Investor Supplement

EX-99.2 3 d27190dex992.htm INVESTOR SUPPLEMENT Investor Supplement

Exhibit 99.2


		American Financial Group, Inc.
		Investor Supplement - Second Quarter 2015
		August 4, 2015
		American Financial Group, Inc.
		Corporate Headquarters
		Great American Insurance Group Tower
		301 E Fourth Street
		Cincinnati, OH 45202
		513 579 6739

American Financial Group, Inc.

Table of Contents - Investor Supplement - Second Quarter 2015


Section	Page
Table of Contents - Investor Supplement - Second Quarter 2015		2
Financial Highlights		3
Summary of Earnings		4
Earnings Per Share Summary		5

Property and Casualty Insurance Segment
Property and Casualty Insurance - Summary Underwriting Results (GAAP)		6
Specialty - Underwriting Results (GAAP)		7
Property and Transportation - Underwriting Results (GAAP)		8
Specialty Casualty - Underwriting Results (GAAP)		9
Specialty Financial - Underwriting Results (GAAP)		10
Other Specialty - Underwriting Results (GAAP)		11

Annuity Segment
Annuity Earnings (GAAP)		12
Detail of Annuity Benefits Expense (GAAP)		13
Net Spread on Fixed Annuities (GAAP)		14
Annuity Premiums (Statutory)		15
Fixed Annuity Benefits Accumulated (GAAP)		16

Consolidated Balance Sheet / Book Value / Debt
Consolidated Balance Sheet		17
Book Value Per Share and Price / Book Summary		18
Capitalization		19
Additional Supplemental Information		20

Consolidated Investment Supplement
Total Cash and Investments and Quarterly Net Investment Income		21
Fixed Maturities - By Security Type - AFG Consolidated		22
Fixed Maturities - By Security Type Portfolio		23
Fixed Maturities - Credit Rating and NAIC Designation		24
Mortgage-Backed Securities - AFG Consolidated		25
Mortgage-Backed Securities Portfolio		26
Mortgage-Backed Securities - Credit Rating and NAIC Designation		27

American Financial Group, Inc.

Financial Highlights

(in millions, except per share information)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Highlights
Core net operating earnings	$	115		$	112		$	122		$	127		$	99		$	227		$	190
Net earnings		141			19			127			116			106			160			209
Total assets		49,424			48,307			47,535			46,552			45,355			49,424			45,355
Adjusted shareholders’ equity (a)		4,345			4,267			4,277			4,300			4,298			4,345			4,298
Property and Casualty net written premiums		1,026			926			1,025			1,242			998			1,952			1,753
Annuity statutory premiums		899			813			971			809			949			1,712			1,916
Per share data
Core net operating earnings per share	$	1.28		$	1.25		$	1.35		$	1.40		$	1.07		$	2.54		$	2.07
Diluted earnings per share		1.57			0.21			1.41			1.28			1.15			1.79			2.28
Adjusted book value per share (a)		49.63			48.55			48.76			48.59			47.95			49.63			47.95
Cash dividends per common share		0.250			0.250			1.250			0.220			0.220			0.500			0.440
Financial ratios
Annualized core operating return on equity (b)		10.9	%		10.8	%		11.7	%		12.3	%		9.6	%		10.9	%		9.3	%
Annualized return on equity (b)		13.4	%		1.8	%		12.1	%		11.1	%		10.3	%		7.6	%		10.3	%
Property and Casualty combined ratio - Specialty:
Loss & LAE ratio		61.0	%		60.8	%		64.0	%		67.1	%		64.6	%		60.9	%		61.1	%
Underwriting expense ratio		33.9	%		32.8	%		28.6	%		26.7	%		32.3	%		33.3	%		33.6	%

Combined ratio - Specialty		94.9	%		93.6	%		92.6	%		93.8	%		96.9	%		94.2	%		94.7	%

Net spread on fixed annuities:
Net interest spread		2.77	%		2.67	%		2.64	%		2.77	%		2.92	%		2.72	%		2.87	%
Net spread earned:
Before impact of fair value accounting		1.21	%		1.49	%		1.54	%		1.50	%		1.64	%		1.35	%		1.61	%
Impact of fair value accounting (c)		0.18	%		(0.28	%)		(0.14	%)		(0.02	%)		(0.18	%)		(0.05	%)		(0.23	%)

After impact of fair value accounting		1.39	%		1.21	%		1.40	%		1.48	%		1.46	%		1.30	%		1.38	%

(a)	Excludes appropriated retained earnings and unrealized gains related to fixed maturity investments.

(b)	Excludes appropriated retained earnings and accumulated other comprehensive income.

(c)	Change in fair value of derivatives offset by the estimated related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs.

American Financial Group, Inc.

Summary of Earnings

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Property and Casualty Insurance
Underwriting profit	$	50		$	60		$	79		$	70		$	29		$	110		$	87
Net investment income		83			79			75			76			76			162			143
Other expense		(12	)		(10	)		(13	)		(16	)		(8	)		(22	)		(25	)

Property and Casualty Insurance operating earnings		121			129			141			130			97			250			205
Annuity earnings		88			75			85			86			84			163			157
Run-off Long-Term Care and Life (losses)/earnings		4			4			(7	)		1			(2	)		8			(4	)
Interest expense of parent holding companies		(19	)		(19	)		(19	)		(17	)		(16	)		(38	)		(33	)
Other expense		(20	)		(22	)		(16	)		(13	)		(21	)		(42	)		(45	)

Pre-tax core operating earnings		174			167			184			187			142			341			280
Income tax expense		59			55			62			60			43			114			90

Core net operating earnings		115			112			122			127			99			227			190
Non-core items, net of tax:
Realized gains on securities		—			12			5			8			7			12			19
Realized gain on sale of hotel property		26			—			—			—			—			26			—
Loss on sale of subsidiaries		—			(105	)		—			—			—			(105	)		—
Significant A&E charges:
Property and Casualty Insurance run-off operations		—			—			—			(15	)		—			—			—
Former Railroad and Manufacturing operations		—			—			—			(4	)		—			—			—

Net earnings	$	141		$	19		$	127		$	116		$	106		$	160		$	209

American Financial Group, Inc.

