Subsidiaries of AFG own several buildings in downtown Cincinnati. AFG and its affiliates occupy about three-fourths of the aggregate 660,000 square feet of commercial and office space.
AFG subsidiaries own transferable rights to develop approximately 1.3 million square feet of floor space in the Grand Central Terminal area in New York City. The development rights were derived from ownership of the land upon which the terminal is constructed.
AFC has a revolving credit line with several banks under which it can borrow up to $300 million until December 31, 2002. This credit line provides ample liquidity and can be used to obtain funds for operating subsidiaries or, if necessary, for the parent companies. At December 31, 2001, approximately two-thirds of the credit line had been used. While management expects to negotiate a replacement bank agreement later this year, market conditions indicate the maximum amount may be smaller and interest costs will likely be greater.
Fixed income investment funds are generally invested in securities with short-term and intermediate-term maturities with an objective of optimizing total return while allowing flexibility to react to changes in market conditions. At December 31, 2001, the average life of AFG's fixed maturities was about 5-1/2 years.
Investments in MBSs represented approximately one-fourth of AFG's fixed maturities at December 31, 2001. MBSs are subject to significant prepayment risk due to the fact that, in periods of declining interest rates, mortgages may be repaid more rapidly than scheduled as borrowers refinance higher rate mortgages to take advantage of the lower current rates. As a result, holders of MBSs may receive prepayments on their securities, which cannot be reinvested at an interest rate comparable to the rate on the prepaid MBSs. The majority of MBSs held by AFG were purchased at a discount. Management believes that the discounted nature of the MBSs will mitigate the effect of prepayments on earnings over the anticipated life of the MBS portfolio. Over 90% of AFG's MBSs are rated "AAA" with substantially all being of investment grade quality. The market in which these securities trade is highly liquid. Aside from interest rate risk, AFG does not believe a material risk (relative to earnings or liquidity) is inherent in holding such investments.
At December 31, 2001, AFG had a net unrealized gain on fixed maturities of $155.3 million (before income taxes) consisting of $306.2 million in gross unrealized gains and $150.9 million in gross unrealized losses. At that same date, AFG also had a net unrealized gain on equity securities of $125.9 million consisting of $135.7 million in gross gains and $9.8 million in gross losses. Individual portfolio securities are sold creating gains or losses as market opportunities exist.
Establishing reserves for A&E claims is subject to uncertainties that are significantly greater than those presented by other types of claims. For a discussion of uncertainties, see "LITIGATION" AND "SPECIAL A&E CHARGE" BELOW AND NOTE L - "COMMITMENTS AND CONTINGENCIES" TO THE FINANCIAL STATEMENTS.
LITIGATION AFG's insurance subsidiaries and American Premier are parties to litigation and receive claims alleging injuries and damages from asbestos, environmental and other substances and workplace hazards. The outcome of litigation relating to asbestos and environmental claims is uncertain due to numerous factors and may result in liabilities materially exceeding amounts AFG has currently recorded. For a discussion of uncertainties, see LEGAL PROCEEDINGS.
FIXED MATURITY PORTFOLIO The fair value of AFG's fixed maturity portfolio is directly impacted by changes in market interest rates. AFG's fixed maturity portfolio is comprised of substantially all fixed rate investments with primarily short-term and intermediate-term maturities. This practice allows flexibility in reacting to fluctuations of interest rates. The portfolios of AFG's insurance operations are managed with an attempt to achieve an adequate risk-adjusted return while maintaining sufficient liquidity to meet policyholder obligations. AFG's life and annuity operations attempt to align the duration of their invested assets to the projected cash flows of policyholder liabilities.
DECEMBER 31, 2001 DECEMBER 31, 2000 ------------------- ------------------ Principal Principal Cash Flows Rate Cash Flows Rate ---------- ---- ---------- ---- 2002 $ 956.2 8.62% 2001 $ 494.2 8.46% 2003 1,407.3 7.84 2002 673.4 7.60 2004 860.1 8.56 2003 1,406.6 7.74 2005 1,081.6 7.50 2004 835.6 8.01 2006 1,109.7 6.89 2005 1,142.1 7.46 Thereafter 5,263.1 7.08 Thereafter 5,737.0 7.41 --------- ---------
At December 31, 2001 and 2000, respectively, AFG and its subsidiaries had $337 million and $239 million in variable-rate debt maturing primarily in 2002 and 2004. The weighted average interest rate on AFG's variable-rate debt was 2.67% at December 31, 2001 compared to 7.10% at December 31, 2000. There were $242 million and $317 million of subsidiary trust preferred securities outstanding at December 31, 2001 and 2000, none of which is scheduled for maturity or mandatory redemption during the next five years; the weighted average interest rate on these securities was 9.09% at December 31, 2001 and 8.65% at December 31, 2000.
