American Financial Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>American Financial Group, Inc. has filed its 2023 annual report detailing its financial performance and operations.</b>

AI Summary

AMERICAN FINANCIAL GROUP INC (AFGB) filed a Annual Report (10-K) with the SEC on February 23, 2024. American Financial Group, Inc. (AFG) filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. AFG is classified under SIC code 6331 for Fire, Marine & Casualty Insurance. The company's principal executive offices are located at Great American Insurance Group Tower, 301 E. 4th Street, Cincinnati, OH 45202. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking AMERICAN FINANCIAL GROUP INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of AFG's financial health, operational results, and strategic positioning for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. As a major player in the Fire, Marine & Casualty Insurance sector, AFG's annual report offers insights into industry trends, risk management strategies, and the company's competitive landscape.

Risk Assessment

Risk Level: medium — AMERICAN FINANCIAL GROUP INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual disclosure for public companies, indicating a medium level of risk associated with the information provided.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand AFG's performance and potential challenges in the insurance market.

Key Numbers

• 2023 — Fiscal Year (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 1231 — Fiscal Year End (End date of the reporting period)
• 6331 — SIC Code (Industry classification)

Key Players & Entities

• AMERICAN FINANCIAL GROUP INC (company) — Filer name
• AFG (company) — Abbreviated company name
• 2024-02-23 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 6331 (other) — Standard Industrial Classification
• CINCINNATI (location) — Business address city
• OH (location) — Business address state
• 301 E. 4TH STREET (address) — Business address street

FAQ

Industry Context

American Financial Group operates within the Fire, Marine & Casualty Insurance industry, a sector characterized by significant regulatory oversight and sensitivity to economic conditions and natural disasters.

Regulatory Implications

As an insurance provider, AFG is subject to state-specific insurance regulations and capital requirements, impacting its operations and financial stability.

What Investors Should Do

1. Analyze AFG's financial statements for revenue, net income, and key balance sheet items for FY 2023.
2. Review the risk factors section for any new or evolving risks impacting the insurance industry or AFG specifically.
3. Compare AFG's 2023 performance metrics against prior years (2022, 2021) to identify trends.

Key Dates

• 2024-02-23: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End of the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing represents the annual report for fiscal year 2023, providing a comprehensive update compared to previous quarterly filings or the prior year's annual report.

Key Financial Figures

• $1.2 billion — gross written premiums of approximately $1.2 billion and was the seventh largest provider of
• $3.57 billion — setts Mutual Life Insurance Company for $3.57 billion in cash. 3 Table of Contents Timel
• $162 million — current accident year catastrophes were $162 million in 2023, $88 million in 2022 and $86 mi
• $88 million — catastrophes were $162 million in 2023, $88 million in 2022 and $86 million in 2021 and are
• $86 million — illion in 2023, $88 million in 2022 and $86 million in 2021 and are included in the table a
• $55 million — S.-based operations, the Company placed $55 million of coverage in excess of a $70 million
• $70 million — $55 million of coverage in excess of a $70 million per event primary retention in the trad
• $323 million — which provides coverage of up to 94% of $323 million for catastrophe losses in excess of $12
• $127 million — ion for catastrophe losses in excess of $127 million through December 31, 2024. The commer
• $25 million — rketplace requires large policy limits ($25 million or more) in several of AFG's lines of b

Filing Documents

• afg-20231231.htm (10-K) — 5995KB
• afg-20231231xex21.htm (EX-21) — 55KB
• afg-20231231xex23.htm (EX-23) — 18KB
• afg-20231231xex31a.htm (EX-31.A) — 11KB
• afg-20231231xex31b.htm (EX-31.B) — 11KB
• afg-20231231xex31c.htm (EX-31.C) — 11KB
• afg-20231231xex32.htm (EX-32) — 11KB
• americanfinancialgroupince.htm (EX-97) — 22KB
• afg-20231231_g1.jpg (GRAPHIC) — 40KB
• afg-20231231_g2.jpg (GRAPHIC) — 96KB
• afg-20231231_g3.jpg (GRAPHIC) — 294KB
• afg-20231231_g4.jpg (GRAPHIC) — 122KB
• afg-20231231_g5.jpg (GRAPHIC) — 176KB
• afg-20231231_g6.jpg (GRAPHIC) — 84KB
• afg-20231231_g7.jpg (GRAPHIC) — 88KB
• afg-20231231_g8.jpg (GRAPHIC) — 76KB
• afg-20231231_g9.jpg (GRAPHIC) — 67KB
• afg-20231231_g10.jpg (GRAPHIC) — 135KB
• 0001042046-24-000009.txt (&nbsp;) — 30470KB
• afg-20231231.xsd (EX-101.SCH) — 120KB
• afg-20231231_cal.xml (EX-101.CAL) — 197KB
• afg-20231231_def.xml (EX-101.DEF) — 788KB
• afg-20231231_lab.xml (EX-101.LAB) — 1564KB
• afg-20231231_pre.xml (EX-101.PRE) — 1105KB
• afg-20231231_htm.xml (XML) — 6545KB

