American Financial Group, Inc. (NYSE/NASDAQ: AFG) today reported
net earnings attributable to shareholders of $99 million ($1.01 per
share) for the 2012 second quarter, compared to $48 million ($0.46
per share) reported for the 2011 second quarter. Net earnings for
the first six months of 2012 were $212 million ($2.15 per share)
compared to $136 million ($1.29 per share) for the same period a
year ago. The 2012 second quarter and six month results include $9
million and $37 million, respectively, in net realized gains
compared to $12 million and $9 million in the comparable prior year
periods. Book value per share, excluding appropriated retained
earnings and unrealized gains on fixed maturities, increased by
$2.11 to $40.74 per share during the first six months of 2012.
Core net operating earnings were $90 million ($0.91 per share)
for the 2012 second quarter, compared to $74 million ($0.72 per
share) reported in the 2011 second quarter. Higher profits in our
Annuity and Supplemental Insurance (“A&S”) Group and improved
underwriting results in our Specialty Property and Casualty
Insurance (“P&C”) operations were offset somewhat by lower
P&C investment income. Core net operating earnings for the
first six months of 2012 were $175 million ($1.77 per share)
compared to $165 million ($1.57 per share) for the same period a
year ago. Six month annualized core operating return on equity was
9%.
Effective January 1, 2012, AFG retrospectively adopted new
guidance issued by the Financial Accounting Standards Board related
to the accounting for costs associated with acquiring or renewing
insurance contracts. Accordingly, results for 2011 have been
adjusted to reflect the impact of the adoption, which resulted in a
reduction in AFG’s December 31, 2011 shareholders’ equity of
approximately $134 million (3%).
During the second quarter of 2012, AFG repurchased approximately
2.5 million shares of common stock at an average price per share of
$38.55. Repurchases during the first six months of 2012 totaled 4.0
million shares at an average price per share of $38.31.
AFG has scheduled its customary in-depth internal review of its
asbestos and environmental liabilities to be completed in the third
quarter of 2012 (instead of the second quarter) in order to conform
to the practice of most of its peers.
AFG’s net earnings attributable to shareholders, determined in
accordance with generally accepted accounting principles (“GAAP”),
include certain items that may not be indicative of its ongoing
core operations. The following table identifies such items and
reconciles net earnings attributable to shareholders to core net
operating earnings, a non-GAAP financial measure that AFG believes
is a useful tool for investors and analysts in analyzing ongoing
operating trends.
In millions, except per share amounts
Three months endedJune
30,
Six months endedJune 30,
2012 2011 2012
2011 Components of net earnings attributable to
shareholders:
Core net operating
earnings(a)
$ 90 $ 74 $ 175 $
165
Realized gains
9 12 37 9
Special A&E charge(b)
- (38 ) - (38 )
Net earnings attributable to
shareholders
$ 99 $ 48 $ 212 $ 136 Components of Earnings
Per Share:
Core net operating earnings $ 0.91
$ 0.72 $ 1.77 $ 1.57
Realized gains
.10 .11 .38 .09
Special A&E charge(b)
- (.37 ) - (.37 )
Diluted Earnings Per Share
$ 1.01 $ 0.46 $ 2.15 $ 1.29
Footnotes (a) and (b) are contained in the accompanying Notes To
Financial Schedules at the end of this release.
Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief
Executive Officers, issued this statement: “We are very pleased
with our strong P&C underwriting results and record operating
earnings in our annuity and supplemental businesses for the second
quarter and first six months of 2012. AFG’s catastrophe losses were
modest, representing only a few points on our combined ratio. Our
specialty insurance business mix, focused and disciplined
underwriting philosophy, and proven investment skills have been
instrumental in helping us to navigate a period of industry-wide
catastrophe activity and continued low interest rates.
“We remain committed to deploying excess capital in an effective
manner. AFG’s share repurchases during the first half of 2012 were
made at approximately 94% of the Company’s June 30, 2012 book value
per share. With approximately $590 million of excess capital at
June 30, 2012 (including parent company cash of $484 million), our
financial strength also positions us for healthy, profitable
organic growth and for opportunities to expand our specialty niche
businesses through acquisitions and start-ups that meet our return
thresholds. Parent company cash includes net proceeds of $223
million from the June 2012 sale of 6-3/8% senior notes due in 2042.