The increase in "core earnings" in 2001 is due primarily to improvement in underwriting results (aside from the two unusual items shown above) partially offset by a $15 million charge to increase reserves for environmental costs related to certain former operations.
The decrease in "core earnings" in 2000 is due primarily to a deterioration in underwriting results (including a $35 million strengthening of California workers' compensation reserves), a $41 million charge for the settlement of litigation and an offsetting gain of $23 million on the sale of certain real estate lease rights.
For certain lines of business and products where the credibility of the range of loss projections is less certain (primarily the various specialty businesses listed above), management believes that it is prudent and appropriate to use conservative assumptions until such time as the data, experience and projections have more credibility, as evidenced by data volume, consistency and maturity of the data. While this practice mitigates the risk of adverse development on this business, it does not eliminate it.
Since mid-2000, AFG has been actively realigning its mix of business and resetting its rate structure with a goal of achieving underwriting profits, even if it entails sacrificing volume. Management expects the improvement experienced in the latter part of 2001 to continue in 2002.
Underwriting results of AFG's insurance operations outperformed the industry average for the sixteenth consecutive year (excluding special A&E charges of $100 million in 2001 and $214 million in 1998). AFG's insurance operations have been able to exceed the industry's results by focusing on growth opportunities in the more profitable areas of the specialty and nonstandard auto businesses.
Net written premiums and combined ratios for AFG's property and casualty insurance subsidiaries were as follows (dollars in millions):
PERSONAL The Personal group's decline in net written premiums in 2001 reflects a reinsurance agreement, effective April 1, 2001, under which AFG cedes 90% of the automobile physical damage business written by certain of its insurance subsidiaries. This agreement is enabling AFG to reallocate some of its capital to the more profitable specialty operations. Excluding the effect of this agreement, the Personal group's net written premiums declined about 4% in 2001 as lower business volume was partially offset by the impact of significant rate increases in 2000 and 2001. The group implemented rate increases of about 14% in 2001 and expects to implement rate increases of at least 7% in 2002. As a result of rate increases in 2001 and 2000, the combined ratio improved to 107.9% for 2001.
GAINS (LOSSES) ON SECURITIES Realized gains (losses) on sales of securities include provisions for other than temporary impairment of securities still held of $125.5 million in 2001, $27.5 million in 2000 and $13 million in 1999. The provision for 2001 includes $8 million for the writedown of AFG's investment in Chiquita from $1.00 per share to $.67 per share.
In 2000, AFG recognized (i) a $25 million pretax gain representing an earn-out related to the 1998 sale of its Commercial lines division, (ii) a $10.3 million pretax loss on the sale of Stonewall Insurance Company and (iii) a $10.7 million estimated pretax loss related to the agreement to sell its Japanese division (completed in 2001).
Other income includes net pretax gains on the sale of real estate assets of $27.2 million in 2001, $12.4 million in 2000 and $15.2 million in 1999.
2001 COMPARED TO 2000 Other income returned to more normal levels in 2001 due primarily to the absence of income from the sale of lease rights, lease residuals and other operating assets.
ANNUITY BENEFITS For GAAP financial reporting purposes, annuity receipts are accounted for as interest-bearing deposits ("annuity benefits accumulated") rather than as revenues. Under these contracts, policyholders' funds are credited with interest on a tax-deferred basis until withdrawn by the policyholder. Annuity benefits reflect amounts accrued on annuity policyholders' funds accumulated. The rate at which GAFRI credits interest on most of its annuity policyholders' funds is subject to change based on management's judgment of market conditions. As a result, management has been able to react to changes in market interest rates and maintain a desired interest rate spread. While GAFRI believes the interest rate and stock market environment over the last several years has contributed to an increase in annuitizations and surrenders, the company's persistency rate remains approximately 90%. In 2000, annuity benefits also includes a second quarter charge of $14.2 million related to the settlement of a policyholder class action lawsuit.
