CINCINNATI (AP) _ American Financial Group Inc. (AFG) on Monday reported a first-quarter loss of $301 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Cincinnati-based company said it had a loss of $3.34. Earnings, adjusted for investment costs, came to $1.88 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.85 per share.
The property and casualty insurer posted revenue of $1.27 billion in the period. Its adjusted revenue was $1.81 billion.
American Financial expects full-year earnings in the range of $6.45 to $7.25 per share.
American Financial shares have decreased 42% since the beginning of the year. The stock has declined 37% in the last 12 months.