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AFG logoAmerican Financial Group, Inc.(AFG)Earnings, Financials & Key Ratios

AFG•NYSE•Insurance & Managed Care
$132.25
$10.99B mkt cap·13.1× P/E·Price updated May 6, 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%
  • Book Value per Share57.72+8.4%
  • Tangible BV/Share49.82+5.6%
  • Debt/Equity0.38-11.2%
Analysis→Technical→

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
  • ✓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.

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

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
Apr 29, 2026
EPS
$2.47
Est $2.55
-3.1%
Revenue
$1.7B
Est $1.7B
-2.2%
Q1 2026
Feb 3, 2026
EPS
$3.65
Est $3.18
+14.8%
Revenue
$1.4B
Est $1.9B
-23.9%
Q4 2025
Nov 4, 2025
EPS
$2.69
Est $2.52
+6.7%
Revenue
$2.3B
Est $2.0B
+16.5%
Q3 2025
Aug 5, 2025
EPS
$2.14
Est $2.08
+2.9%
Revenue
$1.9B
Est $1.9B
+1.9%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$2.47vs $2.55-3.1%
$1.7Bvs $1.7B-2.2%
Q1 2026Feb 3, 2026
$3.65vs $3.18+14.8%
$1.4Bvs $1.9B-23.9%
Q4 2025Nov 4, 2025
$2.69vs $2.52+6.7%
$2.3Bvs $2.0B+16.5%
Q3 2025Aug 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

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MKL logoMKLMarkel CorporationDirect Competitor22.34B1785.5810.55-0.96%10.7%9.56%0.23
RLI logoRLIRLI Corp.Direct Competitor4.51B49.0111.246.33%20.8%22%0.06
HIG logoHIGThe Hartford Financial Services Group, Inc.Direct Competitor36.71B133.4910.027.1%14.13%22.01%0.23
WRB logoWRBW. R. Berkley CorporationDirect Competitor24.76B66.1214.867.82%12.1%18.86%0.29
CINF logoCINFCincinnati Financial CorporationDirect Competitor24.98B160.4310.5811.41%21.34%17.98%0.06
ERIE logoERIEErie Indemnity CompanyDirect Competitor9.86B213.5620.117.17%13.2%25.03%
AIG logoAIGAmerican International Group, Inc.Product Competitor41.69B77.6914.31-1.82%11.86%7.7%0.22
TRV logoTRVThe Travelers Companies, Inc.Product Competitor65.22B301.5910.995.17%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.

Closest Rival

vs MKL

Most directly comparable listed peer for AFG.

Scale Benchmark

vs MMC

Larger-name benchmark to compare AFG against a more recognizable public peer.

Peer Set

Compare Top 5

vs MKL, RLI, HIG, WRB

AFG Income Statement

American Financial Group, Inc. (AFG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue6.87B6.99B6.12B5.67B6.23B6.77B7.73B8.28B8.17B
Revenue Growth %5.65%1.81%-12.49%-7.29%9.89%8.7%14.1%7.12%-1.26%
Medical Costs & Claims5.63B6.06B5.49B5.37B4.86B5.58B6.37B6.8B4.39B
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 Expenses507M294M-6M-38M37M73M282M349M2.71B
OpEx / Revenue %7.39%4.21%-0.1%-0.67%0.59%1.08%3.65%4.22%33.19%
Depreciation & Amortization107M210M259M299M187M100M78M81M86M
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%
EBITDA831M849M893M638M1.52B1.22B1.15B1.21B1.16B
EBITDA Margin %12.1%12.15%14.6%11.25%24.43%18.06%14.89%14.56%14.18%
Interest Expense85M62M68M88M94M85M76M76M80M
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 Tax247M122M143M25M254M225M221M237M231M
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)5.385.969.988.2523.4910.5510.0610.5710.05
Diluted Shares Outstanding89.8M90.6M91M89.2M85.6M85.3M84.8M83.9M83.5M

