American Oversea - AOREF STOCK NEWS

American Overseas Group Limited (AOREF) reported a consolidated net loss of $0.3 million, or $6.28 per diluted share, for Q2 2022, an improvement from a loss of $3.0 million, or $63.75 per diluted share, in Q2 2021. The book value per share declined to $775.49 from $1,003.21 year-over-year. Operating losses decreased to $0.5 million from $2.4 million a year prior. While net earned premiums fell to $5.1 million, gross written premiums rose to $116.6 million. Operating expenses decreased 43% to $2.8 million, enabling capital redirection for debt reduction.

American Overseas Group Limited reported Q1 2022 consolidated net income of $0.7 million ($15.06 per diluted share), down from $1.0 million ($20.81 per diluted share) in Q1 2021. Book value per weighted share decreased to $850.78 from $1,055.01. Operating income fell to $0.7 million ($15.30 per diluted share) compared to $0.9 million ($19.99 per diluted share) a year earlier. Net earned premiums rose slightly to $5.1 million, while gross written premiums increased from $103.9 million to $108.1 million. Loss adjustment expenses surged, reflecting higher costs due to frequency and severity.

American Overseas Group Limited announced a private repurchase of $3.7 million in liquidation value of its Class B Preference Shares from an undisclosed holder. The transaction was completed by its subsidiary, American Overseas Reinsurance Company Limited. This strategic buyback is expected to enhance shareholder value and potentially improve EPS moving forward. The company is primarily focused on monoline personal auto insurance through its subsidiary, Old American Capital Corp.

American Overseas Group Limited reported a consolidated net loss of $5.5 million for 2021, compared to $5.0 million in 2020. The book value per share decreased to $916.83 from $1,062.22. Operating loss narrowed from $22.1 million in 2020 to $5.0 million. Net earned property and casualty premiums rose to $20.8 million while gross written premiums increased to $420.5 million. However, loss expenses as a percentage of earned premiums escalated to 69.1%. The company aims to manage excess capital for debt reduction.

American Overseas Group Limited reported a consolidated net loss of $1.8 million, or $37.38 per diluted share, for Q3 2021, a stark contrast to a net income of $0.5 million in Q3 2020. Book value per share decreased from $1,126.51 to $959.06 year-over-year. Operating loss was also reported at $1.8 million, compared to an operating income of $0.6 million previously. Although net earned property and casualty premiums rose to $5.4 million, loss expenses surged from 55.1% to 71.2% of earned premiums. Operating expenses increased significantly due to higher taxes and the return of marketing activities.

AOG reported a consolidated net loss of $3.0 million for Q2 2021, up from $1.4 million in Q2 2020, equating to $63.75 per diluted share. Book value per weighted share declined to $1,003.21 from $1,112.19 year-over-year. The operating loss improved to $2.4 million from $20.7 million. Despite an increase in net earned property and casualty premiums to $5.6 million, loss and adjustment expenses surged to 66.0% of earned premiums. Operating expenses rose to $4.9 million, primarily due to a one-time item related to a personal guarantee contract.

American Overseas Group Limited reported a consolidated net income of $1.0 million, or $20.81 per diluted share, for Q1 2021, recovering from a net loss of $0.8 million in Q1 2020. The growth was attributed to increased property and casualty business in existing and new programs. Operating income rose to $0.9 million from an operating loss of $1.2 million year-over-year. However, book value per weighted share decreased to $1,055.01 from $1,062.22. Premiums increased from $3.8 million to $5.0 million. Operating expenses decreased by 35.9% to $2.5 million.

American Overseas Group Limited reported a consolidated net loss of $5.0 million, or $106.53 per diluted share, for the year ended December 31, 2020, worsening from a loss of $3.7 million in 2019. The financial guaranty segment heavily impacted results, leading to an operating loss of $22.4 million, compared to $9.1 million the previous year. Book value per share decreased to $1,062.22 from $1,159.08. Despite challenges, the property and casualty segment showed growth with net earned premiums increasing from $8.8 million to $15.8 million in 2020.

On June 14, 2021, American Overseas Group Limited announced a dividend of $1,569.00 per Class B preference share, payable on June 16, 2021. Shareholders of record as of June 9, 2021 will receive the payment. This declaration reflects the company's ongoing commitment to shareholder returns. AOG operates in the specialty property/casualty insurance sector, providing reinsurance and management services through its subsidiary, American Overseas Reinsurance Company.