UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 - Financial Information
Item 2.02 | Results Of Operations And Financial Condition. |
Reference is made to the press release of American Financial Group, Inc. (the “Company”) relating to the announcement of the Company’s results of operations for the fourth quarter of 2023 and the year ended December 31, 2023 and the availability of the Investor Supplement on the Company’s website. The press release was issued on February 6, 2024. A copy of the press release is furnished as Exhibit 99.1 and a copy of the Investor Supplement is furnished as Exhibit 99.2 and are incorporated herein by reference.
Section 8 - Other Events
Item 8.01 | Other Events. |
In the press release referenced in Item 2.02 above, the Company also announced that its Board of Directors declared a special, one-time cash dividend of $2.50 per share of Company Common Stock. The dividend is payable on February 28, 2024 to holders of record on February 16, 2024.
The information under Item 2.02 and in Exhibits 99.1 and 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Section 9 - Financial Statements and Exhibits
Item 9.01 | Financial Statements and Exhibits. |
(a) | Financial statements of business acquired. Not applicable. |
(b) | Pro forma financial information. Not applicable. |
(c) | Shell company transactions. Not applicable |
(d) | Exhibits. |
Exhibit |
Description | |
99.1 | Earnings Release dated February 6, 2024, reporting American Financial Group Inc. results for the fourth quarter and full year results for the period ended December 31, 2023. | |
99.2 | Investor Supplement - Fourth Quarter 2023 | |
104 | Cover page Interactive Date File (embedded within Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
AMERICAN FINANCIAL GROUP, INC. | ||||||
Date: February 7, 2024 |
By: | /s/ Karl J. Grafe | ||||
Karl J. Grafe | ||||||
Vice President |
3
Exhibit 99.1
American Financial Group, Inc. Announces Fourth Quarter and Full Year Results and Declares Special Dividend
| 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 |
CINCINNATI February 6, 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 AFGs 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 Investments |
Alternative Investments |
Core Net Operating Earnings, as reported |
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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 | ) | ||||||||||||||
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Pretax Core Operating Earnings |
299 | 290 | 5 | 28 | 304 | 318 | ||||||||||||||||||
Related provision for income taxes |
65 | 57 | 1 | 6 | 66 | 63 | ||||||||||||||||||
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Core Net Operating Earnings |
$ | 234 | $ | 233 | $ | 4 | $ | 22 | $ | 238 | $ | 255 | ||||||||||||
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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 |
AFGs 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, AFGs growth in book value per share plus dividends was 12.3%. For the twelve months ended December 31, 2023, AFGs 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.
Page 1
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, AFGs growth in adjusted book value per share plus dividends was 5.3%. For the twelve months ended December 31, 2023, AFGs 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.
AFGs 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. AFGs 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 AFGs 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, |
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2023 | 2022 | 2023 | 2022 | |||||||||||||
Components of net earnings: |
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Core operating earnings before income taxes |
$ | 304 | $ | 318 | $ | 1,127 | $ | 1,248 | ||||||||
Pretax non-core items: |
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Realized gains (losses) |
31 | 27 | (40 | ) | (116 | ) | ||||||||||
Gain (loss) on retirement of debt |
| 1 | 1 | (9 | ) | |||||||||||
Special A&E charges |
| | (15 | ) | | |||||||||||
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Earnings before income taxes |
335 | 346 | 1,073 | 1,123 | ||||||||||||
Provision (credit) for income taxes: |
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Core operating earnings |
66 | 63 | 232 | 255 | ||||||||||||
Non-core items |
6 | 7 | (11 | ) | (30 | ) | ||||||||||
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Total provision for income taxes |
72 | 70 | 221 | 225 | ||||||||||||
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Net earnings |
$ | 263 | $ | 276 | $ | 852 | $ | 898 | ||||||||
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Net earnings: |
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Core net operating earnings(a) |
$ | 238 | $ | 255 | $ | 895 | $ | 993 | ||||||||
Non-core items: |
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Realized gains (losses) |
25 | 21 | (32 | ) | (92 | ) | ||||||||||
Gain (loss) on retirement of debt |
| | 1 | (7 | ) | |||||||||||
Special A&E charges |
| | (12 | ) | | |||||||||||
Other |
| | | 4 | ||||||||||||
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Net earnings |
$ | 263 | $ | 276 | $ | 852 | $ | 898 | ||||||||
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Components of earnings per share: |
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Core net operating earnings(a) |
$ | 2.84 | $ | 2.99 | $ | 10.56 | $ | 11.63 | ||||||||
Non-core Items: |
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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 | ||||||||||||
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Diluted net earnings per share |
$ | 3.13 | $ | 3.24 | $ | 10.05 | $ | 10.53 | ||||||||
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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, AFGs 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.
Page 2
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 AFGs 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 Companys 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.
Page 3
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.
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Further details about AFGs 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 Groups 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 Companys 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.
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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 AFGs 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 AFGs 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 AFGs credit ratings or the financial strength ratings assigned by major ratings agencies to AFGs operating subsidiaries; the impact of the conditions in the international financial markets and the global economy relating to AFGs international operations; and effects on AFGs 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.
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Contact:
Diane P. Weidner, IRC
Vice President - Investor & Media Relations
513-369-5713
Websites:
www.AFGinc.com
www.GreatAmericanInsuranceGroup.com
# # #
(Financial summaries follow)
This earnings release and AFGs Quarterly Investor Supplement are available in the Investor Relations section of AFGs website: www.AFGinc.com.
AFG2024-04
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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, |
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2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenues |
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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: |
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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 | ||||||||||||
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Total revenues |
2,083 | 1,929 | 7,827 | 7,040 | ||||||||||||
Costs and expenses |
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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 | ||||||||||||
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Total costs and expenses |
1,748 | 1,583 | 6,754 | 5,917 | ||||||||||||
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Earnings before income taxes |
335 | 346 | 1,073 | 1,123 | ||||||||||||
Provision for income taxes |
72 | 70 | 221 | 225 | ||||||||||||
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Net earnings |
$ | 263 | $ | 276 | $ | 852 | $ | 898 | ||||||||
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Diluted earnings per common share |
$ | 3.13 | $ | 3.24 | $ | 10.05 | $ | 10.53 | ||||||||
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Average number of diluted shares |
83.8 | 85.3 | 84.8 | 85.3 |
Selected Balance Sheet Data: |
December 31, 2023 |
December 31, 2022 |
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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.
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AMERICAN FINANCIAL GROUP, INC.
SPECIALTY P&C OPERATIONS
(Dollars in Millions)
Three months ended December 31, |
Pct. | Twelve months ended December 31, |
Pct. | |||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||
Gross written premiums |
$ | 1,992 | $ | 1,845 | 8 | % | $ | 9,656 | $ | 9,057 | 7 | % | ||||||||||||
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Net written premiums |
$ | 1,445 | $ | 1,338 | 8 | % | $ | 6,692 | $ | 6,206 | 8 | % | ||||||||||||
|
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|||||||||||||||||
Ratios (GAAP): |
||||||||||||||||||||||||
Loss & LAE ratio |
60.7 | % | 60.8 | % | 61.5 | % | 59.6 | % | ||||||||||||||||
Underwriting expense ratio |
27.0 | % | 25.8 | % | 28.8 | % | 27.6 | % | ||||||||||||||||
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Specialty Combined Ratio |
87.7 | % | 86.6 | % | 90.3 | % | 87.2 | % | ||||||||||||||||
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Combined Ratio P&C Segment |
87.8 | % | 86.5 | % | 90.4 | % | 87.3 | % | ||||||||||||||||
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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 | % | ||||||||||||||||
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$ | 1,992 | $ | 1,845 | 8 | % | $ | 9,656 | $ | 9,057 | 7 | % | |||||||||||||
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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 | % | ||||||||||||||||
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$ | 1,445 | $ | 1,338 | 8 | % | $ | 6,692 | $ | 6,206 | 8 | % | |||||||||||||
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|||||||||||||||||
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 | ||||||||||||
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|||||||||
Specialty Group |
(57 | ) | (58 | ) | (226 | ) | (289 | ) | ||||||||
Other |
1 | (1 | ) | 2 | 4 | |||||||||||
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|||||||||
Total Reserve Development |
$ | (56 | ) | $ | (59 | ) | $ | (224 | ) | $ | (285 | ) | ||||
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|||||||||
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.
Page 9
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 | ) | ||||||||
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Core operating earnings before income taxes |
304 | 318 | 1,127 | 1,248 | ||||||||||||
Related income taxes |
66 | 63 | 232 | 255 | ||||||||||||
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Core net operating earnings |
$ | 238 | $ | 255 | $ | 895 | $ | 993 | ||||||||
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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. |
Page 10
Exhibit 99.2
![]() |
American Financial Group, Inc.
