- Net earnings per share of $1.57;
includes $0.29 per share gain on sale of hotel property
- Record second quarter core net
operating earnings $1.28 per share, up 20% from the comparable 2014
period
- Adjusted book value $49.63 per share
at June 30, 2015
- Full year 2015 core net operating
earnings guidance increased to $5.25 - $5.55 per share
American Financial Group, Inc. (NYSE: AFG) today reported 2015
second quarter net earnings attributable to shareholders of $141
million ($1.57 per share) compared to $106 million ($1.15 per
share) for the 2014 second quarter. As previously announced, AFG’s
2015 second quarter results include an after-tax gain of $26
million ($0.29 per share) related to the sale of a real estate
investment. Comparatively, net earnings in the 2014 second quarter
included after-tax net realized gains on securities of $7 million
($0.08 per share). Book value per share excluding unrealized gains
on fixed maturities, increased by $1.08 to $49.63 per share during
the second quarter of 2015. Annualized return on equity was 13.4%
and 10.3% for the second quarters of 2015 and 2014,
respectively.
Core net operating earnings were $115 million ($1.28 per share)
for the 2015 second quarter, compared to $99 million ($1.07 per
share) in the 2014 second quarter. Higher underwriting profit and
net investment income in our Specialty Property and Casualty
(“P&C”) insurance operations and higher operating earnings in
our Annuity and Run-off Long-Term Care and Life Segments
contributed to these results. Core net operating earnings for the
second quarters of 2015 and 2014 generated annualized core returns
on equity of 10.9% and 9.6%, respectively.
During the second quarter of 2015, AFG repurchased approximately
740,000 shares of common stock for $47 million (average price per
share of $63.91).
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 ended Six months ended June 30, June 30,
2015 2014 2015
2014 Components of net earnings
attributable to shareholders:
Core net operating
earnings(a) $ 115 $ 99
$ 227 $ 190
Non-Core
Items:
Realized gains (losses) on securities
-
7
12
19
Realized gain on sale of hotel
property
26
-
26
-
Loss on sale of subsidiaries
- -
(105
)
- Net earnings attributable to shareholders $
141 $ 106 $ 160 $
209 Components of Earnings Per Share:
Core net operating
earnings(a)
$ 1.28 $ 1.07 $ 2.54
$ 2.07
Non-Core
Items:
Realized gains (losses) on securities
-
0.08
0.14
0.21
Realized gain on sale of hotel
property
0.29
-
0.29
-
Loss on sale of subsidiaries
- -
(1.18
)
- Diluted Earnings Per Share $ 1.57
$ 1.15 $ 1.79 $
2.28
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: “Strong results in our
Specialty P&C and Annuity businesses produced record core net
operating earnings per share for the second quarter of 2015 that
were 20% higher year-over-year. The gain recognized on the sale of
the Le Pavillon Hotel added $0.29 per share to our net earnings,
and serves as an example of our opportunistic approach in managing
our real estate portfolio.
“At June 30, 2015, AFG had approximately $870 million of excess
capital (including parent company cash of approximately $215
million). In addition, the pending sale of our run-off long-term
care insurance business is expected to generate approximately $110
million in excess capital. 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. We will also make opportunistic
share repurchases when it makes sense to do so and return capital
to shareholders through dividends.
“Based on results for the first six months of 2015, we now
estimate AFG’s core net operating earnings in 2015 to be between
$5.25 and $5.55 per share, up from the range of $5.10 to $5.50
previously presented. Pending further information on the crop
growing season, our outlook for the Specialty P&C Group is
unchanged, while changes in the interest rate environment and
actions we have taken in the Annuity Group lead us to increase our
2015 outlook for core pretax annuity operating earnings. Our core
earnings per share guidance excludes non-core items such as the
loss on the sale of AFG’s run-off long-term care insurance
business, other 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 Specialty P&C insurance operations generated an
underwriting profit of $51 million in the 2015 second quarter,
compared to $29 million in the second quarter of 2014, a result of
improved year-over-year underwriting results in each of our
Specialty P&C Groups. The second quarter 2015 combined ratio of
94.9% includes 1.1 points of favorable prior year reserve
development, compared to 1.4 points of adverse reserve development
in the comparable prior year period. Second quarter results in 2015
include 1.0 point in catastrophe losses compared to 1.1 points in
the 2014 second quarter.
