The company maintains a stable capital base with $4.7 billion in equity as of 2026Q1, supporting a solvency position that manages $27.7 billion in total liabilities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Assets | 32.35B | 32.66B | 30.84B | 29.79B | 24.09B | 24.89B | 69.89B | 66.87B | 60B | 57.4B | 52.45B | 47.38B | 47.53B | 42.09B | 39.17B | 35.9B | 32.3B | 19.35B | 19.55B | 19.66B | 17.25T | 17.02T | 14.91T |
| Asset Growth % | 45.7% | 5.91% | 3.52% | 23.65% | -3.19% | -64.4% | 4.52% | 11.44% | 4.55% | 9.42% | 10.72% | -0.33% | 12.94% | 7.44% | 9.12% | 11.12% | 66.92% | -1% | -0.56% | -99.89% | 1.33% | 14.18% | - |
| Total Investment Assets | 0 | 0 | 0 | 1.94B | 1.83B | 1.67B | 0 | 2.84B | 1.78B | 1.8B | 1.48B | 947M | 0 | 0 | 0 | 25.58B | 22.67B | 16.87B | 18.05B | 17.74B | 16.22T | 15.64T | 13.83T |
| Long-Term Investments | 0 | 0 | 0 | 1.94B | 1.83B | 1.67B | 0 | 2.84B | 1.78B | 1.8B | 1.48B | 947M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.58B | 22.67B | 16.87B | 18.05B | 17.74B | 16.22T | 15.64T | 13.83T |
| Total Current Assets | 2.41B | 18.39B | 2.53B | 1.23B | 3.53B | 5.49B | 3.57B | 6.42B | 5.16B | 5.27B | 5.15B | 2.98B | 1.34B | 1.64B | 1.71B | 27.8B | 24.44B | 18.55B | 19.35B | 19.49B | 17.08T | 16.86T | 14.74T |
| Cash & Equivalents | 1.35B | 17.18B | 1.41B | 1.23B | 872M | 2.13B | 1.67B | 2.31B | 1.51B | 2.34B | 2.11B | 1.22B | 1.34B | 1.64B | 1.71B | 1.32B | 1.1B | 1.26B | 815.9M | 1.33B | 471.85B | 861.74B | 593.55B |
| Receivables | 5.22B | 1.21B | 1.12B | 0 | 0 | 0 | 0 | 975M | 1.09B | 1.03B | 908M | 820M | 0 | 0 | 539M | 895M | 674M | 414.8M | 475.4M | 425M | 388.08B | 359.75B | 320.52B |
| Other Current Assets | 0 | 0 | 0 | 2.4B | 3.54B | 4.22B | 1.91B | 4.1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 1.48B | 327M | 508M | 827M | 642M | 552M | 454M | 1.29B | 1.94B | 1.44B | 1.47B | 439M | 1.07B | 1.17B | 763M | 186M | 186M | 210.2M | 204.4M | 167.8M | 166.88B | 165.88B | 168.33B |
| Goodwill | 327M | 327M | 305M | 305M | 246M | 246M | 176M | 207M | 207M | 199M | 199M | 199M | 201M | 185M | 185M | 186M | 186M | 210.2M | 204.4M | 167.8M | 166.88B | 165.88B | 168.33B |
| Intangible Assets | 0 | 0 | 203M | 522M | 396M | 306M | 278M | 1.08B | 1.74B | 1.24B | 1.27B | 240M | 870M | 989M | 578M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 212M | 176M | 103M | 118M | 139M | 158M | 41.67B | 39.55B | 35.16B | 35.16B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 0 | -878M | 25.21B | 17.61B | 16.67B | 65.34B | 55.16B | 8.58B | 8.48B | 8.14B | 6.97B | 45.12B | 39.27B | -763M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 27.68B | 27.84B | 26.37B | 25.53B | 20.04B | 19.87B | 63.1B | 60.6B | 55.03B | 52.06B | 47.54B | 42.61B | 1.06B | 913M | 953M | 934M | 952M | 1.03B | 936.9M | 921M | 942.74B | 0 | 0 |
| Total Debt | 1.82B | 1.82B | 1.48B | 1.5B | 1.61B | 2.1B | 2.12B | 1.65B | 1.3B | 1.3B | 1.28B | 998M | 1.06B | 913M | 953M | 934M | 952M | 1.03B | 936.9M | 921M | 942.74B | 0 | 0 |
| Net Debt | 467M | -15.36B | 69M | 272M | 740M | -31M | 457M | -661M | -213M | -1.04B | -824M | -222M | -282M | -726M | -752M | -390M | -147M | -234.3M | 121M | -408M | 470.89B | -861.74B | -593.55B |
