American Financial Group, Inc. · NYSE:AFG
American Financial — Q2 2024 Earnings Presentation
10 slides from American Financial's earnings presentation, Aug 7, 2024
Slide 1: Review of Second Quarter 2024
Review of Second Quarter 2024 August 7, 2024
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements made during this call, as well as included in this document, are not historical facts and may be considered “forward-looking statements” and are based on estimates, assumptions and projections which management believes are reasonable, but by their nature
Slide 3: 2024 Second Quarter Consolidated Results
2024 Second Quarter Consolidated Results Dollars in millions, except per share data Three Months Ended June 30, 2024 2023 P&C Insurance Segment $ 319 $ 299 Interest & other corporate expenses (46) (41) Pretax Core Operating Earnings 273 258 Related income taxes 58 56 Core Net Operating Earnings $ 21
Slide 4: 2024 Second Quarter Consolidated Results (continued)
2024 Second Quarter Consolidated Results (continued) Dollars in millions, except per share data Three Months Ended June 30, 2024 (Per Share) Core Net Operating Earnings $ 215 $ 2.56 Non-core Items After-tax net realized losses on securities1 (2) (0.02) Other (4) (0.05) Net Earnings $ 209 $ 2.49 1 In
Slide 5: Investments
Investments • Total carrying value of AFG’s investment portfolio at June 30, 2024 = $15.3 billion • P&C net investment income down 1% YOY; up 15% excluding alternative investments – second quarter 2024 annualized return of 5.1% on $2.6 billion of alternative investments • Second quarter after-tax ne
Slide 6: Investments
Investments As of June 30, 2024 Fixed Maturities Portfolio – 94% investment grade Fixed P&C Fixed Maturities Portfolio – 96% NAIC 1 & 2 Maturities 67% Residential MBS 16% Investments Asset-backed Accounted 23% for by Equity Method 12% Collateralized Loan Obligations 14% States and Corporates Municip
Slide 7: Strong Financial Position
Strong Financial Position Dollars in millions, except per share data June 30, 2024 Dec 31, 2023 Principal amount of long-term debt $ 1,498 $ 1,498 Shareholders' equity, excluding AOCI 4,715 4,577 Capital Management Total capital, excluding AOCI $ 6,213 $ 6,075 Above target levels for all rating ag
Slide 8: Property & Casualty Results
Property & Casualty Results Dollars in millions Three Months Ended June 30, 2024 2023 Change1 Specialty Gross Written Premiums $ 2,406 $ 2,369 2% Specialty Net Written Premiums $ 1,692 $ 1,667 1% P&C Insurance Operating Earnings $ 319 $ 299 7% Specialty P&C Underwriting Profit $ 151 $ 123 23% Specia
Slide 9: Specialty P&C Group
Specialty P&C Group Dollars in millions Net Written Premiums Combined Ratio Three Months Ended Three Months Ended June 30, June 30, 2024 2023 Change 2024 2023 Property & Transportation $ 681 $ 668 2% 92.9% 94.2% Specialty Casualty $ 704 $ 693 2% 85.4% 86.6% Specialty Casualty Excluding Workers’ Comp
Slide 10: RI Wincran
— RI Wincran Foun we 10
American Financial Group — Q2 2024 Earnings Presentation on 6ix