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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

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 May 12, 2016, Atlantic American Corporation (the “Registrant”) reported its results of operations for its first quarter ended March 31, 2016. 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 12, 2016

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.

 

Date:  May 12, 2016

 

EXHIBIT INDEX

Exhibits:

Exhibit 99.1

Press release dated May 12, 2016

 

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Exhibit 99.1

 

ATLANTIC AMERICAN REPORTS FIRST QUARTER RESULTS

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Pre-tax income for the 1st quarter of 2016 increases 36.2% from the 1st quarter of 2015.

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Insurance premiums increase 2.9% with increases in both the life and health and property and casualty operations.

ATLANTA, Georgia, May 12, 2016 - Atlantic American Corporation (Nasdaq- AAME) today reported first quarter 2016 net income of $0.9 million or $0.04 per common share as compared to $0.7 million or $0.03 per common share in the first quarter of 2015.  Pre-tax income was up 36.2% as compared to the 2015 first quarter; however, a higher effective tax rate in the first quarter of 2016 resulted in a 30% increase in net income.  Insurance premiums for the quarter ended March 31, 2016 increased to $38.5 million as compared to $37.4 million in the first quarter of 2015 and total revenues were $41.7 million and $40.9 million for the same corresponding periods, respectively.  Realized investment gains during the first quarter of 2016 were $0.8 million as compared to $1.0 million in the first quarter of 2015.

Commenting on the quarter, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “The year is off to a great start and we couldn’t be more pleased.  Our property and casualty operations continue to post increasing profits and have recently been successful in renewing several large accounts.  Our life and health operations have spent the past year on product development, distribution and pricing refinement and the increase in our first quarter premium revenues confirms that our actions are paying off.  We believe that our first quarter is a good indicator for 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, Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance 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.

 

Atlantic American Corporation

Financial Data

 

 

 

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