Atlantic American Corporation Reports Third Quarter Profit
Atlantic American Corporation (Nasdaq-AAME) today reported net income of $525,000, or $0.02 per diluted share, for the three month period ended September 30, 2010, compared to a net loss of $2.1 million, or $0.10 per diluted share, for the three month period ended September 30, 2009. For the nine month period ended September 30, 2010, net income was $1.0 million, or $0.03 per diluted share, compared to a net loss of $1.8 million, or $0.10 per diluted share, for the comparable period in 2009. Results for the three month and nine month periods ended September 30, 2009 were primarily the result of an increase in the Company’s deferred tax asset valuation allowance of approximately $1.8 million.
Total revenues for the three month period ended September 30, 2010, were $27.1 million, increasing 6.3% from $25.5 million for the three month period ended September 30, 2009. Insurance premiums during this quarter increased $1.8 million, or 7.9%, from the comparable 2009 premiums. For the nine month period ended September 30, 2010, revenues were $80.2 million, increasing 4.3% from the comparable 2009 period revenues of $76.9 million. Insurance premiums during the nine month period ended September 30, 2010 increased $3.8 million, or 5.6%, from the comparable period in 2009. Revenue and premium increases during both the three month and nine month periods ended September 30, 2010 occurred primarily in the Company’s life and health operation.
Commenting on the quarter, Hilton H. Howell, Jr., president and chief executive officer, stated, “With our increasing premium levels, our core insurance operations remain solidly profitable. We continue to make investments in new products and increase our field force for greater penetration and broader distribution. While pleased with this most recent quarter, we are focused on building our business. Even though the soft property and casualty markets continue to challenge our property and casualty business, we are optimistic that our life and health business will continue with the steady growth exhibited in recent quarters.”
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