-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, V4RRM/maXkTWrr2cuslWcJ3Qdll5H9gsN5muxVBASb4ya29+zKeCwWwkXUoVMeic Nm0qF0N2eBLqfuWdMFBIfg== 0001042046-01-500018.txt : 20010815 0001042046-01-500018.hdr.sgml : 20010815 ACCESSION NUMBER: 0001042046-01-500018 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN FINANCIAL CORP CENTRAL INDEX KEY: 0000005016 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 310624874 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07361 FILM NUMBER: 1707906 BUSINESS ADDRESS: STREET 1: ONE E 4TH ST CITY: CINCINNATI STATE: OH ZIP: 45202 BUSINESS PHONE: 5135792121 10-Q 1 afc601q.txt AFC 6-30-O1 FORM 10-Q - ---------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended Commission File June 30, 2001 No. 1-7361 AMERICAN FINANCIAL CORPORATION Incorporated under IRS Employer I.D. the Laws of Ohio No. 31-0624874 One East Fourth Street, Cincinnati, Ohio 45202 (513) 579-2121 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X No As of August 1, 2001, there were 10,593,000 shares of the Registrant's Common Stock outstanding, all of which were owned by American Financial Group, Inc. - ---------------------------------------------------------------------------- Page 1 of 21 - ---------------------------------------------------------------------------- AMERICAN FINANCIAL CORPORATION 10-Q PART I FINANCIAL INFORMATION AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (Dollars In Thousands) June 30, December 31, 2001 2000 ---------- ----------- Assets: Cash and short-term investments $ 283,783 $ 437,263 Investments: Fixed maturities - at market (amortized cost - $10,424,166 and $10,148,248) 10,513,266 10,164,648 Other stocks - at market (cost - $195,896 and $174,959) 365,696 385,359 Investment in investee corporations - 23,996 Policy loans 210,721 213,469 Real estate and other investments 245,548 270,250 ----------- ----------- Total investments 11,335,231 11,057,722 Recoverables from reinsurers and prepaid reinsurance premiums 1,971,791 1,845,171 Agents' balances and premiums receivable 743,162 700,215 Deferred acquisition costs 801,543 763,097 Other receivables 267,367 239,806 Variable annuity assets (separate accounts) 530,710 533,655 Prepaid expenses, deferred charges and other asset 484,019 508,163 Cost in excess of net assets acquired 324,414 322,380 ----------- ----------- $16,742,020 $16,407,472 =========== =========== Liabilities and Capital: Unpaid losses and loss adjustment expenses $ 4,576,306 $ 4,515,561 Unearned premiums 1,501,957 1,414,492 Annuity benefits accumulated 5,603,648 5,543,683 Life, accident and health reserves 601,951 599,360 Payable to American Financial Group, Inc. 395,007 439,371 Long-term debt: Holding companies 222,871 204,338 Subsidiaries 172,655 195,087 Variable annuity liabilities (separate accounts) 530,710 533,655 Accounts payable, accrued expenses and other liabilities 1,116,394 998,104 ----------- ----------- Total liabilities 14,721,499 14,443,651 Minority interest 517,866 509,705 Shareholders' Equity: Preferred Stock - at liquidation value 72,154 72,154 Common Stock, no par value - 20,000,000 shares authorized - 10,593,000 shares outstanding 9,625 9,625 Capital surplus 980,891 974,766 Retained earnings 285,085 258,371 Unrealized gain on marketable securities, net 154,900 139,200 ----------- ----------- Total shareholders' equity 1,502,655 1,454,116 ----------- ----------- $16,742,020 $16,407,472 =========== =========== 2 AMERICAN FINANCIAL CORPORATION 10-Q AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF EARNINGS (In Thousands)

3 AMERICAN FINANCIAL CORPORATION 10-Q AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (Dollars in Thousands) Common Stock Unrealized Preferred and Capital Retained Gain (Loss) Stock Surplus Earnings on Securities Total --------- ------------ -------- ------------- ---------- Balance at January 1, 2001 $72,154 $984,391 $258,371 $139,200 $1,454,116 Net earnings - - 29,600 - 29,600 Change in unrealized - - - 15,700 15,700 --------- Comprehensive income 45,300 Capital contribution from parent - 6,134 - - 6,134 Dividends on Preferred Stock - - (2,886) - (2,886) Other - (9) - - (9) ------- -------- -------- -------- ---------- Balance at June 30, 2001 $72,154 $990,516 $285,085 $154,900 $1,502,655 ======= ======== ======== ======== ========== Balance at January 1, 2000 $72,154 $970,407 $296,246 ($ 14,700) $1,324,107 Net earnings - - 69,550 - 69,550 Change in unrealized - - - (92,100) (92,100) ---------- Comprehensive income (loss) (22,550) Capital contribution from parent - 6,134 - - 6,134 Dividends on Preferred Stock - - (2,886) - (2,886) Other - (98) 22 - (76) ------- -------- -------- -------- ---------- Balance at June 30, 2000 $72,154 $976,443 $362,932 ($106,800) $1,304,729 ======= ======== ======== ======== ==========

4 AMERICAN FINANCIAL CORPORATION 10-Q AMERICAN FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (In Thousands) Six months ended June 30, ------------------- 2001 2000 ---- ---- Operating Activities: Net earnings $29,600 $ 69,550 Adjustments: Equity in net (earnings) losses of investees 5,647 (9,202) Depreciation and amortization 71,503 63,863 Annuity benefits 139,980 145,888 Realized (gains) losses on investing activities 10,167 (33,330) Deferred annuity and life policy acquisition costs (73,530) (70,617) Increase in reinsurance and other receivables (77,612) (34,563) Increase in other assets (26,742) (56,417) Increase in insurance claims and reserves 169,679 170,303 Increase (decrease) in other liabilities 74,352 (19,302) Increase (decrease) in minority interest 4,770 (347) Other, net 1,521 (4,944) -------- -------- 329,335 220,882 -------- -------- Investing Activities: Purchases of and additional investments in: Fixed maturity investments (981,049) (942,929) Equity securities (2,907) (20,126) Real estate, property and equipment (31,090) (39,819) Maturities and redemptions of fixed maturity investments 337,280 348,447 Sales of: Fixed maturity investments 368,003 380,062 Equity securities 9,148 30,678 Subsidiaries 22,000 - Real estate, property and equipment 43,456 4,810 Cash and short-term investments of acquired (former) subsidiaries (132,858) 259 Decrease (increase) in other investments (171) 2,337 -------- -------- (368,188) (236,281) -------- -------- Financing Activities: Fixed annuity receipts 271,827 251,100 Annuity surrenders, benefits and withdrawals (341,310) (387,667) Net transfers to variable annuity assets (1,368) (34,150) Additional long-term borrowings 78,868 110,172 Reductions of long-term debt (83,192) (26,981) Borrowings from AFG 7,600 4,500 Payments to AFG (53,500) (52,313) Capital contribution 9,334 9,334 Repurchases of trust preferred securities - (1,427) Cash dividends paid (2,886) (2,886) -------- -------- (114,627) (130,318) -------- -------- Net Decrease in Cash and Short-term Investments (153,480) (145,717) Cash and short-term investments at beginning of period 437,263 389,018 -------- -------- Cash and short-term investments at end of period $283,783 $243,301 ======== ======== 5 AMERICAN FINANCIAL CORPORATION 10-Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS A. ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying consolidated financial statements for American Financial Corporation ("AFC") and subsidiaries are unaudited; however, management believes that all adjustments (consisting only of normal recurring accruals unless otherwise disclosed herein) necessary for fair presentation have been made. The results of operations for interim periods are not necessarily indicative of results to be expected for the year. The financial statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary to be in conformity with generally accepted accounting principles. Certain reclassifications have been made to prior years to conform to the current year's presentation. All significant intercompany balances and transactions have been eliminated. All acquisitions have been treated as purchases. The results of operations of companies since their formation or acquisition are included in the consolidated financial statements. The preparation of the financial statements requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Changes in circumstances could cause actual results to differ materially from those estimates. INVESTMENTS All fixed maturity securities are considered "available for sale" and reported at fair value with unrealized gains and losses reported as a separate component of shareholders' equity. Short-term investments are carried at cost; loans receivable are carried primarily at the aggregate unpaid balance. Premiums and discounts on mortgage-backed securities are amortized over a period based on estimated future principal prepayments and adjusted to reflect actual prepayments. Gains or losses on securities are determined on the specific identification basis. When a decline in the value of a specific investment is considered to be other than temporary, a provision for impairment is charged to earnings and the carrying value of that investment is reduced. INVESTMENT IN INVESTEE CORPORATIONS Investments in securities of 20%- to 50%-owned companies are generally carried at cost, adjusted for AFC's proportionate share of their undistributed earnings or losses. Due to Chiquita's announced intention to pursue a plan to restructure its public debt, AFC wrote down its investment in Chiquita common stock to market value at December 31, 2000. In 2001, AFC suspended accounting for the investment under the equity method due to the expected restructuring. COST IN EXCESS OF NET ASSETS ACQUIRED The excess of cost of subsidiaries over AFC's equity in the underlying net assets ("goodwill") is being amortized over periods of 20 to 40 years. INSURANCE As discussed under "Reinsurance" below, unpaid losses and loss adjustment expenses and unearned premiums have not been reduced for reinsurance recoverable. To the extent that unrealized gains (losses) from securities classified as "available for sale" would result in adjustments to deferred acquisition costs and policyholder liabilities had those gains (losses) actually been realized, such balance sheet amounts are adjusted, net of deferred taxes. 6 AMERICAN FINANCIAL CORPORATION 10-Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED REINSURANCE In the normal course of business, AFC's insurance subsidiaries cede reinsurance to other companies to diversify risk and limit maximum loss arising from large claims. To the extent that any reinsuring companies are unable to meet obligations under agreements covering reinsurance ceded, AFC's insurance subsidiaries would remain liable. Amounts recoverable from reinsurers are estimated in a manner consistent with the claim liability associated with the reinsured policies. AFC's insurance subsidiaries report as assets (a) the estimated reinsurance recoverable on unpaid losses, including an estimate for losses incurred but not reported, and (b) amounts paid to reinsurers applicable to the unexpired terms of policies in force. AFC's insurance subsidiaries also assume reinsurance from other companies. Income on reinsurance assumed is recognized based on reports received from ceding companies. DEFERRED ACQUISITION COSTS Policy acquisition costs (principally commissions, premium taxes and other marketing and underwriting expenses) related to the production of new business are deferred ("DPAC"). For the property and casualty companies, DPAC is limited based upon recoverability without any consideration for anticipated investment income and is charged against income ratably over the terms of the related policies. DPAC related to annuities and universal life insurance products is amortized, with interest, in relation to the present value of expected gross profits on the policies. DPAC related to traditional life and health insurance is amortized over the expected premium paying period of the related policies, in proportion to the ratio of annual premium revenues to total anticipated premium revenues. UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims are based upon (a) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (b) estimates received from ceding reinsurers and insurance pools and associations; (c) estimates of unreported losses based on past experience; (d) estimates based on experience of expenses for investigating and adjusting claims and (e) the current state of the law and coverage litigation. These liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the Statement of Earnings in the period in which determined. In response to a recent increase in asbestos and other environmental ("A&E") claims, AFC has begun a current review of such exposures. Any strengthening of reserves determined to be necessary will be recorded upon completion of the review. With the exception of the A&E claims, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate. ANNUITY BENEFITS ACCUMULATED Annuity receipts and benefit payments are recorded as increases or decreases in "annuity benefits accumulated" rather than as revenue and expense. Increases in this liability for interest credited are charged to expense and decreases for surrender charges are credited to other income. LIFE, ACCIDENT AND HEALTH RESERVES Liabilities for future policy benefits under traditional life, accident and health policies are computed using the net level premium method. Computations are based on anticipated investment yield, mortality, morbidity and surrenders and include provisions for unfavorable deviations. Reserves established for accident and health claims are modified as necessary to reflect actual experience and developing trends. 7 AMERICAN FINANCIAL CORPORATION 10-Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED VARIABLE ANNUITY ASSETS AND LIABILITIES Separate accounts related to variable annuities represent deposits invested in underlying investment funds on which Great American Financial Resources, Inc. ("GAFRI"), an 83%-owned subsidiary, earns a fee. Investment funds are selected and may be changed only by the policyholder. PREMIUM RECOGNITION Property and casualty premiums are earned over the terms of the policies on a pro rata basis. Unearned premiums represent that portion of premiums written which is applicable to the unexpired terms of policies in force. On reinsurance assumed from other insurance companies or written through various underwriting organizations, unearned premiums are based on reports received from such companies and organizations. For traditional life, accident and health products, premiums are recognized as revenue when legally collectible from policyholders. For interest-sensitive life and universal life products, premiums are recorded in a policyholder account which is reflected as a liability. Revenue is recognized as amounts are assessed against the policyholder account for mortality coverage and contract expenses. POLICYHOLDER DIVIDENDS Dividends payable to policyholders are included in "Accounts payable, accrued expenses and other liabilities" and represent estimates of amounts payable on participating policies which share in favorable underwriting results. Estimates are accrued during the period in which premiums are earned. Changes in estimates are included in income in the period determined. Policyholder dividends do not become legal liabilities unless and until declared by the boards of directors of the insurance companies. MINORITY INTEREST For balance sheet purposes, minority interest represents (i) the interests of noncontrolling shareholders in AFC subsidiaries, including preferred securities issued by trust subsidiaries of GAFRI and (ii) American Financial Group, Inc.'s ("AFG") direct ownership interest in American Premier Underwriters, Inc. ("American Premier" or "APU") and American Financial Enterprises, Inc. For income statement purposes, minority interest expense represents those shareholders' interest in the earnings of AFC subsidiaries as well as accrued distributions on the trust preferred securities. INCOME TAXES AFC files consolidated federal income tax returns which include all 80%-owned U.S. subsidiaries, except for certain life insurance subsidiaries and their subsidiaries. Deferred income taxes are calculated using the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases and are measured using enacted tax rates. Deferred tax assets are recognized if it is more likely than not that a benefit will be realized. BENEFIT PLANS AFC provides retirement benefits to qualified employees of participating companies through contributory and noncontributory defined contribution plans contained in AFG's Retirement and Savings Plan. Under the retirement portion of the plan, company contributions are invested primarily in securities of AFG and affiliates. Under the savings portion of the plan, AFC matches a specific portion of employee contributions. Contributions to benefit plans are charged against earnings in the year for which they are declared. AFC and many of its subsidiaries provide health care and life insurance benefits to eligible retirees. AFC also provides postemployment benefits to former or inactive employees (primarily those on disability) who were not deemed retired under other company plans. The projected future cost of providing these benefits is expensed over the period employees earn such benefits. 