Atlantic American Corporation Reports Fourth Quarter and Year End Results for 2024; Declares Annual Dividend
Atlantic American (AAME) reported mixed financial results for Q4 and full-year 2024. The company posted a Q4 net income of $0.4 million ($0.02 per diluted share), compared to a net loss of $2.2 million in Q4 2023. However, the full-year 2024 resulted in a net loss of $4.3 million ($0.23 per diluted share), versus a $0.2 million loss in 2023.
The Q4 improvement was attributed to favorable loss experience in life and health operations, particularly in group life and Medicare supplement lines. The increased annual loss stemmed from unfavorable property and casualty operations, specifically in automobile liability claims. The company reported strong Medicare supplement sales during Q4's annual enrollment period.
The Board of Directors declared an annual dividend of $0.02 per share, payable on April 23, 2025, to shareholders of record as of April 9, 2025.
Atlantic American (AAME) ha riportato risultati finanziari misti per il quarto trimestre e l'intero anno 2024. L'azienda ha registrato un reddito netto di 0,4 milioni di dollari (0,02 dollari per azione diluita) nel quarto trimestre, rispetto a una perdita netta di 2,2 milioni di dollari nel quarto trimestre del 2023. Tuttavia, l'intero anno 2024 ha comportato una perdita netta di 4,3 milioni di dollari (0,23 dollari per azione diluita), rispetto a una perdita di 0,2 milioni di dollari nel 2023.
Il miglioramento del quarto trimestre è stato attribuito a un'esperienza di perdita favorevole nelle operazioni di vita e salute, in particolare nelle linee di vita di gruppo e supplementi Medicare. L'aumento della perdita annuale è derivato da operazioni di proprietà e responsabilità civile sfavorevoli, specificamente nelle richieste di responsabilità automobilistica. L'azienda ha riportato forti vendite di supplementi Medicare durante il periodo di iscrizione annuale del quarto trimestre.
Il Consiglio di Amministrazione ha dichiarato un dividendo annuale di 0,02 dollari per azione, pagabile il 23 aprile 2025, agli azionisti registrati al 9 aprile 2025.
Atlantic American (AAME) reportó resultados financieros mixtos para el cuarto trimestre y el año completo 2024. La compañía registró un ingreso neto de 0,4 millones de dólares (0,02 dólares por acción diluida) en el cuarto trimestre, en comparación con una pérdida neta de 2,2 millones de dólares en el cuarto trimestre de 2023. Sin embargo, el año completo 2024 resultó en una pérdida neta de 4,3 millones de dólares (0,23 dólares por acción diluida), frente a una pérdida de 0,2 millones de dólares en 2023.
La mejora del cuarto trimestre se atribuyó a una experiencia de pérdida favorable en las operaciones de vida y salud, particularmente en las líneas de vida grupales y suplementos de Medicare. El aumento de la pérdida anual se debió a operaciones de propiedad y responsabilidad civil desfavorables, específicamente en reclamaciones de responsabilidad automovilística. La compañía reportó fuertes ventas de suplementos de Medicare durante el período de inscripción anual del cuarto trimestre.
La Junta Directiva declaró un dividendo anual de 0,02 dólares por acción, pagadero el 23 de abril de 2025, a los accionistas registrados al 9 de abril de 2025.
Atlantic American (AAME)는 2024년 4분기 및 전체 연도에 대해 혼합된 재무 결과를 보고했습니다. 이 회사는 4분기에 40만 달러(희석 주당 0.02달러)의 순이익을 기록했으며, 이는 2023년 4분기 220만 달러의 순손실과 비교됩니다. 그러나 2024년 전체 연도는 430만 달러(희석 주당 0.23달러)의 순손실을 기록했으며, 이는 2023년 20만 달러의 손실과 대조됩니다.
4분기 개선은 생명 및 건강 운영에서 유리한 손실 경험에 기인했으며, 특히 그룹 생명 및 메디케어 보조금 라인에서 두드러졌습니다. 증가한 연간 손실은 자동차 책임 청구와 같은 불리한 재산 및 재해 운영에서 발생했습니다. 이 회사는 4분기 연간 등록 기간 동안 메디케어 보조금 판매가 강력하다고 보고했습니다.
이사회는 주당 0.02달러의 연간 배당금을 선언했으며, 2025년 4월 23일에 2025년 4월 9일 기준 주주에게 지급될 예정입니다.
