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Atlantic American Corporation,(AAME) announced its financial results for the first quarter of 2023, revealing a net loss of $1.4 million. The company reported a decline in revenue, which reached $46.3 million during the same period. Despite the challenging results, Atlantic American Corporation remains committed to implementing changes to address the deficiencies in its internal control over financial reporting.
Condensed Consolidated Balance Sheets:
The condensed consolidated balance sheets as of March 31, 2023, and December 31, 2022, showed a decrease in cash and cash equivalents, which amounted to $13.5 million compared to $28.9 million in the previous quarter. Investments, including fixed maturities and equity securities, totaled $235.7 million. The company's total assets were reported at $353.6 million, reflecting a decrease from the previous quarter.
Condensed Consolidated Statements of Operations:
According to the condensed consolidated statements of operations for the three months ended March 31, 2023, Atlantic American Corporation generated revenue of $46.3 million. This represented a decrease compared to the revenue of $51.6 million reported in the same period in the previous year. The company experienced insurance benefits and losses incurred amounting to $30.5 million. As a result, Atlantic American Corporation reported a net loss of $1.4 million, translating to a loss per common share of $0.08.
Condensed Consolidated Statements of Comprehensive Income (Loss):
During the first quarter of 2023, Atlantic American Corporation reported comprehensive income of $2.3 million. This figure was derived from the net loss of $1.4 million and an additional $3.7 million in other comprehensive income, which includes unrealized gains on available-for-sale fixed maturity securities.
Condensed Consolidated Statements of Shareholders' Equity:
Shareholders' equity for Atlantic American Corporation stood at $104.4 million as of March 31, 2023, compared to $102.2 million in the previous quarter. The company's common stock remained unchanged at $22.4 million, and additional paid-in capital remained steady at $57.4 million. Retained earnings decreased to $50.4 million, while accumulated other comprehensive income stood at a loss of $18.4 million.