American Financial Group, Inc.: AFG's sale of annuity business to MassMutual is credit positive
AFG will use the $3.5 billion in cash proceeds from the sale to bolster its profitable commercial specialty P&C business, strategic acquisitions or payments to shareholders.American Financial Group is a holding company. Through its subsidiary, Great American Insurance Group, the company is engaged primarily in property and casualty insurance, focusing on commercial products for businesses, and in the sale of fixed, fixed-indexed and variable-indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets. The company's property and casualty insurance segments consist of property and transportation, specialty casualty, and specialty financial. The company's annuity segment is focused on the sale of fixed and indexed annuities in the retail, financial institutions, broker-dealer and registered investment advisor markets .
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