ASPEN INSURANCE HOLDINGS LTD - FORM 8-K - EX-99.2 - EXHIBIT

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8-K - 8-K - ASPEN INSURANCE HOLDINGS LTD	form8-kq32014.htm
EX-99.1 - EXHIBIT - ASPEN INSURANCE HOLDINGS LTD	a991-ahlq314.htm

Exhibit 99.2

FINANCIAL SUPPLEMENT

As of September 30, 2014

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

Kerry Calaiaro, Senior Vice President, Investor Relations

T: +1 646-502-1076

email: kerry.calaiaro@aspen.co



	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
Worldwide Natural Catastrophe Exposures: Major Peril Zones		19
Consolidated Investment Portfolio		20
Investment Analysis		21
Book Value Per Ordinary Share		22
Operating Income Reconciliation		23
Changes to Segmental Reporting		A-1
Written and Earned Premiums by Segment and Prior Lines of Business		A-2



		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, 2013 and December 31, 2012. Unless otherwise noted, all data is in U.S. dollar millions, except for per share amounts, percentages and ratio information.

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

Operating income (a non-U.S. 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 capital gains or losses, including net realized and unrealized gains and losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts and certain non-recurring items. In 2014, non-recurring items included costs associated with defending the unsolicited approach from Endurance Specialty Holdings Ltd. in the amounts of $20.2 million and $28.5 million for the three and nine months ended September 30, 2014, respectively. In 2013, these non-recurring items included issue costs associated with the redemption of the 5.625% Preferred Income Equity Redemption Securities ("PIERS") and a $9.3 million make-whole payment associated with the redemption of the $250.0 million 6.0% coupon Senior Notes due to mature on August 15, 2014.

Aspen excludes these above items 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 23 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 23 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 23 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 22.

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 September 30,								Nine Months Ended September 30,
(in US$ millions except for percentages, share and per share amounts)		2014			2013			Change		2014			2013			Change
Gross written premium		$	652.5		$	581.6		12.2	%	$	2,287.3		$	2,042.3		12.0	%
Net written premium		$	577.3		$	542.0		6.5	%	$	1,961.2		$	1,751.7		12.0	%
Net earned premium		$	610.4		$	544.3		12.1	%	$	1,793.1		$	1,599.2		12.1	%
Net income after tax		$	37.4		$	107.4		(65.2	)%	$	288.6		$	239.3		20.6	%
Operating income after tax		$	81.7		$	82.0		(0.4	)%	$	297.2		$	219.9		35.2	%
Net investment income		$	48.0		$	45.0		6.7	%	$	143.6		$	139.2		3.2	%
Underwriting income		$	52.6		$	44.7		17.7	%	$	193.1		$	111.4		73.3	%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend		$	0.43		$	1.47		(70.7%)		$	3.99		$	3.07		29.0	%
Operating income adjusted for preference share dividend		$	1.11		$	1.09		1.8	%	$	4.12		$	2.89		41.4	%
Diluted earnings per ordinary share
Net income adjusted for preference share dividend		$	0.42		$	1.43		(70.6	)%	$	3.91		$	2.95		30.0	%
Operating income adjusted for preference share dividend		$	1.08		$	1.05		2.9	%	$	4.04		$	2.78		42.9	%
Weighted average number of ordinary shares outstanding (in millions of shares)		65.116			66.716			(2.4	)%	65.284			67.303			(3.0	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		66.513			68.562			(3.0	)%	66.599			69.959			(4.8	)%
Book value per ordinary share		$	45.60		$	41.33		10.3	%	$	45.60		$	41.33		10.3	%
Diluted book value per ordinary share		$	44.60		$	40.43		10.3	%	$	44.60		$	40.43		10.3	%
Ordinary shares outstanding at September 30, 2014 and September 30, 2013 (in millions of shares)		63.350			65.701			(3.6	)%	63.350			65.701			(3.6	)%
Diluted ordinary shares outstanding at September 30, 2014 and September 30, 2013 (in millions of shares)		64.783			67.171			(3.6	)%	64.783			67.171			(3.6	)%
Underwriting Ratios
Loss ratio		56.1		%	53.3		%			54.0		%	55.8		%
Policy acquisition expense ratio		18.9		%	20.3		%			18.8		%	20.2		%
General, administrative and corporate expense ratio		19.6		%	18.2		%			18.1		%	17.1		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		16.3		%	18.2		%			16.5		%	17.1		%
Expense ratio		38.5		%	38.5		%			36.9		%	37.3		%
Expense ratio (excluding non-recurring corporate expenses)		35.2		%	38.5		%			35.3		%	37.3		%
Combined ratio		94.6		%	91.8		%			90.9		%	93.1		%
Combined ratio (excluding non-recurring corporate expenses)		91.3		%	91.8		%			89.2		%	93.1		%
Return On Equity
Average equity ⁽¹⁾		$	2,943.8		$	2,679.3				$	2,875.5		$	2,801.4
Return on average equity
Net income adjusted for preference share dividend		1.0		%	3.7		%			9.0		%	7.6		%
Operating income adjusted for preference share dividend		2.5		%	2.7		%			9.3		%	6.9		%
Annualized return on average equity
Net income		4.0		%	14.8		%			12.0		%	10.1		%
Operating income		10.0		%	10.8		%			12.4		%	9.2		%

See pages 7 and 23 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)		Q3 2014			Q2 2014			Q1 2014			Q4 2013			Q3 2013			Q2 2013			Q1 2013
UNDERWRITING REVENUES
Gross written premiums		$	652.5		$	779.3		$	855.5		$	604.4		$	581.6		$	687.3		$	773.4
Premiums ceded		(75.2		)	(92.9		)	(158.0		)	(56.4		)	(39.6		)	(74.6		)	(176.4		)
Net written premiums		577.3			686.4			697.5			548.0			542.0			612.7			597.0
Change in unearned premiums		33.1			(70.2		)	(131.0		)	24.6			2.3			(68.7		)	(86.1		)
Net earned premiums		610.4			616.2			566.5			572.6			544.3			544.0			510.9
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		342.7			337.1			288.1			331.4			290.2			333.4			268.7
Amortization of deferred policy acquisition costs		115.5			108.9			112.0			99.7			110.5			107.2			104.6
General, administrative and corporate expenses (excluding non-recurring corporate expenses)		99.6			103.5			92.6			94.9			98.9			87.7			86.6
Total underwriting expenses		557.8			549.5			492.7			526.0			499.6			528.3			459.9
Underwriting income including corporate expenses		52.6			66.7			73.8			46.6			44.7			15.7			51.0
OTHER OPERATING REVENUE AND EXPENSES
Net investment income		48.0			46.1			49.5			47.2			45.0			45.9			48.3
Interest expense		(7.4		)	(7.3		)	(7.4		)	(9.5		)	(7.7		)	(7.8		)	(7.7		)
Other(expense)/income		(7.8		)	2.0			(0.1		)	3.5			1.6			0.9			0.5
Total other operating revenue		32.8			40.8			42.0			41.2			38.9			39.0			41.1
OPERATING INCOME BEFORE TAX		85.4			107.5			115.8			87.8			83.6			54.7			92.1
Non-recurring corporate expenses		(20.2		)	(5.3		)	(3.0		)	—			—			—			—
Net realized and unrealized exchange (losses)/gains ⁽¹⁾		(26.5		)	9.6			3.1			(3.8		)	13.3			(13.8		)	(10.2		)
Net realized and unrealized investment gains⁽²⁾		—			25.2			8.3			9.6			13.4			0.2			15.8
INCOME BEFORE TAX		38.7			137.0			124.2			93.6			110.3			41.1			97.7
Income tax expense		(1.3		)	(6.2		)	(3.8		)	(3.6		)	(2.9		)	(1.0		)	(5.9		)
NET INCOME AFTER TAX		37.4			130.8			120.4			90.0			107.4			40.1			91.8
Dividends paid on ordinary shares		(13.1		)	(13.1		)	(11.7		)	(11.8		)	(12.2		)	(11.9		)	(11.9		)
Dividends paid on preference shares		(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)	(8.0		)	(8.6		)
Dividends paid to non-controlling interest		—			—			—			(0.1		)	—			—			—
Change in redemption value of the PIERS ⁽³⁾		—			—			—			—			—			(7.1		)	—
Proportion due to non-controlling interest		0.1			—			(0.1		)	0.2			0.3			—			—
Retained income		$	14.9		$	108.3		$	99.1		$	68.9		$	86.0		$	13.1		$	71.3
Components of net income after tax
Operating income		81.7			102.8			112.7			84.4			82.0			52.2			85.7
Non-recurring corporate expenses		(20.2		)	(5.3		)	(3.0		)	—			—			—			—
Net realized and unrealized exchange (losses)/gains after tax ⁽¹⁾		(24.1		)	8.2			2.6			(3.8		)	12.0			(12.0		)	(9.5		)
Net realized and unrealized investment gains/(losses) after tax ⁽²⁾		—			25.1			8.1			9.4			13.4			(0.1		)	15.6
NET INCOME AFTER TAX		$	37.4		$	130.8		$	120.4		$	90.0		$	107.4		$	40.1		$	91.8
Loss ratio		56.1		%	54.7		%	50.9		%	57.9		%	53.3		%	61.3		%	52.6		%
Policy acquisition expense ratio		18.9		%	17.7		%	19.8		%	17.4		%	20.3		%	19.7		%	20.5		%
General, administrative and corporate expense ratio		19.6		%	17.7		%	16.9		%	16.6		%	18.2		%	16.1		%	17.0		%
General, administrative and corporate expense ratio (excluding non-recurring corporate expenses)		16.3		%	16.8		%	16.3		%	16.6		%	18.2		%	16.1		%	17.0		%
Expense ratio		38.5		%	35.4		%	36.7		%	34.0		%	38.5		%	35.8		%	37.5		%
Expense ratio (excluding non-recurring corporate expenses)		35.2		%	34.5		%	36.1		%	34.0		%	38.5		%	35.8		%	37.5		%
Combined ratio		94.6		%	90.1		%	87.6		%	91.9		%	91.8		%	97.1		%	90.1		%
Combined ratio (excluding non-recurring corporate expenses)		91.3		%	89.2		%	87.0		%	91.9		%	91.8		%	97.1		%	90.1		%
Basic earnings per share⁽⁴⁾		$	0.43		$	1.85		$	1.70		$	1.23		$	1.47		$	0.38		$	1.21
Diluted earnings per share ⁽⁴⁾		$	0.42		$	1.82		$	1.66		$	1.21		$	1.43		$	0.36		$	1.15
Annualized return on average equity
Net income		4.0		%	16.8		%	16.0		%	12.0		%	14.8		%	4.4		%	11.6		%
Operating income		10.0		%	12.8		%	14.8		%	11.2		%	10.8		%	6.4		%	10.8		%
See pages 7 and 23 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) 5.625% Preferred Income Equity Redemption Securities.
(4) Adjusted for preference share dividends and non-controlling interest.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
			Nine Months Ended September 30,
			2014			2013			2012
UNDERWRITING REVENUES
Gross written premiums			$	2,287.3		$	2,042.3		$	2,007.1
Premiums ceded			(326.1		)	(290.6		)	(284.6		)
Net written premiums			1,961.2			1,751.7			1,722.5
Change in unearned premiums			(168.1		)	(152.5		)	(197.5		)
Net earned premiums			1,793.1			1,599.2			1,525.0
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			967.9			892.3			801.1
Amortization of deferred policy acquisition costs			336.4			322.3			301.2
General, administrative and corporate expenses (excluding non-recurring corporate expenses)⁽¹⁾			295.7			273.2			259.0
Total underwriting expenses			1,600.0			1,487.8			1,361.3
Underwriting income including corporate expenses			193.1			111.4			163.7
OTHER OPERATING REVENUE AND EXPENSES
Net investment income			143.6			139.2			153.8
Interest expense			(22.1		)	(23.2		)	(23.2		)
Other (expenses)/income			(5.9		)	3.0			7.1
Total other operating revenue			115.6			119.0			137.7
OPERATING INCOME BEFORE TAX			308.7			230.4			301.4
Non-recurring corporate expenses			(28.5		)	—			—
Net realized and unrealized exchange (losses) ⁽²⁾			(13.8		)	(10.7		)	(1.6		)
Net realized and unrealized investment gains/(losses)⁽³⁾			33.5			29.4			(1.8		)
INCOME BEFORE TAX			299.9			249.1			298.0
Income tax expense			(11.3		)	(9.8		)	(19.6		)
NET INCOME AFTER TAX			288.6			239.3			278.4
Dividends paid on ordinary shares			(37.9		)	(36.0		)	(35.0		)
Dividends paid on preference shares			(28.4		)	(26.1		)	(22.6		)
Dividends paid to non controlling interest			—			—			(0.1		)
Change in redemption value of the PIERS			—			(7.1		)	—
Proportion due to non-controlling interest			—			0.3			0.3
Retained income			$	222.3		$	170.4		$	221.0
Components of net income after tax
	Operating income		297.2			$	219.9		$	282.8
	Non-recurring corporate expenses		(28.5		)	—			—
	Net realized and unrealized exchange (losses) after tax⁽²⁾		(13.3		)	(9.5		)	(1.8		)
	Net realized and unrealized investment gains/(losses) after tax ⁽³⁾		33.2			28.9			(2.6		)
NET INCOME AFTER TAX			$	288.6		$	239.3		$	278.4
Loss ratio			54.0		%	55.8		%	52.5		%
	Policy acquisition expense ratio		18.8		%	20.2		%	19.8		%
	General, administrative and corporate expense ratio ⁽¹⁾		18.1		%	17.1		%	17.0		%
	General, administrative and corporate expense ratio (excluding non-recurring corporate expenses) ⁽¹⁾		16.5		%	17.1		%	17.0		%
Expense ratio			36.9		%	37.3		%	36.8		%
Expense ratio (excluding non-recurring corporate expenses)			35.3		%	37.3		%	36.8		%
Combined ratio			90.9		%	93.1		%	89.3		%
Combined ratio (excluding non-recurring corporate expenses)			89.3		%	93.1		%	89.3		%

