AMERICAN FINANCIAL GROUP INC false 0001042046 0001042046 2024-11-05 2024-11-05 0001042046 us-gaap:CommonStockMember 2024-11-05 2024-11-05 0001042046 afg:Five875SubordinatedDebenturesDueMarch302059Member 2024-11-05 2024-11-05 0001042046 afg:Five125SubordinatedDebenturesDueDecember152059Member 2024-11-05 2024-11-05 0001042046 afg:Five625SubordinatedDebenturesDueJune12060Member 2024-11-05 2024-11-05 0001042046 afg:Four5SubordinatedDebenturesDueSeptember152060Member 2024-11-05 2024-11-05
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2024
AMERICAN FINANCIAL GROUP, INC.
(Exact name of registrant as specified in its charter)
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| Ohio |
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1-13653 |
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31-1544320 |
| (State or other jurisdiction |
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(Commission |
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(IRS Employer |
| of incorporation) |
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File Number) |
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Identification No.) |
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| 301 East Fourth Street, Cincinnati, OH |
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45202 |
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(Zip Code) |
Registrant’s telephone number, including area code: 513-579-2121
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
| Common Stock |
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AFG |
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New York Stock Exchange |
| 5.875% Subordinated Debentures due March 30, 2059 |
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AFGB |
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New York Stock Exchange |
| 5.125% Subordinated Debentures due December 15, 2059 |
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AFGC |
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New York Stock Exchange |
| 5.625% Subordinated Debentures due June 1, 2060 |
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AFGD |
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New York Stock Exchange |
| 4.5% Subordinated Debentures due September 15, 2060 |
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AFGE |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 - Financial Information
| Item 2.02 |
Results Of Operations And Financial Condition. |
Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the third quarter of 2024 and the availability of the Investor Supplement on the Company’s website. The press release was issued on November 5, 2024. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.
Section 8 – Other Events
In the press release referenced in Item 2.02 above, the Company also announced that its Board of Directors declared a special, one-time cash dividend of $4.00 per share of Company Common Stock. The dividend is payable on November 26, 2024 to holders of record on November 15, 2024.
The information under Item 2.02 and in Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Section 9 - Financial Statements and Exhibits
| Item 9.01 |
Financial Statements and Exhibits. |
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(a) |
Financial statements of business acquired. Not applicable. |
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(b) |
Pro forma financial information. Not applicable. |
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(c) |
Shell company transactions. Not applicable |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AMERICAN FINANCIAL GROUP, INC. |
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| Date: November 6, 2024 |
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By: |
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/s/ Joseph C. Alter |
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Joseph C. Alter |
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Vice President |
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Exhibit 99.1
American Financial Group, Inc. Announces Third Quarter Results and Declares Special Dividend
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Net earnings per share of $2.16; includes ($0.15) per share in
after-tax non-core items |
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Core net operating earnings $2.31 per share |
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Third quarter annualized ROE of 15.2%; core operating ROE of 16.2% |
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Overall average renewal rate increases excluding workers’ compensation of 8% |
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Board of Directors declares $4.00 per share special dividend, payable November 26, 2024
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CINCINNATI – November 5, 2024 – American Financial Group, Inc. (NYSE: AFG) today reported 2024 third quarter net
earnings of $181 million ($2.16 per share) compared to $177 million ($2.09 per share) in the 2023 third quarter. Net earnings for the 2024 third quarter included net after-tax non-core items that reduced net income by $13 million ($0.15 per share loss). By comparison, net earnings for the 2023 third quarter included net after-tax non-core items that reduced net income by $31 million ($0.36 per share loss). Annualized return on equity was 15.2% and 15.7% for the third quarters of 2024 and 2023, respectively, and is calculated excluding
accumulated other comprehensive income (AOCI). Other details may be found in the table on the following page.
Core net operating earnings were
$194 million ($2.31 per share) for the 2024 third quarter, compared to $208 million ($2.45 per share) in the 2023 third quarter. The decrease was due primarily to higher year-over-year catastrophe losses related primarily to Hurricane
Helene and lower favorable prior year reserve development in the Specialty Property and Casualty (“P&C”) insurance operations, which were partially offset by higher investment income. Additional details for the 2024 and 2023 third
quarters may be found in the table below. Core net operating earnings for the third quarters of 2024 and 2023 generated annualized returns on equity of 16.2% and 18.3%, respectively, which is calculated excluding AOCI.
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Three Months Ended September 30, |
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| Components of Pretax Core Operating Earnings |
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2024 |
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2023 |
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2024 |
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2023 |
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2024 |
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2023 |
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| In millions, except per share amounts |
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Before Impact of
Alternative Investments |
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Alternative
Investments |
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Core Net Operating
Earnings, as reported |
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| P&C Pretax Core Operating Earnings |
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$ |
255 |
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$ |
273 |
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$ |
36 |
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$ |
25 |
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$ |
291 |
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$ |
298 |
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| Other expenses |
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(27 |
) |
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(22 |
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— |
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— |
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(27 |
) |
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(22 |
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| Holding company interest expense |
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(19 |
) |
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(19 |
) |
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— |
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— |
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(19 |
) |
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(19 |
) |
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| Pretax Core Operating Earnings |
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209 |
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232 |
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36 |
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25 |
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245 |
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257 |
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| Related provision for income taxes |
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43 |
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44 |
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8 |
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5 |
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51 |
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49 |
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| Core Net Operating Earnings |
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$ |
166 |
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$ |
188 |
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$ |
28 |
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$ |
20 |
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$ |
194 |
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$ |
208 |
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| Core Operating Earnings Per Share |
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$ |
1.98 |
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$ |
2.21 |
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$ |
0.33 |
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$ |
0.24 |
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$ |
2.31 |
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$ |
2.45 |
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| Weighted Avg Diluted Shares Outstanding |
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83.9 |
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84.7 |
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83.9 |
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84.7 |
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83.9 |
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84.7 |
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AFG’s book value per share was $56.10 at September 30, 2024. During the third quarter of 2024, AFG paid cash
dividends of $0.71 per share. For the three and nine months ended September 30, 2024, AFG’s growth in book value per share plus dividends was 8.7% and 19.3%, respectively.
Book value per share excluding AOCI was $57.71 at September 30, 2024. For the three and nine months ended September 30, 2024, AFG’s growth in
book value per share excluding AOCI plus dividends was 4.0% and 13.9%, respectively.
Page 1
AFG’s net earnings, determined in accordance with U.S. generally accepted accounting principles (GAAP),
include certain items that may not be indicative of its ongoing core operations. The table below identifies such items and reconciles net earnings to core net operating earnings, a non-GAAP financial measure.
AFG believes that its core net operating earnings provides management, financial analysts, ratings agencies, and investors with an understanding of the results from the ongoing operations of the Company by excluding the impact of net realized gains
and losses and other items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results because it believes this provides a more
comparable measure of its continuing business. Core net operating earnings is also used by AFG’s management as a basis for strategic planning and forecasting.
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| In millions, except per share amounts |
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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| Components of net earnings: |
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| Core operating earnings before income taxes |
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$ |
245 |
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$ |
257 |
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$ |
808 |
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$ |
823 |
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| Pretax non-core items: |
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| Realized gains (losses) |
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(2 |
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(23 |
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10 |
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(71 |
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| Gain on retirement of debt |
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— |
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— |
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— |
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1 |
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| Special A&E charges |
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(14 |
) |
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(15 |
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(14 |
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(15 |
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| Earnings before income taxes |
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229 |
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219 |
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804 |
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738 |
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| Provision (credit) for income taxes: |
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| Core operating earnings |
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51 |
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49 |
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168 |
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166 |
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| Non-core items |
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(3 |
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(7 |
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4 |
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(17 |
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| Total provision for income taxes |
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48 |
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42 |
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172 |
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149 |
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| Net earnings |
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$ |
181 |
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$ |
177 |
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$ |
632 |
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$ |
589 |
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| Net earnings: |
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| Core net operating earnings(a) |
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$ |
194 |
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$ |
208 |
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$ |
640 |
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$ |
657 |
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| Non-core items: |
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| Realized gains (losses) |
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(2 |
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(19 |
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3 |
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(57 |
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| Gain on retirement of debt |
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— |
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— |
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— |
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1 |
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| Special A&E charges |
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(11 |
) |
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(12 |
) |
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(11 |
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(12 |
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| Net earnings |
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$ |
181 |
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$ |
177 |
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$ |
632 |
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$ |
589 |
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| Components of earnings per share: |
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| Core net operating earnings(a) |
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$ |
2.31 |
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$ |
2.45 |
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$ |
7.63 |
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$ |
7.72 |
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| Non-core Items: |
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| Realized gains (losses) |
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(0.02 |
) |
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(0.21 |
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0.04 |
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(0.65 |
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| Gain on retirement of debt |
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— |
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— |
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— |
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0.01 |
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| Special A&E charges |
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(0.13 |
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(0.15 |
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(0.13 |
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(0.15 |
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| Diluted net earnings per share |
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$ |
2.16 |
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$ |
2.09 |
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$ |
7.54 |
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$ |
6.93 |
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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 $4.00 per share of American Financial Group common stock.