| |
Investor Supplement - Fourth Quarter 2023
| ||
February 6, 2024
| ||
American Financial Group, Inc. | ||
Corporate Headquarters | ||
Great American Insurance Group Tower 301 E Fourth Street | ||
Cincinnati, OH 45202 513 579 6739 |
American Financial Group, Inc. Table of Contents - Investor Supplement - Fourth Quarter 2023 |
![]() |
Section |
Page | |||
Table of Contents - Investor Supplement - Fourth Quarter 2023 |
2 | |||
Financial Highlights |
3 | |||
Summary of Earnings |
4 | |||
Earnings Per Share Summary |
5 | |||
Property and Casualty Insurance Segment |
||||
Property and Casualty Insurance - Summary Underwriting Results (GAAP) |
6 | |||
Specialty - Underwriting Results (GAAP) |
7 | |||
Property and Transportation - Underwriting Results (GAAP) |
8 | |||
Specialty Casualty - Underwriting Results (GAAP) |
9 | |||
Specialty Financial - Underwriting Results (GAAP) |
10 | |||
Other Specialty - Underwriting Results (GAAP) |
11 | |||
Consolidated Balance Sheet / Book Value / Debt |
||||
Consolidated Balance Sheet |
12 | |||
Book Value Per Share and Price / Book Summary |
13 | |||
Capitalization |
14 | |||
Additional Supplemental Information |
15 | |||
Consolidated Investment Supplement |
||||
Total Cash and Investments |
16 | |||
Net Investment Income |
17 | |||
Alternative Investments |
18 | |||
Fixed Maturities - By Security Type - AFG Consolidated |
19 | |||
Appendix |
||||
A. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2023 |
20 | |||
B. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022 |
21 | |||
C. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2023 |
22 | |||
D. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022 |
23 | |||
E. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2023 |
24 | |||
F. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022 |
25 | |||
G. Real Estate-Related Investments 12/31/2023 |
26 | |||
H. Real Estate-Related Investments 12/31/2022 |
27 |
Page 2
American Financial Group, Inc. Financial Highlights (in millions, except per share information) |
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Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/2023 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Highlights |
||||||||||||||||||||||||||||
Net earnings |
$ | 263 | $ | 177 | $ | 200 | $ | 212 | $ | 276 | $ | 852 | $ | 898 | ||||||||||||||
Core net operating earnings |
238 | 208 | 202 | 247 | 255 | 895 | 993 | |||||||||||||||||||||
Total assets |
29,787 | 30,825 | 29,048 | 28,481 | 28,831 | 29,787 | 28,831 | |||||||||||||||||||||
Adjusted shareholders equity (a) |
4,562 | 4,536 | 4,490 | 4,375 | 4,578 | 4,562 | 4,578 | |||||||||||||||||||||
Property and Casualty net written premiums |
1,445 | 2,061 | 1,667 | 1,519 | 1,338 | 6,692 | 6,206 | |||||||||||||||||||||
Per share data |
||||||||||||||||||||||||||||
Diluted earnings per share |
$ | 3.13 | $ | 2.09 | $ | 2.34 | $ | 2.49 | $ | 3.24 | $ | 10.05 | $ | 10.53 | ||||||||||||||
Core net operating earnings per share |
2.84 | 2.45 | 2.38 | 2.89 | 2.99 | 10.56 | 11.63 | |||||||||||||||||||||
Adjusted book value per share (a) |
54.54 | 53.90 | 52.90 | 51.37 | 53.73 | 54.54 | 53.73 | |||||||||||||||||||||
Dividends per common share |
2.21 | 0.63 | 0.63 | 4.63 | 2.63 | 8.10 | 14.31 | |||||||||||||||||||||
Financial ratios |
||||||||||||||||||||||||||||
Annualized return on equity (b) |
23.0 | % | 15.7 | % | 17.9 | % | 18.9 | % | 24.2 | % | 18.8 | % | 19.2 | % | ||||||||||||||
Annualized core operating return on equity (b) |
20.9 | % | 18.3 | % | 18.2 | % | 22.0 | % | 22.3 | % | 19.8 | % | 21.2 | % | ||||||||||||||
Property and Casualty combined ratio - Specialty: |
||||||||||||||||||||||||||||
Loss & LAE ratio |
60.7 | % | 66.7 | % | 60.2 | % | 57.0 | % | 60.8 | % | 61.5 | % | 59.6 | % | ||||||||||||||
Underwriting expense ratio |
27.0 | % | 25.5 | % | 31.7 | % | 32.2 | % | 25.8 | % | 28.8 | % | 27.6 | % | ||||||||||||||
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Combined ratio - Specialty |
87.7 | % | 92.2 | % | 91.9 | % | 89.2 | % | 86.6 | % | 90.3 | % | 87.2 | % | ||||||||||||||
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(a) | Excludes unrealized gains (losses) related to fixed maturity investments, a reconciliation to the GAAP measure is on page 13. |
(b) | Excludes accumulated other comprehensive income. |
Page 3
American Financial Group, Inc. Summary of Earnings ($ in millions) |
![]() |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Property and Casualty Insurance |
||||||||||||||||||||||||||||
Underwriting profit |
$ | 211 | $ | 142 | $ | 124 | $ | 154 | $ | 218 | $ | 631 | $ | 776 | ||||||||||||||
Net investment income |
161 | 170 | 191 | 207 | 159 | 729 | 683 | |||||||||||||||||||||
Other income (expense) |
(15 | ) | (14 | ) | (16 | ) | (11 | ) | (14 | ) | (56 | ) | (40 | ) | ||||||||||||||
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Property and Casualty Insurance operating earnings |
357 | 298 | 299 | 350 | 363 | 1,304 | 1,419 | |||||||||||||||||||||
Interest expense of parent holding companies |
(19 | ) | (19 | ) | (19 | ) | (19 | ) | (20 | ) | (76 | ) | (85 | ) | ||||||||||||||
Other expense |
(34 | ) | (22 | ) | (22 | ) | (23 | ) | (25 | ) | (101 | ) | (86 | ) | ||||||||||||||
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Pretax core operating earnings |
304 | 257 | 258 | 308 | 318 | 1,127 | 1,248 | |||||||||||||||||||||
Income tax expense |
66 | 49 | 56 | 61 | 63 | 232 | 255 | |||||||||||||||||||||
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|||||||||||||||
Core net operating earnings |
238 | 208 | 202 | 247 | 255 | 895 | 993 | |||||||||||||||||||||
Non-core items, net of tax: |
||||||||||||||||||||||||||||
Realized gains (losses) on securities |
25 | (15 | ) | (1 | ) | (37 | ) | 21 | (28 | ) | (92 | ) | ||||||||||||||||
Realized loss on subsidiaries |
| (4 | ) | | | | (4 | ) | | |||||||||||||||||||
Special A&E charges - Former Railroad and Manufacturing operations |
| (12 | ) | | | | (12 | ) | | |||||||||||||||||||
Gain (loss) on retirement of debt |
| | (1 | ) | 2 | | 1 | (7 | ) | |||||||||||||||||||
Other non-core items |
| | | | | | 4 | |||||||||||||||||||||
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|
|||||||||||||||
Net earnings |
$ | 263 | $ | 177 | $ | 200 | $ | 212 | $ | 276 | $ | 852 | $ | 898 | ||||||||||||||
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Page 4
American Financial Group, Inc. Earnings Per Share Summary (in millions, except per share information) |
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Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Core net operating earnings |
$ | 238 | $ | 208 | $ | 202 | $ | 247 | $ | 255 | $ | 895 | $ | 993 | ||||||||||||||
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Net earnings |
$ | 263 | $ | 177 | $ | 200 | $ | 212 | $ | 276 | $ | 852 | $ | 898 | ||||||||||||||
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|||||||||||||||
Average number of diluted shares |
83.817 | 84.745 | 85.172 | 85.378 | 85.350 | 84.774 | 85.324 | |||||||||||||||||||||
Diluted earnings per share: |
||||||||||||||||||||||||||||
Core net operating earnings per share |
$ | 2.84 | $ | 2.45 | $ | 2.38 | $ | 2.89 | $ | 2.99 | $ | 10.56 | $ | 11.63 | ||||||||||||||
Realized gains (losses) on securities |
0.29 | (0.17 | ) | (0.02 | ) | (0.42 | ) | 0.25 | (0.33 | ) | (1.06 | ) | ||||||||||||||||
Realized loss on subsidiaries |
| (0.04 | ) | | | | (0.04 | ) | | |||||||||||||||||||
Special A&E charges - Former Railroad and Manufacturing operations |
| (0.15 | ) | | | | (0.15 | ) | | |||||||||||||||||||
Gain (loss) on retirement of debt |
| | (0.02 | ) | 0.02 | | 0.01 | (0.09 | ) | |||||||||||||||||||
Other non-core items |
| | | | | | 0.05 | |||||||||||||||||||||
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|
|||||||||||||||
Diluted earnings per share |
$ | 3.13 | $ | 2.09 | $ | 2.34 | $ | 2.49 | $ | 3.24 | $ | 10.05 | $ | 10.53 | ||||||||||||||
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Page 5
American Financial Group, Inc. Property and Casualty Insurance - Summary Underwriting Results (GAAP) ($ in millions) |
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Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Property and Transportation |
$ | 67 | $ | 42 | $ | 32 | $ | 43 | $ | 68 | $ | 184 | $ | 208 | ||||||||||||||
Specialty Casualty |
114 | 78 | 95 | 88 | 128 | 375 | 500 | |||||||||||||||||||||
Specialty Financial |
45 | 29 | 10 | 26 | 33 | 110 | 114 | |||||||||||||||||||||
Other Specialty |
(14 | ) | (6 | ) | (14 | ) | (2 | ) | (12 | ) | (36 | ) | (42 | ) | ||||||||||||||
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Underwriting profit - Specialty |
212 | 143 | 123 | 155 | 217 | 633 | 780 | |||||||||||||||||||||
Other core charges, included in loss and LAE |
(1 | ) | (1 | ) | 1 | (1 | ) | 1 | (2 | ) | (4 | ) | ||||||||||||||||
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Underwriting profit - Property and Casualty Insurance |
$ | 211 | $ | 142 | $ | 124 | $ | 154 | $ | 218 | $ | 631 | $ | 776 | ||||||||||||||
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Included in results above: |
||||||||||||||||||||||||||||
Current accident year catastrophe losses: |
||||||||||||||||||||||||||||
Catastrophe reinstatement premium |
$ | 1 | $ | | $ | 2 | $ | | $ | (13 | ) | $ | 3 | $ | 5 | |||||||||||||
Catastrophe losses |
24 | 56 | 51 | 31 | 24 | 162 | 88 | |||||||||||||||||||||
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Total current accident year catastrophe losses |
$ | 25 | $ | 56 | $ | 53 | $ | 31 | $ | 11 | $ | 165 | $ | 93 | ||||||||||||||
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Prior year loss reserve development (favorable) / adverse |
$ | (56 | ) | $ | (43 | ) | $ | (62 | ) | $ | (63 | ) | $ | (59 | ) | $ | (224 | ) | $ | (285 | ) | |||||||
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Combined ratio: |
||||||||||||||||||||||||||||
Property and Transportation |
90.3 | % | 94.8 | % | 94.2 | % | 91.0 | % | 90.0 | % | 92.8 | % | 91.7 | % | ||||||||||||||
Specialty Casualty |
84.6 | % | 89.4 | % | 86.6 | % | 87.5 | % | 81.3 | % | 87.0 | % | 81.2 | % | ||||||||||||||
Specialty Financial |
81.3 | % | 87.6 | % | 95.0 | % | 86.5 | % | 83.1 | % | 87.3 | % | 83.7 | % | ||||||||||||||
Other Specialty |
118.9 | % | 109.8 | % | 122.2 | % | 103.5 | % | 118.1 | % | 113.9 | % | 117.1 | % | ||||||||||||||
Combined ratio - Specialty |
87.7 | % | 92.2 | % | 91.9 | % | 89.2 | % | 86.6 | % | 90.3 | % | 87.2 | % | ||||||||||||||
Other core charges |
0.1 | % | 0.1 | % | (0.2 | %) | 0.1 | % | (0.1 | %) | 0.1 | % | 0.1 | % | ||||||||||||||
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Combined ratio |
87.8 | % | 92.3 | % | 91.7 | % | 89.3 | % | 86.5 | % | 90.4 | % | 87.3 | % | ||||||||||||||
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|||||||||||||||
P&C combined ratio excl. catastrophe losses and prior year reserve development |
89.6 | % | 91.5 | % | 92.4 | % | 91.5 | % | 89.3 | % | 91.2 | % | 90.4 | % | ||||||||||||||
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|||||||||||||||
Loss and LAE components: |
||||||||||||||||||||||||||||
Current accident year, excluding catastrophe losses |
62.6 | % | 66.0 | % | 60.7 | % | 59.3 | % | 63.5 | % | 62.4 | % | 62.8 | % | ||||||||||||||
Current accident year catastrophe losses |
1.4 | % | 3.1 | % | 3.5 | % | 2.2 | % | 0.8 | % | 2.6 | % | 1.6 | % | ||||||||||||||
