American Financial Q1 Profit Declines

(RTTNews) - American Financial Group Inc. (AFG) reported first-quarter net earnings attributable to shareholders of $103 million or $1.13 per share, compared to $120 million or $1.32 per share in the same period last year.

Core net operating earnings for the quarter were $91 million or $1.00 per share, up from $84 million or $0.92 per share in the prior year period. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.96 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $1.21 billion from $1.45 billion last year. P&C insurance net earned premiums totaled $754 million, up from $687 million last year. Analysts expected revenues of $811.25 million.

Looking ahead to the fiscal year 2014, the company continues to expect core net operating earnings in the order of $4.50 to $4.90 per share. Analysts currently expect full-year earnings of $4.68 per share.