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

 

 

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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

 

 

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Item 2.02.

Results of Operations and Financial Condition

On May 12, 2017, Atlantic American Corporation (the “Registrant”) reported its results of operations for its first quarter ended March 31, 2017. 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, 2017

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, 2017

 

EXHIBIT INDEX

Exhibits:

Exhibit 99.1

Press release dated May 12, 2017

Exhibit 99.1

 

ATLANTIC AMERICAN REPORTS FIRST QUARTER RESULTS

 

ATLANTA, Georgia, May 12, 2017 - Atlantic American Corporation (Nasdaq- AAME) today reported a first quarter 2017 net loss of $0.2 million, or $0.02 per common share, as compared to net income of $0.9 million, or $0.04 per common share, in the first quarter of 2016.  Realized investment gains during the first quarter of 2017 were $0.9 million as compared to $0.8 million in the first quarter of 2016.  The net loss was attributable to higher than expected levels of claims in both life and health lines of business.  Most notable were the early season Medicare Supplement Part B deductible reimbursements on new business which have not yet been through an annual earnings cycle.  Total insurance premiums for the quarter ended March 31, 2017 increased 6.0% to $40.8 million as compared to $38.5 million in the first quarter of 2016; while Medicare Supplement premiums increased 14.1% during the comparable period to $23.9 million from $20.9 million.  Total revenues were $43.9 million for the quarter ended March 31, 2017 as compared to $41.7 million for the quarter ended March 31, 2016.

Commenting on the quarter, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “We continue to move forward with great optimism and confidence in our business strategies.  Our Worksite/Group division was officially launched in the first quarter and is experiencing an encouraging level of sales.  Our Individual division has recently released a new hospital indemnity product that we feel will have high market acceptance.  Diversification of our sales portfolio continues to be a primary focus.  We expect that the increased level of Medicare supplement benefit expenses and life insurance claims we experienced in the first quarter will moderate naturally and historically, thus allowing us to return to expected levels of profitability throughout the remainder of the year.  Our property and casualty operations continue to perform well and we look forward to better quarters in 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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