ASPEN INSURANCE HOLDINGS LTD AHL Cash Flow

Aspen insurance holdings ltd (AHL)

CashFlow / Quarterly

Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows (used in) operating activities:
Net income
10,600	-146,800	-15,100	-14,700	30,800	-184,900	-253,800	75,800	96,500	-71,500	95,600	64,900	114,400	117,900	28,200	49,000	128,000	67,200	37,400	130,800	120,400	90,000	107,400	40,100	91,800	2,000	115,100	84,600	78,700	12,400	21,200	9,100	-152,800	92,700	92,800	108,900	18,300
Proportion due to non-controlling interest
-200	800	-100	100	200	500	600	100	100	100	-200	400	-200	0	300	500	0	800	-100	0	100	-200	-300	0	0	-100	0	200	100	-100	600	-200	-200	-	-	-	-
Adjustments to reconcile net income to net cash flows from operating activities:
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization
8,900	11,400	9,000	12,400	10,600	22,500	12,300	16,400	11,000	15,900	12,500	12,900	10,200	7,200	6,300	3,800	11,200	1,900	9,000	17,500	1,200	13,800	9,200	12,400	5,700	7,700	14,200	8,900	8,000	8,800	5,300	6,900	7,100	5,800	6,400	8,200	1,000
Share-based compensation
0	1,400	500	3,600	4,600	2,800	1,000	-1,900	7,900	3,900	4,800	2,700	4,100	4,600	6,200	2,400	4,700	7,100	-400	5,800	2,600	9,800	1,800	4,100	5,700	5,000	4,300	4,000	4,500	2,900	0	0	1,100	6,300	3,300	1,200	2,000
Realized and unrealized investment gains
42,000	4,100	1,800	3,500	100,600	18,800	29,900	49,000	51,200	-29,000	26,700	45,100	65,600	12,900	10,700	13,500	57,400	-7,300	1,100	34,600	17,900	2,600	23,600	14,400	16,300	6,100	13,200	5,400	10,700	-	-	-	-	-	-	-	-
Realized and unrealized investment losses
6,200	9,500	2,700	24,200	138,300	4,000	12,400	7,000	5,000	29,100	5,200	8,300	20,600	-17,700	51,900	28,800	14,500	5,800	1,300	3,300	4,300	-7,500	5,900	21,000	1,100	400	2,400	4,100	1,700	-	-	-	-	-	-	-	-
Deferred taxes
200	9,000	-600	-700	-600	26,900	3,900	2,700	-1,000	100	5,400	-500	-14,400	9,600	4,400	1,500	-8,700	-6,100	1,300	2,200	-2,100	27,300	-2,500	-9,200	3,900	17,900	-1,100	-400	4,400	14,900	21,200	300	-400	13,000	8,900	9,200	-1,200
Change in fair value of loan notes issued by variable interest entities
-1,500	-300	-1,700	-3,400	1,000	17,600	9,800	-3,300	-2,900	-3,400	-9,800	500	-4,400	-5,300	-8,300	-3,300	-2,900	-4,100	-8,500	-2,600	-3,400	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Net realized and unrealized investment foreign exchange losses/(gains)
-38,700	7,100	-24,300	16,300	1,700	4,300	2,000	14,200	-5,500	-4,500	83,000	-82,100	2,200	-3,200	10,100	9,300	-21,700	30,500	-10,000	-22,100	800	7,800	5,600	-12,700	-4,400	-300	-100	-600	-900	-21,500	3,000	10,100	8,400	-	-21,100	-5,500	-12,100
Other investment (gains)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000	600	-200
Net change from current period hedged transactions
-1,600	0	400	2,100	-700	200	400	-2,000	-1,200	-2,000	-2,500	2,400	1,400	-400	500	-5,100	2,400	0	0	0	0	-300	0	-100	-100	-	-	-	-	-100	-100	0	-100	-	-	-	0
Amortization of right-of-use operating lease assets
3,300	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest on operating lease liabilities
-1,200	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Insurance reserves:
Losses and loss adjustment expenses
