Aspen Insurance Holdings Limited (AHL-PC) 8-K Results of Operations and Financial Condition

Exhibit 99.2

FINANCIAL SUPPLEMENT
As of December 31, 2016
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

1

		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

	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, 2015. 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, including net realized and unrealized gains and losses on interest rate swaps, after-tax net foreign exchange gains or losses, including net realized and unrealized gains and losses from foreign exchange contracts and certain non-operating income and expenses. In 2016, the non-operating income and expenses relate to amortization of intangible assets and other corporate activities.
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 operating income to net 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 ordinary shareholders' equity to average shareholders' equity.
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 diluted and basic operating earnings per share to basic earnings per share.
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.
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, net expenses and prior year reserve movements by net earned premiums excluding catastrophe-related reinstatement premiums. Aspen has defined catastrophe losses in 2016 as losses associated predominantly with wildfires in North America, Hurricane Matthew and other weather-related events in the U.S., several earthquakes, and a hailstorm in the Netherlands. Catastrophe losses in 2015 were defined as losses associated with storms in the U.S., Europe, New Zealand and Australia, the Chilean earthquake, wildfires in the U.S. and floods in the U.K. 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.

1

	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)		2016			2015			Change		2016			2015			Change
Gross written premium		$	606.1		$	634.8		(4.5	)%	$	3,147.0		$	2,997.3		5.0	%
Net written premium		$	430.8		$	586.8		(26.6	)%	$	2,593.7		$	2,646.2		(2.0	)%
Net earned premium		$	612.4		$	629.7		(2.7	)%	$	2,637.3		$	2,473.3		6.6	%
Net (loss)/income after tax		$	(71.5	)	$	117.9		(160.6	)%	$	203.4		$	323.1		(37.0	)%
Operating (loss)/income after tax		$	(7.4	)	$	84.0		(108.8	)%	$	185.9		$	321.4		(42.2	)%
Net investment income		$	43.2		$	46.4		(6.9	)%	$	187.1		$	185.5		0.9	%
Underwriting (loss)/income		$	(41.5	)	$	51.6		(180.4	)%	$	51.9		$	199.5		(74.0	)%
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		$	(1.41	)	$	1.78		(179.2	)%	$	2.67		$	4.64		(42.5	)%
Operating (loss)/income adjusted for preference share dividend and non-controlling interest		$	(0.34	)	$	1.23		(127.6	)%	$	2.37		$	4.62		(48.7	)%
Diluted earnings per ordinary share
Net (loss)/income adjusted for preference share dividend and non-controlling interest		$	(1.41	)	$	1.75		(180.6	)%	$	2.61		$	4.54		(42.5	)%
Operating (loss)/income adjusted for preference share dividend and non-controlling interest		$	(0.34	)	$	1.21		(128.1	)%	$	2.33		$	4.51		(48.3	)%
Weighted average number of ordinary shares outstanding (in millions of shares)		60.152			60.785			(1.0	)%	60.479			61.288			(1.3	)%
Diluted weighted average number of ordinary shares outstanding (in millions of shares)		61.198			62.177			(1.6	)%	61.861			62.688			(1.3	)%
Book value per ordinary share		$	47.68		$	46.99		1.5	%	$	47.68		$	46.99		1.5	%
Diluted book value per ordinary share		$	46.72		$	46.00		1.6	%	$	46.72		$	46.00		1.6	%
Ordinary shares outstanding at December 31, 2016 and December 31, 2015 (in millions of shares)		59.774			60.918			(1.9	)%	59.774			60.918			(1.9	)%
Diluted ordinary shares outstanding at December 31, 2016 and December 31, 2015 (in millions of shares)		61.001			62.240			(2.0	)%	61.001			62.240			(2.0	)%
Underwriting Ratios
Loss ratio		63.2		%	53.0		%			59.8		%	55.2		%
Policy acquisition expense ratio		23.0		%	18.8		%			20.1		%	19.6		%
General, administrative and corporate expense ratio		20.5		%	20.0		%			18.2		%	17.1		%
Expense ratio		43.5		%	38.8		%			38.3		%	36.7		%
Combined ratio		106.7		%	91.8		%			98.1		%	91.9		%
Return On Equity
Average equity (1)		$	2,977.8		$	2,838.5				$	2,994.0		$	2,849.5
Return on average equity
Net (loss)/income adjusted for preference share dividend and non-controlling interest		(2.9		)%	3.8		%			5.4		%	10.0		%
Operating (loss)/income adjusted for preference share dividend and non-controlling interest		(0.7		)%	2.6		%			4.8		%	10.0		%
Annualized return on average equity
Net (loss)/income		(11.6		)%	15.2		%			5.4		%	10.0		%
Operating (loss)/income		(2.8		)%	10.4		%			4.8		%	10.0		%
See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.
(1) Average equity excludes preference shares.

