American Financial Group Inc. (NYSE:AFG) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 11:30 am ET


American Financial Group Inc. (NYSE:AFG) Q2 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Ladies and gentlemen, thank you for standing by, and welcome to American Financial Group's 2020 Second Quarter Results. [Operator Instructions]

I would now like to hand the conference over to your speaker for today, Diane Weidner, Vice President, Investor Relations. You may begin.

Diane P. Weidner

Thank you, Towanda. Good morning, and welcome to American Financial Group's Second Quarter 2020 Earnings Results Conference Call. We hope you and your loved ones are healthy and safe as we continue to navigate the challenges of the pandemic. We released our 2020 second 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 Vice President and Controller. Before I turn the discussion over to Carl, I would like to draw your attention to the notes on slide two of our webcast. Some of these matters to be discussed today are forward-looking.

These forward-looking statements involve 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 am pleased to turn the call over to Carl Lindner III to discuss our results.

Carl H. Lindner

Good morning. We're pleased to share highlights of AFG's 2020 second quarter results and respond to your questions. Since we reported our first quarter results in May, we have had the opportunity to more thoroughly understand the impact of the COVID-19 pandemic on our business, our insurance industry, the financial markets and the global economy. Our thoughts and prayers remain with all those affected by the virus and the individuals caring for them. These exceptionally challenging circumstances have highlighted the resiliency and commitment of our AFG employees who are the foundation of our success. Our comprehensive business continuity plans, coupled with flexible and effective workplace policies and practices have enabled us to focus on providing the secure, trusted service and support on which our agents and policyholders rely, while keeping the well-being of our employees as our top priority. Craig and I continue to be pleased with AFG's strong financial position. We have the liquidity and excess capital that afford us the flexibility to effectively address and respond to the uncertainties presented by COVID-19 as well as the