- Net earnings per share of $3.13 in the fourth quarter; full
year net earnings per share of $10.05
- Core net operating earnings per share of $2.84 in the fourth
quarter; full year core net operating earnings per share of
$10.56
- Full year 2023 ROE of 18.8%; 2023 core operating ROE of
19.8%
- Specialty Property & Casualty fourth quarter calendar
year combined ratio of 87.7%
- Full year total capital returned to shareholders
approximately $900 million, includes $466 million ($5.50 per share)
in special dividends
- Special cash dividend of $2.50 per share declared; payable
February 28, 2024
American Financial Group, Inc. (NYSE: AFG) today reported 2023
fourth quarter net earnings of $263 million ($3.13 per share)
compared to $276 million ($3.24 per share) in the 2022 fourth
quarter. Net earnings for the 2023 fourth quarter included net
after-tax non-core realized gains of $25 million ($0.29 per share).
By comparison, net earnings for the 2022 fourth quarter included
net after-tax non-core realized gains of $21 million ($0.25 per
share). Net earnings for the full year of 2023 were $10.05 per
share, compared to $10.53 per share in 2022. Other details may be
found in the table on the following page.
Core net operating earnings were $238 million ($2.84 per share)
for the 2023 fourth quarter, compared to $255 million ($2.99 per
share) in the 2022 fourth quarter. The year-over-year decrease
reflects lower returns in AFG’s alternative investment portfolio.
Additional details for the 2023 and 2022 fourth quarters may be
found in the table below.
Three Months Ended December
31,
Components of
Pretax Core Operating Earnings
2023
2022
2023
2022
2023
2022
In millions, except per share amounts
Before Impact of
Alternative
Core Net Operating
Alternative Investments
Investments
Earnings, as reported
P&C Pretax Core Operating Earnings
$
352
$
335
$
5
$
28
$
357
$
363
Other expenses
(34
)
(25
)
-
-
(34
)
(25
)
Holding company interest expense
(19
)
(20
)
-
-
(19
)
(20
)
Pretax Core Operating Earnings
299
290
5
28
304
318
Related provision for income taxes
65
57
1
6
66
63
Core Net Operating Earnings
$
234
$
233
$
4
$
22
$
238
$
255
Core Operating Earnings Per Share
$
2.79
$
2.73
$
0.05
$
0.26
$
2.84
$
2.99
Weighted Avg Diluted Shares
Outstanding
83.8
85.3
83.8
85.3
83.8
85.3
AFG’s book value per share was $50.91 at December 31, 2023. AFG
paid cash dividends of $2.21 per share during the fourth quarter –
which included a $1.50 per share special dividend paid in November
– and repurchased $60 million of its common stock at an average
price per share of $110.23. For the three months ended December 31,
2023, AFG’s growth in book value per share plus dividends was
12.3%. For the twelve months ended December 31, 2023, AFG’s book
value per share plus dividends increased by 24.1%. For the full
year, share repurchases totaled $213 million. Return on equity was
18.8% and 19.2% for the full years of 2023 and 2022, respectively,
and is calculated based on a five-quarter average of ending
shareholders’ equity, excluding AOCI.
Adjusted book value per share, which excludes unrealized gains
(losses) related to fixed maturities, was $54.54 per share at
December 31, 2023. For the three months ended December 31, 2023,
AFG’s growth in adjusted book value per share plus dividends was
5.3%. For the twelve months ended December 31, 2023, AFG’s growth
in adjusted book value per share plus dividends was 16.6%. Core
operating return on equity was 19.8% and 21.2% for the full years
of 2023 and 2022, respectively and is calculated based on a
five-quarter average of ending shareholders’ equity, excluding
AOCI.
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.