-132,000	373,100	200,400	-79,200	-91,800	246,700	879,100	148,100	18,300	116,500	160,300	130,900	58,500	42,300	111,300	56,800	34,100	72,000	183,800	-14,900	-81,600	-129,200	57,200	-53,100	42,200	-142,400	-25,400	-3,400	-40,700	-121,900	-101,300	-119,200	-357,800	-152,000	-134,300	-69,100	-153,800
Unearned premiums
203,400	-263,600	-111,100	8,200	274,900	-104,000	-61,400	75,800	263,700	-157,500	-30,900	9,900	202,400	-98,700	-16,500	17,800	217,800	-73,400	-60,000	85,600	200,400	-54,000	-47,900	76,000	184,400	-62,800	-48,500	83,600	226,000	-90,600	-30,700	42,700	138,900	-86,700	-125,000	-43,300	212,200
Reinsurance recoverables:
Unpaid losses
43,900	-834,200	111,700	56,300	90,400	-1,741,600	585,300	138,700	73,900	-293,000	24,400	39,400	9,300	-9,600	-10,500	26,000	-14,500	29,700	-24,400	-5,200	-19,400	109,300	32,300	5,900	16,600	-37,600	-1,300	-3,700	-27,800	-69,600	-26,800	1,500	-51,700	-18,600	-14,000	128,900	-56,300
Ceded unearned premiums
88,100	-108,200	-57,700	43,000	167,700	68,700	-18,600	58,000	149,500	25,600	6,300	-18,500	74,200	-55,400	-32,800	-20,400	70,800	-24,900	12,000	-4,700	69,400	-28,200	-47,500	7,800	97,300	-28,700	-40,400	16,000	87,100	-42,200	36,600	-52,700	83,500	19,100	-64,900	-103,200	109,500
Other receivables
19,100	-80,400	27,000	66,300	-42,800	-21,900	60,800	-15,600	24,900	-35,400	6,500	6,700	20,800	-20,300	-1,200	19,200	1,700	-6,000	-5,600	-400	16,500	-5,200	-14,800	4,900	2,700	-5,000	1,300	1,600	500	-	-	-	-	-	-	-	-
Accrued investment income and other receivables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,800	-8,000	12,600	-3,300
Deferred policy acquisition costs
39,300	-41,100	-8,200	-17,900	25,500	-59,800	-11,800	-5,300	7,500	-28,800	-21,500	1,000	46,900	14,500	-2,300	12,100	37,600	2,100	-4,700	16,800	27,300	0	-2,900	25,300	16,700	-9,100	-2,400	18,900	30,200	-7,500	2,500	13,000	21,500	-19,200	-16,100	-200	37,800
Reinsurance premiums payable
139,200	-181,300	-8,300	111,200	130,500	-84,500	126,800	-39,300	20,800	157,600	28,600	-7,900	55,700	-41,600	-28,800	-7,700	80,800	-28,300	53,400	-87,200	66,600	-59,100	-46,900	15,200	58,000	82,800	-29,000	-91,500	35,400	21,600	-71,700	-20,000	112,700	-26,800	-15,200	-33,800	79,000
Funds withheld
200	200	2,300	-13,600	3,100	-300	10,200	-500	17,300	21,500	5,600	6,400	3,600	-3,000	-5,500	-1,600	-800	-500	-400	-1,600	2,900	-1,200	-33,800	-3,500	700	4,800	-11,500	4,100	-3,800	25,600	-16,800	-4,400	3,000	4,300	-4,500	9,900	-11,500
Premiums receivable
236,400	-251,000	-10,100	-11,200	240,700	-44,600	-80,000	53,800	159,500	-35,800	19,900	79,500	207,500	-86,200	-39,900	-28,800	278,600	-78,200	-89,700	5,900	190,500	-91,400	-111,900	50,200	101,000	60,700	-57,200	-1,800	164,200	-58,100	-119,800	130,900	110,500	-55,800	-108,900	76,900	207,500
Income tax payable
5,500	24,600	-18,800	-600	-3,600	16,900	-5,300	2,500	1,800	-28,100	1,100	6,900	0	-400	-2,200	400	-5,200	-20,800	-1,700	10,700	1,000	25,400	-1,500	-8,700	6,100	3,800	2,600	3,800	8,100	-8,200	22,700	-27,900	-18,700	-100	11,200	10,300	-19,200
Accrued expenses and other payables
-38,000	-56,900	28,600	-49,500	-10,400	134,000	35,000	-2,800	-19,200	49,300	-6,000	34,400	-2,000	66,300	-37,600	-57,500	16,900	-24,800	61,400	-61,800	76,800	-42,800	24,300	4,100	4,800	22,200	600	18,900	10,700	-7,800	-3,200	13,900	-13,300	61,600	8,800	22,800	-42,400