Proceeds from the offering were used in July 2012 to retire $199
million of subsidiary debt.
“Based on the Company’s operating performance and its strong
capital and liquidity position, AFG’s Board of Directors has
approved an increase in the annual dividend from $0.70 to $0.78 per
share per year, effective for quarterly dividend payments made on
or after October 1, 2012. This increase reflects our confidence in
the Company’s financial condition and its prospects for long-term
growth.
“Excessive dryness in the Midwest has resulted in a challenging
year for many of America’s farmers. Our thoughts and prayers are
with the farming community as they care for their crops through the
duration of the growing season. Drought conditions will adversely
impact 2012 crop insurance profitability. Although the precise
impact on AFG’s core operating earnings is uncertain, we have
reduced our 2012 earnings guidance by approximately $0.50 per share
for the effects of the drought. With consideration to our strategic
use of quota share and stop loss reinsurance, this estimate
encompasses the potential for further deterioration in crop
conditions, including worst case estimates for losses in key
premium states that are most impacted by drought conditions. As a
result, primarily due to the estimated impact of the drought, our
overall 2012 core operating earnings guidance has been lowered to a
range of $3.00 - $3.40 per share, down from $3.40 - $3.80 per
share.”
The Company was informally advised earlier this month that the
IRS will not appeal the decision in its tax case that has been
disclosed previously. As a result, during the third quarter, we
expect to recognize approximately $28 million in non-core income
related to this decision. We also expect to recognize additional
income as matters related to the tax case and other open years are
resolved. As has been our practice, our core earnings per share
guidance excludes realized gains and losses, potential annuity
unlocking or loss recognition in our run-off long-term care
business, as well as other significant items, that may not be
indicative of ongoing operations.
Specialty Property and Casualty
Insurance Results
The P&C specialty insurance operations generated an
underwriting profit of $52 million in the 2012 second quarter,
compared to $29 million in the second quarter of 2011. The higher
profit in 2012 is primarily the result of improved underwriting
results in our Specialty Casualty Group and lower catastrophe
losses. Catastrophe losses were $11 million (2 points on the
combined ratio), compared to $23 million (4 points) in the 2011
second quarter. The combined ratio was 92%, a three point
improvement over the comparable prior year period. Underwriting
profit of the P&C specialty insurance operations for the first
six months of 2012 was $100 million, compared to $84 million in the
comparable 2011 period.
Gross written premiums were up 8% and 9%, for the second quarter
and first half of 2012, respectively, compared to the same periods
in 2011. This growth was driven by higher premiums in our Specialty
Casualty Group and the impact of earlier crop planting on the
timing of crop insurance premiums in our Property and
Transportation segment. Net written premiums for the second quarter
and first half of 2011 increased 9% and 7%, respectively. Further
details of the P&C Specialty operations may be found in the
accompanying schedules.
The Property and Transportation Group reported an
underwriting profit of $6 million in the second quarter of 2012,
compared to an underwriting loss of $3 million in the second
quarter of 2011. This increase is attributable to lower catastrophe
losses, primarily in our property and inland marine operations. The
$10 million in catastrophe losses recorded by this group in the
second quarter of 2012 was $8 million lower than losses this group
experienced in the comparable 2011 period. Underwriting profit in
the first six months of 2012 was flat when compared to the first
half of 2011. Most of the businesses in this group achieved solid
underwriting margins through the first six months of 2012. Gross
and net written premiums for the first six months of 2012 were 6%
and 3% higher than the comparable 2011 periods, respectively,
primarily as a result of higher premiums in our crop, property and
inland marine and ocean marine businesses. The increase in crop
premiums was primarily due to higher winter wheat commodity prices
and timing differences resulting from earlier plantings of corn and
soybeans. Renewal pricing was up approximately 4% for the quarter
and 3% for the year to date in this group.
