Aspen Insurance Holdings Limited (AHL-PC) 8-K Aspen Insurance Holdings Reports Results for Fourth Quarter and Twelve Months of 2009

Exhibit 99.2

Aspen Insurance Holdings Limited

Financial Supplement

As of December 31, 2009

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.

AHL: NYSE

www.aspen.bm

Investor Contact:

Aspen Insurance Holdings Limited

Noah Fields, Head of Investor Relations

T: +1441-297-9382

email: noah.fields@aspen-re.com

Aspen Insurance Holdings Limited

Table Of Contents

	Page
Basis of Presentation		1-2
Financial Highlights		3
Consolidated Statements of Operations — Quarterly		4
Consolidated Statements of Operations — Year to Date		5
Consolidated Balance Sheets		6
Earnings Per Share and Book Value Per Share		7
Return on Average Equity		8
Consolidated Underwriting Results By Operating Segment		9-10
Operating Segment — Quarterly Results		11-14
Gross Written Premiums by Segment and Line of Business		15
Accident Year Loss Ratios		16-17
Consolidated Statements of Changes In Shareholders’ Equity		18
Consolidated Statements of Comprehensive Income		19
Consolidated Statements of Cash Flows		20
Reserves For Losses and Loss Expenses		21
Reserves By Operating Segment		22
Prior Year Reserve Releases		23
Ratings Of Reinsurers		24
Consolidated Investment Portfolio		25
Investment Analysis		26
Book Value Per Ordinary Share		27
Diluted Share Analysis		28
Operating Income Reconciliation		29
Net Income Reconciliation		30
Adjusted Operating Income Reconciliation		31

Aspen Insurance Holdings Limited

Basis of Presentation

Definitions and presentation:All financial information contained herein is unaudited except for information for the fiscal year ended December 31, 2009. Unless otherwise noted, all data is in U.S. dollars millions, except for per share, percentage and ratio information.

In presenting Aspen’s results, management has included and discussed certain “non-GAAP financial measures”, as such term is defined in Regulation G. 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 in accordance with Regulation G 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 capital gains or losses and after-tax net foreign exchange gains or losses.

Aspen excludes after-tax net realized capital gains or losses and after-tax net foreign exchange gains or losses from its calculation of operating income because 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 distorts 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 29 for a reconciliation of operating income to net income.

Net income excluding net income or losses from funds of hedge funds(a non-GAAP financial measure): This is an internal performance measure used by Aspen in the management of its operations and represents net income adjusted for preference share dividends excluding after-tax net income or losses from investments accounted for using the equity method.

Aspen excludes net income or loss from funds of hedge funds from its calculation of net income because the amount of these gains or losses are largely independent of its business and underwriting process and including them distorts the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing net income excluding net income or losses from funds of hedge funds 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. Net income excluding net income from funds of hedge funds should not be viewed as a substitute for GAAP net income. Please see page 30 for a reconciliation of net income excluding net income or loss from funds of hedge funds to net income.

Adjusted Operating income(a non-GAAP financial measure): Adjusted 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 capital gains or losses, after-tax net foreign exchange gains or losses and after-tax gains or losses from our investments in funds of hedge funds.

Aspen excludes after-tax net realized capital gains or losses, after-tax net foreign exchange gains or losses and after-tax gains or losses from our investments in funds of hedge funds from its calculation of adjusted operating income because 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 distorts the analysis of trends in its operations. In addition to presenting net income determined in accordance with GAAP, Aspen believes that showing adjusted 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. Adjusted operating income should not be viewed as a substitute for GAAP net income. Please see page 31 for a reconciliation of adjusted operating income to net income.

Annualized Operating Return on Average Equity (“Operating ROE”)(a non-GAAP financial measure: Annualized Operating Return on Average Equity 1) is calculated using operating income, as defined above and 2) excludes from average equity, the average after-tax unrealized appreciation or depreciation on investments and the average after-tax unrealized foreign exchange gains or losses and the aggregate value of the liquidation preferences of our preference shares. Unrealized appreciation (depreciation) on investments is primarily the result of interest rate movements and the resultant impact on fixed income securities, and unrealized appreciation (depreciation) on foreign exchange is the result of exchange rate movements between the U.S. dollar and the British pound. Such appreciation (depreciation) is not related to management actions or operational performance (nor is it likely to be realized). Therefore, Aspen believes that excluding these unrealized appreciations (depreciations) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. Average equity is calculated as the arithmetic average on a monthly basis for the stated periods.

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 29 for a reconciliation of operating income to net income and page 8 for a reconciliation of average equity to closing shareholders’ equity.

Diluted Operating Earnings Per Share and Basic Operating Earnings Per Share( a non-GAAP financial measure): 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 is calculated by dividing operating income by the diluted or basic weighted average number of shares outstanding for the period. See page 29 for a reconciliation of diluted and basic operating earnings per share to basic earnings per share.

1

Aspen Insurance Holdings Limited

Basis of Presentation

Annualized Operating Return on Average Equity excluding gains or losses from funds of hedge funds (“Adjusted Operating ROE”)(a non-GAAP financial measure: Annualized Operating Return on Average Equity excluding gains or losses from funds of hedge funds 1) is calculated using operating income, as defined below and 2) excludes from average equity, the average after-tax unrealized appreciation or depreciation on investments and the average after-tax unrealized foreign exchange gains or losses and the aggregate value of the liquidation preferences of our preference shares. Unrealized appreciation (depreciation) on investments is primarily the result of interest rate movements and the resultant impact on fixed income securities, and unrealized appreciation (depreciation) on foreign exchange is the result of exchange rate movements between the U.S. dollar and the British pound. Such appreciation (depreciation) is not related to management actions or operational performance (nor is it likely to be realized). Therefore, Aspen believes that excluding these unrealized appreciations (depreciations) provides a more consistent and useful measurement of operating performance, which supplements GAAP information. Average equity is calculated as the arithmetic average on a monthly basis for the stated periods.

See page 31 for a reconciliation of adjusted operating income to net income and page 8 for a reconciliation of average equity.

Diluted book value per ordinary share(a non-GAAP financial measure): Aspen has included diluted book value per ordinary share because it takes into account the effect of dilutive securities; therefore, Aspen believes it is a better measure of calculating shareholder returns than book value per share. Please see page 27 for a reconciliation of diluted book value per share to basic book value per share.

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 or written, 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.

Accident Year Loss Ratios(a non-GAAP financial measure): In addition to the underwriting ratios described above, management also uses accident year loss ratios to evaluate current underwriting performance. The accident year loss ratio excludes the effect of prior years’ premium adjustments and reserve developments. This ratio focuses on the relationship between current premiums earned and losses incurred related to the current year. Please see pages 16 and 17 for a reconciliation of accident year loss ratios to underwriting ratios calculated in accordance with U.S. GAAP.

