ASPEN INSURANCE HOLDINGS LTD (Form: 8-K, Received: 08/01/2018 16:52:03)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

Pursuant to Section 13 OR 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 1, 2018

ASPEN INSURANCE HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)



Bermuda	001-31909	Not Applicable
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

141 Front Street

Hamilton HM 19

Bermuda

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (441) 295-8201

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:



¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).



¨	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



¨

Section 2 – Financial Information

Item 2.02 Results of Operations and Financial Condition

On August 1, 2018, Aspen Insurance Holdings Limited (“Aspen” or the “Company”) issued a press release announcing results for the quarter and six months ended June 30, 2018, which is filed and attached hereto as Exhibit 99.1. In addition, a copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and six months ended June 30, 2018 is furnished and attached hereto as Exhibit 99.2.

Section 5 – Corporate Governance

Item 5.05 Amendments to the Registrant’s Code of Ethics, or Waiver of a Provision of the Code of Ethics

As part of its regular review of the Company’s corporate governance policies, the Company’s Board of Directors approved amendments to the Company’s Code of Business Conduct and Ethics (the “Code of Conduct”) on August 1, 2018. In line with referencing all of the Company’s material policies in the Code of Conduct, the revised Code of Conduct now includes a description of the Company’s Financial Crime Policy and Notification Procedures. In addition, the Code of Conduct has been revised to account for recent changes to data privacy legislation in Europe.

The description of the amendments to the Code of Conduct contained in this report is qualified in its entirety by reference to the full text of the Code of Conduct which is filed and attached hereto as Exhibit 14.1. The Code of Conduct, as amended, is available in the Corporate Governance section of the Company’s website at www.aspen.co.

Section 7 – Regulation FD

Item 7.01 Regulation FD Disclosure

On August 1, 2018, Aspen issued a press release announcing results for the quarter and six months ended June 30, 2018, which is filed and attached hereto as Exhibit 99.1. A copy of the Aspen Insurance Holdings Limited Earnings Release Supplement for the quarter and six months ended June 30, 2018 is furnished and attached hereto as Exhibit 99.2.

Section 9 – Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d) Unless otherwise specified above, the following exhibits are furnished as part of this report:

14.1 Code of Business Conduct and Ethics, as amended on August 1, 2018.

99.1 Press Release of the Registrant, dated August 1, 2018.

99.2 Earnings Release Supplement for the quarter and six months ended August 1, 2018.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




	ASPEN INSURANCE HOLDINGS LIMITED (Registrant)

Dated: August 1, 2018	By:	/s/ Scott Kirk
	Name:	Scott Kirk
	Title:	Chief Financial Officer

Exhibit 14.1

Aspen Insurance Holdings Limited

Code of Business Conduct & Ethics

A Letter From the CEO

At Aspen, our conduct as individuals and as an organization matters. Aspen is committed to conducting business ethically, with integrity, and in full compliance with applicable laws in the jurisdictions where we operate. Aspen’s Code of Business Conduct & Ethics (this “ Code of Conduct ”) reflects this commitment and our reputation and continued success depends on your support.

We must continue to cultivate a company culture that attracts and inspires the very best. We must always comply with the spirit and the letter of the laws, regulations and policies that govern our activities and take appropriate action if something needs to be corrected. Often, the right course of action will be apparent to you; if not, this Code of Conduct can serve as a compass and guide you in making the right choices.Every Aspen employee, director and officer, regardless of location or position, has an obligation to read and comply with this Code of Conduct without exception. If you have any questions, I encourage you to speak immediately with your line manager, the Group General Counsel or the Group and UK Compliance Director.

The Code of Conduct is a living document and the example you set day to day brings it to life. Thank you for your ongoing commitment to the values that define our success.

Yours sincerely,

Chris O’Kane

Chief Executive Officer



CONTENTS
	3
Introduction	3
Scope	4
Compliance	4
Policies	4
Integrity	4
Compliance with laws, rules, regulations, this code of conduct and Aspen policies	5
Whistleblowing	5
Conflict of interest	5
Prohibition against insider trading	6
Protection and proper use of corporate assets	6
Confidential information	7
Data Privacy	7
Fair dealing	8
Integrity of records, accounting procedures and document retention	8
Competition laws	9
Anti-money laundering, counter terrorist financing and economic sanction	10
Entertainment, gifts and payments	11
Political contributions and involvement in political activity	11
Social media	11
Waivers and amendments	11



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INTRODUCTION

Aspen Insurance Holdings Limited and its subsidiaries (“ Aspen ”) are committed to integrity in the conduct of their business and require that all Employees (as defined below) act lawfully, honestly, ethically and in the best interests of Aspen while performing duties on behalf of Aspen. To help implement Aspen’s commitment to integrity in the conduct of its business, Aspen has adopted this Code of Conduct.

This Code of Conduct does not seek to cover every law, rule, regulation and Aspen policy in full detail. Instead, it offers Employees guidance in areas of potential risk and outlines the behaviors and conduct expected of Employees while working on behalf of Aspen. If Employees are not certain how to proceed, the decision chart below can help ensure that ethical conclusions are reached that are consistent with Aspen’s commitment to integrity.

SCOPE

This Code of Conduct applies to all directors, officers and employees of Aspen (collectively, “ Employees ”). In addition, Aspen’s representatives, agents and consultants represent Aspen to the public and they are expected to adhere to this Code of Conduct and any applicable contractual provisions when working on behalf of Aspen.



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COMPLIANCE

Compliance with this Code of Conduct, together with any additional requirements applicable to any subsidiary, branch or other local operation of Aspen under applicable laws, is mandatory. Failure to comply with this Code of Conduct or other Aspen policies, some of which are described in this Code of Conduct, may be grounds for disciplinary action including, but not limited to the following: warnings, reprimands, probation, demotion, temporary suspension, reimbursement of Aspen’s losses or damages, summary dismissal or any other actions as appropriate. It is therefore crucial that each Employee read and understand the information presented in this Code of Conduct. It is the obligation of each Employee to become familiar with the goals and policies of Aspen and to integrate them into every aspect of Aspen's business. As part of that obligation, Aspen may require from time to time that Employees certify as to the following:


•	that they have reviewed, understood and agreed to comply with the contents of this Code of Conduct;


•	that they may confidentially and/or anonymously report any concerns regarding the Code of Conduct;


•	that they understand that they are expected to report any existing or potential violation of any law, regulation or the Code of Conduct; and


•	that to the best of their knowledge, they have not violated any provisions of the Code of Conduct.

In the event a law, rule or regulation conflicts with this Code of Conduct, Employees must comply with the local law, rule or regulation and report such conflicts to their local Head of Compliance.

POLICIES

While not part of this Code of Conduct, Aspen’s other policies and standards of conduct, some of which are referenced in the Code of Conduct, are developed to support and reinforce the principles set forth in this Code of Conduct. These various policies can be accessed via hyperlinks in this Code of Conduct or electronically through the Policy Tree.

INTEGRITY

Aspen is committed to uncompromising integrity in all it does.

Aspen’s commitment to integrity is a key feature of its business. All Employees are expected to carry out their responsibilities and dealings in a lawful and ethical manner. This Code of Conduct provides guidance and rules to explain many of the issues surrounding such requirements and everyone working at Aspen is expected to comply with the detail and the spirit of this Code of Conduct. Ethical conduct is not always clear cut. This Code of Conduct cannot cover every situation that may occur but identifies many of the issues that may arise and seeks to explain how those issues should be handled. Employees should consult with managers, supervisors, or other appropriate personnel when in doubt about the best course of action.

To cultivate a culture of honesty, accountability and transparency, Employees are expected to adhere to this Code of Conduct, which includes the following behaviors:


•	avoiding situations where personal interests are, or appear to be, in conflict with Aspen’s interests;


•	protecting and properly using Aspen’s assets, including preserving the confidentiality of non-public information and not acting on such information for personal benefit;


•	dealing fairly and honestly with all insureds, brokers, suppliers, competitors, and colleagues;


•	conducting relationships with public officials and political candidates in compliance with all applicable laws, rules and regulations; and


•	being honest, accurate, and fair in all reports, records, and communications.



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COMPLIANCE WITH LAWS, RULES, REGULATIONS, THIS CODE OF CONDUCT AND ASPEN POLICIES

Aspen intends to conduct its business lawfully in every respect.

Employees are required to comply with all applicable laws, rules, regulations, this Code of Conduct and Aspen policies. Employees are not expected to know the details of every law but are expected to know enough to determine when to seek assistance from supervisors, managers or other appropriate personnel. Compliance with laws, rules, regulations, this Code of Conduct and Aspen policies includes, but is not limited to, compliance with any insurance company laws and regulations, securities laws, antitrust laws, foreign corrupt practices laws, anti-discrimination laws, anti-harassment laws, privacy laws and Aspen’s standard policies and procedures (including those referenced in this Code of Conduct), applicable Employee handbook and as otherwise may be adopted by Aspen from time to time.

If an Employee knows or suspects a violation of applicable laws, rules, regulations, this Code of Conduct or Aspen policies, whether unintentional or deliberate, he or she must immediately report that information to Aspen’s Group General Counsel or Group and UK Compliance Director.

WHISTLEBLOWING

Employees are strongly encouraged to report any wrongdoing or suspicions of wrongdoing, including fraud, by Aspen or its Employees that falls short of its business principles.

Aspen takes concerns seriously and investigates all reports of actual or suspected misconduct promptly and thoroughly. Aspen maintains a separate Group Whistleblowing Policy which describes the procedures that govern the process by which Employees may openly, confidentially or anonymously report potential violations of, or concerns relating to, any law, regulation or Aspen policy. These procedures also provide a mechanism for responding to, and retaining records of, any reports from Employees regarding such potential violations or concerns, and prohibit retaliation against individuals raising such potential violations or concerns made in good faith. A good faith report is one that is accurate, complete and believed to be truthful. An Employee who suspects illegal or unethical conduct at Aspen need not be correct in order to report it. All Employees are required to read, understand and adhere to the Group Whistleblowing Policy.

Any violations or potential violations of law, regulation or Aspen policy may be reported by phone to the Group and UK Compliance Director, Group Head of Internal Audit, or the Group Audit Committee Chair, e-mail at whistleblowing@aspen-re.com, or anonymously through Aspen’s Intranet. Requests for confidentiality will be respected to the extent permitted by law.

CONFLICT OF INTEREST

The activities of Employees must be lawful and not conflict with Aspen or their duties to Aspen.

Conflicts of interest arise in circumstances where a person or entity in a position of trust has competing professional or personal interests. Such competing interests can make it difficult for the individual or entity to perform its duties impartially. Any situation that creates, or appears to create, a conflict of interest must be avoided. For example, conflicts of interest occur where:


•	the interests of Aspen (including its Employees or any person directly or indirectly linked to them) conflict with a client of Aspen;


•	the interests of a client of Aspen conflict with those of another Aspen client;


•	the interests of an Employee conflict with Aspen; or



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•	the interests of an Employee give that individual an incentive to act in a manner which is inconsistent with such Employee’s obligations to Aspen, including the potential for a member of his or her family to receive an improper benefit.

For example, a conflict of interest can arise when an Employee takes actions or has interests that may make it difficult to perform his or her work at Aspen objectively and effectively. Such a conflict may arise if an Employee (or a person connected to such Employee) receives improper benefits as a result of the Employee's position at Aspen, accepts an appointment at a competitor firm or receives gifts or benefits which may influence Aspen's business decisions.

Aspen maintains a separate Conflicts of Interest Policy that specifies that conflicts, and the appearance of conflicts, are prohibited if not disclosed to Aspen in accordance with such policy. If an activity may or will cause a conflict of interest which is inconsistent with such policy, Employees must refrain from such activity and consult the local Head of Compliance. All Employees are required to read, understand and adhere to the Conflicts of Interest Policy.

PROHIBITION AGAINST INSIDER TRADING

Insider trading and the sharing of material, non-public information is illegal and against Aspen’s Policy on Insider Trading and Misuse of Inside Information.

Trading in the stock or securities of a public company, such as Aspen, by an Employee or an immediate family member who is aware of material non-public information may constitute “insider trading” which is illegal and against the Group Policy on Insider Trading and Misuse of Inside Information . Information is material if a reasonable investor would consider such information important in a decision to buy, hold or sell Aspen securities. Information is non-public until it has been broadly disclosed to the marketplace (such as through a public filing with the U.S. Securities and Exchange Commission or the issuance of a press release) and the marketplace has had time to absorb the information.

The sharing of material, non-public information with any person (“tipping”), other than an Employee who needs to know the information to perform their duties, may also be illegal and is against the Group Policy on Insider Trading and Misuse of Inside Information . Questions about the propriety of any transaction in Aspen’s stock should be directed to Group Legal before undertaking the transaction. All Employees are required to read, understand and adhere to the Group Policy on Insider Trading and Misuse of Inside Information.

PROTECTION AND PROPER USE OF CORPORATE ASSETS

Employees are responsible for safeguarding Aspen’s assets, including physical assets, information and intellectual property rights.

Aspen’s assets must be used for legitimate business purposes only, other than for incidental personal use. Theft, carelessness and waste have a direct impact on Aspen’s profitability. Employees who discover misuse of Aspen’s assets should report such violation to a supervisor or manager.

No Employee shall take, sell, or give away Aspen’s property, regardless of its condition or value, without general or specific authorization from a supervisor or manager. In addition, no Employee shall have the right to receive or provide Aspen’s services or use Aspen’s equipment or facilities without authorization from a supervisor or manager.

Information Resources. Aspen’s information resources, such as e-mail and the internet, are to be used for business purposes only, other than for incidental personal use. Aspen reserves the right to inspect all electronic communications involving the use of Aspen’s equipment, software, systems, or other facilities within the confines of applicable local law. Employees should not have an expectation of privacy when using Aspen’s equipment,



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software, systems, or other facilities. The access of inappropriate or pornographic websites and sending inappropriate or pornographic emails is strictly prohibited. All Employees are required to read, understand and adhere to the Group IT Acceptable Use Policy .

Your Knowledge of Aspen. One of Aspen's most valuable assets is information about its business. Unless in the public domain, such information is regarded as confidential information. Employees are expected to guard such information and not make it available to others outside of Aspen.

Intellectual Property. Employees must respect and protect the intellectual property of Aspen and Aspen’s customers and business partners. Intellectual property includes trademarks, copyrights, domain names, patents, trade secrets, branding, logos and trade secrets. Employees must not copy or use Aspen’s protected intellectual property without appropriate approval or use third parties' intellectual property without their consent.

CONFIDENTIAL INFORMATION

Employees must comply with relevant laws regarding confidential information.

Confidential Information includes all non-public information – written, verbal or electronic - that might be of use to competitors or might be harmful to Aspen, its Employees or its customers if disclosed. Aspen’s services reach deep into the personal and business life of others who trust Aspen to protect their privacy. Violating that privacy may result in criminal charges and civil liability for Aspen and the Employee responsible.

Employees are expected to maintain the confidentiality of information entrusted to them by Aspen and customers, except when disclosure is specifically authorized or legally mandated. Employees are prohibited from using confidential information in ways that might be detrimental to the interests of Aspen, its Employees or its customers.

Aspen has a duty to its customers to safeguard the confidential information and data they share with Aspen (“ Customer Confidential Information ”). Employees must collect and process all Customer Confidential Information in accordance with the applicable privacy laws in each relevant jurisdiction. Customer Confidential Information should not be shared, other than with authorized persons who have a legitimate need to receive the Customer Confidential Information.

Employees are responsible for maintaining the confidentiality of information about Aspen and its Employees and Customer Confidential Information during their course of employment or service as a director or consultant and after any termination of employment or engagement or resignation from Aspen’s Board of Directors. Aspen may pursue legal remedies to prevent any former Employee and/or a subsequent employer from benefiting from confidential information about Aspen whose use is or may be detrimental to the interests of Aspen.

DATA PRIVACY

Providing appropriate treatment to personal data is vital to Aspen’s successful operations and reputation.

Aspen recognizes that the lawful and correct treatment of personal data, including Customer Confidential Information, is vital to its successful operations and to maintaining the confidence of its customers and Employees. In addition, the treatment of personal data is governed by various laws and regulations in the jurisdictions where Aspen operates. As detailed in the Group Data Privacy Policy, Employees may collect and hold personal data only if there is a lawful reason for doing so. In addition, personal data must be held and used in a secure environment until it is destroyed. Employees must not transfer personal data to third parties without undertaking steps to ensure that any such transfer is in accordance with applicable laws and regulations. Particular care must be taken if Customer Confidential Information is transferred across national borders. The particular rules surrounding the transfer of personal data will depend not only on the physical location of the Employee processing the data but also where the data is sent, the domicile of the company on whose behalf the processing is being carried out and the domicile of the person to whom the personal data refers. Any questions regarding data protection should be sent to the Group Data Protection Officer by email at DPO@aspen.co. All employees must



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complete our GDPR E-learning. All Employees are also required to read, understand and adhere to the Group Information Security Policy which provides guidance on how to maintain the security of all of Aspen’s data.

FAIR DEALING

Aspen bases its relationships with insureds, brokers, suppliers, competitors, and colleagues on honest, ethical practices complying with applicable laws.

Customers . Aspen’s dealings with its customers are essential to its success. When working with clients, Employees must ensure that the information provided is honest and accurate. Under no circumstances should Employees attempt to deceive Aspen’s clients or misrepresent to them any aspect of Aspen’s services. Employees must not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

Workplace Conduct. Aspen’s broad range of talents, experiences and backgrounds puts it in a unique position to meet its clients’ needs in creative and innovative ways. Employees have a responsibility to themselves, their colleagues and clients to conduct themselves professionally and respectfully at all times, never allowing personal biases to detract from the value of Aspen’s diverse workplace.

In an effort to maintain a diverse workplace where all individuals feel comfortable, safe and valued, Aspen does not permit unlawful discrimination in any of its operations. This means that Aspen only makes employment decisions based on qualifications and merit. Each Employee is entitled to be treated with dignity, fairness, and respect by others at Aspen. Aspen does not tolerate any discrimination or harassment of any kind, including derogatory comments or behavior based on characteristics of race, ethnic origin, religion, nationality, sexual orientation, disability, age or any other characteristic protected by law.

Aspen does not tolerate violence or threatening behavior of any kind. Employees are required to perform their duties free from the influence of any substance, including alcohol or illegal drugs, which would impair performance or negatively impact the performance of others. Unless part of an Aspen-sponsored social event or business-related event, consumption of alcohol on Aspen’s premises is prohibited. In such situations, Employees are expected to exercise good judgment and moderation. The possession, sale, use or distribution of illegal drugs in the workplace is not tolerated.

Health and Safety. Aspen is committed to to providing each Employee with a safe and healthy work environment. Each Employee likewise has a responsibility for maintaining a safe and healthy workplace by following health and safety rules and practices and reporting accidents, injuries and unsafe equipment, practices or conditions to a supervisor or manager.

Suppliers . Aspen does not tolerate slavery or human trafficking. Employees should ensure there is no slavery or human trafficking in Aspen’s business or supply chains when selecting or dealing with suppliers.

INTEGRITY OF RECORDS, ACCOUNTING PROCEDURES AND DOCUMENT RETENTION

A vital component of Aspen’s credibility is that it records and reports its results honestly, fully, accurately and on a timely basis complying with applicable laws, rules and regulations.

Aspen reports to a number of different stakeholders in a number of different jurisdictions. Such reports are governed by numerous laws, rules and regulations and it is crucial that Employees comply with these requirements. Books, accounts, financial statements, and records must reflect Aspen’s transactions in full, fair and accurate detail. In addition, Aspen’s books, records, and reports must conform to the appropriate systems of internal controls, disclosure controls, and other legal and regulatory requirements.



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Aspen’s obligation to its investors, customers and the general public mandates a strong commitment to maintaining integrity and confidence in the markets for its securities. Aspen maintains a separate Group Disclosure Policy to ensure that Employees do not violate public disclosure requirements when communicating with investors, analysts or the press. All Employees must follow the Disclosure Policy, which is part of Aspen’s commitment to prohibit the selective disclosure of material non-public information relating to Aspen. Among other things, Aspen’s Disclosure Policy requires that the information disclosed in its filings with the U.S. Securities and Exchange Commission and other regulators and in other public communications must be full, fair, accurate, timely and understandable.

Examples of unacceptable practices include, but are not limited to, the following:


•	undisclosed or unrecorded funds or assets;


•	false or artificial entries made in any books or records for any reason and no employee, officer or director shall engage in any arrangement that results in such prohibited act;


•	non-disclosure of off balance sheet arrangements;


•	a payment approved or made with the intention or understanding that it is to be used for any purpose other than that described by the document supporting the payment; and


•	an Employee taking any action that fraudulently influences, coerces, manipulates, or misleads any independent public or certified accountant involved in an audit of Aspen.

Any Employee who has knowledge or a suspicion of a possible violation of any of the above provisions or any similar instances of non-compliance with this Code of Conduct or concerns regarding questionable accounting or auditing matters shall promptly report such matter in accordance with Aspen’s Whistleblowing Policy.

In addition, Employees must comply with applicable records and management information laws, regulations and internal policies which apply to the retention and disposition of information.

COMPETITION LAWS

Aspen advocates fair competition in global markets and does not condone anti-competitive practices or the sharing of competitively sensitive information.

Aspen is subject to competition laws - sometimes referred to as “antitrust” laws - which are designed to encourage free, fair and open competition. Employees are expected to comply with all laws and regulations that promote fair and open competition among companies and to read, understand and adhere to Aspen’s Group Competition Policy . Any activity that limits, reduces or eliminates such free competition could constitute unlawful anti-competitive conduct and must be avoided.

The consequences of breaching competition law can be significant. Criminal antitrust violations are punishable by large fines and incarceration. Civil antitrust violations could result in fines for Employees and Aspen as well as the disqualification of individuals from serving as directors of a company. Suspected problems should therefore be brought to the attention of the Group General Counsel without delay.

In general, antitrust and competition laws prohibit understandings, agreements or actions that may restrain trade or reduce competition. Violations include agreements among competitors or others to fix or control prices, rig bids or to allocate territories, markets or customers or abuse of a dominant position. Antitrust activities include, but are not limited to, understandings or agreements with a competitor or potential competitor that relate to the following:


•	price fixing or colluding as to other terms of sale;


•	allocation of markets, territories or potential insureds, reinsureds or other customers;;


•	sharing price or other competitive marketing information or trade secrets such as pricing policies, costs, identifiable customers and marketing strategies;



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•	rigging bids (i.e. agreeing not to submit legitimate offers for new business); or


•	concerted actions with competitors such as refusing to do business with third parties (i.e. entering into group boycotts).


•

It does not matter whether these agreements are written and formally documented or merely come up as a topic of casual conversation during a trade association meeting. Even the appearance of an agreement can be a violation of competition laws. Competition laws vary by jurisdiction and what may be permissible in one jurisdiction may be illegal in others.

If a competitor attempts to discuss inappropriate topics with an Employee in any setting, stop the conversation immediately and make clear to anyone who may be listening that you will not participate. Any offer to provide competitively sensitive information, or receipt of competitively sensitive information, through improper means must be reported to Aspen’s Group General Counsel or Group and UK Compliance Director. Any Employee who becomes aware of improper practices being used by any other Employee should report such conduct in accordance with Aspen’s Whistleblowing Policy.

ANTI-MONEY LAUNDERING, COUNTER TERRORIST FINANCING, FINANCIAL CRIME AND ECONOMIC SANCTIONS

Aspen requires that Employees remain vigilant for potentially suspicious activity.

Aspen is committed to preventing money laundering and terrorist financing, and requires that Employees, complete our Financial Crime E Learning module and understand and adhere to relevant applicable laws and trade sanctions and Aspen's Anti-Money Laundering and Counter Terrorism Financing Policy . Employees must be vigilant in order to protect Aspen from being unknowingly swept into a money laundering transaction. Money laundering is a term used to describe the process of integrating proceeds from illegal activities into the legitimate financial system so that the proceeds appear to have originated from a legitimate source.

Employees must establish clients’ identities, monitor client activity and report suspicious or unusual activity consistent with applicable laws. Suspicious transactions include, but are not limited to, one that is inconsistent with a customer’s known legitimate business or activities, one involving unusual payment methods or one involving early termination with the proceeds directed to a third party. Any Employee who knowingly permits illegal conduct or ignores suspicious activity that indicates potential money laundering will be subject to discipline by Aspen but may also subject himself or herself and Aspen to criminal and civil penalties.

In addition, many of the countries in which Aspen transacts business have enacted prohibitions against financial transactions involving terrorist financing, designated countries, persons or entities. Terrorist financing includes the financing of terrorists, terrorist acts and terrorist organizations. As a result, it is essential that Employees know their customers and that thorough and frequent checks are made to ensure that transactions involving those customers are not restricted by applicable laws. If an Employee has any knowledge or suspicion regarding any such restricted transaction, the relevant details must be reported immediately to the local Head of Compliance and the transaction must be halted pending further investigation.

Aspen also maintains a Financial Crime Policy and Notification Procedure to provide details of those matters that would represent financial crime together with steps that should be taken upon identification. Any employee who suspects or identifies financial crime must make an immediate notification to their local Head of Compliance who is then responsible for coordinating any necessary investigation. All Employees are required to read, understand and adhere to this policy.

In order to ensure Aspen operates within all applicable sanctions regimes certain Employees are required to read, understand and adhere to Aspen’s separate Group Sanctions Policy .



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ENTERTAINMENT, GIFTS AND PAYMENTS

Aspen is committed to procuring goods and services and selling its products and services on an impartial basis, free from outside influence.

Receiving or providing gifts, entertainment, loans or special favours that may influence, or give the appearance of influencing, Aspen’s business decisions is not allowed without prior approval. Additional care must be given in relation to gifts to and from public authorities and politically exposed persons, including government employees, agents, officials or representatives. Aspen maintains a separate Gifts and Hospitality Policy , which all Employees are required to read, understand and adhere to, which addresses principles and procedures for receiving and providing gifts, hospitality or other benefits in the course of association with Aspen and takes into account Aspen’s Anti-Bribery Policy and Foreign Corrupt Practices Act Policy .

POLITICAL CONTRIBUTIONS AND INVOLVEMENT IN POLITICAL ACTIVITY

Employees participation in the political arena must be conducted in accordance with the highest ethical standards.

Aspen respects and encourages individual involvement in the political process. However, Employees must not give the impression that any political views expressed are shared or supported by Aspen. Employees who wish to perform work for personal political activities must do so on their own time and may not use Aspen resources, including technologies or supplies, to draft or distribute political correspondence or support political campaigns. In all instances, it is imperative for Employees to seek proper guidance and obtain required approvals before engaging in government or political activities.

When dealing with public officials, Employees must avoid any activity that is, or is likely to be perceived as, illegal or unethical. The appearance of impropriety is as damaging to Aspen as an actual misdeed. Employees who interact with government officials as part of their role with Aspen must report these activities to the local Head of Compliance.

SOCIAL MEDIA

Employees must comply with Aspen’s Social Media Policy when they use social media for either commercial or personal use.

Many Employees use various forms of social media, such as LinkedIn, Facebook, Twitter and blogs. In any form, social media can have a significant impact - positive or negative - on the reputation of Aspen or the individual user. As a result, Aspen maintains a separate Group Social Media Policy which aims to provide guidance on best practice behaviour when using social media, either for commercial or personal use. As detailed in the Social Media Policy, Employees who engage in social media should not attribute personal opinions and beliefs to Aspen unless authorized to do so. Any questions regarding the use of social media should be directed to the Communications Team and/or Group Legal. All Employees are required to read, understand and adhere to the Group Social Media Policy.

WAIVERS AND AMENDMENTS

No Employee is exempt from any provision of this Code of Conduct regardless of position. However, in certain limited circumstances, a provision of this Code of Conduct may be waived by the Audit Committee or the Group General Counsel after careful review and consideration. Any waiver of this Code of Conduct for executive officers, financial officers, accounting officers or controllers, or directors may be made only by the Audit Committee. Any waiver applicable to such persons, including implicit waivers, must be promptly disclosed to shareholders in accordance with all laws and regulations.

Aspen maintains the right to amend or modify any provision of this Code of Conduct at any time consistent with stock exchange listing requirements.



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Exhibit 99.1



	PRESS RELEASE

ASPEN REPORTS RESULTS FOR QUARTER ENDED JUNE 30, 2018

Annualized Operating Return on Equity of 8.4% for the Second Quarter 2018 and 8.8% for First Half 2018

Annualized Net Income Return on Equity of (4.0)% for the Second Quarter 2018 and 0.1% for First Half 2018

Hamilton, Bermuda, August 1, 2018 - Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) reported today a net loss after tax of $(14.7) million , or $(0.38) per diluted ordinary share, and operating income after tax of $56.3 million , or $0.80 per diluted ordinary share, for the second quarter of 2018 .

Chris O’Kane, Chief Executive Officer, commented: “Aspen’s second quarter results demonstrate ongoing execution of our plan to enhance performance. This included the continued successful repositioning of Aspen Insurance, which had its second consecutive record quarter in terms of gross written premium, another quarter of solid results and pricing discipline at Aspen Re and significant progress in the implementation of our Operational Effectiveness and Efficiency program. In addition, we reduced debt leverage through the partial redemption of our senior notes.” ⁽¹⁾

____________________

Non-GAAP financial measures are used throughout this release as defined at the end of this press release.

(1) Refer to "Forward-looking Statements Safe Harbor" at the end of this press release.