Prior accident year loss reserve development |
(3.2 | %) | (2.3 | %) | (4.2 | %) | (4.4 | %) | (3.6 | %) | (3.4 | %) | (4.7 | %) | ||||||||||||||
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Loss and LAE ratio |
60.8 | % | 66.8 | % | 60.0 | % | 57.1 | % | 60.7 | % | 61.6 | % | 59.7 | % | ||||||||||||||
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Page 6
American Financial Group, Inc. Specialty - Underwriting Results (GAAP) ($ in millions) |
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Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Gross written premiums |
$ | 1,992 | $ | 3,140 | $ | 2,369 | $ | 2,155 | $ | 1,845 | $ | 9,656 | $ | 9,057 | ||||||||||||||
Ceded reinsurance premiums |
(547 | ) | (1,079 | ) | (702 | ) | (636 | ) | (507 | ) | (2,964 | ) | (2,851 | ) | ||||||||||||||
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Net written premiums |
1,445 | 2,061 | 1,667 | 1,519 | 1,338 | 6,692 | 6,206 | |||||||||||||||||||||
Change in unearned premiums |
287 | (206 | ) | (160 | ) | (82 | ) | 285 | (161 | ) | (121 | ) | ||||||||||||||||
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Net earned premiums |
1,732 | 1,855 | 1,507 | 1,437 | 1,623 | 6,531 | 6,085 | |||||||||||||||||||||
Loss and LAE |
1,052 | 1,238 | 906 | 819 | 987 | 4,015 | 3,625 | |||||||||||||||||||||
Underwriting expense |
468 | 474 | 478 | 463 | 419 | 1,883 | 1,680 | |||||||||||||||||||||
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Underwriting profit |
$ | 212 | $ | 143 | $ | 123 | $ | 155 | $ | 217 | $ | 633 | $ | 780 | ||||||||||||||
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Included in results above: |
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Current accident year catastrophe losses: |
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Catastrophe reinstatement premium |
$ | 1 | $ | | $ | 2 | $ | | $ | (13 | ) | $ | 3 | $ | 5 | |||||||||||||
Catastrophe losses |
24 | 56 | 51 | 31 | 24 | 162 | 88 | |||||||||||||||||||||
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Total current accident year catastrophe losses |
$ | 25 | $ | 56 | $ | 53 | $ | 31 | $ | 11 | $ | 165 | $ | 93 | ||||||||||||||
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Prior year loss reserve development (favorable) / adverse |
$ | (57 | ) | $ | (44 | ) | $ | (61 | ) | $ | (64 | ) | $ | (58 | ) | $ | (226 | ) | $ | (289 | ) | |||||||
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Combined ratio: |
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Loss and LAE ratio |
60.7 | % | 66.7 | % | 60.2 | % | 57.0 | % | 60.8 | % | 61.5 | % | 59.6 | % | ||||||||||||||
Underwriting expense ratio |
27.0 | % | 25.5 | % | 31.7 | % | 32.2 | % | 25.8 | % | 28.8 | % | 27.6 | % | ||||||||||||||
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Combined ratio |
87.7 | % | 92.2 | % | 91.9 | % | 89.2 | % | 86.6 | % | 90.3 | % | 87.2 | % | ||||||||||||||
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Specialty combined ratio excl. catastrophe losses and prior year reserve development |
89.6 | % | 91.5 | % | 92.4 | % | 91.5 | % | 89.3 | % | 91.2 | % | 90.4 | % | ||||||||||||||
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Loss and LAE components: |
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Current accident year, excluding catastrophe losses |
62.6 | % | 66.0 | % | 60.7 | % | 59.3 | % | 63.5 | % | 62.4 | % | 62.8 | % | ||||||||||||||
Current accident year catastrophe losses |
1.4 | % | 3.0 | % | 3.5 | % | 2.2 | % | 0.9 | % | 2.5 | % | 1.5 | % | ||||||||||||||
Prior accident year loss reserve development |
(3.3 | %) | (2.3 | %) | (4.0 | %) | (4.5 | %) | (3.6 | %) | (3.4 | %) | (4.7 | %) | ||||||||||||||
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Loss and LAE ratio |
60.7 | % | 66.7 | % | 60.2 | % | 57.0 | % | 60.8 | % | 61.5 | % | 59.6 | % | ||||||||||||||
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Page 7
American Financial Group, Inc. Property and Transportation - Underwriting Results (GAAP) ($ in millions) |
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Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Gross written premiums |
$ | 623 | $ | 1,592 | $ | 1,059 | $ | 872 | $ | 601 | $ | 4,146 | $ | 4,060 | ||||||||||||||
Ceded reinsurance premiums |
(197 | ) | (687 | ) | (391 | ) | (320 | ) | (178 | ) | (1,595 | ) | (1,545 | ) | ||||||||||||||
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Net written premiums |
426 | 905 | 668 | 552 | 423 | 2,551 | 2,515 | |||||||||||||||||||||
Change in unearned premiums |
256 | (77 | ) | (134 | ) | (77 | ) | 259 | (32 | ) | (28 | ) | ||||||||||||||||
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Net earned premiums |
682 | 828 | 534 | 475 | 682 | 2,519 | 2,487 | |||||||||||||||||||||
Loss and LAE |
470 | 636 | 346 | 289 | 489 | 1,741 | 1,735 | |||||||||||||||||||||
Underwriting expense |
145 | 150 | 156 | 143 | 125 | 594 | 544 | |||||||||||||||||||||
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Underwriting profit |
$ | 67 | $ | 42 | $ | 32 | $ | 43 | $ | 68 | $ | 184 | $ | 208 | ||||||||||||||
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Included in results above: |
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Current accident year catastrophe losses: |
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Catastrophe reinstatement premium |
$ | 2 | $ | | $ | | $ | | $ | (1 | ) | $ | 2 | $ | 3 | |||||||||||||
Catastrophe losses |
3 | 14 | 15 | 19 | 8 | 51 | 42 | |||||||||||||||||||||
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Total current accident year catastrophe losses |
$ | 5 | $ | 14 | $ | 15 | $ | 19 | $ | 7 | $ | 53 | $ | 45 | ||||||||||||||
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Prior year loss reserve development (favorable) / adverse |
$ | (12 | ) | $ | (14 | ) | $ | (21 | ) | $ | (37 | ) | $ | (13 | ) | $ | (84 | ) | $ | (92 | ) | |||||||
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Combined ratio: |
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Loss and LAE ratio |
69.0 | % | 76.8 | % | 64.8 | % | 60.9 | % | 71.8 | % | 69.2 | % | 69.8 | % | ||||||||||||||
Underwriting expense ratio |
21.3 | % | 18.0 | % | 29.4 | % | 30.1 | % | 18.2 | % | 23.6 | % | 21.9 | % | ||||||||||||||
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Combined ratio |
90.3 | % | 94.8 | % | 94.2 | % | 91.0 | % | 90.0 | % | 92.8 | % | 91.7 | % | ||||||||||||||
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Combined ratio excl. catastrophe losses and prior year reserve development |
91.5 | % | 94.8 | % | 95.1 | % | 94.8 | % | 90.8 | % | 94.1 | % | 93.5 | % | ||||||||||||||
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Loss and LAE components: |
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Current accident year, excluding catastrophe losses |
70.2 | % | 76.8 | % | 65.7 | % | 64.7 | % | 72.6 | % | 70.5 | % | 71.6 | % | ||||||||||||||
Current accident year catastrophe losses |
0.6 | % | 1.7 | % | 2.9 | % | 4.0 | % | 1.0 | % | 2.0 | % | 1.9 | % | ||||||||||||||
Prior accident year loss reserve development |
(1.8 | %) | (1.7 | %) | (3.8 | %) | (7.8 | %) | (1.8 | %) | (3.3 | %) | (3.7 | %) | ||||||||||||||
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Loss and LAE ratio |
69.0 | % | 76.8 | % | 64.8 | % | 60.9 | % | 71.8 | % | 69.2 | % | 69.8 | % | ||||||||||||||
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Page 8
American Financial Group, Inc. Specialty Casualty - Underwriting Results (GAAP) ($ in millions) |
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Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Gross written premiums |
$ | 1,069 | $ | 1,226 | $ | 1,012 | $ | 1,061 | $ | 1,007 | $ | 4,368 | $ | 4,115 | ||||||||||||||
Ceded reinsurance premiums |
(369 | ) | (397 | ) | (319 | ) | (339 | ) | (352 | ) | (1,424 | ) | (1,387 | ) | ||||||||||||||
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Net written premiums |
700 | 829 | 693 | 722 | 655 | 2,944 | 2,728 | |||||||||||||||||||||
Change in unearned premiums |
37 | (95 | ) | 18 | (18 | ) | 31 | (58 | ) | (69 | ) | |||||||||||||||||
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Net earned premiums |
737 | 734 | 711 | 704 | 686 | 2,886 | 2,659 | |||||||||||||||||||||
Loss and LAE |
438 | 463 | 421 | 417 | 381 | 1,739 | 1,453 | |||||||||||||||||||||
Underwriting expense |
185 | 193 | 195 | 199 | 177 | 772 | 706 | |||||||||||||||||||||
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Underwriting profit |
$ | 114 | $ | 78 | $ | 95 | $ | 88 | $ | 128 | $ | 375 | $ | 500 | ||||||||||||||
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Included in results above: |
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Current accident year catastrophe losses: |
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Catastrophe reinstatement premium |
$ | (1 | ) | $ | | $ | 2 | $ | | $ | (1 | ) | $ | 1 | $ | | ||||||||||||
Catastrophe losses |
9 | 17 | 6 | 3 | 8 | 35 | 11 | |||||||||||||||||||||
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Total current accident year catastrophe losses |
$ | 8 | $ | 17 | $ | 8 | $ | 3 | $ | 7 | $ | 36 | $ | 11 | ||||||||||||||
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Prior year loss reserve development (favorable) / adverse |
$ | (37 | ) | $ | (22 | ) | $ | (24 | ) | $ | (27 | ) | $ | (50 | ) | $ | (110 | ) | $ | (190 | ) | |||||||
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Combined ratio: |
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Loss and LAE ratio |
59.6 | % | 63.1 | % | 59.2 | % | 59.2 | % | 55.4 | % | 60.3 | % | 54.7 | % | ||||||||||||||
Underwriting expense ratio |
25.0 | % | 26.3 | % | 27.4 | % | 28.3 | % | 25.9 | % | 26.7 | % | 26.5 | % | ||||||||||||||
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Combined ratio |
84.6 | % | 89.4 | % | 86.6 | % | 87.5 | % | 81.3 | % | 87.0 | % | 81.2 | % | ||||||||||||||
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Combined ratio excl. catastrophe losses and prior year reserve development |
88.5 | % | 90.0 | % | 89.0 | % | 90.9 | % | 87.5 | % | 89.6 | % | 87.9 | % | ||||||||||||||
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Loss and LAE components: |
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Current accident year, excluding catastrophe losses |
63.5 | % | 63.7 | % | 61.6 | % | 62.6 | % | 61.6 | % | 62.9 | % | 61.4 | % | ||||||||||||||
Current accident year catastrophe losses |
1.1 | % | 2.3 | % | 1.0 | % | 0.4 | % | 1.1 | % | 1.2 | % | 0.5 | % | ||||||||||||||
Prior accident year loss reserve development |
(5.0 | %) | (2.9 | %) | (3.4 | %) | (3.8 | %) | (7.3 | %) | (3.8 | %) | (7.2 | %) | ||||||||||||||
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Loss and LAE ratio |
59.6 | % | 63.1 | % | 59.2 | % | 59.2 | % | 55.4 | % | 60.3 | % | 54.7 | % | ||||||||||||||
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Page 9
American Financial Group, Inc. Specialty Financial - Underwriting Results (GAAP) ($ in millions) |
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Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Gross written premiums |
$ | 300 | $ | 322 | $ | 298 | $ | 222 | $ | 237 | $ | 1,142 | $ | 882 | ||||||||||||||
Ceded reinsurance premiums |
(50 | ) | (61 | ) | (58 | ) | (38 | ) | (38 | ) | (207 | ) | (171 | ) | ||||||||||||||
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Net written premiums |