2

Aspen Insurance Holdings Limited

Financial Highlights

	Three Months Ended December 31,										Twelve Months Ended December 31,
(in US$ millions except for percentages, share and per share amounts)	2009			2008			Change				2009			2008			Change
Gross written premium	$	405.7		$	435.4			(6.8	%	)	$	2,067.1		$	2,001.7			3.3	%
Net written premium	$	383.4		$	406.1			(5.6	%	)	$	1,836.8		$	1,835.5			0.1	%
Net earned premium	$	476.2		$	478.6			(0.5	%	)	$	1,823.0		$	1,701.7			7.1	%
Net income after tax	$	126.3		$	21.8			479.4	%		$	473.9		$	103.8			356.6	%
Operating income after tax	$	129.2		$	20.5			530.2	%		$	464.3		$	151.5			206.5	%
Net investment income	$	58.2		$	10.3			465.0	%		$	248.5		$	139.2			78.5	%
Underwriting income	$	73.3		$	31.9			129.8	%		$	288.4		$	74.8			285.6	%
Earnings Per Share and Book Value Per Share
Basic earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares	$	1.45		$	0.18			705.6	%		$	5.82		$	0.92			532.6	%
Operating income adjusted for preference share dividend	$	1.48		$	0.17			770.6	%		$	5.33		$	1.49			257.7	%
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares	$	1.40		$	0.18			677.8	%		$	5.64		$	0.89			533.7	%
Operating income adjusted for preference share dividend	$	1.44		$	0.17			747.1	%		$	5.16		$	1.44			258.3	%
Book value per ordinary share	$	35.33		$	28.85			22.5	%		$	35.33		$	28.85			22.5	%
Diluted book value per ordinary share (treasury stock method)	$	34.04		$	28.10			21.1	%		$	34.04		$	28.10			21.1	%
Weighted average number of ordinary shares outstanding (in millions of shares)		83.239			81.485			2.2	%			82.698			82.963			(0.3	%	)
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		86.412			83.423			3.6	%			85.327			85.532			(0.2	%	)
Underwriting Ratios
Loss ratio		47.8	%		64.9	%						52.0	%		65.8	%
Policy acquisition cost ratio		20.0	%		18.3	%						18.3	%		17.6	%
General and administrative expense ratio		16.9	%		10.2	%						13.8	%		12.2	%
Expense ratio		36.9	%		28.5	%						32.1	%		29.8	%
Combined ratio		84.7	%		93.4	%						84.1	%		95.6	%
Return On Equity
Average equity(1)	$	2,639.2		$	2,218.8						$	2,452.4		$	2,292.3
Return on average equity
Net income adjusted for preference share dividend		4.6	%		0.7	%						18.4	%		3.3	%
Operating income adjusted for preference share dividend		4.7	%		0.6	%						18.0	%		5.4	%
Annualized return on average equity
Net income		18.4	%		2.8	%						18.4	%		3.3	%
Operating income		18.8	%		2.4	%						18.0	%		5.4	%

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

1. Average equity excludes the average after-tax unrealized appreciation or depreciation on investments and average after-tax unrealized foreign exchange gains or losses.

3

Aspen Insurance Holdings Limited

Consolidated Statements Of Operations — Quarterly

(in US$ millions except for percentages)	Q4 2009			Q3 2009			Q2 2009			Q1 2009			Q4 2008			Q4 2007
UNDERWRITING REVENUES
Gross written premiums		$405.7			$490.3			$534.3			$636.8			$435.4			$305.0
Premiums ceded		(22.3	)		(28.2	)		(49.6	)		(130.2	)		(29.3	)		(26.0	)
Net written premiums		383.4			462.1			484.7			506.6			406.1			279.0
Change in unearned premiums		92.8			8.8			(56.1	)		(59.3	)		72.5			144.7
Net earned premiums		476.2			470.9			428.6			447.3			478.6			423.7
UNDERWRITING EXPENSES
Losses and loss expenses		227.5			235.1			234.7			250.8			310.6			201.7
Acquisition expenses		95.1			79.6			80.8			78.6			87.5			78.4
General and administrative expenses		80.3			63.7			59.9			48.5			48.6			56.5
Total underwriting expenses		402.9			378.4			375.4			377.9			446.7			336.6
Underwriting income		73.3			92.5			53.2			69.4			31.9			87.1
OTHER OPERATING REVENUE
Net investment income		58.2			58.9			72.2			59.2			10.3			80.3
Interest expense		(3.8	)		(3.9	)		(4.0	)		(3.9	)		(3.9	)		(2.9	)
Total other operating revenue		54.4			55.0			68.2			55.3			6.4			77.4
Other income (expense)		0.9			1.1			0.7			(2.7	)		(0.5	)		(3.8	)
OPERATING INCOME BEFORE TAX		128.6			148.6			122.1			122.0			37.8			160.7
OTHER
Net realized and unrealized exchange gains (losses)		(6.7	)		7.9			3.1			(2.3	)		(4.8	)		(2.1	)
Net realized and unrealized investment gains (losses)		4.2			14.6			4.8			(12.2	)		8.4			(0.8	)
INCOME BEFORE TAX		126.1			171.1			130.0			107.5			41.4			157.8
Income tax recovery (expense)		0.2			(25.3	)		(19.6	)		(16.1	)		(19.6	)		(22.6	)
NET INCOME AFTER TAX		126.3			145.8			110.4			91.4			21.8			135.2
Dividends paid on ordinary shares		(12.6	)		(12.6	)		(12.3	)		(12.3	)		(12.3	)		(13.3	)
Dividend paid on preference shares		(5.5	)		(5.6	)		(5.8	)		(6.9	)		(6.9	)		(6.9	)
Retained income		$108.2			$127.6			$92.3			$72.2			$2.6			$115.0
Components of net income after tax
Operating income		$129.2			$125.6			$103.8			$105.7			$20.5			$138.0
Net realized and unrealized exchange (losses) gains after tax		(6.7	)		7.9			3.1			(2.3	)		(4.8	)		(2.1	)
Net realized investment gains (losses) after tax		3.8			12.3			3.5			(12.0	)		6.1			(0.7	)
NET INCOME AFTER TAX		$126.3			$145.8			$110.4			$91.4			$21.8			$135.2
Loss ratio		47.8%			49.9%			54.8%			56.1%			64.9%			47.6%
Policy acquisition expense ratio		20.0%			16.9%			18.9%			17.6%			18.3%			18.5%
General and administrative expense ratio		16.9%			13.5%			14.0%			10.8%			10.2%			13.3%
Expense ratio		36.9%			30.4%			32.9%			28.4%			28.5%			31.8%
Combined ratio		84.7%			80.3%			87.7%			84.5%			93.4%			79.4%
Basic earnings per share(1)		$1.45			$1.69			$1.26			$1.42			$0.18			$1.48
Diluted earnings per share		$1.40			$1.63			$1.22			$1.39			$0.18			$1.44
Annualized return on average equity
Net income		18.4%			22.4%			17.6%			14.8%			2.8%			22.8%
Operating income		18.8%			19.2%			16.4%			17.6%			2.4%			23.2%

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

1. Adjusted for preference share dividend and cancellation of preference shares.

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Aspen Insurance Holdings Limited

Consolidated Statements of Operations — Year To Date

	Twelve Months Ended December 31,
(in US$ millions except for percentages)	2009			2008			2007
UNDERWRITING REVENUES
Gross written premiums		$2,067.1			$2,001.7			$1,818.5
Premiums ceded		(230.3	)		(166.2	)		(217.1	)
Net written premiums		1,836.8			1,835.5			1,601.4
Change in unearned premiums		(13.8	)		(133.8	)		132.2
Net earned premiums		1,823.0			1,701.7			1,733.6
UNDERWRITING EXPENSES
Losses and loss expenses		948.1			1,119.5			919.8
Acquisition expenses		334.1			299.3			313.9
General and administrative expenses		252.4			208.1			204.8
Total underwriting expenses		1,534.6			1,626.9			1,438.5
Underwriting income		288.4			74.8			295.1
OTHER OPERATING REVENUE
Net investment income		248.5			139.2			299.0
Interest expense		(15.6	)		(15.6	)		(15.7	)
Total other operating revenue		232.9			123.6			283.3
Other (expense)		—			(2.1	)		(11.9	)
OPERATING INCOME BEFORE TAX		521.3			196.3			566.5
OTHER
Net realized and unrealized exchange gains (losses)		2.0			(8.2	)		20.6
Net realized and unrealized investment gains (losses)		11.4			(47.9	)		(13.1	)
INCOME BEFORE TAX		534.7			140.2			574.0
Income tax (expense)		(60.8	)		(36.4	)		(85.0	)
NET INCOME AFTER TAX		473.9			103.8			489.0
Dividends paid on ordinary shares		(49.8	)		(50.2	)		(53.0	)
Dividends paid on preference shares		(23.8	)		(27.7	)		(27.7	)
Retained income		$400.3			$25.9			$408.3
Components of net income after tax
Operating income		$464.3			$151.5			$478.6
Net realized and unrealized exchange gains (losses) after tax		2.0			(8.2	)		20.6
Net realized investment gains (losses) after tax		7.6			(39.5	)		(10.2	)
NET INCOME AFTER TAX		$473.9			$103.8			$489.0
Loss ratio		52.0%			65.8%			53.1%
Policy acquisition expense ratio		18.3%			17.6%			18.1%
General and administrative expense ratio		13.8%			12.2%			11.8%
Expense ratio		32.1%			29.8%			29.9%
Combined ratio		84.1%			95.6%			83.0%

