American Financial Has Higher Profit
NU Online News Service, July 31, 4:18 p.m. EDT?American Financial Group Inc. posted $30.5 million for its second-quarter profit today, more than doubling the $12.1 million in income it recorded one year ago.
The Cincinnati-based property-casualty insurer attributed its quarterly improvement to higher premium rates. The company also said it achieved the strong second-quarter result despite a $28.5 million charge from an arbitration decision for its share of a 1995 property claim. The insurer also had a $6.7 million charge for its fixed annuity operations because of the adverse effect of lower interest rates, American Financial said.
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