<SEC-DOCUMENT>0001140361-21-022289.txt : 20210625
<SEC-HEADER>0001140361-21-022289.hdr.sgml : 20210625
<ACCEPTANCE-DATETIME>20210625111322
ACCESSION NUMBER:		0001140361-21-022289
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210625
DATE AS OF CHANGE:		20210625

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:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-03722
		FILM NUMBER:		211045756

	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>11-K
<SEQUENCE>1
<FILENAME>brhc10025666_11k.htm
<DESCRIPTION>11-K
<TEXT>
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      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"><font style="font-size: 14pt;">UNITED STATES</font></div>
    <div style="text-align: center; font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt;">Washington, D. C.&#160; 20549</div>
    <div><br>
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    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 11-K</div>
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    </div>
    <div style="text-indent: 36pt;">(Mark one)</div>
    <div><br>
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          <td style="width: 36pt; vertical-align: top;">&#9746;</td>
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            <div>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
          </td>
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    <div style="text-align: center; font-weight: bold;"><u>For the fiscal year ended December 31, 2020</u></div>
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    <div style="text-align: center;">OR</div>
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          <td style="width: 36pt; vertical-align: top;">&#9744;</td>
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            <div>TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934</div>
          </td>
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    <div style="text-align: center;">Commission File Number: 0-3722</div>
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          <td style="width: 36pt; vertical-align: top;">A.</td>
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            <div>Full title of the plan and the address of the plan, if different from that of the issuer named below:</div>
          </td>
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    <div style="text-align: center; font-size: 24pt;">Atlantic American Corporation</div>
    <div style="text-align: center;">401(k) Retirement Savings Plan</div>
    <div><br>
    </div>
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          <td style="width: 36pt; vertical-align: top;">B.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:</div>
          </td>
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    <div><br>
    </div>
    <div style="text-align: center;">Atlantic American Corporation</div>
    <div style="text-align: center;">4370 Peachtree Rd., N.E.</div>
    <div style="text-align: center;">Atlanta, Georgia 30319</div>
    <div><br>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    <div style="font-weight: bold;"><u>TABLE OF CONTENTS</u></div>
    <div><br>
    </div>
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          <td style="width: 100%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div><u>SIGNATURES</u></div>
          </td>
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          <td style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 100%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div><u>Financial Statements and Schedule</u></div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: middle;">&#160;</td>
        </tr>
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          <td style="width: 100%; vertical-align: middle; background-color: rgb(204, 238, 255);">
            <div><u>Consent of Dixon Hughes Goodman LLP</u></div>
          </td>
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    <div>SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify;">THE PLAN.&#160; Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by
      the undersigned hereunto duly authorized.</div>
    <div><br>
    </div>
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          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: center;">Atlantic American Corporation</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">401(k) Retirement Savings Plan</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: center;">(Name of Plan)</div>
          </td>
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          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">&#160;</td>
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          <td style="width: 70%; vertical-align: top;">
            <div>June 25, 2021</div>
          </td>
          <td style="width: 30%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">/s/ J. Ross Franklin</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: center;">J. Ross Franklin</div>
          </td>
        </tr>
        <tr>
          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: center;">Vice President, CFO and Secretary</div>
          </td>
        </tr>
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          <td style="width: 70%; vertical-align: top;">&#160;</td>
          <td style="width: 30%; vertical-align: top;">
            <div style="text-align: center;">Atlantic American Corporation</div>
          </td>
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    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div><br>
    </div>
    <div>The following exhibits are filed herewith:</div>
    <div><br>
    </div>
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            <div>Exhibit 1:</div>
          </td>
          <td style="width: 89.74%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Financial Statements and Supplemental Schedule</div>
            <div style="text-align: justify;">As of December 31, 2020 and 2019 and for the year ended December 31, 2020 together with Report of Independent Registered Public Accounting Firm</div>
          </td>
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          <td style="width: 89.74%; vertical-align: top;">&#160;</td>
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          <td style="width: 10.26%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Exhibit 2:</div>
          </td>
          <td style="width: 89.74%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: justify;">Consent of Dixon Hughes Goodman LLP</div>
            <div style="text-align: justify;">Independent Registered Public Accounting Firm</div>
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    <div style="text-align: center; font-weight: bold;">Exhibit 1</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">FINANCIAL STATEMENTS</div>
    <div style="text-align: center; font-weight: bold;">AND</div>
    <div style="text-align: center; font-weight: bold;">SUPPLEMENTAL SCHEDULE</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">As of December 31, 2020 and 2019 and For The Year Ended December 31, 2020</div>
    <div style="text-align: center; font-weight: bold;">together</div>
    <div style="text-align: center; font-weight: bold;">with</div>
    <div style="text-align: center; font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
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    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">TABLE OF CONTENTS<a name="TABLEOFCONTENTS"><!--Anchor--></a></div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">December 31, 2020 and 2019</div>
    <div><br>
    </div>
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            <div><a href="#ReportofIndependentRegist">Report of Independent Registered Public Accounting Firm</a></div>
          </td>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">1</div>
          </td>
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          <td style="width: 95%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div><a href="#STATEMENTSOFNETASSETSAVAI">Statements of Net Assets Available for Benefits</a></div>
          </td>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">2</div>
          </td>
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          <td style="width: 95%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div><a href="#STATEMENTOFCHANGESINNETAS">Statement of Changes in Net Assets Available for Benefits</a></div>
          </td>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">3</div>
          </td>
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          <td style="width: 95%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div><a href="#NOTESTOFINANCIALSTATEMENT">Notes to Financial Statements</a></div>
          </td>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">4</div>
          </td>
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          <td style="width: 95%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
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          <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div>Supplemental Schedule:</div>
          </td>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td style="width: 95%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
        </tr>
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          <td style="width: 95%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="margin-left: 9pt;"><a href="#SCHEDULEHLINE4iSCHEDULEOF">Schedule H, Line 4i - Schedule of Assets (Held at End of Year)</a></div>
          </td>
          <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255);">
            <div style="text-align: right;">13</div>
          </td>
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        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
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    <div style="font-weight: bold;"><a name="ReportofIndependentRegist"><!--Anchor--></a></div>
    <div style="font-weight: bold;">Report of Independent Registered Public Accounting Firm</div>
    <div>
      <div> <br>
      </div>
    </div>
    <div>Administrative Committee and Participants of</div>
    <div>Atlantic American Corporation 401(k) Retirement Savings Plan</div>
    <div>Atlanta, GA</div>
    <div>&#160;</div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Opinion on the Financial Statements</div>
    <div style="text-align: justify;">We have audited the accompanying statements of net assets available for benefits of the Atlantic American Corporation 401(k) Retirement Savings Plan (the &#8220;Plan&#8221;) as of December 31, 2020 and 2019, and the related
      statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes and schedule (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in
      all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally
      accepted in the United States of America.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Basis for Opinion</div>
    <div style="text-align: justify;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the Plan&#8217;s financial statements based on our audits. We are a public accounting firm registered
      with the Public Company Accounting Oversight Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
      and Exchange Commission and the PCAOB.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of
      material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of
      internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
      included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
      the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-style: italic; font-weight: bold;">Supplementary Information</div>
    <div style="text-align: justify;">The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2020, has been subjected to audit procedures performed in conjunction with the audit of the Plan&#8217;s financial
      statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the basic financial statements but includes supplemental information required by the Department of Labor&#8217;s Rules and
      Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan&#8217;s management. Our audit procedures included determining whether the supplemental
      information reconciles to the financial statements or the underlying accounting and other records, as applicable and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming
      our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the
      Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.</div>
    <div>
      <div><br>
      </div>
    </div>
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            <div>/s/ Dixon Hughes Goodman LLP</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div>We have served as the Plan&#8217;s auditor since 2019.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div>Atlanta, GA</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div>June 25, 2021</div>
          </td>
        </tr>

