			40.8			42.0
OPERATING INCOME BEFORE TAX		85.2			69.5			76.1			104.4			71.7			85.4			107.5			115.8
Non-recurring corporate expenses		—			—			—			—			—			(20.2		)	(5.3		)	(3.0		)
Net realized and unrealized exchange gains/(losses) ^{(1) (3)}		6.1			4.5			(9.4		)	(11.0		)	(2.8		)	(9.9		)	7.7			2.6
Net realized and unrealized investment gains/(losses)^{(2) (3)}		31.9			(44.0		)	(15.5		)	39.7			(0.9		)	(16.6		)	27.1			8.8
INCOME BEFORE TAX		123.2			30.0			51.2			133.1			68.0			38.7			137.0			124.2
Income tax expense		(5.3		)	(1.8		)	(2.2		)	(5.1		)	(0.8		)	(1.3		)	(6.2		)	(3.8		)
NET INCOME AFTER TAX		117.9			28.2			49.0			128.0			67.2			37.4			130.8			120.4
Dividends paid on ordinary shares		(12.8		)	(12.7		)	(13.0		)	(12.4		)	(12.4		)	(13.1		)	(13.1		)	(11.7		)
Dividends paid on preference shares		(9.4		)	(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)
Dividends paid to non-controlling interest		(0.1		)	—			—			—			(0.1		)	—			—			—
Proportion due to non-controlling interest		—			(0.3		)	(0.5		)	—			(0.8		)	0.1			—			(0.1		)
Retained income		$	95.6		$	5.7		$	26.1		$	106.1		$	44.5		$	14.9		$	108.3		$	99.1
Components of net income after tax
Operating income		84.0			67.2			72.2			98.0			71.3			81.7			102.8			112.7
Non-recurring corporate expenses		—			—			—			—			—			(20.2		)	(5.3		)	(3.0		)
Net realized and unrealized exchange gains/(losses) after tax ^{(1) (3)}		5.7			1.4			(7.5		)	(9.8		)	(3.1		)	(7.5		)	6.3			2.1
Net realized and unrealized investment gains/(losses) after tax ^{(2) (3)}		28.2			(40.4		)	(15.7		)	39.8			(1.0		)	(16.6		)	27.0			8.6
NET INCOME AFTER TAX		$	117.9		$	28.2		$	49.0		$	128.0		$	67.2		$	37.4		$	130.8		$	120.4
Loss ratio		53.0		%	57.1		%	59.2		%	51.6		%	55.5		%	56.1		%	54.7		%	50.9		%
Policy acquisition expense ratio		18.8		%	20.6		%	18.7		%	20.1		%	18.8		%	18.9		%	17.7		%	19.8		%
General, administrative and corporate expense ratio		20.0		%	15.7		%	15.7		%	17.2		%	19.8		%	19.6		%	17.7		%	16.9		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		20.0		%	15.7		%	15.7		%	17.2		%	19.8		%	16.3		%	16.8		%	16.3		%
Expense ratio		38.8		%	36.3		%	34.4		%	37.3		%	38.6		%	38.5		%	35.4		%	36.7		%
Expense ratio (excluding non-recurring corporate expenses)		38.8		%	36.3		%	34.4		%	37.3		%	38.6		%	35.2		%	34.5		%	36.1		%
Combined ratio		91.8		%	93.4		%	93.6		%	88.9		%	94.1		%	94.6		%	90.1		%	87.6		%
Combined ratio (excluding non-recurring corporate expenses)		91.8		%	93.4		%	93.6		%	88.9		%	94.1		%	91.3		%	89.2		%	87.0		%
Basic earnings per share⁽⁴⁾		$	1.78		$	0.30		$	0.64		$	1.91		$	0.92		$	0.43		$	1.85		$	1.70
Diluted earnings per share ⁽⁴⁾		$	1.75		$	0.30		$	0.62		$	1.87		$	0.90		$	0.42		$	1.82		$	1.66
Annualized return on average equity
Net income		15.2		%	2.8		%	5.6		%	16.4		%	8.0		%	4.0		%	16.8		%	16.0		%
Operating income		10.4		%	8.4		%	8.8		%	12.4		%	8.8		%	10.0		%	12.8		%	14.8		%
See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(2) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
(3) Adjusted for a re-presentation of foreign exchange in relation to investment securities from realized and unrealized exchange gains/(losses) to realized and unrealized investment gains/(losses).
(4) Adjusted for preference share dividends and non-controlling interest.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
			Twelve Months Ended December 31,
			2015			2014
UNDERWRITING REVENUES
Gross written premiums			$	2,997.3		$	2,902.7
Premiums ceded			(351.1		)	(387.5		)
Net written premiums			2,646.2			2,515.2
Change in unearned premiums			(172.9		)	(109.9		)
Net earned premiums			2,473.3			2,405.3
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			1,366.2			1,307.5
Amortization of deferred policy acquisition costs			483.6			451.2
General, administrative and corporate expenses (excluding non-recurring corporate expenses)			424.0			417.2
Total underwriting expenses			2,273.8			2,175.9
Underwriting income including corporate expenses			199.5			229.4
OTHER OPERATING REVENUE AND EXPENSES
Net investment income			185.5			190.3
Interest expense			(29.5		)	(29.5		)
Other (expense)			(20.3		)	(9.8		)
Total other operating revenue			135.7			151.0
OPERATING INCOME BEFORE TAX			335.2			380.4
Non-recurring corporate expenses			—			(28.5		)
Net realized and unrealized exchange (losses)⁽¹⁾			(9.8		)	(2.4		)
Net realized and unrealized investment gains⁽²⁾			12.1			18.4
INCOME BEFORE TAX			337.5			367.9
Income tax expense			(14.4		)	(12.1		)
NET INCOME AFTER TAX			323.1			355.8
Dividends paid on ordinary shares			(50.9		)	(50.3		)
Dividends paid on preference shares			(37.8		)	(37.8		)
Dividends paid to non controlling interest			(0.1		)	(0.1		)
Proportion due to non-controlling interest			(0.8		)	(0.8		)
Retained income			$	233.5		$	266.8
Components of net income after tax
	Operating income		321.4			368.5
	Non-recurring corporate expenses		—			(28.5		)
	Net realized and unrealized exchange (losses) after tax ⁽¹⁾		(10.2		)	(2.2		)
	Net realized and unrealized investment gains after tax ⁽²⁾		11.9			18.0
NET INCOME AFTER TAX			$	323.1		$	355.8
Loss ratio			55.2		%	54.4		%
	Policy acquisition expense ratio		19.6		%	18.8		%
	General, administrative and corporate expense ratio		17.1		%	18.5		%
	General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		17.1		%	17.3		%
Expense ratio			36.7		%	37.3		%
Expense ratio (excluding non-recurring corporate expenses)			36.7		%	36.1		%
Combined ratio			91.9		%	91.7		%
Combined ratio (excluding non-recurring corporate expenses)			91.9		%	90.5		%

See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

(1) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(2) Includes the net realized and unrealized gains/(losses) from interest rate swaps.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Balance Sheets

(in US$ millions except for per share amounts)		December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014

