CINCINNATI, Aug. 18, 2009 (GLOBE NEWSWIRE) -- Great American Life Insurance Company ("GALIC") of Cincinnati, Ohio, has been approved for membership at the Federal Home Loan Bank of Cincinnati (FHLBank). Rated 'A' (Excellent) by A.M. Best Co., GALIC is the 25th insurance company member of the FHLBank and is among more than 200 insurance companies in the 12-district FHLBank System. GALIC, with $9.6 billion in assets, is a wholly-owned subsidiary of American Financial Group Inc., whose assets exceeded $25 billion as of June 30, 2009.
Membership enhances GALIC's liquidity by allowing the company to take advantage of the FHLBank's product line of financial services including low-cost advances, which can be used for funding agreements and general asset/liability management as well as financing.
"We are pleased to have Great American Life Insurance, our good neighbors here in downtown Cincinnati, as a member of the Federal Home Loan Bank of Cincinnati," said David Hehman, CEO of the FHLBank. "This relationship is important to both organizations, as it positions each of us to achieve our operating objectives."
About Great American Life Insurance
Great American Life Insurance is a wholly-owned subsidiary of Great American Financial Resources (GAFRI). Through its subsidiaries, GAFRI is engaged in the sale of traditional fixed, indexed and variable annuities and supplemental insurance products. GAFRI is a member of the Great American Insurance Group, whose roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. AFG's common stock is listed and traded on the New York Stock Exchange and Nasdaq Global Select Market under the symbol "AFG". Learn more at www.GAFRI.com.
About the Federal Home Loan Bank of Cincinnati
The FHLBank is a $79.7 billion congressionally-chartered wholesale regional bank providing financial services for residential housing and economic development to 739 member financial institutions located in Kentucky, Ohio and Tennessee. It has contributed $301 million for the creation of 47,489 units of lower-income housing through its Affordable Housing Program since 1990, and $9.9 million to help 1,177 persons become first-time homebuyers through the American Dream Homeownership Challenge. The FHLBank System includes 12 district Banks, is wholly owned by its 8,100 member institution stockholders and does not use taxpayer dollars.
This news release may contain forward-looking statements that are subject to risks and uncertainties including, but not limited to, the effects of economic market conditions on demand for the FHLBank's products or the financial condition or results from operations of Great American Life Insurance, legislative or regulatory developments concerning the FHLBank System, competitive forces and other risks detailed from time to time in the FHLBank's and Great American Life Insurance's filings with the Securities and Exchange Commission. The forward-looking statements speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the FHLBank and Great American Life Insurance undertake no obligation to update any such statements.