This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

American Financial Group, Inc. Announces Second Quarter And Six Month Results

American Financial Group, Inc. (NYSE/NASDAQ: AFG) today reported net earnings attributable to shareholders of $99 million ($1.01 per share) for the 2012 second quarter, compared to $48 million ($0.46 per share) reported for the 2011 second quarter. Net earnings for the first six months of 2012 were $212 million ($2.15 per share) compared to $136 million ($1.29 per share) for the same period a year ago. The 2012 second quarter and six month results include $9 million and $37 million, respectively, in net realized gains compared to $12 million and $9 million in the comparable prior year periods. Book value per share, excluding appropriated retained earnings and unrealized gains on fixed maturities, increased by $2.11 to $40.74 per share during the first six months of 2012.

Core net operating earnings were $90 million ($0.91 per share) for the 2012 second quarter, compared to $74 million ($0.72 per share) reported in the 2011 second quarter. Higher profits in our Annuity and Supplemental Insurance (“A&S”) Group and improved underwriting results in our Specialty Property and Casualty Insurance (“P&C”) operations were offset somewhat by lower P&C investment income. Core net operating earnings for the first six months of 2012 were $175 million ($1.77 per share) compared to $165 million ($1.57 per share) for the same period a year ago. Six month annualized core operating return on equity was 9%.

Effective January 1, 2012, AFG retrospectively adopted new guidance issued by the Financial Accounting Standards Board related to the accounting for costs associated with acquiring or renewing insurance contracts. Accordingly, results for 2011 have been adjusted to reflect the impact of the adoption, which resulted in a reduction in AFG’s December 31, 2011 shareholders’ equity of approximately $134 million (3%).

During the second quarter of 2012, AFG repurchased approximately 2.5 million shares of common stock at an average price per share of $38.55. Repurchases during the first six months of 2012 totaled 4.0 million shares at an average price per share of $38.31.

1 of 10

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,776.91 +93.33 0.53%
S&P 500 2,081.34 +12.58 0.61%
NASDAQ 4,997.4590 +5.5190 0.11%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs