- Net earnings per share of $3.40; includes ($0.16) per share
from after-tax non-core items
- First quarter core net operating earnings per share of
$3.56, a 50% increase from the prior year period
- First quarter annualized ROE of 23.5%; core operating ROE of
24.6%
- Parent company cash and investments of approximately $1.7
billion; excess capital of $2.0 billion at March 31, 2022
- Full year 2022 core net operating earnings guidance
increased to $10.50 - $11.50 per share, from previous guidance of
$9.75 - $10.75 per share
- Announces June 2022 redemption of $375 million principal
amount of 3.50% Senior Notes due 2026
- Announces special cash dividend of $8.00 per share, payable
May 27, 2022
American Financial Group, Inc. (NYSE: AFG) today reported 2022
first quarter net earnings attributable to shareholders of $290
million ($3.40 per share) compared to $419 million ($4.84 per
share) for the 2021 first quarter. Net earnings for the 2022 first
quarter included after-tax non-core realized losses on securities
of $12 million ($0.14 per share loss) and a $1 million loss ($0.02
per share loss) on retirement of debt. Comparatively, net earnings
in the 2021 first quarter included $213 million ($2.46 per share)
in after-tax non-core items, primarily related to our discontinued
Annuity operations, which were sold in May 2021. Other details may
be found in the table on the following page. AFG’s book value per
share was $56.81 as of March 31, 2022. AFG paid cash dividends of
$2.56 per share during the first quarter, which included a $2.00
per share special dividend. For the three months ended March 31,
2022, AFG’s growth in book value per share plus dividends was 0.6%.
Annualized return on equity was 23.5% and 29.9% for the first
quarters of 2022 and 2021, respectively.
Core net operating earnings were a record $303 million ($3.56
per share) for the 2022 first quarter, compared to $206 million
($2.38 per share) in the 2021 first quarter. The year-over-year
increase was primarily the result of significantly higher
underwriting profit in the Specialty Property and Casualty
(“P&C”) insurance operations and substantially higher net
investment income, due largely to the continued strong performance
of AFG’s $2.0 billion alternative investment portfolio. Additional
details for the 2022 and 2021 first quarters may be found in the
table below. Core net operating earnings for the first quarters of
2022 and 2021 generated annualized returns on equity of 24.6% and
14.7%, respectively.
Three Months Ended March 31,
Components of
Pretax Core Operating Earnings
2022
2021
2022
2021
2022
2021
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
$
283
$
211
$
139
$
77
$
422
$
288
Real estate entities and other acquired
from Annuity operations
-
(1
)
-
29
-
28
Other expenses
(21
)
(34
)
-
-
(21
)
(34
)
Holding company interest expense
(23
)
(24
)
-
-
(23
)
(24
)
Pretax Core Operating Earnings
239
152
139
106
378
258
Related provision for income taxes
46
30
29
22
75
52
Core Net Operating Earnings
$
193
$
122
$
110
$
84
$
303
$
206
Core Operating Earnings Per Share
$
2.27
$
1.41
$
1.29
$
0.97
$
3.56
$
2.38
Weighted Avg Diluted Shares
Outstanding
85.2
86.6
85.2
86.6
85.2
86.6
Book value per share, excluding unrealized gains (losses)
related to fixed maturities, was $58.14 per share at March 31,
2022, compared to $57.42 at the end of 2021. In the 2022 first
quarter, AFG share repurchases totaled $4.6 million. For the three
months ended March 31, 2022, AFG’s growth in adjusted book value
per share plus dividends was 5.7%.