2

	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Statements of Operations - Quarterly Results
(in US$ millions except for percentages and per share amounts)		Q4 2016			Q3 2016			Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015
UNDERWRITING REVENUES
Gross written premiums		$	606.1		$	763.5		$	801.7		$	975.7		$	634.8		$	720.5		$	722.8		$	919.2
Premiums ceded		(175.3		)	(125.1		)	(76.9		)	(176.0		)	(48.0		)	(68.7		)	(78.4		)	(156.0		)
Net written premiums		430.8			638.4			724.8			799.7			586.8			651.8			644.4			763.2
Change in unearned premiums		181.6			42.6			(44.0		)	(136.6		)	42.9			(11.2		)	(35.0		)	(169.6		)
Net earned premiums		612.4			681.0			680.8			663.1			629.7			640.6			609.4			593.6
UNDERWRITING EXPENSES
Losses and loss adjustment expenses		387.3			389.2			442.2			357.4			334.0			365.6			360.5			306.1
Amortization of deferred policy acquisition costs		141.1			130.9			126.7			130.2			118.2			132.0			114.1			119.3
General, administrative and corporate expenses		125.5			118.7			116.4			119.8			125.9			100.5			95.4			102.2
Total underwriting expenses		653.9			638.8			685.3			607.4			578.1			598.1			570.0			527.6
Underwriting (loss)/income including corporate expenses		(41.5		)	42.2			(4.5		)	55.7			51.6			42.5			39.4			66.0
Net investment income		43.2			46.4			48.0			49.5			46.4			45.0			46.7			47.4
Interest expense		(7.4		)	(7.3		)	(7.4		)	(7.4		)	(7.4		)	(7.4		)	(7.3		)	(7.4		)
Other expenses		(1.3		)	(7.4		)	(1.0		)	(3.0		)	(5.4		)	(10.6		)	(2.7		)	(1.6		)
Total other revenue		34.5			31.7			39.6			39.1			33.6			27.0			36.7			38.4
Amortization and non-recurring expenses		(3.4		)	(6.3		)	—			—			—			—			—			—
Net realized and unrealized exchange (losses)/gains (1)		(5.6		)	11.4			(5.4		)	(20.1		)	6.1			4.5			(9.4		)	(11.0		)
Net realized and unrealized investment (losses)/gains (2)		(58.1		)	21.5			36.5			42.2			31.9			(44.0		)	(15.5		)	39.7
(LOSS)/INCOME BEFORE TAX		(74.1		)	100.5			66.2			116.9			123.2			30.0			51.2			133.1
Income tax expense		2.6			(4.9		)	(1.3		)	(2.5		)	(5.3		)	(1.8		)	(2.2		)	(5.1		)
NET (LOSS)/INCOME AFTER TAX		(71.5		)	95.6			64.9			114.4			117.9			28.2			49.0			128.0
Dividends paid on ordinary shares		(13.2		)	(13.3		)	(13.4		)	(12.8		)	(12.8		)	(12.7		)	(13.0		)	(12.4		)
Dividends paid on preference shares		(13.4		)	(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)	(9.4		)	(9.5		)
Dividends paid to non-controlling interest		—			—			—			—			(0.1		)	—			—			—
Proportion due to non-controlling interest		(0.1		)	0.2			(0.4		)	0.2			—			(0.3		)	(0.5		)	—
Retained (loss)/income		$	(98.2	)	$	73.0		$	41.7		$	92.3		$	95.6		$	5.7		$	26.1		$	106.1
Loss ratio		63.2		%	57.2		%	65.0		%	53.9		%	53.0		%	57.1		%	59.2		%	51.6		%
Policy acquisition expense ratio		23.0		%	19.2		%	18.6		%	19.6		%	18.8		%	20.6		%	18.7		%	20.1		%
General, administrative and corporate expense ratio		20.5		%	17.4		%	17.1		%	18.1		%	20.0		%	15.7		%	15.7		%	17.2		%
Expense ratio		43.5		%	36.6		%	35.7		%	37.7		%	38.8		%	36.3		%	34.4		%	37.3		%
Combined ratio		106.7		%	93.8		%	100.7		%	91.6		%	91.8		%	93.4		%	93.6		%	88.9		%
See pages 7 and 22for 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.
(2) Includes the net realized and unrealized gains/(losses) from interest rate swaps.

3

		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Operations - Year To Date Results
			Twelve Months Ended December 31,
			2016			2015
UNDERWRITING REVENUES
Gross written premiums			$	3,147.0		$	2,997.3
Premiums ceded			(553.3		)	(351.1		)
Net written premiums			2,593.7			2,646.2
Change in unearned premiums			43.6			(172.9		)
Net earned premiums			2,637.3			2,473.3
UNDERWRITING EXPENSES
Losses and loss adjustment expenses			1,576.1			1,366.2
Amortization of deferred policy acquisition costs			528.9			483.6
General, administrative and corporate expenses			480.4			424.0
Total underwriting expenses			2,585.4			2,273.8
Underwriting income including corporate expenses			51.9			199.5
Net investment income			187.1			185.5
Interest expense			(29.5		)	(29.5		)
Other expenses			(12.7		)	(20.3		)
Total other revenue			144.9			135.7
Amortization and non-recurring expenses			(9.7		)	—
Net realized and unrealized exchange (losses)(1)			(19.7		)	(9.8		)
Net realized and unrealized investment gains2)			42.1			12.1
INCOME BEFORE TAX			209.5			337.5
Income tax expense			(6.1		)	(14.4		)
NET INCOME AFTER TAX			203.4			323.1
Dividends paid on ordinary shares			(52.7		)	(50.9		)
Dividends paid on preference shares			(41.8		)	(37.8		)
Proportion due to non-controlling interest			(0.1		)	(0.8		)
Retained income			$	108.8		$	233.5
Loss ratio			59.8		%	55.2		%
	Policy acquisition expense ratio		20.1		%	19.6		%
	General, administrative and corporate expense ratio		18.2		%	17.1		%
Expense ratio			38.3		%	36.7		%
Combined ratio			98.1		%	91.9		%
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.
(2) Includes the net realized and unrealized gains/(losses) from interest rate swaps.

