American Financial Group has reported net earnings attributable to shareholders of $50m, or $0.54 per share for the fourth quarter of 2012, against $109m, or $1.09 per share during the same period earlier year.

The P&C specialty insurance operations reported underwriting profit of $15m, compared to $89m during the same period earlier year.

The Property and Transportation Group posted an underwriting loss of $14m, against an underwriting profit of $75m during the corresponding period a year ago.

The Specialty Casualty Group generated an underwriting profit of $8m for the current quarter period, compared to an underwriting loss of $3m during the year ago quarter.

The Specialty Financial Group registered an underwriting profit of $16m, against $13m during the same period last fiscal.

The Annuity Group reported core operating earnings before income taxes of $68m, compared to $58m during the same period earlier year.

Cincinnati- based American Financial Group has assets in more than $35bn and provides property and casualty insurance, focusing on specialized commercial products for businesses, among others.