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Atlantic American Corporation Reports Fourth Quarter And Year End Results For 2012

Stocks in this article: AAME

  • Full year operating earnings up 10.9% from $3.3 million in 2011 to $3.6 million in 2012
  • Net income up 34.8% from $3.3 million in 2011 to $4.4 million in 2012
  • Full year diluted earnings per share up 50% from $0.12 in 2011 to $0.18 in 2012
  • Book value per share up 10.7% from $4.20 at December 31, 2011 to $4.65 at December 31, 2012
  • Full year life and health premium revenue up 27.6% from $70.0 million in 2011 to $89.3 million in 2012

ATLANTA, March 26, 2013 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq:AAME) today reported its results for the fourth quarter and year ended December 31, 2012. For the fourth quarter ended December 31, 2012, the Company reported net income of $0.9 million, or $0.04 per diluted share, consistent with that of the fourth quarter of 2011. Operating income (income before income taxes and realized investment gains/losses) was $1.5 million for the quarter ended December 31, 2012; likewise consistent with the fourth quarter of 2011. Premiums for the fourth quarter of 2012 increased 12.0% to $32.1 million compared to $28.6 million for the fourth quarter of 2011, as premiums in the life and health operations increased by $4.1 million, or 21.5%.

Atlantic American reported net income for the year ended December 31, 2012 of $4.4 million, or $0.18 per diluted share, as compared to net income of $3.3 million, or $0.12 per diluted share, for the year ended December 31, 2011. Operating income increased 10.9% to $3.6 million for the year ended December 31, 2012 as compared to $3.3 million for the year ended December 31, 2011.  Total premiums during 2012 increased 17.9% to $126.7 million from 2011 premiums of $107.5 million, as premiums in the life and health operations increased 27.6%, or $19.3 million, in 2012 as compared to 2011, while premiums in the property and casualty operations decreased nominally in that same period. 

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