Atlantic Amer Stock Price, News & Analysis

ATLANTA, Ga., April 21, 2023 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq: AAME) announced it received a notice from Nasdaq for failing to file its Annual Report on Form 10-K for the year ended December 31, 2022, thus breaching Nasdaq Listing Rule 5250(c)(1). This notice does not immediately affect the listing or trading of AAME’s common stock, and the company has 60 calendar days to submit a compliance plan to Nasdaq. If accepted, AAME may receive up to 180 additional days to comply. The company is currently working to file the Form 10-K as soon as possible. Atlantic American is an insurance holding company involved in life, health, and property and casualty insurance sectors.

Atlantic American Corporation (Nasdaq: AAME) reported a net loss of $0.7 million, or $0.04 per diluted share, for Q3 2022, an improvement from a net loss of $0.9 million in Q3 2021. For the first nine months of 2022, net income dropped to $0.5 million, or $0.01 per diluted share, down from $1.6 million in 2021. This dip is attributed to a decline of $10.9 million in unrealized gains, offset by increased operating income of $10.2 million, due to better performance in life and health operations. The company announced the formation of Atlantic Capital Life Assurance Company, now authorized to operate.

Atlantic American Corporation (Nasdaq: AAME) reported a net loss of $1.7 million, or $0.09 per diluted share, for the three months ended June 30, 2022, compared to a net income of $3.0 million, or $0.14 per diluted share, in 2021. However, the company achieved a net income of $1.2 million for the six-month period, down from $2.5 million YoY. Operating income increased significantly by $4.4 million for the quarter and $6.1 million for the half-year due to improved loss experience in life and health insurance, as well as a rise in insurance premiums by 9.5% in the property and casualty segment.

Atlantic American Corporation (Nasdaq: AAME) reported a net income of $2.8 million for Q1 2022, up from a net loss of $0.4 million in Q1 2021, translating to $0.13 per common share. Operating income rose to $1.6 million from a loss of $1.4 million, driven by improved loss experience in its life and health operations. Premium revenue increased by 2.2% to $47.1 million. The company noted positive momentum in its voluntary benefits division and anticipates continued success in future quarters.

Atlantic American Corporation (Nasdaq-AAME) reported a net income of $2.7 million ($0.12 per diluted share) for Q4 2021, down from $11.8 million ($0.54 per diluted share) in Q4 2020. For the full year, net income was $4.3 million ($0.19 per diluted share), a decrease from $12.2 million ($0.56 per diluted share) in 2020. The decline was attributed to an $8 million fall in unrealized gains and an $11.8 million rise in insurance losses. The Board announced an annual dividend of $0.02 per share, payable April 27, 2022. Positive developments included a significant multi-year contract renewal in property and casualty operations.

Atlantic American Corporation (Nasdaq: AAME) reported a net loss of $0.9 million ($0.05 per diluted share) for Q3 2021, a significant decline from a net income of $1.9 million ($0.09 per diluted share) in Q3 2020. For the first nine months of 2021, the Company posted a net income of $1.6 million compared to $0.3 million in 2020. The loss in Q3 was attributed to a $5.8 million rise in insurance benefits, offset by $1.4 million in unrealized gains on equity securities. The increase in operating loss for both periods was driven by higher claims in the Medicare supplement line.