Aspen Insurance Holdings Limited has reported net income of $48.4 million and an operating income of $130 million for the six months ended June 30.

That compares with net income of $87.4 million and an operating income of $66.7 million for the same period in 2021.

Gross written premiums were $2,351.3 million, an increase of 16.5 per cent year on year primarily due to rate improvement and growth in financial and professional insurance lines, casualty and liability insurance lines and casualty reinsurance lines.

Net written premiums increased by 21.8 per cent to $1,506.1 million.

Underwriting income was $156.5 million, up from $59.4 million in the six months ended June 30, 2021, resulting in a combined ratio of 88.2 per cent compared to 94.7 per cent in the same period a year ago.

Catastrophe losses of $92.9 million included losses associated with floods in Australia and South Africa, the Russian/Ukraine war, Storm Eunice and other weather-related events.

Net realised and unrealised investment losses were $126.4 million, which includes unrealised losses of $81.5 million.

This compares to $3 million net realised and unrealised investment gains in the six months ended June 30, 2021, which includes net unrealised gains of $16.1 million.

Investment income was $88.7 million compared to $68.7 million in the same period a year ago.

Aspen’s capital markets business contributed total fee income of $47 million, up from $30.5 million in the six months ended June 30, 2021.

Annualised operating return on average equity was 13.8 per cent compared to 6.2 per cent a year ago.