American Financial Group, Inc. Announces
Second Quarter and Six Month Results
l Second quarter core net operating earnings $.91 per share
l Growth in book value per share, excluding appropriated retained earnings, 40% since 12/31/07;
12% in 2010
l Repurchased 2.7 million shares during the quarter (average price $27.82 per share)
l Increased 2010 core earnings guidance to $3.55 - $3.85 per share
August 03, 2010 02:15 PM Eastern Daylight Time
CINCINNATI--(EON: Enhanced Online News)--American Financial Group, Inc. (NYSE: AFG) (NASDAQ:
AFG) today reported net earnings attributable to shareholders of $108 million ($0.97 per share) for the 2010
second quarter, compared to $127 million ($1.09 per share) reported for the 2009 second quarter. The 2010
results reflect realized gains on investments of $6 million, compared to $10 million in the 2009 period. Book value
per share, excluding appropriated retained earnings, increased by $2.02 to $37.48 per share during the quarter. Net
earnings for the first six months of 2010 were $214 million ($1.90 per share) compared to $231 million ($1.98 per
share) for the same period a year ago.
Core net operating earnings of $102 million ($0.91 per share) for the 2010 second quarter were consistent with our
expectations, but down 13% percent from the record results in the 2009 comparable period. Improved results in the
annuity and supplemental insurance group were offset by lower underwriting profit in our specialty property and
casualty insurance (“P&C”) operations resulting from higher weather-related losses and lower investment income.
Core net operating earnings for the first six months of 2010 were $205 million ($1.82 per share) compared to $248
million ($2.13 per share) for the same period a year ago. Six month annualized core operating return on equity was
During the second quarter of 2010, AFG repurchased 2.7 million shares of common stock at an average price per
share of $27.82.
AFG’s net earnings attributable to shareholders, determined