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        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="STATEMENTSOFNETASSETSAVAI"><!--Anchor--></a>STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">December 31, 2020 and 2019</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z7acf7eb729454c6b922cfbc27b597a26" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;"> 2020</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">2019</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;"><u>ASSETS</u></div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-indent: -9pt; margin-left: 9pt;"><font style="font-weight: bold;">Investments</font>, at fair value&#160; (Note 3):</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 18pt;">Common/collective trusts</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">2,559,045</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">1,816,356</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-indent: -9pt; margin-left: 18pt;">Employer common stock fund</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">818,668</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">753,897</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 18pt;">Registered investment companies</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">26,517,972</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">21,878,261</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px;">
            <div style="text-indent: -9pt; margin-left: 27pt;">Total investments</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">29,895,685</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">24,448,514</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Receivables:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%;">
            <div style="text-indent: -9pt; margin-left: 18pt;">Notes receivable from participants</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">289,430</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">362,264</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 18pt;">Contributions receivable from employer</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">519,755</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">524,064</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">NET ASSETS AVAILABLE FOR BENEFITS</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">30,704,870</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">25,334,842</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;">See accompanying notes to financial statements.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="STATEMENTOFCHANGESINNETAS"><!--Anchor--></a>STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">For the Year Ended December 31, 2020</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="ze71100dcc3544a3a9d9d026950c46e65" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Additions to Net Assets</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top;">
            <div style="text-indent: -9pt; margin-left: 18pt;">Contributions:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 27pt;">Participants</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">999,332</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px;">
            <div style="text-indent: -9pt; margin-left: 27pt;">Employer</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">751,036</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-indent: -9pt; margin-left: 36pt;">TOTAL CONTRIBUTIONS</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">1,750,368</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-indent: -9pt; margin-left: 9pt;">Investment income:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 18pt;">Net appreciation in fair market value of investments</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">3,953,552</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-indent: -9pt; margin-left: 18pt;">Dividends and other income</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">329,175</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 18pt;">Interest income on notes receivable from participants</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">19,013</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 36pt;">TOTAL ADDITIONS TO NET ASSETS</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">6,052,108</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Deductions from Net Assets</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-indent: -9pt; margin-left: 18pt;">Benefit payments to participants</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">629,629</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 18pt;">Fees</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">52,451</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 36pt;">TOTAL DEDUCTIONS</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">682,080</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net Increase</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">5,370,028</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net Assets Available for Benefits at Beginning of Year</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">25,334,842</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net Assets Available for Benefits at End of Year</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">30,704,870</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;">See accompanying notes to financial statements.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="NOTESTOFINANCIALSTATEMENT"><!--Anchor--></a>NOTES TO FINANCIAL STATEMENTS</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">December 31, 2020 and 2019</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">NOTE 1&#8212;DESCRIPTION OF THE PLAN</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following description of the Atlantic American Corporation 401(k) Retirement Savings Plan (the &#8220;Plan&#8221;) provides only general information.&#160; Participating members (&#8220;Participants&#8221;) should refer to the Plan document
      for a more complete description of the Plan&#8217;s provisions.&#160; Information with regard to eligibility, contributions, distributions, vesting, withdrawals, restoration, loans, fund redistribution, and definitions of all terms are contained in that
      document.&#160; The Administrative Committee, consisting of employees of the plan sponsor, is responsible for oversight of the Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>General</u>: The Plan is a defined contribution plan available to all U.S. employees of Atlantic American Corporation and its subsidiaries (collectively, the &#8220;Company&#8221;) except collective bargaining employees,
      nonresident aliens, and leased employees. Employees eligible to participate are automatically enrolled effective on the date of employment. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended
