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Atlantic American Corporation (AAME+4.35%) has filed its 10-K annual report for the fiscal year ended December 31, 2024. The full report is available for review filing.
The company's insurance operations are conducted through its subsidiaries, including American Southern Insurance Company and Bankers Fidelity Life Insurance Company. American Southern focuses on property and casualty insurance, while Bankers Fidelity specializes in life and health insurance.
For the year 2024, Atlantic American Corporation reported a net loss of $4.3 million, compared to a net loss of $0.2 million in the previous year. The increase in net loss was primarily due to unfavorable loss experience in the property and casualty operations.
Total revenue for the year was $188.2 million, slightly up from $186.8 million in 2023. The company's premium revenue remained relatively stable at $178.7 million.
American Southern's gross written premiums decreased by 5.0% to $73.7 million, mainly due to a decline in demand within the trucking industry. Meanwhile, Bankers Fidelity's gross earned premiums decreased by 1.3% to $164.3 million, primarily due to non-renewals in the Medicare supplement line.
The company reported total insurance benefits and losses incurred of $125.8 million, an increase from $122.5 million in 2023. This was largely due to an increase in claims costs in the automobile liability and physical damage lines.
Atlantic American Corporation's investment income decreased slightly to $9.8 million from $10.1 million in the previous year. The company also reported net realized investment gains of $1.2 million.
The company's balance sheet showed total assets of $393.4 million as of December 31, 2024, with total liabilities of $293.8 million and shareholders' equity of $99.6 million.
Atlantic American Corporation's insurance subsidiaries continue to operate with relative autonomy, focusing on well-defined niches within the insurance marketplace. The company maintains a strategy of leveraging its subsidiaries' strengths in specific geographic and product areas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Atlantic American Corporation annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.