Atlantic American(AAME) - 2023 Q4 - Annual Results

Financial Performance - Atlantic American Corporation reported a net loss of $2.2 million, or ($0.11) per diluted share, for Q4 2023, compared to a net income of $1.0 million, or$0.05 per diluted share, in Q4 2022[1]. - For the full year 2023, the company reported a net loss of $0.2 million, or ($0.03) per diluted share, down from a net income of $1.5 million, or$0.06 per diluted share, in 2022[1]. - Operating loss for Q4 2023 was $4.3 million, a decrease from an operating income of$3.5 million in Q4 2022; for the full year, operating income fell to $1.5 million from$9.6 million[2]. Revenue and Premiums - Total revenue for Q4 2023 was $46.7 million, compared to$45.2 million in Q4 2022; for the full year, total revenue was $186.8 million, down from$187.9 million[6]. - Insurance premiums for Life and Health segment decreased to $26.1 million in Q4 2023 from$28.4 million in Q4 2022, and for the full year, it decreased to $110.4 million from$115.2 million[6]. - Property and Casualty insurance premiums increased slightly to $16.8 million in Q4 2023 from$16.5 million in Q4 2022, but decreased for the full year to $68.4 million from$70.3 million[6]. Insurance Benefits and Losses - Insurance benefits and losses incurred for Life and Health segment increased to $22.9 million in Q4 2023 from$18.3 million in Q4 2022, and for the full year, it decreased to $71.5 million from$76.3 million[6]. Dividends and Shareholder Information - The company declared an annual dividend of $0.02 per share, payable on April 26, 2024, to shareholders of record on April 12, 2024[3]. Investments and Future Focus - Total cash and investments increased to$265.4 million as of December 31, 2023, compared to $257.6 million at the end of 2022[6]. - The company is focusing on investments in human talent and information technology to improve profitability in its Life and Health segment[3].