8 AMERICAN FINANCIAL CORPORATION 10-Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED DERIVATIVES Effective October 1, 2000, AFC implemented Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities", which establishes accounting and reporting standards for derivative instruments (including derivative instruments that are embedded in other contracts) and for hedging activities. Prior year financial statements were not restated. SFAS No. 133 generally requires that derivatives (both assets and liabilities) be recognized in the balance sheet at fair value with changes in fair value included in current earnings. Derivatives included in AFC's Balance Sheet consist primarily of investments in common stock warrants (included in other stocks), the equity-based component of certain annuity products (included in annuity benefits accumulated) and call options (included in other investments) used to mitigate the risk embedded in the equity-indexed annuity products. STATEMENT OF CASH FLOWS For cash flow purposes, "investing activities" are defined as making and collecting loans and acquiring and disposing of debt or equity instruments and property and equipment. "Financing activities" include obtaining resources from owners and providing them with a return on their investments, borrowing money and repaying amounts borrowed. Annuity receipts, benefits and withdrawals are also reflected as financing activities. All other activities are considered "operating". Short-term investments having original maturities of three months or less when purchased are considered to be cash equivalents for purposes of the financial statements. B. SALE OF SUBSIDIARIES JAPANESE DIVISION In December 2000, AFC agreed to sell its Japanese property and casualty division to Mitsui Marine & Fire Insurance Company of America for $22 million in cash and recorded a $10.7 million pretax loss on the sale. Upon completion of the sale in March 2001, AFC realized an additional pretax loss of $1.6 million and deferred a gain of approximately $21 million on ceded insurance which is being recognized over the estimated settlement period (weighted average of 4 years) of the ceded claims. At the same time, a reinsurance agreement under which Great American Insurance ceded a portion of its pool of insurance to Mitsui was terminated. The Japanese division generated net written premiums of approximately $60 million per year to Great American while Great American ceded approximately $45 million per year to Mitsui. COMMERCIAL LINES DIVISION In 1998, AFC sold its Commercial lines division to Ohio Casualty Corporation. In August 2000, AFC received an additional payment of $25 million from Ohio Casualty based on retention and growth through May 2000 of the businesses sold. This earn-out was recognized as additional "gain on sale of subsidiary" in the second quarter of 2000. 9 AMERICAN FINANCIAL CORPORATION 10-Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED C. SEGMENTS OF OPERATIONS AFC's property and casualty group is engaged primarily in private passenger automobile and specialty insurance businesses. The Specialty group includes a highly diversified group of specialty business units. Some of the more significant areas are inland and ocean marine, California workers' compensation, agricultural-related coverages, executive and professional liability, fidelity and surety bonds, collateral protection, and umbrella and excess coverages. The Personal group writes nonstandard and preferred/standard private passenger auto and other personal insurance coverage. AFC's annuity, life and health business markets primarily retirement products as well as life and supplemental health insurance. The following table (in thousands) shows AFC's revenues and operating profit (loss) by significant business segment. Operating profit (loss) represents total revenues less operating expenses.
Three months ended Six months ended June 30, June 30, ------------------- ----------------------- 2001 2000 2001 2000 ---- ---- ---- ---- Revenues (a) Property and casualty insurance: Premiums earned: Specialty $356,188 $307,388 $ 672,495 $ 582,211 Personal 322,629 316,333 650,261 613,646 Other lines - primarily discontinued 746 - 1,530 1 -------- -------- ---------- ---------- 679,563 623,721 1,324,286 1,195,858 Investment and other income 106,440 129,311 213,775 250,478 -------- -------- --------- ---------- 786,003 753,032 1,538,061 1,446,336 Annuities, life and health (b) 202,562 195,945 419,592 383,282 Other 6,395 10,681 10,803 14,305 -------- -------- ---------- ---------- $994,960 $959,658 $1,968,456 $1,843,923 ======== ======== ========== ========== Operating Profit (Loss) Property and casualty insurance: Underwriting: Specialty ($ 4,609)($ 14,680) ($ 6,839) ($ 25,178) Personal (35,795) (26,392) (63,577) (37,325) Other lines - primarily discontinued 654 (1,277) (5,801) (3,792) -------- -------- ---------- ---------- (39,750) (42,349) (76,217) (66,295) Investment and other income 69,147 93,482 144,349 178,007 -------- -------- ---------- ---------- 29,397 51,133 68,132 111,712 Annuities, life and health 17,335 (2,209) 47,458 25,305 Other (c) (23,294) (18,248) (49,937) (32,704) -------- -------- ---------- ---------- $ 23,438 $ 30,676 $ 65,653 $ 104,313 ======== ======== ========== ==========
(a) Revenues include sales of products and services as well as other income earned by the respective segments. (b) Represents primarily investment income. (c) Includes holding company expenses. 10 AMERICAN FINANCIAL CORPORATION 10-Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED D. INVESTEE CORPORATIONS Investment in investee corporations reflects AFC's ownership of 24 million shares (33%) of Chiquita common stock. The market value of this investment was $24 million at December 31, 2000. Chiquita is a leading international marketer, producer and distributor of quality fresh fruits and vegetables and processed foods. Summarized financial information for Chiquita for the six months ended June 30, 2000, follows (in millions): Net Sales $1,260 Operating Income 112 Income before Extraordinary Item 46 Extraordinary Gain on Debt Prepayment 2 Net Income 48 Net Income Attributed to Common Shares 39 In January 2001, Chiquita announced a restructuring initiative that included discontinuing all interest and principal payments on its public debt. A restructuring is expected to result in the conversion of a significant portion of Chiquita's $862 million in public debt into common equity. Although the expected restructuring would not impact Chiquita's day-to-day operations, it would adversely affect the holders of its stock, including AFC. START-UP MANUFACTURING BUSINESSES Since 1998, AFC subsidiaries have made loans to two start-up manufacturing businesses which were previously owned by unrelated third-parties. During 2000, the former owners chose to forfeit their equity interests to AFC rather than invest additional capital. In the fourth quarter of 2000, AFC sold the equity interests to a group of employees for