American Financial Group, Inc. Announces Third Quarter Results and Declares Special Dividend
American Financial Group (AFG) reported third quarter 2024 net earnings of $181 million ($2.16 per share), compared to $177 million ($2.09 per share) in Q3 2023. Core net operating earnings were $194 million ($2.31 per share), down from $208 million ($2.45 per share) in Q3 2023. The decrease was primarily due to higher catastrophe losses from Hurricane Helene and lower favorable prior year reserve development. The company achieved an annualized core operating return of 16%. The Board declared a special dividend of $4.00 per share, payable November 26, 2024. Third quarter gross and net written premiums increased 19% and 14% respectively, driven by the Crop Risk Services acquisition.
American Financial Group (AFG) ha riportato utili netti di $181 milioni nel terzo trimestre del 2024 ($2,16 per azione), rispetto a $177 milioni ($2,09 per azione) nel terzo trimestre del 2023. Gli utili operativi netti core sono stati di $194 milioni ($2,31 per azione), in calo rispetto a $208 milioni ($2,45 per azione) nel terzo trimestre del 2023. La diminuzione è stata principalmente dovuta a maggiori perdite da catastrofi a causa dell'uragano Helene e a uno sviluppo delle riserve dell'anno precedente meno favorevole. L'azienda ha raggiunto un ritorno operativo core annualizzato del 16%. Il Consiglio ha dichiarato un dividendo straordinario di $4,00 per azione, pagabile il 26 novembre 2024. I premi lordi e netti scritti del terzo trimestre sono aumentati rispettivamente del 19% e del 14%, sostenuti dall'acquisizione dei Crop Risk Services.
American Financial Group (AFG) reportó ganancias netas de $181 millones en el tercer trimestre de 2024 ($2,16 por acción), en comparación con $177 millones ($2,09 por acción) en el tercer trimestre de 2023. Las ganancias operativas netas básicas fueron de $194 millones ($2,31 por acción), disminuyendo desde $208 millones ($2,45 por acción) en el tercer trimestre de 2023. La disminución se debió principalmente a mayores pérdidas por catástrofes debido al huracán Helene y al menor desarrollo favorable de reservas del año anterior. La compañía logró un retorno operativo básico anualizado del 16%. La Junta declaró un dividendo especial de $4,00 por acción, pagadero el 26 de noviembre de 2024. Los premios brutos y netos escritos del tercer trimestre aumentaron un 19% y un 14% respectivamente, impulsados por la adquisición de Crop Risk Services.
American Financial Group (AFG)는 2024년 3분기 순이익이 1억 8,100만 달러(주당 2.16달러)로 2023년 3분기 1억 7,700만 달러(주당 2.09달러)와 비교되었다고 보고했습니다. 핵심 운영 순이익은 1억 9,400만 달러(주당 2.31달러)로 2023년 3분기 2억 800만 달러(주당 2.45달러)에서 감소했습니다. 이 감소는 주로 헬레네 허리케인으로 인한 높은 재난 손실과 이전 연도의 유리한 준비금 개발 감소 때문이었습니다. 회사는 연간화된 핵심 운영 수익률 16%를 달성했습니다. 이사회는 주당 4.00달러의 특별 배당금을 선언했으며, 2024년 11월 26일에 지급될 예정입니다. 3분기 총 및 순 보장된 보험료는 각각 19%와 14% 증가했으며, 이는 농작물 위험 서비스 인수에 의해 촉진되었습니다.
American Financial Group (AFG) a rapporté un bénéfice net de 181 millions de dollars au troisième trimestre 2024 (2,16 dollars par action), contre 177 millions de dollars (2,09 dollars par action) au T3 2023. Les bénéfices opérationnels nets de base ont été de 194 millions de dollars (2,31 dollars par action), en baisse par rapport à 208 millions de dollars (2,45 dollars par action) au T3 2023. La diminution était principalement due à des pertes catastrophiques plus élevées dues à l'ouragan Helene et à un développement de réserves antérieures moins favorable. L'entreprise a réalisé un retour opérationnel de base annualisé de 16%. Le Conseil a déclaré un dividende spécial de 4,00 dollars par action, payable le 26 novembre 2024. Les primes brutes et nettes souscrites au troisième trimestre ont augmenté de 19 % et 14 % respectivement, soutenues par l'acquisition de Crop Risk Services.
