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AMERICAN FINANCIAL GROUP , INC . American Financial Group , Inc. Announces Third Quarter Results and Declares Special Dividend November 2 , 2021 • Net earnings per share of $ 2.56 ; includes ( $ 0.15 ) per share in after - tax non - core items • Core net operating earnings of $ 2.71 per share , a 96 % increase from the prior year period • Third quarter annualized ROE of 16.6 % ; annualized core operating ROE of 17.6 % • Parent company cash and investments of approximately $ 2.7 billion ; excess capital of $ 3.0 billion at September 30 , 2021 • Announces special cash dividend of $ 4.00 per share , payable November 22 , 2021 • Full year 2021 core net operating earnings guidance $ 10.10 - $ 10.70 per share , an increase from previous guidance of $ 8.40 - $ 9.20 per share CINCINNATI -- ( BUSINESS WIRE ) -- Nov . 2 , 2021-- American Financial Group , Inc. ( NYSE : AFG ) today reported 2021 third quarter net earnings attributable to shareholders of $ 219 million ( $ 2.56 per share ) compared to $ 164 million ( $ 1.86 per share ) for the 2020 third quarter . Net earnings for the 2021 third quarter included after - tax non - core realized losses on securities of $ 12 million ( $ 0.15 per share loss ) . Comparatively , net earnings in the 2020 third quarter included net favorable after - tax non - core items of $ 43 million ( $ 0.48 per share ) . Beginning with the first quarter of 2021 and through the date of sale in May 2021 , the results of AFG's Annuity operations are reported as discontinued operations in accordance with generally accepted accounting principles ( GAAP ) , which included adjusting prior period results to reflect these operations as discontinued . Other details may be found in the table below . AFG's book value per share was $ 61.80 at September 30 , 2021. During the third quarter of 2021 , AFG declared cash dividends of $ 6.50 per share , which included a $ 2.00 per share special dividend paid in August and a $ 4.00 special dividend paid in October . AFG repurchased $ 12 million of its common stock at an average price per share of $ 125.17 ( adjusted for the special dividends ) . Annualized return on equity was 16.6 % and 12.9 % for the third quarters of 2021 and 2020 , respectively . Core net operating earnings were $ 231 million ( $ 2.71 per share ) for the 2021 third quarter , compared to $ 121 million ( $ 1.38 per share ) in the 2020 third quarter . Core net operating earnings for the third quarters of 2021 and 2020 generated annualized returns on equity of 17.6 % and 9.6 % , respectively . The year - over - year increase was primarily 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 , due to the continued strong performance of AFG's $ 1.7 billion alternative investment portfolio . Additional details for the 2021 and 2020 third quarters may be found in the table below . Components of Pretax Core Operating Earnings In millions , except per share amounts 2021 2020 ( a ) Three Months Ended September 30 , 2020 ( a ) 2021 Before Impact of Core Net Operating Alternative Investments Investments , net of DAC Earnings , as reported 2021 2020 ( a ) Alternative P & C Pretax Core Operating Earnings $ 245 $ 177 $ 84 $ 28 $ 329 $ 205 Real estate entities and other acquired from Annuity operations 3 3 Other expenses Holding company interest expense ( 21 ) ( 29 ) ( 21 ) ( 29 ) ( 24 ) ( 24 ) ( 24 ) ( 24 ) Pretax Core Operating Earnings 200 124 84 31 284 155 Related provision for income taxes 35 28 18 6 53 34 Core Net Operating Earnings $ 165 $ 96 $ 66 $ 25 $ 231 $ 121 Core Net Operating Earnings Per Share $ 1.94 $ 1.10 $ 0.77 0.28 $ 2.71 $ 1.38 Weighted Avg Diluted Shares Outstanding 85.2 88.5 85.2 88.5 85.2 88.5 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 $ 59.70 per share at September 30 , 2021 ,