olivLaw · US equity research
Atlantic American Corporation AAME
Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)
Atlantic American Corporation is a Georgia holding company operating in specialty niches of life, health, and property and casualty insurance through American Southern and Bankers Fidelity. For the first nine months of 2025 it reported net income of 4.7 million USD after prior-year losses, supported by premium growth, which makes its financial profile worth following.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Atlantic American Corporation (AAME) stock was 1.19 USD (+3.48% on the day), with market capitalisation 24.3 m USD, P/E 4.2 on diluted EPS of 0.28 USD over the last 12 months, dividend yield 1.68%, beta 0.66, 52-week range 1.05–3.22 USD. Latest reported quarter (Q4 2025): revenue of 51.3 m USD (+4.8% YoY), net income of 1.3 m USD (−59.8% YoY), diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.5
- neutral
- Bollinger (20, 2)
- 0.89 – 1.54
- in the lower half of the band · %B 0.46 · band width 53.4%
- SMA 50 / 200
- 1.29 / 1.98
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.6% | −1.1% | −4.5 pp | — |
| 3 months | −23.2% | −0.5% | −22.8 pp | — |
| 6 months | −52.6% | +4.4% | −57.0 pp | — |
| Year to date | −58.0% | +12.3% | −70.3 pp | — |
| 1 year | −59.7% | +13.5% | −73.2 pp | +5.9% |
| 3 years | −36.7% | +76.4% | −113.1 pp | +51.2% |
| 5 years | −73.6% | +63.7% | −137.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2025 · 31 Dec 2025
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 47.0 m | 47.7 m | 44.5 m | 48.9 m | 50.1 m | 55.3 m | 53.8 m | 51.3 m |
| Depreciation & amortisation | 113.0 k | 125.0 k ≈ | 59.0 k ≈ | 69.0 k | 77.0 k | 103.0 k ≈ | 97.0 k ≈ | 161.0 k |
| Interest expense | 855.0 k | 867.0 k | 869.0 k | 828.0 k | 774.0 k | 773.0 k | 779.0 k | 754.0 k |
| Pre-tax income | -2.5 m | -849.0 k | -2.5 m | 4.2 m | 1.0 m | 4.2 m | 769.0 k | 1.7 m |
| Income tax | -508.0 k | -165.0 k | -456.0 k | 897.0 k | 233.0 k | 900.0 k | 192.0 k | 379.0 k |
| Net income | -2.0 m | -684.0 k | -2.0 m | 3.3 m | 802.0 k | 3.3 m | 577.0 k | 1.3 m |
| Diluted EPS | -0.10 | -0.04 | -0.10 | 0.16 ≈ | 0.03 | 0.15 | 0.02 | 0.06 ≈ |
| Operating cash flow | -5.3 m | 416.0 k ≈ | 90.0 k ≈ | 9.6 m | -722.0 k | 9.3 m ≈ | 6.6 m ≈ | 17.7 m |
| Capex | 39.0 k | 55.0 k ≈ | 32.0 k ≈ | 99.0 k | 264.0 k | 170.0 k ≈ | 31.0 k ≈ | 1.0 k |
| Dividends paid | — | — | 0 ≈ | 1.0 k | — | — | 0 ≈ | 1.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 15-quarter history (min 4.5, median 10.7, max 170.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 185.6 m | 198.2 m | 195.3 m | 199.6 m | 187.9 m | 186.8 m | 188.1 m | 210.4 m |
| Revenue YoY | +2.5% | +6.8% | −1.4% | +2.2% | −5.9% | −0.6% | +0.7% | +11.9% |
| Net income | -704.0 k | -386.0 k | 12.2 m | 4.3 m | 1.5 m | -171.0 k | -1.4 m | 6.0 m |
| Net income YoY | −115.5% | unavailable | unavailable | −64.8% | −64.4% | −111.2% | unavailable | unavailable |
| Diluted EPS | unavailable | -0.04 | 0.56 | 0.19 | 0.06 | -0.03 | -0.09 | 0.28 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −66.1% | −68.4% | −150.0% | unavailable | unavailable |
| net % | -0.4% | -0.2% | 6.2% | 2.1% | 0.8% | -0.1% | -0.7% | 2.9% |
| Free cash flow | 4.2 m | -1.9 m | 8.7 m | 981.0 k | 6.3 m | 2.5 m | 4.6 m | 32.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 43.6 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 120.8 m USD
- Total assets
- 433.9 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 5.2%
