Financial Performance - Atlantic American Corporation reported a net loss of $2.0 million, or $(0.10) per diluted share, for Q3 2024, compared to a net income of $1.8 million, or $0.08 per diluted share, in Q3 2023[1]. - For the nine-month period ended September 30, 2024, the company experienced a net loss of $4.7 million, or $(0.24) per diluted share, compared to a net income of $2.1 million, or $0.09 per diluted share, in the same period of 2023[1]. - The company reported a non-GAAP operating loss of $0.7 million for Q3 2024, down from an operating income of $3.6 million in Q3 2023[6]. Revenue and Premiums - Premium revenue for Q3 2024 slightly increased to $43.8 million from $43.7 million in Q3 2023, while for the nine-month period, it decreased by $2.6 million, or 1.9%, to $133.3 million[2]. - Total revenue for Q3 2024 was $44.5 million, a slight decrease from $44.6 million in Q3 2023[6]. Claims and Expenses - The increase in net loss was primarily due to unfavorable loss experience in life and health operations, particularly in group life and Medicare supplement lines, and in property and casualty operations due to higher claims in automobile liability[1]. - Insurance benefits and losses incurred for life and health operations rose to $16.8 million in Q3 2024 from $14.9 million in Q3 2023, while property and casualty losses increased to $14.0 million from $11.9 million[6]. - Total benefits and expenses for Q3 2024 were $47.0 million, compared to $42.5 million in Q3 2023[6]. Future Outlook - The company remains optimistic about future performance, citing strong sales momentum in life and health operations and expectations for stabilization in the property and casualty market[3]. Assets - Total assets as of September 30, 2024, were $386.99 million, an increase from $381.27 million at the end of 2023[6].
Atlantic American(AAME) - 2024 Q3 - Quarterly Results