Exhibit 99.1
American Financial Group, Inc. Announces
Fourth Quarter and Full Year 2010 Results
   
Adjusted book value per share $37.54; growth of 14% in 2010 and 39% since 12/31/07
   
Twelve months core net operating earnings $3.92 per share
   
Repurchased 2.9 million shares during the fourth quarter (average price $31.39 per share)
   
Full year 2011 core net operating earnings guidance of $3.30 — $3.70 per share
Cincinnati, Ohio — February 3, 2011 — American Financial Group, Inc. (NYSE/NASDAQ: AFG) today reported net earnings attributable to shareholders of $133 million ($1.23 per share) for the 2010 fourth quarter, compared to $161 million ($1.38 per share) reported for the 2009 fourth quarter. Book value per share, excluding appropriated retained earnings and unrealized gains (losses) on fixed maturities, increased by $1.55 to $37.54 per share during the quarter. Net earnings attributable to shareholders for the twelve month period were $479 million ($4.33 per share), compared to $519 million ($4.45 per share) in the comparable 2009 period. These results reflect after-tax net realized gains of $22 million and $46 million in the 2010 fourth quarter and full year, respectively, compared to after-tax net realized gains of $40 million and $26 million in the comparable 2009 periods.
Core net operating earnings were $111 million ($1.03 per share) for the 2010 fourth quarter compared to $121 million ($1.04 per share) in the 2009 fourth quarter. Improved results in the annuity and supplemental insurance group were more than offset by lower underwriting profit and lower investment income in our specialty property and casualty (“P&C”) insurance operations. Core net operating earnings were $433 million ($3.92 per share) for the full year in 2010, down from the record $493 million ($4.23 per share) reported for 2009. Core net operating earnings for 2010 and 2009 generated returns on equity of 11% and 14%, respectively.
During the fourth quarter of 2010, AFG repurchased 2.9 million shares of common stock at an average price per share of $31.39.
AFG’s net earnings attributable to shareholders, determined in accordance with generally accepted accounting principles (“GAAP”), include certain items that may not be indicative of its ongoing core operations. The following table identifies such items and reconciles net earnings attributable to shareholders to core net operating earnings, a non-GAAP financial measure that AFG believes is a useful tool for investors and analysts in analyzing ongoing operating trends.
                                 
    Three months ended     Twelve months ended  
    December 31,     December 31,  
In millions, except per share amounts   2010     2009     2010     2009  
Components of net earnings attributable to shareholders:
                               
Core net operating earnings(a)
  $ 111     $ 121     $ 433     $ 493  
 
                               
Realized gains
    22       40       46       26  
 
                       
 
                               
Net earnings attributable to shareholders
  $ 133     $ 161     $ 479     $ 519  
 
                       
 
Components of Earnings Per Share:
                               
Core net operating earnings
  $ 1.03     $ 1.04     $ 3.92     $ 4.23  
 
                               
Realized gains
    .20       .34       .41       .22  
 
                       
 
                               
Diluted Earnings Per Share
  $ 1.23     $ 1.38     $ 4.33     $ 4.45  
 
                       
Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release.

 

 


The following information was filed by American Financial Group Inc (AFG) on Friday, February 4, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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