Property and casualty insurer American Financial Group Inc. (AFG) Monday reported a surge in third-quarter net income to $226 million or $2.39 per share from $97 million or $0.95 per share a year ago.
Results for the 2012 quarter included a gain of $101 million from the sale of a subsidiary and $55 million of realized gain on securities.
Excluding one-time gains and losses, core net operating earnings for the quarter were $78 million or $0.82 per share, compared with $92 million or $0.91 per share last year.
On average, six analysts polled by Thomson Reuters expected earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude special items.
Property and Casualty insurance premiums for the quarter rose to $848 million from $835 million in the prior year. Analysts estimated revenues of $766.40 million.
Life, accident & health premiums slid to $80 million from $107 million a year ago.
Book value per share, excluding appropriated retained earnings and unrealized gains (losses) on fixed maturities, increased by $1.98 to $42.72 per share during the quarter.
During the quarter, the company epurchased 4.3 million shares of common stock at an average price per share of $37.64. It expects to repurchase about $450 million of its common stock in 2012.
Moving forward to the full year 2012, the company raised its core net operating earnings guidance to $3.10 - $3.50 per share, up from the $3.00 - $3.40 estimated previously.
Analysts currently estimate earnings of $3.21 per share for the full year 2012.
The company said the outlook excludes losses from Hurricane Sandy that exceed its normal projected catastrophe load in the fourth quarter.
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