Investments
Fixed income securities		$	6,739.1	$	6,496.4	$	6,407.4	$	6,339.2	$	6,401.0
Equity securities		736.4		696.3		729.3		719.0		725.9
Other investments		8.9		9.5		9.5		9.5		8.7
Catastrophe bonds		55.4		36.7		32.3		32.8		34.8
Short-term investments		172.4		183.2		185.2		180.9		258.5
Total investments		7,712.2		7,422.1		7,363.7		7,281.4		7,428.9
Cash and cash equivalents		1,099.5		1,196.7		1,148.4		1,225.9		1,178.5
Reinsurance recoverables
Unpaid losses		354.8		348.7		337.3		360.1		350.0
Ceded unearned premiums		168.9		224.6		257.1		276.4		206.8
Receivables
Underwriting premiums		1,115.6		1,208.4		1,249.9		1,264.8		1,011.7
Other		94.3		108.7		108.1		92.1		90.2
Funds withheld		36.0		39.0		44.5		46.1		46.9
Deferred policy acquisition costs		361.1		346.8		349.0		333.8		299.0
Derivatives at fair value		9.2		9.2		4.1		2.1		8.0
Receivable for securities sold		0.6		6.7		5.5		0.3		2.3
Office properties and equipment		70.6		68.7		65.6		61.9		62.2
Taxation		3.7		—		0.9		—		—
Other assets		4.1		5.9		1.9		18.2		13.6
Intangible assets		18.2		18.2		18.2		18.2		18.2
Total assets		$	11,048.8	$	11,003.7	$	10,954.2	$	10,981.3	$	10,716.3
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	4,938.2	$	4,913.9	$	4,815.9	$	4,698.9	$	4,750.8
Unearned premiums		1,587.2		1,686.9		1,702.8		1,665.1		1,441.8
Total insurance reserves		6,525.4		6,600.8		6,518.7		6,364.0		6,192.6
Payables
Reinsurance premiums		92.7		135.6		164.5		171.5		92.0
Taxation		10.8		22.7		32.1		34.8		21.4
Accrued expenses and other payables		343.8		237.7		242.7		308.6		356.9
Liabilities under derivative contracts		4.0		1.9		7.2		11.5		14.3
Total payables		451.3		397.9		446.5		526.4		484.6
Loan notes issued by variable interest entities, at fair value		103.0		84.5		76.2		76.0		70.7
Long-term debt		549.2		549.2		549.2		549.1		549.1
Total liabilities		7,628.9		7,632.4		7,590.6		7,515.5		7,297.0
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1
Non-controlling interest		1.3		1.3		1.0		0.5		0.5
Preference shares		—		—		—		—		—
Additional paid-in capital		1,075.3		1,068.3		1,061.7		1,106.0		1,134.3
Retained earnings		2,283.6		2,188.0		2,182.3		2,156.2		2,050.1
Accumulated other comprehensive income, net of taxes		59.6		113.6		118.5		203.0		234.3
Total shareholders’ equity		3,419.9		3,371.3		3,363.6		3,465.8		3,419.3
Total liabilities and shareholders’ equity		$	11,048.8	$	11,003.7	$	10,954.2	$	10,981.3	$	10,716.3

Book value per ordinary share		$	46.99	$	46.30	$	46.18	$	47.14	$	46.16
Book value per diluted ordinary share		$	46.00	$	45.28	$	45.16	$	46.02	$	45.13



		ASPEN INSURANCE HOLDINGS LIMITED
		Earnings Per Share and Book Value Per Share

			Three Months Ended				Twelve Months Ended
(in US$ except for number of shares)			December 31, 2015		December 31, 2014		December 31, 2015		December 31, 2014

Basic earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$	1.78	$	0.92	$	4.64	$	4.92
	Operating income adjusted for preference share dividend and non-controlling interest		$	1.23	$	0.99	$	4.62	$	5.11
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$	1.75	$	0.90	$	4.54	$	4.82
	Operating income adjusted for preference share dividend and non-controlling interest		$	1.21	$	0.97	$	4.51	$	5.01

Weighted average number of ordinary shares outstanding (in millions)			60.785		62.206		61.288		64.536
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			62.177		63.605		62.688		65.873

Book value per ordinary share			$	46.99	$	46.16	$	46.99	$	46.16
Diluted book value per ordinary share			$	46.00	$	45.13	$	46.00	$	45.13

Ordinary shares outstanding at end of the period (in millions)			60.918		62.017		60.918		62.017
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			62.240		63.445		62.240		63.445

See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.



		ASPEN INSURANCE HOLDINGS LIMITED
		Return On Average Equity

			Three Months Ended						Twelve Months Ended
(in US$ millions except for percentages)			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014

Average shareholders' equity			$	3,395.6		$	3,431.9		$	3,406.2		$	3,430.3
Average non-controlling interest			(1.3		)	(0.1		)	(0.9		)	0.1
Average preference shares			(555.8		)	(555.8		)	(555.8		)	(555.8		)
Average ordinary shareholders' equity			$	2,838.5		$	2,876.0		$	2,849.5		$	2,874.6
Return on average equity:
	Net income adjusted for preference share dividend and non-controlling interest		3.8		%	2.0		%	10.0		%	11.1		%
	Operating income adjusted for preference share dividend and non-controlling interest		2.6		%	2.2		%	10.0		%	11.5		%
Annualized return on average equity:
	Net income		15.2		%	8.0		%	10.0		%	11.1		%
	Operating income		10.4		%	8.8		%	10.0		%	11.5		%
Components of return on average equity:
	Return on average equity from underwriting activity⁽¹⁾		1.8		%	1.3		%	7.0		%	8.0		%
	Return on average equity from investment and other activity ⁽²⁾		0.9		%	0.9		%	3.4		%	3.9		%
	Pre-tax operating income return on average equity ⁽³⁾		2.7		%	2.2		%	10.4		%	11.9		%
	Post-tax operating income return on average equity ⁽⁴⁾		2.6		%	2.2		%	10.0		%	11.5		%

See page 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Calculated by using underwriting income.
(2) Calculated by using total other operating revenue and other income/(expense) adjusted for preference share dividends and non-controlling interest.
(3) Calculated by using operating income before tax adjusted for preference share dividends and non-controlling interest.
(4) Calculated by using operating income after-tax adjusted for preference share dividends and non-controlling interest.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Three Months Ended December 31, 2015									Three Months Ended December 31, 2014
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	186.8		$	448.0		$	634.8		$	145.3		$	470.1		$	615.4
Net written premiums		178.5			408.3			586.8			143.6			410.4			554.0
Gross earned premiums		295.9			436.0			731.9			278.4			417.0			695.4
Net earned premiums		270.3			359.4			629.7			263.1			349.1			612.2
Losses and loss adjustment expenses		99.9			234.1			334.0			130.4			209.2			339.6
Amortization of deferred policy acquisition costs		56.1			62.1			118.2			47.7			67.1			114.8
General and administrative expenses		44.0			61.8			105.8			39.4			62.9			102.3
Underwriting income		$	70.3		$	1.4		$	71.7		$	45.6		$	9.9		$	55.5
Net investment income								46.4									46.7
Net realized and unrealized investment gains/(losses)⁽¹⁾								31.9									(0.9		)
Corporate expenses								(20.1		)							(19.2		)
Other (expense)								(5.4		)							(3.9		)
Interest expense								(7.4		)							(7.4		)
Net realized and unrealized foreign exchange gains/(losses) ⁽²⁾								6.1									(2.8		)
Income before tax								$	123.2								$	68.0
Income tax expense								(5.3		)							(0.8		)
Net income								$	117.9								$	67.2
Ratios
Loss ratio		37.0		%	65.1		%	53.0		%	49.6		%	59.9		%	55.5		%
Policy acquisition expense ratio		20.8		%	17.3		%	18.8		%	18.1		%	19.2		%	18.8		%
General and administrative expense ratio ⁽³⁾		16.3		%	17.2		%	20.0		%	15.0		%	18.0		%	19.8		%
Expense ratio		37.1		%	34.5		%	38.8		%	33.1		%	37.2		%	38.6		%
Combined ratio		74.1		%	99.6		%	91.8		%	82.7		%	97.1		%	94.1		%

