Business
Results of Operations for the Year Ended December 31, 2022 - American Overseas Group Limited Announces Net Loss Of $1.5 Million For the Year Ended December 31, 2022
Results of Operations for the Year Ended December 31, 2022 - American Overseas Group Limited Announces Net Loss Of $1.5 Million For the Year Ended December 31, 2022.
About this update from American Overseas Group Limited
[{"type":"text","content":"\n HAMILTON, Bermuda, April 28, 2023 (GLOBE NEWSWIRE) -- American Overseas Group Limited BSX: AORE.BH) (Pink Sheets: AOREF.PK) (“AOG” or the “Company”) today reported consolidated net loss available to common shareholders of $1.5 million, or $31.42 per diluted share, for the year ended December 31, 2022. This compares to consolidated net loss available to common shareholders of $5.5 million, or $117.07 per diluted share, for the year ended December 31, 2021. Book value per weighted share at December 31, 2022 was $758.44, a decline from the book value per weighted share of $916.83 at December 31, 2021. For the three months ended December 31, 2022, net earned property and casualty premiums increased $0.2 million from $4.9 million a year ago to $5.1 million. For the year ended December 31, 2022, net earned property and casualty premiums decreased $0.7 million from $20.8 million to $20.1 million. Quarter to Date fee income increased $0.4 million from $2.6 million to $3.0 million and gross written premiums increased $16.6 million, moving from $101.5 million to $118.1 million. Quarter to Date direct written premiums were positively impacted by continued expansion of new programs, rate increases, and overall economic recovery. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium decreased from 84.8% to 82.2%. For the year ended December 31, 2022, fee income increased $0.5 million from $11.2 million a year ago to $11.7 million and gross written premiums increased $32.6 million, moving from $420.5 million to $453.1 million. Year to date direct written premiums were positively impacted by continued expansion of new programs, rate increases, and overall economic recovery. Year to Date Loss and loss adjustment expenses as a percentage of earned premium increased from 69.1% to 72.1%. For the three months ended December 31, 2022, operating expenses decreased $0.2 million from $3.2 million to $3.0 million. For the year ended December 31, 2022, operating expenses decreased $2.7 million from $14.2 million to $11.5 million largely due to a one-time recognition in the amount of $1.2 million in 2021 of items previously held as a receivable against a personal guarantee contract and a $1.5 million decrease in taxes, licenses and fees largely related to increased Louisiana taxes in 2021. As part o...