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

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Aspen Insurance Holdings Limited
Consolidated Balance Sheets

	December 31,		September 30,		June 30,		March 31,		December 31,
(in US$ millions, except for per share amounts)	2009		2009		2009		2009		2008
ASSETS
Investments
Fixed maturities		$5,598.0		$5,184.3		$4,943.9		$4,566.6		$4,433.1
Other investments		27.3		25.9		24.7		290.9		286.9
Short-term investments		371.7		431.6		315.7		291.8		224.9
Total investments		5,997.0		5,641.8		5,284.3		5,149.3		4,944.9
Cash and cash equivalents		748.4		948.8		718.3		913.2		809.1
Reinsurance recoverables
Unpaid losses		321.5		333.5		326.3		297.9		283.3
Ceded unearned premiums		103.8		114.9		135.7		138.8		46.3
Receivables
Underwriting premiums		708.3		755.7		850.0		793.6		677.5
Other		64.1		65.5		47.0		44.3		46.5
Funds withheld		85.1		85.2		87.5		71.9		85.0
Deferred policy acquisition costs		165.5		180.1		186.0		166.6		149.7
Derivatives at fair value		1.7		3.6		5.4		7.2		11.8
Receivable for securities sold		11.9		47.3		324.3		5.1		177.2
Office properties and equipment		27.5		27.6		29.6		27.0		33.8
Other assets		9.2		14.8		15.4		16.7		15.5
Intangible assets		8.2		8.2		8.2		8.2		8.2
Total assets		$8,252.2		$8,227.0		$8,018.0		$7,639.8		$7,288.8
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$3,331.1		$3,314.0		$3,265.1		$3,096.2		$3,070.3
Unearned premiums		907.6		1,006.3		1,039.6		963.8		810.7
Total insurance reserves		4,238.7		4,320.3		4,304.7		4,060.0		3,881.0
Payables
Reinsurance premiums		110.8		121.3		169.5		197.1		103.0
Taxation		94.2		112.1		97.8		84.6		72.6
Accrued expenses and other payables		249.3		205.6		216.2		206.7		192.5
Liabilities under derivative contracts		4.2		6.0		7.7		9.4		11.1
Total payables		458.5		445.0		491.2		497.8		379.2
Long-term debt		249.6		249.6		249.6		249.6		249.5
Total liabilities		4,946.8		5,014.9		5,045.5		4,807.4		4,509.7
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1		0.1		0.1		0.1		0.1
Preference shares		—		—		—		—		—
Additional paid-in capital		1,763.0		1,760.6		1,754.1		1,749.9		1,754.8
Retained earnings		1,285.0		1,176.8		1,049.2		956.9		884.7
Accumulated other comprehensive income, net of taxes		257.3		274.6		169.1		125.5		139.5
Total shareholders’ equity		3,305.4		3,212.1		2,972.5		2,832.4		2,779.1
Total liabilities and shareholders’ equity		$8,252.2		$8,227.0		$8,018.0		$7,639.8		$7,288.8
Book value per ordinary share		$35.33		$34.30		$31.45		$29.85		$28.85

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

6

Aspen Insurance Holdings Limited

Earnings Per Share and Book Value Per Share

	Three Months Ended				Twelve Months Ended
	December 31,		December 31,		December 31,		December 31,
(in US$ except for number of shares)	2009		2008		2009		2008
Basic earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$1.45		$0.18		$5.82		$0.92
Operating income adjusted for preference share dividend		$1.48		$0.17		$5.33		$1.49
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$1.40		$0.18		$5.64		$0.89
Operating income adjusted for preference share dividend		$1.44		$0.17		$5.16		$1.44
Weighted average number of ordinary shares outstanding (in millions)		83.239		81.485		82.698		82.963
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)		86.412		83.423		85.327		85.532
Book value per ordinary share		$35.33		$28.85		$35.33		$28.85
Diluted book value per ordinary share (treasury stock method)		$34.04		$28.10		$34.04		$28.10
Ordinary shares outstanding at end of the period (in millions)		83.328		81.507		83.328		81.507
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (treasury stock method) (in millions)		86.465		83.706		86.465		83.706

See pages  8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

7

Aspen Insurance Holdings Limited

Return On Average Equity

	Three Months Ended						Twelve Months Ended
(in US$ millions except for percentages)	December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
Closing shareholders’ equity	$	3,305.4			$2,779.1			$3,305.4			$2,779.1
Average adjustment		(666.2	)		(560.3	)		(853.0	)		(486.8	)
Average equity(1)	$	2,639.2			$2,218.8			$2,452.4			$2,292.3
Return on average equity:
Net income adjusted for preference share dividend		4.6%			0.7%			18.4%			3.3%
Operating income adjusted for preference share dividend		4.7%			0.6%			18.0%			5.4%
Annualized return on average equity:
Net income		18.4%			2.8%			18.4%			3.3%
Operating income		18.8%			2.4%			18.0%			5.4%
Components of return on average equity:
Return on average equity from underwriting activity(2)		2.8%			1.4%			11.8%			3.3%
Return on average equity from investment and other activity(3)		1.9%			—			8.5%			4.1%
Pre-tax operating income return on average equity		4.7%			1.4%			20.3%			7.4%
Post-tax operating income return on average equity(4)		4.7%			0.6%			18.0%			5.4%

See pages 8, 27, 29, 30 and 31 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

1.   Average equity is calculated by taking the simple average at latest quarter end and the previous quarter end of the closing shareholders’ equity excluding (i) preference shares,
(ii) after-tax unrealized appreciation or depreciation on investments and (iii) the average after-tax unrealized foreign exchange gains and losses.

2.   Calculated by using underwriting income.

3.   Calculated by using total other operating revenue and other income/expense adjusted for preference share dividend.

4.   Calculated by using operating income after-tax adjusted for preference share dividend.

8

Aspen Insurance Holdings Limited

Consolidated Underwriting Results by Operating Segment

	Three Months Ended December 31, 2009												Three Months Ended December 31, 2008
	Property		Casualty			International		U.S.					Property		Casualty		International			U.S.
(in US$ millions except for percentages)	Reinsurance		Reinsurance			Insurance		Insurance			Total		Reinsurance		Reinsurance		Insurance			Insurance		Total
Gross written premiums		$77.0		$65.8			$230.4		$32.5			$405.7		$81.5		$97.7		$228.8			$27.4		$435.4
Net written premiums		67.2		66.5			227.6		22.1			383.4		83.0		98.6		202.0			22.5		406.1
Gross earned premiums		165.3		109.4			214.3		39.7			528.7		155.3		121.3		228.9			33.0		538.5
Net earned premiums		148.0		109.8			193.1		25.3			476.2		143.0		120.1		190.1			25.4		478.6
Losses and loss expenses		24.4		79.6			86.2		37.3			227.5		73.8		80.5		150.4			5.9		310.6
Policy acquisition expenses		34.7		21.6			33.7		5.1			95.1		32.1		19.4		32.9			3.1		87.5
Operating and administrative expenses		26.8		12.8			32.4		8.3			80.3		16.0		10.4		16.2			6.0		48.6
Underwriting income (loss)		$62.1		$(4.2	)		$40.8		$(25.4	)		$73.3		$21.1		$9.8		$(9.4	)		$10.4		$31.9
Ratios
Loss ratio		16.5%		72.5%			44.6%		147.4%			47.8%		51.6%		67.1%		79.1%			23.2%		64.9%
Policy acquisition expense ratio		23.4%		19.7%			17.5%		20.2%			20.0%		22.4%		16.2%		17.3%			12.3%		18.3%
Operating and administrative expense ratio		18.1%		11.7%			16.8%		32.8%			16.9%		11.2%		8.7%		8.5%			23.5%		10.2%
Expense ratio		41.5%		31.4%			34.3%		53.0%			36.9%		33.6%		24.9%		25.8%			35.8%		28.5%
Combined ratio		58.0%		103.9%			78.9%		200.4%			84.7%		85.2%		92.0%		104.9%			59.0%		93.4%

