•
|
Net income of $1.2 million for the six month period ended June 30, 2022
|
•
|
Operating income of $4.4 million for the six month period ended June 30, 2022
|
•
|
Insurance premiums increased $3.1 million, or 9.5%, within the property and casualty operations for the six month period ended June 30, 2022
|
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
|
Six Months Ended
| |||||||||||||||
June 30,
|
June 30,
| |||||||||||||||
(Unaudited; In thousands, except per share data)
|
2022
|
2021
|
2022
|
2021
| ||||||||||||
Insurance premiums
| ||||||||||||||||
Life and health
|
$
|
28,296
|
$
|
28,771
|
$
|
58,034
|
$
|
58,246
| ||||||||
Property and casualty
|
18,769
|
16,362
|
36,112
|
32,977
| ||||||||||||
Insurance premiums, net
|
47,065
|
45,133
|
94,146
|
91,223
| ||||||||||||
Net investment income
|
2,529
|
2,266
|
4,869
|
4,379
| ||||||||||||
Realized investment gains (losses), net
|
(62
|
)
|
50
|
(72
|
)
|
171
| ||||||||||
Unrealized gains (losses) on equity securities, net
|
(4,866
|
)
|
4,003
|
(2,673
|
)
|
4,747
| ||||||||||
Other income
|
3
|
5
|
7
|
12
| ||||||||||||
Total revenue
|
44,669
|
51,457
|
96,277
|
100,532
| ||||||||||||
Insurance benefits and losses incurred
| ||||||||||||||||
Life and health
|
18,713
|
21,546
|
39,404
|
43,069
| ||||||||||||
Property and casualty
|
14,040
|
10,157
|
24,518
|
21,906
| ||||||||||||
Commissions and underwriting expenses
|
10,215
|
12,179
|
23,051
|
24,743
| ||||||||||||
Interest expense
|
414
|
347
|
768
|
693
| ||||||||||||
Other expense
|
3,402
|
3,474
|
6,855
|
6,914
| ||||||||||||
Total benefits and expenses
|
46,784
|
47,703
|
94,596
|
97,325
| ||||||||||||
Income (loss) before income taxes
|
(2,115
|
)
|
3,754
|
1,681
|
3,207
| |||||||||||
Income tax expense (benefit)
|
(436
|
)
|
792
|
518
|
676
| |||||||||||
Net income (loss)
|
$
|
(1,679
|
)
|
$
|
2,962
|
$
|
1,163
|
$
|
2,531
| |||||||
Earnings (loss) per common share (basic)
|
$
|
(0.09
|
)
|
$
|
0.14
|
$
|
0.05
|
$
|
0.11
| |||||||
Earnings (loss) per common share (diluted)
|
$
|
(0.09
|
)
|
$
|
0.14
|
$
|
0.05
|
$
|
0.11
| |||||||
Reconciliation of Non-GAAP Financial Measure
| ||||||||||||||||
Net income (loss)
|
$
|
(1,679
|
)
|
$
|
2,962
|
$
|
1,163
|
$
|
2,531
| |||||||
Income tax expense (benefit)
|
(436
|
)
|
792
|
518
|
676
| |||||||||||
Realized investment (gains) losses, net
|
62
|
(50
|
)
|
72
|
(171
|
)
| ||||||||||
Unrealized (gains) losses on equity securities, net
|
4,866
|
(4,003
|
)
|
2,673
|
(4,747
|
)
| ||||||||||
Non-GAAP Operating income (loss)
|
$
|
2,813
|
$
|
(299
|
)
|
$
|
4,426
|
$
|
(1,711
|
)
|
Selected Balance Sheet Data
|
June 30,
2022
|
December 31,
2021
| ||||||
Total cash and investments
|
$
|
259,845
|
$
|
308,195
| ||||
Insurance subsidiaries
|
254,032
|
302,302
| ||||||
Parent and other
|
5,813
|
5,893
| ||||||
Total assets
|
379,274
|
402,286
| ||||||
Insurance reserves and policyholder funds
|
211,874
|
201,797
| ||||||
Debt
|
34,738
|
33,738
| ||||||
Total shareholders' equity
|
109,101
|
141,286
| ||||||
Book value per common share
|
5.08
|
6.66
| ||||||
Statutory capital and surplus
| ||||||||
Life and health
|
35,946
|
38,625
| ||||||
Property and casualty
|
52,534
|
52,724
|
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Disclaimer
Atlantic American Corporation published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 18:44:01 UTC.