Atlanta-based Atlantic American Corporation announced second quarter net income of $1.2 million, or $0.04 per diluted share, compared to net income of $0.9 million, or $0.03 per diluted share, in the second quarter of 2002.
Current year to date net income was $1.9 million, or $0.06 per diluted share, compared to a year to date loss of $13.4 million, or $0.65 per diluted share, in 2002. In 2002, the company reported a $15.8 million charge, or $0.73 per diluted share, attributable to the cumulative effect of a change in accounting principle for goodwill.
Total revenues for the second quarter were $43.5 million, increasing 1 percent over 2002 second quarter revenues of $43.1 million. For the six-month year to date period, revenues were $87.5 million, increasing 5 percent over the 2002 six-month year to date revenues of $83.1 million. Revenue growth in 2003 was enhanced by significant second quarter realized investment gains and increased investment earnings from a larger investment portfolio. Although earned premium during the second quarter declined 3 percent; for the six-month year to date period, earned premium reflected an increase of 3 percent.
Commenting on the quarter, Hilton Howell, Jr., president and CEO, stated, “While pleased with our results for the second quarter, there continues to be substantial future opportunity. Our life and health as well as our specialty lines property and casualty companies continue to perform extremely well. And while our regional property and casualty companies continue to make progress with their operating performance, there is still opportunity for further enhancement. We will however continue with our rigorous and disciplined underwriting standards in order to ensure that the quality of our property and casualty business is not sacrificed.”
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