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<SEC-DOCUMENT>0000008177-10-000020.txt : 20100806
<SEC-HEADER>0000008177-10-000020.hdr.sgml : 20100806
<ACCEPTANCE-DATETIME>20100806105011
ACCESSION NUMBER:		0000008177-10-000020
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100630
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20100806
DATE AS OF CHANGE:		20100806

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:		10996751

	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_8k2ndqtr2010.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>

<HTML>
<HEAD>
<TITLE>Form 8-K Press Release 2nd Quarter 2010</title>
</head>
<body>
<BR><BR><BR>
<p align=center><font size=3 face="times new roman"><b>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
 Washington, D.C. 20549</b></font></p>

<p align=center><font size=4 face="times new roman"><b>FORM 8-K</b></font></p>

<p align=center><font size=3 face="times new roman"><b>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B></font></p><BR>

<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=50%></td>
<td width=50%></td>
</tr>
<tr>
<td valign=top><font size=3 face="times new roman">Date of Report (Date of earliest event reported):&nbsp;<BR></font></td>
<td><font size=3 face="times new roman">&nbsp;&nbsp;August 6, 2010 (August 6, 2010)</font><hr noshade size=1></td>
</tr>
</table>
<BR>
<table align=center width=670 cellspacing=0 cellpadding=2 border=0>
<tr>
<td width=50%></td>
<td width=50%></td>
</tr>
<tr>
<td colspan=2 align=center>
<font size=3 face="times new roman"><b> ATLANTIC AMERICAN CORPORATION</b></font><hr noshade size=1></td>
</tr>
<tr>
<td colspan=2 align=center><font size=3 face="times new roman">(Exact name of registrant as specified in its charter)</font></td>
</tr>
</table>
<BR>

<table align=center width=670 cellspacing=0 cellpadding=0 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</font><hr noshade size=1></td>

<td align=center><font size=3 face="times new roman">0-3722</font><hr noshade size=1></td>

<td align=center><font size=3 face="times new roman">58-1027114</font><hr noshade size=1></td>
</tr>
<tr>
<td align=center><font size=3 face="times new roman">(State or other jurisdiction <BR>of incorporation)</font></td>
<td align=center><font size=3 face="times new roman">(Commission File Number)<BR>&nbsp;</font></td>
<td align=center><font size=3 face="times new roman">(I.R.S. Employer<BR>Identification No.)</font></td>
</tr>
<tr>
<td colspan=3>&nbsp;</td>
</tr>
<tr>

<td colspan=2><font size=3 face="times new roman">4370 Peachtree Rd., N.E., Atlanta, Georgia </font><hr noshade size=1></td>
<td align=center><font size=3 face="times new roman">30319</font><hr noshade size=1></td>
</TR>
<tr>
<td align=center colspan=2><font size=3 face="times new roman">(Address of principal executive offices)</font></td>
<td align=center><font size=3 face="times new roman">(Zip Code)</font></td>
</tr>
 <tr>
<td colspan=3>&nbsp;</td>
</tr>
</table>

<table align=center width=670 cellspacing=0 cellpadding=0 border=0>
<tr>
<td width=50%></td>
<td width=50%></td>
</tr>
<tr>
<td><font size=3 face="times new roman">Registrant's telephone number, including area code<BR>&nbsp;</font></td>

<td><font size=3 face="times new roman">&nbsp;&nbsp;(404) 266-5500</font><hr noshade size=1></td>
</tr>
<tr>
<td colspan=2>&nbsp;</td>
</tr>
<tr>
<td align=center colspan=2><font size=3 face="times new roman">N/A</font><hr noshade size=1></td>
</tr>
<tr>
<td align=center colspan=2><font size=3 face="times new roman">(Former name or former address, if changed since last report)</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=2 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=2 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=2 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;</td>

<td colspan=2><font size=2 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;</td>

<td colspan=2><font size=2 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 align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On August 6, 2010, Atlantic
American Corporation (the &#147;Registrant&#148;) reported its results of
operations for its second quarter ended June 30, 2010. 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><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
August 6, 2010, reporting the results of operations of the Registrant for its
second quarter ended June 30, 2010. </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, or otherwise subject to the liabilities of that section or
Sections 11 and 12(a)(2) of the Securities Act of 1933.
</FONT></P>



<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> SIGNATURES</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</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; August 6, 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 August 6, 2010</font></p>
<BR><BR><BR><BR>








</body>
</html>












</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>pressrelease08062010.htm
<DESCRIPTION>PRESS RELEASE DATED AUGUST 6, 2010
<TEXT>




<html>
<head>
<title>
Press Release 08-06-2010
</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 SECOND
QUARTER RESULTS</b></font></p>




