American Financial Group, Inc. (AFG) SEC Filings & Earnings Calls
EquiReason read 15 American Financial Group, Inc. SEC filings in the last 12 months. Latest: 10-Q on 2026-08-06 — AFG reported Q2 2026 net earnings of $248M ($2.99/diluted share), up from $174M ($2.07) in Q2 2025, driven by higher underwriting profit and alternative investment income..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 12.5B
- P/E TTM
- 13.2
- Dividend yield
- 4.6%
- 52-week
- —
- Next earnings
- 3 Nov, in 10 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
6 Aug 202610-QAFG reported Q2 2026 net earnings of $248M ($2.99/diluted share), up from $174M ($2.07) in Q2 2025, driven by higher underwriting profit and alternative investment income.earningsopen
Figures in the filing · each found in the filing text
| Net earnings · Q2-2026 | $248M | +43% y/y |
| Net earned premiums · Property and Casualty Insurance · Q2-2026 | $1.69B | +3% y/y |
| Combined ratio · Property and Casualty Insurance · Q2-2026 | 91.6% | |
| Gross written premiums · Property and Casualty Insurance · Q2-2026 | $2.85B | +7% y/y |
| Net investment income · Property and Casualty Insurance · Q2-2026 | $221M | +23% y/y |
| Core net operating earnings per share · Q2-2026 | $2.82 | +32% y/y |
| Underwriting gain · Property and Casualty Insurance · Q2-2026 | $142M | +26% y/y |
Guidance
Management expects diversification and disciplined underwriting to produce overall premium growth and strong underwriting results; anticipates improved returns on alternative investments in H2 2026.
Management reaffirmed positive outlook, expecting premium growth and strong underwriting results despite market softening, and improved alternative investment returns in H2 2026.
Risks flagged
Catastrophe Loss Exposure
“Catastrophe losses were $31 million (1.8 points on the combined ratio) in the second quarter of 2026 compared to $38 million (2.3 points) in the second quarter of 2025.” · word for word
Interest Rate Sensitivity
“Approximately 97% of the fixed maturities held by AFG at June 30, 2026, were rated 'investment grade'... A 100 bps increase in interest rates would reduce fair value by $397 million (3.5%).”
Social Inflation Exposure
“Net adverse reserve development of $10 million in the second quarter of 2025 reflects higher than anticipated claim severity in the excess and surplus and social services businesses.” · word for word
5 Aug 20268-K · 2.02AFG reported Q2 2026 core net operating earnings of $234M ($2.82/diluted share), up from $179M ($2.14) in Q2 2025. P&C combined ratio improved to 91.6% from 93.1%. Annualized core operating ROE of 19.2% vs 15.5% prior year. Net written premearningsopen
Figures in the filing · each found in the filing text
| Core net operating earnings · Q2-2026 | $234M | +31% y/y |
| Diluted earnings per share · Q2-2026 | $2.99 | +44% y/y |
| Core net operating earnings per share · Q2-2026 | $2.82 | +32% y/y |
| Net written premiums · Property and Casualty Insurance · Q2-2026 | $1.92B | +6% y/y |
| Combined ratio · Property and Casualty Insurance · Q2-2026 | 91.6% | |
| Annualized core operating return on equity · Q2-2026 | 19.2% | |
| Book value per share, excluding AOCI · Q2-2026 | $59.85 | +7% y/y |
| Net investment income · Property and Casualty Insurance · Q2-2026 | $221M | +23% y/y |
| Underwriting profit · Property and Casualty Insurance · Q2-2026 | $142M | +26% y/y |
| Dividends per common share · Q2-2026 | $0.88 | +10% y/y |
Risks flagged
Catastrophe losses remain elevated at $31M in Q2 2026, though down from $38M in Q2 2025.
“Current accident year catastrophe losses: $31M (Q2 2026) vs $38M (Q2 2025)”
Favorable prior-year reserve development of $55M in Q2 2026 may not be sustainable, as it contributed significantly to underwriting profit.