In millions, except per share amounts
Three months ended
December 31,
Twelve months ended
December 31,
2023
2022
2023
2022
Components of net earnings:
Core operating earnings before income
taxes
$
304
$
318
$
1,127
$
1,248
Pretax non-core
items:
Realized gains (losses)
31
27
(40
)
(116
)
Gain (loss) on retirement of debt
-
1
1
(9
)
Special A&E charges
-
-
(15
)
-
Earnings before income taxes
335
346
1,073
1,123
Provision (credit) for income taxes:
Core operating earnings
66
63
232
255
Non-core items
6
7
(11
)
(30
)
Total provision for income taxes
72
70
221
225
Net earnings
$
263
$
276
$
852
$
898
Net earnings:
Core net operating earnings(a)
$
238
$
255
$
895
$
993
Non-core
items:
Realized gains (losses)
25
21
(32
)
(92
)
Gain (loss) on retirement of debt
-
-
1
(7
)
Special A&E charges
-
-
(12
)
-
Other
-
-
-
4
Net earnings
$
263
$
276
$
852
$
898
Components of earnings per share:
Core net operating earnings(a)
$
2.84
$
2.99
$
10.56
$
11.63
Non-core
Items:
Realized gains (losses)
0.29
0.25
(0.37
)
(1.06
)
Gain (loss) on retirement of debt
-
-
0.01
(0.09
)
Special A&E Charges
-
-
(0.15
)
-
Other
-
-
-
0.05
Diluted net earnings per share
$
3.13
$
3.24
$
10.05
$
10.53
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 very pleased
with our strong performance in the 2023 fourth quarter and full
year. In addition to producing an annual core operating return on
equity of nearly 20%, net written premiums grew by 8% during the
year. Excellent underwriting results, strong investment performance
and effective capital management enable us to continue to create
long-term value for our shareholders. We are thankful for our
talented insurance and investment professionals, who have
positioned us well as we enter 2024.”
Messrs. Lindner continued: “AFG continued to have significant
excess capital at December 31, 2023. 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 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.
Over the past year, we increased our quarterly dividend by 12.7%
and paid special dividends of $5.50 per share. Growth in adjusted
book value plus dividends was a very strong 16.6% during 2023.”
The Company also announced today that its Board of Directors
declared a special cash dividend of $2.50 per share of American
Financial Group common stock. The dividend is payable on February
28, 2024, to shareholders of record on February 16, 2024. The
aggregate amount of this special dividend will be approximately
$210 million. This special dividend is in addition to the Company’s
regular quarterly cash dividend of $0.71 per share most recently
paid on January 25, 2024.
For many years, AFG has established a range of core net
operating earnings per share guidance for the new year and provided
various other guidance measures as part of its fourth quarter
earnings release. After reviewing industry and peer practices and
following a number of discussions with analysts and shareholders,
we have decided that beginning in 2024, we will cease providing
guidance. Our focus has always been on long-term shareholder value
creation by generating strong returns on equity that grow book
value per share and we believe that this change aligns with that
focus.
As we continue to evaluate our disclosures going forward, for
2024 we expect that performance in line with the assumptions
underlying our 2024 business plan would result in core operating
earnings per share of approximately $11.00 and generate a core
operating return on equity excluding AOCI of approximately 20%.
These assumptions include 8% growth in net written premiums
compared to 2023, a similar combined ratio to the strong result in
2023, a reinvestment rate of approximately 5.5%, and a return of
approximately 6% on our $2.4 billion portfolio of alternative
investments.
Specialty Property and Casualty
Insurance Operations
The Specialty P&C insurance operations generated a very
strong 87.7% combined ratio in the fourth quarter of 2023, 1.1
points higher than the 86.6% reported in the prior year. Fourth
quarter results include 1.4 points related to catastrophe losses,
compared to 0.9 points in the 2022 fourth quarter. Fourth quarter
2023 results benefited from 3.3 points of favorable prior year
reserve development, compared to 3.6 points in the fourth quarter
of 2022. Underwriting profit was $212 million for the 2023 fourth
quarter compared to $217 million in the fourth quarter of 2022.
Lower year-over-year underwriting profit in our Specialty Casualty
and Property and Transportation Groups was partially offset by
higher underwriting profit in our Specialty Financial Group.
