Form 8-K ASPEN INSURANCE HOLDINGS For: Jul 27

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July 27, 2016 4:23 PM EDT

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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): July 27, 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 July 27, 2016, Aspen Insurance Holdings Limited (“Aspen” or the “Company”) issued a press release announcing results for the quarter and six months ended June 30, 2016, 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 six months ended June 30, 2016 is attached hereto as Exhibit 99.2.

Section 7 - Regulation FD

Item 7.01 Regulation FD Disclosure

On July 27, 2016, Aspen issued a press release announcing results for the quarter and six months ended June 30, 2016, which is attached hereto as Exhibit 99.1. A copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and six months ended June 30, 2016 is attached hereto as Exhibit 99.2.

In addition, the information about Aspen described in the slides attached hereto as Exhibit 99.3, to be used for reference during the earnings call to be held on July 28, 2016, will be presented by the Chief Executive Officer, the Chief Financial Officer and other members of Aspen’s senior management to various investors throughout the third quarter of 2016.

Safe Harbor for Forward-Looking Statements

Some of the statements in Exhibit 99.3 include forward-looking statements which reflect Aspen’s current views with respect to future events and financial performance. Such statements may include forward-looking statements both with respect to Aspen 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. Aspen intends 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 Aspen’s 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 Aspen undertakes 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:


99.1.	Press Release of the Registrant, dated July 27, 2016.


99.2.	Earnings Release Supplement for the quarter and six months ended June 30, 2016.


99.3.	Second Quarter 2016 Slide Presentation.

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: July 27, 2016	By:	/s/ Scott Kirk
	Name:	Scott Kirk
	Title:	Chief Financial Officer

Exhibit 99.1



	PRESS RELEASE

ASPEN REPORTS RESULTS FOR SECOND QUARTER AND

SIX MONTHS ENDED JUNE 30, 2016

Annualized Net Income Return on Equity of 7.2% for Second Quarter 2016 and 10.8% for First Half 2016

Annualized Operating Return on Equity of 3.2% for Second Quarter 2016 and 7.0% for First Half 2016

Diluted Book Value Per Share of $49.53, up 7.7% from December 31, 2015

Hamilton, Bermuda, July 27, 2016 - Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) reported today net income after tax of $64.9 million, or $0.89 per diluted share, and operating income after tax of $34.1 million, or $0.40 per diluted share, for the second quarter of 2016.

Chris O’Kane, Chief Executive Officer, commented, “Aspen achieved 7.7% growth in diluted book value per share and annualized operating ROE of 7.0% in the first half of 2016. We delivered this in the face of an eventful second quarter impacted by higher losses from natural catastrophes and other events. However, on an accident year ex-catastrophe basis, the performance of both our Insurance and Reinsurance segments improved considerably. Our new leadership teams at Aspen Re and Aspen Insurance remain focused on disciplined underwriting, identifying and capturing attractive opportunities for profitable growth in our diversified businesses around the globe which, we believe, will create long-term value for our shareholders.”⁽¹⁾

_____________________

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

(1) Refer to "Forward-looking Statements Safe Harbor" at the end of this press release.

Operating highlights for the quarter ended June 30, 2016


•	Gross written premiums increased by 10.9% to $801.7 million in the second quarter of 2016 compared with $722.8 million in the second quarter of 2015


•	Combined ratio of 100.7% for the second quarter of 2016 compared with 93.6% for the second quarter of 2015. Net favorable development on prior year loss reserves of $21.2 million, or 3.1 combined ratio points, for the second quarter of 2016 compared with $31.1 million, or 5.1 combined ratio points, in the comparable period


•	Pre-tax catastrophe losses, net of reinsurance recoveries and $3.1 million of reinstatement premiums, totaled $65.1 million, or 10.1 combined ratio points, in the second quarter of 2016 compared with $11.9 million, or 2.0 combined ratio points, of pre-tax catastrophe losses, net of reinsurance recoveries, in the second quarter of 2015

Operating highlights for the six months ended June 30, 2016


•	Gross written premiums increased by 8.2% to $1,777.4 million for the first half of 2016 compared with $1,642.0 million in the first half of 2015


•	Combined ratio of 96.2% for the first half of 2016 compared with 91.2% for the first half of 2015. Net favorable development on prior year loss reserves of $42.8 million, or 3.2 combined ratio points, for the first half of 2016 compared with $58.6 million, or 4.9 combined ratio points, for the first half of 2015


•	Pre-tax catastrophe losses, net of reinsurance recoveries and $3.1 million of reinstatement premiums, totaled $83.8 million, or 6.5 combined ratio points, in the first half of 2016 compared with $25.4 million, or 2.1 combined ratio points, of pre-tax catastrophe losses, net of reinsurance recoveries, in the first half of 2015

Financial highlights for the quarter and six months ended June 30, 2016


•	Annualized net income return on average equity of 7.2% and annualized operating return on average equity of 3.2% for the quarter ended June 30, 2016 compared with 5.6% and 8.8%, respectively, for the second quarter of 2015


•	Annualized net income return on average equity of 10.8% and annualized operating return on average equity of 7.0% for the first half of 2016 compared with 11.0% and 10.6%, respectively, for the first half of 2015


•	Net income per diluted share of $0.89 for the quarter ended June 30, 2016 compared with net income per diluted share of $0.62 for the quarter ended June 30, 2015, and net income per diluted share of $2.57 for the six months ended June 30, 2016 compared with net income per diluted share of $2.50 for the six months ended June 30, 2015


•	Operating income per diluted share of $0.40 for the quarter ended June 30, 2016 compared with operating income per diluted share of $0.99 for the quarter ended June 30, 2015, and operating income per diluted share of $1.68 for the six months ended June 30, 2016 compared with operating income per diluted share of $2.39 for the six months ended June 30, 2015


•	Diluted book value per share of $49.53 as at June 30, 2016 up 7.7% from December 31, 2015

Segment Highlights

Insurance

Operating highlights for Insurance for the quarter ended June 30, 2016 include:


•	Gross written premiums of $469.1 million, an increase of 1.5% compared with $462.1 million in the second quarter of 2015. Growth in the Financial and Professional Lines, and Property and Casualty sub-segments was offset by a decline in the Marine, Aviation and Energy sub-segment, which includes a number of lines that continue to be impacted by rate pressures


•	Loss ratio of 68.5% compared with 71.6% for the second quarter of 2015


•	Combined ratio of 103.4% compared with 103.6% for the second quarter of 2015


•	Prior year favorable reserve development of $7.4 million, or 1.9 combined ratio points, compared with prior year favorable reserve development of $7.0 million, or 2.1 combined ratio points, for the second quarter of 2015

The combined ratio of 103.4% for the second quarter of 2016 included $16.5 million, or 4.3 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries, from weather-related events in the U.S. The combined ratio for the second quarter of 2015 included $9.5 million, or 2.8 percentage points, of pre-tax catastrophe losses net of reinsurance recoveries.

For the quarter ended June 30, 2016, the Insurance accident year loss ratio excluding catastrophes was 66.1% compared with 70.9% a year ago. In the quarter there were approximately $41.7 million of mid-sized losses, including $25.7 million of energy-related losses, $11.8 million of fire-related losses and a $4.2 million aviation loss, which together equated to 10.9 percentage points on the accident year ex-cat loss ratio.

Stephen Postlewhite, CEO of Insurance, commented, “During the quarter, we continued to generate growth from select Financial and Professional lines, our new global lines, including Accident and Health, along with regional business in our UK Corporate P&C operation. We are focused on deploying capital to those areas where we are seeing better prospects, less rate pressure and less volatile experience. We improved our performance on an accident year ex-catastrophe basis and we continue to focus on delivering profitable growth.”⁽¹⁾

Reinsurance

Operating highlights for Reinsurance for the quarter ended June 30, 2016 include:

•

Gross written premiums of $332.6 million, an increase of 27.6% from $260.7 million in the second quarter of 2015. Premium growth was driven primarily by the Specialty and Property Catastrophe sub-segments and, to a lesser degree, by the Casualty sub-segment, while the Other Property sub-segment was largely unchanged. Adjusting for timing of renewals, contract adjustments and the inclusion of $12.0 million of premiums from AG Logic Holdings, LLC (“AgriLogic”), gross written premiums increased 6% compared with the second quarter of 2015


•	Loss ratio of 60.5% compared with 43.3% for the second quarter of 2015


•	Combined ratio of 90.5% compared with 75.3% for the second quarter of 2015


•	Prior year favorable reserve development of $13.8 million, or 4.6 combined ratio points, compared with $24.1 million prior year favorable reserve development, or 9.0 combined ratio points, for the second quarter of 2015

The combined ratio of 90.5% for the second quarter of 2016 included $48.6 million, or 17.4 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries and $3.1 million of reinstatement premiums, primarily as a result of wildfires in Canada, the earthquake in Japan and weather-related events in the U.S. The combined

ratio of 75.3% for the second quarter of 2015 included $2.4 million, or 0.9 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries.

