Bermuda insurer and reinsurer Aspen has reported net income of $55 million and operating income of $98 million for the three months to June 30.

It brings their half-year numbers to $154 million in net income and operating Income of $201 million.

Combined ratio for the second quarter was 86.7 per cent and 86.5 per cent for the six months.

Mark Cloutier, executive chairman and group chief executive, commented: “Aspen continues on its path of delivering consistently strong performance.

“For the six months ended June 30, we reported top-line growth and a healthy annualised operating return on average equity and combined ratio.

“The results for both the second quarter and first six months demonstrate the robustness of our platform and are in line with our expectations, given the major industry wide loss events in the period.

“In the first half of the year, we continued to match interesting business opportunities with our disciplined underwriting approach, which resulted in a 17 per cent growth in our gross written premium to $2.5 billion (half year 2023: $2.1 billion).

“In addition to our underwriting performance, Aspen Capital Markets generated fee income of $68 million, representing a 13 per cent growth, and we reported net investment income of $159 million, an increase of 23 per cent from prior year. This resulted in operating income of $201 million, up by 5 per cent.

“Our adjusted combined operating ratio of 86.5 per cent (half year 2023: 84.8 per cent) reflects the impact of industry event major loss activity year over year, principally in the first quarter of the year compared to the prior year period.

“Our view on trading conditions remains generally optimistic, and we believe there is ample opportunity for continued profitable growth within the construct of our current portfolio and appetite.”