American Overseas Group Reports $1.6M Q2 Net Income; Book Value Rises

American Overseas Group Limited reported Q2 net income of $1.6 million ($33.60/diluted share), a decrease from $2.5 million in the prior year. The company's book value per share increased to $1,338.04. Premiums and fee income declined, and the loss ratio rose to 63.3%. Total debt was reduced to $5.3 million in Q3 following the retirement of 12% notes.