For the quarter ended June 30, 2016, the Reinsurance accident year loss ratio excluding catastrophes was 47.7% compared with 51.4% a year ago.

Thomas Lillelund, CEO of Reinsurance, commented, "Aspen Re has continued to perform well and our results on an accident year ex-catastrophe loss basis showed good improvement year over year. We had successful mid-year renewals and our diversifying AgriLogic business performed well. While we remain disciplined and will walk away from business that does not meet our underwriting standards, we continue to find opportunities for profitable growth in select areas of business around the globe.”⁽¹⁾

Investment performance

Investment income of $48.0 million in the second quarter of 2016 increased by 2.8% compared to $46.7 million in the second quarter of 2015.

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 3.55 years as at June 30, 2016. The total return on Aspen’s aggregate investment portfolio was 1.44% for the three months ended June 30, 2016 and reflected gains in the fixed income and equity portfolios. In the first six months of 2016, Aspen's aggregate investment portfolio had a positive total return of 3.50%.

Book yield as at June 30, 2016 on the fixed income portfolio was 2.50% compared to 2.59% as at December 31, 2015.

Capital

Total shareholders’ equity was $3.6 billion as at June 30, 2016.

During the second quarter of 2016, Aspen repurchased 409,800 ordinary shares at an average price of $45.10 per share for a cost of $18.5 million. Since the beginning of 2016, through to July 26, Aspen has repurchased 1,122,328 ordinary shares at an average price of $44.55 per share for a total cost of $50.0 million.

Aspen had $366.3 million remaining under its current share repurchase authorization as at July 26, 2016.

Earnings conference call and webcast

Aspen will host a conference call to discuss the results at 8:00 am (ET) on Thursday, July 28, 2016.

To participate in the July 28 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 10087751

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 10087751

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

Steve Colton, Group Head of Communications, Aspen

[email protected]

+44 20 7184 8337

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 June 30, 2016		As at December 31, 2015

ASSETS
Total investments		$	7,903.5	$	7,712.2
Cash and cash equivalents		1,038.8		1,099.5
Reinsurance recoverables		636.6		523.7
Premiums receivable		1,428.5		1,115.6
Other assets		779.5		597.8
	Total assets	$	11,786.9	$	11,048.8

LIABILITIES
Losses and loss adjustment expenses		$	5,181.5	$	4,938.2
Unearned premiums		1,819.4		1,587.2
Other payables		515.8		451.3
Silverton loan notes		104.1		103.0
Long-term debt		549.3		549.2
	Total liabilities	$	8,170.1	$	7,628.9

SHAREHOLDERS’ EQUITY
Total shareholders’ equity		3,616.8		3,419.9
Total liabilities and shareholders’ equity		$	11,786.9	$	11,048.8

Book value per share		$	50.71	$	46.99
Diluted book value per share (treasury stock method)		$	49.53	$	46.00

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



		Three Months Ended
		June 30, 2016			June 30, 2015
UNDERWRITING REVENUES
Gross written premiums		$	801.7		$	722.8
Premiums ceded		(76.9		)	(78.4		)
Net written premiums		724.8			644.4
Change in unearned premiums		(44.0		)	(35.0		)
Net earned premiums		680.8			609.4
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		442.2			360.5
Amortization of deferred policy acquisition costs		126.7			114.1
General, administrative and corporate expenses		116.4			95.4
Total underwriting expenses		685.3			570.0
Underwriting income including corporate expenses		(4.5		)	39.4
OTHER OPERATING REVENUE
Net investment income		48.0			46.7
Interest expense		(7.4		)	(7.3		)
Other (expense)		(1.0		)	(2.7		)
Total other operating revenue		39.6			36.7

OPERATING INCOME BEFORE TAX		35.1			76.1

Net realized and unrealized exchange (losses)		(5.4		)	(9.4		)
Net realized and unrealized investment gains (losses)		36.5			(15.5		)
INCOME BEFORE TAX		66.2			51.2
Income tax expense		(1.3		)	(2.2		)
NET INCOME AFTER TAX		64.9			49.0
Dividends paid on ordinary shares		(13.4		)	(13.0		)
Dividends paid on preference shares		(9.4		)	(9.4		)
Proportion due to non-controlling interest		(0.4		)	(0.5		)
Retained income		$	41.7		$	26.1
Components of net income (after tax)
	Operating income	$	34.1		$	72.2
	Net realized and unrealized exchange (losses) after tax	(4.9		)	(7.5		)
	Net realized investment gains (losses) after tax	35.7			(15.7		)
NET INCOME AFTER TAX		$	64.9		$	49.0

Loss ratio		65.0		%	59.2		%
Policy acquisition expense ratio		18.6		%	18.7		%
General, administrative and corporate expense ratio		17.1		%	15.7		%
Expense ratio		35.7		%	34.4		%
Combined ratio		100.7		%	93.6		%

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



		Six Months Ended
		June 30, 2016			June 30, 2015
UNDERWRITING REVENUES
Gross written premiums		$	1,777.4		$	1,642.0
Premiums ceded		(252.9		)	(234.4		)
Net written premiums		1,524.5			1,407.6
Change in unearned premiums		(180.6		)	(204.6		)
Net earned premiums		1,343.9			1,203.0
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		799.6			666.6
Amortization of deferred policy acquisition costs		256.9			233.4
General, administrative and corporate expenses		236.2			197.6
Total underwriting expenses		1,292.7			1,097.6
Underwriting income including corporate expenses		51.2			105.4
OTHER OPERATING REVENUE
Net investment income		97.5			94.1
Interest expense		(14.8		)	(14.7		)
Other (expense)		(4.0		)	(4.3		)
Total other operating revenue		78.7			75.1

OPERATING INCOME BEFORE TAX		129.9			180.5

Net realized and unrealized exchange (losses)		(25.5		)	(20.4		)
Net realized and unrealized investment gains		78.7			24.2
INCOME BEFORE TAX		183.1			184.3
Income tax expense		(3.8		)	(7.3		)
NET INCOME AFTER TAX		179.3			177.0
Dividends paid on ordinary shares		(26.2		)	(25.4		)
Dividends paid on preference shares		(18.9		)	(18.9		)
Proportion due to non-controlling interest		(0.2		)	(0.5		)
Retained income		$	134.0		$	132.2
Components of net income (after tax)
	Operating income	$	124.0		$	170.2
	Net realized and unrealized exchange (losses) after tax	(21.8		)	(17.3		)
	Net realized investment gains after tax	77.1			24.1
NET INCOME AFTER TAX		$	179.3		$	177.0

Loss ratio		59.5		%	55.4		%
Policy acquisition expense ratio		19.1		%	19.4		%
General, administrative and corporate expense ratio		17.6		%	16.4		%
Expense ratio		36.7		%	35.8		%
Combined ratio		96.2		%	91.2		%

Aspen Insurance Holdings Limited

Summary consolidated financial data (unaudited)

$ in millions, except number of shares



		Three Months Ended				Six Months Ended
		June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015

Basic earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$0.91		$0.64		$2.64		$2.55
	Operating income adjusted for preference share dividend and non-controlling interest		$0.40		$1.02		$1.73		$2.44
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$0.89		$0.62		$2.57		$2.50
	Operating income adjusted for preference share dividend and non-controlling interest		$0.40		$0.99		$1.68		$2.39

Weighted average number of ordinary shares outstanding (in millions)		60.705		61.409		60.772		61.776

Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		62.192		62.897		62.263		63.165

Book value per ordinary share			$50.71		$46.18		$50.71		$46.18
Diluted book value per ordinary share (treasury stock method)			$49.53		$45.16		$49.53		$45.16

Ordinary shares outstanding at end of the period (in millions)		60.329		60.778		60.329		60.778

Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		61.767		62.149		61.767		62.149

Aspen Insurance Holdings Limited

Summary consolidated segment information (unaudited)

$ in millions, except ratios



		Three Months Ended June 30, 2016									Three Months Ended June 30, 2015
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	332.6		$	469.1		$	801.7		$	260.7		$	462.1		$	722.8
Net written premiums		306.8			418.0			724.8			238.2			406.2			644.4
Gross earned premiums		329.8			454.7			784.5			287.2			423.2			710.4
Net earned premiums		299.4			381.4			680.8			268.3			341.1			609.4
Losses and loss adjustment expenses		181.1			261.1			442.2			116.3			244.2			360.5
Policy acquisition expenses		50.7			76.0			126.7			50.4			63.7			114.1
General and administrative expenses		39.1			57.2			96.3			35.4			45.2			80.6
Underwriting income/(loss)		$	28.5		$	(12.9	)	$	15.6		$	66.2		$	(12.0	)	$	54.2

Net investment income								48.0									46.7
Net realized and unrealized investment gains (losses) ⁽¹⁾								36.5									(15.5		)
Corporate expenses								(20.1		)							(14.8		)
Other (expense) ⁽²⁾								(1.0		)							(2.7		)
Interest expense								(7.4		)							(7.3		)
Net realized and unrealized foreign exchange (losses) ⁽³⁾								(5.4		)							(9.4		)
Income before tax								$	66.2								$	51.2
Income tax expense								(1.3		)							(2.2		)
Net income								$	64.9								$	49.0

