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
|
Three Months Ended
December 31,
|
Year ended
December 31,
|
|||||||||||||||
(Unaudited; In thousands, except per share data)
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Insurance premiums
|
||||||||||||||||
Life and health
|
||||||||||||||||
Gross earned premiums
|
$
|
47,425
|
$
|
39,749
|
$
|
180,583
|
$
|
142,251
|
||||||||
Ceded premiums
|
(16,606
|
)
|
(12,811
|
)
|
(61,459
|
)
|
(32,585
|
)
|
||||||||
Net earned premiums
|
30,819
|
26,938
|
119,124
|
109,666
|
||||||||||||
Property and casualty
|
||||||||||||||||
Gross earned premiums
|
15,914
|
14,589
|
58,882
|
58,449
|
||||||||||||
Ceded premiums
|
(1,406
|
)
|
(1,196
|
)
|
(5,075
|
)
|
(4,788
|
)
|
||||||||
Net earned premiums
|
14,508
|
13,393
|
53,807
|
53,661
|
||||||||||||
Insurance premiums, net
|
45,327
|
40,331
|
172,931
|
163,327
|
||||||||||||
Net investment income
|
2,438
|
2,116
|
9,549
|
8,496
|
||||||||||||
Realized investment gains, net
|
4,357
|
6,350
|
5,154
|
9,168
|
||||||||||||
Unrealized losses on equity securities, net
|
(2,947
|
)
|
-
|
(2,194
|
)
|
-
|
||||||||||
Other income
|
25
|
28
|
113
|
123
|
||||||||||||
Total revenue
|
49,200
|
48,825
|
185,553
|
181,114
|
||||||||||||
Insurance benefits and losses incurred
|
||||||||||||||||
Life and health
|
23,887
|
21,462
|
93,821
|
83,029
|
||||||||||||
Property and casualty
|
10,285
|
8,607
|
38,829
|
34,486
|
||||||||||||
Commissions and underwriting expenses
|
10,586
|
11,646
|
39,042
|
43,446
|
||||||||||||
Interest expense
|
540
|
450
|
2,037
|
1,723
|
||||||||||||
Other expense
|
3,627
|
3,773
|
12,795
|
13,074
|
||||||||||||
Total benefits and expenses
|
48,925
|
45,938
|
186,524
|
175,758
|
||||||||||||
Income (loss) before income taxes
|
275
|
2,887
|
(971
|
)
|
5,356
|
|||||||||||
Income tax expense (benefit)
|
74
|
345
|
(267
|
)
|
828
|
|||||||||||
Net income (loss)
|
$
|
201
|
$
|
2,542
|
$
|
(704
|
)
|
$
|
4,528
|
|||||||
Earnings (loss) per common share (basic and diluted)
|
$
|
0.01
|
$
|
0.12
|
$
|
(0.05
|
)
|
$
|
0.20
|
|||||||
Reconciliation of Non-GAAP Financial Measure
|
||||||||||||||||
Net income (loss)
|
$
|
201
|
$
|
2,542
|
$
|
(704
|
)
|
$
|
4,528
|
|||||||
Income tax expense (benefit)
|
74
|
345
|
(267
|
)
|
828
|
|||||||||||
Realized investment gains, net
|
(4,357
|
)
|
(6,350
|
)
|
(5,154
|
)
|
(9,168
|
)
|
||||||||
Unrealized losses on equity securities, net
|
2,947
|
-
|
2,194
|
-
|
||||||||||||
Non-GAAP operating loss
|
$
|
(1,135
|
)
|
$
|
(3,463
|
)
|
$
|
(3,931
|
)
|
$
|
(3,812
|
)
|
Selected Balance Sheet Data
|
December 31,
2018
|
December 31,
2017
|
||||||
Total cash and investments
|
$
|
254,559
|
$
|
272,058
|
||||
Insurance subsidiaries
|
235,796
|
244,754
|
||||||
Parent and other
|
18,763
|
27,304
|
||||||
Total assets
|
344,274
|
343,239
|
||||||
Insurance reserves and policyholder funds
|
189,048
|
173,583
|
||||||
Debt
|
33,738
|
33,738
|
||||||
Total shareholders' equity
|
101,372
|
112,983
|
||||||
Book value per common share
|
4.75
|
5.26
|
||||||
Statutory capital and surplus
|
||||||||
Life and health
|
34,214
|
34,135
|
||||||
Property and casualty
|
43,467
|
43,348
|