AMERICAN FINANCIAL GROUP INC
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 23, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Discontinued Annuity Operations
AFG’s discontinued annuity operations, which were sold on May 31, 2021, contributed $324 million in GAAP pretax earnings (excluding the gain on the sale of the annuity operations) in 2021.
The following table details AFG’s earnings before and after income taxes and the gain on the sale from its discontinued annuity operations for the year ended December 31, 2021 (dollars in millions):
| Year ended December 31, | |
|---|---|
| 2021 (*) | |
| Pretax annuity earnings historically reported as core operating earnings: | |
| Pretax annuity earnings before items below | $106 |
| Earnings on partnerships and similar investments | 139 |
| Total pretax annuity earnings historically reported as core operating earnings | 245 |
| Pretax amounts previously reported outside of annuity core earnings: | |
| Impact of reinsurance, derivatives related to fixed indexed annuities (“FIAs”) and other impacts of changes in the stock market and interest rates on FIAs over or under option costs | (33) |
| Realized gains on securities | 112 |
| Total pretax amounts previously reported outside of annuity core earnings | 79 |
| GAAP pretax earnings from discontinued annuity operations, excluding the gain on the sale of the discontinued annuity operations | 324 |
| Provision for income taxes | 66 |
| GAAP net earnings from discontinued annuity operations, excluding the sale of the discontinued annuity operations | 258 |
| Gain on sale of discontinued annuity operations, net of tax | 656 |
| GAAP net earnings from discontinued annuity operations | $914 |
(*)Results through the May 31, 2021 effective date of the sale.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.