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American Financial Group, Inc. : Announces Regulatory Approval for the Sale of Its Annuity Business


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American Financial Group, Inc. (NYSE: AFG) announced today that the Ohio Department of Insurance has approved the sale of its Annuity businesses, consisting of Great American Life Insurance Company (GALIC) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company, to Massachusetts Mutual Life Insurance Company (MassMutual). The sale is expected to close on May 28, 2021.
AFG expects to receive total after-tax cash sale proceeds of $3.4 billion.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of traditional fixed and fixed-indexed annuities in the retail, financial institutions, broker-dealer, and registered investment advisor markets. On January 27, ....

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American Financial Group Inc (AFG) Q1 2021 Earnings Call Transcript


Operator
Good day, and thank you for standing by. Welcome to the American Financial Group 2021 First Quarter Results Conference Call. [Operator Instructions] Please be advised that today s conference is being recorded. [Operator Instructions] I would now like to turn the conference over to your speaker today, Vice President, Investor Relations, Ms. Diane Weidner. Please go ahead.
Diane P. Weidner
Vice President of Investor and Media Relations
Thank you, Chino. Good morning, and welcome to American Financial Group s First Quarter 2021 Earnings Results Conference Call. We released our 2021 first 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 s CFO. Before I ....

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