American Financial Group, Inc.

Good day and thank you for standing by. Welcome to American Financial Group 2024 quarter results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, we'll have a question and answer session. If you would like to ask a question during the session, please press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. If you would like to remove yourself from the queue, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Diane Widener. Please go ahead.

Good morning, and welcome to American Financial Group's fourth quarter 2024 earnings results conference call. We released our 2024 fourth quarter and full year 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 our actual results and or financial condition 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 in responses to questions. A reconciliation of net earnings to core net operating earnings is included in our earnings release. And finally, if you're 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 statement. Now, I'm pleased to turn the call over to Carl Lindner III to discuss our results. Good morning.

As we begin our remarks, it's important to acknowledge that our thoughts and prayers continue to include those that have been impacted by the devastation caused by the wildfires in Southern California. We're grateful to our claims professionals and insurance specialists who are helping our policyholders recover, restore their businesses, and rebuild their communities. Now turning to our results, I'll begin by sharing a few highlights of AFG's 2024 fourth quarter and four-year results, after which Craig and I will walk through more details. We'll then open it up for Q&A where Craig, Brian, and I will be happy to respond to your questions. The fourth quarter was a strong ending to a great year for AFG. In addition to producing an annual core operating return on equity in excess of 19% in 2024, net written premiums grew by 7% during the year. and we continue to create value for our shareholders through effective capital management. Our compelling mix of specialty insurance businesses, entrepreneurial culture, disciplined operating philosophy, and an astute team of in-house investment professionals collectively have enabled us to outperform many of our peers over time. Craig and I thank God, our talented management team, and our great employees for helping us to achieve these results. And I'll turn the discussion over to Craig to walk us through some of these details.