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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 increased its annual common stock dividend by 12.7% to $3.20 per share, marking the nineteenth consecutive year of dividend increases. The new dividend will be paid quarterly at $0.80 per share starting in October 2024. AFG's ten-year compound annual growth rate in regular annual dividends is 12.4%.
Co-CEOs Carl H. Lindner III and S. Craig Lindner expressed confidence in AFG's financial condition, liquidity, and long-term growth prospects. The dividend increase is part of AFG's capital management strategy to return excess capital to shareholders.
AFG, based in Cincinnati, Ohio, is an insurance holding company primarily engaged in property and casualty insurance through its Great American Insurance Group subsidiary, which focuses on specialized commercial products for businesses.
American Financial Group (NYSE: AFG) reported second quarter 2024 net earnings of $209 million ($2.49 per share), compared to $200 million ($2.34 per share) in Q2 2023. Core net operating earnings were $215 million ($2.56 per share), up from $202 million ($2.38 per share) in Q2 2023. The company achieved an annualized ROE of 18.0% and a core operating ROE of 18.5%.
Key highlights include:
- Specialty P&C calendar year combined ratio improved 1.4 points YOY to 90.5%
- Average renewal rate increases excluding workers' compensation of 8%
- Book value per share was $52.25 at June 30, 2024
- AFG paid cash dividends of $0.71 per share during Q2
The company's strong performance was driven by higher P&C underwriting profit and increased net investment income due to higher interest rates.
American Financial Group (NYSE: AFG) has announced its conference call and webcast to discuss 2024 second quarter results. The company will release its results after 5:00 p.m. (ET) on Tuesday, August 6, 2024, followed by a conference call at 11:30 a.m. (ET) on Wednesday, August 7, 2024. Participants can access the call via telephone by registering online or through AFG's website. The call will also be broadcast live over the internet, with a replay available approximately two hours after completion.
AFG is a Cincinnati-based insurance holding company primarily engaged in property and casualty insurance through its Great American Insurance Group. The group specializes in commercial products for businesses and traces its roots back to 1872.
American Financial Group (NYSE: AFG) has declared a quarterly dividend of $0.71 per share of its Common Stock.
The dividend is scheduled for payment on July 25, 2024, to shareholders recorded by July 15, 2024.
American Financial Group (NYSE: AFG) has promoted JD Rogers to Vice President and Chief Information Security Officer. Rogers, who joined AFG in 2008, has led the Enterprise Information Security Group since 2013 and was previously Divisional Senior Vice President for Great American Insurance Group's property and casualty operations. His leadership has fostered an enterprise approach to risk management, emphasizing awareness and accountability. Rogers holds a B.S. in Computer Science from Northern Kentucky University, an M.S. in Information Systems from the University of Denver, and various cybersecurity certifications.
American Financial Group, Inc. reported a net earnings per share of $2.89 for the first quarter of 2024, including $0.13 per share from after-tax non-core items. The company achieved a first quarter annualized ROE of 21.2% and a core net operating earnings per share of $2.76. Additionally, there was an 8% growth in net written premiums, and the first quarter Specialty calendar year combined ratio was 90.1%. AFG's book value per share was $50.57 at the end of March 2024, with cash dividends of $3.21 per share paid during the first quarter. The company's growth in book value per share plus dividends for the first quarter was 5.6%.
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