American Financial Group (AFG) berichtete im dritten Quartal 2024 von einem Nettogewinn von 181 Millionen Dollar (2,16 Dollar pro Aktie) im Vergleich zu 177 Millionen Dollar (2,09 Dollar pro Aktie) im dritten Quartal 2023. Die grundlegenden operativen Nettoerträge betrugen 194 Millionen Dollar (2,31 Dollar pro Aktie) und sanken von 208 Millionen Dollar (2,45 Dollar pro Aktie) im dritten Quartal 2023. Der Rückgang war hauptsächlich auf höhere Katastrophenschäden durch den Hurrikan Helene und eine geringere positive Entwicklung früherer Rücklagen zurückzuführen. Das Unternehmen erzielte eine annualisierte Kernbetriebsrendite von 16%. Der Vorstand erklärte eine sonstige Dividende von 4,00 Dollar pro Aktie, zahlbar am 26. November 2024. Die Brutto- und Nettoprämien im dritten Quartal stiegen um 19% bzw. 14%, getrieben durch die Akquisition von Crop Risk Services.
- Net earnings increased to $181 million from $177 million year-over-year
- Strong annualized core operating return of 16.2%
- 19% increase in gross written premiums and 14% in net written premiums
- P&C net investment income increased by 15% year-over-year
- Special dividend of $4.00 per share declared
- Average renewal pricing up 8% excluding workers' compensation
- Core net operating earnings decreased to $194M from $208M year-over-year
- Higher catastrophe losses of $90M primarily from Hurricane Helene
- Combined ratio increased to 94.3% from 92.2% year-over-year
- Lower favorable prior year reserve development (0.8 points vs 2.3 points)
Insights
A strong Q3 2024 earnings report with mixed signals. Core net operating earnings of
Key positives include
The
The P&C segment shows underlying strength despite increased catastrophe losses. Notable is the strategic premium growth across segments, particularly in Property and Transportation (
The favorable pricing environment continues with renewal rates outpacing loss cost trends. Strong A&E reserve ratios at 21.1 times paid losses significantly outperform industry averages, indicating conservative reserving practices. The stable reserve development and no changes needed in the A&E review demonstrate solid underwriting discipline.
Hurricane Milton's estimated
-
Net earnings per share of
; includes ($2.16 ) per share in after-tax non-core items$0.15 -
Core net operating earnings
per share$2.31 -
Third quarter annualized ROE of
15.2% ; core operating ROE of16.2% -
Overall average renewal rate increases excluding workers’ compensation of
8% -
Board of Directors declares
per share special dividend, payable November 26, 2024$4.00
Core net operating earnings were
|
Three Months Ended September 30, |
|||||||||||||||||
Components of Pretax Core Operating Earnings |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
||||||||||||
In millions, except per share amounts |
Before Impact of |
Alternative |
Core Net Operating |
|||||||||||||||
|
Alternative Investments |
Investments |
Earnings, as reported |
|||||||||||||||
|
||||||||||||||||||
P&C Pretax Core Operating Earnings |
$ |
255 |
|
$ |
273 |
|
$ |
36 |
$ |
25 |
$ |
291 |
|
$ |
298 |
|
||
Other expenses |
|
(27 |
) |
|
(22 |
) |
|
- |
|
|
- |
|
|
(27 |
) |
|
(22 |
) |
Holding company interest expense |
|
(19 |
) |
|
(19 |
) |
|
- |
|
|
- |
|
|
(19 |
) |
|
(19 |
) |
Pretax Core Operating Earnings |
|
209 |
|
|
232 |
|
|
36 |
|
|
25 |
|
|
245 |
|
|
257 |
|
Related provision for income taxes |
|
43 |
|
|
44 |
|
|
8 |
|
|
5 |
|
|
51 |
|
|
49 |
|
Core Net Operating Earnings |
$ |
166 |
|
$ |
188 |
|
$ |
28 |
|
$ |
20 |
|
$ |
194 |
|
$ |
208 |
|
|
|
|
|
|
|
|
||||||||||||
Core Operating Earnings Per Share |
$ |
1.98 |
|
$ |
2.21 |
|
$ |
0.33 |
|
$ |
0.24 |
|
$ |
2.31 |
|
$ |
2.45 |
|
|
|
|
|
|
|
|
||||||||||||
Weighted Avg Diluted Shares Outstanding |
|
83.9 |
|
|
84.7 |
|
|
83.9 |
|
|
84.7 |
|
|
83.9 |
|
|
84.7 |
|
AFG’s book value per share was
Book value per share excluding AOCI was
AFG’s net earnings, determined in accordance with
In millions, except per share amounts |
Three months ended
|
Nine months ended
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Components of net earnings: |