The Specialty Casualty Group reported an
underwriting profit of $33 million in the second quarter of 2012,
compared to $17 million in the second quarter of 2011. Year to date
2012 underwriting profits were $19 million higher than the
comparable 2011 period. Higher favorable reserve development in our
homebuilders’ general liability book and improved profitability in
our Workers’ Compensation operations were offset somewhat by higher
underwriting losses in a run-off book of program business and lower
favorable reserve development in our excess and surplus lines and
executive liability operations. Year to date 2012 results also
included higher profitability in our international operations. Most
businesses in this group produced strong underwriting profit
margins through the first six months of 2012. Gross written
premiums were up 11% and 13% for the second quarter and six month
periods in 2012, respectively, when compared to the same prior year
periods. Net written premiums for the 2012 second quarter and first
six months were up 16% from comparable periods in 2011. While
nearly all businesses in this group reported growth, our workers’
compensation, excess and surplus and international operations were
the primary sources of the higher premiums. Increased business
opportunities arising from larger exposures and general market
hardening have contributed to the increased premiums in this group.
Pricing in this group was up approximately 4% for the second
quarter and first six months of 2012.
The Specialty Financial Group reported underwriting
profits of $11 million and $27 million in the second quarter and
first six months of 2012. These amounts were virtually unchanged
from the comparable prior year periods. Most of the businesses in
this group achieved excellent underwriting margins during the first
half of 2012. Gross written premiums were up 4% and 7% for the
second quarter and first six months, respectively, from the
comparable 2011 periods. Net premiums were up 6% for the quarter
and were virtually flat for the first half of 2012 when compared to
the prior year. Higher gross written premiums resulted primarily
from a service contract business initiated in the second quarter of
2011. All of these premiums were ceded under a reinsurance
agreement. Pricing in this group was flat for the second quarter
and first six months of 2012.
Carl Lindner III stated, “I am encouraged by our continued
P&C underwriting discipline and the momentum in pricing that we
are achieving. Almost three-fourths of our P&C businesses
achieved price increases through the first six months of 2012, and
almost all continued to achieve solid underwriting profits.”
Annuity and Supplemental Insurance
Results
The A&S Group reported record core operating earnings before
income taxes of $76 million for the 2012 second quarter, compared
to $56 million in the 2011 period. This 36% increase reflects
higher earnings in our fixed annuity and Medicare supplement
operations. The higher profitability in our fixed annuity
operations reflects a larger base of invested assets and our
ability to maintain spreads during this difficult economic
environment. Our Medicare supplement results were significantly
higher than last year due primarily to improved loss experience and
persistency.
For the first half of 2012, the A&S Group reported record
core operating earnings before income taxes of $143 million,
compared to $110 million in the 2011 period. This 30% increase
reflects primarily the same factors that contributed to the
quarterly increase.
Statutory premiums of $1.0 billion in the 2012 second quarter
were virtually unchanged from the second quarter of 2011. Statutory
premiums of $1.9 billion for the first six months were 7% higher
than the comparable 2011 period, primarily due to increased sales
of fixed indexed annuities. Sales of traditional single premium
annuities and annuities sold in the 403(b) market were lower when
compared to 2011.
Craig Lindner noted: “I’m pleased with the strong results in our
A&S businesses through the first half of the year, especially
in light of the challenging interest rate and economic
environments. Investment results continue to be excellent and
annuity sales remained strong, even as we maintained our strict
pricing discipline.”
As previously announced, we reached a definitive agreement to
sell our Medicare supplement and critical illness businesses to
Cigna Corporation for approximately $295 million in cash. These
businesses generated pre-tax operating earnings of $18 million in
the first six months of 2012 and $34 million in the full year 2011.
We anticipate that this sale will close in the third quarter, and
we expect to realize an after-tax gain of approximately $95-$105
million. This gain will not be included in core earnings. Proceeds
from this sale may be used to provide capital to our core specialty
property and casualty insurance and annuity businesses as well as
to repurchase AFG common stock.
Given our recent unsuccessful efforts to sell the Company’s
run-off long-term care business and the difficulty in predicting
future claims for this relatively immature block, we have initiated
an external actuarial study of this business. This study will
supplement our regular internal analysis of our experience and is
expected to be completed no later than the fourth quarter of this
year. Furthermore, even though AFG has, to date, been able to
maintain excellent annuity spreads and adequate yields in its
long-term care business, a further continuation of the low interest
rate environment is likely to lead to loss recognition in the
long-term care business and “unlocking” of the Company’s interest
rate assumptions for annuities as well. These charges would be
excluded from core earnings, if material. As disclosed in AFG’s SEC
filings, adverse changes in investment yields or modifications to
actuarial assumptions in our annuity and run-off long-term care
businesses could result in a charge to earnings as outlined in
Management’s Discussion and Analysis of “Critical Accounting
Policies” and “Uncertainties” in AFG’s 12/31/2011 Form 10-K.
