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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, 2020
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/c8f3eb2b578a7572ddcfa6e421a1639f-afg-20200630_g1.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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common StockAFGNew York Stock Exchange
6% Subordinated Debentures due November 15, 2055AFGHNew York Stock Exchange
5.875% Subordinated Debentures due March 30, 2059AFGBNew York Stock Exchange
5.625% Subordinated Debentures due June 1, 2060AFGDNew York Stock Exchange
5.125% Subordinated Debentures due December 15, 2059AFGCNew York Stock Exchange
As of August 1, 2020, there were 88,540,128 shares of the Registrant’s Common Stock outstanding, excluding 14.9 million shares owned by subsidiaries.
____________________________________________________________________________________________
1

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 1. — FINANCIAL STATEMENTS
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET (UNAUDITED)
(Dollars in Millions)
June 30,
2020
December 31,
2019
Assets:
Cash and cash equivalents$2,698  $2,314  
Investments:
Fixed maturities, available for sale at fair value (amortized cost — $45,670 and $44,524; allowance for expected credit losses of $61 at June 30, 2020)
48,046  46,505  
Fixed maturities, trading at fair value97  113  
Equity securities, at fair value1,602  1,937  
Investments accounted for using the equity method1,781  1,688  
Mortgage loans1,475  1,329  
Policy loans158  164  
Equity index call options605  924  
Real estate and other investments279  278  
Total cash and investments56,741  55,252  
Recoverables from reinsurers3,476  3,415  
Prepaid reinsurance premiums733  678  
Agents’ balances and premiums receivable1,366  1,335  
Deferred policy acquisition costs818  1,037  
Assets of managed investment entities4,393  4,736  
Other receivables880  975  
Variable annuity assets (separate accounts)577  628  
Other assets1,676  1,867  
Goodwill207  207  
Total assets$70,867  $70,130  
Liabilities and Equity:
Unpaid losses and loss adjustment expenses$10,321  $10,232  
Unearned premiums2,778  2,830  
Annuity benefits accumulated41,392  40,406  
Life, accident and health reserves606  612  
Payable to reinsurers746  814  
Liabilities of managed investment entities4,236  4,571  
Long-term debt1,912  1,473  
Variable annuity liabilities (separate accounts)577  628  
Other liabilities2,173  2,295  
Total liabilities64,741  63,861  
Redeemable noncontrolling interests    
Shareholders’ equity:
Common Stock, no par value
       — 200,000,000 shares authorized
       — 88,659,407 and 90,303,686 shares outstanding
89  90  
Capital surplus1,299  1,307  
Retained earnings3,685  4,009  
Accumulated other comprehensive income, net of tax1,053  863  
Total shareholders’ equity6,126  6,269  
Noncontrolling interests    
Total equity6,126  6,269  
Total liabilities and equity$70,867  $70,130  
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,
2020201920202019
Revenues:
Property and casualty insurance net earned premiums$1,184  $1,200  $2,393  $2,373  
Net investment income468  580  1,012  1,122  
Realized gains (losses) on securities204  56  (347) 240  
Income (loss) of managed investment entities:
Investment income49  70  108  139  
Loss on change in fair value of assets/liabilities(5) (2) (48) (2) 
Other income51  56  108  112  
Total revenues1,951  1,960  3,226  3,984  
Costs and Expenses:
Property and casualty insurance:
Losses and loss adjustment expenses771  723  1,478  1,415  
Commissions and other underwriting expenses409  426  829  825  
Annuity benefits426  339  702  650  
Annuity and supplemental insurance acquisition expenses(35) 33  78  61  
Interest charges on borrowed money23  17  40  33  
Expenses of managed investment entities38  59  86  114  
Other expenses101  104  183  214  
Total costs and expenses1,733  1,701  3,396  3,312  
Earnings (loss) before income taxes218  259  (170) 672  
Provision (credit) for income taxes51  50  (33) 137  
Net earnings (loss), including noncontrolling interests167  209  (137) 535  
Less: Net earnings (loss) attributable to noncontrolling interests(10) (1) (13) (4) 
Net Earnings (Loss) Attributable to Shareholders$177  $210  $(124) $539  
Earnings (Loss) Attributable to Shareholders per Common Share:
Basic$1.98  $2.34  $(1.38) $6.02  
Diluted$1.97  $2.31  $(1.38) $5.94  
Average number of Common Shares:
Basic89.7  89.7  90.0  89.6  
Diluted90.0  91.0  90.0  90.8  
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,
2020201920202019
Net earnings (loss), including noncontrolling interests$167  $209  $(137) $535  
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on securities:
Unrealized holding gains on securities arising during the period
1,021  356  156  740  
Reclassification adjustment for realized (gains) losses included in net earnings
(7) (8) 12  (11) 
Total net unrealized gains on securities1,014  348  168  729  
Net unrealized gains on cash flow hedges3  18  30  29  
Foreign currency translation adjustments4    (6) 4  
Other comprehensive income, net of tax1,021  366  192  762  
Total comprehensive income, net of tax1,188  575  55  1,297  
Less: Comprehensive income (loss) attributable to noncontrolling interests
(10)   (11) (3) 
Comprehensive income attributable to shareholders$1,198  $575  $66  $1,300  
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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
CommonCommon Stock
and Capital
RetainedAccumulated
Other Comp.
 Noncon-
trolling
TotalNoncon-
trolling
SharesSurplusEarningsInc. (Loss)TotalInterestsEquityInterests
Balance at March 31, 202089,827,336  $1,399  $3,616  $32  $5,047  $  $5,047  $  
Net earnings (loss)—  —  177  —  177    177  (10) 
Other comprehensive income—  —  —  1,021  1,021  —  1,021    
Dividends ($0.45 per share)
—  —  (41) —  (41) —  (41) —  
Shares issued:
Exercise of stock options5,250    —  —    —    —  
Restricted stock awards  —  —  —  —  —  —  —  
Other benefit plans51,955  4  —  —  4  —  4  —  
Dividend reinvestment plan2,733    —  —    —    —  
Stock-based compensation expense
—  4  —  —  4  —  4  —  
Shares acquired and retired(1,194,236) (19) (57) —  (76) —  (76) —  
Shares exchanged — benefit plans(540)     —    —    —  
Forfeitures of restricted stock
(33,091) —  —  —  —  —  —  —  
Other—  —  (10) —  (10)   (10) 10  
Balance at June 30, 202088,659,407  $1,388  $3,685  $1,053  $6,126  $  $6,126  $  
Balance at March 31, 201989,637,713  $1,346  $3,875  $444  $5,665  $  $5,665  $  
Net earnings (loss)—  —  210  —  210    210  (1) 
Other comprehensive income—  —  —  365  365  —  365  1  
Dividends ($1.90 per share)
—  —  (170) —  (170) —