Fair value of derivatives and settlement of liabilities under derivatives
-45,400	-3,800	38,500	-48,500	7,900	-100	-8,000	12,600	12,100	-11,000	-1,600	8,100	-11,900	-2,200	10,400	6,300	-3,100	-600	-1,900	-9,900	2,000	800	15,000	-1,800	-4,800	-9,900	700	1,000	500	-	-	-	-2,400	9,100	-1,000	1,200	0
Long-term debt and loan notes issued by variable interest entities
0	200	-20,300	-11,900	-12,000	-57,200	-9,300	600	-4,700	2,400	8,600	-400	1,600	0	0	100	0	-	-	-	-	100	0	0	100	-	-	-	-	-	-	-	-	-	-	-	-
Operating lease liabilities
4,500	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Intangible assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	0	0	300	-200	-	-	-	-300	-	-	-	-	-	-	-	-
Other assets
1,500	-	-	-	0	-	-	-	-	0	0	-800	-2,300	800	600	-15,700	5,000	3,100	1,100	400	1,700	5,300	12,100	2,900	-500	-22,100	-1,900	11,700	-5,900	-6,100	7,400	5,600	2,200	-19,100	20,800	2,500	7,100
Net cash (used in) operating activities
-179,500	-81,700	-11,400	-88,600	-122,800	-159,300	152,300	-20,200	-84,300	73,400	137,600	175,000	67,200	210,500	159,300	132,400	72,000	127,300	172,200	96,000	211,900	133,400	184,800	144,700	103,500	151,300	185,500	60,200	99,400	65,100	84,400	39,300	154,700	122,200	254,200	145,100	102,800
Cash flows from investing activities:
(Purchases) of fixed income securities — Available for sale
263,600	350,300	414,000	373,400	647,900	333,800	391,800	406,400	441,200	565,300	479,800	508,700	682,900	763,700	428,900	455,600	483,700	564,100	522,800	380,900	537,200	381,200	566,800	537,300	644,500	472,500	351,800	284,300	421,000	239,800	323,800	577,200	643,600	213,600	776,700	501,700	604,800
(Purchases) of fixed income securities — Trading
212,000	223,100	190,600	314,300	532,900	187,800	569,100	290,400	265,600	368,200	190,700	198,500	215,900	169,900	111,500	122,100	153,400	99,800	154,700	206,800	192,100	207,900	283,200	157,300	115,000	113,100	73,000	56,100	58,600	43,400	57,400	46,900	230,900	-	-	-	-
Proceeds from sales and maturities of fixed income securities — Available for sale
538,900	320,100	289,500	649,000	388,500	436,900	542,000	599,300	440,600	639,200	480,600	548,100	640,000	444,400	350,400	320,800	540,700	412,600	1,124,700	190,900	181,300	1,596,000	67,800	107,300	101,200	1,252,000	49,800	48,600	66,100	1,467,500	52,200	39,400	264,400	-	-	-	-
Proceeds from sales and maturities of fixed income securities — Trading
218,300	437,500	398,000	318,100	507,400	193,700	266,600	259,700	237,600	112,700	180,100	168,700	132,200	165,500	89,900	130,700	133,800	100,200	-500,200	417,100	598,800	-1,078,400	578,600	346,700	639,100	-732,500	240,400	355,000	394,300	-1,008,300	348,600	562,500	487,100	341,400	693,700	470,800	544,800
(Purchases) of equity securities Available for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	100	2,400	11,600	12,000	11,000	18,500	19,700	10,700	3,900	171,100	-	-	-	-
(Purchases) of equity securities — Trading
0	0	0	0	16,500	19,800	41,400	43,600	26,500	35,400	41,400	58,200	60,300	57,000	66,300	82,200	186,700	120,900	121,200	67,100	51,800	29,000	38,600	32,200	204,600	-	-	-	-	-	-	-	-	-	-	-	-
Net (purchases) of catastrophe bonds — Trading