Gross and net written premiums were up 2% and 3%, respectively,
for the second quarter of 2015, when compared to the second quarter
of 2014.
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.
The Property and Transportation Group reported an
underwriting loss of $13 million in the second quarter of 2015,
compared to an underwriting loss of $18 million in the second
quarter of 2014. Improved year-over-year underwriting results in
our National Interstate subsidiary were partially offset by lower
profitability and adverse reserve development in our property and
inland marine, ocean marine and other transportation businesses.
Catastrophe losses were $7 million for this group during the second
quarter of 2015 and $8 million in the comparable prior year
period.
Gross and net written premiums for the second quarter of 2015
were 2% and 3% higher, respectively, than the comparable 2014
period. Higher premiums in our transportation and agricultural
businesses were partially offset by lower premiums in our property
and inland marine businesses. Pricing in this group was up
approximately 5% on average for the quarter, and includes a 7%
increase in National Interstate’s renewal rates.
The Specialty Casualty Group reported an underwriting
profit of $37 million in the second quarter of 2015, compared to
$30 million in the second quarter of 2014. Higher underwriting
profitability in our workers’ compensation and excess and surplus
businesses was partially offset by lower underwriting profits in
our executive liability business and higher adverse development in
Mid-Continent’s general liability business.
Gross and net written premiums for the second quarter of 2015
were both up 1% when compared to the second quarter of 2014. The
majority of businesses in this group reported growth, particularly
our excess and surplus businesses. This growth was partially offset
by lower premiums in our general liability business, primarily the
result of re-underwriting efforts within the Florida homebuilders
market and the slowdown within the energy sector, as well as lower
premiums in our international business, where we continue to focus
on improving underwriting results. Pricing in this group was down
approximately 1% on average for the quarter, due primarily to lower
pricing in our workers’ compensation businesses. Excluding workers’
compensation, pricing in this group was up 1%.
The Specialty Financial Group reported underwriting
profit of $24 million in the second quarter of 2015, compared to
$15 million in the second quarter of 2014. Higher underwriting
profits in our fidelity and crime, surety and trade credit
businesses were the drivers of the improved results. Every business
in this group achieved excellent underwriting margins during the
quarter, producing an overall calendar year combined operating
ratio of 81% for the second quarter of 2015.
Gross and net written premiums for the second quarter of 2015
were up 7% and 13%, respectively, when compared to the same 2014
period, primarily the result of higher premiums in our financial
institutions business. Pricing in this group was flat for the
quarter.
Carl Lindner III stated: “I’m very pleased with the results in
our Specialty P&C businesses during the second quarter, with
total P&C operating income up nearly 25% year-over-year. Our
Specialty Financial Group reported double digit growth and
excellent underwriting margins. Despite competitive market
conditions in some of our casualty businesses, results in our
Specialty Casualty Group were very strong. I’m disappointed,
however, with the underwriting loss reported by our Property and
Transportation Group. We continue to make progress with pricing and
remain committed to our culture of underwriting discipline to
strengthen the underwriting profitability of this group overall.
Our Specialty P&C Group achieved an average overall renewal
rate increase of approximately 1% for the quarter.
“Based on results during the first six months of the year, we
continue to expect an overall 2015 calendar year combined ratio in
the 92% to 94% range and estimate net written premium growth to be
between 4% and 8%.”
Annuity Segment
In connection with AFG’s Annuity Segment results shown below,
Craig Lindner stated, “Our results reflect disciplined pricing and
our strategy of growing our business when we can achieve desired
long-term returns. Based on the results through the first six
months of 2015, assuming no significant change in interest rates or
the stock market from our expectations, we now estimate full year
2015 core pretax annuity operating earnings to be in the range of
$330 million to $345 million, an increase from the range of $310
million to $340 million previously estimated. Significant changes
in market interest rates and/or the stock market, as compared to
our expectations, could lead to significant positive or negative
impacts on the Annuity Segment’s results. In addition, based on
recent results, we now expect that premiums for the full year of
2015 will be in line with the $3.7 billion achieved for the full
year in 2014.”
