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American Financial Group, Inc.(AFG)Earnings, Financials & Key Ratios
AFG•NYSE•Insurance & Managed Care
13.2× P/E·Price updated Jun 19, 2026
SectorFinancial ServicesIndustryProperty & Casualty InsuranceSub-IndustrySpecialty and excess surplus insurers
AboutAmerican Financial Group, Inc., an insurance holding company, provides specialty property and casualty insurance products in the United States. It offers property and transportation insurance products, such as physical damage and liability coverage for buses and trucks, inland and ocean marine, agricultural-related products, and other commercial property and specialty transportation coverages; specialty casualty insurance, including primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty coverage in targeted markets, as well as customized programs for small to mid-sized businesses and workers' compensation insurance; and specialty financial insurance products comprising risk management insurance programs for lending and leasing institutions, fidelity and surety products, and trade credit insurance. The company sells its property and casualty insurance products through independent insurance agents and brokers. American Financial Group, Inc. was founded in 1872 and is headquartered in Cincinnati, Ohio.Show more
- Revenue$8.17B-1.3%
- Combined Ratio86.87%+0.5%
- Net Income$842M-5.1%
- Return on Equity18.13%-10.8%
- Medical Cost Ratio53.68%-34.7%
- Operating Margin13.13%-3.3%
- Net Margin10.3%-3.9%
- ROA2.92%-18.3%
- Equity / Assets14.77%-17.3%
AFG Key Insights
American Financial Group, Inc. (AFG) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Profitable underwriting: 86.9% combined ratio
- ✓12 consecutive years of dividend growth
- ✓Low loss ratio of 53.7%
- ✓Good 3Y average ROE of 19.7%
- ✓Healthy dividend yield of 5.5%
✗Weaknesses
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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AFG Price & Volume
American Financial Group, Inc. (AFG) stock price & volume — 10-year historical chart
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AFG Growth Metrics
American Financial Group, Inc. (AFG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years2.89%
5 Years7.59%
3 Years6.47%
TTM-1.67%
Profit CAGR
10 Years9.11%
5 Years2.84%
3 Years-2.12%
TTM-5.07%
EPS CAGR
10 Years9.85%
5 Years4.19%
3 Years-1.45%
TTM-4.63%
Return on Capital
10 Years3.05%
5 Years4.97%
3 Years5.62%
Last Year6.9%
AFG Recent Earnings
American Financial Group, Inc. (AFG) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 29, 2026Metric
Actual
Est
EPS
$2.47-3.1%
$2.55
Rev
$1.7B-2.2%
$1.7B
Q1 2026
Feb 3, 2026Metric
Actual
Est
EPS
$3.65+14.8%
$3.18
Rev
$1.4B-23.9%
$1.9B
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$2.69+6.7%
$2.52
Rev
$2.3B+16.5%
$2.0B
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$2.14+2.9%
$2.08
Rev
$1.9B+1.9%
$1.9B
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $2.47vs $2.55-3.1% | $1.7Bvs $1.7B-2.2% |