1,500	100	1,800	700	1,500	1,300	5,100	-13,400	-400	24,800	-4,100	-24,600	-8,900	18,900	3,800	0	-1,800	2,700	1,700	12,200	12,100	5,800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of equity securities Available for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	108,600	12,300	12,100	11,600	4,000	20,400	29,700	23,800	8,300	11,000	10,100	9,500	16,300	-	-	-	-	-	-	-	0
Proceeds from sales of equity securities — Trading
0	0	0	0	505,600	15,100	242,300	38,000	20,900	225,600	39,000	48,300	59,100	56,100	63,600	67,400	83,700	26,200	17,800	12,900	5,300	9,000	5,000	5,600	4,500	-	-	-	-	-	-	-	-	-	-	-	-
(Purchases) of short-term investments — Available for sale
90,400	45,000	53,800	23,400	8,600	88,000	9,500	0	33,200	21,900	121,100	24,200	57,400	93,500	9,300	47,200	62,100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of short-term investments — Available for sale
21,200	57,300	6,800	5,100	44,000	33,100	18,000	122,500	15,900	43,000	60,200	51,000	88,700	76,900	33,300	49,000	123,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Purchases) of short-term investments — Trading
143,000	8,100	1,000	1,300	6,000	27,300	47,400	16,500	4,800	24,300	161,300	5,000	0	7,400	22,500	2,900	12,800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sales of short-term investments — Trading
14,200	2,700	24,300	500	51,400	44,200	32,600	129,100	6,100	7,800	4,500	-300	2,100	4,800	16,700	2,500	12,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in (payable)/receivable for securities sold
1,400	-11,500	-13,500	-90,300	109,800	-30,500	-300	29,500	-8,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (purchases) of other investments
0	0	13,800	86,200	0	-	-	-	-	-	-	-	-	-	-	-	-	-2,000	0	0	-37,300	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Non-controlling interest introductory capital
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Net (purchases) of equipment
3,600	6,500	7,900	4,900	8,000	8,300	9,100	7,700	9,900	8,000	-2,800	13,700	4,800	3,500	4,400	400	5,600	12,700	3,200	12,900	-2,700	6,200	3,600	6,600	-100	4,100	7,100	5,100	7,700	8,300	6,800	9,800	5,000	5,000	6,400	5,700	800
Net (purchases)/sales of short-term investments Available for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	61,900	-	-85,100	-115,500	-72,900	-67,700	-13,200	75,000	128,600	5,900	98,700	15,200	-106,500	-13,300	-19,300	73,400	-132,600
Net (purchases) of short-term investments Trading
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in (payable)/receivable for securities (purchased)/sold
-	-	-	-	-	-	-	-	-	-	-	-	23,600	-	8,900	-10,100	15,900	-	-7,000	6,200	13,600	-6,500	6,600	-12,900	11,900	-18,200	22,800	-4,900	1,400	-	-	-	-22,200	11,700	33,000	1,900	5,700
Proceeds from Sale of Equity Method Investments
-	-	-	-	-	0	0	0	9,300	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (purchases) of investments, equity method
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for acquisitions and investments, net of cash acquired
-	-	-	-	-	-2,300	0	0	2,300	6,800	0	0	52,700	0	-800	0	800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	10,000	-400	3,800
Net cash from investing activities