AFG's annuity operations contributed $88 million in core pretax
operating earnings in the second quarter of 2015 compared to $84
million in the second quarter of 2014, an increase of 5%. Earnings
before the impact of fair value accounting on fixed-indexed
annuities (FIAs) declined by 18%, as detailed in the table
below:
Components of Core
Annuity Operating Earnings Before Income Taxes
In millions Three months ended
Pct. Six months ended Pct. June 30,
Change June 30, Change
2015
2014 2015 2014
Annuity earnings before fair value
accounting for FIAs
$ 77 $ 94 (18 %) $ 169 $ 182 (7 %)
Impact of Fair Value Accounting for
FIAs
11
(10
)
nm
(6 ) (25 )
nm
Core Pretax Annuity Operating Earnings $ 88 $ 84 5 %
$ 163 $ 157 4 %
Annuity Earnings Before Fair Value
Accounting for FIAs
AFG’s 2015 earnings continued to benefit from growth in annuity
assets. AFG’s quarterly average annuity investments and reserves
grew approximately 12% year-over-year; however, the impact of this
growth was offset by the runoff of higher yielding investments, an
adjustment in the current quarter affecting fixed-indexed annuities
with guaranteed lifetime withdrawal benefits, and higher
general and administrative expenses.
Impact of Fair Value Accounting for
FIAs
Variances from expectations of certain items (such as projected
interest rates, option costs and surrenders), as well as changes in
the stock market, have an impact on the accounting for FIAs; these
accounting adjustments are recognized through AFG’s reported core
earnings.
In the second quarter of 2015, interest rates rose
significantly, resulting in a large favorable impact on earnings;
this favorable result was partially offset by the impact of a stock
market decrease during the quarter. Conversely, in the second
quarter of 2014, interest rates generally decreased, versus AFG’s
assumption that they would rise; this difference had a negative
impact on AFG’s 2014 second quarter earnings. These impacts are
included within the “Impact of Fair Value Accounting for FIAs”
amounts shown in the table above.
Annuity Premiums
The Annuity Segment reported statutory premiums of $899 million
in the second quarter of 2015. While this amount was 5% lower than
sales in the comparable prior year period, it represents an 11%
increase in sales over the first quarter of 2015.
More information about premiums and the results of operations
for our Annuity Segment may be found in the accompanying schedules
and 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 reported core
pretax operating earnings of $4 million in the second quarter of
2015 compared to a core pretax operating loss of $2 million in the
comparable prior year period, reflecting the favorable impact of
rate increases, higher investment income and lower persistency
compared to the same period last year.
As previously announced, AFG reached a definitive agreement to
sell the legal entities containing all of its run-off long-term
care insurance business to HC2 Holdings, Inc. for an initial
payment of $7 million in cash and HC2 securities, subject to
adjustment based on certain items, including operating results
through the closing date. In addition, AFG may also receive up to
$13 million of additional proceeds from HC2 in the future based on
the release of certain statutory liabilities of the legal entities
sold by AFG. In accordance with GAAP, AFG recorded its estimated
non-core, after-tax loss on the sale of $105 million in its results
for the first quarter of 2015.
The legal entities involved in the transaction, United Teacher
Associates Insurance Company and Continental General Insurance
Company, contain all of AFG’s long-term care insurance reserves.
The transaction is expected to close in the second half of 2015,
subject to customary conditions, including receipt of required
regulatory approvals.
Investments
AFG recorded second quarter 2015 net realized losses on
securities of less than $1 million after tax and after deferred
acquisition costs (DAC), compared to net realized gains of $7
million reported in the comparable 2014 period. Unrealized gains on
fixed maturities were $457 million after tax and after DAC at June
30, 2015, a decrease of $147 million since year end. Our portfolio
continues to be high quality, with 87% of our fixed maturity
portfolio rated investment grade and 97% with a National
Association of Insurance Commissioners’ designation of NAIC 1or 2,
its highest two categories.
For the six months ended June 30, 2015, P&C net investment
income was approximately 13% higher than the comparable 2014
period, reflecting the investment of cash received in connection
with the Summit acquisition.
Second quarter 2015 results also include an after-tax non-core
net realized gain of $26 million on the sale of Le Pavillon
Hotel.
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 over $45 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; the possibility that the
pending sale of AFG’s run-off long-term care business is not
consummated; 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; 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 2015 second
quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, August 5,
2015. Toll-free telephone access will be available by dialing
1-877-459-8719 (international dial-in 424-276-6843). The conference
ID for the live call is 78269027. 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
12, 2015. To listen to the replay, dial 1-855-859-2056
(international dial-in 404-537-3406) and provide the conference ID
78269027.
