Another of the Bermuda insurance company set up in the wake of the September 11 terrorist attacks reported ?excellent? profits of $152.1 million for its first full year in operation, according to management.

And Aspen Insurance Holdings Ltd. said on Friday that the company is establishing itself in the world market ? and wants to continue growth in the year 2004.

The company, which sells property and casualty reinsurance in the global market, property and liability insurance principally in the United Kingdom and surplus lines insurance in the United States, reported net income of $54.5 million, or $0.88 per diluted share, for the three months ended December 31, 2003.

?All of our businesses produced excellent results in 2003, resulting in an operating return on equity of 16 percent for the year and 23 percent for the quarter,? said Chris O?Kane, chief executive officer. ?Our strong performance demonstrates that we are succeeding in establishing Aspen as a highly focused leader in key reinsurance and insurance lines.

?Our financial strength, diverse operating platform and our sophisticated risk selection criteria position us to achieve continued growth in 2004.

The company, which raised $225 million in an initial public offering last December, revealed in results released last week that its gross written premiums were $145 million for the fourth quarter 2003 and $1.3 billion for the full year 2003.

Aspen closed down 36 cents to $26 on Friday on thge New York Stock Exchange.

Aspen?s combined ratio was 79 percent for the fourth quarter 2003 and 78 percent for the full year 2003 and net investment income was $12.9 million for the fourth quarter 2003 and $29.6 million for the full year 2003.

The company reported separately on its reinsurance and insurance operations ? gross written premiums for the reinsurance segment were $62.3 million for the fourth quarter 2003 and $1.0 billion for the full year 2003.

The reinsurance operations reported a combined ratio of 80 percent for the fourth quarter 2003 and 79 percent for the full year 2003.

Gross written premiums for the insurance segment were $82.7 million for the fourth quarter 2003 and $304.9 million for the full year 2003. The insurance operations reported a combined ratio of 77 percent for the fourth quarter 2003 and 77 percent for the full year 2003.

Shareholders? equity increased from $878.1 million at December 31, 2002 to $1.3 billion at December 31, 2003, including $246.4 million attributable to the issue of new shares and $7.5 million attributable to share-based compensation.

Aspen?s operations are conducted through its wholly-owned subsidiaries located in London, Bermuda and the United States through Aspen Insurance UK Ltd., Aspen Insurance Ltd. and Aspen Specialty Insurance Co.

Aspen?s reinsurance segment consists of property reinsurance, casualty reinsurance and specialty reinsurance lines of business. Aspen?s insurance segment consists of commercial property insurance and commercial liability insurance lines of business.

Aspen?s principal existing shareholders include The Blackstone Group, Candover Partners Limited, Wellington Underwriting Plc and Credit Suisse First Boston Private Equity.