Atlantic American Q2 earnings rise

Mon. August 18, 2008; Posted: 02:53 PM

Aug 18, 2008 (Datamonitor via COMTEX) -- AAME | Quote | Chart | News | PowerRating -- Atlantic American, an insurance holding company, has reported a net income of $0.8 million, or $0.02 per diluted share for the second quarter ended June 30, 2008, up as against a net income of $0.4 million, or $0 per diluted share, for the same period ended June 30, 2007.

Total revenues for the quarter were $25.6 million, decreasing 8% from the $27.8 million for the corresponding quarter of 2007. Insurance premiums during this quarter decreased 9% from the premiums written in the comparable period of 2007.

For the six month period ended June 30, 2008, the net loss was $1 million, or $0.08 per diluted share, versus net income of $1.3 million, or $0.02 per diluted share, for the comparable period in 2007. Revenues for the period were $51.5 million, down 8% from $56 million reported for the same period of 2007.

Hilton Howell, president and CEO of Atlantic American, said: "While we continue to be challenged on a top line basis in both the life and health and property and casualty lines of business, we believe that recent efforts to better focus our initiatives will yield top line, profitable growth in future periods."

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