Atlantic American Corporation Reports Fourth Quarter and Year End Results for 2021; Declares Annual Dividend

ATLANTA, March 25, 2022 (GLOBE NEWSWIRE) -- Atlantic American Corporation (Nasdaq- AAME) today reported net income for the three month period ended December 31, 2021 of $2.7 million, or $0.12 per diluted share, as compared to net income of $11.8 million, or $0.54 per diluted share, for the comparable period in 2020. For the year ended December 31, 2021, the Company reported net income of $4.3 million, or $0.19 per diluted share, as compared to net income of $12.2 million, or $0.56 per diluted share for the comparable period in 2020. The decrease in net income during the fourth quarter of 2021 was primarily due to an $8.0 million decrease in unrealized gains in equity securities as a result of fluctuation in market values of the Company’s equity investments still held. The decrease in net income for the year ended December 31, 2021 was primarily due to an $11.8 million increase in insurance benefits and losses incurred. The increase in insurance benefits and losses incurred was primarily the result of loss experience within the Company’s life and health operations, returning to historical averages relative to the exceptionally low utilization experienced in 2020 after the onset of the COVID-19 pandemic when many policyholders were sheltered in place.

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