After the loss of US $ 266.4 million in 2017, Aspen narrowed it to a net after tax loss of US $ 145.8 million for the 12 months ended December 31 last year. The insurance group, which announced the latest financial results, pointed to various culprits.
"Full year 2018 net loss included US $ 64.7 million of net realized and unrealized investment losses and US $ 35.3 million of net realized and unrealized foreign exchange losses compared to net realized and unrealized US investment profits $ 120.5 million and $ 3.8 million net realized and unrealized foreign exchange gains in the full year 2017, "reported Aspen.
"The full-year net loss for 2018 also included a make-whole payment of US $ 8.6 million related to the partial redemption of the 6.0% Aspen Senior Notes in 2020."
The operating result after taxes was now US $ 31.8 million, an improvement on the operating loss of USD 355.7 million in 2017. The gross premium rose by 2.6% to US $ 3.4 billion.
"We have improved our underwriting performance for the full year and achieved our target to reduce our expense ratio," said Chris O & # 39; Kane, CEO of Aspen. "We continue to focus on providing excellent service to our customers and business partners and improving our financial and operational performance."
The CEO also provided an update of the all-cash deal, worth approximately US $ 2.6 billion, with certain investment funds affiliated with Apollo Global Management, LLC.
"We are making good progress with our proposed transaction with the Apollo funds and have received the most required regulatory approvals," said O & # 39; Kane. "We expect the completion of the transaction during the first quarter of 2019."