American Financial Group : Court of Appeals Rules in Favor of American Financial Group, Inc. on Tax Case
05/04/2012| 05:20pm US/Eastern
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American Financial Group, Inc. (NYSE: AFG) (NASDAQ: AFG) has been
involved in litigation with the IRS regarding the calculation of tax
reserves for certain annuity reserves pursuant to Actuarial Guideline
33. In a unanimous decision issued today, the Sixth Circuit Court of
Appeals in Cincinnati affirmed the Summary Judgment of the District
Court in favor of AFG. As a result, unless the IRS determines to seek a
discretionary appeal of this decision within 90 days, the decision will
become final, and AFG will record non-core after tax earnings of
approximately $27 million ($.28 per share). As previously disclosed by
AFG, the Company continues to hold discussions with the IRS involving
subsequent tax years.
About American Financial Group, Inc.
American Financial Group is an insurance holding company based in
Cincinnati, Ohio with assets in excess of $35 billion. 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
indexed annuities and a variety of supplemental insurance products such
as Medicare supplement. Great American Insurance Group's roots go back
to 1872 with the founding of its flagship company, Great American
Insurance Company.
American Financial Group, Inc.
Diane P. Weidner, 513-369-5713
Assistant
Vice President - Investor Relations
or
Websites:
www.AFGinc.com
www.GreatAmericanInsuranceGroup.com
www.GAFRI.com
© Business Wire 2012
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