During 1999, AFG expensed approximately $23 million to successfully ensure that its systems would function properly in the year 2000 and beyond. Because a significant portion of the Year 2000 Project was completed using internal staff, these costs do not represent solely incremental costs.
INCOME TAXES See Note J to the Financial Statements for an analysis of items affecting AFG's effective tax rate.
CHIQUITA Equity in net losses of investee corporations for 2000 and 1999 includes AFG's proportionate share of the results of Chiquita Brands International. Chiquita reported net losses attributable to common shareholders of $112 million in 2000 and $75.5 million in 1999. In 2001, AFG suspended accounting for Chiquita under the equity method due to Chiquita's pending restructuring.
Equity in net losses of investees for 2000 includes a $95.7 million pretax charge to writedown AFG's investment in Chiquita to a market value of approximately $1 per share. Chiquita's results for 2000 include $20 million in charges and writedowns of production and sourcing assets in its Fresh Produce operations.
In 2001 and 2000, equity in net losses of investee corporations includes $16.6 million and $4.1 million, respectively, in losses of these businesses. Investee losses in 2001 include litigation judgments of $4.7 million against one of the companies relating to the alleged misappropriation of a trade secret and infringement of a patent. In November 2001, an injunction was issued which would prohibit the company from using the equipment which was the subject of the trade secret claim and effectively close the plant. The injunction was subsequently modified, pending appeal, to permit operations to continue and require certain escrow payments. If the investee is unsuccessful in its attempt to have the injunction lifted or further modified, or if operating results fail to improve, a substantial portion of AFG's investment ($31.8 million as of December 31, 2001), may be written off.
CUMULATIVE EFFECT OF ACCOUNTING CHANGES In 2001, the cumulative effect of accounting change represents the implementation of a new accounting standard (EITF 99-20) which resulted in a writedown of $16.9 million ($10.0 million or $.15 per share after tax and minority interest) of the carrying value of certain collateralized debt obligations as of April 1, 2001.
ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT --------------------------------------------------------------
We have audited the accompanying consolidated balance sheet of American Financial Group, Inc. and subsidiaries as of December 31, 2001 and 2000, and the related consolidated statements of operations, changes in shareholders' equity and cash flows for each of the three years in the period ended December 31, 2001. Our audits also included the financial statement schedules listed in the Index at Item 14(a). These financial statements and schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of American Financial Group, Inc. and subsidiaries at December 31, 2001 and 2000, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2001, in conformity with accounting principles generally accepted in the United States. Also, in our opinion, the related financial statement schedules, when considered in relation to the basic financial statements taken as a whole, present fairly in all material respects the information set forth therein.
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (IN THOUSANDS)
INVESTMENTS All fixed maturity securities are considered "available for sale" and reported at fair value with unrealized gains and losses reported as a separate component of shareholders' equity. Short-term investments are carried at cost; loans receivable are carried primarily at the aggregate unpaid balance. Premiums and discounts on mortgage-backed securities are amortized over a period based on estimated future principal prepayments and adjusted to reflect actual prepayments.
Emerging Issues Task Force Issue No. 99-20 established a new standard for recognition of impairment on certain asset-backed investments. Impairment losses on these investments must be recognized when (i) the fair value of the security is less than its cost basis and (ii) there has been an adverse change in the expected cash flows. The new standard became effective on April 1, 2001. Impairment losses at initial application of this rule were recognized as the cumulative effect of an accounting change. Subsequent impairments are recognized as a component of net realized gains and losses.
INSURANCE As discussed under "Reinsurance" below, unpaid losses and loss adjustment expenses and unearned premiums have not been reduced for reinsurance recoverable.
UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES The net liabilities stated for unpaid claims and for expenses of investigation and adjustment of unpaid claims are based upon (a) the accumulation of case estimates for losses reported prior to the close of the accounting period on direct business written; (b) estimates received from ceding reinsurers and insurance pools and associations; (c) estimates of unreported losses based on past experience; (d) estimates based on experience of expenses for investigating and adjusting claims and (e) the current state of the law and coverage litigation. These liabilities are subject to the impact of changes in claim amounts and frequency and other factors. Changes in estimates of the liabilities for losses and loss adjustment expenses are reflected in the Statement of Operations in the period in which determined. In spite of the variability inherent in such estimates, management believes that the liabilities for unpaid losses and loss adjustment expenses are adequate.
