American Overseas Group reports quarterly net income of $1.4 million
American Overseas Group Limited, the insurance holding company incorporated in Bermuda, has reported consolidated net income available to common shareholders of $1.4 million, or $30.44 per diluted share, for the three months ended March 31.
This compares to consolidated net income available to common shareholders of $0.7 million, or $15.06 per diluted share, for the three months ended March 31, 2022.
Book value per weighted share at March 31 was $798.21, a decline from $850.78 at the end of the prior year quarter.
For the three months ended March 31, net earned property and casualty premiums increased $0.5 million from $5.1 million a year ago to $5.6 million.
Quarter to date fee income increased $0.5 million from $3.3 million to $3.8 million and gross written premiums increased $25.8 million, moving from $108.1 million to $133.9 million.
Quarter to date direct written premiums were positively impacted by continued expansion of new programmes, rate increases, and overall economic recovery.
As part of its ongoing 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.
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