Bermuda-based Aspen Insurance Holdings reported record results for the third quarter of 2007.
The Company gave the following highlights: from the earnings report:
— Record third quarter net income of $117.2 million and nine months net income of $353.8 million, up 23.4 percent over the same quarter last year and 36.8 percent over prior nine months.
— Net investment income of $72.4 million, up 53.1 percent compared to $47.3 million in the third quarter of 2006.
— Book value per share of $26.46, up 21.0 percent year over year.
— EPS of $1.21 up 28.7 percent versus $0.94 in the third quarter of 2006, and $3.67 up 43.9 percent for the nine months.
— Annualized ROE of 20.2 percent for the quarter and 21.2 percent for the nine months.
— Combined ratio for the quarter of 84.5 percent and 84.1 percent for the nine months.
CEO Chris O’Kane commented: “I am very pleased with the record third quarter results Aspen today announced, with net income up 23 percent to $117 million from the same period in 2006, year-to-date earnings per share up 44 percent to $3.67, and book value per share of $26.46. These strong results reflect our ongoing focus on managing, diversifying and leveraging our underwriting platforms and the excellent performance of the investment portfolio. We will continue to manage the business to ensure that we remain appropriately positioned for long term profitability and disciplined growth.”
The full report and financial supplements are available on the Company’s web site at: www.aspen.bm.
Aspen will hold a conference call today, Nov. 2, 2007 at 8:30am (Eastern Time). Dial in details: +1 888-459-5609 (toll-free domestic U.S.) or +1 973-321-1024 (international) conference ID: 9256065.
A replay of the call will be available for 10 days starting approximately two hours following the live call, and can be accessed at +1 877-519-4471 (toll-free domestic U.S.) or +1 973-341-3080 (international); digital pin: 9256065.
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