Date of report (Date of earliest event reported)
|
|
|
(Exact name of registrant as specified in its charter)
|
|
|
|
(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code
|
(
|
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
|
||
|
|
|
Item 2.02. |
Results of Operations and Financial Condition
|
Item 9.01. |
Financial Statements and Exhibits
|
(d) |
Exhibits
|
Exhibit No.
|
Exhibit Description
|
||
Press release dated May 11, 2022
|
|||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
ATLANTIC AMERICAN CORPORATION
|
||
By:
|
/s/ J. Ross Franklin
|
|
J. Ross Franklin
|
||
Vice President, Chief Financial Officer and Secretary
|
||
Date: May 11, 2022
|
• |
Net income increased to $2.8 million for the three month period ended March 31, 2022
|
• |
Operating income increased to $1.6 million for the three month period ended March 31, 2022
|
• |
Insurance premiums increased 2.2% with increases in both the life and health and property and casualty operations
|
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)
|
2022
|
2021
|
||||||
Insurance premiums
|
||||||||
Life and health
|
$
|
29,738
|
$
|
29,475
|
||||
Property and casualty
|
17,343
|
16,615
|
||||||
Insurance premiums, net
|
47,081
|
46,090
|
||||||
Net investment income
|
2,340
|
2,113
|
||||||
Realized investment gains (losses), net
|
(10
|
)
|
121
|
|||||
Unrealized gains on equity securities, net
|
2,193
|
744
|
||||||
Other income
|
4
|
7
|
||||||
Total revenue
|
51,608
|
49,075
|
||||||
Insurance benefits and losses incurred
|
||||||||
Life and health
|
20,691
|
21,523
|
||||||
Property and casualty
|
10,478
|
11,749
|
||||||
Commissions and underwriting expenses
|
12,836
|
12,564
|
||||||
Interest expense
|
354
|
346
|
||||||
Other expense
|
3,453
|
3,440
|
||||||
Total benefits and expenses
|
47,812
|
49,622
|
||||||
Income (loss) before income taxes
|
3,796
|
(547
|
)
|
|||||
Income tax expense (benefit)
|
954
|
(116
|
)
|
|||||
Net income (loss)
|
$
|
2,842
|
$
|
(431
|
)
|
|||
Earnings (loss) per common share (basic & diluted)
|
$
|
0.13
|
$
|
(0.03
|
)
|
|||
Reconciliation of Non-GAAP Financial Measure
|
||||||||
Net income (loss)
|
$
|
2,842
|
$
|
(431
|
)
|
|||
Income tax expense (benefit)
|
954
|
(116
|
)
|
|||||
Realized investment (gains) losses, net
|
10
|
(121
|
)
|
|||||
Unrealized gains on equity securities, net
|
(2,193
|
)
|
(744
|
)
|
||||
Non-GAAP operating income (loss)
|
$
|
1,613
|
$
|
(1,412
|
)
|
Selected Balance Sheet Data
|
March 31,
2022
|
December 31,
2021
|
||||||
Total cash and investments
|
$
|
280,476
|
$
|
308,195
|
||||
Insurance subsidiaries
|
275,528
|
302,302
|
||||||
Parent and other
|
4,948
|
5,893
|
||||||
Total assets
|
375,031
|
402,286
|
||||||
Insurance reserves and policyholder funds
|
191,571
|
201,797
|
||||||
Debt
|
33,738
|
33,738
|
||||||
Total shareholders' equity
|
126,423
|
141,286
|
||||||
Book value per common share
|
5.93
|
6.66
|
||||||
Statutory capital and surplus
|
||||||||
Life and health
|
38,513
|
38,625
|
||||||
Property and casualty
|
53,378
|
52,724
|