Operating highlights for the quarter ended June 30, 2018


•	Gross written premiums of $853.8 million in the second quarter of 2018 , an increase of 3.9% compared with $822.1 million in the second quarter of 2017


◦	Insurance : Gross written premiums of $527.8 million , an increase of 8.5% compared with $486.5 million in the second quarter of 2017 due to growth across all sub-segments


◦	Reinsurance : Gross written premiums of $326.0 million , a decrease of 2.9% compared with $335.6 million in the second quarter of 2017 due to a decrease in Specialty sub-segment premiums which was partially offset by growth in all other sub-segments


•	Net written premiums of $486.0 million in the second quarter of 2018 , a decrease of 16.0% compared with $578.7 million in the second quarter of 2017 as Aspen continues to make increased use of ceded reinsurance. The retention ratio in the second quarter of 2018 was 56.9% compared with 70.4% in the second quarter of 2017


◦	Insurance : Net written premiums of $219.1 million , a decrease of 25.3% compared with $293.2 million in the second quarter of 2017 , due primarily to the increased use of quota share reinsurance. The retention ratio in the second quarter of 2018 was 41.5% compared with 60.3% in the second quarter of 2017

◦

Reinsurance : Net written premiums of $266.9 million , a decrease of 6.5% compared with $285.5 million in the second quarter of 2017 . As disclosed previously, Aspen no longer cedes business via Silverton and accounts for such business in the same way as other third party reinsurance. This change reduced net written premiums in the second quarter of 2018 by $13.7 million . The retention ratio in the second quarter of 2018 was 81.9% compared with 85.1% in the second quarter of 2017


•	Loss ratio of 59.7% in the second quarter of 2018 compared with 61.6% in the second quarter of 2017 . The loss ratio included pre-tax catastrophe losses of $18.2 million , or 3.5 percentage points, net of reinsurance recoveries, in the second quarter of 2018 compared with $37.4 million , or 6.7 percentage points, in the second quarter of 2017

◦

Insurance : Loss ratio of 62.2% compared with 66.9% in the second quarter of 2017 . The loss ratio included pre-tax catastrophe losses of $8.1 million , or 3.5 percentage points, net of reinsurance recoveries, in the second quarter of 2018 primarily as a result of weather-related events in the U.S. and U.K. Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $27.1 million , or 9.4 percentage points, in the second quarter of 2017

◦

Reinsurance : Loss ratio of 57.8% compared with 56.0% in the second quarter of 2017 . The loss ratio included pre-tax catastrophe losses of $10.1 million , or 3.5 percentage points, net of reinsurance recoveries, in the second quarter of 2018 primarily as a result of weather-related events in the U.S. Pre-tax catastrophe losses, net of reinsurance recoveries, totaled $10.3 million , or 3.8 percentage points, in the second quarter of 2017


•	Net favorable development on prior year loss reserves of $42.5 million benefited the loss ratio by 8.2 percentage points in the second quarter of 2018 . Prior year net favorable reserve development of $48.7 million benefited the loss ratio by 8.7 loss ratio points in the second quarter of 2017

◦

Insurance : Prior year net favorable reserve development of $11.0 million benefited the loss ratio by 4.8 percentage points in the second quarter of 2018 and reflected releases, primarily from short-tail lines, including favorable development from first half of 2017 natural catastrophes. Prior year net favorable development of $16.1 million benefited the loss ratio by 5.6 percentage points in the second quarter of 2017

◦

Reinsurance : Prior year net favorable reserve development of $31.5 million benefited the loss ratio by 10.9 percentage points in the second quarter of 2018 and reflected releases, primarily from short-tail lines, including favorable development from 2017 natural catastrophes. Prior year net favorable development of $32.6 million benefited the loss ratio by 12.0 percentage points in the second quarter of 2017


•	Accident year net loss ratio excluding catastrophes was 64.4% in the second quarter of 2018 compared with 63.6% in the second quarter of 2017


◦	Insurance : Accident year loss ratio excluding catastrophes was 59.2% on a gross basis and 63.5% on a net basis in the second quarter of 2018 compared with 63.6% and 63.1% , respectively, in the second quarter of 2017

◦

Reinsurance : Accident year loss ratio excluding catastrophes was 58.4% on a gross basis and 65.2% on a net basis in the second quarter of 2018 compared with 61.6% and 64.2% , respectively in the second quarter of 2017 . As a result of the change in treatment of business ceded via Aspen Capital Markets, on a like-for-like basis, the net ratio would have been 61.6% . The second quarter of 2018 net ratio also included 4.6 percentage points of large losses from a dam collapse and a fire-related loss


•	Total expense ratio of 37.7% and total expense ratio (excluding amortization and non-recurring expenses) of 36.0% in the second quarter of 2018 compared with 38.4% and 38.1% , respectively, in the second quarter of 2017


◦	The policy acquisition expense ratio decreased to 16.5% in the second quarter of 2018 from 17.1% in the second quarter of 2017


◦	General and administrative expenses (excluding amortization and non-recurring expenses) decreased to $101.1 million in the second quarter of 2018 from $117.8 million in the second quarter of 2017 . The general and administrative expense ratio (excluding amortization and non-recurring expenses) decreased to 19.5% from 21.0% in the second quarter of 2017


◦	Aspen recorded $8.6 million of expenses related to its operational effectiveness and efficiency program in the second quarter of 2018

•

Net (loss) after tax of $(14.7) million , or $(0.38) per diluted ordinary share, in the second quarter of 2018 compared with net income of $75.8 million , or $1.07 per diluted ordinary share, in the second quarter of 2017 . Net (loss) income in the second quarter of 2018 included $(20.7) million of net realized and unrealized investment losses and $(40.9) million of net realized and unrealized foreign exchange (losses) compared with $42.0 million of net realized and unrealized investment gains and $(3.0) million of net realized and unrealized foreign exchange (losses) in the second quarter of 2017 . Net (loss) income in the second quarter of 2018 also included an $8.6 million make-whole payment associated with the partial redemption of Aspen's 6.0% Senior Notes due 2020


•	Operating income after tax of $56.3 million , or $0.80 per diluted ordinary share, in the second quarter of 2018 compared with operating income of $39.2 million , or $0.47 per diluted ordinary share, in the second quarter of 2017


•	Annualized net income return on average equity of (4.0)% and annualized operating return on average equity of 8.4% for the quarter ended June 30, 2018 compared with 8.8% and 4.0% , respectively, for the second quarter of 2017

Operating highlights for the six months ended June 30, 2018


•	Gross written premiums increased by 8.3% to $1,970.6 million in the first half of 2018 compared with $1,820.1 million in the first half of 2017


•	Net written premiums decreased by 11.3% to $1,121.5 million in the first half of 2018 compared with $1,264.9 million in the first half of 2017 . The retention ratio in the first half of 2018 was 56.9% compared with 69.5% in the first half of 2017

•

Loss ratio of 58.9% for the first half of 2018 compared with 59.0% for the first half of 2017 . The loss ratio included $42.4 million , or 4.0 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries, in the first half of 2018 . This compared with $66.5 million , or 5.8 percentage points, of pre-tax catastrophe losses, net of reinsurance recoveries, in the first half of 2017


•	Net favorable development on prior year loss reserves of $80.2 million benefited the loss ratio by 7.6 percentage points in the first half of 2018 . In the first half of 2017 , net favorable development of $74.9 million benefited the loss ratio by 6.6 percentage points


•	Accident year loss ratio excluding catastrophes of 62.5% for the first half of 2018 compared with 59.8% for the first half of 2017


•	Total expense ratio of 38.8% and total expense ratio (excluding amortization and non-recurring expenses) of 36.7% for the first half of 2018 compared with 39.5% and 39.1% , respectively, for the first half of 2017 , reflecting decreases in both the policy acquisition expense ratio and the general and administrative expense ratio


◦	Aspen recorded $20.4 million of expenses related to its operational effectiveness and efficiency program in the first six months of 2018

•

Net income after tax of $16.1 million or $0.01 per diluted ordinary share (adjusted for preference shares dividends and non-controlling interest) for the six months ended June 30, 2018 compared with net income of $172.3 million , or $2.43 per diluted ordinary share, for the six months ended June 30, 2017 . Net income in the first half of 2018 included $(58.4) million of net realized and unrealized investment (losses) and $(22.1) million of net realized and unrealized foreign exchange (losses) compared with net realized and unrealized investment gains of $88.2 million and $(8.8) million of net realized and unrealized foreign exchange (losses) in the first half of 2017 . Net income in the first half of 2018 also included an $8.6 million make-whole payment associated with the partial redemption of Aspen's 6.0% Senior Notes due 2020


•	Operating income after tax of $119.3 million , or $1.71 per diluted ordinary share, for the six months ended June 30, 2018 compared with operating income of $99.0 million , or $1.27 per diluted ordinary share, for the six months ended June 30, 2017


•	Annualized net income return on average equity of 0.1% and annualized operating return on average equity of 8.8% for the first half of 2018 compared with 10.2% and 5.4% , respectively, for the first half of 2017

Investment performance


•	Investment income of $50.4 million in the second quarter of 2018 compared with $47.4 million in the second quarter of 2017


•	The total return on Aspen’s aggregate investment portfolio was flat for the three months ended June 30, 2018 and reflects net realized and unrealized gains and losses mainly in the fixed income portfolio


•	Aspen’s investment portfolio is comprised primarily of high quality fixed income securities with an average credit quality of “AA-”. The average duration of the fixed income portfolio was 3.9 years as at June 30, 2018


•	Book yield on the fixed income portfolio as at June 30, 2018 was 2.63% compared with 2.56% as at December 31, 2017

Capital and Debt


•	Total shareholders’ equity was $2.8 billion as at June 30, 2018


•	Diluted book value per share was $38.21 as at June 30, 2018 , down 4.7% from December 31, 2017 primarily due to realized and unrealized investment losses in the first half of 2018


•	On June 18, 2018, Aspen partially redeemed its outstanding 6.0% Senior Notes due 2020. The Company redeemed $125 million in aggregate principal amount and incurred a make-whole payment of $8.6 million associated with the partial redemption

Earnings conference call and webcast

Aspen will host a conference call to discuss the results at 8:00 am (ET) on Thursday, August 2, 2018.

To participate in the August 2 conference call by phone

Please call to register at least 10 minutes before the conference call begins by dialing:

+1 (844) 378 6481 (US toll free) or

+1 (412) 542 4176 (international)

Conference ID 10120903

To listen live online

Aspen will provide a live webcast on Aspen’s website at www.aspen.co.

To download the materials

The earnings press release and a detailed financial supplement will also be published on Aspen’s website at www.aspen.co .

To listen later

A replay of the call will be available approximately two hours after the end of the live call for 14 days via phone. To listen to the replay by phone please dial:

+1 (877) 344 7529 (US toll free) or

+1 (412) 317 0088 (international)

Replay ID 10120903

The webcast will be also available at www.aspen.co on the Event Calendar page within the Investor Relations section.

For further information please contact

Investors

Mark Jones, Senior Vice President, Investor Relations, Aspen

mark.p.jones@aspen.co

+1 (646) 289 4945

Media

Steve Colton, Group Head of Communications, Aspen

steve.colton@aspen.co

+44 20 7184 8337

Aspen Insurance Holdings Limited

Summary consolidated balance sheet (unaudited)

$ in millions, except per share data



		As at June 30, 2018		As at December 31, 2017

ASSETS
Total investments		$	6,984.3	$	7,633.0
Cash and cash equivalents		1,070.7		1,054.8
Reinsurance recoverables		2,381.2		2,030.7
Premiums receivable		1,725.2		1,496.5
Other assets		713.3		691.4
	Total assets	$	12,874.7	$	12,906.4

LIABILITIES
Losses and loss adjustment expenses		$	6,532.8	$	6,749.5
Unearned premiums		2,087.2		1,820.8
Other payables		981.8		813.9
Silverton loan notes		20.3		44.2
Long-term debt		424.6		549.5
	Total liabilities	$	10,046.7	$	9,977.9

SHAREHOLDERS’ EQUITY
Total shareholders’ equity		2,828.0		2,928.5
Total liabilities and shareholders’ equity		$	12,874.7	$	12,906.4

Book value per share		$	38.75	$	40.59
Diluted book value per share (treasury stock method)		$	38.21	$	40.10

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



	Three Months Ended
	June 30, 2018			June 30, 2017
UNDERWRITING REVENUES
Gross written premiums	$	853.8		$	822.1
Premiums ceded	(367.8		)	(243.4		)
Net written premiums	486.0			578.7
Change in unearned premiums	33.5			(16.7		)
Net earned premiums	519.5			562.0
UNDERWRITING EXPENSES
Losses and loss adjustment expenses	310.4			346.1
Amortization of deferred policy acquisition costs	85.9			96.3
General, administrative and corporate expenses	101.1			117.8
Total underwriting expenses	497.4			560.2

Underwriting income including corporate expenses	22.1			1.8

Net investment income	50.4			47.4
Interest expense	(7.6		)	(7.4		)
Other (expenses)	(1.8		)	(1.7		)
Total other revenue	41.0			38.3

Amortization and non-recurring expenses	(9.1		)	(2.1		)
Net realized and unrealized exchange (losses)	(40.9		)	(3.0		)
Net realized and unrealized investment (losses) gains ⁽¹⁾	(20.7		)	42.0
Realized (loss) on debt extinguishment	(8.6		)	—
(LOSS) INCOME BEFORE TAX	(16.2		)	77.0
Income tax credit (expense)	1.5			(1.2		)
NET (LOSS) INCOME AFTER TAX	(14.7		)	75.8
Dividends paid on ordinary shares	(14.3		)	(14.4		)
Dividends paid on preference shares	(7.6		)	(10.5		)
Proportion due to non-controlling interest	(0.1		)	(0.1		)
Retained (loss) income	$	(36.7	)	$	50.8

Loss ratio	59.7		%	61.6		%
Policy acquisition expense ratio	16.5		%	17.1		%
General, administrative and corporate expense ratio	21.2		%	21.3		%
General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses)	19.5		%	21.0		%
Expense ratio	37.7		%	38.4		%
Expense ratio (excluding amortization and non-recurring expenses)	36.0		%	38.1		%
Combined ratio	97.4		%	100.0		%
Combined ratio (excluding amortization and non-recurring expenses)	95.7		%	99.7		%

Aspen Insurance Holdings Limited

Summary consolidated statement of income (unaudited)

$ in millions, except ratios



	Six Months Ended
	June 30, 2018			June 30, 2017
UNDERWRITING REVENUES
Gross written premiums	$	1,970.6		$	1,820.1
Premiums ceded	(849.1		)	(555.2		)
Net written premiums	1,121.5			1,264.9
Change in unearned premiums	(68.5		)	(121.8		)
Net earned premiums	1,053.0			1,143.1
UNDERWRITING EXPENSES
Losses and loss adjustment expenses	620.6			674.3
Amortization of deferred policy acquisition costs	176.7			210.0
General, administrative and corporate expenses	210.0			236.9
Total underwriting expenses	1,007.3			1,121.2

Underwriting income including corporate expenses	45.7			21.9

Net investment income	97.7			95.1
Interest expense	(15.0		)	(14.8		)
Other income (expenses)	0.1			(1.0		)
Total other revenue	82.8			79.3