The dividend is payable on November 26, 2024, to shareholders of record on November 15, 2024. The aggregate amount of this special dividend will be approximately $335 million. This special dividend is in addition to the
Company’s regular quarterly cash dividend of $0.80 per share most recently paid on October 25, 2024. With this special dividend, the Company has declared $50.00 per share in special dividends since the beginning of 2021, including $6.50
per share in 2024.
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 16%, with solid underwriting profitability despite elevated catastrophe losses during the quarter. P&C net
investment income increased by nearly 15% year over year. These results, coupled with effective capital management, enable us to continue to create value for our shareholders.”
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.”
Page 2
Specialty Property and Casualty Insurance Operations
The Specialty P&C insurance operations reported underwriting profit of $117 million in the 2024 third quarter, compared to $143 million in the
2023 third quarter. Catastrophe losses were $90 million in the 2024 third quarter, primarily the result of Hurricane Helene. Catastrophe losses in the comparable 2023 period were $56 million. Based on information available at this time,
AFG’s pretax losses from Hurricane Milton are estimated to be approximately $30 million and will be reflected in our fourth quarter results.
The third quarter 2024 combined ratio was 94.3%, 2.1 points higher than the 92.2% reported in the comparable prior year period and included 4.4 points in
catastrophe losses. By comparison, catastrophe losses in the third quarter of 2023 added 3.0 points to the combined ratio. Third quarter 2024 results benefitted from 0.8 points of favorable prior year reserve development, compared to 2.3 points in
the third quarter of 2023.
Third quarter 2024 gross and net written premiums were up 19% and 14%, respectively, when compared to the third quarter of
2023, driven primarily by additional premiums from the Crop Risk Services acquisition. Gross and net written premiums excluding crop insurance each grew 7% year over year. We continue to achieve year-over-year premium growth as a result of a
combination of new business opportunities, increased exposures, and a good renewal rate environment.
Average renewal pricing across our P&C Group,
excluding workers’ compensation, was up approximately 8% in the third quarter, and up approximately 7% overall. Third quarter average renewal pricing excluding workers’ compensation was in line with pricing increases achieved in the second
quarter, while overall renewal pricing was about 1% higher than increases achieved in the second quarter. We believe we are achieving overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.
The Property and Transportation Group reported 2024 third quarter underwriting profit of $34 million, compared to $42 million in the third
quarter of 2023. Higher year-over-year underwriting profit in our agricultural businesses was more than offset by higher catastrophe losses. Catastrophe losses in this group were $34 million (3.6 points on the combined ratio) in the third
quarter of 2024, compared to $14 million (1.7 points) in the comparable 2023 period. Overall, the businesses in the Property and Transportation Group achieved a 96.5% calendar year combined ratio in the third quarter, 1.7 points higher
than the comparable period in 2023.
Third quarter 2024 gross and net written premiums in this group were 32% and 26% higher, respectively, than the
comparable prior year. The primary drivers of the growth included additional premiums from the Crop Risk Services acquisition and, to a lesser extent, later reporting of crop acreage, which shifted the timing of reporting of some crop premium from
second quarter to third quarter of 2024. Excluding crop premiums, third quarter gross and net written premiums each grew 11% year over year in this group, which is attributable primarily to new business opportunities, a favorable rate environment
and increased exposures in our commercial auto, property & inland marine and ocean marine businesses. Overall renewal rates in this group increased 7% on average in the third quarter of 2024, about a point lower than the pricing achieved in
this group for the second quarter of 2024.
The Specialty Casualty Group reported 2024 third quarter underwriting profit of $76 million,
compared to $78 million in the third quarter of 2023. Higher underwriting profit in our targeted markets businesses was more than offset by lower year-over-year underwriting profit in our excess and surplus businesses and, to a lesser extent,
our workers’ compensation and executive liability businesses. Underwriting profitability in our workers’ compensation and executive liability businesses continues to be excellent. Catastrophe losses for this group were $16 million
(2.3 points on the combined ratio) and $17 million (2.3 points) in the third quarters of 2024 and 2023. The businesses in the Specialty Casualty Group achieved a strong 90.0% calendar year combined ratio overall in the third quarter, 0.6 points
higher than the 89.4% achieved in the comparable prior year period.
Page 3
Third quarter 2024 gross and net written premiums increased 6% and 4%, respectively, when compared to the
same prior year period. The primary drivers of growth were new business opportunities and favorable renewal pricing in several of our targeted markets businesses and our excess liability business. Our mergers & acquisitions business also
benefitted from an increase in M&A activity. This growth was tempered by slightly lower workers’ compensation premiums. Excluding workers’ compensation, third quarter gross and net written premiums in this group both grew 8% year over
year. Excluding workers’ compensation, renewal pricing for this group was up 10% in the third quarter, and up 8% including workers’ compensation. Both measures improved about 3 points from the renewal pricing in the previous quarter.
The Specialty Financial Group reported an underwriting profit of $22 million in the third quarter of 2024, compared to $29 million in the
third quarter of 2023. Improved results in our lender services business were more than offset by lower profitability in our surety and fidelity businesses. Catastrophe losses for this group were $39 million (14.4 points on the combined ratio)
in the third quarter of 2024, compared to $22 million (9.3 points) in the prior year quarter. This group reported a combined ratio of 91.9% for the third quarter of 2024, 4.3 points higher than the prior year period.
Third quarter 2024 gross and net written premiums in this group were up 7% and 9%, respectively, when compared to the prior year period, due primarily to
growth in our financial institutions business. Renewal pricing in this group was up 6% for the quarter, consistent with the previous quarter.
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 $362 million, net of reinsurance recoverables. At
September 30, 2024, the property and casualty insurance segment’s three-year survival ratios were 18.6 times paid losses for asbestos reserves, 25.1 times paid losses for environmental reserves and 21.1 times paid losses for total A&E
reserves. These ratios compare favorably with industry data compiled by S&P Global Market Intelligence as of December 31, 2023, which indicate that industry survival ratios were 8.3 times paid losses for asbestos, 7.1 times paid losses for
environmental, and 8.0 times paid losses for total A&E reserves.
Page 4
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 $14 million ($11 million after-tax), due primarily to changes in the scope and costs of investigation and an increase in estimated remediation costs at a limited number of sites.
Investments
Net Investment Income –
For the quarter ended September 30, 2024, property and casualty net investment income was approximately 15% higher than the comparable 2023 period as a result of the impact of rising interest rates and higher balances of invested assets and
higher returns on alternative investments. The annualized return on alternative investments was approximately 5.4% for the 2024 third quarter compared to 4.2% for the prior year quarter. Earnings from alternative investments may vary from quarter to
quarter based on the reported results of the underlying investments, and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended December 31, 2023, was approximately 13%.
Non-Core Net Realized Gains (Losses) – AFG recorded third quarter 2024 net realized losses of
$2 million ($0.02 per share loss) after tax, which included $8 million ($0.09 per share) in after-tax net gains to adjust equity securities that the Company continued to own at September 30,
2024, to fair value. AFG recorded net realized losses of $19 million ($0.21 per share loss) in the comparable 2023 period.
After-tax unrealized losses related to fixed maturities were $107 million at September 30, 2024. Our portfolio continues to be high quality, with 94% of our fixed maturity portfolio rated investment grade
and 96% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.
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 Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for
businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
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.
Page 5
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 U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of
securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment
affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from
pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business and/or expose AFG to
litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their
obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; the impact of
the conditions in the international financial markets and the global economy relating to AFG’s international operations; and effects on AFG’s reputation, including as a result of environmental, social and governance matters.
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.
Page 6
Contact:
Diane P. Weidner, IRC, CPA (inactive)
Vice President –
Investor & Media Relations
513-369-5713
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.
AFG2024-21
Page 7
AMERICAN FINANCIAL GROUP, INC., AND SUBSIDIARIES
SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA
(In Millions, Except Per Share Data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three months ended
September 30, |
|
|
Nine months ended
September 30, |
|
| |
|
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.
Page 8
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.
