Atlantic America reports first quarter 2021 results

Atlanta, May 11, 2021 (Global News)-Atlantic American Corporation (Nasdaq-AAME) today reported a net loss of $400,000 in the first quarter of 2021, or $0.03 per common share, and a net loss of 810 The decrease in the net loss of US$0.40 per share was mainly due to the unrealized gains of US$700,000 in stocks and securities in the quarter, while the unrealized loss of US$8.5 million in stocks and securities in the same period last year. Although price levels have generally recovered, due to the COVID-19 pandemic, the capital market has fallen sharply and the company’s investment portfolio has been significantly affected in the first quarter of 2020.

The premium income for the three-month period ending March 31, 2021 increased by US$4,500,000 from US$45.6 million for the three-month period ending March 31, 2020 to US$46.1 million, an increase of 1.2%. The scope of personal injury and auto liability business in the automobile property and casualty business. For the three-month period ending March 31, 2021, the operating loss (defined below) decreased by $600,000 to $1.4 million, while the operating loss for the three-month period ending March 31, 2020 was $2 million. The decrease in operating losses was mainly due to the increase in the adequacy of the favorable loss experience rate and the decrease in the number of claims that have occurred within the scope of Medicare’s supplementary business, which affected the company’s life and health operations.

Chairman, President and CEO Hilton H. Howell (Jr.) commented on the results: “As the damage caused by the COVID-19 pandemic begins to fade, the dedication of our employees The spirit and focus have not wavered. The quarter’s performance has improved compared to the same period last year. Together with the moderate increase in premium income, we are also pleased to announce that our voluntary employee benefits department BankersWorksite has been renamed and will be renamed as “Atlantic “American Employee Benefits” is operated under the brand name. I am very pleased to report that AM Best recently announced that they have confirmed the credit ratings of Atlantic American Corporation and its subsidiaries.”

Atlantic America Inc. is an insurance holding company that participates in special markets in the life, health, property and accident insurance industries through its subsidiaries. Its main insurance subsidiaries are Southern Insurance Company, American Security Insurance Company, Bankers Fidelity Life Insurance Company and Bankers Fidelity Assurance Company.

Note on non-GAAP financial measures: Atlantic America Corporation submits its consolidated financial statements in accordance with US Generally Accepted Accounting Principles (GAAP). However, the company may from time to time provide non-GAAP financial measures, such as operating income (loss) in its public statements, press releases, and documents filed with the US Securities and Exchange Commission. Management believes that operating income (loss) is a useful indicator for investors, potential investors, securities analysts, and others, because it can be used before considering certain items beyond management’s control (such as income tax). Separate the company’s “core” operating performance from expenses, which may vary according to the timing of related income and expenditures, may vary according to time, regulations and interest rates), or are not expected to affect the company’s operations on a regular basis Performance (for example, any unrealized realized and unrealized investment income (loss) is part of the company’s main business, and to a certain extent can be determined by itself based on the timing of realization). The attached financial data includes the reconciliation between operating income (loss) and net income (loss), which is the most comparable GAAP financial indicator. The company’s definition of operating income (loss) may be different from similarly titled financial indicators used by other companies. This non-GAAP financial measure should be considered as a supplement to, not a substitute for, financial information prepared in accordance with GAAP.

Note on the Private Securities Litigation Reform Act: In addition to the historical information contained herein, this press release contains forward-looking statements that involve many risks and uncertainties. Actual results may differ materially from the results indicated in the forward-looking statements. This is because many factors and risks will be detailed in the statement from time to time. Atlantic Central America has filed a report with the US Securities and Exchange Commission.