(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(3) The total group general and administrative expense ratio includes the impact from corporate expenses.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Twelve Months Ended December 31, 2015									Twelve Months Ended December 31, 2014
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	1,248.9		$	1,748.4		$	2,997.3		$	1,172.8		$	1,729.9		$	2,902.7
Net written premiums		1,153.5			1,492.7			2,646.2			1,124.0			1,391.2			2,515.2
Gross earned premiums		1,153.5			1,703.3			2,856.8			1,137.6			1,599.0			2,736.6
Net earned premiums		1,072.6			1,400.7			2,473.3			1,088.2			1,317.1			2,405.3
Losses and loss adjustment expenses		491.6			874.6			1,366.2			497.8			809.7			1,307.5
Amortization of deferred policy acquisition costs		224.7			258.9			483.6			200.0			251.2			451.2
General and administrative expenses		146.5			213.6			360.1			146.4			205.5			351.9
Underwriting income		$	209.8		$	53.6		$	263.4		$	244.0		$	50.7		$	294.7
Net investment income								185.5									190.3
Net realized and unrealized investment gains ⁽¹⁾								12.1									18.4
Corporate expenses								(63.9		)							(65.3		)
Non-recurring corporate expenses								—									(28.5		)
Other (expense)								(20.3		)							(9.8		)
Interest expense								(29.5		)							(29.5		)
Net realized and unrealized foreign exchange (losses) ⁽²⁾								(9.8		)							(2.4		)
Income before tax								$	337.5								$	367.9
Income tax expense								(14.4		)							(12.1		)
Net income								$	323.1								$	355.8
Ratios
Loss ratio		45.8		%	62.4		%	55.2		%	45.7		%	61.5		%	54.4		%
Policy acquisition expense ratio		20.9		%	18.5		%	19.6		%	18.4		%	19.1		%	18.8		%
General and administrative expense ratio ⁽³⁾		13.7		%	15.2		%	17.1		%	13.5		%	15.6		%	18.5		%
General and administrative expense ratio (excluding non-recurring corporate expenses)⁽³⁾		13.7		%	15.2		%	17.1		%	13.5		%	15.6		%	17.3		%
Expense ratio		34.6		%	33.7		%	36.7		%	31.9		%	34.7		%	37.3		%
Expense ratio (excluding non-recurring corporate expenses)		34.6		%	33.7		%	36.7		%	31.9		%	34.7		%	36.1		%
Combined ratio		80.4		%	96.1		%	91.9		%	77.6		%	96.2		%	91.7		%
Combined ratio (excluding non-recurring corporate expenses)		80.4		%	96.1		%	91.9		%	77.6		%	96.2		%	90.5		%

(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(3) The total group general and administrative expense ratio includes the impact from corporate expenses.



	ASPEN INSURANCE HOLDINGS LIMITED
	Reinsurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q4 2015			Q3 2015			Q2 2015			Q1 2015			Q4 2014

Gross written premiums		$	186.8		$	316.6		$	260.7		$	484.8		$	145.3
Net written premiums		178.5			294.7			238.2			442.1			143.6
Gross earned premiums		295.9			304.6			287.2			265.8			278.4
Net earned premiums		270.3			284.6			268.3			249.4			263.1
Net losses and loss adjustment expenses		99.9			169.9			116.3			105.5			130.4
Amortization of deferred policy acquisition costs		56.1			64.8			50.4			53.4			47.7
General and administrative expenses		44.0			34.7			35.4			32.4			39.4
Underwriting income		$	70.3		$	15.2		$	66.2		$	58.1		$	45.6
Ratios
Loss ratio		37.0		%	59.7		%	43.3		%	42.3		%	49.6		%
Policy acquisition expense ratio		20.8		%	22.8		%	18.8		%	21.4		%	18.1		%
General and administrative expense ratio		16.3		%	12.2		%	13.2		%	13.0		%	15.0		%
Expense ratio		37.1		%	35.0		%	32.0		%	34.4		%	33.1		%
Combined ratio		74.1		%	94.7		%	75.3		%	76.7		%	82.7		%
Accident Year Ex-cat Loss Ratio
Loss ratio		37.0		%	59.7		%	43.3		%	42.3		%	49.6		%
Prior year loss development		13.8		%	5.7		%	9.0		%	5.3		%	8.9		%
Catastrophe losses		(8.4		)%	(5.9		)%	(0.9		)%	(3.1		)%	(5.7		)%
Accident year ex-cat loss ratio		42.4		%	59.5		%	51.4		%	44.5		%	52.8		%



	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q4 2015			Q3 2015			Q2 2015			Q1 2015			Q4 2014

Gross written premiums		$	448.0		$	403.9		$	462.1		$	434.4		$	470.1
Net written premiums		408.3			357.1			406.2			321.1			410.4
Gross earned premiums		436.0			429.0			423.2			415.1			417.0
Net earned premiums		359.4			356.0			341.1			344.2			349.1
Net losses and loss adjustment expenses		234.1			195.7			244.2			200.6			209.2
Amortization of deferred policy acquisition costs		62.1			67.2			63.7			65.9			67.1
General and administrative expenses		61.8			51.3			45.2			55.3			62.9
Underwriting income/(loss)		$	1.4		$	41.8		$	(12.0	)	$	22.4		$	9.9
Ratios
Loss ratio		65.1		%	55.0		%	71.6		%	58.3		%	59.9		%
Policy acquisition expense ratio		17.3		%	18.9		%	18.7		%	19.1		%	19.2		%
General and administrative expense ratio		17.2		%	14.4		%	13.3		%	16.1		%	18.0		%
Expense ratio		34.5		%	33.3		%	32.0		%	35.2		%	37.2		%
Combined ratio		99.6		%	88.3		%	103.6		%	93.5		%	97.1		%
Accident Year Ex-cat Loss Ratio
Loss ratio		65.1		%	55.0		%	71.6		%	58.3		%	59.9		%
Prior year loss development		6.0		%	6.4		%	2.1		%	4.2		%	(3.4		)%
Catastrophe losses		(6.5		)%	(0.6		)%	(2.8		)%	(1.7		)%	(0.2		)%
Accident year ex-cat loss ratio		64.6		%	60.8		%	70.9		%	60.8		%	56.3		%



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q4 2015		Q3 2015		Q2 2015		Q1 2015		Q4 2014			Q3 2014		Q2 2014		Q1 2014
	Reinsurance
	Property Catastrophe Reinsurance		$	4.1	$	49.1	$	67.3	$	153.8	$	1.1		$	40.0	$	91.6	$	168.8
	Other Property Reinsurance⁽¹⁾		61.2		105.2		84.0		109.9		49.2			89.3		84.0		95.2
	Casualty Reinsurance		45.9		77.9		49.0		114.7		37.3			70.7		60.6		113.3
	Specialty Reinsurance⁽¹⁾		75.6		84.4		60.4		106.4		57.7			56.9		62.2		94.9
	Total Reinsurance		$	186.8	$	316.6	$	260.7	$	484.8	$	145.3		$	256.9	$	298.4	$	472.2
	Insurance
	Property and Casualty Insurance		$	213.9	$	208.5	$	254.8	$	213.4	$	202.5		$	200.9	$	221.3	$	176.3
	Marine, Aviation and Energy Insurance		107.1		85.3		103.2		131.7		145.8			88.2		153.6		131.7
	Financial and Professional Lines Insurance		127.0		110.1		104.1		89.3		121.8			106.5		106.0		75.3
	Total Insurance		$	448.0	$	403.9	$	462.1	$	434.4	$	470.1		$	395.6	$	480.9	$	383.3

