Results of Operations for the Three Months Ended September 30, 2024 - American Overseas Group Limited Announces Net Income Of $3.4 Million For the Three Months Ended September 30, 2024
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 (AOREF) ha riportato un reddito netto consolidato di 3,4 milioni di dollari, ovvero 73,42 dollari per azione diluita, per il terzo trimestre del 2024, rispetto ai 4,3 milioni di dollari, o 91,11 dollari per azione diluita, nel terzo trimestre del 2023. Il valore contabile dell'azienda per azione ponderata è aumentato a 969,27 dollari, da 776,61 dollari rispetto all'anno precedente.
Le principali evidenze finanziarie includono: i premi netti guadagnati per la copertura di beni e responsabilità sono aumentati di 5,7 milioni di dollari a 13,7 milioni di dollari; il reddito da commissioni è cresciuto di 0,8 milioni di dollari a 5,0 milioni di dollari; e i premi lordi scritti sono aumentati di 59,7 milioni di dollari a 232,6 milioni di dollari. La crescita dei premi diretti scritti è stata alimentata dall'espansione di nuovi programmi, aumenti di tariffa e crescita organica. Le spese operative sono diminuite di 0,3 milioni di dollari a 2,5 milioni di dollari, mentre il rapporto delle spese per aggiustamento delle perdite è leggermente aumentato al 57,4%.
American Overseas Group (AOREF) reportó un ingreso neto consolidado de 3.4 millones de dólares, o 73.42 dólares por acción diluida, para el tercer trimestre de 2024, en comparación con 4.3 millones de dólares, o 91.11 dólares por acción diluida, en el tercer trimestre de 2023. El valor contable de la compañía por acción ponderada aumentó a 969.27 dólares desde 776.61 dólares año tras año.
Los aspectos financieros clave incluyen: las primas netas de propiedad y responsabilidad ganadas aumentaron en 5.7 millones de dólares a 13.7 millones de dólares; los ingresos por comisiones crecieron en 0.8 millones de dólares a 5.0 millones de dólares; y las primas brutas escritas crecieron en 59.7 millones de dólares a 232.6 millones de dólares. El crecimiento en las primas escritas directas fue impulsado por la expansión de nuevos programas, aumentos de tarifas y crecimiento orgánico. Los gastos operativos disminuyeron en 0.3 millones de dólares a 2.5 millones de dólares, mientras que la relación de gastos por ajuste de pérdidas aumentó ligeramente al 57.4%.
American Overseas Group (AOREF)는 2024년 3분기에 340만 달러의 연결 순이익을 기록했으며, 이는 희석 주당 73.42달러에 해당합니다. 이는 2023년 3분기의 430만 달러, 즉 희석 주당 91.11달러와 비교됩니다. 회사의 가중 평균 주당 장부 가치는 전년 대비 969.27달러로 증가했습니다.
주요 재무 하이라이트는 다음과 같습니다: 재산 및 상해 보험에서 얻은 순 프리미엄이 1370만 달러로 570만 달러 증가했습니다; 수수료 수익이 50만 달러로 80만 달러 증가했습니다; 그리고 총 발행 프리미엄이 2억 3260만 달러로 5970만 달러 증가했습니다. 직접 발행된 프리미엄의 성장은 새로운 프로그램 확장, 요금 인상 및 유기적 성장에 의해 주도되었습니다. 운영 비용은 30만 달러 감소하여 250만 달러가 되었고, 손실 조정 비용 비율은 57.4%로 약간 증가했습니다.
American Overseas Group (AOREF) a annoncé un revenu net consolidé de 3,4 millions de dollars, soit 73,42 dollars par action diluée, pour le troisième trimestre 2024, par rapport à 4,3 millions de dollars, soit 91,11 dollars par action diluée, au troisième trimestre 2023. La valeur comptable de l'entreprise par action pondérée a augmenté à 969,27 dollars, contre 776,61 dollars d'une année sur l'autre.
Les principaux points financiers incluent : les primes nettes gagnées pour les biens et la responsabilité ont augmenté de 5,7 millions de dollars à 13,7 millions de dollars; les revenus de frais ont augmenté de 0,8 million de dollars à 5,0 millions de dollars; et les primes brutes souscrites ont augmenté de 59,7 millions de dollars à 232,6 millions de dollars. La croissance des primes écrites directement a été favorisée par l'expansion de nouveaux programmes, des augmentations de tarifs et une croissance organique. Les dépenses d'exploitation ont diminué de 0,3 million de dollars à 2,5 millions de dollars, tandis que le ratio des dépenses d'ajustement de pertes a légèrement augmenté à 57,4%.
American Overseas Group (AOREF) berichtete für das 3. Quartal 2024 von einem konsolidierten Nettogewinn in Höhe von 3,4 Millionen US-Dollar, was 73,42 US-Dollar pro verwässerter Aktie entspricht. Zum Vergleich: Im 3. Quartal 2023 waren es 4,3 Millionen US-Dollar, oder 91,11 US-Dollar pro verwässerter Aktie. Der Buchwert des Unternehmens pro gewogener Aktie stieg im Jahresvergleich auf 969,27 US-Dollar von 776,61 US-Dollar.
