American Overseas Group Limited (OTCMKTS:AOREF) on April 30, 2022, reported a consolidated net loss available to common shareholders of $5.5 million for the year ending December 31, 2021, which is $0.5 million more compared to the previous year. The Book value per weighted share was $916.83, reduced from $1,062.22 in the previous year.
Trading Data
On Friday, AOREF stock ended flat at $190.01 with 21 shares, compared to its average volume of 1 share. The stock moved within a range of $190.01 – 190.01 after opening trade at $190.01.
Key Details
The firm had an operating loss of $5 million for the year ending December 31, 2021 vis-à-vis $22.1 million in the previous year. The financial guaranty segment ended in April 2020 due to the commutation of the balance portfolio. The aggregate outstanding par value of the reinsurance portfolio was $345.0 million.
The company’s earned net property and casualty premiums surged by $5 million to reach $20.8 million, due to an increase in new and existing programs. Fee income augmented $1.3 million from $9.9 million a year ago to $11.2 million. Loss and loss adjustment expenses increased from 56.5% to 69.1%.
For the year ended December 31, 2021, operating expenses increased $1.4 million from $12.8 million to $14.2 million due to several items. The firm had a $1.9 million increase in licenses, taxes, and fees related to program business written in Louisiana. For the three months ending December 31, 2021, the firm had an operating loss of $1.7 million vis-a-vis $1.1 million in the previous year. The company would carry on redirecting excess capital for debt reduction.
