AAME ATLANTIC AMERICAN CORP

“Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred: 2025 2024 (Restated) Total incurred losses $ 124,119 $ 118,101 Cash surrender value and matured endowments 2,001 1,340”

“The following table presents the balances of and changes in the liability for future policy benefits as of and for the year ended December 31, 2024. 2024 (Restated) (Dollar amounts in thousands) Individual Life Group Life Medicare Supplement Other Individual Health Total”

“2025 2024 (Dollar amounts in thousands) (Restated) Individual life $ 42,411 $ 43,477 Group life 11,254 5,483 Medicare Supplement 9,617 8,478”

“ATLANTIC AMERICAN CORPORATION CONSOLIDATED BALANCE SHEETS December 31, 2025 2024 (Restated) (In thousands, except share and per share data) ASSETS Cash and cash equivalents $ 43,636 $ 35,570”

“As discussed in Item 9A, Controls and Procedures, management concluded that deficiencies in controls over enrollment information, policy-status maintenance, due-premium accounting, account reconciliations and related management review created a reasonable possibility that a material misstatement would not be prevented or detected on a timely basis. Management therefore concluded that these deficiencies, considered collectively, constituted a material weakness as of December 31, 2025.”

“Year Ended December 31, 2025 2024 (Restated) (In thousands) Gross earned premiums $ 179,872 $ 164,135 Ceded premiums (68,234 ) (53,236 ) Net earned premiums 111,638 110,899”

“Overall Corporate Results Year Ended December 31, 2025 2024 (Restated) (In thousands) Revenue Property and Casualty: American Southern $ 88,478 $ 72,220 Life and Health: Bankers Fidelity 121,701 115,953”

“As a result, the Company has revised its previously reported 2024 financial information to remove the affected receivables and premium revenue.”

“the allocation of Bankers Fidelity s net earned premiums from each of its principal product lines: Year Ended December 31, 2025 2024 (Restated) (In thousands) Group life $ 12,559 $ 14,270”

“Accordingly, certain amounts previously reported as of and for the year ended December 31, 2024 have been restated within this Form 10-K to conform with the current year accounting and presentation as a result of the Company s required adoption of LDTI.”

“the Company s management identified certain deficiencies in internal control over financial reporting that management has determined rise to the level of material weaknesses, and management has initiated changes designed to remediate those material weaknesses during the periods covered by the Delinquent Reports.”

“the Company was unable to file this Annual Report on Form 10-K for the year ended December 31, 2025 (this Form 10-K ), its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026, and its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 (collectively, the Delinquent Reports ), respectively, within the prescribed time periods”

“Following is a reconciliation of total incurred losses to total insurance benefits and losses incurred: 2025 2024 (Restated) Total incurred losses $ 124,119 $ 118,101 Cash surrender value and matured endowments 2,001 1,340”

“The following table presents the balances of and changes in the liability for future policy benefits as of and for the year ended December 31, 2024. 2024 (Restated) (Dollar amounts in thousands)”

“At and year ended December 31, 2024 (Restated) Reinsurance Recoverables, Net of Allowance for Expected Credit Losses Allowance for Expected Credit Losses Balance, beginning of period $ 23,953 $ 61”

“ATLANTIC AMERICAN CORPORATION CONSOLIDATED BALANCE SHEETS December 31, 2025 2024 (Restated) (In thousands, except share and per share data) ASSETS Cash and cash equivalents $ 43,636 $ 35,570”

“Management therefore concluded that these deficiencies, considered collectively, constituted a material weakness as of December 31, 2025.”

“Year Ended December 31, 2025 2024 (Restated) (In thousands) Gross earned premiums $ 179,872 $ 164,135 Ceded premiums (68,234 ) (53,236 ) Net earned premiums 111,638 110,899”

“Overall Corporate Results Year Ended December 31, 2025 2024 (Restated) (In thousands) Revenue Property and Casualty: American Southern $ 88,478 $ 72,220 Life and Health: Bankers Fidelity 121,701 115,953”

“As a result, the Company has revised its previously reported 2024 financial information to remove the affected receivables and premium revenue.”

“The following table summarizes, for the periods indicated, the allocation of Bankers Fidelity s net earned premiums from each of its principal product lines: Year Ended December 31, 2025 2024 (Restated) (In thousands) Group life $ 12,559 $ 14,270”

“Accordingly, certain amounts previously reported as of and for the year ended December 31, 2024 have been restated within this Form 10-K to conform with the current year accounting and presentation as a result of the Company s required adoption of LDTI.”

“In connection with the foregoing and the related evaluations of the Company s internal control over financial reporting, the Company s management identified certain deficiencies in internal control over financial reporting that management has determined rise to the level of material weaknesses, and management has initiated changes designed to remediate those material weaknesses during the periods covered by the Delinquent Reports.”

“As disclosed in Atlantic American Corporation s (the Company ) Form 12b-25 filed on April 1, 2026, Form 12b-25 filed with the Securities and Exchange Commission ( SEC ) on May 18, 2026 and Form 12b-25 filed on August 17, 2026, the Company was unable to file this Annual Report on Form 10-K for the year ended December 31, 2025”