ATLANTIC AMERICAN CORPORATION REPORTS FOURTH QUARTER AND YEAR END RESULTS FOR 2019

About this update from Atlantic American Corporation

[{"type":"text","content":"ATLANTA, March 24, 2020 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq- AAME) today reported its results for the fourth quarter and year ended December 31, 2019. For the fourth quarter ended December 31, 2019, the Company reported net income of $1.3 million, or $0.06 per diluted share, up from $0.2 million, or $0.01 per diluted share, in the fourth quarter of 2018. The increase in net income was primarily attributable to an increase in unrealized gains on equity securities recognized in net income of $6.4 million, partially offset by a decrease in realized investment gains of $4.3 million and $0.6 million increase in operating loss. Premiums for the fourth quarter of 2019 increased 3.0% to $46.7 million compared to $45.3 million for the fourth quarter of 2018, as premiums in the property and casualty operations increased 7.8% while the life and health operations increased slightly, as compared to 2018.\n For the year ended December 31, 2019, the Company reported a net loss of $0.4 million, or $0.04 per diluted share, as compared to $0.7 million, or $0.05 per diluted share, for the year ended December 31, 2018. The decrease in net loss was primarily attributable to an increase in unrealized gains on equity securities recognized in net income of $7.7 million, partially offset by decreases in realized gains of $3.6 million and an increase in operating loss of $3.6 million. Total premiums during 2019 increased 5.2% to $181.9 million from $172.9 million in 2018, as premiums in the property and casualty operations increased 9.1% while the life and health operations increased 3.5%, as compared to 2018. Commenting on the results, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “We are delighted with the performance of our property and casualty operations, reporting year over year premium growth accompanied by a significant improvement in operating income. And while profitability in the life and health operations were strained due to prior expansion of our Medicare supplement business, I believe we reached the nadir of this cycle during 2019 and expect a positive trend for 2020 and beyond.” 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 ...

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