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American Financial Group, Inc. Announces Record 2015 Fourth Quarter and Full Year Core Net Operating Earnings Per Share
|||Record fourth quarter core net operating earnings of $1.52 per share; up 13% from 2014|
|||Record core net operating earnings per share of $5.44 for the full year; up 13% from 2014|
|||Net earnings of $1.45 per share in the fourth quarter; $3.94 per share for the full year|
|||Fourth quarter annualized core operating ROE of 12.7%|
|||Full year 2016 core net operating earnings guidance between $5.35 - $5.75 per share|
CINCINNATI February 2, 2016 American Financial Group, Inc. (NYSE: AFG) today reported 2015 fourth quarter net earnings attributable to shareholders of $129 million ($1.45 per share) compared to $127 million ($1.41 per share) for the 2014 fourth quarter. Results for the fourth quarter of 2015 include an after-tax gain of $10 million ($0.11 per share) from the sale of an apartment property, which was more than offset by an additional after-tax loss of $3 million ($0.03 per share) recorded upon closing of the sale of the long-term care business and $14 million ($0.15 per share) in after-tax realized losses. Results in the comparable prior year period included $5 million ($0.06 per share) in after-tax realized gains. Net earnings attributable to shareholders for the year were $3.94 per share, compared to $4.97 per share in 2014. Return on equity was 8.3% and 11.0% for 2015 and 2014, respectively.
Core net operating earnings were $136 million ($1.52 per share) for the 2015 fourth quarter, compared to $122 million ($1.35 per share) in the 2014 fourth quarter. The increase was due to higher underwriting profit in our Specialty Property and Casualty (P&C) insurance operations and higher core net operating earnings in our Annuity and Run-off Long-term Care and Life segments. Core net operating earnings for the fourth quarters of 2015 and 2014 generated annualized returns on equity of 12.7% and 11.7%, respectively. Full year 2015 core net operating earnings per share increased by 13% over the prior year. Core operating return on equity was 11.5% and 10.7% for 2015 and 2014, respectively.
During the fourth quarter of 2015, AFG repurchased approximately 188,000 shares of common stock for $13 million (average price per share of $70.20). Recent volatility in the equity markets created additional opportunities to repurchase AFG common stock. Year to date through February 1, 2016, AFG repurchased 956,000 shares for $65 million at an average price per share of $67.72.
The following information was filed by American Financial Group Inc (AFG) on Wednesday, February 3, 2016 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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