News Release
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Atlantic American Reports Third Quarter Results
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- Net income for the three month period ended
September 30, 2018 increased to$0.9 million as compared to$0.7 million for the comparable period of 2017 - Life and health insurance premiums increased to
$29.5 million , or 5.2%, as compared to$28.0 million for the three month periods endedSeptember 30, 2018 and 2017, respectively
Total revenues for the three month period ended
Commenting on the third quarter,
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 | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
(Unaudited; In thousands, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Insurance premiums | |||||||||||||||
Life and health | |||||||||||||||
Gross earned premiums | $ | 45,568 | $ | 36,671 | $ | 133,158 | $ | 102,502 | |||||||
Ceded premiums | (16,061 | ) | (8,623 | ) | (44,853 | ) | (19,774 | ) | |||||||
Net earned premiums | 29,507 | 28,048 | 88,305 | 82,728 | |||||||||||
Property and casualty | |||||||||||||||
Gross earned premiums | 14,288 | 15,284 | 42,968 | 43,860 | |||||||||||
Ceded premiums | (1,238 | ) | (1,238 | ) | (3,669 | ) | (3,592 | ) | |||||||
Net earned premiums | 13,050 | 14,046 | 39,299 | 40,268 | |||||||||||
Net investment income | 2,215 | 2,136 | 7,111 | 6,380 | |||||||||||
Realized investment gains, net | 484 | 539 | 797 | 2,818 | |||||||||||
Unrealized gains on equity securities, net | 1,083 | - | 753 | - | |||||||||||
Other income | 31 | 29 | 88 | 95 | |||||||||||
Total revenue | 46,370 | 44,798 | 136,353 | 132,289 | |||||||||||
Insurance benefits and losses incurred | |||||||||||||||
Life and health | 22,415 | 20,754 | 69,934 | 61,567 | |||||||||||
Property and casualty | 10,672 | 9,663 | 28,544 | 25,879 | |||||||||||
Commissions and underwriting expenses | 8,722 | 10,176 | 28,456 | 31,800 | |||||||||||
Interest expense | 529 | 440 | 1,497 | 1,273 | |||||||||||
Other expense | 2,960 | 3,134 | 9,168 | 9,301 | |||||||||||
Total benefits and expenses | 45,298 | 44,167 | 137,599 | 129,820 | |||||||||||
Income (loss) before income taxes | 1,072 | 631 | (1,246 | ) | 2,469 | ||||||||||
Income tax expense (benefit) | 138 | (116 | ) | (341 | ) | 483 | |||||||||
Net income (loss) | $ | 934 | $ | 747 | $ | (905 | ) | $ | 1,986 | ||||||
Earnings (loss) per common share (basic and diluted) | $ | 0.04 | $ | 0.03 | $ | (0.06 | ) | $ | 0.08 | ||||||
Reconciliation of Non-GAAP Financial Measure | |||||||||||||||
Net income (loss) | $ | 934 | $ | 747 | $ | (905 | ) | $ | 1,986 | ||||||
Income tax expense (benefit) | 138 | (116 | ) | (341 | ) | 483 | |||||||||
Realized investment gains, net | (484 | ) | (539 | ) | (797 | ) | (2,818 | ) | |||||||
Unrealized gains on equity securities, net | (1,083 | ) | - | (753 | ) | - | |||||||||
Operating gain (loss) | $ | (495 | ) | $ | 92 | $ | (2,796 | ) | $ | (349 | ) | ||||
September 30, | December 31, | ||||||||||||||
Selected Balance Sheet Data | 2018 | 2017 | |||||||||||||
Total cash and investments | $ | 255,058 | $ | 272,058 | |||||||||||
Insurance subsidiaries | 234,696 | 244,754 | |||||||||||||
Parent and other | 20,362 | 27,304 | |||||||||||||
Total assets | 339,549 | 343,239 | |||||||||||||
Insurance reserves and policyholder funds | 187,813 | 173,583 | |||||||||||||
Debt | 33,738 | 33,738 | |||||||||||||
Total shareholders' equity | 102,118 | 112,983 | |||||||||||||
Book value per common share | 4.78 | 5.26 | |||||||||||||
Statutory capital and surplus | |||||||||||||||
Life and health | 30,845 | 34,135 | |||||||||||||
Property and casualty | 43,922 | 43,348 | |||||||||||||
Source: Atlantic American Corporation