9

Aspen Insurance Holdings Limited

Consolidated Underwriting Results by Operating Segment

	Twelve Months Ended December 31, 2009											Twelve Months Ended December 31, 2008
	Property		Casualty		International		U.S.					Property		Casualty		International		U.S.
(in US$ millions except for percentages)	Reinsurance		Reinsurance		Insurance		Insurance			Total		Reinsurance		Reinsurance		Insurance		Insurance			Total
Gross written premiums		$648.7		$408.1		$847.7		$162.6			$2,067.1		$589.0		$416.3		$867.8		$128.6			$2,001.7
Net written premiums		591.1		410.0		723.4		112.3			1,836.8		564.1		412.9		757.8		100.7			1,835.5
Gross earned premiums		616.8		434.1		836.7		147.8			2,035.4		592.4		418.4		758.2		120.1			1,889.1
Net earned premiums		560.0		435.7		726.1		101.2			1,823.0		532.4		413.5		661.8		94.0			1,701.7
Losses and loss expenses		121.7		293.4		443.6		89.4			948.1		314.7		272.2		473.5		59.1			1,119.5
Policy acquisition expenses		111.8		82.7		122.6		17.0			334.1		105.0		65.4		113.4		15.5			299.3
Operating and administrative expenses		78.1		42.8		98.3		33.2			252.4		65.7		43.2		74.4		24.8			208.1
Underwriting income (loss)		$248.4		$16.8		$61.6		$(38.4	)		$288.4		$47.0		$32.7		$0.5		$(5.4	)		$74.8
Ratios
Loss ratio		21.7%		67.3%		61.1%		88.3%			52.0%		59.1%		65.8%		71.5%		62.9%			65.8%
Policy acquisition expense ratio		20.0%		19.0%		16.9%		16.8%			18.3%		19.7%		15.8%		17.1%		16.5%			17.6%
Operating and administrative expense ratio		13.9%		9.8%		13.5%		32.8%			13.8%		12.3%		10.4%		11.2%		26.4%			12.2%
Expense ratio		33.9%		28.8%		30.4%		49.6%			32.1%		32.0%		26.2%		28.3%		42.9%			29.8%
Combined ratio		55.6%		96.1%		91.5%		137.9%			84.1%		91.1%		92.0%		99.8%		105.8%			95.6%

10

Aspen Insurance Holdings Limited

Property Reinsurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q4 2009		Q3 2009		Q2 2009		Q1 2009		Q4 2008		Q3 2008			Q2 2008		Q1 2008		Q4 2007
Gross written premiums		$77.0		$171.2		$180.0		$220.5		$81.5		$152.8			$170.5		$184.2		$79.6
Net written premiums		67.2		163.4		178.4		182.1		83.0		140.2			165.5		175.4		70.8
Gross earned premiums		165.3		155.4		145.2		150.9		155.3		152.3			144.5		140.3		161.5
Net earned premiums		148.0		140.9		132.0		139.1		143.0		138.8			123.6		127.0		132.6
Net losses and loss expenses		24.4		36.5		20.6		40.2		73.8		164.6			38.3		38.0		50.0
Policy acquisition expenses		34.7		24.4		27.9		24.8		32.1		23.4			23.6		25.9		33.5
Operating and administrative expenses		26.8		21.0		15.1		15.2		16.0		14.7			18.4		16.6		15.7
Underwriting income (loss)		$62.1		$59.0		$68.4		$58.9		$21.1		$(63.9	)		$43.3		$46.5		$33.4
Ratios
Loss ratio		16.5%		25.9%		15.6%		28.9%		51.6%		118.6%			31.0%		29.9%		37.7%
Policy acquisition expense ratio		23.4%		17.3%		21.1%		17.8%		22.4%		16.8%			19.1%		20.4%		25.3%
Operating and administrative expense ratio		18.1%		14.9%		11.4%		10.9%		11.2%		10.6%			14.9%		13.1%		11.8%
Expense ratio		41.5%		32.2%		32.5%		28.7%		33.6%		27.4%			34.0%		33.5%		37.1%
Combined ratio		58.0%		58.1%		48.1%		57.6%		85.2%		146.0%			65.0%		63.4%		74.8%

11

Aspen Insurance Holdings Limited

Casualty Reinsurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q4 2009			Q3 2009		Q2 2009		Q1 2009		Q4 2008		Q3 2008		Q2 2008		Q1 2008		Q4 2007
Gross written premiums		$65.8			$96.5		$59.0		$186.8		$97.7		$79.7		$56.8		$182.1		$51.3
Net written premiums		66.5			98.7		59.0		185.8		98.7		79.8		54.5		180.0		53.3
Gross earned premiums		109.4			113.4		101.3		110.0		121.3		113.7		87.7		95.7		119.0
Net earned premiums		109.8			115.2		101.2		109.5		120.1		112.9		85.8		94.7		119.5
Losses and loss expenses		79.6			72.6		69.0		72.2		80.5		75.9		54.3		61.5		87.5
Policy acquisition expenses		21.6			19.2		20.0		21.9		19.4		16.6		11.7		17.7		13.3
Operating and administrative expenses		12.8			9.9		11.1		9.0		10.4		9.6		12.5		10.7		14.0
Underwriting (loss) income		$(4.2	)		$13.5		$1.1		$6.4		$9.8		$10.8		$7.3		$4.8		$4.7
Ratios
Loss ratio		72.5%			63.0%		68.2%		65.9%		67.1%		67.2%		63.3%		64.9%		73.2%
Policy acquisition expense ratio		19.7%			16.7%		19.8%		20.0%		16.2%		14.7%		13.6%		18.7%		11.1%
Operating and administrative expense ratio		11.7%			8.6%		11.0%		8.2%		8.7%		8.5%		14.6%		11.3%		11.8%
Expense ratio		31.4%			25.3%		30.8%		28.2%		24.9%		23.2%		28.2%		30.0%		22.9%
Combined ratio		103.9%			88.3%		99.0%		94.1%		92.0%		90.4%		91.5%		94.9%		96.1%

12

Aspen Insurance Holdings Limited

International Insurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q4 2009		Q3 2009		Q2 2009		Q1 2009		Q4 2008			Q3 2008			Q2 2008		Q1 2008		Q4 2007
Gross written premiums		$230.4		$183.9		$238.7		$194.7		$228.8			$180.8			$258.9		$199.3		$149.8
Net written premiums		227.6		170.9		200.1		124.8		202.0			162.2			251.6		142.0		135.2
Gross earned premiums		214.3		214.3		209.3		198.8		228.9			185.4			178.6		165.3		162.2
Net earned premiums		193.1		187.8		170.2		175.0		190.1			158.6			162.9		150.2		147.7
Losses and loss expenses		86.2		113.2		117.2		127.0		150.4			141.8			83.6		97.7		56.6
Policy acquisition expenses		33.7		31.0		29.9		28.0		32.9			26.5			26.0		28.0		25.6
Operating and administrative expenses		32.4		24.5		22.8		18.6		16.2			21.1			19.2		17.9		22.0
Underwriting income (loss)		$40.8		$19.1		$0.3		$1.4		$(9.4	)		$(30.8	)		$34.1		$6.6		$43.5
Ratios
Loss ratio		44.6%		60.3%		68.9%		72.6%		79.1%			89.4%			51.3%		65.0%		38.3%
Policy acquisition expense ratio		17.5%		16.5%		17.6%		16.0%		17.3%			16.7%			16.1%		18.6%		17.3%
Operating and administrative expense ratio		16.8%		13.0%		13.4%		10.6%		8.5%			13.3%			11.8%		11.9%		14.9%
Expense ratio		34.3%		29.5%		31.0%		26.6%		25.8%			30.0%			27.9%		30.5%		32.2%
Combined ratio		78.9%		89.8%		99.9%		99.2%		104.9%			119.4%			79.2%		95.5%		70.5%