Fourth quarter 2023 gross and net written premiums were both up
8% when compared to the same period in 2022. Year-over-year growth
was reported within each of the Specialty P&C groups as a
result of a combination of new business opportunities, increased
exposures and a good renewal rate environment. Gross and net
written premiums increased 7% and 8%, respectively, for the full
year in 2023 and established new records for premium production for
AFG.
Average renewal pricing across our P&C Group, excluding
workers’ compensation, was up approximately 7% for the quarter, in
line with renewal rates in the previous quarter. Including workers’
compensation, renewal rates were up approximately 6% overall, a
point higher than the previous 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 an
underwriting profit of $67 million in the fourth quarter of 2023,
compared to $68 million in the comparable prior year period. Below
average underwriting profitability in our crop insurance operations
was largely offset by higher year-over year underwriting profits in
our property & inland marine and our non-crop agricultural
businesses. Catastrophe losses in this group were $5 million in the
fourth quarter of 2023, compared to $7 million in the prior year
period. The businesses in the Property and Transportation Group
achieved a 90.3% calendar year combined ratio overall in the fourth
quarter, in line with the 90.0% achieved in the comparable period
in 2022. Excluding crop, the fourth quarter calendar year combined
ratio in this group improved three points year-over-year.
Fourth quarter 2023 gross and net written premiums in this group
were up 4% and 1%, respectively, when compared to the 2022 fourth
quarter, due primarily to slightly higher crop premium related to
the CRS acquisition, which was partially offset by the timing of
renewals in several of our transportation businesses. Overall
renewal rates in this group increased 7% on average for the fourth
quarter of 2023, a point higher than the previous quarter. Pricing
for the full year for this group was up 6% overall.
The Specialty Casualty Group reported an underwriting
profit of $114 million in the 2023 fourth quarter compared to $128
million in the comparable 2022 period. Higher year-over-year
underwriting profits in our workers’ compensation and executive
liability businesses were more than offset by lower underwriting
profit in our excess and surplus lines business. Catastrophe losses
for this group were $8 million and $7 million in the fourth
quarters of 2023 and 2022, respectively. The businesses in the
Specialty Casualty Group achieved an exceptionally strong 84.6%
calendar year combined ratio overall in the fourth quarter, 3.3
points higher than the 81.3% reported in the comparable period in
2022.
Fourth quarter 2023 gross and net written premiums increased 6%
and 7%, respectively, when compared to the same prior year period.
New business opportunities and increased exposures in our excess
& surplus lines operations and increased exposures from payroll
growth in our workers’ compensation businesses led to higher
year-over-year premiums, with nearly all of the businesses in this
group reporting growth during the quarter. This growth was
partially offset by lower premiums in our D&O businesses.
Excluding workers’ compensation, renewal pricing for this group was
up 7% in the fourth quarter and was up 4% overall, with both
measures down about 1% from the renewal pricing in the previous
quarter. Pricing for this group for the full year, excluding
workers’ compensation, was up 6%, and up 4% overall.
The Specialty Financial Group reported an underwriting
profit of $45 million in the fourth quarter of 2023, compared to
$33 million in the fourth quarter of 2022, primarily as a result of
higher underwriting profit in our financial institutions business.
Catastrophe losses for this group were $4 million in the fourth
quarter of 2023, compared to a favorable impact of $3 million in
the fourth quarter of 2022 that resulted from adjusted
reinstatement premiums related to Hurricane Ian. This group
continued to achieve excellent underwriting margins and reported an
outstanding 81.3% combined ratio for the fourth quarter of 2023, an
improvement of 1.8 points over the prior year period.
Gross and net written premiums increased by 27% and 26%,
respectively, in the 2023 fourth quarter when compared to the same
2022 period. While nearly all businesses in this group reported
year-over-year growth, our financial institutions business was the
primary driver of the higher premiums. Renewal pricing in this
group was up 9% in the fourth quarter, accelerating four points
from the previous quarter. Renewal pricing in this group was up 5%
for the full year of 2023.