FORWARD-LOOKING STATEMENTS 1

FORWARD-LOOKING STATEMENTS 1 Part I

— Business

Item 1 — Business 2

— Risk Factors

Item 1A — Risk Factors 18

— Unresolved Staff Comments

Item 1B — Unresolved Staff Comments 26

— Cybersecurity 26

Item 1C — Cybersecurity 26

— Properties

Item 2 — Properties 28

— Legal Proceedings

Item 3 — Legal Proceedings 28

— Mine Safety Disclosures

Item 4 — Mine Safety Disclosures 28 Part II Item 5 — Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29

— Reserved

Item 6 — Reserved 30

— Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 — Management's Discussion and Analysis of Financial Condition and Results of Operations 31

— Quantitative and Qualitative Disclosure About Market Risk

Item 7A — Quantitative and Qualitative Disclosure About Market Risk 82

— Financial Statements and Supplementary Data

Item 8 — Financial Statements and Supplementary Data 83

— Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9 — Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 83

— Controls and Procedures

Item 9A — Controls and Procedures 83

— Other Information

Item 9B — Other Information 83 Item 9C — Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 83 Part III

— Directors, Executive Officers and Corporate Governance

Item 10 — Directors, Executive Officers and Corporate Governance S- 1

— Executive Compensation

Item 11 — Executive Compensation S- 1 Item 12 — Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters S- 1

— Certain Relationships and Related Transactions, and Director Independence

Item 13 — Certain Relationships and Related Transactions, and Director Independence S- 1

— Principal Accounting Fees and Services

Item 14 — Principal Accounting Fees and Services S- 1 Part IV

— Exhibits, Financial Statement Schedules

Item 15 — Exhibits, Financial Statement Schedules S- 1 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The disclosures in this Form 10-K contain certain forward-looking statements that are subject to numerous assumptions, risks or uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Some of the forward-looking statements can be identified by the use of words such as "anticipates", "believes", "expects", "projects", "estimates", "intends", "plans", "seeks", "could", "may", "should", "will" or the negative version of those words or other comparable terminology. Such forward-looking statements include statements relating to: expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases and special dividends; 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 the following and those discussed in Item 1A — Risk Factors and in its other reports filed with the Securities and Exchange Commission. 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; 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; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting chan

Business

Item 1. Business Introduction American Financial Group, Inc. ("AFG" or the "Company") is an insurance holding company. Through the operations of Great American Insurance Group, AFG is engaged in property and casualty insurance, focusing on specialized commercial products for businesses. AFG's in-house team of investment professionals oversees the Company's investment portfolio. The members of the Great American Insurance Group have been in business for over 150 years. Management believes that approximately 55% of the 2023 gross written premiums in AFG's Specialty property and casualty group are produced by "top 10" ranked businesses. AFG's address is 301 East Fourth Street, Cincinnati, Ohio 45202; its phone number is (513) 579-2121. SEC filings, news releases, AFG's Code of Ethics applicable to directors, officers and employees, AFG's Corporate Social Responsibility Report and other information may be accessed free of charge through AFG's Internet site at: www.AFGinc.com. (Information on AFG's Internet site is not part of this Form 10-K.) See Note D — "Segments of Operations" to the financial statements for information on AFG's assets, revenues and earnings before income taxes by segment. 2 Table of Contents Building Long-Term Value for AFG Shareholders AFG allows each of its businesses the autonomy to make decisions related to underwriting, claims and policy servicing. This entrepreneurial business model promotes agility, innovative product design, unique applications of pricing segmentation, as well as developing distribution strategies and building relationships in the markets served. Management believes that AFG's ability to grow book value per share at a double-digit annual rate over time is evidence that the Company's culture, business model and employee incentive plans create a compelling structure to build long-term value for AFG's shareholders. As highlighted in the illustration below, over the past 25 plus years, AFG has sharpened its focus on

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