Atlantic American Corporation (AAME) has reported an 1,082.46 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $1.35 million, or $0.06 a share in the quarter, compared with $0.11 million, or $0.19 a share for the same period last year.
Revenue during the quarter went up marginally by 0.43 percent to $40.03 million from $39.86 million in the previous year period. Net premium earned for the quarter went down marginally by 2.90 percent or $1.09 million to $36.45 million.
Total expenses come down marginally
Benefits, losses and expenses for the quarter were at $38.56 million, or 105.77 percent of premium earned from $39.71 million or 105.78 percent of premium earned in the last year period. Operating income for the quarter was $1.47 million, compared with $0.14 million in the previous year period.
Net investment income was at $2.36 million for the quarter, down 6.97 percent or $0.18 million from year-ago period. The company has recorded a gain on investments of $1.18 million in the quarter compared with a loss of $0.25 million for the previous year period.
Commenting on the results, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, "We have completed another successful year and many of our marketing initiatives, particularly in our life and health operations, have resulted in solid premium growth. With such premium growth, managing statutory capital becomes very important, and accordingly we also entered into a reinsurance agreement during the 4th quarter. Our property and casualty operations also turned in another very profitable year. We believe that our Company is well postured for continued growth in 2017 and beyond and our Board of Directors has affirmed such belief with their declaration of our annual dividend."
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