American Financial Group saw second-quarter net income nearly cut in half, with more than $50 million in charges to strengthen asbestos and environmental reserves contributing heavily to the decline.
Last night, the Cincinnati-based specialty insurer reported net income of $67.0 million, or 54 cents per share, for the 2007 second quarter, compared with $122.9 million, or $1.02 per share, in second-quarter 2006.
The second-quarter 2007 result included the impacts of an A&E reserve charge of $28.7 million related to property-casualty operations in runoff, and an additional $27.7 million A&E charge for exposures related to former railroad and manufacturing operations and sites.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