Carl Lindner III stated, “Our specialty P&C businesses
closed out 2023 on a strong note. Underwriting margins continue to
be very good, and we are seeing opportunities to grow our Specialty
P&C businesses through increasing exposures, new opportunities,
and a continued favorable pricing environment. Nearly all the
businesses in our diversified Specialty P&C portfolio continue
to meet or exceed targeted returns, and we set new records for
premium production in 2023.”
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.
Investments
Net Investment Income – For the quarter ended December
31, 2023, property and casualty net investment income was
approximately 1% higher than the comparable 2022 period. Excluding
the impact of alternative investments, net investment income in our
property and casualty insurance operations for the three months
ended December 31, 2023, increased 19% year-over-year as a result
of the impact of rising interest rates and higher balances of
invested assets. The annualized return on alternative investments
was approximately 0.8% for the 2023 fourth quarter compared to 5.3%
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.
For the twelve months ended December 31, 2023, P&C net
investment income was approximately 7% higher than the comparable
2022 period. The return on alternative investments was 7.0% for
2023 compared to 13.2% earned on P&C alternative investments in
2022. Excluding alternative investments, net investment income in
our property and casualty insurance operations for 2023 increased
35% year-over-year as a result of the impact of rising interest
rates and higher balances of invested assets. 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
fourth quarter 2023 net realized gains of $25 million ($0.29 per
share) after tax, which included $22 million ($0.26 per share) in
after-tax net gains to adjust equity securities that the Company
continued to own at December 31, 2023, to fair value. AFG recorded
net realized gains of $21 million ($0.25 per share) after tax in
the comparable 2022 period.
After-tax unrealized losses related to fixed maturities were
$304 million at December 31, 2023. 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.
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 2023 fourth
quarter and full year results at 11:30 a.m. (ET) tomorrow,
Wednesday, February 7, 2024. There are 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.
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.
AMERICAN FINANCIAL GROUP,
INC., AND SUBSIDIARIES SUMMARY OF EARNINGS AND SELECTED BALANCE
SHEET DATA (In Millions, Except Per Share Data)
Three months ended
December 31,
Twelve months ended
December 31,
2023
2022
2023
2022
Revenues
P&C insurance net earned premiums
$
1,732
$
1,623
$
6,531
$
6,085
Net investment income
159
168
742
717
Realized gains (losses)
31
27
(40
)
(116
)
Income of managed investment entities:
Investment income
100
93
421
268
Gain (loss) on change in fair value of
assets/liabilities
15
(6
)
27
(31
)
Other income
46
24
146
117
Total revenues
2,083
1,929
7,827
7,040
Costs and expenses
P&C insurance losses &
expenses
1,549
1,413
5,968
5,347
Interest charges on borrowed money
19
20
76
85
Expenses of managed investment
entities
102
82
405
230
Other expenses
78
68
305
255
Total costs and expenses
1,748
1,583
6,754
5,917
Earnings before income taxes
335
346
1,073
1,123
Provision for income taxes
72
70
221
225
Net earnings
$
263
$
276
$
852
$
898
Diluted earnings per common share
$
3.13
$
3.24
$
10.05
$
10.53
Average number of diluted shares
83.8
85.3
84.8
85.3
Selected Balance
Sheet Data:
December 31, 2023
December 31, 2022
Total cash and investments
$
15,263
$
14,512
Long-term debt
$
1,475
$
1,496
Shareholders’ equity(b)
$
4,258
$
4,052
Shareholders’ equity (excluding unrealized
gains/losses related to fixed maturities)(b)
$
4,562
$
4,578
Book value per share(b)
$
50.91
$
47.56
Book value per share (excluding unrealized
gains/losses related to fixed maturities)(b)
$
54.54
$
53.73
Common Shares Outstanding
83.6
85.2
Footnote (b) is 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
December 31,
Pct.
Change
Twelve months ended
December 31,
Pct.