Ratios
Loss ratio		60.5		%	68.5		%	65.0		%	43.3		%	71.6		%	59.2		%
	Policy acquisition expense ratio	16.9		%	19.9		%	18.6		%	18.8		%	18.7		%	18.7		%
	General and administrative expense ratio ⁽⁴⁾	13.1		%	15.0		%	17.1		%	13.2		%	13.3		%	15.7		%
Expense ratio		30.0		%	34.9		%	35.7		%	32.0		%	32.0		%	34.4		%
Combined ratio		90.5		%	103.4		%	100.7		%	75.3		%	103.6		%	93.6		%

⁽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 second quarter of 2016 and second quarter of 2015 included $0.5 million of income and $3.3 million of expense, 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



		Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	850.2		$	927.2		$	1,777.4		$	745.5		$	896.5		$	1,642.0
Net written premiums		756.3			768.2			1,524.5			680.3			727.3			1,407.6
Gross earned premiums		636.6			900.3			1,536.9			553.0			838.3			1,391.3
Net earned premiums		579.7			764.2			1,343.9			517.7			685.3			1,203.0
Losses and loss adjustment expenses		315.6			484.0			799.6			221.8			444.8			666.6
Policy acquisition expenses		110.1			146.8			256.9			103.8			129.6			233.4
General and administrative expenses		83.2			115.8			199.0			67.8			100.5			168.3
Underwriting income		$	70.8		$	17.6		$	88.4		$	124.3		$	10.4		$	134.7

Net investment income								97.5									94.1
Net realized and unrealized investment gains ⁽¹⁾								78.7									24.2
Corporate expenses								(37.2		)							(29.3		)
Other (expense) ⁽²⁾								(4.0		)							(4.3		)
Interest expense								(14.8		)							(14.7		)
Net realized and unrealized foreign exchange (losses) ⁽³⁾								(25.5		)							(20.4		)
Income before tax								$	183.1								$	184.3
Income tax expense								(3.8		)							(7.3		)
Net income								$	179.3								$	177.0

Ratios
Loss ratio		54.4		%	63.3		%	59.5		%	42.8		%	64.9		%	55.4		%
	Policy acquisition expense ratio	19.0		%	19.2		%	19.1		%	20.1		%	18.9		%	19.4		%
	General and administrative expense ratio ⁽⁴⁾	14.4		%	15.2		%	17.6		%	13.1		%	14.7		%	16.4		%
Expense ratio		33.4		%	34.4		%	36.7		%	33.2		%	33.6		%	35.8		%
Combined ratio		87.8		%	97.7		%	96.2		%	76.0		%	98.5		%	91.2		%

⁽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 first half of 2016 and first half 2015 included $3.9 million and $6.2 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, Canada, France, Germany, Ireland, Singapore, Switzerland, the United Arab Emirates, 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 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,” “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.

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 vote by the U.K. electorate in favor of a U.K. exit from the European Union in a recent referendum; 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; changes in market conditions in the agriculture industry, which may vary depending upon demand for agricultural products, weather, commodity prices, natural disasters, and changes in legislation and policies related to agricultural products and producers; termination of, or changes in, the terms of the U.S. Federal Multiple Peril Crop Insurance Program or the U.S. Farm Bill, including modifications to the Standard Reinsurance Agreement put in place by the Risk Management Agency of the U.S. Department of Agriculture; 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 (the "SEC") on February 19, 2016. 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.” 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 measure is included in the financial supplement, which can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co and is filed with the SEC on Form 8-K on July 27, 2016.

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 and is filed with the SEC on Form 8-K on July 27, 2016.

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.

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 and is filed with the SEC on Form 8-K on July 27, 2016.

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 and is filed with the SEC on Form 8-K on July 27, 2016.

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 first half of 2016 as losses associated predominantly with the wildfires in Canada, weather-related events in the U.S. and several earthquakes. Catastrophe losses in the comparable period of 2015 were defined as losses associated with North American weather-related events and other losses associated predominantly with European 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 June 30, 2016

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, 2015. 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". 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 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.

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 first half of 2016 as losses associated predominantly with the wildfires in Canada, weather-related events in the U.S. and several earthquakes and in the first half of 2015 as losses predominantly associated with North American weather-related events and other losses associated with European 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 June 30,								Six Months Ended June 30,
(in US$ millions except for percentages, share and per share amounts)		2016			2015			Change		2016			2015			Change
Gross written premium		$	801.7		$	722.8		10.9	%	$	1,777.4		$	1,642.0		8.2	%
Net written premium		$	724.8		$	644.4		12.5	%	$	1,524.5		$	1,407.6		8.3	%
Net earned premium		$	680.8		$	609.4		11.7	%	$	1,343.9		$	1,203.0		11.7	%
Net income after tax		$	64.9		$	49.0		32.4	%	$	179.3		$	177.0		1.3	%
Operating income after tax		$	34.1		$	72.2		(52.8	)%	$	124.0		$	170.2		(27.1	)%
Net investment income		$	48.0		$	46.7		2.8	%	$	97.5		$	94.1		3.6	%
Underwriting (loss)/income		$	(4.5	)	$	39.4		(111.4	)%	$	51.2		$	105.4		(51.4	)%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend and non-controlling interest		$	0.91		$	0.64		42.2	%	$	2.64		$	2.55		3.5	%
Operating income adjusted for preference share dividend and non-controlling interest		$	0.40		$	1.02		(60.8	)%	$	1.73		$	2.44		(29.1	)%
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and non-controlling interest		$	0.89		$	0.62		43.5	%	$	2.57		$	2.50		2.8	%
Operating income adjusted for preference share dividend and non-controlling interest		$	0.40		$	0.99		(59.6	)%	$	1.68		$	2.39		(29.7	)%
Weighted average number of ordinary shares outstanding (in millions of shares)		60.705			61.409			(1.1	)%	60.772			61.776			(1.6	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		62.192			62.897			(1.1	)%	62.263			63.165			(1.4	)%
Book value per ordinary share		$	50.71		$	46.18		9.8	%	$	50.71		$	46.18		9.8	%
Diluted book value per ordinary share		$	49.53		$	45.16		9.7	%	$	49.53		$	45.16		9.7	%
Ordinary shares outstanding at June 30, 2016 and June 30, 2015 (in millions of shares)		60.329			60.778			(0.7	)%	60.329			60.778			(0.7	)%
Diluted ordinary shares outstanding at June 30, 2016 and June 30, 2015 (in millions of shares)		61.767			62.149			(0.6	)%	61.767			62.149			(0.6	)%
Underwriting Ratios
Loss ratio		65.0		%	59.2		%			59.5		%	55.4		%
Policy acquisition expense ratio		18.6		%	18.7		%			19.1		%	19.4		%
General, administrative and corporate expense ratio		17.1		%	15.7		%			17.6		%	16.4		%
Expense ratio		35.7		%	34.4		%			36.7		%	35.8		%
Combined ratio		100.7		%	93.6		%			96.2		%	91.2		%
Return On Equity
Average equity ⁽¹⁾		$	3,029.9		$	2,866.6				$	2,977.9		$	2,871.8
Return on average equity
Net income adjusted for preference share dividend and non-controlling interest		1.8		%	1.4		%			5.4		%	5.5		%
Operating income adjusted for preference share dividend and non-controlling interest		0.8		%	2.2		%			3.5		%	5.3		%
Annualized return on average equity
Net income		7.2		%	5.6		%			10.8		%	11.0		%
Operating income		3.2		%	8.8		%			7.0		%	10.6		%

