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AAME Atlantic American Corporation

1.56
0.03 (1.96%)
27 Nov 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Atlantic American Corporation NASDAQ:AAME NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.03 1.96% 1.56 1.50 1.56 1.6222 1.495 1.59 7,699 21:00:04

Form 8-K - Current report

12/11/2024 7:37pm

Edgar (US Regulatory)



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported)
November 12, 2024

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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


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))
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $1.00 per share
 
AAME
 
The Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.
Results of Operations and Financial Condition

On November 12, 2024, Atlantic American Corporation (the “Registrant”) reported its results of operations for its third quarter ended September 30, 2024. A copy of the press release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01.
Financial Statements and Exhibits

(d) Exhibits

Exhibit
Number
 
Description of Exhibit
 
Press release dated November 12, 2024.
104
 
Cover Page Interactive Data File (embedded within the Inline XBRL document).

The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 
ATLANTIC AMERICAN CORPORATION
     
 
By:
/s/ J. Ross Franklin
   
J. Ross Franklin
   
Vice President, Chief Financial Officer and Secretary
     
Date:  November 12, 2024
   




Exhibit 99.1

ATLANTIC AMERICAN CORPORATION REPORTS
THIRD QUARTER RESULTS FOR 2024

ATLANTA, Georgia, November 12, 2024 - Atlantic American Corporation (Nasdaq- AAME) today reported net loss of $2.0 million, or $(0.10) per diluted share, for the three month period ended September 30, 2024, compared to net income of $1.8 million, or $0.08 per diluted share, for the three month period ended September 30, 2023.  The Company had net loss of $4.7 million, or $(0.24) per diluted share, for the nine month period ended September 30, 2024, compared to net income of $2.1 million, or $0.09 per diluted share, for the nine month period ended September 30, 2023.  The increase in net loss for the three month and nine month periods ended September 30, 2024  was primarily the result of unfavorable loss experience in the Company’s life and health operations due to an increase in incurred losses in the group life and Medicare supplement lines of business, as well as unfavorable loss experience in the Company’s property and casualty operations due to the frequency and severity of claims in the automobile liability line of business, compared to the prior year periods.

For the three month period ended September 30, 2024, premium revenue increased slightly to $43.8 million from $43.7 million in the comparable period in 2023.  For the nine month period ended September 30, 2024, premium revenue decreased $2.6 million, or 1.9%, to $133.3 million from $135.9 million in the comparable period in 2023.  The decrease in premium revenue during the nine month period ended September 30, 2024 was primarily attributable to a decrease in the Medicare supplement insurance premiums in the Company’s life and health operations.

Commenting on the results, Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, stated, “As we enter the fourth quarter, I am encouraged by the strong sales momentum within our life and health operations. Our newest charter has made a promising entrance into the market, supported by enhanced underwriting and distribution strategies that we believe will drive long-term improvements in our bottom-line performance. At the same time, our property and casualty business continues to navigate a highly inflationary automobile market, though we expect conditions to stabilize and return to historical norms in the near term. While we have work ahead of us, we remain confident in our ability to execute our strategy and are optimistic about the path forward.”

Atlantic American Corporation is an insurance holding company involved through its subsidiary companies in specialty markets of the life, health, and property and casualty insurance industries.  Its principal insurance subsidiaries are American Southern Insurance Company, American Safety Insurance Company, Bankers Fidelity Life Insurance Company, Bankers Fidelity Assurance Company and Atlantic Capital Life Assurance Company.

Note regarding non-GAAP financial measure: Atlantic American Corporation presents its consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP).  However, from time to time, the Company may present, in its public statements, press releases and filings with the Securities and Exchange Commission, non-GAAP financial measures such as operating income (loss). We define operating income (loss) as net income (loss) excluding: (i) income tax expense (benefit); (ii) realized investment (gains) losses, net; and (iii) unrealized (gains) losses on equity securities, net.  Management believes operating income (loss) is a useful metric for investors, potential investors, securities analysts and others because it isolates the “core” operating results of the Company before considering certain items that are either beyond the control of management (such as income tax expense (benefit), which is subject to timing, regulatory and rate changes depending on the timing of the associated revenues and expenses) or are not expected to regularly impact the Company’s operating results (such as any realized and unrealized investment gains (losses), which are not a part of the Company’s primary operations and are, to a limited extent, subject to discretion in terms of timing of realization).  The financial data attached includes a reconciliation of operating income (loss) to net income (loss), the most comparable GAAP financial measure.  The Company’s definition of operating income (loss) may differ from similarly titled financial measures used by others.  This non-GAAP financial measure should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

