Financial Performance - For the three-month period ended March 31, 2023, net income was a loss of $1.446 million, or $(0.08) per diluted share, compared to net income of $2.842 million, or $0.13 per diluted share for the same period in 2022[111]. - Total revenue for the three-month period ended March 31, 2023, was $46.269 million, a decrease of $5.339 million, or 10.4%, from $51.608 million in the comparable period in 2022[109]. - Operating income decreased by $1.1 million for the three-month period ended March 31, 2023, primarily due to unfavorable loss experience in property and casualty operations[112]. - The Parent's insurance subsidiaries reported statutory net income of $1.1 million for the three months ended March 31, 2023, compared to $1.3 million in the same period in 2022[134]. Insurance Premiums and Losses - Insurance premiums, net, decreased by $981,000, or 2.1%, to $46.1 million for the three-month period ended March 31, 2023, down from $47.1 million in the same period in 2022[111]. - American Southern's gross written premiums decreased by $2.1 million, or 18.4%, during the three-month period ended March 31, 2023, compared to the same period in 2022[114]. - Bankers Fidelity's gross earned premiums decreased to $43.098 million for the three-month period ended March 31, 2023, down from $45.461 million in the comparable period in 2022[122]. - Insurance benefits and losses incurred at American Southern increased by $2.2 million, or 20.8%, during the three-month period ended March 31, 2023, compared to the same period in 2022[119]. - Gross earned premiums from the Medicare supplement line decreased by $3.7 million, or 9.8%, primarily due to non-renewals exceeding new business writings[125]. - Insurance benefits and losses incurred decreased by $2.9 million, or 14.0%, with a loss ratio of 61.6% for the three months ended March 31, 2023, down from 69.6% in the same period in 2022[126]. Expenses and Ratios - The combined ratio for American Southern was 97.9% for the three-month period ended March 31, 2023, compared to 94.7% for the same period in 2022, indicating an underwriting loss[114]. - The loss ratio for Bankers Fidelity was 61.6% for the three-month period ended March 31, 2023, compared to 69.6% for the same period in 2022[123]. - Commissions and underwriting expenses for Bankers Fidelity increased to $10.720 million for the three-month period ended March 31, 2023, compared to $8.746 million in the same period in 2022[122]. - Commissions and underwriting expenses increased by $2.0 million, or 22.6%, with underwriting expenses as a percentage of earned premiums rising to 37.1%[127]. Investment and Cash Flow - Investment income increased by $0.2 million, or 8.6%, attributed to a rising interest rate environment[128]. - The Company recognized net unrealized losses on equity securities of $2.4 million for the three months ended March 31, 2023[129]. - Interest expense increased by $0.4 million, or 111.9%, primarily due to changes in the London Interbank Offered Rate (LIBOR)[130]. - Cash and cash equivalents decreased from $28.9 million at December 31, 2022, to $13.5 million at March 31, 2023, primarily due to net cash used in operating activities of $11.6 million[144]. Borrowings - At March 31, 2023, the Company had outstanding borrowings of $3.0 million under a revolving credit agreement[143].