250 | 261 | 240 | 184 | 199 | 935 | 711 | |||||||||||||||||||||
Change in unearned premiums |
(6 | ) | (29 | ) | (45 | ) | 12 | (6 | ) | (68 | ) | (13 | ) | |||||||||||||||
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Net earned premiums |
244 | 232 | 195 | 196 | 193 | 867 | 698 | |||||||||||||||||||||
Loss and LAE |
85 | 93 | 79 | 71 | 66 | 328 | 238 | |||||||||||||||||||||
Underwriting expense |
114 | 110 | 106 | 99 | 94 | 429 | 346 | |||||||||||||||||||||
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Underwriting profit |
$ | 45 | $ | 29 | $ | 10 | $ | 26 | $ | 33 | $ | 110 | $ | 114 | ||||||||||||||
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Included in results above: |
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Current accident year catastrophe losses: |
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Catastrophe reinstatement premium |
$ | | $ | | $ | | $ | | $ | (10 | ) | $ | | $ | 3 | |||||||||||||
Catastrophe losses |
4 | 22 | 19 | 4 | 7 | 49 | 33 | |||||||||||||||||||||
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Total current accident year catastrophe losses |
$ | 4 | $ | 22 | $ | 19 | $ | 4 | $ | (3 | ) | $ | 49 | $ | 36 | |||||||||||||
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Prior year loss reserve development (favorable) / adverse |
$ | (8 | ) | $ | (10 | ) | $ | (11 | ) | $ | (3 | ) | $ | (8 | ) | $ | (32 | ) | $ | (47 | ) | |||||||
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Combined ratio: |
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Loss and LAE ratio |
34.8 | % | 39.8 | % | 40.9 | % | 36.0 | % | 33.8 | % | 37.8 | % | 34.1 | % | ||||||||||||||
Underwriting expense ratio |
46.5 | % | 47.8 | % | 54.1 | % | 50.5 | % | 49.3 | % | 49.5 | % | 49.6 | % | ||||||||||||||
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Combined ratio |
81.3 | % | 87.6 | % | 95.0 | % | 86.5 | % | 83.1 | % | 87.3 | % | 83.7 | % | ||||||||||||||
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Combined ratio excl. catastrophe losses and prior year reserve development |
82.7 | % | 82.5 | % | 91.1 | % | 85.7 | % | 85.3 | % | 85.3 | % | 85.6 | % | ||||||||||||||
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Loss and LAE components: |
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Current accident year, excluding catastrophe losses |
36.2 | % | 34.7 | % | 37.0 | % | 35.2 | % | 36.0 | % | 35.8 | % | 36.0 | % | ||||||||||||||
Current accident year catastrophe losses |
2.0 | % | 9.3 | % | 9.6 | % | 2.2 | % | 1.9 | % | 5.7 | % | 4.9 | % | ||||||||||||||
Prior accident year loss reserve development |
(3.4 | %) | (4.2 | %) | (5.7 | %) | (1.4 | %) | (4.1 | %) | (3.7 | %) | (6.8 | %) | ||||||||||||||
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Loss and LAE ratio |
34.8 | % | 39.8 | % | 40.9 | % | 36.0 | % | 33.8 | % | 37.8 | % | 34.1 | % | ||||||||||||||
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Page 10
American Financial Group, Inc. Other Specialty - Underwriting Results (GAAP) ($ in millions) |
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Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Gross written premiums |
$ | | $ | | $ | | $ | | $ | | $ | | $ | | ||||||||||||||
Ceded reinsurance premiums |
69 | 66 | 66 | 61 | 61 | 262 | 252 | |||||||||||||||||||||
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Net written premiums |
69 | 66 | 66 | 61 | 61 | 262 | 252 | |||||||||||||||||||||
Change in unearned premiums |
| (5 | ) | 1 | 1 | 1 | (3 | ) | (11 | ) | ||||||||||||||||||
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Net earned premiums |
69 | 61 | 67 | 62 | 62 | 259 | 241 | |||||||||||||||||||||
Loss and LAE |
59 | 46 | 60 | 42 | 51 | 207 | 199 | |||||||||||||||||||||
Underwriting expense |
24 | 21 | 21 | 22 | 23 | 88 | 84 | |||||||||||||||||||||
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Underwriting profit (loss) |
$ | (14 | ) | $ | (6 | ) | $ | (14 | ) | $ | (2 | ) | $ | (12 | ) | $ | (36 | ) | $ | (42 | ) | |||||||
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Included in results above: |
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Current accident year catastrophe losses: |
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Catastrophe reinstatement premium |
$ | | $ | | $ | | $ | | $ | (1 | ) | $ | | $ | (1 | ) | ||||||||||||
Catastrophe losses |
8 | 3 | 11 | 5 | 1 | 27 | 2 | |||||||||||||||||||||
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Total current accident year catastrophe losses |
$ | 8 | $ | 3 | $ | 11 | $ | 5 | $ | | $ | 27 | $ | 1 | ||||||||||||||
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Prior year loss reserve development (favorable) / adverse |
$ | | $ | 2 | $ | (5 | ) | $ | 3 | $ | 13 | $ | | $ | 40 | |||||||||||||
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|||||||||||||||
Combined ratio: |
||||||||||||||||||||||||||||
Loss and LAE ratio |
82.8 | % | 76.2 | % | 91.1 | % | 69.0 | % | 83.3 | % | 80.0 | % | 82.4 | % | ||||||||||||||
Underwriting expense ratio |
36.1 | % | 33.6 | % | 31.1 | % | 34.5 | % | 34.8 | % | 33.9 | % | 34.7 | % | ||||||||||||||
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Combined ratio |
118.9 | % | 109.8 | % | 122.2 | % | 103.5 | % | 118.1 | % | 113.9 | % | 117.1 | % | ||||||||||||||
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Combined ratio excl. catastrophe losses and prior year reserve development |
107.3 | % | 101.2 | % | 111.7 | % | 92.0 | % | 98.5 | % | 103.3 | % | 100.1 | % | ||||||||||||||
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|||||||||||||||
Loss and LAE components: |
||||||||||||||||||||||||||||
Current accident year, excluding catastrophe losses |
71.2 | % | 67.6 | % | 80.6 | % | 57.5 | % | 63.7 | % | 69.4 | % | 65.4 | % | ||||||||||||||
Current accident year catastrophe losses |
0.9 | % | 4.9 | % | 18.0 | % | 7.5 | % | 0.7 | % | 0.2 | % | 0.5 | % | ||||||||||||||
Prior accident year loss reserve development |
10.7 | % | 3.7 | % | (7.5 | %) | 4.0 | % | 18.9 | % | 10.4 | % | 16.5 | % | ||||||||||||||
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|
|||||||||||||||
Loss and LAE ratio |
82.8 | % | 76.2 | % | 91.1 | % | 69.0 | % | 83.3 | % | 80.0 | % | 82.4 | % | ||||||||||||||
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Page 11
American Financial Group, Inc. Consolidated Balance Sheet ($ in millions) |
![]() |
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | |||||||||||||||||||
Assets: |
||||||||||||||||||||||||
Total cash and investments |
$ | 15,263 | $ | 14,794 | $ | 14,489 | $ | 14,451 | $ | 14,512 | $ | 14,322 | ||||||||||||
Recoverables from reinsurers |
4,477 | 4,421 | 3,852 | 3,838 | 3,977 | 4,108 | ||||||||||||||||||
Prepaid reinsurance premiums |
961 | 1,223 | 1,112 | 1,021 | 917 | 1,180 | ||||||||||||||||||
Agents balances and premiums receivable |
1,471 | 2,088 | 1,796 | 1,459 | 1,339 | 1,698 | ||||||||||||||||||
Deferred policy acquisition costs |
309 | 324 | 316 | 285 | 288 | 292 | ||||||||||||||||||
Assets of managed investment entities |
4,484 | 4,871 | 5,235 | 5,391 | 5,447 | 5,099 | ||||||||||||||||||
Other receivables |
1,171 | 1,377 | 721 | 637 | 886 | 1,328 | ||||||||||||||||||
Other assets |
1,346 | 1,422 | 1,281 | 1,153 | 1,219 | 1,259 | ||||||||||||||||||
Goodwill |
305 | 305 | 246 | 246 | 246 | 246 | ||||||||||||||||||
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Total assets |
$ | 29,787 | $ | 30,825 | $ | 29,048 | $ | 28,481 | $ | 28,831 | $ | 29,532 | ||||||||||||
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Liabilities and Equity: |
||||||||||||||||||||||||
Unpaid losses and loss adjustment expenses |
$ | 13,087 | $ | 12,891 | $ | 11,925 | $ | 11,761 | $ | 11,974 | $ | 12,067 | ||||||||||||
Unearned premiums |
3,451 | 3,997 | 3,686 | 3,435 | 3,246 | 3,785 | ||||||||||||||||||
Payable to reinsurers |
1,186 | 1,398 | 1,038 | 911 | 1,035 | 1,366 | ||||||||||||||||||
Liabilities of managed investment entities |
4,307 | 4,728 | 5,098 | 5,258 | 5,332 | 5,002 | ||||||||||||||||||
Long-term debt |
1,475 | 1,474 | 1,474 | 1,478 | 1,496 | 1,533 | ||||||||||||||||||
Other liabilities |
2,023 | 2,356 | 1,834 | 1,697 | 1,696 | 1,847 | ||||||||||||||||||
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|||||||||||||
Total liabilities |
$ | 25,529 | $ | 26,844 | $ | 25,055 | $ | 24,540 | $ | 24,779 | $ | 25,600 | ||||||||||||
Shareholders equity: |
||||||||||||||||||||||||
Common stock |
$ | 84 | $ | 84 | $ | 85 | $ | 85 | $ | 85 | $ | 85 | ||||||||||||
Capital surplus |
1,372 | 1,372 | 1,377 | 1,374 | 1,368 | 1,358 | ||||||||||||||||||
Retained earnings |
3,121 | 3,095 | 3,042 | 2,933 | 3,142 | 3,091 | ||||||||||||||||||
Unrealized gains (losses) - fixed maturities |
(287 | ) | (521 | ) | (464 | ) | (413 | ) | (497 | ) | (554 | ) | ||||||||||||
Unrealized gains (losses) - fixed maturity-related cash flow hedges |
(17 | ) | (34 | ) | (33 | ) | (21 | ) | (29 | ) | (29 | ) | ||||||||||||
Other comprehensive income (loss), net of tax |
(15 | ) | (15 | ) | (14 | ) | (17 | ) | (17 | ) | (19 | ) | ||||||||||||
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Total shareholders equity |
4,258 | 3,981 | 3,993 | 3,941 | 4,052 | 3,932 | ||||||||||||||||||
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|||||||||||||
Total liabilities and equity |
$ | 29,787 | $ | 30,825 | $ | 29,048 | $ | 28,481 | $ | 28,831 | $ | 29,532 | ||||||||||||
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Page 12
American Financial Group, Inc. Book Value Per Share and Price / Book Summary (in millions, except per share information) |
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12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | |||||||||||||||||||
Shareholders equity |
$ | 4,258 | $ | 3,981 | $ | 3,993 | $ | 3,941 | $ | 4,052 | $ | 3,932 | ||||||||||||
Unrealized (gains) losses related to fixed maturities |
304 | 555 | 497 | 434 | 526 | 583 | ||||||||||||||||||
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Adjusted shareholders equity |
4,562 | 4,536 | 4,490 | 4,375 | 4,578 | 4,515 | ||||||||||||||||||
Goodwill |
(305 | ) | (305 | ) | (246 | ) | (246 | ) | (246 | ) | (246 | ) | ||||||||||||
Intangibles |
(213 | ) | (217 | ) | (102 | ) | (105 | ) | (108 | ) | (111 | ) | ||||||||||||
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Tangible adjusted shareholders equity |
$ | 4,044 | $ | 4,014 | $ | 4,142 | $ | 4,024 | $ | 4,224 | $ | 4,158 | ||||||||||||
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Common shares outstanding |
83.636 | 84.136 | 84.859 | 85.172 | 85.204 | 85.141 | ||||||||||||||||||
Book value per share: |
||||||||||||||||||||||||
Book value per share |
$ | 50.91 | $ | 47.31 | $ | 47.06 | $ | 46.27 | $ | 47.56 | $ | 46.18 | ||||||||||||
Adjusted (a) |
54.54 | 53.90 | 52.90 | 51.37 | 53.73 | 53.03 | ||||||||||||||||||
Tangible, adjusted (b) |
48.35 | 47.71 | 48.80 | 47.25 | 49.58 | 48.84 | ||||||||||||||||||
Market capitalization |
||||||||||||||||||||||||
AFGs closing common share price |
$ | 118.89 | $ | 111.67 | $ | 118.75 | $ | 121.50 | $ | 137.28 | $ | 122.93 | ||||||||||||
Market capitalization |
$ | 9,943 | $ | 9,395 | $ | 10,077 | $ | 10,348 | $ | 11,697 | $ | 10,466 | ||||||||||||
Price / Adjusted book value ratio |
2.18 | 2.07 | 2.24 | 2.37 | 2.56 | 2.32 |
(a) | Excludes unrealized gains (losses) related to fixed maturity investments. |