- ROA
- 1.5%
- FCF margin
- 15.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 15.5 m | 5.3 m | 2.1 m | -565.0 k | -1.6 m | 7.7 m | SEC (XBRL)· 16 Oct 2026verified |
| Net income | 12.2 m | 4.3 m | 1.5 m | -171.0 k | -1.4 m | 6.0 m | SEC (XBRL)· 16 Oct 2026verified |
| Diluted EPS | 0.56 | 0.19 | 0.06 | -0.03 | -0.09 | 0.28 | SEC (XBRL)· 16 Oct 2026verified |
| Dividend per share | 0.00 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | SEC (XBRL)· 16 Oct 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 19.3 m | 24.8 m | 28.9 m | 28.3 m | 35.6 m | 43.6 m | SEC (XBRL)· 16 Oct 2026verified |
| Total assets | 405.2 m | 402.3 m | 367.1 m | 378.5 m | 382.0 m | 433.9 m | SEC (XBRL)· 16 Oct 2026verified |
| Total liabilities | 260.1 m | 261.0 m | 264.9 m | 274.0 m | 271.5 m | 313.1 m | SEC (XBRL)· 16 Oct 2026verified |
| Equity | 145.1 m † | 141.3 m † | 102.2 m † | 106.1 m † | 110.6 m † | 120.8 m † | SEC (XBRL)· 16 Oct 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | 0 | 408.0 k | 408.0 k | 408.0 k | 408.0 k | 408.0 k | SEC (XBRL)· 16 Oct 2026verified |
| Share repurchases | 0 | — | — | — | — | — | SEC (XBRL)· 23 Mar 2021verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Insurance
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 24.3 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation75
- Returns62
- Quality16
- Balance sheet39
- Growth73
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.98 – 11.71 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Residual income5.27 – 5.51 (Mid 5.39)
- Justified P/B2.05 – 2.76 (Mid 2.35)
- Dividend discount (DDM)outside the aggregate0.26 – 0.35 (Mid 0.30)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
- Peers: P/E0.98 – 4.71 (Mid 3.07)16 companies used · median multiple 11.0x · quartiles 3.5x – 16.8xANG-PD, ATHS, BHF, CIA, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
- Peers: P/B2.32 – 11.71 (Mid 5.80)16 companies used · median multiple 1.0x · quartiles 0.4x – 2.0xANG-PD, ATHS, BHF, CIA, CRBD, FG, GL, GNW, JXN, LNC, MET, PFH, PRI, PUK, RGA, VOYA
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 5.2% | 16 (vs peers) | 20% |
| Loss ratio · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 67.1% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 3.9% | 39 (on a fixed band) | 9% |
| ROA · Balance sheet | 1.5% | 39 (on a fixed band) | 9% |
| P/B · Valuation | 0.2x | 81 (vs peers) | 16% |
| P/E (TTM) · Valuation | 4.3x | 69 (vs peers) | 16% |
| Dividend yield · Returns | 1.7% | 38 (vs peers) | 11% |
| Payout ratio (EPS) · Returns | 7.1% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet39/100 · 1/1 factors with a value
- Growth73/100 · 2/2 factors with a value
- Quality· partial16/100 · 1/2 factors with a value
- Returns62/100 · 2/2 factors with a value
- Valuation75/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ATLANTIC AMERICAN CORPORATION (AAME). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: YoY growth 11.9%; net margin 2.9%; ROE 5.2%.
The estimated value range is 2.18–5.11 USD per share (median of 4 methods, agreement: low); assumptions are illustrative. Against the central value of 4.23 USD, the price of 1.19 USD leaves a potential of 255.5% (value / price − 1) and a margin of safety of 71.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 67.1%
- P/B: 0.2x
- Payout ratio (EPS): 7.1%
- The price is below the estimated value range
What contradicts it
- ROE: 5.2%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Loss ratio.
