American Financial Group (AFG) FY2019 results: revenue $6.2 billion, down 13.1% on the year
American Financial Group Inc. (AFG) reported revenue of $6.2 billion for fiscal 2019, the year ended 31 December 2019, down 13.1% on the year before. Net income was $897 million, up 69.2%, and diluted earnings per share $9.85. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2020.
Revenue
$6.2 billion
-13.1% on the year
FY2012FY2019
Operating margin
10.2%
8.9% a year earlier
FY2012FY2019
Net income
$897 million
+69.2% on the year
FY2012FY2019
Diluted EPS
$9.85
+68.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,213
7,150
6,865
-13.1%
Operating income
634
639
724
-0.8%
Operating margin
10.2%
8.9%
10.5%
Interest expense
68.0
62.0
85.0
+9.7%
Pre-tax income
1,108
639
724
+73.4%
Income tax
143
122
247
+17.2%
Effective tax rate
12.9%
19.1%
34.1%
Net income
897
530
475
+69.2%
Net margin
14.4%
7.4%
6.9%
Diluted EPS
$9.85
$5.85
$5.28
+68.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,456
2,083
1,804
+17.9%
Cash from investing
-3,065
-5,350
-3,292
Cash from financing
1,408
2,444
1,719
-42.4%
Depreciation and amortisation
259
210
107
+23.3%
Share-based compensation
23.0
23.0
30.0
0.0%
Buybacks
0.0
6.0
0.0
Dividends paid
444
394
417
+12.7%
Dividend per share
$4.95
$4.45
$4.79
+11.2%
Diluted shares, weighted
91m
91m
90m
+0.4%
Shares outstanding at period end
90m
89m
88m
+1.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,269
4,970
5,330
+26.1%
Non-controlling interest
0.0
2.0
1.0
Redeemable equity
0.0
0.0
3.0
Debt
1,473
1,302
1,301
+13.1%
Other liabilities
62,388
57,182
54,023
+9.1%
Total liabilities and equity
70,130
63,456
60,658
+10.5%
Goodwill
176
176
199
0.0%
Intangible assets
43.0
54.0
26.0
-20.4%
Securities held for sale or to maturity
46,505
41,997
38,379
+10.7%
Cash and equivalents
2,314
1,515
2,338
+52.7%
Other assets
21,092
19,714
19,716
+7.0%
Total assets
70,130
63,456
60,658
+10.5%
10-K for the year ended 31 December 2019, filed 25 February 2020: the filing.