(b) | Excludes unrealized gains (losses) related to fixed maturity investments, goodwill and intangibles. |
Page 13
American Financial Group, Inc. Capitalization ($ in millions) |
![]() |
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | |||||||||||||||||||
AFG senior obligations |
$ | 823 | $ | 823 | $ | 823 | $ | 828 | $ | 846 | $ | 884 | ||||||||||||
Borrowings drawn under credit facility |
| | | | | | ||||||||||||||||||
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Debt excluding subordinated debt |
$ | 823 | $ | 823 | $ | 823 | $ | 828 | $ | 846 | $ | 884 | ||||||||||||
AFG subordinated debentures |
675 | 675 | 675 | 675 | 675 | 675 | ||||||||||||||||||
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Total principal amount of long-term debt |
$ | 1,498 | $ | 1,498 | $ | 1,498 | $ | 1,503 | $ | 1,521 | $ | 1,559 | ||||||||||||
Shareholders equity |
4,258 | 3,981 | 3,993 | 3,941 | 4,052 | 3,932 | ||||||||||||||||||
Less: |
||||||||||||||||||||||||
Unrealized (gains) losses related to fixed maturity investments |
304 | 555 | 497 | 434 | 526 | 583 | ||||||||||||||||||
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Total adjusted capital |
$ | 6,060 | $ | 6,034 | $ | 5,988 | $ | 5,878 | $ | 6,099 | $ | 6,074 | ||||||||||||
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Ratio of debt to total adjusted capital: |
||||||||||||||||||||||||
Including subordinated debt |
24.7 | % | 24.8 | % | 25.0 | % | 25.6 | % | 24.9 | % | 25.7 | % | ||||||||||||
Excluding subordinated debt |
13.6 | % | 13.6 | % | 13.7 | % | 14.1 | % | 13.9 | % | 14.6 | % |
Page 14
American Financial Group, Inc. Additional Supplemental Information ($ in millions) |
![]() |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Property and Casualty Insurance |
||||||||||||||||||||||||||||
Paid Losses (GAAP) |
$ | 938 | $ | 805 | $ | 802 | $ | 881 | $ | 914 | $ | 3,426 | $ | 3,082 | ||||||||||||||
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|
|
12/31/2023 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 9/30/22 | |||||||||||||||||||
GAAP Equity (excluding AOCI) |
||||||||||||||||||||||||
Property and Casualty Insurance |
$ | 5,710 | $ | 5,786 | $ | 5,581 | $ | 5,392 | $ | 5,433 | $ | 5,527 | ||||||||||||
Parent and other subsidiaries |
(1,133 | ) | (1,235 | ) | (1,077 | ) | (1,000 | ) | (838 | ) | (993 | ) | ||||||||||||
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AFG GAAP Equity (excluding AOCI) |
$ | 4,577 | $ | 4,551 | $ | 4,504 | $ | 4,392 | $ | 4,595 | $ | 4,534 | ||||||||||||
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Allowable dividends without regulatory approval |
||||||||||||||||||||||||
Property and Casualty Insurance |
$ | 946 | $ | 887 | $ | 887 | $ | 887 | $ | 887 | $ | 843 |
Page 15
American Financial Group, Inc. Total Cash and Investments ($ in millions) |
![]() |
Carrying Value - December 31, 2023 | ||||||||||||||||||||
Property and Casualty Insurance |
Parent & Other |
Consolidate CLOs |
Total AFG Consolidated |
% of Investment Portfolio |
||||||||||||||||
Total cash and investments: |
||||||||||||||||||||
Cash and cash equivalents |
$ | 940 | $ | 285 | $ | | $ | 1,225 | 8 | % | ||||||||||
Fixed maturities - Available for sale |
10,225 | 152 | | 10,377 | 68 | % | ||||||||||||||
Fixed maturities - Trading |
57 | | | 57 | 0 | % | ||||||||||||||
Equity securities - Common stocks |
586 | | | 586 | 4 | % | ||||||||||||||
Equity securities - Perpetual preferred |
432 | | | 432 | 3 | % | ||||||||||||||
Investments accounted for using the equity method |
1,812 | 2 | | 1,814 | 12 | % | ||||||||||||||
Mortgage loans |
643 | | | 643 | 4 | % | ||||||||||||||
Real estate and other investments |
211 | 93 | (175 | ) | 129 | 1 | % | |||||||||||||
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|
|||||||||||
Total cash and investments |
$ | 14,906 | $ | 532 | $ | (175 | ) | $ | 15,263 | 100 | % | |||||||||
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|
|
|
Carrying Value - December 31, 2022 | ||||||||||||||||||||
Property and Casualty Insurance |
Parent & Other |
Consolidate CLOs |
Total AFG Consolidated |
% of Investment Portfolio |
||||||||||||||||
Total cash and investments: |
||||||||||||||||||||
Cash and cash equivalents |
$ | 622 | $ | 250 | $ | | $ | 872 | 6 | % | ||||||||||
Fixed maturities - Available for sale |
9,505 | 590 | | 10,095 | 70 | % | ||||||||||||||
Fixed maturities - Trading |
32 | | | 32 | 0 | % | ||||||||||||||
Equity securities - common stocks |
553 | | | 553 | 4 | % | ||||||||||||||
Equity securities - perpetual preferred |
457 | | | 457 | 3 | % | ||||||||||||||
Investments accounted for using the equity method |
1,699 | 1 | | 1,700 | 12 | % | ||||||||||||||
Mortgage loans |
676 | | | 676 | 4 | % | ||||||||||||||
Real estate and other investments |
153 | 89 | (115 | ) | 127 | 1 | % | |||||||||||||
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|
|
|
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|
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|
|||||||||||
Total cash and investments |
$ | 13,697 | $ | 930 | $ | (115 | ) | $ | 14,512 | 100 | % | |||||||||
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Page 16
American Financial Group, Inc. Net Investment Income ($ in millions) |
![]() |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Property and Casualty Insurance: |
||||||||||||||||||||||||||||
Gross investment income excluding alternative investments |
||||||||||||||||||||||||||||
Fixed maturities |
$ | 131 | $ | 121 | $ | 117 | $ | 112 | $ | 107 | $ | 481 | $ | 358 | ||||||||||||||
Equity securities |
7 | 8 | 8 | 9 | 13 | 32 | 35 | |||||||||||||||||||||
Other investments (a) |
21 | 19 | 16 | 13 | 14 | 69 | 40 | |||||||||||||||||||||
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Gross investment income excluding alternative investments |
159 | 148 | 141 | 134 | 134 | 582 | 433 | |||||||||||||||||||||
Gross investment income from alternative investments (b) |
5 | 25 | 55 | 78 | 28 | 163 | 265 | |||||||||||||||||||||
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Total gross investment income |
164 | 173 | 196 | 212 | 162 | 745 | 698 | |||||||||||||||||||||
Investment expenses |
(3 | ) | (3 | ) | (5 | ) | (5 | ) | (3 | ) | (16 | ) | (15 | ) | ||||||||||||||
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|
|||||||||||||||
Total net investment income |
$ | 161 | $ | 170 | $ | 191 | $ | 207 | $ | 159 | $ | 729 | $ | 683 | ||||||||||||||
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|
|||||||||||||||
Average cash and investments (c) |
$ | 15,227 | $ | 14,899 | $ | 14,498 | $ | 14,350 | $ | 14,304 | $ | 14,753 | $ | 14,048 | ||||||||||||||
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|
|||||||||||||||
Average yield - fixed maturities before inv expenses (d) |
4.99 | % | 4.68 | % | 4.62 | % | 4.40 | % | 4.15 | % | 4.67 | % | 3.63 | % | ||||||||||||||
Average yield - overall portfolio, net (d) |
4.23 | % | 4.56 | % | 5.27 | % | 5.77 | % | 4.45 | % | 4.94 | % | 4.86 | % | ||||||||||||||
Average tax equivalent yield - overall portfolio, net (d) |
4.31 | % | 4.63 | % | 5.34 | % | 5.83 | % | 4.53 | % | 5.01 | % | 4.96 | % | ||||||||||||||
AFG consolidated net investment income: |
||||||||||||||||||||||||||||
Property & Casualty core |
$ | 161 | $ | 170 | $ | 191 | $ | 207 | $ | 159 | $ | 729 | $ | 683 | ||||||||||||||
Parent & other |
7 | 10 | 12 | 11 | 9 | 40 | 24 | |||||||||||||||||||||
Consolidate CLOs |
(9 | ) | (12 | ) | (5 | ) | (1 | ) | | (27 | ) | 10 | ||||||||||||||||
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|
|||||||||||||||
Total net investment income |
$ | 159 | $ | 168 | $ | 198 | $ | 217 | $ | 168 | $ | 742 | $ | 717 | ||||||||||||||
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|
|||||||||||||||
Average cash and investments (c) |
$ | 15,540 | $ | 15,264 | $ | 15,025 | $ | 15,058 | $ | 15,083 | $ | 15,254 | $ | 15,231 | ||||||||||||||
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|
|
|||||||||||||||
Average yield - overall portfolio, net (d) |
4.09 | % | 4.40 | % | 5.27 | % | 5.76 | % | 4.46 | % | 4.86 | % | 4.71 | % | ||||||||||||||
Average yield - fixed maturities before inv expenses (d) |
5.01 | % | 4.74 | % | 4.67 | % | 4.43 | % | 4.19 | % | 4.70 | % | 3.54 | % |
(a) | Includes income from mortgage loans, real estate, short-term investments, and cash equivalents. |
(b) | Investment income on alternative investments is detailed on page 18. |
(c) | Average cash and investments is the average of the beginning and ending quarter balances, or the average of the five quarters balances. |
(d) | Average yield is calculated by dividing investment income for the period by the average balance. |
Page 17
American Financial Group, Inc. Alternative Investments ($ in millions) |
![]() |
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||||||||
12/31/23 | 9/30/23 | 6/30/23 | 3/31/23 | 12/31/22 | 12/31/23 | 12/31/22 | ||||||||||||||||||||||
Property and Casualty Insurance: |
||||||||||||||||||||||||||||
Net Investment Income |
||||||||||||||||||||||||||||
Convertible fixed maturities MTM through investment income |
$ (2 | ) | $ | (11 | ) | $ | 8 | $ | 4 | $ | | $ | (1 | ) | $ | | ||||||||||||
Equity securities MTM through investment income (a) |
1 | 7 | 14 | 16 | 7 | 38 | 8 | |||||||||||||||||||||
Investments accounted for using the equity method (b) |
(3 | ) | 17 | 28 | 57 | 21 | 99 | 267 | ||||||||||||||||||||
AFG managed CLOs (eliminated in consolidation) |
9 | 12 | 5 | 1 | | 27 | (10 | ) | ||||||||||||||||||||
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Total Property & Casualty |
$ | 5 | $ | 25 | $ | 55 | $ | 78 | $ | 28 | $ | 163 | $ | 265 | ||||||||||||||
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|
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Investments |
||||||||||||||||||||||||||||
Convertible fixed maturities MTM through investment income |
$ | 17 | $ | 17 | $ | 28 | $ | 19 | $ | | $ | 17 | $ | | ||||||||||||||
Equity securities MTM through investment income (a) |
440 | 411 | 423 | 377 | 332 | 440 | 332 | |||||||||||||||||||||
Investments accounted for using the equity method (b) |
1,812 | 1,806 | 1,755 | 1,732 | 1,699 | 1,812 | 1,699 | |||||||||||||||||||||
AFG managed CLOs (eliminated in consolidation) |
175 | 143 | 136 | 132 | 115 | 175 | 115 | |||||||||||||||||||||
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|
|||||||||||||||
Total Property & Casualty |
$ | 2,444 | $ | 2,377 | $ | 2,342 | $ | 2,260 | $ | 2,146 | $ | 2,444 | $ | 2,146 | ||||||||||||||
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|||||||||||||||
Annualized Return - Property & Casualty |
0.8 | % | 4.2 | % | 9.6 | % | 14.2 | % | 5.3 | % | 7.0 | % | 13.2 | % | ||||||||||||||
AFG Consolidated: |
||||||||||||||||||||||||||||
Net Investment Income |
||||||||||||||||||||||||||||
Convertible fixed maturities MTM through investment income |
$ (2 | ) | $ | (11 | ) | $ | 8 | $ | 4 | $ | | $ | (1 | ) | $ | | ||||||||||||
Equity securities MTM through investment income (a) |
1 | 7 | 14 | 16 | 7 | 38 | 8 | |||||||||||||||||||||
Investments accounted for using the equity method (b) |
(3 | ) | 17 | 28 | 57 | 21 | 99 | 267 | ||||||||||||||||||||
AFG managed CLOs (eliminated in consolidation) |
9 | 12 | 5 | 1 | | 27 | (10 | ) | ||||||||||||||||||||
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|||||||||||||||
Total AFG Consolidated |
$ | 5 | $ | 25 | $ | 55 | $ | 78 | $ | 28 | $ | 163 | $ | 265 | ||||||||||||||