Versus the vertical median
Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PUKPrudential PLC | 67.2 bn | 17.2 | 21.2% | 34.6% | +7.0% | −10% / +20% |
| METMetLife, Inc. | 65.4 bn | 19.5 | 13.2% | 4.6% | +8.6% | +34% / +62% |
| RGAReinsurance Group Of America, Incorporated | 17.4 bn | 11.7 | 11.7% | 5.8% | +7.2% | +40% / +64% |
| GLGlobe Life Inc. | 12.2 bn | 10.8 | 19.3% | 18.9% | +3.7% | +20% / +31% |
| VOYAVoya Financial, Inc. | 9.3 bn | 16.7 | 14.3% | 7.8% | +1.7% | +49% / +46% |
| CRBDCorebridge Financial, Inc. | 9.3 bn | 4.6 | 21.7% | 10.6% | −1.2% | −11% / unavailable |
| JXNJackson Financial Inc. | 9.1 bn | 11.1 | 9.5% | 13.4% | +104.3% | +40% / +188% |
| PRIPrimerica, Inc. | 8.8 bn | 11.4 | 33.0% | 23.2% | +6.6% | +11% / +36% |
| LNCLincoln National Corp | 8.0 bn | 3.6 | 22.6% | 12.2% | −1.2% | +1% / +75% |
| PFHPrudential Financial, Inc. | 5.3 bn | 1.4 | 12.6% | 6.3% | −13.7% | −11% / −20% |
| GNWGenworth Financial, Inc. | 3.5 bn | 17.5 | 2.4% | 2.9% | +0.1% | +6% / +56% |
| FGF&G Annuities & Life, Inc. | 2.9 bn | 7.4 | 9.2% | 6.9% | −0.2% | −32% / −46% |
| BHFBrighthouse Financial, Inc. | 2.4 bn | 3.3 | 13.6% | 12.5% | +43.2% | −35% / −18% |
| CIACitizens, Inc. | 209.2 m | 18.0 | 5.0% | 4.5% | +4.3% | −31% / +25% |
| AAMEAtlantic American Corporation | 24.3 m | 4.3 | 5.2% | 2.9% | +11.9% | −60% / −37% |
| ATHSAthene Holding Ltd | 4.7 m | 0.0 | 4.5% | 2.9% | +24.1% | −8% / unavailable |
| ANG-PDAmerican National Group Inc. | 215.5 k | 0.0 | 8.4% | 12.6% | −0.4% | −15% / unavailable |
| SLFSun Life Financial Inc | — | — | 14.2% | 8.5% | +8.0% | +39% / +62% |
| MFCManulife Financial Corporation | — | — | 11.0% | 68.5% | +7.1% | +31% / +135% |
| AEGAegon Ltd. | — | — | 10.5% | — | +1.1% | +7% / +56% |
1- and 3-year price returns: for AAME from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.74 Total return -37% · Per year -37% | 1.30 Total return 11% · Per year 11% | 1.96 Total return 67% · Per year 67% |
| 3 years | 0.71 Total return -37% · Per year -14% | 1.40 Total return 24% · Per year 7% | 2.32 Total return 103% · Per year 27% |
| 5 years | 0.68 Total return -37% · Per year -9% | 1.51 Total return 37% · Per year 7% | 2.75 Total return 145% · Per year 20% |
- Exit P/E± 0.35
- Net margin± 0.25
- Annual revenue growth± 0.20
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Oct 2026; since then the company filed 10-K/A (19 Oct 2026).
In brief
Atlantic American Corporation is a Georgia holding company operating in specialty niches of life, health, and property and casualty insurance through American Southern and Bankers Fidelity 1. For the first nine months of 2025 it reported net income of 4.7 million USD after prior-year losses, supported by premium growth 2, which makes its financial profile worth following.
SWOT
Strengths
- Diversification across two industries, property and casualty and life and health, reduces reliance on a single line of business 1.
- The independent agent network and agent support programs support geographic expansion 1.
- The return to profit and premium growth in 2025 show management's ability to execute 2.
