Atlantic American Corp. Files Q2 2024 10-Q

TL;DR

**AAC Q2 10-Q FILED: Check financials for H1 2024.**

AI Summary

Atlantic American Corp. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and the first six months of the fiscal year. Key financial data and business operations for this period are detailed within the report.

Why It Matters

This filing provides investors with crucial financial performance data for Atlantic American Corp. during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — As a publicly traded company in the life insurance sector, Atlantic American Corp. is subject to market fluctuations and regulatory changes inherent to the financial industry.

Key Numbers

• Q2 2024 — Reporting Period (Covers the second quarter of the fiscal year.)
• H1 2024 — Year-to-Date Period (Covers the first six months of the fiscal year.)

Key Players & Entities

• ATLANTIC AMERICAN CORP (company) — Filer of the 10-Q
• 20240630 (date) — Period of Report for the 10-Q
• 4042665500 (dollar_amount) — Business Phone Number

FAQ

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 July 31, 2024

Filing Documents

• ef20029674_10q.htm (10-Q) — 1766KB
• ef20029674_ex31-1.htm (EX-31.1) — 12KB
• ef20029674_ex31-2.htm (EX-31.2) — 12KB
• ef20029674_ex32-1.htm (EX-32.1) — 7KB
• 0001140361-24-037251.txt ( ) — 9059KB
• aame-20240630.xsd (EX-101.SCH) — 42KB
• aame-20240630_cal.xml (EX-101.CAL) — 93KB
• aame-20240630_def.xml (EX-101.DEF) — 187KB
• aame-20240630_lab.xml (EX-101.LAB) — 666KB
• aame-20240630_pre.xml (EX-101.PRE) — 377KB
• ef20029674_10q_htm.xml (XML) — 1971KB

Forward-Looking Statements

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

Financial Statements

Financial Statements: 3 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Shareholders' Equity for the three months and six months ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 21 Item 4.

Controls and Procedures

Controls and Procedures 27 Part II. Other Information Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 28 Item 5. Other Information 28 Item 6. Exhibits 28 S ignature s 29 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 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 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 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 June 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 21,213 $ 28,301 Investments: Fixed maturities, available-for-sale, at fair value (amortized cost: $ 241,238 and $ 238,626 ; no allowance for credit losses) 216,636 218,219 Equity securities, at fair value (cost: $ 4,939 and $ 4,936 ) 9,545 9,413 Other invested assets (cost: $ 6,982 and $ 6,982 ) 6,063 6,381 Policy loans 1,792 1,778 Real estate 38 38 Investment in unconsolidated trusts 1,238 1,238 Total investments 235,312 237,067 Receivables: Reinsurance (net of allowance for expected credit losses of $ 54 and $ 61 ) 22,496 21,103 Insurance premiums and other (net of allowance for expected credit losses of $ 219 and $ 217 ) 34,220 23,690 Deferred income taxes, net 17,236 15,682 Deferred acquisition costs 43,837 43,850 Other assets 9,149 9,028 Intangibles 2,544 2,544 Total assets $ 386,007 $ 381,265 LIABILITIES AND SHAREHOLDERS' EQUITY Insurance reserves and policyholder funds: Future policy benefits $ 95,545 $ 92,495 Unearned premiums 38,038 31,317 Losses and claims 90,624 87,478 Other policy liabilities 1,045 1,132 Total insurance reserves and policyholder funds 225,252 212,422 Accounts payable and accrued expenses 22,321 24,811 Revolving credit facility 4,024 3,019 Junior subordinated debenture obligations, net 33,738 33,738 Total liabilities 285,335 273,990 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