| Q1 2026 | Feb 3, 2026 | $3.65vs $3.18+14.8% | $1.4Bvs $1.9B-23.9% |
| Q4 2025 | Nov 4, 2025 | $2.69vs $2.52+6.7% | $2.3Bvs $2.0B+16.5% |
| Q3 2025 | Aug 5, 2025 | $2.14vs $2.08+2.9% | $1.9Bvs $1.9B+1.9% |
Based on last 12 quarters of dataView full earnings history →
AFG Peer Comparison
American Financial Group, Inc. (AFG) competitors in Specialty and excess surplus insurers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 MKL | 23.11B | 1847.16 | 10.92 | -0.96% | 10.7% | 9.56% | 0.23 | |
 RLI | 4.88B | 53.09 | 12.18 | 6.33% | 20.8% | 22% | 0.06 | |
 HIG | 35.27B | 128.25 | 9.63 | 7.1% | 14.13% | 22.01% | 0.23 | |
 WRB | 25.16B | 67.18 | 15.10 | 7.82% | 12.1% | 18.86% | 0.29 | |
 CINF | 26.5B | 170.20 | 11.22 | 11.41% | 21.34% | 17.98% | 0.06 | |
 ERIE | 10.21B | 221.14 | 20.82 | 7.17% | 13.2% | 25.03% | ||
 AIG | 39.72B | 74.02 | 13.63 | -1.82% | 11.86% | 7.7% | 0.22 | |
 TRV | 66.56B | 307.81 | 11.22 | 5.17% | 12.88% | 19.12% | 0.28 |
Compare AFG vs Peers
American Financial Group, Inc. (AFG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
AFG Income Statement
American Financial Group, Inc. (AFG) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | 6.87B | 6.99B | 6.12B | 5.67B | 6.23B | 6.77B | 7.73B | 8.28B | 8.17B |
Revenue Growth % | 5.65% | 1.81% | -12.49% | -7.29% | 9.89% | 8.7% | 14.1% | 7.12% | -1.26% |
Medical Costs & Claims | 5.63B | 6.06B | 5.49B | 5.37B | 4.86B | 5.58B | 6.37B | 6.8B | 4.39B |
Medical Cost Ratio % | 82.07% | 86.65% | 89.73% | 94.69% | 77.98% | 82.34% | 82.47% | 82.21% | 53.68% |
Gross Profit | 1.23B▲ 0% | 933M▼ 24.2% | 628M▼ 32.7% | 301M▼ 52.1% | 1.37B▲ 355.8% | 1.2B▼ 12.8% | 1.35B▲ 13.3% | 1.47B▲ 8.7% | 3.79B▲ 157.0% |
Gross Margin % | 17.93% | 13.35% | 10.27% | 5.31% | 22.02% | 17.66% | 17.53% | 17.79% | 46.32% |
Gross Profit Growth % | 1.15% | -24.21% | -32.69% | -52.07% | 355.81% | -12.83% | 13.29% | 8.71% | 157.03% |
Operating Expenses | 507M | 294M | -6M | -38M | 37M | 73M | 282M | 349M | 2.71B |
OpEx / Revenue % | 7.39% | 4.21% | -0.1% | -0.67% | 0.59% | 1.08% | 3.65% | 4.22% | 33.19% |
Depreciation & Amortization | 107M | 210M | 259M | 299M | 187M | 100M | 78M | 81M | 86M |
Combined Ratio % | 89.45% | 90.86% | 89.63% | 94.02% | 78.57% | 83.42% | 86.12% | 86.42% | 86.87% |
Operating Income | 724M▲ 0% | 639M▼ 11.7% | 634M▼ 0.8% | 339M▼ 46.5% | 1.33B▲ 293.8% | 1.12B▼ 15.9% | 1.07B▼ 4.5% | 1.12B▲ 4.8% | 1.07B▼ 4.5% |
Operating Margin % | 10.55% | 9.14% | 10.37% | 5.98% | 21.43% | 16.58% | 13.88% | 13.58% | 13.13% |
Operating Income Growth % | -8.01% | -11.74% | -0.78% | -46.53% | 293.81% | -15.88% | -4.45% | 4.75% | -4.54% |
EBITDA | 831M | 849M | 893M | 638M | 1.52B | 1.22B | 1.15B | 1.21B | 1.16B |
EBITDA Margin % | 12.1% | 12.15% | 14.6% | 11.25% | 24.43% | 18.06% | 14.89% | 14.56% | 14.18% |
Interest Expense | 85M | 62M | 68M | 88M | 94M | 85M | 76M | 76M | 80M |
Non-Operating Income | -85M | -62M | -68M | -88M | -94M | -85M | -76M | -76M | -80M |
Pretax Income | 724M▲ 0% | 639M▼ 11.7% | 634M▼ 0.8% | 339M▼ 46.5% | 1.33B▲ 293.8% | 1.12B▼ 15.9% | 1.07B▼ 4.5% | 1.12B▲ 4.8% | 1.07B▼ 4.5% |
