Aspen Insurance Holdings Limited posted second quarter 2006 profit of $101.8 million, or $1.01 per share, a 21 percent improvement reflecting a lack of big catastrophe losses and improved investment returns.

Operating earnings were $98.3 million, or 98 cents a share for the second quarter 2006.

On average, eight analysts polled by First Call/Thomson Financial expected the company to earn 79 cents per share for the quarter.

Chris O?Kane, Chief Executive Officer, said the company has significantly strengthened its risk management capabilities, but further improvements in the area remains a core focus for the company.

?Our strategy of holding back our capacity for North Atlantic hurricane risk earlier in the year in anticipation of improved pricing in the second quarter has been borne out by the increases we were able to achieve for renewals during the second quarter,? he said.

Aspen shares closed at $23.25, up 46 cents or two 2 percent on a volume of 529,000 shares on the New York Stock Exchange.

Aspen Insurance Holdings Limited 2Q 06 Report Card:

Results for the quarter ended June 30, 2006 compared to the same period a year ago

- Net Income: $101.8 million, a 22 percent improvement from $83.8 million in the second quarter last year

- Net income broken down per share: $1.01 per share from $1.16 per share a year ago

- Operating income: $98.3 million, a 14 percent improvement from $86.6 million in the year ago quarter

- Gross premiums written: $552.4 million, a 5 percent decrease from $549.4 million in the same period a year ago

- Net premiums written: $500.1 million, a 3 percent improvement from $486.6 million in the same period a year ago

- Net investment income: $49.9 million, an 84 percent improvement from $27.1 million a year ago

- Shareholders? equity increased to $2.15 billion at June 30, 2006 from $2.04 billion at December 31, 2005