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 table below identifies such items and
reconciles net earnings attributable to shareholders 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 discontinued operations, net realized gains and
losses, and special 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
March 31,
2022
2021
Components of net earnings:
Core operating earnings before income
taxes
$
378
$
258
Pretax non-core
items:
Realized gains (losses) on securities
(15
)
77
Loss on retirement of debt
(2
)
-
Earnings before income taxes
361
335
Provision (credit) for income taxes:
Core operating earnings
75
52
Non-core items
(4
)
16
Total provision for income taxes
71
68
Net earnings from continuing
operations
290
267
Net earnings from discontinued annuity
operations
-
152
Net earnings
$
290
$
419
Net earnings:
Core net operating earnings(a)
$
303
$
206
Non-core
items:
Realized gains (losses) on securities
(12
)
61
Loss on retirement of debt
(1
)
-
Net earnings from continuing
operations
290
267
Net earnings from discontinued annuity
operations
-
152
Net earnings
$
290
$
419
Components of earnings per share:
Core net operating earnings(a)
$
3.56
$
2.38
Non-core
items:
Realized gains (losses) on securities
(0.14
)
0.70
Loss on retirement of debt
(0.02
)
-
Diluted net earnings per share from
continuing operations
$
3.40
$
3.08
Net earnings from discontinued annuity
operations
-
1.76
Diluted net earnings per share
$
3.40
$
4.84
Footnote (a) is contained in the
accompanying Notes to Financial Schedules at the end of this
release.
The Company also announced today that its Board of Directors has
declared a special cash dividend of $8.00 per share of American
Financial Group common stock. The dividend is payable on May 27,
2022 to shareholders of record on May 20, 2022. The aggregate
amount of this special dividend will be approximately $680 million.
This special dividend is in addition to the Company’s regular
quarterly cash dividend of $0.56 per share most recently paid on
April 25, 2022. With this special dividend, the Company has
declared $10.00 per share in special dividends in 2022 and a total
of $36.00 per share in special dividends since the May 2021 sale of
its annuity operations.
S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief
Executive Officers, issued this statement: “We are pleased to
report a strong start to the year, with a first quarter annualized
core operating return of nearly 25%. Our Specialty P&C
businesses produced outstanding underwriting margins. Strategic
positioning of our investment portfolio coming into 2022 benefited
the Company in an increasing interest rate environment, and we
continue to be pleased with the performance of our alternative
investment portfolio, where returns exceeded our expectations. Our
entrepreneurial, opportunistic culture and disciplined operating
philosophy have positioned us well in a favorable P&C market
and a dynamic economic environment.
“AFG had approximately $2.0 billion of excess capital (including
parent company cash and investments of approximately $1.7 billion)
at March 31, 2022. Returning capital to shareholders in the form of
regular and special cash dividends and through opportunistic share
repurchases is an important and effective component of our capital
management strategy. In addition, our excess capital will be
deployed into AFG’s core businesses as we identify potential for
healthy, profitable organic growth, and opportunities to expand our
specialty niche businesses through acquisitions and start-ups that
meet our target return thresholds.”
Messrs. Lindner continued, “Based on the strong results reported
in the first quarter, we now expect AFG’s core net operating
earnings per share in 2022 to be in the range of $10.50 to $11.50,
an increase from our previous range of $9.75 to $10.75 per share.
Our core earnings per share guidance excludes non-core items such
as realized gains and losses and other significant items that are
not able to be estimated with reasonable precision, or that may not
be indicative of ongoing operations. The increase in expected 2022
earnings compared to our original guidance reflects higher than
previously expected net investment income. The higher estimate is
due to our deployment of cash in a rising interest rate
environment, a higher return on AFG’s cash and floating rate
securities, and the strong performance of our alternative asset
portfolio in the first quarter of 2022. This guidance continues to
reflect an average crop year and contemplates the capital
management actions announced today.”
Specialty Property and Casualty
Insurance Operations
AFG’s Specialty P&C insurance operations generated a record
underwriting profit of $208 million in the 2022 first quarter,
compared to $134 million in the first quarter of 2021. While each
of our Specialty P&C Groups produced higher year-over-year
underwriting profit, the most significant increase was in our
Specialty Casualty Group.
The first quarter 2022 combined ratio was a very strong 84.0%,
improving 4.5 points from the prior year period. First quarter 2022
results include $89 million (6.8 points) of favorable prior year
reserve development, compared to $59 million (5.2 points) in the
comparable prior year period. Catastrophe losses added 0.7 points
to the combined ratio in the first quarter of 2022 compared to 1.7
points in the prior year period. COVID-19 related losses added 0.8
points to the combined ratio in the first quarter of 2021.