4

	Consolidated Balance Sheets
(in US$ millions except for per share amounts)		December 31, 2016			September 30, 2016		June 30,  2016		March 31, 2016		December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015
Investments
Fixed income securities		$	6,930.3		$	6,961.6	$	6,965.9	$	6,960.5	$	6,739.1	$	6,496.4	$	6,407.4	$	6,339.2
Equity securities		584.7			797.7		785.6		757.8		736.4		696.3		729.3		719.0
Other investments		12.1			13.0		8.7		8.9		8.9		9.5		9.5		9.5
Catastrophe bonds		42.5			17.8		21.5		46.1		55.4		36.7		32.3		32.8
Short-term investments		330.7			338.7		121.8		143.0		172.4		183.2		185.2		180.9
Total investments		7,900.3			8,128.8		7,903.5		7,916.3		7,712.2		7,422.1		7,363.7		7,281.4
Cash and cash equivalents		1,273.8			1,183.3		1,038.8		903.1		1,099.5		1,196.7		1,148.4		1,225.9
Reinsurance recoverables
Unpaid losses		474.9			419.8		410.4		366.0		354.8		348.7		337.3		360.1
Ceded unearned premiums		255.2			229.5		226.2		243.6		168.9		224.6		257.1		276.4
Receivables
Underwriting premiums		1,399.4			1,437.7		1,428.5		1,339.1		1,115.6		1,208.4		1,249.9		1,264.8
Other		95.5			131.6		124.6		117.9		94.3		108.7		108.1		92.1
Funds withheld		73.1			51.6		46.0		39.6		36.0		39.0		44.5		46.1
Deferred policy acquisition costs		358.4			388.2		409.1		407.7		361.1		346.8		349.0		333.8
Derivatives at fair value		7.2			6.3		12.9		10.9		9.2		9.2		4.1		2.1
Receivable for securities sold		1.6			10.8		30.0		1.9		0.6		6.7		5.5		0.3
Office properties and equipment		83.8			84.0		83.9		83.2		70.6		68.7		65.6		61.9
Taxation		0.5			—		—		—		3.7		—		0.9		—
Other assets		1.0			1.0		1.0		1.8		4.1		5.9		1.9		18.2
Intangible assets and goodwill		79.6			73.1		72.0		74.3		18.2		18.2		18.2		18.2
Total assets		$	12,004.3		$	12,145.7	$	11,786.9	$	11,505.4	$	11,048.8	$	11,003.7	$	10,954.2	$	10,981.3
LIABILITIES
Insurance reserves
Losses and loss adjustment expenses		$	5,319.9		$	5,246.6	$	5,181.5	$	5,011.5	$	4,938.2	$	4,913.9	$	4,815.9	$	4,698.9
Unearned premiums		1,618.6			1,781.2		1,819.4		1,804.0		1,587.2		1,686.9		1,702.8		1,665.1
Total insurance reserves		6,938.5			7,027.8		7,000.9		6,815.5		6,525.4		6,600.8		6,518.7		6,364.0
Payables
Reinsurance premiums		259.5			182.8		142.7		148.9		92.7		135.6		164.5		171.5
Taxation		6.1			18.3		28.5		19.2		10.8		22.7		32.1		34.8
Accrued expenses and other payables		469.2			344.2		333.1		293.3		343.8		237.7		242.7		308.6
Liabilities under derivative contracts		18.4			6.5		11.5		17.6		4.0		1.9		7.2		11.5
Total payables		753.2			551.8		515.8		479.0		451.3		397.9		446.5		526.4
Loan notes issued by variable interest entities, at fair value		115.0			112.7		104.1		104.5		103.0		84.5		76.2		76.0
Long-term debt		549.3			549.3		549.3		549.3		549.2		549.2		549.2		549.1
Total liabilities		8,356.0			8,241.6		8,170.1		7,948.3		7,628.9		7,632.4		7,590.6		7,515.5
SHAREHOLDERS’ EQUITY
Ordinary shares		0.1			0.1		0.1		0.1		0.1		0.1		0.1		0.1
Non-controlling interest		1.3			1.3		1.5		1.1		1.3		1.3		1.0		0.5
Preference shares		—			—		—		—		—		—		—		—
Additional paid-in capital		1,259.6			1,280.2		1,040.5		1,055.9		1,075.3		1,068.3		1,061.7		1,106.0
Retained earnings		2,392.4			2,490.6		2,417.6		2,375.9		2,283.6		2,188.0		2,182.3		2,156.2
Accumulated other comprehensive income, net of taxes		(5.1		)	131.9		157.1		124.1		59.6		113.6		118.5		203.0
Total shareholders’ equity		3,648.3			3,904.1		3,616.8		3,557.1		3,419.9		3,371.3		3,363.6		3,465.8
Total liabilities and shareholders’ equity		$	12,004.3		$	12,145.7	$	11,786.9	$	11,505.4	$	11,048.8	$	11,003.7	$	10,954.2	$	10,981.3
Book value per ordinary share		$	47.68		$	51.58	$	50.71	$	49.45	$	46.99	$	46.30	$	46.18	$	47.14
Book value per diluted ordinary share		$	46.72		$	50.49	$	49.53	$	48.22	$	46.00	$	45.28	$	45.16	$	46.02

5

		ASPEN INSURANCE HOLDINGS LIMITED
		Earnings Per Share and Book Value Per Share
			Three Months Ended					Twelve Months Ended
(in US$ except for number of shares)			December 31, 2016			December 31, 2015		December 31, 2016		December 31, 2015
Basic earnings per ordinary share
	Net (loss)/income adjusted for preference share dividend and non-controlling interest		$	(1.41	)	$	1.78	$	2.67	$	4.64
	Operating (loss)/income adjusted for preference share dividend and non-controlling interest		$	(0.34	)	$	1.23	$	2.37	$	4.62
Diluted earnings per ordinary share
	Net (loss)/income adjusted for preference share dividend and non-controlling interest		$	(1.41	)	$	1.75	$	2.61	$	4.54
	Operating (loss)/income adjusted for preference share dividend and non-controlling interest		$	(0.34	)	$	1.21	$	2.33	$	4.51
Weighted average number of ordinary shares outstanding (in millions)			60.152			60.785		60.479		61.288
Weighted average number of ordinary shares outstanding and dilutive potential ordinary shares (in millions)			61.198			62.177		61.861		62.688
Book value per ordinary share			$	47.68		$	46.99	$	47.68	$	46.99
Diluted book value per ordinary share			$	46.72		$	46.00	$	46.72	$	46.00
Ordinary shares outstanding at end of the period (in millions)			59.774			60.918		59.774		60.918
Ordinary shares outstanding and dilutive potential ordinary shares at end of the period (in millions)			61.001			62.240		61.001		62.240
See pages 7 and 22 for a reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures.