Earnings Per Share Summary

(in millions, except per share information)


	Three Months Ended												Six Months Ended
	06/30/15		03/31/15			12/31/14		09/30/14			06/30/14		06/30/15			06/30/14
Core net operating earnings	$	115	$	112		$	122	$	127		$	99	$	227		$	190

Net earnings	$	141	$	19		$	127	$	116		$	106	$	160		$	209

Average number of diluted shares		89.503		89.377			89.772		90.873			91.593		89.440			91.607
Diluted earnings per share:
Core net operating earnings per share	$	1.28	$	1.25		$	1.35	$	1.40		$	1.07	$	2.54		$	2.07
Realized gains on securities		—		0.14			0.06		0.09			0.08		0.14			0.21
Realized gain on sale of hotel property		0.29		—			—		—			—		0.29			—
Loss on sale of subsidiaries		—		(1.18	)		—		—			—		(1.18	)		—
Significant A&E charges:
Property and Casualty Insurance run-off operations		—		—			—		(0.17	)		—		—			—
Former Railroad and Manufacturing operations		—		—			—		(0.04	)		—		—			—

Diluted earnings per share	$	1.57	$	0.21		$	1.41	$	1.28		$	1.15	$	1.79		$	2.28

American Financial Group, Inc.

Property and Casualty Insurance - Summary Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Property and Transportation	$	(13	)	$	7		$	22		$	11		$	(18	)	$	(6	)	$	(12	)
Specialty Casualty		37			28			36			32			30			65			68
Specialty Financial		24			22			18			21			15			46			25
Other Specialty		3			3			3			6			2			6			7

Underwriting profit - Specialty		51			60			79			70			29			111			88
Other core charges, included in loss and LAE		1			—			—			—			—			1			1

Underwriting profit - Core		50			60			79			70			29			110			87
Special A&E charges, included in loss and LAE		—			—			—			(24	)		—			—			—

Underwriting profit - Property and Casualty Insurance	$	50		$	60		$	79		$	46		$	29		$	110		$	87

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		10			6			3			3			10			16			22

Total current accident year catastrophe losses	$	10		$	6		$	3		$	3		$	10		$	16		$	22

Prior year loss reserve development (favorable) / adverse	$	(10	)	$	(7	)	$	10		$	13		$	14		$	(17	)	$	(17	)

Combined ratio:
Property and Transportation		104.0	%		97.7	%		94.6	%		97.8	%		105.5	%		101.0	%		102.0	%
Specialty Casualty		92.7	%		94.2	%		92.9	%		93.3	%		93.6	%		93.4	%		91.2	%
Specialty Financial		81.0	%		81.7	%		85.6	%		81.6	%		87.6	%		81.4	%		89.3	%
Other Specialty		88.0	%		89.3	%		86.9	%		78.0	%		89.0	%		88.6	%		84.6	%
Combined ratio - Specialty		94.9	%		93.6	%		92.6	%		93.8	%		96.9	%		94.2	%		94.7	%
Other core charges		0.0	%		0.1	%		0.0	%		0.1	%		0.0	%		0.0	%		0.0	%
Special A&E charges		0.0	%		0.0	%		0.0	%		2.1	%		0.0	%		0.0	%		0.1	%

Combined ratio		94.9	%		93.7	%		92.6	%		96.0	%		96.9	%		94.2	%		94.8	%

Combined ratio excl. catastrophe and prior year development		95.0	%		93.8	%		91.4	%		94.5	%		94.4	%		94.4	%		94.5	%

Loss and LAE components - property and casualty insurance
Current accident year, excluding catastrophe loss		61.1	%		61.0	%		62.8	%		67.8	%		62.1	%		61.1	%		60.9	%
Prior accident year loss reserve development		(1.1	%)		(0.7	%)		1.0	%		1.2	%		1.4	%		(1.0	%)		(1.0	%)
Current accident year catastrophe loss		1.0	%		0.6	%		0.2	%		0.3	%		1.1	%		0.8	%		1.3	%

Loss and LAE ratio		61.0	%		60.9	%		64.0	%		69.3	%		64.6	%		60.9	%		61.2	%

American Financial Group, Inc.

Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Gross written premiums	$	1,318		$	1,196		$	1,303		$	1,859		$	1,291		$	2,514		$	2,315
Ceded reinsurance premiums		(292	)		(270	)		(278	)		(617	)		(293	)		(562	)		(562	)

Net written premiums		1,026			926			1,025			1,242			998			1,952			1,753
Change in unearned premiums		(41	)		20			36			(110	)		(67	)		(21	)		(68	)

Net earned premiums		985			946			1,061			1,132			931			1,931			1,685
Loss and LAE		600			576			679			760			602			1,176			1,030
Underwriting expense		334			310			303			302			300			644			567

Underwriting profit	$	51		$	60		$	79		$	70		$	29		$	111		$	88

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		10			6			3			3			10			16			22

Total current accident year catastrophe losses	$	10		$	6		$	3		$	3		$	10		$	16		$	22

Prior year loss reserve development (favorable) / adverse	$	(11	)	$	(7	)	$	10		$	(11	)	$	14		$	(18	)	$	(18	)

Combined ratio:
Loss and LAE ratio		61.0	%		60.8	%		64.0	%		67.1	%		64.6	%		60.9	%		61.1	%
Underwriting expense ratio		33.9	%		32.8	%		28.6	%		26.7	%		32.3	%		33.3	%		33.6	%

Combined ratio		94.9	%		93.6	%		92.6	%		93.8	%		96.9	%		94.2	%		94.7	%

Combined ratio excl. catastrophe and prior year development		95.0	%		93.8	%		91.4	%		94.5	%		94.4	%		94.4	%		94.5	%

Loss and LAE components:
Current accident year, excluding catastrophe loss		61.1	%		61.0	%		62.8	%		67.8	%		62.1	%		61.1	%		60.9	%
Prior accident year loss reserve development		(1.1	%)		(0.8	%)		1.0	%		(1.0	%)		1.4	%		(1.0	%)		(1.1	%)
Current accident year catastrophe loss		1.0	%		0.6	%		0.2	%		0.3	%		1.1	%		0.8	%		1.3	%

Loss and LAE ratio		61.0	%		60.8	%		64.0	%		67.1	%		64.6	%		60.9	%		61.1	%

American Financial Group, Inc.

