Atlantic American(AAME) - 2024 Q2 - Quarterly Results

Financial Performance - Atlantic American Corporation reported a net loss of $0.7 million, or$(0.04) per diluted share, for Q2 2024, compared to a net income of $1.7 million, or$0.08 per diluted share, in Q2 2023[1]. - Operating income decreased by $2.8 million in Q2 2024 compared to Q2 2023, and by$5.7 million for the six-month period ended June 30, 2024[2]. - Total revenue for Q2 2024 was $47.7 million, down from$49.2 million in Q2 2023[6]. - Non-GAAP operating loss for Q2 2024 was $(1.1) million, compared to an operating income of$1.7 million in Q2 2023[6]. Insurance Premiums and Claims - Insurance premiums for life and health decreased to $27.4 million in Q2 2024 from$28.2 million in Q2 2023, while property and casualty premiums decreased to $17.5 million from$17.9 million[6]. - Insurance benefits and losses incurred for life and health increased to $17.6 million in Q2 2024 from$15.8 million in Q2 2023[6]. - The company experienced unfavorable loss experience in both life and health operations and property and casualty operations due to increased claims[2]. Assets and Book Value - The total assets of Atlantic American Corporation increased to $386.0 million as of June 30, 2024, compared to$381.3 million at the end of 2023[6]. - Book value per common share decreased to $4.67 as of June 30, 2024, from$4.99 at the end of 2023[6]. Future Outlook - The company is optimistic about future performance due to strategic investments in technology and recent product launches[3].