nominal cash consideration plus warrants to repurchase a significant ownership interest. Due to the absence of significant financial investment by the buyers relative to the amount of debt owed to AFC subsidiaries, the sale was not recognized as a divestiture for accounting purposes. Assets of the businesses transferred (approximately $55 million at June 30, 2001 and December 31, 2000) are included in other assets; liabilities of the businesses transferred (approximately $7 million at June 30, 2001 and December 31, 2000, after elimination of loans from AFC subsidiaries) are included in other liabilities. AFC's equity in the losses of these two companies ($2.3 million in the second quarter and $5.6 million in the first six months of 2001) is included in investee losses in the statement of earnings. E. PAYABLE TO AMERICAN FINANCIAL GROUP AFC has a reciprocal Master Credit Agreement with various AFG holding companies under which these companies make funds available to each other for general corporate purposes. F. LONG-TERM DEBT The carrying value of long-term debt consisted of the following (in thousands): June 30, December 31, 2001 2000 -------- --------- Holding Companies: AFC notes payable under bank line $197,000 $178,000 APU 10-7/8% Subordinated Notes due May 2011 11,584 11,611 Other 14,287 14,727 -------- -------- $222,871 $204,338 ======== ======== Subsidiaries: GAFRI 6-7/8% Senior Notes due June 2008 $100,000 $100,000 GAFRI notes payable under bank line 41,300 48,500 Notes payable secured by real estate 16,569 31,201 Other 14,786 15,386 -------- -------- $172,655 $195,087 ======== ======== 11 AMERICAN FINANCIAL CORPORATION 10-Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED At June 30, 2001, sinking fund and other scheduled principal payments on debt for the balance of 2001 and the subsequent five years were as follows (in millions): Holding Companies Subsidiaries Total --------- ------------ ------ 2001 $ .9 $ .6 $ 1.5 2002 207.3 1.3 208.6 2003 - 1.3 1.3 2004 - 42.3 42.3 2005 - 10.0 10.0 2006 - .7 .7 Debentures purchased in excess of scheduled payments may be applied to satisfy any sinking fund requirement. The scheduled principal payments shown above assume that debentures previously purchased are applied to the earliest scheduled retirements. AFC and GAFRI each have an unsecured credit agreement with a group of banks under which they can borrow up to $300 million and $155 million, respectively. Borrowings bear interest at floating rates based on prime or Eurodollar rates. Loans mature in December 2002 under the AFC credit agreement and in December 2004 under the GAFRI credit agreement. G. MINORITY INTEREST Minority interest in AFC's balance sheet is comprised of the following (in thousands): June 30, December 31, 2001 2000 -------- ----------- Interest of AFG (parent) and noncontrolling shareholders in subsidiaries' common stock $299,953 $291,792 Preferred securities issued by subsidiary trusts 217,913 217,913 -------- -------- $517,866 $509,705 ======== ======== TRUST ISSUED PREFERRED SECURITIES Wholly-owned subsidiary trusts of GAFRI have issued preferred securities and, in turn, purchased a like amount of subordinated debt which provides interest and principal payments to fund the respective trusts' obligations. The preferred securities must be redeemed upon maturity or redemption of the subordinated debt. GAFRI effectively provides unconditional guarantees of its respective trusts' obligations. The preferred securities consisted of the following (in thousands):
Date of June 30, December 31, Optional Issuance Issue (Maturity Date) 2001 2000 Redemption Dates ------------- ------------------------ -------- ----------- ---------------------------- November 1996 GAFRI 9-1/4% TOPrS (2026) $72,913 $72,913 On or after 11/7/2001 March 1997 GAFRI 8-7/8% Pfd (2027) 70,000 70,000 On or after 3/1/2007 May 1997 GAFRI 7-1/4% ROPES (2041) 75,000 75,000 After 9/28/2001
Until September 28, 2001, GAFRI's ROPES are senior unsecured obligations of GAFRI. On that date, the distribution rate on the ROPES will be reset to current market rates (not to exceed 8.8%) and the ROPES will become subordinate to GAFRI's senior indebtedness. Given the current interest rate environment for these types of securities, GAFRI expects to redeem its ROPES in September 2001 using borrowings under its bank line. 12 AMERICAN FINANCIAL CORPORATION 10-Q NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED MINORITY INTEREST EXPENSE Minority interest expense is comprised of (in thousands): Six months ended June 30, ------------------ 2001 2000 ---- ---- Interest of AFG (parent) and noncontrolling shareholders in earnings of subsidiaries $ 5,128 $ 5,367 Accrued distributions by subsidiaries on trust issued preferred securities, net of tax 5,979 5,980 ------- ------- $11,107 $11,347 ======= ======= H. SHAREHOLDERS' EQUITY At June 30, 2001 and December 31, 2000, American Financial Group beneficially owned all of the outstanding shares of AFC's Common Stock. PREFERRED STOCK Under provisions of both the Nonvoting (4.0 million shares authorized) and Voting (4.0 million shares authorized) Cumulative Preferred Stock, the Board of Directors may divide the authorized stock into series and set specific terms and conditions of each series. At June 30 2001 and December 31, 2000, the outstanding voting shares of AFC's Preferred Stock consisted of the following: SERIES J, no par value; $25.00 liquidating value per share; annual dividends per share $2.00; redeemable at AFC's option at $25.75 per share beginning December 2005 declining to $25.00 at December 2007 and thereafter; 2,886,161 shares (stated value $72.2 million) outstanding at June 30, 2001 and December 31, 2000. The change in unrealized gain (loss) on marketable securities for the six months ended June 30 included the following (in millions):
Minority Pretax Taxes Interest Net ------ ----- -------- ----- 2001 --------------------------------------- Unrealized holding losses on securities arising during the period ($ 3.4) $ 1.0 ($0.8) ($ 3.2) Realized losses included in net income 33.3 (11.7) (2.7) 18.9 ----- ----- ---- ----- Change in unrealized gain on marketable securities, net $29.9 ($10.7) ($3.5) $15.7 ===== ===== ==== ===== 2000 --------------------------------------- Unrealized holding losses on securities arising during the period ($157.3) $55.4 $6.7 ($95.2) Realized losses included in net income 5.3 (1.9) (.3) 3.1 ------ ----- ---- ----- Change in unrealized gain (loss) on marketable securities, net ($152.0) $53.5 $6.4 ($92.1) ====== ===== ==== =====
I. COMMITMENTS AND CONTINGENCIES There have been no significant changes to the matters discussed and referred to in Note M "Commitments and Contingencies" of AFC's Annual Report on Form 10-K for 2000. 13 AMERICAN FINANCIAL CORPORATION 10-Q ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations GENERAL AFC and American Premier are organized as holding companies with almost all of their operations being conducted by subsidiaries. These parent corporations, however, have continuing cash needs for administrative expenses, the payment of principal and interest on borrowings, shareholder dividends, and taxes. Therefore, certain analyses are best done on a parent only basis while others are best done on a total enterprise basis. In addition, since most of its businesses are financial in nature, AFC does not prepare its consolidated financial statements using a current-noncurrent format. Consequently, certain traditional ratios and financial analysis tests are not meaningful. ASBESTOS AND ENVIRONMENTAL RESERVES STUDY Throughout the property and casualty insurance industry, estimating ultimate liability for asbestos claims has become increasingly uncertain due to inconsistent court decisions, recent bankruptcy filings, novel theories of coverage, and judicial interpretations that often expand theories of recovery and broaden the scope of coverage. The casualty insurance industry as a whole is engaged in extensive litigation over these coverage and liability issues as the volume and severity of claims against asbestos defendants