Property and Transportation - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Gross written premiums	$	500		$	376		$	482		$	995		$	489		$	876		$	865
Ceded reinsurance premiums		(138	)		(88	)		(109	)		(439	)		(136	)		(226	)		(228	)

Net written premiums		362			288			373			556			353			650			637
Change in unearned premiums		(35	)		25			42			(52	)		(29	)		(10	)		(12	)

Net earned premiums		327			313			415			504			324			640			625
Loss and LAE		240			211			299			407			248			451			449
Underwriting expense		100			95			94			86			94			195			188

Underwriting profit (loss)	$	(13	)	$	7		$	22		$	11		$	(18	)	$	(6	)	$	(12	)

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		7			4			2			1			8			11			17

Total current accident year catastrophe losses	$	7		$	4		$	2		$	1		$	8		$	11		$	17

Prior year loss reserve development (favorable) / adverse	$	6		$	3		$	3		$	(5	)	$	22		$	9		$	18

Combined ratio:
Loss and LAE ratio		73.2	%		67.5	%		72.2	%		80.7	%		76.4	%		70.5	%		71.9	%
Underwriting expense ratio		30.8	%		30.2	%		22.4	%		17.1	%		29.1	%		30.5	%		30.1	%

Combined ratio		104.0	%		97.7	%		94.6	%		97.8	%		105.5	%		101.0	%		102.0	%

Combined ratio excl. catastrophe and prior year development		100.2	%		95.4	%		93.7	%		98.5	%		96.2	%		97.9	%		96.4	%

Loss and LAE components:
Current accident year, excluding catastrophe loss		69.4	%		65.2	%		71.3	%		81.4	%		67.1	%		67.4	%		66.3	%
Prior accident year loss reserve development		1.7	%		1.1	%		0.6	%		(0.9	%)		6.6	%		1.4	%		2.9	%
Current accident year catastrophe loss		2.1	%		1.2	%		0.3	%		0.2	%		2.7	%		1.7	%		2.7	%

Loss and LAE ratio		73.2	%		67.5	%		72.2	%		80.7	%		76.4	%		70.5	%		71.9	%

American Financial Group, Inc.

Specialty Casualty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Gross written premiums	$	661		$	683		$	660		$	707		$	655		$	1,344		$	1,162
Ceded reinsurance premiums		(158	)		(182	)		(162	)		(171	)		(156	)		(340	)		(332	)

Net written premiums		503			501			498			536			499			1,004			830
Change in unearned premiums		—			(11	)		1			(50	)		(32	)		(11	)		(50	)

Net earned premiums		503			490			499			486			467			993			780
Loss and LAE		311			316			325			310			300			627			472
Underwriting expense		155			146			138			144			137			301			240

Underwriting profit	$	37		$	28		$	36		$	32		$	30		$	65		$	68

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		1			1			1			1			1			2			2

Total current accident year catastrophe losses	$	1		$	1		$	1		$	1		$	1		$	2		$	2

Prior year loss reserve development (favorable) / adverse	$	(7	)	$	—		$	14		$	7		$	(4	)	$	(7	)	$	(28	)

Combined ratio:
Loss and LAE ratio		61.9	%		64.4	%		65.1	%		63.7	%		64.3	%		63.1	%		60.5	%
Underwriting expense ratio		30.8	%		29.8	%		27.8	%		29.6	%		29.3	%		30.3	%		30.7	%

Combined ratio		92.7	%		94.2	%		92.9	%		93.3	%		93.6	%		93.4	%		91.2	%

Combined ratio excl. catastrophe and prior year development		94.0	%		93.9	%		89.9	%		91.6	%		94.3	%		94.0	%		94.6	%

Loss and LAE components:
Current accident year, excluding catastrophe loss		63.2	%		64.1	%		62.1	%		62.0	%		65.0	%		63.7	%		63.9	%
Prior accident year loss reserve development		(1.4	%)		0.0	%		2.9	%		1.3	%		(0.8	%)		(0.8	%)		(3.6	%)
Current accident year catastrophe loss		0.1	%		0.3	%		0.1	%		0.4	%		0.1	%		0.2	%		0.2	%

Loss and LAE ratio		61.9	%		64.4	%		65.1	%		63.7	%		64.3	%		63.1	%		60.5	%

American Financial Group, Inc.

Specialty Financial - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Gross written premiums	$	157		$	137		$	160		$	157		$	147		$	294		$	288
Ceded reinsurance premiums		(21	)		(22	)		(29	)		(36	)		(27	)		(43	)		(52	)

Net written premiums		136			115			131			121			120			251			236
Change in unearned premiums		(7	)		5			(10	)		(6	)		(4	)		(2	)		(3	)

Net earned premiums		129			120			121			115			116			249			233
Loss and LAE		36			36			42			32			40			72			85
Underwriting expense		69			62			61			62			61			131			123

Underwriting profit	$	24		$	22		$	18		$	21		$	15		$	46		$	25

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		2			1			—			—			1			3			3

Total current accident year catastrophe losses	$	2		$	1		$	—		$	—		$	1		$	3		$	3

Prior year loss reserve development (favorable) / adverse	$	(8	)	$	(9	)	$	(4	)	$	(10	)	$	(2	)	$	(17	)	$	(3	)

Combined ratio:
Loss and LAE ratio		27.7	%		30.4	%		34.5	%		27.7	%		35.3	%		29.0	%		36.6	%
Underwriting expense ratio		53.3	%		51.3	%		51.1	%		53.9	%		52.3	%		52.4	%		52.7	%