| Long-Term Debt | 1.82B | 1.82B | 1.48B | 1.5B | 1.5B | 1.96B | 1.96B | 2.58B | 1.3B | 1.3B | 1.28B | 998M | 1.06B | 913M | 953M | 934M | 952M | 1.03B | 936.9M | 921M | 942.74B | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 36M | 38M | 0 | 46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 10.19B | 9.8B | 9.03B | 8.51B | 7.91B | 7.68B | 7.14B | 7.05B | 6.46B | 6.08B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 1.19B | 1.03B | 920M | 807M | 814M | 752M | 743M | 634M | 591M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 10.19B | 8.61B | 7.96B | 7.55B | 7.1B | 6.82B | 6.39B | 6.31B | 5.83B | 5.49B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 26.02B | 0 | 24.03B | 9.24B | 8.99B | 0 | 0 | 46.08B | 43B | 39.13B | 34.87B | 0 | 0 | -953M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 4.68B | 4.82B | 4.47B | 4.26B | 4.05B | 5.01B | 6.79B | 6.27B | 4.97B | 5.33B | 4.92B | 4.77B | 5.05B | 4.77B | 4.75B | 4.69B | 4.62B | 2.49B | 3.05B | 2.93B | 2.46T | 2.43T | 2.08T |
| Equity Growth % | 13.37% | 7.93% | 4.88% | 5.08% | -19.15% | -26.17% | 8.29% | 26.09% | -6.73% | 8.38% | 3.12% | -5.62% | 5.98% | 0.44% | 1.22% | 1.54% | 85.54% | -18.26% | 4% | -99.88% | 1.11% | 17.07% | - |
| Shareholders Equity | 4.68B | 4.82B | 4.47B | 4.26B | 4.05B | 5.01B | 6.79B | 6.27B | 4.97B | 5.33B | 4.92B | 4.59B | 4.88B | 4.6B | 4.58B | 4.54B | 4.47B | 2.49B | 3.05B | 2.93B | 2.46T | 2.43T | 2.08T |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 1M | 3M | 178M | 175M | 170M | 170M | 146M | 150M | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 3.29B | 3.36B | 3.21B | 3.12B | 3.14B | 3.48B | 4.15B | 4.01B | 3.59B | 3.25B | 3.34B | 2.99B | 2.91B | 2.83B | 2.6B | 0 | 0 | 1.84B | 1.73B | 1.53B | 1.13T | 976.34B | 664.72B |
| Common Stock | 83M | 83M | 84M | 84M | 85M | 85M | 86M | 90M | 89M | 88M | 87M | 87M | 88M | 90M | 89M | 0 | 105M | 216.5M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -127M | -50M | -240M | -319M | -543M | 119M | 1.27B | 863M | 48M | 813M | 375M | 1.3B | 727M | 560M | 831M | 557M | 479M | -137.1M | 12.6M | 55.5M | 0 | 0 | 0 |
| Return on Equity (ROE) | 18.97% | 18.13% | 20.33% | 20.51% | 19.81% | 22.69% | 11.21% | 15.96% | 10.29% | 9.27% | 13.4% | 7.17% | 9.2% | 9.9% | 10.34% | 7.37% | 13.47% | 7.07% | 12.83% | 0.04% | 8.45% | 15.97% | 16.78% |
| Return on Assets (ROA) | 2.71% | 2.65% | 2.93% | 3.16% | 3.67% | 2.83% | 1.07% | 1.41% | 0.9% | 0.86% | 1.3% | 0.74% | 1.01% | 1.16% | 1.3% | 1.01% | 1.85% | 1.01% | 1.95% | 0.01% | 1.21% | 2.25% | 2.34% |
| Equity / Assets | 14.46% | 14.76% | 14.48% | 14.29% | 16.82% | 20.14% | 9.71% | 9.37% | 8.29% | 9.29% | 9.38% | 10.07% | 10.63% | 11.33% | 12.12% | 13.07% | 14.3% | 12.87% | 15.58% | 14.9% | 14.25% | 14.28% | 13.92% |
| Debt / Equity | 0.39x | 0.38x | 0.33x | 0.35x | 0.40x | 0.42x | 0.31x | 0.26x | 0.26x | 0.24x | 0.26x | 0.21x | 0.21x | 0.19x | 0.20x | 0.20x | 0.21x | 0.41x | 0.31x | 0.31x | 0.38x | - | - |
| Book Value per Share | 56.16 | 57.72 | 53.23 | 50.21 | 47.50 | 58.55 | 76.11 | 68.89 | 54.88 | 59.37 | 55.58 | 53.36 | 55.54 | 52.29 | 49.51 | 45.59 | 41.81 | 21.34 | 24.72 | 24.31 | 32014.46 | 33516.93 | 28763.06 |
| Tangible BV per Share | 52.23 | 53.81 | 47.18 | 40.46 | 39.98 | 52.10 | 71.02 | 54.75 | 33.43 | 43.32 | 38.95 | 48.45 | 43.77 | 39.42 | 41.55 | 43.78 | 40.13 | 19.54 | 23.07 | 22.91 | 29840.48 | 31229.44 | 26431.02 |
