ATLANTIC AMERICAN CORP

For the period ended Dec 31, 2024. Filed Mar 25, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Mar 25, 2025

AAME$1.13+1.8%Stored close · as of Nov 9, 2026

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Contents

Schedule II

BALANCE SHEETS

ASSETS

	December 31,
	2024	2023
(In thousands)
Cash and cash equivalents	$3,916	$2,774
Investments	1,696	1,930
Investment in subsidiaries	109,127	117,637
Investments in unconsolidated trusts	1,238	1,238
Deferred tax asset, net	18,118	15,682
Income taxes receivable from subsidiaries	658	1,988
Other assets	9,874	6,733
Total assets	$144,627	$147,982
LIABILITIES AND SHAREHOLDERS’ EQUITY
Other payables	$7,251	$3,949
Revolving credit facility	4,023	3,019
Junior subordinated debentures obligations, net	33,738	33,738
Total liabilities	45,012	40,706
Shareholders’ equity	99,615	107,276
Total liabilities and shareholders’ equity	$144,627	$147,982

STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2024	2023
(In thousands)
Revenue
Fee income from subsidiaries	$9,531	$8,738
Distributed earnings from subsidiaries	9,000	8,400
Unrealized losses on equity securities, net	(187)	(51)
Other	(159)	(455)
Total revenue	18,185	16,632
General and administrative expenses	16,073	15,336
Interest expense	3,419	3,269
	(1,307)	(1,973)
Income tax benefit(1)	(2,314)	(4,802)
	1,007	2,829
Equity in undistributed earnings of subsidiaries, net	(5,275)	(3,000)
Net loss	$(4,268)	$(171)

(1)

Under the terms of a tax-sharing agreement, income tax provisions for the subsidiary companies are computed on a separate company basis. Accordingly, the Company’s income tax benefit results from the utilization of the Parent’s separate return loss to reduce the consolidated taxable income of the Company.

STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2024	2023
(In thousands)
Cash flows from operating activities:
Net loss	$(4,268)	$(171)
Adjustments to reconcile net income to net cash used in operating activities:
Unrealized losses on equity securities, net	187	51
Depreciation and amortization	190	509
Compensation expense related to share awards	11	119
Loss from equity method investees	—	294
Equity in undistributed earnings of subsidiaries, net	5,275	3,000
Decrease (increase) in intercompany taxes	1,330	(37)
Deferred income tax benefit	(1,748)	(3,123)
Increase (decrease) in accounts payable and accrued expenses	3,303	(181)
Other, net	(3,271)	(509)
Net cash provided by (used in) operating activities	1,009	(48)
Cash flows from investing activities:
Additions to property and equipment	(53)	(39)
Net cash used in investing activities	(53)	(39)
Cash flows from financing activities:
Payment of dividends on Series D preferred stock	(399)	(399)
Payment of dividends on common stock	(408)	(408)
Proceeds from revolving credit facility, net	1,000	1,000
Treasury stock acquired — net employee share-based compensation	(7)	(12)
Net cash provided by financing activities	186	181
Net increase in cash	1,142	94
Cash and cash equivalents at beginning of year	2,774	2,680
Cash and cash equivalents at end of year	$3,916	$2,774
Supplemental disclosure:
Cash paid for interest	$3,445	$3,227
Cash paid for income taxes	$580	$2,582
Intercompany tax settlement from subsidiaries	$4,352	$4,031

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