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American Financial Group,
AFGAFG announced today the
completion of the sale of its Medicare Supplement and Critical Illness
businesses (headquartered in Austin, Texas and doing business as Great
American Supplemental Benefits Group) to Cigna Corporation
CI for
approximately $305 million in cash. AFG will realize an after-tax gain of
approximately $120 - $130 million on the sale, subject to post-closing
adjustments. AFG's remaining supplemental insurance operations consist solely
of its run-off long-term care business, which has a book value of
approximately $170 million, and which will continue to be based in Austin,
Texas. AFG's Austin-based life and annuity operations will transition to its
home office in Cincinnati, Ohio before the end of the year.
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