Earnings call transcript Q2 2023

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Operator

Good day, and thank you for standing by. Welcome to the American Financial Group 2023 Second Quarter Results Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Diane Weidner, Vice President, Investor Relations. Please go ahead.

Diane Weidner

to Call. Group's welcome Earnings Quarter and Conference Results morning American Second Financial XXXX Good our second released we XXXX afternoon. quarter results yesterday

Our referenced during webcast and of today's website Relations investor posted portions These release, section. be AFG's Investor under presentation will materials call. on the press are supplement

Craig Brian joined CFO. Hertzman, I'm and morning American of Carl by Co-CEOs this AFG's Financial III Lindner Lindner, Group; and

of would notes turn I the X webcast. Before on to to your attention to I discussion draw like Carl, Slide our over

Some certain that today financial the are Securities our statements actual in of these from be forward-looking. are Commission, of and also Exchange discussed available and and/or on description materially risks the matters found risks AFG's to uncertainties these filings These forward-looking detailed be website. which statements. condition results could with involve to differ uncertainties A and cause can

references include to earnings remarks in may non-GAAP our earnings, operating in earnings is of We earnings measure, reconciliation to core financial net release. operating to A our to core net responses a or included net questions. shareholders attributable

a factual are that materially please and authorized our of alter a If intent accuracy, note may reviewed reading may errors not you this be of that or it result, meaning or as or for transcript transcription contain it call, the could statements.

discuss Now I'm pleased results. our Carl to to over III call turn the Lindner to

Carl Lindner

which, Craig, questions. I We're morning. your share and AFG's XXXX to Brian pleased Good after be quarter, highlights respond happy second will to to of

continue our income, pleased premium to elevated activity. year-over-year strong during in operating We investment alongside accumulated equity to the exceeded the of returns comprehensive investment of a portfolio reported rate meaningfully environment on performance XX%, result return double-digit excludes expectations contributed core with other industry an and quarter The alternative second which income, higher our be the catastrophe quarter. quarter interest annualized where with growth, higher we

in our management a us these us favorable philosophy dynamic and employees Craig God, helping market our Our results. and a and continue environment. property disciplined economic talented culture to casualty team operating achieve thank entrepreneurial and well to serve for opportunistic I and

the position our over XX. through results, June us walk quarter financial and overall investment I'll to Craig discussion at performance AFG's now turn to second

Craig Lindner

Carl. Thanks,

As his I'd and elected adviser outperformed significantly investment business over who over late time. the company's President like remarks, years. I been trusted begin John a exceptional June. XX my management and Berding, recognize AFG has has congratulate have of vision to valuable His of through been which was particularly talents John in portfolio, for

Property reserve underwriting offset P&C year in prior record quarter the quarter. in earnings favorable in Specialty due second was partially our quarter. for profit income higher the were lower Slides turn Casualty development in reported results insurance and X compared XXXX XXXX AFG of $X.XX impact primarily information earnings and elevated to the to Please summary catastrophe the quarter. per losses and a of reported of operations when on The year-over-year These X items second share investment net the XXXX. net of for core the by operating second to decrease

fixed Pretax an liquidity. and portfolio overview of favorably of maturity on at X.X%, our portfolio XXXX. interest we're in yield XXXX. the pretax unrealized at AFG's rate about $XX.X the presented billion of second P&C million at The which performance, compared $XXX X. the quarter details the to the to our few yields a fixed end were losses the like investment securities of at Slides unrealized to share X.XX% on duration I'd comments invest current end to portfolio investment million In high-quality, on to medium earned Now able $XXX quarter and environment, position during capital fixed and of X second turn surrounding financial AFG's are AFG's approximately losses compares of maturities maturity

to compared XX yield second maturity of yield earned our fixed in P&C the by compares increase in the quarter We to about full XXXX X.XX% to of This on to quarter expect X.XX% by year very XXXX. XX earned the the earned the portfolio favorably the basis fourth XXXX. for points

the compared equity results solid XXXX, alternative XX.X% quarter. the on AFG's quarter. of period. annualized housing the than for return at Looking for investment The the the investments was investments return ended in on private of included XXXX in alternative Property and comparable & XX% second was approximately annual an net in of Casualty both multifamily was XXXX the return XXXX the results alternative years the higher to XX, investments on X.X% a income second over average quarter quarter past performance portfolios. second the December XX%. result The X of XXXX yield These

of Our our X% investments. return portfolio guidance for alternative approximately on a XXXX reflects $X.X of billion

