Atlantic American Corp. Reports Q1 Numbers

May 5, 2004

Atlanta-based Atlantic American Corporation announced net income for the first quarter ended March 31, 2004 of $1.5 million or $0.06 per diluted share, compared to $0.7 million or $0.02 per diluted share in the first quarter of 2003.

Revenue for the first quarter of 2004 increased to $46.4 million, an increase of 5.4 percent over 2003 first quarter revenue of $44.0 million. Premiums for the quarter increased 4.3 percent to $41.4 million from $39.7 million for the comparable quarter in 2003. The increase in premium for the quarter was primarily attributable to increased volumes and pricing particularly in the life and health operations and one of the company’s property and casualty companies. Premium
increases combined with $0.7 million in realized gains during the quarter produced the resultant revenue increase.

Commenting on the quarter, Hilton Howell, Jr., president and CEO, stated “We are off to an excellent start in this first quarter of 2004 and believe that it will be a very good year. Each of our companies performed well during the first quarter and we look forward to sustained performance for the balance of the year. Our action in prior
quarters to develop and implement improved underwriting standards, diversify our book of business, enhance our marketing abilities and eliminate unprofitable accounts has created a foundation for sustained profitable growth.”

Atlantic American is an insurance holding company involved through its subsidiary companies in specialty markets of the life, health, property and casualty industries.

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