From GlobeNewswire: 2024-05-14 10:51:00

Atlantic American Corporation (Nasdaq- AAME) reported a net loss of $2.0 million, or ($0.10) per common share in the first quarter of 2024, attributing the increase to decreased premium revenue and unfavorable loss experience in life and health operations. Premium revenue fell 3.4% to $44.6 million.

The operating loss for the three month period ended March 31, 2024, was $2.4 million compared to operating income of $0.6 million in the same period in 2023. This loss was primarily due to a decrease in premium revenue and unfavorable loss experience in life and health operations.

Chairman, President, and CEO Hilton H. Howell, Jr. commented on the results, mentioning that the property and casualty operations performed well in the first quarter of 2024, with increased premiums, despite a decline in life and health operations. The company is optimistic about new business initiatives and expanded sales activities.

Atlantic American Corporation is an insurance holding company with subsidiaries operating in life, health, property, and casualty insurance markets. Its main subsidiaries include American Southern Insurance Company, Bankers Fidelity Life Insurance Company, and Atlantic Capital Life Assurance Company.

The company presented non-GAAP financial measures such as operating income (loss) defined as net income (loss) excluding specific items. This metric is considered useful for investors and analysts to understand the core operating results of the company, excluding certain uncontrollable or irregular items affecting financial performance.

Forward-looking statements in the press release highlighted potential risks affecting the company’s results, emphasizing the need for shareholders to be aware of uncertainties that could impact financial performance. Actual results may differ from the forward-looking statements due to various factors and risks outlined in the company’s reports filed with the Securities and Exchange Commission.



Read more at GlobeNewswire:: Atlantic American Corporation Reports First Quarter Results