Atlantic American Corporation Reports Third Quarter Results for 2023
14 11월 2023 - 7:24AM
Atlantic American Corporation (Nasdaq- AAME) today reported net
income of $1.8 million, or $0.08 per diluted share, for the three
month period ended September 30, 2023, compared to net loss of $0.7
million, or $(0.04) per diluted share, for the three month period
ended September 30, 2022. The Company had net income of $2.1
million, or $0.09 per diluted share, for the nine month period
ended September 30, 2023, compared to net income of $0.5 million,
or $0.01 per diluted share, for the nine month period ended
September 30, 2022. The increase in net income for the three and
nine month periods ended September 30, 2023 was primarily the
result of a more favorable loss experience in the life and health
operations, from the comparable periods in 2022, coupled with a
decrease in unrealized losses on equity securities. Partially
offsetting this increase in net income for the nine month period
ended September 30, 2023 was an increase in ancillary costs related
to the implementation of the new actuarial valuation system,
coupled with an increase in administrative costs related to the
growth in the group and individual lines of business within the
life and health operations.
Operating income (as defined below) increased
$1.9 million in the three month period ended September 30, 2023
from the three month period ended September 30, 2022. For the nine
month period ended September 30, 2023, operating income decreased
$0.3 million from the comparable period in 2022. The increase in
operating income for the three month period ended September 30,
2023 was primarily the result of a more favorable loss experience
in the life and health operations, from the comparable period in
2022. The decrease in operating income for the nine month period
ended September 30, 2023 was primarily attributable to ancillary
costs related to the implementation of the new actuarial valuation
system, coupled with an increase in administrative costs related to
the growth in the group and individual lines of business within the
life and health operations, as mentioned above.
Commenting on the results, Hilton H. Howell, Jr., Chairman,
President and Chief Executive Officer, stated, “We are delighted
with the improvements in net income for each of the quarter and
year-to-date period. Although our revenue numbers are off slightly
compared to prior year, operating income remains quite strong for
2023. Our newest legal entity, Atlantic Capital Life Assurance
Company, recently launched product in a select number of states and
we expect additional states to be released over the remainder of
the year.”
Atlantic American Corporation is an insurance
holding company involved through its subsidiary companies in
specialty markets of the life, health, and property and casualty
insurance industries. Its principal insurance subsidiaries are
American Southern Insurance Company, American Safety Insurance
Company, Bankers Fidelity Life Insurance Company, Bankers Fidelity
Assurance Company and Atlantic Capital Life Assurance Company.
Note regarding non-GAAP financial measure:
Atlantic American Corporation presents its consolidated financial
statements in accordance with U.S. generally accepted accounting
principles (GAAP). However, from time to time, the Company may
present, in its public statements, press releases and filings with
the Securities and Exchange Commission, non-GAAP financial measures
such as operating income (loss). We define operating income (loss)
as net income (loss) excluding: (i) income tax expense (benefit);
(ii) realized investment gains, net; and (iii) unrealized (gains)
losses on equity securities, net. Management believes operating
income (loss) is a useful metric for investors, potential
investors, securities analysts and others because it isolates the
“core” operating results of the Company before considering certain
items that are either beyond the control of management (such as
income tax expense (benefit), which is subject to timing,
regulatory and rate changes depending on the timing of the
associated revenues and expenses) or are not expected to regularly
impact the Company’s operating results (such as any realized and
unrealized investment gains (losses), which are not a part of the
Company’s primary operations and are, to a limited extent, subject
to discretion in terms of timing of realization). The financial
data attached includes a reconciliation of operating income (loss)
to net income (loss), the most comparable GAAP financial measure.
The Company’s definition of operating income (loss) may differ from
similarly titled financial measures used by others. This non-GAAP
financial measure should be considered supplemental to, and not a
substitute for, financial information prepared in accordance with
GAAP.
Note regarding Private Securities Litigation
Reform Act: Except for historical information contained herein,
this press release contains forward-looking statements that involve
a number of risks and uncertainties. Actual results could differ
materially from those indicated by such forward-looking statements
due to a number of factors and risks, including those risks and
uncertainties detailed in statements and reports that Atlantic
American Corporation files from time to time with the Securities
and Exchange Commission.
