Atlantic American Corporation Reports Fourth Quarter and Year End Results for 2024; Declares Annual Dividend

Financial Performance - Atlantic American Corporation reported a net income of $0.4 million, or $0.02 per diluted share, for the three months ended December 31, 2024, compared to a net loss of $2.2 million, or $(0.11) per diluted share, for the same period in 2023 [1] - For the year ended December 31, 2024, the company had a net loss of $4.3 million, or $(0.23) per diluted share, compared to a net loss of $0.2 million, or $(0.03) per diluted share, for the year ended December 31, 2023 [1] - The increase in net income for the fourth quarter was primarily due to favorable loss experience in life and health operations, particularly in group life and Medicare supplement lines [1] Business Segments - The company experienced exceptional new sales in its Medicare supplement business during the fourth quarter annual enrollment period, with strong momentum continuing into the new year [2] - Rising costs in the commercial automobile market have affected profitability, prompting the company to take steps to improve rates for that line of business [2] Revenue and Expenses - Total revenue for the three months ended December 31, 2024, was $49.043 million, compared to $46.745 million for the same period in 2023 [7] - Insurance premiums for life and health increased to $29.351 million in Q4 2024 from $26.138 million in Q4 2023, while property and casualty premiums decreased slightly from $16.781 million to $16.053 million [7] - Total benefits and expenses for the three months ended December 31, 2024, were $48.498 million, down from $49.847 million in the same period in 2023 [7] Dividends and Shareholder Value - The Board of Directors approved an annual dividend of $0.02 per share, payable on April 23, 2025, to shareholders of record as of April 9, 2025 [2] Balance Sheet Highlights - As of December 31, 2024, total assets were $393.428 million, an increase from $381.265 million in 2023 [8] - Total shareholders' equity decreased to $99.613 million from $107.275 million in the previous year [8] - The book value per common share was $4.61, down from $4.99 in 2023 [8]