Combined ratio		81.0	%		81.7	%		85.6	%		81.6	%		87.6	%		81.4	%		89.3	%

Combined ratio excl. catastrophe and prior year development		85.2	%		88.5	%		88.8	%		90.3	%		88.6	%		86.8	%		89.4	%

Loss and LAE components:
Current accident year, excluding catastrophe loss		31.9	%		37.2	%		37.7	%		36.4	%		36.3	%		34.4	%		36.7	%
Prior accident year loss reserve development		(6.2	%)		(7.3	%)		(3.3	%)		(9.0	%)		(1.8	%)		(6.7	%)		(1.2	%)
Current accident year catastrophe loss		2.0	%		0.5	%		0.1	%		0.3	%		0.8	%		1.3	%		1.1	%

Loss and LAE ratio		27.7	%		30.4	%		34.5	%		27.7	%		35.3	%		29.0	%		36.6	%

American Financial Group, Inc.

Other Specialty - Underwriting Results (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Gross written premiums	$	—		$	—		$	1		$	—		$	—		$	—		$	—
Ceded reinsurance premiums		25			22			22			29			26			47			50

Net written premiums		25			22			23			29			26			47			50
Change in unearned premiums		1			1			3			(2	)		(2	)		2			(3	)

Net earned premiums		26			23			26			27			24			49			47
Loss and LAE		13			13			13			11			14			26			24
Underwriting expense		10			7			10			10			8			17			16

Underwriting profit	$	3		$	3		$	3		$	6		$	2		$	6		$	7

Included in results above:
Current accident year catastrophe losses:
Catastrophe reinstatement premium	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Catastrophe loss		—			—			—			1			—			—			—

Total current accident year catastrophe losses	$	—		$	—		$	—		$	1		$	—		$	—		$	—

Prior year loss reserve development (favorable) / adverse	$	(2	)	$	(1	)	$	(3	)	$	(3	)	$	(2	)	$	(3	)	$	(5	)

Combined ratio:
Loss and LAE ratio		52.4	%		54.4	%		49.6	%		43.4	%		53.2	%		53.4	%		49.6	%
Underwriting expense ratio		35.6	%		34.9	%		37.3	%		34.6	%		35.8	%		35.2	%		35.0	%

Combined ratio		88.0	%		89.3	%		86.9	%		78.0	%		89.0	%		88.6	%		84.6	%

Combined ratio excl. catastrophe and prior year development		93.2	%		96.6	%		97.4	%		85.6	%		97.1	%		94.8	%		94.4	%

American Financial Group, Inc.

Annuity Earnings (GAAP)

($ in millions)


	Three Months Ended														Six Months Ended
	06/30/15		03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Net investment income	$	306	$	292		$	285		$	287		$	289		$	598		$	564
Guaranteed withdrawal benefit fees		10		10			9			9			8			20			16
Policy charges and other miscellaneous income		12		14			12			11			11			26			21

Total revenues		328		316			306			307			308			644			601
Annuity benefits expense		151		184			157			157			166			335			334
Acquisition expenses		60		34			47			41			37			94			68
Other expenses		29		23			17			23			21			52			42

Total costs and expenses		240		241			221			221			224			481			444

Core Annuity earnings before income taxes	$	88	$	75		$	85		$	86		$	84		$	163		$	157

Detail of core Annuity earnings before income taxes
Core earnings before income taxes and impact of fair value accounting	$	77	$	92		$	93		$	87		$	94		$	169		$	182
Impact of fair value accounting (a)		11		(17	)		(8	)		(1	)		(10	)		(6	)		(25	)

Core Annuity earnings before income taxes	$	88	$	75		$	85		$	86		$	84		$	163		$	157

(a)	Change in fair value of derivatives offset by the estimated related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs.

American Financial Group, Inc.

Detail of Annuity Benefits Expense (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Detail of annuity benefits expense:
Interest credited - fixed	$	131		$	128		$	127		$	126		$	123		$	259		$	244
Interest credited - fixed component of variable annuities		2			1			1			2			2			3			3
Change in expected death and annuitization reserve		5			4			4			5			5			9			9
Amortization of sales inducements		7			7			6			7			6			14			13
Guaranteed withdrawal benefit reserve		16			12			11			12			10			28			18
Change in other benefit reserves		12			2			1			3			5			14			8
Unlockings (a)		—			—			(11	)		—			—			—			—

Subtotal before impact of fair value accounting		173			154			139			155			151			327			295
Embedded derivative mark-to-market (b)		(19	)		50			87			21			78			31			132
Equity option mark-to-market		(3	)		(20	)		(69	)		(19	)		(63	)		(23	)		(93	)

Subtotal impact of fair value accounting		(22	)		30			18			2			15			8			39

Total annuity benefits expense	$	151		$	184		$	157		$	157		$	166		$	335		$	334

(a)

Includes unlockings for fixed indexed annuity embedded derivative reserves, sales inducement asset and other reserves. Does not include unlocking charge of $10mm in the 4th quarter of 2014 for deferred policy acquisition costs and unearned revenue reserves. These unlockings are included in acquisition expenses. In total AFG recorded an unlocking expense reduction of $1mm in the 4th quarter of 2014.

(b)	Excludes unlocking impact of ($58) million in the 4th quarter of 2014.

American Financial Group, Inc.