13

Aspen Insurance Holdings Limited

U.S. Insurance Segment — Quarterly Results

(in US$ millions except for percentages)	Q4 2009			Q3 2009		Q2 2009			Q1 2009		Q4 2008		Q3 2008			Q2 2008		Q1 2008			Q4 2007
Gross written premiums		$32.5			$38.7		$56.6			$34.8		$27.4		$28.0			$42.6		$30.6			$24.3
Net written premiums		22.1			29.1		47.2			13.9		22.5		21.6			34.4		22.2			19.7
Gross earned premiums		39.7			39.1		35.5			33.5		33.0		31.5			29.6		26.0			31.4
Net earned premiums		25.3			27.0		25.2			23.7		25.4		23.9			25.0		19.7			23.9
Losses and loss expenses		37.3			12.8		27.9			11.4		5.9		31.1			12.1		10.0			7.6
Policy acquisition expenses		5.1			5.0		3.0			3.9		3.1		3.9			3.7		4.8			6.0
Operating and administrative expenses		8.3			8.3		10.9			5.7		6.0		6.2			7.0		5.6			4.8
Underwriting (loss) income		$(25.4	)		$0.9		$(16.6	)		$2.7		$10.4		$(17.3	)		$2.2		$(0.7	)		$5.5
Ratios
Loss ratio		147.4%			47.4%		110.7%			48.1%		23.2%		130.1%			48.4%		50.8%			31.8%
Policy acquisition expense ratio		20.2%			18.5%		11.9%			16.5%		12.3%		16.3%			14.7%		24.4%			25.1%
Operating and administrative expense ratio		32.8%			30.7%		43.3%			24.1%		23.5%		25.7%			27.9%		28.4%			20.1%
Expense ratio		53.0%			49.2%		55.2%			40.6%		35.8%		42.0%			42.6%		52.8%			45.2%
Combined ratio		200.4%			96.6%		165.9%			88.7%		59.0%		172.1%			91.0%		103.6%			77.0%

14

Aspen Insurance Holdings Limited

Gross Written Premiums By Segment And Line Of Business

(in US$ millions)	Q4 2009		Q3 2009		Q2 2009		Q1 2009		Q4 2008			Q3 2008		Q2 2008		Q1 2008		Q4 2007
Property Reinsurance
Treaty Catastrophe		$2.3		$63.8		$78.4		$116.7		$(2.8	)		$65.0		$79.2		$111.6		$20.6
Treaty Risk Excess		9.2		26.8		37.2		31.3		5.9			36.3		40.0		29.9		9.0
Treaty Pro Rata		48.2		40.5		44.5		48.2		68.9			36.5		36.5		32.7		39.9
Global Property Facultative		11.4		12.8		11.6		17.0		9.5			15.0		14.8		10.0		10.1
Credit and Surety Reinsurance		5.9		27.3		8.3		7.3		—			—		—		—		—
		$77.0		$171.2		$180.0		$220.5		$81.5			$152.8		$170.5		$184.2		$79.6
Casualty Reinsurance
U.S. Casualty Treaty		$52.3		$74.8		$43.7		$106.3		$80.2			$60.1		$46.9		$89.6		$37.2
International Casualty Treaty		8.3		16.3		12.5		77.0		13.3			15.3		5.7		89.5		11.6
Global Casualty Facultative		5.2		5.4		2.8		3.5		4.2			4.3		4.2		3.0		2.5
		$65.8		$96.5		$59.0		$186.8		$97.7			$79.7		$56.8		$182.1		$51.3
International Insurance
M.E.C. Liability		$36.7		$19.7		$70.2		$50.8		$45.0			$14.1		$47.4		$54.8		$30.0
Energy Property		9.6		16.5		41.0		16.4		7.5			22.3		41.7		23.4		8.2
Marine Hull		18.8		13.1		14.8		16.5		19.1			10.7		17.5		18.6		14.1
Aviation		57.3		23.5		21.6		10.4		48.2			19.3		23.1		11.2		42.2
U.K. Commercial Property & Construction		12.4		13.2		20.2		10.9		8.6			18.5		27.2		9.4		7.5
U.K. Commercial Liability		8.6		15.9		11.8		9.1		14.6			23.3		17.1		20.1		18.7
Excess Casualty		23.4		18.3		19.2		12.7		23.3			17.6		20.6		9.1		7.1
Professional Liability		10.7		17.8		9.7		7.7		15.7			13.3		7.4		7.6		5.0
Financial Institutions		10.6		7.9		3.7		3.7		11.1			15.8		9.2		2.9		—
Financial and Political Risks		12.3		7.4		3.6		9.2		7.8			5.5		21.3		4.5		—
Management and Technology Liability		1.1		2.5		2.7		1.8		3.5			—		—		—		—
Specie		2.5		2.2		1.8		—		—			—		—		—		—
Specialty Reinsurance		26.4		25.9		18.4		45.5		24.4			20.4		26.4		37.7		17.0
		$230.4		$183.9		$238.7		$194.7		$228.8			$180.8		$258.9		$199.3		$149.8
U.S. Insurance
Property		$16.1		$17.3		$34.7		$14.4		$10.9			$10.7		$21.1		$10.5		$6.8
Casualty		15.9		18.9		21.9		20.4		16.5			17.3		21.5		20.1		17.5
Risk Solutions		0.5		2.5		—		—		—			—		—		—		—
		$32.5		$38.7		$56.6		$34.8		$27.4			$28.0		$42.6		$30.6		$24.3
Total Gross Written Premiums		$405.7		$490.3		$534.3		$636.8		$435.4			$441.3		$528.8		$596.2		$305.0

15

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Three Months Ended December 31, 2009												Three Months Ended December 31, 2008
	Property			Casualty		International		U.S.					Property			Casualty		International			U.S.
	Reinsurance			Reinsurance		Insurance		Insurance			Total		Reinsurance			Reinsurance		Insurance			Insurance			Total
Before Accident Year Adjustment
Loss ratio		16.5%			72.5%		44.6%		147.4%			47.8%		51.6%			67.1%		79.1%			23.2%			64.9%
Policy acquisition expense ratio		23.4%			19.7%		17.5%		20.2%			20.0%		22.4%			16.2%		17.3%			12.3%			18.3%
Operating and administrative expense ratio		18.1%			11.7%		16.8%		32.8%			16.9%		11.2%			8.7%		8.5%			23.5%			10.2%
Expense ratio		41.5%			31.4%		34.3%		53.0%			36.9%		33.6%			24.9%		25.8%			35.8%			28.5%
Combined ratio		58.0%			103.9%		78.9%		200.4%			84.7%		85.2%			92.0%		104.9%			59.0%			93.4%
Accident Year Adjustment
Loss ratio		8.4%			10.4%		6.6%		(49.5%	)		5.1%		(3.8%	)		23.0%		(5.3%	)		(8.6%	)		1.5%
Policy acquisition expense ratio		(0.8%	)		—		0.2%		0.9%			—		(5.3%	)		—		0.3%			(0.3%	)		(1.5%	)
Operating and administrative expense ratio		0.4%			0.3%		1.5%		2.7%			0.9%		0.3%			0.5%		1.2%			(0.2%	)		0.7%
Expense ratio		(0.4%	)		0.3%		1.7%		3.6%			0.9%		(5.0%	)		0.5%		1.5%			(0.5%	)		(0.8%	)
Combined ratio		8.0%			10.7%		8.3%		(45.9%	)		6.0%		(8.8%	)		23.5%		(3.8%	)		(9.1%	)		0.7%
Accident Year Ratios
Current accident year loss ratio		24.9%			82.9%		51.2%		97.9%			52.9%		47.8%			90.1%		73.8%			14.6%			66.4%
Policy acquisition expense ratio		22.6%			19.7%		17.7%		21.1%			20.0%		17.1%			16.2%		17.6%			12.0%			16.8%
Operating and administrative expense ratio		18.5%			12.0%		18.3%		35.5%			17.8%		11.5%			9.2%		9.7%			23.3%			10.9%
Expense ratio		41.1%			31.7%		36.0%		56.6%			37.8%		28.6%			25.4%		27.3%			35.3%			27.7%
Combined ratio		66.0%			114.6%		87.2%		154.5%			90.7%		76.4%			115.5%		101.1%			49.9%			94.1%

