Exhibit 99.1

 

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American Financial Group, Inc. Announces Record 2014 Fourth Quarter and Full Year Core Net Operating Earnings Per Share

 

  Record fourth quarter core net operating earnings of $1.35 per share; up 5% from prior year period

 

  Record core net operating earnings per share of $4.82 for the full year; up 14% from 2013

 

  Growth in adjusted book value plus dividends of 10% during 2014

 

  Full year 2015 core net operating earnings guidance between $5.10 - $5.50 per share

Cincinnati, Ohio – February 2, 2015 – American Financial Group, Inc. (NYSE/NASDAQ: AFG) today reported 2014 fourth quarter net earnings attributable to shareholders of $127 million ($1.41 per share) compared to $158 million ($1.73 per share) for the 2013 fourth quarter. Results for the fourth quarter of 2014 include $5 million ($0.06 per share) in after-tax realized gains compared to $41 million ($0.45 per share) in the prior year period. Book value per share, excluding appropriated retained earnings and unrealized gains on fixed maturities, increased by $0.17, to $48.76 per share during the fourth quarter of 2014. Total value creation, measured as growth in adjusted book value plus dividends, was $4.77 per share, or 10%, for the full year 2014. Net earnings attributable to shareholders for the year were $4.97 per share, compared to $5.16 per share in 2013. Return on equity was 11.0% and 12.3% for 2014 and 2013, respectively.

Core net operating earnings were $122 million ($1.35 per share) for the 2014 fourth quarter, compared to $117 million ($1.28 per share) in the 2013 fourth quarter. Higher underwriting profit and net investment income in our Specialty Property and Casualty (“P&C”) insurance operations were partially offset by lower core operating earnings in our Annuity and Run-off Long-term Care and Life segments. Core net operating earnings for the fourth quarters of 2014 and 2013 generated annualized returns on equity of 11.7% and 11.8%, respectively. Full year 2014 core net operating earnings per share increased by 14% over the prior year.

During the fourth quarter of 2014, AFG repurchased approximately 1.1 million shares of common stock for $64 million (average price per share of $58.54).

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.

 

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The following information was filed by American Financial Group Inc (AFG) on Tuesday, February 3, 2015 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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