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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                     FORM 5

               ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

    Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

[_]  Check box if no longer  subject to Section 16. Form 4 or Form 5 obligations
     may continue. See Instruction 1(b).

[_]  Form 3 Holdings Reported

[_]  Form 4 Transactions Reported

________________________________________________________________________________
1.   Name and Address of Reporting Person*

Howell, Jr.                          Hilton                    H.
--------------------------------------------------------------------------------
   (Last)                            (First)              (Middle)

4370 Peachtree Road, NE
--------------------------------------------------------------------------------
                                    (Street)

Atlanta                            Georgia                  30319-3000
--------------------------------------------------------------------------------
   (City)                            (State)                (Zip)
________________________________________________________________________________
2.   Issuer Name and Ticker or Trading Symbol

     Atlantic American Corporation - AAME

________________________________________________________________________________
3.   IRS Identification Number of Reporting Person, if an Entity (Voluntary)


________________________________________________________________________________
4.   Statement for Month/Year

     December, 2001
________________________________________________________________________________
5.   If Amendment, Date of Original (Month/Year)



________________________________________________________________________________
6.   Relationship of Reporting Person to Issuer
     (Check all applicable)

     [X]  Director                             [ ]  10% Owner
     [X]  Officer (give title below)           [ ]  Other (specify below)

               President & CEO
________________________________________________________________________________
7.   Individual or Joint/Group Filing
     (Check applicable line)

     [X]  Form filed by one Reporting Person
     [_]  Form filed by more than one Reporting Person
________________________________________________________________________________


================================================================================
           Table I -- Non-Derivative Securities Acquired, Disposed of,
                             or Beneficially Owned
================================================================================


                                                                                                 5.             6.
                                                                 4.                              Amount of      Owner-
                                                                 Securities Acquired (A) or      Securities     ship
                                                                 Disposed of (D)                 Beneficially   Form:     7.
                                                                 (Instr. 3, 4 and 5)             Owned at End   Direct    Nature of
                                      2.            3.           -----------------------------   of Issuer's    (D) or    Indirect
1.                                    Transaction   Transaction                  (A)             Fiscal Year    Indirect  Beneficial
Title of Security                     Date          Code             Amount      or     Price    (Instr. 3      (I)       Ownership
(Instr. 3)                            (mm/dd/yy)    (Instr. 8)                   (D)             and 4)         (Instr.4) (Instr. 4)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                  

Common Stock                                                                                    18,986            I    401(k)Plan(1)
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                           N/A                                                     164,000            D
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                           N/A                                                      39,025            I     By Spouse(2)
------------------------------------------------------------------------------------------------------------------------------------
Common Stock                           N/A                                                       6,720            I     3***
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================

*    If the form is filed by more than one  Reporting  Person,  see  Instruction
     4(b)(v).

Reminder:  Report on a separate line for each class of  securities  beneficially
owned directly or indirectly.


                                                                          (Over)
(Form 5-07/98)




FORM 5 (continued)

Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
         (e.g., puts, calls, warrants, options, convertible securities)

================================================================================


                                                                                                          9.        10.
                                                                                                          Number    Owner-
                                                                                                          of        ship
                    2.                                                                                    Deriv-    of
                    Conver-                    5.                              7.                         ative     Deriv-   11.
                    sion                       Number of                       Title and Amount           Secur-    ative    Nature
                    or                         Derivative    6.                of Underlying     8.       ities     Secur-   of
                    Exer-                      Securities    Date              Securities        Price    Bene-     ity:     In-
                    cise     3.                Acquired (A)  Exercisable and   (Instr. 3 and 4)  of       ficially  Direct   direct
                    Price    Trans-   4.       or Disposed   Expiration Date   ----------------  Deriv-   Owned     (D) or   Bene-
1.                  of       action   Trans-   of (D)        (Month/Day/Year)            Amount  ative    at End    In-      ficial
Title of            Deriv-   Date     action   (Instr. 3,    ----------------            or      Secur-   of        direct   Owner-
Derivative          ative    (Month/  Code     4 and 5)      Date     Expira-            Number  ity      Year      (I)      ship
Security            Secur-   Day/     (Instr.  ------------  Exer-    tion               of      (Instr.  (Instr.   (Instr.  (Instr.
(Instr. 3)          ity      Year)    8)        (A)   (D)    cisable  Date     Title     Shares  5)       4)        4)       4)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                      

Employee Stock
Option            $1.25/sh  10/15/01   A(5)     50,000       10/15/01  10/15/11 Cmn. Stk.  50,000                    D
------------------------------------------------------------------------------------------------------------------------------------
Employee Stock
Option            $1.25/sh  10/15/01   A(5)     25,000       10/15/02  10/15/11 Cmn. Stk.  25,000                    D
------------------------------------------------------------------------------------------------------------------------------------
Employee Stock
Option            $1.25/sh  10/15/01   A(5)     25,000       10/15/03  10/15/11 Cmn. Stk.  25,000        300,000(4)  D
------------------------------------------------------------------------------------------------------------------------------------


------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------

====================================================================================================================================

Explanation of Responses:
1 The information herein is based on a plan statement as of December 31, 2001.
2 Joint by Son with Harriett J. Robinson.
3 Includes  1,025  shares held  directly by spouse;  6,000 shares held F/B/O
  daughter,  Alston Elizabeth Howell,  with spouse as Custodian;  7,000 shares
  held  F/B/O  son,  Hilton  Hatchett  Howell,  III,  with  spouse as Custodian;
  12,500  shares held F/B/O  daughter,  Anna Louise  Howell,  with spouse as
  Custodian;  and 12,500 shares held F/B/O  daughter,  Julia Bailey Howell, with
  spouse as Custodian.
4 Options granted pursuant to the Company's 1992 Incentive Plan at prices
  ranging from $1.25 to $3.75.
5 Option to buy 100,000 shares Common Stock, exempt under Rule 16b-3, of which
  50% were exercisable on 10/15/01; an additional 25% are excercisable 10/15/02;
  and the remaining 25% are exercisable on 10/15/03.  These options are granted
  under the Atlantic American Corporation 1992 Incentive Plan.


                                                                 02/12/02
---------------------------------------------            -----------------------
     Hilton H. Howell, Jr.                                        Date
     **Signature of Reporting Person

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations.

     See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:  File three copies of this form, one of which must be manually signed.
       If space provided is insufficient, see Instruction 6 for procedure.


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