Business
Atlantic American Corporation Reports Fourth Quarter and Year-End Results for 2022, First Quarter Results for 2023
REPORTS BRING THE COMPANY CURRENT WITH ALL FILINGS ATLANTA, June 30, 2023 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq: AAME) announced today
About this update from Atlantic American Corporation
[{"type":"text","content":"REPORTS BRING THE COMPANY CURRENT WITH ALL FILINGS\nATLANTA, June 30, 2023 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq: AAME) announced today that the Company has filed its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”) and its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 (the “Form 10-Q”). As previously announced, the Company was unable to file its Form 10-K and Form 10-Q within the prescribed time periods because the Company required additional time to finalize its actuarial valuation procedures and related financial statement balances within the Company’s life and health segment, Bankers Fidelity. The need for additional time resulted from a change in the systems used to perform the actuarial valuations. Effective today, the Company is up-to-date on its filing of periodic financial reports with the Securities and Exchange Commission. Quarter and Year Ended December 31, 2022The Company reported net income for the three month period ended December 31, 2022 of $1.0 million, or $0.05 per diluted share, as compared to net income of $2.7 million, or $0.12 per diluted share, for the comparable period in 2021. For the year ended December 31, 2022, the Company reported net income of $1.5 million, or $0.06 per diluted share, as compared to net income of $4.3 million, or $0.19 per diluted share for the comparable period in 2021. The decrease in net income during the fourth quarter of 2022 was primarily due to a $4.4 million decrease in realized gains, partially offset by a $2.5 million decrease in insurance benefits and losses incurred within the Company’s life and health operations. The decrease in net income for the year ended December 31, 2022 was primarily due to a $9.5 million decrease in unrealized gains on equity securities coupled with a $4.9 million decrease in realized gains, partially offset by an $11.0 million decrease in benefits and losses incurred within the Company’s life and health operations. As a percentage of premium, losses incurred within the Medicare supplement line of business decreased for the three month period and year ended December 31, 2022, primarily as a result of improved rate adequacy. Operating income (Non-GAAP, as defined below) increased to $3.5 million in the three month period ended December 31, 2022 as compared to $2.6 ...