American Financial Group, Inc. (NYSE:AFG) Q3 2022 Earnings Conference Call November 3, 2022 11:30 AM ET

Company Participants

Diane Weidner - Vice President, Investor Relations

Carl Lindner - Co-Chief Executive Officer

Craig Lindner - Co-Chief Executive Officer

Brian Hertzman - Chief Financial Officer

Conference Call Participants

Michael Phillips - Morgan Stanley

Paul Newsome - PSC

Meyer Shields - KBW

Operator

Thank you for standing by, and welcome to the American Financial Group 2022 Third Quarter Conference Call. At this time, all participants are a listen-only mode. After the speaker's presentation, there will be question-and-answer session. [Operator Instructions] As a reminder, today's conference call is being recorded.

I would now turn the conference to your host Ms. Diane Weidner, Vice President of Investor Relations. Please go ahead.

Diane Weidner

Good morning, and welcome to American Financial Group's Third Quarter 2022 Earnings Results Conference Call. We released our 2022 third quarter results yesterday afternoon.

Our press release, investor supplement, and webcast presentation are posted on AFG's website, under the Investor Relations section. These materials will be referenced during portions of today's call.

I'm joined this morning by Carl Lindner III, and Craig Lindner, Co-CEOs of American Financial Group; and Brian Hertzman, AFG's CFO.

Before I turn the discussion over to Carl, I would like to draw your attention to the notes on slide 2 of our webcast. Some of the matters to be discussed today are forward-looking. These forward-looking statements involve certain risks and uncertainties that could cause actual results and/or financial condition to differ materially from these statements.

A detailed description of these risks and uncertainties can be found in AFG's filings, with the Securities and Exchange Commission, which are also available on our website. We may include references to core net operating earnings, a non-GAAP financial measure in our remarks or responses to questions. A reconciliation of net earnings attributable to shareholders to core net operating earnings is included in our earnings release.

If you're reading a transcript of this call, please note that, it may not be authorized or reviewed for accuracy. And as a result, it may contain factual or transcription errors that could materially alter the intent or meaning of our statements.

Now, I'm pleased to turn the call over to Carl Lindner III to discuss our results.

Carl Lindner

Good morning. We're pleased to share highlights of AFG's 2022 third quarter results, after which Craig and Brian and I'll be glad to respond to any questions. We're very pleased with AFG's performance during the third quarter. We achieved an annualized core operating return of over 17% in the quarter, with strong underwriting results despite elevated industry catastrophe losses.