Atlantic American Corporation reports news about its insurance holding company operations in specialty life, health, and property and casualty markets. Through American Southern Insurance Company, American Safety Insurance Company, Bankers Fidelity Life Insurance Company, Bankers Fidelity Assurance Company and Atlantic Capital Life Assurance Company, the company writes products such as automobile liability, inland marine, automobile physical damage, Medicare supplement, group accident and health, group life, and supplemental health coverage.
Recurring updates include quarterly and annual operating results, premium revenue and loss experience by insurance line, annual dividend actions, AM Best credit rating actions for the parent and insurance subsidiaries, and Nasdaq or SEC reporting-status matters tied to periodic filings.
Atlantic American (Nasdaq: AAME) reported a net loss of $0.7 million, or $(0.04) per diluted share, for Q2 2024, compared to a net income of $1.7 million in Q2 2023. The company's six-month net loss increased to $2.7 million in 2024 from $0.3 million in 2023. The losses were primarily due to unfavorable loss experience in both life and health operations and property and casualty operations. Operating income decreased by $2.8 million in Q2 and $5.7 million for the six-month period. Despite challenges, CEO Hilton H. Howell Jr. expressed optimism about recent product launches and the company's long-term strategy.
Atlantic American (Nasdaq: AAME) reported a net loss of $2.0 million for Q1 2024, translating to a loss of $0.10 per share. This is an increase from a net loss of $1.4 million, or $0.08 per share, in Q1 2023. The loss was mainly due to a 3.4% decrease in premium revenue in the life and health operations, totaling $44.6 million, down from $46.1 million the previous year. Additionally, the company experienced unfavorable loss experience in these operations, resulting in an operating loss of $2.4 million, compared to an operating income of $0.6 million in the same period last year.
Despite the decline in life and health premiums, the property and casualty division saw an increase in insurance premiums while keeping benefits and losses relatively flat. CEO Hilton H. Howell, Jr. cited new business initiatives and market expansions for Atlantic Capital Life Assurance Company as reasons for optimism.
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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.