Core Viewpoint - Atlantic American Corporation reported a net loss of $2.0 million in Q1 2024, an increase from a net loss of $1.4 million in Q1 2023, primarily due to decreased premium revenue and unfavorable loss experience in life and health operations [1][2]. Financial Performance - The company experienced a decrease in premium revenue of $1.5 million, or 3.4%, from $46.1 million in Q1 2023 to $44.6 million in Q1 2024 [1][5]. - Operating loss for Q1 2024 was $2.4 million, compared to an operating income of $0.6 million in Q1 2023, attributed to the same factors affecting premium revenue [2][5]. - Total revenue for Q1 2024 was $46.997 million, slightly up from $46.269 million in Q1 2023 [5]. Segment Performance - Life and health insurance premiums decreased from $28.889 million in Q1 2023 to $26.674 million in Q1 2024 [5]. - Property and casualty insurance premiums increased from $17.211 million in Q1 2023 to $17.878 million in Q1 2024 [5]. - Insurance benefits and losses incurred in life and health increased from $17.800 million in Q1 2023 to $19.112 million in Q1 2024 [5]. Management Commentary - The CEO expressed optimism regarding new business initiatives and recent market expansions despite the decline in life and health premiums [2]. Balance Sheet Highlights - Total assets decreased from $381.265 million at the end of 2023 to $365.751 million at the end of Q1 2024 [6]. - Total shareholders' equity decreased from $107.275 million to $102.803 million during the same period [6]. - Book value per common share decreased from $4.99 to $4.77 [6].
Atlantic American Corporation Reports First Quarter Results for 2024