      (&#8220;ERISA&#8221;).</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Participating Companies</u>: As of December 31, 2020 and 2019, the Company had four wholly-owned insurance subsidiaries, Bankers Fidelity Life Insurance Company and its wholly owned subsidiary, Bankers Fidelity
      Assurance Company, American Southern Insurance Company and its wholly owned subsidiary, American Safety Insurance Company, in addition to one non-insurance company, xCalibre Risk Services, Inc. All employees of these subsidiaries were eligible to
      participate in the Plan.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Plan Administration</u>: The trustee of the Plan (the &#8220;Trustee&#8221;) has custodial responsibility for the Plan&#8217;s assets, including the authority and power to, among other things, invest the principal and income of the
      Plan&#8217;s assets.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Contributions</u>: Eligible employees automatically become a participant and are enrolled into the Plan at a 6% deferral rate on their date of hire.&#160; At any time, a participant may cease his or her contribution or
      change his or her deferral percentage in 1% increments up to 75% of his or her annual compensation, as defined by the Plan, subject to certain limitations under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), and elect to contribute into
      any of the investment funds offered by the Plan.&#160; Participant pre-tax limitation was limited to $19,500 for 2020.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: justify;">Participants may also contribute amounts representing distributions from other qualified benefit plans.&#160; These contributions, if any, are classified as rollover contributions in the Statement of Changes in Net Assets
      Available for Benefits.&#160; Participants direct the investment of their contributions into various investment options offered by the Plan.&#160; Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions
      to the Plan.&#160; The maximum individual catch-up contribution amount was $6,500 for 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">On January 1, 2009, the Company adopted safe harbor plan provisions such that the Plan would operate on a safe harbor basis.&#160; Safe harbor contributions are fully vested immediately.&#160; The Company provides a matching
      employer contribution equal to a certain percentage of each participant&#8217;s contributions.&#160; The Company may also make employer profit-sharing contributions, at its discretion, which will be allocated among all eligible participants in the Plan whether
      they make contributions or not.&#160; For the year ended December 31, 2020, the Company&#8217;s employer matching contribution equaled 35% of up to the first 6% of a participant&#8217;s pre-tax contribution.&#160; In addition to the matching contribution, the Company also
      made a non-elective contribution to all participants of 3% of compensation, which totaled $519,755 as of December 31, 2020.&#160; The 2020 non-elective contribution is presented as contribution receivable from employer in the Statements of Net Assets
      Available for Benefits.&#160; All employer matching contributions are made in cash.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Vesting</u>: Participants are always 100% vested in their own contributions including catch-up contributions, Roth contributions, after-tax voluntary contributions, rollover contributions, safe harbor matching
      contributions and any discretionary profit sharing contributions.&#160; Further, all contributions are participant-directed.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Participants&#8217; &#8220;vested percentage&#8221; attributable to certain employer contributions is based on years of continuous service determined under the following schedule.</div>
    <div><br>
    </div>
    <div>Years of service:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z52866b270db04e9499ac909f64cd433d" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: &#38;quot;">Less than one</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">0</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: justify; font-family: &#38;quot;">One</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">20</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: &#38;quot;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: &#38;quot;">Two</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">40</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: justify; font-family: &#38;quot;">Three</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">60</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: &#38;quot;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%; background-color: #CCEEFF;">
            <div style="text-align: justify; font-family: &#38;quot;">Four</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">80</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">%</div>
          </td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 88%;">
            <div style="text-align: justify; font-family: &#38;quot;">Five</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
            <div style="font-family: &#38;quot;">100</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">
            <div style="font-family: &#38;quot;">%</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">In addition, participants become fully vested upon retirement, death, or disability.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: justify;"><u>Benefits</u>: Upon termination of service due to death, disability, retirement, or separation from service, a participant or his or her beneficiary with a vested balance greater than $5,000 may elect to receive an
      amount equal to the value of the participant&#8217;s vested interest in his or her account or such amounts may remain in the Plan but contributions cease.&#160; The form of payment, selected by the participant or his or her beneficiary, is either a lump-sum
      distribution or a direct rollover into a qualified retirement plan or individual retirement account.&#160; A vested balance less than $5,000 is automatically distributed to the terminated participant or his or her beneficiary in the quarterly period
      following termination, unless otherwise directed.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Participant Accounts</u>:&#160; Individual accounts are maintained for each of the Plan&#8217;s participants and reflect the participant&#8217;s contributions, employer contributions, and the participant&#8217;s share of the Plan&#8217;s
      investment income (loss).&#160; Allocations of income (loss) are based on the proportion that each participant&#8217;s account balance bears to the total of all participant account balances and their investment elections.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Investment Options</u>: Participants may direct their contributions and any related earnings into several investment options in 1% increments.&#160; Participants may change their investment elections at any time, subject
      to certain fund restrictions.</div>
    <div><br>
