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_____________________________________________________________________________________________________
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended June 30, 2019
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from            to           

Commission File No. 1-13653

https://cdn.kscope.io/17b5ec5e222ba9a5dd54f22261e3e988-afglogo.jpg

AMERICAN FINANCIAL GROUP, INC.
Incorporated under the Laws of Ohio                                                                                 IRS Employer I.D. No. 31-1544320
301 East Fourth Street, Cincinnati, Ohio 45202
(513) 579-2121
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the Registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes  No 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer                          Accelerated filer                           Non-accelerated filer  
Smaller reporting company                     Emerging growth company   
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 
Securities Registered Pursuant to Section 12(b) of the Act:
 
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
 
Common Stock
 
AFG
 
New York Stock Exchange
 
6-1/4% Subordinated Debentures due September 30, 2054
 
AFGE
 
New York Stock Exchange
 
6% Subordinated Debentures due November 15, 2055
 
AFGH
 
New York Stock Exchange
 
5.875% Subordinated Debentures due March 30, 2059
 
AFGB
 
New York Stock Exchange
As of August 1, 2019, there were 89,941,874 shares of the Registrant’s Common Stock outstanding, excluding 14.9 million shares owned by subsidiaries.
______________________________________________________________________________________________________


Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q

TABLE OF CONTENTS
 
 
 
 
Page
 
 
 
 
 



Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q

PART I
ITEM I — FINANCIAL STATEMENTS
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Dollars in Millions)
 
June 30,
2019
 
December 31,
2018
Assets:
 
 
 
Cash and cash equivalents
$
2,374

 
$
1,515

Investments:
 
 
 
Fixed maturities, available for sale at fair value (amortized cost — $42,908 and $41,837)
44,710

 
41,997

Fixed maturities, trading at fair value
106

 
105

Equity securities, at fair value
1,985

 
1,814

Investments accounted for using the equity method
1,506

 
1,374

Mortgage loans
1,073

 
1,068

Policy loans
170

 
174

Equity index call options
712

 
184

Real estate and other investments
271

 
267

Total cash and investments
52,907

 
48,498

Recoverables from reinsurers
3,150

 
3,349

Prepaid reinsurance premiums
651

 
610

Agents’ balances and premiums receivable
1,398

 
1,234

Deferred policy acquisition costs
1,203

 
1,682

Assets of managed investment entities
4,781

 
4,700

Other receivables
999

 
1,090

Variable annuity assets (separate accounts)
616

 
557

Other assets
1,785

 
1,529

Goodwill
207

 
207

Total assets
$
67,697

 
$
63,456

 
 
 
 
Liabilities and Equity:
 
 
 
Unpaid losses and loss adjustment expenses
$
9,577

 
$
9,741

Unearned premiums
2,683

 
2,595

Annuity benefits accumulated
39,044

 
36,616

Life, accident and health reserves
619

 
635

Payable to reinsurers
755

 
752

Liabilities of managed investment entities
4,590

 
4,512

Long-term debt
1,423

 
1,302

Variable annuity liabilities (separate accounts)
616

 
557

Other liabilities
2,300

 
1,774

Total liabilities
61,607

 
58,484

 
 
 
 
Redeemable noncontrolling interests

 

 
 
 
 
Shareholders’ equity:
 
 
 
Common Stock, no par value
       — 200,000,000 shares authorized
       — 89,917,601 and 89,291,724 shares outstanding
90

 
89

Capital surplus
1,277

 
1,245

Retained earnings
3,914

 
3,588

Accumulated other comprehensive income, net of tax
809

 
48

Total shareholders’ equity
6,090

 
4,970

Noncontrolling interests

 
2

Total equity
6,090

 
4,972

Total liabilities and equity
$
67,697

 
$
63,456


2

Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS (UNAUDITED)
(In Millions, Except Per Share Data)
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Property and casualty insurance net earned premiums
$
1,200