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)		Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015
UNDERWRITING REVENUES
Gross written premiums		$	801.7		$	975.7		$	634.8		$	720.5		$	722.8		$	919.2
Premiums ceded		(76.9		)	(176.0		)	(48.0		)	(68.7		)	(78.4		)	(156.0		)
Net written premiums		724.8			799.7			586.8			651.8			644.4			763.2
Change in unearned premiums		(44.0		)	(136.6		)	42.9			(11.2		)	(35.0		)	(169.6		)
Net earned premiums		680.8			663.1			629.7			640.6			609.4			593.6
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		442.2			357.4			334.0			365.6			360.5			306.1
Amortization of deferred policy acquisition costs		126.7			130.2			118.2			132.0			114.1			119.3
General, administrative and corporate expenses		116.4			119.8			125.9			100.5			95.4			102.2
Total underwriting expenses		685.3			607.4			578.1			598.1			570.0			527.6
Underwriting income including corporate expenses		(4.5		)	55.7			51.6			42.5			39.4			66.0
OTHER OPERATING REVENUE AND EXPENSES
Net investment income		48.0			49.5			46.4			45.0			46.7			47.4
Interest expense		(7.4		)	(7.4		)	(7.4		)	(7.4		)	(7.3		)	(7.4		)
Other (expense)		(1.0		)	(3.0		)	(5.4		)	(10.6		)	(2.7		)	(1.6		)
Total other operating revenue		39.6			39.1			33.6			27.0			36.7			38.4
OPERATING INCOME BEFORE TAX		35.1			94.8			85.2			69.5			76.1			104.4
Net realized and unrealized exchange (losses)/gains ⁽¹⁾		(5.4		)	(20.1		)	6.1			4.5			(9.4		)	(11.0		)
Net realized and unrealized investment gains/(losses)⁽²⁾		36.5			42.2			31.9			(44.0		)	(15.5		)	39.7
INCOME BEFORE TAX		66.2			116.9			123.2			30.0			51.2			133.1
Income tax expense		(1.3		)	(2.5		)	(5.3		)	(1.8		)	(2.2		)	(5.1		)
NET INCOME AFTER TAX		64.9			114.4			117.9			28.2			49.0			128.0
Dividends paid on ordinary shares		(13.4		)	(12.8		)	(12.8		)	(12.7		)	(13.0		)	(12.4		)
Dividends paid on preference shares		(9.4		)	(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)
Dividends paid to non-controlling interest		—			—			(0.1		)	—			—			—
Proportion due to non-controlling interest		(0.4		)	0.2			—			(0.3		)	(0.5		)	—
Retained income		$	41.7		$	92.3		$	95.6		$	5.7		$	26.1		$	106.1
Components of net income after tax
Operating income		34.1			89.9			84.0			67.2			72.2			98.0
Net realized and unrealized exchange (losses)/gains after tax ⁽¹⁾		(4.9		)	(16.9		)	5.7			1.4			(7.5		)	(9.8		)
Net realized and unrealized investment gains/(losses) after tax ⁽²⁾		35.7			41.4			28.2			(40.4		)	(15.7		)	39.8
NET INCOME AFTER TAX		$	64.9		$	114.4		$	117.9		$	28.2		$	49.0		$	128.0
Loss ratio		65.0		%	53.9		%	53.0		%	57.1		%	59.2		%	51.6		%
Policy acquisition expense ratio		18.6		%	19.6		%	18.8		%	20.6		%	18.7		%	20.1		%
General, administrative and corporate expense ratio		17.1		%	18.1		%	20.0		%	15.7		%	15.7		%	17.2		%
Expense ratio		35.7		%	37.7		%	38.8		%	36.3		%	34.4		%	37.3		%
Combined ratio		100.7		%	91.6		%	91.8		%	93.4		%	93.6		%	88.9		%
Basic earnings per share⁽³⁾		$	0.91		$	1.73		$	1.78		$	0.30		$	0.64		$	1.91
Diluted earnings per share ⁽³⁾		$	0.89		$	1.68		$	1.75		$	0.30		$	0.62		$	1.87
Annualized return on average equity
Net income		7.2		%	14.4		%	15.2		%	2.8		%	5.6		%	16.4		%
Operating income		3.2		%	11.2		%	10.4		%	8.4		%	8.8		%	12.4		%
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 preference share dividends and non-controlling interest.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
			Six Months Ended June 30,
			2016			2015
UNDERWRITING REVENUES
Gross written premiums			$	1,777.4		$	1,642.0
Premiums ceded			(252.9		)	(234.4		)
Net written premiums			1,524.5			1,407.6
Change in unearned premiums			(180.6		)	(204.6		)
Net earned premiums			1,343.9			1,203.0
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			799.6			666.6
Amortization of deferred policy acquisition costs			256.9			233.4
General, administrative and corporate expenses			236.2			197.6
Total underwriting expenses			1,292.7			1,097.6
Underwriting income including corporate expenses			51.2			105.4
OTHER OPERATING REVENUE AND EXPENSES
Net investment income			97.5			94.1
Interest expense			(14.8		)	(14.7		)
Other (expense)			(4.0		)	(4.3		)
Total other operating revenue			78.7			75.1
OPERATING INCOME BEFORE TAX			129.9			180.5
Net realized and unrealized exchange (losses)⁽¹⁾			(25.5		)	(20.4		)
Net realized and unrealized investment gains⁽²⁾			78.7			24.2
INCOME BEFORE TAX			183.1			184.3
Income tax expense			(3.8		)	(7.3		)
NET INCOME AFTER TAX			179.3			177.0
Dividends paid on ordinary shares			(26.2		)	(25.4		)
Dividends paid on preference shares			(18.9		)	(18.9		)
Proportion due to non-controlling interest			(0.2		)	(0.5		)
Retained income			$	134.0		$	132.2
Components of net income after tax
	Operating income		124.0			170.2
	Net realized and unrealized exchange (losses) after tax ⁽¹⁾		(21.8		)	(17.3		)
	Net realized and unrealized investment gains after tax ⁽²⁾		77.1			24.1
NET INCOME AFTER TAX			$	179.3		$	177.0
Loss ratio			59.5		%	55.4		%
	Policy acquisition expense ratio		19.1		%	19.4		%
	General, administrative and corporate expense ratio		17.6		%	16.4		%
Expense ratio			36.7		%	35.8		%
Combined ratio			96.2		%	91.2		%

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)		June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015

Investments
Fixed income securities		$	6,965.9	$	6,960.5	$	6,739.1	$	6,496.4	$	6,407.4	$	6,339.2
Equity securities		785.6		757.8		736.4		696.3		729.3		719.0
Other investments		8.7		8.9		8.9		9.5		9.5		9.5
Catastrophe bonds		21.5		46.1		55.4		36.7		32.3		32.8
Short-term investments		121.8		143.0		172.4		183.2		185.2		180.9
Total investments		7,903.5		7,916.3		7,712.2		7,422.1		7,363.7		7,281.4
Cash and cash equivalents		1,038.8		903.1		1,099.5		1,196.7		1,148.4		1,225.9
Reinsurance recoverables
Unpaid losses		410.4		366.0		354.8		348.7		337.3		360.1
Ceded unearned premiums		226.2		243.6		168.9		224.6		257.1		276.4
Receivables
Underwriting premiums		1,428.5		1,339.1		1,115.6		1,208.4		1,249.9		1,264.8
Other		124.6		117.9		94.3		108.7		108.1		92.1
Funds withheld		46.0		39.6		36.0		39.0		44.5		46.1
Deferred policy acquisition costs		409.1		407.7		361.1		346.8		349.0		333.8
Derivatives at fair value		12.9		10.9		9.2		9.2		4.1		2.1
Receivable for securities sold		30.0		1.9		0.6		6.7		5.5		0.3
Office properties and equipment		83.9		83.2		70.6		68.7		65.6		61.9
Taxation		—		—		3.7		—		0.9		—
Other assets		1.0		1.8		4.1		5.9		1.9		18.2
Intangible assets and goodwill		72.0		74.3		18.2		18.2		18.2		18.2
Total assets		$	11,786.9	$	11,505.4	$	11,048.8	$	11,003.7	$	10,954.2	$	10,981.3
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	5,181.5	$	5,011.5	$	4,938.2	$	4,913.9	$	4,815.9	$	4,698.9
Unearned premiums		1,819.4		1,804.0		1,587.2		1,686.9		1,702.8		1,665.1
Total insurance reserves		7,000.9		6,815.5		6,525.4		6,600.8		6,518.7		6,364.0
Payables
Reinsurance premiums		142.7		148.9		92.7		135.6		164.5		171.5
Taxation		28.5		19.2		10.8		22.7		32.1		34.8
Accrued expenses and other payables		333.1		293.3		343.8		237.7		242.7		308.6
Liabilities under derivative contracts		11.5		17.6		4.0		1.9		7.2		11.5
Total payables		515.8		479.0		451.3		397.9		446.5		526.4
Loan notes issued by variable interest entities, at fair value		104.1		104.5		103.0		84.5		76.2		76.0
Long-term debt		549.3		549.3		549.2		549.2		549.2		549.1
Total liabilities		8,170.1		7,948.3		7,628.9		7,632.4		7,590.6		7,515.5
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1		0.1
Non-controlling interest		1.5		1.1		1.3		1.3		1.0		0.5
Preference shares		—		—		—		—		—		—
Additional paid-in capital		1,040.5		1,055.9		1,075.3		1,068.3		1,061.7		1,106.0
Retained earnings		2,417.6		2,375.9		2,283.6		2,188.0		2,182.3		2,156.2
Accumulated other comprehensive income, net of taxes		157.1		124.1		59.6		113.6		118.5		203.0
Total shareholders’ equity		3,616.8		3,557.1		3,419.9		3,371.3		3,363.6		3,465.8
Total liabilities and shareholders’ equity		$	11,786.9	$	11,505.4	$	11,048.8	$	11,003.7	$	10,954.2	$	10,981.3

Book value per ordinary share		$	50.71	$	49.45	$	46.99	$	46.30	$	46.18	$	47.14
Book value per diluted ordinary share		$	49.53	$	48.22	$	46.00	$	45.28	$	45.16	$	46.02

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
		Earnings Per Share and Book Value Per Share

			Three Months Ended				Six Months Ended
(in US$ except for number of shares)			June 30, 2016		June 30, 2015		June 30, 2016		June 30, 2015