“Prior year loss reserve development (favorable) / adverse: $(55)M (Q2 2026) vs $(11)M (Q2 2025)”
7 May 202610-QGross Written Premiums $2.44B (+6% y/y); Net Written Premiums $1.66B (+3% y/y); Net Earned Premiums $1.61B (+2% y/y)open
Figures in the filing · each found in the filing text
| Gross Written Premiums · Property and Casualty Insurance · Q1-2026 | $2.44B | +6% y/y |
| Net Written Premiums · Property and Casualty Insurance · Q1-2026 | $1.66B | +3% y/y |
| Net Earned Premiums · Property and Casualty Insurance · Q1-2026 | $1.61B | +2% y/y |
| Combined Ratio · Property and Casualty Insurance · Q1-2026 | $90.40 | -4% y/y |
| Net Earnings · Consolidated · Q1-2026 | $191M | +24% y/y |
| Core Net Operating Earnings · Consolidated · Q1-2026 | $206M | +36% y/y |
| Core EPS · Consolidated · Q1-2026 | $2.47 | +37% y/y |
| Underwriting Profit · Property and Casualty Insurance · Q1-2026 | $156M | +66% y/y |
| Net Investment Income · Property and Casualty Insurance · Q1-2026 | $168M | -1% y/y |
| Operating Cash Flow · Consolidated · Q1-2026 | $474M | +39% y/y |
Guidance
Management expects overall premium growth and strong underwriting results; anticipates improved alternative investment returns in H2 2026.
Risks flagged
Market Softening Risk
“Growth tempered by heightened competitive conditions in the excess and surplus lines business.”
Interest Rate Sensitivity
“Fair value of fixed maturity portfolio would decline by $402 million (3.5%) for a 100bps increase in interest rates.”
Alternative Investment Volatility
“Alternative investments returned -$3 million in Q1 2026 vs +$12 million in Q1 2025.”
30 Apr 20268-K · 2.02, 7.01Core net operating earnings per share $2.47 (+36% y/y); Net earnings $191M (+24% y/y); Combined ratio 90.4earningsopen
Figures in the filing · each found in the filing text
| Core net operating earnings per share · Q1-2026 | $2.47 | +36% y/y |
| Net earnings · Q1-2026 | $191M | +24% y/y |
| Combined ratio · Property and Casualty Insurance · Q1-2026 | 90.4% | |
| Net written premiums · Property and Casualty Insurance · Q1-2026 | $1.66B | +3% y/y |
| Underwriting profit · Property and Casualty Insurance · Q1-2026 | $156M | +66% y/y |
| Core net operating earnings · Q1-2026 | $206M | +36% y/y |
| Diluted earnings per share · Q1-2026 | $2.29 | +24% y/y |
| Book value per share, excluding AOCI · Q1-2026 | $57.83 | +6% y/y |
| Annualized core operating return on equity · Q1-2026 | 17.0% | |
| Net investment income · Property and Casualty Insurance · Q1-2026 | $168M | -1% y/y |
Risks flagged
Catastrophe losses remain a risk factor, though lower than prior year
“Current accident year catastrophe losses $35M vs $72M prior year”
Prior year reserve development favorable but may not persist
“Prior year loss reserve development favorable $70M”
15 Apr 2026SC 13D/AInsider (Co-CEO) voluntarily updates beneficial ownership to 6.8% with no change in purpose or strategy.open
Figures in the filing · each found in the filing text
| Beneficial Ownership · 2026-04-03 | 6.8% |
15 Apr 2026SC 13D/AInsider (Co-CEO) voluntarily updates beneficial ownership to 6.8% with no change in purpose or strategy.open
Figures in the filing · each found in the filing text
| Beneficial Ownership · 2026-04-03 | 6.8% |
3 Apr 2026DEF 14ACore net operating earnings per share $10.29; Core operating return on equity 18.2; Statutory combined ratio 91.3open
Figures in the filing · each found in the filing text
| Core net operating earnings per share · FY2025 | $10.29 | |
| Core operating return on equity · FY2025 | 18.2% | |
| Statutory combined ratio · FY2025 | 91.3% | |
| Growth in book value per share plus dividends · FY2025 | 17.2% | |
| Total capital returned to shareholders · FY2025 | $707M | |
| Net income · FY2025 | $842M |
25 Feb 202610-KGross written premiums $10.69B (+2% y/y); Net written premiums $7.11B (-0% y/y); Net earned premiums $7.05B (+0% y/y)open
Figures in the filing · each found in the filing text
| Gross written premiums · FY2025 | $10.69B | +2% y/y |
| Net written premiums · FY2025 | $7.11B | -0% y/y |
| Net earned premiums · FY2025 | $7.05B | +0% y/y |
| Combined ratio (GAAP) · FY2025 | $91.00 | -0% y/y |
| Loss and LAE ratio (GAAP) · FY2025 | $62.20 | -1% y/y |
| Underwriting expense ratio (GAAP) · FY2025 | $28.80 | +1% y/y |
| Underwriting gain · FY2025 | $629M | +2% y/y |
| Catastrophe losses (net of reinsurance) · FY2025 | $137M | -24% y/y |
Risks flagged
Catastrophe loss volatility
“Total losses (net of reinsurance) to AFG’s insurance operations from current accident year catastrophes were $137 million in 2025, $180 million in 2024 and $162 million in 2023.” · word for word
Reserve inadequacy risk
“Liabilities for unpaid losses and LAE do not represent an exact calculation of liability but instead represent management estimates... subject to numerous internal and external factors.”