Craig Lindner added, “Looking to the second half of the year, we
expect to see some slowdown in annuity sales. However, even with
the absence of earnings from our Medicare supplement and critical
illness operations for at least the last quarter of 2012, we
continue to expect that the A&S Group’s full year 2012 pre-tax
core operating earnings will be 15-20% higher than the 2011
results.”
Investments
AFG recorded second quarter 2012 net realized gains of $9
million after tax and after deferred acquisition costs (DAC),
compared to $12 million in the prior year period. After-tax,
after-DAC realized gains for the first six months of 2012 were $37
million, compared to $9 million in the first half of 2011.
Unrealized gains on fixed maturities were $626 million, after tax,
after DAC at June 30, 2012. Our portfolio continues to be high
quality, with 87% of our fixed maturity portfolio rated investment
grade and 96% with a National Association of Insurance
Commissioners’ designation of NAIC 1 or 2, its highest two
categories.
During the first half of 2012, P&C investment income was
approximately 6% lower than the comparable 2011 period, in line
with our expectations.
More information about the components of our investment
portfolio may be found in our Financial and Investment Supplements,
which are posted on our website.
About American Financial Group,
Inc.
American Financial Group is an insurance holding company based
in Cincinnati, Ohio with assets in excess of $35 billion. Through
the operations of Great American Insurance Group, AFG is engaged
primarily in property and casualty insurance, focusing on
specialized commercial products for businesses, and in the sale of
traditional fixed and indexed annuities and a variety of
supplemental insurance products, such as Medicare supplement (in
May 2012, the Company reached a definitive agreement to sell its
core supplemental insurance operations in a transaction expected to
close in the third quarter of 2012). 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 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 and investment
activities; recoverability of asset values; expected losses and the
adequacy of reserves for asbestos, environmental pollution and mass
tort claims; rate changes; and improved loss experience.
Actual results and/or financial condition could differ
materially from those contained in or implied by such
forward-looking statements for a variety of factors including but
not limited to: 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. or abroad; performance of securities
markets; AFG’s ability to estimate accurately the likelihood,
magnitude and timing of any losses in connection with investments
in the non-agency residential mortgage market; 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; regulatory actions
(including changes in statutory accounting rules); changes in 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
civil unrest and other major losses; development of insurance loss
reserves and establishment of other reserves, particularly with
respect to amounts associated with asbestos and environmental
claims; changes in persistency of in-force policies; availability
of reinsurance and ability of reinsurers to pay their obligations;
the unpredictability of possible future litigation if certain
settlements of current litigation do not become effective; trends
in persistency, mortality and morbidity; competitive pressures,
including those in the annuity bank distribution channels and 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 our operating subsidiaries; and other factors
identified in our filings with the Securities and Exchange
Commission.
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 2012 second
quarter results at 11:30 am (ET) tomorrow, Tuesday, July 31, 2012.
Toll-free telephone access will be available by dialing
1-888-892-6137 (international dial in 706-758-4386). The conference
ID for the live call is 98844550. Please dial in five to ten
minutes prior to the scheduled start time of the call.
A replay will also be available two hours following the
completion of the call and will remain available until 11:59 pm
(ET) on August 7, 2012. To listen to the replay, dial
1-800-585-8367 (international dial in 404-537-3406) and provide the
conference ID 98844550.
The conference call will also be broadcast over the Internet. To
listen to the call via the Internet, go to AFG’s website,
www.AFGinc.com, and follow the instructions at the webcast link
within the Investor Relations section. An archived webcast will be
available immediately after the call via a link on the Investor
Relations page until August 7, 2012 at 11:59 pm (ET). An archived
audio MP3 file will also be available within 24 hours of the
call.
