American Financial Announces Agreement to Sell New York Assets

Cincinnati-Ohio-based American Financial Group, Inc. today announced that it has reached an agreement to sell certain of its New York real estate assets. The sale is expected to close late in the third quarter or in the fourth quarter of 2006, subject to customary conditions. AFG expects to record an after-tax gain of approximately $29 million ($.36 per share) after transaction costs.

Great American Insurance Group, AFG, is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses, and in the sale of retirement annuities and supplemental insurance products.

Source: American Financial Group, Inc.