The firm maintains a stable capital base with equity fluctuating between $4.2 billion and $4.8 billion over the last ten quarters, supported by a substantial $32.4 billion asset base as of 2026Q1.
| 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'09 | 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 | 25.76B | 22.86B | 20B | 17.08B | 18.26B | 17.91B | 16.39T | 1.03T | 761.88B |
| 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% | 52.04% | 12.72% | 14.29% | 17.08% | -6.45% | 1.97% | -99.89% | 1495.02% | 34.88% | - |
| Total Investment Assets | 1000K | 15.46B | 0 | 1.94B | 1.83B | 1.67B | 0 | 2.84B | 1.78B | 1.8B | 1.48B | 947M | 58M | 53M | 44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 15.46B | 15.46B | 0 | 1.94B | 1.83B | 1.67B | 0 | 2.84B | 1.78B | 1.8B | 1.48B | 947M | 58M | 53M | 44M | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 2.41B | 18.39B | 2.53B | 4.39B | 3.53B | 5.49B | 3.57B | 6.42B | 5.16B | 5.27B | 5.15B | 2.98B | 1.34B | 1.64B | 1.71B | 25.58B | 22.67B | 19.79B | 16.87B | 18.05B | 17.74B | 16.22T | 861.74B | 593.55B |
| 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 | 1.12B | 1.26B | 815M | 1.33B | 471.85B | 861.74B | 593.55B |
| Receivables | 5.22B | 1.21B | 1.12B | 0 | 0 | 0 | 0 | 1.33B | 1.23B | 1.15B | 997M | 937M | 0 | 0 | 636M | 895M | 674M | 542.2M | 414.8M | 475.4M | 425M | 388.08B | 359.75B | 320.52B |
| Other Current Assets | 0 | 0 | 0 | 5.56B | 3.54B | 4.22B | 1.91B | 6.42B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.25B | 21.57B | 18.67B | 15.61B | 17.24B | 16.41B | 15.75T | 0 | 0 |
| Goodwill & Intangibles | 1.29B | 516M | 508M | 518M | 642M | 552M | 454M | 1.29B | 1.94B | 1.44B | 1.47B | 439M | 1.07B | 1.17B | 763M | 186M | 186M | 207M | 210M | 204M | 167M | 166.88B | 165.88B | 168.33B |
| Goodwill | 327M | 327M | 305M | 305M | 246M | 246M | 176M | 207M | 207M | 199M | 199M | 199M | 201M | 185M | 185M | 186M | 186M | 207M | 210M | 204M | 167M | 166.88B | 165.88B | 168.33B |
| Intangible Assets | 0 | 189M | 203M | 213M | 396M | 306M | 278M | 1.08B | 1.74B | 1.24B | 1.27B | 240M | 870M | 989M | 578M | 0 | 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 | -935M | -758M | 68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | -15.64B | -878M | 17.5B | 17.61B | 16.67B | 65.34B | 55.16B | 8.58B | 8.48B | 8.14B | 6.97B | 45.12B | 39.27B | -763M | 0 | 0 | -73.4M | -593.9M | 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 | 31.35B | 27.83B | 23.76B | 23.82B | 22.66B | 21.89B | 942.74B | 19.91T | 17.93T |
| 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 | 973M | 7.36B | 952M | 827M | 2.06B | 1.87B | 1.84B | 942.74B | 371.37B | 0 |
| Net Debt | 467M | -15.36B | 69M | 272M | 740M | -31M | 457M | -661M | -213M | -1.04B | -824M | -222M | -282M | -726M | -732M | 6.03B | -147M | -292M | 795M | 1.06B | 513M | 470.89B | -490.37B | -593.55B |
| Long-Term Debt | 1.82B | 1.82B | 1.48B | 1.5B | 1.5B | 1.96B | 1.96B | 1.47B | 1.3B | 1.3B | 1.28B | 998M | 1.06B | 913M | 953M | 934M | 952M | 827M | 1.03B | 937M | 921M | 942.74B | 0 | 0 |
| Short-Term Debt | 0 | 39M | 0 | 0 | 36M | 38M | 0 | 46M | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 10.19B | 9.8B | 9.03B | 8.51B | 7.91B | 3.64B | 7.14B | 7.05B | 6.46B | 6.08B | 2.6B | 2.28B | 2.16B | 0 | 0 | 73M | 593M | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 1.19B | 1.03B | 920M | 807M | 814M | 752M | 743M | 634M | 591M | 645M | 508M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.83B | 2.6B | 2.41B | 2.17B | 2.06B | 1.96B | 1.76B | 1.65B | 0 | 0 | 73M | 593M | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 0 | -39M | 10.19B | 8.61B | 7.96B | 7.55B | 7.1B | -46M | 6.39B | 6.31B | 5.83B | 5.49B | -2.6B | -2.27B | -2.15B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 24.03B | 9.24B | 8.99B | 0 | 0 | 46.08B | 43B | 39.13B | 34.87B | 0 | 0 | -953M | 3.41B | 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 | 3.92B | 2.49B | 3.05B | 2.93B | 2.46T | 2.43T | 2.08T |