Net Spread on Fixed Annuities (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Average fixed annuity investments (at amortized cost)	$	24,711		$	23,943		$	23,334		$	22,730		$	22,098		$	24,327		$	21,750
Average annuity benefits accumulated		24,474			23,752			23,104			22,475			21,829			24,113			21,448

Investments in excess of annuity benefits accumulated	$	237		$	191		$	230		$	255		$	269		$	214		$	302

As % of average annuity benefits accumulated (except as noted)
Net investment income (as % of investments)		4.91	%		4.83	%		4.85	%		5.01	%		5.18	%		4.87	%		5.14	%
Interest credited		(2.14	%)		(2.16	%)		(2.21	%)		(2.24	%)		(2.26	%)		(2.15	%)		(2.27	%)

Net interest spread on fixed annuities		2.77	%		2.67	%		2.64	%		2.77	%		2.92	%		2.72	%		2.87	%
Policy charges and other miscellaneous income		0.13	%		0.20	%		0.14	%		0.14	%		0.14	%		0.16	%		0.14	%
Other annuity benefit expenses, net		(0.49	%)		(0.25	%)		(0.20	%)		(0.33	%)		(0.33	%)		(0.37	%)		(0.29	%)
Acquisition expenses		(0.94	%)		(0.55	%)		(0.61	%)		(0.69	%)		(0.64	%)		(0.75	%)		(0.60	%)
Other expenses		(0.43	%)		(0.36	%)		(0.28	%)		(0.37	%)		(0.36	%)		(0.39	%)		(0.37	%)
Change in fair value of derivatives		0.35	%		(0.50	%)		(0.31	%)		(0.04	%)		(0.27	%)		(0.07	%)		(0.37	%)
Unlockings		0.00	%		0.00	%		0.02	%		0.00	%		0.00	%		0.00	%		0.00	%

Net spread earned on fixed annuities - core		1.39	%		1.21	%		1.40	%		1.48	%		1.46	%		1.30	%		1.38	%

Average annuity benefits accumulated	$	24,474		$	23,752		$	23,104		$	22,475		$	21,829		$	24,113		$	21,448
Net spread earned on fixed annuities		1.39	%		1.21	%		1.40	%		1.48	%		1.46	%		1.30	%		1.38	%

Earnings on fixed annuity benefits accumulated	$	85		$	72		$	81		$	83		$	80		$	157		$	148
Investments in excess of annuity benefits accumulated	$	237		$	191		$	230		$	255		$	269		$	214		$	302
Net investment income (as % of investments)		4.91	%		4.83	%		4.85	%		5.01	%		5.18	%		4.87	%		5.14	%

Earnings on investments in excess of annuity benefits accumulated	$	3		$	2		$	3		$	3		$	3		$	5		$	8
Variable annuity earnings		—			1			1			—			1			1			1

Earnings before income taxes - core	$	88		$	75		$	85		$	86		$	84		$	163		$	157

Detail of net spread earned on fixed annuities - core
Net spread earned core - before impact of fair value accounting		1.21	%		1.49	%		1.54	%		1.50	%		1.64	%		1.35	%		1.61	%
Impact of fair value accounting (a)		0.18	%		(0.28	%)		(0.14	%)		(0.02	%)		(0.18	%)		(0.05	%)		(0.23	%)

Net spread earned core - after impact of fair value accounting		1.39	%		1.21	%		1.40	%		1.48	%		1.46	%		1.30	%		1.38	%

(a)	Change in fair value of derivatives offset by the estimated related adjustments to amortization of deferred sales inducements and deferred policy acquisition costs.

American Financial Group

Annuity Premiums (Statutory)

($ in millions)


	Three Months Ended										Six months ended
	06/30/15		03/31/15		12/31/14		09/30/14		06/30/14		06/30/15		06/30/14
Retail single premium annuities - indexed	$	404	$	349	$	405	$	339	$	403	$	753	$	789
Retail single premium annuities - fixed		18		12		19		18		25		30		64
Financial institutions single premium annuities - indexed		369		356		426		333		364		725		730
Financial institutions single premium annuities - fixed		48		38		61		62		95		86		209
Education market - fixed and indexed annuities		49		47		49		46		49		96		99

Subtotal fixed annuity premiums		888		802		960		798		936		1,690		1,891
Variable annuities		11		11		11		11		13		22		25

Total annuity premiums	$	899	$	813	$	971	$	809	$	949	$	1,712	$	1,916

American Financial Group, Inc.

Fixed Annuity Benefits Accumulated (GAAP)

($ in millions)


	Three Months Ended															Six Months Ended
	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			06/30/15			06/30/14
Beginning fixed annuity reserves	$	24,042		$	23,462		$	22,745		$	22,205		$	21,453		$	23,462		$	20,679
Premiums		888			802			960			798			936			1,690			1,891
Federal Home Loan Bank advances		300			—			—			—			—			300			—
Surrenders, benefits and other withdrawals		(471	)		(420	)		(464	)		(426	)		(408	)		(891	)		(783	)
Interest and other annuity benefit expenses:
Interest credited		131			128			127			126			123			259			244
Embedded derivative mark-to-market		(19	)		50			87			21			78			31			132
Change in other benefit reserves		35			20			18			21			23			55			42
Unlockings		—			—			(11	)		—			—			—			—

Ending fixed annuity reserves	$	24,906		$	24,042		$	23,462		$	22,745		$	22,205		$	24,906		$	22,205

Reconciliation to annuity benefits accumulated:
Ending fixed annuity reserves	$	24,906		$	24,042		$	23,462		$	22,745		$	22,205		$	24,906		$	22,205
Impact of unrealized investment gains on reserves		107			179			111			107			117			107			117
Fixed component of variable annuities		190			190			191			192			194			190			194

Annuity benefits accumulated per balance sheet	$	25,203		$	24,411		$	23,764		$	23,044		$	22,516		$	25,203		$	22,516

Annualized surrenders and other withdrawals as a % of beginning reserves		7.8	%		7.2	%		8.2	%		7.7	%		7.6	%		7.6	%		7.6	%

American Financial Group, Inc.

