American Financial Group, Inc. (AFG) 10-Year Financial Performance & Capital Metrics

AFG • • Insurance & Managed Care

Financial ServicesProperty & Casualty InsuranceCommercial Lines InsuranceDiversified Commercial Lines

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 $8.28B +7.1%
Combined Ratio 86.42% +0.4%
Net Income $887M +4.1%
Return on Equity 20.33% -0.8%
Medical Cost Ratio 82.21% -0.3%
Operating Margin 13.58% -2.2%
Net Margin 10.72% -2.8%
ROA 2.93% +0.7%
Equity / Assets 14.48% +1.3%
Book Value per Share 53.23 +6.0%
Tangible BV/Share 47.18 +1.2%
Debt/Equity 0.33 -4.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Profitable underwriting: 86.4% combined ratio
✓Excellent 3Y average ROE of 20.2%
✓Strong Piotroski F-Score: 9/9

✗Weaknesses

✗High loss ratio of 82.2%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y3.74%

5Y6.24%

3Y9.93%

TTM0.11%

Profit (Net Income) CAGR

10Y6.97%

5Y-0.22%

3Y-23.68%

TTM-10.84%

EPS CAGR

10Y7.84%

5Y1.4%

3Y-23.16%

TTM-10.67%

ROCE

10Y Avg6.06%

5Y Avg2.93%

3Y Avg3.85%

Latest3.86%

Peer Comparison

Diversified Commercial Lines

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SIGISelective Insurance Group, Inc.	5.01B	82.97	25.69	14.87%	7.78%	11.65%	21.33%	0.16
LLoews Corporation	21.32B	103.16	16.09	9.96%	8.07%	7.55%	11.22%	0.50
WRBW. R. Berkley Corporation	26.11B	68.71	15.76	12.32%	13.01%	19.44%	13.68%	0.34
THGThe Hanover Insurance Group, Inc.	6.05B	170.15	14.54	4.25%	9.75%	18.44%	13.15%	0.28
CBChubb Limited	118.5B	301.11	13.26	12%	16.48%	12.43%	13.66%	0.22
CNACNA Financial Corporation	12.56B	46.42	13.19	6.66%	6.84%	8.81%	19.71%	0.28
TRVThe Travelers Companies, Inc.	60.53B	271.34	12.64	12.22%	12.13%	18.58%	14.99%	0.29
AFGAmerican Financial Group, Inc.	11B	131.90	12.48	7.12%	9.7%	16.87%	10.47%	0.33

