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))

 

---

Item 2.02.

Results of Operations and Financial Condition

On November 14, 2016, Atlantic American Corporation (the “Registrant”) reported its results of operations for its third quarter ended September 30, 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 November 14, 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:  November 14, 2016

 

EXHIBIT INDEX

Exhibits:
Exhibit 99.1	Press release dated November 14, 2016

 

 

---

ATLANTIC AMERICAN REPORTS THIRD QUARTER AND YEAR TO DATE NET INCOME AND ANNOUNCES A NEW SHARE REPURCHASE AUTHORIZATION

·

Life and health premiums increased 10.8% and 6.3%, respectively, during the three month and nine month periods ended September 30, 2016 as compared to the comparable periods in 2015.

·

Loss ratio in the property and casualty operation decreased in the nine month period ended September 30, 2016 as compared to the comparable period in 2015.

ATLANTA, Georgia, November 14, 2016 - Atlantic American Corporation (Nasdaq-AAME) today reported net income of $0.1 million, or nil per diluted share, for the three month period ended September 30, 2016, compared to net income of $0.2 million, or $0.01 per diluted share, for the three month period ended September 30, 2015.  For the nine month period ended September 30, 2016, net income was $1.3 million, or $0.05 per diluted share, compared to net income of $4.3 million, or $0.19 per diluted share, for the comparable period in 2015.  Realized investment gains for the three month and nine month periods ended September 30, 2016 were $0.5 million and $1.4 million, respectively, as compared to $7,000 and $5.1 million in the comparable three month and nine month periods of 2015.  Operating income (income before income taxes and realized investment gains, net) for the three month period ended September 30, 2016 was a loss of $0.2 million, as compared to income of $0.4 million for the three month period ended September 30, 2015.  For the nine month period ended September 30, 2016, operating income was $0.6 million as compared to the $0.5 million for the comparable nine month period of 2015.

Total revenues for the three month period ended September 30, 2016 were $42.4 million, increasing 5.2% from $40.4 million for the three month period ended September 30, 2015.  Insurance premiums during this three month period increased $1.6 million from the comparable 2015 premiums.  While life and health premiums increased 10.8%; property and casualty premiums decreased 7.2%.  For the nine month period ended September 30, 2016, total revenues were $126.0 million, consistent with the comparable 2015 period.  Premiums earned from the Company’s life and health operation increased 6.3% for the nine month period ended September 30, 2016 while decreasing 2.1% in the property and casualty operation during the comparable period.

Additionally, the Company announced that the Board of Directors has terminated the Company’s existing stock repurchase plan and approved a new repurchase plan that allows for the repurchase of up to 750,000 shares of the Company’s common stock from time to time in accordance with applicable securities laws and other requirements.

Commenting, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “Throughout the year we have been making significant investments in our life and health product line and distribution network.  It is now obvious that such investments are being realized in our increasing premium volumes. With life and health premiums up over 10% in the third quarter of 2016, we are poised to continue on our growth trajectory.  And even though our property and casualty premiums declined slightly, the selective underwriting, which is the hallmark of American Southern, continued to produce strong profits in that operation.”

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 subsidiaries consist of 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

 

 

 

 

---