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
|
Exhibit
Number
|
Description of Exhibit
|
|
Press release dated November 13, 2023.
|
||
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: November 13, 2023
|
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
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
(Unaudited; In thousands, except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Insurance premiums
|
||||||||||||||||
Life and health
|
$
|
27,175
|
$
|
28,739
|
$
|
84,244
|
$
|
86,773
|
||||||||
Property and casualty
|
16,571
|
17,641
|
51,662
|
53,753
|
||||||||||||
Insurance premiums, net
|
43,746
|
46,380
|
135,906
|
140,526
|
||||||||||||
Net investment income
|
2,325
|
2,641
|
7,425
|
7,510
|
||||||||||||
Realized investment gains, net
|
-
|
101
|
70
|
29
|
||||||||||||
Unrealized losses on equity securities, net
|
(1,486
|
)
|
(2,783
|
)
|
(3,367
|
)
|
(5,456
|
)
|
||||||||
Other income
|
6
|
4
|
14
|
11
|
||||||||||||
Total revenue
|
44,591
|
46,343
|
140,048
|
142,620
|
||||||||||||
Insurance benefits and losses incurred
|
||||||||||||||||
Life and health
|
14,937
|
18,599
|
48,554
|
58,003
|
||||||||||||
Property and casualty
|
11,881
|
12,031
|
38,089
|
36,549
|
||||||||||||
Commissions and underwriting expenses
|
11,064
|
12,843
|
36,830
|
35,894
|
||||||||||||
Interest expense
|
850
|
523
|
2,407
|
1,291
|
||||||||||||
Other expense
|
3,721
|
3,296
|
11,631
|
10,151
|
||||||||||||
Total benefits and expenses
|
42,453
|
47,292
|
137,511
|
141,888
|
||||||||||||
Income (loss) before income taxes
|
2,138
|
(949
|
)
|
2,537
|
732
|
|||||||||||
Income tax expense (benefit)
|
379
|
(265
|
)
|
480
|
253
|
|||||||||||
Net income (loss)
|
$
|
1,759
|
$
|
(684
|
)
|
$
|
2,057
|
$
|
479
|
|||||||
Earnings (loss) per common share (basic and diluted)
|
$
|
0.08
|
$
|
(0.04
|
)
|
$
|
0.09
|
$
|
0.01
|
|||||||
Reconciliation of Non-GAAP Financial Measure
|
||||||||||||||||
Net income (loss)
|
$
|
1,759
|
$
|
(684
|
)
|
$
|
2,057
|
$
|
479
|
|||||||
Income tax expense (benefit)
|
379
|
(265
|
)
|
480
|
253
|
|||||||||||
Realized investment gains, net
|
-
|
(101
|
)
|
(70
|
)
|
(29
|
)
|
|||||||||
Unrealized losses on equity securities, net
|
1,486
|
2,783
|
3,367
|
5,456
|
||||||||||||
Non-GAAP operating income
|
$
|
3,624
|
$
|
1,733
|
$
|
5,834
|
$
|
6,159
|
Selected Balance Sheet Data
|
September 30,
2023
|
December 31,
2022
|
||||||
Total cash and investments
|
$
|
244,709
|
$
|
257,575
|
||||
Insurance subsidiaries
|
238,497
|
251,378
|
||||||
Parent and other
|
6,212
|
6,197
|
||||||
Total assets
|
361,620
|
367,064
|
||||||
Insurance reserves and policyholder funds
|
201,988
|
202,651
|
||||||
Debt
|
36,757
|
35,747
|
||||||
Total shareholders' equity
|
98,746
|
102,193
|
||||||
Book value per common share
|
4.57
|
4.74
|
||||||
Statutory capital and surplus
|
||||||||
Life and health
|
37,392
|
36,672
|
||||||
Property and casualty
|
53,360
|
53,023
|
Document and Entity Information |
Nov. 13, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 13, 2023 |
Entity File Number | 0-3722 |
Entity Registrant Name | ATLANTIC AMERICAN CORPORATION |
Entity Central Index Key | 0000008177 |
Entity Incorporation, State or Country Code | GA |
Entity Tax Identification Number | 58-1027114 |
Entity Address, Address Line One | 4370 Peachtree Road |
Entity Address, Address Line Two | N.E. |
Entity Address, City or Town | Atlanta |
Entity Address, State or Province | GA |
Entity Address, Postal Zip Code | 30319 |
City Area Code | 404 |
Local Phone Number | 266-5500 |
Title of 12(b) Security | Common Stock, par value $1.00 per share |
Trading Symbol | AAME |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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