June our ended of insurance P&C XX% XXXX, of Excluding X as assets. impact for the rates balances interest result alternative the at higher investments, months and income year-over-year the operations net impact of XX, rising a invested increased of investment

of to June XXXX. at turn where XX, financial X, you'll Please Slide AFG's find a summary position

approximately to Our approximately which which closed X million. the fund July and the company cash in $XXX was XX, at parent million capital net of cash investments $XXX excess XXXX, $XXX million on CRS and is June of includes deployed acquisition,

CRS to Our niche an acquisition our opportunity specialty deploy our excess capital to attractive provide of businesses. expand

our regular and through dividend payment During $X.XX the $XX share share per shareholders returned of million repurchases. quarterly the million to in our $XX quarter, we

an shareholders return. billion XXXX, Importantly, consider paid of AFG end special dividends these returned special representing total shareholder $XX has important and in $X.X period. share dividends component per I of Carl to over this the since

returned throughout capital that to the half special of XXXX, which more first share addition the remainder operations continue repurchases generate excess or excess XXXX the the million to for shareholders deploy through our to additional expect significant capital in capital We could point end than $XXX dividends of the in XXXX. to is we of to of

that that by portion special capital for losses is excess XX%, target capital number the gains limited you on we and our unrealized by As debt-to-cap available is internal and view maturities. impacted recall, and our dividends fixed repurchases is share of may of

important each $X up However, note it's approximately that shareholders. repurchased debt excess frees to of for dollar to distribution capital of

X dividends XXXX, June XX, in value AFG's book growth the per months value dividends XX%. year-to-date, ended in book and plus growth For share X.X% per plus share was was

of we quarter related in unrealized the fixed per maturities, book adjusted second growth Excluding losses dividends and during plus X.X% share to year-to-date. value X.X% achieved

over P&C XXXX. for turn now back our to I'll Carl and call our discuss operations expectations results of the the to

Carl Lindner

provider our results, division solidifies insurance insurance and welcome to fifth officially team's our Crop Great States as example in multi-peril the nature. to Risk Young the Group as to of multi-peril the Brian U.S.-owned contributions largest of fit strategic and Before the American This crop will in to nimbleness program, clearly crop needs family. of turning United team and States I'd serves and Services this of crop executing a United Great transaction our in Specialty and an and unique our and and serve Casualty the the AFG within like policyholders. a Insurance crop the largest ability participant strengthen efficiency our CRS expertise Property American is

results. please X X you'd overview the an to which turn webcast, second and of of include Slides Now quarter if our

new environment. XXXX up of result quarter. as and XX% X, a reported quarter see on the of XX%, and a Slide Property a Specialty the compared exposures increased were written prior of premium and growth combination within net rate premiums you'll second Casualty in was business renewal gross each Year-over-year respectively, and As to year the groups good opportunities,

XXXX strong XX.X%, year Second prior combined underwriting reported X.X points quarter ratio period. higher than in the was results the exceptionally

decrease X an from Favorable combined the in Catastrophe prior prior second in of year favorable reserve XXXX losses the the of impact was X.X from second points, added the to XXXX points year X increase about points prior quarter. of X.X points points year of the X.X reported quarter development quarter ratio, a period.

with an during of Our but from increased experience, quarter. arising overall losses catastrophe consistent was loss frequency industry storms the experience

we was the approximately our Group, to our in target for overall, the Specialty with quarter. returns Average renewal second renewal of nearly and quarter businesses achieved Casualty is quarter of quarter meet Casualty and workers' first consecutive all X% to up X% the Property and comp, consistent up or increases pricing and across report in in approximately overall This pricing exceed XXth excluding rate increases, Property our continue XXXX.