Pretax Margin % | 10.55% | 9.14% | 10.37% | 5.98% | 21.43% | 16.58% | 13.88% | 13.58% | 13.13% |
Income Tax | 247M | 122M | 143M | 25M | 254M | 225M | 221M | 237M | 231M |
Effective Tax Rate % | 34.12% | 19.09% | 22.56% | 7.37% | 19.03% | 20.04% | 20.6% | 21.09% | 21.53% |
Net Income | 475M▲ 0% | 530M▲ 11.6% | 897M▲ 69.2% | 732M▼ 18.4% | 2B▲ 172.5% | 898M▼ 55.0% | 852M▼ 5.1% | 887M▲ 4.1% | 842M▼ 5.1% |
Net Margin % | 6.92% | 7.58% | 14.67% | 12.91% | 32.02% | 13.26% | 11.02% | 10.72% | 10.3% |
Net Income Growth % | -26.81% | 11.58% | 69.25% | -18.39% | 172.54% | -54.99% | -5.12% | 4.11% | -5.07% |
EPS (Diluted) | 5.28▲ 0% | 5.85▲ 10.8% | 9.86▲ 68.5% | 8.21▼ 16.7% | 23.30▲ 183.8% | 10.53▼ 54.8% | 10.05▼ 4.6% | 10.57▲ 5.2% | 10.08▼ 4.6% |
EPS Growth % | -27.97% | 10.8% | 68.55% | -16.73% | 183.8% | -54.81% | -4.56% | 5.17% | -4.64% |
EPS (Basic) | 5.38 | 5.96 | 9.98 | 8.25 | 23.49 | 10.55 | 10.06 | 10.57 | 10.05 |
Diluted Shares Outstanding | 89.8M | 90.6M | 91M | 89.2M | 85.6M | 85.3M | 84.8M | 83.9M | 83.5M |
AFG Balance Sheet
American Financial Group, Inc. (AFG) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Total Assets | 57.4B | 60B | 66.87B | 69.89B | 24.89B | 24.09B | 24.62B | 25.01B | 32.64B |
Asset Growth % | 9.42% | 4.55% | 11.44% | 4.52% | -64.4% | -3.19% | 2.18% | 1.58% | 30.54% |
Total Investment Assets | 44.35B | 47.54B | 53.57B | 11.83B | 13.61B | 13.64B | 14.04B | 14.45B | 15.46B |
Long-Term Investments | 44.35B | 47.54B | 53.57B | 11.83B | 13.61B | 13.64B | 14.04B | 14.45B | 14.74B |
Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 717M |
Total Current Assets | 3.48B | 2.75B | 3.65B | 2.89B | 3.4B | 2.21B | 2.7B | 2.94B | 11.91B |
Cash & Equivalents | 2.34B | 1.51B | 2.31B | 1.67B | 2.13B | 872M | 1.23B | 1.41B | 1.73B |
Receivables | 1.15B | 1.23B | 1.33B | 1.23B | 1.26B | 1.34B | 1.47B | 1.53B | 8.38B |
Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Goodwill & Intangibles | 225M | 261M | 250M | 210M | 352M | 354M | 518M | 508M | 660M |
Goodwill | 199M | 207M | 207M | 176M | 246M | 246M | 305M | 305M | 327M |
Intangible Assets | 26M | 54M | 43M | 34M | 106M | 108M | 213M | 203M | 333M |
PP&E (Net) | 0 | 0 | 158M | 139M | 118M | 103M | 176M | 212M | 0 |
Other Assets | 8.48B | 8.58B | 8.24B | 54.43B | 7.02B | 7.4B | 6.79B | 6.44B | 5.33B |
Total Liabilities | 52.06B | 55.03B | 60.6B | 63.1B | 19.87B | 20.04B | 20.36B | 20.54B | 27.82B |
Total Debt | 1.3B | 1.3B | 1.79B | 2.28B | 2.2B | 1.69B | 1.83B | 1.9B | 1.82B |
Net Debt | -1.04B | -213M | -527M | 616M | 67M | 820M | 609M | 493M | 93M |
Long-Term Debt | 1.3B | 1.3B | 1.61B | 2.12B | 2.06B | 1.58B | 1.64B | 1.67B | 1.82B |
Short-Term Debt | 0 | 0 | 46M | 0 | 38M | 36M | 37M | 40M | 0 |
Total Current Liabilities | 1.81B | 1.99B | 2.2B | 2.04B | 2.25B | 2.37B | 2.53B | 2.61B | 23.93B |
Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.2B |
Deferred Revenue | 1.81B | 1.99B | 2.15B | 2.04B | 2.21B | 2.33B | 2.49B | 2.57B | 3.74B |
