Business Context and Reporting Period
Company: Aspen Insurance Holdings Limited
Filing Type: Form 8-K (Current Report)
Date of Report: April 27, 2006
Reporting Period: Quarter ended March 31, 2006
Purpose: Correction of previously reported financial data regarding dividends paid on ordinary shares and related balance sheet and equity line items.
Key Financial Metrics (Corrected)
The filing provides corrected figures for the quarter ended March 31, 2006, following an error where preference share dividends were double-counted within ordinary share dividends.
| Line Item | Corrected Value (US$ millions) |
|---|---|
| Dividends paid on ordinary shares | (14.3) |
| Retained income | 43.6 |
| Accrued expenses and other payables | 154.3 |
| Total payables | 430.2 |
| Total liabilities | 4,779.9 |
| Retained earnings | 187.8 |
| Total shareholders' equity | 2,078.9 |
| Average equity | 2,081 |
Per Share Data (US$):
- Book value per ordinary share: 19.40
- Diluted book value (treasury stock method): 18.95
Material Changes Versus Prior Reporting
The filing corrects a specific accounting error in the original press release and earnings supplement issued on April 26, 2006.
- Original Error: Dividends paid on ordinary shares were reported as $18.2 million, which incorrectly included the $3.9 million in dividends declared on preference shares.
- Correction: Dividends paid on ordinary shares have been adjusted downward to $14.3 million.
- Impact: This adjustment cascaded to increase Retained Income, Retained Earnings, and Total Shareholders' Equity, while decreasing Accrued expenses and Total Payables.
Guidance, Outlook, and Risks
This filing is a corrective report and does not contain new management guidance, forward-looking outlook, or discussion of new risks. It solely addresses the restatement of historical financial data for the quarter ended March 31, 2006.
Investor Verification Checklist
- Verify the corrected dividend payout for ordinary shares is $14.3 million, not the previously reported $18.2 million.
- Confirm that Total Shareholders' Equity is reported as $2,078.9 million.
- Ensure Book Value per Ordinary Share is calculated at $19.40 based on the corrected net assets.
- Note that the filing explicitly states the information is not "filed" for purposes of Section 18 of the Exchange Act unless specifically referenced.