Premiums and Revenue - American Southern's net earned premiums from health insurance products accounted for 86% of Bankers Fidelity's total net earned premiums in 2022, while life insurance accounted for the remaining 14%[19]. - In 2022, Bankers Fidelity's total net earned premiums were $115.164 million, a slight decrease from $116.234 million in 2021[20]. - Medicare supplement insurance premiums were $86.970 million in 2022, down from $95.314 million in 2021, representing a decrease of approximately 8.5%[20]. - Total revenue for the year ended 2022 was $187,851 thousand, a decrease of 5.4% from $199,554 thousand in 2021[164]. - Net income applicable to common shareholders for 2022 was $1,126 thousand, down 70.1% from $3,882 thousand in 2021[164]. - Earnings per common share (basic and diluted) decreased to $0.06 in 2022 from $0.19 in 2021, representing a decline of 68.4%[164]. - Direct premiums written for the year ended December 31, 2022, totaled $228,523, a decrease from $236,682 in 2021, representing a decline of approximately 3.5%[261]. - Net premiums earned for the year ended December 31, 2022, were $185,440, compared to $184,216 in 2021, reflecting a growth of about 0.7%[261]. Claims and Reserves - Approximately 72% of the losses and claims reserves at December 31, 2022, were related to property and casualty operations, while 28% were related to life and health operations[34]. - The company's insurance reserves for losses and claims were $87.5 million as of December 31, 2022[152]. - The insurance reserves for future policy benefits amounted to $85.6 million as of December 31, 2022[155]. - The balance of unpaid loss and claim reserves at December 31, 2022, was $87,484 million, up from $85,620 million in 2021[241]. - The total gross liability for unpaid losses, claims, and loss adjustment expenses was $87,484 million[257]. - The company established IBNR reserves to account for claims not yet reported, with estimates derived from various analytical techniques[253]. - The incurred losses for the Medicare Supplement line in 2014 were $57,179, showing a slight decrease to $56,938 in 2015[245]. - The total IBNR reserves for the Medicare Supplement line as of December 31, 2022, were $12,666[245]. Investments and Financial Position - Total fixed maturities decreased to $208.729 million in 2022 from $260.986 million in 2021, representing a decline of 20%[68]. - Net investment income increased to $9.932 million in 2022, up from $8.528 million in 2021, reflecting a growth of 16.5%[72]. - Average yield on investments improved to 3.7% in 2022 compared to 3.3% in 2021, indicating a 12.1% increase[72]. - Total investments decreased to $228.712 million in 2022 from $283.442 million in 2021, a reduction of 19.4%[68]. - The total estimated fair value of fixed maturities was $208.7 million as of December 31, 2022, with gross unrealized losses of $28.8 million[201]. - The total estimated fair value of equity securities was $11.6 million as of December 31, 2022, with gross unrealized gains of $6.7 million[204]. - The company reported cash and cash equivalents of $28,863 million in 2022, an increase from $24,753 million in 2021[230]. - The company reported unrealized losses on equity securities of $(7,562) thousand in 2022, compared to unrealized gains of $1,894 thousand in 2021[164]. Operational and Strategic Insights - The number of licensed agents for Bankers Fidelity was approximately 4,337 as of December 31, 2022, with 476 agents actively writing policies during the year[22]. - Bankers Fidelity's marketing strategy emphasizes diversification, with unique product offerings such as Vantage Flex Plus® and Vantage Recovery®[23]. - The company utilizes a simplified issue approach for underwriting individual products, relying on health-related questions and medical claims data[28]. - Claims processing for life and health insurance is generally completed within five business days of receipt, with electronic filing options available for insureds[33]. - The Company has made significant investments in cybersecurity, enhancing intrusion protection and detection technology, and implementing a mandatory security awareness training program[63]. - The Company maintains dedicated cyber liability insurance covering breach event costs, including post-breach remediation and coverage for lost revenue due to reputational damage[66]. - The Company believes its policies are competitive in the market, focusing on strong relationships with agents for new opportunities[49]. Tax and Regulatory Matters - The effective tax rate for 2022 was 27.2%, compared to 19.3% in 2021, showing an increase of approximately 41.0%[265]. - The total income tax expense for 2022 was $571, down from $1,021 in 2021, reflecting a decrease of approximately 44.0%[268]. - The Company had outstanding borrowings of $2,009 under the Revolving Credit Agreement as of December 31, 2022[271]. - The Company is preparing for the expected discontinuation of LIBOR by updating operational processes and evaluating legacy contracts[269]. Employee and Corporate Structure - The company employed 142 people as of December 31, 2022, with 141 being full-time employees[74]. - The company has five insurance subsidiaries, indicating a stable operational structure for future growth[177].