16

Aspen Insurance Holdings Limited

Accident Year Loss Ratios

	Twelve Months Ended December 31, 2009													Twelve Months Ended December 31, 2008
	Property			Casualty		International		U.S.						Property			Casualty			International		U.S.
	Reinsurance			Reinsurance		Insurance		Insurance			Total			Reinsurance			Reinsurance			Insurance		Insurance			Total
Before Accident Year Adjustment
Loss ratio		21.7%			67.3%		61.1%		88.3%			52.0%			59.1%			65.8%			71.5%		62.9%			65.8%
Policy acquisition expense ratio		20.0%			19.0%		16.9%		16.8%			18.3%			19.7%			15.8%			17.1%		16.5%			17.6%
Operating and administrative expense ratio		13.9%			9.8%		13.5%		32.8%			13.8%			12.3%			10.4%			11.2%		26.4%			12.2%
Expense ratio		33.9%			28.8%		30.4%		49.6%			32.1%			32.0%			26.2%			28.3%		42.9%			29.8%
Combined ratio		55.6%			96.1%		91.5%		137.9%			84.1%			91.1%			92.0%			99.8%		105.8%			95.6%
Accident Year Adjustment
Loss ratio		10.6%			6.6%		4.9%		(18.6%	)		5.7%			4.2%			14.2%			2.7%		6.5%			6.2%
Policy acquisition expense ratio		(0.8%	)		—		0.1%		0.1%			(0.1%	)		(1.3%	)		(0.1%	)		0.1%		0.1%			(0.4%	)
Operating and administrative expense ratio		0.3%			0.1%		0.5%		(0.4%	)		0.3%			0.5%			(0.3%	)		0.6%		(0.2%	)		0.3%
Expense ratio		(0.5%	)		0.1%		0.6%		(0.3%	)		0.2%			(0.8%	)		(0.4%	)		0.7%		(0.1%	)		(0.1%	)
Combined ratio		10.1%			6.7%		5.5%		(18.9%	)		5.9%			3.4%			13.8%			3.4%		6.4%			6.1%
Accident Year Ratios
Current accident year loss ratio		32.3%			73.9%		66.0%		69.7%			57.7%			63.3%			80.0%			74.2%		69.4%			72.0%
Policy acquisition expense ratio		19.2%			19.0%		17.0%		16.9%			18.2%			18.4%			15.7%			17.2%		16.6%			17.2%
Operating and administrative expense ratio		14.2%			9.9%		14.0%		32.4%			14.1%			12.8%			10.1%			11.8%		26.2%			12.5%
Expense ratio		33.4%			28.9%		31.0%		49.3%			32.3%			31.2%			25.8%			29.0%		42.8%			29.7%
Combined ratio		65.7%			102.8%		97.0%		119.0%			90.0%			94.5%			105.8%			103.2%		112.2%			101.7%

17

Aspen Insurance Holdings Limited

Consolidated Statements of Changes in Shareholders’ Equity

	Twelve Months Ended December 31,
(in US$ millions)	2009			2008
Ordinary shares
Beginning and end of period		$0.1		$	0.1
Preference shares
Beginning and end of period		—			—
Additional paid-in capital
Beginning of period		1,754.8			1,846.1
New shares issued		25.1			2.0
Ordinary shares repurchased		—			(100.3	)
Preference shares repurchased		(34.1	)		—
Share-based compensation		17.2			7.0
End of period		1,763.0			1,754.8
Retained earnings
Beginning of period		884.7			858.8
Net income for the period		473.9			103.8
Dividends paid on ordinary and preference shares		(73.6	)		(77.9	)
End of period		1,285.0			884.7
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
Beginning of period		87.6			80.2
Change for the period		15.8			7.4
End of period		103.4			87.6
Loss on derivatives
Beginning of period		(1.4	)		(1.6	)
Reclassification to interest payable		0.2			0.2
End of period		(1.2	)		(1.4	)
Unrealized appreciation (depreciation) on investments, net of taxes:
Beginning of period		53.3			34.0
Change for the period		101.8			19.3
End of period		155.1			53.3
Total accumulated other comprehensive income		257.3			139.5
Total shareholders’ equity		$3,305.4		$	2,779.1

18

Aspen Insurance Holdings Limited

Consolidated Statements of Comprehensive Income

	Twelve Months Ended December 31,
(in US$ millions)	2009		2008
Net income		$473.9	$	103.8
Other comprehensive income, net of taxes:
Available for sale investments:
Reclassification adjustment for net realized losses included in net income		3.8		24.3
Change in net unrealized gains and losses on available for sale securities held		98.0		(5.0	)
Loss on derivatives reclassified to interest expense		0.2		0.2
Change in foreign currency translation adjustment		15.8		7.4
Other comprehensive income		117.8		26.9
Comprehensive income		$591.7	$	130.7

19

Aspen Insurance Holdings Limited

Condensed Consolidated Statements of Cash Flows

	Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)	2009			2008			2009			2008
Net cash from/(used in) operating activities		$157.5			$86.2			$646.6			$530.5
Net cash from/(used in) investing activities		(345.8	)		(45.6	)		(682.4	)		(255.3	)
Net cash from/(used in) financing activities		(18.1	)		(17.3	)		(82.6	)		(176.2	)
Effect of exchange rate movements on cash and cash equivalents		6.0			44.2			57.7			58.7
Increase in cash and cash equivalents		(200.4	)		67.5			(60.7	)		157.7
Cash at beginning of period		948.8			741.6			809.1			651.4
Cash at end of period		$748.4			$809.1			$748.4			$809.1

20

Aspen Insurance Holdings Limited

Reserves For Losses And Loss Expenses

	As at			As at
	December 31,			December 31,
(in US$ millions)	2009			2008
Provision for losses and loss expenses at start of period		$3,070.3		$	2,946.0
Less reinsurance recoverables		(283.3	)		(304.7	)
Net loss and loss expenses at start of period		2,787.0			2,641.3
Net loss and loss expenses (disposed) acquired		(10.0	)		(15.4	)
Provision for losses and loss expenses for claims incurred
Current period		1,032.5			1,203.0
Prior period release		(84.4	)		(83.5	)
Total incurred		948.1			1,119.5
Losses and loss expense payments for claims incurred		(808.6	)		(739.4	)
Foreign exchange losses (gains)		93.1			(219.0	)
Net loss and loss expense reserves at end of period		3,009.6			2,787.0
Plus reinsurance recoverables on unpaid losses at end of period		321.5			283.3
Gross loss and loss expense reserves at end of period		$3,331.1		$	3,070.3

21

Aspen Insurance Holdings Limited

Reserves By Operating Segment

	As at December 31, 2009							As at December 31, 2008
			Reinsurance							Reinsurance
(in US$ millions)	Gross		Recoverables			Net		Gross		Recoverables			Net
Property Reinsurance		$390.6		$(35.4	)		$355.2		$488.5		$(37.9	)		$450.6
Casualty Reinsurance		1,518.9		(6.4	)		1,512.5		$1,311.1		(5.9	)		1,305.2
International Insurance		1,220.1		(227.7	)		992.4		$1,117.4		(210.9	)		906.5
U.S. Insurance		201.5		(52.0	)		149.5		$153.3		(28.6	)		124.7
Total losses and loss expense reserves		$3,331.1		$(321.5	)		$3,009.6		$3,070.3		$(283.3	)		$2,787.0

22

Aspen Insurance Holdings Limited

Prior Year Reserve Releases

	Twelve Months Ended December 31, 2009								Twelve Months Ended December 31, 2008
				Reinsurance								Reinsurance
(in US$ millions)	Gross			Recoverables		Net			Gross			Recoverables			Net
Property Reinsurance		$54.8			$3.7		$58.5			$10.3			$1.8			$12.1
Casualty Reinsurance		27.5			—		27.5			69.7			(2.5	)		67.2
International Insurance		(4.5	)		22.1		17.6			(23.5	)		19.6			(3.9	)
U.S. Insurance		(49.4	)		30.2		(19.2	)		6.2			1.9			8.1
Release in reserves for prior years during the period		$28.4			$56.0		$84.4			$62.7			$20.8			$83.5

