Bermudian-based re/insurer Aspen Insurance Holdings Limited has reported net income of $51 million for fiscal year 2022.

That compares with net income of $30 million in the prior year.

Gross written premiums increased by 10 per cent to $4,339 million (2021: $3,938 million), primarily due to rate improvement and growth in both of Aspen’s underwriting segments.

Net written premiums increased 12 per cent to $2,896 million (2021: $2,588 million).

Operating income was $202 million (2021: $51 million), while underwriting income was $190 million (2021: $(30) million), and net investment income was $188 million (2021: $148 million).

Aspen reported an operating return on average equity of 11.9 per cent (2021: 2.4 per cent).

Catastrophe losses for the period were $307 million, or 11 percentage points on the combined ratio, which included losses associated with Hurricane Ian, floods in Australia and South Africa, the Russian/Ukraine war and other weather-related events.

Catastrophe losses in 2021 were $327 million, or 14 percentage points on the combined ratio.

Mark Cloutier, group executive chairman and chief executive officer, said: “We delivered a strong set of results in a challenging year that included Russia’s invasion of Ukraine, rising inflation and significant natural catastrophe activity, all of which generated notable loss activity for our industry.

“Against this backdrop, our reported combined ratio improved to 93 per cent (2021: 101.2 per cent), an outstanding result. Adjusted for the impacts of the loss portfolio transfer and adverse development contracts, our combined ratio was 92.4 per cent (2021: 98.8 per cent).”

He added: “The results we have reported today mark the third consecutive year of improved underwriting performance. This is a reflection of our transformation efforts over the past few years as we simplified, reshaped and improved Aspen, taking decisive and timely actions on our risk appetite and exposures.

“Our proactive approach to portfolio management means we have a flexible, robust and diversified franchise across multiple product lines and geographies that provides value and support for our clients.

“As a result, we are well positioned to take advantage of the opportunities that the market is currently providing. Our focus remains on sustainable growth, optimising our underwriting returns and prudently managing catastrophe risk, as we continue to work towards our objective of delivering consistent top quartile results.”