Wichtige Finanzkennzahlen umfassen: die netto verdienten Prämien für Sach- und Personenversicherungen stiegen um 5,7 Millionen US-Dollar auf 13,7 Millionen US-Dollar; die Gebühreneinnahmen erhöhten sich um 0,8 Millionen US-Dollar auf 5,0 Millionen US-Dollar; und die bruttoschriebenen Prämien wuchsen um 59,7 Millionen US-Dollar auf 232,6 Millionen US-Dollar. Das Wachstum der direkt geschriebenen Prämien wurde durch die Erweiterung neuer Programme, Preissteigerungen und organisches Wachstum vorangetrieben. Die Betriebskosten sanken um 0,3 Millionen US-Dollar auf 2,5 Millionen US-Dollar, während das Verhältnis der Verlustanpassungskosten leicht auf 57,4% anstieg.
- Net earned property and casualty premiums increased by $5.7M to $13.7M
- Gross written premiums grew by $59.7M to $232.6M
- Book value per weighted share increased by 24.8% YoY to $969.27
- Fee income increased by $0.8M to $5.0M
- Operating expenses decreased by $0.3M to $2.5M
- Net income decreased from $4.3M to $3.4M YoY
- Loss adjustment expenses ratio increased from 57.3% to 57.4%
HAMILTON, Bermuda, Dec. 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
For the three months ended September 30, 2024, net earned property and casualty premiums increased
Quarter to Date fee income increased
For the three months ended September 30, 2024, operating expenses decreased
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 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 September 30, 2024 and December 31, 2023 | |||||||
| (dollars in thousands) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Investments: | |||||||
| Fixed-maturity securities held as available for sale, at fair value | $ | 146,468 | $ | 132,600 | |||
| Cash and cash equivalents | 44,302 | 56,854 | |||||
| Restricted cash | 1,710 | 964 | |||||
| Accrued investment income | 1,069 | 972 | |||||
| Premiums receivable | 212,160 | 174,350 | |||||
| Deferred insurance premiums | 269,190 | 219,828 | |||||
| Reinsurance balances receivable, net | 378,075 | 348,930 | |||||
| Deferred policy acquisition costs | 10,505 | 9,152 | |||||
| Intangible assets | 4,800 | 4,800 | |||||
| Goodwill | 33,050 | 33,050 | |||||
| Other assets | 4,562 | 3,720 | |||||
| Total Assets | $ | 1,105,891 | $ | 985,220 | |||
| Liabilities and Equity | |||||||
| Liabilities: | |||||||
| Loss and loss expense reserve | $ | 370,086 | $ | 332,573 | |||
| Deferred commission income | 7,567 | 6,878 | |||||
| Unearned premiums | 283,249 | 230,123 | |||||
| Ceded premium payable | 222,247 | 183,969 | |||||
| Payable to general agents | 268 | 10,885 | |||||
| Funds withheld | 128,210 | 136,471 | |||||
| Accounts payable and accrued liabilities | 25,139 | 25,725 | |||||
| Notes payable | 20,771 | 20,771 | |||||
| Non-owned interest in VIE | 300 | 300 | |||||
| Interest payable | 578 | 578 | |||||
| Deferred tax liability | 1,941 | 648 | |||||
| Total Liabilities | 1,060,356 | 948,921 | |||||
| Shareholders' Equity: | |||||||
| Common shares | 4,698 | 4,698 | |||||
| Additional paid-in capital | 189,179 | 189,179 | |||||
| Accumulated other comprehensive (loss) | (2,505 | ) | (3,454 | ) | |||
| Retained deficit | (145,837 | ) | (154,124 | ) | |||
| Total Shareholders' Equity | 45,535 | 36,299 | |||||
| Total Liabilities and Equity | $ | 1,105,891 | $ | 985,220 | |||
| See Notes to September 30, 2024 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 September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenues | |||||||||||||||
| Net premiums earned | $ | 13,716 | $ | 7,987 | $ | 37,266 | $ | 20,104 | |||||||
| Fee income | 5,023 | 4,191 | 16,093 | 11,847 | |||||||||||
| Net investment income | 421 | 215 | 918 | 555 | |||||||||||
| Net realized gains on investments | 42 | 2,425 | 47 | 2,862 | |||||||||||
| Other income | 22 | 25 | 59 | 64 | |||||||||||
| Total revenues | 19,224 | 14,843 | 54,383 | 35,432 | |||||||||||
| Expenses | |||||||||||||||
| Losses and loss adjustment expenses | 7,877 | 4,574 | 22,207 | 12,416 | |||||||||||
| Acquisition expenses | 4,030 | 2,628 | 11,182 | 6,379 | |||||||||||
| Operating expenses | 2,462 | 2,775 | 8,680 | 8,351 | |||||||||||
| Interest expense | 578 | 586 | 1,734 | 1,653 | |||||||||||
| Total expenses | 14,947 | 10,563 | 43,803 | 28,799 | |||||||||||
| Pre-tax net profit | $ | 4,277 | $ | 4,280 | $ | 10,580 | $ | 6,633 | |||||||
| Income tax (expense) | (828 | ) | - | (2,293 | ) | - | |||||||||
| Net profit available to common shareholders | 3,449 | 4,280 | 8,287 | 6,633 | |||||||||||
| Net profit per common share: | |||||||||||||||
| Basic | $ | 73.42 | $ | 91.11 | $ | 176.39 | $ | 141.19 | |||||||
| Diluted | 73.42 | 91.11 | 176.39 | 141.19 | |||||||||||
| 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 September 30, 2024 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com | |||||||||||||||
FAQ
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