American Financial Group, Inc (AFE) has reported a 73.02 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $109 million, or $1.23 a share in the quarter, compared with $63 million, or $0.71 a share for the same period last year.
Revenue during the quarter went up marginally by 1.07 percent to $1,705 million from $1,687 million in the previous year period. Net premium earned for the quarter went down marginally by 3 percent or $36 million to $1,165 million.
Total expenses come down marginally
Benefits, losses and expenses for the quarter were at $1,527 million, or 131.07 percent of premium earned from $1,588 million or 132.22 percent of premium earned in the last year period. Operating income for the quarter was $178 million, compared with $99 million in the previous year period. Net investment income was at $433 million for the quarter, up 1.88 percent or $8 million from year-ago period. The company has recorded a gain on investments of $61 million in the quarter compared with a gain of $18 million for the previous year period.
S. Craig Lindner and Carl H. Lindner III, AFG’s Co-chief executive officers, issued this statement: “We are pleased with our core net operating earnings for the quarter, which include record earnings in our Annuity Segment and strong profitability in our P&C operations. We believe these results showcase the solid fundamentals underlying our business and the value within our diversified specialty insurance franchise.
Total debt was at $1,300 million as on Sep. 30, 2016, up 47.73 percent or $420 million from year-ago. Shareholders equity stood at $5,161 million as on Sep. 30, 2016, up 5.20 percent or $255 million from year-ago. As a result, debt to equity ratio went up 7 basis points to 0.25 percent in the quarter from 0.18 percent in the last year period.
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