| Segment Information |
| Note 13. |
Segment Information
|
The Parent’s primary insurance subsidiaries operate with relative autonomy and each company is evaluated based on its individual performance. American Southern operates in the property and casualty
insurance market, while Bankers Fidelity operates in the life and health insurance market. Each segment derives revenue from the collection of premiums, as well as from investment income. The Company’s strategy is to focus on well-defined geographic,
demographic and/or product niches within the insurance marketplace. Substantially all revenue other than that in the corporate and other segment is from external sources.
The Company adopted ASU No. 2023-07, Segment Reporting- An Amendment for Improvements to Reportable Segment Disclosures (Topic 280) in December 2024. The most significant provision was for the
Company to disclose significant segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”). The Company’s CODM is the Chairman, President and Chief Executive Officer. The segment’s most significant expenses include
insurance benefits and losses incurred and other expenses, such as commissions and underwriting. Interest expense at the segment level is insignificant. To assess profitability on a reportable segment basis, the CODM reviews income (loss) before
income taxes.
The following sets forth the assets, revenue and income (loss) before income taxes for each business unit as of and for the periods ended 2025 and 2024.
|
Assets
|
|
June 30,
2025
|
|
|
December 31,
2024
|
|
|
American Southern
|
|
$
|
174,390 |
|
|
$
|
147,214 |
|
|
Bankers Fidelity
|
|
|
222,696 |
|
|
|
210,819 |
|
|
Corporate, Other and Eliminations
|
|
|
32,253 |
|
|
|
35,395 |
|
|
Total assets
|
|
$
|
429,339 |
|
|
$
|
393,428 |
|
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
Revenues
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
American Southern
|
|
$
|
22,232 |
|
|
$
|
18,526 |
|
|
$
|
41,653 |
|
|
$
|
37,384 |
|
|
Bankers Fidelity
|
|
|
33,092 |
|
|
|
29,203 |
|
|
|
63,590 |
|
|
|
57,374 |
|
|
Corporate, Other and Eliminations
|
|
|
(34 |
)
|
|
|
(61 |
)
|
|
|
172 |
|
|
|
(93 |
)
|
|
Total revenue
|
|
$
|
55,290 |
|
|
$
|
47,668 |
|
|
$
|
105,415 |
|
|
$
|
94,665 |
|
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
Insurance benefits and losses incurred
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
American Southern
|
|
$
|
16,013 |
|
|
$
|
14,228 |
|
|
$
|
30,610 |
|
|
$
|
27,041 |
|
|
Bankers Fidelity
|
|
|
17,634 |
|
|
|
17,579 |
|
|
|
34,950 |
|
|
|
36,691 |
|
|
Corporate, Other and Eliminations
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Total insurance benefits and losses incurred
|
|
$
|
33,647 |
|
|
$
|
31,807 |
|
|
$
|
65,560 |
|
|
$
|
63,732 |
|
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
Commissions and underwriting
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
American Southern
|
|
$
|
5,311 |
|
|
$
|
3,511 |
|
|
$
|
9,416 |
|
|
$
|
8,018 |
|
|
Bankers Fidelity
|
|
|
9,588 |
|
|
|
10,430 |
|
|
|
20,333 |
|
|
|
20,776 |
|
|
Corporate, Other and Eliminations
|
|
|
(2,029 |
)
|
|
|
(2,357 |
)
|
|
|
(5,199 |
)
|
|
|
(4,544 |
)
|
|
Total commissions and underwriting
|
|
$
|
12,870 |
|
|
$
|
11,584 |
|
|
$
|
24,550 |
|
|
$
|
24,250 |
|
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
|
Income (loss) Before Income Taxes
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
|
American Southern
|
|
$
|
875 |
|
|
$
|
751 |
|
|
$
|
1,560 |
|
|
$
|
2,258 |
|
|
Bankers Fidelity
|
|
|
5,870 |
|
|
|
1,195 |
|
|
|
8,307 |
|
|
|
(92 |
)
|
|
Corporate, Other and Eliminations
|
|
|
(2,529 |
)
|
|
|
(2,795 |
)
|
|
|
(4,616 |
)
|
|
|
(5,521 |
)
|
|
Income (loss) before income taxes
|
|
$
|
4,216 |
|
|
$
|
(849 |
)
|
|
$
|
5,251 |
|
|
$
|
(3,355 |
)
|
|