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
12, 2015 at 11:59 p.m. (ET). An archived audio MP3 file will be
available within 24 hours of the call.
(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.
AMERICAN FINANCIAL GROUP, INC. AND
SUBSIDIARIES SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET
DATA (In Millions, Except Per Share Data) Three
months ended Six months ended June 30, June 30,
2015
2014 2015
2014 Revenues P&C insurance net earned premiums $
985 $ 931 $ 1,931 $ 1,685 Life, accident & health net earned
premiums 27 27 52 55 Net investment income 404 379 792 740 Realized
gains (losses) on: Securities (1 ) 12 18 31 Subsidiaries - - (162 )
- Income (loss) of managed investment entities: Investment income
38 27 72 55
Gain (loss) on change in fair value of
assets/liabilities
(2 ) (10 ) (5 ) (10 ) Other income
90
26 137
47 Total revenues
1,541
1,392 2,835
2,603
Costs and expenses
P&C insurance losses & expenses 939 902 1,828 1,598
Annuity, life, accident & health benefits & expenses 248
246 502 492 Interest charges on borrowed money 19 17 39 35 Expenses
of managed investment entities 28 21 52 41 Other expenses
81 76
158 146 Total costs
and expenses
1,315
1,262 2,579
2,312
Earnings before income taxes
226
130
256
291
Provision for income taxes
(b) 77
47 82
101 Net earnings including
noncontrolling interests 149 83 174 190
Less: Net earnings (loss) attributable to
noncontrolling interests
8
(23
)
14
(19
)
Net earnings attributable to shareholders
$
141 $ 106
$ 160 $
209 Diluted Earnings per Common Share
$ 1.57 $
1.15 $ 1.79
$ 2.28 Average number of
diluted shares 89.5 91.6 89.4 91.6 June 30,
December 31,
Selected Balance
Sheet Data:
2015 2014 Total cash and investments $
37,644 $ 36,210 Long-term debt $ 1,024 $ 1,061 Shareholders’
equity
(c) $ 4,802 $ 4,879
Shareholders’ equity (excluding
appropriated retained earnings and unrealized gains/losses on fixed
maturities)(c)
$
4,345
$
4,277
Book Value Per Share: Excluding appropriated retained earnings $
54.86 $ 55.65
Excluding appropriated retained earnings
and unrealized gains/losses on fixed maturities
$ 49.63 $ 48.76
Common Shares Outstanding
87.5
87.7
Footnotes (b) and (c) 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
ended Pct. Six months ended Pct. June 30, Change June 30, Change
2015 2014 2015
2014 Gross written
premiums $ 1,318
$ 1,291 2 %
$
2,514 $ 2,315
9 %
Net written premiums $
1,026 $ 998 3
%
$ 1,952 $
1,753 11 %
Ratios (GAAP): Loss
& LAE ratio 61.0 % 64.6 % 60.9 % 61.1 %
Underwriting expense ratio 33.9
% 32.3 %
33.3 % 33.6
% Combined Ratio
94.9 % 96.9
% 94.2 %
94.7 %
Supplemental
Information:(d)
Gross Written Premiums: Property & Transportation $ 500
$ 489 2 % $ 876 $ 865 1 % Specialty Casualty 661 655 1 % 1,344
1,162 16 % Specialty Financial
157
147 7 %
294
288 2 %
$
1,318 $ 1,291
2 %
$ 2,514 $
2,315 9 %
Net Written Premiums:
Property & Transportation $ 362 $ 353 3 % $ 650 $ 637 2 %
Specialty Casualty 503 499 1 % 1,004 830 21 % Specialty Financial
136 120 13 % 251 236 6 % Other
25
26 (4 %)
47
50 (6 %)
$ 1,026
$ 998 3 %
$
1,952 $ 1,753
11 %
Combined Ratio (GAAP): Property &
Transportation 104.0 % 105.5 % 101.0 % 102.0 % Specialty Casualty
92.7 % 93.6 % 93.4 % 91.2 % Specialty Financial 81.0 % 87.6 % 81.4
% 89.3 % Aggregate Specialty Group 94.9 % 96.9 % 94.2 % 94.7
% Three months ended Six months ended June 30,
June 30,
2015 2014
2015 2014 Reserve
Development (Favorable)/Adverse: Property & Transportation
$ 6 $ 22 $ 9 $ 18 Specialty Casualty (7 ) (4 ) (7 ) (28 ) Specialty
Financial (8 ) (2 ) (17 ) (3 ) Other
(2
) (2 )
(3
) (5 )
$