Basic earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$	0.91	$	0.64	$	2.64	$	2.55
	Operating income adjusted for preference share dividend and non-controlling interest		$	0.40	$	1.02	$	1.73	$	2.44
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend and non-controlling interest		$	0.89	$	0.62	$	2.57	$	2.50
	Operating income adjusted for preference share dividend and non-controlling interest		$	0.40	$	0.99	$	1.68	$	2.39

Weighted average number of ordinary shares outstanding (in millions)			60.705		61.409		60.772		61.776
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			62.192		62.897		62.263		63.165

Book value per ordinary share			$	50.71	$	46.18	$	50.71	$	46.18
Diluted book value per ordinary share			$	49.53	$	45.16	$	49.53	$	45.16

Ordinary shares outstanding at end of the period (in millions)			60.329		60.778		60.329		60.778
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			61.767		62.149		61.767		62.149

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						Six Months Ended
(in US$ millions except for percentages)			June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015

Average shareholders' equity			$	3,587.0		$	3,423.2		$	3,535.0		$	3,428.2
Average non-controlling interest			(1.3		)	(0.8		)	(1.3		)	(0.6		)
Average preference shares			(555.8		)	(555.8		)	(555.8		)	(555.8		)
Average ordinary shareholders' equity			$	3,029.9		$	2,866.6		$	2,977.9		$	2,871.8
Return on average equity:
	Net income adjusted for preference share dividend and non-controlling interest		1.8		%	1.4		%	5.4		%	5.5		%
	Operating income adjusted for preference share dividend and non-controlling interest		0.8		%	2.2		%	3.5		%	5.3		%
Annualized return on average equity:
	Net income		7.2		%	5.6		%	10.8		%	11.0		%
	Operating income		3.2		%	8.8		%	7.0		%	10.6		%
Components of return on average equity:
	Return on average equity from underwriting activity⁽¹⁾		(0.1		)%	1.4		%	1.5		%	3.7		%
	Return on average equity from investment and other activity ⁽²⁾		0.9		%	1.0		%	2.2		%	2.0		%
	Pre-tax operating income return on average equity ⁽³⁾		0.8		%	2.3		%	3.7		%	5.6		%
	Post-tax operating income return on average equity ⁽⁴⁾		0.8		%	2.2		%	3.5		%	5.3		%

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 June 30, 2016									Three Months Ended June 30, 2015
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	332.6		$	469.1		$	801.7		$	260.7		$	462.1		$	722.8
Net written premiums		306.8			418.0			724.8			238.2			406.2			644.4
Gross earned premiums		329.8			454.7			784.5			287.2			423.2			710.4
Net earned premiums		299.4			381.4			680.8			268.3			341.1			609.4
Losses and loss adjustment expenses		181.1			261.1			442.2			116.3			244.2			360.5
Amortization of deferred policy acquisition costs		50.7			76.0			126.7			50.4			63.7			114.1
General and administrative expenses		39.1			57.2			96.3			35.4			45.2			80.6
Underwriting income/(loss)		$	28.5		$	(12.9	)	$	15.6		$	66.2		$	(12.0	)	$	54.2
Net investment income								48.0									46.7
Net realized and unrealized investment gains/(losses) ⁽¹⁾								36.5									(15.5		)
Corporate expenses								(20.1		)							(14.8		)
Other (expense)								(1.0		)							(2.7		)
Interest expense								(7.4		)							(7.3		)
Net realized and unrealized foreign exchange (losses) ⁽²⁾								(5.4		)							(9.4		)
Income before tax								$	66.2								$	51.2
Income tax expense								(1.3		)							(2.2		)
Net income								$	64.9								$	49.0
Ratios
Loss ratio		60.5		%	68.5		%	65.0		%	43.3		%	71.6		%	59.2		%
Policy acquisition expense ratio		16.9		%	19.9		%	18.6		%	18.8		%	18.7		%	18.7		%
General and administrative expense ratio ⁽³⁾		13.1		%	15.0		%	17.1		%	13.2		%	13.3		%	15.7		%
Expense ratio		30.0		%	34.9		%	35.7		%	32.0		%	32.0		%	34.4		%
Combined ratio		90.5		%	103.4		%	100.7		%	75.3		%	103.6		%	93.6		%

(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

		Six Months Ended June 30, 2016									Six Months Ended June 30, 2015
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	850.2		$	927.2		$	1,777.4		$	745.5		$	896.5		$	1,642.0
Net written premiums		756.3			768.2			1,524.5			680.3			727.3			1,407.6
Gross earned premiums		636.6			900.3			1,536.9			553.0			838.3			1,391.3
Net earned premiums		579.7			764.2			1,343.9			517.7			685.3			1,203.0
Losses and loss adjustment expenses		315.6			484.0			799.6			221.8			444.8			666.6
Amortization of deferred policy acquisition costs		110.1			146.8			256.9			103.8			129.6			233.4
General and administrative expenses		83.2			115.8			199.0			67.8			100.5			168.3
Underwriting income		$	70.8		$	17.6		$	88.4		$	124.3		$	10.4		$	134.7
Net investment income								97.5									94.1
Net realized and unrealized investment gains ⁽¹⁾								78.7									24.2
Corporate expenses								(37.2		)							(29.3		)
Other (expense)								(4.0		)							(4.3		)
Interest expense								(14.8		)							(14.7		)
Net realized and unrealized foreign exchange (losses) ⁽²⁾								(25.5		)							(20.4		)
Income before tax								$	183.1								$	184.3
Income tax expense								(3.8		)							(7.3		)
Net income								$	179.3								$	177.0
Ratios
Loss ratio		54.4		%	63.3		%	59.5		%	42.8		%	64.9		%	55.4		%
Policy acquisition expense ratio		19.0		%	19.2		%	19.1		%	20.1		%	18.9		%	19.4		%
General and administrative expense ratio ⁽³⁾		14.4		%	15.2		%	17.6		%	13.1		%	14.7		%	16.4		%
Expense ratio		33.4		%	34.4		%	36.7		%	33.2		%	33.6		%	35.8		%
Combined ratio		87.8		%	97.7		%	96.2		%	76.0		%	98.5		%	91.2		%

(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)		Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015

Gross written premiums		$	332.6		$	517.6		$	186.8		$	316.6		$	260.7		$	484.8
Net written premiums		306.8			449.5			178.5			294.7			238.2			442.1
Gross earned premiums		329.8			306.8			295.9			304.6			287.2			265.8
Net earned premiums		299.4			280.3			270.3			284.6			268.3			249.4
Net losses and loss adjustment expenses		181.1			134.5			99.9			169.9			116.3			105.5
Amortization of deferred policy acquisition costs		50.7			59.4			56.1			64.8			50.4			53.4
General and administrative expenses		39.1			44.1			44.0			34.7			35.4			32.4
Underwriting income		$	28.5		$	42.3		$	70.3		$	15.2		$	66.2		$	58.1
Ratios
Loss ratio		60.5		%	48.0		%	37.0		%	59.7		%	43.3		%	42.3		%
Policy acquisition expense ratio		16.9		%	21.2		%	20.8		%	22.8		%	18.8		%	21.4		%
General and administrative expense ratio		13.1		%	15.7		%	16.3		%	12.2		%	13.2		%	13.0		%
Expense ratio		30.0		%	36.9		%	37.1		%	35.0		%	32.0		%	34.4		%
Combined ratio		90.5		%	84.9		%	74.1		%	94.7		%	75.3		%	76.7		%
Accident Year Ex-cat Loss Ratio
Loss ratio		60.5		%	48.0		%	37.0		%	59.7		%	43.3		%	42.3		%
Prior year loss development		4.6		%	6.5		%	13.8		%	5.7		%	9.0		%	5.3		%
Catastrophe losses		(17.4		)%	(3.8		)%	(8.4		)%	(5.9		)%	(0.9		)%	(3.1		)%
Accident year ex-cat loss ratio		47.7		%	50.7		%	42.4		%	59.5		%	51.4		%	44.5		%



	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015

Gross written premiums		$	469.1		$	458.1		$	448.0		$	403.9		$	462.1		$	434.4
Net written premiums		418.0			350.2			408.3			357.1			406.2			321.1
Gross earned premiums		454.7			445.6			436.0			429.0			423.2			415.1
Net earned premiums		381.4			382.8			359.4			356.0			341.1			344.2
Net losses and loss adjustment expenses		261.1			222.9			234.1			195.7			244.2			200.6
Amortization of deferred policy acquisition costs		76.0			70.8			62.1			67.2			63.7			65.9
General and administrative expenses		57.2			58.6			61.8			51.3			45.2			55.3
Underwriting (loss)/income		$	(12.9	)	$	30.5		$	1.4		$	41.8		$	(12.0	)	$	22.4
Ratios
Loss ratio		68.5		%	58.2		%	65.1		%	55.0		%	71.6		%	58.3		%
Policy acquisition expense ratio		19.9		%	18.5		%	17.3		%	18.9		%	18.7		%	19.1		%
General and administrative expense ratio		15.0		%	15.3		%	17.2		%	14.4		%	13.3		%	16.1		%
Expense ratio		34.9		%	33.8		%	34.5		%	33.3		%	32.0		%	35.2		%
Combined ratio		103.4		%	92.0		%	99.6		%	88.3		%	103.6		%	93.5		%
Accident Year Ex-cat Loss Ratio
Loss ratio		68.5		%	58.2		%	65.1		%	55.0		%	71.6		%	58.3		%
Prior year loss development		1.9		%	0.9		%	6.0		%	6.4		%	2.1		%	4.2		%
Catastrophe losses		(4.3		)%	(2.1		)%	(6.5		)%	(0.6		)%	(2.8		)%	(1.7		)%
Accident year ex-cat loss ratio		66.1		%	57.0		%	64.6		%	60.8		%	70.9		%	60.8		%