6

		ASPEN INSURANCE HOLDINGS LIMITED
		Return On Average Equity
			Three Months Ended						Twelve Months Ended
(in US$ millions except for percentages)			December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Average shareholders' equity			$	3,776.2		$	3,395.6		$	3,643.9		$	3,406.2
Average non-controlling interest			(1.3		)	(1.3		)	(1.3		)	(0.9		)
Average preference shares			(797.1		)	(555.8		)	(648.6		)	(555.8		)
Average ordinary shareholders' equity			$	2,977.8		$	2,838.5		$	2,994.0		$	2,849.5
Return on average equity:
	Net (loss)/income adjusted for preference share dividend and non-controlling interest		(2.9		)%	3.8		%	5.4		%	10.0		%
	Operating (loss)/income adjusted for preference share dividend and non-controlling interest		(0.7		)%	2.6		%	4.8		%	10.0		%
Annualized return on average equity:
	Net (loss)/income		(11.6		)%	15.2		%	5.4		%	10.0		%
	Operating (loss)/income		(2.8		)%	10.4		%	4.8		%	10.0		%
Components of return on average equity:
	Return on average equity from underwriting activity (1)		(1.4		)%	1.8		%	1.5		%	7.0		%
	Return on average equity from investment and other activity (2)		0.8		%	0.9		%	4.4		%	3.4		%
	Pre-tax operating (loss)/income return on average equity (3)		(0.6		)%	2.7		%	5.9		%	10.4		%
	Post-tax operating (loss)/income return on average equity (4)		(0.7		)%	2.6		%	4.8		%	10.0		%
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.

7

	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment
		Three Months Ended December 31, 2016									Three Months Ended December 31, 2015
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total
Gross written premiums		$	197.1		$	409.0		$	606.1		$	186.8		$	448.0		$	634.8
Net written premiums		198.4			232.4			430.8			178.5			408.3			586.8
Gross earned premiums		317.0			422.6			739.6			295.9			436.0			731.9
Net earned premiums		285.9			326.5			612.4			270.3			359.4			629.7
Losses and loss adjustment expenses		163.6			223.7			387.3			99.9			234.1			334.0
Amortization of deferred policy acquisition costs		63.3			77.8			141.1			56.1			62.1			118.2
General and administrative expenses		47.6			54.7			102.3			44.0			61.8			105.8
Underwriting income/(loss)		$	11.4		$	(29.7	)	$	(18.3	)	$	70.3		$	1.4		$	71.7
Net investment income								43.2									46.4
Net realized and unrealized investment (losses)/gains (1)								(58.1		)							31.9
Corporate expenses								(23.2		)							(20.1		)
Amortization and non-recurring expenses								(3.4		)							—
Other expenses								(1.3		)							(5.4		)
Interest expense								(7.4		)							(7.4		)
Net realized and unrealized foreign exchange (losses)/gains (2)								(5.6		)							6.1
Income before tax								$	(74.1	)							$	123.2
Income tax benefit/(expense)								2.6									(5.3		)
Net (loss)/income								$	(71.5	)							$	117.9
Ratios
Loss ratio		57.2		%	68.5		%	63.2		%	37.0		%	65.1		%	53.0		%
Policy acquisition expense ratio		22.1		%	23.8		%	23.0		%	20.8		%	17.3		%	18.8		%
General and administrative expense ratio (3)		16.6		%	16.8		%	20.5		%	16.3		%	17.2		%	20.0		%
Expense ratio		38.7		%	40.6		%	43.5		%	37.1		%	34.5		%	38.8		%
Combined ratio		95.9		%	109.1		%	106.7		%	74.1		%	99.6		%	91.8		%
(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(3) The total group general and administrative expense ratio includes the impact from corporate expenses.

8

	ASPEN INSURANCE HOLDINGS LIMITED
	Consolidated Underwriting Results by Operating Segment
		Twelve Months Ended December 31, 2016									Twelve Months Ended December 31, 2015
(in US$ millions except for percentages)		Reinsurance			Insurance			Total			Reinsurance			Insurance			Total
Gross written premiums		$	1,413.2		$	1,733.8		$	3,147.0		$	1,248.9		$	1,748.4		$	2,997.3
Net written premiums		1,269.2			1,324.5			2,593.7			1,153.5			1,492.7			2,646.2
Gross earned premiums		1,317.9			1,768.4			3,086.3			1,153.5			1,703.3			2,856.8
Net earned premiums		1,181.9			1,455.4			2,637.3			1,072.6			1,400.7			2,473.3
Losses and loss adjustment expenses		657.9			918.2			1,576.1			491.6			874.6			1,366.2
Amortization of deferred policy acquisition costs		226.4			302.5			528.9			224.7			258.9			483.6
General and administrative expenses		178.2			228.4			406.6			146.5			213.6			360.1
Underwriting income		$	119.4		$	6.3		$	125.7		$	209.8		$	53.6		$	263.4
Net investment income								187.1									185.5
Net realized and unrealized investment gains (1)								42.1									12.1
Corporate expenses								(73.8		)							(63.9		)
Amortization and non-recurring expenses								(9.7		)							—
Other expenses								(12.7		)							(20.3		)
Interest expense								(29.5		)							(29.5		)
Net realized and unrealized foreign exchange (losses) (2)								(19.7		)							(9.8		)
Income before tax								$	209.5								$	337.5
Income tax expense								(6.1		)							(14.4		)
Net income								$	203.4								$	323.1
Ratios
Loss ratio		55.7		%	63.1		%	59.8		%	45.8		%	62.4		%	55.2		%
Policy acquisition expense ratio		19.2		%	20.8		%	20.1		%	20.9		%	18.5		%	19.6		%
General and administrative expense ratio (3)		15.1		%	15.7		%	18.2		%	13.7		%	15.2		%	17.1		%
Expense ratio		34.3		%	36.5		%	38.3		%	34.6		%	33.7		%	36.7		%
Combined ratio		90.0		%	99.6		%	98.1		%	80.4		%	96.1		%	91.9		%
(1) Includes the net realized and unrealized gains/(losses) from interest rate swaps.
(2) Includes the net realized and unrealized gains/(losses) from foreign exchange contracts.
(3) The total group general and administrative expense ratio includes the impact from corporate expenses.

