Aspen Insurance Holdings Ltd has reported net income available to ordinary shareholders of $431 million and operating income of $433 million for the 2024 fiscal year.

In the fourth quarter of the year, those figures were $235 million and $145 million, respectively.

For the full year, the operating return on average equity was 19.4 per cent and the adjusted combined ratio was 86.8 per cent.

In the fourth quarter, the annualised operating return on average equity was 24.8 per cent and the adjusted combined ratio was 83.4 per cent.

Mark Cloutier, executive chairman and group chief executive, said: “2024 has seen Aspen deliver yet another excellent set of results driven by healthy performance from each of our powerful earnings engines, underwriting, investments and capital markets. 2025 is set to be an important year for Aspen, and one we enter with confidence with the business now demonstrating sustained strong performance.

“In a year challenged by several industry-wide major loss events, these results demonstrate how Aspen’s expert and disciplined underwriting, consistent investment performance and a growing contribution from Aspen Capital Markets are enabling us to successfully deliver against our strategy, resulting in an operating return on average equity of 19.4 per cent.”

He added: “Ongoing political uncertainty and accelerated changes in technology, as well as a significant number of natural and weather-related catastrophes that are affecting millions of people, mean that the risk environment has never been more complex or challenging.”

Mr Cloutier said Aspen’s exposure to the California wildfires in January is limited and falls within expectations.

“The California wildfires, net of reinsurance and reinstatement premiums, are expected to generate claims in the range of $50 to $75 million, based on our modelled loss projections and exposure analysis, at an industry loss estimate in the range of $35 billion to $45 billion, and this impact will be included in Aspen’s first-quarter results.”

Christian Dunleavy, group president, said: “For the 12 months ended December 31, 2024, we saw gross written premiums grow by 16.2 per cent to $4.6 billion.

“Aspen Capital Markets generated fee income of $169 million, an increase of 24.8 per cent, while net investment income grew 15.3 per cent to $318 million. The resulting operating income of $433 million represents an increase of 17.7 per cent over the prior year.

“All of these results reinforce our core strategies and underscore the relevance and importance of our platforms, products and service offerings in their respective markets.”

Mr Dunleavy added: “Alongside the strong, profitable growth we have achieved in 2024, we have maintained excellent underwriting performance, with an adjusted combined ratio of 86.8 per cent and adjusted underwriting income increasing by 7.2 per cent to $381 million.

“This performance is testament to our proactive portfolio construction, our distribution network and Aspen’s ability to nimbly allocate risk across our platforms, enhanced by Aspen Capital Markets, in response to the needs of our customers.

“Underpinned by our balance-sheet strength, we are well placed to grow where we see opportunity, while delivering sustainable underwriting profitability for our shareholders.”