Insurance holding company Atlantic American has reported revenue of $25.8m for the fourth quarter of 2009, an increase of 14.2%, compared to $22.6m for the same period last year.
The company’s insurance premiums for the fourth quarter of 2009 decreased nominally to $23m compared to $23.2m for the fourth quarter of 2008. Premiums in the life and health operations increased by $0.9m while the property and casualty operations declined by $1.1m.
For the fourth quarter ended December 31, 2009, the company posted a net income of $0.63m or $0.02 per share, compared to a net loss of $2.8m, or $0.14 per share, for the same period in 2008.
For the full year 2009, the company has reported revenues of $102.7m compared to $99.7m for 2008. Total premiums in 2009 increased to $91.5m from $91.4m in 2008. Net loss for the year ended December 31, 2009 was $1.2m, or $0.08 per share, compared to a net loss of $3.9m, or $0.25 per share, in 2008.
Hilton Howell, president and CEO of Atlantic American, said: “The performance of Atlantic American’s operating divisions in 2009 demonstrates their fundamental strength. Unfortunately, our operating results for the year were negatively impacted by a number of non-recurring items, including valuation charges on deferred tax assets and charges related to the termination of the American Southern defined benefit plan.”