American Financial Turns To Profit In Q4

(RTTNews) - American Financial Group Inc. (AFG) reported 2019 fourth quarter net earnings attributable to shareholders of $211 million or $2.31 per share compared to a net loss of $29 million or $0.33 per share in the 2018 fourth quarter. The prior year results were adversely impacted by $188 million or $2.08 per share in non-core after-tax net realized losses on securities.

Core net operating earnings were $203 million or $2.22 per share for the 2019 fourth quarter, compared to $159 million or $1.75 per share in the 2018 fourth quarter. Higher core operating earnings in Annuity Segment were partially offset by lower core operating earnings in our Property and Casualty insurance operations. On average, 6 analysts polled by Thomson Reuters expected the company to report earnings of $2.22 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Property and Casualty insurance net earned premiums grew to $1.37 billion from $1.27 billion in the prior year. Analysts expected revenues of $1.31 billion for the quarter. Total revenues were $2.13 billion up from $1.69 billion in the previous year.

The company expects core net operating earnings to be between $8.75 and $9.25 per share for 2020. Analysts expect annual earnings of $8.97 per share.