Aspen Insurance Holdings Ltd. (AHL, Financial) filed Quarterly Report for the period ended 2012-06-30.
Aspen Insurance Holdings Limited has a market cap of $2.11 billion; its shares were traded at around $29.46 with a P/E ratio of 10.1 and P/S ratio of 1. The dividend yield of Aspen Insurance Holdings Limited stocks is 2.3%.
Net income after tax. Net income after tax for the three months ended June 30, 2012 was $84.6 million, equivalent to a $1.07 basic earnings per ordinary share adjusted for the $8.3 million preference share dividends and fully diluted earnings per ordinary share of $1.03. Net income after tax for the three months ended June 30, 2011 was $9.1 million, equivalent to basic earnings per ordinary share of $0.05 adjusted for the $5.7 million preference share dividend and fully diluted earnings per share of $0.05.
Policy acquisition, general and administrative expenses. Policy acquisition expenses were $59.3 million for the three months ended June 30, 2012 equivalent to 21.0% of net premiums earned (2011 $49.1 million or 18.3% of net premiums earned). The increase in the acquisition expense ratio is due to increased profit commission accruals in our specialty and casualty lines. The increase in general and administrative expenses of $3.1 million compared to the second quarter of 2011 is mainly attributable to higher accrued performance-related compensation.
Net income after tax. Net income after tax for the six months ended June 30, 2012 was $163.3 million, equivalent to a $2.10 basic earnings per ordinary share adjusted for the $14.0 million preference share dividends and fully diluted earnings per ordinary share of $2.02 for the six months ended June 30, 2012. Net loss after tax for the six months ended June 30, 2011 was $143.7 million, equivalent to a $2.19 adjusted basic and diluted loss per ordinary share adjusted for the $11.4 million preference share dividends and ASU 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.
Policy acquisition, general and administrative expenses. Policy acquisition expenses were $111.1 million for the six months ended June 30, 2012 equivalent to 20.1% of net premiums earned (2011 $98.5 million or 18.2% of net premiums earned). The increase in the acquisition expense ratio is due to increases in profit commission accruals and a change in the business mix towards credit and surety and property proportional treaty business lines, which have higher average commission rates. An increase in general and administrative expenses by $7.1 million as compared to the six months ended June 30, 2011 is mainly attributable to increased accruals for performance-related compensation.
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Aspen Insurance Holdings Limited has a market cap of $2.11 billion; its shares were traded at around $29.46 with a P/E ratio of 10.1 and P/S ratio of 1. The dividend yield of Aspen Insurance Holdings Limited stocks is 2.3%.
Highlight of Business Operations:
Taxes. Income tax expense for the three months ended June 30, 2012 was $6.2 million. The estimated effective rate of tax for the quarter was 6.8% (2011 11.7%). The effective rate represents an estimate of the tax rate which will apply to our pre-tax income for 2012 including adjustments to prior period estimates. The effective tax rate for the year is subject to revision in future periods if circumstances change and depends on the relative claims experience of those parts of business underwritten in Bermuda (where the rate of tax on corporate profits is zero), the U.K. (where corporate tax rate was reduced from 26% to 24% effective April 1, 2012) and the U.S. (where the corporate tax rate is 35%).Net income after tax. Net income after tax for the three months ended June 30, 2012 was $84.6 million, equivalent to a $1.07 basic earnings per ordinary share adjusted for the $8.3 million preference share dividends and fully diluted earnings per ordinary share of $1.03. Net income after tax for the three months ended June 30, 2011 was $9.1 million, equivalent to basic earnings per ordinary share of $0.05 adjusted for the $5.7 million preference share dividend and fully diluted earnings per share of $0.05.
Policy acquisition, general and administrative expenses. Policy acquisition expenses were $59.3 million for the three months ended June 30, 2012 equivalent to 21.0% of net premiums earned (2011 $49.1 million or 18.3% of net premiums earned). The increase in the acquisition expense ratio is due to increased profit commission accruals in our specialty and casualty lines. The increase in general and administrative expenses of $3.1 million compared to the second quarter of 2011 is mainly attributable to higher accrued performance-related compensation.
Net income after tax. Net income after tax for the six months ended June 30, 2012 was $163.3 million, equivalent to a $2.10 basic earnings per ordinary share adjusted for the $14.0 million preference share dividends and fully diluted earnings per ordinary share of $2.02 for the six months ended June 30, 2012. Net loss after tax for the six months ended June 30, 2011 was $143.7 million, equivalent to a $2.19 adjusted basic and diluted loss per ordinary share adjusted for the $11.4 million preference share dividends and ASU 2010-26, Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.
Policy acquisition, general and administrative expenses. Policy acquisition expenses were $111.1 million for the six months ended June 30, 2012 equivalent to 20.1% of net premiums earned (2011 $98.5 million or 18.2% of net premiums earned). The increase in the acquisition expense ratio is due to increases in profit commission accruals and a change in the business mix towards credit and surety and property proportional treaty business lines, which have higher average commission rates. An increase in general and administrative expenses by $7.1 million as compared to the six months ended June 30, 2011 is mainly attributable to increased accruals for performance-related compensation.
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