(Financial summaries follow)
This earnings release and additional Financial and Investment
Supplements are available in the Investor Relations section of
AFG's web site: www.AFGinc.com.
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA (In
Millions, Except Per Share Data)
Three months endedJune
30,
Six months endedJune 30,
2012
2011
(adjusted)
2012
2011
(adjusted)
Revenues P&C insurance premiums $ 640 $ 609 $ 1,243 $ 1,208
Life, accident & health premiums 105 107 210 217 Investment
income 332 306 654 606 Realized gains 15 19 59 16
Income (loss) of managed investment
entities:
Investment income 32 26 61 51
Loss on change in fair value of
assets/liabilities
(21 ) (22 ) (50 ) (55 ) Other income
47
48 86
89 1,150
1,093 2,263
2,132 Costs and expenses P&C insurance
losses & expenses 595 630 1,150 1,174
Annuity, life, accident & health
benefits & expenses
279
263
548
525
Interest on borrowed money 21 21 42 42
Expenses of managed investment
entities
20 18 39 36 Other operating and general expenses
99 101
202 193
1,014 1,033
1,981 1,970
Operating earnings before income taxes
136
60
282
162
Provision for income taxes(c)
52 30
110 78
Net earnings including noncontrolling
interests
84
30
172
84
Less: Net earnings (loss) attributable to
noncontrolling interests
(15
)
(18
)
(40
)
(52
)
Net earnings attributable to
shareholders
$
99
$
48
$
212
$
136
Diluted Earnings per Common Share
$
1.01 $ 0.46
$ 2.15 $
1.29 Average number of Diluted Shares
98.0 104.4 98.7 105.3 June 30, December 31,
Selected Balance Sheet Data:
2012 2011
Total Cash and Investments $ 27,301 $ 25,577 Long-term
Debt
(d) $ 1,158 $ 934 Shareholders’ Equity
(e) $ 4,622
$ 4,411
Shareholders’ Equity (Excluding
appropriated retained earnings & unrealized gains/losses on
fixed maturities)(e)
$
3,869
$
3,779
Book Value Per Share: Excluding appropriated retained earnings $
47.34 $ 43.32
Excluding appropriated retained earnings
and unrealized gains/losses on fixed maturities
$ 40.74 $ 38.63 Common Shares Outstanding 95.0 97.8
Footnotes (c), (d) and (e) are contained in the accompanying
Notes To Financial Schedules at the end of this release..
AMERICAN FINANCIAL GROUP, INC.
P&C SPECIALTY GROUP UNDERWRITING RESULTS (Dollars in
Millions) Three months
ended
June 30,
Pct.
Change
Six months
ended
June 30,
Pct.
Change
2012 2011 2012
2011 Gross written premiums
$ 1,024 $
949 8 %
$ 1,847
$ 1,702 9 %
Net
written premiums $ 732
$ 669 9 %
$
1,339 $ 1,253
7 %
Ratios (GAAP): Loss & LAE ratio 56 %
60 % 56 % 58 %
Expense ratio 36
% 35 %
36 % 35
% Combined Ratio (Excluding A&E)
92 % 95
% 92 %
93 % Total Combined Ratio
93 % 103
% 93 %
97 %
Supplemental:(f)
Gross Written Premiums: Property & Transportation $ 531
$ 496 7 % $ 859 $ 814 6 % Specialty Casualty 358 323 11 % 724 642
13 % Specialty Financial 134 129 4 % 263 245 7 % Other
1 1 -
1 1 -
$
1,024 $ 949 8
%
$ 1,847 $
1,702 9 %
Net Written Premiums:
Property & Transportation $ 369 $ 346 7 % $ 619 $ 600 3 %
Specialty Casualty 244 211 16 % 491 425 16 % Specialty Financial
102 96 6 % 195 194 1 % Other
17
16 6 %
34
34 -
$ 732
$ 669 9 %
$
1,339 $ 1,253
7 %
Combined Ratio (GAAP): Property &
Transportation 98 % 101 % 94 % 94 % Specialty Casualty 86 % 92 % 92
% 96 % Specialty Financial 89 % 89 % 87 % 87 % Aggregate
Specialty Group 92 % 95 % 92 % 93 %
Three months ended
June 30,
Six months ended
June 30,
2012 2011 2012
2011 Reserve Development
Favorable/(Unfavorable): Property & Transportation $ 2 $ 4 $ 12
$ 26 Specialty Casualty 27 27 28 27 Specialty Financial 4 4 11 -
Other
1 2
2 5 Aggregate
Specialty Group Excluding A&E 34 37 53 58 Special A&E
Reserve Charge - P&C Run-off - (50 ) - (50 ) Other (8 )
- (8 ) - Total Reserve
Development Including A&E
$ 26
$ (13 ) $
45 $ 8
Points on Combined Ratio: Property & Transportation 1 1
2 5 Specialty Casualty 11 12 6 6 Specialty Financial 4 4 5 -
Aggregate Specialty Group 5 6 4 5
Footnote (f) is contained in the accompanying Notes To Financial
Schedules at the end of this release
AMERICAN FINANCIAL GROUP, INC.
