ATLANTIC AMERICAN CORP (AAME) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Bankers Fidelity	114.0	125.7	127.1	131.6	127.0	117.5	107.5	105.9
American Southern	73.9	73.9	69.2	62.4	59.3	59.5	58.2	59.5
Corporate and Other	9.6	9.1	7.8	14.0	9.8	14.0	9.7	9.8
Total revenues	187.9	199.6	195.3	198.2	185.6	181.1	166.1	165.9
Revenue growth	-5.9%	2.2%	-1.4%	6.8%	2.5%	9.1%	0.1%	-0.2%
Loss and loss adjustment expenses	123.5	131.7	119.9	139.2	132.7	117.5	103.2	101.4
Policy acquisition costs	19.4	24.1	19.4	17.3	17.6	16.0	11.9	10.3
Investment expenses	0.3	0.3	0.3	0.1			0.6	0.6
Other operating expenses	40.6	36.8	38.7	39.8	34.2	40.5	45.3	46.6
EBITDA	4.9	7.7	18.1	2.7	2.1	8.5	6.3	8.3
EBITDA margin	2.6%	3.9%	9.3%	1.4%	1.1%	4.7%	3.8%	5.0%
Depreciation	0.9	1.0	1.0	1.0	1.0	1.4	1.2	1.1
EBIT	4.0	6.7	17.1	1.7	1.1	7.1	5.1	7.1
EBIT margin	2.2%	3.4%	8.8%	0.9%	0.6%	3.9%	3.1%	4.3%
Interest expense	2.0	1.4	1.6	2.1	2.0	1.7	1.6	1.4
Interest expense	2.0	1.4	1.6	2.1	2.0	1.7	1.6	1.4
Pre-tax income	2.1	5.3	15.5	-0.4	-1.0	5.4	3.5	5.7
Income taxes	0.6	1.0	3.3	0.0	-0.3	0.8	0.9	1.3
Tax rate	27.2%	19.3%	21.5%	5.2%	27.5%	15.5%	25.2%	23.1%
Net income	1.1	3.9	11.8	-0.8	-1.1	4.1	2.2	4.0
Net margin	0.6%	1.9%	6.0%	-0.4%	-0.6%	2.3%	1.3%	2.4%

Basic EPS	$0.06	$0.19	$0.58	($0.04)	($0.05)	$0.20	$0.11	$0.19
Diluted EPS	$0.06	$0.19	$0.54	($0.04)	($0.05)	$0.20	$0.11	$0.19

Shares outstanding (basic)	20.4	20.4	20.4	20.3	20.3	20.4	20.4	20.6
Shares outstanding (diluted)	20.4	20.4	21.8	20.3	20.3	20.4	20.4	20.6

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.