form8k_1st2013.htm
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported)
May 13, 2013 (May 13, 2013)
   
ATLANTIC AMERICAN CORPORATION
(Exact name of registrant as specified in its charter)
   
Georgia
0-3722
58-1027114
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
   
4370 Peachtree Road, N.E., Atlanta, Georgia
30319
    (Address of principal executive offices)
(Zip Code)
   
Registrant’s telephone number, including area code
(404) 266-5500
   
N/A
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 

 
 

 

Item 2.02.  Results of Operations and Financial Condition

On May 13, 2013, Atlantic American Corporation (the “Registrant”) reported its results of operations for its first quarter ended March 31, 2013. A copy of the press release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.  Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release, dated May 13, 2013, reporting the results of operations of the Registrant for its first quarter ended March 31, 2013.

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,  or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933.





 
 

 


 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.


 
 ATLANTIC AMERICAN CORPORATION
   
By:
/s/ John G. Sample, Jr.
 
John G. Sample, Jr.
 
Senior Vice President and Chief Financial Officer


Date:  May 13, 2013






 
 

 


 




EXHIBIT INDEX
 


Exhibits:

Exhibit 99.1          Press release dated May 13, 2013














 

pressrelease_05132013.htm
 

EXHIBIT 99.1



ATLANTIC AMERICAN REPORTS INCREASED REVENUES IN FIRST QUARTER

                ●     Insurance premiums increase 7.6% in 1st quarter 2013 compared to 1st quarter 2012
                ●     Life and health insurance premiums increase 15.4% in 1st quarter 2013 compared to 1st quarter 2012
                     Book value per share closes March 31, 2013 at $4.59 per common share
                     Aggregate statutory capital and surplus increase 2.5% from December 31, 2012
 
ATLANTA, Georgia, May 13, 2013 - Atlantic American Corporation (Nasdaq- AAME) today reported first quarter 2013 results, which included a 7.6% increase in insurance premiums for the quarter ended March 31, 2013 up to $33.0 million as compared to $30.7 million in the first quarter of 2012.  Total revenues were up 6.1% in the comparable periods.  Net income declined to $0.9 million or $0.04 per common share in the first quarter of 2013 in comparison to $1.7 million or $0.07 per common share in the first quarter of 2012.  Operating income for the first quarter of 2013 was $0.3 million as compared to $0.8 million for the first quarter of 2012.  Increased losses primarily in the life and health business resulted in the decline in both net income and operating income.

Commenting on the quarter, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “While pleased with our continued production and revenue growth, our results were negatively impacted due to the usual “Part B deductible” utilization in our Medicare supplement product that occurs in the first half of each year.  I expect that the majority of this utilization fell in this quarter’s results.  I am particularly pleased that, effective May 1, 2013, American Southern bound a large account with approximately $14 million in annual premium.  I expect this account to add meaningfully to our results during the balance of the year.”

Atlantic American is an insurance holding company involved through its subsidiary companies in specialty markets of the life, health, and property and casualty insurance industries.  Its principal insurance subsidiaries are American Southern Insurance Company, American Safety Insurance Company, and Bankers Fidelity Life Insurance Company.

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 Atlantic American Corporation files with the Securities and Exchange Commission.


For further information contact:
   
John G. Sample, Jr.
 
Hilton H. Howell, Jr.
Senior Vice President and Chief Financial Officer
 
Chairman, President & CEO
Atlantic American Corporation
 
Atlantic American Corporation
404-266-5501
 
404-266-5505




 
 

 



 
Atlantic American Corporation
Financial Data

 
Three Months Ended
 
March 31,
(Unaudited; In thousands, except per share data)
2013
 
2012
Insurance premiums
     
Life and health
$    24,092
 
$    20,869
Property and casualty
8,927
 
9,812
Investment income
2,905
 
2,883
Realized investment gains, net
678
 
958
Other income
48
 
29
       
Total revenue
36,650
 
34,551
       
Insurance benefits and losses incurred
     
Life and health
18,040
 
14,653
Property and casualty
5,322
 
8,019
Commissions and underwriting expenses
9,283
 
7,033
Interest expense
577
 
657
Other
2,417
 
2,469
       
  Total benefits and expenses
35,639
 
32,831
       
Income before income taxes
1,011
 
1,720
Income tax expense
89
 
63
       
Net income
$        922
 
$     1,657
       
Earnings per common share (basic and diluted)
$       0.04
 
$       0.07
       
Reconciliation of Net Income to non-GAAP measurement
     
       
Net income
$         922
 
$      1,657
Income tax expense
89
 
63
Realized investment gains, net
(678)
 
(958)
       
Operating income
$        333
 
$        762
       
 
March 31,
 
December 31,
Selected Balance Sheet Data
2013
 
2012
       
Total cash and investments
$  260,317
 
$  265,843
Insurance subsidiaries
231,017
 
236,934
Parent and other
29,300
 
28,909
Total assets
313,548
 
320,177
Insurance reserves and policyholder funds
150,975
 
154,558
Debt
41,238
 
41,238
Total shareholders' equity
104,027
 
105,736
Book value per common share
4.59
 
4.65
Statutory capital and surplus
     
Life and health
34,249
 
33,059
Property and casualty
37,494
 
36,947