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<SEC-DOCUMENT>0000008177-10-000002.txt : 20100325
<SEC-HEADER>0000008177-10-000002.hdr.sgml : 20100325
<ACCEPTANCE-DATETIME>20100325160315
ACCESSION NUMBER:		0000008177-10-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091231
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100325
DATE AS OF CHANGE:		20100325

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ATLANTIC AMERICAN CORP
		CENTRAL INDEX KEY:			0000008177
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				581027114
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03722
		FILM NUMBER:		10704668

	BUSINESS ADDRESS:	
		STREET 1:		4370 PEACHTREE RD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
		BUSINESS PHONE:		4042665500

	MAIL ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form_8kpressre4thqtr2009.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

<HTML>
<HEAD>
<TITLE>Form 8-K Press Release 4th Quarter 2008</title>
</head>
<body>
<BR><BR><BR>
<p align=center><font size=3 face="times new roman"> UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
 Washington, D.C. 20549</font></p><BR>

<p align=center><font size=3 face="times new roman"><b>FORM 8-K</b></font></p><BR>

<p align=center><font size=3 face="times new roman"> Current Report<BR>
                                                Pursuant to Section 13 or 15(d) of the<BR>
                                                    Securities Exchange Act of 1934<BR></font></p><BR>
<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=33.3%></td>
<td width=33.3%></td>
<td width=33.3%></td>
</tr>
<tr>
<td colspan=3><font size=3 face="times new roman">Date of Report (Date of Earliest Event Reported):
 March 25, 2010 (March 24, 2010)</font></td>
</tr>
</table>
<BR><BR>

<p align=center><font size=3 face="times new roman"><b> ATLANTIC AMERICAN CORPORATION</b><BR></font>
                                      <font size=1 face="times new roman">
(Exact Name of Registrant as Specified in Its Charter)</font></p><BR><BR><BR>


<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=33.3%></td>
<td width=33.3%></td>
<td width=33.3%></td>
</tr>
<tr>

<td align=center><font size=3 face="times new roman"> Georgia<BR>
</font><font size=1 face="times new roman">(State or Other Jurisdiction of Incorporation)</font></td>
<td align=center><font size=3 face="times new roman">0-3722<BR></font>
<font size=1 face="times new roman"> (Commission File Number)</font></td>
<td align=center><font size=3 face="times new roman">58-1027114<BR></font>
<font size=1 face="times new roman">(I.R.S. Employer Identification No.)</font></td>
</tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr>

<td><font size=3 face="times new roman">4370 Peachtree Rd., N.E.<BR>
Atlanta, Georgia <BR></font><font size=1 face="times new roman">(Address of Principal Executive Offices)</font></td>
<td>&nbsp;</td>
<td align=center><font size=3 face="times new roman">30319<BR>
</font><font size=1 face="times new roman">(Zip Code)</font></td>
</tr>
</table>
 <BR><BR>
<table align=center width=550 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=33.3%></td>
<td width=33.3%></td>
<td width=33.3%></td>
</tr>
<tr>
<td colspan=3><font size=3 face="times new roman">Registrant's Telephone Number, Including Area Code:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(404) 266-5500</font></td>
</tr>
</table>
<BR>

<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=5%></td>
<td width=5%></td>
<td width=90%></td>
</tr>
<tr>
<td colspan=3><font size=3 face="times new roman">Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions:</font></td>
</tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr>
<td align=center>&#143;</td>

<td colspan=2><font size=3 face="times new roman">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
</font></td>
</tr>
<tr>
<td align=center>&#143;</td>

<td colspan=2><font size=3 face="times new roman">Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)</font></td>
</tr>
<tr>
<td align=center>&#143;<BR>&nbsp;</td>

<td colspan=2><font size=3 face="times new roman">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))</font></td>
</tr>
<tr>
<td align=center>&#143;<BR>&nbsp;</td>

<td colspan=2><font size=3 face="times new roman">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))</font></td>
</tr>
</table>


<BR><BR><BR><BR><BR>






<hr noshade size=2>
<PAGE>
<H5 align="left" style="page-break-before:always"></H5>









<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.02.&nbsp;&nbsp;
<b>Results of Operations and Financial Condition</b></FONT></p>
<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On March 24, 2010, Atlantic
American Corporation (the &#147;Registrant&#148;) reported its results of
operations for its fourth quarter and year ended December 31, 2009. A copy of
the press release issued by the Registrant concerning the foregoing results is
furnished herewith as Exhibit 99.1 and is incorporated herein by reference.</font></p>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The information contained
herein and in the accompanying exhibit shall not be incorporated by reference
into any filing of the Registrant, whether made before or after the date hereof,
regardless of any general incorporation language in such filing, unless
expressly incorporated by specific reference to such filing. The information in
this report, including the exhibit hereto, shall not be deemed to be
&#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of
1934, as amended, or otherwise subject to the liabilities of that section or
Sections 11 and 12(a)(2) of the Securities Act of 1933.
</FONT></P>

