29 September 2015 Insurance

Profits stable at American Overseas Group

American Overseas Group made a net profit of $7 million in the first half of 2015 – exactly the same as in the same period a year earlier. But its gross written premiums for the period dipped sharply.

The results for the first six months of 2015 were impacted by fair value adjustments of $3.4 million and unrealised gains in credit derivatives of $15.3 million. The results for the first six months of 2014 were impacted by fair value adjustments of $11.4 million and unrealised losses in credit derivatives of $2.4 million.

The company made an operating loss in the first six months of $9.4 million compared with an operating loss of $0.4 million for the six months ended June 30, 2014 as restated.

But its gross premiums written dropped to $195.3 million for the first six months of 2015 compared with $227.7 million for the first six months of 2014.

The company also said that, as part of its ongoing capital management efforts, it will continue to redirect excess capital within the group to debt reduction unless compelling acquisition or investment opportunities present themselves.

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