Amortization and non-recurring expenses	(21.2		)	(4.3		)
Net realized and unrealized exchange (losses)	(22.1		)	(8.8		)
Net realized and unrealized investment (losses) gains ⁽¹⁾	(58.4		)	88.2
Realized (loss) on debt extinguishment	(8.6		)	—
INCOME BEFORE TAX	18.2			176.3
Income tax expense	(2.1		)	(4.0		)
NET INCOME AFTER TAX	16.1			172.3
Dividends paid on ordinary shares	(28.6		)	(27.6		)
Dividends paid on preference shares	(15.2		)	(21.0		)
Preference share redemption costs	—			(2.4		)
Proportion due to non-controlling interest	(0.3		)	(0.2		)
Retained (loss) income	$	(28.0	)	$	121.1

Loss ratio	58.9		%	59.0		%
Policy acquisition expense ratio	16.8		%	18.4		%
General, administrative and corporate expense ratio	22.0		%	21.1		%
General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses)	19.9		%	20.7		%
Expense ratio	38.8		%	39.5		%
Expense ratio (excluding amortization and non-recurring expenses)	36.7		%	39.1		%
Combined ratio	97.7		%	98.5		%
Combined ratio (excluding amortization and non-recurring expenses)	95.6		%	98.1		%

Aspen Insurance Holdings Limited

Operating income reconciliation (unaudited)

$ in millions, except per share amounts



		Three Months Ended						Six Months Ended
(in US$ millions except where stated)		June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017

Net (loss) income as reported		$	(14.7	)	$	75.8		$	16.1		$	172.3
Change in redemption value of preference shares		—			—			—			(2.4		)
Net change attributable to non-controlling interest		(0.1		)	(0.1		)	(0.3		)	(0.2		)
Preference share dividends		(7.6		)	(10.5		)	(15.2		)	(21.0		)
Net (loss) income available to ordinary shareholders		(22.4		)	65.2			0.6			148.7
Add (deduct) after tax income:
	Net foreign exchange losses	32.6			3.0			17.2			8.1
	Net realized losses (gains) on investments	20.3			(41.4		)	58.1			(85.2		)
	Net realized loss on debt extinguishment	8.6			—			8.6			—
	Change in redemption value of preference shares	—			—			—			2.4
	Amortization and non-recurring expenses	9.5			1.8			19.3			3.8
Operating income after tax available to ordinary shareholders		48.6			28.6			103.8			77.8
Tax expense on operating income		6.8			0.9			9.2			2.2
Operating income before tax available to ordinary shareholders		$	55.4		$	29.5		$	113.0		$	80.0

Basic earnings per ordinary share
Net (loss) income adjusted for preference share dividends and non-controlling interest		$	(0.38	)	$	1.09		$	0.01		$	2.48
Add (deduct) after tax income:
	Net foreign exchange losses	0.55			0.05			0.29			0.13
	Net realized losses (gains) on investments	0.34			(0.69		)	0.97			(1.42		)
	Net realized loss on debt extinguishment	0.14			—			0.14			—
	Change in redemption value of preference shares	—			—			—			0.04
	Amortization and non-recurring expenses	0.16			0.03			0.32			0.06
Operating income adjusted for preference shares dividends and non-controlling interest		$	0.81		$	0.48		$	1.73		$	1.29

Diluted earnings per ordinary share
Net (loss) income adjusted for preference share dividends and non-controlling interest		$	(0.38	)	$	1.07		$	0.01		$	2.43
Add (deduct) after tax income:
	Net foreign exchange losses	0.54			0.05			0.28			0.13
	Net realized losses (gains) on investments	0.34			(0.68		)	0.96			(1.39		)
	Net realized loss on debt extinguishment	0.14			—			0.14			—
	Change in redemption value of preference shares	—			—			—			0.04
	Amortization and non-recurring expenses	0.16			0.03			0.32			0.06
Operating income adjusted for preference shares dividends and non-controlling interest		$	0.80		$	0.47		$	1.71		$	1.27

The basic and diluted number of ordinary shares for the three months ended June 30, 2018 is the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.

Aspen Insurance Holdings Limited

Summary consolidated financial data (unaudited)

$ except share amounts



		Three Months Ended					Six Months Ended
		June 30, 2018			June 30, 2017		June 30, 2018		June 30, 2017

Basic earnings per ordinary share
	Net (loss) income adjusted for preference share dividend and non-controlling interest		($0.38	)		$1.09		$0.01		$2.48
	Operating income adjusted for preference share dividend and non-controlling interest		$0.81			$0.48		$1.73		$1.29
Diluted earnings per ordinary share
	Net (loss) income adjusted for preference share dividend and non-controlling interest		($0.38	)		$1.07		$0.01		$2.43
	Operating income adjusted for preference share dividend and non-controlling interest		$0.80			$0.47		$1.71		$1.27

Weighted average number of ordinary shares outstanding (in millions) ⁽¹⁾		59.672			59.966		59.609		59.915

Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		59.672			61.023		60.528		61.096

Book value per ordinary share			$38.75			$49.34		$38.75		$49.34
Diluted book value per ordinary share (treasury stock method)			$38.21			$48.64		$38.21		$48.64

Ordinary shares outstanding at end of the period (in millions)		59.688			59.844		59.688		59.844

Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		60.534			60.712		60.534		60.712


(1)	The basic and diluted number of ordinary shares for the three months ended June 30, 2018 is the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.

Aspen Insurance Holdings Limited

Summary consolidated segment information (unaudited)

$ in millions, except ratios



		Three Months Ended June 30, 2018									Three Months Ended June 30, 2017
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	326.0		$	527.8		$	853.8		$	335.6		$	486.5		$	822.1
Net written premiums		266.9			219.1			486.0			285.5			293.2			578.7
Gross earned premiums		366.2			479.3			845.5			320.6			429.1			749.7
Net earned premiums		289.0			230.5			519.5			272.7			289.3			562.0
Losses and loss adjustment expenses		167.0			143.4			310.4			152.6			193.5			346.1
Amortization of deferred policy acquisition expenses		62.8			23.1			85.9			53.4			42.9			96.3
General and administrative expenses		27.9			57.2			85.1			40.7			65.7			106.4
Underwriting income		$	31.3		$	6.8		$	38.1		$	26.0		$	(12.8	)	$	13.2

Net investment income								50.4									47.4
Net realized and unrealized investment (losses) gains								(20.7		)							42.0
Realized (loss) on debt extinguishment								(8.6		)							—
Corporate expenses								(16.0		)							(11.4		)
Amortization and non-recurring expenses ⁽¹⁾								(9.1		)							(2.1		)
Other (expenses) ⁽²⁾								(1.8		)							(1.7		)
Interest expense								(7.6		)							(7.4		)
Net realized and unrealized foreign exchange (losses) ⁽³⁾								(40.9		)							(3.0		)
Income before tax								$	(16.2	)							$	77.0
Income tax credit (expense)								1.5									(1.2		)
Net (loss) income								$	(14.7	)							$	75.8

Ratios
Loss ratio		57.8		%	62.2		%	59.7		%	56.0		%	66.9		%	61.6		%
	Policy acquisition expense ratio	21.7		%	10.0		%	16.5		%	19.6		%	14.8		%	17.1		%
	General and administrative expense ratio ⁽⁴⁾	9.7		%	24.8		%	21.2		%	14.9		%	22.7		%	21.3		%
	General and administrative expense ratio (excluding amortization and non-recurring expenses) ⁽⁴⁾	9.7		%	24.8		%	19.5		%	14.9		%	22.7		%	21.0		%
Expense ratio		31.4		%	34.8		%	37.7		%	34.5		%	37.5		%	38.4		%
Expense ratio (excluding amortization and non-recurring expenses)		31.4		%	34.8		%	36.0		%	34.5		%	37.5		%	38.1		%
Combined ratio		89.2		%	97.0		%	97.4		%	90.5		%	104.4		%	100.0		%
Combined ratio (excluding amortization and non-recurring expenses)		89.2		%	97.0		%	95.7		%	90.5		%	104.4		%	99.7		%
Accident Year Ex-cat Loss Ratio
Loss ratio		57.8		%	62.2		%	59.7		%	56.0		%	66.9		%	61.6		%
Prior year loss development		10.9		%	4.8		%	8.2		%	12.0		%	5.6		%	8.7		%
Catastrophe losses		(3.5		)%	(3.5		)%	(3.5		)%	(3.8		)%	(9.4		)%	(6.7		)%
Accident year ex-cat loss ratio		65.2		%	63.5		%	64.4		%	64.2		%	63.1		%	63.6		%

⁽¹⁾ Amortization and non-recurring expenses in the second quarter of 2018 included $8.6 million of expenses related to the operational effectiveness and efficiency program

⁽²⁾ Other (expenses) income in the second quarter of 2018 and second quarter of 2017 included expenses of $3.4 million and $3.3 million , respectively, related to a change in the fair value of loan notes issued by Silverton Re

⁽³⁾ Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts

⁽⁴⁾ Total group general and administrative expense ratio includes the impact from corporate and amortization and non-recurring expenses

Aspen Insurance Holdings Limited

Summary consolidated segment information (unaudited)

$ in millions, except ratios



		Six Months Ended June 30, 2018									Six Months Ended June 30, 2017
		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	949.5		$	1,021.1		$	1,970.6		$	900.9		$	919.2		$	1,820.1
Net written premiums		691.9			429.6			1,121.5			733.7			531.2			1,264.9
Gross earned premiums		741.2			946.9			1,688.1			648.2			852.8			1,501.0
Net earned premiums		571.5			481.5			1,053.0			550.2			592.9			1,143.1
Losses and loss adjustment expenses		333.9			286.7			620.6			295.7			378.6			674.3
Amortization of deferred policy acquisition expenses		118.7			58.0			176.7			112.9			97.1			210.0
General and administrative expenses		59.5			120.8			180.3			84.6			127.5			212.1
Underwriting income (loss)		$	59.4		$	16.0		$	75.4		$	57.0		$	(10.3	)	$	46.7

Net investment income								97.7									95.1
Net realized and unrealized investment (losses) gains								(58.4		)							88.2
Realized (loss) on debt extinguishment								(8.6		)							—
Corporate expenses								(29.7		)							(24.8		)
Amortization and non-recurring expenses ⁽¹⁾								(21.2		)							(4.3		)
Other income (expenses) ⁽²⁾								0.1									(1.0		)
Interest expense								(15.0		)							(14.8		)
Net realized and unrealized foreign exchange (losses) ⁽³⁾								(22.1		)							(8.8		)
Income before tax								$	18.2								$	176.3
Income tax expense								(2.1		)							(4.0		)
Net income								$	16.1								$	172.3

Ratios
Loss ratio		58.4		%	59.5		%	58.9		%	53.7		%	63.9		%	59.0		%
	Policy acquisition expense ratio	20.8		%	12.0		%	16.8		%	20.5		%	16.4		%	18.4		%
	General and administrative expense ratio ⁽⁴⁾	10.4		%	25.1		%	22.0		%	15.4		%	21.5		%	21.1		%
	General and administrative expense ratio (excluding amortization and non-recurring expenses) ⁽⁴⁾	10.4		%	25.1		%	19.9		%	15.4		%	21.5		%	20.7		%
Expense ratio		31.2		%	37.1		%	38.8		%	35.9		%	37.9		%	39.5		%
Expense ratio (excluding amortization and non-recurring expenses)		31.2		%	37.1		%	36.7		%	35.9		%	37.9		%	39.1		%
Combined ratio		89.6		%	96.6		%	97.7		%	89.6		%	101.8		%	98.5		%
Combined ratio (excluding amortization and non-recurring expenses)		89.6		%	96.6		%	95.6		%	89.6		%	101.8		%	98.1		%
Accident Year Ex-cat Loss Ratio
Loss ratio		58.4		%	59.5		%	58.9		%	53.7		%	63.9		%	59.0		%
Prior year loss development		6.8		%	8.6		%	7.6		%	9.8		%	3.6		%	6.6		%
Catastrophe losses		(4.4		)%	(3.6		)%	(4.0		)%	(6.3		)%	(5.3		)%	(5.8		)%
Accident year ex-cat loss ratio		60.8		%	64.5		%	62.5		%	57.2		%	62.2		%	59.8		%

⁽¹⁾ Amortization and non-recurring expenses in the first half of 2018 included $20.4 million of expenses related to the operational effectiveness and efficiency program

⁽²⁾ Other income (expenses) in the first half of 2018 and first half of 2017 included expenses of $2.4 million and $6.2 million , respectively, related to a change in the fair value of loan notes issued by Silverton Re

⁽³⁾ Includes realized and unrealized foreign exchange gains and losses and realized and unrealized gains and losses on foreign exchange contracts

⁽⁴⁾ Total group general and administrative expense ratio includes the impact from corporate and amortization and non-recurring expenses

About Aspen Insurance Holdings Limited

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Ireland, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. For the year ended December 31, 2017, Aspen reported $12.9 billion in total assets, $6.7 billion in gross reserves, $2.9 billion in total shareholders’ equity and $3.4 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” by Standard & Poor’s Financial Services LLC (“S&P”), an “A” (“Excellent”) by A.M. Best Company Inc. (“A.M. Best”) and an “A2” by Moody’s Investors Service, Inc. (“Moody’s”).

For more information about Aspen, please visit www.aspen.co .

(1) Forward-looking Statements Safe Harbor

This press release contains written, and Aspen’s earnings conference call will contain oral, “forward-looking statements” within the meaning of the U.S. federal securities laws. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “expect,” “intend,” “plan,” “believe,” “do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,” “likely,” “assume,” “estimate,” “may,” “continue,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” and similar expressions of a future or forward-looking nature.