	Three Months Ended December 31, 2009									Three Months Ended December 31, 2008
				Reinsurance									Reinsurance
(in US$ millions)	Gross			Recoverables			Net			Gross			Recoverables			Net
Property Reinsurance		$12.8			$(0.9	)		$11.9			$(1.7	)		$(5.7	)		$(7.4	)
Casualty Reinsurance		8.9			—			8.9			19.4			(0.2	)		19.2
International Insurance		(1.0	)		5.9			4.9			(47.3	)		23.4			(23.9	)
U.S. Insurance		(25.7	)		13.4			(12.3	)		(3.4	)		3.4			—
Release in reserves for prior years during the period		$(5.0	)		$18.4			$13.4			$(33.0	)		$20.9			$(12.1	)

23

Aspen Insurance Holdings Limited

Ratings Of Reinsurers

(in US$ millions except for percentages)	As at December 31, 2009			As at December 31, 2008
S&P
AAA		$11.8	3.7%		$15.9	5.6%
AA-		76.0	23.6%		103.7	36.6%
A+		173.9	54.1%		98.8	34.9%
A		10.9	3.3%		6.9	2.4%
A-		12.5	3.9%		28.7	10.1%
Fully collateralized		0.5	0.2%		2.5	0.9%
Not rated		35.9	11.2%		26.8	9.5%
		$321.5	100.0%		$283.3	100.0%
A.M. Best
A++		$13.2	4.1%		$15.9	5.6%
A+		57.0	17.7%		69.5	24.5%
A		226.2	70.4%		160.8	56.8%
A-		21.3	6.6%		28.6	10.1%
Fully collateralized		0.5	0.2%		2.5	0.9%
Not rated		3.3	1.0%		6.0	2.1%
		$321.5	100.0%		$283.3	100.0%

24

Aspen Insurance Holdings Limited

Consolidated Investment Portfolio

	As At December 31, 2009									Percentage Of Total Fair Value
			Gross		Gross					As At		As At		As At		As At		As At		As At
	Amortized		Unrealized		Unrealized					December 31,		September 30,		June 30,		March 31,		December 31,		December 31,
(in US$ millions except for percentages)	Cost		Gains		Losses			Fair Value		2009		2009		2009		2009		2008		2007
Marketable Securities — Available For Sale
U.S. government securities		$492.1		$17.4		$(2.0	)		$507.5		7.5%		9.2%		10.2%		10.9%		10.9%		10.9%
U.S. agency securities		368.6		20.7		(0.2	)		389.1		5.7%		6.2%		7.1%		6.5%		6.6%		5.6%
Municipal securities		20.0		—		(0.5	)		19.5		0.3%		0.3%		0.1%		0.1%		0.1%		—
Corporate securities		2,178.1		90.3		(3.8	)		2,264.6		33.3%		30.2%		31.7%		25.5%		23.8%		25.6%
Foreign government securities		509.9		13.9		(1.5	)		522.3		7.7%		6.6%		6.6%		5.7%		6.4%		7.2%
Asset-backed securities		110.0		5.1		—			115.1		1.7%		2.2%		2.6%		2.9%		3.4%		3.8%
Mortgage-backed securities		1,385.6		51.3		(5.1	)		1,431.8		21.1%		18.1%		20.5%		21.4%		22.9%		20.8%
Total fixed maturities		5,064.3		198.7		(13.1	)		5,249.9		77.3%		72.8%		78.8%		73.0%		74.1%		73.9%
Short-term investments		368.2		—		—			368.2		5.4%		6.4%		5.1%		4.8%		3.8%		4.8%
Total Available For Sale		$5,432.5		$198.7		$(13.1	)		$5,618.1		82.7%		79.2%		83.9%		77.8%		77.9%		78.7%
Marketable Securities — Trading
U.S. government securities		$7.3		—		$(0.8	)		$6.5		0.1%		0.1%		—		—		—		—
U.S. agency securities		0.4		—		—			0.4		—		—		—		—		—		—
Municipal securities		1.8		—		—			1.8		—		—		0.1%		—		—		—
Corporate securities		313.2		16.6		(0.4	)		329.4		4.8%		5.0%		2.8%		1.8%		—		—
Foreign government securities		4.8		0.2		—			5.0		0.1%		—		—		—		—		—
Asset-backed securities		5.0		—		—			5.0		0.1%		—		—		—		—		—
Mortgage-backed securities		—		—		—			—		—		0.2%		—		—		—		—
Total fixed maturities		332.5		16.8		(1.2	)		348.1		5.1%		5.3%		2.9%		1.8%		—		—
Short-term investments		3.5		—		—			3.5		—		—		0.1%		0.1%		—		—
Total Trading		$336.0		$16.8		$(1.2	)		$351.6		5.1%		5.3%		3.0%		1.9%		—		—
Other investments									$27.3		0.4%		0.4%		0.4%		4.8%		4.9%		9.5%
Cash									748.4		11.0%		14.3%		11.9%		15.0%		13.5%		11.0%
Accrued interest									54.6		0.8%		0.8%		0.8%		0.5%		3.7%		0.8%
Total Cash and Accrued Interest									$803.0		11.8%		15.1%		12.7%		15.5%		17.2%		11.8%
Total Cash and Investments									$6,800.0		100.0%		100.0%		100.0%		100.0%		100.0%		100.0%

	As At December 31, 2009				As At December 31, 2008
	Amortized		Fair Market		Amortized		Fair Market
Maturity of Available For Sale Portfolio	Cost		Value		Cost		Value
Due in one year or less	$	296.4	$	301.4	$	324.0	$	328.9
Due after one year through five years		2,057.1		2,133.2		1,373.2		1,426.0
Due after five years through ten years		1,094.2		1,143.5		905.4		940.9
Due after ten years		121.0		124.9		152.6		165.0
Subtotal		3,568.7		3,703.0		2,755.2		2,860.8
Non-agency residential mortgage-backed securities		34.2		42.2		80.0		56.3
Non-agency commercial mortgage-backed securities		178.5		180.0		253.9		219.2
Agency mortgage-backed securities		1,172.9		1,209.6		1,058.5		1,091.3
Other asset-backed securities		110.0		115.1		218.1		205.5
Total	$	5,064.3	$	5,249.9	$	4,365.7	$	4,433.1

25

Aspen Insurance Holdings Limited

Investment Analysis

(in US$ millions except for percentages)	Q4 2009			Q3 2009		Q2 2009		Q1 2009			Q4 2008			Q3 2008			Q2 2008			Q1 2008
Net investment income from fixed income investments and cash		$58.6			$58.9		$56.0		$55.2			$59.3			$61.5			$59.7			$56.0
Net investment income (loss) from funds of hedge funds		(0.4	)		—		16.2		4.0			(49.0	)		(42.2	)		10.8			(16.9	)
Net investment income		58.2			58.9		72.2		59.2			10.3			19.3			70.5			39.1
Net realized investment gains (losses)		4.2			14.6		4.8		(12.2	)		8.4			(58.1	)		0.8			1.0
Change in unrealized gains (losses) on investments (gross of tax)		(33.1	)		106.3		41.7		3.3			138.3			(46.6	)		(110.4	)		44.4
Total return on investments		$29.3			$179.8		$118.7		$50.3			$157.0			$(85.4	)		$(39.1	)		$84.5
Portfolio Characteristics
Fixed income portfolio book yield		4.22%			4.13%		4.43%		4.42%			4.64%			4.87%			4.84%			4.90%
Fixed income portfolio duration		3.3years			3.3years		3.2years		2.9years			3.1years			3.5years			3.6years			3.4years

26

Aspen Insurance Holdings Limited

Book Value Per Ordinary Share

(in US$ millions except for number of shares)	December 31, 2009			September 30, 2009			June 30, 2009			March 31, 2009			December 31, 2008
Net assets		$3,305.4			$3,212.1			$2,972.5			$2,832.4			$2,779.1
Less: Intangible assets		(8.2	)		(8.2	)		(8.2	)		(8.2	)		(8.2	)
Preference shares		(353.6	)		(353.6	)		(353.6	)		(353.6	)		(419.2	)
Total		$2,943.6			$2,850.3			$2,610.7			$2,470.6			$2,351.7
Ordinary shares outstanding (in millions)		83.328			83.095			83.022			82.763			81.507
Ordinary shares and dilutive potential ordinary shares (in millions)		86.465			86.193			85.985			84.832			83.706
Book value per ordinary share		$35.33			$34.30			$31.45			$29.85			$28.85
Diluted book value per ordinary share (treasury stock method)		$34.04			$33.07			$30.36			$29.12			$28.10

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.