STOCK-BASED COMPENSATION As permitted under SFAS No. 123, "Accounting for Stock-Based Compensation," AFG accounts for stock options and other
SEVEN HILLS INSURANCE COMPANY In July 2001, AFG sold Seven Hills Insurance Company for $18.4 million, realizing a pretax gain of $7.1 million. AFG retained all liability for Seven Hills' business related to the period AFG owned the company.
WORLDWIDE INSURANCE COMPANY In 1999, AFG acquired Worldwide Insurance Company for $157 million in cash. Worldwide is a provider of direct response private passenger automobile insurance.
GREAT AMERICAN LIFE INSURANCE COMPANY OF NEW YORK AND CONSOLIDATED FINANCIAL In 1999, GAFRI acquired Great American Life Insurance Company of New York, formerly Old Republic Life Insurance Company of New York, for $27 million and Consolidated Financial Corporation, an insurance agency, for $21 million.
2001 2000 1999 ---- ---- ---- Gross Gains $108.9 $15.9 $29.2 Gross Losses ($124.2) ($40.1) ($42.3)
Summarized financial information for Chiquita at December 31 is shown below (in millions). 2000 1999 ---- ----
In January 2001, Chiquita announced a restructuring initiative that included discontinuing all interest and principal payments on its public debt. Due to the expected restructuring, AFG recorded a fourth quarter 2000 pretax charge of $95.7 million to write down its investment in Chiquita to quoted market value at December 31, 2000. In 2001, AFG suspended accounting for the investment under the equity method and reclassified the investment to "Other stocks". In the third quarter of 2001, AFG wrote down its investment in Chiquita by an additional $8 million (to $.67 per share). On March 8, 2002, the court approved Chiquita's plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code. The plan calls for the conversion of over $700 million in principal and accrued interest related to Chiquita's public debt into common equity. As a result, AFG will receive approximately 171,000 "new" shares (less than one-half of 1%) in the reorganized company plus warrants expiring in 2009 to purchase an additional 2.9 million shares at $19.23 per share.
2001 2000 ---- ---- HOLDING COMPANIES: AFG 7-1/8% Senior Debentures due April 2009, less discount of $1,742 and $1,919 (imputed rate - 7.2%) $301,108 $300,931 AFG 7-1/8% Senior Debentures due December 2007 79,600 79,600 AFC notes payable under bank line 203,000 178,000 American Premier Underwriters, Inc. ("APU") 10-7/8% Subordinated Notes due May 2011, including premium of $836 and $890 (imputed rate - 9.6%) 11,557 11,611 Other 13,695 14,727 -------- -------- $608,960 $584,869 ======== ======== SUBSIDIARIES: GAFRI 6-7/8% Senior Notes due June 2008 $100,000 $100,000 GAFRI notes payable under bank line 121,100 48,500 Notes payable secured by real estate 36,253 31,201 Other 13,399 15,386 -------- -------- $270,752 $195,087 ======== ========
H. MINORITY INTEREST Minority interest in AFG's balance sheet is comprised of the following (in thousands): 2001 2000 ---- ---- Interest of noncontrolling shareholders in subsidiaries' common stock $140,913 $119,216 Preferred securities issued by subsidiary trusts 241,663 316,663 AFC preferred stock 72,154 72,154 -------- --------
In September 2001, GAFRI redeemed its ROPES for $75 million in cash. In 2000, AFG and GAFRI repurchased $1.3 million and $1.7 million of their preferred securities for $1.1 million and $1.4 million in cash, respectively.
2001 2000 1999 ---- ---- ---- Interest of noncontrolling shareholders in earnings of subsidiaries $11,366 $11,775 $15,308 Accrued distributions by subsidiaries on preferred securities: Trust issued securities, net of tax 16,932 17,819 18,005 AFC preferred stock 5,772 5,772 5,772 ------- ------- -------
I. SHAREHOLDERS' EQUITY At December 31, 2001, there were 68,491,610 shares of AFG Common Stock outstanding, including 1,362,784 shares held by American Premier for possible distribution to certain creditors and other claimants upon proper claim presentation and settlement pursuant to the 1978 plan of reorganization of American Premier's predecessor, The Penn Central Corporation. Shares being held for distribution are not eligible to vote but otherwise are accounted for as issued and outstanding. In December 2000, AFG issued 8.3 million Common Shares at $19.625 per share in a public offering. AFG is authorized to issue 12.5 million shares of Voting Preferred Stock and 12.5 million shares of Nonvoting Preferred Stock, each without par value.