|
|
|
|||||||||
Core operating earnings before income taxes |
$ |
245 |
|
$ |
257 |
|
$ |
808 |
|
$ |
823 |
|
Pretax non-core items: |
|
|
|
|
||||||||
Realized gains (losses) |
|
(2 |
) |
|
(23 |
) |
|
10 |
|
|
(71 |
) |
Gain on retirement of debt |
|
- |
|
|
- |
|
|
- |
|
|
1 |
|
Special A&E charges |
|
(14 |
) |
|
(15 |
) |
|
(14 |
) |
|
(15 |
) |
Earnings before income taxes |
|
229 |
|
|
219 |
|
|
804 |
|
|
738 |
|
Provision (credit) for income taxes: |
|
|
|
|
||||||||
Core operating earnings |
|
51 |
|
|
49 |
|
|
168 |
|
|
166 |
|
Non-core items |
|
(3 |
) |
|
(7 |
) |
|
4 |
|
|
(17 |
) |
Total provision for income taxes |
|
48 |
|
|
42 |
|
|
172 |
|
|
149 |
|
Net earnings |
$ |
181 |
|
$ |
177 |
|
$ |
632 |
|
$ |
589 |
|
|
|
|
|
|
||||||||
Net earnings: |
|
|
|
|
||||||||
Core net operating earnings(a) |
$ |
194 |
|
$ |
208 |
|
$ |
640 |
|
$ |
657 |
|
Non-core items: |
|
|
|
|
||||||||
Realized gains (losses) |
|
(2 |
) |
|
(19 |
) |
|
3 |
|
|
(57 |
) |
Gain on retirement of debt |
|
- |
|
|
- |
|
|
- |
|
|
1 |
|
Special A&E charges |
|
(11 |
) |
|
(12 |
) |
|
(11 |
) |
|
(12 |
) |
Net earnings |
$ |
181 |
|
$ |
177 |
|
$ |
632 |
|
$ |
589 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Components of earnings per share: |
||||||||||||
Core net operating earnings(a) |
$ |
2.31 |
|
$ |
2.45 |
|
$ |
7.63 |
|
$ |
7.72 |
|
Non-core Items: |
|
|
|
|
||||||||
Realized gains (losses) |
|
(0.02 |
) |
|
(0.21 |
) |
|
0.04 |
|
|
(0.65 |
) |
Gain on retirement of debt |
|
- |
|
|
- |
|
|
- |
|
|
0.01 |
|
Special A&E charges |
|
(0.13 |
) |
|
(0.15 |
) |
|
(0.13 |
) |
|
(0.15 |
) |
Diluted net earnings per share |
$ |
2.16 |
|
$ |
2.09 |
|
$ |
7.54 |
|
$ |
6.93 |
|
|
||||||||||||
Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release. |
The Company also announced today that its Board of Directors has declared a special cash dividend of
S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased with AFG’s performance during the third quarter. We achieved an annualized core operating return of
Messrs. Lindner continued, “AFG continued to have significant excess capital at September 30, 2024. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our excess capital will be deployed into AFG’s core businesses as we identify potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds.”
Specialty Property and Casualty Insurance Operations
The Specialty P&C insurance operations reported underwriting profit of
The third quarter 2024 combined ratio was
Third quarter 2024 gross and net written premiums were up
Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately
The Property and Transportation Group reported 2024 third quarter underwriting profit of
Third quarter 2024 gross and net written premiums in this group were
The Specialty Casualty Group reported 2024 third quarter underwriting profit of
Third quarter 2024 gross and net written premiums increased
The Specialty Financial Group reported an underwriting profit of
Third quarter 2024 gross and net written premiums in this group were up
Carl Lindner III stated, "Although catastrophe losses, specifically Hurricane Helene, impacted our third quarter operating earnings in our P&C Segment, nearly all of our Specialty P&C businesses are meeting or exceeding targeted returns, and we continue to feel confident about the strength of our reserves. Our third quarter results also reflect an element of seasonality, as most of our crop insurance premiums are recorded in AFG’s third quarter. This business is booked at a more conservative combined ratio until the fourth quarter when we have a better view of profitability for the year. Based on what we know at this time, we are optimistic about an above average crop year. I’m pleased that we continued to grow our Specialty P&C businesses through increasing exposures, new business opportunities, and a continued overall favorable pricing environment.”
Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules and in our Quarterly Investor Supplement, which is posted on our website.
