American Financial Q2 Profit Climbs; Lifts FY Profit View

(RTTNews) - American Financial Group Inc. (AFG) reported 2021 second quarter net earnings attributable to shareholders of $1.0 billion or $11.70 per share compared to $177 million or $1.97 per share in the 2020 second quarter.

Net earnings for the 2021 second quarter included net favorable after-tax non-core items aggregating $797 million or $9.31 per share, including an after-tax gain of $697 million or $8.14 per share on the sale of AFG's discontinued annuity subsidiaries and $65 million or $0.75 per share in earnings from the discontinued annuity operations.

Total revenues for the quarter grew to $1.53 billion from $1.45 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.62 per share and revenues of $1.28 billion for the second-quarter. Analysts' estimates typically exclude special items.

The company now expects core net operating earnings in 2021 to be in the range of $8.40 to $9.20, an increase from previous range of $7.00 to $8.00 per share. Analysts expect annual earnings of $7.61 per share.