AMERICAN OVERSEAS GRP NEW - AOREF STOCK NEWS

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 Limited (AOG) reported a consolidated net income of $4.3 million for the three months ended September 30, 2023, compared to a net loss of $0.4 million for the same period in 2022. The book value per weighted share at September 30, 2023, was $776.61, slightly lower than the previous year. Net earned property and casualty premiums increased to $8.0 million, while fee income and gross written premiums also showed significant growth. The company remains focused on capital management and debt reduction.

American Overseas Group Limited reported consolidated net income of $0.9 million for Q2 2023, compared to a net loss of $0.3 million in Q2 2022. Book value per weighted share increased from $775.49 to $817.82. Net earned property and casualty premiums increased by $1.4 million. Quarter to Date fee income increased by $1.1 million. Gross written premiums increased by $47.7 million. Quarter to Date loss and loss adjustment expenses decreased from 71.4% to 65.4%. Operating expenses remained constant at $2.8 million.

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.

American Overseas Group Limited (stock symbol: AOREF) announced that its subsidiary, American Overseas Reinsurance Company Limited, declared a dividend of $1,569.00 per Class B preference share. This dividend will be payable on December 16, 2022 to shareholders on record as of December 9, 2022. The company, based in Bermuda, specializes in property/casualty insurance and reinsurance services.