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Results of Operations for the Year Ended December 31, 2024 - American Overseas Group Limited Announces Net Income Of $9.4 Million For the Year Ended December 31, 2024
Globenewswireยท2025-04-28 20:05

Core Viewpoint - American Overseas Group Limited reported significant growth in net income and premiums for the year ended December 31, 2024, indicating strong operational performance and financial health [1][4]. Financial Performance - Consolidated net income available to common shareholders for 2024 was $9.4 million, or $200.09 per diluted share, up from $5.3 million, or $113.56 per diluted share in 2023 [1]. - For the year, net earned property and casualty premiums increased by $22.2 million, from $29.4 million in 2023 to $51.6 million in 2024 [2]. - Fee income rose by $5.6 million, from $16.5 million in 2023 to $22.1 million in 2024 [4]. - Total revenues for the year were $75.2 million, compared to $49.6 million in the previous year [9]. Premiums and Expenses - Gross written premiums increased by $248.1 million, moving from $666.6 million in 2023 to $914.7 million in 2024 [4]. - Operating expenses for the year increased by $0.8 million, from $12.1 million to $12.9 million [5]. - Loss and loss adjustment expenses as a percentage of earned premium decreased from 69.2% in 2023 to 64.0% in 2024 [4]. Balance Sheet Highlights - Total assets increased to $1.141 billion in 2024 from $985.8 million in 2023 [8]. - Total liabilities rose to $1.095 billion in 2024, compared to $949.2 million in 2023 [8]. - Shareholders' equity increased from $36.6 million in 2023 to $45.9 million in 2024 [8]. Operational Insights - The company plans to continue redirecting excess capital towards debt reduction as part of its capital management strategy [5]. - The increase in direct written premiums was attributed to the expansion of new programs, rate increases, and organic growth in existing programs [4].