American Financial Group, Inc. Announces First Quarter Results
American Financial Group reported Q1 2021 net earnings of $419 million ($4.84 per share), a significant rebound from a $301 million loss in Q1 2020. The results reflect $213 million in after-tax non-core items. AFG's discontinued annuity operations contributed $152 million ($1.76 per share) to earnings. Core net operating earnings rose to $206 million ($2.38 per share) from $125 million in Q1 2020. The company's book value per share reached $78.53 with an impressive 29.9% annualized return on equity.
- Net earnings of $419 million in Q1 2021, a turnaround from a $301 million loss in Q1 2020.
- Core net operating earnings increased to $206 million, up from $125 million year-over-year.
- Annualized return on equity of 29.9% for Q1 2021, compared to (23.1%) in Q1 2020.
- Book value per share improved to $78.53.
- Lower other property and casualty net investment income due to decreased short-term interest rates.
American Financial Group, Inc. (NYSE: AFG) today reported 2021 first quarter net earnings attributable to shareholders of
Core net operating earnings were
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Three Months Ended March 31, |
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Components of Pretax Core Operating Earnings |
2021 |
|
2020(a) |
|
2021 |
|
2020(a) |
|
2021 |
|
2020(a) |
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In millions, except per share amounts |
Before Impact of |
|
Alternative Investments |
|
Core Net Operating |
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|
Alternative Investments |
|
Investments, net of DAC |
|
Earnings, as reported |
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|
|
|
|
|
|
|
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P&C Pretax Core Operating Earnings |
$ |
211 |
|
$ |
178 |
|
$ |
77 |
$ |
3 |
|
$ |
288 |
|
$ |
181 |
|
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Real estate entities and other to be acquired from |
|
|
|
|
|
|
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Annuity operations |
|
(1 |
) |
|
- |
|
|
29 |
|
6 |
|
|
28 |
|
|
6 |
|
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Other expenses |
|
(34 |
) |
|
(17 |
) |
|
- |
|
- |
|
|
(34 |
) |
|
(17 |
) |
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Holding company interest expense |
|
(24 |
) |
|
(17 |
) |
|
- |
|
- |
|
|
(24 |
) |
|
(17 |
) |
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Pretax Core Operating Earnings |
|
152 |
|
|
144 |
|
|
106 |
|
9 |
|
|
258 |
|
|
153 |
|
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Related provision for income taxes |
|
30 |
|
|
26 |
|
|
22 |
|
2 |
|
|
52 |
|
|
28 |
|
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Core Net Operating Earnings |
$ |
122 |
|
$ |
118 |
|
$ |
84 |
$ |
7 |
$ |
206 |
|
$ |
125 |
|
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|
|
|
|
|
|
|
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Core Operating Earnings Per Share |
$ |
1.41 |
|
$ |
1.28 |
|
$ |
0.97 |
$ |
0.08 |
|
$ |
2.38 |
|
$ |
1.36 |
|
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|
|
|
|
|
|
|
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Weighted Avg Diluted Shares Outstanding |
|
86.6 |
|
|
91.1 |
|
|
86.6 |
|
91.1 |
|
|
86.6 |
|
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FAQ
What were American Financial Group's earnings for Q1 2021?
American Financial Group reported net earnings of $419 million ($4.84 per share) for Q1 2021.
How did AFG perform in Q1 2020 compared to Q1 2021?
In Q1 2020, AFG experienced a net loss of $301 million ($3.34 per share), contrasting sharply with the profit in Q1 2021.
What is AFG's core net operating earnings for Q1 2021?
Core net operating earnings for Q1 2021 amounted to $206 million ($2.38 per share).
What is AFG's annualized return on equity for Q1 2021?
The annualized return on equity for AFG in Q1 2021 was 29.9%.
What contributed to AFG's earnings in Q1 2021?
AFG's earnings in Q1 2021 were bolstered by $152 million from discontinued annuity operations and higher underwriting profits.
American Financial Group, Inc.
NYSE:AFGAFG RankingsAFG Latest NewsAFG Stock Data
11.58B
83.90M
17.86%
63.39%
1.18%
Insurance - Property & Casualty
Fire, Marine & Casualty Insurance
United States of America
CINCINNATI
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