All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen’s control that could cause actual results to differ materially from such statements. Aspen believes these factors include, but are not limited to: the actual development of losses and expenses impacting estimates for the Northern and Southern California wildfires that occurred in the fourth quarter of 2017 and Hurricanes Harvey, Irma and Maria and the earthquakes in Mexico that occurred in the third quarter of 2017; the impact of complex and unique causation and coverage issues associated with the attribution of losses to wind or flood damage or other perils such as fire or business interruption relating to such events; potential uncertainties relating to reinsurance recoveries, reinstatement premiums and other factors inherent in loss estimation; our ability to successfully develop and execute our operating effectiveness and efficiency program; our ability to successfully implement steps to further optimize the business portfolio, ensure capital efficiency and enhance investment returns; the possibility of greater frequency or severity of claims and loss activity, including as a result of natural or man-made (including economic and political risks) catastrophic or material loss events, than our underwriting, reserving, reinsurance purchasing or investment practices have anticipated; the assumptions and uncertainties underlying reserve levels that may be impacted by future payments for settlements of claims and expenses or by other factors causing adverse or favorable development, including our assumptions on inflation costs associated with long-tail casualty business which could differ materially from actual experience; the United Kingdom’s decision to withdraw from the European Union; a decline in our operating subsidiaries’ ratings with S&P, A.M. Best or Moody’s; the reliability of, and changes in assumptions to, natural and man-made catastrophe pricing, accumulation and estimated loss models; decreased demand for our insurance or reinsurance products; cyclical changes in the insurance and reinsurance industry; the models we use to assess our exposure to losses from future catastrophes contain inherent uncertainties and our actual losses may differ significantly from expectations; our capital models may provide materially different indications than actual results; increased competition from existing (re)insurers and from alternative capital providers and insurance-linked funds and collateralized special purpose insurers on the basis of pricing, capacity, coverage terms, new capital, binding authorities to brokers or other factors and the related demand and supply dynamics as contracts come up for renewal; our ability to execute our business plan to enter new markets, introduce new products and teams and develop new distribution channels, including their integration into our existing operations; our acquisition strategy; changes in market conditions in the agriculture industry, which may vary depending upon demand for agricultural products, weather, commodity prices, natural disasters, and changes in legislation and policies related to agricultural products and producers; termination of, or changes in, the terms of the U.S. Federal Multiple Peril Crop Insurance Program or the U.S. Farm Bill, including modifications to the Standard Reinsurance Agreement put in place by the Risk Management Agency of the U.S. Department of Agriculture; the recent consolidation in the (re)insurance industry; loss of one or more of our senior underwriters or key personnel; our ability to exercise capital management initiatives, including capital available to pursue our share repurchase program at various levels or to declare dividends, or to arrange banking facilities as a result of prevailing market conditions, the level of catastrophes or other losses or changes in our financial results; changes in general economic conditions, including inflation, deflation, foreign currency exchange rates, interest rates and other factors that could affect our financial results; changes in general

economic conditions, including inflation, deflation, foreign currency exchange rates, interest rates and other factors that could affect our financial results; the risk of a material decline in the value or liquidity of all or parts of our investment portfolio; the risks associated with the management of capital on behalf of investors; a failure in our operational systems or infrastructure or those of third parties, including those caused by security breaches or cyber attacks; evolving issues with respect to interpretation of coverage after major loss events; our ability to adequately model and price the effects of climate cycles and climate change; any intervening legislative or governmental action and changing judicial interpretation and judgments on insurers’ liability to various risks; the risks related to litigation; the effectiveness of our risk management loss limitation methods, including our reinsurance purchasing; changes in the availability, cost or quality of reinsurance or retrocessional coverage; changes in the total industry losses or our share of total industry losses resulting from events, such as catastrophes, that have occurred in prior years or may occur and, with respect to such events, our reliance on loss reports received from cedants and loss adjustors, our reliance on industry loss estimates and those generated by modeling techniques, changes in rulings on flood damage or other exclusions as a result of prevailing lawsuits and case law; the impact of one or more large losses from events other than catastrophes or by an unexpected accumulation of attritional losses and deterioration in loss estimates; the impact of acts of terrorism, acts of war and related legislation; any changes in our reinsurers’ credit quality and the amount and timing of reinsurance recoverables; the continuing and uncertain impact of the current depressed lower growth economic environment in many of the countries in which we operate; our reliance on information and technology and third-party service providers for our operations and systems; the level of inflation in repair costs due to limited availability of labor and materials after catastrophes; the failure of our reinsurers, policyholders, brokers or other intermediaries to honor their payment obligations; our reliance on the assessment and pricing of individual risks by third parties; our dependence on a few brokers for a large portion of our revenues; changes in the U.S. federal income tax laws or regulations applicable to insurance companies and the manner in which such laws and regulations are interpreted; the impact of U.S. tax reform on Aspen’s business, investments, results and assets, including (i) changes to the valuation of deferred tax assets and liabilities, (ii) the impact on intra-group reinsurance transactions, (iii) that the costs associated with U.S. tax reform may be greater than initially expected, and (iv) the risk that technical corrections, regulations and supplemental legislation and future interpretations or applications thereof or other changes may be issued in the future, including the rules affecting the valuation of deferred tax assets; changes in government regulations or tax laws in jurisdictions where we conduct business; changes in accounting principles or policies or in the application of such accounting principles or policies; increased counterparty risk due to the credit impairment of financial institutions; and Aspen or Aspen Bermuda Limited becoming subject to income taxes in the United States or the United Kingdom. For a more detailed description of these uncertainties and other factors, please see the “Risk Factors” section in Aspen’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the U.S. Securities and Exchange Commission (the “SEC”). Aspen undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

In addition, any estimates relating to loss events involve the exercise of considerable judgment and reflect a combination of ground-up evaluations, information available to date from brokers and cedants, market intelligence, initial tentative loss reports and other sources. The actuarial range of reserves and management’s best estimate represents a distribution from our internal capital model for reserving risk based on our current state of knowledge and explicit and implicit assumptions relating to the incurred pattern of claims, the expected ultimate settlement amount, inflation and dependencies between lines of business. Due to the complexity of factors contributing to losses and the preliminary nature of the information used to prepare estimates, there can be no assurance that Aspen’s ultimate losses will remain within the stated amounts.

Non-GAAP Financial Measures

In presenting Aspen’s results, management has included and discussed certain “non-GAAP financial measures.” Management believes these non-GAAP financial measures, which may be defined differently by other companies, better explain Aspen’s results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen’s business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measure is included in the financial supplement or this release. Aspen’s financial supplement, which was furnished with the SEC on Form 8-K on August 1, 2018 , can be obtained from the Investor Relations section of Aspen’s website at www.aspen.co .

Annualized Operating Return on Average Equity (“Operating ROE”) is a non-GAAP financial measure. Operating ROE is calculated using operating income, as defined below, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders’ equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs and the total amount of non-controlling interest. Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. Please see page 22 of Aspen’s financial supplement for a reconciliation of net income to operating income and page 7 for a reconciliation of average shareholders’ equity to average ordinary shareholders’ equity.

Operating Income is a non-GAAP financial measure. Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized gains or losses, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts, net realized gains or losses on investments, amortization of intangible assets and certain non-recurring income and expenses, including expenses associated with the Company's operational effectiveness and efficiency program. Operating income in the second quarter of 2018 excluded the make-whole payment associated with the partial redemption of Aspen's 6.0% Senior Notes due 2020. Operating income in the first half of 2017 excluded the issue costs associated with the redemption of Aspen’s 7.401% Perpetual Non-Cumulative Preference Shares.

Aspen excludes the items above from its calculation of operating income because they are either not expected to recur and therefore are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen’s results of operations in a manner similar to how management analyzes Aspen’s underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 22 of Aspen’s financial supplement for a reconciliation of net income to operating income.

Diluted Book Value per Ordinary Share is not a non-GAAP financial measure. Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method, defined on page 21 of Aspen’s financial supplement.

Diluted Operating Earnings per Share and Basic Operating Earnings per Share are non-GAAP financial measures. Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. Please see page 22 of Aspen’s financial supplement for a reconciliation of basic earnings per share to diluted and basic operating earnings per share.

Accident Year Loss Ratio Excluding Catastrophes is a non-GAAP financial measure. Aspen believes that the presentation of loss ratios excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year gross loss ratios excluding catastrophes are calculated by dividing gross losses excluding catastrophe losses and prior year reserve movements

by gross earned premiums excluding catastrophe-related reinstatement premiums. Accident year net loss ratios excluding catastrophes are calculated by dividing net losses excluding catastrophe losses and prior year reserve movements by net earned premiums excluding catastrophe-related reinstatement premiums. Aspen has defined catastrophe losses in the six months ended June 30, 2018 as losses associated with Winter Storm Friederike in Europe, and U.K. and U.S. weather-related events. Catastrophe losses in the six months ended June 30, 2017 were defined as losses associated predominantly with a tornado in Mississippi, Cyclone Debbie in Australia and other U.S. weather-related events. Please see pages 11-12 of this release for a reconciliation of loss ratios to accident year loss ratios excluding catastrophes.

Retention Ratio is a non-GAAP financial measure and is calculated by dividing net written premium by gross written premium.

Exhibit 99.2

FINANCIAL SUPPLEMENT

As of June 30, 2018

Aspen Insurance Holdings Limited

This financial supplement is for information purposes only. It should be read in conjunction with other documents filed or to be filed by Aspen Insurance Holdings Limited with the United States Securities and Exchange Commission.

www.aspen.co

Investor Contact:

Aspen Insurance Holdings Limited

Mark Jones, Senior Vice President, Investor Relations

T: +1 646 289 4945

email: Mark.P.Jones@aspen.co



	ASPEN INSURANCE HOLDINGS LIMITED
	Table Of Contents
		Page

Basis of Presentation		1
Financial Highlights		2
Consolidated Statements of Operations - Quarterly Results		3
Consolidated Statements of Operations - Year to Date Results		4
Consolidated Balance Sheets		5
Earnings Per Share and Book Value Per Share		6
Return on Average Equity		7
Consolidated Underwriting Results by Operating Segment		8 - 9
Operating Segment - Quarterly Results		10 - 11
Written and Earned Premiums by Segment and Lines of Business		12
Consolidated Statements of Changes in Shareholders' Equity		13
Consolidated Statements of Comprehensive Income		14
Condensed Consolidated Statements of Cash Flows		15
Reserves for Losses and Loss Adjustment Expenses		16
Reserves by Operating Segment		17
Prior Year Reserve Releases		18
Consolidated Investment Portfolio		19
Investment Analysis		20
Book Value Per Ordinary Share		21
Operating Income Reconciliation		22
Worldwide Natural Catastrophe Exposures		23



		ASPEN INSURANCE HOLDINGS LIMITED
		Basis of Presentation

Definitions and presentations : All financial information contained herein is unaudited except for information for the fiscal year ended December 31, 2017. Unless otherwise noted, all data is in U.S. dollar millions, except for per share amounts, percentages and ratio information.

In presenting Aspen's results, management has included and discussed certain "non-GAAP financial measures". Management believes that these non-GAAP measures, which may be defined differently by other companies, better explain Aspen's results of operations in a manner that allows for a more complete understanding of the underlying trends in Aspen's business. However, these measures should not be viewed as a substitute for those determined in accordance with GAAP. The reconciliation of such non-GAAP financial measures to their respective most directly comparable GAAP financial measures is included in this financial supplement.

Operating income (a non-GAAP financial measure): Operating income is an internal performance measure used by Aspen in the management of its operations and represents after-tax operational results excluding, as applicable, after-tax net realized and unrealized gains or losses, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts, net realized gains or losses on investments, amortization of intangible assets and certain non-recurring income and expenses, including expenses associated with the Company's operational effectiveness and efficiency program. Operating income in the second quarter of 2018 excluded the make-whole payment associated with the partial redemption of Aspen's 6.0% Senior Notes due 2020. Operating income in the first half of 2017 excluded the issue costs associated with the redemption of the 7.401% Perpetual Non-Cumulative Preference Shares.

Aspen excludes these items above from its calculation of operating income because they are either not expected to recur and therefore are not reflective of underlying performance or the amount of these gains or losses is heavily influenced by, and fluctuates in part, according to the availability of market opportunities. Aspen believes these amounts are largely independent of its business and underwriting process and including them would distort the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing operating income enables investors, analysts, rating agencies and other users of its financial information to more easily analyze Aspen's results of operations in a manner similar to how management analyzes Aspen's underlying business performance. Operating income should not be viewed as a substitute for GAAP net income. Please see page 22 for a reconciliation of net income to operating income.

Annualized operating return on average equity (“Operating ROE”) (a non-GAAP financial measure): Operating ROE is calculated using operating income, as defined above, and average equity is calculated as the arithmetic average on a monthly basis for the stated periods of shareholders' equity excluding the aggregate value of the liquidation preferences of our preference shares net of issuance costs and the total amount of non-controlling interest.

Aspen presents Operating ROE as a measure that is commonly recognized as a standard of performance by investors, analysts, rating agencies and other users of its financial information. See page 22 for a reconciliation of operating income to net income and page 7 for a reconciliation of average shareholders' equity to average ordinary shareholders' equity.

Diluted book value per ordinary share (not a non-GAAP financial measure): Aspen has included diluted book value per ordinary share as it illustrates the effect on basic book value per share of dilutive securities thereby providing a better benchmark for comparison with other companies. Diluted book value per share is calculated using the treasury stock method as defined on page 21.

Diluted operating earnings per share and basic operating earnings per share (non-GAAP financial measures): Aspen believes that the presentation of diluted operating earnings per share and basic operating earnings per share supports meaningful comparison from period to period and the analysis of normal business operations. Diluted operating earnings per share and basic operating earnings per share are calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 22 for a reconciliation of basic earnings per share to diluted and basic operating earnings per share.

Accident year loss ratio excluding catastrophes (a non-GAAP financial measure): Aspen believes that the presentation of loss ratios excluding catastrophes and prior year reserve movements supports meaningful comparison from period to period of the underlying performance of the business. Accident year loss ratios excluding catastrophes are calculated by dividing net losses excluding catastrophe losses and prior year reserve movements by net earned premiums excluding catastrophe-related reinstatement premiums. Aspen has defined catastrophe losses in in the first half of 2018 as losses associated with Winter Storm Friederike in Europe and U.K and U.S. weather-related events. Catastrophe losses in the first half of 2017 were defined as losses associated predominantly with a tornado in Mississippi, Cyclone Debbie in Australia, and various other weather-related events. See pages 10 and 11 for a reconciliation of loss ratios to accident year loss ratios excluding catastrophes.

Underwriting ratios (GAAP financial measures): Aspen, along with others in the industry, uses underwriting ratios as measures of performance. The loss ratio is the ratio of net claims and claims adjustment expenses to net premiums earned. The acquisition expense ratio is the ratio of underwriting expenses (commissions, premium taxes, licenses and fees, as well as other underwriting expenses) to net premiums earned. The general and administrative expense ratio is the ratio of general and administrative expenses to net premiums earned. The combined ratio is the sum of the loss ratio, the acquisition expense ratio and the general and administrative expense ratio. These ratios are relative measurements that describe for every $100 of net premiums earned, the cost of losses and expenses, respectively. The combined ratio presents the total cost per $100 of earned premium. A combined ratio below 100% demonstrates underwriting profit; a combined ratio above 100% demonstrates underwriting loss.

GAAP combined ratios differ from U.S. statutory combined ratios primarily due to the deferral of certain third-party acquisition expenses for GAAP reporting purposes and the use of net premiums earned rather than net premiums written in the denominator when calculating the acquisition expense and the general and administrative expense ratios.



