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AMERICAN FINANCIAL GROUP INC

AFGD
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Business Summary

American Financial Group, Inc. is an insurance holding company that, through the operations of Great American Insurance Group, is engaged in property and casualty insurance, focusing on specialized commercial products for businesses. The members of the Great American Insurance Group have been in business for over 150 years. Management believes that over 55% of the 2025 gross written premiums in AFG’s Specialty property and casualty group are produced by businesses that rank in the “top 10” amongst competitors based on gross written premiums. AFG’s property and casualty insurance operations provide a wide range of commercial coverages through 36 insurance businesses that make up the Great American Insurance Group. The property and casualty insurance segment operates in a highly competitive industry that is affected by many factors that can cause significant fluctuations in its results of operations, competing with other individual insurers, state funds, and insurance groups of varying sizes, some of which are mutual insurance companies possessing competitive advantages in that all their profits inure to their policyholders, as well as self-insurance plans, captive programs, and risk retention groups.

AFG’s business model is built on a decentralized approach that allows each of its businesses the autonomy to make decisions related to underwriting, claims, and policy servicing, which promotes agility, innovative product design, unique applications of pricing segmentation, as well as developing distribution strategies and building relationships in the markets served. The primary objectives of AFG’s property and casualty insurance operations are to achieve solid underwriting profitability and provide excellent service to its policyholders and agents. Underwriting profitability is measured by the combined ratio, which is a sum of the ratios of losses, loss adjustment expenses, underwriting expenses, and policyholder dividends to premiums, with a combined ratio under 100% indicating an underwriting profit. AFG’s statutory combined ratio averaged 90.5% for the period 2016 to 2025 as compared to 98.1% for the property and casualty commercial lines industry over the same period.

AFG’s property and casualty insurance products are focused on specialty businesses where AFG personnel are experts in particular lines of business or customer groups, grouped into three sub-segments: Property and transportation, Specialty casualty, and Specialty financial. The Property and transportation sub-segment includes agricultural-related coverages such as federally reinsured multi-peril crop insurance, transportation-related coverage for vehicles, and property, inland marine, and ocean marine coverage. The Specialty casualty sub-segment includes excess and surplus liability, executive and professional liability, general liability, targeted markets coverage, umbrella and excess liability, and workers’ compensation. The Specialty financial sub-segment includes fidelity and surety, lender services, and trade credit. AFG believes it is an innovator in risk sharing and alternative risk transfer programs for policyholders and agents, providing risk sharing alternatives in the passenger transportation, moving and storage, and trucking industries, agency and group risk sharing programs, unique coverage options for workers’ compensation accounts, and innovative commission structures for distribution partners.

AFG’s in-house team of investment professionals oversees the Company’s investment portfolio, which at December 31, 2025, was $17.18 billion. The investment portfolio is highly concentrated in fixed maturity investments that are sensitive to changes in interest rates, with approximately 96% of fixed maturities rated “investment grade” by nationally recognized rating agencies. AFG’s earned yield on fixed maturities was 5.1% for 2025, 5.0% for 2024, and 4.7% for 2023. The total return on AFG’s fixed maturities was 7.5% in 2025, compared to 7.6% for the Bloomberg U.S. Universal Bond Index. AFG’s investment portfolio also includes $2.42 billion in investments accounted for using the equity method, consisting of limited partnerships and similar investments.

Significant operational developments during the period include the acquisition of Radion Insurance Holdings LLC in the third quarter of 2025, which resulted in the recording of technology-based intangible assets. In September 2025, AFG issued $350 million in 5.00% Senior Notes due in September 2035, the net proceeds of which were used for general corporate purposes. In December 2025, AFG’s Board of Directors authorized the repurchase of five million shares of Common Stock, replacing a prior plan that expired. AFG also completed an in-depth internal review of its asbestos and environmental reserves in the third quarter of 2025, which resulted in no net change to those reserves.

For the full year 2025, AFG reported net earnings of $842 million ($10.08 per share, diluted) compared to $887 million ($10.57 per share, diluted) in 2024. Higher underwriting profit and the favorable impact of higher yields and average balances on net investment income from fixed income investments were more than offset by lower net investment income from alternative investments. The property and casualty insurance segment generated an underwriting gain of $629 million in 2025, compared to $620 million in 2024, with a GAAP combined ratio of 91.0% in 2025 versus 91.2% in 2024. Net cash provided by operating activities was $1.533 billion in 2025, compared to $1.152 billion in 2024.

