American Financial Group Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014
January 31, 2014 at 04:13 am IST
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American Financial Group Inc. announced financial results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total revenues of $1,362 million against $1,208 million a year ago. Earnings before income taxes were $246 million against loss before income taxes of $30 million a year ago. Net earnings attributable to shareholders were $158 million or $1.73 per diluted share against $50 million or $0.54 per diluted share a year ago. Core operating earnings before income taxes was $175 million against $84 million a year ago. Core net operating earnings was $117 million against $61 million a year ago.
For the nine months, the company reported total revenues of $5,092 million against $4,957 million a year ago. Earnings before income taxes were $689 million against $537 million a year ago. Net earnings attributable to shareholders were $471 million or $5.16 per diluted share against $488 million or $5.09 per diluted share a year ago. Book value per share, excluding appropriated retained earnings and unrealized gains on fixed maturities, increased by $3.38 (8%), to $45.90 per share during the year. Core operating earnings before income taxes was $572 million against $463 million a year ago. Core net operating earnings was $385 million against $314 million a year ago. Return on equity was 11.9% and 12.7% for 2013 and 2012, respectively.
For the year 2014, the company expects core net operating earnings in 2014 to be between $4.50 and $4.90 per share. The company's core earnings per share guidance excludes non-core items such as realized gains and losses, as well as other significant items that may not be indicative of ongoing operations.
American Financial Group, Inc. is an insurance holding company. The Company is engaged in property and casualty insurance, focusing on specialized commercial products for businesses. The Company operates through two segments: Property and casualty insurance and Other. Property and casualty insurance business includes specialty sub-segments: Property and transportation, which includes 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, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and Specialty financial, which includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), fidelity and surety products and trade credit insurance.
American Financial Group Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the Year 2014