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q2 2016		Q1 2016		Q4 2015		Q3 2015		Q2 2015		Q1 2015
	Reinsurance
	Property Catastrophe Reinsurance		$	97.7	$	127.6	$	4.1	$	49.1	$	67.3	$	153.8
	Other Property Reinsurance		84.3		103.0		61.2		105.2		84.0		109.9
	Casualty Reinsurance		57.3		127.1		45.9		77.9		49.0		114.7
	Specialty Reinsurance		93.3		159.9		75.6		84.4		60.4		106.4
	Total Reinsurance		$	332.6	$	517.6	$	186.8	$	316.6	$	260.7	$	484.8
	Insurance
	Property and Casualty Insurance		$	257.6	$	226.3	$	213.9	$	208.5	$	254.8	$	213.4
	Marine, Aviation and Energy Insurance		93.8		117.7		107.1		85.3		103.2		131.7
	Financial and Professional Lines Insurance		117.7		114.1		127.0		110.1		104.1		89.3
	Total Insurance		$	469.1	$	458.1	$	448.0	$	403.9	$	462.1	$	434.4

	Total Gross Written Premiums		$	801.7	$	975.7	$	634.8	$	720.5	$	722.8	$	919.2
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	78.3	$	92.1	$	4.8	$	33.8	$	53.5	$	126.1
	Other Property Reinsurance		82.7		92.9		59.9		100.1		80.6		98.8
	Casualty Reinsurance		57.3		125.6		41.5		76.8		46.7		113.8
	Specialty Reinsurance		88.5		138.9		72.3		84.0		57.4		103.4
	Total Reinsurance		$	306.8	$	449.5	$	178.5	$	294.7	$	238.2	$	442.1
	Insurance
	Property and Casualty Insurance		$	228.5	$	180.5	$	185.2	$	172.9	$	222.1	$	156.7
	Marine, Aviation and Energy Insurance		80.0		106.6		99.7		76.1		82.5		120.5
	Financial and Professional Lines Insurance		109.5		63.1		123.4		108.1		101.6		43.9
	Total Insurance		$	418.0	$	350.2	$	408.3	$	357.1	$	406.2	$	321.1

	Total Net Written Premiums		$	724.8	$	799.7	$	586.8	$	651.8	$	644.4	$	763.2
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	53.1	$	47.3	$	58.1	$	54.0	$	53.8	$	57.1
	Other Property Reinsurance		80.8		87.3		79.4		91.5		78.9		77.5
	Casualty Reinsurance		74.1		67.0		63.7		68.6		71.2		57.8
	Specialty Reinsurance		91.4		78.7		69.1		70.5		64.4		57.0
	Total Reinsurance		$	299.4	$	280.3	$	270.3	$	284.6	$	268.3	$	249.4
	Insurance
	Property and Casualty Insurance		$	201.0	$	189.7	$	172.0	$	171.8	$	162.9	$	159.8
	Marine, Aviation and Energy Insurance		86.9		93.9		94.9		94.1		97.3		99.4
	Financial and Professional Lines Insurance		93.5		99.2		92.5		90.1		80.9		85.0
	Total Insurance		$	381.4	$	382.8	$	359.4	$	356.0	$	341.1	$	344.2

	Total Net Earned Premiums		$	680.8	$	663.1	$	629.7	$	640.6	$	609.4	$	593.6



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Six Months Ended June 30,
(in US$ millions)			2016			2015
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		1.3			0.5
	Net change for the period		0.2			0.5
	End of period		1.5			1.0
Additional paid-in capital
	Beginning of period		1,075.3			1,134.3
	New shares issued		1.9			4.0
	Ordinary shares repurchased		(43.5		)	(83.7		)
	Share-based compensation		6.8			7.1
	End of period		1,040.5			1,061.7
Retained earnings
	Beginning of period		2,283.6			2,050.1
	Net income for the period		179.3			177.0
	Dividends paid on ordinary and preference shares		(45.1		)	(44.3		)
	Proportion due to non-controlling interest		(0.2		)	(0.5		)
	End of period		2,417.6			2,182.3
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		0.6			72.7
	Change for the period		(12.8		)	(42.3		)
	End of period		(12.2		)	30.4
Loss on derivatives:
	Beginning of period		(1.2		)	(3.8		)
	Net change from current period hedged transactions		(3.8		)	2.7
	End of period		(5.0		)	(1.1		)
Unrealized appreciation/(depreciation) on available for sale investments, net of taxes:
	Beginning of period		60.2			165.4
	Change for the period		114.1			(76.2		)
	End of period		174.3			89.2
Total accumulated other comprehensive income			157.1			118.5

Total shareholders' equity			$	3,616.8		$	3,363.6



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income

			Three Months Ended June 30,						Six Months Ended June 30,
(in US$ millions)			2016			2015			2016			2015

Net income adjusted for non-controlling interest			$	64.9		$	49.0		$	179.3		$	177.0
Other comprehensive income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains)/losses included in net income		(1.0		)	0.6			(4.7		)	(31.3		)
	Change in net unrealized gains on available for sale securities held		38.2			(74.0		)	118.8			(44.9		)
	Net change from current period hedged transactions		(2.4		)	5.1			(3.8		)	2.7
	Change in foreign currency translation adjustment		(1.8		)	(16.2		)	(12.8		)	(42.3		)
	Other comprehensive income/(loss)		33.0			(84.5		)	97.5			(115.8		)
Comprehensive income/(loss)			$	97.9		$	(35.5	)	$	276.8		$	61.2



	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended June 30,						Six Months Ended June 30,
(in US$ millions)		2016			2015			2016			2015

Net cash from operating activities		$	181.7		$	132.4		$	242.2		$	204.4
Net cash from/(used in) investing activities		0.9			(150.1		)	(118.5		)	(35.0		)
Net cash (used in) financing activities		(42.5		)	(71.2		)	(175.7		)	(191.0		)
Effect of exchange rate movements on cash and cash equivalents		(4.4		)	11.4			(8.7		)	(8.5		)
Increase/(decrease) in cash and cash equivalents		135.7			(77.5		)	(60.7		)	(30.1		)
Cash at beginning of period		903.1			1,225.9			1,099.5			1,178.5
Cash at end of period		$	1,038.8		$	1,148.4		$	1,038.8		$	1,148.4



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Six Months Ended June 30, 2016			For the Twelve Months Ended December 31, 2015

Provision for losses and loss adjustment expenses at the start of the period		$	4,938.2		$	4,750.8
Reinsurance recoverables		(354.8		)	(350.0		)
Net loss and loss adjustment expenses at the start of the period		4,583.4			4,400.8

Net loss and loss adjustment expenses assumed		5.7			—
Provision for losses and loss adjustment expenses for claims incurred
Current period		842.4			1,522.7
Prior period release		(42.8		)	(156.5		)
Total incurred		799.6			1,366.2

Losses and loss adjustment expenses payments for claims incurred		(576.2		)	(1,108.5		)

Foreign exchange (gains)		(41.4		)	(75.1		)

Net loss and loss adjustment expenses reserves at the end of the period		4,771.1			4,583.4
Reinsurance recoverables on unpaid losses at the end of the period		410.4			354.8
Gross loss and loss adjustment expenses reserves at the end of the period		$	5,181.5		$	4,938.2



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment

		As at June 30, 2016							As at December 31, 2015
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net

Reinsurance		$	2,528.7	$	(54.1	)	$	2,474.6	$	2,441.9	$	(32.4	)	$	2,409.5
Insurance		2,652.8		(356.3		)	2,296.5		2,496.3		(322.4		)	2,173.9
Total losses and loss adjustment expense reserves		$	5,181.5	$	(410.4	)	$	4,771.1	$	4,938.2	$	(354.8	)	$	4,583.4



	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Releases

(in US$ millions)		Three Months Ended June 30, 2016							Three Months Ended June 30, 2015
		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net
Reinsurance		$	13.6	$	0.2		$	13.8	$	27.9	$	(3.8	)	$	24.1
Insurance		3.4		4.0			7.4		10.9		(3.9		)	7.0
Release in reserves for prior years during the period		$	17.0	$	4.2		$	21.2	$	38.8	$	(7.7	)	$	31.1