Page 9
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 ($136 million) ($1.61 per share loss) in
Accumulated Other Comprehensive Income (Loss) compared to ($319 million) ($3.81 per share loss) at December 31, 2023. |
| |
• |
|
Property & Transportation includes primarily physical damage and liability coverage
for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products, and other commercial property coverages. |
| |
• |
|
Specialty Casualty includes primarily excess and surplus, general liability, executive liability,
professional liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance.
|
| |
• |
|
Specialty Financial includes risk management insurance programs for lending and leasing institutions
(including equipment leasing and collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance. |
| |
• |
|
Other includes an internal reinsurance facility. |
Page 10
Exhibit 99.2 American Financial Group, Inc. Investor Supplement - Third
Quarter 2024 November 5, 2024 American Financial Group, Inc. Corporate Headquarters Great American Insurance Group Tower 301 E Fourth Street Cincinnati, OH 45202 513 579 6739
American Financial Group, Inc. Table of Contents - Investor Supplement -
Third Quarter 2024 3 Section Page Table of Contents - Investor Supplement - Third Quarter 2024...................................................................................................................... 2 Financial
Highlights......................................................................................................................................................................................... 3 Summary of
Earnings...................................................................................................................................................................................... 4 Earnings Per Share
Summary......................................................................................................................................................................... 5 Property and Casualty Insurance Segment Property and Casualty
Insurance - Summary Underwriting Results (GAAP).................................................................................................. 6 Specialty - Underwriting Results
(GAAP)........................................................................................................................................................ 7 Property and Transportation - Underwriting Results
(GAAP).......................................................................................................................... 8 Specialty Casualty - Underwriting Results
(GAAP)......................................................................................................................................... 9 Specialty Financial - Underwriting Results
(GAAP)......................................................................................................................................... 10 Other Specialty - Underwriting Results
(GAAP).............................................................................................................................................. 11 Consolidated Balance Sheet / Book Value / Debt Consolidated Balance
Sheet........................................................................................................................................................................... 12 Book Value Per Share and Price / Book
Summary......................................................................................................................................... 13
Capitalization................................................................................................................................................................................................... 14 Additional Supplemental
Information............................................................................................................................................................... 15 Consolidated Investment Supplement Total Cash and
Investments............................................................................................................................................................................ 16 Net Investment
Income................................................................................................................................................................................... 17 Alternative
Investments................................................................................................................................................................................... 18 Fixed Maturities - By Security Type - AFG
Consolidated................................................................................................................................ 19 Appendix A. Fixed Maturities by Credit Rating & NAIC Designation by Type
9/30/2024............................................................................................... 20 B. Fixed Maturities by Credit Rating & NAIC Designation by Type
12/31/2023............................................................................................. 21 C. Corporate Securities by Credit Rating & NAIC Designation by Industry
9/30/2024................................................................................... 22 D. Corporate Securities by Credit Rating & NAIC Designation by Industry
12/31/2023................................................................................. 23 E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type
9/30/2024................................................................. 24 F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2023............................................................... 25 G. Real
Estate-Related Investments 9/30/2024............................................................................................................................................. 26 H. Real Estate-Related Investments
12/31/2023........................................................................................................................................... 27 Page 2
American Financial Group, Inc. Financial Highlights (in millions, except
per share information) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Highlights Net earnings $ 181 $ 209 $ 242 $ 263 $ 177 $ 632 $ 589 Core net operating earnings 194 215 231 238 208 640 657 Total
assets 32,591 29,913 30,001 29,787 30,825 32,591 30,825 Shareholders' equity, excluding AOCI (a) 4,844 4,715 4,555 4,577 4,551 4,844 4,551 Property and Casualty net written premiums 2,353 1,692 1,634 1,445 2,061 5,679 5,247 Per share data Diluted
earnings per share $ 2.16 $ 2.49 $ 2.89 $ 3.13 $ 2.09 $ 7.54 $ 6.93 Core net operating earnings per share 2.31 2.56 2.76 2.84 2.45 7.63 7.72 Book value per share, excluding AOCI (a) 57.71 56.19 54.32 54.72 54.09 57.71 54.09 Dividends per common
share 0.71 0.71 3.21 2.21 0.63 4.63 5.89 Financial ratios Annualized return on equity (b) 15.2% 18.0% 21.2% 23.0% 1 5.7% 18.0% 17.4% Annualized core operating return on equity (b) 16.2% 18.5% 20.2% 20.9% 1 8.3% 18.3% 19.4% Property and Casualty
combined ratio - Specialty: Loss & LAE ratio 69.5% 59.1% 58.6% 60.7% 6 6.7% 63.1% 61.8% Underwriting expense ratio 24.8% 31.4% 31.5% 27.0% 2 5.5% 28.8% 29.5% Combined ratio - Specialty 94.3% 90.5% 90.1% 87.7% 9 2.2% 91.9% 91.3% (a) A
reconciliation to the GAAP measure is on page 13. (b) Excludes accumulated other comprehensive income. Page 3
American Financial Group, Inc. Summary of Earnings ($ in millions) Three
Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Property and Casualty Insurance Underwriting profit $ 115 $ 150 $ 153 $ 211 $ 142 $ 418 $ 420 Net investment income 195 189 205 161 170 589 568 Other income
