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Stock Market & Financial Investment News

News Breaks
December 13, 2012
16:44 EDTAFGAmerican Financial Group reaffirms FY12 EPS $3.10-$3.30, consensus $3.29
American Financial Group released preliminary results of its periodic review of its closed block of long-term care insurance, including the impact of the previously announced external actuarial study. Preliminary results indicate the company will be required to record an after-tax charge of $80M-$100M, or 88c-$1.09 per diluted common share, to write off deferred acquisition costs and strengthen reserves on this block of business. This charge is primarily due to lower projected future investment rates resulting from the continued low interest rate environment and assumes no material change in the interest rate environment between now and when full year 2012 results are announced. This charge will be excluded from core net operating earnings.
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