A&E Reserves
As in prior years, during the third quarter, AFG conducted an in-depth comprehensive review of its asbestos and environmental (A&E) exposures relating to the run-off operations of its P&C Group. During the 2024 review, no new trends were identified, and recent claims activity was generally consistent with our expectations resulting from our in-depth reviews in the prior three years, and our most recent external study in 2020. As a result, and consistent with the internal review in the third quarter of 2023, the 2024 review resulted in no net change to the P&C Group’s A&E reserves.
At September 30, 2024, the P&C Group’s insurance reserves include A&E reserves of
The 2024 in-depth comprehensive review also encompassed reserves for asbestos and environmental exposures of our former railroad and manufacturing operations. As a result of the review, AFG recorded a special non-core A&E charge to increase its liabilities for environmental exposures by
Investments
Net Investment Income – For the quarter ended September 30, 2024, property and casualty net investment income was approximately
Non-Core Net Realized Gains (Losses) – AFG recorded third quarter 2024 net realized losses of
After-tax unrealized losses related to fixed maturities were
More information about the components of our investment portfolio may be found in our Quarterly Investor Supplement, which is posted on our website.
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based in
Forward Looking Statements
This press release, and any related oral statements, contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions, and projections. Examples of such forward-looking statements include statements relating to: the Company's expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases or special dividends; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.
Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: the risks and uncertainties AFG describes in the “Risk Factors” section of its most recent Annual Report on Form 10-K, as updated by its other reports filed with the Securities and Exchange Commission; changes in financial, political and economic conditions, including changes in interest and inflation rates, currency fluctuations and extended economic recessions or expansions in the
The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.
Conference Call
The Company will hold a conference call to discuss 2024 third quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, November 6, 2024. Simplified event registration and access provides two ways to access the call.
Participants should register for the call here now, or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique PIN to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.
The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click the following link: https://www.afginc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at www.AFGinc.com.
A replay of the webcast will be available via the same link on our website approximately two hours after the completion of the call.
Websites:
www.AFGinc.com
www.GreatAmericanInsuranceGroup.com
(Financial summaries follow)
This earnings release and AFG’s Quarterly Investor Supplement are available in the Investor Relations section of AFG’s website: www.AFGinc.com.
AMERICAN FINANCIAL GROUP, INC., AND SUBSIDIARIES |
||||||||||||
SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA |
||||||||||||
(In Millions, Except Per Share Data) |
||||||||||||
|
Three months ended
|
Nine months ended
