American Financial Group, Inc. (NYSE: AFG) (NASDAQ: AFG)
today reported 2013 second quarter net earnings attributable to
shareholders of $110 million ($1.20 per share) compared to $99
million ($1.01 per share) for the 2012 second quarter. After-tax
net realized gains were $26 million in the second quarter compared
to $9 million in the comparable prior year period. The 2013 second
quarter results also include an after-tax charge of $3 million
($0.04 per share) related to guaranty fund assessments expected
from various state funds for the insolvency and liquidation of
Executive Life Insurance Company of New York, (“ELNY”) an
unaffiliated life insurance company. Book value per share,
excluding appropriated retained earnings and unrealized gains on
fixed maturities, increased by $0.84 to $44.78 per share during the
second quarter of 2013. Annualized return on equity was 11.1% and
10.2% for the second quarters of 2013 and 2012, respectively.
Core net operating earnings were $87 million ($0.96 per share)
for the 2013 second quarter, compared to $90 million ($0.91 per
share) in the 2012 second quarter. Significantly higher profit in
our annuity segment was partially offset by the absence of earnings
from our Medicare supplement and critical illness businesses that
were sold in August 2012, lower underwriting profits in our
Specialty Property and Casualty Insurance (“P&C”) operations
and lower P&C investment income. Per share amounts reflect the
impact of share repurchases. Core net operating earnings for the
second quarters of 2013 and 2012 generated annualized returns on
equity of 8.9% and 9.2%, respectively.
During the second quarter of 2013, AFG repurchased approximately
1.4 million shares of common stock for $67 million (average price
per share of $48.37).
AFG’s net earnings attributable to shareholders, 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 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,
2013 2012 2013
2012 Components of net earnings attributable to
shareholders:
Core net operating earnings(a) $
87 $ 90 $ 171 $
175 Realized gains 26 9 62 37 ELNY guaranty fund assessments
(3 ) - (3 ) - Net earnings attributable to shareholders $ 110
$ 99 $ 230 $ 212 Components of Earnings Per
Share:
Core net operating earnings $ 0.96
$ 0.91 $ 1.88 $ 1.77
Realized gains 0.28 0.10 0.68 0.38 ELNY guaranty fund assessments
(0.04 ) - (0.04 ) - Diluted Earnings Per Share $ 1.20 $ 1.01
$ 2.52 $ 2.15
Footnote (a) is 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 especially
pleased with the strong earnings in our annuity segment for the
second quarter and first six months of 2013. Although underwriting
profitability in our P&C businesses was lower year over year,
we remain encouraged by the market firming we are seeing in
selected P&C markets, which has resulted in growth
opportunities for most of our P&C businesses. Our proven
investment skills and mix of specialty insurance businesses have
positioned us well in the current interest rate environment and
amid widespread catastrophe losses in the industry.
“At June 30, 2013, AFG had approximately $650 million of excess
capital (including parent company cash of approximately $265
million). While we will make opportunistic share repurchases when
it makes sense to do so and return capital to shareholders through
dividends, we will invest excess capital when we see potential for
healthy, profitable organic growth, and look for opportunities to
expand our specialty niche businesses through acquisitions and
start-ups that meet our target return thresholds.
“Based on results for the first six months of 2013, we expect
core net operating earnings in 2013 to be between $3.70 and $4.10
per share, up from our previous guidance of $3.60 to $4.00 per
share. Our core earnings per share guidance excludes non-core items
such as realized gains and losses, as well as other significant
items that may not be indicative of ongoing operations.”
Specialty Property and Casualty
Insurance Operations
The P&C specialty insurance operations generated an
underwriting profit of $21 million in the 2013 second quarter,
compared to $52 million in the second quarter of 2012. The combined
ratio was 97.0%, 5.2 points higher than the comparable prior year
period. The lower profit in 2013 is primarily the result of lower
underwriting profits in our property and transportation group,
particularly in our transportation businesses, and higher
catastrophe losses. Catastrophe losses were $19 million (2.6 points
on the combined ratio), compared to $6 million (0.8 points) in the
2012 second quarter.
Gross and net written premiums were up 2% for the second quarter
of 2013, when compared to the same period in 2012. Double digit
premium growth in our specialty casualty and specialty financial
groups was offset somewhat by lower premiums in the property and
transportation group, primarily the result of lower crop insurance
premiums. Delayed planting of spring crops resulted in late acreage
reporting and reduced overall second quarter specialty P&C
premiums. Excluding crop insurance premiums, gross and net written
premiums grew by 15% and 10%, respectively when compared to the
prior year second quarter. Further details about AFG’s specialty
P&C operations may be found in the accompanying schedules.
The Property and Transportation Group reported an
underwriting loss of $31 million in the second quarter of 2013,
compared to an underwriting profit of $6 million in the second
quarter of 2012. This decrease is attributable to lower
profitability in our transportation businesses and higher
catastrophe losses impacting our property and inland marine
operations. Catastrophe losses were $18 million for this group
during the second quarter of 2013, primarily the result of losses
from spring storms in the southeastern United States. By
comparison, catastrophe losses for the second quarter of 2012 were
$4 million.
Gross and net written premiums for the second quarter of 2013
were 16% and 11% lower, respectively, than the comparable 2012
period primarily due to delayed acreage reporting from insureds as
a result of excess moisture and late planting of corn and soybean
crops. It is expected that these delayed premiums will be included
in third quarter results. Excluding crop insurance, 2013 gross and
net written premium grew by 6% and 3%, respectively, when compared
to the 2012 second quarter. Net written premiums were also impacted
by the increased cost of reinsurance in our property and inland
marine and crop insurance businesses. Renewal pricing was up
approximately 6% for the quarter, following a 5% increase achieved
in the first quarter of 2013.
The Specialty Casualty Group reported a second quarter
underwriting profit of $32 million, slightly lower than the 2012
second quarter. A modest improvement in accident year results was
more than offset by lower favorable prior year reserve development.
Most of our businesses in this group produced strong underwriting
profit margins during the quarter.
Gross and net written premiums were up 23% and 16%,
respectively, for the second quarter of 2013 when compared to the
same prior year period. While nearly all businesses in this group
reported growth, our workers’ compensation and excess and surplus
lines were the primary sources of the higher premiums. New business
opportunities, increased exposures from higher payroll on existing
accounts, strong retentions and higher renewal pricing have
contributed to increases in our workers’ compensation businesses.
In addition, new business opportunities and general market
hardening have generated increased premiums in several of our
excess and surplus lines businesses. Renewal pricing in this group
was up approximately 5% for the second quarter following a 6%
increase achieved in the first quarter of 2013.
The Specialty Financial Group reported underwriting
profit of $15 million in the second quarter of 2013, compared to
$11 million in the second quarter of 2012. The increased
profitability was due primarily to higher underwriting profits in
our financial institutions business, primarily from lender-placed
mortgage insurance. Most of the businesses in this group achieved
excellent underwriting margins during the second quarter of
2013.
Gross and net written premiums were up 16% and 15% for the 2013
second quarter, respectively, from the comparable 2012 period.
Gross written premiums increased primarily as a result of growth in
lender-placed mortgage insurance offered by our financial
institutions business. Renewal pricing in this group was down 1%
for the second quarter following a 1% increase achieved in the
first quarter of 2013.
Carl Lindner III stated: “I am particularly pleased with the
results achieved by our specialty casualty and specialty financial
groups during the quarter. We continue to see premium growth
opportunities in almost all of the businesses within these groups.
I am disappointed, however, by the poor results in our property and
transportation businesses. We remain committed to achieving the
necessary rate increases to strengthen profitability in these
operations. Based on premium growth across our P&C book of
business during the first six months of 2013, we continue to expect
net written premium growth for the full year 2013 to be between 8%
- 12%. Overall renewal pricing was up about 5% during the quarter,
in line with our projections, and consistent with the overall
average rate increases we saw during the first quarter. Our
objective remains to achieve an increase of 4% - 6% in the
specialty group’s overall average renewal rates in 2013.”
Annuity Segment
AFG's annuity operations contributed $82 million in pretax core
earnings in the second quarter of 2013 compared to $59 million in
the second quarter of 2012, a 39% increase. Higher pretax core
earnings were primarily a result of growth in annuity assets and
the favorable impact that rising interest rates had on AFG’s fixed
indexed annuity reserves. Over the last year, AFG’s fixed annuity
investments (at amortized cost) have grown by 14%.
Net interest spread earned during the second quarter of 2013
decreased by 14 basis points from the prior year period due
primarily to the run-off of higher yielding investments. However,
the net spread earned during the second quarter of 2013 increased
23 basis points from the prior year period, reflecting the impact
that higher interest rates had on AFG’s fixed indexed annuity
business, partially offset by the run-off of higher yielding
investments.