 
$
1,161

 
$
2,373

 
$
2,268

Life, accident and health net earned premiums
5

 
6

 
11

 
12

Net investment income
580

 
530

 
1,122

 
1,025

Realized gains (losses) on securities (*)
56

 
31

 
240

 
(62
)
Income (loss) of managed investment entities:
 
 
 
 
 
 
 
Investment income
70

 
64

 
139

 
122

Loss on change in fair value of assets/liabilities
(2
)
 
(2
)
 
(2
)
 
(5
)
Other income
51

 
43

 
101

 
92

Total revenues
1,960

 
1,833

 
3,984

 
3,452

 
 
 
 
 
 
 
 
Costs and Expenses:
 
 
 
 
 
 
 
Property and casualty insurance:
 
 
 
 
 
 
 
Losses and loss adjustment expenses
723

 
693

 
1,415

 
1,334

Commissions and other underwriting expenses
426

 
400

 
825

 
781

Annuity benefits
339

 
260

 
650

 
442

Life, accident and health benefits
8

 
11

 
17

 
22

Annuity and supplemental insurance acquisition expenses
33

 
50

 
61

 
132

Interest charges on borrowed money
17

 
16

 
33

 
31

Expenses of managed investment entities
59

 
54

 
114

 
102

Other expenses
96

 
89

 
197

 
174

Total costs and expenses
1,701

 
1,573

 
3,312

 
3,018

Earnings before income taxes
259

 
260

 
672

 
434

Provision for income taxes
50

 
52

 
137

 
85

Net earnings, including noncontrolling interests
209

 
208

 
535

 
349

Less: Net earnings (losses) attributable to noncontrolling interests
(1
)
 
(2
)
 
(4
)
 
(6
)
Net Earnings Attributable to Shareholders
$
210

 
$
210

 
$
539

 
$
355

 
 
 
 
 
 
 
 
Earnings Attributable to Shareholders per Common Share:
 
 
 
 
 
 
 
Basic
$
2.34

 
$
2.36

 
$
6.02

 
$
3.99

Diluted
$
2.31

 
$
2.31

 
$
5.94

 
$
3.92

Average number of Common Shares:
 
 
 
 
 
 
 
Basic
89.7

 
89.0

 
89.6

 
88.8

Diluted
91.0

 
90.7

 
90.8

 
90.5

________________________________________
 
 
 
 
 
 
 
(*) Consists of the following:
 
 
 
 
 
 
 
Realized gains (losses) before impairments
$
58

 
$
31

 
$
244

 
$
(61
)
 
 
 
 
 
 
 
 
Losses on securities with impairment
(2
)
 

 
(4
)
 
(1
)
Non-credit portion recognized in other comprehensive income (loss)

 

 

 

Impairment charges recognized in earnings
(2
)
 

 
(4
)
 
(1
)
Total realized gains (losses) on securities
$
56

 
$
31

 
$
240

 
$
(62
)

3

Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
(In Millions)
 
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Net earnings, including noncontrolling interests
$
209

 
$
208

 
$
535

 
$
349

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized gains (losses) on securities:
 
 
 
 
 
 
 
Unrealized holding gains (losses) on securities arising during the period
356

 
(148
)
 
740

 
(427
)
Reclassification adjustment for realized (gains) losses included in net earnings
(8
)
 
(3
)
 
(11
)
 
(1
)
Total net unrealized gains (losses) on securities
348

 
(151
)
 
729

 
(428
)
Net unrealized gains (losses) on cash flow hedges
18

 
(3
)
 
29

 
(14
)
Foreign currency translation adjustments

 
(4
)
 
4

 
(3
)
Other comprehensive income (loss), net of tax
366

 
(158
)
 
762

 
(445
)
Total comprehensive income (loss), net of tax
575

 
50

 
1,297

 
(96
)
Less: Comprehensive income (loss) attributable to noncontrolling interests

 
(2
)
 
(3
)
 
