Atlantic Amer - AAME STOCK NEWS

Atlantic American Corporation (Nasdaq: AAME) reported a net loss of $1.7 million, or $0.09 per diluted share, for the three months ended June 30, 2022, compared to a net income of $3.0 million, or $0.14 per diluted share, in 2021. However, the company achieved a net income of $1.2 million for the six-month period, down from $2.5 million YoY. Operating income increased significantly by $4.4 million for the quarter and $6.1 million for the half-year due to improved loss experience in life and health insurance, as well as a rise in insurance premiums by 9.5% in the property and casualty segment.

Atlantic American Corporation (Nasdaq: AAME) reported a net income of $2.8 million for Q1 2022, up from a net loss of $0.4 million in Q1 2021, translating to $0.13 per common share. Operating income rose to $1.6 million from a loss of $1.4 million, driven by improved loss experience in its life and health operations. Premium revenue increased by 2.2% to $47.1 million. The company noted positive momentum in its voluntary benefits division and anticipates continued success in future quarters.

Atlantic American Corporation (Nasdaq-AAME) reported a net income of $2.7 million ($0.12 per diluted share) for Q4 2021, down from $11.8 million ($0.54 per diluted share) in Q4 2020. For the full year, net income was $4.3 million ($0.19 per diluted share), a decrease from $12.2 million ($0.56 per diluted share) in 2020. The decline was attributed to an $8 million fall in unrealized gains and an $11.8 million rise in insurance losses. The Board announced an annual dividend of $0.02 per share, payable April 27, 2022. Positive developments included a significant multi-year contract renewal in property and casualty operations.

Atlantic American Corporation (Nasdaq: AAME) reported a net loss of $0.9 million ($0.05 per diluted share) for Q3 2021, a significant decline from a net income of $1.9 million ($0.09 per diluted share) in Q3 2020. For the first nine months of 2021, the Company posted a net income of $1.6 million compared to $0.3 million in 2020. The loss in Q3 was attributed to a $5.8 million rise in insurance benefits, offset by $1.4 million in unrealized gains on equity securities. The increase in operating loss for both periods was driven by higher claims in the Medicare supplement line.

Atlantic American Corporation (Nasdaq- AAME) announced a net income of $3.0 million, or $0.14 per diluted share, for Q2 2021, down from $6.5 million, or $0.30 per share in Q2 2020. For the first half of 2021, net income reached $2.5 million, a turnaround from a net loss of $1.6 million in 2020. The decrease in Q2 net income was attributed to a $4.5 million rise in life and health insurance claims. Conversely, the six-month period benefitted from $4.7 million in unrealized gains on equity securities, highlighting market fluctuations. CEO Hilton H. Howell, Jr. expressed optimism about premium growth and positioning for upcoming enrollment periods.

Atlantic American Corporation (Nasdaq- AAME) reported a net loss of $0.4 million, or $0.03 per share, for Q1 2021, a significant improvement from a loss of $8.1 million or $0.40 per share in Q1 2020. This change was driven by unrealized gains on equity securities of $0.7 million, contrasting with losses of $8.5 million in the prior year. Premium revenue rose by 1.2% to $46.1 million, largely due to growth in automobile insurance lines. The operating loss decreased by $0.6 million to $1.4 million, attributed to better performance in life and health operations.

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (ICR) of 'a' for American Southern Insurance Company and its subsidiary. The FSR of A- (Excellent) and ICRs of 'a-' were also affirmed for Bankers Fidelity Life Insurance Company. Atlantic American Corporation (NASDAQ: AAME) received a Long-Term ICR of 'bbb-'. The outlook for all ratings is stable, reflecting strong balance sheet strength, adequate operating performance, and disciplined underwriting, despite some financial leverage and dividends paid to service debt.

Atlantic American Corporation (Nasdaq: AAME) reported a significant rise in net income for Q4 2020, reaching $11.8 million or $0.54 per diluted share, compared to $1.3 million or $0.06 in Q4 2019. For the full year, net income was $12.2 million or $0.56 per diluted share, recovering from a net loss of $0.4 million in 2019. Key factors included a $7.0 million increase in realized gains and improved loss experience in insurance operations. The Board announced the reinstatement of the annual dividend at $0.02 per share, payable on April 27, 2021.

Atlantic American Corporation (Nasdaq-AAME) reported a net income of $1.9 million, or $0.09 per diluted share, for the three months ended September 30, 2020, a sign of recovery from a net loss of $1.4 million during the same period in 2019. Year-to-date, net income reached $0.3 million versus a loss of $1.7 million in 2019. Key factors include a $5.5 million decrease in insurance benefits and a significant drop in claims in the Medicare supplement line, attributed to COVID-19 restrictions. The company anticipates strong performance in the property and casualty sector as they celebrate 65 years of Bankers Fidelity Life Insurance.