9

	ASPEN INSURANCE HOLDINGS LIMITED
	Reinsurance Segment - Quarterly Results
(in US$ millions except for percentages)		Q4 2016			Q3 2016			Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015
Gross written premiums		$	197.1		$	365.9		$	332.6		$	517.6		$	186.8		$	316.6		$	260.7		$	484.8
Net written premiums		198.4			314.5			306.8			449.5			178.5			294.7			238.2			442.1
Gross earned premiums		317.0			364.3			329.8			306.8			295.9			304.6			287.2			265.8
Net earned premiums		285.9			316.3			299.4			280.3			270.3			284.6			268.3			249.4
Net losses and loss adjustment expenses		163.6			178.7			181.1			134.5			99.9			169.9			116.3			105.5
Amortization of deferred policy acquisition costs		63.3			53.0			50.7			59.4			56.1			64.8			50.4			53.4
General and administrative expenses		47.6			47.4			39.1			44.1			44.0			34.7			35.4			32.4
Underwriting income		$	11.4		$	37.2		$	28.5		$	42.3		$	70.3		$	15.2		$	66.2		$	58.1
Ratios
Loss ratio		57.2		%	56.5		%	60.5		%	48.0		%	37.0		%	59.7		%	43.3		%	42.3		%
Policy acquisition expense ratio		22.1		%	16.8		%	16.9		%	21.2		%	20.8		%	22.8		%	18.8		%	21.4		%
General and administrative expense ratio		16.6		%	15.0		%	13.1		%	15.7		%	16.3		%	12.2		%	13.2		%	13.0		%
Expense ratio		38.7		%	31.8		%	30.0		%	36.9		%	37.1		%	35.0		%	32.0		%	34.4		%
Combined ratio		95.9		%	88.3		%	90.5		%	84.9		%	74.1		%	94.7		%	75.3		%	76.7		%
Accident Year Ex-cat Loss Ratio
Loss ratio		57.2		%	56.5		%	60.5		%	48.0		%	37.0		%	59.7		%	43.3		%	42.3		%
Prior year loss development		12.2		%	6.4		%	4.6		%	6.5		%	13.8		%	5.7		%	9.0		%	5.3		%
Catastrophe losses		(13.2		)%	(4.7		)%	(17.4		)%	(3.8		)%	(8.4		)%	(5.9		)%	(0.9		)%	(3.1		)%
Accident year ex-cat loss ratio		56.2		%	58.2		%	47.7		%	50.7		%	42.4		%	59.5		%	51.4		%	44.5		%

10

	ASPEN INSURANCE HOLDINGS LIMITED
	Insurance Segment - Quarterly Results
(in US$ millions except for percentages)		Q4 2016			Q3 2016			Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015
Gross written premiums		$	409.0		$	397.6		$	469.1		$	458.1		$	448.0		$	403.9		$	462.1		$	434.4
Net written premiums		232.4			323.9			418.0			350.2			408.3			357.1			406.2			321.1
Gross earned premiums		422.6			445.5			454.7			445.6			436.0			429.0			423.2			415.1
Net earned premiums		326.5			364.7			381.4			382.8			359.4			356.0			341.1			344.2
Net losses and loss adjustment expenses		223.7			210.5			261.1			222.9			234.1			195.7			244.2			200.6
Amortization of deferred policy acquisition costs		77.8			77.9			76.0			70.8			62.1			67.2			63.7			65.9
General and administrative expenses		54.7			57.9			57.2			58.6			61.8			51.3			45.2			55.3
Underwriting (loss)/income		$	(29.7	)	$	18.4		$	(12.9	)	$	30.5		$	1.4		$	41.8		$	(12.0	)	$	22.4
Ratios
Loss ratio		68.5		%	57.7		%	68.5		%	58.2		%	65.1		%	55.0		%	71.6		%	58.3		%
Policy acquisition expense ratio		23.8		%	21.4		%	19.9		%	18.5		%	17.3		%	18.9		%	18.7		%	19.1		%
General and administrative expense ratio		16.8		%	15.9		%	15.0		%	15.3		%	17.2		%	14.4		%	13.3		%	16.1		%
Expense ratio		40.6		%	37.3		%	34.9		%	33.8		%	34.5		%	33.3		%	32.0		%	35.2		%
Combined ratio		109.1		%	95.0		%	103.4		%	92.0		%	99.6		%	88.3		%	103.6		%	93.5		%
Accident Year Ex-cat Loss Ratio
Loss ratio		68.5		%	57.7		%	68.5		%	58.2		%	65.1		%	55.0		%	71.6		%	58.3		%
Prior year loss development		5.0		%	4.2		%	1.9		%	0.9		%	6.0		%	6.4		%	2.1		%	4.2		%
Catastrophe losses		(5.2		)%	(2.8		)%	(4.3		)%	(2.1		)%	(6.5		)%	(0.6		)%	(2.8		)%	(1.7		)%
Accident year ex-cat loss ratio		68.3		%	59.1		%	66.1		%	57.0		%	64.6		%	60.8		%	70.9		%	60.8		%