<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 9.01.&nbsp;&nbsp;
<b>Financial Statements and Exhibits</b></FONT></p>

<p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d)&nbsp;&nbsp;Exhibits</font></p>
<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 Press Release, dated
March 24, 2010, reporting the results of operations of the Registrant for its
fourth quarter and year ended December 31, 2009.</font></p>
<BR><BR>




<hr noshade size=2>
<PAGE>
<H5 align="left" style="page-break-before:always"></H5>





<p align=center><font size=2 face="times new roman"><b> SIGNATURE</b></font></p>
<p><font size=2 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized.</font></p>

<table align=center width=650 cellpadding=5 cellspacing=0 border=0>
<tr>
<td width=50%>
</td>
<td width=50%>
</td>
</tr>
<tr>
<td>&nbsp;</td>
<td><font size=2 face="times new roman"><b> ATLANTIC AMERICAN CORPORATION</b></font></td>
</tr>
</table>

<table align=center width=650 cellpadding=0 cellspacing=0 border=0>
<tr>
<td width=50%>
</td>
<td width=50%>
</td>
</tr>
<tr>
<td colspan=2>&nbsp;</td>
</tr>
<tr>
<td>&nbsp;</td>
<td><font size=2 face="times new roman">&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ John G. Sample, Jr.</font><hr size=1 noshade></td>
</tr>
<tr>
<td>&nbsp;</td>
<td><font size=2 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John G. Sample, Jr.<BR>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President and Chief Financial Officer<BR></font></td>
</tr>
</table>

<p><font size=2 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Date: &nbsp;&nbsp; March 25, 2010</font></p>
<BR><BR>





<hr noshade size=2>
<H5 align="left" style="page-break-before:always"></H5>
<PAGE>





<p align=center>
<font face="times new roman, serif" size=2><b>EXHIBIT INDEX</b></font></p>

<p><font face="times new roman, serif" size=2><b>Exhibits:</b></FONT></p>

<p><font face="times new roman, serif" size=2>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Press release dated March 24, 2010</font></p>
<BR><BR><BR><BR>

</body>
</html>












</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease03252010.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 24, 2010
<TEXT>




<html>
<head>
<title>
Press Release 03-25-2010
</title>
</head>
<body>

<p align=right><font face="times new roman, serif" size=2><B><U>EXHIBIT 99.1</U></B></font></p>

<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3><b>ATLANTIC AMERICAN CORPORATION REPORTS<BR>FOURTH
QUARTER AND YEAR END RESULTS<BR>FOR 2009</b></font></p>




