Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Aspen Insurance net income declines

Aspen Insurance has posted net income after tax of $220m, or $2.51 per share, for the third quarter of 2010, compared to $347.6m, or $4.25 per share, for the same quarter of 2009.

Operating income after tax for the third quarter of 2010 was $180.7m, a decrease of 46.1% compared to $335.1m in the same quarter a year ago.

Gross written premium were $1.664bn compared to $1.661bn in the third quarter of 2009.

Net earned premium for the third quarter of 2010 increased 3.9% to $1.4bn from $1.35bn in the same period last year.

Aspen Insurance CEO Chris O’Kane said, market conditions remain highly challenging; in these circumstances the company’s underwriters are hard at work in identifying those few segments where good profits are available and increasing our exposure to them.

Elsewhere, it is a question of cutting back top line volume, rigorous risk selection and maintaining a very defensive underwriting posture, O’Kane said.