11

		ASPEN INSURANCE HOLDINGS LIMITED
		Written and Earned Premiums by Segment and Lines of Business
(in US$ millions)
Gross Written Premiums			Q4 2016		Q3 2016		Q2 2016		Q1 2016		Q4 2015		Q3 2015		Q2 2015		Q1 2015
	Reinsurance
	Property Catastrophe Reinsurance		$	0.4	$	47.3	$	97.7	$	127.6	$	4.1	$	49.1	$	67.3	$	153.8
	Other Property Reinsurance		63.5		77.4		84.3		103.0		61.2		105.2		84.0		109.9
	Casualty Reinsurance		56.9		79.3		57.3		127.1		45.9		77.9		49.0		114.7
	Specialty Reinsurance		76.3		161.9		93.3		159.9		75.6		84.4		60.4		106.4
	Total Reinsurance		$	197.1	$	365.9	$	332.6	$	517.6	$	186.8	$	316.6	$	260.7	$	484.8
	Insurance
	Property and Casualty Insurance		$	189.4	$	184.9	$	257.6	$	226.3	$	213.9	$	208.5	$	254.8	$	213.4
	Marine, Aviation and Energy Insurance		88.5		96.3		93.8		117.7		107.1		85.3		103.2		131.7
	Financial and Professional Lines Insurance		131.1		116.4		117.7		114.1		127.0		110.1		104.1		89.3
	Total Insurance		$	409.0	$	397.6	$	469.1	$	458.1	$	448.0	$	403.9	$	462.1	$	434.4
	Total Gross Written Premiums		$	606.1	$	763.5	$	801.7	$	975.7	$	634.8	$	720.5	$	722.8	$	919.2
Net Written Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	1.0	$	26.7	$	78.3	$	92.1	$	4.8	$	33.8	$	53.5	$	126.1
	Other Property Reinsurance		63.6		73.6		82.7		92.9		59.9		100.1		80.6		98.8
	Casualty Reinsurance		57.7		78.1		57.3		125.6		41.5		76.8		46.7		113.8
	Specialty Reinsurance		76.1		136.1		88.5		138.9		72.3		84.0		57.4		103.4
	Total Reinsurance		$	198.4	$	314.5	$	306.8	$	449.5	$	178.5	$	294.7	$	238.2	$	442.1
	Insurance
	Property and Casualty Insurance		$	85.2	$	161.9	$	228.5	$	180.5	$	185.2	$	172.9	$	222.1	$	156.7
	Marine, Aviation and Energy Insurance		54.9		56.9		80.0		106.6		99.7		76.1		82.5		120.5
	Financial and Professional Lines Insurance		92.3		105.1		109.5		63.1		123.4		108.1		101.6		43.9
	Total Insurance		$	232.4	$	323.9	$	418.0	$	350.2	$	408.3	$	357.1	$	406.2	$	321.1
	Total Net Written Premiums		$	430.8	$	638.4	$	724.8	$	799.7	$	586.8	$	651.8	$	644.4	$	763.2
Net Earned Premiums
	Reinsurance
	Property Catastrophe Reinsurance		$	44.0	$	50.5	$	53.1	$	47.3	$	58.1	$	54.0	$	53.8	$	57.1
	Other Property Reinsurance		77.4		70.5		80.8		87.3		79.4		91.5		78.9		77.5
	Casualty Reinsurance		88.3		78.3		74.1		67.0		63.7		68.6		71.2		57.8
	Specialty Reinsurance		76.2		117.0		91.4		78.7		69.1		70.5		64.4		57.0
	Total Reinsurance		$	285.9	$	316.3	$	299.4	$	280.3	$	270.3	$	284.6	$	268.3	$	249.4
	Insurance
	Property and Casualty Insurance		$	168.6	$	175.9	$	201.0	$	189.7	$	172.0	$	171.8	$	162.9	$	159.8
	Marine, Aviation and Energy Insurance		59.2		86.4		86.9		93.9		94.9		94.1		97.3		99.4
	Financial and Professional Lines Insurance		98.7		102.4		93.5		99.2		92.5		90.1		80.9		85.0
	Total Insurance		$	326.5	$	364.7	$	381.4	$	382.8	$	359.4	$	356.0	$	341.1	$	344.2
	Total Net Earned Premiums		$	612.4	$	681.0	$	680.8	$	663.1	$	629.7	$	640.6	$	609.4	$	593.6

12

		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Changes in Shareholders' Equity
			Twelve Months Ended December 31,
(in US$ millions)			2016			2015
Ordinary shares
	Beginning and end of period		$	0.1		$	0.1
Preference shares
	Beginning and end of period		—			—
Non-controlling interest
	Beginning of period		1.3			0.5
	Net change for the period		—			0.8
	End of period		1.3			1.3
Additional paid-in capital
	Beginning of period		1,075.3			1,134.3
	New shares issued		2.5			6.8
	Ordinary shares repurchased		(75.0		)	(83.7		)
	Preference shares issued		241.3			—
	Share-based compensation		15.5			17.9
	End of period		1,259.6			1,075.3
Retained earnings
	Beginning of period		2,283.6			2,050.1
	Net income for the period		203.4			323.1
	Dividends paid on ordinary and preference shares		(94.5		)	(88.7		)
	Dividends paid on non-controlling interest		—			(0.1		)
	Proportion due to non-controlling interest		(0.1		)	(0.8		)
	End of period		2,392.4			2,283.6
Accumulated other comprehensive income:
Cumulative foreign currency translation adjustments, net of taxes:
	Beginning of period		0.6			72.7
	Change for the period		(27.7		)	(72.1		)
	End of period		(27.1		)	0.6
Loss on derivatives:
	Beginning of period		(1.2		)	(3.8		)
	Net change from current period hedged transactions		0.7			2.6
	End of period		(0.5		)	(1.2		)
Unrealized appreciation/(depreciation) on available for sale investments, net of taxes:
	Beginning of period		60.2			165.4
	Change for the period		(37.7		)	(105.2		)
	End of period		22.5			60.2
Total accumulated other comprehensive (loss)/income			(5.1		)	59.6
Total shareholders' equity			$	3,648.3		$	3,419.9

13

		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Statements of Comprehensive Income
			Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)			2016			2015			2016			2015
Net (loss)/income adjusted for non-controlling interest			$	(71.5	)	$	117.9		$	203.4		$	323.1
Other comprehensive (loss)/income, net of taxes:
	Available for sale investments:
	Reclassification adjustment for net realized (gains) included in net income		0.2			(3.6		)	(8.9		)	(36.7		)
	Change in net unrealized gains on available for sale securities held		(130.8		)	(48.9		)	(28.8		)	(68.5		)
	Net change from current period hedged transactions		2.0			0.4			0.7			2.6
	Change in foreign currency translation adjustment		(8.4		)	(1.9		)	(27.7		)	(72.1		)
	Other comprehensive (loss)/income		(137.0		)	(54.0		)	(64.7		)	(174.7		)
Comprehensive (loss)/income			$	(208.5	)	$	63.9		$	138.7		$	148.4

14

	ASPEN INSURANCE HOLDINGS LIMITED
	Condensed Consolidated Statements of Cash Flows
		Three Months Ended December 31,						Twelve Months Ended December 31,
(in US$ millions)		2016			2015			2016			2015
Net cash (used in)/from operating activities		$	73.4		$	210.5		$	453.2		$	574.2
Net cash (used in) investing activities		(28.2		)	(383.0		)	(350.9		)	(501.9		)
Net cash from/(used in) financing activities		53.9			80.1			90.0			(133.5		)
Effect of exchange rate movements on cash and cash equivalents		(8.6		)	(4.8		)	(18.0		)	(17.8		)
Increase in cash and cash equivalents		90.5			(97.2		)	174.3			(79.0		)
Cash at beginning of period		1,183.3			1,196.7			1,099.5			1,178.5
Cash at end of period		$	1,273.8		$	1,099.5		$	1,273.8		$	1,099.5