Consolidated Balance Sheet

($ in millions)


	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			03/31/14
Assets:
Total cash and investments	$	37,644		$	37,384		$	36,210		$	35,151		$	34,843		$	32,727
Recoverables from reinsurers		3,075			3,046			3,238			3,134			3,107			2,969
Prepaid reinsurance premiums		499			475			469			587			489			438
Agents’ balances and premiums receivable		959			864			889			901			902			735
Deferred policy acquisition costs		965			756			821			858			806			890
Assets of managed investment entities		3,629			3,279			3,108			2,946			2,799			2,723
Other receivables		660			641			910			1,140			527			524
Variable annuity assets (separate accounts)		655			667			662			649			681			666
Other assets		1,137			994			1,027			985			1,001			913
Goodwill		201			201			201			201			200			185

Total assets	$	49,424		$	48,307		$	47,535		$	46,552		$	45,355		$	42,770

Liabilities and Equity:
Unpaid losses and loss adjustment expenses	$	7,744		$	7,636		$	7,872		$	7,645		$	7,370		$	6,134
Unearned premiums		2,004			1,936			1,956			2,114			1,911			1,788
Annuity benefits accumulated		25,203			24,411			23,764			23,044			22,516			21,744
Life, accident and health reserves		2,156			2,195			2,175			2,098			2,082			2,039
Payable to reinsurers		511			494			645			673			445			400
Liabilities of managed investment entities		3,309			2,952			2,819			2,625			2,499			2,413
Long-term debt		1,024			1,061			1,061			1,062			912			913
Variable annuity liabilities (separate accounts)		655			667			662			649			681			666
Other liabilities		1,834			1,855			1,527			1,564			1,781			1,700

Total liabilities	$	44,440		$	43,207		$	42,481		$	41,474		$	40,197		$	37,797
Shareholders’ equity:
Common stock	$	88		$	88		$	88		$	88		$	90		$	90
Capital surplus		1,183			1,173			1,152			1,150			1,152			1,138
Appropriated retained earnings		—			—			(2	)		2			31			49
Unappropriated retained earnings		2,968			2,886			2,914			2,946			2,913			2,842
Unrealized gains - fixed maturities		457			656			604			602			656			556
Unrealized gains - equities		130			143			139			124			149			129
Other comprehensive income, net of tax		(24	)		(23	)		(16	)		(8	)		(6	)		(8	)

Total shareholders’ equity		4,802			4,923			4,879			4,904			4,985			4,796
Noncontrolling interests		182			177			175			174			173			177

Total liabilities and equity	$	49,424		$	48,307		$	47,535		$	46,552		$	45,355		$	42,770

American Financial Group, Inc.

Book Value Per Share and Price / Book Summary

(in millions, except per share information)


	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			03/31/14
Shareholders’ equity	$	4,802		$	4,923		$	4,879		$	4,904		$	4,985		$	4,796
Appropriated retained earnings		—			—			2			(2	)		(31	)		(49	)

Shareholders’ equity, excluding appropriated retained earnings		4,802			4,923			4,881			4,902			4,954			4,747
Unrealized (gains) on fixed maturities		(457	)		(656	)		(604	)		(602	)		(656	)		(556	)

Adjusted shareholders’ equity		4,345			4,267			4,277			4,300			4,298			4,191
Goodwill		(201	)		(201	)		(201	)		(201	)		(200	)		(185	)
Intangibles		(53	)		(55	)		(57	)		(63	)		(66	)		(27	)

Tangible adjusted shareholders’ equity	$	4,091		$	4,011		$	4,019		$	4,036		$	4,032		$	3,979

Common shares outstanding		87.540			87.886			87.709			88.491			89.618			89.589
Book value per share:
Excluding appropriated retained earnings (a)	$	54.86		$	56.01		$	55.65		$	55.39		$	55.27		$	52.99
Adjusted (b)		49.63			48.55			48.76			48.59			47.95			46.79
Tangible, adjusted (c)		46.73			45.63			45.82			45.61			44.99			44.42
Market capitalization
AFG’s closing common share price	$	65.04		$	64.15		$	60.72		$	57.89		$	59.56		$	57.71
Market capitalization	$	5,694		$	5,638		$	5,326		$	5,123		$	5,338		$	5,170
Price / Adjusted book value ratio		1.31			1.32			1.25			1.19			1.24			1.23

(a)	Excludes appropriated retained earnings.

(b)	Excludes appropriated retained earnings and unrealized gains related to fixed maturity investments.

(c)	Excludes appropriated retained earnings, unrealized gains related to fixed maturity investments, goodwill and intangibles.

American Financial Group, Inc.

Capitalization

($ in millions)


	06/30/15			03/31/15			12/31/14			09/30/14			06/30/14			03/31/14
AFG senior obligations	$	840		$	840		$	840		$	840		$	840		$	840
Borrowings drawn under credit facility		—			—			—			—			—			—
Obligations of subsidiaries - other		12			12			12			12			12			12

Debt excluding subordinated debt & debt secured by real estate	$	852		$	852		$	852		$	852		$	852		$	852
AFG subordinated debentures		150			150			150			150			—			—
Obligations of subsidiaries - secured by real estate		22			59			59			60			60			61
Payable to subsidiary trusts - subordinated		—			—			—			—			—			—

Total Long-term debt	$	1,024		$	1,061		$	1,061		$	1,062		$	912		$	913
Shareholders’ equity		4,802			4,923			4,879			4,904			4,985			4,796
Noncontrolling interests		182			177			175			174			173			177
Less:
Appropriated retained earnings		—			—			2			(2	)		(31	)		(49	)
Unrealized gains related to fixed maturity investments		(457	)		(656	)		(604	)		(602	)		(656	)		(556	)

Total adjusted capital	$	5,551		$	5,505		$	5,513		$	5,536		$	5,383		$	5,281

Less:
Obligations of subsidiaries - secured by real estate		(22	)		(59	)		(59	)		(60	)		(60	)		(61	)

Total adjusted capital excluding obligations secured by real estate	$	5,529		$	5,446		$	5,454		$	5,476		$	5,323		$	5,220

Ratio of debt to total adjusted capital:
Including subordinated debt & debt secured by real estate		18.4	%		19.3	%		19.2	%		19.2	%		16.9	%		17.3	%
Excluding subordinated debt & debt secured by real estate		15.4	%		15.6	%		15.6	%		15.6	%		16.0	%		16.3	%

American Financial Group, Inc.