and in development Now underwriting Transportation Property to a by transportation more Group compared in our I'd Property Ocean our like Property Marine quarter XXXX lower in an review few business the year-over-year XXXX. X the profitability was of second in to and to Inland highlights offset turn than quarter of Slide businesses. reported Marine prior to & $XX The and favorable Higher year second businesses groups. million of profit Casualty million each from of $XX Specialty our

group $XX manageable were million XXXX Catastrophe quarter the in losses a period. in in $XX XXXX to comparable of compared the million this second

gross XXXX growth and increased year-over-year XX% premiums of in growth in our the crop all planning group insurance businesses corn in during in quarter. reported respectively, to included this group in contributing and X% Nearly comparable written the impact net soybeans business. gross net transportation the period. prior year of written our and than and businesses quarter were exposures earlier higher, rates this the premium Second Factors the and and

group of reinsurance particularly focused and quarter, pricing our in increased business stay on property in costs attachment we first consistent Overall with catastrophe XXXX. adequacy, achieved We higher higher X% points. this in the continue quarter renewal to Property on in loss consider average rate the group this rates second for as

this last into ahead to worse soybean line time, our pricing. year, soybeans but are pricing acceptable in around well with is crop in growing insurance still and and down to at So X%, than tracking respectively, discovery Corn close crop we when last overall. slightly spring is with corn year compared trend conditions development operations. ranges the season and of crop Commodity XX% yields

Risk Services Our integration going well. business the Crop of is

over guidance. calendar what AIG's As will recorded books. half included The of small expectation in With the second we be continues time, weeks a the for very year adequate of of in to crop X important. our moisture on reminder, guidance for average reflect the CRS at next know the this our year, an crop are although written was premium of XXXX AFG the generated business premiums XXXX amount majority the

$XX workers' favorable development our excellent. executive profitability business compared in in liability overall of Underwriting of year period. Casualty were of development prior levels businesses development be business. businesses adverse underwriting reported in quarter favorable profit by comparable the offset our Specialty and to Group reserve levels million higher our continues XXXX partially public reserve prior in in comp compensation in $XXX year entity the million workers' our an Lower XXXX second to

a very combined year ratio increase XX.X% quarter, achieved of Group businesses comparable an achieved XX.X% The Casualty strong calendar points in the second strong Specialty over the X.X in overall prior in year exceptionally the period. the

compared gross the premiums year of growth. in and increased Second the to both net quarter XXXX X% period. this written same Three-fourths group year-over-year reported when businesses prior

higher the and was businesses the our a and and several in business in partially group, The workers' challenging of policy second our lines was this exposures environment, our D&O. was premiums comp public we X% primary lower businesses, payroll and particularly growth up rate This strong in for premiums renewal discipline in and increased our factors contributing maintain businesses. executive in comp offset by rates pricing in opportunities, quarter as in liability our market increases higher new overall. to included underwriting business, excess Renewal excluding about retention year-over-year growth workers' business up surplus X% competitive targeted

higher institutions lower compared of $XX was profit Group XXXX to higher an of due comparable of ratio losses contributing Surety businesses. XX% Specialty profitability in our profit second strong the Financial the quarter combined million in in of of underwriting $XX underwriting million of and year-over-year points to our of for the Catastrophe XXXX in quarter, second to $XX XX.X second The the period in financial to the year decrease reported second in losses quarter an the XXXX, catastrophe the for Fidelity million reported group XX.X% compared million than XXXX. in this were & very a in prior quarter $X primarily quarter XXXX. business

opportunities this XX% as compared the quarter business We the in respectively, insured in and second growth businesses while Second the XX%, our year rates are which quarter. levels gross appropriate believe during financial adequate, a on including values to rates All impressive new to prior the were ensure reported group both for written growth continue the Overall XXXX and we the in group exposures. result an this up of renewal year-over-year addition were to increased up when premiums foreclosure of general to monitor premium grow period. the quarter. X% rates acted factors, economic of net helped rising we And and accounts, for quarter. fuel institutions approximately

range $X.XX now $XX.XX the of share, share. year full opportunities range Now exposure $XX.XX business at please of to casualty earnings we new the continued rate expect expect Overall, from share for you'll growth see remainder turn of we the favorable page of of AFG's $XX core reported in XXXX operating and property the in where to per the summary an net increases decrease outlook. of previous half per $XX a market on with Slide midpoint expectations XX, opportunities, ongoing XXXX to and the be and of to year, continue our from a arising growth. our in first per results Based to

would XX%. an Our of reflects year updated revised year in core guidance income. expected revised expectations increase investment partially full equity XXXX full net profit, our guidance a on produce return offset for by This underwriting approximately

average reflect Our year. an crop guidance continues to

these noted, we've XXXX to return on on year for alternative increased investments investments As approximately XX.X% to X% Craig full the compared in expected XXXX. our earned

