American Financial Group, Inc. - AFG STOCK NEWS

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.

American Financial Group (NYSE: AFG) announced its plan to redeem all outstanding 6% Subordinated Debentures due 2055, totaling $150 million. The redemption is set for November 15, 2020, at 100% of the principal amount plus accrued interest. This decision aims to streamline financial obligations and improve capital management. More details are available in the notice sent to debenture holders.

American Financial Group (NYSE: AFG) will release its 2020 third quarter results on October 28, 2020, after 5:00 p.m. ET, with the information available on its website. A conference call to discuss these results is scheduled for October 29, 2020, at 11:30 a.m. ET, accessible by telephone or via the internet. The company, based in Cincinnati, Ohio, manages around $70 billion in assets and primarily engages in property and casualty insurance. The call will be recorded for later access until November 5, 2020.

American Financial Group (NYSE: AFG) has declared a regular dividend of $0.50 per share, marking an 11.1% increase over the previous annual rate. This dividend will be paid on October 26, 2020 to shareholders on record as of October 15, 2020. With approximately $70 billion in assets as of mid-2020, AFG operates primarily in property and casualty insurance, catering to specialized commercial markets.

The American Financial Group Board of Directors announced the death of board member Kenneth C. Ambrecht on September 25, 2020. Elected in 2005, he was influential on the Compensation and Corporate Governance Committees, bringing over 30 years of experience in U.S. capital markets. Co-CEOs S. Craig Lindner and Carl H. Lindner III praised Ambrecht's commitment and leadership. American Financial Group, based in Cincinnati, manages assets of approximately $70 billion as of June 30, 2020, focusing on property and casualty insurance and financial products.

American Financial Group (NYSE: AFG) has finalized an agreement to sell GAI Holding Bermuda, which includes its Lloyd's of London insurer, Neon, to RiverStone Holdings. This sale marks AFG's exit from the Lloyd's insurance market. The transaction is expected to close in the fourth quarter of 2020 and will not materially impact AFG's ongoing operations. The move enables AFG to focus on its Specialty P&C businesses, redeploy capital, and enhance shareholder value.

SecurityScorecard announced a partnership with Great American Insurance Group to provide security ratings alongside cyber risk policies. This collaboration aims to enhance customer awareness of cybersecurity threats and provide tactical solutions for risk reduction. Great American clients will receive access to their SecurityScorecard Rating, which monitors their cyber defenses and identifies vulnerabilities. With over 1.4 million companies rated, SecurityScorecard is the leader in security ratings, offering insights into organizations' security postures.