Aspen Insurance Holdings Limited reported 2007fourth quarter net income of $135.2 million, an increase of 20 percent over the same quarter last year. Full year net income was $489 million, up 29.3 percent from 2006.
The Hamilton, Bermuda-based company reported $1.44 per diluted ordinary share. Diluted operating income per share is $1.47 compared to $1.22 in the fourth quarter of 2006.
Aspen's combined ratio deteriorated by 2.6 points to 79.4, compared to 76.8 in the prior year period. Annualized operating return on average equity increased to 23.2 percent from 22.8 percent in the fourth quarter of 2006. Book value per share increased 25.1 percent, to $27.95.
The company also reported:
o Full year net investment income of $299 million and fourth quarter net investment income of $80 million, up 46.3 percent on 2006 and 28.1 percent over the same quarter last year.
o Book value per share of $27.95, up 25.1 percent over 2006.
o Earnings per share of $5.11 for 2007 up 36 percent over 2006 and $1.44 for the quarter up 20 percent over the fourth quarter of 2006.
o Operating return on equity (ROE) of 21.1 percent for the 12 months and annualized 23.2 percent for the quarter.
o Combined ratio for the 12 months of 83.
The company listed among its highlights the fact that AM Best Co. announced a financial strength rating upgrade for Aspen's Bermuda operation, Aspen Insurance Limited, to A and affirmed the U.K. operation's rating as A, both with a "Stable" outlook.
o Net investment income for the year was $299 million, up 46.3 percent over last year with the Funds of Hedge Funds producing an 11.4 percent return over the year.
o Assets under management increased to $5.9 billion at the end of 2007 from $5.2 billion at the end of 2006.
o Cash flows from operating activities increased from $723 million in 2006 to $774 million in 2007.
o Limited catastrophe losses for the year of $77 million, including $18 million in losses resulting from the California wildfires in the fourth quarter.
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