79,900	172,900	22,100	77,000	385,300	25,700	27,700	409,700	-44,100	-28,200	-204,200	900	-119,400	-383,000	-83,900	-150,100	115,100	-209,400	-124,200	-169,300	-12,100	-104,700	-109,000	-155,700	-128,500	-30,000	-107,600	-23,300	-156,300	157,900	-88,600	-65,000	-214,800	98,700	-46,300	-107,700	73,700
Cash flows (used in) financing activities:
Proceeds from the issuance of ordinary shares, net of issuance costs
900	100	100	2,300	200	100	0	300	100	500	100	400	1,500	2,400	400	500	3,500	800	100	1,000	800	4,500	3,900	6,800	6,000	600	19,500	700	1,300	300	0	0	500	-	-	-	0
Ordinary shares canceled
100	0	0	0	0	-	-	-	-	25,000	6,500	18,500	25,000	0	0	47,200	36,500	60,000	90,000	0	30,900	14,700	54,800	29,900	210,200	-	-	-	-	0	6,400	0	1,700	199,800	8,000	0	200,000
Repayment of long-term debt issued by Silverton
200	46,600	14,700	17,900	45,800	-115,900	1,800	2,900	111,200	-89,300	300	1,600	87,400	-	800	2,100	64,900	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preference share redemption
-	-	-	-	-	0	160,000	0	133,200	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid on ordinary shares
0	0	14,300	14,300	14,300	14,200	14,400	14,400	13,200	13,200	13,300	13,400	12,800	12,800	12,700	13,000	12,400	12,400	13,100	13,100	11,700	11,800	12,200	11,900	11,900	11,900	12,300	12,200	10,600	10,700	10,600	10,600	10,600	11,500	11,500	11,700	11,800
Dividends paid on preference shares
7,600	7,700	7,600	7,600	7,600	7,500	7,700	10,500	10,500	13,400	9,500	9,400	9,500	9,400	9,500	9,400	9,500	9,400	9,500	9,400	9,500	9,400	9,500	8,000	8,600	8,500	8,600	8,300	5,700	5,700	5,700	5,700	5,700	5,700	5,700	5,700	5,700
Cash paid for tax withholding purposes
2,800	100	200	200	4,200	100	400	1,300	7,800	0	0	-6,700	6,700	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) financing activities
-9,800	-27,500	-36,700	-171,300	-71,700	-21,500	-204,300	-38,800	-275,800	53,900	211,800	-35,800	-139,900	80,100	-22,600	-71,200	-119,800	-11,100	-112,500	-21,500	-51,300	59,100	-72,600	-2,600	-224,700	-30,700	-26,500	107,900	-15,000	-16,200	-22,700	-16,300	-17,500	52,500	-25,200	-17,400	-217,500
Effect of exchange rate movements on cash and cash equivalents
1,600	-6,600	-18,100	6,700	1,300	600	5,200	4,600	3,500	-8,600	-700	-4,400	-4,300	-4,800	-4,500	11,400	-19,900	-17,400	8,400	-3,700	1,600	7,500	6,200	-10,200	-1,200	-1,200	13,800	-9,100	6,100	-6,500	-8,400	-800	15,400	-8,600	5,500	4,700	-6,000
(Decrease)/increase in cash and cash equivalents
-107,800	57,100	-44,100	-176,200	192,100	-154,500	-19,100	355,300	-400,700	90,500	144,500	135,700	-196,400	-97,200	48,300	-77,500	47,400	-110,600	-56,100	-98,500	150,100	95,300	9,400	-23,800	-250,900	89,400	65,200	135,700	-65,800	200,300	-35,300	-42,800	-62,200	264,800	188,200	24,700	-47,000
Supplemental disclosure of cash flow information:
Net cash (received) during the period for income tax
-2,300	-5,500	0	6,000	-800	3,600	2,400	-3,500	900	6,800	2,800	-3,000	400	6,400	6,400	-100	-3,900	-5,400	3,200	-1,600	5,600	-13,600	20,600	-13,300	0	4,600	4,600	1,900	-100	20,000	-11,000	15,400	400	7,600	2,500	27,100	18,800
Cash paid during the period for interest
5,500	4,900	5,400	7,600	7,400	6,800	7,400	7,400	7,400	14,500	0	14,500	0	14,500	0	14,500	0	14,400	0	7,300	7,300	12,500	7,500	7,500	7,500	7,500	7,500	7,500	7,500	7,500	7,500	7,700	7,500	0	7,500	0	7,500