US-based Aspen Insurance Holdings has reported a net income of $13.5m, or $0.11diluted income per share, for the fourth quarter of 2011, compared to $92.7m, or $1.12 diluted income per share, for the same period in 2010.
Operating income was $6.1m for the fourth quarter of 2011, compared to $75.8m for the same period a year ago.
Net investment income decreased 4.9% to $54.2m, compared to $57m, the same period in the previous year.
Net earned premiums were $489.4m, down 2.1%, compared to $499.7m for the same period in the prior year.
Aspen CEO Chris Kane said that the company reported an operating loss of $1.26 per share and a book value of $38.43 per share for 2011, down 1.2% from year end 2010.
"Whilst the performance of our catastrophe exposed reinsurance lines has been impacted by the near record year for natural catastrophes, both our casualty and specialty reinsurance units generated good results in a challenging environment. In our Insurance segment our loss ratios were good to excellent in most classes," added Kane.