continue to increase. During the second quarter of 2001, AFC experienced an increase in the number and severity of these claims, which claims carry with them a likelihood for higher than previously established reserves for expected claim payments and settlement costs. While management presently does not have sufficient information to accurately quantify the level or range of any additional exposure, the additional costs of adjudicating or settling pending and future claims may materially exceed amounts currently established and may be material to the period in which they are recorded. Accordingly, AFC is undertaking a current review for asbestos and environmental exposures. Any resulting strengthening will be recorded upon completion of the review which is expected to take several months. At June 30, 2001, AFC had recorded $430 million (before reinsurance recoverables of $83 million) for various liability coverages related to these environmental, asbestos and other mass tort claims. IT INITIATIVE In 1999, AFC initiated an enterprise-wide project to study its information technology ("IT") resources, needs and opportunities. The initiative, involving improvements in physical infrastructure and business support systems, entails extensive effort and costs over a period of several years. While the costs precede the expected savings, management believes the benefits in efficiencies and effectiveness will exceed the costs incurred, all of which have been and will be funded through available working capital. FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Some of the forward-looking statements can be identified by the use of forward-looking words such as "believes", "expects", "may", "will", "should", "seeks", "intends", "plans", "estimates", "anticipates" or the negative version of those words or other comparable terminology. Actual results could differ materially from those contained in or implied by such forward-looking statements for a variety of factors including: o changes in economic conditions, including interest rates, performance of securities markets, and the availability of capital; o regulatory actions; o changes in legal environment; 14 AMERICAN FINANCIAL CORPORATION 10-Q Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued o judicial decisions and rulings; o tax law changes; o levels of catastrophes and other major losses; o the actual amount of liabilities associated with certain environmental and asbestos-related insurance claims; o adequacy of loss reserves; o availability of reinsurance; and o competitive pressures, including the ability to obtain rate increases. Forward-looking statements speak only as of the date made. AFC undertakes no obligations to update any forward-looking statements to reflect events or circumstances arising after the date on which they are made. LIQUIDITY AND CAPITAL RESOURCES RATIOS AFC's debt to total capital ratio at the parent holding company level (excluding amounts due AFG) was approximately 13% at June 30, 2001 and 12% at December 31, 2000. Including amounts due AFG, the ratio was 29% at June 30, 2001 and 31% at December 31, 2000. AFC's ratio of earnings to fixed charges, excluding and including preferred dividends, (on a total enterprise basis) was 2.12 and 1.96 for the first six months of 2001 and 2.02 and 1.87 for the entire year of 2000. SOURCES OF FUNDS Management believes the parent holding companies have sufficient resources to meet their liquidity requirements, primarily through funds generated by their subsidiaries' operations. If funds provided by subsidiaries through dividends and tax payments are insufficient to meet fixed charges in any period, the holding companies would be required to generate cash through borrowings, sales of securities or other assets, or similar transactions. AFC has a revolving credit agreement with several banks under which it can borrow up to $300 million. This credit line provides liquidity and can be used to obtain funds for operating subsidiaries or, if necessary, for the parent companies. At June 30, 2001, there was $197 million borrowed under the line. Dividend payments from subsidiaries have been very important to the liquidity and cash flow of the individual holding companies during certain periods in the past. However, the reliance on such dividend payments has been lessened in recent years by the combination of (i) reductions in the amounts and cost of debt at the holding companies from historical levels (and the related decrease in ongoing cash needs for interest and principal payments), (ii) the ability to obtain financing in capital markets, as well as (iii) the sales of certain noncore investments. INVESTMENTS Approximately 92% of the fixed maturities held by AFC were rated "investment grade" (credit rating of AAA to BBB) by nationally recognized rating agencies at June 30, 2001. Investment grade securities generally bear lower yields and lower degrees of risk than those that are unrated and noninvestment grade. Management believes that the high quality investment portfolio should generate a stable and predictable investment return. AFC's equity securities are concentrated in a relatively limited number of major positions. This approach allows management to more closely monitor the companies and the industries in which they operate. 15 AMERICAN FINANCIAL CORPORATION 10-Q Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued RESULTS OF OPERATIONS GENERAL Pretax operating earnings for the three months and six months ended June 30, 2001 were $23.4 million and $65.7 million, respectively, compared to $30.7 million and $104.3 million in the comparable 2000 periods. Results for the second quarter of 2000 include special litigation charges of $41.3 million, partially offset by a $25 million gain on the sale of a subsidiary. Excluding these items, pretax operating earnings declined as increased realized losses on securities and a decline in the Personal group's underwriting results more than offset improved Specialty group underwriting results. PROPERTY AND CASUALTY INSURANCE - UNDERWRITING AFC's property and casualty group consists of two major business groups: Specialty and Personal. The Specialty group includes a highly diversified group of business lines. Some of the more significant areas are inland and ocean marine, California workers' compensation, agricultural-related coverages, executive and professional liability, fidelity and surety bonds, collateral protection, and umbrella and excess coverages. The Personal group sells nonstandard and preferred/standard private passenger auto insurance and, to a lesser extent, homeowners' insurance. Nonstandard automobile insurance covers risk not typically accepted for standard automobile coverage because of an applicant's driving record, type of vehicle, age or other criteria. Underwriting profitability is measured by the combined ratio which is a sum of the ratios of underwriting losses, loss adjustment expenses, underwriting expenses and policyholder dividends to premiums. When the combined ratio is under 100%, underwriting results are generally considered profitable; when the ratio is over 100%, underwriting results are generally considered unprofitable. The combined ratio does not reflect investment income, other income or federal income taxes. For certain lines of business and products where the credibility of the range of loss projections is less certain (primarily the various specialty businesses listed above), management believes that it is prudent and appropriate to use conservative assumptions until such time as the data, experience and projections have more credibility, as evidenced by data volume, consistency and maturity of the data. While this practice mitigates the risk of adverse development on this business, it does not eliminate it. 16 AMERICAN FINANCIAL CORPORATION 10-Q Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued Net written premiums and combined ratios for AFC's property and casualty insurance subsidiaries were as follows (dollars in millions):