See pages 7 and 23 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) In 2012, the Company adopted the provision of ASU 2010-26, “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.” Under the standard, the Company is required to expense the proportion of its general and administrative deferred acquisition costs not directly related to successful business acquisition. The application of this standard has resulted in a net $16.0 million write down of deferred acquisition costs through retained earnings brought forward and the restatement of our quarterly balance sheets from December 31, 2010 to December 31, 2011.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(3) 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)		September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013		March 31, 2013

Investments
Fixed income maturities		$	6,271.9		$	6,297.7		$	6,256.1		$	6,285.3		$	6,263.5		$	6,046.4	$	5,961.9
Equity securities		647.0			574.2			507.8			460.4			441.5			413.1		414.1
Other investments		8.7			8.7			8.7			48.0			46.1			44.9		45.0
Catastrophe bonds		32.2			30.0			18.0			5.8			—			—		—
Short-term investments		314.2			349.7			215.5			160.3			148.5			242.3		353.1
Total investments		7,274.0			7,260.3			7,006.1			6,959.8			6,899.6			6,746.7		6,774.1
Cash and cash equivalents		1,289.1			1,345.2			1,443.7			1,293.6			1,198.3			1,188.9		1,212.7
Reinsurance recoverables
Unpaid losses		384.7			360.0			352.1			332.7			442.2			472.3		479.2
Ceded unearned premiums		229.8			217.9			221.3			151.9			179.6			226.0		217.4
Receivables
Underwriting premiums		1,105.3			1,192.7			1,189.5			999.0			1,089.1			1,197.6		1,149.7
Other		92.0			106.4			107.8			90.3			76.3			71.8		66.0
Funds withheld		47.5			47.8			49.4			46.5			47.7			81.5		85.0
Deferred policy acquisition costs		301.6			306.4			289.6			262.2			262.1			264.4		238.5
Derivatives at fair value		7.0			1.6			6.8			7.0			5.6			2.0		2.0
Receivable for securities sold		1.6			9.1			14.8			5.2			5.9			5.8		20.7
Office properties and equipment		64.4			65.1			61.8			60.1			60.5			57.2		55.2
Taxation		4.0			2.8			0.5			1.6			3.1			—		—
Other assets		10.4			1.5			1.5			2.2			13.1			20.9		17.0
Intangible assets		18.2			18.2			18.3			18.4			18.6			18.7		18.8
Total assets		$	10,829.6		$	10,935.0		$	10,763.2		$	10,230.5		$	10,301.7		$	10,353.8	$	10,336.3
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	4,787.3		$	4,795.8		$	4,760.7		$	4,678.9		$	4,715.6		$	4,734.9	$	4,683.8
Unearned premiums		1,508.7			1,568.5			1,479.7			1,280.6			1,334.6			1,375.3		1,295.7
Total insurance reserves		6,296.0			6,364.3			6,240.4			5,959.5			6,050.2			6,110.2		5,979.5
Payables
Reinsurance premiums		146.8			93.5			155.1			88.2			178.4			224.8		209.7
Taxation		25.7			28.0			16.5			15.7			17.7			16.4		14.7
Accrued expenses and other payables		290.3			284.5			361.6			265.6			282.8			258.7		285.6
Liabilities under derivative contracts		12.7			5.4			0.4			2.9			2.3			9.6		8.0
Total payables		475.5			411.4			533.6			372.4			481.2			509.5		518.0
Long-term debt issued by Silverton		64.5			56.0			53.4			50.0			—			—		—
Long-term debt		549.1			549.1			549.0			549.0			499.2			499.2		499.2
Total liabilities		7,385.1			7,380.8			7,376.4			6,930.9			7,030.6			7,118.9		6,996.7
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1			0.1			0.1			0.1			0.1			0.1		0.1
Non-controlling interest		(0.3		)	(0.2		)	(0.2		)	(0.3		)	(0.1		)	0.2		0.2
Preference shares		—			—			—			—			—			—		—
Additional paid-in capital		1,186.4			1,276.7			1,269.9			1,297.4			1,297.6			1,346.7		1,318.2
Retained earnings		2,005.6			1,990.7			1,882.4			1,783.3			1,714.4			1,628.4		1,615.3
Accumulated other comprehensive income, net of taxes		252.7			286.9			234.6			219.1			259.1			259.5		405.8
Total shareholders’ equity		3,444.5			3,554.2			3,386.8			3,299.6			3,271.1			3,234.9		3,339.6
Total liabilities and shareholders’ equity		$	10,829.6		$	10,935.0		$	10,763.2		$	10,230.5		$	10,301.7		$	10,353.8	$	10,336.3

Book value per ordinary share		$	45.60		$	45.81		$	43.28		$	41.87		$	41.33		$	39.98	$	43.14
Book value per diluted ordinary share		$	44.60		$	44.84		$	42.72		$	40.90		$	40.43		$	38.86	$	40.67
See pages 7 and 23 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				Nine Months Ended
(in US$ except for number of shares)			September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013

Basic earnings per ordinary share
	Net income adjusted for preference share dividend		$	0.43	$	1.47	$	3.99	$	3.07
	Operating income adjusted for preference share dividend		$	1.11	$	1.09	$	4.12	$	2.89
Diluted earnings per ordinary share
	Net income adjusted for preference share dividend		$	0.42	$	1.43	$	3.91	$	2.95
	Operating income adjusted for preference share dividend		$	1.08	$	1.05	$	4.04	$	2.78

