A&E charge sends American Financial profits lower

A $52mn after-tax reserve charge for American Financial
Group's (AFG) asbestos and environmental (A&E) liabilities
contributed to a near halving of the company's Q3 net
profits.
The group reported net earnings of $63mn for the third quarter,
down from $116mn for the same period last year.
AFG said it had taken the charge after completing a
comprehensive external study of its A&E exposures relating to
the run-off operations of its P&C group and exposures from
former railroad and manuf