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Mar 31, 2024
AFG Q1 2024 Earnings Report
American Financial Group reported strong first quarter results, marked by growth in net written premiums and a solid combined ratio in the Specialty P&C insurance operations.
Key Takeaways
American Financial Group (AFG) reported a net income of $242 million, or $2.89 per share, for the first quarter of 2024, compared to $212 million, or $2.49 per share, for the same period in 2023. Core net operating earnings were $231 million ($2.76 per share) for the first quarter of 2024 compared to $247 million ($2.89 per share) in the 2023 first quarter. The Specialty P&C insurance operations generated a 90.1% combined ratio. AFG's book value per share was $50.57 at March 31, 2024.
Net earnings per share were $2.89, including $0.13 per share from after-tax non-core items.
Core net operating earnings per share were $2.76 for the first quarter.
The annualized return on equity was 21.2%, with a core operating ROE of 20.2%.
Specialty calendar year combined ratio was 90.1%, with 8% growth in net written premiums.
AFG
AFG
AFG Revenue by Segment
Revenue by Segment
P&C Insurance Net Earned Premiums Revenue
CapyFin.comNet Investment Income Revenue
CapyFin.comRealized Gains on Securities Revenue
CapyFin.comManaged Investment Entities: Investment Income Revenue
CapyFin.comManaged Investment Entities: Gains on FV Changes of Assets/Liabilities Revenue
CapyFin.comOther Income Revenue
CapyFin.com Forward Guidance
This press release contains forward-looking statements based on estimates, assumptions, and projections. Actual results could differ materially from those contained in or implied by such statements due to various risks and uncertainties.
Positive Outlook
- Expectations concerning market conditions and their effect on future premiums.
- Anticipated revenues and earnings.
- Planned investment activities.
- Potential share repurchases or special dividends.
- Expected improvements in loss experience.
Challenges Ahead
- Changes in financial, political, and economic conditions.
- Performance of securities markets.
- New legislation or declines in credit quality.
- Changes in insurance law or regulation.
- Levels of natural catastrophes and severe weather.
Revenue & Expenses
Visualization of income flow from segment revenue to net income