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
|
Three Months Ended
|
Nine Months Ended
| |||||||||||||||
September 30,
|
September 30,
| |||||||||||||||
(Unaudited; In thousands, except per share data)
|
2021
|
2020
|
2021
|
2020
| ||||||||||||
Insurance premiums
| ||||||||||||||||
Life and health
|
$
|
28,772
|
$
|
30,208
|
$
|
87,018
|
$
|
91,511
| ||||||||
Property and casualty
|
17,320
|
14,770
|
50,297
|
45,516
| ||||||||||||
Insurance premiums, net
|
46,092
|
44,978
|
137,315
|
137,027
| ||||||||||||
Net investment income
|
2,137
|
1,828
|
6,516
|
5,717
| ||||||||||||
Realized investment gains, net
|
349
|
183
|
520
|
432
| ||||||||||||
Unrealized gains (losses) on equity securities, net
|
711
|
(731
|
)
|
5,458
|
(7,831
|
)
| ||||||||||
Other income
|
1
|
11
|
13
|
71
| ||||||||||||
Total revenue
|
49,290
|
46,269
|
149,822
|
135,416
| ||||||||||||
Insurance benefits and losses incurred
| ||||||||||||||||
Life and health
|
23,394
|
20,088
|
66,463
|
61,192
| ||||||||||||
Property and casualty
|
11,651
|
9,131
|
33,557
|
28,686
| ||||||||||||
Commissions and underwriting expenses
|
11,927
|
11,202
|
36,670
|
34,682
| ||||||||||||
Interest expense
|
347
|
363
|
1,040
|
1,253
| ||||||||||||
Other expense
|
3,264
|
3,052
|
10,178
|
9,116
| ||||||||||||
Total benefits and expenses
|
50,583
|
43,836
|
147,908
|
134,929
| ||||||||||||
Income (loss) before income taxes
|
(1,293
|
)
|
2,433
|
1,914
|
487
| |||||||||||
Income tax expense (benefit)
|
(378
|
)
|
557
|
298
|
166
| |||||||||||
Net income (loss)
|
$
|
(915
|
)
|
$
|
1,876
|
$
|
1,616
|
$
|
321
| |||||||
Earnings (loss) per common share (basic and diluted)
|
$
|
(0.05
|
)
|
$
|
0.09
|
$
|
0.06
|
$
|
-
| |||||||
Reconciliation of Non-GAAP Financial Measure
| ||||||||||||||||
Net income (loss)
|
$
|
(915
|
)
|
$
|
1,876
|
$
|
1,616
|
$
|
321
| |||||||
Income tax expense (benefit)
|
(378
|
)
|
557
|
298
|
166
| |||||||||||
Realized investment gains, net
|
(349
|
)
|
(183
|
)
|
(520
|
)
|
(432
|
)
| ||||||||
Unrealized (gains) losses on equity securities, net
|
(711
|
)
|
731
|
(5,458
|
)
|
7,831
| ||||||||||
Non-GAAP Operating income (loss)
|
$
|
(2,353
|
)
|
$
|
2,981
|
$
|
(4,064
|
)
|
$
|
7,886
|
September 30,
|
December 31,
| |||||||
Selected Balance Sheet Data
|
2021
|
2020
| ||||||
Total cash and investments
|
$
|
300,297
|
$
|
298,630
| ||||
Insurance subsidiaries
|
295,191
|
292,478
| ||||||
Parent and other
|
5,106
|
6,152
| ||||||
Total assets
|
404,077
|
405,187
| ||||||
Insurance reserves and policyholder funds
|
205,757
|
198,676
| ||||||
Debt
|
33,738
|
33,738
| ||||||
Total shareholders' equity
|
139,995
|
145,060
| ||||||
Book value per common share
|
6.60
|
6.84
| ||||||
Statutory capital and surplus
| ||||||||
Life and health
|
38,503
|
42,326
| ||||||
Property and casualty
|
50,394
|
50,194
|
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Disclaimer
Atlantic American Corporation published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 16:08:09 UTC.