Atlantic American Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Atlantic American Corp. has filed its Q1 2024 10-Q report, detailing financial performance and position as of March 31, 2024.</b>

AI Summary

ATLANTIC AMERICAN CORP (AAME) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Atlantic American Corp. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31. Atlantic American Corp. is classified under Life Insurance (SIC 6311). The company's principal business address is 4370 Peachtree Rd NE, Atlanta, GA 30319.

Why It Matters

For investors and stakeholders tracking ATLANTIC AMERICAN CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, crucial for assessing the company's performance and making informed investment decisions. As a life insurance company, the details within this report are vital for understanding its financial health, risk exposure, and operational status in the current market environment.

Risk Assessment

Risk Level: low — ATLANTIC AMERICAN CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative or positive news, indicating a routine disclosure.

Analyst Insight

Monitor future filings for specific financial performance metrics and any disclosed changes in business operations or market conditions.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-14 — Filed As Of Date (Conformed filing date)
• 12-31 — Fiscal Year End (Company fiscal year end)
• 6311 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• ATLANTIC AMERICAN CORP (company) — Filer name
• AAME (company) — Ticker symbol
• 2024-03-31 (date) — Period of report
• 2024-05-14 (date) — Filed as of date
• 4370 PEACHTREE RD NE (address) — Business street address
• ATLANTA (location) — Business city
• GA (location) — Business state
• 30319 (postal_code) — Business zip code

FAQ

Industry Context

Atlantic American Corp. operates within the Life Insurance industry, a sector characterized by long-term financial commitments and regulatory oversight.

Regulatory Implications

As a life insurance entity, the company is subject to state-specific insurance regulations and federal financial reporting requirements.

What Investors Should Do

1. Review the full 10-Q document for detailed financial statements and management discussion.
2. Analyze any disclosed changes in assets, liabilities, or equity compared to previous periods.
3. Track future SEC filings for updates on the company's financial performance and strategic initiatives.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) and does not inherently indicate a change from the previous filing's status without comparative data.

Key Financial Figures

• $1.00 — ich registered Common Stock, par value $1.00 per share AAME NASDAQ Global Market
• $1 — hares of the registrant's Common Stock, $1 par value, outstanding on March 31, 202

Filing Documents

• ef20026270_10q.htm (10-Q) — 1313KB
• ef20026270_ex10-1.htm (EX-10.1) — 401KB
• ef20026270_ex31-1.htm (EX-31.1) — 12KB
• ef20026270_ex31-2.htm (EX-31.2) — 13KB
• ef20026270_ex32-1.htm (EX-32.1) — 7KB
• 0001140361-24-025855.txt (&nbsp;) — 7968KB
• aame-20240331.xsd (EX-101.SCH) — 41KB
• aame-20240331_cal.xml (EX-101.CAL) — 86KB
• aame-20240331_def.xml (EX-101.DEF) — 178KB
• aame-20240331_lab.xml (EX-101.LAB) — 639KB
• aame-20240331_pre.xml (EX-101.PRE) — 360KB
• ef20026270_10q_htm.xml (XML) — 1485KB

Forward-Looking Statements

Forward-Looking Statements 2 Part I . Financial Information Item 1.

Financial Statements

Financial Statements: 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 4.

Controls and Procedures

Controls and Procedures 24 Part II. Other Information Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 26 Item 5. Other Information 26 Item 6. Exhibits 26 S ignature s 27 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This report contains and references certain information that constitutes forward-looking statements as that term is defined in the federal securities laws. Forward-looking statements are all statements other than those of historical fact. Such forward-looking statements are made based upon management's current assessments of various risks and uncertainties, as well as assumptions made in accordance with the "safe harbor" provisions of the federal securities laws. Forward-looking statements are inherently subject to various risks and uncertainties and the Company's actual results could differ materially from the results expressed in or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and other subsequent filings made by the Company from time to time with the Securities and Exchange Commission. In addition, other risks and uncertainties not known by us, or that we currently determine to not be material, may materially adversely affect our financial condition, results of operations or cash flows. The Company undertakes no obligation to update any forward-looking statement as a result of subsequent developments, changes in underlying assumptions or facts, or otherwise, except as may be required by law. 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements ATLANTIC AMERICAN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) Unaudited March 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 21,189 $ 28,301 Investments: Fixed maturities, available-for-sale, at fair value (amortized cost: $ 241,315 and $ 238,626 ; no allowance for credit losses) 218,420 218,219 Equity securities, at fair value (cost: $ 4,940 and $ 4,936 ) 9,303 9,413 Other invested assets (cost: $ 6,982 and $ 6,982 ) 6,278 6,381 Policy loans 1,810 1,778 Real estate 38 38 Investment in unconsolidated trusts 1,238 1,238 Total investments 237,087 237,067 Receivables: Reinsurance (net of allowance for expected credit losses of $ 56 and $ 61 ) 20,935 21,103 Insurance premiums and other (net of allowance for expected credit losses of $ 216 and $ 217 ) 14,696 23,690 Deferred income taxes, net 16,712 15,682 Deferred acquisition costs 43,167 43,850 Other assets 9,421 9,028 Intangibles 2,544 2,544 Total assets $ 365,751 $ 381,265 LIABILITIES AND SHAREHOLDERS' EQUITY Insurance reserves and policyholder funds: Future policy benefits $ 93,680 $ 92,495 Unearned premiums 20,723 31,317 Losses and claims 88,449 87,478 Other policy liabilities 970 1,132 Total insurance reserves and policyholder funds 203,822 212,422 Accounts payable and accrued expenses 21,364 24,811 Revolving credit facility 4,024 3,019 Junior subordinated debenture obligations, net 33,738 33,738 Total liabilities 262,948 273,990 Commitments and contingencies (Note 12) Shareholders' equity: Preferred stock, $ 1 par, 4,000,000 shares authorized; Series D preferred, 55,000 shares issued and outstanding; $ 5,500 redemption value 55 55 Common stock, $ 1 par, 50,000,000 shares authorized; shares issued: 22,400,894 ; shares outstanding: 20,399,758 and 20,402,288 22,401 22,401

View Full Filing

View this 10-Q filing on SEC EDGAR