Additional Supplemental Information

($ in millions)


	Three Months Ended										Six months ended
	06/30/15		03/31/15		12/31/14		09/30/14		06/30/14		06/30/15		06/30/14
Property and Casualty Insurance
Paid Losses (GAAP)	$	526	$	617	$	562	$	528	$	530	$	1,143	$	1,040

	06/30/15		03/31/15		12/31/14		09/30/14		06/30/14		03/31/14
Statutory Surplus
Property and Casualty Insurance	$	2,399	$	2,340	$	2,286	$	2,206	$	2,227	$	1,981
AFG’s principal annuity subsidiaries (total adjusted capital)	$	1,911	$	1,861	$	1,822	$	1,818	$	1,751	$	1,688
Allowable dividends without regulatory approval
Property and Casualty Insurance	$	315	$	315	$	315	$	335	$	335	$	335
Annuity and Run-off		358		358		358		275		275		275

Total	$	673	$	673	$	673	$	610	$	610	$	610

American Financial Group, Inc.

Total Cash and Investments and Quarterly Net Investment Income

June 30, 2015

($ in millions)


	Carrying Value
	Property and Casualty Insurance		Annuity and Run-off*		Other		Consolidate CLOs			Total AFG Consolidated		% of Investment Portfolio
Total cash and investments:
Cash and cash equivalents	$	730	$	236	$	250	$	—		$	1,216		3	%
Fixed maturities - Available for sale		6,643		25,603		14		—			32,260		86	%
Fixed maturities - Trading		156		123		—		—			279		1	%
Equity securities		1,156		503		45		—			1,704		4	%
Policy loans		—		223		—		—			223		1	%
Mortgage loans		215		839		—		—			1,054		3	%
Real estate and other investments		419		790		18		(319	)		908		2	%

Total cash and investments	$	9,319	$	28,317	$	327	$	(319	)	$	37,644		100	%

*	Total cash and investments in Annuity and Run-off segment includes $1.37 billion in cash and investments held by AFG’s two long-term care insurance subsidiaries, which are being sold.


	Property and Casualty Insurance			Annuity and Run-off			Other			Consolidate CLOs			Total AFG Consolidated
Total quarterly net investment income:
Fixed maturities - Available for sale	$	62		$	297		$	—		$	—		$	359
Fixed maturities - Trading		—			1			—			—			1
Equity securities		12			6			(1	)		—			17
Equity in investees		3			2			—			—			5
Other investments		8			23			—			(5	)		26

Gross investment income		85			329			(1	)		(5	)		408
Investment expenses		(2	)		(2	)		—			—			(4	)

Total net investment income	$	83		$	327		$	(1	)	$	(5	)	$	404


	Equity Securities
	Cost		Fair Value		Unrealized Gain (Loss)
Annuity and Run-off	$	456	$	503	$	47
Property and Casualty Insurance		1,000		1,156		156
Other		45		45		—

Total AFG consolidated	$	1,501	$	1,704	$	203

American Financial Group, Inc.

Fixed Maturities - By Security Type - AFG Consolidated

June 30, 2015

($ in millions )


	Amortized Cost			Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
US Government and government agencies	$	371		$	376	$	5		1	%		1	%
States, municipalities and political subdivisions		6,899			7,110		211		22	%		19	%
Foreign government		262			272		10		1	%		1	%
Residential mortgage-backed securities		3,762			4,120		358		13	%		11	%
Commercial mortgage-backed securities		2,207			2,326		119		7	%		6	%
Asset-backed securities		4,356			4,384		28		13	%		12	%
Corporate bonds
Manufacturing		2,501			2,600		99		8	%		7	%
Banks, lending and credit institutions		3,038			3,129		91		10	%		8	%
Gas and electric services		1,330			1,424		94		4	%		4	%
Insurance and insurance related		979			1,029		50		3	%		3	%
Other corporate		5,579			5,769		190		18	%		15	%

Total AFG consolidated	$	31,284		$	32,539	$	1,255		100	%		87	%

Annuity and Run-off	$	24,642		$	25,726		1,084		79	%		69	%
Property and Casualty Insurance		6,639			6,799		160		21	%		18	%
Other		3			14		11		0	%		0	%

Total AFG consolidated	$	31,284		$	32,539	$	1,255		100	%		87	%

Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.70	%
Net of investment expense (a)		4.65	%
Approximate average life and duration:
Approximate average life		6.5 years
Approximate duration		5 years

(a)	Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter.

Average cost is the average of the beginning and ending quarter asset balances.

American Financial Group, Inc.

Fixed Maturities - By Security Type Portfolio

June 30, 2015

($ in millions )


	Amortized Cost			Fair Value		Unrealized Gain (Loss)		% of Fair Value
Annuity and Run-off:
US Government and government agencies	$	83		$	84	$	1		0	%
States, municipalities and political subdivisions		4,140			4,287		147		17	%
Foreign government		17			20		3		0	%
Residential mortgage-backed securities		2,807			3,100		293		12	%
Commercial mortgage-backed securities		1,986			2,098		112		8	%
Asset-backed securities		3,092			3,116		24		12	%
Corporate debt		12,517			13,021		504		51	%

Total Annuity and Run-off	$	24,642		$	25,726	$	1,084		100	%

Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		4.92	%
Net of investment expense (a)		4.89	%
Approximate average life and duration:
Approximate average life		7 years
Approximate duration		5 years

	Amortized Cost			Fair Value		Unrealized Gain (Loss)		% of Fair Value
Property and Casualty Insurance:
US Government and government agencies	$	286		$	290	$	4		4	%
States, municipalities and political subdivisions		2,759			2,823		64		41	%
Foreign government		245			252		7		4	%
Residential mortgage-backed securities		954			1,008		54		15	%
Commercial mortgage-backed securities		221			228		7		3	%
Asset-backed securities		1,264			1,268		4		19	%
Corporate debt		910			930		20		14	%

Property and Casualty Insurance	$	6,639		$	6,799	$	160		100	%

Annualized yield on available for sale fixed maturities:
Excluding investment expense (a)		3.84	%
Net of investment expense (a)		3.74	%
Tax equivalent, net of investment expense (b)		4.36	%
Approximate average life and duration:
Approximate average life		5 years
Approximate duration		3.5 years

(a)	Annualized yield is calculated by dividing investment income for the quarter by the average cost over the quarter. Average cost is the average of the beginning and ending quarter asset balances.

