Atlantic American Corp. Files Q3 2024 10-Q Report

TL;DR

**AAC Q3 2024 10-Q FILED: Financials for 9 months ending Sep 30, 2024, now public.**

AI Summary

Atlantic American Corp. filed its Q3 2024 10-Q report on November 12, 2024, detailing financial performance for the period ending September 30, 2024. The filing covers the company's financial position and operational results, including balance sheets, income statements, and cash flow statements for the nine months ended September 30, 2024, and comparative periods. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides crucial financial insights into Atlantic American Corp.'s performance and stability, allowing investors to assess its current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the insurance industry can be subject to regulatory and economic risks not fully detailed in this summary.

Key Numbers

• Q3 2024 — Reporting Period (The company's financial performance for the third quarter of 2024 is detailed.)
• 20240930 — Period End Date (The financial statements reflect the company's position as of this date.)
• 20241112 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• ATLANTIC AMERICAN CORP (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241112 (date) — Filing date of the report
• 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 October 31, 2

Filing Documents

• ef20034523_10q.htm (10-Q) — 1765KB
• ef20034523_ex31-1.htm (EX-31.1) — 11KB
• ef20034523_ex31-2.htm (EX-31.2) — 11KB
• ef20034523_ex32-1.htm (EX-32.1) — 6KB
• 0001140361-24-046143.txt ( ) — 9065KB
• aame-20240930.xsd (EX-101.SCH) — 42KB
• aame-20240930_cal.xml (EX-101.CAL) — 94KB
• aame-20240930_def.xml (EX-101.DEF) — 188KB
• aame-20240930_lab.xml (EX-101.LAB) — 671KB
• aame-20240930_pre.xml (EX-101.PRE) — 379KB
• ef20034523_10q_htm.xml (XML) — 1966KB

Forward-Looking Statements

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

Financial Statements

Financial Statements: 3 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months and nine months ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Shareholders' Equity for the three months and nine months ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 20 Item 4.

Controls and Procedures

Controls and Procedures 26 Part II. Other Information Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 27 Item 5. Other Information 27 Item 6. Exhibits 27 S ignature s 28 Table of Contents FORWARD-LOOKING 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 September 30, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 23,035 $ 28,301 Investments: Fixed maturities, available-for-sale, at fair value (amortized cost: $ 237,207 and $ 238,626 ; no allowance for credit losses) 221,696 218,219 Equity securities, at fair value (cost: $ 4,940 and $ 4,936 ) 7,800 9,413 Other invested assets (cost: $ 9,300 and $ 6,982 ) 8,205 6,381 Policy loans 1,738 1,778 Real estate 38 38 Investment in unconsolidated trusts 1,238 1,238 Total investments 240,715 237,067 Receivables: Reinsurance (net of allowance for expected credit losses of $ 53 and $ 61 ) 21,600 21,103 Insurance premiums and other (net of allowance for expected credit losses of $ 215 and $ 217 ) 30,492 23,690 Deferred income taxes, net 16,079 15,682 Deferred acquisition costs 44,284 43,850 Other assets 8,240 9,028 Intangibles 2,544 2,544 Total assets $ 386,989 $ 381,265 LIABILITIES AND SHAREHOLDERS' EQUITY Insurance reserves and policyholder funds: Future policy benefits $ 97,077 $ 92,495 Unearned premiums 28,972 31,317 Losses and claims 91,864 87,478 Other policy liabilities 969 1,132 Total insurance reserves and policyholder funds 218,882 212,422 Accounts payable and accrued expenses 24,586 24,811 Revolving credit facility 4,024 3,019 Junior subordinated debenture obligations, net 33,738 33,738 Total liabilities 281,230 273,990 Commitments and contingencies (Notes 3 and 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

View Full Filing

View this 10-Q filing on SEC EDGAR