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使用警語：中文譯文來源為 Google 翻譯，僅供參考，實際內容請以英文原文為主
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Operator
Operator
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Good day, ladies and gentlemen, and welcome to the American Financial Group Fourth Quarter 2018 Results Conference Call.
女士們，先生們，美好的一天，歡迎參加美國金融集團 2018 年第四季度業績電話會議。
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(Operator Instructions) As a reminder, today's conference may be recorded.
（操作員說明）作為提醒，今天的會議可能會被錄製。
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I'd now like to introduce your host for today's conference, Ms. Diane Weidner, Assistant Vice President, Investor Relations.
我現在想介紹一下今天會議的主持人，投資者關係部助理副總裁 Diane Weidner 女士。
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Ma'am, please go ahead.
女士，請繼續。
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Diane P. Weidner - Assistant VP of Investors Relations
Diane P. Weidner - Assistant VP of Investors Relations
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Thank you, Liz.
謝謝你，麗茲。
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Good morning, and welcome to American Financial Group's Fourth Quarter 2018 Earnings Results Conference Call.
早上好，歡迎參加美國金融集團 2018 年第四季度收益結果電話會議。
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I am joined this morning by Carl Lindner III and Craig Lindner, Co-CEOs of American Financial Group; and Jeff Consolino, AFG's CFO.
今天早上，美國金融集團的聯合首席執行官 Carl Lindner III 和 Craig Lindner 加入了我的行列；和 AFG 的首席財務官 Jeff Consolino。
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Our press release, investor supplement and webcast presentation are posted on AFG's website.
我們的新聞稿、投資者補充和網絡廣播演示發佈在 AFG 的網站上。
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These materials will be referenced during portions of the call today.
這些材料將在今天的部分電話會議中被引用。
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Before I turn the discussion over to Carl, I would like to draw your attention to the notes on Slide 2 of our webcast.
在我將討論交給卡爾之前，我想提請您注意我們網絡廣播幻燈片 2 上的註釋。
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Certain statements made during this call may be considered forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.
本次電話會議期間做出的某些陳述可能被視為 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。
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These statements are not guarantees of future performance.
這些陳述不是對未來業績的保證。
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Investors should consider the risks and uncertainties that could cause actual results and/or financial condition to differ materially from these statements.
投資者應考慮可能導致實際結果和/或財務狀況與這些陳述產生重大差異的風險和不確定性。
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A detailed description of these risks and uncertainties can be found on AFG's filings with the AFG's -- with AFG Securities and Exchange Commission filings, which are also available on our website.
有關這些風險和不確定性的詳細描述，請參見 AFG 向 AFG 提交的文件——以及 AFG 證券交易委員會的文件，這些文件也可在我們的網站上找到。
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We may include references to core net operating earnings, a non-GAAP financial measure, in our remarks or responses to questions.
我們可能會在我們的評論或對問題的回答中提及核心淨營業收益，這是一種非公認會計準則財務指標。
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A reconciliation of net earnings attributable to shareholders to core net operating earnings is included in our earnings release.
歸屬於股東的淨收益與核心淨營業收益的對賬包含在我們的收益發布中。
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If you are reading a transcript of this call, please note that it may not be authorized or reviewed for accuracy, thus it may contain factual or transcription errors that could materially alter the intent or meaning of our statements.
如果您正在閱讀本次通話的文字記錄，請注意，它可能未經授權或準確性審查，因此它可能包含可能會實質性改變我們聲明的意圖或含義的事實或轉錄錯誤。
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Now I am pleased to turn the call over to Carl Lindner III to discuss our results.
現在我很高興將電話轉給 Carl Lindner III 來討論我們的結果。
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Carl Henry Lindner - Co-President, Co-CEO & Director
Carl Henry Lindner - Co-President, Co-CEO & Director
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Good morning.
早上好。
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We released our 2018 fourth quarter and full year results yesterday afternoon.
我們昨天下午發布了 2018 年第四季度和全年業績。
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If you'd turn to slides 3 and 4,of the webcast slides for an overview.
如果您想查看網絡廣播幻燈片中的幻燈片 3 和 4，以了解概覽。
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Craig and I, we're pleased to report record AFG core operating earnings of $8.40 per share for the full year of 2018, up 28% from last year and generating a core return on equity in excess of 15%.
克雷格和我，我們很高興地報告 2018 年全年 AFG 核心運營收益達到創紀錄的每股 8.40 美元，比去年增長 28%，核心股本回報率超過 15%。
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Returning capital to our shareholders is an important component of our capital management strategy and reflects our strong financial position and our confidence in AFG's financial future.
向股東返還資本是我們資本管理戰略的重要組成部分，反映了我們強大的財務狀況以及我們對 AFG 財務未來的信心。
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We paid $397 million in dividends during the year, representing $130 million in regular common stock dividends and $267 million in special dividends.
我們在這一年支付了 3.97 億美元的股息，代表 1.3 億美元的常規普通股股息和 2.67 億美元的特別股息。
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And our quarterly dividend was increased by 14% to an annual rate of $1.60 per share beginning in October of 2018.
從 2018 年 10 月開始，我們的季度股息增加了 14%，達到每股 1.60 美元的年利率。
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AFG's 5-year total shareholder return, representing growth and share price plus dividends, was approximately 88%, exceeding the total return performance of the S&P 500, S&P Property and Casualty Index and the S&P Life & Health Index over that same period.
AFG 的 5 年股東總回報（代表增長和股價加上股息）約為 88%，超過同期標準普爾 500 指數、標準普爾財產和傷亡指數以及標準普爾人壽與健康指數的總回報表現。
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Turning to Slide 4. Fourth quarter core net operating earnings were $1.75 per share compared to $2.20 per share in the year ago quarter.
轉向幻燈片 4。第四季度核心淨營業收益為每股 1.75 美元，而去年同期為每股 2.20 美元。
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The significant downturn in the financial markets in the fourth quarter tempered results in our Annuity segment, and profitability in our Property and Casualty segment was lower year-over-year.
第四季度金融市場的大幅下滑削弱了我們年金部門的業績，我們的財產和意外險部門的盈利能力同比下降。
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These results were partially offset by the benefit of a lower corporate tax rate.
這些結果被較低的公司稅率的好處部分抵消。
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Fourth quarter 2018 annualized core operating return on equity was 12.6%.
2018 年第四季度年化核心經營股本回報率為 12.6%。
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A net loss of $0.33 per diluted share in the fourth quarter included $2.08 per share in realized losses on securities.
第四季度每股攤薄淨虧損 0.33 美元，其中包括已實現的證券虧損每股 2.08 美元。
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Accounting rules require that all equity securities are reported at fair value, so it's important to note that $2 per share of this amount related to holding losses on securities that AFG continued to own at December 31, 2018.
會計規則要求所有股本證券都以公允價值報告，因此需要注意的是，其中每股 2 美元與 AFG 在 2018 年 12 月 31 日繼續持有的證券的持有損失有關。
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Craig's going to -- will discuss this in more detail later in the call.
Craig 將在稍後的電話會議中更詳細地討論這個問題。
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