American Financial Group reports Q3 core EPS $2.45, consensus $2.47

Core net operating earnings were $208 million ($2.45 per share) for the 2023 third quarter, compared to $192 million ($2.24 per share) in the 2022 third quarter. The increase was due primarily to higher year-over-year net investment income, which was partially offset by lower underwriting profit in the Specialty Property and Casualty (“P&C”) insurance operations. Additional details for the 2023 and 2022 third quarters may be found in the table below. Core net operating earnings for the third quarters of 2023 and 2022 generated annualized returns on equity of 18.3% and 17.1%, respectively.