Insurer American Financial Group Inc. (AFG) Friday revealed a favorable court verdict regarding a tax case with the IRS.
The company has been involved in litigation with the IRS regarding the calculation of tax reserves for certain annuity reserves pursuant to Actuarial Guideline 33.
In an unanimous decision today, the the Sixth Circuit Court of Appeals in Cincinnati affirmed the Summary Judgment of the District Court in favor of American Financial.
As a result, unless the IRS determines to seek a discretionary appeal of this decision within 90 days, the decision will become final, and the company said it will record non-core after tax earnings of about $27 million, or $.28 per share.
The company continues to hold discussions with the IRS involving subsequent tax years.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.