	Total Gross Written Premiums		$	634.8	$	720.5	$	722.8	$	919.2	$	615.4		$	652.5	$	779.3	$	855.5
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	4.8	$	33.8	$	53.5	$	126.1	$	(0.1	)	$	37.4	$	80.9	$	147.9
	Other Property Reinsurance⁽¹⁾		59.9		100.1		80.6		98.8		48.6			85.9		82.6		89.4
	Casualty Reinsurance		41.5		76.8		46.7		113.8		37.4			70.7		61.5		111.4
	Specialty Reinsurance⁽¹⁾		72.3		84.0		57.4		103.4		57.7			56.9		61.9		93.9
	Total Reinsurance		$	178.5	$	294.7	$	238.2	$	442.1	$	143.6		$	250.9	$	286.9	$	442.6
	Insurance
	Property and Casualty Insurance		$	185.2	$	172.9	$	222.1	$	156.7	$	159.3		$	166.4	$	171.0	$	101.5
	Marine, Aviation and Energy Insurance		99.7		76.1		82.5		120.5		137.6			64.2		131.1		119.5
	Financial and Professional Lines Insurance		123.4		108.1		101.6		43.9		113.5			95.8		97.4		33.9
	Total Insurance		$	408.3	$	357.1	$	406.2	$	321.1	$	410.4		$	326.4	$	399.5	$	254.9

	Total Net Written Premiums		$	586.8	$	651.8	$	644.4	$	763.2	$	554.0		$	577.3	$	686.4	$	697.5
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	58.1	$	54.0	$	53.8	$	57.1	$	60.0		$	62.5	$	62.7	$	62.4
	Other Property Reinsurance⁽¹⁾		79.4		91.5		78.9		77.5		64.3			80.9		78.5		76.6
	Casualty Reinsurance		63.7		68.6		71.2		57.8		75.4			75.0		78.8		72.2
	Specialty Reinsurance⁽¹⁾		69.1		70.5		64.4		57.0		63.4			61.2		58.8		55.5
	Total Reinsurance		$	270.3	$	284.6	$	268.3	$	249.4	$	263.1		$	279.6	$	278.8	$	266.7
	Insurance
	Property and Casualty Insurance		$	172.0	$	171.8	$	162.9	$	159.8	$	141.9		$	148.0	$	146.9	$	119.5
	Marine, Aviation and Energy Insurance		94.9		94.1		97.3		99.4		111.4			107.2		119.9		115.1
	Financial and Professional Lines Insurance		92.5		90.1		80.9		85.0		95.8			75.6		70.6		65.2
	Total Insurance		$	359.4	$	356.0	$	341.1	$	344.2	$	349.1		$	330.8	$	337.4	$	299.8

	Total Net Earned Premiums		$	629.7	$	640.6	$	609.4	$	593.6	$	612.2		$	610.4	$	616.2	$	566.5

(1) The 2014 quarterly Reinsurance segment disclosures have been re-presented to include Engineering within Specialty Reinsurance (previously classified within Other Property Reinsurance) to be consistent with the 2015 quarterly disclosures.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Twelve Months Ended December 31,
(in US$ millions)			2015			2014
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		0.5			(0.3		)
	Net change for the period		0.8			0.8
	End of period		1.3			0.5
Additional paid-in capital
	Beginning of period		1,134.3			1,297.4
	New shares issued		6.8			2.7
	Ordinary shares repurchased		(83.7		)	(180.9		)
	Share-based compensation		17.9			15.1
	End of period		1,075.3			1,134.3
Retained earnings
	Beginning of period		2,050.1			1,783.3
	Net income for the period		323.1			355.8
	Dividends paid on ordinary and preference shares		(88.7		)	(88.1		)
	Dividends paid on non-controlling interest		(0.1		)	(0.1		)
	Proportion due to non-controlling interest		(0.8		)	(0.8		)
	End of period		2,283.6			2,050.1
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		72.7			88.6
	Change for the period		(72.1		)	(15.9		)
	End of period		0.6			72.7
Loss on derivatives:
	Beginning of period		(3.8		)	—
	Net change from current period hedged transactions		2.6			(3.8		)
	End of period		(1.2		)	(3.8		)
Unrealized appreciation/(depreciation) on available for sale investments, net of taxes:
	Beginning of period		165.4			130.5
	Change for the period		(105.2		)	34.9
	End of period		60.2			165.4
Total accumulated other comprehensive income			59.6			234.3

Total shareholders' equity			$	3,419.9		$	3,419.3



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income

			Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)			2015			2014			2015			2014

Net income adjusted for non-controlling interest			$	117.9		$	67.2		$	323.1		$	355.8
Other comprehensive income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains) included in net income		(3.6		)	(1.8		)	(36.7		)	(7.5		)
	Change in net unrealized gains on available for sale securities held		(48.9		)	17.8			(68.5		)	42.4
	Net change from current period hedged transactions		0.4			(3.8		)	2.6			(3.8		)
	Change in foreign currency translation adjustment		(1.9		)	(30.6		)	(72.1		)	(15.9		)
	Other comprehensive (loss)/income		(54.0		)	(18.4		)	(174.7		)	15.2
Comprehensive income			$	63.9		$	48.8		$	148.4		$	371.0



	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)		2015			2014			2015			2014

Net cash from operating activities		$	210.5		$	131.1		$	574.2		$	607.4
Net cash (used in) investing activities		(383.0		)	(213.2		)	(501.9		)	(515.0		)
Net cash from/(used in) financing activities		80.1			(11.1		)	(133.5		)	(196.4		)
Effect of exchange rate movements on cash and cash equivalents		(4.8		)	(17.4		)	(17.8		)	(11.1		)
Decrease in cash and cash equivalents		(97.2		)	(110.6		)	(79.0		)	(115.1		)
Cash at beginning of period		1,196.7			1,289.1			1,178.5			1,293.6
Cash at end of period		$	1,099.5		$	1,178.5		$	1,099.5		$	1,178.5



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Twelve Months Ended December 31, 2015			For the Twelve Months Ended December 31, 2014

Provision for losses and loss adjustment expenses at the start of the period		$	4,750.8		$	4,678.9
Reinsurance recoverables		(350.0		)	(332.7		)
Net loss and loss adjustment expenses at the start of the period		4,400.8			4,346.2

Net loss and loss adjustment expenses disposed		—			(24.2		)
Provision for losses and loss adjustment expenses for claims incurred
Current period		1,522.7			1,411.6
Prior period release		(156.5		)	(104.1		)
Total incurred		1,366.2			1,307.5

Losses and loss adjustment expenses payments for claims incurred		(1,108.5		)	(1,107.7		)

Foreign exchange (gains)		(75.1		)	(121.0		)

Net loss and loss adjustment expenses reserves at the end of the period		4,583.4			4,400.8
Reinsurance recoverables on unpaid losses at the end of the period		354.8			350.0
Gross loss and loss adjustment expenses reserves at the end of the period		$	4,938.2		$	4,750.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment

		As at December 31, 2015							As at December 31, 2014
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net

Reinsurance		$	2,441.9	$	(32.4	)	$	2,409.5	$	2,531.1	$	(37.8	)	$	2,493.3
Insurance		2,496.3		(322.4		)	2,173.9		2,219.7		(312.2		)	1,907.5
Total losses and loss adjustment expense reserves		$	4,938.2	$	(354.8	)	$	4,583.4	$	4,750.8	$	(350.0	)	$	4,400.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Releases