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
||||||||
P&C insurance net earned premiums |
$ |
2,055 |
|
$ |
1,855 |
|
$ |
5,186 |
|
$ |
4,799 |
|
Net investment income |
|
200 |
|
|
168 |
|
|
586 |
|
|
583 |
|
Realized gains (losses) on: |
|
|
|
|
||||||||
Securities |
|
(2 |
) |
|
(19 |
) |
|
10 |
|
|
(67 |
) |
Subsidiaries |
|
- |
|
|
(4 |
) |
|
- |
|
|
(4 |
) |
Income of managed investment entities: |
|
|
|
|
||||||||
Investment income |
|
99 |
|
|
105 |
|
|
296 |
|
|
321 |
|
Gain (loss) on change in fair value of |
|
|
|
|
||||||||
assets/liabilities |
|
(9 |
) |
|
16 |
|
|
5 |
|
12 |
|
|
Other income |
|
26 |
|
|
43 |
|
|
92 |
|
|
100 |
|
Total revenues |
|
2,369 |
|
|
2,164 |
|
|
6,175 |
|
|
5,744 |
|
|
|
|
||||||||||
Costs and expenses |
|
|
|
|||||||||
P&C insurance losses & expenses |
|
1,948 |
|
|
1,736 |
|
|
4,806 |
|
|
4,419 |
|
Interest charges on borrowed money |
|
19 |
|
|
19 |
|
|
57 |
|
|
57 |
|
Expenses of managed investment entities |
|
85 |
|
|
105 |
|
|
267 |
|
|
303 |
|
Other expenses |
|
88 |
|
|
85 |
|
|
241 |
|
|
227 |
|
Total costs and expenses |
|
2,140 |
|
|
1,945 |
|
|
5,371 |
|
|
5,006 |
|
|
|
|||||||||||
Earnings before income taxes |
|
229 |
|
|
219 |
|
|
804 |
|
|
738 |
|
Provision for income taxes |
|
48 |
|
|
42 |
|
|
172 |
|
|
149 |
|
|
|
|
|
|
||||||||
Net earnings |
$ |
181 |
|
$ |
177 |
|
$ |
632 |
|
$ |
589 |
|
|
|
|
|
|
||||||||
Diluted earnings per common share |
$ |
2.16 |
|
$ |
2.09 |
|
$ |
7.54 |
|
$ |
6.93 |
|
|
|
|
|
|
||||||||
Average number of diluted shares |
|
83.9 |
|
|
84.7 |
|
|
83.9 |
|
|
85.1 |
|
|
Selected Balance Sheet Data: |
September 30, 2024 |
December 31, 2023 |
||||
Total cash and investments |
$ |
15,741 |
$ |
15,263 |
||
Long-term debt |
$ |
1,475 |
|
$ |
1,475 |
|
|
|
|
||||
Shareholders’ equity(b) |
$ |
4,708 |
|
$ |
4,258 |
|
Shareholders’ equity (excluding AOCI) |
$ |
4,844 |
|
$ |
4,577 |
|
|
|
|
||||
Book value per share(b) |
$ |
56.10 |
|
$ |
50.91 |
|
Book value per share (excluding AOCI) |
$ |
57.71 |
|
$ |
54.72 |
|
|
|
|
||||
Common Shares Outstanding |
|
83.9 |
|
|
83.6 |
|
Footnote (b) is contained in the accompanying Notes to Financial Schedules at the end of this release. |
AMERICAN FINANCIAL GROUP, INC. |
||||||||||||||||
SPECIALTY P&C OPERATIONS |
||||||||||||||||
(Dollars in Millions) |
||||||||||||||||
|
Three months ended September 30, |
Pct. Change |
Nine months ended September 30, |
Pct. Change |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
|
2024 |
|
|
2023 |
|
|
||
|
|
|
|
|
|
|
||||||||||
Gross written premiums |
$ |
3,748 |
|
$ |
3,140 |
|
19 |
% |
$ |
8,490 |
|
$ |
7,664 |
|
11 |
% |
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
||||||||||
Net written premiums |
$ |
2,353 |
|
$ |
2,061 |
|
14 |
% |
$ |
5,679 |
|
$ |
5,247 |
|
8 |
% |
|
|
|
|
|
|
|
||||||||||
Ratios (GAAP): |
|
|
|
|
|
|
||||||||||
Loss & LAE ratio |
|
69.5 |
% |
|
66.7 |
% |
|
|
63.1 |
% |
|
61.8 |
% |
|
||
Underwriting expense ratio |
|
24.8 |
% |
|
25.5 |
% |
|
|
28.8 |
% |
|
29.5 |
% |
|
||
|
|
|
|
|
|
|
||||||||||
Specialty Combined Ratio |
|
94.3 |
% |
|
92.2 |
% |
|
|
91.9 |
% |
|
91.3 |
% |
|
||
|
|
|
|
|
|
|
||||||||||
Combined Ratio – P&C Segment |
|
94.4 |
% |
|
92.3 |
% |
|
|
91.9 |
% |
|
91.3 |
% |
|
||
|
|
|
|
|
|
|
||||||||||
Supplemental Information:(c) |
|
|
|
|
|
|
||||||||||
Gross Written Premiums: |
|
|
|
|
|
|
||||||||||
Property & Transportation |
$ |
2,107 |
|
$ |
1,592 |
|
32 |
% |
$ |
4,150 |
|
$ |
3,523 |
|
18 |
% |
Specialty Casualty |
|
1,297 |
|
|
1,226 |
|
6 |
% |
|
3,417 |
|
|
3,299 |
|
4 |
