American Financial Group, Inc. Declares Special Dividend
December 02 2014 - 4:47PM
Business Wire
American Financial Group, Inc. (NYSE/NASDAQ: AFG) announced
today that it has declared a special, one-time cash dividend of
$1.00 per share of American Financial Group Common Stock. The
dividend is payable on December 24, 2014 to holders of record on
December 15, 2014. The aggregate amount of the payment to be made
in connection with this special dividend will be approximately $90
million.
This special dividend is in addition to the Company’s regular
quarterly cash dividend of $0.25 per share that was last paid on
October 27, 2014.
In addition, the Board of Directors increased the Company’s
existing share repurchase authorization to five million shares.
AFG Co-CEOs S. Craig Lindner and Carl H. Lindner III stated:
“Returning capital to shareholders in the form of this $1.00
special dividend and the increase in our share repurchase
authorization reflect AFG’s strong financial position and our
confidence in the Company’s financial future. After these capital
actions, our excess capital remains at a level which affords us the
financial flexibility to grow our business organically and
opportunistically.”
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based
in Cincinnati, Ohio with assets of approximately $45 billion.
Through the operations of Great American Insurance Group, AFG is
engaged primarily in property and casualty insurance, focusing on
specialized commercial products for businesses, and in the sale of
fixed and fixed-indexed annuities in the retail, financial
institutions and education markets. Great American Insurance
Group’s roots go back to 1872 with the founding of its flagship
company, Great American Insurance Company.
Forward Looking
Statements
This press release contains certain statements that may be
deemed to be “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements in this press
release not dealing with historical results are forward-looking and
are based on estimates, assumptions and projections. Examples of
such forward-looking statements include statements relating to: the
Company’s expectations concerning market and other conditions and
their effect on future premiums, revenues, earnings and investment
activities; recoverability of asset values; expected losses and the
adequacy of reserves for long-term care, 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: 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; AFG’s ability to estimate accurately the likelihood,
magnitude and timing of any losses in connection with investments
in the non-agency residential mortgage market; 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; regulatory actions
(including changes in statutory accounting rules); changes in the
legal environment affecting AFG or its customers; tax law and
accounting changes; levels of natural catastrophes and severe
weather, terrorist activities (including any nuclear, biological,
chemical or radiological events), incidents of war or losses
resulting from civil unrest and other major losses; development of
insurance loss reserves and establishment of other reserves,
particularly with respect to amounts associated with asbestos and
environmental claims and AFG’s run-off long-term care business;
availability of reinsurance and ability of reinsurers to pay their
obligations; the unpredictability of possible future litigation if
certain settlements of current litigation do not become effective;
trends in persistency, mortality and morbidity; competitive
pressures, including those in the annuity distribution channels,
the ability to obtain adequate rates and policy terms; changes in
AFG’s credit ratings or the financial strength ratings assigned by
major ratings agencies to our operating subsidiaries; and other
factors identified in our filings with the Securities and Exchange
Commission.
The forward-looking statements herein are made only as of the
date of this press release. The Company assumes no obligation to
publicly update any forward-looking statements.
American Financial Group, Inc.Diane P. Weidner,
513-369-5713Asst. Vice President - Investor RelationsorWebsites:www.AFGinc.comwww.GreatAmericanInsuranceGroup.com
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