Atlantic American Reports Increased Second Quarter And Six Month Results

ATLANTA, Aug. 9, 2012 (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, 2012 was $781 thousand, or $0.03 per diluted share, four times greater than the net income of $192 thousand, or nil per diluted share, for the three month period ended June 30, 2011. Net income for the six month period ended June 30, 2012 increased 269% to $2.4 million, or $0.10 per diluted share, from net income of $661 thousand, or $0.02 per diluted share, in the comparable period of 2011.  Realized investment gains contributed to the increased earnings and were $470 thousand for the three month period ended June 30, 2012 versus $70 thousand for the comparable period in 2011 and $1.4 million for the six month period ended June 30, 2012 versus $71 thousand for the comparable period in 2011. Book value increased to $4.44 per share at June 30, 2012 from $4.20 per share at December 31, 2011.

Total revenues for the three month period ended June 30, 2012 were $35.0 million, increasing 20.2% from the $29.1 million for the three month period ended June 30, 2011. Insurance premiums during this quarter increased 20.6% from the comparable 2011 period premiums. For the six month period ended June 30, 2012, revenues were $69.5 million, increasing 21.7% from the comparable 2011 period revenues of $57.1 million. The increase in premiums during the three month and six month periods ended June 30, 2012 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, 2012 was $384 thousand, a 46.6% increase over the $262 thousand for the comparable period of 2011; and for the six month period ended June 30, 2012 was $1.1 million, a 28.9% increase over the $889 thousand for the comparable period of 2011.

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