<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ATLANTA, Georgia, March 24,
2010 - Atlantic American Corporation (Nasdaq- AAME) today reported its results
for the fourth quarter and year ended December 31, 2009. For the fourth quarter
ended December 31, 2009, the Company reported net income of $633,000, or $0.02
per diluted share, compared to a net loss of $2.8 million, or $0.14 per diluted
share, during the same period in 2008. Included in the fourth quarter of 2008
was a loss from discontinued operations of $1.3 million, or $0.06 per diluted
share, resulting from an adjustment to the purchase price received by the
Company related to the sale of its regional property and casualty operations.
Realized investment gains for the quarter ended December 31, 2009 were $0.3
million as compared to realized investment losses of $3.7 million for the
quarter ended December 31, 2008. Income from continuing operations before
realized investment gains (losses) and income taxes was $650,000 for the quarter
ended December 31, 2009 and $935,000 for the quarter ended December 31, 2008.
Premiums for the fourth quarter of 2009 decreased nominally to $23.0 million
compared to $23.2 million for the fourth quarter of 2008; although premiums in
the life and health operations increased by $0.9 million while premiums in the
property and casualty operations declined by $1.1 million on a comparative
basis. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Atlantic American reported
a net loss for the year ended December 31, 2009 of $1.2 million, or $0.08 per
diluted share, as compared to a net loss of $3.9 million, or $0.25 per diluted
share, for the year ended December 31, 2008. The 2009 net loss was directly
attributable to an increase in the Company&#146;s deferred tax asset valuation
allowance of approximately $2.0 million primarily related to the disposition of
certain investments; whereas the 2008 net loss was primarily the result of a
loss from discontinued operations of $3.4 million and realized investment losses
of $4.0 million. Income from continuing operations before realized investment
gains (losses) and income taxes was $1.1 million for the year ended December 31,
2009 and $3.0 million for the year ended December 31, 2008, with increased
insurance benefits and losses incurred resulting in the reduction in 2009 as
compared to 2008. Total premiums during 2009 increased nominally to $91.5
million from 2008 premiums of $91.4 million; although premiums in the life and
health operations increased by $2.0 million in 2009 as compared to 2008, while
premiums in the property and casualty operations declined by $1.9 million in
that period.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commenting on the results,
Hilton H. Howell, Jr., president and chief executive officer, stated, &#147;The
performance of Atlantic American&#146;s operating divisions in 2009 demonstrates
their fundamental strength. Unfortunately, our operating results for the year
were negatively impacted by a number of non-recurring items, including valuation
charges on deferred tax assets and charges related to the termination of the
American Southern defined benefit plan. Without these charges, 2009 would have
been a positive year for the Company during a difficult time for all businesses,
and for financial services businesses in particular.&#148;</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Howell continued, &#147;I
am extremely proud of the job that our management teams have done in navigating
the difficult economic environment that we have faced over the last several
years. We have made a number of difficult, but significant, decisions, including
selling our regional property and casualty operations, which enabled us to
establish significant unregulated cash balances at our holding company, and
making some strategic decisions regarding our investment portfolio which had a
positive impact on our balance sheet and our liquidity. As we move forward, we
intend to focus first on continuing to strengthen our balance sheet, second on
profitability and third on growth. Although our consolidated premiums are
relatively flat at the moment, this is primarily the result of premium increases
from our life and health operations being offset by a decrease in premiums from
our property and casualty business. At this time I believe that our property and
casualty operations&#146; premiums have stabilized and that we will see
continued growth out of our life and health operations going forward. Our fourth
quarter results reflected this trend and the profitable nature of the business
that we are underwriting. In a very challenging environment, we have taken steps
to enhance our financial strength for the benefit of our policyholders and our
shareholders. This is an accomplishment of which I and our entire management
team are exceptionally proud.&#148; </FONT></P>







<hr noshade size=2>
<H5 align="left" style="page-break-before:always"></H5>
<PAGE>
















<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Atlantic American is an
insurance holding company involved through its subsidiary companies in specialty
markets of the life, health, and property and casualty insurance industries. Its
principal insurance subsidiaries are American Southern Insurance Company,
American Safety Insurance Company and Bankers Fidelity Life Insurance Company.</I></FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Note regarding Private
Securities Litigation Reform Act: Except for historical information contained
herein, this press release contains forward-looking statements that involve a
number of risks and uncertainties. Actual results could differ materially from
those indicated by such forward-looking statements due to a number of factors
and risks detailed from time to time in statements and reports that Atlantic
American Corporation files with the Securities and Exchange Commission.</I></FONT></P>





<table width=630 cellspacing=0 cellpadding=0 border=0>
<tr>
<td width=45%>&nbsp;</td>
<td width=10%>&nbsp;</td>
<td width=45%>&nbsp;</td>
</tr>

<TR>
<td colspan=3><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For further information
contact: </FONT></td></tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr>
<td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>John G. Sample, Jr.<BR>
Senior Vice President and Chief Financial Officer<BR>
Atlantic American Corporation<BR>
404-266-5501</font></td>
<td>&nbsp;</td>
<td><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Hilton H. Howell, Jr.<BR>
Chairman , President &amp; CEO <BR> Atlantic American Corporation<BR>404-266-5505</font>
</td></tr>
</table>









<hr noshade size=2>
<H5 align="left" style="page-break-before:always"></H5>
<PAGE>







<p align=center><font size=2 face="times new roman, serif"><B>Atlantic American Corporation<BR>
Financial Data</b></font></p>

<table align=center width=630 cellspacing=0 cellpadding=0 border=0>
<tr>
<td width=50%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=1%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=1%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=1%>&nbsp;</td>
<td width=12%>&nbsp;</td>
</tr>
<tr>
<td>&nbsp;</td>
<td bgcolor="#eeeeee" align=center colspan=3><font size=2 face="times new roman, serif">Three months ended<BR>Dec. 31,</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=center colspan=3><font size=2 face="times new roman, serif">Year ended<BR>Dec. 31,</font></td>
</tr>
<tr>

<td><font face="times new roman, serif" size=2><i>(Unaudited; In thousands, except per share data)</i></font></td>

