American Overseas Group Limited has reported a consolidated net income available to common shareholders of $0.9 million, for the second quarter of 2023.
This figure compares to a consolidated net loss available to common shareholders of $0.3 million from the same period last year.
At the same time, net earned property and casualty premiums increased $1.4 million from $5.1 million in Q222, to $6.5 million.
Quarter to Date fee income also witnessed a sharp rise, as it increased $1.1 million moving from $2.7 million to $3.8 million and gross written premiums increased $47.7 million, moving from $116.6 million to $164.3 million.
According to American Overseas, Quarter to Date direct written premiums were positively impacted by continued expansion of new programs and rate increases.
In addition, Quarter to Date loss and loss adjustment expenses as a percentage of earned premium decreased from 71.4% to 65.4%.
Meanwhile, for the second quarter of 2023, the company’s operating expenses remained constant at $2.8 million.
Lastly, it has also been confirmed that as part of its ongoing capital management efforts, American Overseas will also continue to redirect excess capital within the group to debt reduction unless other compelling opportunities present themselves.