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Investments |
||||||||||||||||||||||||||||
Convertible fixed maturities MTM through investment income |
$ | 17 | $ | 17 | $ | 28 | $ | 19 | $ | | $ | 17 | $ | | ||||||||||||||
Equity securities MTM through investment income (a) |
440 | 411 | 423 | 377 | 332 | 440 | 332 | |||||||||||||||||||||
Investments accounted for using the equity method (b) |
1,814 | 1,807 | 1,756 | 1,733 | 1,700 | 1,814 | 1,700 | |||||||||||||||||||||
AFG managed CLOs (eliminated in consolidation) |
175 | 143 | 136 | 132 | 115 | 175 | 115 | |||||||||||||||||||||
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Total AFG Consolidated |
$ | 2,446 | $ | 2,378 | $ | 2,343 | $ | 2,261 | $ | 2,147 | $ | 2,446 | $ | 2,147 | ||||||||||||||
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Annualized Return - AFG Consolidated |
0.8 | % | 4.2 | % | 9.6 | % | 14.2 | % | 5.3 | % | 7.0 | % | 13.2 | % |
(a) | AFG records holding gains and losses in net investment income on its portfolio of limited partnerships and similar investments that do not qualify for equity method accounting and certain other securities classified at purchase as fair value through net investment income. |
(b) | The majority of AFGs investments accounted for using the equity method mark their underlying assets to market through net income. |
Page 18
American Financial Group, Inc. Fixed Maturities - By Security Type - AFG Consolidated ($ in millions ) |
![]() |
December 31, 2023 |
Book Value (a) |
Fair Value | Unrealized Gain (Loss) |
% of Fair Value |
% of Investment Portfolio |
|||||||||||||||
US Government and government agencies |
$ | 243 | $ | 236 | $ | (7 | ) | 2 | % | 2 | % | |||||||||
States, municipalities and political subdivisions |
1,014 | 984 | (30 | ) | 9 | % | 6 | % | ||||||||||||
Foreign government |
288 | 282 | (6 | ) | 3 | % | 2 | % | ||||||||||||
Residential mortgage-backed securities |
1,787 | 1,658 | (129 | ) | 16 | % | 11 | % | ||||||||||||
Commercial mortgage-backed securities |
75 | 74 | (1 | ) | 1 | % | 0 | % | ||||||||||||
Collateralized loan obligations |
1,706 | 1,687 | (19 | ) | 16 | % | 11 | % | ||||||||||||
Other asset-backed securities |
2,472 | 2,362 | (110 | ) | 23 | % | 15 | % | ||||||||||||
Corporate and other bonds |
3,212 | 3,151 | (61 | ) | 30 | % | 21 | % | ||||||||||||
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Total AFG consolidated |
$ | 10,797 | $ | 10,434 | $ | (363 | ) | 100 | % | 68 | % | |||||||||
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Approximate duration - P&C |
3.2 years | |||||||||||||||||||
Approximate duration - P&C including cash |
2.9 years | |||||||||||||||||||
December 31, 2022 |
Book Value (a) |
Fair Value | Unrealized Gain (Loss) |
% of Fair Value |
% of Investment Portfolio |
|||||||||||||||
US Government and government agencies |
$ | 233 | $ | 219 | $ | (14 | ) | 2 | % | 2 | % | |||||||||
States, municipalities and political subdivisions |
1,234 | 1,186 | (48 | ) | 12 | % | 8 | % | ||||||||||||
Foreign government |
266 | 252 | (14 | ) | 2 | % | 2 | % | ||||||||||||
Residential mortgage-backed securities |
1,755 | 1,598 | (157 | ) | 16 | % | 11 | % | ||||||||||||
Commercial mortgage-backed securities |
88 | 85 | (3 | ) | 1 | % | 1 | % | ||||||||||||
Collateralized loan obligations |
1,987 | 1,921 | (66 | ) | 19 | % | 13 | % | ||||||||||||
Other asset-backed securities |
2,428 | 2,245 | (183 | ) | 22 | % | 15 | % | ||||||||||||
Corporate and other bonds |
2,766 | 2,621 | (145 | ) | 26 | % | 18 | % | ||||||||||||
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Total AFG consolidated |
$ | 10,757 | $ | 10,127 | $ | (630 | ) | 100 | % | 70 | % | |||||||||
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|||||||||||
Approximate duration - P&C |
3.1 years | |||||||||||||||||||
Approximate duration - P&C including cash |
2.9 years |
(a) | Book Value is amortized cost, net of allowance for expected credit losses. |
Page 19
Appendix A American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2023 ($ in millions) |
![]() |
Fair Value by Type | ||||||||||||||||||||||||||||||||||||||||
By Credit Rating (a) |
US Gov | Munis | Frgn Gov | RMBS | CMBS | CLOs | ABS | Corp/Oth | Total | % Total | ||||||||||||||||||||||||||||||
Investment grade |
||||||||||||||||||||||||||||||||||||||||
AAA |
$ | | $ | 371 | $ | 261 | $ | 1,425 | $ | 63 | $ | 1,500 | $ | 961 | $ | 23 | $ | 4,604 | 44 | % | ||||||||||||||||||||
AA |
236 | 560 | 10 | 99 | 7 | 173 | 261 | 160 | 1,506 | 15 | % | |||||||||||||||||||||||||||||
A |
| 44 | 5 | 26 | 1 | 13 | 542 | 839 | 1,470 | 14 | % | |||||||||||||||||||||||||||||
BBB |
| 7 | 6 | 4 | | | 474 | 1,740 | 2,231 | 21 | % | |||||||||||||||||||||||||||||
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Subtotal - Investment grade |
236 | 982 | 282 | 1,554 | 71 | 1,686 | 2,238 | 2,762 | 9,811 | 94 | % | |||||||||||||||||||||||||||||
BB |
| | | 2 | 3 | | 7 | 195 | 207 | 2 | % | |||||||||||||||||||||||||||||
B |
| | | 4 | | | 2 | 67 | 73 | 1 | % | |||||||||||||||||||||||||||||
CCC, CC, C |
| | | 29 | | | 5 | 7 | 41 | 0 | % | |||||||||||||||||||||||||||||
D |
| | | 4 | | | | | 4 | 0 | % | |||||||||||||||||||||||||||||
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Subtotal - Non-Investment grade |
| | | 39 | 3 | | 14 | 269 | 325 | 3 | % | |||||||||||||||||||||||||||||
Not Rated (b) |
| 2 | | 65 | | 1 | 110 | 120 | 298 | 3 | % | |||||||||||||||||||||||||||||
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Total |
$ | 236 | $ | 984 | $ | 282 | $ | 1,658 | $ | 74 | $ | 1,687 | $ | 2,362 | $ | 3,151 | $ | 10,434 | 100 | % | ||||||||||||||||||||
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Fair Value by Type | ||||||||||||||||||||||||||||||||||||||||
NAIC designation |
US Gov | Munis | Frgn gov | RMBS | CMBS | CLOs | ABS | Corp/Oth | Total | % Total | ||||||||||||||||||||||||||||||
1 |
$ | 236 | $ | 977 | $ | 230 | $ | 1,606 | $ | 71 | $ | 1,633 | $ | 1,799 | $ | 1,043 | $ | 7,595 | 74 | % | ||||||||||||||||||||
2 |
| 7 | | 2 | | | 474 | 1,769 | 2,252 | 22 | % | |||||||||||||||||||||||||||||
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Subtotal |
236 | 984 | 230 | 1,608 | 71 | 1,633 | 2,273 | 2,812 | 9,847 | 96 | % | |||||||||||||||||||||||||||||
3 |
| | | 1 | 3 | | 8 | 195 | 207 | 2 | % | |||||||||||||||||||||||||||||
4 |
| | | 1 | | | 1 | 61 | 63 | 1 | % | |||||||||||||||||||||||||||||
5 |
| | | 3 | | | 9 | 67 | 79 | 1 | % | |||||||||||||||||||||||||||||
6 |
| | | 5 | | | | | 5 | 0 | % | |||||||||||||||||||||||||||||
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Subtotal |
| | | 10 | 3 | | 18 | 323 | 354 | 4 | % | |||||||||||||||||||||||||||||
Total insurance companies |
$ | 236 | $ | 984 | $ | 230 | $ | 1,618 | $ | 74 | $ | 1,633 | $ | 2,291 | $ | 3,135 | $ | 10,201 | 100 | % | ||||||||||||||||||||
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No NAIC designation (c) |
| | | | | 1 | 9 | 11 | 21 | |||||||||||||||||||||||||||||||
Non-Insurance and Foreign Companies (d) |
| | 52 | 40 | | 53 | 62 | 5 | 212 | |||||||||||||||||||||||||||||||
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|||||||||||||||||||||||
Total |
$ | 236 | $ | 984 | $ | 282 | $ | 1,658 | $ | 74 | $ | 1,687 | $ | 2,362 | $ | 3,151 | $ | 10,434 | ||||||||||||||||||||||
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(a) | If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. |
(b) | For ABS, 87% are NAIC 1 and 8% do not have a designation. |
For Corp/Oth, 21% are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation.
For Total, 58% are NAIC 1, 9% NAIC 2, 21% NAIC 5 and 7% do not have a designation.
(c) | Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. |
(d) | 98% are investment grade rated. |
Page 20
Appendix B American Financial Group, Inc. Fixed Maturities by Credit Rating & NAIC Designation by Type 12/31/2022 ($ in millions) |
![]() |
Fair Value by Type | ||||||||||||||||||||||||||||||||||||||||
By Credit Rating (a) |
US Gov | Munis | Frgn Gov | RMBS | CMBS | CLOs | ABS | Corp/Oth | Total | % Total | ||||||||||||||||||||||||||||||
Investment grade |
||||||||||||||||||||||||||||||||||||||||
AAA |
$ | 219 | $ | 477 | $ | 239 | $ | 1,317 | $ | 63 | $ | 1,708 | $ | 860 | $ | 24 | $ | 4,907 | 49 | % | ||||||||||||||||||||
AA |
| 648 | 9 | 6 | 14 | 169 | 347 | 163 | 1,356 | 13 | % | |||||||||||||||||||||||||||||
A |
| 50 | 4 | 76 | 2 | 41 | 475 | 670 | 1,318 | 13 | % | |||||||||||||||||||||||||||||
BBB |
| 7 | | | 3 | | 443 | 1,287 | 1,740 | 17 | % | |||||||||||||||||||||||||||||
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|||||||||||||||||||||
Subtotal - Investment grade |
219 | 1,182 | 252 | 1,399 | 82 | 1,918 | 2,125 | 2,144 | 9,321 | 92 | % | |||||||||||||||||||||||||||||
BB |
| | | 8 | 3 | | 8 | 200 | 219 | 2 | % | |||||||||||||||||||||||||||||
B |
| | | 8 | | | 1 | 51 | 60 | 1 | % | |||||||||||||||||||||||||||||
CCC, CC, C |
| | | 103 | | | 5 | 1 | 109 | 1 | % | |||||||||||||||||||||||||||||
D |
| | | 8 | | | | | 8 | 0 | % | |||||||||||||||||||||||||||||
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|||||||||||||||||||||
Subtotal - Non-Investment grade |
| | | 127 | 3 | | 14 | 252 | 396 | 4 | % | |||||||||||||||||||||||||||||
Not Rated (b) |
| 4 | | 72 | | 3 | 106 | 225 | 410 | 4 | % | |||||||||||||||||||||||||||||
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|||||||||||||||||||||
Total |
$ | 219 | $ | 1,186 | $ | 252 | $ | 1,598 | $ | 85 | $ | 1,921 | $ | 2,245 | $ | 2,621 | $ | 10,127 | 100 | % | ||||||||||||||||||||
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Fair Value by Type | ||||||||||||||||||||||||||||||||||||||||
NAIC designation |
US Gov | Munis | Frgn gov | RMBS | CMBS | CLOs | ABS | Corp/Oth | Total | % Total | ||||||||||||||||||||||||||||||
1 |
$ | 219 | $ | 1,178 | $ | 213 | $ | 1,506 | $ | 82 | $ | 1,627 | $ | 1,657 | $ | 878 | $ | 7,360 | 78 | % | ||||||||||||||||||||
2 |
| 8 | | 11 | | | 443 | 1,310 | 1,772 | 19 | % | |||||||||||||||||||||||||||||
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|||||||||||||||||||||
Subtotal |
219 | 1,186 | 213 | 1,517 | 82 | 1,627 | 2,100 | 2,188 | 9,132 | 97 | % | |||||||||||||||||||||||||||||
3 |
| | | 1 | 3 | | 8 | 239 | 251 | 3 | % | |||||||||||||||||||||||||||||
4 |
| | | | | | 1 | 46 | 47 | 0 | % | |||||||||||||||||||||||||||||
5 |
| | | 3 | | | 10 | 22 | 35 | 0 | % | |||||||||||||||||||||||||||||
6 |
| | | 1 | | | | | 1 | 0 | % | |||||||||||||||||||||||||||||
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|||||||||||||||||||||
Subtotal |
| | | 5 | 3 | | 19 | 307 | 334 | 0 | ||||||||||||||||||||||||||||||
Total insurance companies |
$ | 219 | $ | 1,186 | $ | 213 | $ | 1,522 | $ | 85 | $ | 1,627 | $ | 2,119 | $ | 2,495 | $ | 9,466 | 100 | % | ||||||||||||||||||||
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|||||||||||||||||||||
No NAIC designation (c) |
| | | | | 3 | | 20 | 23 | |||||||||||||||||||||||||||||||
Non-Insurance and Foreign Companies (d) |
| | 39 | 76 | | 291 | 126 | 106 | 638 | |||||||||||||||||||||||||||||||
Total |
$ | 219 | $ | 1,186 | $ | 252 | $ | 1,598 | $ | 85 | $ | 1,921 | $ | 2,245 | $ | 2,621 | $ | 10,127 | ||||||||||||||||||||||
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(a) | If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. |
(b) | For ABS, 95% are NAIC 1 and 5% are NAIC 5. |
For Corp/Oth, 44% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3.