Weighted average number of ordinary shares outstanding (in millions)			65.116		66.716		65.284		67.303
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			66.513		68.562		66.599		69.959

Book value per ordinary share			$	45.60	$	41.33	$	45.60	$	41.33
Diluted book value per ordinary share			$	44.60	$	40.43	$	44.60	$	40.43

Ordinary shares outstanding at end of the period (in millions)			63.350		65.701		63.350		65.701
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			64.783		67.171		64.783		67.171

See pages 7 and 23 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						Nine Months Ended
(in US$ millions except for percentages)			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013

Average shareholders' equity			$	3,499.4		$	3,234.9		$	3,431.1		$	3,338.0
Average non-controlling interest			0.2			—			0.2			—
Average preference shares			(555.8		)	(555.6		)	(555.8		)	(536.6		)
Average ordinary shareholders' equity			$	2,943.8		$	2,679.3		$	2,875.5		$	2,801.4
Return on average equity:
	Net income adjusted for preference share dividend and non-controlling interest		1.0		%	3.7		%	9.0		%	7.6		%
	Operating income adjusted for preference share dividend and non-controlling interest		2.5		%	2.7		%	9.3		%	6.9		%
Annualized return on average equity:
	Net income		4.0		%	14.8		%	12.0		%	10.1		%
	Operating income		10.0		%	10.8		%	12.4		%	9.2		%
Components of return on average equity:
	Return on average equity from underwriting activity⁽¹⁾		1.8		%	1.7		%	6.7		%	4.0		%
	Return on average equity from investment and other activity ⁽²⁾		0.8		%	1.1		%	3.0		%	3.3		%
	Pre-tax operating income return on average equity		2.6		%	2.8		%	9.7		%	7.3		%
	Post-tax operating income return on average equity ⁽³⁾		2.5		%	2.7		%	9.3		%	6.9		%

See page 23 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.
(3) Calculated by using operating income after-tax adjusted for preference share dividends.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Three Months Ended September 30, 2014									Three Months Ended September 30, 2013
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	256.9		$	395.6		$	652.5		$	219.5		$	362.1		$	581.6
Net written premiums		250.9			326.4			577.3			218.4			323.6			542.0
Gross earned premiums		291.0			403.9			694.9			268.6			356.5			625.1
Net earned premiums		279.6			330.8			610.4			255.7			288.6			544.3
Losses and loss adjustment expenses		132.0			210.7			342.7			122.2			168.0			290.2
Amortization of deferred policy acquisition costs		52.1			63.4			115.5			49.1			61.4			110.5
General and administrative expenses		38.4			45.6			84.0			34.6			49.5			84.1
Underwriting income		$	57.1		$	11.1		$	68.2		$	49.8		$	9.7		$	59.5
Net investment income								48.0									45.0
Net realized and unrealized investment gains ⁽¹⁾								—									13.4
Corporate expenses								(15.6		)							(14.8		)
Non-recurring corporate expenses								(20.2		)							—
Other (expense)/income								(7.8		)							1.6
Interest expense								(7.4		)							(7.7		)
Net realized and unrealized foreign exchange (losses)/gains ⁽²⁾								(26.5		)							13.3
Income before tax								$	38.7								$	110.3
Income tax expense								(1.3		)							(2.9		)
Net income								$	37.4								$	107.4
Ratios
Loss ratio		47.2		%	63.7		%	56.1		%	47.8		%	58.2		%	53.3		%
Policy acquisition expense ratio		18.6		%	19.2		%	18.9		%	19.2		%	21.3		%	20.3		%
General and administrative expense ratio ⁽³⁾		13.7		%	13.8		%	19.6		%	13.5		%	17.2		%	18.2		%
General and administrative expense ratio (excluding non-recurring corporate expenses)⁽³⁾		13.7		%	13.8		%	16.3		%	13.5		%	17.2		%	18.2		%
Expense ratio		32.3		%	33.0		%	38.5		%	32.7		%	38.5		%	38.5		%
Expense ratio (excluding non-recurring corporate expenses)		32.3		%	33.0		%	35.2		%	32.7		%	38.5		%	38.5		%
Combined ratio		79.5		%	96.7		%	94.6		%	80.5		%	96.7		%	91.8		%
Combined ratio (excluding non-recurring corporate expenses)		79.5		%	96.7		%	91.3		%	80.5		%	96.7		%	91.8		%

(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

		Nine Months Ended September 30, 2014									Nine Months Ended September 30, 2013
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	1,027.5		$	1,259.8		$	2,287.3		$	957.7		$	1,084.6		$	2,042.3
Net written premiums		980.4			980.8			1,961.2			907.5			844.2			1,751.7
Gross earned premiums		859.2			1,182.0			2,041.2			828.9			1,000.7			1,829.6
Net earned premiums		825.1			968.0			1,793.1			788.2			811.0			1,599.2
Losses and loss adjustment expenses		367.4			600.5			967.9			394.9			497.4			892.3
Amortization of deferred policy acquisition costs		152.3			184.1			336.4			161.0			161.3			322.3
General and administrative expenses		107.0			142.6			249.6			97.2			134.0			231.2
Underwriting income		$	198.4		$	40.8		$	239.2		$	135.1		$	18.3		$	153.4
Net investment income								143.6									139.2
Net realized and unrealized investment gains ⁽¹⁾								33.5									29.4
Corporate expenses								(46.1		)							(42.0		)
Non-recurring corporate expenses								(28.5		)							—
Other (expense)/income								(5.9		)							3.0
Interest expense								(22.1		)							(23.2		)
Net realized and unrealized foreign exchange (losses) ⁽²⁾								(13.8		)							(10.7		)
Income before tax								$	299.9								$	249.1
Income tax expense								(11.3		)							(9.8		)
Net income								$	288.6								$	239.3
Ratios
Loss ratio		44.5		%	62.0		%	54.0		%	50.1		%	61.3		%	55.8		%
Policy acquisition expense ratio		18.5		%	19.0		%	18.8		%	20.4		%	19.9		%	20.2		%
General and administrative expense ratio ⁽³⁾		13.0		%	14.7		%	18.1		%	12.3		%	16.5		%	17.1		%
General and administrative expense ratio (excluding non-recurring corporate expenses)⁽³⁾		13.0		%	14.7		%	16.5		%	12.3		%	16.5		%	17.1		%
Expense ratio		31.5		%	33.7		%	36.9		%	32.7		%	36.4		%	37.3		%
Expense ratio (excluding non-recurring corporate expenses)		31.5		%	33.7		%	35.3		%	32.7		%	36.4		%	37.3		%
Combined ratio		76.0		%	95.7		%	90.9		%	82.8		%	97.7		%	93.1		%
Combined ratio (excluding non-recurring corporate expenses)		76.0		%	95.7		%	89.3		%	82.8		%	97.7		%	93.1		%