Change
2023
2022
2023
2022
Gross written premiums
$
1,992
$
1,845
8
%
$
9,656
$
9,057
7
%
Net written premiums
$
1,445
$
1,338
8
%
$
6,692
$
6,206
8
%
Ratios (GAAP):
Loss & LAE ratio
60.7
%
60.8
%
61.5
%
59.6
%
Underwriting expense ratio
27.0
%
25.8
%
28.8
%
27.6
%
Specialty Combined Ratio
87.7
%
86.6
%
90.3
%
87.2
%
Combined Ratio – P&C
Segment
87.8
%
86.5
%
90.4
%
87.3
%
Supplemental
Information:(c)
Gross Written Premiums:
Property & Transportation
$
623
$
601
4
%
$
4,146
$
4,060
2
%
Specialty Casualty
1,069
1,007
6
%
4,368
4,115
6
%
Specialty Financial
300
237
27
%
1,142
882
29
%
$
1,992
$
1,845
8
%
$
9,656
$
9,057
7
%
Net Written Premiums:
Property & Transportation
$
426
$
423
1
%
$
2,551
$
2,515
1
%
Specialty Casualty
700
655
7
%
2,944
2,728
8
%
Specialty Financial
250
199
26
%
935
711
32
%
Other
69
61
13
%
262
252
4
%
$
1,445
$
1,338
8
%
$
6,692
$
6,206
8
%
Combined Ratio (GAAP):
Property & Transportation
90.3
%
90.0
%
92.8
%
91.7
%
Specialty Casualty
84.6
%
81.3
%
87.0
%
81.2
%
Specialty Financial
81.3
%
83.1
%
87.3
%
83.7
%
Aggregate Specialty Group
87.7
%
86.6
%
90.3
%
87.2
%
Three months ended
December 31,
Twelve months ended
December 31,
2023
2022
2023
2022
Reserve Development (Favorable)/Adverse:
Property & Transportation
$
(12
)
$
(13
)
$
(84
)
$
(92
)
Specialty Casualty
(37
)
(50
)
(110
)
(190
)
Specialty Financial
(8
)
(8
)
(32
)
(47
)
Other Specialty
-
13
-
40
Specialty Group
(57
)
(58
)
(226
)
(289
)
Other
1
(1
)
2
4
Total Reserve Development
$
(56
)
$
(59
)
$
(224
)
$
(285
)
Points on Combined Ratio:
Property & Transportation
(1.8
)
(1.8
)
(3.3
)
(3.7
)
Specialty Casualty
(5.0
)
(7.3
)
(3.8
)
(7.2
)
Specialty Financial
(3.4
)
(4.1
)
(3.7
)
(6.8
)
Aggregate Specialty Group
(3.3
)
(3.6
)
(3.4
)
(4.7
)
Total P&C Segment
(3.2
)
(3.6
)
(3.4
)
(4.7
)
Footnote (c) is contained in the
accompanying Notes to Financial Schedules at the end of this
release.
AMERICAN FINANCIAL GROUP, INC.
Notes to Financial Schedules
a) Components of core net operating earnings (dollars in
millions):
Three months ended December
31,
Twelve months ended December
31,
2023
2022
2023
2022
Core Operating
Earnings before Income Taxes:
P&C insurance segment
$
357
$
363
$
1,304
$
1,419
Interest and other corporate expenses
(53
)
(45
)
(177
)
(171
)
Core operating earnings before income
taxes
304
318
1,127
1,248
Related income taxes
66
63
232
255
Core net operating earnings
$
238
$
255
$
895
$
993
b)
Shareholders’ Equity at December 31, 2023,
includes $304 million ($3.63 per share) in unrealized after-tax
losses related to fixed maturities compared to $526 million ($6.17
per share) in unrealized after-tax losses related to fixed
maturities at December 31, 2022.
c)
Supplemental
Notes:
- 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240206508641/en/
Diane P. Weidner, IRC Vice President - Investor & Media
Relations 513-369-5713
American Financial (NYSE:AFG)
Gráfico Histórico do Ativo
De Ago 2024 até Set 2024
American Financial (NYSE:AFG)
Gráfico Histórico do Ativo
De Set 2023 até Set 2024