Market Overview

American Financial Group, Inc. Increases Annual Dividend by 14%; Thirteenth Consecutive Year of Dividend Increases

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American Financial Group, Inc. (NYSE:AFG) announced that its Board of
Directors has approved an increase in the Company's regular annual
dividend from $1.40 to $1.60 per share of common stock. The increased
dividend, when declared, will be paid on a quarterly basis of $0.40 per
share of common stock beginning in October 2018. The new dividend rate
represents a 14% increase over the annual rate paid thus far in 2018.
The Company has increased its dividend in each of the last thirteen
years.

Carl H. Lindner III and S. Craig Lindner, AFG's Co-Chief Executive
Officers, issued this joint statement: "We are pleased to announce this
increase in AFG's annual dividend paid to shareholders, which reflects
our confidence in the Company's financial condition, liquidity, and
prospects for long-term growth. Returning excess capital to shareholders
through dividends is a key component of AFG's capital management
strategy. AFG's five-year compounded annual growth rate in regular
dividends is approximately 12.5%."

About American Financial Group, Inc.

American Financial Group is an insurance holding company, based in
Cincinnati, Ohio with assets over $60 billion. Through the operations of
Great American Insurance Group, AFG is engaged primarily in property and
casualty insurance, focusing on specialized commercial products for
businesses, and in the sale of fixed, fixed-indexed and variable-indexed
annuities in the retail, broker dealer, financial institutions and
registered investment advisor markets. Great American Insurance Group's
roots go back to 1872 with the founding of its flagship company, Great
American Insurance Company.

Forward Looking Statements

This press release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements in this press release not dealing with historical
results are forward-looking and are based on estimates, assumptions and
projections. Examples of such forward-looking statements include
statements relating to: the Company's expectations concerning market and
other conditions and their effect on future premiums, revenues,
earnings, investment activities and the amount and timing of share
repurchases; recoverability of asset values; expected losses and the
adequacy of reserves for asbestos, environmental pollution and mass tort
claims; rate changes; and improved loss experience.

Actual results and/or financial condition could differ materially from
those contained in or implied by such forward-looking statements for a
variety of reasons including, but not limited to: changes in financial,
political and economic conditions, including changes in interest and
inflation rates, currency fluctuations and extended economic recessions
or expansions in the U.S. and/or abroad; performance of securities
markets, including FIA option costs; new legislation or declines in
credit quality or credit ratings that could have a material impact on
the valuation of securities in AFG's investment portfolio; the
availability of capital; regulatory actions (including changes in
statutory accounting rules); changes in the legal environment affecting
AFG or its customers; tax law and accounting changes; levels of natural
catastrophes and severe weather, terrorist activities (including any
nuclear, biological, chemical or radiological events), incidents of war
or losses resulting from civil unrest and other major losses;
development of insurance loss reserves and establishment of other
reserves, particularly with respect to amounts associated with asbestos
and environmental claims; availability of reinsurance and ability of
reinsurers to pay their obligations; trends in persistency and
mortality; competitive pressures; the ability to obtain adequate rates
and policy terms; changes in AFG's credit ratings or the financial
strength ratings assigned by major ratings agencies to AFG's operating
subsidiaries; the impact of the conditions in the international
financial markets and the global economy (including those associated
with the United Kingdom's expected withdrawal from the European Union,
or "Brexit") relating to AFG's international operations; and other
factors identified in AFG's filings with the Securities and Exchange
Commission.

The forward-looking statements herein are made only as of the date of
this press release. The Company assumes no obligation to publicly update
any forward-looking statements.

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