(expense) (19) (20) (18) (15) (14) (57) (41) Property and Casualty Insurance operating earnings 291 319 340 357 298 950 947 Interest expense of parent holding companies (19) (19) (19) (19) (19) (57) (57) Other expense (27) (27) (31) (34) (22) (85)
(67) Pretax core operating earnings 245 273 290 304 257 808 823 Income tax expense 51 58 59 66 49 168 166 Core net operating earnings 194 215 231 238 208 640 657 Non-core items, net of tax: Realized gains (losses) on securities (2) (2) 11 25 (15) 7
(53) Realized loss on subsidiaries - (4) - - (4) (4) (4) Special A&E charges - Former Railroad and Manufacturing operations (11) - - - (12) (11) (12) Gain (loss) on retirement of debt - - - - - - 1 Net earnings $ 181 $ 209 $ 242 $ 263 $ 177 $
632 $ 589 Page 4
American Financial Group, Inc. Earnings Per Share Summary (in millions,
except per share information) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Core net operating earnings $ 194 $ 215 $ 231 $ 238 $ 208 $ 640 $ 657 Net earnings $ 181 $ 209 $ 242 $ 263 $ 177 $ 632 $ 589
Average number of diluted shares 83.939 83.912 83.795 83.817 84.745 83.882 85.096 Diluted earnings per share: Core net operating earnings per share $ 2.31 $ 2.56 $ 2.76 $ 2.84 $ 2.45 $ 7.63 $ 7.72 Realized gains (losses) on securities (0.02) (0.02)
0.13 0.29 (0.17) 0.09 (0.61) Realized loss on subsidiaries - (0.05) - - (0.04) (0.05) (0.04) Special A&E charges - Former Railroad and Manufacturing operations (0.13) - - - (0.15) (0.13) (0.15) Gain (loss) on retirement of debt - - - - - - 0.01
Diluted earnings per share $ 2.16 $ 2.49 $ 2.89 $ 3.13 $ 2.09 $ 7.54 $ 6.93 Page 5
American Financial Group, Inc. Property and Casualty Insurance - Summary
Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Property and Transportation $ 34 $ 39 $ 56 $ 67 $ 42 $ 129 $ 117 Specialty Casualty 76 108 74 114 78 258 261
Specialty Financial 22 25 33 45 29 80 65 Other Specialty (15) (21) (9) (14) (6) (45) (22) Underwriting profit - Specialty 117 151 154 212 143 422 421 Other core charges, included in loss and LAE (2) (1) (1) (1) (1) (4) (1) Underwriting profit -
Property and Casualty Insurance $ 115 $ 150 $ 153 $ 211 $ 142 $ 418 $ 420 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ 1 $ 1 $ - $ 1 $ 2 Catastrophe losses 90 36 34 24 56 160 138
Total current accident year catastrophe losses $ 90 $ 36 $ 35 $ 25 $ 56 $ 161 $ 140 Prior year loss reserve development (favorable) / adverse $ (15) $ (35) $ (50) $ (56) $ (43) $ (100) $ (168) Combined ratio: Property and Transportation 96.5% 92.9%
89.0% 90.3% 94.8% 93.6% 93.6% Specialty Casualty 90.0% 85.4% 89.8% 84.6% 89.4% 88.4% 87.8% Specialty Financial 91.9% 89.7% 86.3% 81.3% 87.6% 89.4% 89.6% Other Specialty 123.9% 132.1% 116.9% 118.9% 109.8% 124.4% 111.9% Combined ratio - Specialty
94.3% 90.5% 90.1% 87.7% 92.2% 91.9% 91.3% Other core charges 0.1% 0.0% 0.0% 0.1% 0.1% 0.0% 0.0% Combined ratio 94.4% 90.5% 90.1% 87.8% 92.3% 91.9% 91.3% P&C combined ratio excl. catastrophe losses and prior year reserve development 90.7% 90.5%
91.1% 89.6% 91.5% 90.8% 91.9% Loss and LAE components: Current accident year, excluding catastrophe losses 65.9% 59.1% 59.6% 62.6% 66.0% 62.0% 62.4% Prior accident year loss reserve development (0.7%) (2.2%) (3.2%) (3.2%) ( 2.3%) (1.9%) (3.5%)
Current accident year catastrophe losses 4.4% 2.2% 2.2% 1.4% 3.1% 3.0% 2.9% Loss and LAE ratio 69.6% 59.1% 58.6% 60.8% 66.8% 63.1% 61.8% Page 6
American Financial Group, Inc. Specialty - Underwriting Results (GAAP)
($ in millions) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Gross written premiums $ 3,748 $ 2,406 $ 2,336 $ 1,992 $ 3,140 $ 8,490 $ 7,664 Ceded reinsurance premiums ( 1,395) ( 714) ( 702) ( 547)
(1,079) (2,811) (2,417) Net written premiums 2,353 1,692 1,634 1,445 2,061 5,679 5,247 Change in unearned premiums ( 298) ( 107) ( 88) 287 (206) (493) (448) Net earned premiums 2,055 1,585 1,546 1,732 1,855 5,186 4,799 Loss and LAE 1,428 936 906
1,052 1,238 3,270 2,963 Underwriting expense 510 498 486 468 474 1,494 1,415 Underwriting profit $ 117 $ 151 $ 154 $ 212 $ 143 $ 422 $ 421 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ -
$ 1 $ 1 $ - $ 1 $ 2 Catastrophe losses 90 36 34 24 56 160 138 Total current accident year catastrophe losses $ 90 $ 36 $ 35 $ 25 $ 56 $ 161 $ 140 Prior year loss reserve development (favorable) / adverse $ ( 17) $ ( 36) $ ( 51) $ ( 57) $ (44) $
(104) $ (169) Combined ratio: Loss and LAE ratio 6 9.5% 5 9.1% 5 8.6% 6 0.7% 66.7% 63.1% 61.8% Underwriting expense ratio 2 4.8% 3 1.4% 3 1.5% 2 7.0% 25.5% 28.8% 29.5% Combined ratio 9 4.3% 9 0.5% 9 0.1% 8 7.7% 92.2% 91.9% 91.3% Specialty combined
ratio excl. catastrophe losses and prior year reserve development 9 0.7% 9 0.5% 9 1.1% 8 9.6% 91.5% 90.8% 91.9% Loss and LAE components: Current accident year, excluding catastrophe losses 6 5.9% 5 9.1% 5 9.6% 6 2.6% 66.0% 62.0% 62.4% Prior accident
year loss reserve development (0.8%) (2.3%) (3.3%) (3.3%) (2.3%) (2.0%) (3.5%) Current accident year catastrophe losses 4 .4% 2 .3% 2 .3% 1 .4% 3.0% 3.1% 2.9% Loss and LAE ratio 6 9.5% 5 9.1% 5 8.6% 6 0.7% 66.7% 63.1% 61.8% Page 7
American Financial Group, Inc. Property and Transportation -
Underwriting Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Gross written premiums $ 2,107 $ 1,084 $ 959 $ 623 $ 1,592 $ 4,150 $ 3,523 Ceded reinsurance premiums ( 967) (
403) ( 368) ( 197) ( 687) (1,738) (1,398) Net written premiums 1,140 681 591 426 905 2,412 2,125 Change in unearned premiums ( 159) ( 138) ( 78) 256 ( 77) (375) (288) Net earned premiums 981 543 513 682 828 2,037 1,837 Loss and LAE 777 348 304 470
636 1,429 1,271 Underwriting expense 170 156 153 145 150 479 449 Underwriting profit $ 34 $ 39 $ 56 $ 67 $ 42 $ 129 $ 117 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ 2 $ - $ -
$ - Catastrophe losses 34 13 8 3 14 55 48 Total current accident year catastrophe losses $ 34 $ 13 $ 8 $ 5 $ 14 $ 55 $ 48 Prior year loss reserve development (favorable) / adverse $ ( 15) $ ( 33) $ ( 43) $ ( 12) $ ( 14) $ (91) $ (72) Combined ratio:
Loss and LAE ratio 7 9.3% 6 4.0% 5 9.2% 6 9.0% 7 6.8% 70.1% 69.2% Underwriting expense ratio 1 7.2% 2 8.9% 2 9.8% 2 1.3% 1 8.0% 23.5% 24.4% Combined ratio 9 6.5% 9 2.9% 8 9.0% 9 0.3% 9 4.8% 93.6% 93.6% Combined ratio excl. catastrophe losses and
prior year reserve development 9 4.4% 9 6.7% 9 5.6% 9 1.5% 9 4.8% 95.3% 94.8% Loss and LAE components: Current accident year, excluding catastrophe losses 7 7.2% 6 7.8% 6 5.8% 7 0.2% 7 6.8% 71.8% 70.4% Prior accident year loss reserve development
(1.5%) (6.2%) (8.3%) (1.8%) (1.7%) ( 4.4%) ( 3.9%) Current accident year catastrophe losses 3 .6% 2 .4% 1 .7% 0 .6% 1 .7% 2.7% 2.7% Loss and LAE ratio 7 9.3% 6 4.0% 5 9.2% 6 9.0% 7 6.8% 70.1% 69.2% Page 8
American Financial Group, Inc. Specialty Casualty - Underwriting Results
(GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Gross written premiums $ 1,297 $ 1,023 $ 1,097 $ 1,069 $ 1 ,226 $ 3 ,417 $ 3 ,299 Ceded reinsurance premiums ( 434) ( 319) ( 346) (
369) (397) (1,099) (1,055) Net written premiums 863 704 751 700 829 2 ,318 2 ,244 Change in unearned premiums ( 119) 35 ( 21) 37 (95) (105) (95) Net earned premiums 744 739 730 737 734 2 ,213 2 ,149 Loss and LAE 473 428 457 438 463 1 ,358 1 ,301
Underwriting expense 195 203 199 185 193 597 587 Underwriting profit $ 76 $ 108 $ 74 $ 114 $ 78 $ 258 $ 261 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ 1 $ ( 1) $ - $ 1 $ 2
Catastrophe losses 16 5 15 9 17 36 26 Total current accident year catastrophe losses $ 16 $ 5 $ 16 $ 8 $ 17 $ 37 $ 28 Prior year loss reserve development (favorable) / adverse $ ( 4) $ ( 25) $ ( 17) $ ( 37) $ (22) $ (46) $ (73) Combined ratio: Loss
and LAE ratio 6 3.6% 5 8.0% 6 2.5% 5 9.6% 63.1% 61.4% 60.5% Underwriting expense ratio 2 6.4% 2 7.4% 2 7.3% 2 5.0% 26.3% 27.0% 27.3% Combined ratio 9 0.0% 8 5.4% 8 9.8% 8 4.6% 89.4% 88.4% 87.8% Combined ratio excl. catastrophe losses and prior year
