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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 September 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/4a80fc8d30451a013f6bdf65604e5f36-afglogoa04.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 November 1, 2019, there were 90,176,219 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)
 
September 30,
2019
 
December 31,
2018
Assets:
 
 
 
Cash and cash equivalents
$
2,693

 
$
1,515

Investments:
 
 
 
Fixed maturities, available for sale at fair value (amortized cost — $43,334 and $41,837)
45,503

 
41,997

Fixed maturities, trading at fair value
108

 
105

Equity securities, at fair value
2,004

 
1,814

Investments accounted for using the equity method
1,535

 
1,374

Mortgage loans
1,174

 
1,068

Policy loans
166

 
174

Equity index call options
750

 
184

Real estate and other investments
274

 
267

Total cash and investments
54,207

 
48,498

Recoverables from reinsurers
3,261

 
3,349

Prepaid reinsurance premiums
781

 
610

Agents’ balances and premiums receivable
1,403

 
1,234

Deferred policy acquisition costs
964

 
1,682

Assets of managed investment entities
4,702

 
4,700

Other receivables
1,187

 
1,090

Variable annuity assets (separate accounts)
601

 
557

Other assets
1,754

 
1,529

Goodwill
207

 
207

Total assets
$
69,067

 
$
63,456

 
 
 
 
Liabilities and Equity:
 
 
 
Unpaid losses and loss adjustment expenses
$
9,847

 
$
9,741

Unearned premiums
2,986

 
2,595

Annuity benefits accumulated
39,651

 
36,616

Life, accident and health reserves
613

 
635

Payable to reinsurers
867

 
752

Liabilities of managed investment entities
4,523

 
4,512

Long-term debt
1,423

 
1,302

Variable annuity liabilities (separate accounts)
601

 
557

Other liabilities
2,235

 
1,774

Total liabilities
62,746

 
58,484

 
 
 
 
Redeemable noncontrolling interests

 

 
 
 
 
Shareholders’ equity:
 
 
 
Common Stock, no par value
       — 200,000,000 shares authorized
       — 90,127,423 and 89,291,724 shares outstanding
90

 
89

Capital surplus
1,292

 
1,245

Retained earnings
4,022

 
3,588

Accumulated other comprehensive income, net of tax
917

 
48

Total shareholders’ equity
6,321

 
4,970

Noncontrolling interests

 
2

Total equity
6,321

 
4,972

Total liabilities and equity
$
69,067

 
$
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 September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Property and casualty insurance net earned premiums
$
1,442

 
$
1,327

 
$
3,815

 
$
3,595

Life, accident and health net earned premiums
6

 
6

 
17

 
18

Net investment income
588

 
527

 
1,710

 
1,552

Realized gains (losses) on securities (*)
(18
)
 
34

 
222

 
(28
)
Income (loss) of managed investment entities:
 
 
 
 
 
 
 
Investment income
67

 
65

 
206

 
187

Gain (loss) on change in fair value of assets/liabilities
(14
)
 
(5
)
 
(16
)
 
(10
)
Other income
52

 
54

 
153

 
146

Total revenues
2,123

 
2,008

 
6,107

 
5,460

 
 
 
 
 
 
 
 
Costs and Expenses:
 
 
 
 
 
 
 
Property and casualty insurance:
 
 
 
 
 
 
 
Losses and loss adjustment expenses
944

 
872

 
2,359

 
2,206

Commissions and other underwriting expenses
450

 
424

 
1,275

 
1,205

Annuity benefits
250

 
222

 
900

 
664

Life, accident and health benefits
9

 
10

 
26

 
32

Annuity and supplemental insurance acquisition expenses
120

 
71

 
181

 
203

Interest charges on borrowed money
17

 
15

 
50

 
46

Expenses of managed investment entities
54

 
52

 
168

 
154

Other expenses
102

 
98

 
299

 
272

Total costs and expenses
1,946

 
1,764

 
5,258

 
4,782

Earnings before income taxes
177

 
244

 
849

 
678

Provision for income taxes
34

 
41

 
171

 
126

Net earnings, including noncontrolling interests
143

 
203

 
678

 
552

Less: Net earnings (losses) attributable to noncontrolling interests
(4
)
 
(1
)
 
(8
)
 
(7
)
Net Earnings Attributable to Shareholders
$
147

 
$
204

 
$
686

 
$
559

 
 
 
 
 
 
 
 
Earnings Attributable to Shareholders per Common Share:
 
 
 
 
 
 
 
Basic
$
1.64

 
$
2.30

 
$
7.65

 
$
6.29

Diluted
$
1.62

 
$
2.26

 
$
7.55

 
$
6.17

Average number of Common Shares:
 
 
 
 
 
 
 