(in US$ millions)		Three Months Ended December 31, 2015							Three Months Ended December 31, 2014
		Gross		Reinsurance Recoverables			Net		Gross			Reinsurance Recoverables			Net
Reinsurance		$	38.2	$	(0.8	)	$	37.4	$	25.3		$	(1.9	)	$	23.4
Insurance		25.7		(4.2		)	21.5		5.9			(17.8		)	(11.9		)
Release in reserves for prior years during the period		$	63.9	$	(5.0	)	$	58.9	$	31.2		$	(19.7	)	$	11.5

		Twelve Months Ended December 31, 2015							Twelve Months Ended December 31, 2014
		Gross		Reinsurance Recoverables			Net		Gross			Reinsurance Recoverables			Net
Reinsurance		$	94.2	$	(3.4	)	$	90.8	$	103.6		$	(4.6	)	$	99.0
Insurance		70.4		(4.7		)	65.7		(0.7		)	5.8			5.1
Release in reserves for prior years during the period		$	164.6	$	(8.1	)	$	156.5	$	102.9		$	1.2		$	104.1



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Investment Portfolio
(in US$ millions)			Fair Market Value
			December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015		December 31, 2014		September 30, 2014		June 30, 2014		March 31, 2014
Marketable Securities - Available For Sale
U.S. government securities			$	1,123.1	$	1,138.1	$	1,074.6	$	1,041.8	$	1,094.4	$	973.9	$	994.0	$	1,014.7
U.S. agency securities			158.7		162.0		182.0		182.9		197.4		201.9		205.0		245.2
Municipal securities			26.6		28.5		29.5		30.7		31.5		31.7		26.9		33.6
Corporate securities			2,660.6		2,496.7		2,420.8		2,333.6		2,319.4		2,278.4		2,244.9		2,154.1
Foreign government securities			644.2		628.4		661.7		637.7		665.7		752.6		766.5		735.0
Asset-backed securities			76.0		132.5		138.7		140.9		143.5		143.9		140.3		130.0
Bonds backed by foreign government			82.1		77.0		78.3		68.2		78.0		75.5		83.9		91.5
Mortgage-backed securities			1,179.8		1,041.3		1,044.1		1,104.0		1,100.1		1,039.9		1,065.3		1,117.6
Total fixed income securities			5,951.1		5,704.5		5,629.7		5,539.8		5,630.0		5,497.8		5,526.8		5,521.7
Short-term investments			162.9		176.3		184.1		180.2		258.3		307.2		335.7		215.5
Equity securities			—		—		—		—		109.9		125.9		142.1		147.4
Total Available For Sale			$	6,114.0	$	5,880.8	$	5,813.8	$	5,720.0	$	5,998.2	$	5,930.9	$	6,004.6	$	5,884.6

Marketable Securities - Trading
U.S. government securities			$	27.3	$	13.5	$	3.4	$	9.0	$	—	$	16.5	$	12.9	$	16.8
U.S. agency securities			—		—		—		0.2		0.2		0.2		0.2		0.2
Municipal securities			0.5		0.5		0.5		0.5		1.1		1.1		1.2		1.2
Corporate securities			558.2		547.2		540.1		554.1		529.8		521.1		524.5		494.8
Foreign government securities			179.5		128.9		133.8		133.7		140.1		139.2		139.3		136.4
Asset-backed securities			20.5		18.7		19.7		16.0		14.7		15.2		11.4		12.3
Bank loans			2.0		83.1		80.2		85.9		85.1		80.8		81.4		72.7
Total fixed income securities			788.0		791.9		777.7		799.4		771.0		774.1		770.9		734.4
Short-term investments			9.5		6.9		1.1		0.7		0.2		7.0		14.0		—
Equity securities			736.4		696.3		729.3		719.0		616.0		521.1		432.1		360.4
Catastrophe bonds			55.4		36.7		32.3		32.8		34.8		32.2		30.0		18.0
Total Trading			$	1,589.3	$	1,531.8	$	1,540.4	$	1,551.9	$	1,422.0	$	1,334.4	$	1,247.0	$	1,112.8

Other Investments			$	8.9	$	9.5	$	9.5	$	9.5	$	8.7	$	8.7	$	8.7	$	8.7

Cash			1,099.5		1,196.7		1,148.4		1,225.9		1,178.5		1,289.1		1,345.2		1,443.7
Accrued interest			48.1		46.1		48.3		43.9		47.2		45.7		49.7		46.5
	Total Cash and Accrued Interest		$	1,147.6	$	1,242.8	$	1,196.7	$	1,269.8	$	1,225.7	$	1,334.8	$	1,394.9	$	1,490.2

	Total Cash and Investments		$	8,859.8	$	8,664.9	$	8,560.4	$	8,551.2	$	8,654.6	$	8,608.8	$	8,655.2	$	8,496.3



	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q4 2015			Q3 2015			Q2 2015			Q1 2015			Q4 2014			Q3 2014			Q2 2014			Q1 2014

Net investment income from fixed income investments and cash		$	42.8		$	40.5		$	40.9		$	41.2		$	43.6		$	43.5		$	42.0		$	44.1
Net investment income from equity securities		3.6			4.5			5.8			6.2			3.1			4.5			4.1			5.4
Net investment income		46.4			45.0			46.7			47.4			46.7			48.0			46.1			49.5

Net realized and unrealized investment gains/(losses) excluding the interest rate swaps ⁽¹⁾		30.5			(41.2		)	(15.3		)	42.9			3.9			(17.9		)	31.3			10.7
Net realized investment (losses)/gains from the interest rate swaps		1.4			(2.8		)	(0.2		)	(3.2		)	(3.1		)	1.3			(3.5		)	(1.9		)
Other-than-temporary impairment charges		—			—			—			—			(1.7		)	—			(0.7		)	—
Net realized and unrealized investment gains/(losses) ⁽¹⁾		31.9			(44.0		)	(15.5		)	39.7			(0.9		)	(16.6		)	27.1			8.8

Change in unrealized (losses)/gains on available for sale investments (gross of tax)⁽¹⁾		(33.4		)	17.3			(77.5		)	—			21.2			(39.6		)	33.8			22.6
Total return/(loss) on investments ⁽¹⁾		$	44.9		$	18.3		$	(46.3	)	$	87.1		$	67.0		$	(8.2	)	$	107.0		$	80.9

Portfolio Characteristics
Fixed income portfolio book yield (excluding the impact of the interest rate swaps)		2.59		%	2.50		%	2.57		%	2.56		%	2.65		%	2.65		%	2.61		%	2.68		%
Fixed income portfolio duration (excluding the impact of the interest rate swaps)		3.7 years			3.4 years			3.5 years			3.5 years			3.5 years			3.5 years			3.4 years			3.5 years

(1) Adjusted for a re-presentation of foreign exchange in relation to investment securities from realized and unrealized exchange gains/(losses) to realized and unrealized investment gains/(losses).



	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)		December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014

Net assets		$	3,419.9		$	3,371.3		$	3,363.6		$	3,465.8		$	3,419.3		$	3,444.5		$	3,554.2		$	3,386.8
Less: Preference shares		(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)
Less: Non-controlling interest		(1.3		)	(1.3		)	(1.0		)	(0.5		)	(0.5		)	0.3			0.2			0.2
Total		$	2,862.8		$	2,814.2		$	2,806.8		$	2,909.5		$	2,863.0		$	2,889.0		$	2,998.6		$	2,831.2

Ordinary shares outstanding (in millions)		60.918			60.782			60.778			61.723			62.017			63.350			65.463			65.419
Ordinary shares and dilutive potential ordinary shares (in millions)		62.240			62.147			62.149			63.227			63.445			64.783			66.871			66.281

Book value per ordinary share		$	46.99		$	46.30		$	46.18		$	47.14		$	46.16		$	45.60		$	45.81		$	43.28
Diluted book value per ordinary share		$	46.00		$	45.28		$	45.16		$	46.02		$	45.13		$	44.60		$	44.84		$	42.72

The dilutive effect of options has been calculated using the treasury stock method. The treasury stock method assumes that the proceeds received from the exercise of options will be used to purchase the Company's ordinary shares at the average market price during the period of calculation.



