American Financial Group Inc., a Cincinnati-based insurer, reported a 71 percent drop in net profits in the first quarter after investment losses and higher costs.
The company earned $13.1 million a share in the quarter, or 19 cents a share, after $5.3 million in realized investment losses. This is compared to $44.7 million, or 76 cents a share, in the same quarter last year.
The insurance business earnings were 21.8 million, or 32 cents a share in the first quarter. This total is down from a year ago, at $38.3 million or 65 cents a share.