AFG contains cat losses but investments pull down results
American Financial Group (AFG) reported a 27 percent year-on-year fall in net third quarter earnings to $96mn, as lower income from its specialty P&C division outweighed higher earnings from its annuity and supplemental operations.
The US insurance group's $56mn P&C specialty underwriting profit was 18 percent lower than in the third quarter of 2010 and equated to a combined ratio of 93 percent.
This came as investment income fell 17 percent year-on-year, offsetting higher revenues and reserve releases as well...
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