		Six Months Ended June 30, 2016							Six Months Ended June 30, 2015
		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net
Reinsurance		$	33.9	$	(1.9	)	$	32.0	$	42.4	$	(5.1	)	$	37.3
Insurance		6.2		4.6			10.8		32.1		(10.8		)	21.3
Release in reserves for prior years during the period		$	40.1	$	2.7		$	42.8	$	74.5	$	(15.9	)	$	58.6



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Investment Portfolio
(in US$ millions)			Fair Market Value
			June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015
Marketable Securities - Available For Sale
U.S. government securities			$	1,147.4	$	1,111.7	$	1,123.1	$	1,138.1	$	1,074.6	$	1,041.8
U.S. agency securities			131.2		149.9		158.7		162.0		182.0		182.9
Municipal securities			26.2		32.9		26.6		28.5		29.5		30.7
Corporate securities			2,663.2		2,680.9		2,660.6		2,496.7		2,420.8		2,333.6
Foreign government securities			641.7		674.5		644.2		628.4		661.7		637.7
Asset-backed securities			72.9		76.3		76.0		132.5		138.7		140.9
Bonds backed by foreign government			69.5		72.5		82.1		77.0		78.3		68.2
Mortgage-backed securities			1,256.0		1,265.0		1,179.8		1,041.3		1,044.1		1,104.0
Total fixed income securities			6,008.1		6,063.7		5,951.1		5,704.5		5,629.7		5,539.8
Short-term investments			108.9		135.3		162.9		176.3		184.1		180.2
Total Available For Sale			$	6,117.0	$	6,199.0	$	6,114.0	$	5,880.8	$	5,813.8	$	5,720.0

Marketable Securities - Trading
U.S. government securities			$	53.9	$	42.1	$	27.3	$	13.5	$	3.4	$	9.0
U.S. agency securities			—		—		—		—		—		0.2
Municipal securities			4.8		4.0		0.5		0.5		0.5		0.5
Corporate securities			658.0		615.2		558.2		547.2		540.1		554.1
Foreign government securities			202.2		198.5		179.5		128.9		133.8		133.7
Asset-backed securities			15.8		19.6		20.5		18.7		19.7		16.0
Mortgage-backed securities			23.1		17.4		—		—		—		—
Bank loans			—		—		2.0		83.1		80.2		85.9
Total fixed income securities			957.8		896.8		788.0		791.9		777.7		799.4
Short-term investments			12.9		7.7		9.5		6.9		1.1		0.7
Equity securities			785.6		757.8		736.4		696.3		729.3		719.0
Catastrophe bonds			21.5		46.1		55.4		36.7		32.3		32.8
Total Trading			$	1,777.8	$	1,708.4	$	1,589.3	$	1,531.8	$	1,540.4	$	1,551.9

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

Cash			1,038.8		903.1		1,099.5		1,196.7		1,148.4		1,225.9
Accrued interest			47.3		46.0		48.1		46.1		48.3		43.9
	Total Cash and Accrued Interest		$	1,086.1	$	949.1	$	1,147.6	$	1,242.8	$	1,196.7	$	1,269.8

	Total Cash and Investments		$	8,989.6	$	8,865.4	$	8,859.8	$	8,664.9	$	8,560.4	$	8,551.2



	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015

Net investment income from fixed income investments and cash		$	42.5		$	42.6		$	42.8		$	40.5		$	40.9		$	41.2
Net investment income from equity securities		5.5			6.9			3.6			4.5			5.8			6.2
Net investment income		48.0			49.5			46.4			45.0			46.7			47.4

Net realized and unrealized investment gains/(losses) excluding the interest rate swaps		36.8			45.0			30.5			(41.2		)	(15.3		)	42.9
Net realized investment (losses)/gains from the interest rate swaps		(0.3		)	(2.8		)	1.4			(2.8		)	(0.2		)	(3.2		)
Other-than-temporary impairment charges		—			—			—			—			—			—
Net realized and unrealized investment gains/(losses)		36.5			42.2			31.9			(44.0		)	(15.5		)	39.7

Change in unrealized gains/(losses) on available for sale investments (gross of tax)		42.2			85.0			(33.4		)	17.3			(77.5		)	—
Total return/(loss) on investments ⁽¹⁾		$	126.7		$	176.7		$	44.9		$	18.3		$	(46.3	)	$	87.1

Portfolio Characteristics
Fixed income portfolio book yield (excluding the impact of the interest rate swaps) ⁽¹⁾		2.50		%	2.56		%	2.59		%	2.50		%	2.57		%	2.56		%
Fixed income portfolio duration (excluding the impact of the interest rate swaps) ⁽¹⁾		3.6 years			3.6 years			3.7 years			3.4 years			3.5 years			3.5 years

(1) On May 9, 2016, the Company terminated all remaining outstanding interest rate swaps under its International Swap Dealers Association agreement.



	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)		June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015

Net assets		$	3,616.8		$	3,557.1		$	3,419.9		$	3,371.3		$	3,363.6		$	3,465.8
Less: Preference shares		(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)
Less: Non-controlling interest		(1.5		)	(1.1		)	(1.3		)	(1.3		)	(1.0		)	(0.5		)
Total		$	3,059.5		$	3,000.2		$	2,862.8		$	2,814.2		$	2,806.8		$	2,909.5

Ordinary shares outstanding (in millions)		60.329			60.675			60.918			60.782			60.778			61.723
Ordinary shares and dilutive potential ordinary shares (in millions)		61.767			62.213			62.240			62.147			62.149			63.227

Book value per ordinary share		$	50.71		$	49.45		$	46.99		$	46.30		$	46.18		$	47.14
Diluted book value per ordinary share		$	49.53		$	48.22		$	46.00		$	45.28		$	45.16		$	46.02

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						Six Months Ended
(in US$ millions except where stated)			June 30, 2016			June 30, 2015			June 30, 2016			June 30, 2015

Net income as reported			$	64.9		$	49.0		$	179.3		$	177.0
Net change attributable to non-controlling interest			(0.4		)	(0.5		)	(0.2		)	(0.5		)
Preference share dividends			(9.4		)	(9.4		)	(18.9		)	(18.9		)
Net income available to ordinary shareholders			55.1			39.1			160.2			157.6
Add (deduct) after tax income:
	Net foreign exchange losses		4.9			7.5			21.8			17.3
	Net realized (gains)/losses on investments		(35.7		)	15.7			(77.1		)	(24.1		)
Operating income after tax available to ordinary shareholders			24.3			62.3			104.9			150.8
Tax expense on operating income			1.0			3.9			5.9			10.3
Operating income before tax available to ordinary shareholders			$	25.3		$	66.2		$	110.8		$	161.1

Basic earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.91		$	0.64		$	2.64		$	2.55
Add (deduct) after tax income:
	Net foreign exchange losses		0.08			0.12			0.36			0.28
	Net realized (gains)/losses on investments		(0.59		)	0.26			(1.27		)	(0.39		)
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.40		$	1.02		$	1.73		$	2.44

Diluted earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.89		$	0.62		$	2.57		$	2.50
Add (deduct) after tax income:
	Net foreign exchange losses		0.08			0.12			0.35			0.27
	Net realized (gains)/losses on investments		(0.57		)	0.25			(1.24		)	(0.38		)
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.40		$	0.99		$	1.68		$	2.39

Aspen Insurance Holdings Limited INVESTOR PRESENTATION SECOND QUARTER 2016 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 United States Securities and Exchange Commission (the "SEC"). 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 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 vote by the U.K. electorate in favor of a U.K. exit from the European Union in the recent referendum; 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; changes in market conditions in the agriculture industry, which may vary depending upon demand for agricultural products, weather, commodity prices, natural disasters, and changes in legislation and policies related to agricultural products and producers; termination of, or changes in, the terms of the U.S. Federal Multiple Peril Crop Insurance Program or the U.S. Farm Bill, including modifications to the Standard Reinsurance Agreement put in place by the Risk Management Agency of the U.S. Department of Agriculture; 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 SEC on February 19, 2016. 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 Specialty Other Property Casualty Property Cat 31% 25% 23% 21% Property and Casualty Financial and Professional Lines Marine, Aviation and Energy 51% 27% 22% Reinsurance Insurance 43% 57% ASPEN OVERVIEW • Global specialty insurer and reinsurer with long-term track record of shareholder value creation • $3.1bn gross written premiums for the last twelve months ended June 30, 2016 • Underwriting focused company with industry-leading underwriting expertise and collaborative culture • 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 Q2 2016 LTM (1) INSURANCE BUSINESS LINES Q2 2016 LTM (1) COMPANY BUSINESS MIX (1) LTM: Last Twelve Months through June 30, 2016 Q2 2016 LTM (1) REINSURANCE BUSINESS LINES

AHL: NYSE 4 Diluted Book Value Per Share Accumulated Dividends per Ordinary Share Q2 2006 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q2 2016 19.76 $21.83 $27.08 $28.19 $34.14 $38.90 $38.21 $40.65 $40.90 $45.13 $46.00 $49.53 1.02 $1.32 $1.92 $2.52 $3.12 $3.72 $4.32 $4.98 $5.70 $6.50 $7.34 $7.77 STRONG TRACK RECORD OF CAPITAL RETURNED TO SHAREHOLDERS CAGR 10.7 %(2) • Built a diversified specialty insurer and reinsurer with strong track record • Average 10 year Operating ROE of 10.6%(1) • Investment in growing the business profitably is key priority • Will return capital to shareholders when that is financially more attractive than deploying elsewhere • Returned over $2bn to shareholders through ordinary dividends and share repurchases from inception through Q2 2006 (1) Average of annualized quarterly ROE from 6/30/2006 through 6/30/2016. (2) Compound Annual Growth Rate calculated to reflect total equity and accumulated dividends per ordinary share from 6/30/2006 through 6/30/2016.

AHL: NYSE 5 ASPEN RE – AN ESTABLISHED INDUSTRY LEADER (1) LTM: Last Twelve Months through June 30, 2016 (2) 2015 premiums from APAC, LatAM and MENA (3) See " Safe Harbor Disclosure" slide 2 Q2 2016 LTM (1) GWP $1.35 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 long-term growth prospects in emerging markets, which accounted for 19% of total Reinsurance premiums in 2015(2) (3) • Continued focus on research and development of new products, bringing innovation, deep expertise and fresh thinking to our markets and operations • Successful mid-year renewals and new business opportunities reaffirm Aspen’s relevance, strategy and broad reach in a difficult market Specialty Other Property Casualty Property Cat 31% 25% 23% 21% Aspen Re is a powerful contributor to ROE and has strong future prospects (3) SPECIALTY OTHER PROPERTY • Credit & Surety • Treaty Risk Excess • Agriculture • Treaty Pro Rata • Other Specialty including Aviation, Energy and Marine • Global Property Facultative CASUALTY PROPERTY CATASTROPHE • U.S. Casualty Treaty • Treaty Catastrophe • International Casualty Treaty • Global Casualty Facultative

AHL: NYSE 6 Corn Soybeans Wheat Cotton Grain Sorghum All Other 32% 17%11% 7% 4% 29% ASPEN RE GROWTH & DIVERSIFICATION - AGRILOGIC ACQUISITION • U.S. crop insurance business and agricultural consultancy within the Specialty Re sub-segment • High quality, diversifying business for Aspen, excellent long-term growth opportunity(1) • Significant intellectual capital, strong analytical tools and capabilities • Enhanced marketing, combined with larger Aspen balance sheet, offers excellent growth opportunity(1) • Limited integration risk(1) - Aspen Re has a long relationship with AgriLogic • AgriLogic should be a double digit ROE business(1) • Transaction expected to be broadly neutral to operating ROE in 2016 and accretive to operating ROE in 2017(1) (1) See " Safe Harbor Disclosure" slide 2 California Illinois Kansas Texas Missouri All Other 22% 18% 17% 13% 6% 24% 2015 GWP $185 million BY CROP 2015 GWP $185 million BY STATE

AHL: NYSE 7 Property and Casualty Financial and Professional Lines Marine, Aviation and Energy 51% 27% 22% ASPEN INSURANCE – LEADING SPECIALTY INSURER PROPERTY & CASUALTY FINANCIAL & PROFESSIONAL LINES MARINE, AVIATION AND ENERGY • U.K. Property & Construction • Accident & Health • Aviation • U.S. Property • Crisis Management • Energy • U.K. Regional Property & Liability • Credit and Political Risk • Marine & Energy Liability • Global Excess Casualty • Professional Liability (Indemnity) • Marine Hull • U.K. Casualty • Management Liability / Directors & Officers • Specie & Fine Art • U.S. Casualty • Technology Liability & Data Protection Indemnity • U.S. Marine Energy & Construction • Environmental Liability • U.S. Surety • U.S. Programs • Financial Institutions • Railroad (1) LTM: Last Twelve Months through June 30, 2016 (2) See "Safe Harbor Disclosure", slide 2 Q2 2016 LTM (1) GWP $1.78 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 U.S. offices • International - Highly respected lead expertise in niche lines; impressive variety of specialty products with business predominantly originating in Lloyd's and the London market; hubs in Bermuda, Dublin, Singapore and Zurich Aspen Insurance continues to diversify and expand its global product offering(2)

AHL: NYSE 8 ASPEN INSURANCE: ENHANCING A LEADING GLOBAL SPECIALTY INSURANCE FRANCHISE • Track record of investing for profitable organic growth, e.g. U.S. Insurance platform • Aspen Insurance infrastructure was built to be leveraged for greater scale • Strategies to accelerate the growth and profitability of Aspen Insurance: • Aligned business structure more closely with clients and product distribution ▪ For globally traded risks, business organized into 13 product lines ▪ For regionally traded risks (e.g. UK and U.S.), local management and responsibilities • Enriched targeted areas of underwriting expertise: ▪ Hired David Cohen, a best in class specialty underwriting leader with a successful history of running a global specialty business ▪ Promoted internally and hired seasoned global underwriting leaders to manage global lines; hired select underwriting experts and upgraded underwriting talent in key lines • Strategy outcomes: • Short term: Decrease volatility in Insurance business by evaluating line size, exposure profile, reinsurance arrangements, and business mix under new global leadership, modest incremental GWP impact in 2016, more significant in 2017 and beyond(1) • Medium and long term: Lower loss ratio driven by less volatility(1) (1) See " Safe Harbor Disclosure" slide 2 Anticipate larger, more profitable business, more stable outcomes and better loss ratios(1)

AHL: NYSE 9 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% 8% 4% 5% BUILT A DIVERSIFIED U.S. SPECIALTY INSURANCE PORTFOLIO 2010 U.S. INSURANCE TEAMS GWP: $167m Q2 2016 LTM (1) U.S. INSURANCE TEAMS GWP: $901m • Diversified portfolio with broadening range of product offerings focused on delivering strong premium growth and solid underwriting margins • Over $250m of net operating losses carried forward; can be applied against future U.S. Insurance profits(2) (1) LTM: Last Twelve Months through June 30, 2016 (2) See "Safe Harbor Disclosure", slide 2

AHL: NYSE 10 BUILT A DIVERSIFIED INTERNATIONAL INSURANCE PORTFOLIO Lloyd's UK Bermuda 54% 44% 2% 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 & Fine Art Crisis Management 11% 15% 3% 20% 2% 15% 15% 8% 4% 7% Q2 2016 LTM (1) LLOYD'S GWP: $470m Q2 2016 LTM (1) INTERNATIONAL INSURANCE TEAM GWP: $876m • 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 • Some international lines downsized in response to changing market conditions (1) LTM: Last Twelve Months through June 30, 2016

AHL: NYSE 11 CAPITAL EFFICIENCY: SUSTAINED RECORD OF PROACTIVE MANAGEMENT OF CAPITAL • Continued focus on responsible capital stewardship: hold more than regulatory and risk capital models suggest; return capital to shareholders when it is financially more attractive to do so than deploying elsewhere • Aspen has generated approximately $4bn of capital since inception • Returned to shareholders over $2bn of cumulative repurchases and ordinary dividends through June 30, 2016, including all ordinary shareholder funds raised at our Initial Public and Secondary Offerings • Average of 9% dividend increase annually over the last five consecutive years • Returned a cumulative 69% of operating income to shareholders since inception through Q2 2016 ($m) Cumulative Repurchases Cumulative Dividends 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q2 2016 $8 $56 $313 $467 $617 $667 $1,122 $1,172 $1,282 $1,639 $1,870 $2,005 $2,074 >$2bn of Total Capital Returned through Q2 2016

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 7% Sovereign 3% Non US Agency 2% US Agency 1% ABS 1% Non US Govt Guaranteed 0.2% CMBS 0.4% Munis PORTFOLIO ALLOCATIONS June 30, 2016 100% = $8.8 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 • 12.8% of the portfolio invested in risk assets (including equities 8.8%, and BBB emerging market debt 3.6%) • Fixed income portfolio duration: 3.55 years (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 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 in areas such as Accident and Health, Environmental, Professional Liability, Technology Liability & Data Protection Indemity, Marine, and Crisis Management (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 JULY 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 $3,615.3 million (excluding non-controlling interest) at June 30, 2016. 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 Cascadia EQ Japan All Perils European Wind Northeast and MidAtlantic WS Texas and Gulf WS Florida and Southeast WS California EQ $294 $236 $161 $285 $397 $430 $501 $441 • 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 Cascadia EQ Japan All Perils European Wind Northeast and MidAtlantic WS Texas and Gulf WS Florida and Southeast WS California EQ $58 $101 $134 $197 $232 $255 $356 $359 1.6% 8.1% 2.8% 3.7% 6.5% 5.5% 4.4% 6.4% 7.9% 7.1% 11.0% 9.8% 9.9% 12.2% 11.9% 13.8% 250 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MILLIONS

Aspen Insurance Holdings Limited INVESTOR PRESENTATION SECOND QUARTER 2016

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Form 8-K ASPEN INSURANCE HOLDINGS For: Jul 27

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