Great American Financial Resources Announces Sale of Provident Financial Group Investment

Great American Financial Resources Announces Sale of Provident Financial Group
Investment 


CINCINNATI, Feb. 17  /PRNewswire-FirstCall/ -- Great American Financial
Resources, Inc. ("GAFRI")  today announced that the proposed merger of Provident
Financial Group, Inc.  with National City Corporation  is expected to result in
a significant after-tax realized gain.  The proposed merger was announced
earlier today by Provident and National City.

GAFRI owns approximately 1.5 million Provident common and common equivalent
shares.  Upon completion of the merger, GAFRI expects to receive approximately
1.7 million National City common and common equivalent shares and to recognize
an after-tax realized gain of between $25 million and $30 million, depending
upon market prices at closing.  At December 31, 2003, GAFRI's stockholders'
equity included a net unrealized gain of approximately $20 million attributable
to its Provident investment.  This transaction would give rise to an incremental
increase in stockholders' equity of between $5 million and $10 million ($0.12 to
$0.22 per share), again depending on market prices at closing.  The transaction
is not expected to have a material impact on GAFRI's operating earnings.

GAFRI's subsidiaries include Great American Life Insurance Company, Annuity
Investors Life Insurance Company, United Teacher Associates Insurance Company,
Loyal American Life Insurance Company, Great American Life Assurance Company of
Puerto Rico and Manhattan National Life Insurance Company.  Through these
companies, GAFRI markets traditional fixed and variable annuities and a variety
of life, supplemental health and long-term care insurance.

Forward Looking Statements

This press release contains certain statements that may be deemed to be
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements in this press release not dealing with historical results are
forward-looking andare based on estimates, assumptions and projections.

Actual results could differ materially from those expected by GAFRI depending on
certain factors including but not limited to: changes to the terms of the
proposed transaction, changes in economic conditions including interest rates,
performance of securities, regulatory actions, judicial decisions and rulings,
tax law changes, and other changes in market conditions that could affect any
party to the proposed transaction. 

DATASOURCE: Great American Financial Resources, Inc.



CONTACT:  Mark F. Muething, Executive Vice President of Great American

Financial Resources, Inc., [phone]



Web site:  http://www.gafri.com/ 

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