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American Financial Q2 2013 profits increased to $110m

American Financial Group has reported net earnings attributable to shareholders of $110m, or $1.20 per share for the second quarter of 2013, compared to $99m, or $1.01 per share during the comparable period earlier year.

For the second quarter ended on 30 June 2013, its after-tax net realized gains stood at $26m against $9m during the corresponding period a year ago.

Core net operating earnings were $87m, or $0.96 per share, compared to $90m, or $0.91 per share during the same period year ago quarter.

AFG co-chief executive officers Carl Lindner III and S Craig Lindner jointly said, "Based on results for the first six months of 2013, we expect core net operating earnings in 2013 to be between $3.70 and $4.10 per share, up from our previous guidance of $3.60 to $4.00 per share."

Its specialty property and casualty (P&C) insurance operations generated an underwriting profit of $21m compared to $52m during the same period earlier year.

Annuity segment operations contributed $82m in pretax core earnings, with an increase of 39% from $59m during the same period a year ago.

Run-off long-term care and life segment sustained a pretax core operating loss of $2m in the second quarter of 2013 compared to pretax core operating earnings of $5m during the same period last year.

Trading as an insurance holding company, American Financial Group has more than $35bn in assets and offers property and casualty insurance products and services.