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 April 1, 2024.
|
||
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: April 1, 2024
|
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
|
Twelve Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
(Unaudited; In thousands, except per share data)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Insurance premiums
|
||||||||||||||||
Life and health
|
$
|
26,138
|
$
|
28,391
|
$
|
110,382
|
$
|
115,164
|
||||||||
Property and casualty
|
16,781
|
16,523
|
68,443
|
70,276
|
||||||||||||
Insurance premiums, net
|
42,919
|
44,914
|
178,825
|
185,440
|
||||||||||||
Net investment income
|
2,633
|
2,422
|
10,058
|
9,932
|
||||||||||||
Realized investment gains, net
|
-
|
1
|
70
|
30
|
||||||||||||
Unrealized gains (losses) on equity securities, net
|
1,190
|
(2,106
|
)
|
(2,177
|
)
|
(7,562
|
)
|
|||||||||
Other income
|
3
|
-
|
17
|
11
|
||||||||||||
Total revenue
|
46,745
|
45,231
|
186,793
|
187,851
|
||||||||||||
Insurance benefits and losses incurred
|
||||||||||||||||
Life and health
|
22,931
|
18,278
|
71,485
|
76,281
|
||||||||||||
Property and casualty
|
12,926
|
10,626
|
51,015
|
47,175
|
||||||||||||
Commissions and underwriting expenses
|
9,294
|
10,819
|
46,124
|
46,713
|
||||||||||||
Interest expense
|
862
|
661
|
3,269
|
1,952
|
||||||||||||
Other expense
|
3,834
|
3,483
|
15,465
|
13,634
|
||||||||||||
Total benefits and expenses
|
49,847
|
43,867
|
187,358
|
185,755
|
||||||||||||
Income (loss) before income taxes
|
(3,102
|
)
|
1,364
|
(565
|
)
|
2,096
|
||||||||||
Income tax expense (benefit)
|
(874
|
)
|
318
|
(394
|
)
|
571
|
||||||||||
Net income (loss)
|
$
|
(2,228
|
)
|
$
|
1,046
|
$
|
(171
|
)
|
$
|
1,525
|
||||||
Earnings (loss) per common share (basic and diluted)
|
$
|
(0.11
|
)
|
$
|
0.05
|
$
|
(0.03
|
)
|
$
|
0.06
|
||||||
Reconciliation of non-GAAP financial measure
|
||||||||||||||||
Net income (loss)
|
$
|
(2,228
|
)
|
$
|
1,046
|
$
|
(171
|
)
|
$
|
1,525
|
||||||
Income tax expense (benefit)
|
(874
|
)
|
318
|
(394
|
)
|
571
|
||||||||||
Realized investment gains, net
|
-
|
(1
|
)
|
(70
|
)
|
(30
|
)
|
|||||||||
Unrealized (gains) losses on equity securities, net
|
(1,190
|
)
|
2,106
|
2,177
|
7,562
|
|||||||||||
Non-GAAP operating income (loss)
|
$
|
(4,292
|
)
|
$
|
3,469
|
$
|
1,542
|
$
|
9,628
|
December 31,
|
December 31,
|
|||||||
Selected balance sheet data
|
2023
|
2022
|
||||||
Total cash and investments
|
$
|
265,368
|
$
|
257,575
|
||||
Insurance subsidiaries
|
259,253
|
251,378
|
||||||
Parent and other
|
6,115
|
6,197
|
||||||
Total assets
|
381,265
|
367,064
|
||||||
Insurance reserves and policyholder funds
|
212,422
|
202,651
|
||||||
Debt
|
36,757
|
35,747
|
||||||
Total shareholders' equity
|
107,275
|
102,193
|
||||||
Book value per common share
|
4.99
|
4.74
|
||||||
Statutory capital and surplus
|
||||||||
Life and health
|
38,299
|
36,672
|
||||||
Property and casualty
|
51,774
|
53,023
|
Document and Entity Information |
Apr. 01, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Apr. 01, 2024 |
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 |
M-8?20$3;8T.P6BP^0"X99K>]9!:G