Statutory premiums of $861 million in the 2013 second quarter
increased $237 million (38%) from the first quarter of 2013. This
strong growth reflects successful distribution channel expansion,
as well as new product development. Year to date 2013 statutory
premiums were down 13% from the comparable 2012 period, in line
with our expectations for the first half of 2013, and primarily the
result of actions taken in the second half of 2012 to reduce
crediting rates and agent commissions in response to the
exceptionally low interest rate environment that began in the
second quarter of 2012.
Craig Lindner stated, “Our superior investing capabilities and
pricing discipline have been instrumental in achieving another
quarter of strong operating earnings. Because of our annuity
segment performance during the first half of 2013, and assuming no
major fluctuations in interest rates or the stock market, we are
increasing our guidance for the annuity and run-off segments. We
now expect that the full year 2013 pretax core operating earnings
from our annuity and run-off operations will be 13% to 18% higher
than the $252 million reported for the full year of 2012, up from
the range of 8% to 12% previously estimated. In addition, based on
strong sales during the second quarter, we now believe that
statutory premiums for the full year of 2013 could equal or
slightly exceed premiums for the full year of 2012.”
Second quarter 2013 annuity operating earnings exclude a
non-core pretax charge of $5 million to cover assessments from
state guaranty funds related to the insolvency and liquidation of
Executive Life Insurance Company of New York, an unaffiliated life
insurance company. ELNY was placed into rehabilitation by the New
York Insurance Department in 1991. In April 2012, the company was
declared insolvent and ordered into liquidation. Our life insurance
subsidiaries started receiving guaranty fund assessments from
various states in the second quarter of 2013. Our life insurance
subsidiaries are required under the solvency or guaranty laws of
most states in which they do business to pay assessments up to
certain prescribed limits to fund policyholder losses or
liabilities of insolvent insurance companies such as ELNY.
More information about premiums and the results of operations
for our annuity segment may be found in our Quarterly Investor
Supplement which is posted on our website.
Run-off Long-Term Care and Life
Segment
AFG’s run-off long-term care and life segment incurred a pretax
core operating loss of $2 million in the second quarter of 2013
compared to pretax core operating earnings of $5 million in the
comparable prior year period.
Medicare Supplement and Critical
Illness Segment
AFG’s Medicare supplement and critical illness segment
contributed pretax core operating earnings of $12 million in the
second quarter of 2012. These operations were sold in August 2012
for $326 million.
Investments
AFG recorded second quarter 2013 net realized gains of $26
million after tax and after deferred acquisition costs (DAC),
compared to $9 million in the prior year period. Unrealized gains
on fixed maturities were $462 million, after tax, after DAC at June
30, 2013, a decrease of $257 million since year-end, reflecting the
impact of rising interest rates. Our portfolio continues to be high
quality, with 86% of our fixed maturity portfolio rated investment
grade and 96% with a National Association of Insurance
Commissioners’ designation of NAIC 1or 2, its highest two
categories.
During the first half of 2013, P&C investment income was
approximately 6% lower than the comparable 2012 period, in line
with our expectations.
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 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
fixed and fixed-indexed annuities in the retail, financial
institutions and education markets. 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 long-term care, 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 reasons 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. and/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 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 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 and AFG’s run-off long-term care business;
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 distribution channels,
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 2013 second
quarter results at 11:30 a.m. (ET) tomorrow, Tuesday, July 30,
2013. 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 14408747. Please dial in five to ten
minutes prior to the scheduled start time of the call.
A replay will be available two hours following the completion of
the call and will remain available until 11:59 p.m. (ET) on August
6, 2013. To listen to the replay, dial 1-800-585-8367
(international dial-in 404-537-3406) and provide the conference ID
14408747. The conference call and accompanying webcast slides will
also be broadcast live over the Internet. To listen to the call via
the Internet, go to the Investor Relations page on AFG’s website,
www.AFGinc.com, and follow the instructions at the Webcasts and
Presentations link. The archived webcast will be available
immediately after the call via the same link on the Investor
Relations page until August 6, 2013 at 11:59 p.m. (ET). An archived
audio MP3 file will be available within 24 hours of the call.