AFG Balance Sheet

American Financial Group, Inc. (AFG) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets57.4B60B66.87B69.89B24.89B24.09B24.62B25.01B32.64B
Asset Growth %9.42%4.55%11.44%4.52%-64.4%-3.19%2.18%1.58%30.54%
Total Investment Assets44.35B47.54B53.57B11.83B13.61B13.64B14.04B14.45B15.46B
Long-Term Investments44.35B47.54B53.57B11.83B13.61B13.64B14.04B14.45B14.74B
Short-Term Investments00000000717M
Total Current Assets3.48B2.75B3.65B2.89B3.4B2.21B2.7B2.94B11.91B
Cash & Equivalents2.34B1.51B2.31B1.67B2.13B872M1.23B1.41B1.73B
Receivables1.15B1.23B1.33B1.23B1.26B1.34B1.47B1.53B8.38B
Other Current Assets000000000
Goodwill & Intangibles225M261M250M210M352M354M518M508M660M
Goodwill199M207M207M176M246M246M305M305M327M
Intangible Assets26M54M43M34M106M108M213M203M333M
PP&E (Net)00158M139M118M103M176M212M0
Other Assets8.48B8.58B8.24B54.43B7.02B7.4B6.79B6.44B5.33B
Total Liabilities52.06B55.03B60.6B63.1B19.87B20.04B20.36B20.54B27.82B
Total Debt1.3B1.3B1.79B2.28B2.2B1.69B1.83B1.9B1.82B
Net Debt-1.04B-213M-527M616M67M820M609M493M93M
Long-Term Debt1.3B1.3B1.61B2.12B2.06B1.58B1.64B1.67B1.82B
Short-Term Debt0046M038M36M37M40M0
Total Current Liabilities1.81B1.99B2.2B2.04B2.25B2.37B2.53B2.61B23.93B
Accounts Payable000000001.2B
Deferred Revenue1.81B1.99B2.15B2.04B2.21B2.33B2.49B2.57B3.74B
Other Current Liabilities0000000019B
Deferred Taxes1000K1000K1000K1000K1000K1000K1000K1000K0
Other Liabilities48.24B51.24B55.83B58.55B15.16B15.86B15.77B15.71B2.07B
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 Equity5.33B4.97B6.27B6.79B5.01B4.05B4.26B4.47B4.82B
Minority Interest4M2M0000000
Retained Earnings3.25B3.59B4.01B4.15B3.48B3.14B3.12B3.21B3.36B
Common Stock88M89M90M86M85M85M84M84M83M
Accumulated OCI813M48M863M1.27B119M-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 / Assets9.29%8.29%9.37%9.71%20.14%16.82%17.3%17.86%14.77%
Debt / Equity0.24x0.26x0.29x0.34x0.44x0.42x0.43x0.43x0.38x
Book Value per Share59.3754.8868.8976.1158.5547.5050.2153.2357.72
Tangible BV per Share56.8652.0066.1473.7654.4443.3544.1047.1849.82

AFG Cash Flow Statement

American Financial Group, Inc. (AFG) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations1.8B2.08B2.46B2.18B1.71B1.15B1.97B1.15B1.53B
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 Income477M530M869M721M2B898M852M887M842M
Depreciation & Amortization107M210M259M299M187M100M78M81M86M
Stock-Based Compensation30M23M23M20M16M19M000
Deferred Taxes00-23M-20M-16M-19M000
Other Non-Cash Items668M993M542M779M-1.27B-31M7M-54M-5M
Working Capital Changes522M327M786M384M805M186M1.03B238M610M
Cash from Investing-3.29B-5.35B-3.06B-1.56B-436M-1.05B414M95M-835M
Capital Expenditures-109M-43M-44M-343M-150M-86M0-133M-135M
Acquisitions-205M-23M4M-425M1.4B-10M-205M-9M0
Purchase of Investments-2.98B-13.84B-10.89B-13.14B-10.72B-6.28B-2.3B-4.64B-5.59B
Sale/Maturity of Investments08.53B8.13B12.34B9B5.46B2.2B4.85B4.88B
Other Investing1M30M-261M-1M32M-128M718M25M5M
Cash from Financing1.72B2.44B1.41B-123M-1.96B-1.36B-2.03B-1.07B-377M
Dividends Paid-417M-394M-444M-334M-2.37B-1.21B-684M-788M-606M
Share Repurchases0-6M0-313M-319M-11M-213M0-99M
Stock Issued37M33M36M22M66M16M15M17M12M
Debt Issuance (Net)-1000K01000K1000K0-1000K-1000K01000K
Other Financing2.13B2.81B1.65B18M670M324M-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 Effect000000000
Cash at Beginning2.11B2.34B1.51B2.31B2.81B2.13B872M1.23B1.41B
Cash at End2.34B1.51B2.31B2.81B2.13B872M1.23B1.41B1.73B
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 Share18.8822.5226.5120.6318.2712.5122.3813.7316.74

AFG Key Ratios

American Financial Group, Inc. (AFG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Combined Ratio87.89%89.45%90.86%89.63%94.02%78.57%83.42%86.12%86.42%86.87%
Medical Cost Ratio81.27%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 / Assets9.38%9.29%8.29%9.37%9.71%20.14%16.82%17.3%17.86%14.77%
Book Value / Share55.5859.3754.8868.8976.1158.5547.550.2153.2357.72
Debt / Equity0.26x0.24x0.26x0.29x0.34x0.44x0.42x0.43x0.43x0.38x
Revenue Growth5.74%5.65%1.81%-12.49%-7.29%9.89%8.7%14.1%7.12%-1.26%

AFG SEC Filings & Documents

American Financial Group, Inc. (AFG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Feb 18, 2026·SEC

Material company update

Feb 4, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 23, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 8, 2025·SEC

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 5.49%. 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.

Explore More AFG

American Financial Group, Inc. (AFG) financial analysis — history, returns, DCA and operating performance tools

Full AFG Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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