Atlantic American Corporation Reports Net Loss of $1.4 Million in Q1 2023

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.