$AAME
ATLANTIC AMERICAN CORP

2021 Q1 Form 10-Q Financial Statement

#000114036121016787 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $49.08M $39.41M
YoY Change 24.52% -28.37%
Cost Of Revenue $33.27M $33.58M
YoY Change -0.93% -4.88%
Gross Profit $15.80M $5.827M
YoY Change 171.2% -70.44%
Gross Profit Margin 32.2% 14.79%
Selling, General & Admin $12.56M $12.63M
YoY Change -0.55% 14.61%
% of Gross Profit 79.48% 216.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.513M $556.0K
YoY Change 172.12% 192.63%
% of Gross Profit 9.57% 9.54%
Operating Expenses $49.28M $49.16M
YoY Change 0.24% -0.06%
Operating Profit -$33.48M -$43.33M
YoY Change -22.74% 47.0%
Interest Expense $346.0K $476.0K
YoY Change -27.31% -12.82%
% of Operating Profit
Other Income/Expense, Net $3.440M $2.952M
YoY Change 16.53% 3.04%
Pretax Income -$547.0K -$10.23M
YoY Change -94.65% -293.51%
Income Tax -$116.0K -$2.140M
% Of Pretax Income
Net Earnings -$431.0K -$8.087M
YoY Change -94.67% -294.31%
Net Earnings / Revenue -0.88% -20.52%
Basic Earnings Per Share -$0.03 -$0.40
Diluted Earnings Per Share -$0.03 -$0.40
COMMON SHARES
Basic Shares Outstanding 20.42M 20.44M
Diluted Shares Outstanding 20.42M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $20.45M $8.338M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $5.300M
YoY Change -10.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.238M $1.238M
YoY Change 0.0% -99.51%
Other Assets $2.100M $4.900M
YoY Change -57.14% 276.92%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $383.1M $347.9M
YoY Change 10.14% -1.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $5.500M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.20M $19.70M
YoY Change 22.84% -20.24%
LONG-TERM LIABILITIES
Long-Term Debt $33.70M $33.70M
YoY Change 0.0% 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $33.70M $33.70M
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.20M $19.70M
Total Long-Term Liabilities $33.70M $33.70M
Total Liabilities $249.9M $246.3M
YoY Change 1.44% 1.46%
SHAREHOLDERS EQUITY
Retained Earnings $46.85M $27.83M
YoY Change 68.33%
Common Stock $22.40M $22.40M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.338M $7.632M
YoY Change -3.85%
Treasury Stock Shares $1.985M $1.963M
Shareholders Equity $133.2M $101.5M
YoY Change
Total Liabilities & Shareholders Equity $383.1M $347.9M
YoY Change 10.14% -1.79%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$431.0K -$8.087M
YoY Change -94.67% -294.31%
Depreciation, Depletion And Amortization $1.513M $556.0K
YoY Change 172.12% 192.63%
Cash From Operating Activities -$6.044M -$10.51M
YoY Change -42.5% 51.34%
INVESTING ACTIVITIES
Capital Expenditures $39.00K $38.00K
YoY Change 2.63% 46.15%
Acquisitions
YoY Change
Other Investing Activities $7.210M $5.990M
YoY Change 20.37% 99.0%
Cash From Investing Activities $7.169M $5.954M
YoY Change 20.41% 99.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.000K 3.000K
YoY Change -33.33% -105.36%
NET CHANGE
Cash From Operating Activities -6.044M -10.51M
Cash From Investing Activities 7.169M 5.954M
Cash From Financing Activities 2.000K 3.000K
Net Change In Cash 1.127M -4.555M
YoY Change -124.74% 13.42%
FREE CASH FLOW
Cash From Operating Activities -$6.044M -$10.51M
Capital Expenditures $39.00K $38.00K
Free Cash Flow -$6.083M -$10.55M
YoY Change -42.34% 51.32%

