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Aspen Insurance Q4 net profit drops

Aspen Insurance Holdings has reported a net profit after tax for the fourth quarter of 2008 of $21.8 million, or an operating profit of $0.17 per diluted ordinary share, compared to $135.2 million, or $1.47 per diluted share, for the fourth quarter of 2007.

Net investment income for the fourth quarter of 2008 was $10.3 million, compared with $80.3 million in the fourth quarter of 2007.

The company reported that its net profit after tax for the year 2008 was $103.8 million, or an operating profit of $1.44 per diluted ordinary share, as compared to $489 million, or $4.99 per diluted share, for the year 2007. For the year 2008, net investment income was $139.2 million, as compared to $299 million for the year 2007.

Total assets as of December 31, 2008 increased to $7.29 billion from $7.20 billion as of December 31, 2007. As of December 31, 2008, total liabilities were $4.51 billion, compared to $4.38 billion as of December 31, 2007.

Chris O’Kane, CEO of Aspen Insurance, said: We enter 2009 with a strong capital position and expanded product range despite difficult underwriting and investment conditions in 2008. Global economic stress will continue to provide challenges, but current signs are that rates are firming across many sectors and business flows remain strong as customers respond to Aspen’s combination of specialist expertise and balance sheet strength.