American Financial Group, Inc.

Good day, and thank you for standing by. Welcome to the American Financial Group 2023 first quarter results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 1 on your telephone. You will then hear an automated message advising you your hand is raised. To withdraw your question, please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Diane Widener with Vice President of Investor Relations. Diane, you have the floor.

Good morning and welcome to American Financial Group's first quarter 2023 earnings results conference call. We released our 2023 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 turn the discussion over to Carl, I would like to draw your attention to the notes on slide two of our webcast. Some of the matters to be discussed today are forward-looking. These forward-looking statements involve certain risks and uncertainties that could cause actual results and or financial conditions to differ materially from these statements. A detailed description of these risks and uncertainties can be found in AFG's filings with the Securities and Exchange Commission, which are also available on our website. We may include references to core net operating earnings, a non-GAAP financial measure in our remarks or responses to questions, a reconciliation of net earnings attributable to shareholders to core net operating earnings, is included in our earnings release. And finally, if you are reading a transcript of this call, please note that it may not be authorized or reviewed for accuracy, and as a result, it may contain factual or transcription errors that could materially alter the intent or meaning of our statements. Now, I'm pleased to turn the call over to Carl Lindner III to discuss our results.

Good morning. We're pleased to share highlights of AFG's 2023 first quarter, after which Craig, Brian, and I will respond to your questions. AFG's financial performance during the first quarter was excellent, with a core operating return on equity of 22%. Our specialty property and casualty businesses produced strong underwriting margins. Investment income benefited from a higher interest rate environment when compared to the 2022 first quarter. And we continue to be pleased with the performance of our alternative investment portfolio, where returns exceeded our expectations during the quarter. Our entrepreneurial, opportunistic culture and disciplined operating philosophy continue to serve us well in a favorable property and casualty market and a dynamic economic environment. Craig and I thank God, our talented management team, and our talented employees for helping us to achieve these exceptionally strong results. Shortly before we shared our first quarter earnings results, we announced a definitive agreement to acquire Crop Risk Services from AIG. This business is a great strategic fit with our existing crop insurance operations and will provide opportunities to continue to benefit from economies of scale in this business. We're delighted to welcome CRS's CEO, Brian Young, its leadership team, and employees to Great American Insurance Group. I'll share a bit more about CRS later in the call. Now I'd like to turn the discussion over to Craig to walk us through AFG's first quarter results, investment performance, and our overall financial position at March 31st. Thanks, Carl.