Bermuda-based Aspen Insurance has posted a net income of $219m for the first half of 2023, a jump of 352% from $48.4m in the year-ago half.

For the six months ended 30 June 2023, operating income was $191m, up 47% from $130m in the first half of 2022.

Underwriting income rose by 33% to $208m from $157m in the year-ago period.

Across the group, gross written premiums (GWP) were $2.12bn, down 10% compared with $2.35bn last year.

The company attributed the drop to its plan to streamline its portfolio, cut down the exposure and handle volatility, which was offset partially by a rise in rates.

During the period, net written premiums also dropped 10% to $1.35bn from $1.5bn in H1 2022.

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In the insurance segment, the GWPs were $1.25bn, a decline of 4% compared with $1.3bn in 2022.

The decline was driven by the company’s plan to cut down the writing of some programmes, which failed to meet its profitability outlooks.

The GWPs in the reinsurance business dropped 16% to $876m versus $1.04bn in the year-ago half.

The company’s planned activities to reduce exposure to some volatile business lines with insufficient terms as part of the ongoing portfolio streamlining caused this decline.

Aspen Insurance group executive chairman and CEO Mark Cloutier said: “This result reflects the sustained impact of our highly disciplined approach and the benefits of the well-diversified portfolio we have deliberately constructed.

“In the first half of the year, we again saw significant rate increases across our portfolio, and the outlook remains favourable. 

“Our relentless focus on underwriting discipline and managing volatility means we are well placed to continue to take advantage of current market conditions.”

Aspen recently entered a global claims management outsourcing contract with integrated legal and business service provider DWF.