This earnings release and AFG’s Quarterly Investor Supplement
are available in the Investor Relations section of AFG’s website:
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,
2013
2012(b)
2013
2012(b)
Revenues P&C insurance net earned premiums $ 709 $ 640 $ 1,396
$ 1,243 Life, accident & health net earned premiums 28 105 58
210 Net investment income 332 329 658 646 Realized gains 41 15 98
59 Income (loss) of managed investment entities: Investment income
32 32 66 61 Loss on change in fair value of assets/liabilities (28
) (21 ) (36 ) (50 ) Other income
25
24 47
42 Total revenues
1,139
1,124 2,287
2,211
Costs and expenses
P&C insurance losses & expenses 690 595 1,334 1,150
Annuity, life, accident & health benefits & expenses 210
276 420 541 Interest charges on borrowed money 18 19 36 38 Expenses
of managed investment entities 24 20 46 39 Other expenses
71 78
150 161 Total costs
and expenses
1,013
988 1,986
1,929
Earnings before income taxes
126
136
301
282
Provision for income taxes(c)
49 52
111 110 Net
earnings including noncontrolling interests 77 84 190 172
Less: Net earnings (loss) attributable to noncontrolling interests
(33 ) (15 ) (40 ) (40 ) Net
earnings attributable to shareholders
$
110 $ 99
$ 230 $
212 Diluted Earnings per Common Share
$ 1.20 $
1.01 $ 2.52
$ 2.15 Average number of
diluted shares 91.5 98.0 91.3 98.7
June 30, December 31,
Selected Balance
Sheet Data:
2013 2012 Total cash and investments $
29,262 $ 28,449 Long-term debt $ 949 $ 953
Shareholders’ equity(d)
$ 4,473 $ 4,578
Shareholders’ equity (excluding
appropriated retained earnings and unrealized gains/losses on fixed
maturities)(d)
$
3,978
$
3,784
Book Value Per Share: Excluding appropriated retained earnings $
49.98 $ 50.61
Excluding appropriated retained earnings
and unrealized gains/losses on fixed maturities
$ 44.78 $ 42.52
Common Shares Outstanding
88.8
89.0
Footnotes (b), (c) and (d) are contained in the accompanying
Notes To Financial Schedules at the end of this release.
AMERICAN FINANCIAL GROUP, INC.
SPECIALTY P&C OPERATIONS
(Dollars in Millions)
Three months endedJune
30,
Pct.Change
Six months endedJune 30,
Pct.Change
2013 2012 2013
2012 Gross written premiums
$ 1,041 $
1,024 2 %
$ 1,966
$ 1,847 6 %
Net
written premiums $ 749
$ 732 2 %
$
1,453 $ 1,339
9 %
Ratios (GAAP): Loss & LAE ratio 60.3 %
55.7 % 58.4 % 56.3 %
Underwriting expense ratio
36.7 % 36.1
% 36.6 %
35.6 % Combined Ratio
97.0 % 91.8
% 95.0 %
91.9 %
Supplemental
Information:(e)
Gross Written Premiums: Property & Transportation $ 446
$ 531 (16 %) $ 798 $ 859 (7 %) Specialty Casualty 440 358 23 % 870
724 20 % Specialty Financial 155 134 16 % 298 263 13 % Other
- 1 -
-
1
-
$ 1,041 $
1,024 2 %
$ 1,966
$ 1,847 6 %
Net
Written Premiums: Property & Transportation $ 328 $ 369 (11
%) $ 604 $ 619 (2 %) Specialty Casualty 283 244 16 % 578 491 18 %
Specialty Financial 117 102 15 % 230 195 18 % Other
21 17 24 %
41 34 21 %
$ 749 $
732 2 %
$ 1,453
$ 1,339 9 %
Combined Ratio (GAAP): Property & Transportation 110.3 %
98.1 % 103.5 % 94.0 % Specialty Casualty 88.4 % 86.1 % 90.5 % 91.8
% Specialty Financial 86.6 % 88.5 % 87.6 % 86.6 % Aggregate
Specialty Group 97.0 % 91.8 % 95.0 % 91.9 %
Three months endedJune
30,
Six months endedJune 30,
2013 2012 2013
2012 Reserve Development
(Favorable)/Unfavorable: Property & Transportation $ 3 $ (2 ) $
(3 ) $ (12 ) Specialty Casualty (22 ) (27 ) (38 ) (28 ) Specialty
Financial - (4 ) (6 ) (11 ) Other
(5 )
(1 )
(10 )
(2
)
$ (24 )
$ (34
)
$ (57 )
$ (53
)
Points on Combined Ratio: Property & Transportation
1.2 (0.5 ) (0.4 ) (2.1 ) Specialty Casualty (8.0 ) (11.3 ) (7.1 )
(6.2 ) Specialty Financial (0.7 ) (3.6 ) (2.8 ) (5.4 )
Aggregate Specialty Group (3.4 ) (5.3 ) (4.1 ) (4.3 )
Footnote (e) is contained in the accompanying Notes To Financial
Schedules at the end of this release
AMERICAN FINANCIAL GROUP, INC.
