Atlantic American, an insurance holding company, has reported a net income for the year ended December 31, 2007 of $7.3 million, or $0.25 per diluted share, a decrease compared to the 2006 net income of $8.9 million, or $0.33 per diluted share.
The loss from discontinued operations was $4.3 million, or $0.20 per diluted share, for the year 2007, an increase when compared with the income from discontinued operations of $1.8 million, or $0.06 per diluted share, for 2006.
Total revenue of the company for the year was $123 million, a 1.9% decline from 2006 total revenue of $125.4 million. Premiums during 2007 decreased $11.8 million, or 10.7%, to $97.8 million from 2006 premiums of $109.6 million.
During the fourth quarter ended December 31, 2007, the company has reported that its net income improved to $4.2 million, or $0.15 per diluted share, from the net income of $3 million, or $0.11 per diluted share, posted during the same quarter in 2006.
For the quarter, total revenue increased 23.2% to $38.4 million from $31.2 million for the 2006 fourth quarter of 2006. Premiums for the period dropped 10.9% to $23.7 million from $26.6 million for the comparable quarter of 2006.
The increase in fourth quarter 2007 total revenue was the result of the sale of the common stock holding in Wachovia Corporation which increased realized investment gains.