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Atlantic American Reports Increased Third Quarter And Year To Date Net Income

  • Year to date net income increases 171% as compared with the comparable period in 2012.
  • Insurance premiums earned for the third quarter increased 18.5% while increasing 13.9% year to date as compared with comparable periods in 2012.
  • Realized investment gains were $2.3 million and $8.4 million in the 2013 third quarter and year to date periods.

ATLANTA, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq:AAME) today reported net income of $2.7 million, or $0.12 per diluted share, for the three month period ended September 30, 2013, compared to net income of $1.1 million, or $0.04 per diluted share, for the three month period ended September 30, 2012. For the nine month period ended September 30, 2013, net income was $9.6 million, or $0.42 per diluted share, compared to net income of $3.5 million, or $0.15 per diluted share, for the comparable period in 2012. Realized investment gains for the three month and nine month periods ended September 30, 2013 were $2.3 million and $8.4 million, respectively, compared to nil and $1.4 million, respectively, for the comparable periods in 2012. Operating income (income before income taxes and realized investment gains, net) for the three month period ended September 30, 2013 was $406,000, a decrease from $956,000 of operating income for the three month period ended September 30, 2012. For the nine month period ended September 30, 2013, operating income was $1.3 million, or 36.0% less than the $2.1 million of operating income for the comparable nine month period of 2012.

Total revenues for the three month period ended September 30, 2013 were $43.2 million, increasing 22.5% from $35.3 million for the three month period ended September 30, 2012. Insurance premiums during this quarter increased $6.0 million, or 18.5%, from the comparable 2012 premiums. For the nine month period ended September 30, 2013, total revenues were $124.5 million, increasing 18.8% from the comparable 2012 period revenues of $104.8 million. Insurance premiums during the nine month period ended September 30, 2013 increased $13.1 million, or 13.9%, from the comparable period in 2012. Premiums earned from the Company's life and health and property and casualty operations were up 9.7% and 40.3%, respectively, for the three month period ended September 30, 2013 and 13.0% and 15.9%, respectively for the nine month period ended September 30, 2013.

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