AFG limits crop losses to $12mn
American Financial Group (AFG) doubled its third quarter net earnings as it confounded expectations by disclosing US crop losses of just $12mn, despite its position as the fourth biggest primary insurer in the crop market.
AFG had previously estimated a negative impact of $0.50 per share to third quarter earnings from crop losses - a sum equal to $47mn.
It wrote multi-peril crop insurance premiums of $1.05bn in 2011, 65 percent of which was written in states that have been...
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