Aspen Insurance has reported record quarterly results for the period ended 31 December 2006, and for the full year 2006. Net income was $119.5m for the fourth quarter of 2006, the highest income Aspen has achieved in any quarter, and $378.1m for the full year.
Net investment income in the fourth quarter of 2006 increased by 59.5% to $62.7m compared to the fourth quarter of 2005, and was up 68.5% to $204.4m for the full year versus $121.3 million for 2005.
The combined ratio for the fourth quarter of 2006 was 76.8% versus 104.8% for the same quarter in 2005. For the full year, the 2006 combined ratio was 82.4% compared to 117.2% for 2005.
Chief executive Chris O'Kane said: “The net income we achieved in the final quarter of 2006 is the highest of any quarter in the history of Aspen and contributed to a record full year result.
"I am particularly pleased that we achieved these results in a transitional year, where we reduced catastrophe exposures by about 50% while maintaining significant retrocessional spend. This underscores the strengths of our diversified business model and is highly encouraging for 2007 and beyond.”