reserve development 8 8.3% 8 8.2% 8 9.9% 8 8.5% 90.0% 88.7% 90.0% Loss and LAE components: Current accident year, excluding catastrophe losses 6 1.9% 6 0.8% 6 2.6% 6 3.5% 63.7% 61.7% 62.7% Prior accident year loss reserve development (0.6%) (3.5%)
(2.3%) (5.0%) (2.9%) (2.1%) (3.4%) Current accident year catastrophe losses 2 .3% 0 .7% 2 .2% 1 .1% 2.3% 1.8% 1.2% Loss and LAE ratio 6 3.6% 5 8.0% 6 2.5% 5 9.6% 63.1% 61.4% 60.5% Page 9
American Financial Group, Inc. Specialty Financial - Underwriting
Results (GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Gross written premiums $ 344 $ 299 $ 280 $ 300 $ 322 $ 923 $ 842 Ceded reinsurance premiums ( 60) ( 51) ( 46) ( 50) ( 61) (
157) ( 157) Net written premiums 284 248 234 250 261 766 685 Change in unearned premiums ( 15) ( 7) 9 ( 6) ( 29) ( 13) ( 62) Net earned premiums 269 241 243 244 232 753 623 Loss and LAE 124 101 98 85 93 323 243 Underwriting expense 123 115 112 114
110 350 315 Underwriting profit $ 22 $ 25 $ 33 $ 45 $ 29 $ 80 $ 65 Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ - Catastrophe losses 39 17 8 4 22 64 45 Total current
accident year catastrophe losses $ 39 $ 17 $ 8 $ 4 $ 22 $ 64 $ 45 Prior year loss reserve development (favorable) / adverse $ ( 9) $ - $ 6 $ ( 8) $ ( 10) $ ( 3) $ ( 24) Combined ratio: Loss and LAE ratio 4 6.1% 4 2.1% 4 0.2% 3 4.8% 3 9.8% 4 2.9% 3
9.0% Underwriting expense ratio 4 5.8% 4 7.6% 4 6.1% 4 6.5% 4 7.8% 4 6.5% 5 0.6% Combined ratio 9 1.9% 8 9.7% 8 6.3% 8 1.3% 8 7.6% 8 9.4% 8 9.6% Combined ratio excl. catastrophe losses and prior year reserve development 8 0.9% 8 2.3% 8 0.9% 8 2.7% 8
2.5% 8 1.4% 8 6.2% Loss and LAE components: Current accident year, excluding catastrophe losses 3 5.1% 3 4.7% 3 4.8% 3 6.2% 3 4.7% 3 4.9% 3 5.6% Prior accident year loss reserve development (3.4%) 0 .1% 2 .3% (3.4%) (4.2%) (0.4%) (3.8%) Current
accident year catastrophe losses 1 4.4% 7 .3% 3 .1% 2 .0% 9 .3% 8 .4% 7 .2% Loss and LAE ratio 4 6.1% 4 2.1% 4 0.2% 3 4.8% 3 9.8% 4 2.9% 3 9.0% Page 10
American Financial Group, Inc. Other Specialty - Underwriting Results
(GAAP) ($ in millions) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Gross written premiums $ - $ - $ - $ - $ - $ - $ - Ceded reinsurance premiums 66 59 58 69 66 183 193 Net written premiums 66 59 58
69 66 183 193 Change in unearned premiums ( 5) 3 2 - ( 5) - ( 3) Net earned premiums 61 62 60 69 61 183 190 Loss and LAE 54 59 47 59 46 160 148 Underwriting expense 22 24 22 24 21 68 64 Underwriting profit (loss) $ ( 15) $ ( 21) $ ( 9) $ ( 14) $ (
6) $ ( 45) $ ( 22) Included in results above: Current accident year catastrophe losses: Catastrophe reinstatement premium $ - $ - $ - $ - $ - $ - $ - Catastrophe losses 1 1 3 8 3 5 19 Total current accident year catastrophe losses $ 1 $ 1 $ 3 $ 8 $
3 $ 5 $ 19 Prior year loss reserve development (favorable) / adverse $ 11 $ 22 $ 3 $ - $ 2 $ 36 $ - Combined ratio: Loss and LAE ratio 8 9.0% 9 5.3% 7 9.2% 8 2.8% 7 6.2% 8 7.9% 7 8.9% Underwriting expense ratio 3 4.9% 3 6.8% 3 7.7% 3 6.1% 3 3.6% 3
6.5% 3 3.0% Combined ratio 1 23.9% 1 32.1% 1 16.9% 1 18.9% 1 09.8% 1 24.4% 1 11.9% Combined ratio excl. catastrophe losses and prior year reserve development 1 04.7% 9 4.1% 1 06.8% 1 07.3% 1 01.2% 1 01.9% 1 01.7% Loss and LAE components: Current
accident year, excluding catastrophe losses 6 9.8% 5 7.3% 6 9.1% 7 1.2% 6 7.6% 6 5.4% 6 8.7% Prior accident year loss reserve development 1 8.2% 3 7.4% 4 .8% 0 .9% 3 .7% 2 0.2% (0.1%) Current accident year catastrophe losses 1 .0% 0 .6% 5 .3% 1 0.7%
4 .9% 2 .3% 1 0.3% Loss and LAE ratio 8 9.0% 9 5.3% 7 9.2% 8 2.8% 7 6.2% 8 7.9% 7 8.9% Page 11
American Financial Group, Inc. Consolidated Balance Sheet ($ in
millions) 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 Assets: Total cash and investments $ 15,741 $ 15,261 $ 15,254 $ 15,263 $ 14,794 $ 14,489 Recoverables from reinsurers 5,217 4,157 4,510 4,477 4, 421 3,852 Prepaid reinsurance premiums 1,346
1,143 1,078 961 1, 223 1,112 Agents' balances and premiums receivable 1,995 1,909 1,606 1,471 2, 088 1,796 Deferred policy acquisition costs 340 328 309 309 324 316 Assets of managed investment entities 4,332 4,695 4,669 4,484 4, 871 5,235 Other
receivables 1,989 758 958 1,171 1, 377 721 Other assets 1,326 1,357 1,312 1,346 1, 422 1,281 Goodwill 305 305 305 305 305 246 Total assets $ 32,591 $ 29,913 $ 30,001 $ 29,787 $ 30,825 $ 29,048 Liabilities and Equity: Unpaid losses and loss
adjustment expenses $ 14,206 $ 12,607 $ 13,050 $ 13,087 $ 12,891 $ 11,925 Unearned premiums 4,320 3,816 3,650 3,451 3, 997 3,686 Payable to reinsurers 1,620 1,176 1,078 1,186 1, 398 1,038 Liabilities of managed investment entities 4,168 4,536 4,468
4,307 4, 728 5,098 Long-term debt 1,475 1,475 1,475 1,475 1, 474 1,474 Other liabilities 2,094 1,919 2,040 2,023 2, 356 1,834 Total liabilities $ 27,883 $ 25,529 $ 25,761 $ 25,529 $ 26,844 $ 25,055 Shareholders' equity: Common stock $ 84 $ 84 $ 84 $
84 $ 84 $ 85 Capital surplus 1,400 1,392 1,382 1,372 1, 372 1,377 Retained earnings 3,360 3,239 3,089 3,121 3, 095 3,042 Unrealized gains (losses) - fixed maturities (100) (290) (278) (287) (521) (464) Unrealized gains (losses) - fixed
maturity-related cash flow hedges (7) (20) (22) (17) (34) (33) Other comprehensive income (loss), net of tax (29) (21) (15) (15) (15) (14) Total shareholders' equity 4,708 4,384 4,240 4,258 3, 981 3,993 Total liabilities and equity $ 32,591 $ 29,913
$ 30,001 $ 29,787 $ 30,825 $ 29,048 Page 12
American Financial Group, Inc. Book Value Per Share and Price / Book
Summary (in millions, except per share information) 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 Shareholders' equity $ 4,708 $ 4,384 $ 4,240 $ 4,258 $ 3,981 $ 3,993 Accumulated other comprehensive income (loss) (1 36) (3 31) (3 15) (3 19) (570)
(511) Shareholders' equity, excluding AOCI 4,844 4,715 4,555 4,577 4,551 4,504 Goodwill 305 305 305 305 305 246 199 204 208 213 217 102 Intangibles $ 4,340 $ 4,206 $ 4,042 $ 4,059 $ 4,029 $ 4,156 Tangible shareholders' equity, excluding AOCI Common
shares outstanding 83.923 83.897 83.857 83.636 84.136 84.859 Book value per share: Book value per share $ 56.10 $ 52.25 $ 50.57 $ 50.91 $ 47.31 $ 47.06 Book value per share, excluding AOCI 57.71 56.19 54.32 54.72 54.09 53.07 Tangible, excluding AOCI
51.72 50.13 48.20 48.52 47.89 48.97 Market capitalization AFG's closing common share price $ 134.60 $ 123.02 $ 136.48 $ 118.89 $ 111.67 $ 118.75 Market capitalization $ 11,296 $ 10,321 $ 11,445 $ 9,943 $ 9,395 $ 10,077 Price / Book value per share,
excluding AOCI 2.33 2.19 2.51 2.17 2.06 2.24 Page 13
American Financial Group, Inc. Capitalization ($ in millions) 9/30/24
6/30/24 3/31/24 12/31/23 9/30/23 6/30/23 AFG senior obligations $ 823 $ 823 $ 823 $ 823 $ 823 $ 823 - - - - - - Borrowings drawn under credit facility Debt excluding subordinated debt $ 823 $ 823 $ 823 $ 823 $ 823 $ 823 675 675 675 675 675 675 AFG
subordinated debentures Total principal amount of long-term debt $ 1,498 $ 1,498 $ 1,498 $ 1,498 $ 1,498 $ 1 ,498 Shareholders' equity 4,708 4,384 4,240 4,258 3,981 3 ,993 (1 36) (3 31) (3 15) (3 19) (570) (511) Accumulated other comprehensive
income (loss) Total capital, excluding AOCI $ 6,342 $ 6,213 $ 6,053 $ 6,075 $ 6,049 $ 6 ,002 Ratio of debt to total capital, excluding AOCI: Including subordinated debt 23.6% 24.1% 24.7% 24.7% 24.8% 2 5.0% Excluding subordinated debt 13.0% 13.2%
13.6% 13.5% 13.6% 1 3.7% Page 14
American Financial Group, Inc. Additional Supplemental Information ($
in millions) Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Property and Casualty Insurance $ 897 $ 969 $ 989 $ 938 $ 805 $ 2,855 $ 2,488 Paid Losses (GAAP) 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23
