Atlantic American Corporation Reports First Quarter Results for 2024
14 5월 2024 - 11:51PM
Atlantic American Corporation (Nasdaq- AAME) today reported net
loss of $2.0 million, or ($0.10) per common share, in the first
quarter of 2024 compared to net loss of $1.4 million, or ($0.08)
per common share, in the first quarter of 2023. The
increase in net loss for the first quarter of 2024 was primarily
the result of a decrease in premium revenue in the life and health
operations coupled with unfavorable loss experience in the life and
health operations. Premium revenue for the three month period ended
March 31, 2024 decreased $1.5 million, or 3.4%, to $44.6 million
from $46.1 million in the three month period ended March 31, 2023.
The Company reported operating loss (as defined
below) of $2.4 million in the three month period ended March 31,
2024 compared to operating income of $0.6 million in the three
month period ended March 31, 2023. The operating loss was primarily
due to a decrease in premium revenue and unfavorable loss
experience in the Company’s life and health operations.
Commenting on the results, Hilton H. Howell,
Jr., Chairman, President and Chief Executive Officer, stated,
“During the first quarter of 2024 our property and casualty
operations performed quite well, increasing insurance premiums over
prior year while maintaining a relatively flat level of benefits
and losses incurred. Although we did experience a decline in
premiums in the life and health operations, we are enthusiastic
about our new business initiatives and have recently launched sales
activities in additional markets within our Atlantic Capital Life
Assurance Company.”
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) losses, 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 forward-looking statements:
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 the Company’s ability to
remediate the identified material weakness in its internal control
over financial reporting as described in the Company’s most recent
Annual Report on Form 10-K and those other risks and uncertainties
detailed in statements and reports that the Company 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 Corporation |
Financial
Data |
|
|
Three Months
Ended |
|
March 31, |
(Unaudited;
In thousands, except per share data) |
2024 |
|
2023 |
Insurance
premiums |
|
|
|
Life and health |
$ |
26,674 |
|
|
$ |
28,889 |
|
Property and casualty |
|
17,878 |
|
|
|
17,211 |
|
Insurance premiums, net |
|
44,552 |
|
|
|
46,100 |
|
|
|
|
|
Net
investment income |
|
2,556 |
|
|
|
2,541 |
|
Unrealized
losses on equity securities, net |
|
(114 |
) |
|
|
(2,375 |
) |
Other
income |
|
3 |
|
|
|
3 |
|
|
|
|
|
Total revenue |
|
46,997 |
|
|
|
46,269 |
|
|
|
|
|
Insurance
benefits and losses incurred |
|
|
|
Life and health |
|
19,112 |
|
|
|
17,800 |
|
Property and casualty |
|
12,813 |
|
|
|
12,660 |
|
Commissions
and underwriting expenses |
|
12,666 |
|
|
|
12,918 |
|
Interest
expense |
|
855 |
|
|
|
750 |
|
Other
expense |
|
4,057 |
|
|
|
3,959 |
|
|
|
|
|
Total benefits and expenses |
|
49,503 |
|
|
|
48,087 |
|
|
|
|
|
Loss before
income taxes |
|
(2,506 |
) |
|
|
(1,818 |
) |
Income tax
benefit |
|
(508 |
) |
|
|
(372 |
) |
|
|
|
|
Net
loss |
$ |
(1,998 |
) |
|
$ |
(1,446 |
) |
|
|
|
|
Loss
per common share (basic & diluted) |
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
|
|
|
Reconciliation of Non-GAAP financial measure |
|
|
|
|
|
|
|
Net
loss |
$ |
(1,998 |
) |
|
$ |
(1,446 |
) |
Income tax
benefit |
|
(508 |
) |
|
|
(372 |
) |
Unrealized
losses on equity securities, net |
|
114 |
|
|
|
2,375 |
|
|
|
|
|
Non-GAAP operating income (loss) |
$ |
(2,392 |
) |
|
$ |
557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
Selected balance sheet data |
2024 |
|
2023 |
|
|
|
|
Total cash
and investments |
$ |
258,276 |
|
|
$ |
265,368 |
|
Insurance subsidiaries |
|
251,014 |
|
|
|
259,253 |
|
Parent and other |
|
7,262 |
|
|
|
6,115 |
|
Total
assets |
|
365,751 |
|
|
|
381,265 |
|
Insurance
reserves and policyholder funds |
|
203,822 |
|
|
|
212,422 |
|
Debt |
|
37,762 |
|
|
|
36,757 |
|
Total
shareholders' equity |
|
102,803 |
|
|
|
107,275 |
|
Book value
per common share |
|
4.77 |
|
|
|
4.99 |
|
Statutory
capital and surplus |
|
|
|
Life and health |
|
32,638 |
|
|
|
38,299 |
|
Property and casualty |
|
52,376 |
|
|
|
51,774 |
|
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