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	6.14B	6.5B	6.87B	6.99B	6.12B	5.67B	6.23B	6.77B	7.73B	8.28B
Revenue Growth %	0.07%	0.06%	0.06%	0.02%	-0.12%	-0.07%	0.1%	0.09%	0.14%	0.07%
Medical Costs & Claims+	5.17B	5.28B	5.63B	6.06B	5.49B	5.37B	4.86B	5.58B	6.37B	6.8B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	976M	1.22B	1.23B	933M	628M	301M	1.37B	1.2B	1.35B	1.47B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0%	0.25%	0.01%	-0.24%	-0.33%	-0.52%	3.56%	-0.13%	0.13%	0.09%
Operating Expenses+	411M	430M	507M	294M	-6M	-38M	37M	73M	282M	349M
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	134M	134M	107M	210M	259M	299M	187M	100M	78M	81M
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	565M	787M	724M	639M	634M	339M	1.33B	1.12B	1.07B	1.12B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.1%	0.39%	-0.08%	-0.12%	-0.01%	-0.47%	2.94%	-0.16%	-0.04%	0.05%
EBITDA+	699M	921M	831M	849M	893M	638M	1.52B	1.22B	1.15B	1.21B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	75M	77M	85M	62M	68M	88M	94M	85M	76M	76M
Non-Operating Income	-75M	-77M	-85M	-62M	-68M	-88M	-94M	-85M	-76M	-76M
Pretax Income+	565M	787M	724M	639M	634M	339M	1.33B	1.12B	1.07B	1.12B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	195M	119M	247M	122M	143M	25M	254M	225M	221M	237M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	352M	649M	475M	530M	897M	732M	2B	898M	852M	887M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.22%	0.84%	-0.27%	0.12%	0.69%	-0.18%	1.73%	-0.55%	-0.05%	0.04%
EPS (Diluted)+	3.94	7.33	5.28	5.85	9.86	8.21	23.30	10.53	10.05	10.57
EPS Growth %	-0.21%	0.86%	-0.28%	0.11%	0.69%	-0.17%	1.84%	-0.55%	-0.05%	0.05%
EPS (Basic)	4.02	7.47	5.38	5.96	9.98	8.25	23.49	10.55	10.06	10.57
Diluted Shares Outstanding	89.4M	88.5M	89.8M	90.6M	91M	89.2M	85.6M	85.3M	84.8M	83.9M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	49.86B	55.07B	60.66B	63.46B	70.13B	73.71B	28.94B	28.83B	29.79B	30.84B
Asset Growth %	0.05%	0.1%	0.1%	0.05%	0.11%	0.05%	-0.61%	-0%	0.03%	0.04%
Total Investment Assets+	36.52B	39.33B	43.71B	46.98B	96.75B	11.83B	23.3B	22.93B	14.04B	2.28B
Long-Term Investments	34.26B	36.46B	40.39B	45.29B	50.24B	11.23B	12.94B	12.84B	13.27B	1.74B
Short-Term Investments	32.28B	36.05B	38.38B	42B	46.51B	9.08B	10.36B	10.1B	10.38B	540M
Total Current Assets+	2.32B	3.16B	3.55B	44.75B	54.54B	0	18.13B	14.63B	0	10.79B
Cash & Equivalents	1.22B	2.11B	2.34B	1.51B	2.31B	1.67B	2.13B	872M	1.23B	1.41B
Receivables	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	5.16B	5.74B	-16.71B	4.66B	-3.46B	-19.68B	0
Goodwill & Intangibles+	240M	233M	225M	261M	250M	176M	352M	354M	305M	508M
Goodwill	199M	199M	199M	207M	207M	176M	246M	246M	305M	305M
Intangible Assets	41M	34M	26M	54M	43M	0	106M	108M	0	203M
PP&E (Net)	-886M	-1.05B	-853M	-872M	158M	0	118M	103M	0	212M
Other Assets	13.08B	15.25B	16.52B	-26.79B	-1.21B	-11.41B	-619M	-594M	-13.57B	17.59B
Total Liabilities	45.09B	50.15B	55.32B	58.48B	63.86B	66.92B	23.93B	24.78B	25.53B	26.37B
Total Debt+	1.02B	1.28B	1.3B	1.3B	1.47B	1.96B	1.96B	1.61B	1.48B	1.48B
Net Debt	-200M	-824M	-1.04B	-213M	-841M	298M	-167M	624M	250M	69M
Long-Term Debt	998M	1.28B	1.3B	1.3B	1.47B	1.96B	1.96B	1.5B	1.48B	1.48B
Short-Term Debt	0	0	0	0	0	0	38M	36M	0	0
Total Current Liabilities+	44.25B	48.87B	54.03B	57.18B	814M	0	920M	1.03B	0	1.19B
Accounts Payable	2.79B	2.94B	3.7B	3.69B	3.84B	3.92B	4.34B	1.03B	1.19B	1.19B
Deferred Revenue	0	0	0	0	768M	0	882M	0	0	0
Other Current Liabilities	-2.79B	-2.94B	-3.7B	-3.69B	-3.79B	-3.92B	-4.34B	-36M	-1.19B	0
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	0	1000K	1000K	0	0
Other Liabilities	35.53B	0	0	0	0	-1.96B	-1.96B	2.73B	-1.48B	23.7B
Total Equity+	4.77B	4.92B	5.33B	4.97B	6.27B	6.79B	5.01B	4.05B	4.26B	4.47B
Equity Growth %	-0.06%	0.03%	0.08%	-0.07%	0.26%	0.08%	-0.26%	-0.19%	0.05%	0.05%
Shareholders Equity	4.59B	4.92B	5.33B	4.97B	6.27B	6.79B	5.01B	4.05B	4.26B	4.47B
Minority Interest	178M	3M	4M	2M	0	0	0	0	0	0
Retained Earnings	2.99B	3.34B	3.25B	3.59B	4.01B	4.15B	3.48B	3.14B	3.12B	3.21B
Common Stock	87M	87M	88M	89M	90M	86M	85M	85M	84M	84M
Accumulated OCI	304M	375M	813M	48M	863M	1.27B	119M	-543M	-319M	-240M
Return on Equity (ROE)	0.07%	0.13%	0.09%	0.1%	0.16%	0.11%	0.34%	0.2%	0.21%	0.2%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.04%	0.03%	0.03%	0.03%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.21x	0.26x	0.24x	0.26x	0.23x	0.29x	0.39x	0.40x	0.35x	0.33x
Book Value per Share	53.36	55.58	59.40	54.88	68.89	76.11	58.55	47.50	50.21	53.23
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.36B	1.15B	1.8B	2.08B	2.46B	2.18B	1.71B	1.15B	1.97B	1.15B
Operating CF Growth %	0.1%	-0.15%	0.57%	0.15%	0.18%	-0.11%	-0.21%	-0.33%	0.71%	-0.42%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	352M	649M	477M	530M	869M	721M	2B	898M	852M	887M
Depreciation & Amortization	132M	134M	107M	210M	259M	299M	187M	100M	78M	81M
Stock-Based Compensation	27M	28M	30M	23M	23M	20M	16M	19M	0	0
Deferred Taxes	0	0	0	0	-23M	-20M	-16M	-19M	0	0
Other Non-Cash Items	648M	559M	668M	993M	542M	779M	-1.27B	-31M	7M	-54M
Working Capital Changes	196M	-220M	522M	327M	786M	384M	805M	186M	1.03B	238M
Cash from Investing+	-4.58B	-2.98B	-3.29B	-5.35B	-3.06B	-1.56B	-436M	-1.05B	414M	95M
Capital Expenditures	67M	-49M	-109M	-43M	-44M	-343M	-150M	-86M	0	-133M
Acquisitions	-42M	-364M	-205M	-23M	4M	-425M	1.4B	-10M	-205M	-9M
Purchase of Investments	-9.3B	-10.74B	-2.98B	-13.84B	-10.89B	-13.14B	-10.72B	-6.28B	-2.3B	-4.64B
Sale/Maturity of Investments	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-174M	-5M	1M	30M	-261M	-1M	32M	-128M	718M	25M
Cash from Financing+	3.1B	2.72B	1.72B	2.44B	1.41B	-123M	-1.96B	-1.36B	-2.03B	-1.07B
Dividends Paid	-176M	-185M	-417M	-394M	-444M	-334M	-2.37B	-1.21B	-684M	-788M
Share Repurchases	-126M	-133M	0	-6M	0	-313M	-319M	-11M	-213M	0
Stock Issued	61M	35M	37M	33M	36M	22M	66M	16M	15M	17M
Debt Issuance (Net)	-1000K	1000K	-1000K	0	1000K	1000K	0	-1000K	-1000K	0
Other Financing	3.38B	2.72B	2.13B	2.81B	1.65B	18M	670M	324M	-1.13B	-295M
Net Change in Cash+	-123M	887M	231M	-823M	799M	496M	-679M	-1.26B	353M	181M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.34B	1.22B	2.11B	2.34B	1.51B	2.31B	2.81B	2.13B	872M	1.23B
Cash at End	1.22B	2.11B	2.34B	1.51B	2.31B	2.81B	2.13B	872M	1.23B	1.41B
Free Cash Flow+	1.42B	1.1B	1.7B	2.04B	2.41B	1.84B	1.56B	1.07B	1.9B	1.15B
FCF Growth %	0.67%	-0.23%	0.54%	0.2%	0.18%	-0.24%	-0.15%	-0.32%	0.78%	-0.39%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	15.93	12.44	18.88	22.52	26.51	20.63	18.27	12.51	22.38	13.73

