American Financial Group Inc (AFE) has reported an 198.45 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $385 million, or $4.33 a share in the quarter, compared with $129 million, or $1.45 a share for the same period last year.
Revenue during the quarter grew 7.35 percent to $1,737 million from $1,618 million in the previous year period. Net premium earned for the quarter went up marginally by 0.52 percent or $6 million to $1,150 million.
Total expenses move up marginally
Benefits, losses and expenses for the quarter were at $1,420 million, or 123.48 percent of premium earned from $1,408 million or 123.08 percent of premium earned in the last year period. Operating income for the quarter was $317 million, compared with $210 million in the previous year period.
Life insurance division has clocked in a premium of $1,144 million on net basis during the quarter, up 2.14 percent or $24 million. Meanwhile, accident and health insurance division has received net premium of $6 million during the quarter, down 75 percent or $18 million from year-ago period.
Net investment income was at $429 million for the quarter, up 3.12 percent or $13 million from year-ago period. The company has recorded a gain on investments of $51 million in the quarter compared with a loss of $25 million for the previous year period.
Carl H. Lindner III and S. Craig Lindner, AFG’s co-chief executive officers, commented: “AFG’s fourth quarter and full year results established new records for earnings. Strong operating profitability in both the P&C and Annuity segments of our business, superior investment performance and effective capital management have enabled us to achieve five-year compounded growth in adjusted book value plus dividends of 10%.
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