Atlantic American(AAME) - 2024 Q1 - Quarterly Results

Financial Performance - Atlantic American Corporation reported a net loss of $2.0 million, or ($0.10) per common share, in Q1 2024, compared to a net loss of $1.4 million, or ($0.08) per common share, in Q1 2023[1] - The company experienced an operating loss of $2.4 million in Q1 2024, compared to operating income of$0.6 million in Q1 2023[2] - Total revenue for Q1 2024 was $47.0 million, up from$46.3 million in Q1 2023[6] - Total benefits and expenses increased to $49.5 million in Q1 2024 from$48.1 million in Q1 2023[6] Premium Revenue - Premium revenue for Q1 2024 decreased by $1.5 million, or 3.4$44.6 million from $46.1 million in Q1 2023[1] - Life and health insurance premiums decreased from$28.9 million in Q1 2023 to $26.7 million in Q1 2024[6] - Property and casualty insurance premiums increased from$17.2 million in Q1 2023 to $17.9 million in Q1 2024[6] Asset Management - Total assets decreased to$365.8 million as of March 31, 2024, from $381.3 million as of December 31, 2023[6] - The company reported unrealized losses on equity securities of$114,000 in Q1 2024, compared to $2.4 million in Q1 2023[6] Business Initiatives - The company is optimistic about new business initiatives and has launched sales activities in additional markets within its Atlantic Capital Life Assurance Company[2]