<td align=center colspan=2><font size=2 face="times new roman, serif">2009</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2008</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=center colspan=2><font size=2 face="times new roman, serif">2009</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2008</font><HR NOSHADE SIZE=1></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Insurance premiums</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,950</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,151</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,462</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91,381</font></td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Investment income</font></td>
<td align=right><font size=2 face="times new roman, serif">2,546</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">3,035</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">10,688</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">11,814</font></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Realized investment gains (losses), net</font></td>
<td align=right><font size=2 face="times new roman, serif">272</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(3,654)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">273</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(3,995)</font></td>
</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif">Other income</font></td>
<td align=right><font size=2 face="times new roman, serif">85</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">111</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">287</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">531</font><HR NOSHADE SIZE=1></td>
</tr>
<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif"><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue</b></font></td>
<td align=right><font size=2 face="times new roman, serif"><b>25,853</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>22,643</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>102,710</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>99,731</b></font><HR NOSHADE SIZE=1></td>
</tr>


<tr>
<td><font size=2 face="times new roman, serif">Insurance benefits and losses incurred</font></td>
<td align=right><font size=2 face="times new roman, serif">15,031</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">14,168</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">60,784</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">56,830</font></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Commissions and underwriting expenses</font></td>
<td align=right><font size=2 face="times new roman, serif">6,645</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">7,901</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">28,379</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">30,816</font></td>
</tr>

<tr>
<td><font size=2 face="times new roman, serif">Interest expense</font></td>
<td align=right><font size=2 face="times new roman, serif">662</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">781</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,756</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">3,298</font></td>
</tr>

<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Other</font></td>
<td align=right><font size=2 face="times new roman, serif">2,593</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,512</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">9,441</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">9,779</font><HR NOSHADE SIZE=1></td>
</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses</font></td>
<td align=right><font size=2 face="times new roman, serif">24,931</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">25,362</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">101,360</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">100,723</font><HR NOSHADE SIZE=1></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Income (loss) from continuing operations before taxes</font></td>
<td align=right><font size=2 face="times new roman, serif">922</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(2,719)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">1,350</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(992)</font></td>
</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif">Income tax expense (benefit)</font></td>
<td align=right><font size=2 face="times new roman, serif">289</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(1,210)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,557</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(526)</font><HR NOSHADE SIZE=1></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Income (loss) from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">633</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(1,509)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(1,207)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(466)</font></td>
</tr>
<tr valign=top>
<td><font size=2 face="times new roman, serif">Loss from discontinued operations, net of tax</font></td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(1,251)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(3,417)</font><HR NOSHADE SIZE=1></td>
</tr>

<tr valign=top bgcolor="#eeeeee">

<td><font size=2 face="times new roman, serif"><b>Net income (loss)</b></font></td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633</b></font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,760)</b></font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,207)</b></font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;(3,883)</b></font><HR NOSHADE SIZE=2></td>
</tr>


<tr>
<td><font size=2 face="times new roman, serif"><b>Basic income (loss) per common share:</b></font></td>
<td colspan=7>&nbsp;</td>
</tr>

<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)</font></td>
</tr>
<tr valign=top>
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations</font></td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.06)</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.16)</font><HR NOSHADE SIZE=2></td>
</tr>
<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)</font><HR NOSHADE SIZE=3></td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif"><b>Diluted income (loss) per common share:</b></font></td>
<td colspan=7>&nbsp;</td>
</tr>

<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from continuing operations</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)</font></td>
</tr>
<tr valign=top>
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations</font></td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.06)</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">-</font><HR NOSHADE SIZE=2></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(0.16)</font><HR NOSHADE SIZE=2></td>
</tr>
<tr valign=top bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss)</font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25)</font><HR NOSHADE SIZE=3></td>
</tr>

</table>



<table align=center width=630 cellspacing=0 cellpadding=0 border=0>
<tr>
<td width=50%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=1%>&nbsp;</td>
<td width=12%>&nbsp;</td>
<td width=25%>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif"><b>&nbsp;<BR>Selected Balance Sheet Data</b></font></td>
<td align=center colspan=2><font face="times new roman, serif" size=2>December 31,<BR>2009</font><HR NOSHADE SIZE=1></td>


<td align=center><font face="times new roman, serif" size=2>December 31,<BR>2008</font><HR NOSHADE SIZE=1></td>

<td>&nbsp;</td>

</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Total investments</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195,410</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173,116</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Total assets</font></td>
<td align=right><font face="times new roman, serif" size=2>262,086</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>266,609</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Insurance reserves and policy funds</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>129,213</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>130,774</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Debt</font></td>
<td align=right><font face="times new roman, serif" size=2>41,238</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>41,238</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td bgcolor="#eeeeee"><font size=2 face="times new roman, serif">Total shareholders' equity</font></td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>77,470</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>75,414</font></td>
<td>&nbsp;</td>
</tr>
<tr>
<td><font size=2 face="times new roman, serif">Book value per common share</font></td>
<td align=right><font face="times new roman, serif" size=2>3.16</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>3.06</font></td>
<td>&nbsp;</td>
</tr>
</table>

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