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 |
Atlantic American
CorporationFinancial Data
|
Three Months
Ended |
|
Nine Months
Ended |
|
September 30, |
|
September 30, |
(Unaudited; In thousands, except per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Insurance
premiums |
|
|
|
|
|
|
|
Life and health |
$ |
27,175 |
|
|
$ |
28,739 |
|
|
$ |
84,244 |
|
|
$ |
86,773 |
|
Property and casualty |
|
16,571 |
|
|
|
17,641 |
|
|
|
51,662 |
|
|
|
53,753 |
|
Insurance premiums,
net |
|
43,746 |
|
|
|
46,380 |
|
|
|
135,906 |
|
|
|
140,526 |
|
|
|
|
|
|
|
|
|
Net
investment income |
|
2,325 |
|
|
|
2,641 |
|
|
|
7,425 |
|
|
|
7,510 |
|
Realized
investment gains, net |
|
- |
|
|
|
101 |
|
|
|
70 |
|
|
|
29 |
|
Unrealized
losses on equity securities, net |
|
(1,486 |
) |
|
|
(2,783 |
) |
|
|
(3,367 |
) |
|
|
(5,456 |
) |
Other
income |
|
6 |
|
|
|
4 |
|
|
|
14 |
|
|
|
11 |
|
|
|
|
|
|
|
|
|
Total revenue |
|
44,591 |
|
|
|
46,343 |
|
|
|
140,048 |
|
|
|
142,620 |
|
|
|
|
|
|
|
|
|
Insurance
benefits and losses incurred |
|
|
|
|
|
|
|
Life and health |
|
14,937 |
|
|
|
18,599 |
|
|
|
48,554 |
|
|
|
58,003 |
|
Property and casualty |
|
11,881 |
|
|
|
12,031 |
|
|
|
38,089 |
|
|
|
36,549 |
|
Commissions
and underwriting expenses |
|
11,064 |
|
|
|
12,843 |
|
|
|
36,830 |
|
|
|
35,894 |
|
Interest
expense |
|
850 |
|
|
|
523 |
|
|
|
2,407 |
|
|
|
1,291 |
|
Other
expense |
|
3,721 |
|
|
|
3,296 |
|
|
|
11,631 |
|
|
|
10,151 |
|
|
|
|
|
|
|
|
|
Total benefits and expenses |
|
42,453 |
|
|
|
47,292 |
|
|
|
137,511 |
|
|
|
141,888 |
|
|
|
|
|
|
|
|
|
Income
(loss) before income taxes |
|
2,138 |
|
|
|
(949 |
) |
|
|
2,537 |
|
|
|
732 |
|
Income tax
expense (benefit) |
|
379 |
|
|
|
(265 |
) |
|
|
480 |
|
|
|
253 |
|
|
|
|
|
|
|
|
|
Net
income (loss) |
$ |
1,759 |
|
|
$ |
(684 |
) |
|
$ |
2,057 |
|
|
$ |
479 |
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share (basic and
diluted) |
$ |
0.08 |
|
|
$ |
(0.04 |
) |
|
$ |
0.09 |
|
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
1,759 |
|
|
$ |
(684 |
) |
|
$ |
2,057 |
|
|
$ |
479 |
|
Income tax
expense (benefit) |
|
379 |
|
|
|
(265 |
) |
|
|
480 |
|
|
|
253 |
|
Realized
investment gains, net |
|
- |
|
|
|
(101 |
) |
|
|
(70 |
) |
|
|
(29 |
) |
Unrealized
losses on equity securities, net |
|
1,486 |
|
|
|
2,783 |
|
|
|
3,367 |
|
|
|
5,456 |
|
|
|
|
|
|
|
|
|
Non-GAAP operating income |
$ |
3,624 |
|
|
$ |
1,733 |
|
|
$ |
5,834 |
|
|
$ |
6,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
December 31, |
|
|
|
|
Selected Balance Sheet Data |
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash
and investments |
$ |
244,709 |
|
|
$ |
257,575 |
|
|
|
|
|
Insurance subsidiaries |
|
238,497 |
|
|
|
251,378 |
|
|
|
|
|
Parent and other |
|
6,212 |
|
|
|
6,197 |
|
|
|
|
|
Total
assets |
|
361,620 |
|
|
|
367,064 |
|
|
|
|
|
Insurance
reserves and policyholder funds |
|
201,988 |
|
|
|
202,651 |
|
|
|
|
|
Debt |
|
36,757 |
|
|
|
35,747 |
|
|
|
|
|
Total
shareholders' equity |
|
98,746 |
|
|
|
102,193 |
|
|
|
|
|
Book value
per common share |
|
4.57 |
|
|
|
4.74 |
|
|
|
|
|
Statutory
capital and surplus |
|
|
|
|
|
|
|
Life and health |
|
37,392 |
|
|
|
36,672 |
|
|
|
|
|
Property and casualty |
|
53,360 |
|
|
|
53,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlantic American (NASDAQ:AAME)
과거 데이터 주식 차트
부터 9월(9) 2024 으로 10월(10) 2024
Atlantic American (NASDAQ:AAME)
과거 데이터 주식 차트
부터 10월(10) 2023 으로 10월(10) 2024