Our selected the Specialty in lower our and favorable workers' underwriting social to of reserve of X XXXX compensation businesses. year development losses impact included first the prior on inflation in elevated results in profitability Casualty -- the due months primarily and Group, lower catastrophe for

from and our for that upward by quarter and will X the half of the trends expect to XXXX in results we results would of our combined half to driven for these Specialty Group on between directly the XX%. overall our year. to the with previous same guidance points is view the ratio change continue that XX% now half of rest these due the for at XX%, second Casualty second view the Based About and the year, continue factors quarter revised midpoint Property results guidance of other the second the impacting XX% the be

growth guidance now our for X%, for a X% net the of premiums of points this year. is an written for to expected the X% X increase be in range Our in X%. previous to of range net premiums record the to range at Growth written in of establish midpoint will

X%. in we range expect Excluding crop, the growth XXXX year-over-year to of X%

in quarter, Now of assume looking our we to year. guidance earnings Based This ratio through at the on continues results a crop Group. each continue an Property combined the the expect second subsegment. in our Transportation range average to XX% to XX% for and

We range in for X%. this up flat premiums continue to written group net a to expect of be to

are the our annual premiums impact rates. spring growth related in the of of volatility guidance premium the our recorded. notably negatively and of year-over-year third quarter Our commodity futures impact majority crop on factors pricing when related This will premiums in and XXXX business, in most exposure crop

which As written in now down the by crop offset premium be insurance premiums additional we are expect for a business year XXXX. result slightly to net of from these CRS, full our X% factors,

risk underperforming is crop, of of this will transportation million slightly for premiums premiums Excluding growth than our has written in growth nonrenewal in in sessions. lower the the alternative related expected and to to X% by transfer to higher range our net which year about in X%, original be tempered be in expectations. the premium $XX Growth group accounts business,

our and X.X XX% exposed of an midpoint range the year to the produce Now combined our at of in development, points previous we guidance, in to XX%, regard first a now prior with picks Group favorable reflecting increase compensation Casualty of workers' expect social Specialty conservative of ratio loss year, to the primarily our half to businesses. of levels inflation more related lower the

the in our combined prior to overall in Our calendar guidance compensation reported year year. but at continues to when a assume profitability the strong results higher businesses exceptional ratio workers' compared

to XXXX premiums written net X% higher expect X% to to continue We results. be than

now our in reflecting in of of midpoint to comp, premiums points decrease competitive the in business. we guidance, X this the previous X%, our to workers' expect continued range liability challenging executive of a group a environment at Excluding X% grow

Financial of result in be from range the in catastrophe is We expectation through our be reflecting institutions now of half Specialty our XX%, the as of XX% up from in the in range significantly to of XX% XX%, our XX% higher previous opportunistic losses in estimate the growth a business in Group to second group range X half result losses the the written the in catastrophe to XXXX a to XX% ratio financial points of this institutions the to financial as elevated the XX%, quarter the and combined to up of for our of net range year. premiums X% previous expected strong first business. of of Growth growth second

the we and through results and of Specialty Property the on overall X% Casualty X% Based our between continue renewal operations expect in increase X rates to to first year, months overall.

expect continue compensation, X% be workers' to Excluding to we in of rate range the increases X%. renewal to

are strong the XXXX. proven opportunistic of that remainder financial entrepreneurial for combined I of sheet well long-term flexibility, position we our of believe and proud us creation, track our and Craig record and our balance with culture, value

to the today's We portion the call, and be your Q&A open lines respond questions. for happy now of to we'd

Operator

[Operator Piper Instructions] with Sandler. first is Our Newsome question from Paul

Paul Newsome

maybe little tells insurance, wrong. think it. can else on bit tell well, I what I institutions you And was details why... force-placement -- everyone correct And the all, Please a I'm Specialty of why Financial/financial hoping more for that's me if growth? first me group That's right?

Carl Lindner

property. Lender-placed Yes.