15

	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves for Losses and Loss Adjustment Expenses
(in US$ millions)		For the Twelve Months Ended December 31, 2016			For the Twelve Months Ended December 31, 2015
Provision for losses and loss adjustment expenses at the start of the period		$	4,938.2		$	4,750.8
Reinsurance recoverables		(354.8		)	(350.0		)
Net loss and loss adjustment expenses at the start of the period		4,583.4			4,400.8
Net loss and loss adjustment expenses assumed		5.7			—
Provision for losses and loss adjustment expenses for claims incurred
Current period		1,705.4			1,522.7
Prior period release		(129.3		)	(156.5		)
Total incurred		1,576.1			1,366.2
Losses and loss adjustment expenses payments for claims incurred		(1,222.8		)	(1,108.5		)
Foreign exchange (gains)		(97.4		)	(75.1		)
Net loss and loss adjustment expenses reserves at the end of the period		4,845.0			4,583.4
Reinsurance recoverables on unpaid losses at the end of the period		474.9			354.8
Gross loss and loss adjustment expenses reserves at the end of the period		$	5,319.9		$	4,938.2

16

	ASPEN INSURANCE HOLDINGS LIMITED
	Reserves by Operating Segment
		As at December 31, 2016							As at December 31, 2015
(in US$ millions)		Gross		Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net
Reinsurance		$	2,536.1	$	(74.0	)	$	2,462.1	$	2,441.9	$	(32.4	)	$	2,409.5
Insurance		2,783.8		(400.9		)	2,382.9		2,496.3		(322.4		)	2,173.9
Total losses and loss adjustment expense reserves		$	5,319.9	$	(474.9	)	$	4,845.0	$	4,938.2	$	(354.8	)	$	4,583.4

17

	ASPEN INSURANCE HOLDINGS LIMITED
	Prior Year Reserve Releases
(in US$ millions)		Three Months Ended December 31, 2016								Three Months Ended December 31, 2015
		Gross			Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net
Reinsurance		$	37.4		$	(2.5	)	$	34.9	$	38.2	$	(0.8	)	$	37.4
Insurance		(17.7		)	33.9			16.2		25.7		(4.2		)	21.5
Release in reserves for prior years during the period		$	19.7		$	31.4		$	51.1	$	63.9	$	(5.0	)	$	58.9
		Twelve Months Ended December 31, 2016								Twelve Months Ended December 31, 2015
		Gross			Reinsurance Recoverables			Net		Gross		Reinsurance Recoverables			Net
Reinsurance		$	89.8		$	(2.8	)	$	87.0	$	94.2	$	(3.4	)	$	90.8
Insurance		0.4			41.9			42.3		70.4		(4.7		)	65.7
Release in reserves for prior years during the period		$	90.2		$	39.1		$	129.3	$	164.6	$	(8.1	)	$	156.5

18

		ASPEN INSURANCE HOLDINGS LIMITED
		Consolidated Investment Portfolio
(in US$ millions)			Fair Market Value
			December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016		December 31, 2015		September 30, 2015		June 30, 2015		March 31, 2015
Marketable Securities - Available For Sale
U.S. government securities			$	1,206.1	$	1,086.4	$	1,147.4	$	1,111.7	$	1,123.1	$	1,138.1	$	1,074.6	$	1,041.8
U.S. agency securities			119.6		127.3		131.2		149.9		158.7		162.0		182.0		182.9
Municipal securities			24.4		26.2		26.2		32.9		26.6		28.5		29.5		30.7
Corporate securities			2,586.5		2,790.8		2,663.2		2,680.9		2,660.6		2,496.7		2,420.8		2,333.6
Foreign government securities			488.7		583.1		641.7		674.5		644.2		628.4		661.7		637.7
Asset-backed securities			63.0		69.1		72.9		76.3		76.0		132.5		138.7		140.9
Bonds backed by foreign government			89.8		82.4		69.5		72.5		82.1		77.0		78.3		68.2
Mortgage-backed securities			1,086.5		1,199.4		1,256.0		1,265.0		1,179.8		1,041.3		1,044.1		1,104.0
Total fixed income securities			5,664.6		5,964.7		6,008.1		6,063.7		5,951.1		5,704.5		5,629.7		5,539.8
Short-term investments			145.3		169.1		108.9		135.3		162.9		176.3		184.1		180.2
Total Available For Sale			$	5,809.9	$	6,133.8	$	6,117.0	$	6,199.0	$	6,114.0	$	5,880.8	$	5,813.8	$	5,720.0
Marketable Securities - Trading
U.S. government securities			$	82.4	$	44.4	$	53.9	$	42.1	$	27.3	$	13.5	$	3.4	$	9.0
U.S. agency securities			—		—		—		—		—		—		—		0.2
Municipal securities			15.5		4.9		4.8		4.0		0.5		0.5		0.5		0.5
Corporate securities			820.5		677.0		658.0		615.2		558.2		547.2		540.1		554.1
Foreign government securities			202.8		213.1		202.2		198.5		179.5		128.9		133.8		133.7
Asset-backed securities			14.5		15.5		15.8		19.6		20.5		18.7		19.7		16.0
Mortgage-backed securities			130.0		42.0		23.1		17.4		—		—		—		—
Bank loans			—		—		—		—		2.0		83.1		80.2		85.9
Total fixed income securities			1,265.7		996.9		957.8		896.8		788.0		791.9		777.7		799.4
Short-term investments			185.4		169.6		12.9		7.7		9.5		6.9		1.1		0.7
Equity securities			584.7		797.7		785.6		757.8		736.4		696.3		729.3		719.0
Catastrophe bonds			42.5		17.8		21.5		46.1		55.4		36.7		32.3		32.8
Total Trading			$	2,078.3	$	1,982.0	$	1,777.8	$	1,708.4	$	1,589.3	$	1,531.8	$	1,540.4	$	1,551.9
Other Investments			$	12.1	$	13.0	$	8.7	$	8.9	$	8.9	$	9.5	$	9.5	$	9.5
Cash			1,273.8		1,183.3		1,038.8		903.1		1,099.5		1,196.7		1,148.4		1,225.9
Accrued interest			46.0		45.6		47.3		46.0		48.1		46.1		48.3		43.9
	Total Cash and Accrued Interest		$	1,319.8	$	1,228.9	$	1,086.1	$	949.1	$	1,147.6	$	1,242.8	$	1,196.7	$	1,269.8
	Total Cash and Investments		$	9,220.1	$	9,357.7	$	8,989.6	$	8,865.4	$	8,859.8	$	8,664.9	$	8,560.4	$	8,551.2

