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American Financial Group Inc. Jun 05
Standard & Poors, June 2005
Abstract
Strong competitive position. Improving operating results, especially in its property/casualty operations. Improved financial flexibility. Strong capital adequacy. Frequent special charges and loss reserve additions. Decreased but still good earnings diversification. Asbestos and environmental (A&E) exposure in the insurance business and in railroad properties. The counterparty credit rating on American Financial Group Inc. (AFG) reflects its operating subsidiaries' strong competitive position in the specialty property/casualty sector and, through its indirect 82% ownership in Great American Financial Resources Inc. (GAFRI), the 403(b) annuity market. The rating also reflects strong and improving operating results, improved financial flexibility, and strong capital adequacy in both the property/casualty and the life insurance groups. Partially offsetting these positive factors are AFG's history of material charges and reserve...
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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