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Atlantic American Corporation Reports Fourth Quarter and Year End Results for 2018; Declares Annual Dividend
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For the year ended
Commenting on the results,
Note regarding Private Securities Litigation Reform Act: Except for historical information contained herein, this press release contains forward-looking statements that involve a number of risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors and risks detailed from time to time in statements and reports that
For further information contact: | ||
J. Ross Franklin | Hilton H. Howell, Jr. | |
Chief Financial Officer | Chairman, President & CEO | |
Atlantic American Corporation | Atlantic American Corporation | |
404-266-5580 | 404-266-5505 |
Financial Data
Three Months Ended | Year ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
(Unaudited; In thousands, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Insurance premiums | |||||||||||||||
Life and health | |||||||||||||||
Gross earned premiums | $ | 47,425 | $ | 39,749 | $ | 180,583 | $ | 142,251 | |||||||
Ceded premiums | (16,606 | ) | (12,811 | ) | (61,459 | ) | (32,585 | ) | |||||||
Net earned premiums | 30,819 | 26,938 | 119,124 | 109,666 | |||||||||||
Property and casualty | |||||||||||||||
Gross earned premiums | 15,914 | 14,589 | 58,882 | 58,449 | |||||||||||
Ceded premiums | (1,406 | ) | (1,196 | ) | (5,075 | ) | (4,788 | ) | |||||||
Net earned premiums | 14,508 | 13,393 | 53,807 | 53,661 | |||||||||||
Insurance premiums, net | 45,327 | 40,331 | 172,931 | 163,327 | |||||||||||
Net investment income | 2,438 | 2,116 | 9,549 | 8,496 | |||||||||||
Realized investment gains, net | 4,357 | 6,350 | 5,154 | 9,168 | |||||||||||
Unrealized losses on equity securities, net | (2,947 | ) | - | (2,194 | ) | - | |||||||||
Other income | 25 | 28 | 113 | 123 | |||||||||||
Total revenue | 49,200 | 48,825 | 185,553 | 181,114 | |||||||||||
Insurance benefits and losses incurred | |||||||||||||||
Life and health | 23,887 | 21,462 | 93,821 | 83,029 | |||||||||||
Property and casualty | 10,285 | 8,607 | 38,829 | 34,486 | |||||||||||
Commissions and underwriting expenses | 10,586 | 11,646 | 39,042 | 43,446 | |||||||||||
Interest expense | 540 | 450 | 2,037 | 1,723 | |||||||||||
Other expense | 3,627 | 3,773 | 12,795 | 13,074 | |||||||||||
Total benefits and expenses | 48,925 | 45,938 | 186,524 | 175,758 | |||||||||||
Income (loss) before income taxes | 275 | 2,887 | (971 | ) | 5,356 | ||||||||||
Income tax expense (benefit) | 74 | 345 | (267 | ) | 828 | ||||||||||
Net income (loss) | $ | 201 | $ | 2,542 | $ | (704 | ) | $ | 4,528 | ||||||
Earnings (loss) per common share (basic and diluted) | $ | 0.01 | $ | 0.12 | $ | (0.05 | ) | $ | 0.20 | ||||||
Reconciliation of Non-GAAP Financial Measure | |||||||||||||||
Net income (loss) | $ | 201 | $ | 2,542 | $ | (704 | ) | $ | 4,528 | ||||||
Income tax expense (benefit) | 74 | 345 | (267 | ) | 828 | ||||||||||
Realized investment gains, net | (4,357 | ) | (6,350 | ) | (5,154 | ) | (9,168 | ) | |||||||
Unrealized losses on equity securities, net | 2,947 | - | 2,194 | - | |||||||||||
Non-GAAP operating loss | $ | (1,135 | ) | $ | (3,463 | ) | $ | (3,931 | ) | $ | (3,812 | ) | |||
December 31, | December 31, | ||||||||||||||
Selected Balance Sheet Data | 2018 | 2017 | |||||||||||||
Total cash and investments | $ | 254,559 | $ | 272,058 | |||||||||||
Insurance subsidiaries | 235,796 | 244,754 | |||||||||||||
Parent and other | 18,763 | 27,304 | |||||||||||||
Total assets | 344,274 | 343,239 | |||||||||||||
Insurance reserves and policyholder funds | 189,048 | 173,583 | |||||||||||||
Debt | 33,738 | 33,738 | |||||||||||||
Total shareholders' equity | 101,372 | 112,983 | |||||||||||||
Book value per common share | 4.75 | 5.26 | |||||||||||||
Statutory capital and surplus | |||||||||||||||
Life and health | 34,214 | 34,135 | |||||||||||||
Property and casualty | 43,467 | 43,348 | |||||||||||||
Source: Atlantic American Corporation