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American Overseas Group reported strong financial results for 2024, with consolidated net income of $9.4 million ($200.09 per diluted share), up from $5.3 million in 2023. The company's book value per weighted share increased to $976.60 from $772.67.
Key financial highlights:
- Net earned property and casualty premiums grew to $51.6 million, up $22.2 million year-over-year
- Fee income rose to $22.1 million from $16.5 million
- Gross written premiums increased by $248.1 million to $914.7 million
- Loss and adjustment expenses ratio improved to 64.0% from 69.2%
The company's growth was driven by new program expansion, rate increases, and organic growth in existing programs. Operating expenses saw a modest increase to $12.9 million. The company maintains its focus on debt reduction and capital management, unless other compelling opportunities arise.
American Overseas Group (AOREF) reported a consolidated net income of $3.4 million, or $73.42 per diluted share, for Q3 2024, compared to $4.3 million, or $91.11 per diluted share, in Q3 2023. The company's book value per weighted share increased to $969.27 from $776.61 year-over-year.
Key financial highlights include: net earned property and casualty premiums increased by $5.7M to $13.7 million; fee income rose by $0.8M to $5.0 million; and gross written premiums grew by $59.7M to $232.6 million. The growth in direct written premiums was driven by new program expansion, rate increases, and organic growth. Operating expenses decreased by $0.3M to $2.5 million, while loss adjustment expenses ratio slightly increased to 57.4%.
American Overseas Group (BSX: AORE.BH) (Pink Sheets: AOREF.PK) reported consolidated net income of $2.3 million, or $49.81 per diluted share, for Q2 2024. This marks an increase from $0.9 million, or $19.65 per diluted share, in Q2 2023. The company's book value per weighted share rose to $873.62 as of June 30, 2024, up from $817.82 a year earlier.
Key financial highlights for Q2 2024 include:
- Net earned property and casualty premiums increased by $6.2 million to $12.7 million
- Fee income rose by $1.3 million to $5.1 million
- Gross written premiums grew by $70.9 million to $235.2 million
- Loss and loss adjustment expenses as a percentage of earned premium decreased from 65.4% to 61.8%
- Operating expenses increased by $0.3 million to $3.1 million
The company attributes its growth to expansion of new programs, rate increases, and organic growth in existing programs.
American Overseas Group (AOG) reported a notable increase in net income for the quarter ending March 31, 2024. The company achieved a consolidated net income of $2.5 million, or $53.13 per diluted share, compared to $1.4 million, or $30.44 per diluted share, in the same period last year. Book value per weighted share rose to $824.41 from $798.21. The company saw a significant rise in net earned property and casualty premiums, which climbed from $5.6 million to $10.9 million. Fee income also increased from $3.8 million to $5.9 million. Gross written premiums surged by $86.5 million, driven by new programs, rate increases, and organic growth, while operating expenses rose modestly by $0.4 million.
American Overseas Group reported a consolidated net income of $5.3 million for the year ended December 31, 2023, with an earnings per diluted share of $113.56, compared to a net loss in the previous year. The book value per weighted share also increased. Net earned property and casualty premiums saw significant increases for both the quarter and the year, along with fee income and gross written premiums. Operating expenses slightly rose, and the Company aims to reduce debt through capital management.
American Overseas Group reported a consolidated net loss of $0.4 million for Q3 2022, an improvement from a loss of $1.8 million in Q3 2021. The diluted loss per share was $9.40 compared to $37.38 a year prior. Book value per share declined to $780.66 from $959.06. Net earned property and casualty premiums decreased to $4.9 million, while gross written premiums rose to $110.2 million due to rate increases. Operating expenses fell to $2.8 million, aided by reduced costs from the previous year. The Company's capital management strategy focuses on debt reduction.
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