    </div>
    <div>Effective 2020 within the Plan, new contributions to the Atlantic American Unitized Stock fund were not allowed.&#160; Those participants who were invested in the Atlantic American Unitized Stock fund were able to sell or liquidate and reinvest in
      existing investments offered in the Plan.&#160; In the future, existing participants will continue to be able to sell units of the Atlantic American Unitized Stock fund and reinvest.&#160; There were no significant changes made to the available investment
      alternatives during 2019.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Forfeitures</u>: Amounts forfeited from non-vested accounts, if any, are generally used to pay for Plan expenses or reduce future employer contributions.&#160; Forfeitures of $7,765 were used to offset administrative
      expenses charged to the Plan in 2020. At December 31, 2020 and 2019, there were $3,046 and $116, respectively, of forfeiture funds available to be used in the future.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Notes Receivable from Participants</u>: Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance.&#160; Participants may
      elect to have their loans disbursed from specific investment funds.&#160; Loan terms range from six months to five years or within a reasonable time if used for the purchase of a primary residence.&#160; The loans are secured by the vested value of the
      participants&#8217; account balances and bear interest at the prime rate of interest on the date of the loan plus 1% bearing interest at rates from 4.25% - 6.50%.&#160; Principal and interest are paid ratably through payroll deductions.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: justify;"><u>Specified Hardship Withdrawals</u>:&#160; Upon written application to the Trustee by a participant for a specified hardship withdrawal, the participant may withdraw from his or her fund accounts.&#160; Such withdrawal may be
      made only upon the express determination that it is necessary to prevent a severe financial hardship to such participant and specific to the following events: expenses for medical care; costs directly related to the purchase of a principal residence;
      payment of tuition and related educational fees; and to prevent eviction from a principal residence or foreclosure on the mortgage of a principal residence.&#160; A participant who has made a specified hardship withdrawal may include any amounts necessary
      to pay federal, state or local income taxes or penalties reasonably anticipated to result from the distribution and shall make no<font style="font-weight: bold;">&#160;</font>more than one withdrawal during any calendar quarter.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Administrative Expenses</u>: The Company pays certain administrative expenses of the Plan.&#160; Trustee and recordkeeping fees are shared between the Company and the Plan.&#160; Each participant account is charged a $50
      quarterly Trustee and recordkeeping fee while the Company also pays a standard annual fee for Trustee and record keeping. Fees resulting from individual participant transactions, such as loan origination and benefit payments, or certain investment
      elections, are paid by the participant and are included in the fees amount on the Statement of Changes in Net Assets Available for Benefits.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">NOTE 2&#8212;ACCOUNTING POLICIES</div>
    <div> <br>
    </div>
    <div style="text-align: justify;"><u>Basis of Accounting and Use of Estimates</u>:&#160; The financial statements of the Plan are prepared under the accrual method of accounting in accordance with accounting principles generally accepted in the United
      States of America (&#8220;GAAP&#8221;).&#160; The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the financial statements and accompanying notes. Actual results could differ materially
      from those estimates.</div>
    <div> <br>
    </div>
    <div style="text-align: justify;"><u>Notes Receivable from Participants:</u>&#160; Participant loans are classified as notes receivable from participants and are measured at the unpaid principal balance plus unpaid accrued interest.&#160; The Plan classifies all
      notes receivable from participants with no payments received for six (6) months as &#8220;in default.&#8221;&#160; Defaulted notes receivable from participants are deemed distributed and recorded as benefits paid to the participants in the Statement of Changes in Net
      Assets Available for Benefits.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: justify;"><u>Investment Valuation and Income Recognition</u>:&#160; The Plan&#8217;s investments are reported at estimated fair value. Where available, quoted market prices are used to value investments. Shares of registered investment
      companies are valued at the net asset value (&#8220;NAV&#8221;) of shares held by the Plan at year-end. The Plan&#8217;s employer common stock fund is a unitized stock fund valued at the net asset value of the fund. The fund mainly consists of the employer stock which
      is valued at the closing price reported on the active market on which the stock is traded and the value of cash held for liquidity purposes. The Plan&#8217;s interest in common/collective trusts is valued at the net asset value based on information
      reported by the investment advisor/trustee using the audited financial statements.&#160; The net asset value, as provided by the investment advisor/trustee, is used as a practical expedient to estimate fair value, and is based on the estimated fair value
      of the underlying investments held by the fund less the estimated fair value of its liabilities.&#160; The common/collective trusts do not have a finite life, unfunded commitments or significant restriction on redemptions and participant transactions may
      occur daily.</div>
    <div> <br>
    </div>
    <div style="text-align: justify;">Purchases and sales of securities are recorded on a trade date basis. Dividends are recorded on the ex-dividend date.&#160; Interest income is recorded on an accrual basis.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Investment securities, in general, are exposed to various risks, including interest rate, credit, and overall market volatility risks.&#160; Due to the level of risk associated with certain investment securities, it is
      reasonably possible that changes in the values of investment securities will occur in the near term, and such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The following describes the fair value hierarchy and provides information as to the extent to which the Plan uses fair value to measure financial instruments and information about the inputs used to value those
      financial instruments.&#160; The fair value hierarchy prioritizes the inputs in the valuation techniques used to measure fair value into three broad levels.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z704b7eb0167142e89be52271d00675cc">