Gross and net written premiums were up 20% and 14%,
respectively, in the 2022 first quarter compared to the prior year
quarter. First quarter growth was favorably impacted by previously
disclosed timing differences between the fourth quarter of 2021 and
first quarter of 2022 in the recording of premiums in our Property
and Transportation Group. When adjusting for those items, gross and
net written premiums increased 9% and 10%, respectively, during the
first quarter of 2022. Average renewal pricing across our P&C
Group, excluding workers’ compensation, was up approximately 8% for
the quarter, consistent with the fourth quarter of 2021. Overall
renewal rates were up 5% in the quarter. With the exception of
workers’ compensation, we are continuing to achieve strong renewal
rate increases in the majority of our businesses.
Further details about AFG’s Specialty P&C operations may be
found in the accompanying schedules.
The Property and Transportation Group reported an
underwriting profit of $62 million in the first quarter of 2022
compared to $56 million in the first quarter of 2021. Higher
underwriting profit in our property & inland marine and crop
businesses more than offset lower earnings in our transportation
businesses –primarily as a result of lower favorable prior period
reserve development. In the first quarter of 2021, the results from
our transportation businesses were exceptionally strong as we
benefited from COVID-19 related low frequency from both an accident
year and prior period development perspective. Catastrophe losses
in this group, net of reinsurance and inclusive of reinstatement
premiums, were $6 million in the first quarter of 2022, compared to
$22 million in the first quarter of 2021. Overall, the businesses
in the Property and Transportation Group achieved a strong 85.8%
calendar year combined ratio overall in the first quarter, 0.2
points higher than the comparable period in 2021.
First quarter 2022 gross and net written premiums in this group
were 46% and 24% higher, respectively, than the comparable prior
year period. Both gross and net written premiums were impacted by
the timing of premium recognition between the fourth quarter of
2021 and the first quarter of 2022 in our crop business and the
timing of the renewal of a large account in our transportation
businesses. Excluding the impact of these items, first quarter
gross and net written premiums in this group grew 14% and 12%
year-over-year, respectively. All of the businesses in this group
reported growth during the quarter. Overall renewal rates in this
group increased 6% on average in the first quarter of 2022,
consistent with rate increases reported in the fourth quarter of
2021.
The Specialty Casualty Group reported an underwriting
profit of $124 million in the first quarter of 2022 compared to $56
million in the comparable 2021 period. Higher year-over-year
underwriting profit in our workers’ compensation, excess and
surplus lines, and executive liability businesses were the drivers
of these results. Underwriting profitability in our workers’
compensation businesses overall continues to be excellent. The
businesses in the Specialty Casualty Group achieved an
exceptionally strong 80.6% calendar year combined ratio overall in
the first quarter of 2022, an improvement of 9.6 points from the
prior year period.
First quarter 2022 gross and net written premiums increased 8%
and 11%, respectively, when compared to the same prior year period.
With the exception of workers’ compensation, nearly all the
businesses in this group achieved strong renewal pricing and the
vast majority of businesses in this group reported healthy premium
growth during the first quarter. Excluding our workers’
compensation businesses, renewal rates in this group were up
approximately 10%; overall renewal rates in this group were up 5%
in the first quarter.
The Specialty Financial Group reported an underwriting
profit of $29 million in the first quarter of 2022, compared to $25
million in the comparable 2021 period. Higher year-over-year
underwriting profitability in our trade credit and surety
businesses were the drivers of the increase. Catastrophe losses for
this group, net of reinsurance and inclusive of reinstatement
premiums, were $2 million in the first quarter of 2022, compared to
$6 million in the prior year quarter. This group continued to
achieve excellent underwriting margins and reported an 82.0%
combined ratio for the first quarter of 2022, an improvement of 2.1
points from the prior year quarter.
First quarter 2022 gross written premiums were up 4% in this
group, and net written premiums were down by 1% when compared to
the prior year period, due primarily to a shift in business mix and
a change to a reinsurance program in a newer business in this
group. Renewal pricing in this group was up approximately 6% for
the quarter.
Carl Lindner III stated, “Underwriting profitability in our
Specialty P&C businesses was excellent in the first quarter of
2022, with each of our Specialty P&C sub-segments producing
combined ratios in the mid-eighties or lower for the second
consecutive quarter, resulting in an overall improvement of 4.5
points year-over-year. We continued to achieve broad-based pricing
increases well above prospective loss ratio trends in the vast
majority of our businesses.”
