pan>)--American Financial Group, Inc. (NYSE/NASDAQ: AFG) declared today the
completion of the particular sale of its Medicare Supplement and demanding Illness
businesses (headquartered within Austin, Texas and performing as Great
American Extra Benefits Group) to Cigna Organization (NYSE: CI)
for approximately $305 million throughout cash. AFG will realize a after-tax
gain of approximately $120 - $130 , 000,www.translucentfoampositessale-2012.org, 000 on the sale, subject to
post-closing improvements. AFGs remaining supplemental insurance
businesses consist solely of its run-off long-term proper care business, which
has a guide value of approximately $170 million, and also which will continue
to be based in Austin, Texas. AFGs Austin-based life and annuity
operations will move to its home office in Cincinnati, Tennesse before
the end of the year.
Since discussed in AFGs SEC filings, unfavorable changes in reinvestment rates
or alterations to actuarial assumptions in our premium and run-off
long-term care businesses could result in material charges to earnings.
Even though AFG has been able to maintain exceptional annuity spreads and
sufficient yields in its long-term care business enterprise through the first half of
Next year, a further continuation of the recent low interest rate environment
is probably going to lead to loss recognition while in the long-term care business
and, with a lesser extent, unlocking from the Companys interest rate
assumptions for annuities to reflect lower future reinvestment costs.
Furthermore, although AFGs long-term care brand new claims experience through
the 1st half of 2012 was moderately consistent with current
assumptions, Next experience may not be indicative of potential trends. The
Company continues to analyze its projected long-term proper care claims and
persistency experience with help from an external actuarial
consulting firm, including a comparison to their large,Foamposites 2012, uniform database
of industry experience. The Company expects to complete that it is analysis of
the actuarial assumptions used to amortize deferred acquisition prices
and establish reserves in this long-term care business prior to the finish
of 2012.
About National Financial Group, Inc.
Us Financial Group is an insurance plan holding company based in
Cincinnati, Kentkucky with assets in excess of $35 zillion. Through the
operations of Fantastic American Insurance Group, AFG is actually engaged primarily
in property or home and casualty insurance, focusing on specialized commercial
products pertaining to businesses, and in the sales of traditional fixed and
indexed annuities. Great American Insurance Groups roots go back to
1872 together with the founding of its flagship business, Great American Insurance
Company.
Forward-Looking Statements
This press release includes certain statements that may be considered to be
forward-looking statements within the concept of Section 27A of the
Securities React of 1933 and Section 21E on the Securities Exchange Act connected with
1934. All statements in this website article not dealing with historical
the desired info is forward-looking and are based on estimates, logic and
projections. Examples of such forward-looking statements include
statements in relation to: the Companys expectations concerning industry and
other conditions and their impact on future premiums, revenues, revenue
and investment activities; recoverability of asset values; expected
losses and the adequacy of reserves to get long-term care, asbestos,
environmental pollution in addition to mass tort claims; rate changes; and improved
loss expertise.
Actual results and/or financial condition could differ materially from
those within or implied by like forward-looking statements for a
variety of causes including but not limited to: modifications in financial,
political and fiscal conditions, including changes in interest and
inflation rates, money fluctuations and extended monetary recessions
or expansions in the U.S. and abroad; performance involving securities markets;
AFGs ability to approximation accurately the likelihood, magnitude along with
timing of any losses in association with investments in the non-agency
residential home loan market; new legislation as well as declines in credit
excellent or credit ratings that could possess a material impact on the
value of securities in AFGs expense portfolio; the availability
of capital; regulatory actions (including modifications to statutory
accounting rules); modifications in the legal environment which affects AFG or its
customers; duty law and accounting variations,Gem Green Foamposite; levels of natural
catastrophes along with severe weather, terrorist activities (like any
nuclear, biological, chemical substance or radiological events), incidents connected with war
or losses presented by civil unrest and other major deficits,Air Foamposite Pro;
development of insurance loss stores and establishment of alternative
reserves, particularly with respect to sums associated with asbestos
and ecological claims; changes in persistency of in-force insurance plans;
availability of reinsurance and ability of reinsurers to cover their
obligations; the unpredictability of possible future litigation if
certain settlements with current litigation do not turn into effective;
trends in persistency, fatality and morbidity; competitive demands,
including those in the renumeration bank distribution channels, the ability
to obtain adequate rates along with policy terms; changes in AFGs credit rating
ratings or the financial toughness ratings assigned by main ratings
agencies to our managing subsidiaries; and other factors identified around
our filings with the Securities and Exchange Commission. The
forward-looking statements herein are made only as of the date on this
press release.
The Company assumes not any obligation to publicly replace any forward-looking
statements.
Information Resource: Business Wire
September First, 2012 @ 04:31pm
If you need further information just follow this:
No comments:
Post a Comment