Basic
90.0

 
89.1

 
89.7

 
88.9

Diluted
91.1

 
90.7

 
90.9

 
90.6

________________________________________
 
 
 
 
 
 
 
(*) Consists of the following:
 
 
 
 
 
 
 
Realized gains (losses) before impairments
$
(9
)
 
$
36

 
$
235

 
$
(25
)
 
 
 
 
 
 
 
 
Losses on securities with impairment
(9
)
 
(2
)
 
(13
)
 
(3
)
Non-credit portion recognized in other comprehensive income (loss)

 

 

 

Impairment charges recognized in earnings
(9
)
 
(2
)
 
(13
)
 
(3
)
Total realized gains (losses) on securities
$
(18
)
 
$
34

 
$
222

 
$
(28
)

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 September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Net earnings, including noncontrolling interests
$
143

 
$
203

 
$
678

 
$
552

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Net unrealized gains (losses) on securities:
 
 
 
 
 
 
 
Unrealized holding gains (losses) on securities arising during the period
107

 
(96
)
 
847

 
(523
)
Reclassification adjustment for realized (gains) losses included in net earnings
1

 
(2
)
 
(10
)
 
(3
)
Total net unrealized gains (losses) on securities
108

 
(98
)
 
837

 
(526
)
Net unrealized gains (losses) on cash flow hedges
7

 
(5
)
 
36

 
(19
)
Foreign currency translation adjustments
(7
)
 

 
(3
)
 
(3
)
Pension and other postretirement plans adjustments
1

 

 
1

 

Other comprehensive income (loss), net of tax
109

 
(103
)
 
871

 
(548
)
Total comprehensive income, net of tax
252

 
100

 
1,549

 
4

Less: Comprehensive income (loss) attributable to noncontrolling interests
(3
)
 
(1
)
 
(6
)
 
(7
)
Comprehensive income attributable to shareholders
$
255

 
$
101

 
$
1,555

 
$
11



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 June 30, 2019
89,917,601

 
 
$
1,367

 
$
3,914

 
$
809

 
$
6,090

 
$

 
$
6,090

 
$

Net earnings (losses)

 
 

 
147

 

 
147

 

 
147

 
(4
)
Other comprehensive income (loss)

 
 

 

 
108

 
108

 

 
108

 
1

Dividends ($0.40 per share)

 
 

 
(36
)
 

 
(36
)
 

 
(36
)
 

Shares issued:
 
 
 
 
 
 
 
 
 


 
 
 


 
 
Exercise of stock options
191,227

 
 
8

 

 

 
8

 

 
8

 

Restricted stock awards
70

 
 

 

 

 

 

 

 

Other benefit plans
17,345

 
 
2

 

 

 
2

 

 
2

 

Dividend reinvestment plan
1,570

 
 

 

 

 

 

 

 

Stock-based compensation expense

 
 
5

 

 

 
5

 

 
5

 

Shares exchanged — benefit plans
(80
)
 
 

 

 

 

 

 

 

Forfeitures of restricted stock
(310
)
 
 

 

 

 

 

 

 

Other

 
 

 
(3
)
 

 
(3
)
 

 
(3
)
 
3

Balance at September 30, 2019
90,127,423

 
 
$
1,382

 
$
4,022

 
$
917

 
$
6,321

 
$

 
$
6,321

 
$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at June 30, 2018
89,072,114

 
 
$
1,309

 
$
3,628

 
$
147

 
$
5,084

 
$

 
$
5,084

 
$

Net earnings (losses)

 
 

 
204

 

 
204

 

 
204

 
(1
)
Other comprehensive loss

 
 

 

 
(103
)
 
(103
)
 

 
(103
)
 

Dividends ($0.35 per share)

 
 

 
(31
)
 

 
(31
)
 

 
(31
)
 

Shares issued:
 
 
 
 
 
 
 
 
 

 
 
 

 
 
Exercise of stock options
103,638

 
 
4

 

 

 
4

 

 
4

 

Restricted stock awards

 
 

 

 

 

 

 

 

Other benefit plans
12,553

 
 
2

 

 

 
2

 

 
2

 

Dividend reinvestment plan
3,066

 
 

 

 

 

 

 

 

Stock-based compensation expense

 
 
6

 

 

 
6

 

 
6

 

Shares exchanged — benefit plans
(2,210
)
 
 
(1
)
 

 

 
(1
)
 

 
(1
)
 

Forfeitures of restricted stock
(453
)
 
 

 

 

 

 

 

 

Other

 
 

 
(1
)
 

 
(1
)
 

 
(1
)
 
1

Balance at September 30, 2018
89,188,708

 
 
$
1,320

 
$
3,800

 
$
44

 
$
5,164

 
$

 
$
5,164

 
$