Atlantic American Corp., the holding company for property/casualty insurer American Southern Insurance Co., Bankers Fidelity Life, and an employee benefits unit, this week reported third-quarter net income of $1.8 million, an improvement over the same period a year earlier.
It posted revenue of $44.6 million in the period. The corporation noted in its third-quarter filing with the U.S. Securities and Exchange Commission that its property and casualty premiums were $16.6 million, down slightly from $17.6 million for Q3 2022.
American Southern, which concentrates in commercial auto liability and general liability coverage, saw a healthy combined ratio of 98%, which was up slightly from the previous year.
“We are delighted with the improvements in net income for each of the quarter and year-to-date period,” CEO Hilton Howell said in a statement. “Although our revenue numbers are off slightly compared to prior year, operating income remains quite strong for 2023.”
Atlantic American is traded on the Nasdaq stock exchange under the symbol AAME.
Topics Profit Loss