Business
Results of Operations for the Three Months Ended March 31, 2022 - American Overseas Group Limited Announces Net Income Of $0.7 Million and Operating Income of $0.7 Million For the Three Months Ended March 31, 2022
Results of Operations for the Three Months Ended March 31, 2022 - American Overseas Group Limited Announces Net Income Of $0.7 Million and Operating Income of $0.7 Million For the Three Months Ended March 31, 2022.
About this update from American Overseas Group Limited
[{"type":"text","content":"\n HAMILTON, Bermuda, June 30, 2022 (GLOBE NEWSWIRE) -- American Overseas Group Limited (BSX: AORE.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net income available to common shareholders of $0.7 million, or $15.06 per diluted share, for the three months ended March 31, 2022. This compares to consolidated net income available to common shareholders of $1.0 million, or $20.81 per diluted share, for the year ended March 31, 2021. Book value per weighted share at March 31, 2022 was $850.78, a decline from the book value per weighted share of $1,055.01 at March 31, 2021.   For the three months ended March 31, 2022, the Company had an operating income of $0.7 million, or $15.30 per diluted share, compared to operating income of $0.9 million, or $19.99 per diluted share for the year ended March 31, 2021. For the three months ended March 31, 2022, net earned property and casualty premiums increased $0.1 million from $5.0 million a year ago to $5.1 million. Fee income remained constant at $3.3 million while gross written premiums increased $4.2 million, moving from $103.9 million to $108.1 million. Quarterly direct written premiums were positively impacted by rate increases in current business. Loss and loss adjustment expenses as a percentage of earned premium increased from 54.6% to 64.2% as loss costs continued to increase in 2022 due to both frequency and severity. For the three months ended March 31, 2022, operating and acquisition expenses increased $0.4 million from $4.3 million to $4.7 million primarily driven by a one-time favorable accrual adjustment to consulting contracts in Q1 2021 of $0.2 million, and a year over year increase in acquisition, taxes, licenses and fees associated with program business written in Louisiana of $0.1 million. As part of its ongoing capital management efforts, the Company will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves. Forward-Looking Statements This release contains statements that may be considered \"forward-looking statements\" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, without limitation, the Company's expectations respecting the volatility of its insu...