(11 ) $ 14
$ (18 )
$ (18 )
Points on Combined Ratio:
Property & Transportation 1.7 6.6 1.4 2.9 Specialty Casualty
(1.4 ) (0.8 ) (0.8 ) (3.6 ) Specialty Financial (6.2 ) (1.8 ) (6.7
) (1.2 ) Aggregate Specialty Group (1.1 ) 1.4 (1.0 ) (1.1 )
Footnote (d) 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 ended Pct. Six months ended Pct. June 30,
Change June 30, Change
2015
2014 2015 2014
Annuity
Premiums:
Financial Institutions Single Premium $ 417 $ 459 (9 %) $ 811 $ 939
(14 %) Retail Single Premium 422 428 (1 %) 783 853 (8 %) Education
Market 49 49 - 96 99 (3 %) Variable Annuities 11 13 (15 %) 22 25
(12 %) Total Annuity Premiums $ 899 $ 949 (5 %) $ 1,712 $ 1,916 (11
%)
Components of
Core Operating Earnings Before Income Taxes
Three months ended Pct. Six months ended Pct. June 30,
Change June 30, Change
2015
2014 2015 2014
Revenues: Net investment income $ 306 $ 289 6 % $ 598 $ 564 6 %
Other income 22 19 16 % 46 37 24 %
Total revenues 328 308 6 % 644 601 7 % Costs and Expenses:
Annuity benefits 151 166 (9 %) 335 334 - Acquisition expenses 60 37
62 % 94 68 38 % Other expenses 29 21 38 % 52 42 24 % Total costs
and expenses 240 224 7 % 481 444 8 %
Core operating earnings before income
taxes
$ 88 $ 84 5 % $ 163 $ 157 4 %
Supplemental
Fixed Annuity Information
Three months ended Pct. Six months ended Pct. June 30,
Change June 30, Change
2015
2014 2015 2014
Core Operating Earnings Before impact of
fair value accounting on FIAs
$
77
$
94
(18
%)
$
169
$
182
(7
%)
Impact of Fair Value Accounting
11
(10 ) nm
(6
) (25 ) nm
Core operating earnings before income
taxes
$
88
$
84
5
%
$
163
$
157
4
%
Average Fixed Annuity Reserves* $ 24,474 $ 21,829 12
% $ 24,113 $ 21,448 12 % Net Interest Spread* 2.77 % 2.92 %
2.72 % 2.87 %
Net Spread Earned Before Impact of Fair
Value Accounting*
1.21
%
1.64
%
1.35
%
1.61
%
Net Spread Earned After Impact of Fair
Value Accounting*
1.39
%
1.46
%
1.30
%
1.38
%
* 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 ended Six months ended
June 30, June 30,
2015 2014
2015 2014
Core Operating
Earnings before Income Taxes:
P&C Insurance Segment $ 121 $ 97 $ 250 $ 205 Annuity Segment 88
84 163 157 Run-off Long-term Care and Life Segment 4 (2 ) 8 (4 )
Interest and other corporate expenses
(39
) (37 )
(80
) (78 ) Core operating
earnings before income taxes 174 142 341 280 Related income taxes
59 43
114 90 Core
net operating earnings
$ 115
$ 99 $
227 $ 190
b) Earnings before income taxes includes $18 million in
non-deductible losses attributable to noncontrolling interests
related to managed investment entities in both the second quarter
and first six months of 2014.
c) Shareholders’ Equity at June 30, 2015 includes $457 million
($5.23 per share) in unrealized after-tax gains on fixed
maturities. Shareholder’s Equity at December 31, 2014 includes $604
million ($6.89 per share) in unrealized after-tax gains on fixed
maturities and ($2) million ($0.03 per share) of retained earnings
appropriated to managed investment entities.
d) 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, 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 leasing and financing
institutions (including collateral and lender-placed mortgage
property insurance), surety and fidelity products and trade credit
insurance.
- Other includes an internal
reinsurance facility.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150804006985/en/
American Financial Group, Inc.Diane P. Weidner,
513-369-5713Asst. Vice President – Investor
Relationsorwww.AFGinc.comwww.GreatAmericanInsuranceGroup.com
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