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



	ASPEN INSURANCE HOLDINGS LIMITED
	Reinsurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q3 2014			Q2 2014			Q1 2014			Q4 2013			Q3 2013			Q2 2013			Q1 2013

Gross written premiums		$	256.9		$	298.4		$	472.2		$	176.2		$	219.5		$	298.6		$	439.6
Net written premiums		250.9			286.9			442.6			174.5			218.4			288.6			400.5
Gross earned premiums		291.0			289.7			278.5			297.7			268.6			288.4			271.9
Net earned premiums		279.6			278.8			266.7			284.8			255.7			275.8			256.7
Net losses and loss adjustment expenses		132.0			125.0			110.4			86.8			122.2			158.4			114.3
Amortization of deferred policy acquisition costs		52.1			49.8			50.4			46.2			49.1			56.6			55.3
General and administrative expenses		38.4			35.8			32.8			33.8			34.6			30.4			32.2
Underwriting income		$	57.1		$	68.2		$	73.1		$	118.0		$	49.8		$	30.4		$	54.9
Ratios
Loss ratio		47.2		%	44.8		%	41.4		%	30.5		%	47.8		%	57.4		%	44.5		%
Policy acquisition expense ratio		18.6		%	17.9		%	18.9		%	16.2		%	19.2		%	20.5		%	21.5		%
General and administrative expense ratio		13.7		%	12.8		%	12.3		%	11.9		%	13.5		%	11.0		%	12.5		%
Expense ratio		32.3		%	30.7		%	31.2		%	28.1		%	32.7		%	31.5		%	34.0		%
Combined ratio		79.5		%	75.5		%	72.6		%	58.6		%	80.5		%	88.9		%	78.5		%



	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q3 2014			Q2 2014			Q1 2014			Q4 2013			Q3 2013			Q2 2013			Q1 2013

Gross written premiums		$	395.6		$	480.9		$	383.3		$	428.2		$	362.1		$	388.7		$	333.8
Net written premiums		326.4			399.5			254.9			373.5			323.6			324.1			196.5
Gross earned premiums		403.9			404.5			373.6			366.1			356.5			331.3			312.9
Net earned premiums		330.8			337.4			299.8			287.8			288.6			268.2			254.2
Net losses and loss adjustment expenses		210.7			212.1			177.7			244.6			168.0			175.0			154.4
Amortization of deferred policy acquisition costs		63.4			59.1			61.6			53.5			61.4			50.6			49.3
General and administrative expenses		45.6			51.1			45.9			51.9			49.5			42.1			42.4
Underwriting income/(loss)		$	11.1		$	15.1		$	14.6		$	(62.2	)	$	9.7		$	0.5		$	8.1
Ratios
Loss ratio		63.7		%	62.9		%	59.3		%	85.0		%	58.2		%	65.2		%	60.7		%
Policy acquisition expense ratio		19.2		%	17.5		%	20.5		%	18.6		%	21.3		%	18.9		%	19.4		%
General and administrative expense ratio		13.8		%	15.1		%	15.3		%	18.0		%	17.2		%	15.7		%	16.7		%
Expense ratio		33.0		%	32.6		%	35.8		%	36.6		%	38.5		%	34.6		%	36.1		%
Combined ratio		96.7		%	95.5		%	95.1		%	121.6		%	96.7		%	99.8		%	96.8		%



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q3 2014		Q2 2014		Q1 2014		Q4 2013		Q3 2013		Q2 2013		Q1 2013
	Reinsurance
	Property Catastrophe Reinsurance		$	40.0	$	91.6	$	168.8	$	6.8	$	37.8	$	83.2	$	145.5
	Other Property Reinsurance		95.4		89.8		102.4		61.5		70.8		91.0		79.5
	Casualty Reinsurance		70.7		60.6		113.3		55.0		68.6		63.4		125.3
	Specialty Reinsurance		50.8		56.4		87.7		52.9		42.3		61.0		89.3
	Total Reinsurance		$	256.9	$	298.4	$	472.2	$	176.2	$	219.5	$	298.6	$	439.6
	Insurance
	Property and Casualty Insurance		$	200.9	$	221.3	$	176.3	$	181.5	$	164.6	$	176.8	$	131.2
	Marine, Aviation and Energy Insurance		88.2		153.6		131.7		129.9		112.9		143.8		136.8
	Financial and Professional Lines Insurance		106.5		106.0		75.3		116.8		84.6		68.1		65.8
	Total Insurance		$	395.6	$	480.9	$	383.3	$	428.2	$	362.1	$	388.7	$	333.8

	Total Gross Written Premiums		$	652.5	$	779.3	$	855.5	$	604.4	$	581.6	$	687.3	$	773.4
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	37.4	$	80.9	$	147.9	$	6.3	$	37.6	$	75.2	$	124.0
	Other Property Reinsurance		92.0		88.3		96.6		61.1		70.8		89.8		65.6
	Casualty Reinsurance		70.7		61.5		111.4		54.2		67.7		62.6		123.1
	Specialty Reinsurance		50.8		56.2		86.7		52.9		42.3		61.0		87.8
	Total Reinsurance		$	250.9	$	286.9	$	442.6	$	174.5	$	218.4	$	288.6	$	400.5
	Insurance
	Property and Casualty Insurance		$	166.4	$	171.0	$	101.5	$	141.4	$	147.2	$	157.1	$	67.2
	Marine, Aviation and Energy Insurance		64.2		131.1		119.5		118.5		107.1		102.7		126.4
	Financial and Professional Lines Insurance		95.8		97.4		33.9		113.6		69.3		64.3		2.9
	Total Insurance		$	326.4	$	399.5	$	254.9	$	373.5	$	323.6	$	324.1	$	196.5