	ASPEN INSURANCE HOLDINGS LIMITED
	Financial Highlights
		Three Months Ended June 30,								Six Months Ended June 30,
(in US$ millions except for percentages, share and per share amounts)		2018			2017			Change		2018			2017			Change
Gross written premium		$	853.8		$	822.1		3.9	%	$	1,970.6		$	1,820.1		8.3	%
Net written premium		$	486.0		$	578.7		(16.0	)%	$	1,121.5		$	1,264.9		(11.3	)%
Net earned premium		$	519.5		$	562.0		(7.6	)%	$	1,053.0		$	1,143.1		(7.9	)%
Net (loss)/income after tax		$	(14.7	)	$	75.8		(119.4	)%	$	16.1		$	172.3		(90.7	)%
Operating income after tax		$	56.3		$	39.2		43.6	%	$	119.3		$	99.0		20.5	%
Net investment income		$	50.4		$	47.4		6.3	%	$	97.7		$	95.1		2.7	%
Underwriting income		$	22.1		$	1.8		1,127.8	%	$	45.7		$	21.9		108.7	%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net (loss)/income adjusted for preference share dividend and non-controlling interest		$	(0.38	)	$	1.09		(134.9	)%	$	0.01		$	2.48		(99.6	)%
Operating income adjusted for preference share dividend and non-controlling interest		$	0.81		$	0.48		68.8	%	$	1.73		$	1.29		34.1	%
Diluted earnings per ordinary share
Net (loss)/income adjusted for preference share dividend and non-controlling interest		$	(0.38	)	$	1.07		(135.5	)%	$	0.01		$	2.43		(99.6	)%
Operating income adjusted for preference share dividend and non-controlling interest		$	0.80		$	0.47		70.2	%	$	1.71		$	1.27		34.6	%
Weighted average number of ordinary shares outstanding (in millions of shares) ⁽¹⁾		59.672			59.966			(0.5	)%	59.609			59.915			(0.5	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		59.672			61.023			(2.2	)%	60.528			61.096			(0.9	)%
Book value per ordinary share		$	38.75		$	49.34		(21.5	)%	$	38.75		$	49.34		(21.5	)%
Diluted book value per ordinary share		$	38.21		$	48.64		(21.4	)%	$	38.21		$	48.64		(21.4	)%
Ordinary shares outstanding at June 30, 2018 and June 30, 2017 (in millions of shares)		59.688			59.844			(0.3	)%	59.688			59.844			(0.3	)%
Diluted ordinary shares outstanding at June 30, 2018 and June 30, 2017 (in millions of shares)		60.534			60.712			(0.3	)%	60.534			60.712			(0.3	)%
Underwriting Ratios
Loss ratio		59.7		%	61.6		%			58.9		%	59.0		%
Policy acquisition expense ratio		16.5		%	17.1		%			16.8		%	18.4		%
General, administrative and corporate expense ratio		21.2		%	21.3		%			22.0		%	21.1		%
General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses)		19.5		%	21.0		%			19.9		%	20.7		%
Expense ratio		37.7		%	38.4		%			38.8		%	39.5		%
Expense ratio (excluding amortization and non-recurring expenses)		36.0		%	38.1		%			36.7		%	39.1		%
Combined ratio		97.4		%	100.0		%			97.7		%	98.5		%
Combined ratio (excluding amortization and non-recurring expenses)		95.7		%	99.7		%			95.6		%	98.1		%
Return On Equity
Average equity ⁽²⁾		$	2,328.6		$	2,939.8				$	2,355.2		$	2,930.9
Return on average equity
Net (loss)/income adjusted for preference share dividend and non-controlling interest		(1.0		)%	2.2		%			0.03		%	5.1		%
Operating income adjusted for preference share dividend and non-controlling interest		2.1		%	1.0		%			4.4		%	2.7		%
Annualized return on average equity
Net (loss)/income		(4.0		)%	8.8		%			0.06		%	10.2		%
Operating income		8.4		%	4.0		%			8.8		%	5.4		%

See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) The basic and diluted number of ordinary shares for the three and six months ended June 30, 2018 is the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.
(2) Average equity excludes preference shares.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Statements of Operations - Quarterly Results
(in US$ millions except for percentages)		Q2 2018			Q1 2018			Q4 2017			Q3 2017			Q2 2017			Q1 2017
UNDERWRITING REVENUES
Gross written premiums		$	853.8		$	1,116.8		$	688.3		$	852.5		$	822.1		$	998.0
Premiums ceded		(367.8		)	(481.3		)	(348.1		)	(245.1		)	(243.4		)	(311.8		)
Net written premiums		486.0			635.5			340.2			607.4			578.7			686.2
Change in unearned premiums		33.5			(102.0		)	170.8			45.1			(16.7		)	(105.1		)
Net earned premiums		519.5			533.5			511.0			652.5			562.0			581.1
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		310.4			310.2			544.2			776.2			346.1			328.2
Amortization of deferred policy acquisition costs		85.9			90.8			85.1			105.4			96.3			113.7
General, administrative and corporate expenses		101.1			108.9			126.9			105.7			117.8			119.1
Total underwriting expenses		497.4			509.9			756.2			987.3			560.2			561.0

Underwriting income/(loss) including corporate expenses		22.1			23.6			(245.2		)	(334.8		)	1.8			20.1

Net investment income		50.4			47.3			47.5			46.4			47.4			47.7
Interest expense		(7.6		)	(7.4		)	(7.3		)	(7.4		)	(7.4		)	(7.4		)
Other (expense)/income ⁽¹⁾		(1.8		)	1.9			18.6			7.6			(1.7		)	0.7
Total other revenue		41.0			41.8			58.8			46.6			38.3			41.0

Amortization and non-recurring expenses		(9.1		)	(12.1		)	(23.2		)	(5.2		)	(2.1		)	(2.2		)
Net realized and unrealized exchange (losses)/gains ⁽²⁾		(40.9		)	18.8			(0.3		)	12.9			(3.0		)	(5.8		)
Net realized and unrealized investment (losses)/gains		(20.7		)	(37.7		)	14.8			17.5			42.0			46.2
Realized (loss) on debt extinguishment		(8.6		)	—			—			—			—			—
(LOSS)/INCOME BEFORE TAX		(16.2		)	34.4			(195.1		)	(263.0		)	77.0			99.3
Income tax credit/(expense)		1.5			(3.6		)	10.2			9.2			(1.2		)	(2.8		)
NET (LOSS)/INCOME AFTER TAX		(14.7		)	30.8			(184.9		)	(253.8		)	75.8			96.5
Dividends paid on ordinary shares		(14.3		)	(14.3		)	(14.3		)	(14.4		)	(14.4		)	(13.2		)
Dividends paid on preference shares		(7.6		)	(7.6		)	(7.5		)	(7.7		)	(10.5		)	(10.5		)
Preference share redemption costs		—			—			—			(5.6		)	—			(2.4		)
Proportion due to non-controlling interest		(0.1		)	(0.2		)	(0.5		)	(0.6		)	(0.1		)	(0.1		)
Retained (loss)/income		$	(36.7	)	$	8.7		$	(207.2	)	$	(282.1	)	$	50.8		$	70.3

Loss ratio		59.7		%	58.1		%	106.5		%	119.0		%	61.6		%	56.5		%
Policy acquisition expense ratio		16.5		%	17.0		%	16.7		%	16.2		%	17.1		%	19.6		%
General, administrative and corporate expense ratio		21.2		%	22.7		%	29.4		%	17.0		%	21.3		%	20.9		%
General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses)		19.5		%	20.4		%	24.8		%	16.2		%	21.0		%	20.5		%
Expense ratio		37.7		%	39.7		%	46.1		%	33.2		%	38.4		%	40.5		%
Expense ratio (excluding amortization and non-recurring expenses)		36.0		%	37.4		%	41.5		%	32.4		%	38.1		%	40.1		%
Combined ratio		97.4		%	97.8		%	152.6		%	152.2		%	100.0		%	97.0		%
Combined ratio (excluding amortization and non-recurring expenses)		95.7		%	95.5		%	148.0		%	151.4		%	99.7		%	96.6		%
See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Other (expense) income in the second quarter of 2018 and second quarter of 2017 included expenses of $3.4 million and $3.3 million, respectively, related to a change in the fair value of loan notes issued by Silverton Re.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
(in US$ millions except for percentages)			Six Months Ended June 30,
			2018			2017
UNDERWRITING REVENUES
Gross written premiums			$	1,970.6		$	1,820.1
Premiums ceded			(849.1		)	(555.2		)
Net written premiums			1,121.5			1,264.9
Change in unearned premiums			(68.5		)	(121.8		)
Net earned premiums			1,053.0			1,143.1
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			620.6			674.3
Amortization of deferred policy acquisition costs			176.7			210.0
General, administrative and corporate expenses			210.0			236.9
Total underwriting expenses			1,007.3			1,121.2

Underwriting income including corporate expenses			45.7			21.9

Net investment income			97.7			95.1
Interest expense			(15.0		)	(14.8		)
Other income/(expense)			0.1			(1.0		)
Total other revenue			82.8			79.3

Amortization and non-recurring expenses			(21.2		)	(4.3		)
Net realized and unrealized exchange (losses) ⁽¹⁾			(22.1		)	(8.8		)
Net realized and unrealized investment (losses)/gains			(58.4		)	88.2
Realized (loss) on debt extinguishment			(8.6		)	—
INCOME BEFORE TAX			18.2			176.3
Income tax expense			(2.1		)	(4.0		)
NET INCOME AFTER TAX			16.1			172.3
Dividends paid on ordinary shares			(28.6		)	(27.6		)
Dividends paid on preference shares			(15.2		)	(21.0		)
Preference share redemption costs			—			(2.4		)
Proportion due to non-controlling interest			(0.3		)	(0.2		)
Retained (loss)/income			$	(28.0	)	$	121.1

Loss ratio			58.9		%	59.0		%
	Policy acquisition expense ratio		16.8		%	18.4		%
	General, administrative and corporate expense ratio		22.0		%	21.1		%
	General, administrative and corporate expense ratio (excluding amortization and non-recurring expenses)		19.9		%	20.7		%
Expense ratio			38.8		%	39.5		%
Expense ratio (excluding amortization and non-recurring expenses)			36.7		%	39.1		%
Combined ratio			97.7		%	98.5		%
Combined ratio (excluding amortization and non-recurring expenses)			95.6		%	98.1		%
See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.




	Consolidated Balance Sheets

(in US$ millions except for per share amounts)		June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017

Investments
Fixed income securities		$	6,695.9		$	7,049.8		$	6,880.3		$	7,030.4		$	6,854.8		$	6,977.6
Equity securities		—			—			491.0			468.6			658.7			623.6
Other investments		153.3			66.1			66.4			4.0			3.9			5.0
Catastrophe bonds		35.5			34.8			32.4			30.3			28.3			41.8
Short-term investments		99.6			81.6			162.9			124.7			115.6			348.1
Total investments		6,984.3			7,232.3			7,633.0			7,658.0			7,661.3			7,996.1
Cash and cash equivalents		1,070.7			1,246.9			1,054.8			1,209.3			1,228.4			873.1
Reinsurance recoverables
Unpaid losses		1,656.4			1,611.3			1,515.2			1,369.5			779.4			635.8
Ceded unearned premiums		724.8			683.9			515.5			446.4			464.1			404.8
Receivables
Underwriting premiums		1,725.2			1,743.0			1,496.5			1,529.0			1,614.1			1,557.8
Other		175.5			108.6			151.1			175.8			106.1			120.7
Funds withheld		89.3			102.9			99.8			100.1			89.9			90.4
Deferred policy acquisition costs		298.6			319.9			294.3			354.1			364.6			367.5
Derivatives at fair value		14.1			15.6			6.4			8.4			22.1			5.2
Receivable for securities sold		2.6			4.1			5.3			19.0			13.6			25.7
Office properties and equipment		73.0			77.1			75.5			89.8			85.3			86.1
Taxation		32.7			34.3			30.6			13.1			7.2			—
Other assets		0.5			0.5			0.5			1.0			1.0			1.0
Intangible assets and goodwill		27.0			27.5			27.9			78.1			79.4			80.5
Total assets		$	12,874.7		$	13,207.9		$	12,906.4		$	13,051.6		$	12,516.5		$	12,244.7
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	6,532.8		$	6,679.4		$	6,749.5		$	6,490.6		$	5,571.4		$	5,365.9
Unearned premiums		2,087.2			2,097.7			1,820.8			1,926.5			1,981.5			1,891.8
Total insurance reserves		8,620.0			8,777.1			8,570.3			8,417.1			7,552.9			7,257.7
Payables
Reinsurance premiums		596.0			491.3			357.5			439.4			316.7			362.9
Taxation		—			—			—			0.5			4.4			4.0
Accrued expenses and other payables		336.5			496.5			455.4			377.9			352.8			361.8
Liabilities under derivative contracts		49.3			2.3			1.0			2.9			8.6			4.3
Total payables		981.8			990.1			813.9			820.7			682.5			733.0
Loan notes issued by variable interest entities, at fair value		20.3			32.2			44.2			101.5			110.8			110.2
Long-term debt		424.6			549.5			549.5			549.4			549.4			549.4
Total liabilities		10,046.7			10,348.9			9,977.9			9,888.7			8,895.6			8,650.3
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1			0.1			0.1			0.1			0.1			0.1
Non-controlling interest		3.0			2.9			2.7			2.2			1.6			1.5
Preference shares		—			—			—			—			—			—
Additional paid-in capital		965.4			959.5			954.7			951.8			1,125.2			1,142.1
Retained earnings		1,998.9			2,035.6			2,026.9			2,234.1			2,516.2			2,465.4
Accumulated other comprehensive income, net of taxes		(139.4		)	(139.1		)	(55.9		)	(25.3		)	(22.2		)	(14.7		)
Total shareholders’ equity		2,828.0			2,859.0			2,928.5			3,162.9			3,620.9			3,594.4
Total liabilities and shareholders’ equity		$	12,874.7		$	13,207.9		$	12,906.4		$	13,051.6		$	12,516.5		$	12,244.7

Book value per ordinary share		$	38.75		$	39.30		$	40.59		$	44.59		$	49.34		$	48.79
Book value per diluted ordinary share		$	38.21		$	38.70		$	40.10		$	44.00		$	48.64		$	47.89



		ASPEN INSURANCE HOLDINGS LIMITED
		Earnings Per Share and Book Value Per Share

			Three Months Ended					Six Months Ended
(in US$ except for number of shares)			June 30, 2018			June 30, 2017		June 30, 2018		June 30, 2017

Basic earnings per ordinary share
	Net (loss)/income adjusted for preference share dividend and non-controlling interest		$	(0.38	)	$	1.09	$	0.01	$	2.48
	Operating income adjusted for preference share dividend and non-controlling interest		$	0.81		$	0.48	$	1.73	$	1.29
Diluted earnings per ordinary share
	Net (loss)/income adjusted for preference share dividend and non-controlling interest		$	(0.38	)	$	1.07	$	0.01	$	2.43
	Operating income adjusted for preference share dividend and non-controlling interest		$	0.80		$	0.47	$	1.71	$	1.27

Weighted average number of ordinary shares outstanding (in millions)			59.672			59.966		59.609		59.915
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			59.672			61.023		60.528		61.096

Book value per ordinary share			$	38.75		$	49.34	$	38.75	$	49.34
Diluted book value per ordinary share			$	38.21		$	48.64	$	38.21	$	48.64

Ordinary shares outstanding at end of the period (in millions)			59.688			59.844		59.688		59.844
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			60.534			60.712		60.534		60.712

See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) The basic and diluted number of ordinary shares for the three months ended June 30, 2018 is the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.