		ASPEN INSURANCE HOLDINGS LIMITED
		Operating Income Reconciliation

Net income is adjusted to exclude after-tax change in net foreign exchange gains and losses, realized gains and losses in investments and non-recurring items.
			Three Months Ended						Twelve Months Ended
(in US$ millions except where stated)			December 31, 2015			December 31, 2014			December 31, 2015			December 31, 2014

Net income as reported			$	117.9		$	67.2		$	323.1		$	355.8
Net change attributable to non-controlling interest			—			(0.8		)	(0.8		)	(0.8		)
Preference share dividends			(9.4		)	(9.4		)	(37.8		)	(37.8		)
Net income available to ordinary shareholders			108.5			57.0			284.5			317.2
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(5.7		)	3.1			10.2			2.2
	Net realized (gains)/losses on investments		(28.2		)	1.0			(11.9		)	(18.0		)
	Non-recurring corporate expenses		—			—			—			28.5
Operating income after tax available to ordinary shareholders			74.6			61.1			282.8			329.9

Tax expense on operating income			1.2			0.4			13.8			12.7
Operating income before tax available to ordinary shareholders			$	75.8		$	61.5		$	296.6		$	342.6

Basic earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	1.78		$	0.92		$	4.64		$	4.92
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(0.09		)	0.05			0.17			0.03
	Net realized (gains)/losses on investments		(0.46		)	0.02			(0.19		)	(0.28		)
	Non-recurring corporate expenses		—			—			—			0.44
Operating income adjusted for preference shares dividends and non-controlling interest			$	1.23		$	0.99		$	4.62		$	5.11

Diluted earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	1.75		$	0.90		$	4.54		$	4.82
Add (deduct) after tax income:
	Net foreign exchange (gains)/losses		(0.09		)	0.05			0.16			0.03
	Net realized (gains)/losses on investments		(0.45		)	0.02			(0.19		)	(0.27		)
	Non-recurring corporate expenses		—			—			—			0.43
Operating income adjusted for preference shares dividends and non-controlling interest			$	1.21		$	0.97		$	4.51		$	5.01

Aspen Insurance Holdings Limited INVESTOR PRESENTATION FOURTH QUARTER 2015 Exhibit 99.3

AHL: NYSE 2 This slide presentation is for information purposes only. It should be read in conjunction with our financial supplement posted on our website on the Investor Relations page and with other documents filed or to be filed shortly by Aspen Insurance Holdings Limited (the “Company” or “Aspen”) with the U.S. Securities and Exchange Commission. Non-GAAP Financial Measures: In presenting Aspen's results, management has included and discussed certain “non-GAAP financial measures” as such term is defined in Regulation G. Management believes that these non-GAAP financial measures, which may be defined differently by other companies, better explain Aspen's results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures in accordance with Regulation G is included herein or in the financial supplement, as applicable, which can be obtained from the Investor Relations section of Aspen's website at www.aspen.co. Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995: This presentation contains written or oral "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “assume,” “objective,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “estimate,” “may,” “continue,” “guidance,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” "on track" and similar expressions of a future or forward-looking nature. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. Aspen believes these factors include, but are not limited to: our ability to successfully implement steps to further optimize the business portfolio, ensure capital efficiency and enhance investment returns; the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made (including economic and political risks) catastrophic or material loss events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; the assumptions and uncertainties underlying reserve levels that may be impacted by future payments for settlements of claims and expenses or by other factors causing adverse or favorable development, including our assumptions on inflation costs associated with long-tail casualty business which could differ materially from actual experience; the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; decreased demand for our insurance or reinsurance products and cyclical changes in the insurance and reinsurance industry; the models we use to assess our exposure to losses from future natural catastrophes contain inherent uncertainties and our actual losses may differ significantly from expectations; our capital models may provide materially different indications than actual results; increased competition from existing insurers and reinsurers and from alternative capital providers and insurance linked funds and collateralized special purpose insurers on the basis of pricing, capacity, coverage terms, new capital, binding authorities to brokers or other factors and the related demand and supply dynamics as contracts come up for renewal; our ability to execute our business plan to enter new markets, introduce new products and develop new distribution channels, including their integration into our existing operations; our acquisition strategy; the recent consolidation in the (re)insurance industry; loss of one or more of our senior underwriters or key personnel; changes in our ability to exercise capital management initiatives (including our share repurchase program) or to arrange banking facilities as a result of prevailing market conditions or changes in our financial position; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in general economic conditions, including inflation, deflation, foreign currency exchange rates, interest rates and other factors that could affect our financial results; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; the risks associated with the management of capital on behalf of investors; evolving issues with respect to interpretation of coverage after major loss events; our ability to adequately model and price the effects of climate cycles and climate change; any intervening legislative or governmental action and changing judicial interpretation and judgments on insurers’ liability to various risks; the risks related to litigation; the effectiveness of our risk management loss limitation methods, including our reinsurance purchasing; changes in the total industry losses, or our share of total industry losses, resulting from past events and, with respect to such events, our reliance on loss reports received from cedants and loss adjustors, our reliance on industry loss estimates and those generated by modeling techniques, changes in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law; the impact of one or more large losses from events other than natural catastrophes or by an unexpected accumulation of attritional losses and deterioration with loss estimates; the impact of acts of terrorism, acts of war and related legislation; any changes in our reinsurers’ credit quality and the amount and timing of reinsurance recoverables; the continuing and uncertain impact of the current depressed lower growth economic environment in many of the countries in which we operate; our reliance on information and technology and third- party service providers for our operations and systems; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; a decline in our operating subsidiaries’ ratings with S&P, A.M. Best or Moody’s; the failure of our reinsurers, policyholders, brokers or other intermediaries to honor their payment obligations; our reliance on the assessment and pricing of individual risks by third parties; our dependence on a few brokers for a large portion of our revenues; the persistence of heightened financial risks, including excess sovereign debt, the banking system and the Eurozone crisis; changes in government regulations or tax laws in jurisdictions where we conduct business; changes in accounting principles or policies or in the application of such accounting principles or policies; increased counterparty risk due to the credit impairment of financial institutions; and Aspen or Aspen Bermuda Limited becoming subject to income taxes in the United States or the United Kingdom. For a more detailed description of these uncertainties and other factors, please see the “Risk Factors” section in Aspen's Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on February 23, 2015. Aspen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. The actuarial range of reserves and management's best estimate represents a distribution from our internal capital model for reserving risk based on our then current state of knowledge and explicit and implicit assumptions relating to the incurred pattern of claims, the expected ultimate settlement amount, inflation and dependencies between lines of business. Due to the complexity of factors contributing to the losses and the preliminary nature of the information used to prepare these estimates, there can be no assurance that Aspen's ultimate losses will remain within the stated amount. SAFE HARBOR DISCLOSURE