% |
Specialty Financial |
|
344 |
|
|
322 |
|
7 |
% |
|
923 |
|
|
842 |
|
10 |
% |
|
$ |
3,748 |
|
$ |
3,140 |
|
19 |
% |
$ |
8,490 |
|
$ |
7,664 |
|
11 |
% |
|
|
|
|
|
|
|
||||||||||
Net Written Premiums: |
|
|
|
|
|
|
||||||||||
Property & Transportation |
$ |
1,140 |
|
$ |
905 |
|
26 |
% |
$ |
2,412 |
|
$ |
2,125 |
|
14 |
% |
Specialty Casualty |
|
863 |
|
|
829 |
|
4 |
% |
|
2,318 |
|
|
2,244 |
|
3 |
% |
Specialty Financial |
|
284 |
|
|
261 |
|
9 |
% |
|
766 |
|
|
685 |
|
12 |
% |
Other |
|
66 |
|
|
66 |
|
- |
|
|
183 |
|
|
193 |
|
(5 |
%) |
|
$ |
2,353 |
|
$ |
2,061 |
|
14 |
% |
$ |
5,679 |
|
$ |
5,247 |
|
8 |
% |
|
|
|
|
|
|
|
||||||||||
Combined Ratio (GAAP): |
|
|
|
|
|
|
||||||||||
Property & Transportation |
|
96.5 |
% |
|
94.8 |
% |
|
|
93.6 |
% |
|
93.6 |
% |
|
||
Specialty Casualty |
|
90.0 |
% |
|
89.4 |
% |
|
|
88.4 |
% |
|
87.8 |
% |
|
||
Specialty Financial |
|
91.9 |
% |
|
87.6 |
% |
|
|
89.4 |
% |
|
89.6 |
% |
|
||
|
|
|
|
|
|
|
||||||||||
Aggregate Specialty Group |
|
94.3 |
% |
|
92.2 |
% |
|
|
91.9 |
% |
|
91.3 |
% |
|
||
|
|
Three months ended September 30, |
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||
Reserve Development (Favorable)/Adverse: |
|
|
|
|||||||||||
Property & Transportation |
$ |
(15 |
) |
$ |
(14 |
) |
$ |
(91 |
) |
$ |
(72 |
) |
||
Specialty Casualty |
|
(4 |
) |
|
(22 |
) |
|
(46 |
) |
|
(73 |
) |
||
Specialty Financial |
|
(9 |
) |
|
(10 |
) |
|
(3 |
) |
|
(24 |
) |
||
Other Specialty |
|
11 |
|
|
2 |
|
|
36 |
|
|
- |
|
||
Specialty Group |
|
(17 |
) |
|
(44 |
) |
|
(104 |
) |
|
(169 |
) |
||
Other |
|
2 |
|
|
1 |
|
|
4 |
|
|
1 |
|
||
Total Reserve Development |
$ |
(15 |
) |
$ |
(43 |
) |
$ |
(100 |
) |
$ |
(168 |
) |
||
|
||||||||||||||
Points on Combined Ratio: |
|
|
|
|||||||||||
Property & Transportation |
|
(1.5 |
) |
|
(1.7 |
) |
|
(4.4 |
) |
|
(3.9 |
) |
||
Specialty Casualty |
|
(0.6 |
) |
|
(2.9 |
) |
|
(2.1 |
) |
|
(3.4 |
) |
||
Specialty Financial |
|
(3.4 |
) |
|
(4.2 |
) |
|
(0.4 |
) |
|
(3.8 |
) |
||
|
|
|
|
|
||||||||||
Aggregate Specialty Group |
|
(0.8 |
) |
|
(2.3 |
) |
|
(2.0 |
) |
|
(3.5 |
) |
||
Total P&C Segment |
|
(0.7 |
) |
|
(2.3 |
) |
|
(1.9 |
) |
|
(3.5 |
) |
||
Footnote (c) is contained in the accompanying Notes to Financial Schedules at the end of this release. |
AMERICAN FINANCIAL GROUP, INC. |
|||||||||||||
Notes to Financial Schedules |
|||||||||||||
|
|||||||||||||
a) |
Components of core net operating earnings (dollars in millions): |
||||||||||||
|
|
Three months ended September 30, |
Nine months ended September 30, |
||||||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Core Operating Earnings before Income Taxes: |
|
|
|
||||||||||
P&C insurance segment | $ |
291 |
|
$ |
298 |
|
$ |
950 |
|
$ |
947 |
|
|
Interest and other corporate expenses |
|
(46 |
) |
|
(41 |
) |
|
(142 |
) |
|
(124 |
) |
|
|
|
|
|
|
|
||||||||
Core operating earnings before income taxes |
|
245 |
|
|
257 |
|
|
808 |
|
|
823 |
|
|
Related income taxes |
|
51 |
|
|
49 |
|
|
168 |
|
|
166 |
|
|
|
|
||||||||||||
Core net operating earnings | $ |
194 |
|
$ |
208 |
|
$ |
640 |
|
$ |
657 |
|
|
|
|||||||||||||
b) |
Shareholders’ Equity at September 30, 2024, includes ( |
||||||||||||
|
|||||||||||||
c) |
Supplemental Notes:
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241105358592/en/
Diane P. Weidner, IRC, CPA (inactive)
Vice President – Investor & Media Relations
513-369-5713
Source: American Financial Group, Inc.
FAQ
What was AFG's earnings per share in Q3 2024?
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