(6
)
Comprehensive income (loss) attributable to shareholders
$
575

 
$
52

 
$
1,300

 
$
(90
)


4

Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
(Dollars in Millions)
 
 
 
 
 
Shareholders’ Equity
 
 
 
 
 
Redeemable
Common
Shares
 
 
Common Stock
and Capital
Surplus
 
Retained
Earnings
 
Accumulated
Other Comp.
Income (Loss)
 
Total
 
Noncon-
trolling
Interests
 
Total
Equity
 
Noncon-
trolling
Interests
Balance at March 31, 2019
89,637,713

 
 
$
1,346

 
$
3,875

 
$
444

 
$
5,665

 
$

 
$
5,665

 
$

Net earnings (losses)

 
 

 
210

 

 
210

 

 
210

 
(1
)
Other comprehensive income (loss)

 
 

 

 
365

 
365

 

 
365

 
1

Dividends ($1.90 per share)

 
 

 
(170
)
 

 
(170
)
 

 
(170
)
 

Shares issued:
 
 
 
 
 
 
 
 
 


 
 
 


 
 
Exercise of stock options
247,753

 
 
11

 

 

 
11

 

 
11

 

Restricted stock awards

 
 

 

 

 

 

 

 

Other benefit plans
30,081

 
 
3

 

 

 
3

 

 
3

 

Dividend reinvestment plan
7,596

 
 
1

 

 

 
1

 

 
1

 

Stock-based compensation expense

 
 
6

 

 

 
6

 

 
6

 

Shares exchanged — benefit plans
(3,519
)
 
 

 
(1
)
 

 
(1
)
 

 
(1
)
 

Forfeitures of restricted stock
(2,023
)
 
 

 

 

 

 

 

 

Other

 
 

 

 

 

 

 

 

Balance at June 30, 2019
89,917,601

 
 
$
1,367

 
$
3,914

 
$
809

 
$
6,090

 
$

 
$
6,090

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2018
88,881,213

 
 
$
1,294

 
$
3,584

 
$
305

 
$
5,183

 
$

 
$
5,183

 
$

Net earnings (losses)

 
 

 
210

 

 
210

 

 
210

 
(2
)
Other comprehensive loss

 
 

 

 
(158
)
 
(158
)
 

 
(158
)
 

Dividends ($1.85 per share)

 
 

 
(165
)
 

 
(165
)
 

 
(165
)
 

Shares issued:
 
 
 
 
 
 
 
 
 

 
 
 

 
 
Exercise of stock options
157,412

 
 
5

 

 

 
5

 

 
5

 

Restricted stock awards

 
 

 

 

 

 

 

 

Other benefit plans
21,093

 
 
2

 

 

 
2

 

 
2

 

Dividend reinvestment plan
15,227

 
 
2

 

 

 
2

 

 
2

 

Stock-based compensation expense

 
 
6

 

 

 
6

 

 
6

 

Shares exchanged — benefit plans
(428
)
 
 

 
1

 

 
1

 

 
1

 

Forfeitures of restricted stock
(2,403
)
 
 

 

 

 

 

 

 

Other

 
 

 
(2
)
 

 
(2
)
 

 
(2
)
 
2

Balance at June 30, 2018
89,072,114

 
 
$
1,309

 
$
3,628

 
$
147

 
$
5,084

 
$

 
$
5,084

 
$


5

Table of Contents
AMERICAN FINANCIAL GROUP, INC. 10-Q

AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) — CONTINUED
(Dollars in Millions)
 
 
 
 
 
Shareholders’ Equity
 
 
 
 
 
Redeemable
Common
Shares
 
 
Common Stock
and Capital
Surplus
 
Retained
Earnings
 
Accumulated
Other Comp.
Income (Loss)
 
Total
 
Noncon-
trolling
Interests
 
Total
Equity
 
Noncon-
trolling
Interests
Balance at December 31, 2018
89,291,724

 
 
$
1,334