		ASPEN INSURANCE HOLDINGS LIMITED
		Return On Average Equity

			Three Months Ended						Six Months Ended
(in US$ millions except for percentages)			June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017

Average shareholders' equity			$	2,843.5		$	3,607.7		$	2,870.0		$	3,617.4
Average non-controlling interest			(3.0		)	(1.6		)	(2.9		)	(1.5		)
Average preference shares			(511.9		)	(666.3		)	(511.9		)	(685.0		)
Average ordinary shareholders' equity			$	2,328.6		$	2,939.8		$	2,355.2		$	2,930.9
Return on average equity:
	Net (loss)/ income adjusted for preference share dividend and non-controlling interest		(1.0		)%	2.2		%	0.03		%	5.1		%
	Operating income adjusted for preference share dividend and non-controlling interest		2.1		%	1.0		%	4.4		%	2.7		%
Annualized return on average equity:
	Net (loss)/ income		(4.0		)%	8.8		%	0.06		%	10.2		%
	Operating income		8.4		%	4.0		%	8.8		%	5.4		%
Components of return on average equity:
	Return on average equity from underwriting activity ⁽¹⁾		0.9		%	0.1		%	1.9		%	0.5		%
	Return on average equity from investment and other activity ⁽²⁾		1.4		%	0.9		%	2.9		%	2.3		%
	Pre-tax operating income return on average equity ⁽³⁾		2.4		%	1.0		%	4.8		%	2.8		%
	Post-tax operating income return on average equity ⁽⁴⁾		2.1		%	1.0		%	4.4		%	2.7		%

See page 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Calculated by using underwriting income.
(2) Calculated by using total other operating revenue and other income/(expense) adjusted for preference share dividends and non-controlling interest.
(3) Calculated by using operating income before tax adjusted for preference share dividends and non-controlling interest.
(4) Calculated by using operating income after-tax adjusted for preference share dividends and non-controlling interest.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Three Months Ended June 30, 2018									Three Months Ended June 30, 2017
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	326.0		$	527.8		$	853.8		$	335.6		$	486.5		$	822.1
Net written premiums		266.9			219.1			486.0			285.5			293.2			578.7
Gross earned premiums		366.2			479.3			845.5			320.6			429.1			749.7
Net earned premiums		289.0			230.5			519.5			272.7			289.3			562.0
Losses and loss adjustment expenses		167.0			143.4			310.4			152.6			193.5			346.1
Amortization of deferred policy acquisition costs		62.8			23.1			85.9			53.4			42.9			96.3
General and administrative expenses		27.9			57.2			85.1			40.7			65.7			106.4
Underwriting income/(loss)		$	31.3		$	6.8		$	38.1		$	26.0		$	(12.8	)	$	13.2
Net investment income								50.4									47.4
Net realized and unrealized investment (losses)/gains								(20.7		)							42.0
Realized (loss) on debt extinguishment								(8.6		)							—
Corporate expenses								(16.0		)							(11.4		)
Amortization and non-recurring expenses ⁽¹⁾								(9.1		)							(2.1		)
Other (expense)/income ⁽²⁾								(1.8		)							(1.7		)
Interest expense								(7.6		)							(7.4		)
Net realized and unrealized foreign exchange (losses) ⁽³⁾								(40.9		)							(3.0		)
(Loss)/income before tax								$	(16.2	)							$	77.0
Income tax credit/(expense)								1.5									(1.2		)
Net (loss)/income								$	(14.7	)							$	75.8
Ratios
Loss ratio		57.8		%	62.2		%	59.7		%	56.0		%	66.9		%	61.6		%
Policy acquisition expense ratio		21.7		%	10.0		%	16.5		%	19.6		%	14.8		%	17.1		%
General and administrative expense ratio ⁽⁴⁾		9.7		%	24.8		%	21.2		%	14.9		%	22.7		%	21.3		%
General and administrative expense ratio (excluding amortization and non-recurring expenses) ⁽⁴⁾		9.7		%	24.8		%	19.5		%	14.9		%	22.7		%	21.0		%
Expense ratio		31.4		%	34.8		%	37.7		%	34.5		%	37.5		%	38.4		%
Expense ratio (excluding amortization and non-recurring expenses)		31.4		%	34.8		%	36.0		%	34.5		%	37.5		%	38.1		%
Combined ratio		89.2		%	97.0		%	97.4		%	90.5		%	104.4		%	100.0		%
Combined ratio (excluding amortization and non-recurring expenses)		89.2		%	97.0		%	95.7		%	90.5		%	104.4		%	99.7		%

(1) Amortization and non-recurring expenses includes $8.6 million of expenses related to the Operational Effectiveness and Efficiency Program.

(2) Other (expense)/income in the second quarter of 2018 and second quarter of 2017 included expense of $3.4 million and $3.3 million , respectively, related to a change in the fair value of loan notes issued by Silverton Re.

(3) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.

(4) The total group general and administrative expense ratio includes the impact from corporate and non-recurring expenses.



	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment

		Six Months Ended June 30, 2018									Six Months Ended June 30, 2017
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total

Gross written premiums		$	949.5		$	1,021.1		$	1,970.6		$	900.9		$	919.2		$	1,820.1
Net written premiums		691.9			429.6			1,121.5			733.7			531.2			1,264.9
Gross earned premiums		741.2			946.9			1,688.1			648.2			852.8			1,501.0
Net earned premiums		571.5			481.5			1,053.0			550.2			592.9			1,143.1
Losses and loss adjustment expenses		333.9			286.7			620.6			295.7			378.6			674.3
Amortization of deferred policy acquisition costs		118.7			58.0			176.7			112.9			97.1			210.0
General and administrative expenses		59.5			120.8			180.3			84.6			127.5			212.1
Underwriting income/(loss)		$	59.4		$	16.0		$	75.4		$	57.0		$	(10.3	)	$	46.7
Net investment income								97.7									95.1
Net realized and unrealized investment (losses)/gains								(58.4		)							88.2
Realized (loss) on debt extinguishment								(8.6		)							—
Corporate expenses								(29.7		)							(24.8		)
Amortization and non-recurring expenses ⁽¹⁾								(21.2		)							(4.3		)
Other income/(expense) ⁽²⁾								0.1									(1.0		)
Interest expense								(15.0		)							(14.8		)
Net realized and unrealized foreign exchange (losses) ⁽³⁾								(22.1		)							(8.8		)
Income before tax								$	18.2								$	176.3
Income tax (expense)								(2.1		)							(4.0		)
Net income								$	16.1								$	172.3
Ratios
Loss ratio		58.4		%	59.5		%	58.9		%	53.7		%	63.9		%	59.0		%
Policy acquisition expense ratio		20.8		%	12.0		%	16.8		%	20.5		%	16.4		%	18.4		%
General and administrative expense ratio ⁽⁴⁾		10.4		%	25.1		%	22.0		%	15.4		%	21.5		%	21.1		%
General and administrative expense ratio (excluding amortization and non-recurring expenses) ⁽⁵⁾		10.4		%	25.1		%	19.9		%	15.4		%	21.5		%	20.7		%
Expense ratio		31.2		%	37.1		%	38.8		%	35.9		%	37.9		%	39.5		%
Expense ratio (excluding amortization and non-recurring expenses)		31.2		%	37.1		%	36.7		%	35.9		%	37.9		%	39.1		%
Combined ratio		89.6		%	96.6		%	97.7		%	89.6		%	101.8		%	98.5		%
Combined ratio (excluding amortization and non-recurring expenses)		89.6		%	96.6		%	95.6		%	89.6		%	101.8		%	98.1		%

(1) Amortization and non-recurring expenses includes $20.4 million of expenses related to the Operational Effectiveness and Efficiency Program.

(2) Other income/(expense) in the first half of 2018 and the first half of 2017 included expense of $2.4 million and $6.2 million , respectively, related to a change in the fair value of loan notes issued by Silverton Re.

( 3) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.

(4) The total group general and administrative expense ratio includes the impact from corporate and non-recurring expenses.



	ASPEN INSURANCE HOLDINGS LIMITED
	Reinsurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q2 2018			Q1 2018			Q4 2017			Q3 2017			Q2 2017			Q1 2017

Gross written premiums		$	326.0		$	623.5		$	216.1		$	431.5		$	335.6		$	565.3
Net written premiums		266.9			425.0			152.7			363.6			285.5			448.2
Gross earned premiums		366.2			375.0			339.6			464.0			320.6			327.6
Net earned premiums		289.0			282.5			273.9			382.0			272.7			277.5
Net losses and loss adjustment expenses		167.0			166.9			318.5			502.2			152.6			143.1
Amortization of deferred policy acquisition costs		62.8			55.9			61.1			61.5			53.4			59.5
General and administrative expenses		27.9			31.6			39.9			32.8			40.7			43.9
Underwriting income/(loss)		$	31.3		$	28.1		$	(145.6	)	$	(214.5	)	$	26.0		$	31.0
Ratios
Loss ratio		57.8		%	59.1		%	116.3		%	131.5		%	56.0		%	51.6		%
Policy acquisition expense ratio		21.7		%	19.8		%	22.3		%	16.1		%	19.6		%	21.4		%
General and administrative expense ratio		9.7		%	11.2		%	14.6		%	8.6		%	14.9		%	15.8		%
Expense ratio		31.4		%	31.0		%	36.9		%	24.7		%	34.5		%	37.2		%
Combined ratio		89.2		%	90.1		%	153.2		%	156.2		%	90.5		%	88.8		%
Accident Year Ex-cat Loss Ratio
Loss ratio		57.8		%	59.1		%	116.3		%	131.5		%	56.0		%	51.6		%
Prior year loss development		10.9		%	2.7		%	4.0		%	4.8		%	12.0		%	7.6		%
Catastrophe losses		(3.5		)%	(5.2		)%	(49.6		)%	(74.6		)%	(3.8		)%	(8.9		)%
Accident year ex-cat loss ratio		65.2		%	56.6		%	70.7		%	61.7		%	64.2		%	50.3		%



	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results


(in US$ millions except for percentages)		Q2 2018			Q1 2018			Q4 2017			Q3 2017			Q2 2017			Q1 2017

Gross written premiums		$	527.8		$	493.3		$	472.2		$	421.0		$	486.5		$	432.7
Net written premiums		219.1			210.5			187.5			243.8			293.2			238.0
Gross earned premiums		479.3			467.6			455.3			449.3			429.1			423.7
Net earned premiums		230.5			251.0			237.1			270.5			289.3			303.6
Net losses and loss adjustment expenses		143.4			143.3			225.7			274.0			193.5			185.1
Amortization of deferred policy acquisition costs		23.1			34.9			24.0			43.9			42.9			54.2
General and administrative expenses		57.2			63.6			67.0			59.4			65.7			61.8
Underwriting income/(loss)		$	6.8		$	9.2		$	(79.6	)	$	(106.8	)	$	(12.8	)	$	2.5
Ratios
Loss ratio		62.2		%	57.1		%	95.2		%	101.3		%	66.9		%	61.0		%
Policy acquisition expense ratio		10.0		%	13.9		%	10.1		%	16.2		%	14.8		%	17.9		%
General and administrative expense ratio		24.8		%	25.3		%	28.3		%	22.0		%	22.7		%	20.4		%
Expense ratio		34.8		%	39.2		%	38.4		%	38.2		%	37.5		%	38.3		%
Combined ratio		97.0		%	96.3		%	133.6		%	139.5		%	104.4		%	99.3		%
Accident Year Ex-cat Loss Ratio
Loss ratio		62.2		%	57.1		%	95.2		%	101.3		%	66.9		%	61.0		%
Prior year loss development		4.8		%	12.0		%	0.8		%	0.3		%	5.6		%	1.6		%
Catastrophe losses		(3.5		)%	(3.7		)%	(1.0		)%	(30.3		)%	(9.4		)%	(1.5		)%
Accident year ex-cat loss ratio		63.5		%	65.4		%	95.0		%	71.3		%	63.1		%	61.1		%



		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q2 2018		Q1 2018		Q4 2017		Q3 2017		Q2 2017		Q1 2017
	Reinsurance
	Property Catastrophe Reinsurance		$	77.2	$	151.2	$	12.9	$	63.3	$	72.4	$	130.7
	Other Property Reinsurance		86.6		104.8		63.6		88.1		79.7		118.9
	Casualty Reinsurance		58.4		143.3		46.4		75.8		53.1		143.7
	Specialty Reinsurance		103.8		224.2		93.2		204.3		130.4		172.0
	Total Reinsurance		$	326.0	$	623.5	$	216.1	$	431.5	$	335.6	$	565.3
	Insurance
	Property and Casualty Insurance		$	263.2	$	231.3	$	201.9	$	194.6	$	249.3	$	211.1
	Marine, Aviation and Energy Insurance		109.6		101.5		100.8		86.0		92.7		105.8
	Financial and Professional Lines Insurance		155.0		160.5		169.5		140.4		144.5		115.8
	Total Insurance		$	527.8	$	493.3	$	472.2	$	421.0	$	486.5	$	432.7

	Total Gross Written Premiums		$	853.8	$	1,116.8	$	688.3	$	852.5	$	822.1	$	998.0
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	40.9	$	54.1	$	3.0	$	40.3	$	58.2	$	71.1
	Other Property Reinsurance		71.7		77.4		55.1		76.0		65.6		89.0
	Casualty Reinsurance		54.3		136.7		42.9		72.9		46.5		142.0
	Specialty Reinsurance		100.0		156.8		51.7		174.4		115.2		146.1
	Total Reinsurance		$	266.9	$	425.0	$	152.7	$	363.6	$	285.5	$	448.2
	Insurance
	Property and Casualty Insurance		$	91.4	$	63.7	$	41.4	$	122.7	$	180.0	$	94.8
	Marine, Aviation and Energy Insurance		44.4		82.0		53.2		50.7		40.8		71.1
	Financial and Professional Lines Insurance		83.3		64.8		92.9		70.4		72.4		72.1
	Total Insurance		$	219.1	$	210.5	$	187.5	$	243.8	$	293.2	$	238.0

	Total Net Written Premiums		$	486.0	$	635.5	$	340.2	$	607.4	$	578.7	$	686.2
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	36.9	$	29.4	$	45.2	$	51.3	$	48.3	$	34.0
	Other Property Reinsurance		76.9		69.3		72.6		76.8		66.2		77.3
	Casualty Reinsurance		80.5		81.2		67.5		74.1		68.9		81.8
	Specialty Reinsurance		94.7		102.6		88.6		179.8		89.3		84.4
	Total Reinsurance		$	289.0	$	282.5	$	273.9	$	382.0	$	272.7	$	277.5
	Insurance
	Property and Casualty Insurance		$	91.5	$	108.7	$	106.7	$	137.7	$	156.7	$	144.4
	Marine, Aviation and Energy Insurance		61.6		64.5		59.9		53.8		52.7		77.4
	Financial and Professional Lines Insurance		77.4		77.8		70.5		79.0		79.9		81.8
	Total Insurance		$	230.5	$	251.0	$	237.1	$	270.5	$	289.3	$	303.6