Atlantic American (AAME) a rapporté des résultats financiers mitigés pour le quatrième trimestre et l'année complète 2024. L'entreprise a affiché un revenu net de 0,4 million de dollars (0,02 dollar par action diluée) au quatrième trimestre, comparé à une perte nette de 2,2 millions de dollars au quatrième trimestre 2023. Cependant, l'année 2024 a abouti à une perte nette de 4,3 millions de dollars (0,23 dollar par action diluée), contre une perte de 0,2 million de dollars en 2023.
L'amélioration du quatrième trimestre a été attribuée à une expérience de perte favorable dans les opérations de vie et de santé, en particulier dans les lignes de vie de groupe et les suppléments Medicare. L'augmentation de la perte annuelle provient des opérations de biens et de responsabilité civile défavorables, spécifiquement dans les réclamations de responsabilité automobile. L'entreprise a signalé de fortes ventes de suppléments Medicare pendant la période d'inscription annuelle du quatrième trimestre.
Le Conseil d'administration a déclaré un dividende annuel de 0,02 dollar par action, payable le 23 avril 2025, aux actionnaires inscrits au 9 avril 2025.
Atlantic American (AAME) hat gemischte Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Das Unternehmen verzeichnete im vierten Quartal einen Nettogewinn von 0,4 Millionen Dollar (0,02 Dollar pro verwässerter Aktie), verglichen mit einem Nettoverlust von 2,2 Millionen Dollar im vierten Quartal 2023. Für das gesamte Jahr 2024 ergab sich jedoch ein Nettoverlust von 4,3 Millionen Dollar (0,23 Dollar pro verwässerter Aktie), im Vergleich zu einem Verlust von 0,2 Millionen Dollar im Jahr 2023.
Die Verbesserung im vierten Quartal wurde auf günstige Verlustentwicklungen in den Lebens- und Gesundheitsoperationen zurückgeführt, insbesondere in den Gruppenlebens- und Medicare-Zusatzlinien. Der Anstieg des Jahresverlusts resultierte aus ungünstigen Sach- und Unfalloperationen, insbesondere bei Kfz-Haftpflichtansprüchen. Das Unternehmen berichtete von starken Verkäufen von Medicare-Zusätzen während des jährlichen Anmeldungszeitraums im vierten Quartal.
Der Vorstand hat eine jährliche Dividende von 0,02 Dollar pro Aktie erklärt, die am 23. April 2025 an die zum 9. April 2025 registrierten Aktionäre ausgezahlt wird.
- Q4 2024 returned to profitability with $0.4M net income
- Strong Medicare supplement sales performance in Q4
- Improved loss experience in life and health operations
- Maintaining shareholder returns through annual dividend
- Full-year 2024 net loss increased to $4.3M from $0.2M in 2023
- Rising costs in commercial automobile market affecting profitability
- Higher frequency and severity of automobile liability claims
- Deteriorating year-over-year performance in property and casualty operations
ATLANTA, March 25, 2025 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq- AAME) today reported net income of
Commenting on the results, Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, stated, “We are thrilled to report exceptional new sales in our Medicare supplement business during the fourth quarter annual enrollment period, with strong momentum carrying into the new year. Although rising costs in the commercial automobile market have affected profitability, we are taking steps to improve rates for that line of business. Additionally, in alignment with our continued commitment to enhancing shareholder value, the Board of Directors has approved the Company’s annual dividend of
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, among others: the effects of macroeconomic conditions and general economic uncertainty; unexpected developments in the health care or insurance industries affecting providers or individuals, including the cost or availability of services, or the tax consequences related thereto; disruption to the financial markets; unanticipated increases in the rate, number and amounts of claims outstanding; our ability to remediate the identified material weakness in our internal control over financial reporting; the level of performance of reinsurance companies under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; changes in the stock markets, interest rates or other financial markets, including the potential effect on the Company’s statutory capital levels; the uncertain effect on the Company of regulatory and market-driven changes in practices relating to the payment of incentive compensation to brokers, agents and other producers; the potential impact of public health emergencies; the incidence and severity of catastrophes, both natural and man-made; the possible occurrence of terrorist attacks; stronger than anticipated competitive activity; unfavorable judicial or legislative developments; the potential effect of regulatory developments, including those which could increase the Company’s business costs and required capital levels; the Company’s ability to distribute its products through distribution channels, both current and future; the uncertain effect of emerging claim and coverage issues; the effect of assessments and other surcharges for guaranty funds and other mandatory pooling arrangements; information technology system failures or network disruptions; risks related to cybersecurity matters, such as breaches of our computer network or those of other parties or the loss of or unauthorized access to the data we maintain; 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. As a result, undue reliance should not be placed upon forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update any forward-looking statements as a result of subsequent developments, changes in underlying assumptions or facts or otherwise, except as may be required by law.
