Date of report (Date of earliest event reported)
|
May 11, 2020
|
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)
|
☐ |
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))
|
Title of each class
|
Trading
Symbol(s)
|
Name of each exchange on which registered
|
||
Common Stock, par value $1.00 per share
|
AAME
|
NASDAQ Global Market
|
Item 2.02. |
Results of Operations and Financial Condition
|
Item 9.01. |
Financial Statements and Exhibits
|
ATLANTIC AMERICAN CORPORATION
|
||
By:
|
/s/ J. Ross Franklin
|
|
J. Ross Franklin
|
||
Vice President, Chief Financial Officer and Secretary
|
||
Date: May 11, 2020
|
For further information contact:
|
|
J. Ross Franklin
|
Hilton H. Howell, Jr.
|
Chief Financial Officer
|
Chairman, President & CEO
|
Atlantic American Corporation
|
Atlantic American Corporation
|
404-266-5580
|
404-266-5505
|
Three Months Ended
March 31,
|
||||||||
(Unaudited; In thousands, except per share data)
|
2020
|
2019
|
||||||
Insurance premiums
|
||||||||
Life and health
|
$
|
30,628
|
$
|
30,976
|
||||
Property and casualty
|
14,922
|
13,806
|
||||||
Insurance premiums, net
|
45,550
|
44,782
|
||||||
Net investment income
|
2,039
|
2,334
|
||||||
Realized investment gains, net
|
249
|
1,385
|
||||||
Unrealized gains (losses) on equity securities, net
|
(8,455
|
)
|
6,489
|
|||||
Other income
|
27
|
28
|
||||||
Total revenue
|
39,410
|
55,018
|
||||||
Insurance benefits and losses incurred
|
||||||||
Life and health
|
24,049
|
26,264
|
||||||
Property and casualty
|
9,534
|
9,043
|
||||||
Commissions and underwriting expenses
|
12,626
|
11,015
|
||||||
Interest expense
|
476
|
546
|
||||||
Other expense
|
2,952
|
2,865
|
||||||
Total benefits and expenses
|
49,637
|
49,733
|
||||||
Income (loss) before income taxes
|
(10,227
|
)
|
5,285
|
|||||
Income tax expense (benefit)
|
(2,140
|
)
|
1,123
|
|||||
Net income (loss)
|
$
|
(8,087
|
)
|
$
|
4,162
|
|||
Earnings (loss) per common share (basic)
|
$
|
(0.40
|
)
|
$
|
0.20
|
|||
Earnings (loss) per common share (diluted)
|
$
|
(0.40
|
)
|
$
|
0.19
|
|||
Reconciliation of Non-GAAP Financial Measure
|
||||||||
Net income (loss)
|
$
|
(8,087
|
)
|
$
|
4,162
|
|||
Income tax expense (benefit)
|
(2,140
|
)
|
1,123
|
|||||
Realized investment gains, net
|
(249
|
)
|
(1,385
|
)
|
||||
Unrealized (gains) losses on equity securities, net
|
8,455
|
(6,489
|
)
|
|||||
Non-GAAP Operating loss
|
$
|
(2,021
|
)
|
$
|
(2,589
|
)
|
Selected Balance Sheet Data
|
March 31,
2020
|
December 31,
2019
|
||||||
Total cash and investments
|
$
|
249,563
|
$
|
281,530
|
||||
Insurance subsidiaries
|
243,633
|
274,730
|
||||||
Parent and other
|
5,930
|
6,800
|
||||||
Total assets
|
347,861
|
377,626
|
||||||
Insurance reserves and policyholder funds
|
192,846
|
201,906
|
||||||
Debt
|
33,738
|
33,738
|
||||||
Total shareholders' equity
|
101,518
|
118,394
|
||||||
Book value per common share
|
4.70
|
5.51
|
||||||
Statutory capital and surplus
|
||||||||
Life and health
|
29,997
|
35,546
|
||||||
Property and casualty
|
44,971
|
45,827
|