Social inflation litigation exposure
As reported in recent financial statements, AFGB has maintained a stable equity base of approximately $4.7 billion as of 2026Q1, suggesting that the company is successfully balancing its underwriting growth with disciplined capital retention despite the inherent volatility of its specialized niche insurance segments.
The stability in equity levels indicates that the company is not over-leveraging its balance sheet to chase premium growth in a competitive market. This conservative capital management appears to provide a necessary buffer against potential underwriting shocks while supporting the firm's long-term strategic objectives.
Based on the provided quarterly data, the company's loss reserves reached $1.1 billion in 2025Q4, a figure that warrants close monitoring as it reflects the firm's exposure to long-tail casualty lines where actuarial estimates are increasingly sensitive to external litigation trends and social inflation.
The fluctuation in loss reserve levels suggests that management is actively adjusting its liability estimates to account for evolving claims environments. Investors should monitor whether these adjustments remain consistent with historical favorable development patterns or if they signal a shift toward more conservative, defensive reserving practices.
According to the latest balance sheet figures, AFGB maintains a total asset base of $32.4 billion against $27.7 billion in liabilities, which implies a robust solvency position that provides the company with significant capacity for both organic growth and potential future capital returns to shareholders.
The company's ability to maintain such a substantial asset-to-liability spread suggests a high degree of financial resilience. This structural strength likely allows the firm to navigate cyclical downturns without compromising its ability to meet policyholder obligations or pursue opportunistic niche acquisitions.
As indicated by the company's reported financial structure, the potential mismatch between short-term premium inflows and long-tail casualty liabilities remains a critical risk factor that could be exacerbated by rising interest rates and the unpredictable nature of legal settlements in the current US insurance market.
While the balance sheet appears strong, the reliance on specialty casualty lines introduces a layer of complexity regarding the timing and magnitude of future claims. This suggests that the company's solvency is highly dependent on the accuracy of its long-term actuarial assumptions, which may be tested by persistent social inflation.
Quick answers to the most common questions about buying AFGB stock.
As of 2025, American Financial Group, Inc. (AFGB) had total assets of $32.66B including $18.39B in current assets.
American Financial Group, Inc. (AFGB) carries total debt of $1.82B, offset by $17.18B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
American Financial Group, Inc. (AFGB) has total shareholders' equity (book value) of $4.82B ($57.72 book value per share). Book value represents the net worth of the company belonging to common stock holders.