(b)	Adjusts the yield on tax-exempt bonds to the fully taxable equivalent yield.

American Financial Group, Inc.

Fixed Maturities - Credit Rating and NAIC Designation

June 30, 2015

($ in millions)


	GAAP Data
By Credit Rating	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value
Investment grade
AAA	$	6,637	$	6,814	$	177		21	%
AA		6,636		6,819		183		21	%
A		8,016		8,345		329		26	%
BBB		6,121		6,361		240		19	%

Subtotal - Investment grade		27,410		28,339		929		87	%
BB		816		844		28		3	%
B		415		422		7		1	%
Other		2,643		2,934		291		9	%

Total	$	31,284	$	32,539	$	1,255		100	%

If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.


	Statutory Data
By NAIC Designation	Carrying Value		% of Carrying Value			Amortized Cost		Fair Value		Unrealized Gain (Loss)
NAIC 1	$	23,882		77	%	$	23,882	$	24,884	$	1,002
NAIC 2		6,219		20	%		6,219		6,450		231

		30,101		97	%		30,101		31,334		1,233
NAIC 3		656		2	%		657		677		20
NAIC 4		158		1	%		159		160		1
NAIC 5		61		0	%		63		72		9
NAIC 6		37		0	%		40		54		14

Total	$	31,013		100	%	$	31,020	$	32,297	$	1,277

American Financial Group, Inc.

Mortgage-Backed Securities - AFG Consolidated

June 30, 2015

($ in millions)


By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			% of Investment Portfolio
Residential
Agency	$	310	$	319	$	9		5	%		1	%
Prime (Non-Agency)		1,743		1,930		187		30	%		5	%
Alt-A		886		985		99		15	%		3	%
Subprime		823		886		63		14	%		2	%

Subtotal - Residential		3,762		4,120		358		64	%		11	%
Commercial		2,207		2,326		119		36	%		6	%

Total AFG consolidated	$	5,969	$	6,446	$	477		100	%		17	%

Annuity and Run-off	$	4,793	$	5,198	$	405		81	%		14	%
Property and Casualty Insurance		1,175		1,236		61		19	%		3	%
Other		1		12		11		0	%		0	%

Total AFG consolidated	$	5,969	$	6,446	$	477		100	%		17	%

•

Substantially all of AFG’s MBS securities are either senior tranches of securitizations or collateralized by senior tranches of securitizations.

•

The average amortized cost as a percent of par is—Prime 83%; Alt-A 78%; Subprime 86%; CMBS 99%.

•

The average FICO score of our residential MBS securities is—Prime 740; Alt-A 712; Subprime 638.

•

99.7% of our Commercial MBS portfolio is investment-grade rated (84% AAA) and the average subordination for this group of assets is 39%.

•

The approximate average life by collateral type is—Residential 5.0 years; Commercial 3.5 years.

American Financial Group, Inc.

Mortgage-Backed Securities Portfolio

June 30, 2015

($ in millions)

Annuity and Run-off:


										% of
By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			Investment Portfolio
Residential
Agency	$	140	$	146	$	6		3	%		1	%
Prime (Non-Agency)		1,506		1,667		161		32	%		6	%
Alt-A		649		728		79		14	%		3	%
Subprime		512		559		47		11	%		2	%

Subtotal - Residential		2,807		3,100		293		60	%		12	%
Commercial		1,986		2,098		112		40	%		7	%

Total Annuity and Run-off	$	4,793	$	5,198	$	405		100	%		19	%


Property and Casualty Insurance:

										% of
By Asset Type	Amortized Cost		Fair Value		Unrealized Gain (Loss)		% of Fair Value			Investment Portfolio
Residential
Agency	$	170	$	173	$	3		14	%		2	%
Prime (Non-Agency)		236		251		15		20	%		3	%
Alt-A		237		257		20		21	%		3	%
Subprime		311		327		16		27	%		4	%

Subtotal - Residential		954		1,008		54		82	%		12	%
Commercial		221		228		7		18	%		2	%

Total Property and Casualty Insurance	$	1,175	$	1,236	$	61		100	%		14	%

American Financial Group, Inc.

Mortgage-Backed Securities - Credit Rating and NAIC Designation

June 30, 2015

($ in millions)


	GAAP data
	Amortized				Unrealized		% of
By Credit Rating	Cost		Fair Value		Gain (Loss)		Fair Value
Investment grade
AAA	$	2,613	$	2,738	$	125		42	%
AA		304		316		12		5	%
A		421		444		23		7	%
BBB		218		236		18		4	%

Subtotal - investment grade		3,556		3,734		178		58	%
BB		296		307		11		5	%
B		355		364		9		5	%
Other		1,762		2,041		279		32	%

Total	$	5,969	$	6,446	$	477		100	%

If two agencies rate a security, the rating displayed above is the lower of the two; if three or more agencies rate a security, the rating displayed is the second lowest.


	Statutory data
By NAIC Designation	Carrying Value		% of Carrying Value			Amortized Cost		Fair Value		Unrealized Gain (Loss)
NAIC 1	$	5,693		97	%	$	5,694	$	6,194	$	500
NAIC 2		62		1	%		62		63		1

		5,755		98	%		5,756		6,257		501
NAIC 3		51		1	%		51		52		1
NAIC 4		59		1	%		59		63		4
NAIC 5		21		0	%		21		32		11
NAIC 6		2		0	%		3		17		14

Total	$	5,888		100	%	$	5,890	$	6,421	$	531