Note regarding forward-looking statements: Except for historical information contained herein, this press release contains forward-looking statements that involve a number of risks and uncertainties.  Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors and risks, including the Company’s ability to remediate the identified material weakness in its internal control over financial reporting as described in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10Q, and those other risks and uncertainties detailed in statements and reports that the Company files from time to time with the Securities and Exchange Commission.

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


Atlantic American Corporation
Financial Data

   
Three Months Ended
   
Nine Months Ended
 
   
September 30,
   
September 30,
 
(Unaudited; In thousands, except per share data)
 
2024
   
2023
   
2024
   
2023
 
Insurance premiums
                       
Life and health
 
$
27,568
   
$
27,175
   
$
81,691
   
$
84,244
 
Property and casualty
   
16,214
     
16,571
     
51,636
     
51,662
 
Insurance premiums, net
   
43,782
     
43,746
     
133,327
     
135,906
 
                                 
Net investment income
   
2,477
     
2,325
     
7,449
     
7,425
 
Realized investment gains, net
   
4
     
-
     
17
     
70
 
Unrealized losses on equity securities, net
   
(1,746
)
   
(1,486
)
   
(1,617
)
   
(3,367
)
Other income
   
2
     
6
     
8
     
14
 
                                 
Total revenue
   
44,519
     
44,591
     
139,184
     
140,048
 
                                 
Insurance benefits and losses incurred
                               
Life and health
   
16,776
     
14,937
     
53,467
     
48,554
 
Property and casualty
   
13,984
     
11,881
     
41,025
     
38,089
 
Commissions and underwriting expenses
   
11,490
     
11,064
     
35,740
     
36,830
 
Interest expense
   
869
     
850
     
2,591
     
2,407
 
Other expense
   
3,854
     
3,721
     
12,170
     
11,631
 
                                 
Total benefits and expenses
   
46,973
     
42,453
     
144,993
     
137,511
 
                                 
Income (loss) before income taxes
   
(2,454
)
   
2,138
     
(5,809
)
   
2,537
 
Income tax expense (benefit)
   
(456
)
   
379
     
(1,129
)
   
480
 
                                 
Net income (loss)
 
$
(1,998
)
 
$
1,759
   
$
(4,680
)
 
$
2,057
 
                                 
Earnings (loss) per common share (basic & diluted)
 
$
(0.10
)
 
$
0.08
   
$
(0.24
)
 
$
0.09
 
                                 
Reconciliation of non-GAAP financial measure
                               
                                 
Net income (loss)
 
$
(1,998
)
 
$
1,759
   
$
(4,680
)
 
$
2,057
 
Income tax expense (benefit)
   
(456
)
   
379
     
(1,129
)
   
480
 
Realized investment gains, net
   
(4
)
   
-
     
(17
)
   
(70
)
Unrealized losses on equity securities, net
   
1,746
     
1,486
     
1,617
     
3,367
 
                                 
Non-GAAP operating income (loss)
 
$
(712
)
 
$
3,624
   
$
(4,209
)
 
$
5,834
 

   
September 30,
   
December 31,
Selected balance sheet data
 
2024
   
2023
           
Total cash and investments
 
$
263,750
   
$
265,368
Insurance subsidiaries
   
254,931
     
259,253
Parent and other
   
8,819
     
6,115
Total assets
   
386,989
     
381,265
Insurance reserves and policyholder funds
   
218,882
     
212,422
Debt
   
37,762
     
36,757
Total shareholders’ equity
   
105,759
     
107,275
Book value per common share
   
4.91
     
4.99
Statutory capital and surplus
             
Life and health
   
31,038
     
38,299
Property and casualty
   
50,424
     
51,774



v3.24.3
Document and Entity Information
Nov. 12, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 12, 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, 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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