19

	ASPEN INSURANCE HOLDINGS LIMITED
	Investment Analysis
(in US$ millions except for percentages)		Q4 2016			Q3 2016			Q2 2016			Q1 2016			Q4 2015			Q3 2015			Q2 2015			Q1 2015
Net investment income from fixed income investments and cash		$	40.7		$	40.9		$	42.5		$	42.6		$	42.8		$	40.5		$	40.9		$	41.2
Net investment income from equity securities		2.5			5.5			5.5			6.9			3.6			4.5			5.8			6.2
Net investment income		43.2			46.4			48.0			49.5			46.4			45.0			46.7			47.4
Net realized and unrealized investment (losses)/gains excluding the interest rate swaps		(58.1		)	21.5			36.8			45.0			30.5			(41.2		)	(15.3		)	42.9
Net realized investment (losses)/gains from the interest rate swaps		—			—			(0.3		)	(2.8		)	1.4			(2.8		)	(0.2		)	(3.2		)
Other-than-temporary impairment charges		—			—			—			—			—			—			—			—
Net realized and unrealized investment (losses)/gains		(58.1		)	21.5			36.5			42.2			31.9			(44.0		)	(15.5		)	39.7
Change in unrealized (losses)/gains on available for sale investments (gross of tax)		(143.1		)	(23.2		)	42.2			85.0			(33.4		)	17.3			(77.5		)	—
Total (loss)/return on investments (1)		$	(158.0	)	$	44.7		$	126.7		$	176.7		$	44.9		$	18.3		$	(46.3	)	$	87.1
Portfolio Characteristics
Fixed income portfolio book yield (excluding the impact of the interest rate swaps) (1)		2.49		%	2.46		%	2.50		%	2.56		%	2.59		%	2.50		%	2.57		%	2.56		%
Fixed income portfolio duration (excluding the impact of the interest rate swaps) (1)		3.9 years			3.6 years			3.6 years			3.6 years			3.7 years			3.4 years			3.5 years			3.5 years
(1) On May 9, 2016, the Company terminated all remaining outstanding interest rate swaps under its International Swap Dealers Association agreement.

20

	ASPEN INSURANCE HOLDINGS LIMITED
	Book Value Per Ordinary Share
(in US$ millions except for number of shares and per share amounts)		December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
											��
Net assets		$	3,648.3		$	3,904.1		$	3,616.8		$	3,557.1		$	3,419.9		$	3,371.3		$	3,363.6		$	3,465.8
Less: Preference shares		(797.1		)	(797.1		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)	(555.8		)
Less: Non-controlling interest		(1.3		)	(1.3		)	(1.5		)	(1.1		)	(1.3		)	(1.3		)	(1.0		)	(0.5		)
Total		$	2,849.9		$	3,105.7		$	3,059.5		$	3,000.2		$	2,862.8		$	2,814.2		$	2,806.8		$	2,909.5
Ordinary shares outstanding (in millions)		59.774			60.211			60.329			60.675			60.918			60.782			60.778			61.723
Ordinary shares and dilutive potential ordinary shares (in millions)		61.001			61.516			61.767			62.213			62.240			62.147			62.149			63.227
Book value per ordinary share		$	47.68		$	51.58		$	50.71		$	49.45		$	46.99		$	46.30		$	46.18		$	47.14
Diluted book value per ordinary share		$	46.72		$	50.49		$	49.53		$	48.22		$	46.00		$	45.28		$	45.16		$	46.02
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.

21

		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						Twelve Months Ended
(in US$ millions except where stated)			December 31, 2016			December 31, 2015			December 31, 2016			December 31, 2015
Net (loss)/income as reported			$	(71.5	)	$	117.9		$	203.4		$	323.1
Net change attributable to non-controlling interest			(0.1		)	—			(0.1		)	(0.8		)
Preference share dividends			(13.4		)	(9.4		)	(41.8		)	(37.8		)
Net (loss)/income available to ordinary shareholders			(85.0		)	108.5			161.5			284.5
Add (deduct) after tax income:
	Net foreign exchange losses/(gains)		4.1			(5.7		)	14.8			10.2
	Net realized losses/(gains) on investments		57.1			(28.2		)	(41.0		)	(11.9		)
	Non-operating (expenses)		2.9			—			8.7			—
Operating (loss)/income after tax available to ordinary shareholders			(20.9		)	74.6			144.0			282.8
Tax expense on operating income			0.4			1.2			10.9			13.8
Operating (loss)/income before tax available to ordinary shareholders			$	(20.5	)	$	75.8		$	154.9		$	296.6
Basic earnings per ordinary share
Net (loss)/income adjusted for preference share dividends and non-controlling interest			$	(1.41	)	$	1.78		$	2.67		$	4.64
Add (deduct) after tax income:
	Net foreign exchange losses/(gains)		0.07			(0.09		)	0.24			0.17
	Net realized losses/(gains) on investments		0.95			(0.46		)	(0.68		)	(0.19		)
	Non-operating (expenses)		0.05			—			0.14			—
Operating (loss)/income adjusted for preference shares dividends and non-controlling interest			$	(0.34	)	$	1.23		$	2.37		$	4.62
Diluted earnings per ordinary share
Net (loss)/income adjusted for preference share dividends and non-controlling interest			$	(1.41	)	$	1.75		$	2.61		$	4.54
Add (deduct) after tax income:
	Net foreign exchange losses/(gains)		0.07			(0.09		)	0.24			0.16
	Net realized losses/(gains) on investments		0.95			(0.45		)	(0.66		)	(0.19		)
	Non-operating (expenses)		0.05			—			0.14			—
Operating (loss)/income adjusted for preference shares dividends and non-controlling interest			$	(0.34	)	$	1.21		$	2.33		$	4.51

22