| Equity Growth % | 17.92% | 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% | 17.89% | 57.38% | -18.25% | 4.03% | -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 | 3.78B | 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 | 137.8M | 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 | 2.27B | 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 | 1.22B | 105M | 298M | 216M | 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 | -112.8M | -137.1M | 12M | 55M | 0 | 0 | 0 |
| Return on Equity (ROE) | 18.76% | 18.13% | 20.33% | 20.51% | 19.81% | 23.56% | 11.21% | 15.96% | 10.29% | 9.27% | 13.4% | 7.17% | 9.2% | 9.9% | 10.34% | 6.87% | 9.91% | 16.54% | 7.23% | 13.83% | 0.04% | 9.86% | 17.9% | 16.78% |
| Return on Assets (ROA) | 2.71% | 2.65% | 2.93% | 3.16% | 3.67% | 2.93% | 1.07% | 1.41% | 0.9% | 0.86% | 1.3% | 0.74% | 1.01% | 1.16% | 1.5% | 1.32% | 1.97% | 2.86% | 1.13% | 2.28% | 0.01% | 2.77% | 45.09% | 45.74% |
| 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% | 18.21% | 20.21% | 19.6% | 14.58% | 16.68% | 16.35% | 14.99% | 236.52% | 272.5% |
| 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 | 1.57x | 0.21x | 0.21x | 0.83x | 0.61x | 0.63x | 0.38x | 0.15x | - |
| 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 | 33.49 | 21.34 | 24.72 | 24.34 | 31086.09 | 34587.70 | 26749.48 |
| Tangible BV per Share | 52.23 | 51.54 | 47.18 | 44.10 | 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 | 31.72 | 19.54 | 23.07 | 22.95 | 28975.16 | 32227.13 | 24580.70 |
Social inflation casualty exposure
As reported in the quarterly balance sheet data, AFGE has maintained a relatively stable equity base, fluctuating between $4.2 billion and $4.8 billion over the last ten quarters, which suggests a disciplined approach to capital retention despite the inherent cyclicality of the specialty insurance market.
The firm's ability to preserve its equity base while navigating shifting premium cycles indicates a conservative capital management philosophy. Investors should monitor whether this stability persists as the company balances underwriting growth with the potential for increased claims volatility in its specialty lines.
Based on the provided financial figures, the company's loss and loss adjustment expense reporting shows significant variability, with loss ratios swinging from negative values in early 2024 to 51.4% by 2025Q4, suggesting that prior-year reserve adjustments are heavily influencing the current balance sheet presentation.
This volatility in loss reporting complicates the assessment of true underwriting performance and may obscure the actual impact of social inflation on long-tail casualty exposures. Analysts should exercise caution when interpreting these figures, as they may not fully reflect the current economic cost of claims.
According to the latest balance sheet data, AFGE maintains a robust asset-to-liability profile with total assets reaching $32.4 billion in 2026Q1, providing a substantial buffer that appears to support the firm's decentralized underwriting model and its historical commitment to returning capital to shareholders.
The company's low debt-to-equity ratio, as noted in historical filings, suggests a strong solvency position that provides significant flexibility for navigating market downturns. This capitalization structure appears designed to prioritize long-term underwriting stability over aggressive financial leverage.
While the firm reports strong headline profitability, the concentration in specialty casualty lines, as noted in institutional research, may leave the company vulnerable to social inflation and rising litigation costs that are not yet fully reflected in the current, historically low loss ratio metrics.
The potential for adverse development in these niche lines warrants further investigation, as the decentralized underwriting model may struggle to contain costs if legal environments shift rapidly. Investors should monitor whether the current reserve levels are sufficient to cover the long-term impact of these evolving liability trends.
Quick answers to the most common questions about buying AFGE stock.
As of 2025, American Financial Group, Inc. (AFGE) had total assets of $32.66B including $18.39B in current assets.
American Financial Group, Inc. (AFGE) 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. (AFGE) 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.