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Atlantic American posts profit in Q3

Atlantic American has reported a net income of $52.5m, or $0.02 per diluted share, for the third quarter of 2010, compared to a net loss of $2.1m, or $0.10 per diluted share, for the same quarter of 2009.

Total revenues for the third quarter of 2010 were $27.1m, compared to $25.5 m for corresponding period of 2009.

For the nine month period ended 30 September 2010, net income was $1m, or $0.03 per diluted share, compared to a net loss of $1.8m, or $0.10 per

diluted share, for the comparable period in 2009.

Atlantic American president and CEO Hilton Howell said, with the company’s increasing premium levels, the core insurance operations remain solidly profitable.

We continue to make investments in new products and increase our field force for greater penetration and broader distribution. While pleased with this most recent quarter, we are focused on building our business.

“Even though the soft property and casualty markets continue to challenge our property and casualty business, we are optimistic that our life and health business will continue with the steady growth exhibited in recent quarters,” Howell said.