6/30/23 GAAP Equity (excluding AOCI) Property and Casualty Insurance $ 6,150 $ 5,919 $ 5,780 $ 5,710 $ 5,786 $ 5,581 (1,306) (1,204) ( 1,225) (1,133) (1,235) (1,077) Parent and other subsidiaries $ 4,844 $ 4,715 $ 4,555 $ 4,577 $ 4,551 $ 4,504 AFG
GAAP Equity (excluding AOCI) Allowable dividends without regulatory approval Property and Casualty Insurance $ 946 $ 946 $ 946 $ 946 $ 887 $ 887 Page 15
American Financial Group, Inc. Total Cash and Investments ($ in
millions) Carrying Value - September 30, 2024 Property and % of Casualty Parent & Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 1,063 $ 259 $ - $ 1,322 8%
Fixed maturities - Available for sale 10,356 79 - 10,435 67% Fixed maturities - Trading 78 - - 78 0% Equity securities - Common stocks 653 - - 653 4% Equity securities - Perpetual preferred 428 - - 428 3% Investments accounted for using the equity
method 1,909 2 - 1,911 12% Mortgage loans 765 - - 765 5% Real estate and other investments 213 99 (163) 149 1% Total cash and investments $ 15,465 $ 439 $ (163) $ 15,741 100% Carrying Value - December 31, 2023 Property and % of Casualty Parent &
Consolidate Total AFG Investment Insurance Other CLOs Consolidated Portfolio Total cash and investments: Cash and cash equivalents $ 940 $ 285 $ - $ 1,225 8% Fixed maturities - Available for sale 10,225 152 - 10,377 68% Fixed maturities - Trading 57
- - 57 0% Equity securities - common stocks 586 - - 586 4% Equity securities - perpetual preferred 432 - - 432 3% Investments accounted for using the equity method 1,812 2 - 1,814 12% Mortgage loans 643 - - 643 4% Real estate and other investments
211 93 (175) 129 1% Total cash and investments $ 14,906 $ 532 $ (175) $ 15,263 100% Page 16
American Financial Group, Inc. Net Investment Income ($ in millions)
Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Property and Casualty Insurance: Gross investment income excluding alternative investments Fixed maturities $ 134 $ 133 $ 131 $ 131 $ 121 $ 398 $ 350
Equity securities 6 7 7 7 8 20 25 Other investments (a) 25 21 17 21 19 63 48 Gross investment income excluding alternative investments 165 161 155 159 148 481 423 Gross investment income from alternative investments (b) 36 33 56 5 25 125 158 Total
gross investment income 201 194 211 164 173 606 581 Investment expenses (6) (5) (6) (3) ( 3) (17) (13) Total net investment income $ 195 $ 189 $ 205 $ 161 $ 170 $ 589 $ 568 Average cash and investments (c) $ 15,447 $ 15,346 $ 15,331 $ 15,227 $
14,899 $ 15,389 $ 14,624 Average yield - fixed maturities before inv expenses (d) 5.06% 5.04% 4.93% 4.99% 4.68% 5. 01% 4. 56% Average yield - overall portfolio, net (d) 5.05% 4.93% 5.35% 4.23% 4.56% 5.10% 5.18% Average tax equivalent yield - overall
portfolio, net (d) 5.10% 4.98% 5.42% 4.31% 4.63% 5. 16% 5. 25% AFG consolidated net investment income: Property & Casualty core $ 195 $ 189 $ 205 $ 161 $ 170 $ 589 $ 568 Parent & other 7 8 7 7 10 22 33 Consolidate CLOs (2) (9) (14) (9) (12)
(25) (18) Total net investment income $ 200 $ 188 $ 198 $ 159 $ 168 $ 586 $ 583 Average cash and investments (c) $ 15,748 $ 15,617 $ 15,616 $ 15,540 $ 15,264 $ 15,682 $ 15,161 Average yield - overall portfolio, net (d) 5.08% 4.82% 5.07% 4.09% 4.40%
4.98% 5.13% Average yield - fixed maturities before inv expenses (d) 5.08% 5.06% 4.95% 5.01% 4.74% 5. 03% 4. 60% (a) Includes income from mortgage loans, real estate, short-term investments, and cash equivalents. (b) Investment income on alternative
investments is detailed on page 18. (c) Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances. (d) Average yield is calculated by dividing investment income for the
period by the average balance. Page 17
American Financial Group, Inc. Alternative Investments ($ in millions)
Three Months Ended Nine Months Ended 9/30/24 6/30/24 3/31/24 12/31/23 9/30/23 9/30/24 9/30/23 Property and Casualty Insurance: Net Investment Income Fixed maturities MTM through investment income $ 8 $ 1 $ 1 $ (2) $ (11) $ 10 $ 1 Equity securities
MTM through investment income (a) 20 9 16 1 7 45 37 Investments accounted for using the equity method (b) 6 14 25 (3) 17 45 102 AFG managed CLOs (eliminated in consolidation) 2 9 14 9 12 25 18 Total Property & Casualty $ 36 $ 33 $ 56 $ 5 $ 25 $
125 $ 158 Investments Fixed maturities MTM through investment income $ 51 $ 32 $ 18 $ 17 $ 17 $ 51 $ 17 Equity securities MTM through investment income (a) 563 544 494 440 411 563 411 Investments accounted for using the equity method (b) 1,909 1,880
1,846 1,812 1,806 1,909 1,806 AFG managed CLOs (eliminated in consolidation) 163 158 199 175 143 163 143 Total Property & Casualty $ 2,686 $ 2,614 $ 2,557 $ 2,444 $ 2,377 $ 2,686 $ 2,377 Annualized Return - Property & Casualty 5.4% 5.1% 9.0%
0.8% 4.2% 6.5% 9.2% AFG Consolidated: Net Investment Income Fixed maturities MTM through investment income $ 8 $ 1 $ 1 $ (2) $ (11) $ 10 $ 1 Equity securities MTM through investment income (a) 20 9 16 1 7 45 37 Investments accounted for using the
equity method (b) 6 14 25 (3) 17 45 102 AFG managed CLOs (eliminated in consolidation) 2 9 14 9 12 25 18 Total AFG Consolidated $ 36 $ 33 $ 56 $ 5 $ 25 $ 125 $ 158 Investments Fixed maturities MTM through investment income $ 51 $ 32 $ 18 $ 17 $ 17 $
51 $ 17 Equity securities MTM through investment income (a) 563 544 494 440 411 563 411 Investments accounted for using the equity method (b) 1,911 1,882 1,848 1,814 1,807 1,911 1,807 AFG managed CLOs (eliminated in consolidation) 163 158 199 175
143 163 143 Total AFG Consolidated $ 2,688 $ 2,616 $ 2,559 $ 2,446 $ 2,378 $ 2,688 $ 2,378 Annualized Return - AFG Consolidated 5.4% 5.1% 8.9% 0.8% 4.2% 6.5% 9.2% (a) AFG records holding gains and losses in net investment income on its portfolio of
limited partnerships and similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as fair value through net investment income. (b) The majority of AFG's investments accounted for using
the equity method mark their underlying assets to market through net income. Page 18
American Financial Group, Inc. Fixed Maturities - By Security Type -
AFG Consolidated ($ in millions ) % of Unrealized % of Investment September 30, 2024 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 182 $ 180 $ (2) 2% 1% States, municipalities and political
subdivisions 895 867 (28) 8% 6% Foreign government 289 290 1 3% 2% Residential mortgage-backed securities 1,892 1,811 (81) 17% 12% Commercial mortgage-backed securities 51 51 - 1% 0% Collateralized loan obligations 1,298 1,298 - 12% 8% Other
asset-backed securities 2,459 2,425 (34) 23% 15% Corporate and other bonds 3,573 3,591 18 34% 23% Total AFG consolidated $ 10,639 $ 10,513 $ ( 126) 100% 67% Approximate duration - P&C 3.2 years Approximate duration - P&C including cash 2.9
years % of Unrealized % of Investment December 31, 2023 Book Value (a) Fair Value Gain (Loss) Fair Value Portfolio US Government and government agencies $ 243 $ 236 $ (7) 2% 2% States, municipalities and political subdivisions 1,014 984 (30) 9% 6%
Foreign government 288 282 (6) 3% 2% Residential mortgage-backed securities 1,787 1,658 ( 129) 16% 11% Commercial mortgage-backed securities 75 74 (1) 1% 0% Collateralized loan obligations 1,706 1,687 (19) 16% 11% Other asset-backed securities 2,472
2,362 ( 110) 23% 15% Corporate and other bonds 3,212 3,151 (61) 30% 21% Total AFG consolidated $ 10,797 $ 10,434 $ ( 363) 100% 68% Approximate duration - P&C 3.2 years Approximate duration - P&C including cash 2.9 years (a) Book Value is
amortized cost, net of allowance for expected credit losses. Page 19
Appendix A American Financial Group, Inc. Fixed Maturities by Credit
Rating & NAIC Designation by Type 9/30/2024 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ - $ 343 $ 269 $ 1,542 $ 43 $ 1,207 $ 892 $ 14 $ 4,310 41% AA
180 471 10 101 7 86 263 178 1,296 12% A - 43 5 51 1 4 613 954 1,671 16% BBB - 8 6 21 - - 513 2,059 2,607 25% Subtotal - Investment grade 180 865 290 1,715 51 1,297 2,281 3,205 9,884 94% BB - - - 1 - - 7 173 181 2% B - - - 2 - - 2 53 57 1% CCC, CC, C