| 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 | Twelve Months Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| (Unaudited; In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Insurance premiums | |||||||||||||||
| Life and health | $ | 29,351 | $ | 26,138 | $ | 111,042 | $ | 110,382 | |||||||
| Property and casualty | 16,053 | 16,781 | 67,689 | 68,443 | |||||||||||
| Insurance premiums, net | 45,404 | 42,919 | 178,731 | 178,825 | |||||||||||
| Net investment income | 2,342 | 2,633 | 9,791 | 10,058 | |||||||||||
| Realized investment gains, net | 1,193 | - | 1,210 | 70 | |||||||||||
| Unrealized gains (losses) on equity securities, net | 101 | 1,190 | (1,516 | ) | (2,177 | ) | |||||||||
| Other income | 3 | 3 | 11 | 17 | |||||||||||
| Total revenue | 49,043 | 46,745 | 188,227 | 186,793 | |||||||||||
| Insurance benefits and losses incurred | |||||||||||||||
| Life and health | 16,597 | 22,931 | 70,064 | 71,485 | |||||||||||
| Property and casualty | 14,742 | 12,926 | 55,767 | 51,015 | |||||||||||
| Commissions and underwriting expenses | 12,290 | 9,294 | 48,030 | 46,124 | |||||||||||
| Interest expense | 828 | 862 | 3,419 | 3,269 | |||||||||||
| Other expense | 4,041 | 3,834 | 16,211 | 15,465 | |||||||||||
| Total benefits and expenses | 48,498 | 49,847 | 193,491 | 187,358 | |||||||||||
| Income (loss) before income taxes | 545 | (3,102 | ) | (5,264 | ) | (565 | ) | ||||||||
| Income tax expense (benefit) | 133 | (874 | ) | (996 | ) | (394 | ) | ||||||||
| Net income (loss) | $ | 412 | $ | (2,228 | ) | $ | (4,268 | ) | $ | (171 | ) | ||||
| Earnings (loss) per common share (basic & diluted) | $ | 0.02 | $ | (0.11 | ) | $ | (0.23 | ) | $ | (0.03 | ) | ||||
| Reconciliation of non-GAAP financial measure | |||||||||||||||
| Net income (loss) | $ | 412 | $ | (2,228 | ) | $ | (4,268 | ) | $ | (171 | ) | ||||
| Income tax expense (benefit) | 133 | (874 | ) | (996 | ) | (394 | ) | ||||||||
| Realized investment gains, net | (1,193 | ) | - | (1,210 | ) | (70 | ) | ||||||||
| Unrealized (gains) losses on equity securities, net | (101 | ) | (1,190 | ) | 1,516 | 2,177 | |||||||||
| Non-GAAP operating income (loss) | $ | (749 | ) | $ | (4,292 | ) | $ | (4,958 | ) | $ | 1,542 | ||||
| December 31, | December 31, | ||||||||||||||
| Selected balance sheet data | 2024 | 2023 | |||||||||||||
| Total cash and investments | $ | 265,696 | $ | 265,368 | |||||||||||
| Insurance subsidiaries | 258,675 | 259,253 | |||||||||||||
| Parent and other | 7,021 | 6,115 | |||||||||||||
| Total assets | 393,428 | 381,265 | |||||||||||||
| Insurance reserves and policyholder funds | 225,106 | 212,422 | |||||||||||||
| Debt | 37,761 | 36,757 | |||||||||||||
| Total shareholders' equity | 99,613 | 107,275 | |||||||||||||
| Book value per common share | 4.61 | 4.99 | |||||||||||||
| Statutory capital and surplus | |||||||||||||||
| Life and health | 32,443 | 38,299 | |||||||||||||
| Property and casualty | 47,670 | 51,774 | |||||||||||||
FAQ
What is Atlantic American's (AAME) Q4 2024 earnings per share?
When will AAME pay its 2025 annual dividend?
What caused AAME's increased losses in 2024?
How did AAME's Medicare supplement business perform in Q4 2024?
What was AAME's full-year 2024 net loss?
