American Overseas Q3 Net Income: $9.6M
Bermuda-based American Overseas Group Limited reported net income of $9.6 million, or $3.49 per diluted share, for the quarter ended September 30, 2013. This compares to a net income of $5.8 million, or $2.20 per diluted share, for the third quarter of 2012.
The net income for the first nine months of 2013 was $7.4 million, or $2.72 per diluted share. This compares to a net loss of $1.1 million, or $0.41 per diluted share, for the first nine months of 2012.
Property/casualty premiums earned for the nine months ended September 30, 2013 were $12.0 million compared to $0 for the first nine months of 2012. The results for the third quarter and first nine months of 2013 were impacted by net unrealized gains on credit derivatives of $7.2 million and by net unrealized losses on credit derivatives of $0.5 million, respectively. Book value per share at September 30, 2013 was $26.84, an increase of 3% from year-end 2012 when book value per share was $26.15.
During the third quarter of 2013, operating income was $1.6 million, or $0.58 per diluted share, compared to operating income of $0.9 million, or $0.35 per diluted share, during the third quarter of 2012.
Operating income for the first nine months of 2013 was $7.8 million, or $2.86 per diluted share, compared to operating income of $2.7 million, or $1.01 per diluted share, for the first nine months of 2012. Operating book value per share was $49.05 at September 30, 2013, an increase of 1% from year-end 2012 when operating book value per share was $48.35.