Three months ended Six months ended June 30, June 30, ------------------- -------------------- 2001 2000 2001 2000 ---- ---- ---- ---- Net Written Premiums (GAAP) --------------------------- Specialty $393.8 $335.5 $ 750.4(a) $ 633.2 Personal 252.0 348.1 622.5 697.9 ------ ------ -------- -------- $645.8 $683.6 $1,372.9 $1,331.1 ====== ====== ======== ======== Combined Ratios (GAAP) (b) ---------------------- Specialty 101.3% 104.7% 101.0% 104.2% Personal 111.1 108.4 109.8 106.0 Aggregate (including discontinued lines) 105.9 106.8 105.7 105.5
(a) Before a reduction of $29.7 million for unearned premium transfer related to the sale of the Japanese division. (b) Combined ratios for the entire year of 2000 were: Specialty - 107.9%, Personal - 108.6%, Aggregate - 108.0%. SPECIALTY The Specialty group's increase in net written premiums reflects the impact of rate increases implemented in 2000 and 2001 and the realization of growth opportunities in certain commercial markets. In its California workers' compensation business, AFC implemented rate increases in excess of 35% on renewals in the first half 2001. Rate increases implemented in the other specialty operations averaged 15% for the first six months of 2001. AFC expects these levels of rate increases to continue for the remainder of 2001. The improvement in the combined ratio compared to the 2000 periods reflects the impact of these rate increases. Excluding the California workers' compensation business, the Specialty group's combined ratio was 99.7% for the second quarter and 98.8% for the first six months of 2001. PERSONAL The Personal group's decline in net written premiums reflects a reinsurance agreement, effective April 1, 2001, under which AFC cedes 80% of the automobile physical damage business written by three of its insurance subsidiaries. This agreement enabled AFC to reallocate some of its capital to the more profitable specialty operations. Excluding the effect of this agreement, the Personal group's net written premiums declined approximately 11% for the second quarter and 3% for the six months as lower business volume more than offset the impact of significant rate increases. The increase in the combined ratio compared to the 2000 periods reflects unexpected loss development due to inadequate rates on policies written during 2000 and $4.1 million in second quarter 2001 storm losses, principally from Hurricane Allison and Midwest hailstorms. To further improve underwriting results, AFC implemented rate increases averaging 9% in the first six months of 2001 and expects rate increases to be at least 15% by the end of 2001. LIFE, ACCIDENT AND HEALTH PREMIUMS AND BENEFITS The increase in life, accident and health premiums and benefits is due primarily to the acquisition of blocks of supplemental health insurance business. 17 AMERICAN FINANCIAL CORPORATION 10-Q Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued REAL ESTATE OPERATIONS AFC's subsidiaries are engaged in a variety of real estate operations including hotels, apartments, office buildings and recreational facilities; they also own several parcels of land. Revenues and expenses of these operations, including gains and losses on disposal, are included in AFC's statement of earnings as shown below (in millions).
Three months ended Six months ended June 30, June 30, ------------------ ---------------- 2001 2000 2001 2000 ---- ---- ---- ---- Other income $29.4 $26.5 $61.4 $44.4 Other operating and general expenses 16.6 17.0 31.6 31.3 Interest charges on borrowed money .6 .6 1.3 1.3 Minority interest expense, net 1.4 .5 3.3 .7
Other income includes net pretax gains on the sale of real estate assets of $9.3 million in the second quarter and $24.6 million in the first six months of 2001 compared to $4.6 million and $6.7 million for the 2000 periods. OTHER INCOME Excluding gains on the sale of real estate assets (discussed above), other income decreased $15.6 million (15%) in the first six months of 2001 due primarily to income from the sale of operating assets and lease residuals in the first quarter of 2000. REALIZED GAINS Realized capital gains have been an important part of the return on investments in marketable securities. Individual securities are sold creating gains and losses as market opportunities exist. Realized losses on securities includes the following provisions for other than temporary impairment: second quarter of 2001 and 2000 - $29.2 million and $2.5 million; six months of 2001 and 2000 - $37.2 million and $3.3 million, respectively. Under SFAS No. 133, which was adopted as of October 1, 2000, warrants to purchase common stock of publicly traded companies are generally considered derivatives and marked to market through current earnings as realized gains and losses. Realized losses on securities in 2001 includes gains of $3.2 million in the second quarter and $2.3 million in the first six months to adjust the carrying value of AFC's investment in warrants to market value. GAIN (LOSS) ON SALES OF SUBSIDIARIES In the first quarter of 2001, AFC recognized a $1.6 million pretax loss representing an adjustment to the fourth quarter 2000 loss recorded on the sale of its Japanese division. In the second quarter of 2000, AFC recognized a $25 million gain representing an earn-out related to the 1998 sale of its Commercial lines division. ANNUITY BENEFITS Annuity benefits reflect amounts accrued on annuity policyholders' funds accumulated. The majority of GAFRI's fixed rate annuity products permit GAFRI to change the crediting rate at any time (subject to minimum interest rate guarantees of 3% or 4% per annum). As a result, management has been able to react to changes in market interest rates and maintain a desired interest rate spread. In 2000, annuity benefits also includes a second quarter charge of $14.2 million related to the settlement of a policyholder class action lawsuit. GAFRI's equity-indexed fixed annuities provide policyholders with a crediting rate tied, in part, to the performance of an existing stock market index. GAFRI attempts to mitigate the risk in the equity-based component of these products 18 AMERICAN FINANCIAL CORPORATION 10-Q Management's Discussion and Analysis of Financial Condition and Results of Operations - Continued through the purchase of call options on the appropriate index. GAFRI's strategy is designed so that an increase in the liabilities due to an increase in the market index will be substantially offset by unrealized gains on the call options. Under SFAS No. 133, both the equity-based component of the annuities and the related call options are considered derivatives and marked to market through current earnings as annuity benefits. Adjusting these derivatives to market value had virtually no net effect on annuity benefits during the second quarter or the first six months of 2001. INTEREST EXPENSE Interest expense decreased $1.8 million (11%) in the second quarter of 2001 as lower average interest rates on AFC's variable rate debt and lower average subsidiary indebtedness more than offset higher average borrowings under the AFC bank line and the AFG Master Credit Agreement. The increase in interest expense for the six months reflects higher average indebtedness (including borrowings from AFG), partially offset by lower average interest rates on AFC's variable rate debt. OTHER OPERATING AND GENERAL EXPENSES Other operating and general expenses for 2000 include second quarter charges of $18.3 million related to the settlement of the policyholder class action lawsuit against a GAFRI subsidiary and $8.8 million for an adverse California Supreme Court ruling against an AFC property and casualty subsidiary. Excluding these litigation charges, other operating and general expenses increased $11.8 million (11%) in the second quarter and $23.6 million (12%) for the first six months of 2001 compared to 2000 due primarily to increased expenses associated with the IT initiative and slightly higher holding company expenses. INVESTEE CORPORATIONS For 2001, equity in earnings (losses) of investee corporations represents losses of two start-up manufacturing businesses. Equity in net earnings (losses) of investees in 2000 represents