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American Financial Group, Inc. (NYSE: AFG) is a premier insurance holding company headquartered in Cincinnati, Ohio. Through its principal subsidiary, Great American Insurance Group, AFG specializes in property and casualty insurance services, focusing on niche commercial products tailored for businesses. Established in 1872, Great American Insurance Group provides vital insurance coverage across all 50 states through a network of independent agents and brokers. Apart from property and casualty insurance, AFG also operates in the annuity market, offering traditional fixed and fixed-indexed annuities, particularly in the education, bank, and individual sectors.
Recent financial performance highlights include a third-quarter net earnings report of $177 million for 2023, reflecting a $2.09 earnings per share. Core net operating earnings rose to $2.45 per share, marking a significant 9% increase from the previous year. This robust performance was driven by higher net investment income, despite a slight decrease in underwriting profits within the Specialty Property and Casualty insurance operations.
AFG continues to show a strong annualized return on equity (ROE), with a third-quarter ROE of 15.7% and a core operating ROE of 18.3%. The company reported an overall 7% renewal rate increase, excluding workers’ compensation, and maintained its annual earnings guidance at $10.15 to $11.15 per share for the full year 2023. Additionally, AFG's Board of Directors declared a $1.50 per share special dividend, underscoring the company's commitment to returning value to its shareholders.
With significant excess capital and a strong balance sheet, AFG continues to pursue growth opportunities within its core insurance businesses while maintaining a prudent capital management strategy, including regular and special dividends and strategic share repurchases. The company's focus on specialization and deep market expertise positions it well for sustained growth and profitability in the competitive insurance landscape.
American Financial Group (NYSE: AFG) has agreed to sell its Annuity business to Massachusetts Mutual Life Insurance Company for $3.5 billion in cash. The deal, expected to close in Q2 2021, includes acquiring Great American Life Insurance Company and its subsidiaries, which held approximately $40 billion in annuity reserves as of December 31, 2020. AFG anticipates a gain of $620 million to $690 million after tax upon closing. The transaction aims to enhance AFG's capital management and operational focus, benefiting both firms and their stakeholders.
American Financial Group (NYSE: AFG) will announce its 2020 fourth quarter and full year results on February 3, 2021, after 5:00 p.m. ET. The results will be accessible on AFG's website. A conference call to discuss these results is scheduled for February 4, 2021, at 11:30 a.m. ET. Investors can participate via telephone or internet, with replays available until February 11, 2021. AFG is a Cincinnati-based insurance holding company with approximately $70 billion in assets as of September 30, 2020, focusing on property and casualty insurance and fixed annuities.
American Financial Group, Inc. (NYSE: AFG) announces the promotion of Robert (Bob) A. Dee to Assistant Vice President and Controller. With over 35 years at AFG, Dee will oversee accounting policies and ensure compliance with GAAP and SEC financial reporting. He holds a bachelor’s degree in accounting from Xavier University and is a Certified Public Accountant in Ohio. AFG, based in Cincinnati, has approximately $70 billion in assets as of September 30, 2020, and is primarily engaged in property and casualty insurance and the sale of traditional annuities.
American Financial Group (NYSE: AFG) has declared a regular dividend of $0.50 per share. This dividend is set to be paid on January 25, 2021, to shareholders on record by January 15, 2021. As of September 30, 2020, AFG reported approximately $70 billion in assets, primarily focusing on property and casualty insurance through Great American Insurance Group. The company has a longstanding history dating back to 1872, delivering specialized commercial products and annuity sales.
American Financial Group (NYSE: AFG) has elected Evans N. Nwankwo to its Board of Directors. With nearly 40 years in the commercial construction sector, Nwankwo is the Founder and President of Megen Construction Company, a leading builder in the region. His firm is recognized for its LEED Platinum certification and is a top minority-owned business in Greater Cincinnati. Nwankwo is also active in philanthropy, founding the NuWay Foundation to support health and education initiatives in Nigeria. AFG's Co-CEOs expressed that Nwankwo's unique perspective will enhance the board's risk management capabilities.
American Financial Group (NYSE: AFG) has declared a special cash dividend of $2.00 per share, payable on December 29, 2020, to holders of record on December 21, 2020. This one-time dividend totals approximately $174 million and supplements the regular quarterly dividend of $0.50 paid on October 26, 2020. The Co-CEOs emphasized that this decision is part of their capital management strategy and reflects the company's robust financial position.
American Financial Group (NYSE: AFG) will host a virtual investor meeting on November 18, 2020, at 2:30 p.m. ET. Co-CEOs Carl H. Lindner III and S. Craig Lindner, along with CFO Brian S. Hertzman, will present. Investors can access the materials via the Investor Relations page on AFG’s website, www.AFGinc.com, prior to the event. AFG, with approximately $73 billion in assets, primarily focuses on property and casualty insurance and annuities, operating under the Great American Insurance Group brand.
American Financial Group (NYSE: AFG) will participate in the virtual 2020 Morgan Stanley Insurance Corporate Access Day on November 10, 2020. Co-CEOs Carl H. Lindner III and S. Craig Lindner, along with CFO Brian S. Hertzman, will attend, although there will be no formal presentation. Investor materials will be available on the AFG Investor Relations page prior to the event. As of September 30, 2020, AFG, based in Cincinnati, Ohio, holds approximately $73 billion in assets and primarily focuses on property and casualty insurance and annuity sales.
American Financial Group (AFG) reported Q3 2020 net earnings of $164 million ($1.86 per share), up from $147 million ($1.62 per share) in Q3 2019. Core net operating earnings increased to $217 million ($2.45 per share), driven by higher underwriting profits in Specialty P&C insurance operations and improved alternative investments. AFG's excess capital at September 30, 2020, was approximately $1 billion, expected to rise to $1.2 billion post-reinsurance deals. Despite decreases in gross and net annuity premiums of 19%, Q3 sales surged over 25% from Q2 2020, indicating positive momentum.
American Financial Group (NYSE: AFG) has entered into a reinsurance agreement with Commonwealth Annuity and Life Insurance Company, ceding about $5.7 billion of traditional fixed and indexed annuities, which is approximately 15% of its inforce business. This agreement, effective October 1, 2020, is anticipated to enhance AFG's net interest spread on remaining annuity reserves of $34 billion and free up between $300 million and $325 million of statutory capital. AFG expects the deal to generate additional excess capital between $375 million and $400 million.
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