	Total Net Written Premiums		$	577.3	$	686.4	$	697.5	$	548.0	$	542.0	$	612.7	$	597.0
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	62.5	$	62.7	$	62.4	$	64.0	$	60.4	$	65.1	$	58.7
	Other Property Reinsurance		84.1		81.5		79.2		73.0		62.5		79.1		71.0
	Casualty Reinsurance		75.0		78.8		72.2		84.8		78.9		75.2		66.6
	Specialty Reinsurance		58.0		55.8		52.9		63.0		53.9		56.4		60.4
	Total Reinsurance		$	279.6	$	278.8	$	266.7	$	284.8	$	255.7	$	275.8	$	256.7
	Insurance
	Property and Casualty Insurance		$	148.0	$	146.9	$	119.5	$	113.2	$	112.8	$	105.5	$	101.6
	Marine, Aviation and Energy Insurance		107.2		119.9		115.1		117.7		123.3		116.8		101.6
	Financial and Professional Lines Insurance		75.6		70.6		65.2		56.9		52.5		45.9		51.0
	Total Insurance		$	330.8	$	337.4	$	299.8	$	287.8	$	288.6	$	268.2	$	254.2

	Total Net Earned Premiums		$	610.4	$	616.2	$	566.5	$	572.6	$	544.3	$	544.0	$	510.9



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Nine Months Ended September 30,
(in US$ millions)			2014			2013
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		(0.3		)	0.2
	Net change for the period		—			(0.3		)
	End of period		(0.3		)	(0.1		)
Additional paid-in capital
	Beginning of period		1,297.4			1,516.7
	New shares issued		1.9			16.7
	Ordinary shares repurchased		(120.9		)	(294.9		)
	Preference shares issued		—			270.4
	Preference shares repurchased and cancelled		—			(230.0		)
	Changes in redemption value		—			7.1
	Share-based compensation		8.0			11.6
	End of period		1,186.4			1,297.6
Retained earnings
	Beginning of period		1,783.3			1,544.0
	Net income for the period		288.6			239.3
	Dividends paid on ordinary and preference shares		(66.3		)	(62.1		)
	Change in redemption value		—			(7.1		)
	Proportion due to non-controlling interest		—			0.3
	End of period		2,005.6			1,714.4
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		88.6			112.7
	Change for the period		14.7			(21.0		)
	End of period		103.3			91.7
Loss on derivatives:
	Beginning of period		—			(0.5		)
	Reclassification to interest payable		—			0.2
	End of period		—			(0.3		)
Unrealized appreciation/(depreciation) on investments, net of taxes:
	Beginning of period		130.5			315.2
	Change for the period		18.9			(147.5		)
	End of period		149.4			167.7
Total accumulated other comprehensive income			252.7			259.1

Total shareholders' equity			$	3,444.5		$	3,271.1



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income

			Three Months Ended September 30,						Nine Months Ended September 30,
(in US$ millions)			2014			2013			2014			2013

Net income			$	37.4		$	107.4		$	288.6		$	239.3
Other comprehensive income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains) included in net income		(3.7		)	(8.1		)	(5.7		)	(18.6		)
	Change in net unrealized gains and (losses) on available for sale securities held		(27.2		)	4.3			24.6			(128.9		)
	Loss on derivatives reclassified to interest expense		—			—			—			0.2
	Change in foreign currency translation adjustment		(3.3		)	3.4			14.7			(21.0		)
	Other comprehensive (loss)/income		(34.2		)	(0.4		)	33.6			(168.3		)
Comprehensive income			$	3.2		$	107.0		$	322.2		$	71.0



	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended September 30,						Nine Months Ended September 30,
(in US$ millions)		2014			2013			2014			2013

Net cash from operating activities		$	178.0		$	184.8		$	475.1		$	433.0
Net cash (used in) investing activities		(130.0		)	(109.0		)	(300.6		)	(393.2		)
Net cash (used in) financing activities		(112.5		)	(72.6		)	(185.3		)	(299.9		)
Effect of exchange rate movements on cash and cash equivalents		8.4			6.2			6.3			(5.2		)
(Decrease)/increase in cash and cash equivalents		(56.1		)	9.4			(4.5		)	(265.3		)
Cash at beginning of period		1,345.2			1,188.9			1,293.6			1,463.6
Cash at end of period		$	1,289.1		$	1,198.3		$	1,289.1		$	1,198.3



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Nine Months Ended September 30, 2014			For the Twelve Months Ended December 31, 2013

Provision for losses and loss adjustment expenses at the start of the period		$	4,678.9		$	4,779.7
Reinsurance recoverables		(332.7		)	(499.0		)
Net loss and loss adjustment expenses at the start of the period		4,346.2			4,280.7

Net loss and loss adjustment expenses disposed		(24.2		)	(34.6		)
Provision for losses and loss adjustment expenses for claims incurred
Current period		1,060.5			1,331.4
Prior period release		(92.6		)	(107.7		)
Total incurred		967.9			1,223.7

Losses and loss adjustment expenses payments for claims incurred		(842.3		)	(1,085.1		)

Foreign exchange losses/(gains)		(45.0		)	(38.5		)

Net loss and loss adjustment expenses reserves at the end of the period		4,402.6			4,346.2
Reinsurance recoverables on unpaid losses at the end of the period		384.7			332.7
Gross loss and loss adjustment expenses reserves at the end of the period		$	4,787.3		$	4,678.9



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment

		As at September 30, 2014							As at December 31, 2013
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net

Reinsurance		$	2,593.8	$	(39.6	)	$	2,554.2	$	2,707.0	$	(60.2	)	$	2,646.8
Insurance		2,193.5		(345.1		)	1,848.4		1,971.9		(272.5		)	1,699.4
Total losses and loss adjustment expense reserves		$	4,787.3	$	(384.7	)	$	4,402.6	$	4,678.9	$	(332.7	)	$	4,346.2



	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Releases

(in US$ millions)		Three Months Ended September 30, 2014								Three Months Ended September 30, 2013
		Gross			Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net
Reinsurance		$	25.3		$	0.7		$	26.0	$	46.6	$	(14.3	)	$	32.3
Insurance		(1.9		)	8.5			6.6		9.4		(8.1		)	1.3
Release in reserves for prior years during the period		$	23.4		$	9.2		$	32.6	$	56.0	$	(22.4	)	$	33.6

		Nine Months Ended September 30, 2014								Nine Months Ended September 30, 2013
		Gross			Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net
Reinsurance		$	78.3		$	(2.7	)	$	75.6	$	90.7	$	(14.2	)	$	76.5
Insurance		(6.6		)	23.6			17.0		2.0		8.7			10.7
Release in reserves for prior years during the period		$	71.7		$	20.9		$	92.6	$	92.7	$	(5.5	)	$	87.2





	ASPEN INSURANCE HOLDINGS LIMITED
	Worldwide Natural Catastrophe Exposures: Major Peril Zones as at October 1, 2014