AHL: NYSE 3 Property Cat Other Property Casualty Specialty 22% 29%23% 26% Property and Casualty Marine, Aviation and Energy Financial and Professional Lines 51% 24% 25% Reinsurance Insurance 42% 58% ASPEN OVERVIEW • Global specialty insurer and reinsurer with long-term track record of shareholder value creation • $3.0bn gross written premiums for year ended December 31, 2015 • Underwriting focused company with industry-leading underwriting expertise, risk aware and collaborative culture and team-based decision making • Prudent risk management: well-run, risk aware business building value in a controlled way • Clear strategy to create superior value through well- balanced business portfolio, enhancing investment returns and capital efficiency • Proven management team, disciplined risk management and balance sheet strength • Ratings/Outlook of A / Stable (S&P), A2 / Stable (Moody’s) and A Excellent/ Stable (A.M. Best) for Aspen’s operating subsidiaries 2015 INSURANCE BUSINESS LINES 2015 REINSURANCE BUSINESS LINES 2015 COMPANY BUSINESS MIX

AHL: NYSE 4Reinsurance Insurance Lloyd's 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $375 $1,307 $1,587 $2,093 $1,946 $1,819 $2,002 $2,067 $2,077 $2,208 $2,583 $2,647 $2,903 $2,997 A STEADILY DIVERSIFIED BUSINESS MIX (GWP in $m) Note: Included in Lloyd's is our Lloyd's insurance and reinsurance business as well as business written on the Lloyd's platform that is included in U.S. Insurance. 23% 77% 23% 77% 26% 74% 69% 38% 31% 37% 62% 63% 7% 37% 54% 30% 16% 47% 37% 16% 43% 41% 16% 40% 43% 17% 41% 42% 17% 11% 57% 56% 30% 14% 32% 56%

AHL: NYSE 5 Diluted BVPS Accumulated Dividends per Ordinary Share 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $18.73 $21.83 $27.08 $28.19 $34.14 $38.90 $38.21 $40.65 $40.90 $45.13 $46.00 $0.72 $1.32 $1.92 $2.52 $3.12 $3.72 $4.32 $4.98 $5.70 $6.50 $7.34 A STRONG TRACK RECORD OF CAPITAL RETURNED TO SHAREHOLDERS CAGR 10.6 %(2 ) • Built a diversified specialty insurer and reinsurer with strong track record • Average 10 year Operating ROE of 10.8%(1) • Delivered significant value to shareholders • Returned over $2bn to shareholders through ordinary dividends and share repurchases from inception through 2015 • Grew total assets to $11.0bn at 12/31/15 from $6.5bn at 12/31/05 (1) Average of annualized quarterly ROE from 2006 through 2015. (2) Compound Annual Growth Rate calculated to reflect total equity and accumulated dividends per ordinary share from 12/31/05 through 12/31/15.

AHL: NYSE 6 ASPEN RE – AN ESTABLISHED INDUSTRY LEADER (1) 2015 premiums from APAC, LatAM and MENA (2) See "Safe Harbor Disclosure", slide 2 2015 GWP $1.25 billion BY BUSINESS LINE• Deep and enduring relationships with well-chosen clients, significant industry expertise and excellent track record of performance • Innovative and thoughtful solutions; utilizing multi- line capabilities and Aspen Capital Markets to leverage third-party capital • Increasingly diversified portfolio across four sub- segments • Regional structure to meet increasing demand for local market solutions • Significant growth prospects in Asia-Pacific and Latin America, which accounted for 19% of total Reinsurance premiums in 2015(1) • Continued focus on research and development of new products, bringing innovation, deep expertise and fresh thinking to our markets and operations • Successful 1/1 renewals and new business opportunities reaffirm Aspen’s relevance, strategy and broad reach in a difficult market Property Cat Other Property Casualty Specialty 22% 29%23% 26% Aspen Re is a powerful contributor to ROE and has strong future prospects (2) PROPERTY CATASTROPHE OTHER PROPERTY • Treaty Catastrophe • Treaty Risk Excess • Treaty Pro Rata • Global Property Facultative CASUALTY SPECIALTY • US Casualty Treaty • Credit & Surety • International Casualty Treaty • Agriculture • Global Casualty Facultative • Other Specialty including Aviation, Energy and Marine

AHL: NYSE 7 Property and Casualty Marine, Aviation and Energy Financial and Professional Lines 51% 24% 25% ASPEN INSURANCE – LEADING SPECIALTY INSURER PROPERTY & CASUALTY MARINE, AVIATION AND ENERGY FINANCIAL & PROFESSIONAL LINES • UK Property & Construction • Aviation • Accident & Health • US Property • Energy • Crisis Management • UK Regional Property & Liability • Marine, Energy & Construction Liability • Credit and Political Risk • Global Casualty • Marine Hull • Professional Liability (Indemnity) • UK Casualty • Specie & Fine Art • Management Liability / Directors & Officers • US Casualty • US Marine Energy & Construction • Technology Liability & Data Protection Indemnity • Environmental Liability • US Surety • US Programs • Financial Institutions (1) See "Safe Harbor Disclosure", slide 2 2015 GWP $1.75 billion BY BUSINESS LINE • A growing force in global specialty insurance offering creative, customized solutions to complex risks, deep local knowledge and expertise, integrated claims and underwriting teams and select distribution. Built on two main specialty insurance platforms: • U.S. - Growing specialty insurance business; diversified portfolio with broadening range of product offerings; expanding network of offices throughout the U.S. • International - Highly respected lead expertise in many niche lines; portfolio comprises impressive variety of specialty products with business predominantly originating in Lloyd's and the London market; hubs in Bermuda, Zurich and Dublin Aspen Insurance continues to diversify and expand its global product offering(1)

AHL: NYSE 8 BUILT A DIVERSIFIED INTERNATIONAL INSURANCE PORTFOLIO Lloyd's UK Bermuda 55% 44% 1% Energy Physical Damage Aviation Credit and Political Risks Marine and Energy Liability Global Excess Casualty Financial and Corporate Risks Professional and Management Liability Marine Hull Specie Accident & Specialty Risks 14% 13% 2% 22% 5% 13% 14% 8% 3% 5% 2015 LLOYD'S GWP: $473m 2015 INTERNATIONAL INSURANCE TEAM GWP: $859m • International Insurance teams diversified by platform and line • With a more volatile rate environment than the U.S.: ▪ Teams remain disciplined and focused on better rated opportunities ▪ We reduced participation, even where that was at the cost of partial withdrawal from some markets

AHL: NYSE 9 2008 2009 2010 2011 2012 2013 2014 2015 $138 $230 $287 $361 $421 $439 $489 $507 LLOYD'S IS A KEY GROWTH ENGINE OF INTERNATIONAL INSURANCE BUSINESS CAGR 20% (1) See "Safe Harbor disclosure", slide 2 Note: Included above is our Lloyd's insurance and reinsurance business as well as business written on the Lloyd's platform that is included in U.S. Insurance. Premiums reported in British pounds converted to U.S. dollars at average exchange rate during the applicable year. Source: Syndicate reports ($m) • International Insurance teams generated close to $860m of premiums in 2015, with pre-eminent positions in targeted markets and offerings across a diverse range of risks and geographies • Lloyd’s of London platform increasingly fundamental for first-tier commercial insurers • Clients want access to Lloyd’s global footprint • Significant barrier to entry for new applicants; any new Syndicate’s business plan must be differentiated and accretive to Lloyd’s franchise to gain entry Aspen’s Lloyd’s Premium Well-established International Insurance platform, achieving strong contribution to ROE since inception(1)

AHL: NYSE 10 Property Casualty Professional Lines 60%25% 15% Programs Property Professional Liability Marine Energy Casualty Environmental Liability Management Liability Surety 24% 17% 16% 4% 7% 15% 9% 4%4% BUILT A DIVERSIFIED U.S. SPECIALTY INSURANCE PORTFOLIO 2010 U.S. INSURANCE TEAMS GWP: $167m 2015 U.S. INSURANCE TEAMS GWP: $890m • Diversified portfolio with broadening range of product offerings focused on delivering strong premium growth, solid underwriting margins, and a competitive G&A ratio • 2015: Net Earned Premium of $654m; G&A ratio of 14.9% • 2015 - Third consecutive year of underwriting profitability • Over $250m of net operating losses carried forward; can be applied against future U.S. Insurance profits(1) • Well positioned for continued profitable growth (1) See "Safe Harbor disclosure", slide 2

