Atlantic american corporation reports second quarter results for 2023; declares annual dividend

Atlanta, aug. 08, 2023 (globe newswire) -- atlantic american corporation (nasdaq- aame) today reported net income for the three month period ended june 30, 2023 of $1.7 million, or $0.08 per diluted share, as compared to net loss of $1.7 million, or $0.09 per diluted share, for the comparable period in 2022. for the six month period ended june 30, 2023, the company reported net income of $0.3 million, or nil per diluted share, as compared to net income of $1.2 million, or $0.05 per diluted share, for the comparable period in 2022. the increase in net income for the three month period ended june 30, 2023 was primarily the result of a $5.4 million increase in unrealized gains on equity securities due to appreciation in market values in addition to more favorable loss experience in the life and health operations, from the comparable period in 2022. the decrease in net income for the six month period ended june 30, 2023 was primarily attributable to ancillary costs related to implementation of the new actuarial valuation system, coupled with an increase in administrative costs related to the growth in the group lines of business within the life and health operations.
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