Reinsurance credit risk
“AFG has $5.53 billion of recoverables from reinsurers on its balance sheet.” · word for word
4 Feb 20268-K · 2.02, 8.01Net Earnings $299M (+17% y/y); Core Net Operating Earnings $305M (+16% y/y); Diluted EPS $3.58 (+18% y/y)earningsopen
Figures in the filing · each found in the filing text
| Net Earnings · Q4-2025 | $299M | +17% y/y |
| Core Net Operating Earnings · Q4-2025 | $305M | +16% y/y |
| Diluted EPS · Q4-2025 | $3.58 | +18% y/y |
| Core Net Operating EPS · Q4-2025 | $3.65 | +17% y/y |
| Combined Ratio · Property and Casualty · Q4-2025 | 84.3% | |
| Underwriting Profit · Property and Casualty · Q4-2025 | $284M | +41% y/y |
| Net Written Premiums · Property and Casualty · Q4-2025 | $1.44B | -1% y/y |
| Book Value Per Share (ex AOCI) · Q4-2025 | $58.38 | +4% y/y |
| Annualized Core Operating ROE · Q4-2025 | 25.2% |
Risks flagged
Catastrophe losses remain a risk, though lower in Q4.
“Total current accident year catastrophe losses $4 million in Q4 2025 vs $21 million in Q4 2024.”
6 Nov 202510-QNet earned premiums $2.01B (-2% y/y); Combined ratio 93.1; Core net operating earnings $224M (+16% y/y); Guidance: Management expects premium growth in many of AFG’s business units and continued strong underwriting resultsopen
Figures in the filing · each found in the filing text
| Net earned premiums · Property and Casualty Insurance · Q3-2025 | $2.01B | -2% y/y |
| Combined ratio · Property and Casualty Insurance · Q3-2025 | 93.1% | |
| Core net operating earnings · Q3-2025 | $224M | +16% y/y |
| Net earnings · Q3-2025 | $215M | +19% y/y |
| Net investment income · Property and Casualty Insurance · Q3-2025 | $205M | +5% y/y |
| Underwriting gain · Property and Casualty Insurance · Q3-2025 | $138M | +20% y/y |
Guidance
Management expects premium growth in many of AFG’s business units and continued strong underwriting results
Management expects premium growth and continued strong underwriting results, with elevated interest rates supporting investment income into 2026.
Risks flagged
Social inflation and claim severity
“Economic inflation, social inflation, supply chain disruption and other economic conditions may impact premium levels, loss cost trends and investment returns.” · word for word
Asbestos and environmental reserve uncertainty
“Special A&E charges of $25 million pretax in Q3 2025 vs $14 million in Q3 2024”
5 Nov 20258-K · 2.02, 8.01Core net operating earnings per share $2.69 (+16% y/y); Net earnings $215M (+19% y/y); Property and Casualty net written premiums $2.25B (-4% y/y)earningsopen
Figures in the filing · each found in the filing text
| Core net operating earnings per share · Q3-2025 | $2.69 | +16% y/y |
| Net earnings · Q3-2025 | $215M | +19% y/y |
| Property and Casualty net written premiums · Property and Casualty Insurance · Q3-2025 | $2.25B | -4% y/y |
| Combined ratio - Specialty · Specialty · Q3-2025 | 93.0% | |
| Underwriting profit - Property and Casualty Insurance · Property and Casualty Insurance · Q3-2025 | $138M | +20% y/y |
| Net investment income · Q3-2025 | $205M | +5% y/y |
| Annualized core operating return on equity · Q3-2025 | 19.0% | |
| Diluted earnings per share · Q3-2025 | $2.58 | +19% y/y |
Risks flagged
Catastrophe losses remain elevated at $23M in Q3, though down from $90M a year ago
“Current accident year catastrophe losses $23 million”
American Financial Group, Inc. — questions
- What did American Financial Group, Inc. file recently?
- 15 SEC filings in the last 12 months. Latest: 10-Q on 2026-08-06 — AFG reported Q2 2026 net earnings of $248M ($2.99/diluted share), up from $174M ($2.07) in Q2 2025, driven by higher underwriting profit and alternative investment income.
Every figure on this page comes from American Financial Group, Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.