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Atlantic American Reports Increased Net Income

  • Net income for the six month period ended June 30, 2013 increases to $6.9 million from $2.4 million for the comparable period of 2012
  • Life and health insurance premiums increase 14.8% in the comparable six month period
  • Property and casualty insurance premiums increase 4.1% in the comparable six month period
  • Operating income for the three month period ended June 30, 2013 increases 58.6% from the comparable period of 2012

ATLANTA, Aug. 12, 2013 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq:AAME) today reported increased second quarter and six month results. Net income for the three month period ended June 30, 2013 was $6.0 million, or $0.26 per diluted share as compared to net income of $781 thousand, or $0.03 per diluted share, for the three month period ended June 30, 2012. Net income for the six month period ended June 30, 2013 increased to $6.9 million, or $0.30 per diluted share, from net income of $2.4 million, or $0.10 per diluted share, in the comparable period of 2012. Realized investment gains contributed significantly to the increased earnings and were $5.5 million for the three month period ended June 30, 2013 versus $470 thousand for the comparable period in 2012 and $6.1 million for the six month period ended June 30, 2013 versus $1.4 million for the comparable period in 2012.

Total revenues for the three month period ended June 30, 2013 were $44.6 million, increasing 27.7% from the $35.0 million for the three month period ended June 30, 2012. Insurance premiums during this quarter increased 15.1% from the comparable 2012 period premiums. For the six month period ended June 30, 2013, revenues were $81.3 million, increasing 17.0% from the comparable 2012 period revenues of $69.5 million. The increase in premiums during the three month and six month periods ended June 30, 2013 resulted primarily from increased sales of the Medicare supplement product in the life and health segment and increased commercial automobile premiums in the property and casualty segment. Operating income for the three month period ended June 30, 2013 was $609 thousand, a 58.6% increase over the $384 thousand for the comparable period of 2012; and for the six month period ended June 30, 2013 was $942 thousand, a 17.8% decrease from the $1.1 million for the comparable period of 2012.

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