Financial Performance - Total revenue for the three months ended September 30, 2022, was $46,343, a decrease of 3.9% compared to $49,290 for the same period in 2021[7] - Net income applicable to common shareholders for the nine months ended September 30, 2022, was $180, compared to $1,317 for the same period in 2021, reflecting a significant decline[7] - Net income for the three months ended September 30, 2022, was a loss of $684 million, compared to a loss of $915 million for the same period in 2021, representing a 25.2% improvement[8] - For the nine months ended September 30, 2022, net income was $479 million, down 70.5% from $1,616 million in the same period of 2021[9] - Total comprehensive loss for the three months ended September 30, 2022, was $11,024 million, compared to a loss of $2,203 million in the same period of 2021[8] - The company reported a net loss applicable to common shareholders of $784 for the three months ended September 30, 2022, compared to a net loss of $1,015 for the same period in 2021, reflecting an improvement of approximately 22.8%[34] Assets and Liabilities - Total assets as of September 30, 2022, were $360,349, down from $402,286 as of December 31, 2021, indicating a decrease of approximately 10.4%[5] - Total liabilities as of September 30, 2022, were $262,438, slightly up from $261,000 as of December 31, 2021[5] - The company’s cash and cash equivalents were $21,876 as of September 30, 2022, down from $24,753 as of December 31, 2021, indicating a decrease of 11.4%[5] - The balance of retained earnings at the end of the period was $51,036 million, an increase from $48,699 million at the end of September 2021[9] - Total shareholders' equity at the end of the period was $97,911 million, down from $139,995 million a year earlier[9] Investment Income - The company reported a net investment income of $2,641 for the three months ended September 30, 2022, an increase of 23.5% from $2,137 in the same period of 2021[7] - The company reported realized investment gains of $101 million for the three months ended September 30, 2022, compared to $349 million for the same period in 2021[20] - For the nine months ended September 30, 2022, the company reported net realized investment gains of $29 million, compared to $520 million for the same period in 2021, reflecting a decrease of approximately 94.4%[21] Insurance Operations - Insurance benefits and losses incurred for the three months ended September 30, 2022, were $30,630, down from $35,045 in the same period of 2021, representing a reduction of 12.3%[7] - Total incurred losses for the nine months ended September 30, 2022, were $93,353, compared to $99,650 for the same period in 2021, representing a decrease of approximately 3.3%[28] - The net insurance reserves for losses and claims as of September 30, 2022, were $69,158, an increase from $68,645 in 2021, indicating a growth of about 0.7%[28] - The total insurance benefits and losses incurred for the nine months ended September 30, 2022, were $94,552, down from $100,020 in 2021, a decrease of about 5.5%[28] Equity Securities - The company reported unrealized losses on equity securities of $(2,783) for the three months ended September 30, 2022, compared to unrealized gains of $711 in the same period of 2021[7] - The company recorded a net realized loss of $5,456 million on equity securities for the nine months ended September 30, 2022, compared to net realized gains of $5,458 million for the same period in 2021, indicating a significant turnaround[22] - The Company reported net unrealized losses on equity securities of $5.5 million for the nine months ended September 30, 2022, compared to unrealized gains of $5.5 million in the same period in 2021[56] Operational Changes - The company formed a new life and health insurance entity, Atlantic Capital Life Assurance Company, which is expected to commence operations in 2023[44] - The company is preparing for the discontinuation of LIBOR by updating operational processes and evaluating legacy contracts for necessary changes[29] Cash Flow and Commitments - The company’s cash used in operating activities for the nine months ended September 30, 2022, was $2,246 million, compared to $9,554 million in the same period of 2021[10] - The company had outstanding commitments totaling $5,872 million as of September 30, 2022, compared to $1,997 million as of December 31, 2021, indicating an increase of approximately 194.5%[21] - The Company expects to meet its liquidity requirements through existing cash balances, dividends, fees, tax-sharing payments, and potential borrowings[25]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-3722 ATLANTIC AMERICAN CORPORATION (Exact name of registrant as specified in its charter) Georgia 58-1027114 (State or other jurisdiction of incorporation or organization) (I.R ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 0-3722 ATLANTIC AMERICAN CORPORATION (Exact name of registrant as specified in its charter) Georgia 58-1027114 (State or other jurisdiction of incorporation or organization) (I. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 0-3722 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------|----------------------------------- ...