        <tr>
          <td style="width: 45pt; vertical-align: top;">Level 1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Observable inputs that reflect quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access at the measurement date.&#160; The Plan assets identified as Level 1 instruments include investments in
              registered investment companies.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zec94c4613001453cb07e6945568d38a8">

        <tr>
          <td style="width: 45pt; vertical-align: top;">Level 2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Observable inputs, other than quoted prices included in Level 1, for the asset or liability or prices for similar assets or liabilities.&#160; The Plan assets identified as Level 2 instruments include investments in the employer common stock
              fund.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf842b5ea3cb545b4b62b6e34b5f6d343">

        <tr>
          <td style="width: 45pt; vertical-align: top;">Level 3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Valuations that are derived from techniques in which one or more of the significant inputs are unobservable (including assumptions about risk).&#160; Fair value is based on criteria that use assumptions or other data that are not readily
              observable from objective sources and provided primarily from the sponsors of the underlying funds.&#160; The use of different criteria or assumptions regarding data may yield different valuations.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: justify;"><u>Net Appreciation (Depreciation)</u>: Net realized gains (losses) and unrealized appreciation (depreciation) are recorded in the accompanying Statement of Changes in Net Assets Available for Benefits as net
      appreciation (depreciation) in fair market value of investments.</div>
    <div><br>
    </div>
    <div style="text-align: justify;"><u>Payment of Benefits</u>:&#160; Distributions to participants are recorded when payment is made.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">NOTE 3&#8212;INVESTMENTS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">As of December 31, 2020, assets carried at fair value were measured on a recurring basis as summarized below:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z83da351cc6734cee939206f34fe35356" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-family: &#38;quot;">Quoted Prices in</div>
            <div style="text-align: center; font-family: &#38;quot;">Active Markets</div>
            <div style="text-align: center; font-family: &#38;quot;">for Identical Assets</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-family: &#38;quot;">Significant</div>
            <div style="text-align: center; font-family: &#38;quot;">Other Observable</div>
            <div style="text-align: center; font-family: &#38;quot;">Inputs</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-family: &#38;quot;">Significant</div>
            <div style="text-align: center; font-family: &#38;quot;">Unobservable</div>
            <div style="text-align: center; font-family: &#38;quot;">Inputs</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">(Level 1)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">(Level 2)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">(Level 3)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">Total</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 9pt;">Employer common stock fund</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">818,668</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">818,668</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">
            <div style="text-indent: -9pt; margin-left: 9pt;">Registered investment companies</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">26,517,972</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">26,517,972</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 18pt;">Total investments in the fair value hierarchy</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">26,517,972</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">818,668</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">27,336,640</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div style="text-indent: -9pt; margin-left: 9pt;">Common/collective trusts measured at NAV*</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">2,559,045</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
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        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 4px;">
            <div style="text-indent: -9pt; margin-left: 9pt;">Total</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div style="font-family: &#38;quot;">29,895,685</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: justify;">As of December 31, 2019, assets carried at fair value were measured on a recurring basis as summarized below:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z543e3f6f385842abb579525e34224111" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-family: &#38;quot;">Quoted Prices in</div>
            <div style="text-align: center; font-family: &#38;quot;">Active Markets</div>
            <div style="text-align: center; font-family: &#38;quot;">for Identical Assets</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-family: &#38;quot;">Significant</div>
            <div style="text-align: center; font-family: &#38;quot;">Other Observable</div>
            <div style="text-align: center; font-family: &#38;quot;">Inputs</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">
            <div style="text-align: center; font-family: &#38;quot;">Significant</div>
            <div style="text-align: center; font-family: &#38;quot;">Unobservable</div>
            <div style="text-align: center; font-family: &#38;quot;">Inputs</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">(Level 1)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">(Level 2)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">(Level 3)</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
            <div style="text-align: center; font-family: &#38;quot;">Total</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 9pt;">Employer common stock fund</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">753,897</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">753,897</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 2px;">
            <div style="text-indent: -9pt; margin-left: 9pt;">Registered investment companies</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">21,878,261</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">21,878,261</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 4px; background-color: rgb(204, 238, 255);">
            <div style="text-indent: -9pt; margin-left: 18pt;">Total investments in the fair value hierarchy</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">21,878,261</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">753,897</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">-</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px; background-color: #CCEEFF;">
            <div style="font-family: &#38;quot;">22,632,158</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: top; width: 52%; padding-bottom: 2px;">
            <div style="text-indent: -9pt; margin-left: 9pt;">Common/collective trusts measured at NAV*</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px;">
            <div style="font-family: &#38;quot;">1,816,356</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: middle; width: 52%; padding-bottom: 4px;">
            <div style="text-indent: -9pt; margin-left: 9pt;">Total</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: #000000 double 4px;">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 double 4px;">
            <div style="font-family: &#38;quot;">24,448,514</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7b656fea1d0a41c59d6d1ec4130adee9">

