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Aspen 2010

Aspen Insurance Holdings Ltd consolidated results year ended 31 December ● US$m Category 2006 2007 2008 2009 2010 Gross written premium 1,945.50 1,818.50 2,001.70 2,067.10 2,076.80 Net written premium 1,663.60 1,601.40 1,835.50 1,836.80 1,891.10 Increased NWP % 0.7 (3.7) 14.6 0.1 3.0 Retention % 85.5 88.10 91.7 88.90 91.10 Net earned premium 1,676.20 1,733.60 1,701.70 1,823.00 1,898.90 Claims incurred 889.90 919.80 1,119.50 948.10 1,248.70 Claims incurred % NEP 53.1 53.1 65.8 52.0 65.80 Operating expenses 490.70 518.70 474.60 532.30 540.20 Operating expenses % NWP 29.5 32.4 25.9 29.0 28.6 Underwriting result 295.60 295.10 107.60 342.60 110.00 Underwriting result % NWP 17.8 18.4 5.9 18.7 5.8 Combined ratio % 82.4 83.0 95.6 84.1 96.70 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 204.40 299.00 139.20 248.50 232.00 Net realised gains/(losses)* (8.00) (13.10) (47.90) 11.40 50.60 Pre-tax result 470.40 574.00 140.20 534.70 340.30 Pre-tax % NWP 28.3 35.8 7.6 29.1 18.0 Net result 378.10 489.00 103.80 473.90 312.70 Shareholders' funds 2,389.30 2,817.60 2,779.10 3,305.40 3,241.90 Solvency margin % 143.6 175.9 151.4 180.0 171.4 Unearned premium reserve 811.50 680.60 764.40 803.80 796.60 Outstanding claims reserve 2,351.70 2,641.30 2,787.00 3,009.60 3,540.60 Total technical provisions 3,163.20 3,321.90 3,551.40 3,813.40 4,337.20 Technical reserves as % NWP 190.1 207.4 193.5 207.6 229.3 Overall coverage as % NWP 333.8 383.4 344.9 387.6 400.8 * Since 2009 this item relates to net realised and unrealised investment gains/(losses)

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