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AMERICAN FINANCIAL GROUP , INC . American Financial Group , Inc. Announces First Quarter Results May 4 , 2021 • Net earnings per share of $ 4.84 ; includes $ 2.46 earnings per share from after - tax non - core items • Net earnings from continuing operations of $ 267 million ( $ 3.08 per share ) • Core net operating earnings of $ 2.38 per share , a 75 % increase from the prior year period • First quarter annualized ROE of 29.9 % ; core operating ROE of 14.7 % • Parent company cash of approximately $ 200 million ; excess capital of $ 1.2 billion at March 31 , 2021 • Full year 2021 core net operating earnings guidance increased to $ 7.00 - $ 8.00 per share , from previous guidance of $ 6.25 to $ 7.25 per share CINCINNATI -- ( BUSINESS WIRE ) -- May 4 , 2021-- American Financial Group , Inc. ( NYSE : AFG ) today reported 2021 first quarter net earnings attributable to shareholders of $ 419 million ( $ 4.84 per share ) compared to a net loss of $ 301 million ( $ 3.34 per share loss ) for the 2020 first quarter . Net earnings for the 2021 first quarter include after - tax non - core items totaling $ 213 million ( $ 2.46 per share ) . As previously announced , the results of AFG's Annuity operations are reported as discontinued operations beginning with the first quarter of 2021 , in accordance with generally accepted accounting principles ( GAAP ) , which included adjusting prior period results to reflect these operations as discontinued . AFG's first quarter 2021 results included $ 152 million ( $ 1.76 per share ) in earnings from discontinued annuity operations and $ 61 million ( $ 0.70 per share ) in after - tax non - core net realized gains on securities . By comparison , the net loss attributable to shareholders in the 2020 first quarter included $ 426 million ( $ 4.70 per share loss ) in adverse after - tax non - core items . Other details may be found in the table on the following page . AFG's book value per share was $ 78.53 as of March 31 , 2021. Annualized return on equity was 29.9 % and ( 23.1 % ) for the first quarters of 2021 and 2020 , respectively . Core net operating earnings were $ 206 million ( $ 2.38 per share ) for the 2021 first quarter , compared to $ 125 million ( $ 1.36 per share ) in the 2020 first quarter . The year - over - year increase was the result of substantially higher underwriting profit in the Specialty Property and Casualty ( " P & C " ) insurance operations and significantly higher P & C net investment income . Improved results from AFG's $ 1.5 billion of alternative investments that are marked to market through core operating earnings were partially offset by lower other property and casualty net investment income , primarily due to lower short - term interest rates . Additional details for the 2021 and 2020 first quarters may be found in the table below . Core net operating earnings for the first quarters of 2021 and 2020 generated annualized returns on equity of 14.7 % and 9.6 % , respectively . Three Months Ended March 31 , 2021 2020 ( a ) Components of Pretax Core Operating Earnings In millions , except per share amounts 2021 2020 ( a ) Before Impact of Alternative Investments Alternative Investments Investments , net of DAC 2021 2020 ( a ) Core Net Operating Earnings , as reported P & C Pretax Core Operating Earnings $ 211 $ 178 $ 77 $ 3 $ 288 $ 181 Real estate entities and other to be acquired from Annuity operations ( 1 ) 29 29 Other expenses ( 34 ) ( 17 ) 61 28 6 ( 34 ) ( 17 ) Holding company interest expense ( 24 ) ( 17 ) ( 24 ) ( 17 ) Pretax Core Operating Earnings 152 144 106 9 258 153 Related provision for income taxes 30 26 22 2 52 28 Core Net Operating Earnings $ 122 $ 118 $ 84 $ 7 $ 206 $ 125 Core Operating Earnings Per Share $ 1.41 $ 1.28 $ 0.97 $ 0.08 $ 2.38 $ 1.36 Weighted Avg Diluted Shares Outstanding 86.6 91.1 86.6 91.1 86.6 91.1 Footnote ( a ) is contained in the accompanying Notes to Financial Schedules at the end of this release . Book value per share , excluding unrealized gains related to fixed maturities , was $ 66.89 per share at March 31 , 2021 , compared