ANNUITY SEGMENT
(Dollars in Millions)
Components of
Statutory Premiums
Three months endedJune
30,
Pct.Change
Six months endedJune 30,
Pct.Change
2013 2012 2013
2012
Annuity
Premiums:
Retail Single Premium $ 509 $ 565 (10 %) $ 869 $ 1,016 (14 %)
Financial Institutions Single Premium 287 259 11 % 481 534 (10 %)
Education Market - 403(b) 52 64 (19 %) 107 126 (15 %) Variable
Annuities 13 17 (24 %) 28 32 (13 %) Total Annuity Premiums $ 861
$ 905 (5 %) $ 1,485 $ 1,708 (13 %)
Components of
Core Operating Earnings Before Income Taxes
Three months endedJune
30,
Pct.Change
Six months endedJune 30,
Pct.Change
2013 2012 2013
2012
Revenues:
Net investment income $ 257 $ 245 5 % $ 505 $ 473 7 % Other income
15 12 25 % 29 25
16 %
Total revenues
272 257 6 % 534 498 7 % Costs and Expenses: Annuity benefits
120 147 (18 %) 254 277 (8 %) Acquisition expenses 48 31 55 % 79 60
32 % Other expenses 22 20 10 % 43 42 2 % Total costs and expenses
190 198 (4 %) 376 379 (1 %)
Core operating earnings before income
taxes
$ 82 $ 59 39 % $ 158 $ 119 33 %
Supplemental
Fixed Annuity Information*
Three months endedJune
30,
Six months endedJune 30,
2013 2012 2013
2012 Average Fixed Annuity Reserves $ 18,151 $
16,173 $ 17,829 $ 15,841 Net Interest Spread 3.02 % 3.16 % 3.00 %
3.02 % Net Spread Earned
1.65
%
1.42
%
1.61
%
1.42
%
* Excludes fixed annuity portion of variable annuity
business.
AMERICAN FINANCIAL GROUP, INC.
Notes To Financial Schedules
a) Components of core net operating earnings (in millions):
Three months endedJune
30,
Six months endedJune 30,
2013 2012 2013
2012
Core Operating
Earnings before Income Taxes:
P&C insurance segment $ 82 $ 103 $ 178 $ 203 Annuity segment 82
59 158 119 Run-off long-term care and life segment (2 ) 5 (3 ) 6
Medicare supp and critical illness segment* - 12 - 18 Interest
& other corporate expense
(39 )
(42 )
(84 )
(82 ) Core operating earnings before income
taxes 123 137 249 264 Related income taxes
36
47 78
89 Core net operating earnings
$ 87 $
90 $ 171
$ 175
* Medicare supplement and critical illness
businesses were sold in August 2012.
b) Certain reclassifications have been made to conform to
the current year’s presentation. c) Earnings before income
taxes includes $31 million and $42 million in non-deductible losses
attributable to noncontrolling interests related to managed
investment entities in the second quarter and first six months of
2013, respectively, and $18 million and $46 million in the second
quarter and first six months of 2012, respectively. d)
Shareholders’ Equity at June 30, 2013 includes $462 million ($5.20
per share) in unrealized after-tax gains on fixed maturities and
$33 million ($0.38 per share) of retained earnings appropriated to
managed investment entities. Shareholder’s Equity at December 31,
2012 includes $719 million ($8.09 per share) in unrealized
after-tax gains on fixed maturities and $75 million ($0.84 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. e)
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 leasing and financing
institutions (including collateral and lender-placed insurance),
surety and fidelity products and trade credit insurance.
- Other includes an internal
reinsurance facility.
American Financial (NYSE:AFG)
과거 데이터 주식 차트
부터 8월(8) 2024 으로 9월(9) 2024
American Financial (NYSE:AFG)
과거 데이터 주식 차트
부터 9월(9) 2023 으로 9월(9) 2024