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 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

 

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

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))

 

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Item 2.02.

Results of Operations and Financial Condition

On March 29, 2016, Atlantic American Corporation (the “Registrant”) reported its results of operations for its fourth quarter and year ended December 31, 2015. 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 March 29, 2016, reporting the results of operations of the Registrant for its fourth quarter and year ended December 31, 2015.

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.

 

EXHIBIT INDEX

Exhibits:

 

 

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Exhibit 99.1

 

ATLANTIC AMERICAN CORPORATION REPORTS

FOURTH QUARTER AND YEAR END RESULTS FOR 2015

ATLANTA, Georgia, March 29, 2016 - Atlantic American Corporation (Nasdaq- AAME) today reported its results for the fourth quarter and year ended December 31, 2015.  For the fourth quarter ended December 31, 2015, the Company reported net income of $0.1 million, or nil per diluted share, down from $1.3 million, or $0.06 per diluted share, in the fourth quarter of 2014.  The decrease was attributable to a decline in realized investment gains of $0.4 million and an increase in operating expenses.  Premiums for the fourth quarter of 2015 decreased 1.9% to $37.5 million compared to $38.3 million for the fourth quarter of 2014, as premiums in both of the Company’s operating segments decreased slightly.

Net income for both the years ended December 31, 2015 and 2014 was $4.4 million, or $0.19 per diluted share.  Total premiums earned during 2015 decreased 1.7% to $150.9 million from $153.5 million in 2014. Premiums in the property and casualty operations increased 3.5% in 2015 as compared to 2014; but were offset by a 4.4% premium decrease from the life and health operations in the comparable years.  Benefits and losses declined 4.5% in 2015 as compared with 2014; however, were offset by higher commissions and expenses.  Realized investment gains were $4.9 million in 2015 as compared to $1.6 million in 2014; although 2014 also included a $0.8 million gain from the purchase of Company’s debt which did not recur in 2015.

Commenting on the results, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “We have completed a successful year of retooling our life and health operations.  Not only have we successfully re-priced a great deal of our Medicare supplement business to make our product more competitive in key markets, but we have broadened our distribution channels and territories.  Our fourth quarter production statistics would indicate that 2016 should be off to an excellent start.  And of course our property and casualty operation continues to perform consistently well.  In recognition of our enthusiasm for 2016, our Board of Directors recently approved our 5th annual dividend of $0.02 per share to be paid on April 22, 2016.”

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, Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company.

Note regarding forward-looking statements:  This news release contains forward-looking statements subject to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements may relate to, among other things, our future strategies, operating or financial performance.  Forward looking statements are based on management’s assumptions regarding, among other things, general economic and industry-specific business conditions, as well as the execution of our business strategy.  Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors and risks, including those detailed from time to time in statements and reports that Atlantic American Corporation files with the Securities and Exchange Commission.

 

Atlantic American Corporation

Selected Financial Data

 

 

 

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