	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 $3,444.8 million (excluding non-controlling interest) as at September 30, 2014. The estimates reflect Aspen's own view of the modelled maximum losses ("PML's") at the return periods shown which include input from various third party vendor models and our own proprietary adjustments to these models. Catastrophe loss experience may materially differ from the modelled PML’s due to limitations in one or more of the models or uncertainties in the application of policy terms and limits.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Investment Portfolio
(in US$ millions)			Fair Market Value
Marketable Securities - Available For Sale			September 30, 2014		June 30, 2014		March 31, 2014		December 31, 2013		September 30, 2013		June 30, 2013		March 31, 2013
U.S. government securities			$	973.9	$	994.0	$	1,014.7	$	1,020.4	$	1,021.1	$	1,118.4	$	1,175.3
U.S. agency securities			201.9		205.0		245.2		269.1		281.5		308.7		314.0
Municipal securities			31.7		26.9		33.6		32.8		29.9		33.1		38.0
Corporate securities			2,278.4		2,244.9		2,154.1		2,069.4		2,018.1		2,027.3		2,006.0
Foreign government securities			752.6		766.5		735.0		778.9		822.2		755.7		644.6
Asset-backed securities			143.9		140.3		130.0		122.3		116.5		86.8		74.5
Bonds backed by foreign government			75.5		83.9		91.5		84.6		78.9		87.0		85.3
Mortgage-backed securities			1,039.9		1,065.3		1,117.6		1,191.6		1,176.7		1,125.6		1,155.4
Total fixed income maturities			5,497.8		5,526.8		5,521.7		5,569.1		5,544.9		5,542.6		5,493.1
Short-term investments			307.2		335.7		215.5		160.3		148.3		231.7		352.3
Equity securities			125.9		142.1		147.4		149.5		163.2		183.2		209.1
Total Available For Sale			$	5,930.9	$	6,004.6	$	5,884.6	$	5,878.9	$	5,856.4	$	5,957.5	$	6,054.5

Marketable Securities - Trading
U.S. government securities			$	16.5	$	12.9	$	16.8	$	22.0	$	31.1	$	39.0	$	27.7
U.S. agency securities			0.2		0.2		0.2		0.2		0.2		0.2		0.2
Municipal securities			1.1		1.2		1.2		1.1		0.6		0.6		2.8
Corporate securities			521.1		524.5		494.8		474.8		471.0		365.6		395.9
Foreign government securities			139.2		139.3		136.4		136.2		136.3		27.5		27.3
Asset-backed securities			15.2		11.4		12.3		12.8		6.6		5.7		5.8
Bank loans			80.8		81.4		72.7		69.1		72.8		65.2		9.1
Total fixed income maturities			774.1		770.9		734.4		716.2		718.6		503.8		468.8
Short-term investments			7.0		14.0		—		—		0.2		10.6		0.8
Equity securities			521.1		432.1		360.4		310.9		278.3		229.9		205.0
Catastrophe bonds			32.2		30.0		18.0		5.8		—		—		—
Total Trading			$	1,334.4	$	1,247.0	$	1,112.8	$	1,032.9	$	997.1	$	744.3	$	674.6

Other Investments			$	8.7	$	8.7	$	8.7	$	48.0	$	46.1	$	44.9	$	45.0

Cash			1,289.1		1,345.2		1,443.7		1,293.6		1,198.3		1,188.9		1,212.7
Accrued interest			45.7		49.7		46.5		47.9		48.5		48.3		45.0
	Total Cash and Accrued Interest		$	1,334.8	$	1,394.9	$	1,490.2	$	1,341.5	$	1,246.8	$	1,237.2	$	1,257.7

	Total Cash and Investments		$	8,608.8	$	8,655.2	$	8,496.3	$	8,301.3	$	8,146.4	$	7,983.9	$	8,031.8



	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q3 2014			Q2 2014			Q1 2014			Q4 2013			Q3 2013			Q2 2013			Q1 2013

Net investment income from fixed income investments and cash		$	43.5		$	42.0		$	44.1		$	44.8		$	42.0		$	42.0		$	45.0
Net investment income from equity securities		4.5			4.1			5.4			2.4			3.0			3.9			3.3
Net investment income		48.0			46.1			49.5			47.2			45.0			45.9			48.3

Net realized and unrealized investment gains/(losses) excluding the interest rate swaps		(0.9		)	29.4			10.2			19.4			17.7			(6.6		)	15.2
Net realized investment (losses)/gains from the interest rate swaps		0.9			(3.5		)	(1.9		)	(0.5		)	(4.3		)	6.8			0.6
Realized loss on the debt extinguishment		—			—			—			(9.3		)	—			—			—
Other-than-temporary impairment charges		—			(0.7		)	—			—			—			—			—
Net realized and unrealized investment gains		—			25.2			8.3			9.6			13.4			0.2			15.8

Change in unrealized gains/(losses) on available for sale investments (gross of tax)		(36.3		)	33.4			22.6			(41.1		)	(9.7		)	(138.4		)	(17.5		)
Total return/(loss) on investments		$	11.7		$	104.7		$	80.4		$	15.7		$	48.7		$	(92.3	)	$	46.6

Portfolio Characteristics
Fixed income portfolio book yield (excluding the impact of the interest rate swaps)		2.65		%	2.61		%	2.68		%	2.74		%	2.82		%	2.71		%	2.80		%
Fixed income portfolio duration (excluding the impact of the interest rate swaps)		3.5 years			3.4 years			3.5 years			3.5 years			3.5 years			3.4 years			3.2 years



	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)		September 30, 2014			June 30, 2014			March 31, 2014			December 31, 2013			September 30, 2013			June 30, 2013			March 31, 2013

Net assets		$	3,444.5		$	3,554.2		$	3,386.8		$	3,299.6		$	3,271.1		$	3,234.9		$	3,339.6
Less: Preference shares		(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.6		)	(555.6		)	(508.1		)
Less: Non-controlling interest		0.3			0.2			0.2			0.3			0.1			(0.2		)	(0.2		)
Total		$	2,889.0		$	2,998.6		$	2,831.2		$	2,744.1		$	2,715.6		$	2,679.1		$	2,831.3

Ordinary shares outstanding (in millions)		63.350			65.463			65.419			65.547			65.701			67.003			65.634
Ordinary shares and dilutive potential ordinary shares (in millions)		64.783			66.871			66.281			67.090			67.171			68.934			69.611

Book value per ordinary share		$	45.60		$	45.81		$	43.28		$	41.87		$	41.33		$	39.98		$	43.14
Diluted book value per ordinary share		$	44.60		$	44.84		$	42.72		$	40.90		$	40.43		$	38.86		$	40.67

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						Nine Months Ended
(in US$ millions except where stated)			September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013