For Total, 46% are NAIC 1, 7% NAIC 2, 9% NAIC 3 and 26% are held by non-insurance companies.
(c) | Surplus notes and CLO equity tranches that are classified as other invested assets for STAT. |
(d) | 76% are investment grade rated. |
Page 21
Appendix C American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2023 ($ in millions) |
![]() |
Fair Value By Industry | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (a) |
Asset Managers |
Banking | Technology | Insurance | Consumer | Other Financials |
Utilities | Autos | REITs | Retailers | Basic Industry |
Media | Capital Goods |
Other | Total | % Total |
||||||||||||||||||||||||||||||||||||||||||||||||
Investment Grade |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA |
$ | | $ | | $ | 11 | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | 12 | $ | 23 | 1 | % | ||||||||||||||||||||||||||||||||
AA |
5 | | 18 | 43 | 39 | 29 | 5 | | | 10 | | | | 11 | 160 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||||
A |
33 | 190 | 57 | 151 | 44 | 45 | 86 | 61 | 47 | 18 | 11 | 3 | 35 | 58 | 839 | 27 | % | |||||||||||||||||||||||||||||||||||||||||||||||
BBB |
579 | 210 | 151 | 41 | 69 | 101 | 72 | 79 | 68 | 51 | 110 | 45 | 40 | 124 | 1,740 | 55 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
Subtotal |
617 | 400 | 237 | 235 | 152 | 175 | 163 | 140 | 115 | 79 | 121 | 48 | 75 | 205 | 2,762 | 88 | % | |||||||||||||||||||||||||||||||||||||||||||||||
BB |
23 | 2 | 24 | 3 | 27 | 5 | | 5 | | 40 | 15 | 35 | 1 | 15 | 195 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
B |
| | 2 | | 10 | 8 | | 4 | | 24 | | | 4 | 15 | 67 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
CCC, CC, C |
| | 2 | | | | | | | | | | | 5 | 7 | 0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
D |
| | | | | | | | | | | | | | | 0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
Subtotal |
23 | 2 | 28 | 3 | 37 | 13 | | 9 | | 64 | 15 | 35 | 5 | 35 | 269 | 8 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Not Rated (b) |
| | 4 | 11 | 18 | 10 | | | 28 | | | 20 | 6 | 23 | 120 | 4 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
Total |
$ | 640 | $ | 402 | $ | 269 | $ | 249 | $ | 207 | $ | 198 | $ | 163 | $ | 149 | $ | 143 | $ | 143 | $ | 136 | $ | 103 | $ | 86 | $ | 263 | $ | 3,151 | 100 | % | ||||||||||||||||||||||||||||||||
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Fair Value By Industry | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC designation |
Asset Managers |
Banking | Technology | Insurance | Consumer | Other Financials |
Utilities | Autos | REITs | Retailers | Basic Industry |
Media | Capital Goods |
Other | Total | % Total |
||||||||||||||||||||||||||||||||||||||||||||||||
1 |
$ | 38 | $ | 190 | $ | 86 | $ | 194 | $ | 92 | $ | 82 | $ | 92 | $ | 61 | $ | 55 | $ | 28 | $ | 11 | $ | 3 | $ | 35 | $ | 76 | $ | 1,043 | 33 | % | ||||||||||||||||||||||||||||||||
2 |
579 | 210 | 151 | 41 | 75 | 102 | 71 | 84 | 81 | 51 | 110 | 45 | 40 | 129 | 1,769 | 57 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
Subtotal |
617 | 400 | 237 | 235 | 167 | 184 | 163 | 145 | 136 | 79 | 121 | 48 | 75 | 205 | 2,812 | 90 | % | |||||||||||||||||||||||||||||||||||||||||||||||
3 |
23 | 2 | 23 | 3 | 32 | 6 | | | | 40 | 14 | 35 | 2 | 15 | 195 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
4 |
| | 1 | | 4 | 8 | | 4 | | 24 | | | 4 | 16 | 61 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
5 |
| | 8 | | 4 | | | | 7 | | 1 | 20 | 5 | 22 | 67 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
6 |
| | | | | | | | | | | | | | | 0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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Subtotal |
23 | 2 | 32 | 3 | 40 | 14 | | 4 | 7 | 64 | 15 | 55 | 11 | 53 | 323 | 10 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total insurance companies |
$ | 640 | $ | 402 | $ | 269 | $ | 238 | $ | 207 | $ | 198 | $ | 163 | $ | 149 | $ | 143 | $ | 143 | $ | 136 | $ | 103 | $ | 86 | $ | 258 | $ | 3,135 | 100 | % | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
No NAIC designation (c) |
| | | 11 | | | | | | | | | | | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Insurance and Foreign Companies |
| | | | | | | | | | | | | 5 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
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Total |
$ | 640 | $ | 402 | $ | 269 | $ | 249 | $ | 207 | $ | 198 | $ | 163 | $ | 149 | $ | 143 | $ | 143 | $ | 136 | $ | 103 | $ | 86 | $ | 263 | $ | 3,151 | ||||||||||||||||||||||||||||||||||
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(a) | If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. |
(b) | 21% of not rated securities are NAIC 1, 21% NAIC 2, 46% NAIC 5 and 9% do not have a designation. |
(c) | Surplus notes that are classified as other invested assets for STAT. |
Page 22
Appendix D American Financial Group, Inc. Corporate Securities by Credit Rating & NAIC Designation by Industry 12/31/2022 ($ in millions) |
![]() |
Fair Value By Industry | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (a) |
Asset Managers |
Banking | Other Financials |
Technology | Insurance | Consumer | REITs | Retailers | Basic Industry |
Media | Autos | Capital Goods |
Energy | Other | Total | % Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment Grade |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA |
$ | | $ | | $ | | $ | 10 | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | | $ | 14 | $ | 24 | 1 | % | ||||||||||||||||||||||||||||||||
AA |
| | 23 | 39 | 21 | 48 | | 5 | | | | | 16 | 11 | 163 | 6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
A |
52 | 144 | 43 | 54 | 129 | 29 | 54 | 17 | 3 | | 42 | 45 | | 58 | 670 | 26 | % | |||||||||||||||||||||||||||||||||||||||||||||||
BBB |
442 | 214 | 90 | 105 | 27 | 44 | 63 | 32 | 83 | 32 | 30 | 22 | 17 | 86 | 1,287 | 49 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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Subtotal |
494 | 358 | 156 | 208 | 177 | 121 | 117 | 54 | 86 | 32 | 72 | 67 | 33 | 169 | 2,144 | 82 | % | |||||||||||||||||||||||||||||||||||||||||||||||
BB |
22 | | 12 | 23 | 1 | 22 | 2 | 49 | 8 | 34 | 11 | 1 | 5 | 10 | 200 | 7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
B |
| | | 3 | 1 | 26 | | | | | 4 | 4 | | 13 | 51 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
CCC, CC, C |
| | | | | 1 | | | | | | | | | 1 | 0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
D |
| | | | | | | | | | | | | | | 0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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Subtotal |
22 | | 12 | 26 | 2 | 49 | 2 | 49 | 8 | 34 | 15 | 5 | 5 | 23 | 252 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Not Rated (b) |
1 | | 120 | 11 | 16 | 25 | 12 | | 2 | 23 | | 3 | 1 | 11 | 225 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
Total |
$ | 517 | $ | 358 | $ | 288 | $ | 245 | $ | 195 | $ | 195 | $ | 131 | $ | 103 | $ | 96 | $ | 89 | $ | 87 | $ | 75 | $ | 39 | $ | 203 | $ | 2,621 | 100 | % | ||||||||||||||||||||||||||||||||
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Fair Value By Industry | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC designation |
Asset Managers |
Banking | Other Financials |
Technology | Insurance | Consumer | REITs | Retailers | Basic Industry |
Media | Autos | Capital Goods |
Energy | Other | Total | % Total | ||||||||||||||||||||||||||||||||||||||||||||||||
1 |
$ | 52 | $ | 144 | $ | 79 | $ | 103 | $ | 150 | $ | 88 | $ | 54 | $ | 22 | $ | 3 | $ | | $ | 42 | $ | 45 | $ | 16 | $ | 80 | $ | 878 | 35 | % | ||||||||||||||||||||||||||||||||
2 |
443 | 213 | 91 | 105 | 29 | 48 | 75 | 32 | 83 | 32 | 30 | 24 | 17 | 88 | 1,310 | 53 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
Subtotal |
495 | 357 | 170 | 208 | 179 | 136 | 129 | 54 | 86 | 32 | 72 | 69 | 33 | 168 | 2,188 | 88 | % | |||||||||||||||||||||||||||||||||||||||||||||||
3 |
22 | | 12 | 29 | 2 | 27 | 2 | 49 | 10 | 54 | 11 | 2 | 6 | 13 | 239 | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||
4 |
| | | 5 | | 24 | | | | | 4 | 4 | | 9 | 46 | 2 | % | |||||||||||||||||||||||||||||||||||||||||||||||
5 |
| | | 3 | | 8 | | | | 3 | | | | 8 | 22 | 1 | % | |||||||||||||||||||||||||||||||||||||||||||||||
6 |
| | | | | | | | | | | | | | | 0 | % | |||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
Subtotal |
22 | | 12 | 37 | 2 | 59 | 2 | 49 | 10 | 57 | 15 | 6 | 6 | 30 | 307 | 12 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Total insurance companies |
$ | 517 | $ | 357 | $ | 182 | $ | 245 | $ | 181 | $ | 195 | $ | 131 | $ | 103 | $ | 96 | $ | 89 | $ | 87 | $ | 75 | $ | 39 | $ | 198 | $ | 2,495 | 100 | % | ||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
No NAIC designation (c) |
| | 6 | | 14 | | | | | | | | | | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-Insurance and Foreign Companies |
| 1 | 100 | | | | | | | | | | | 5 | 106 | |||||||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||
Total |
$ | 517 | $ | 358 | $ | 288 | $ | 245 | $ | 195 | $ | 195 | $ | 131 | $ | 103 | $ | 96 | $ | 89 | $ | 87 | $ | 75 | $ | 39 | $ | 203 | $ | 2,621 | ||||||||||||||||||||||||||||||||||
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(a) | If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. |
(b) | For Other Financials, 84% are held by non-insurance companies and 11% are NAIC 1. |
For the Total, 44% are held by non-insurance companies, 11% are NAIC 1, 12% NAIC 2 and 16% NAIC 3.
