Atlantic American Corporation reported net income of $0.4 million, or $0.02 per diluted share, for the three-month period ended December 31, 2024. This marks a turnaround from a net loss of $2.2 million, or $(0.11) per diluted share, in the comparable period of 2023.
The increase in net income for the fourth quarter was primarily driven by favorable loss experience in the company’s life and health operations, specifically a decrease in incurred losses in the group life and Medicare supplement lines of business. However, the company reported a net loss of $4.3 million, or $(0.23) per diluted share, for the full year ended December 31, 2024, an increase from a net loss of $0.2 million, or $(0.03) per diluted share, in 2023.
The full-year net loss was primarily attributed to unfavorable loss experience in the property and casualty operations, stemming from the frequency and severity of claims in the automobile liability line of business. In alignment with its commitment to 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.
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