        <tr>
          <td style="width: 18pt; vertical-align: top;">*</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Certain investments that are measured at fair value using the NAV per share practical expedient have not been categorized in the fair value hierarchy.&#160; The fair value amounts presented in these tables are intended to permit reconciliation
              of the fair value hierarchy to the amounts presented in the Statements of Net Assets Available for Benefits.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">Plan management periodically evaluates the significance of transfers between levels, if any, based upon the nature of the financial instrument and size of the transfer relative to total net assets available for
      benefits.&#160; For the year ended December 31, 2020, there were no transfers between levels 1, 2, or 3.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">NOTE 4&#8212;TAX STATUS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Plan uses a Volume Submitter Plan sponsored by the Trustee. The Trustee received an opinion letter from the Internal Revenue Service (&#8220;IRS&#8221;), dated March 31, 2014, which states that the Volume Submitter Plan
      satisfies the applicable provisions of the Code. The Plan itself has not received a determination letter from the IRS. However, the Plan&#8217;s management believes that the Plan is currently designed and being operated in compliance with the applicable
      requirements of the Code. Therefore, no provision for income tax has been included in the Plan&#8217;s financial statements.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">GAAP requires Plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the organization has taken an uncertain position that more likely than not would not be sustained
      upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require
      recognition of the liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions and the Plan could be subject to income tax if certain issues were found by the IRS that could result in
      the disqualification of the Plan&#8217;s tax-exempt status; however, there are currently no audits for any tax periods in progress.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-weight: bold;">NOTE 5&#8212;PLAN TERMINATION</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA.&#160; In the event of
      Plan termination, participants will become fully vested in their accounts as of the termination date.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: justify; font-weight: bold;">NOTE 6&#8212;PARTY-IN-INTEREST TRANSACTIONS</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Plan held 359,650 shares and 368,392 shares of Atlantic American Corporation (the plan sponsor) common stock as of December 31, 2020 and 2019, respectively, in the Atlantic American Corporation Common Stock Fund.
      The fund invests in Atlantic American Corporation common stock and money market funds and had an estimated fair value of $818,668 and $753,897, at December 31, 2020 and 2019, respectively.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Certain investments totaling $2,559,045 and $1,816,356, held by the Plan at December 31, 2020 and 2019, respectively, are managed by the Trustee and/or its affiliates.&#160; These investments, as well as notes receivable
      from participants, qualify as party-in-interest transactions.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div>
      <div style="text-align: justify; font-weight: bold;">NOTE 7&#8212;COVID-19</div>
      <div><br>
      </div>
      <div style="text-align: justify;">In March 2020, the World Health Organization declared the outbreak and spread of COVID-19, a novel strain of Coronavirus, a pandemic. The coronavirus outbreak has had far reaching and unpredictable impacts on the
        global economy, supply chains, financial markets, and global business operations of a variety of industries. Governments have taken substantial action to contain the spread of the virus including mandating social distancing, suspension of certain
        gatherings, and shuttering of certain nonessential businesses.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">There is significant uncertainty in the nature and degree of its continued effects on the Plan. The extent to which it will impact the Plan going forward will depend on a variety of factors including the duration and
        continued spread of the outbreak, impact on the Company&#8217;s customers, employees and vendors, as well as governmental, regulatory and private sector responses. Further, the pandemic may have a significant impact on management&#8217;s accounting estimates
        and assumptions.</div>
      <div>&#160;</div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div style="text-align: center; font-weight: bold;">PLAN NUMBER 001</div>
    <div style="text-align: center; font-weight: bold;">58-1027114</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;"><a name="SCHEDULEHLINE4iSCHEDULEOF"><!--Anchor--></a>SCHEDULE H, LINE 4i&#8212;SCHEDULE OF ASSETS (HELD AT END OF YEAR)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze4cc150edb394252b3f50a57b084257f">