STOCK OPTIONS At December 31, 2001, there were 9.7 million shares of AFG Common Stock reserved for issuance under AFG's Stock Option Plan. Options are granted with an exercise price equal to the market price of AFG Common Stock at the date of grant. Options generally become exercisable at the rate of 20% per year commencing one year after grant; those granted to nonemployee directors of AFG are fully exercisable upon grant. Options generally expire ten years after the date of grant. Data for AFG's Stock Option Plan is presented below:
J. INCOME TAXES The following is a reconciliation of income taxes at the statutory rate of 35% and income taxes as shown in the Statement of Operations (in thousands): 2001 2000 1999 ---- ---- ---- Earnings (loss) before income taxes: Operating $55,898 $109,893 $302,061 Minority interest expense (43,187) (44,961) (48,780) Equity in net losses of investees (25,462) (142,230) (27,357) Extraordinary items - - (2,617) Accounting changes (15,948) (13,882) (6,370) ------- -------- -------- Total ($28,699) ($ 91,180) $216,937 ======= ======== ========
Amounts applicable to: Minority interest expense 9,117 9,595 9,695 Equity in net losses of investees 8,912 49,781 9,574 Extraordinary items - - 916 Accounting changes 5,908 4,810 2,516 ------- -------- -------- Provision for income taxes as shown on the Statement of Operations $10,078 $ 29,041 $ 98,198 ======= ======== ========
For income tax purposes, certain members of the AFC consolidated tax group had the following carryforwards available at December 31, 2001 (in millions):
Cash payments for income taxes, net of refunds, were $6.6 million, $27.8 million and $9.7 million for 2001, 2000 and 1999, respectively.
AFG has accrued approximately $13.4 million at December 31, 2001, for environmental costs and certain other matters associated with the sales of former operations.
While management believes AFG has recorded adequate reserves for the items discussed in this note, the outcome is uncertain and could result in liabilities exceeding amounts AFG has currently recorded. Additional amounts could have a material adverse effect on AFG's future results of operations and financial condition. For a discussion of the uncertainties inherent in asbestos and environmental claims, see MANAGEMENT'S DISCUSSION AND ANALYSIS - "UNCERTAINTIES - PROPERTY AND CASUALTY INSURANCE RESERVES", "UNCERTAINTIES - LITIGATION", AND "SPECIAL A&E CHARGE".
M. QUARTERLY OPERATING RESULTS (UNAUDITED) The operations of certain of AFG's business segments are seasonal in nature. While insurance premiums are recognized on a relatively level basis, claim losses related to adverse weather (snow, hail, hurricanes, tornadoes, etc.) may be seasonal. Quarterly results necessarily rely heavily on estimates. These estimates and certain other factors, such as the nature of investees' operations and discretionary sales of assets, cause the quarterly results not to be necessarily indicative of results for longer periods of time.
The following are quarterly results of consolidated operations for the two years ended December 31, 2001 (in millions, except per share amounts).
1st 2nd 3rd 4th Total Quarter Quarter Quarter Quarter Year ------- ------- ------- ------- ------ 2001 ($8.5) ($26.4) $7.0 $3.9 ($24.0) 2000 (1.4) 21.1 6.0 (21.0) 4.7
NET INVESTMENT INCOME The following table shows (in millions) investment income earned and investment expenses incurred by AFG's insurance companies.
(*) Included primarily in "Other operating and general expenses" in the Statement of Operations.
Direct premiums earned $3,393 $3,306 $3,056 Reinsurance assumed 92 45 45 Reinsurance ceded (891) (856) (890) ------ ------ ------
O. ADDITIONAL INFORMATION Total rental expense for various leases of office space and equipment was $53 million, $44 million and $39 million for 2001, 2000 and 1999, respectively. Sublease rental income related to these leases totaled $2.4 million in 2001, $2.5 million in 2000 and $2.6 million in 1999.