- - - 32 - - 3 18 53 0% D - - - - - - - - - 0% Subtotal - Non-Investment grade - - - 35 - - 12 244 291 3% Not Rated (b) - 2 - 61 - 1 132 142 338 3% Total $ 180 $ 867 $ 290 $ 1,811 $ 51 $ 1,298 $ 2,425 $ 3,591 $ 10,513 100% Fair Value by Type % Total
NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total 1 $ 180 $ 853 $ 241 $ 1,720 $ 51 $ 1,250 $ 1,827 $ 1,154 $ 7,276 71% 2 - 8 - 19 - - 502 2,052 2,581 25% Subtotal 180 861 241 1,739 51 1,250 2,329 3,206 9,857 96% 3 - - - 8 - -
7 183 198 2% 4 - - - 1 - - 2 82 85 1% 5 - - - 4 - - 6 73 83 1% 6 - - - 4 - - - 2 6 0% Subtotal - - - 17 - - 15 340 372 4% Total insurance companies $ 180 $ 861 $ 241 $ 1,756 $ 51 $ 1,250 $ 2,344 $ 3,546 $ 10,229 100% No NAIC designation (c) - - - -
- 1 22 7 30 Non-Insurance and Foreign Companies (d) - 6 49 55 - 47 59 38 254 Total $ 180 $ 867 $ 290 $ 1,811 $ 51 $ 1,298 $ 2,425 $ 3,591 $ 10,513 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or
more agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 81% are NAIC 1 and 17% do not have a designation. For Corp/Oth, 13% are NAIC 1, 15% NAIC 2, 26% NAIC 4 and 38% NAIC 5. For Total, 50% are NAIC 1, 11% NAIC 4, 18%
NAIC 5 and 9% do not have a designation. (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. (d) 98% are investment grade rated. Page 20
Appendix B American Financial Group, Inc. Fixed Maturities by Credit
Rating & NAIC Designation by Type 12/31/2023 ($ in millions) Fair Value by Type Credit Rating (a) US Gov Munis Frgn Gov RMBS CMBS CLOs ABS Corp/Oth Total % Total Investment grade AAA $ - $ 371 $ 261 $ 1,425 $ 63 $ 1,500 $ 961 $ 23 $ 4,604 44% AA
236 560 10 99 7 173 261 160 1,506 15% A - 44 5 26 1 13 542 839 1,470 14% BBB - 7 6 4 - - 474 1,740 2,231 21% Subtotal - Investment grade 236 982 282 1,554 71 1,686 2,238 2,762 9,811 94% BB - - - 2 3 - 7 195 207 2% B - - - 4 - - 2 67 73 1% CCC, CC, C
- - - 29 - - 5 7 41 0% D - - - 4 - - - - 4 0% Subtotal - Non-Investment grade - - - 39 3 - 14 269 325 3% Not Rated (b) - 2 - 65 - 1 110 120 298 3% Total $ 236 $ 984 $ 282 $ 1,658 $ 74 $ 1,687 $ 2,362 $ 3,151 $ 10,434 100% Fair Value by Type % Total
NAIC designation US Gov Munis Frgn gov RMBS CMBS CLOs ABS Corp/Oth Total 1 $ 236 $ 977 $ 230 $ 1,606 $ 71 $ 1,633 $ 1,799 $ 1,043 $ 7,595 74% 2 - 7 - 2 - - 474 1,769 2,252 22% Subtotal 236 984 230 1,608 71 1,633 2,273 2,812 9,847 96% 3 - - - 1 3 - 8
195 207 2% 4 - - - 1 - - 1 61 63 1% 5 - - - 3 - - 9 67 79 1% 6 - - - 5 - - - - 5 0% Subtotal - - - 10 3 - 18 323 354 4% Total insurance companies $ 236 $ 984 $ 230 $ 1,618 $ 74 $ 1,633 $ 2,291 $ 3,135 $ 10,201 100% No NAIC designation (c) - - - - -
1 9 11 21 Non-Insurance and Foreign Companies (d) - - 52 40 - 53 62 5 212 Total $ 236 $ 984 $ 282 $ 1,658 $ 74 $ 1,687 $ 2,362 $ 3,151 $ 10,434 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more
agencies rate a security, the rating displayed is the second lowest. (b) For ABS, 87% are NAIC 1 and 8% do not have a designation. For Corp/Oth, 21% are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation. For Total, 58% are NAIC 1, 9%
NAIC 2, 21% NAIC 5 and 7% do not have a designation. (c) Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. (d) 98% are investment grade rated. Page 21
Appendix C American Financial Group, Inc. Corporate Securities by
Credit Rating & NAIC Designation by Industry 9/30/2024 ($ in millions) Fair Value By Industry Asset Other Basic Capital Credit Rating (a) Managers Banking Technology Insurance Financials Utilities Consumer Autos REITs Industry Retailers
Healthcare Goods Media Other Total % Total Investment Grade AAA $ - $ - $ 11 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 3 $ 14 0% AA 5 - 23 44 33 5 40 - - - 10 15 - - 3 178 5% A 41 192 29 152 69 127 58 98 49 11 18 31 41 3 35 954 27% BBB 768 252
180 53 96 95 69 69 83 113 53 31 48 46 103 2,059 57% Subtotal 814 444 243 249 198 227 167 167 132 124 81 77 89 49 144 3,205 89% BB 24 6 8 1 3 - 20 5 6 17 36 5 2 30 10 173 5% B 3 2 3 - - - 11 - - - 19 9 4 - 2 53 1% CCC, CC, C - - 2 - - - - - - - - 11
- - 5 18 1% D - - - - - - - - - - - - - - - - 0% Subtotal 27 8 13 1 3 - 31 5 6 17 55 25 6 30 17 244 7% Not Rated (b) - - 17 7 27 - 18 - 8 - - 32 12 20 1 142 4% Total $ 841 $ 452 $ 273 $ 257 $ 228 $ 227 $ 216 $ 172 $ 146 $ 141 $ 136 $ 134 $ 107 $ 99
$ 162 $ 3,591 100% Fair Value By Industry Asset Other Basic Capital NAIC designation Managers Banking Technology Insurance Financials Utilities Consumer Autos REITs Industry Retailers Healthcare Goods Media Other Total % Total 1 $ 46 $ 189 $ 62 $
194 $ 110 $ 132 $ 106 $ 98 $ 50 $ 11 $ 28 $ 46 $ 41 $ 3 $ 38 $ 1,154 33% 2 763 249 177 51 98 93 73 67 83 109 52 43 47 44 103 2,052 58% Subtotal 809 438 239 245 208 225 179 165 133 120 80 89 88 47 141 3,206 91% 3 24 6 9 1 5 - 26 5 6 17 36 6 2 30 10
183 5% 4 4 2 13 - 13 - 5 - - - 19 20 4 - 2 82 2% 5 - - 7 - 2 - 2 - 7 - - 18 12 20 5 73 2% 6 - - - - - - 2 - - - - - - - - 2 0% Subtotal 28 8 29 1 20 - 35 5 13 17 55 44 18 50 17 340 9% Total insurance companies $ 837 $ 446 $ 268 $ 246 $ 228 $ 225 $
214 $ 170 $ 146 $ 137 $ 135 $ 133 $ 106 $ 97 $ 158 $ 3,546 100% No NAIC designation (c) - - - 7 - - - - - - - - - - - 7 Non-Insurance and Foreign Companies 4 6 5 4 - 2 2 2 - 4 1 1 1 2 4 38 Total $ 841 $ 452 $ 273 $ 257 $ 228 $ 227 $ 216 $ 172 $ 146
$ 141 $ 136 $ 134 $ 107 $ 99 $ 162 $ 3,591 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 13% of not rated securities
are NAIC 1, 15% NAIC 2, 26% NAIC 4 and 38% NAIC 5. Page 22
Appendix D American Financial Group, Inc. Corporate Securities by
Credit Rating & NAIC Designation by Industry 12/31/2023 ($ in millions) Fair Value By Industry Asset Other Basic Capital Managers Banking Technology Insurance Consumer Financials Utilities Autos REITs Retailers Industry Media Goods Other Total %
Total Credit Rating (a) Investment Grade AAA $ - $ - $ 11 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 12 $ 23 1% AA 5 - 18 43 39 29 5 - - 10 - - - 11 160 5% A 33 190 57 151 44 45 86 61 47 18 11 3 35 58 839 27% BBB 579 210 151 41 69 101 72 79 68 51 110
45 40 124 1, 740 55% Subtotal 617 400 237 235 152 175 163 140 115 79 121 48 75 205 2,762 88% BB 23 2 24 3 27 5 - 5 - 40 15 35 1 15 195 6% B - - 2 - 10 8 - 4 - 24 - - 4 15 67 2% CCC, CC, C - - 2 - - - - - - - - - - 5 7 0% D - - - - - - - - - - - - -
- - 0% Subtotal 23 2 28 3 37 13 - 9 - 64 15 35 5 35 269 8% Not Rated (b) - - 4 11 18 10 - - 28 - - 20 6 23 120 4% Total $ 640 $ 402 $ 269 $ 249 $ 207 $ 198 $ 163 $ 149 $ 143 $ 143 $ 136 $ 103 $ 86 $ 263 $ 3,151 100% Fair Value By Industry Asset
Other Basic Capital NAIC designation Managers Banking Technology Insurance Consumer Financials Utilities Autos REITs Retailers Industry Media Goods Other Total % Total 1 $ 38 $ 190 $ 86 $ 194 $ 92 $ 82 $ 92 $ 61 $ 55 $ 28 $ 11 $ 3 $ 35 $ 76 $ 1,043
33% 2 579 210 151 41 75 102 71 84 81 51 110 45 40 129 1, 769 57% Subtotal 617 400 237 235 167 184 163 145 136 79 121 48 75 205 2, 812 90% 3 23 2 23 3 32 6 - - - 40 14 35 2 15 195 6% 4 - - 1 - 4 8 - 4 - 24 - - 4 16 61 2% 5 - - 8 - 4 - - - 7 - 1 20 5
22 67 2% 6 - - - - - - - - - - - - - - - 0% Subtotal 23 2 32 3 40 14 - 4 7 64 15 55 11 53 323 10% Total insurance companies $ 640 $ 402 $ 269 $ 238 $ 207 $ 198 $ 163 $ 149 $ 143 $ 143 $ 136 $ 103 $ 86 $ 258 $ 3,135 100% No NAIC designation (c) - - -
11 - - - - - - - - - - 11 Non-Insurance and Foreign Companies - - - - - - - - - - - - - 5 5 Total $ 640 $ 402 $ 269 $ 249 $ 207 $ 198 $ 163 $ 149 $ 143 $ 143 $ 136 $ 103 $ 86 $ 263 $ 3,151 (a) If two agencies rate a security, the rating displayed
above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. (b) 21% of not rated securities are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation. (c) Surplus notes that are
classified as other invested assets for STAT. Page 23
