Atlanta-based Atlantic American Corp. announced net income of $1.1 million, or $0.04 per diluted share, for the second quarter ended June 30, 2004, compared to net income of $1.2 million, or $0.04 per diluted share, for the second quarter ended June 30, 2003. Realized gains included in 2004-second quarter income were $0.1 million compared to $1.3 million in the second quarter of 2003.
For the six months ended June 30, 2004, net income was $2.6 million, or $0.09 per diluted share, compared to net income of $1.9 million, or $0.06 per diluted share, for the same period in 2003.
Total revenues for the second quarter of 2004 were $47.4 million,
increasing 9% over 2003 second quarter revenues of $43.5 million. Insurance premiums during this quarter increased 13% but were offset by a decline in realized investment gains.
For the six months ended June 30, 2004, revenues were $93.8 million, increasing 7% over the comparable 2003 revenues of $87.5 million. Substantially all revenue and premium growth during the second quarter and first six months of 2004 occurred in the company’s property and casualty businesses.
Commenting on the quarter, Hilton Howell, Jr., president and CEO, stated, “We are pleased with our results for the second quarter, even though challenges remain. Growth and diversification of risks within our property and casualty businesses have resulted in solid revenue
increases. Our regional property and casualty companies continue to make progress with their operating performance; although opportunity remains for increased efficiencies. While our life and health lines continue to perform well, health care costs have begun to impact our overall claims costs and increased marketing initiatives have increased our expense ratios.”
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