Deferred taxes 162.7 (93.2) 69.5 Minority interest (439.2) (15.5) (454.7) ------
LIABILITIES: Annuity benefits accumulated $ 5,832 $ 5,659 $ 5,544 $ 5,426 Long-term debt: Holding companies 609 587 585 548 Subsidiaries 271 264 195 187
MINORITY INTEREST: Trust preferred securities $ 242 $ 242 $ 317 $ 304 AFC preferred stock 72 61 72 58
FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK On occasion, AFG and its subsidiaries have entered into financial instrument transactions which may present off-balance-sheet risks of both a credit and market risk nature. These transactions include commitments to fund loans, loan guarantees and commitments to purchase and sell securities or loans. At December 31, 2001, AFG and its subsidiaries had commitments to fund credit facilities and contribute limited partnership capital totaling up to $21 million.
In 2001, an AFG subsidiary purchased a 29% interest in an aircraft for $1.6 million (fair value as determined by an independent third party) from a company owned by a brother of AFG's chairman. The remaining interests in the aircraft are owned by AFG's chairman and his two brothers. Costs of operating the aircraft are being borne proportionately.
In September 2000, GAFRI's minority ownership in a company engaged in the production of ethanol was repurchased by that company for $7.5 million in cash and $21.9 million liquidation value of non-voting redeemable preferred stock. Following the repurchase, AFG's Chairman beneficially owns 100% of the ethanol company. In December 2000, the ethanol company retired $3 million of the preferred stock at liquidation value plus accrued dividends and issued an $18.9 million subordinated note in exchange for the remaining preferred stock. The subordinated note bears interest at 12-1/4% with scheduled repayments through 2005. During 2001,
B. Schedules filed herewith for 2001, 2000 and 1999: Page ---- I - Condensed Financial Information of Registrant S-2
AMERICAN FINANCIAL GROUP, INC. - PARENT ONLY (*) SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (IN THOUSANDS)
$1,987,875 $2,038,051 ========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable, accrued expenses and other liabilities $ 4,983 $ 5,185 Payables to affiliates 103,805 103,805 Long-term debt 380,708 380,531 Shareholders' equity 1,498,379 1,548,530 ---------- ----------
Earnings (loss) before income taxes, extraordinary items and accounting changes (12,751) (77,298) 225,924 Provision (credit) for income taxes (7,951) (30,335) 78,929 ------- ------- --------
Earnings (loss) before extraordinary items and accounting changes (4,800) (46,963) 146,995
Year Ended December 31, ----------------------------- 2001 2000 1999 ---- ---- ---- OPERATING ACTIVITIES: Net earnings (loss) ($14,840) ($ 56,035) $141,440 Adjustments: Extraordinary items - - 1,701 Cumulative effect of accounting changes 10,040 9,072 3,854 Equity in losses (earnings) of subsidiaries (10,613) 34,225 (158,067) Change in balances with affiliates 83,189 (64,511) (110,243) Increase in other assets (4,126) (10,987) (8,844) Increase (decrease) in payables (202) 190 3,336 Dividends from subsidiaries 282 282 282 Other 458 602 15 ------- -------- -------- 64,188 (87,162) (126,526) ------- -------- -------- INVESTING ACTIVITIES: Purchases of investments - - (14,894) Sales of investments - - 13,903 ------- -------- -------- - - (991) ------- -------- --------
Cash and short-term investments at beginning of period 1,407 1,612 6,777 ------- -------- -------- Cash and short-term investments at end of period $ 529 $ 1,407 $ 1,612 ======= ======== ========
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES SCHEDULE V - SUPPLEMENTAL INFORMATION CONCERNING PROPERTY-CASUALTY INSURANCE OPERATIONS THREE YEARS ENDED DECEMBER 31, 2001 (IN MILLIONS)
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E ---------------------------------------------------------------------------
Signed: March 27, 2002 BY:S/CARL H. LINDNER ---------------------------------- Carl H. Lindner Chairman of the Board and Chief Executive Officer
S/CARL H. LINDNER Chairman of the Board March 27, 2002 - ----------------------- of Directors Carl H. Lindner
S/THOMAS M. HUNT Director* March 27, 2002 - ----------------------- Thomas M. Hunt
S/S. CRAIG LINDNER Director March 27, 2002 - ----------------------- S. Craig Lindner
S/FRED J. RUNK Senior Vice President and March 27, 2002 - ----------------------- Treasurer (principal Fred J. Runk financial and accounting officer)
Number Exhibit Description - ------ ------------------------------------ 3(a) Amended and Restated Articles of Incorporation, filed as Exhibit 3(a) to AFG's Form 10-K for 1997. (*)
10(f) Directors' Compensation Plan, filed as Exhibit 10(f) tO AFG's Form 10-K for 1995. (*)