Appendix E American Financial Group, Inc. Asset-Backed Securities by
Credit Rating & NAIC Designation by Collateral Type 9/30/2024 ($ in millions) Fair Value By Collateral Type Single Whole Commercial Secured Triple Net Family Credit Rating (a) Business Real Estate Financing (c) Lease Railcar TruPS Aircraft
Rental Auto Other Total % Total Investment Grade AAA $ - $ 311 $ 25 $ 176 $ - $ 38 $ 8 $ 157 $ 70 $ 107 $ 892 37% AA 67 - 25 3 10 132 4 - - 22 263 11% A 10 - 69 17 173 18 111 - - 215 613 25% BBB 420 - 1 - 6 - 22 - - 64 513 21% Subtotal 497 311 120
196 189 188 145 157 70 408 2,281 94% BB - - 1 - - - 5 - - 1 7 0% B - - 1 - - - 1 - - - 2 0% CCC, CC, C - - - - - - 3 - - - 3 0% D - - - - - - - - - - - 0% Subtotal - - 2 - - - 9 - - 1 12 0% Not Rated (b) - - 102 - - - 3 - - 27 132 6% Total $ 497 $
311 $ 224 $ 196 $ 189 $ 188 $ 157 $ 157 $ 70 $ 436 $ 2,425 100% Fair Value By Collateral Type Single Whole Commercial Secured Triple Net Family Business Real Estate Financing (c) Lease Railcar TruPS Aircraft Rental Auto Other Total % Total NAIC
designation 1 $ 77 $ 286 $ 222 $ 193 $ 180 $ 185 $ 121 $ 151 $ 67 $ 345 $ 1,827 78% 2 409 - 1 - 7 - 22 - - 63 502 21% Subtotal 486 286 223 193 187 185 143 151 67 408 2,329 99% 3 - - 1 - - - 5 - - 1 7 1% 4 - - - - - - 2 - - - 2 0% 5 - - - - - - 5 - -
1 6 0% 6 - - - - - - - - - - - 0% Subtotal - - 1 - - - 12 - - 2 15 1% Total insurance companies $ 486 $ 286 $ 224 $ 193 $ 187 $ 185 $ 155 $ 151 $ 67 $ 410 $ 2,344 100% No NAIC designation - - - - - - - - - 22 22 Non-Insurance and Foreign Companies
11 25 - 3 2 3 2 6 3 4 59 Total $ 497 $ 311 $ 224 $ 196 $ 189 $ 188 $ 157 $ 157 $ 70 $ 436 $ 2,425 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating
displayed is the second lowest. (b) 81% of not rated securities are NAIC 1 and 17% do not have a designation. (c) Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties and Bank Loans. Page
24
Appendix F American Financial Group, Inc. Asset-Backed Securities by
Credit Rating & NAIC Designation by Collateral Type 12/31/2023 ($ in millions) Fair Value By Collateral Type Single Whole Commercial Secured Family Triple Net Credit Rating (a) Business Real Estate Financing (c) TruPS Rental Lease Railcar
Aircraft Auto Other Total % Total Investment Grade AAA $ - $ 385 $ 24 $ 46 $ 191 $ 157 $ - $ - $ 67 $ 91 $ 961 41% AA 55 6 20 140 1 2 - 5 14 18 261 11% A 10 - 75 16 - 24 168 54 - 195 542 23% BBB 366 - 1 - - - 6 30 - 71 474 20% Subtotal 431 391 120
202 192 183 174 89 81 375 2,238 95% BB - - 1 - - - - 6 - - 7 0% B - - 1 - - - - 1 - - 2 0% CCC, CC, C - - - - - - - 5 - - 5 0% D - - - - - - - - - - - 0% Subtotal - - 2 - - - - 12 - - 14 0% Not Rated (b) - - 96 - - - - 5 - 9 110 5% Total $ 431 $ 391
$ 218 $ 202 $ 192 $ 183 $ 174 $ 106 $ 81 $ 384 $ 2,362 100% Fair Value By Collateral Type Single Whole Commercial Secured Family Triple Net Business Real Estate Financing (c) TruPS Rental Lease Railcar Aircraft Auto Other Total % Total NAIC
designation 1 $ 65 $ 331 $ 215 $ 202 $ 192 $ 183 $ 167 $ 60 $ 81 $ 303 $ 1 ,799 79% 2 366 - 1 - - - 7 30 - 70 474 21% Subtotal 431 331 216 202 192 183 174 90 81 373 2,273 100% 3 - - 2 - - - - 6 - - 8 0% 4 - - - - - - - 1 - - 1 0% 5 - - - - - - - 9 -
- 9 0% 6 - - - - - - - - - - - 0% Subtotal - - 2 - - - - 16 - - 18 0% Total insurance companies $ 431 $ 331 $ 218 $ 202 $ 192 $ 183 $ 174 $ 106 $ 81 $ 373 $ 2,291 100% No NAIC designation - - - - - - - - - 9 9 Non-Insurance and Foreign Companies -
60 - - - - - - - 2 62 Total $ 431 $ 391 $ 218 $ 202 $ 192 $ 183 $ 174 $ 106 $ 81 $ 384 $ 2,362 (a) If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed
is the second lowest. (b) 87% of not rated securities are NAIC 1 and 8% do not have a designation. (c) Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties and Bank Loans. Page 25
Appendix G American Financial Group, Inc. Real Estate-Related
Investments 9/30/2024 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 1,214 90% 94% 97% Fund Investments 75
6% - - QOZ Fund - Development 28 2% - - Office 16 1% 91% 100% Hospitality 10 1% - - Land Development 6 0% - - Total $ 1,349 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 49 51% $ - Marina 35 37% - Office
Building 10 10% - Land 2 2% - Total $ 96 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily $ 542 71% 66% Hospitality 123 16% 49% Marina 52 7% 52% Office 48 6% 98% Total $ 765 100% 64% Currently, no loans are
receiving interest deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.9 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 9/30/24
(c) Collections for July - September Page 26
Appendix H American Financial Group, Inc. Real Estate-Related
Investments 12/31/2023 ($ in millions) Investments accounted for using equity method (Real Estate Funds/Investments) (a) % of Investment Type Book Value Book Value Occupancy (b) Collection Rate (c) Multi-family $ 1,205 91% 94% 97% Fund Investments
59 5% - - QOZ Fund - Development 25 2% - - Office 16 1% 88% 100% Hospitality 10 1% - - Land Development 5 0% - - Total $ 1,320 100% Real Estate % of Property Type Book Value Book Value Debt Resort & Marina $ 50 52% $ - Marina 36 37% - Office
Building 9 9% - Land 2 2% - Total $ 97 100% $ - Mortgage Loans % of Loan To Property Type Book Value Book Value Value Multifamily $ 462 72% 66% Hospitality 125 19% 49% Office 56 9% 89% Total $ 643 100% 65% Currently, no loans are receiving interest
deferral through forbearance agreements. (a) Total investments accounted for using the equity method is $1.8 billion, the amounts presented in this table only relate to real estate funds/investments. (b) Occupancy as of 12/31/23 (c) Collections for
October - December Page 27
v3.24.3
Document and Entity Information
|
Nov. 05, 2024 |
| Document And Entity Information [Line Items] |
|
| Entity Registrant Name |
AMERICAN FINANCIAL GROUP INC
|
| Amendment Flag |
false
|
| Entity Central Index Key |
0001042046
|
| Document Type |
8-K
|
| Document Period End Date |
Nov. 05, 2024
|
| Entity Incorporation State Country Code |
OH
|
| Entity File Number |
1-13653
|
| Entity Tax Identification Number |
31-1544320
|
| Entity Address, Address Line One |
301 East Fourth Street
|
| Entity Address, City or Town |
Cincinnati
|
| Entity Address, State or Province |
OH
|
| Entity Address, Postal Zip Code |
45202
|
| City Area Code |
513
|
| Local Phone Number |
579-2121
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre Commencement Tender Offer |
false
|
| Pre Commencement Issuer Tender Offer |
false
|
| Entity Emerging Growth Company |
false
|
| Common Stock [Member] |
|
| Document And Entity Information [Line Items] |
|
| Security 12b Title |
Common Stock
|
| Trading Symbol |
AFG
|
| Security Exchange Name |
NYSE
|
| Five 875 Subordinated Debentures Due March 302059 [Member] |
|
| Document And Entity Information [Line Items] |
|
| Security 12b Title |
5.875% Subordinated Debentures due March 30, 2059
|
| Trading Symbol |
AFGB
|
| Security Exchange Name |
NYSE
|
| Five 125 Subordinated Debentures Due December 152059 [Member] |
|
| Document And Entity Information [Line Items] |
|
| Security 12b Title |
5.125% Subordinated Debentures due December 15, 2059
|
| Trading Symbol |
AFGC
|
| Security Exchange Name |
NYSE
|
| Five 625 Subordinated Debentures Due June 12060 [Member] |
|
| Document And Entity Information [Line Items] |
|
| Security 12b Title |
5.625% Subordinated Debentures due June 1, 2060
|
| Trading Symbol |
AFGD
|
| Security Exchange Name |
NYSE
|
| Four 5 Subordinated Debentures Due September 152060 [Member] |
|
| Document And Entity Information [Line Items] |
|
| Security 12b Title |
4.5% Subordinated Debentures due September 15, 2060
|
| Trading Symbol |
AFGE
|
| Security Exchange Name |
NYSE
|
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+ References
+ Details
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