Weaknesses
Opportunities
Risks
- Reserve estimationhigh
Reserves for claims and future benefits rely on estimates that can differ significantly from actual outcomes 1.
- Internal controlshigh
The deficiencies identified over premium receivables could affect confidence in reporting if not remediated 1.
- Investment riskmedium
The value of the bond and equity portfolio can move with markets, affecting capital 1.
- Reinsurance dependencemedium
Loss protection depends on reinsurer performance and on the availability of adequately priced coverage 2.
- Regulation and bid competitionlow
Regulatory changes and competitive bidding could reduce contract margins 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Control deficiencies and the retroactive correction of financial statements could raise questions about reporting quality 1.
- Dependence on subsidiary distributions and competitive bid contracts could limit financial flexibility 1.
- If claims rise above estimates, reserves could require significant adjustments 1.
What to watch
- Trend in commercial automobile and liability premiumsQ1 2026
- Growth in Medicare Supplement and group accident sales2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Oct 2026; since then the company filed 10-K/A (19 Oct 2026).
The business
The company operates as a holding company with no significant operations of its own and depends on dividends and distributions from its operating subsidiaries 1. Its strategy focuses on well-defined geographic, demographic or product niches, with each subsidiary managed separately and evaluated individually 1. The company says this structure allows quick reactions to market opportunities 1.
Insurance reserves are estimated actuarially, and the company revised its 2024 financial information to correct errors in premium receivables, concluding prior statements were not materially misstated 1. This correction matters when comparing results across years 2.
Segments
Market context
The company operates in specialized, state-regulated markets and competes through niche products and services for agents and policyholders 1. Premium growth in 2025 and the return to profit after a loss-making year point to solid demand in the segments served 2.
Activity in government and fleet segments depends on competitive results at renewal, which makes long-term revenue harder to predict 1. Interest rates and financial markets affect the value of investments, which make up a major part of assets 1.
Trends
- Growth in commercial automobile premiumstailwind
Higher premiums in automobile liability and inland marine supported revenue in 2025, according to the company 2. If this momentum holds, it could support operating results in the segment 2.
- Medicare Supplement dynamicsmixed
Growth in Medicare Supplement and group accident and health contributed to progress in 2025 2. Health products are, however, sensitive to regulation and healthcare costs, which can change margins quickly 1.
- Accounting correction of premium receivablesheadwind
The revision of premium receivables in group life and accident and health could affect comparability across years 1. Internal controls were identified as deficient, drawing attention to reporting quality 1.
- Transition to LDTImixed
Adoption of the LDTI standard changes how reserves for long-duration contracts are measured and can add volatility to results 1. Long-term effects depend on actuarial assumptions and discount rates used 1.
Competitive position
The sources do not name competitors, so the competitive analysis relies on the company's own description of its niches and how it differentiates service 1. The company says it is more agile than larger carriers, but this is its own claim, not a verified measure 1.
In government and fleet insurance, prices are often set through competitive bids, which limits control over contract profitability 1. In health and life, competition depends on agent networks and product diversity 1.
- Other US niche insurers (not named in sources)
The sources do not name competitors, so no ticker can be verified for them.
- Larger life and health carriers
The company compares itself with larger carriers without naming them in the provided sources.
- Fleet and government program insurers
Competition exists in fleet and government bids, with no names given in the sources.
- Independent agent and broker networks
Distribution channels compete for the same agents, described in general terms in the sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Proxy statement23 Oct 2026
- Current report22 Oct 2026Delisting notice · Financial statements and exhibits
- Annual report (amendment)19 Oct 2026
- Annual report16 Oct 2026
- Current report16 Oct 2026Material agreement · Financial statements and exhibits
- Current report26 Aug 2026Delisting notice · Financial statements and exhibits
- Current report05 Aug 2026Material agreement · Financial statements and exhibits
- Current report15 Jul 2026Other events
- Current report02 Jun 2026Material agreement · Financial statements and exhibits
- Current report22 May 2026Delisting notice · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Atlantic American Corporation · 16 Oct 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Atlantic American Corporation · 14 Nov 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.