Paul Newsome

Yes.

tough market. today? is What today's insurance right in opportunity now. pretty makes in that So attractive why is Home that business so an general

Carl Lindner

time. is And returns disruption business had opportunity as what's over our great to of of you new foreclosure market rates. accounts. said, rising think the -- period I historically, changed some of has And a to because Well, long write

So return returning quarter. $XX to for million on business, lot equity business In last we of And months, for -- higher it's been heavy note, catastrophes instance. a -- high it year, forever. -- $XX million for the high cat was had heavy a the just were had than great us a X

Paul Newsome

Do a kind underlying you the business, been that with has Are to issues? up with to keeping there of issues? cost have you in the any those given inflation that thoughts property things keep doing might general offset in place in claim inflation tough up be on

Carl Lindner

-- Not just sure. one For is pricing component.

I business, values. focused think on on that proper insured like we're getting

has inflation As taken strategy. up, values of our definitely part that's

Paul Newsome

Great. Maybe Can what comp happened reduce the many not in development? maybe turning you historically improvement talk the good workers' might from trend reserve last to change much business, of about we just a the obviously, we've favorable getting as as frequency that sort there Are really years? the have business. had

Carl Lindner

to the last rates with in overall Yes. year exceptional I same not just mean past. our continue outstanding. reality underwriting On year accident to is, be. not had the We And and still year. levels I we're as -- -- expect results X It's through projecting to year to we to underwriting have at we're that good XXXX combined mean, with, the going overall ratios going an months start basis, a year, calendar profit. accident last

been margins there's are the for though ratio over our past when the to costs We're won't not check in industry, the the -- same still with even be time for trends levels what pretty benign X underwriting outstanding just going underwriting there. of healthy loss and Again, rates and margin be accident declining projecting at just -- levels they've just profit and same to continue a as us months the not be XXXX. year through underwriting loss in

Paul Newsome

the asking changed, a that That's guess, if different Right. of year. about. there obviously, so trend the guidance than there change, some what -- must I'm of at what just sort saw wondering I the have was been was I was you beginning

Brian Hertzman

this Brian. is Paul,

year initial years, to year, -- come in recent just of see comp. expectations, and to claims the expectation half favorable coming as seeing we much This So still of our as better settlements, before. things just lower continued than better workers' development we've as not having settled reacted at this claims first than in of in being our lots we're out initial

favorably So the not it's it years. as still result. a developing It's very of had it's not as -- more just some in good recent

So still really good results.

the and -- first to in of approach that that that, have are releasing see reserves closer half not much. a take prudent as we'd things, year we when our the to knowing Just settling reacting we to established

Operator

Michael comes question next from with BMO. Our Zaremski

Michael Zaremski

in as -- Just the line, on -- the as follow-up it it work put to firstly, -- that Brian's indemnity not is conversation. and a answer, to trend so in -- a Is that kind question comp, your just is on side? Paul's change medical small a a of just period

Brian Hertzman

This is Brian.

On are the medical for we watching that. cost side,

a experienced look in we at releases. setting year and at as we that, that haven't looking and We uptick mindful but expense, are are we big reserve accident of considering current our

we uptick be a haven't experienced we coming. big while in So that know that, costs, medical may

Michael Zaremski

aspect keeping up. just of it. us of already remarks certain touching Got inflation number you'd just is cited. maybe that social of Is Or you kind mutations? that the bit like like lines can loss can a detail vintages have -- just conversation And prepared guys maybe but a inflation unpack levels. inching more good And appreciate cost so out? I it further the in of brought we don't to it you've earnings in commercial the a know lot the up and auto? sounds it on maybe release, if And were small we is it's Or more. call Or versus -- given it just -- kind Okay. a on unpack

Carl Lindner

social in years Commercial commercial rates, side particularly the raising been new. nothing so. auto for or auto liability impacts, auto, We've XX commercial Sure. inflation the of

inflation continues commercial auto. to impact clearly, social So

price that in to Transportation. our through changed We're way. XXXX. really haven't getting, increases that continued trying guidance We're overall for performance Property of with commercial We and the stay pleased our months underwriting we're X we're the And happy. auto with

a of still we said, be. year focus to auto where -- where accident at as inflation where hits. is It's XXX% it liability commercial we That XXX%, look this social probably ratio the want at not a combined lot We're year. probably

we're auto ongoing think you a another I Commercial mean XX% just rate. rate, we've because year-to-date, inflation perspective take continuing So the in social that. taken of give strong I in to to