(c) | Surplus notes that are classified as other invested assets for STAT. |
Page 23
Appendix E American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2023 ($ in millions) |
![]() |
Fair Value By Collateral Type | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (a) |
Whole Business |
Commercial Real Estate |
Secured Financing (c) |
TruPS | Single Family Rental |
Triple Net Lease |
Railcar | Aircraft | Auto | Other | Total | % Total | ||||||||||||||||||||||||||||||||||||
Investment Grade |
||||||||||||||||||||||||||||||||||||||||||||||||
AAA |
$ | | $ | 385 | $ | 24 | $ | 46 | $ | 191 | $ | 157 | $ | | $ | | $ | 67 | $ | 91 | $ | 961 | 41 | % | ||||||||||||||||||||||||
AA |
55 | 6 | 20 | 140 | 1 | 2 | | 5 | 14 | 18 | 261 | 11 | % | |||||||||||||||||||||||||||||||||||
A |
10 | | 75 | 16 | | 24 | 168 | 54 | | 195 | 542 | 23 | % | |||||||||||||||||||||||||||||||||||
BBB |
366 | | 1 | | | | 6 | 30 | | 71 | 474 | 20 | % | |||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
Subtotal |
431 | 391 | 120 | 202 | 192 | 183 | 174 | 89 | 81 | 375 | 2,238 | 95 | % | |||||||||||||||||||||||||||||||||||
BB |
| | 1 | | | | | 6 | | | 7 | 0 | % | |||||||||||||||||||||||||||||||||||
B |
| | 1 | | | | | 1 | | | 2 | 0 | % | |||||||||||||||||||||||||||||||||||
CCC, CC, C |
| | | | | | | 5 | | | 5 | 0 | % | |||||||||||||||||||||||||||||||||||
D |
| | | | | | | | | | | 0 | % | |||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
Subtotal |
| | 2 | | | | | 12 | | | 14 | 0 | % | |||||||||||||||||||||||||||||||||||
Not Rated (b) |
| | 96 | | | | | 5 | | 9 | 110 | 5 | % | |||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
Total |
$ | 431 | $ | 391 | $ | 218 | $ | 202 | $ | 192 | $ | 183 | $ | 174 | $ | 106 | $ | 81 | $ | 384 | $ | 2,362 | 100 | % | ||||||||||||||||||||||||
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Fair Value By Collateral Type | ||||||||||||||||||||||||||||||||||||||||||||||||
NAIC designation |
Whole Business |
Commercial Real Estate ABS |
Secured Financing (c) |
TruPS | Single Family Rental |
Triple Net Lease |
Railcar | Aircraft | Auto | Other | Total | % Total | ||||||||||||||||||||||||||||||||||||
1 |
$ | 65 | $ | 331 | $ | 215 | $ | 202 | $ | 192 | $ | 183 | $ | 167 | $ | 60 | $ | 81 | $ | 303 | $ | 1,799 | 79 | % | ||||||||||||||||||||||||
2 |
366 | | 1 | | | | 7 | 30 | | 70 | 474 | 21 | % | |||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
Subtotal |
431 | 331 | 216 | 202 | 192 | 183 | 174 | 90 | 81 | 373 | 2,273 | 100 | % | |||||||||||||||||||||||||||||||||||
3 |
| | 2 | | | | | 6 | | | 8 | 0 | % | |||||||||||||||||||||||||||||||||||
4 |
| | | | | | | 1 | | | 1 | 0 | % | |||||||||||||||||||||||||||||||||||
5 |
| | | | | | | 9 | | | 9 | 0 | % | |||||||||||||||||||||||||||||||||||
6 |
| | | | | | | | | | | 0 | % | |||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||
Subtotal |
| | 2 | | | | | 16 | | | 18 | 0 | % | |||||||||||||||||||||||||||||||||||
Total insurance companies |
$ | 431 | $ | 331 | $ | 218 | $ | 202 | $ | 192 | $ | 183 | $ | 174 | $ | 106 | $ | 81 | $ | 373 | $ | 2,291 | 100 | % | ||||||||||||||||||||||||
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|||||||||||||||||||||||||
No NAIC designation |
| | | | | | | | | 9 | 9 | |||||||||||||||||||||||||||||||||||||
Non-Insurance and Foreign Companies |
| 60 | | | | | | | | 2 | 62 | |||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
Total |
$ | 431 | $ | 391 | $ | 218 | $ | 202 | $ | 192 | $ | 183 | $ | 174 | $ | 106 | $ | 81 | $ | 384 | $ | 2,362 | ||||||||||||||||||||||||||
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(a) | If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. |
(b) | 87% of not rated securities are NAIC 1 and 8% do not have a designation. |
(c) | Secured Financings are privately placed funding agreements secured primarily by Single Family Rental properties and Bank Loans. |
Page 24
Appendix F American Financial Group, Inc. Asset-Backed Securities by Credit Rating & NAIC Designation by Collateral Type 12/31/2022 ($ in millions) |
![]() |
Fair Value By Collateral Type | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating (a) |
Commercial Real Estate |
Whole Business |
TruPS | Secured Financing (c) |
Triple Net Lease |
Single Family Rental |
Railcar | Aircraft | Mortgage Servicer Receivables |
Consumer Loans |
Auto | Other | Total | % Total | ||||||||||||||||||||||||||||||||||||||||||
Investment Grade |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA |
$ | 456 | $ | | $ | 40 | $ | 25 | $ | 138 | $ | 156 | $ | | $ | | $ | 5 | $ | 8 | $ | 3 | $ | 29 | $ | 860 | 38 | % | ||||||||||||||||||||||||||||
AA |
8 | 60 | 186 | 25 | 21 | 11 | | 7 | | 12 | 13 | 4 | 347 | 16 | % | |||||||||||||||||||||||||||||||||||||||||
A |
| 4 | 7 | 34 | 8 | | 160 | 38 | | 33 | | 191 | 475 | 21 | % | |||||||||||||||||||||||||||||||||||||||||
BBB |
| 326 | | 1 | | | 6 | 26 | 62 | | | 22 | 443 | 20 | % | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Subtotal |
464 | 390 | 233 | 85 | 167 | 167 | 166 | 71 | 67 | 53 | 16 | 246 | 2,125 | 95 | % | |||||||||||||||||||||||||||||||||||||||||
BB |
| | | 1 | | | | 7 | | | | | 8 | 0 | % | |||||||||||||||||||||||||||||||||||||||||
B |
| | | | | | | 1 | | | | | 1 | 0 | % | |||||||||||||||||||||||||||||||||||||||||
CCC, CC, C |
| | | | | | | 5 | | | | | 5 | 0 | % | |||||||||||||||||||||||||||||||||||||||||
D |
| | | | | | | | | | | | | 0 | % | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Subtotal |
| | | 1 | | | | 13 | | | | | 14 | 0 | % | |||||||||||||||||||||||||||||||||||||||||
Not Rated (b) |
| | | 95 | | | | 5 | | | | 6 | 106 | 5 | % | |||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||
Total |
$ | 464 | $ | 390 | $ | 233 | $ | 181 | $ | 167 | $ | 167 | $ | 166 | $ | 89 | $ | 67 | $ | 53 | $ | 16 | $ | 252 | $ | 2,245 | 100 | % | ||||||||||||||||||||||||||||
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Fair Value By Collateral Type | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC designation |
Commercial Real Estate |
Whole Business |
TruPS | Secured Financing (c) |
Triple Net Lease |
Single Family Rental |
Railcar | Aircraft | Mortgage Servicer Receivables |
Consumer Loans |
Auto | Other | Total | % Total | ||||||||||||||||||||||||||||||||||||||||||
1 |
$ | 358 | $ | 64 | $ | 233 | $ | 179 | $ | 167 | $ | 166 | $ | 160 | $ | 46 | $ | 5 | $ | 34 | $ | 16 | $ | 229 | $ | 1,657 | 78 | % | ||||||||||||||||||||||||||||
2 |
| 326 | | 1 | | | 6 | 26 | 62 | | | 22 | 443 | 21 | % | |||||||||||||||||||||||||||||||||||||||||
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Subtotal |
358 | 390 | 233 | 180 | 167 | 166 | 166 | 72 | 67 | 34 | 16 | 251 | 2,100 | 99 | % | |||||||||||||||||||||||||||||||||||||||||
3 |
| | | 1 | | | | 7 | | | | | 8 | 0 | % | |||||||||||||||||||||||||||||||||||||||||
4 |
| | | | | | | 1 | | | | | 1 | 0 | % | |||||||||||||||||||||||||||||||||||||||||
5 |
| | | | | | | 9 | | | | 1 | 10 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
6 |
| | | | | | | | | | | | | 0 | % | |||||||||||||||||||||||||||||||||||||||||
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Subtotal |
| | | 1 | | | | 17 | | | | 1 | 19 | 1 | % | |||||||||||||||||||||||||||||||||||||||||
Total insurance companies |
$ | 358 | $ | 390 | $ | 233 | $ | 181 | $ | 167 | $ | 166 | $ | 166 | $ | 89 | $ | 67 | $ | 34 | $ | 16 | $ | 252 | $ | 2,119 | 100 | % | ||||||||||||||||||||||||||||
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No NAIC designation |
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Non-Insurance and Foreign Companies |
106 | | | | | 1 | | | | 19 | | | 126 | |||||||||||||||||||||||||||||||||||||||||||
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Total |
$ | 464 | $ | 390 | $ | 233 | $ | 181 | $ | 167 | $ | 167 | $ | 166 | $ | 89 | $ | 67 | $ | 53 | $ | 16 | $ | 252 | $ | 2,245 | ||||||||||||||||||||||||||||||
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(a) | If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest. |
(b) | 95% of not rated securities are NAIC 1 and 5% are NAIC 5. |
(c) | Secured Financings are privately placed funding agreements secured by assets including Single Family Rental properties, Bank Loans, and Commercial and Residential mortgages. |
Page 25
Appendix G American Financial Group, Inc. Real Estate-Related Investments 12/31/2023 ($ in millions) |
![]() |
Investments accounted for using equity method (Real Estate Funds/Investments) (a)
Investment Type |
Book Value | % of Book Value |
Occupancy (b) | Collection Rate (c) | ||||||||||||
Multi-family |
$ | 1,205 | 91 | % | 94 | % | 97 | % | ||||||||
Fund Investments |
59 | 5 | % | | | |||||||||||
QOZ Fund - Development |
25 | 2 | % | | | |||||||||||
Office |
16 | 1 | % | 88 | % | 100 | % | |||||||||
Hospitality |
10 | 1 | % | | | |||||||||||
Land Development |
5 | | | | ||||||||||||
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Total |
$ | 1,320 | 100 | % | ||||||||||||
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Real Estate
Property Type |
Book Value | % of Book Value |
Debt | |||||||||
Resort & Marina |
$ | 50 | 52 | % | $ | | ||||||
Marina |
36 | 37 | % | | ||||||||
Office Building |
9 | 9 | % | | ||||||||
Land |
2 | 2 | % | | ||||||||
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Total |
$ | 97 | 100 | % | $ | | ||||||
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Mortgage Loans | ||||||||||||
Property Type |
Book Value | % of Book Value |
Loan To Value | |||||||||
Multifamily |
$ | 462 | 72 | % | 66 | % | ||||||
Hospitality |
125 | 19 | % | 49 | % | |||||||
Office |
56 | 9 | % | 89 | % | |||||||
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Total |
$ | 643 | 100 | % | 65 | % | ||||||
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Currently, no loans are receiving interest deferral through forbearance agreements.
(a) | Total investments accounted for using the equity method is $1.8 billion, the amounts presented in this table only relate to real estate funds/investments. |
(b) | Occupancy as of 12/31/23 |
(c) | Collections for October - December |
Page 26
Appendix H American Financial Group, Inc. Real Estate-Related Investments 12/31/2022 ($ in millions) |
![]() |
Investments accounted for using equity method (Real Estate Funds/Investments) (a)
% of | ||||||||||||||||
Investment Type |
Book Value | Book Value | Occupancy (b) | Collection Rate (c) | ||||||||||||
Multi-family |
$ | 1,127 | 92 | % | 95 | % | 98 | % | ||||||||
Fund Investments |
52 | 4 | % | | | |||||||||||
QOZ Fund - Development |
19 | 2 | % | | | |||||||||||
Office |
15 | 1 | % | 93 | % | 100 | % | |||||||||
Hospitality |
9 | 1 | % | | | |||||||||||
Land Development |
6 | 0 | % | | | |||||||||||
Student Housing |
1 | 0 | % | | | |||||||||||
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Total |
$ | 1,229 | 100 | % | ||||||||||||
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Real Estate
% of | ||||||||||||
Property Type |
Book Value | Book Value | Debt | |||||||||
Resort & Marina |
$ | 50 | 52 | % | $ | | ||||||
Marina |
35 | 36 | % | | ||||||||
Office Building |
10 | 10 | % | | ||||||||
Land |
2 | 2 | % | | ||||||||
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Total |
$ | 97 | 100 | % | $ | | ||||||
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Mortgage Loans
% of | Loan To | |||||||||||
Property Type |
Book Value | Book Value | Value | |||||||||
Multifamily |
$ | 491 | 73 | % | 67 | % | ||||||
Hospitality |
127 | 19 | % | 52 | % | |||||||
Office |
58 | 8 | % | 89 | % | |||||||
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Total |
$ | 676 | 100 | % | 66 | % | ||||||
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Currently, no loans are receiving interest deferral through forbearance agreements.
(a) | Total investments accounted for using the equity method is $1.7 billion, the amounts presented in this table only relate to real estate funds/investments. |
(b) | Occupancy as of 12/31/22 |
(c) | Collections for October - December |
Page 27