Date of report (Date of earliest event reported)
|
March 24, 2011 (March 24, 2011)
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ATLANTIC AMERICAN CORPORATION
|
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(Exact name of registrant as specified in its charter)
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Georgia
|
0-3722
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58-1027114
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(State or other jurisdiction
of incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
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4370 Peachtree Road, N.E., Atlanta, Georgia
|
30319
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code
|
(404) 266-5500
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N/A
|
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(Former name or former address, if changed since last report)
|
By:
|
/s/ John G. Sample, Jr. |
John G. Sample, Jr.
|
|
Senior Vice President and Chief Financial Officer
|
For further information contact:
|
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John G. Sample, Jr.
|
Hilton H. Howell, Jr.
|
|
Senior Vice President and Chief Financial Officer
|
Chairman, President & CEO
|
|
Atlantic American Corporation
|
Atlantic American Corporation
|
|
404-266-5501
|
404-266-5505
|
Three months ended
|
Year ended
|
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Dec. 31,
|
Dec. 31,
|
||||||
(Unaudited; In thousands, except per share data)
|
2010
|
2009
|
2010
|
2009
|
|||
Insurance premiums
|
$ 25,291
|
$ 22,950
|
$ 97,613
|
$ 91,462
|
|||
Investment income
|
2,302
|
2,546
|
9,737
|
10,688
|
|||
Realized investment gains, net
|
1,347
|
272
|
1,571
|
273
|
|||
Other income
|
65
|
85
|
280
|
287
|
|||
Total revenue
|
29,005
|
25,853
|
109,201
|
102,710
|
|||
Insurance benefits and losses incurred
|
17,588
|
15,031
|
66,854
|
60,784
|
|||
Commissions and underwriting expenses
|
6,723
|
6,645
|
28,099
|
28,379
|
|||
Interest expense
|
657
|
662
|
2,612
|
2,756
|
|||
Other
|
2,322
|
2,593
|
8,703
|
9,441
|
|||
Total benefits and expenses
|
27,290
|
24,931
|
106,268
|
101,360
|
|||
Income before income taxes
|
1,715
|
922
|
2,933
|
1,350
|
|||
Income tax expense
|
240
|
289
|
440
|
2,557
|
|||
Net income (loss)
|
$ 1,475
|
$ 633
|
$ 2,493
|
$ (1,207)
|
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Basic earnings (loss) per common share
|
$ 0.06
|
$ 0.02
|
$ 0.09
|
$ (0.08)
|
|||
Diluted earnings (loss) per common share
|
$ 0.06
|
$ 0.02
|
$ 0.09
|
$ (0.08)
|
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December 31,
|
December 31,
|
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Selected Balance Sheet Data
|
2010
|
2009
|
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Total investments
|
$ 184,628
|
$ 195,410
|
|||||
Total assets
|
277,566
|
262,086
|
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Insurance reserves and policyholder funds
|
137,902
|
129,213
|
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Debt
|
41,238
|
41,238
|
|||||
Total shareholders' equity
|
82,693
|
77,470
|
|||||
Book value per common share
|
3.40
|
3.16
|
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