Other Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19B |
Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
Other Liabilities | 48.24B | 51.24B | 55.83B | 58.55B | 15.16B | 15.86B | 15.77B | 15.71B | 2.07B |
Total Equity | 5.33B▲ 0% | 4.97B▼ 6.7% | 6.27B▲ 26.1% | 6.79B▲ 8.3% | 5.01B▼ 26.2% | 4.05B▼ 19.2% | 4.26B▲ 5.1% | 4.47B▲ 4.9% | 4.82B▲ 7.9% |
Equity Growth % | 8.38% | -6.73% | 26.09% | 8.29% | -26.17% | -19.15% | 5.08% | 4.88% | 7.93% |
Shareholders Equity | 5.33B | 4.97B | 6.27B | 6.79B | 5.01B | 4.05B | 4.26B | 4.47B | 4.82B |
Minority Interest | 4M | 2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Retained Earnings | 3.25B | 3.59B | 4.01B | 4.15B | 3.48B | 3.14B | 3.12B | 3.21B | 3.36B |
Common Stock | 88M | 89M | 90M | 86M | 85M | 85M | 84M | 84M | 83M |
Accumulated OCI | 813M | 48M | 863M | 1.27B | 119M | -543M | -319M | -240M | -50M |
Return on Equity (ROE) | 9.27% | 10.29% | 15.96% | 11.21% | 33.81% | 19.81% | 20.51% | 20.33% | 18.13% |
Return on Assets (ROA) | 0.86% | 0.9% | 1.41% | 1.07% | 4.21% | 3.67% | 3.5% | 3.57% | 2.92% |
Equity / Assets | 9.29% | 8.29% | 9.37% | 9.71% | 20.14% | 16.82% | 17.3% | 17.86% | 14.77% |
Debt / Equity | 0.24x | 0.26x | 0.29x | 0.34x | 0.44x | 0.42x | 0.43x | 0.43x | 0.38x |
Book Value per Share | 59.37 | 54.88 | 68.89 | 76.11 | 58.55 | 47.50 | 50.21 | 53.23 | 57.72 |
Tangible BV per Share | 56.86 | 52.00 | 66.14 | 73.76 | 54.44 | 43.35 | 44.10 | 47.18 | 49.82 |
AFG Cash Flow Statement
American Financial Group, Inc. (AFG) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 1.8B | 2.08B | 2.46B | 2.18B | 1.71B | 1.15B | 1.97B | 1.15B | 1.53B |
Operating CF Growth % | 56.87% | 15.47% | 17.91% | -11.12% | -21.48% | -32.73% | 70.86% | -41.52% | 33.07% |
Operating CF / Revenue % | 26.28% | 29.8% | 40.16% | 38.5% | 27.51% | 17.02% | 25.49% | 13.92% | 18.75% |
Net Income | 477M | 530M | 869M | 721M | 2B | 898M | 852M | 887M | 842M |
Depreciation & Amortization | 107M | 210M | 259M | 299M | 187M | 100M | 78M | 81M | 86M |
Stock-Based Compensation | 30M | 23M | 23M | 20M | 16M | 19M | 0 | 0 | 0 |
Deferred Taxes | 0 | 0 | -23M | -20M | -16M | -19M | 0 | 0 | 0 |
Other Non-Cash Items | 668M | 993M | 542M | 779M | -1.27B | -31M | 7M | -54M | -5M |
Working Capital Changes | 522M | 327M | 786M | 384M | 805M | 186M | 1.03B | 238M | 610M |
Cash from Investing | -3.29B | -5.35B | -3.06B | -1.56B | -436M | -1.05B | 414M | 95M | -835M |
Capital Expenditures | -109M | -43M | -44M | -343M | -150M | -86M | 0 | -133M | -135M |
Acquisitions | -205M | -23M | 4M | -425M | 1.4B | -10M | -205M | -9M | 0 |
Purchase of Investments | -2.98B | -13.84B | -10.89B | -13.14B | -10.72B | -6.28B | -2.3B | -4.64B | -5.59B |
Sale/Maturity of Investments | 0 | 8.53B | 8.13B | 12.34B | 9B | 5.46B | 2.2B | 4.85B | 4.88B |
Other Investing | 1M | 30M | -261M | -1M | 32M | -128M | 718M | 25M | 5M |
Cash from Financing | 1.72B | 2.44B | 1.41B | -123M | -1.96B | -1.36B | -2.03B | -1.07B | -377M |
Dividends Paid | -417M | -394M | -444M | -334M | -2.37B | -1.21B | -684M | -788M | -606M |
