Atlantic American Corporation (Nasdaq: AAME) today reported its results for the fourth quarter and year ended December 31, 2010. For the fourth quarter ended December 31, 2010, the Company reported net income of $1.5 million, or $0.06 per diluted share, compared to net income of $0.6 million, or $0.02 per diluted share, during the same period in 2009. Realized investment gains for the quarter ended December 31, 2010 were $1.3 million as compared to $0.3 million for the quarter ended December 31, 2009. Income from operations before realized investment gains and income taxes was $368,000 for the quarter ended December 31, 2010 and $650,000 for the quarter ended December 31, 2009. Premiums for the fourth quarter of 2010 increased 10.2% to $25.3 million compared to $23.0 million for the fourth quarter of 2009; as premiums in the life and health operations increased by $1.1 million and premiums in the property and casualty operations increased by $1.2 million on a comparative basis.
Atlantic American reported net income for the year ended December 31, 2010 of $2.5 million, or $0.09 per diluted share, as compared to a net loss of $1.2 million, or $0.08 per diluted share, for the year ended December 31, 2009. The 2009 net loss was directly attributable to an increase in the Company’s deferred tax asset valuation allowance of approximately $2.0 million primarily related to the disposition of certain investments. Income from operations before realized investment gains and income taxes increased 26.5% and was $1.4 million for the year ended December 31, 2010 as compared to $1.1 million for the year ended December 31, 2009. Total premiums during 2010 increased 6.7% to $97.6 million from 2009 premiums of $91.5 million; and premiums in the life and health operations increased 9.6% or $5.5 million in 2010 as compared to 2009, while premiums in the property and casualty operations increased nominally by $0.6 million in that period.
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