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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.

AOREF

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

info@aoreltd.com


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 $ 424,279 $ 421,018
Deferred commission income 8,632 7,154
Unearned premiums 304,002 281,176
Ceded premium payable 224,910 209,033
Payable to general agents 291 276
Funds withheld 129,169 126,839
Accounts payable and accrued liabilities 22,373 26,256
Notes payable 20,771 20,771
Non-owned interest in VIE 300 300
Interest payable 578 578
Deferred tax liability 2,480 1,956
Total Liabilities 1,137,785 1,095,357
Shareholders' Equity:
Common shares 4,698 4,698
Additional paid-in capital 189,179 189,179
Accumulated other comprehensive (loss) (2,731 ) (3,561 )
Retained deficit (140,183 ) (144,436 )
Total Shareholders' Equity 50,963 45,880
Total Liabilities and Equity $ 1,188,748 $ 1,141,237
See Notes to March 31, 2025 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 March 31,
2025 2024
Revenues
Net premiums earned $ 13,353 $ 10,870
Fee income 6,416 5,944
Net investment income 490 227
Other income 15 17
Total revenues 20,274 17,058
Expenses
Losses and loss adjustment expenses 7,052 6,496
Acquisition expenses 4,073 3,585
Operating expenses 3,121 3,167
Interest expense 578 577
Total expenses 14,824 13,825
Pre-tax net profit (loss) $ 5,450 $ 3,233
Income tax (expense) (1,197 ) (737 )
Net profit (loss) available to common shareholders 4,253 2,496
Net profit (loss) per common share:
Basic $ 90.53 $ 53.13
Diluted 90.53 53.13
Weighted-average number of common shares outstanding:
Basic 46,979 46,979
Diluted 46,979 46,979
See Notes to March 31, 2025 Consolidated Financial Statements available on American Overseas Group Ltd. Website at www.aoreltd.com

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