Net income as reported			$	37.4		$	107.4		$	288.6		$	239.3
Changes in redemption value of the PIERS			—			—			—			(7.1		)
Net change attributable to non-controlling interest			0.1			0.3			—			0.3
Preference share dividends			(9.5		)	(9.5		)	(28.4		)	(26.1		)
Net income available to ordinary shareholders			28.0			98.2			260.2			206.4
Add (deduct) after tax income:
	Net foreign exchange losses/(gains)		24.1			(12.0		)	13.3			9.5
	Net realized (gains) on investments		—			(13.4		)	(33.2		)	(28.9		)
	Changes in redemption value of the PIERS		—			—			—			7.1
	Non-recurring corporate expenses		20.2			—			28.5			—
Operating income after tax available to ordinary shareholders			72.3			72.8			268.8			194.1

Tax expense on operating income			3.7			1.3			11.5			10.2
Operating income before tax available to ordinary shareholders			$	76.0		$	74.1		$	280.3		$	204.3

Basic earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.43		$	1.47		$	3.99		$	3.07
Add (deduct) after tax income:
	Net foreign exchange losses/(gains)		0.37			(0.18		)	0.20			0.14
	Net realized (gains) on investments		—			(0.20		)	(0.51		)	(0.43		)
	Changes in redemption value of the PIERS		—			—			—			0.11
	Non-recurring corporate expenses		0.31			—			0.44			—
Operating income adjusted for preference shares dividends and non-controlling interest			$	1.11		$	1.09		$	4.12		$	2.89

Diluted earnings per ordinary share
Net income adjusted for preference share dividends and non-controlling interest			$	0.42		$	1.43		$	3.91		$	2.95
Add (deduct) after tax income:
	Net foreign exchange losses/(gains)		0.36			(0.18		)	0.20			0.14
	Net realized (gains) on investments		—			(0.20		)	(0.50		)	(0.41		)
	Changes in redemption value of the PIERS		—			—			—			0.10
	Non-recurring corporate expenses		0.30			—			0.43			—
Operating income adjusted for preference shares dividends and non-controlling interest			$	1.08		$	1.05		$	4.04		$	2.78

A-1



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Prior Lines of Business
(in US$ millions)
Gross Written Premiums			Q3 2014		Q2 2014		Q1 2014		Q4 2013		Q3 2013		Q2 2013		Q1 2013
	Reinsurance
	Property Catastrophe Reinsurance		$	40.0	$	91.6	$	168.8	$	6.8	$	37.8	$	83.2	$	145.5
	Other Property Reinsurance		95.4		89.8		102.4		61.5		70.8		91.0		79.5
	Casualty Reinsurance		70.7		60.6		113.3		55.0		68.6		63.4		125.3
	Specialty Reinsurance		50.8		56.4		87.7		52.9		42.3		61.0		89.3
	Total Reinsurance		$	256.9	$	298.4	$	472.2	$	176.2	$	219.5	$	298.6	$	439.6
	Insurance
	Property Insurance		$	59.7	$	85.6	$	63.0	$	54.6	$	52.8	$	74.0	$	54.6
	Casualty Insurance		93.8		88.5		61.3		83.1		74.7		63.9		43.7
	Marine, Energy and Transportation Insurance		88.2		153.6		131.7		129.9		112.9		143.8		136.8
	Financial and Professional Lines Insurance		106.5		106.0		75.3		116.8		84.6		68.1		65.8
	Programs		47.4		47.2		52.0		43.8		37.1		38.9		32.9
	Total Insurance		$	395.6	$	480.9	$	383.3	$	428.2	$	362.1	$	388.7	$	333.8

	Total Gross Written Premiums		$	652.5	$	779.3	$	855.5	$	604.4	$	581.6	$	687.3	$	773.4
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	37.4	$	80.9	$	147.9	$	6.3	$	37.6	$	75.2	$	124.0
	Other Property Reinsurance		92.0		88.3		96.6		61.1		70.8		89.8		65.6
	Casualty Reinsurance		70.7		61.5		111.4		54.2		67.7		62.6		123.1
	Specialty Reinsurance		50.8		56.2		86.7		52.9		42.3		61.0		87.8
	Total Reinsurance		$	250.9	$	286.9	$	442.6	$	174.5	$	218.4	$	288.6	$	400.5
	Insurance
	Property Insurance		$	42.3	$	54.6	$	16.6	$	48.2	$	50.9	$	67.1	$	16.3
	Casualty Insurance		82.4		74.3		41.4		63.2		61.6		56.2		24.6
	Marine, Energy and Transportation Insurance		64.2		131.1		119.5		118.5		107.1		102.7		126.4
	Financial and Professional Lines Insurance		95.8		97.4		33.9		113.6		69.3		64.3		2.9
	Programs		41.7		42.1		43.5		30.0		34.7		33.8		26.3
	Total Insurance		$	326.4	$	399.5	$	254.9	$	373.5	$	323.6	$	324.1	$	196.5

	Total Net Written Premiums		$	577.3	$	686.4	$	697.5	$	548.0	$	542.0	$	612.7	$	597.0
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	62.5	$	62.7	$	62.4	$	64.0	$	60.4	$	65.1	$	58.7
	Other Property Reinsurance		84.1		81.5		79.2		73.0		62.5		79.1		71.0
	Casualty Reinsurance		75.0		78.8		72.2		84.8		78.9		75.2		66.6
	Specialty Reinsurance		58.0		55.8		52.9		63.0		53.9		56.4		60.4
	Total Reinsurance		$	279.6	$	278.8	$	266.7	$	284.8	$	255.7	$	275.8	$	256.7
	Insurance
	Property Insurance		$	40.7	$	54.7	$	42.3	$	42.4	$	46.2	$	44.1	$	45.7
	Casualty Insurance		67.6		53.3		49.6		40.7		44.5		40.7		34.6
	Marine, Energy and Transportation Insurance		107.2		119.9		115.1		117.7		123.3		116.8		101.6
	Financial and Professional Lines Insurance		75.6		70.6		65.2		56.9		52.5		45.9		51.0
	Programs		39.7		38.9		27.6		30.1		22.1		20.7		21.3
	Total Insurance		$	330.8	$	337.4	$	299.8	$	287.8	$	288.6	$	268.2	$	254.2

	Total Net Earned Premiums		$	610.4	$	616.2	$	566.5	$	572.6	$	544.3	$	544.0	$	510.9

A-2

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ASPEN INSURANCE HOLDINGS LTD - FORM 8-K - EX-99.2 - EXHIBIT - October 29, 2014

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