Business
Atlantic American Corporation Reports First Quarter Results For 2022
Net income increased to $2.8 million for the three month period ended March 31, 2022Operating income increased to $1.6 million for the three month period
About this update from Atlantic American Corporation
[{"type":"text","content":"Net income increased to $2.8 million for the three month period ended March 31, 2022Operating income increased to $1.6 million for the three month period ended March 31, 2022Insurance premiums increased 2.2% with increases in both the life and health and property and casualty operations ATLANTA, May 11, 2022 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq- AAME) today reported net income of $2.8 million, or $0.13 per common share, in the first quarter of 2022 compared to net loss of $0.4 million, or $0.03 per common share, in the first quarter of 2021. Premium revenue for the three month period ended March 31, 2022 increased $1.0 million, or 2.2%, to $47.1 million from $46.1 million in the three month period ended March 31, 2021. Operating income (as defined below) increased to $1.6 million in the three month period ended March 31, 2022 compared to operating loss of $1.4 million in the three month period ended March 31, 2021. The increase in operating income was primarily due to more favorable 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, “Our first quarter is typically the most challenging and we are quite pleased with our bottom line results. Both the property and casualty and life and health operations turned in respectable operating income numbers for the quarter. Additionally, the momentum in our Company’s voluntary benefits division continues to build and we are beginning to see significant premium growth in the group lines of coverage. We believe that with the continued efforts and focus of our people, we are well positioned for success in our future quarters.” 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 and Bankers Fidelity 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 pub...