	Total Net Earned Premiums		$	519.5	$	533.5	$	511.0	$	652.5	$	562.0	$	581.1



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Six Months Ended June 30,
(in US$ millions)			2018			2017
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		2.7			1.4
	Net change for the period		0.3			0.2
	End of period		3.0			1.6
Additional paid-in capital
	Beginning of period		954.7			1,259.6
	New shares issued		2.5			0.4
	Ordinary shares repurchased		—			(10.0		)
	Preference shares redemption		—			(133.2		)
	Preference share redemption costs		—			2.4
	Share-based compensation		8.2			6.0
	End of period		965.4			1,125.2
Retained earnings
	Beginning of period		2,026.9			2,392.3
	Net income for the period		16.1			172.3
	Dividends paid on ordinary and preference shares		(43.8		)	(48.6		)
	Preference shares redemption costs		—			(2.4		)
	Proportion due to non-controlling interest		(0.3		)	(0.2		)
	Share-based payment		—			2.8
	End of period		1,998.9			2,516.2
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		(67.7		)	(27.1		)
	Change for the period		16.9			(34.2		)
	End of period		(50.8		)	(61.3		)
Gain on derivatives:
	Beginning of period		2.1			(0.5		)
	Net change from current period hedged transactions		(1.4		)	3.2
	End of period		0.7			2.7
Unrealized appreciation on available for sale investments, net of taxes:
	Beginning of period		9.7			22.5
	Change for the period		(99.0		)	13.9
	End of period		(89.3		)	36.4
Total accumulated other comprehensive (loss)			(139.4		)	(22.2		)

Total shareholders' equity			$	2,828.0		$	3,620.9



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income

			Three Months Ended June 30,						Six Months Ended June 30,
(in US$ millions)			2018			2017			2018			2017

Net (loss)/income adjusted for non-controlling interest			$	(14.8	)	$	75.7		$	15.8		$	172.1
Other comprehensive income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains)/losses included in net income		2.9			(0.8		)	2.9			(1.6		)
	Change in net unrealized gains on available for sale securities held		(24.5		)	12.6			(101.9		)	15.5
	Net change from current period hedged transactions		(2.1		)	2.0			(1.4		)	3.2
	Change in foreign currency translation adjustment		23.4			(21.3		)	16.9			(34.2		)
	Other comprehensive (loss)		(0.3		)	(7.5		)	(83.5		)	(17.1		)
Comprehensive (loss)/income			$	(15.1	)	$	68.2		$	(67.7	)	$	155.0



	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows

		Three Months Ended June 30,						Six Months Ended June 30,
(in US$ millions)		2018			2017			2018			2017

Net cash (used in) operating activities		$	(88.6	)	$	(20.2	)	$	(211.4	)	$	(104.5	)
Net cash from investing activities		77.0			409.7			462.3			365.6
Net cash (used in) financing activities		(171.3		)	(38.8		)	(243.0		)	(314.6		)
Effect of exchange rate movements on cash and cash equivalents		6.7			4.6			8.0			8.1
(Decrease)/increase in cash and cash equivalents		(176.2		)	355.3			15.9			(45.4		)
Cash at beginning of period		1,246.9			873.1			1,054.8			1,273.8
Cash at end of period		$	1,070.7		$	1,228.4		$	1,070.7		$	1,228.4



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses

(in US$ millions)		For the Six Months Ended June 30, 2018			For the Six Months Ended June 30, 2017		For the Twelve Months Ended December 31, 2017

Provision for losses and loss adjustment expenses at the start of the period		$	6,749.5		5,319.9		$	5,319.9
Reinsurance recoverables		(1,515.2		)	(560.7	)	(560.7		)
Net loss and loss adjustment expenses at the start of the period		5,234.3			4,759.2		4,759.2

Net loss and loss adjustment expenses assumed		—			—		(125.5		)
Provision for losses and loss adjustment expenses for claims incurred
Current period		700.8			749.2		2,100.1
Prior period release		(80.2		)	(74.9	)	(105.4		)
Total incurred		620.6			674.3		1,994.7

Losses and loss adjustment expenses payments for claims incurred		(924.4		)	(741.1	)	(1,555.1		)

Foreign exchange losses		(54.1		)	99.6		161.0

Net loss and loss adjustment expenses reserves at the end of the period		4,876.4			4,792.0		5,234.3
Reinsurance recoverables on unpaid losses at the end of the period		1,656.4			779.4		1,515.2
Gross loss and loss adjustment expenses reserves at the end of the period		$	6,532.8		5,571.4		$	6,749.5



	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment

		As at June 30, 2018							As at December 31, 2017
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net

Reinsurance		$	3,017.7	$	(273.6	)	$	2,744.1	$	3,186.4	$	(269.3	)	$	2,917.1
Insurance		3,515.1		(1,382.8		)	2,132.3		3,563.1		(1,245.9		)	2,317.2
Total losses and loss adjustment expense reserves		$	6,532.8	$	(1,656.4	)	$	4,876.4	$	6,749.5	$	(1,515.2	)	$	5,234.3



	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Movements

(in US$ millions)		Three Months Ended June 30, 2018								Three Months Ended June 30, 2017
		Gross			Reinsurance Recoverables			Net		Gross			Reinsurance Recoverables		Net
Reinsurance		$	52.6		$	(21.1	)	$	31.5	$	20.8		$	11.8	$	32.6
Insurance		(52.8		)	63.8			11.0		(10.9		)	27.0		16.1
Movements in reserves for prior years during the period		$	(0.2	)	$	42.7		$	42.5	$	9.9		$	38.8	$	48.7

		Six Months Ended June 30, 2018								Six Months Ended June 30, 2017
		Gross			Reinsurance Recoverables			Net		Gross			Reinsurance Recoverables		Net
Reinsurance		$	55.5		$	(16.6	)	$	38.9	$	44.8		$	9.0	$	53.8
Insurance		(13.0		)	54.3			41.3		(14.7		)	35.8		21.1
Movements in reserves for prior years during the period		$	42.5		$	37.7		$	80.2	$	30.1		$	44.8	$	74.9



		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Investment Portfolio
(in US$ millions)			Fair Market Value
			June 30, 2018		March 31, 2018		December 31, 2017		September 30, 2017		June 30, 2017		March 31, 2017
Marketable Securities - Available For Sale
U.S. government securities			$	1,229.6	$	1,292.2	$	1,159.4	$	1,172.7	$	1,220.8	$	1,267.1
U.S. agency securities			46.6		52.7		52.1		62.1		75.5		107.4
Municipal securities			105.7		47.6		54.9		50.1		32.8		24.4
Corporate securities			2,267.2		2,446.2		2,415.7		2,468.3		2,503.4		2,587.7
Non-U.S. government securities			430.2		483.4		484.9		531.7		525.9		494.2
Asset-backed securities			18.4		18.5		26.2		33.7		48.9		54.8
Non-U.S. government-backed corporate securities			91.8		97.8		91.3		94.0		92.6		84.5
Mortgage-backed securities			890.5		973.8		946.5		952.8		997.4		1,044.3
Total fixed income securities			5,080.0		5,412.2		5,231.0		5,365.4		5,497.3		5,664.4
Short-term investments			72.2		54.6		89.9		34.4		41.9		163.5
Total Available For Sale			$	5,152.2	$	5,466.8	$	5,320.9	$	5,399.8	$	5,539.2	$	5,827.9

Marketable Securities - Trading
U.S. government securities			$	155.3	$	141.7	$	161.9	$	160.6	$	112.8	$	95.4
Municipal securities			77.8		74.3		32.2		32.3		5.7		15.6
Corporate securities			968.6		1,003.6		1,046.3		1,045.0		896.0		866.2
Non-U.S. government securities			219.3		216.6		202.5		210.9		186.5		191.7
Asset-backed securities			7.2		8.3		9.9		11.1		12.2		13.4
Mortgage-backed securities			187.7		192.1		195.5		203.1		142.3		130.9
Non-U.S. government-backed corporate securities			—		1.0		1.0		2.0		2.0		—
Total fixed income securities			1,615.9		1,637.6		1,649.3		1,665.0		1,357.5		1,313.2
Short-term investments			27.4		27.0		73.0		90.4		73.7		184.6
Equity securities			—		—		491.0		468.5		658.7		623.6
Catastrophe bonds			35.5		34.8		32.4		30.3		28.3		41.8
Total Trading			$	1,678.8	$	1,699.4	$	2,245.7	$	2,254.2	$	2,118.2	$	2,163.2

Other Investments			$	153.3	$	66.1	$	66.4	$	4.0	$	3.9	$	5.0

Cash			1,070.7		1,246.9		1,054.8		1,209.3		1,228.4		873.1
Accrued interest			45.2		44.3		45.2		45.3		46.9		46.5
	Total Cash and Accrued Interest		$	1,115.9	$	1,291.2	$	1,100.0	$	1,254.6	$	1,275.3	$	919.6

	Total Cash and Investments		$	8,100.2	$	8,523.5	$	8,733.0	$	8,912.6	$	8,936.6	$	8,915.7



	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis

(in US$ millions except for percentages)		Q2 2018			Q1 2018			Q4 2017			Q3 2017			Q2 2017			Q1 2017

Net investment income from fixed income investments and cash		$	49.7		$	46.1		$	45.6		$	43.6		$	43.7		$	42.5
Net investment income from equity securities		0.7			1.2			1.9			2.8			3.7			5.2
Net investment income		50.4			47.3			47.5			46.4			47.4			47.7

Net realized and unrealized investment (losses)/gains		(20.7		)	(37.7		)	15.0			17.6			42.1			46.5
Other-than-temporary impairment charges		—			—			(0.2		)	(0.1		)	(0.1		)	(0.3		)
Net realized and unrealized investment (losses)/gains		(20.7		)	(37.7		)	14.8			17.5			42.0			46.2

Change in unrealized (losses)/gains on available for sale investments (gross of tax)		(22.9		)	(82.8		)	(30.0		)	0.3			12.9			2.0
Total return/(loss) on investments		$	6.8		$	(73.2	)	$	32.3		$	64.2		$	102.3		$	95.9

Portfolio Characteristics
Fixed income portfolio book yield		2.63		%	2.63		%	2.56		%	2.54		%	2.53		%	2.53		%
Fixed income portfolio duration		3.9 years			4 years			3.9 years			3.9 years			3.9 years			3.9 years



	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share

(in US$ millions except for number of shares and per share amounts)		June 30, 2018			March 31, 2018			December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017

Net assets		$	2,828.0		$	2,859.0		$	2,928.5		$	3,162.9		$	3,620.9		$	3,594.4
Less: Preference shares		(511.9		)	(511.9		)	(511.9		)	(511.9		)	(666.3		)	(666.3		)
Less: Non-controlling interest		(3.0		)	(2.9		)	(2.7		)	(2.2		)	(1.6		)	(1.5		)
Total		$	2,313.1		$	2,344.2		$	2,413.9		$	2,648.8		$	2,953.0		$	2,926.6

Ordinary shares outstanding (in millions)		59.688			59.653			59.474			59.407			59.844			59.988
Ordinary shares and dilutive potential ordinary shares (in millions)		60.534			60.574			60.202			60.200			60.712			61.107

Book value per ordinary share		$	38.75		$	39.30		$	40.59		$	44.59		$	49.34		$	48.79
Diluted book value per ordinary share		$	38.21		$	38.70		$	40.10		$	44.00		$	48.64		$	47.89

The dilutive effect of options has been calculated using the treasury stock method. The treasury stock method assumes that the proceeds received from the exercise of options will be used to purchase the Company's ordinary shares at the average market price during the period of calculation.



		ASPEN INSURANCE HOLDINGS LIMITED
		Operating Income Reconciliation

Net income is adjusted to exclude after-tax change in net foreign exchange gains and losses, realized gains and losses in investments and non-recurring items.
			Three Months Ended						Six Months Ended
(in US$ millions except where stated)			June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017

Net (loss)/income as reported			$	(14.7	)	$	75.8		$	16.1		$	172.3
Preference share redemption costs			—			—			—			(2.4		)
Net change attributable to non-controlling interest			(0.1		)	(0.1		)	(0.3		)	(0.2		)
Preference share dividends			(7.6		)	(10.5		)	(15.2		)	(21.0		)
Net (loss)/income available to ordinary shareholders			(22.4		)	65.2			0.6			148.7
Add (deduct) after tax income:
	Net foreign exchange losses		32.6			3.0			17.2			8.1
	Net realized losses/(gains) on investments		20.3			(41.4		)	58.1			(85.2		)
	Net realized loss on debt extinguishment		8.6			—			8.6			—
	Preference share redemption costs		—			—			—			2.4
	Amortization and n on-recurring expenses		9.5			1.8			19.3			3.8
Operating income after tax available to ordinary shareholders			48.6			28.6			103.8			77.8
Tax expense on operating income			6.8			0.9			9.2			2.2
Operating income before tax available to ordinary shareholders			$	55.4		$	29.5		$	113.0		$	80.0

Basic earnings per ordinary share
Net (loss)/income adjusted for preference share dividends and non-controlling interest			$	(0.38	)	1.09			$	0.01		$	2.48
Add (deduct) after tax income:
	Net foreign exchange losses		0.55			0.05			0.29			0.13
	Net realized losses/(gains) on investments		0.34			(0.69		)	0.97			(1.42		)
	Net realized loss on debt extinguishment		0.14			—			0.14			—
	Preference share redemption costs		—			—			—			0.04
	Amortization and n on-recurring expenses		0.16			0.03			0.32			0.06
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.81		0.48			$	1.73		$	1.29

Diluted earnings per ordinary share
Net (loss)/income adjusted for preference share dividends and non-controlling interest			$	(0.38	)	1.07			$	0.01		$	2.43
Add (deduct) after tax income:
	Net foreign exchange losses		0.54			0.05			0.28			0.13
	Net realized losses/(gains) on investments		0.34			(0.68		)	0.96			(1.39		)
	Net realized loss on debt extinguishment		0.14			—			0.14			—
	Preference share redemption costs		—			—			—			0.04
	Amortization and n on-recurring expenses		0.16			0.03			0.32			0.06
Operating income adjusted for preference shares dividends and non-controlling interest			$	0.80		0.47			$	1.71		$	1.27

The basic and diluted number of ordinary shares for the three months ended June 30, 2018 is the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.



	ASPEN INSURANCE HOLDINGS LIMITED
	Worldwide Natural Catastrophe Exposures: Major Peril Zones as at July 1, 2018



100 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MM ⁽¹⁾		250 YEAR RETURN PERIOD AS % OF TOTAL SHAREHOLDERS’ EQUITY AND IN $ MM ⁽¹⁾

--------------------------------



	1 in 100 year tolerance: 17.5% of total shareholders’ equity	1 in 250 year tolerance: 25.0% of total shareholders’ equity
The Probable Maximum Losses ("PMLs") are net of reinsurance and Aspen Capital Markets' third-party capital.

(1) Based on shareholders' equity of $2,825.0 million (excluding non-controlling interest) as at June 30, 2018 . The estimates reflect Aspen's view of the modelled maximum losses at the return periods shown which include input from various third party vendor models and Aspen's proprietary adjustments to these models and planned reinsurance purchases. Catastrophe loss experience may materially differ from the modelled PMLs due to limitations in one or more of the models or uncertainties in the application of policy terms and limits.