Date of report (Date of earliest event reported)
|
November 8, 2012 (November 8, 2012)
|
||||
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)
|
ATLANTIC AMERICAN CORORATION
|
|
By:
|
/s/ John G. Sample, Jr.
|
John G. Sample, Jr.
|
|
Senior Vice President and Chief Financial Officer
|
For further information contact:
|
||
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
|
Nine months ended
|
||||||
September 30,
|
September 30,
|
||||||
(Unaudited; In thousands, except per share data)
|
2012
|
2011
|
2012
|
2011
|
|||
Insurance premiums
|
|||||||
Life and health
|
$ 23,019
|
$ 18,188
|
$ 65,814
|
$ 50,643
|
|||
Property and casualty
|
9,362
|
9,023
|
28,840
|
28,187
|
|||
Investment income
|
2,880
|
2,652
|
8,618
|
7,912
|
|||
Realized investment gains, net
|
--
|
903
|
1,428
|
974
|
|||
Other income
|
41
|
34
|
106
|
212
|
|||
Total revenue
|
35,302
|
30,800
|
104,806
|
87,928
|
|||
Insurance benefits and losses incurred
|
|||||||
Life and health
|
15,818
|
12,736
|
46,828
|
36,490
|
|||
Property and casualty
|
6,471
|
6,565
|
21,228
|
17,663
|
|||
Commissions and underwriting expenses
|
8,962
|
6,746
|
23,965
|
22,192
|
|||
Interest expense
|
662
|
653
|
1,977
|
1,940
|
|||
Other
|
2,433
|
2,332
|
7,278
|
6,915
|
|||
Total benefits and expenses
|
34,346
|
29,032
|
101,276
|
85,200
|
|||
Income before income taxes
|
956
|
1,768
|
3,530
|
2,728
|
|||
Income tax (benefit) expense
|
(128)
|
64
|
8
|
363
|
|||
Net income
|
$ 1,084
|
$ 1,704
|
$ 3,522
|
$ 2,365
|
|||
Basic earnings per common share
|
$ 0.05
|
$ 0.07
|
$ 0.15
|
$ 0.09
|
|||
Diluted earnings per common share
|
$ 0.04
|
$ 0.07
|
$ 0.15
|
$ 0.09
|
|||
Reconciliation of net income to non-GAAP measurement
|
|||||||
Net income
|
$ 1,084
|
$ 1,704
|
$ 3,522
|
$ 2,365
|
|||
Income tax (benefit) expense
|
(128)
|
64
|
8
|
363
|
|||
Realized investment gains, net
|
--
|
(903)
|
(1,428)
|
(974)
|
|||
Operating income
|
$ 956
|
$ 865
|
$ 2,102
|
$ 1,754
|
|||
September 30,
|
December 31,
|
||||||
Selected Balance Sheet Data
|
2012
|
2011
|
|||||
Total cash and investments
|
$ 265,048
|
$ 251,070
|
|||||
Insurance subsidiaries
|
235,139
|
222,925
|
|||||
Parent and other
|
29,909
|
28,145
|
|||||
Total assets
|
319,454
|
302,125
|
|||||
Insurance reserves and policyholder funds
|
151,705
|
147,194
|
|||||
Debt
|
41,238
|
41,238
|
|||||
Total shareholders' equity
|
106,436
|
96,277
|
|||||
Book value per common share
|
4.71
|
4.20
|
|||||
Statutory capital and surplus
|
|||||||
Life and health
|
34,529
|
32,087
|
|||||
Property and casualty
|
37,114
|
37,988
|