AHL: NYSE 11 CAPITAL EFFICIENCY: SUSTAINED RECORD OF PROACTIVE MANAGEMENT OF CAPITAL • Continued focus on responsible capital stewardship: hold more than regulatory and risk cpaital models suggest; return capital to shareholders when it is financially more attractive to do so than deploying elsewhere • Aspen's franchise has generated approximately $4bn of capital since inception • Returned to shareholders over $2bn of cumulative repurchases and ordinary dividends through December 31, 2015, including all ordinary shareholder funds raised at our Initial Public and Secondary Offerings • Steadily increased dividend growth over recent years, including 11% and 5% quarterly dividend increases in April 2014 and April 2015, respectively • Returned a cumulative 71% of operating income to shareholders since inception through 2015 ($ in mm) ~$2bn of Total Capital Returned through 2015 Cumulative Repurchases Cumulative Dividends 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 $8 $56 $313 $467 $617 $667 $1,122 $1,172 $1,282 $1,639 $1,870 $2,005

AHL: NYSE 12 CAREFUL INVESTMENT MANAGEMENT AND CONSISTENT INVESTMENT RETURNS 38% IG Credit 14% US Treasury 11% Cash & Short-Term 14% Agency MBS 9% Equities 6% Sovereign 4% Non US Agency 2% US Agency 1% ABS 1% Non US Govt Guaranteed 0.3% CMBS 0.3% Munis PORTFOLIO ALLOCATIONS December 31, 2015 100% = $8.5 billion(1) • Stable investment income and total return through all market cycles • Since 2011 have tactically built the risk asset portfolio and dynamically managed the positions • 12.6% of the portfolio invested in risk assets (including equities 8.7%, and BBB emerging market debt 3.5%) • Fixed income portfolio duration: 3.57 years (including swaps) (1) Excludes amounts attributable to variable interest entities; may not add to 100% due to rounding

AHL: NYSE 13 CONCLUSION: FOCUSED ON SHAREHOLDER VALUE • Deep underwriting expertise and understanding of client needs and risks • Pursuing selective, profitable growth in exposures we know and understand, subject to market conditions • Diversified platform allows us to focus on better rated opportunities as they arise, including: • Reinsurance ▪ Agriculture, Bond, Financial, Terrorism, Marine • Insurance ▪ Enhance our global product offering, especially in areas such as Environmental, Professional Liability, Technology Liability & Data Protection Indemity, Marine, and Crisis Management • Expected premium growth across diversified lines is projected to be greater than both growth in expenses and risk allocated capital which should equate to meaningful increased premium leverage(1) (1) See “Safe Harbor Disclosure” slide 2 Deliver growth in Operating ROE and Diluted Book Value Per Share over time(1)

APPENDIX

AHL: NYSE 15 UNDERWRITING EXPERTISE: ASPEN’S NATURAL CATASTROPHE EXPOSURES IN MAJOR PERIL ZONES AS AT JANUARY 1, 2016 100 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MILLIONS 1 in 100 year tolerance: 17.5% of total shareholders’ equity 1 in 250 year tolerance: 25.0% of total shareholders’ equity Based on Shareholders' equity of $3,418.6 million (excluding non-controlling interest) at December 31, 2015. The estimates reflect Aspen's own view of the modelled maximum losses (“PMLs”) at the return periods shown which include input from various third party vendor models, our own proprietary adjustments to these models, and planned reinsurance purchases. The U.S. regional WS PMLs reflect the outward reinsurance structures in place. Catastrophe loss experience may materially differ from the modelled PMLs due to limitations in one or more of the models or uncertainties in the application of policy terms and limits. $0 $100 $200 $300 $400 $500 $600 250 year return period as $m of Total Shareholder Equity U.S. Eastern Quake Japan All Perils Cascadia EQ European Wind Northeast and MidAtlantic WS Texas and Gulf WS Florida and Southeast WS California EQ $313 $138 $249 $283 $428 $455 $528 $469 • PMLs are net of reinsurance and Aspen Capital Markets' third-party capital • Enhanced disclosure of regional WS exposures $0 $100 $200 $300 $400 100 year return period as $m of Total Shareholder Equity U.S. Eastern Quake Japan All Perils Cascadia EQ European Wind Northeast and MidAtlantic WS Texas and Gulf WS Florida and Southeast WS California EQ $61 $116 $118 $189 $251 $270 $358 $363 1.8% 9.1% 3.4% 3.5% 4.0% 5.5% 7.3% 7.4% 8.3% 7.9% 12.5% 10.5% 10.6% 13.7% 13.3% 15.4% 250 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MILLIONS

Aspen Insurance Holdings Limited INVESTOR PRESENTATION FOURTH QUARTER 2015

Exhibit 99.4



	PRESS RELEASE

RICHARD BUCKNALL AND PETER O’FLINN WILL NOT STAND

FOR RE-ELECTION AS DIRECTORS OF ASPEN INSURANCE HOLDINGS LIMITED

HAMILTON, Bermuda – February 4, 2016 – Aspen Insurance Holdings Limited (“Aspen” or “the Company”) (NYSE: AHL) announced today that Richard Bucknall and Peter O’Flinn will not stand for re-election to the Company’s Board of Directors when their current terms expire at the next Annual General Meeting scheduled to take place on April 21, 2016. As a result, Messrs. Bucknall and O’Flinn will no longer serve as Class III Directors of the Company as at April 21, 2016 and the size of the Company’s Board of Directors will be reduced to 11.

Mr. Bucknall has been a Director of the Company since July 25, 2007 and is a member of the Audit Committee, the Corporate Governance and Nominating Committee and the Risk Committee. Mr. O’Flinn has been a Director of the Company since April 29, 2009 and is a member of the Audit Committee and the Chair of the Corporate Governance and Nominating Committee.

Glyn Jones, Chairman of the Board of Directors, said: “On behalf of the Board of Directors, I would like to thank Richard and Peter for their contributions to Aspen during their tenure. Both the Board and executive management have benefitted greatly from their excellent insights and robust and constructive inputs.”

- ENDS -

About Aspen Insurance Holdings Limited

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through its subsidiaries and offices in Australia, Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2014, Aspen reported $10.7 billion in total assets, $4.8 billion in gross reserves, $3.4 billion in total shareholders’ equity and $2.9 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard

& Poor’s Financial Services, an “A” (“Excellent”) by A.M. Best Company Inc. and an “A2” (“Good”) by Moody’s Investor Service, Inc.

Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995

This press release contains "forward-looking" statements regarding future results and events, including, without limitation, statements regarding Aspen’s Board of Directors. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar expressions of a future or forward-looking nature.

All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such statements. For a detailed description of uncertainties and other factors that could impact the forward-looking statements in this press release, please see the “Risk Factors” section in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission on February 23, 2015. Aspen undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information:

Please visit www.aspen.co or contact:

Investors

Mark Jones, Senior Vice President, Investor Relations, Aspen

[email protected]

+1 (646) 289 4945

Media

Karen Green, Office of the CEO, Aspen

[email protected]

+44 20 7184 8110

International – Citigate Dewe Rogerson North America – Abernathy MacGregor

Caroline Merrell or Jos Bieneman Carina Davidson or Erin Smith