Share Repurchases | 0 | -6M | 0 | -313M | -319M | -11M | -213M | 0 | -99M |
Stock Issued | 37M | 33M | 36M | 22M | 66M | 16M | 15M | 17M | 12M |
Debt Issuance (Net) | -1000K | 0 | 1000K | 1000K | 0 | -1000K | -1000K | 0 | 1000K |
Other Financing | 2.13B | 2.81B | 1.65B | 18M | 670M | 324M | -1.13B | -295M | -28M |
Net Change in Cash | 231M▲ 0% | -823M▼ 456.3% | 799M▲ 197.1% | 496M▼ 37.9% | -679M▼ 236.9% | -1.26B▼ 85.4% | 353M▲ 128.0% | 181M▼ 48.7% | 321M▲ 77.3% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash at Beginning | 2.11B | 2.34B | 1.51B | 2.31B | 2.81B | 2.13B | 872M | 1.23B | 1.41B |
Cash at End | 2.34B | 1.51B | 2.31B | 2.81B | 2.13B | 872M | 1.23B | 1.41B | 1.73B |
Free Cash Flow | 1.7B▲ 0% | 2.04B▲ 20.4% | 2.41B▲ 18.2% | 1.84B▼ 23.7% | 1.56B▼ 15.0% | 1.07B▼ 31.8% | 1.9B▲ 77.9% | 1.15B▼ 39.3% | 1.4B▲ 21.4% |
FCF Growth % | 53.95% | 20.35% | 18.24% | -23.71% | -15% | -31.78% | 77.88% | -39.3% | 21.35% |
FCF Margin % | 24.69% | 29.19% | 39.44% | 32.45% | 25.1% | 15.75% | 24.56% | 13.92% | 17.1% |
FCF per Share | 18.88 | 22.52 | 26.51 | 20.63 | 18.27 | 12.51 | 22.38 | 13.73 | 16.74 |
AFG Key Ratios
American Financial Group, Inc. (AFG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
Combined Ratio | 87.89% | 89.45% | 90.86% | 89.63% | 94.02% | 78.57% | 83.42% | 86.12% | 86.42% | 86.87% |
Medical Cost Ratio | 81.27% | 82.07% | 86.65% | 89.73% | 94.69% | 77.98% | 82.34% | 82.47% | 82.21% | 53.68% |
Return on Equity (ROE) | 13.4% | 9.27% | 10.29% | 15.96% | 11.21% | 33.81% | 19.81% | 20.51% | 20.33% | 18.13% |
Return on Assets (ROA) | 1.3% | 0.86% | 0.9% | 1.41% | 1.07% | 4.21% | 3.67% | 3.5% | 3.57% | 2.92% |
Equity / Assets | 9.38% | 9.29% | 8.29% | 9.37% | 9.71% | 20.14% | 16.82% | 17.3% | 17.86% | 14.77% |
Book Value / Share | 55.58 | 59.37 | 54.88 | 68.89 | 76.11 | 58.55 | 47.5 | 50.21 | 53.23 | 57.72 |
Debt / Equity | 0.26x | 0.24x | 0.26x | 0.29x | 0.34x | 0.44x | 0.42x | 0.43x | 0.43x | 0.38x |
Revenue Growth | 5.74% | 5.65% | 1.81% | -12.49% | -7.29% | 9.89% | 8.7% | 14.1% | 7.12% | -1.26% |
Related:AFG Dividend History·AFG Revenue History·AFG Price History·AFG P/E History·AFG Financial Ratios·AFG Institutional Holders
AFG SEC Filings & Documents
American Financial Group, Inc. (AFG) SEC filings — annual & quarterly reports (10-K, 10-Q)
AFG Frequently Asked Questions
American Financial Group, Inc. (AFG) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
American Financial Group, Inc. (AFG) saw revenue decline by 1.3% over the past year.
Yes, American Financial Group, Inc. (AFG) is profitable, generating $842.0M in net income for fiscal year 2025 (10.3% net margin).
Dividend & Returns
Yes, American Financial Group, Inc. (AFG) pays a dividend with a yield of 5.46%. This makes it attractive for income-focused investors.
American Financial Group, Inc. (AFG) has a return on equity (ROE) of 18.1%. This is reasonable for most industries.
Industry Metrics
American Financial Group, Inc. (AFG) has a combined ratio of 86.9%. A ratio below 100% indicates underwriting profitability.