27

Aspen Insurance Holdings Limited

Diluted Share Analysis

	Three Months Ended December 31,				Twelve Months Ended December 31,
	2009		2008		2009		2008
Weighted average ordinary shares outstanding (millions)
Basic		83.239		81.485		82.698		82.963
Dilutive share equivalents:
Employee options		0.925		0.506		0.775		0.976
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.362		0.171		0.275		0.366
Performance shares		1.703		1.052		1.396		1.001
Restricted share units		0.183		0.209		0.183		0.226
Weighted average diluted shares outstanding		86.412		83.423		85.327		85.532

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.

28

Aspen Insurance Holdings Limited

Operating Income Reconciliation

Net income is adjusted to exclude after-tax net foreign exchange gains and losses, realized gains and losses in investments and preference share repurchase gains in the first quarter of 2009.

	Three Months Ended						Twelve Months Ended
(in US$ millions except where stated)	December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
Net income as reported		$126.3			$21.8			$473.9			$103.8
Preference share dividends		(5.5	)		(6.9	)		(23.8	)		(27.7	)
Preference share repurchase gain		—			—			31.5			—
Net income available to ordinary shareholders		120.8			14.9			481.6			76.1
Add (deduct) after tax income:
Net foreign exchange (gains) losses		6.7			4.8			(2.0	)		8.2
Net realized (gains) losses on investments		(3.8	)		(6.1	)		(7.6	)		39.5
Preference share repurchase (gain)		—			—			(31.5	)		—
Operating income after tax availble to ordinary shareholders		123.7			13.6			440.5			123.8
Tax on operating income		(0.6	)		17.3			57.0			44.8
Operating income before tax available to ordinary shareholders		$123.1			$30.9			$497.5			$168.6
Weighted average ordinary shares outstanding(millions)
Basic		83.239			81.485			82.698			82.963
Dilutive share equivalents:
Employee options		0.925			0.506			0.775			0.976
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.362			0.171			0.275			0.366
Performance shares		1.703			1.052			1.396			1.001
Restricted share units		0.183			0.209			0.183			0.226
Weighted average diluted shares outstanding		86.412			83.423			85.327			85.532
Basic earnings per ordinary share
Net income adjusted for preference share dividend and preference share repurchase gain		$1.45			$0.18			$5.82			$0.92
Add (deduct) after tax income:
Net foreign exchange (gains) losses		0.08			0.06			(0.02	)		0.09
Net realized (gains) losses on investments		(0.05	)		(0.07	)		(0.09	)		0.48
Preference share repurchase (gain)		—			—			(0.38	)		—
Operating income adjusted for preference shares dividend		$1.48			$0.17			$5.33			$1.49
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and preference share repurchase gain		$1.40			$0.18			$5.64			$0.89
Add (deduct) after tax income:
Net foreign exchange (gains) losses		0.08			0.06			(0.02	)		0.09
Net realized (gains) losses on investments		(0.04	)		(0.07	)		(0.09	)		0.46
Preference share repurchase (gain)		—			—			(0.37	)		—
Operating income adjusted for preference shares dividend		$1.44			$0.17			$5.16			$1.44

29

Aspen Insurance Holdings Limited

Net Income Reconciliation

Net income is adjusted to exclude after-tax net income or losses from investments in funds of hedge funds and preference share repurchase gain. Gains and losses on the hedge funds are recognized through the income statement in accordance with the equity method of accounting.

	Three Months Ended					Twelve Months Ended
(in US$ millions except where stated)	December 31, 2009		December 31, 2008			December 31, 2009			December 31, 2008
Net income available to ordinary shareholders		$120.8		$14.9			$481.6			$76.1
Add (deduct) after tax income:
(Income) loss from funds of hedge funds		0.4		49.0			(19.8	)		97.3
Tax on income/loss from funds of hedge funds		—		(3.0	)		1.3			(10.9	)
Preference share repurchase (gain)		—		—			(31.5	)		—
Adjusted net income		$121.2		$60.9			$431.6			$162.5
Weighted average ordinary shares outstanding(millions)
Basic		83.239		81.485			82.698			82.963
Dilutive share equivalents:
Employee options		0.925		0.506			0.775			0.976
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.362		0.171			0.275			0.366
Performance shares		1.703		1.052			1.396			1.001
Restricted share units		0.183		0.209			0.183			0.226
Weighted average diluted shares outstanding		86.412		83.423			85.327			85.532
Basic earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$1.45		$0.18			$5.82			$0.92
Add (deduct) after tax income:
(Income) loss from investments in funds of hedge funds		0.01		0.60			(0.24	)		1.17
Tax on income/loss from investments in funds of hedge funds		—		(0.04	)		0.02			(0.12	)
Preference share repurchase (gain)		—		—			(0.38	)		—
Adjusted net income per share		$1.46		$0.74			$5.22			$1.97
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$1.40		$0.18			$5.64			$0.89
Add (deduct) after tax income:
(Income) loss from investments in funds of hedge funds		0.01		0.59			(0.23	)		1.14
Tax on income/loss from investments in funds of hedge funds		—		(0.04	)		0.02			(0.13	)
Preference share repurchase (gain)		—		—			(0.37	)		—
Adjusted net income per share		$1.41		$0.73			$5.06			$1.90

30

Aspen Insurance Holdings Limited

Adjusted Operating Income Reconciliation

Net income is adjusted to exclude after-tax net foreign exchange gains and losses, after-tax realized gains and losses on investments, after-tax net gains and losses from our investments in funds of hedge funds and preference share repurchase gains in the first quarter of 2009.

	Three Months Ended						Twelve Months Ended
(in US$ millions except where stated)	December 31, 2009			December 31, 2008			December 31, 2009			December 31, 2008
Net income available to ordinary shareholders		$120.8			$14.9			$481.6			$76.1
Add (deduct) after tax income:
Net foreign exchange (gains) losses		6.7			4.8			(2.0	)		8.2
Net realized (gains) losses on investments		(3.8	)		(6.1	)		(7.6	)		39.5
(Income) loss from investments in funds of hedge funds		0.4			46.0			(18.5	)		86.4
Preference share repurchase (gain)		—			—			(31.5	)		—
Adjusted operating income adjusted for preference share dividend		$124.1			$59.6			$422.0			$210.2
Weighted average ordinary shares outstanding(millions)
Basic		83.239			81.485			82.698			82.963
Dilutive share equivalents:
Employee options		0.925			0.506			0.775			0.976
Options issued to Appleby Trust (Bermuda) Limited (Names Trust)		0.362			0.171			0.275			0.366
Performance shares		1.703			1.052			1.396			1.001
Restricted share units		0.183			0.209			0.183			0.226
Weighted average diluted shares outstanding		86.412			83.423			85.327			85.532
Basic earnings per ordinary share
Net income available to ordinary shareholders		$1.45			$0.18			$5.82			$0.92
Add (deduct) after tax income:
Net foreign exchange (gains) losses		0.08			0.06			(0.02	)		0.10
Net realized (gains) losses on investments		(0.05	)		(0.08	)		(0.09	)		0.48
(Income) loss from investments in funds of hedge funds		0.01			0.56			(0.22	)		1.04
Preference share repurchase (gain)		—			—			(0.39	)		—
Adjusted operating income adjusted for preference share dividend		$1.49			$0.72			$5.10			$2.54
Diluted earnings per ordinary share
Net income adjusted for preference share dividend and cancellation of preference shares		$1.40			$0.18			$5.63			$0.89
Add (deduct) after tax income:
Net foreign exchange (gains) losses		0.08			0.06			(0.02	)		0.10
Net realized (gains) losses on investments		(0.04	)		(0.07	)		(0.09	)		0.46
(Income) loss from investments in funds of hedge funds		0.01			0.55			(0.22	)		1.01
Preference share repurchase (gain)		—			—			(0.38	)		—
Adjusted operating income adjusted for preference share dividend		$1.45			$0.72			$4.92			$2.46

31