NU Online News Service, July 31, 3:13 p.m. EDT

After reporting an increase in second-quarter profit, American Financial Group says it has reduced its earnings guidance for 2012 over potential losses in its crop-insurance line.

Carl H. Lindner III and S. Craig Lindner, American Financial Group's (AFG) co-chief executive officers, say in a statement that drought conditions throughout the United States will “adversely impact 2012 crop insurance profitability,” and the specialty commercial insurer dropped its earnings guidance by $0.50 per share, “although the precise impact on AFG's core operating earnings is uncertain.”

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