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AHL > SEC Filings for AHL > Form 10-Q on 29-Apr-2013All Recent SEC Filings

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Form 10-Q for ASPEN INSURANCE HOLDINGS LTD


29-Apr-2013

Quarterly Report


Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion and analysis of our financial condition and results of operations for the three months ended March 31, 2013 and 2012. This discussion and analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related notes contained in this Form 10-Q and the audited consolidated financial statements and related notes for the fiscal year ended December 31, 2012, as well as the discussions of critical accounting policies, contained in our Audited Consolidated Financial Statements in our 2012 Annual Report on Form 10-K filed with the United States Securities and Exchange Commission.

Some of the information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q, including information with respect to our plans and strategy for our business and in "Outlook and Trends" below, includes forward-looking statements that involve risks and uncertainties. Please see the section captioned "Cautionary Statement Regarding Forward-Looking Statements" in this report and the "Risk Factors" in Item 1A of our 2012 Annual Report on Form 10-K for more information on factors that could cause actual results to differ materially from the results described in, or implied by, any forward-looking statements contained in this discussion and analysis.

Overview

We are a Bermuda holding company and write insurance and reinsurance business through our wholly-owned subsidiaries in Bermuda, the U.K. and the U.S.

Highlights of our results for the three months ended March 31, 2013 were:

Diluted book value per share(1) of $40.68 increased by 5.4% over the end of the first quarter of 2012 and by 0.1% from the end of the fourth quarter of 2012 due to the 1.2 million increase in the dilutive impact of our PIERS as a result of the significant increase in our share price in the quarter;

Combined ratio of 90.1% for the first quarter of 2013 compared with a combined ratio of 93.8% for the first quarter of 2012;

Diluted net income per share of $1.15 for the quarter ended March 31, 2013 compared with diluted net income per share of $0.99 in the same quarter last year;

Gross written premiums of $773.4 million for the first quarter of 2013, a decrease of 1.1% from the first quarter of 2012;

Net favorable development on prior year loss reserves of $26.2 million for the first quarter of 2013 compared with $37.0 million in the first quarter of 2012; and

Annualized net income return on average equity of 11.6% for the first quarter of 2013 compared with 10.4% for the first quarter of 2012.

Total shareholders' equity decreased by $148.8 million to $3,339.6 million for the three months ended March 31, 2013. The most significant movements were:

the repurchase of 5,777,382 ordinary shares for $210.2 million through the combination of open market repurchases and an accelerated share repurchase plan;

a $71.3 million increase in retained earnings for the period; and

a decrease in net unrealized gains on investments, net of taxes, of $16.2 million.

(1) Diluted book value per ordinary share is based on total shareholders' equity less preference shares (liquidation preference less issue expenses), divided by the total number of issued and potentially dilutive ordinary shares at the end of the period.


Table of Contents

Shareholders' equity and ordinary shares in issue as at March 31, 2013 and December 31, 2012 were:

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