AFG Q2 core EPS $2.39 vs $0.67; raises FY21 guidance from $7-8 to $8.40-$9.20

AMERICAN FINANCIAL GROUP INC

2021-Q2 EPS reported $16.51 revenue$3,040,000,000

Core net operating earnings $2.39/share vs $0.67 prior year; net earnings $11.70 includes $9.31 non-core items (gain on annuity sale).
Specialty P&C pretax core operating earnings record $288M, combined ratio 87.9%; net written premiums up 22% YoY.
Completed sale of annuity business to MassMutual for $3.5B proceeds; after-tax gain $697M ($8.14/share).
Full year 2021 core EPS guidance raised to $8.40-$9.20 from previous $7.00-$8.00.
Book value per share $66.12; excess capital $3.2B at June 30.

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