101 0 Kommentare 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

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

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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 insured portfolio, losses, loss reserves and loss development, the adequacy and availability of its liquidity and capital resources, its current run off strategy, its strategy for writing other reinsurance businesses and its expense reduction measures. These statements are based on current expectations and the current views of the economic and operating environment and are not guarantees of future performance. A number of risks and uncertainties, including economic competitive conditions, could cause actual results to differ materially from those projected in forward-looking statements. The Company's actual results could differ materially from those expressed or implied in the forward-looking statements.

Information About the Company

American Overseas Group Limited is an insurance holding company incorporated in Bermuda and a tax resident of the United Kingdom. Its operating subsidiaries provide specialty property/casualty insurance, reinsurance and insurance management services. More information can be found at www.aoreltd.com.

American Overseas Group Limited

info@aoreltd.com



American Overseas Group Limited
Consolidated Balance Sheets
(unaudited)
As at December 31, 2023 and December 31, 2022
(dollars in thousands)


				December 31, 2023			December 31, 2022
Assets

		Investments:
			Fixed-maturity securities held as available for sale, at fair value	$	132,600		$	97,646
			Equity investments held as available for sale, at fair value		-			2,708
		Cash and cash equivalents			56,854			32,212
		Restricted cash			964			3,968
		Accrued investment income			972			455
		Premiums receivable			174,350			94,704
		Deferred insurance premiums			219,828			132,602
		Reinsurance balances receivable, net			348,930			248,234
		Deferred policy acquisition costs			9,152			4,029
		Intangible assets			4,800			4,800
		Goodwill			33,050			33,050
		Other assets			3,720			3,978
			Total Assets	$	985,220		$	658,386


Liabilities and Equity

	Liabilities:
		Loss and loss expense reserve		$	332,573		$	253,886
		Deferred commission income			6,878			2,661
		Unearned premiums			230,123			137,929
		Ceded premium payable			183,969			88,117
		Payable to general agents			10,885			5,469
		Funds withheld			136,471			99,409
		Accounts payable and accrued liabilities			25,725			16,499
		Notes payable			20,771			18,021
		Non-owned interest in VIE			300			300
		Interest payable			578			464
		Deferred tax liability			648			-
			Total Liabilities		948,921			622,755

	Shareholders' Equity:
		Common shares			4,698			4,698
		Additional paid-in capital			189,179			189,179
		Accumulated other comprehensive (loss)			(3,454	)		(4,240	)
		Retained deficit			(154,124	)		(159,459	)
			Total Shareholders' Equity		36,299			30,178
		Non-controlling interest of preferred shares of subsidiaries			-			5,453
		Total Equity			36,299			35,631


			Total Liabilities and Equity	$	985,220		$	658,386


		See Notes to December 31, 2023 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com

American Overseas Group Limited
Consolidated Statements of Operations
(unaudited)
(dollars in thousands, except share and per share amounts)


				Three months ended December 31,						Twelve Months ended December 31,
				2023			2022			2023			2022
	Revenues

		Net premiums earned		$	9,248		$	5,101		$	29,351		$	20,126
		Fee income			4,693			3,007			16,540			11,693

		Net investment income			273			122			829			263
		Net realized (losses) gains on investments			(53	)		-			2,809			237
		Other income			23			20			87			936


			Total revenues		14,184			8,250			49,616			33,255

	Expenses
		Losses and loss adjustment expenses			7,899			4,191			20,315			14,506
		Acquisition expenses			2,560			1,573			8,939			6,342
		Operating expenses			3,790			2,940			12,142			11,540
		Interest expense			585			464			2,237			1,816

			Total expenses		14,834			9,168			43,633			34,204


Pre-tax net profit / (loss)				$	(650	)	$	(918	)	$	5,983		$	(949	)
		Income tax (expense)			(648	)		-			(648	)		-

Net profit / (loss) before dividends					(1,298	)		(918	)		5,335			(949	)
		Dividends on preference shares of subsidiary			-			(527	)		-			(527	)


Net profit / (loss) available to common shareholders				$	(1,298	)	$	(1,445	)	$	5,335		$	(1,476	)


	Net profit / (loss) per common share:
	Basic			$	(27.63	)	$	(30.76	)	$	113.56		$	(31.42	)
	Diluted				(27.63	)		(30.76	)		113.56			(31.42	)

	Weighted-average number of common shares outstanding:
	Basic				46,979			46,979			46,979			46,979
	Diluted				46,979			46,979			46,979			46,979

See Notes to December 31, 2023 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com