AFC's proportionate share of Chiquita's earnings. Due to Chiquita's restructuring plans, AFG suspended its use of equity accounting and reclassified its $24 million investment to "Other stocks" in the balance sheet at June 30, 2001. RECENT ACCOUNTING STANDARDS In July 2001, the Financial Accounting Standards Board issued SFAS No. 141, "Business Combinations", and No. 142, "Goodwill and Other Intangible Assets." Under SFAS No. 141, business combinations initiated after June 30, 2001 are required to be accounted for using the purchase method of accounting. Under SFAS No. 142, goodwill will no longer be required to be amortized beginning January 1, 2002, but will be subject to an impairment test at least annually. A transitional test for impairment is required to be completed in 2002 with any resulting writedown reported during the first quarter as a cumulative effect of a change in accounting principle. Based on goodwill recorded at June 30, 2001, management expects that goodwill amortization in 2002 would have been approximately $15 million. ------------------------------------------------------------------------ Item 3 Quantitative and Qualitative Disclosure of Market Risk ------------------------------------------------------ As of June 30, 2001, there were no material changes to the information provided in AFC's Form 10-K for 2000 under the caption "Exposure to Market Risk" in Management's Discussion and Analysis of Financial Condition and Results of Operations. 19 AMERICAN FINANCIAL CORPORATION 10-Q PART II OTHER INFORMATION Item 1 Legal Proceedings Reference is made to MD&A - Asbestos and Environmental Reserves Study. Item 4 Submission of Matters to a Vote of Security Holders AFC's Annual Meeting of Shareholders was held on May 24, 2001; the only issue voted upon was the election of a Board of Directors. Approximately 95% of the total voting shares (Common and Preferred) were represented at the meeting. The votes cast for and those withheld are set forth below: Name For Against Withheld Abstain ---- --- ------- -------- ------- Theodore H. Emmerich 12,778,484 N/A 10,775 N/A James E. Evans 12,778,484 N/A 10,775 N/A Thomas M. Hunt 12,778,349 N/A 10,910 N/A Carl H. Lindner 12,777,707 N/A 11,552 N/A Carl H. Lindner III 12,778,166 N/A 11,093 N/A Keith E. Lindner 12,770,568 N/A 18,691 N/A S. Craig Lindner 12,770,568 N/A 18,691 N/A William R. Martin 12,778,484 N/A 10,775 N/A - -------------------- N/A - Not Applicable 20 AMERICAN FINANCIAL CORPORATION 10-Q PART II OTHER INFORMATION - CONTINUED Item 6 Exhibits and Reports on Form 8-K (a) Exhibit 10 - 2001 Annual Bonus Plan. (b) Reports on Form 8-K: none ------------------------------------------------------------------------ Signature Pursuant to the requirements of the Securities Exchange Act of 1934, American Financial Corporation has duly caused this Report to be signed on its behalf by the undersigned duly authorized. American Financial Corporation August 13, 2001 BY: Fred J. Runk ----------------------------------- Fred J. 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6UB;VP@#2]4;U5N:6-O9&4@-S$@,"!2(`T^ M/B`-96YD;V)J#38W(#`@;V)J#3P\(`TO5'EP92`O1F]N=$1EEG46B8^6X+3)UUM-S#'6LNZ2*&4PA-^+>.>397K92X`! M`$/(:3\*96YD')E9@TP(# EX-10 4 bnsplan2001.txt AFC 2001 BONUS PLAN [GRAPHIC OMITTED][GRAPHIC OMITTED] 2001 ANNUAL BONUS PLAN Adopted on March 21, 2001 AMERICAN FINANCIAL GROUP, INC. 2001 ANNUAL BONUS PLAN 1. PURPOSE The purpose of the Annual Bonus Plan (the "Plan") is to further the profitability of American Financial Group, Inc. (the "Company") to the benefit of the shareholders of the Company by providing incentive to the Plan participants. 2. ADMINISTRATION Except as otherwise expressly provided herein, the Plan shall be administered by the Compensation Committee or a successor committee or subcommittee (the "Committee") of the Board of Directors of the Company (the "Board") composed solely of two or more "outside directors" as defined pursuant to Section 162(m) of the Internal Revenue Code. No member of the Committee while serving as such shall be eligible to be granted a bonus under the Plan. Subject to the provisions of the Plan (and to the approval of the Board where specified in the Plan), the Committee shall have exclusive power to determine the conditions (including performance requirements) to which the payment of the bonuses may be subject and to certify that performance goals are attained. Subject to the provisions of the Plan, the Committee shall have the authority to interpret the Plan and establish, adopt or revise such rules and regulations and to make all determinations relating to the Plan as it may deem necessary or advisable for the administration of the Plan. The Committee's interpretation of the Plan and all of its actions and decisions with respect to the Plan shall be final, binding and conclusive on all parties. 3. PLAN TERM AND BONUS YEARS The term of the Plan is one year, commencing January 1, 2001, which term shall be renewed from year to year unless and until the Plan shall be terminated or suspended as provided in Section 9. As used in the Plan the term "Bonus Year" shall mean a calendar year. 4. PARTICIPATION Subject to the approval of the Committee and the Board of Directors (based on the recommendation of the Committee), the Chief Executive Officer and each of the Co-Presidents shall participate in the Plan (the "Participants"). The Executive Committee may designate other employees of the Company or its subsidiaries to be governed by the terms of the Plan, including consideration that a portion of payments made to such employees be in shares of common stock of the Company. 5. ESTABLISHMENT OF INDIVIDUAL BONUS TARGETS AND PERFORMANCE CRITERIA The Committee shall approve the individual target amount of bonus (the "Bonus Target") that may be awarded to each Participant and recommend that the Board adopt such action. In no event shall the establishment of any Participant's Bonus Target give a Participant any right to be paid all or any part of such amount unless and until a bonus is actually awarded pursuant to Section 6. The Committee shall establish the performance criteria, both subjective and objective, (the "Performance Criteria") that will apply to the determination of the bonus of the Chief Executive Officer and each of the Co-Presidents for that Bonus Year and recommend that the Board adopt such action. The Bonus Targets and Performance Criteria set forth on Schedules I and II have been recommended by the Committee and approved by the Board. 6. DETERMINATION OF BONUSES AND TIME OF PAYMENT As soon as practicable after the end of 2001, the Committee shall certify whether or not the performance criteria of the Chief Executive Officer and each of the Co-Presidents has been attained and shall recommend to the Board, and the Board shall determine, the amount of the bonus, if any, to be awarded to each Participant for 2001 according to the terms of this Plan. Such bonus determinations shall be based on achievement of the Performance Criteria for 2001. Once the bonus is so determined for the Chief Executive Officer and each of the Co-Presidents, it shall be paid seventy-five percent in cash and twenty-five percent in Company Common Stock to the Participant (less any applicable withholding and employment taxes) as soon as practicable. The number of shares of Company Common Stock to be issued to a Participant shall be determined by dividing twenty-five percent of the bonus payable (before applicable taxes and deductions) by the average of the per share Fair Market Value of the Common Stock for all of the trading days of January 2002; the resulting number shall then be rounded up to the next hundred. Any shares of Company Common Stock issued pursuant to this Plan will be "restricted." In lieu of issuing certificates to the Chief Executive Officer and each of the Co-Presidents representing the Company Common Stock portion of a payment under the Plan, they may elect to defer the Company Common Stock payment portion to the "Company Stock Election" account of the Company's Deferred Compensation Plan adopted December 1, 1999. "Fair Market Value" means the last sale price reported on the New York Stock Exchange composite tape or, if no last sales price is reported, the average of the closing bid and asked prices for a share of Common Stock on a specified date. If no sale has been made on any date, then prices on the last preceding day on which any such sale shall have been made shall be used in determining Fair Market Value under either method prescribed in the previous sentence. 