American Financial Group, Inc. · NYSE:AFG
American Financial — Q1 2024 Earnings Presentation
10 slides from American Financial's earnings presentation, May 2, 2024
Slide 1: Review of First Quarter 2024
Review of First Quarter 2024 May 2, 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 First Quarter Consolidated Results
2024 First Quarter Consolidated Results Dollars in millions, except per share data Three Months Ended March 31, 2024 2023 P&C Insurance Segment $ 340 $ 350 Interest & other corporate expenses (50) (42) Pretax Core Operating Earnings 290 308 Related income taxes 59 61 Core Net Operating Earnings $ 23
Slide 4: 2024 First Quarter Consolidated Results (continued)
2024 First Quarter Consolidated Results (continued) Dollars in millions, except per share data Three Months Ended March 31, 2024 (Per Share) Core Net Operating Earnings $ 231 $ 2.76 Non-core Items After-tax net realized gains on securities1 11 0.13 Net Earnings $ 242 $ 2.89 1 Included in this amount
Slide 5: Investments
Investments • Total carrying value of AFG’s investment portfolio at March 31, 2024 = $15.3 billion • P&C net investment income down 1% YOY; up 16% excluding alternative investments. First quarter 2024 annualized return of 9.0% on $2.6 billion of alternative investments • First quarter after-tax net
Slide 6: Investments
Investments As of March 31, 2024 Fixed Maturities Portfolio – 94% investment grade P&C Fixed Maturities Portfolio – 96% NAIC 1 & 2 Fixed Maturities 68% Residential MBS 16% Investments Asset-backed Accounted 23% for by Equity Method Collateralized 12% Loan Obligations 15% States and Corporates Munici
Slide 7: Strong Financial Position
Strong Financial Position Dollars in millions, except per share data Mar 31, 2024 Dec 31, 2023 Principal amount of long-term debt $ 1,498 $ 1,498 Shareholders' equity, excluding AOCI 4,555 4,577 Capital Management ▪ Above target levels for all rating agencies Total capital, excluding AOCI $ 6,053 $
Slide 8: Property & Casualty Results
Property & Casualty Results Dollars in millions Three Months Ended March 31, 2024 2023 Change1 Specialty Gross Written Premiums $ 2,336 $ 2,155 8% Specialty Net Written Premiums $ 1,634 $ 1,519 8% P&C Insurance Operating Earnings $ 340 $ 350 (3%) Specialty P&C Underwriting Profit $ 154 $ 155 (1%) Sp
Slide 9: Specialty P&C Group
Specialty P&C Group Dollars in millions Net Written Premiums Combined Ratio Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Change 2024 2023 Property & Transportation $ 591 $ 552 7% 89.0% 91.0% Specialty Casualty $ 751 $ 722 4% 89.8% 87.5% Specialty Casualty Excluding Workers’ Co
Slide 10: Review of First Quarter 2024
Review of First Quarter 2024 May 2, 2024
American Financial Group — Q1 2024 Earnings Presentation on 6ix