Business
Results of Operations for the Year Ended December 31, 2023 - American Overseas Group Limited Announces Net Income Of $5.3 Million For the Year Ended December 31, 2023
Results of Operations for the Year Ended December 31, 2023 - American Overseas Group Limited Announces Net Income Of $5.3 Million For the Year Ended December 31, 2023.
About this update from American Overseas Group Limited
[{"type":"text","content":"\n HAMILTON, Bermuda, April 30, 2024 (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 $5.3 million, or $113.56 per diluted share, for the year ended December 31, 2023. This compares to consolidated net loss available to common shareholders of $1.5 million, or $31.42 per diluted share, for the year ended December 31, 2022. Book value per weighted share at December 31, 2023 was $772.67, an increase from the book value per weighted share of $758.44 at December 31, 2022. For the three months ended December 31, 2023, net earned property and casualty premiums increased $4.1 million from $5.1 million a year ago to $9.2 million. For the year ended December 31, 2023, net earned property and casualty premiums increased $9.3 million from $20.1 million to $29.4 million. Quarter to Date fee income increased $1.7 million from $3.0 million to $4.7 million and gross written premiums increased $77.5 million, moving from $118.1 million to $195.6 million. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium increased from 82.2% to 85.4%.   For the year ended December 31, 2023, fee income increased $4.8 million from $11.7 million a year ago to $16.5 million and gross written premiums increased $213.5 million, moving from $453.1 million to $666.6 million. For both the quarter and the year, direct written premiums were positively impacted by continued expansion of new programs, rate increases, and organic growth in existing programs. Year to Date Loss and loss adjustment expenses as a percentage of earned premium decreased from 72.1% to 69.2%.   For the three months ended December 31, 2023, operating expenses increased $0.8 million from $3.0 million to $3.8 million. For the year ended December 31, 2023, operating expenses increased $0.6 million from $11.5 million to $12.1 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 pr...