        <tr>
          <td style="width: 100%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31, 2020</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zf153174a87784cad98401b38ac365994" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 3%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 25%;">
            <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Identity of Issue, Borrower,</div>
            <div style="text-align: center; font-family: &#38;quot; font-weight: bold;">Lessor, or Similar Party</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 44%;">
            <div style="text-align: center; font-family: &#38;quot;">Description of Investment</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); width: 13%;">
            <div style="text-align: center; font-family: &#38;quot;">Cost</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: -9pt; font-family: &#38;quot;">Current</div>
            <div style="text-align: center; text-indent: -9pt; font-family: &#38;quot;">Value</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 13%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" style="vertical-align: bottom; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">
            <div style="font-family: &#38;quot;">Employer common stock fund:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 13%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: top; width: 3%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div>*</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">Atlantic American Corporation</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">Atlantic American Corporation Common Stock Fund, 78,222 units</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; padding-bottom: 2px; background-color: rgb(204, 238, 255); text-align: center;">(a)</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">818,668</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; padding-bottom: 2px;">&#160;&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; padding-bottom: 2px;">
            <div style="margin-left: 9pt;">Subtotal Employer common stock fund</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; padding-bottom: 2px; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">818,668</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">
            <div style="font-family: &#38;quot;">Registered investment companies:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">Baron Capital Group</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">Baron Growth Fund, Instl Shares, 19,870 units</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; background-color: rgb(204, 238, 255); text-align: center;">
            <div>(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">2,162,846</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 44%;">&#160;</td>
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          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">Fidelity Investments</div>
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          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
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          <td style="vertical-align: bottom; width: 13%; text-align: center;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">&#160;&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">Fidelity Puritan Fund, 89,599 units</div>
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          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">2,331,356</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">
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          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; text-align: center;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
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          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
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          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%;">
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; background-color: rgb(204, 238, 255); text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
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          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%;">
            <div style="font-family: &#38;quot;">719,411</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">&#160;&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">Invesco Oppenheimer International Small-Mid Co Fund, Class R6, 4,665 units</div>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">257,817</div>
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          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%;">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; text-align: center;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
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        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">T. Rowe Price</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 44%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">T. Rowe Price Blue Chip Growth I Fund,&#160; 25,046 units</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td style="vertical-align: bottom; width: 13%; background-color: rgb(204, 238, 255); text-align: center;">
            <div>(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.11%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">4,155,147</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div style="text-align: center; font-weight: bold;">PLAN NUMBER 001</div>
    <div style="text-align: center; font-weight: bold;">58-1027114</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SCHEDULE H, LINE 4i&#8212;SCHEDULE OF ASSETS (HELD AT END OF YEAR)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z7a2aa7ffc19945eda11a045c9be29cc4">

        <tr>
          <td style="width: 100%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31, 2020</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zd2d7437978014b17a1a175a576cc2fee" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">State Street Global Advisors</td>
          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 49.39%; background-color: rgb(204, 238, 255);">State Street Target Retirement 2020 Fund, 73,111 units</td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">894,153</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 49.39%;">
            <div>State Street Target Retirement 2025 Fund, 95,837 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%;">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%;">
            <div style="font-family: &#38;quot;">1,254,503</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>State Street Target Retirement 2030 Fund, 52,754 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">723,781</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 49.39%;">
            <div>State Street Target Retirement 2035 Fund, 54,298 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%;">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%;">
            <div style="font-family: &#38;quot;">771,579</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>State Street Target Retirement 2040 Fund, 42,309 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">607,551</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 49.39%;">
            <div>State Street Target Retirement 2045 Fund, 18,969 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%;">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%;">
            <div style="font-family: &#38;quot;">276,561</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>State Street Target Retirement 2050 Fund, 68,452 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">991,866</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 49.39%;">
            <div>State Street Target Retirement 2055 Fund, 24,443 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%;">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%;">
            <div style="font-family: &#38;quot;">359,310</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>State Street Target Retirement 2060 Fund, 4,533 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">66,586</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 49.39%;">
            <div>State Street Target Retirement 2065 Fund, 134 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%;">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%;">
            <div style="font-family: &#38;quot;">1,830</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>State Street Target Retirement Fund, 122,613 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">1,467,676</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">&#160;</td>
          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 49.39%;">&#160;&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">Vanguard</td>
          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 49.39%; background-color: rgb(204, 238, 255);">
            <div>Vanguard Equity Income, 12,671 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">1,005,228</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 49.39%;">
            <div>Vanguard Mid Cap Index Fund, Admiral Shares, 5,367 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%;">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%;">
            <div style="font-family: &#38;quot;">1,376,153</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>Vanguard Small Cap Index Fund, Admiral Shares, 9,898 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">922,655</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; width: 49.39%;">
            <div>Vanguard Total Bond Market Index Fund, Instl Shares, 9 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; padding-bottom: 2px;">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">109</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>Subtotal Registered investment companies</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">26,517,972</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%;">&#160;</td>
          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 49.39%;">&#160;&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>Common/collective trusts:</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td colspan="1" style="vertical-align: top; width: 3.04%; padding-bottom: 2px;">*</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; padding-bottom: 2px;">Wells Fargo Bank, NA</td>
          <td valign="bottom" rowspan="1" style="vertical-align: top; width: 49.39%; padding-bottom: 2px;">
            <div style="font-family: &#38;quot;">Wells Fargo Stable Return Fund, N Class, 44,179 units</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; padding-bottom: 2px;">
            <div style="text-align: center; font-family: &#38;quot;">(a)</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">2,559,045</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 3.04%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: top; width: 22%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; background-color: rgb(204, 238, 255); width: 49.39%;">
            <div>Subtotal Common/collective trusts</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 15.49%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.01%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9.31%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">2,559,045</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1.01%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">ATLANTIC AMERICAN CORPORATION</div>
    <div style="text-align: center; font-weight: bold;">401(k) RETIREMENT SAVINGS PLAN</div>
    <div style="text-align: center; font-weight: bold;">PLAN NUMBER 001</div>
    <div style="text-align: center; font-weight: bold;">58-1027114</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">SCHEDULE H, LINE 4i&#8212;SCHEDULE OF ASSETS (HELD AT END OF YEAR)</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="ze09093ed00b24e3ab37f6bf313fc6c87">