ANNUITY & SUPPLEMENTAL INSURANCE GROUP STATUTORY
PREMIUMS (Dollars in Millions) Three months
ended
June 30,
Pct.
Change
Six months
ended
June 30,
Pct.
Change
2012 2011 2012
2011 Retirement annuity premiums: Indexed
annuities $ 558 $ 482 16 % $ 989 $ 763 30 % Bank annuities 259 305
(15 %) 534 576 (7 %) Fixed annuities 71 103 (31 %) 153 204 (25 %)
Variable annuities
17 16 6
%
32 35 (9 %) 905 906 -
1,708 1,578 8 % Supplemental insurance 95 96 (1 %) 190 194
(2 %) Life insurance
10 9
11 %
18 18 - Total
statutory premiums
$ 1,010 $
1,011 -
$ 1,916
$ 1,790 7 %
AMERICAN FINANCIAL GROUP, INC.Notes
To Financial Schedules
a) GAAP to Non GAAP Reconciliation
- Components of core net operating earnings:
In millions
Three months ended
June 30,
Six months ended
June 30,
2012
2011
(adjusted)
2012
2011
(adjusted)
P&C operating earnings $ 103 $ 98 $ 203 $ 221
Annuity & supplemental insurance
operating earnings
76 56 143 110 Interest & other corporate expense
(44 )
(36 )
(83 )
(74 )
Core operating earnings before income
taxes
135
118
263
257
Related income taxes
45
44 88
92 Core net operating earnings
$ 90 $
74 $ 175
$ 165
b) Reflects the following effect of a special A&E charge
during the 2011 periods($ in millions, except per share
amounts):
A&E Charge:
Pre-tax
After-tax
EPS
P&C insurance runoff operations
Asbestos $ 28 $ 18
Environmental
22
14 $ 50
$ 32 $ .31 Former railroad & manufacturing
operations Asbestos
$ 3 $ 2 Environmental
6 4
$ 9 $ 6 $ .06
c) Operating income before income taxes includes $18 million and
$46 million in non-deductible losses attributable to noncontrolling
interests related to managed investment entities in the second
quarter and first six months of 2011, and $20 million and $55
million in the second quarter and first six months of 2011,
respectively.
d) The June 30, 2012 balance includes $199 million of subsidiary
debt that was redeemed at par in July 2012.
e) Shareholders’ Equity at June 30, 2012 includes $626 million
($6.60 per share) in unrealized gains on fixed maturities and $127
million ($1.33 per share) of retained earnings appropriated to
managed investment entities. Shareholder’s Equity at December 31,
2011 includes $459 million ($4.69 per share) in unrealized gains on
fixed maturities and $173 million ($1.76 per share) of retained
earnings appropriated to managed investment entities. The
appropriated retained earnings will ultimately inure to the benefit
of the debt holders of the investment entities managed by AFG.
f) Supplemental Notes:
- Property & Transportation
includes primarily physical damage and liability coverage for
buses, trucks and recreational vehicles, inland and ocean marine,
agricultural-related products and other property coverages.
- Specialty Casualty includes
primarily excess and surplus, general liability, executive
liability, umbrella and excess liability, 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 collateral and mortgage protection
insurance), surety and fidelity products and trade credit
insurance.
- Other includes an internal
reinsurance facility.
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