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Atlantic American Corporation Reports First Quarter Results for 2024
AAMEAtlantic American(AAME) Newsfilter·2024-05-14 14:51

Core Viewpoint - Atlantic American Corporation reported a net loss of 2.0millioninQ12024,anincreasefromanetlossof2.0 million in Q1 2024, an increase from a net loss of 1.4 million in Q1 2023, primarily due to decreased premium revenue and unfavorable loss experience in life and health operations [1][2]. Financial Performance - The company experienced a decrease in premium revenue of 1.5million,or3.41.5 million, or 3.4%, from 46.1 million in Q1 2023 to 44.6millioninQ12024[1][5].−OperatinglossforQ12024was44.6 million in Q1 2024 [1][5]. - Operating loss for Q1 2024 was 2.4 million, compared to an operating income of 0.6millioninQ12023,attributedtothesamefactorsaffectingpremiumrevenue[2][5].−TotalrevenueforQ12024was0.6 million in Q1 2023, attributed to the same factors affecting premium revenue [2][5]. - Total revenue for Q1 2024 was 46.997 million, slightly up from 46.269millioninQ12023[5].SegmentPerformance−Lifeandhealthinsurancepremiumsdecreasedfrom46.269 million in Q1 2023 [5]. Segment Performance - Life and health insurance premiums decreased from 28.889 million in Q1 2023 to 26.674millioninQ12024[5].−Propertyandcasualtyinsurancepremiumsincreasedfrom26.674 million in Q1 2024 [5]. - Property and casualty insurance premiums increased from 17.211 million in Q1 2023 to 17.878millioninQ12024[5].−Insurancebenefitsandlossesincurredinlifeandhealthincreasedfrom17.878 million in Q1 2024 [5]. - Insurance benefits and losses incurred in life and health increased from 17.800 million in Q1 2023 to 19.112millioninQ12024[5].ManagementCommentary−TheCEOexpressedoptimismregardingnewbusinessinitiativesandrecentmarketexpansionsdespitethedeclineinlifeandhealthpremiums[2].BalanceSheetHighlights−Totalassetsdecreasedfrom19.112 million in Q1 2024 [5]. Management Commentary - The CEO expressed optimism regarding new business initiatives and recent market expansions despite the decline in life and health premiums [2]. Balance Sheet Highlights - Total assets decreased from 381.265 million at the end of 2023 to 365.751millionattheendofQ12024[6].−Totalshareholders′equitydecreasedfrom365.751 million at the end of Q1 2024 [6]. - Total shareholders' equity decreased from 107.275 million to 102.803millionduringthesameperiod[6].−Bookvaluepercommonsharedecreasedfrom102.803 million during the same period [6]. - Book value per common share decreased from 4.99 to $4.77 [6].