american financial group inc (AFG) Snapshot

American Financial Group Inc. reported earnings results for the first quarter ended March 31, 2013. For the period, the company reported total revenues were $1,148 million against $1,087 million a year ago. Earnings before income taxes were $175 million against $146 million a year ago. Net earnings attributable to shareholders were $120 million against $113 million a year ago. Diluted earnings per common share were $1.32 against $1.14 a year ago. Core operating earnings before income taxes was $126 million against $127 million a year ago. Core net operating earnings were $84 million against $85 million a year ago. Book value per share, excluding appropriated retained earnings and unrealized gains on fixed maturities, increased by $1.42 to $43.94 per share during the quarter. Annualized return on equity was 12.4% and 11.8% for the first quarter of 2013 and 2012, respectively. Adjusted book value per share was $43.94; growth of 3% since year end. Core net operating earnings were $0.92 per share reflects a 7% increase in pretax core operating earnings in Annuity segment and solid underwriting results in Property and Casualty businesses. This is attributable to a lower average number of diluted shares. Aggregate core net operating earnings were flat year-over-year at $84 million for the 3 month period ended March 31 2013 as compared to $85 million in the prior year quarter. Annualized core operating return equity was 8.6% for the 2013 first quarter compared to 8.9% in the first quarter of 2012. Tangible book value on an adjusted basis on March 31, 2013 was $41.52. Full year 2013 core net operating earnings guidance affirmed at $3.60 - $4.00 per share. Core earnings per share guidance excludes non-core items such as realized gains and losses, as well as other significant items that may not be indicative of ongoing operations.

American Financial Group Inc. (NYSE:AFG) (AFG ) is seeking acquisition opportunities. At March 31, 2013, AFG had approximately $620 million of excess capital (including parent company cash of $225 million). S. Craig Lindner and Carl H. Lindner III, Co-Chief Executive Officers of AFG said, “While we will make opportunistic share repurchases when it makes sense to do so and return capital to shareholders through dividends, we will invest excess capital when we see potential for healthy, profitable organic growth, and for opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds. Growth in our P&C specialty casualty businesses and the launch of our Professional Liability Division within our P&C operations last month serve as examples.”

American Financial Group Inc. announced that they will report Q1, 2013 results at 5:00 PM, US Eastern Standard Time on May 08, 2013