| Assets, Revenue Income (Loss) Before Income Taxes for Each Business Unit |
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.
Our Chief Operating Decision Maker (“CODM”) is the Company’s 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.
| |
|
For the Year Ended December 31, 2025 |
|
| |
|
American
Southern
|
|
|
Bankers
Fidelity
|
|
|
Corporate
& Other
|
|
|
Adjustments
& Eliminations
|
|
|
Consolidated
|
|
|
Insurance premiums, net
|
|
$
|
84,504 |
|
|
$
|
111,638 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
196,142 |
|
|
Insurance benefits and losses incurred
|
|
|
65,254 |
|
|
|
72,287 |
|
|
|
- |
|
|
|
- |
|
|
|
137,541 |
|
|
Future policy benefit remeasurement gain
|
|
|
- |
|
|
|
(4,866 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(4,866 |
)
|
|
Expenses deferred
|
|
|
(9,634 |
)
|
|
|
(10,298 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(19,932 |
)
|
|
Amortization and depreciation expense
|
|
|
10,108 |
|
|
|
3,058 |
|
|
|
89 |
|
|
|
- |
|
|
|
13,255 |
|
|
Other expenses
|
|
|
18,032 |
|
|
|
48,644 |
|
|
|
22,961 |
|
|
|
(12,916 |
)
|
|
|
76,721 |
|
|
Total expenses
|
|
|
83,760 |
|
|
|
108,825 |
|
|
|
23,050 |
|
|
|
(12,916 |
)
|
|
|
202,719 |
|
|
Underwriting income (loss)
|
|
|
744 |
|
|
|
2,813 |
|
|
|
- |
|
|
|
- |
|
|
|
3,557 |
|
|
Net investment income (loss)
|
|
|
4,357 |
|
|
|
5,818 |
|
|
|
3,314 |
|
|
|
(3,223 |
)
|
|
|
10,266 |
|
|
Other income (loss)
|
|
|
7 |
|
|
|
3 |
|
|
|
9,695 |
|
|
|
(9,693 |
)
|
|
|
12 |
|
|
Subtotal
|
|
|
5,108 |
|
|
|
8,634 |
|
|
|
(10,041 |
)
|
|
|
- |
|
|
|
3,701 |
|
|
Net realized gains (losses)
|
|
|
(475 |
)
|
|
|
4 |
|
|
|
- |
|
|
|
- |
|
|
|
(471 |
)
|
|
Unrealized gains on equity securities
|
|
|
85 |
|
|
|
4,238 |
|
|
|
168 |
|
|
|
- |
|
|
|
4,491 |
|
|
Income (loss) before income taxes
|
|
$
|
4,718 |
|
|
$
|
12,876 |
|
|
$
|
(9,873 |
)
|
|
$
|
- |
|
|
$
|
7,721 |
|
|
Total revenues
|
|
$
|
88,478 |
|
|
$
|
121,701 |
|
|
$
|
13,177 |
|
|
$
|
(12,916 |
)
|
|
$
|
210,440 |
|
|
Intangibles
|
|
$
|
1,350 |
|
|
$
|
1,194 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
2,544 |
|
|
Total assets
|
|
$
|
173,673 |
|
|
$
|
229,001 |
|
|
$
|
164,475 |
|
|
$
|
(133,212 |
)
|
|
$
|
433,937 |
|
| |
|
For the Year Ended December 31, 2024 (Restated)
|
|
| |
|
American
Southern
|
|
|
Bankers
Fidelity
|
|
|
Corporate
& Other
|
|
|
Adjustments
& Eliminations
|
|
|
Consolidated
|
|
|
Insurance premiums, net
|
|
$
|
67,689 |
|
|
$
|
110,899 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
178,588 |
|
|
Insurance benefits and losses incurred
|
|
|
55,767 |
|
|
|
68,311 |
|
|
|
- |
|
|
|
- |
|
|
|
124,078 |
|
|
Future policy benefit remeasurement gain
|
|
|
- |
|
|
|
(2,334 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(2,334 |
)
|
|
Expenses deferred
|
|
|
(8,498 |
)
|
|
|
(10,741 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(19,239 |
)
|
|
Amortization and depreciation expense
|
|
|
8,390 |
|
|
|
7,571 |
|
|
|
1 |
|
|
|
- |
|
|
|
15,962 |
|
|
Other expenses
|
|
|
15,673 |
|
|
|
45,351 |
|
|
|
23,357 |
|
|
|
(13,141 |
)
|
|
|
71,240 |
|
|
Total expenses
|
|
|
71,332 |
|
|
|
108,158 |
|
|
|
23,358 |
|
|
|
(13,141 |
)
|
|
|
189,707 |
|
|
Underwriting income (loss)
|
|
|
(3,643 |
)
|
|
|
2,741 |
|
|
|
- |
|
|
|
- |
|
|
|
(902 |
)
|
|
Net investment income (loss)
|
|
|
4,151 |
|
|
|
5,544 |
|
|
|
3,705 |
|
|
|
(3,609 |
)
|
|
|
9,791 |
|
|
Other income (loss)
|
|
|
5 |
|
|
|
5 |
|
|
|
9,531 |
|
|
|
(9,532 |
)
|
|
|
9 |
|
|
Subtotal
|
|
|
513 |
|
|
|
8,290 |
|
|
|
(10,122 |
)
|
|
|
- |
|
|
|
(1,319 |
)
|
|
Net realized gains
|
|
|
666 |
|
|
|
544 |
|
|
|
- |
|
|
|
- |
|
|
|
1,210 |
|
|
Unrealized losses on equity securities
|
|
|
(291 |
)
|
|
|
(1,039 |
)
|
|
|
(186 |
)
|
|
|
- |
|
|
|
(1,516 |
)
|
|
Income (loss) before income taxes
|
|
$
|
888 |
|
|
$
|
7,795 |
|
|
$
|
(10,308 |
)
|
|
$
|
- |
|
|
$
|
(1,625 |
)
|
|
Total revenues
|
|
$
|
72,220 |
|
|
$
|
115,953 |
|
|
$
|
13,050 |
|
|
$
|
(13,141 |
)
|
|
$
|
188,082 |
|
|
Intangibles
|
|
$
|
1,350 |
|
|
$
|
1,194 |
|
|
$
|
- |
|
|
$
|
- |
|
|
$
|
2,544 |
|
|
Total assets
|
|
$
|
147,214 |
|
|
$
|
202,751 |
|
|
$
|
156,964 |
|
|
$
|
(124,890 |
)
|
|
$
|
382,039 |
|
|