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LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
20984000
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
10917000
CY2020Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
14008000
CY2020Q4 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
90872000
CY2021Q1 us-gaap Liability For Future Policy Benefits
LiabilityForFuturePolicyBenefits
89017000
CY2020Q1 us-gaap Liability For Future Policy Benefits Period Expense
LiabilityForFuturePolicyBenefitsPeriodExpense
-187000
CY2021Q1 us-gaap Liability For Future Policy Benefits Period Expense
LiabilityForFuturePolicyBenefitsPeriodExpense
-378000
CY2019Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
63109000
CY2020Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
61547000
CY2020Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
61647000
CY2021Q1 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Net
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseNet
63049000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10512000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6044000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-431000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-8087000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5954000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
7169000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-530000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8186000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2000
CY2021Q1 us-gaap Net Investment Income
NetInvestmentIncome
2113000
CY2020Q1 us-gaap Net Investment Income
NetInvestmentIncome
2039000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
978000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.068
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
251000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.068
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4902000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
254000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssets
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y7M6D
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
254000
CY2021Q1 us-gaap Operating Lease Liability Statement Of Financial Position Extensible List
OperatingLeaseLiabilityStatementOfFinancialPositionExtensibleList
us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M6D
CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
52000
CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
25000
CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
121000
CY2021Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
10564000
CY2020Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
2204000
CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
249000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5319000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4664000
CY2021Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
96000
CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
197000
CY2021Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
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0
CY2020Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
0
CY2021Q1 us-gaap Other Assets
OtherAssets
9452000
CY2020Q4 us-gaap Other Assets
OtherAssets
7804000
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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-2285000
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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-2887000
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
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-10880000
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-13747000
CY2020Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-8595000
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-10860000
CY2020Q1 us-gaap Other Expenses
OtherExpenses
2952000
CY2021Q1 us-gaap Other Expenses
OtherExpenses
3440000
CY2021Q1 us-gaap Other Income
OtherIncome
7000
CY2020Q1 us-gaap Other Income
OtherIncome
27000
CY2020Q4 us-gaap Other Policyholder Funds
OtherPolicyholderFunds
1526000
CY2021Q1 us-gaap Other Policyholder Funds
OtherPolicyholderFunds
1176000
CY2020Q4 us-gaap Other Investments
OtherInvestments
3238000
CY2021Q1 us-gaap Other Investments
OtherInvestments
3183000
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-8792000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-10956000
CY2021Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
31901000
CY2020Q1 us-gaap Payments For Losses And Loss Adjustment Expense
PaymentsForLossesAndLossAdjustmentExpense
34864000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
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39000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38000
CY2020Q4 us-gaap Pledged Financial Instruments Not Separately Reported Securities For Federal Home Loan Bank
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1997000
CY2021Q1 us-gaap Pledged Financial Instruments Not Separately Reported Securities For Federal Home Loan Bank
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6391000
CY2021Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
33272000
CY2020Q1 us-gaap Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
33583000
CY2021Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
99000
CY2020Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
99000
CY2021Q1 us-gaap Preferred Stock Redemption Amount
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5500000
CY2020Q4 us-gaap Preferred Stock Redemption Amount
PreferredStockRedemptionAmount
5500000
CY2021Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
55000
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
55000
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
55000
CY2020Q4 us-gaap Preferred Stock Value
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55000
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
55000
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
55000
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1
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1
CY2021Q1 us-gaap Preferred Stock Shares Authorized
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4000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
4000000
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27512000
CY2021Q1 us-gaap Premiums And Other Receivables Net
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9850000
CY2020Q1 us-gaap Premiums Earned Net
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45550000
CY2021Q1 us-gaap Premiums Earned Net
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46090000
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3000
CY2021Q1 us-gaap Proceeds From Stock Plans
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2000
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38000
CY2021Q1 us-gaap Real Estate Investments
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38000
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249000
CY2021Q1 us-gaap Realized Investment Gains Losses
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121000
CY2020Q4 us-gaap Reinsurance Recoverables On Paid And Unpaid Losses
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29086000
CY2021Q1 us-gaap Reinsurance Recoverables On Paid And Unpaid Losses
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29511000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
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46852000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
47790000
CY2020Q1 us-gaap Revenues
Revenues
39410000
CY2021Q1 us-gaap Revenues
Revenues
49075000
CY2021Q1 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
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width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8.86%;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 76%;"><div style="text-indent: -9pt; margin-left: 9pt;">Incurred related to:</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 8.86%;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 8.86%;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; width: 76%;"><div style="text-indent: -9pt; margin-left: 18pt;">Current accident year</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8.86%;"><div style="font-family: &amp;quot;">32,928</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8.86%;"><div style="font-family: &amp;quot;">35,985</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%;">&#160;</td></tr><tr><td valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt; width: 76%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; background-color: rgb(204, 238, 255); width: 1%;">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); width: 8.86%;">&#160;</td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; 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width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td><td colspan="1" valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">$</div></td><td colspan="1" valign="bottom" style="vertical-align: bottom; text-align: right; width: 8.86%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><div style="font-family: &amp;quot;">80,195</div></td><td colspan="1" nowrap="nowrap" valign="bottom" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">&#160;</td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top;">(1)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>In establishing property and casualty reserves, the Company initially reserves for losses at the higher end of the reasonable range if no other value within the range is determined to be more probable. Selection of such an initial loss estimate is an attempt by management to give recognition that initial claims information received generally is not conclusive with respect to legal liability, is generally not comprehensive with respect to magnitude of loss and generally, based on historical experience, will develop more adversely as time passes and more information becomes available. Accordingly, the Company generally experiences reserve redundancies when analyzing the development of prior year losses in a current period.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top;">(2)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Prior years&#8217; development was primarily the result of unfavorable development in the loss and claim reserves for the Medicare supplement line of business in Bankers Fidelity.&#160; Partially offsetting the unfavorable development was favorable development in the property and casualty operations.</div></td></tr></table><div><br /></div><table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;"><tr><td style="width: 18pt; vertical-align: top;">(3)</td><td style="width: auto; vertical-align: top; text-align: justify;"><div>Prior years&#8217; development was primarily the result of favorable development in the loss and claim reserves for the Medicare supplement line of business in Bankers Fidelity.&#160; Rate increases on existing business and the resultant improvement in rate adequacy was more favorable than expected.</div></td></tr></table></div>
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