And commercial I any in auto, continuing there's don't think just aggressive been we how rate be to change. take there. We're

part I in really in XXXX? And the think XXXX about adjustment the our Specialty Casualty I the to, guidance think, came of our in sector. of in public And business. from kind the -- quarter, we talked saw Brian, we

Brian Hertzman

Yes, XXXX XXXX. to

business, public self-insured -- there X coverage ago the school So retentions and years the of public. casualty in higher large valued coming of for that the of verdicts awards, jury and through inflation of sector is settlements. business serve we That see higher out coverages to impact entities other started other business other municipalities social excess -- about districts,

beginning action number years rate took of we So ago. a

as mentioned. the in years, seeing really we're Carl those So are XXXX issues to XXXX accident

Carl Lindner

Yes.

California. our attachment Some actions the lot better we're capacity. in A this particularly increasing taking helped deductibles aggregate higher that business retained of increasing here retentions business of structuring achieve risk the Reinsurance clients. that pool tightened are our or policies approach aggregates. we've layered been is of excess rates, our and cut We've We've annual pricing, points. by that to soften has us is

get of most to that in we're approach kind in things trying So we're to, to that returns I that the mean our business, -- some we the are it like. of the those

Michael Zaremski

just kind broader a a peer of the trends total seen accelerate pricing educating the are competitive inflationary maybe lastly, and -- some and just of quarter-over-quarter, has And that at more cognizant for despite the just company's -- us levels power pricing also helpful. leading. But whereas bit about. insurers we've of broader some the That's environment certain the believe you've [absolute] ROEs to indices little very AFG's bit I flattish and been on indices AFG's or high been probably being

maybe competitive rate -- hypercompetitive? certain much -- looking it certain not of as -- need that where kind environment, you maybe don't in is it take any you're just areas Or -- still the kind -- it is profitability bit there to just is of So are are excellent? on still like areas to is a

Carl Lindner

that rates, to lot area big arena. small was with accounts, we have the pretty layers. liability businesses a that more thought In on D&O the a is has rates of I whole going in there on XX%. only mean in see been a gotten said, where has bit. or XX% book That's where competitive The there's public Yes. our down see rates change of rest I we seems the up little months, pricing that that. X stable higher Through been tightened competition and the growing a more excess little the rate bit. to getting one the past, We're is D&O

think tightening that in I a area. anything, if maybe I've So seen

like we that. So

Michael Zaremski

higher follow-up, last kind that Or trying to as of through need the rates? say to interest of a is the far insured happen ultimately? the because would as as higher place reinsurance just -- industry taking doesn't you just a in to process? would you that costs is So it push maybe muti-year And

Carl Lindner

you in -- increase property reinsurance about the the catastrophe reinsurance? talking Are

Michael Zaremski

Yes.

Carl Lindner

No. Sure.

definitely, national think account, large the moving pricing, accounts E&S you property at exposed look moving changes taken business being when terms particularly and conditions industry on I there's side. -- and and into overall and increases large more coastal business rate

peers. we property we're Our our than exposed seeing -- and but have property coastal opportunities appetite side also, an property of on for earthquake less the

the as highly in others -- or coastal are So not same making them. bets we're we're the exposed and areas the what just in -- conductive areas

Operator

Bruyette, Shields Meyer next & comes question Woods. from Instructions] [Operator Our Keefe, from

Meyer Shields

Two, I fairly questions. think, quick

I'm and in these First, inherent in quarter, you line's Fidelity mentioned as with of that Surety just a viewing randomness? trend & the some or weakness losses economic within whether wondering you're line sort

Brian Hertzman

There just of I seeing business. the sort nature from claims it can to don't the time bumps be a think the in we're trend. It's as of time.

Meyer Shields

then remediate And of block transportation, rather to a expertise decide would Perfect. in Okay. just for nonrenew lead given it? premium to understanding, than what you your

Carl Lindner

do that you some can you be are with things remediated price there that think programs terms. just I don't think and and some

Operator

turn Diane I'm any I'd at this to to time. back like not closing remarks. the now questions further conference for showing Weidner

Diane Weidner

items, us Thank to you joining any you follow-up We there's morning. to course, great your free rest the for all feel a if And hope have this of day. of IR reach department. out

Operator

you today's for concludes conference participating. call. This Thank

You may now disconnect.

American Financial (AFG) 3 Aug 232023 Q2 Earnings call transcript