Business Outlook

Management expects overall premium growth and strong underwriting results in the current property and casualty insurance market. In addition, management anticipates improved returns on alternative investments relative to the 2.5% earned in 2025 will have a positive impact on net investment income beginning in the second half of 2026.Management identified several growth areas and operational strategies. AFG is focused on growth opportunities in what it believes to be more profitable specialty businesses where AFG personnel are experts in particular lines of business or customer groups. The Company continually evaluates expansion in existing markets and opportunities in new specialty markets that meet its profitability objectives, and will withdraw from markets that do not meet its profit objectives or business strategy. AFG’s operations continue to generate significant excess capital for future returns of capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases or to be deployed into its property and casualty businesses as management identifies the potential for profitable organic growth, and opportunities to expand through acquisitions of established businesses or start-ups that meet target return thresholds.

Regarding capital allocation, AFG’s Board of Directors authorized the repurchase of five million shares of Common Stock in December 2025, with the plan authorized to remain in effect until December 31, 2030. AFG declared special dividends totaling $4.00 per share of its Common Stock in 2025, and on February 3, 2026, AFG declared a special cash dividend of $1.50 per share, payable on February 25, 2026, with the aggregate amount of this special dividend to be approximately $125 million. AFG maintains a shelf registration statement under which it can offer additional equity or debt securities. Management intends to maintain the ratio of debt to capital at or below 30% and intends to maintain the capital of its significant insurance subsidiaries at or above levels currently indicated by rating agencies as appropriate for the current ratings.

Management identified several structural headwinds and execution risks. The results of operations of companies in the property and casualty insurance industry historically have been subject to fluctuations and uncertainties from many factors, including competitive pressures, rising loss costs, and changes in the level of reinsurance pricing and capacity, among others. Economic inflation, social inflation, and other economic conditions may impact premium levels, loss cost trends, and investment returns. Changing weather patterns, whether as a result of global climate change or otherwise, have added to the unpredictability, frequency, and severity of weather-related catastrophes and other losses. AFG’s results of operations could be adversely impacted by catastrophes, both natural and man-made, pandemics, severe weather conditions, or climate change. The inability to obtain reinsurance or to collect on ceded reinsurance could adversely affect AFG’s results of operations. A downgrade or potential downgrade in AFG’s financial strength and/or credit ratings by one or more rating agencies could adversely affect its business, financial condition, results of operations, and/or cash flows.

Risk Factors

AFG faces material risks from catastrophes, both natural and man-made, including hurricanes, windstorms, tornadoes, floods, hailstorms, earthquakes, explosions, fire, war, terrorist attacks, civil unrest, and pandemics, which could have a material adverse effect on its results of operations or financial condition. The property and casualty insurance segment operates in a highly competitive industry, competing with other insurers, state funds, mutual insurance companies, self-insurance plans, captive programs, and risk retention groups. AFG’s property and casualty reserves may be inadequate, as the process of estimating unpaid losses and LAE reserves involves a high degree of judgment and is subject to numerous internal and external factors, with a 1% change in cost trends in the other liability-occurrence line of business having an estimated cumulative adverse impact on net earnings of $94 million. AFG’s investment portfolio is subject to market risk, including changes in interest rates, with an immediate increase of 100 basis points in the interest rate yield curve estimated to have a pretax impact on the fair value of the fixed maturity portfolio of $(334) million. AFG is subject to comprehensive regulation by government agencies in the states and countries where its insurance company subsidiaries are domiciled, and changes in insurance law or regulation, including modifications to capital requirements, could have a material impact. AFG faces credit risk with respect to its reinsurers, with $5.53 billion of recoverables from reinsurers on its balance sheet at December 31, 2025, and the collectability of these recoverables is subject to uncertainty. AFG also faces risks from litigation, including from emerging claim and coverage issues such as asbestos, environmental, PFAS, talc, and opioid claims, as well as social inflation and legal system abuse.

Management Priorities

Management’s message emphasizes that AFG’s ability to grow book value per share at a double-digit annual rate over time is evidence that the Company’s culture, business model, and employee incentive plans create a structure to build long-term value for AFG’s shareholders. Management expects overall premium growth and strong underwriting results in the current property and casualty insurance market, and anticipates improved returns on alternative investments relative to the 2.5% earned in 2025 will have a positive impact on net investment income beginning in the second half of 2026. The strategic priorities emphasized are achieving solid underwriting profitability, providing excellent service to policyholders and agents, and maintaining a strong financial position with sufficient liquidity and capital at its subsidiaries to continue to effectively address and respond to anticipated and unanticipated challenges.

View Source Annual Report on SEC.gov ↗

References

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  1827. [1827] Item 7, MD&A — Results of Operations — General
  1828. [1828] Item 7, MD&A — Results of Operations — General
  1829. [1829] Item 7, MD&A — Results of Operations — General
  1830. [1830] Item 7, MD&A — Results of Operations — General
  1831. [1831] Item 7, MD&A — Results of Operations

Analysis on 7/25/2026