Business
American Overseas Group Limited Announces Fourth Quarter 2013 Net Income of $3.4 Million and Operating Income of $1.1 Million
American Overseas Group Limited Announces Fourth Quarter 2013 Net Income of $3.4 Million and Operating Income of $1.1 Million.
About this update from American Overseas Group Limited
[{"type":"text","content":"\nHAMILTON, Bermuda, May 19, 2014 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX:AORE.BH) (Pink Sheets:AORE) (\"AOG\" or the \"Company\") today reported net income of $3.4 million, or $1.24 per diluted share, for the quarter ended December 31, 2013. This compares to a net loss of $21.8 million, or $8.08 per diluted share, for the fourth quarter of 2012. The net income for the year of 2013 was $10.9 million, or $3.96 per diluted share. This compares to a net loss of $22.9 million, or $8.58 per diluted share, for the year of 2012. Property/casualty premiums earned for the year ended December 31, 2013 were $16.8 million compared to $6 million for the year of 2012. The results for the fourth quarter and year of 2013 were primarily impacted by the positive movement on the reserves related to the financial guaranty business, with the property/casualty business recording an approximately breakeven result. Book value per share at December 31, 2013 was $27.54, an increase of 5% from year-end 2012 when book value per share was $26.15.\n\n\tDuring the fourth quarter of 2013, operating income was $1.1 million, or $0.39 per diluted share, compared to operating loss of $9.6 million, or $3.54 per diluted share, during the fourth quarter of 2012. Operating income for the year of 2013 was $8.9 million, or $3.25 per diluted share, compared to operating loss of $6.9 million, or $2.57 per diluted share, for the year of 2012. Operating book value per share was $49.38 at December 31, 2013, an increase of 2% from year-end 2012 when operating book value per share was $48.35. Operating income and operating book value per share are non-GAAP financial measures. Please refer to \"Explanation of Non-GAAP Financial Measures\" below for a description of operating income and for a reconciliation of operating income to net income and operating book value per share to book value per share.\n\n\tAs a cost saving measure, the Company will be publicly reporting financial results and publishing financial statements semi-annually rather than quarterly. This is effective for reporting on periods beginning January 1, 2014.\n\n\tSubsequent Events:\n\n\tOn February 14, 2014, the Company established an irrevocable trust (the \"Series A Trust\") for the benefit of the holders of the Series A Preferences Shares. The Company deposited assets valued at $3 million in...