American Overseas Group Limited, the Bermudian-based holding company, has reported a consolidated net loss available to common shareholders of $1.5 million, or $31.42 per diluted share, for fiscal year 2022.

This compares with a consolidated net loss available to common shareholders of $5.5 million, or $117.07 per diluted share, for the year ended December 31, 2021.

Book value per weighted share at December 31, 2022 was $758.44, a decline from $916.83 at the end of the prior year.

For the three months ended December 31, 2022, net earned property and casualty premiums increased $0.2 million to $5.1 million.

For 2022, net earned property and casualty premiums decreased $0.7 million to $20.1 million.

Quarter-to-date fee income increased $0.4 million to $3 million and gross written premiums increased $16.6 million, moving from $101.5 million to $118.1 million.

Quarter-to-date loss and loss adjustment expenses as a percentage of earned premium decreased from 84.8 per cent to 82.2 per cent.

For 2022, fee income increased $0.5 million to $11.7 million and gross written premiums increased $32.6 million, moving from $420.5 million to $453.1 million.

Year-to-date loss and loss adjustment expenses as a percentage of earned premium increased from 69.1 per cent to 72.1 per cent.

For the three months ended December 31, 2022, operating expenses decreased $0.2 million to $3 million.

For the year, operating expenses decreased $2.7 million from $14.2 million to $11.5 million largely because of a one-time recognition in the amount of $1.2 million in 2021 of items previously held as a receivable against a personal guarantee contract and a $1.5 million decrease in taxes, licenses and fees largely related to increased Louisiana taxes in 2021.

As part of its capital management efforts, the company said, it will continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves.