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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 |
Date of report (Date of earliest event reported)
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number) |
(IRS Employer Identification No.) |
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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
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(
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N/A
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(Former name or former address, if changed since last report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Item 2.02. |
Results of Operations and Financial Condition
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Item 9.01. |
Financial Statements and Exhibits
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Exhibit
Number
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Description of Exhibit
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Press release dated November 12, 2024.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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ATLANTIC AMERICAN CORPORATION
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By:
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/s/ J. Ross Franklin
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J. Ross Franklin
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Vice President, Chief Financial Officer and Secretary
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Date: November 12, 2024
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For further information contact:
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J. Ross Franklin
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Hilton H. Howell, Jr.
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Chief Financial Officer
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Chairman, President & CEO
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Atlantic American Corporation
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Atlantic American Corporation
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404-266-5580
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404-266-5505
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Three Months Ended
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Nine Months Ended
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|||||||||||||||
September 30,
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September 30,
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|||||||||||||||
(Unaudited; In thousands, except per share data)
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2024
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2023
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2024
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2023
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||||||||||||
Insurance premiums
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||||||||||||||||
Life and health
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$
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27,568
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$
|
27,175
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$
|
81,691
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$
|
84,244
|
||||||||
Property and casualty
|
16,214
|
16,571
|
51,636
|
51,662
|
||||||||||||
Insurance premiums, net
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43,782
|
43,746
|
133,327
|
135,906
|
||||||||||||
Net investment income
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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
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44,519
|
44,591
|
139,184
|
140,048
|
||||||||||||
Insurance benefits and losses incurred
|
||||||||||||||||
Life and health
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16,776
|
14,937
|
53,467
|
48,554
|
||||||||||||
Property and casualty
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13,984
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11,881
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41,025
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38,089
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||||||||||||
Commissions and underwriting expenses
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11,490
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11,064
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35,740
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36,830
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||||||||||||
Interest expense
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869
|
850
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2,591
|
2,407
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||||||||||||
Other expense
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3,854
|
3,721
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12,170
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11,631
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||||||||||||
Total benefits and expenses
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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
|
)
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(70
|
)
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|||||||||
Unrealized losses on equity securities, net
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1,746
|
1,486
|
1,617
|
3,367
|
||||||||||||
Non-GAAP operating income (loss)
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$
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(712
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)
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$
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3,624
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$
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(4,209
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)
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$
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5,834
|
September 30,
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December 31,
|
||||||
Selected balance sheet data
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2024
|
2023
|
|||||
Total cash and investments
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$
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263,750
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$
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265,368
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|||
Insurance subsidiaries
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254,931
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259,253
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|||||
Parent and other
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8,819
|
6,115
|
|||||
Total assets
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386,989
|
381,265
|
|||||
Insurance reserves and policyholder funds
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218,882
|
212,422
|
|||||
Debt
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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
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31,038
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38,299
|
|||||
Property and casualty
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50,424
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51,774
|
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 |
1 Year Atlantic American Chart |
1 Month Atlantic American Chart |
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