7. TERMINATION OF EMPLOYMENT If a Participant's employment with the Company or a subsidiary, as the case may be, is terminated for any reason other than discharge for cause, he may be entitled to such bonus, if any, as the Committee, in its sole discretion, may determine. In the event of a Participant's discharge for cause from the employ of the Company or a Subsidiary, as the case may be, he shall not be entitled to any amount of bonus unless the Committee, in its sole discretion, determines otherwise. 8. MISCELLANEOUS A. Government and Other Regulations. The obligation of the Company to make payment of bonuses shall be subject to all applicable laws, rules and regulations and to such approvals by governmental agencies as may be required. B. Tax Withholding. The Company or a Subsidiary, as appropriate, shall have the right to deduct from all bonuses paid in cash any federal, state or local taxes required by law to be withheld with respect to such cash payments. C. Claim to Bonuses and Employment Rights. The designation of persons to participate in the Plan shall be wholly at the discretion of the Board. Neither this Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ of the Company or a Subsidiary. D. Beneficiaries. Any bonuses awarded under this Plan to a Participant who dies prior to payment shall be paid to the beneficiary designated by the Participant on a form filed with the Company. If no such beneficiary has been designated or survives the Participant, payment shall be made to the Participant's legal representative. A beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation is filed with the Company. E. Nontransferability. A person's rights and interests under the Plan may not be assigned, pledged or transferred except, in the event of a Participant's death, to his designated beneficiary as provided in the Plan or, in the absence of such designation, by will or the laws of descent and distribution. F. Indemnification. Each person who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company (to the extent permitted by the Articles of Incorporation and Code of Regulations of the Company and applicable law) against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action, suit or proceeding to which he may be a party or in which they may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him in settlement thereof, with the Company's approval, or paid by him, in satisfaction of judgment in any such action, suit or proceeding against him. He shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such person may be entitled under the Company's Articles of Incorporation or Code of Regulations, as a matter of law or otherwise or of any power that the Company may have to indemnify him or hold him harmless. G. Reliance on Reports. Each member of the Committee and each member of the Board shall be fully justified in relying or acting in good faith upon any report made by the independent certified public accountants of the Company or of its Subsidiaries or upon any other information furnished in connection with the Plan by any officer or director of the Company or any of its Subsidiaries. In no event shall any person who is or shall have been a member of the Committee or of the Board be liable for any determination made or other action taken or any omission to act in reliance upon any such report or information or for any action taken, including the furnishing of information, or failure to act, if in good faith. H. Expenses. The expenses of administering the Plan shall be borne by the Company and its Subsidiaries in such proportions as shall be agreed upon by them from time to time. I. Pronouns. Masculine pronouns and other words of masculine gender shall refer to both men and women. J. Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and, in the event of any conflict between any such title or heading and the text of the Plan, such text shall control. 9. AMENDMENT AND TERMINATION The Board may at any time terminate the Plan. The Board may at any time, or from time to time, amend or suspend and, if suspended, reinstate the Plan in whole or in part. Notwithstanding the foregoing, the Plan shall continue in effect to the extent necessary to settle all matters relating to the payment of bonuses awarded prior to any such termination or suspension. Schedule I Annual Bonus Plan for 2001 Participants and Bonus Targets Total Company Bonus EPS Performance Name Position Target Component Component - --------- -------- ------ --------- --------- Carl H. Lindner Chairman of the Board $950,000 50% 50% & Chief Executive Officer Carl H. Lindner III Co-President $950,000 50% 50% Keith E. Lindner Co-President $950,000 50% 50% S. Craig Lindner Co-President $950,000 50% 50% Schedule II Annual Bonus Plan 2001 Performance Criteria for Participants The overall bonus for 2001 for each Participant will be the sum of such Participant's bonuses for the following two Performance Criteria components: Weighting of Dollar Amount of Bonus Target ------------------------------------------ (Assuming Schedule I indicates $950,000 Bonus Target) Earnings Per Share ("EPS") - 50% $475,000 Company Performance - 50% $475,000 A. EPS Component. Each participant's bonus will range from 0% to 175% of the dollar amount of the Bonus Target allocated to the EPS Component, based on the following levels of reported earnings per common share from insurance operations ("Operating EPS" defined below) achieved by the Company and its consolidated subsidiaries for 2001: Percentage of Bonus Target to be paid Operating EPS for EPS Component ------------- ------------------------------------- $1.20 or less 0 $1.60 100% more than $1.60 more than 100% up to 175% Where the Operating EPS is greater than $1.20 and less than $1.60, the bonus will be determined by straight line interpolation; if it is above $1.60, the Committee, in its discretion, shall determine the percentage of bonus above 100%. The Operating EPS to be considered is diluted EPS from the Company's insurance operations and not including investee results, realized gains and losses in the investment portfolio and unusual or non-recurring items. Additionally, the Committee shall have the power and authority, in its discretion, to adjust reported Operating EPS upward or downward for purposes of the Plan to the extent the Committee deems equitable. B. Company Performance Component Each participant's bonus could range up to 175% of the dollar amount of the Bonus Target allocated to the Company Performance Component and will be determined by the Board, upon the Compensation Committee's recommendation, based on the Compensation Committee's subjective rating of the Company's relative overall performance for 2001. Such rating shall include a consideration of all factors deemed relevant, including financial (and non-financial) and strategic factors. When determining the Company's performance for 2001, the Committee intends to take into consideration the factors it believes are relevant to such performance. For 2001, it may be appropriate to consider factors including, but not limited to: earnings per share, including a specific review of the impact of any extraordinary transactions and investees' results; return on equity; per share price of common stock relative to prior periods and comparable companies as well as financial markets; status of credit ratings on outstanding debt and claims paying ability of the Company's subsidiaries; status of debt-to-capital ratio; combined ratio of the Company's subsidiaries; investment portfolio performance including realized gains and losses; and other operating criteria. -----END PRIVACY-ENHANCED MESSAGE-----