        <tr>
          <td style="width: 100%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">December 31, 2020</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z68e5504162e04170a46e00bdfa5921b5" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%;">

        <tr>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 3%;">
            <div style="font-family: &#38;quot;">**</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">
            <div style="font-family: &#38;quot;">Various Plan Participants</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 60%;">
            <div style="font-family: &#38;quot;">Participant loans:</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: top;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 3%;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%;">&#160;&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 60%;">
            <div style="font-family: &#38;quot;">Participant loans, maturing in 2021 through 2025</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
          <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 3%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 60%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">bearing interest at rates from 4.25% - 6.50%</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
            <div style="font-family: &#38;quot;">289,430</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 3%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; padding-bottom: 2px;">&#160;&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 60%; padding-bottom: 2px;">
            <div style="font-family: &#38;quot;">Subtotal Participant loans</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">289,430</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 3%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 60%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>
        </tr>
        <tr>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 3%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" style="vertical-align: top; width: 25%; padding-bottom: 4px;">
            <div style="font-family: &#38;quot;">TOTAL</div>
          </td>
          <td valign="bottom" style="vertical-align: top; width: 60%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">$</div>
          </td>
          <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
            <div style="font-family: &#38;quot;">30,185,115</div>
          </td>
          <td valign="bottom" nowrap="nowrap" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za179154339704ecf98bb12816e09f42c">

        <tr>
          <td style="width: 18pt; vertical-align: top;">*</td>
          <td style="width: auto; vertical-align: top;">
            <div>Indicates party in interest</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcbe2189aa3ba46a28ad7cd0496087301">

        <tr>
          <td style="width: 18pt; vertical-align: top;">**</td>
          <td style="width: auto; vertical-align: top;">
            <div>Indicates notes receivable from participants</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z45c28d09874f4ceaa40752bd3bdba7a1">

        <tr>
          <td style="width: 18pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top;">
            <div>Participant-directed</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      <div style="width: 100%;" id="DSPFPageHeader">
        <div><a href="#TABLEOFCONTENTS"><font style="font-weight: normal; font-size: 8pt; font-style: italic;"> Table of Contents</font></a></div>
      </div>
    </div>
    <div style="text-align: center; font-weight: bold;">Exhibit 2</div>
    <div><br>
    </div>
    <div style="text-align: justify;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Atlantic American Corporation 401(k) Retirement Savings Plan</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Atlanta, Georgia</div>
    <div><br>
    </div>
    <div style="text-align: justify;">We consent to the incorporation by reference in Registration Statement on Form S-8 (No. 33-90890) of our report dated June 25, 2021 with respect to the financial statements and supplemental schedule of Atlantic
      American Corporation 401(k) Retirement Savings Plan included in this Annual Report on Form 11-K for the year ended December 31, 2020.</div>
    <div><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" id="z0897a6dfbd4a40d4b7a4a0df53b5f676" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

          <tr>
            <td style="width: 100.00%;">/s/ Dixon Hughes Goodman LLP</td>
          </tr>
          <tr>
            <td style="width: 100.00%;">Atlanta, Georgia</td>
          </tr>
          <tr>
            <td style="width: 100.00%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 100.00%;">June 25, 2021</td>
          </tr>

      </table>
    </div>
    <div style="text-align: center;">
      <div><br>
      </div>
      <br>
      <font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">16</font><br>
    </div>
    <div style="text-align: justify;">
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
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