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American Financial Group Q3 net earnings increase by 133%

American Financial Group has reported net earnings attributable to shareholders of $226m or $2.39 per share for the third quarter of 2012, with an increase of 133% from $97m, or $0.95 per share, during the same period last year.

Its core net operating earnings stood at $78m, or $0.82 per share, down by 15% from $92m, or $0.91 per share, during the comparable period earlier year.

P&C specialty insurance operations generated an underwriting profit of $16m, with a decrease of 72.4% from $58m, during the corresponding period last fiscal year.

The Specialty Casualty Group reported an underwriting profit of $8m in the current quarter, down by 60% compared to $20m, during the same period a year ago.

Annuity and Supplemental Insurance Group reported 72% increase in core operating earnings before income taxes of $81m, against $47m during the year ago quarter.

Holding over $35bn assets, the insurance holding company mainly offers property and casualty insurance, focusing on specialized commercial products for businesses.

It is also involved in the sale of traditional fixed and fixed-indexed annuities in the education, bank and individual markets.