Anzeige
Mehr »
Login
Sonntag, 22.12.2024 Börsentäglich über 12.000 News von 679 internationalen Medien
Die erste börsennotierte Gesellschaft, die auf das gemeinsame Wachstum von Solana, XRP und Dogecoin setzt!
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche

WKN: 865324 | ISIN: US0482091008 | Ticker-Symbol:
NASDAQ
20.12.24
21:56 Uhr
1,480 US-Dollar
-0,030
-1,99 %
1-Jahres-Chart
ATLANTIC AMERICAN CORPORATION Chart 1 Jahr
5-Tage-Chart
ATLANTIC AMERICAN CORPORATION 5-Tage-Chart
GlobeNewswire (Europe)
112 Leser
Artikel bewerten:
(0)

Atlantic American Corporation Reports Fourth Quarter and Year End Results for 2023; Declares Annual Dividend

Finanznachrichten News

ATLANTA, April 01, 2024 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq- AAME) today reported net loss for the three month period ended December 31, 2023 of $2.2 million, or ($0.11) per diluted share, as compared to net income of $1.0 million, or $0.05 per diluted share, for the comparable period in 2022. For the year ended December 31, 2023, the Company reported net loss of $0.2 million, or ($0.03) per diluted share, as compared to net income of $1.5 million, or $0.06 per diluted share, for the year ended December 31, 2022. The decrease in net income for the fourth quarter of 2023 was primarily due to an increase in insurance benefits and losses incurred partially offset by an increase in unrealized gains in equity securities. The decrease in net income for the year ended December 31, 2023 was primarily due to a decrease in earned premiums, as well as an increase in insurance benefits and losses as a percentage of premiums. Also contributing to the decrease in net income is an increase in debt service costs due to rising interest rates. Partially offsetting this decrease was a decline in unrealized losses on equity securities.

Operating income (loss), as defined below, decreased to a $4.3 million operating loss in the three month period ended December 31, 2023, as compared to $3.5 million operating income for the three month period ended December 31, 2022. For the year ended December 31, 2023, the Company reported operating income of $1.5 million compared to operating income of $9.6 million for the year ended December 31, 2022. The decrease in operating income for the three and twelve month periods was primarily due to an increase in insurance benefits and losses incurred as a percentage of premiums.

Commenting on the results, Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, stated, "The Company has made significant investments in both human talent and information technology within our Life and Health segment that we expect will lead to improved top line results and profitability of our business. While we have experienced some inflationary pressures in our Property and Casualty segment, their disciplined underwriting approach delivered another profitable year. In recognition of our enthusiasm for 2024, the Board of Directors recently approved the Company's annual dividend of $0.02 per share, which is payable on April 26, 2024 to shareholders of record on April 12, 2024."

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, 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 the Company's ability to remediate the identified material weakness in its internal control over financial reporting as described in the Company's most recent Annual Report on Form 10-K 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.

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) 2023 2022 2023 2022
Insurance premiums
Life and health$26,138 $28,391 $110,382 $115,164
Property and casualty 16,781 16,523 68,443 70,276
Insurance premiums, net 42,919 44,914 178,825 185,440
Net investment income 2,633 2,422 10,058 9,932
Realized investment gains, net - 1 70 30
Unrealized gains (losses) on equity securities, net 1,190 (2,106) (2,177) (7,562)
Other income 3 - 17 11
Total revenue 46,745 45,231 186,793 187,851
Insurance benefits and losses incurred
Life and health 22,931 18,278 71,485 76,281
Property and casualty 12,926 10,626 51,015 47,175
Commissions and underwriting expenses 9,294 10,819 46,124 46,713
Interest expense 862 661 3,269 1,952
Other expense 3,834 3,483 15,465 13,634
Total benefits and expenses 49,847 43,867 187,358 185,755
Income (loss) before income taxes (3,102) 1,364 (565) 2,096
Income tax expense (benefit) (874) 318 (394) 571
Net income (loss)$ (2,228) $ 1,046 $ (171) $ 1,525
Earnings (loss) per common share (basic and diluted)$ (0.11) $ 0.05 $ (0.03) $ 0.06
Reconciliation of non-GAAP financial measure
Net income (loss)$(2,228) $1,046 $(171) $1,525
Income tax expense (expense) (874) 318 (394) 571
Realized investment gains, net - (1) (70) (30)
Unrealized (gains) losses on equity securities, net (1,190) 2,106 2,177 7,562
Non-GAAP operating income (loss)$ (4,292) $ 3,469 $ 1,542 $ 9,628
December 31, December 31,
Selected balance sheet data 2023 2022
Total cash and investments$265,368 $257,575
Insurance subsidiaries 259,253 251,378
Parent and other 6,115 6,197
Total assets 381,265 367,064
Insurance reserves and policyholder funds 212,422 202,651
Debt 36,757 35,747
Total shareholders' equity 107,275 102,193
Book value per common share 4.99 4.74
Statutory capital and surplus
Life and health 38,299 36,672
Property and casualty 51,774 53,023

© 2024 GlobeNewswire (Europe)
6 Richtige für 2025
Das Börsenjahr 2025 klopft schon an die Tür – und wie immer geht es um die Frage: Welche Aktien werden die großen Gewinner sein? Die Auswahl an Möglichkeiten ist riesig, doch nur ein paar echte Volltreffer stechen heraus.

Ob stabiler Dividenden-Lieferant, Tech-Pionier oder spekulative Wette im Krypto-Bereich – wir haben die Märkte für Sie ausgiebig durchforstet und präsentieren Ihnen 6 Unternehmen, die große Chancen auf außergewöhnliche Kurssteigerungen besitzen. Hier sind, speziell für Sie, Ihre „6 Richtigen“ für 2025.

Fordern Sie jetzt unseren neuen kostenlosen Spezialreport an und erfahren Sie, welche Unternehmen das Potenzial besitzen, im kommenden Jahr richtig durchzustarten!
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.