<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ATLANTA, Georgia, August 6,
2010 - Atlantic American Corporation (Nasdaq-AAME) today reported net income of
$76 thousand, or nil per diluted share, for the three month period ended June
30, 2010, compared to net income of $12 thousand, or a loss of $0.01 per diluted
share, for the three month period ended June 30, 2009. For the six month period
ended June 30, 2010, net income was $493 thousand, or $0.01 per diluted share,
compared to net income of $268 thousand, or nil per diluted share, for the
comparable period in 2009. Book value increased to $3.45 per share at June 30,
2010 from $3.16 per share at the end of last year.</FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Total revenues for the
three month period ended June 30, 2010 were $27.1 million, increasing 5.4% from
the $25.7 million for the three month period ended June 30, 2009. Insurance
premiums during this quarter increased 6.3% from the comparable 2009 premiums.
For the six month period ended June 30, 2010, revenues were $53.1 million,
increasing 3.4% from the comparable 2009 revenues of $51.3 million. The increase
in premiums during the three month and six month periods ended June 30, 2010
resulted from increased sales of both the traditional life and medicare
supplement products in the life and health segment. Declining investment income
in both the three and six month periods ended June 30, 2010 reflected the low
current interest rate environment and partially offset the increase in total
revenues. </FONT></P>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commenting on the quarter,
Hilton H. Howell, Jr., chairman, president and chief executive officer, stated,
&#147;We are extremely pleased with our top line growth. The marketing
initiatives and investments which we have been making to grow our life and
health business are now evident in our results. Our property and casualty
operations continue to be challenged with the extremely soft market; however in
the three month period ended June 30, 2010, we experienced a moderate increase
in quarter on quarter earned premium which we hope is a precursor to the future.
Even with this top line growth in our insurance operations, we remain focused on
growth and profitability. Our benefits and losses were higher in the second
quarter than we would have expected; however, we believe that those will return
to more normal levels in future quarters, resulting in increased profitability
as we continue to grow. With our high level of liquidity at the parent company,
we are continuing our stock buy back program as appropriate.&#148;</FONT></P>


<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 subsidiaries consist of 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>

<P align=justify><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For further information
contact: </FONT></P>

<P align=justify><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></p>








<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>
Consolidated 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>June 30,</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=center colspan=3><font size=2 face="times new roman, serif">Six months ended<BR>June 30,</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">2010</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2009</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=center colspan=2><font size=2 face="times new roman, serif">2010</font><HR NOSHADE SIZE=1></td>
<td align=center><font size=2 face="times new roman, serif">2009</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">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,387</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,941</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,745</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;45,738</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">2,576</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,708</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">5,133</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">5,443</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">13</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(26)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">13</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(13)</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">111</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">84</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">159</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">151</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>27,087</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>25,707</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>53,050</b></font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>51,319</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">17,425</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">15,033</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">32,815</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">29,913</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">6,827</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">7,412</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">13,967</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">14,930</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">653</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">694</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">1,295</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">1,415</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">2,119</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">2,618</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">4,336</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">4,804</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">27,024</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">25,757</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">52,413</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">51,062</font><HR NOSHADE SIZE=1></td>
</tr>

<tr bgcolor="#eeeeee">
<td><font size=2 face="times new roman, serif">Income (loss) before income taxes</font></td>
<td align=right><font size=2 face="times new roman, serif">63</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(50)</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">637</font></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">257</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">(13)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(62)</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">144</font><HR NOSHADE SIZE=1></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">(11)</font><HR NOSHADE SIZE=1></td>
</tr>

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

<td><font size=2 face="times new roman, serif"><b>Net income</b></font></td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76</b></font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12</b></font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493</b></font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif"><b>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268</b></font><HR NOSHADE SIZE=3></td>
</tr>
<tr>

<td colspan=8>&nbsp;</td>

</tr>

<tr valign=top>
<td><font size=2 face="times new roman, serif"><b>Net income (loss) per common share (basic and diluted)</b></font></td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01)</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01</font><HR NOSHADE SIZE=3></td>
<td>&nbsp;</td>
<td align=right><font size=2 face="times new roman, serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</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>June 30,<BR>2010</font><HR NOSHADE SIZE=1></td>


<td align=center><font face="times new roman, serif" size=2>December 31,<BR>2009</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>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177,487</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td bgcolor="#eeeeee" align=right><font face="times new roman, serif" size=2>$&nbsp;&nbsp;&nbsp;195,410</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>268,559</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>262,086</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 align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>132,252</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>129,213</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 align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>83,938</font></td>
<td bgcolor="#eeeeee">&nbsp;</td>
<td align=right bgcolor="#eeeeee"><font face="times new roman, serif" size=2>77,470</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>3.45</font></td>
<td>&nbsp;</td>
<td align=right><font face="times new roman, serif" size=2>3.16</font></td>
<td>&nbsp;</td>
</tr>
</table>

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