Fri, Nov 8, 4:52 PM (242 days ago)
American Financial Group, Inc. (AFG) reported strong financial results for Q3 2024, with net earnings of $181 million ($2.16 per share), up from $177 million ($2.09 per share) in Q3 2023. The increase was driven by higher net investment income and lower realized losses on securities, despite a decline in underwriting profit. For the first nine months, net earnings reached $632 million, compared to $589 million in the same period last year, primarily due to improved yields on fixed maturity investments. Total revenues for Q3 2024 were $2.37 billion, reflecting a 9% increase from the prior year, mainly due to a rise in net earned premiums in the property and casualty segment, which saw a combined ratio of 94.3%. AFG's investments totaled $15.74 billion, with cash and equivalents at $1.32 billion. The company maintains a robust liquidity position, with no near-term debt maturities and a debt-to-capital ratio of 23.6%. Looking ahead, AFG anticipates continued premium growth and strong underwriting results amid a favorable insurance market, while managing uncertainties from economic conditions and geopolitical factors.