Mr. Lindner added, “Looking toward the full year 2022, we
continue to expect an overall calendar year combined ratio in the
range of 85% to 87% and continue to expect net written premiums to
be up 8% to 12% when compared to the $5.6 billion reported in 2021.
We expect the market to remain firm throughout 2022, allowing us to
act on business opportunities and achieve solid renewal rate
increases.”
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
P&C Net Investment Income – For the three months
ended March 31, 2022, P&C net investment income was
approximately 40% higher than the comparable 2021 period and
included significantly higher earnings from alternative
investments. Earnings from alternative investments may vary from
quarter to quarter based on the reported results of the underlying
investments, and generally are reported on a quarter lag. The
annualized return on alternative investments in the first quarter
of 2022 was 29.1%. The $139 million in pretax earnings from
alternative investments in the first quarter of 2022 included $41
million in earnings from the sale of certain multi-family housing
investments in a very favorable market. The average annual return
on alternative investments over the five calendar years ended
December 31, 2021 was approximately 13%. Excluding the impact of
alternative investments, P&C net investment income for the
three months ended March 31, 2022 increased 2% year-over-year as
the impact of rising interest rates in the first quarter will have
a more significant impact beginning in the second quarter of
2022.
Our guidance for 2022 assumes continued interest rate increases
throughout the year, and an overall annual yield of approximately
12% on alternative investments, with an average annualized yield of
6% achieved over the remaining three quarters of 2022.
Non-Core Net Realized Gains (Losses) – AFG recorded first
quarter 2022 net realized losses on securities of $12 million
($0.14 per share loss) after tax, which included $10 million ($0.12
per share loss) in after-tax net losses to adjust equity securities
that the Company continued to own at March 31, 2022, to fair value.
By comparison, AFG recorded net realized gains on securities of $61
million ($0.70 per share) in the comparable 2021 period.
After-tax unrealized losses on fixed maturities were $109
million at March 31, 2022. Our portfolio continues to be high
quality, with 90% of our fixed maturity portfolio rated investment
grade and 98% 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.
Discontinued Annuity
Operations
In May 2021, AFG completed the sale of its Annuity business to
Mass Mutual for cash proceeds of $3.57 billion. AFG recognized an
after-tax non-core gain on the sale of $656 million ($7.62 per AFG
share) in the first half of 2021. The sale continues to be subject
to tax-related post-closing adjustments, which are not expected to
be material and are expected to be settled in 2022.
Optional Redemption of 3.500% Senior
Notes due 2026
The Company announced today its intention to redeem all of its
approximately $375 million in outstanding 3.500% Senior Notes due
2026 (CUSIP No. 025932AK0; ISIN No.US025932AK06) (the “Notes”) on
June 3, 2022 (the “Redemption Date”) under a make-whole call. The
redemption price will equal 100% of the principal amount of Notes
to be redeemed plus accrued and unpaid interest to the Redemption
Date and a make-whole premium calculated in accordance with the
indenture governing the Notes. This press release does not
constitute a notice of redemption of the Notes. The notice of
redemption is being sent by the trustee to all currently registered
holders of the Notes. It is expected that the early redemption of
the Notes will result in after-tax non-core losses of approximately
$5 million ($0.06 per share loss) during the second quarter of 2022
related to the make whole premium and other related expenses.
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 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;
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: 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; the effects of the COVID-19 pandemic; 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 other factors identified in
AFG’s 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 2022 first
quarter results at 11:30 a.m. (ET) tomorrow, Thursday, May 5, 2022.
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 6790779. Please dial in five to ten minutes
prior to the scheduled start time of the call.
A replay will be available approximately two hours following the
completion of the call and will remain available until May 12,
2022. To listen to the replay, dial 1-855-859-2056 (international
dial-in 404-537-3406) and provide the conference ID 6790779.
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.
An archived webcast will be available immediately after the call
via the same link on our website until May 12, 2022.
