American Financial Group (AFG) FY2020 results: revenue $5.8 billion, down 7.1% on the year
American Financial Group Inc. (AFG) reported revenue of $5.8 billion for fiscal 2020, the year ended 31 December 2020, down 7.1% on the year before. Net income was $732 million, down 18.4%, and diluted earnings per share $8.20. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$5.8 billion
-7.1% on the year
FY2013FY2020
Operating margin
5.9%
10.2% a year earlier
FY2013FY2020
Net income
$732 million
-18.4% on the year
FY2013FY2020
Diluted EPS
$8.20
-16.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,769
6,213
7,150
-7.1%
Selling, general and administrative
1,625
n/a
n/a
Operating income
339
634
639
-46.5%
Operating margin
5.9%
10.2%
8.9%
Interest expense
88.0
68.0
62.0
+29.4%
Pre-tax income
848
1,108
639
-23.5%
Income tax
25.0
143
122
-82.5%
Effective tax rate
2.9%
12.9%
19.1%
Net income
732
897
530
-18.4%
Net margin
12.7%
14.4%
7.4%
Diluted EPS
$8.20
$9.85
$5.85
-16.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,183
2,456
2,083
-11.1%
Cash from investing
-1,564
-3,065
-5,350
Cash from financing
-123
1,408
2,444
Depreciation and amortisation
299
259
210
+15.4%
Share-based compensation
20.0
23.0
23.0
-13.0%
Buybacks
313
0.0
6.0
Dividends paid
334
444
394
-24.8%
Dividend per share
$3.85
$4.95
$4.45
-22.2%
Diluted shares, weighted
89m
91m
91m
-2.0%
Shares outstanding at period end
86m
90m
89m
-4.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,789
6,269
4,970
+8.3%
Non-controlling interest
0.0
0.0
2.0
Redeemable equity
0.0
0.0
0.0
Debt
1,963
1,473
1,302
+33.3%
Other liabilities
64,814
62,388
57,182
+3.9%
Total liabilities and equity
73,566
70,130
63,456
+4.9%
Goodwill
176
176
176
0.0%
Intangible assets
34.0
43.0
54.0
-20.9%
Securities held for sale or to maturity
9,084
46,505
41,997
-80.5%
Cash and equivalents
1,665
2,314
1,515
-28.0%
Other assets
62,607
21,092
19,714
+196.8%
Total assets
73,566
70,130
63,456
+4.9%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.