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	90.81%	87.89%	89.45%	90.86%	89.63%	94.02%	78.57%	83.42%	86.12%	86.42%
Medical Cost Ratio	84.12%	81.27%	82.07%	86.65%	89.73%	94.69%	77.98%	82.34%	82.47%	82.21%
Return on Equity (ROE)	7.17%	13.4%	9.27%	10.29%	15.96%	11.21%	33.81%	19.81%	20.51%	20.33%
Return on Assets (ROA)	0.72%	1.24%	0.82%	0.85%	1.34%	1.02%	3.89%	3.11%	2.91%	2.93%
Equity / Assets	9.57%	8.93%	8.79%	7.84%	8.94%	9.21%	17.32%	14.05%	14.29%	14.48%
Book Value / Share	53.36	55.58	59.4	54.88	68.89	76.11	58.55	47.5	50.21	53.23
Debt / Equity	0.21x	0.26x	0.24x	0.26x	0.23x	0.29x	0.39x	0.40x	0.35x	0.33x
Revenue Growth	7.19%	5.74%	5.65%	1.81%	-12.49%	-7.29%	9.89%	8.7%	14.1%	7.12%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Property and Casualty Insurance	4.22B	4.33B	4.58B	4.87B	5.18B	5.1B	5.4B	6.08B	7.28B	7.83B
Property and Casualty Insurance Growth	-	2.46%	5.80%	6.25%	6.58%	-1.66%	5.98%	12.60%	19.57%	7.59%
Corporate and Other	194M	240M	283M	24M	22M	19M	293M	376M	591M	496M
Corporate and Other Growth	-	23.71%	17.92%	-91.52%	-8.33%	-13.64%	1442.11%	28.33%	57.18%	-16.07%
Annuity	1.32B	1.46B	1.56B	1.75B	1.9B	1.83B	-	-	-	-
Annuity Growth	-	10.36%	6.99%	11.79%	8.88%	-3.68%	-	-	-	-
Run-off Long-term Care and Life	104M	24M	22M	-	-	-	-	-	-	-
Run-off Long-term Care and Life Growth	-	-76.92%	-8.33%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

American Financial Group, Inc. (AFG) has a price-to-earnings (P/E) ratio of 12.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

American Financial Group, Inc. (AFG) grew revenue by 7.1% over the past year. This is steady growth.

Yes, American Financial Group, Inc. (AFG) is profitable, generating $798.0M in net income for fiscal year 2024 (10.7% net margin).

Dividend & Returns

Yes, American Financial Group, Inc. (AFG) pays a dividend with a yield of 7.12%. This makes it attractive for income-focused investors.

American Financial Group, Inc. (AFG) has a return on equity (ROE) of 20.3%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

American Financial Group, Inc. (AFG) has a combined ratio of 86.4%. A ratio below 100% indicates underwriting profitability.

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