Atlantic American Corporation Reports Third Quarter Results for 2024

On November 12, 2024, Atlantic American Corporation (NASDAQ: AAME) released its financial results for the third quarter ended September 30, 2024. The company reported a net loss of $2.0 million, or $(0.10) per diluted share, for the quarter compared to a net income of $1.8 million, or $0.08 per diluted share, for the same period in 2023. For the nine-month period ended September 30, 2024, Atlantic American recorded a net loss of $4.7 million, or $(0.24) per diluted share, contrasting with a net income of $2.1 million, or $0.09 per diluted share, for the same period in 2023.

The company attributed the increased net loss primarily to unfavorable loss experiences in its life and health operations due to higher incurred losses in group life and Medicare supplement lines of business. Additionally, Atlantic American faced adverse loss experiences in its property and casualty operations, mainly due to the frequency and severity of claims in the automobile liability line of business.

Despite the challenging financial results, Atlantic American Corporation did see a slight increase in premium revenue for the three-month period ending September 30, 2024, totaling $43.8 million compared to $43.7 million in the previous year. However, premium revenue for the nine-month period decreased by $2.6 million to $133.3 million from $135.9 million in the same period in 2023. The decline was primarily due to reduced Medicare supplement insurance premiums in the life and health segment.

Hilton H. Howell, Jr., Chairman, President, and CEO of Atlantic American Corporation, expressed optimism regarding the company’s future. He noted strong sales momentum within the life and health operations and highlighted strategic enhancements in underwriting and distribution strategies that are expected to drive long-term improvements in performance. Howell also addressed challenges in the property and casualty business, indicating expectations for stabilization and a return to historical norms.

Atlantic American Corporation, an insurance holding company, operates through its subsidiary companies in specialty markets of life, health, and property and casualty insurance. Some of its principal insurance subsidiaries include American Southern Insurance Company, American Safety Insurance Company, Bankers Fidelity Life Insurance Company, Bankers Fidelity Assurance Company, and Atlantic Capital Life Assurance Company.

In compliance with reporting standards, Atlantic American Corporation cautions that certain information contained in the report may involve risks and uncertainties that could cause actual results to differ from forward-looking statements. The company also provided a note regarding the presentation of non-GAAP financial measures to offer additional insights for investors and analysts.

For further information, individuals can contact J. Ross Franklin, Chief Financial Officer, at 404-266-5580 or Hilton H. Howell, Jr., Chairman, President, and CEO, at 404-266-5505.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Atlantic American’s 8K filing here.

Atlantic American Company Profile

Atlantic American Corporation, through its subsidiaries, provides life and health, and property and casualty insurance products in the United States. It operates through American Southern and Bankers Fidelity segments. The company offers property and casualty insurance products, including commercial automobile insurance coverage for state governments, local municipalities, and other motor pools and fleets; general liability; and inland marine insurance products.