(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
March 31,
2022
2021
Revenues
P&C insurance net earned premiums
$
1,302
$
1,173
Net investment income
230
188
Realized gains (losses) on securities
(15
)
77
Income of managed investment entities:
Investment income
46
46
Gain (loss) on change in fair value of
assets/liabilities
(5
)
2
Other income
30
23
Total revenues
1,588
1,509
Costs and expenses
P&C insurance losses &
expenses
1,107
1,047
Interest charges on borrowed money
23
24
Expenses of managed investment
entities
39
39
Other expenses
58
64
Total costs and expenses
1,227
1,174
Earnings from continuing operations before
income taxes
361
335
Provision for income taxes
71
68
Net earnings from continuing
operations
290
267
Net earnings from discontinued
operations
-
152
Net earnings
$
290
$
419
Earnings per diluted common share:
Continuing operations
$
3.40
$
3.08
Discontinued operations
-
1.76
Diluted earnings
$
3.40
$
4.84
Average number of diluted shares
85.2
86.6
March 31,
December 31,
Selected Balance
Sheet Data:
2022
2021
Total cash and investments
$
15,702
$
15,745
Long-term debt
$
1,917
$
1,964
Shareholders’ equity(b)
$
4,835
$
5,012
Shareholders’ equity (excluding unrealized
gains/losses related to fixed maturities)(b)
$
4,948
$
4,876
Book value per share
$
56.81
$
59.02
Book value per share (excluding unrealized
gains/losses related to fixed maturities)
$
58.14
$
57.42
Common Shares Outstanding
85.1
84.9
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
March 31,
Change
2022
2021
Gross written premiums
$
1,936
$
1,616
20
%
Net written premiums
$
1,368
$
1,205
14
%
Ratios (GAAP):
Loss & LAE ratio
53.1
%
56.8
%
Underwriting expense ratio
30.9
%
31.7
%
Specialty Combined Ratio
84.0
%
88.5
%
Combined Ratio – P&C
Segment
84.1
%
88.6
%
Supplemental
Information:(c)
Gross Written Premiums:
Property & Transportation
$
760
$
520
46
%
Specialty Casualty
976
904
8
%
Specialty Financial
200
192
4
%
$
1,936
$
1,616
20
%
Net Written Premiums:
Property & Transportation
$
501
$
403
24
%
Specialty Casualty
650
588
11
%
Specialty Financial
159
161
(1
%)
Other
58
53
9
%
$
1,368
$
1,205
14
%
Combined Ratio (GAAP):
Property & Transportation
85.8
%
85.6
%
Specialty Casualty
80.6
%
90.2
%
Specialty Financial
82.0
%
84.1
%
Aggregate Specialty Group
84.0
%
88.5
%
Three months ended
March 31,
2022
2021
Reserve Development (Favorable) /
Adverse:
Property & Transportation
$
(34
)
$
(43
)
Specialty Casualty
(49
)
(9
)
Specialty Financial
(13
)
(8
)
Other Specialty
7
1
Specialty Group
$
(89
)
$
(59
)
Other
1
-
Total Reserve Development
$
(88
)
$
(59
)
Points on Combined Ratio:
Property & Transportation
(7.8
)
(11.1
)
Specialty Casualty
(7.6
)
(1.7
)
Specialty Financial
(8.1
)
(5.4
)
Aggregate Specialty Group
(6.8
)
(5.2
)
Total P&C Segment
(6.7
)
(5.1
)
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
(in millions):
Three months ended
March 31,
2022
2021
Core Operating Earnings before Income
Taxes:
P&C insurance segment
$
422
$
288
Real-estate entities and other acquired from Annuity operations*
-
28
Interest & other corporate expenses
(44
)
(58
)
Core operating earnings before income taxes
378
258
Related income taxes
75
52
Core net operating earnings
$
303
$
206
* Income from real estate entities
acquired from AFG’s Annuity operations through May 31, 2021 (the
effective date of the sale of the Annuity business).
b)
Shareholders’ Equity at March 31, 2022
includes $113 million ($1.33 per share) in unrealized after-tax
losses related to fixed maturities compared to $136 million ($1.60
per share) in unrealized after-tax gains related to fixed
maturities at December 31, 2021.
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/20220504006060/en/
Diane P. Weidner, IRC Vice President – Investor & Media
Relations (513) 369-5713
Websites: www.AFGinc.com
www.GreatAmericanInsuranceGroup.com
American Financial (NYSE:AFG)
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