American Financial Group
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall. -
Positive earnings results feed an optimistic outlook for the firm, despite some future challenges.
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The transaction generated a $3bn war chest, much of which AFG has already distributed to shareholders.
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Core operating earnings reached a record $288mn in the quarter, on a combination of improved underwriting results and strong investment returns.
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Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
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The Cincinnati-based carrier said it expected the sale of Great American Life Insurance to MassMutual to close on May 28.
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The carrier is the latest major US-listed business to move away from the challenged life insurance space.
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The next few years could prove to be more active in consolidation than normal for underwriters.
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Lindner signaled caution about taking on too much of a “fixer upper”.
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Renewal pricing was the highest in 15 years across the carrier’s $1.7bn premium P&C unit.
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The Ohio-based giant is the latest publicly listed insurer to divest part of its life operation.
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