Atlantic American Reports Third Quarter Earnings

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ATLANTA, Nov. 14, 2017 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq:AAME) today reported net income of $0.7 million, or $0.03 per diluted share, for the three month period ended September 30, 2017, compared to net income of $0.1 million, or nil per diluted share, for the three month period ended September 30, 2016.  For the nine month period ended September 30, 2017, net income was $2.0 million, or $0.08 per diluted share, compared to net income of $1.3 million, or $0.05 per diluted share, for the comparable period in 2016.  Realized investment gains for the three month and nine month periods ended September 30, 2017 were $0.5 million and $2.8 million, respectively, as compared to $0.5 million and $1.4 million in the comparable three month and nine month periods of 2016.  Operating income (income before income taxes and realized investment gains, net) for the three month period ended September 30, 2017 was $0.1 million, as compared to an operating loss of $0.2 million for the three month period ended September 30, 2016.  For the nine month period ended September 30, 2017, the Company had an operating loss of $0.3 million as compared to operating income of $0.6 million for the comparable nine month period of 2016.  The operating loss was primarily attributable to higher than expected levels of claims in both life and health lines of business during the first quarter of 2017.

Total revenues for the three month period ended September 30, 2017 were $44.8 million, increasing 5.5% from $42.4 million for the three month period ended September 30, 2016.  Life and health premiums increased 5.7% and property and casualty premiums increased 9.0%.  For the nine month period ended September 30, 2017, total revenues were $132.3 million, increasing 5.0% from the comparable 2016 period.  Premiums earned from the Company’s life and health operation increased 7.9% for the nine month period ended September 30, 2017 while decreasing slightly in the property and casualty operation during the comparable period.

Commenting on the quarter, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, “Our property and casualty operation continues to perform exceptionally well returning consistent profits to the bottom line.  In addition, we have completed a number of process improvements and refinements within our life and health operation in advance of the Medicare supplement annual enrollment season.  Our Worksite division has exceeded its prior year production with a significant number of enrollments currently underway.  We anticipate a good close to the current year and believe the Company to be well positioned for a very positive 2018.”

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Globe Newswire: 19:00 GMT Tuesday 14th November 2017

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