Results of Operations for the Three Months Ended March 31, 2025 - American Overseas Group Limited Announces Net Income Of $4.3 Million For the Three Months Ended March 31, 2025.
HAMILTON, Bermuda, June 30, 2025 (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 $4.3 million, or $90.53 per diluted share, for the three months ended March 31, 2025. This compares to consolidated net income available to common shareholders of $2.5 million, or $53.13 per diluted share, for the three months ended March 31, 2024. Book value per weighted share at March 31, 2025 was $1,084.80, an increase from the book value per weighted share of $824.41 at March 31, 2024.
For the three months ended March 31, 2025, net earned property and casualty premiums increased $2.5 million from $10.9 million a year ago to $13.4 million.
Quarter to Date fee income increased $0.5 million from $5.9 million to $6.4 million and gross written premiums increased $29.3 million, moving from $220.4 million to $249.7 million. Quarter to Date Loss and loss adjustment expenses as a percentage of earned premium decreased from 59.8% to 52.8%.
For the three months ended March 31, 2025, operating expenses decreased $0.1 million from $3.2 million to $3.1 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
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
American Overseas Group Limited
Consolidated Balance Sheets
(unaudited)
As at March 31, 2025 and December 31, 2024
(dollars in thousands)
March 31, 2025
December 31, 2024
Assets
Investments:
Fixed-maturity securities held as available for sale, at fair value
$
148,301
$
143,633
Cash and cash equivalents
40,527
46,600
Restricted cash
7,780
4,861
Accrued investment income
1,133
1,029
Premiums receivable
231,667
211,771
Deferred insurance premiums
290,447
267,765
Reinsurance balances receivable, net
413,769
413,541
Deferred policy acquisition costs
11,923
10,215
Intangible assets
4,800
4,800
Goodwill
33,050
33,050
Other assets
5,351
3,972
Total Assets
$
1,188,748
$
1,141,237
Liabilities and Equity
Liabilities:
Loss and loss expense reserve
$
