Atlantic American Corporation (AAME) has reported a 37.39 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $0.15 million in the quarter, compared with $0.24 million for the same period last year.
Revenue during the quarter grew 5.17 percent to $42.45 million from $40.36 million in the previous year period. Net premium earned for the quarter increased 4.15 percent or $1.57 million to $39.43 million.
Total expenses move up
Benefits, losses and expenses for the quarter were at $42.13 million, or 106.84 percent of premium earned from $39.99 million or 105.64 percent of premium earned in the last year period. Operating income for the quarter was $0.32 million, compared with $0.36 million in the previous year period.
Net investment income for the quarter was almost stable at $2.45 million, when compared with the last year period. The company has recorded a gain on investments of $0.53 million in the quarter compared with a gain of $0.01 million for the previous year period.
Commenting, Hilton H. Howell, Jr., chairman, president and chief executive officer, stated, "Throughout the year we have been making significant investments in our life and health product line and distribution network. It is now obvious that such investments are being realized in our increasing premium volumes. With life and health premiums up over 10% in the third quarter of 2016, we are poised to continue on our growth trajectory. And even though our property and casualty premiums declined slightly, the selective underwriting, which is the hallmark of American Southern, continued to produce strong profits in that operation."
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