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AFGB

American Financial Group, Inc.

AFGB

American Financial Group, Inc. • NYSE
$21.90 ▼ -0.41% (-0.09)
Market Cap $11.21 B
52w High $24.94
52w Low $20.48
Dividend Yield 1.47%
P/E 0
Volume 7.39K
Outstanding Shares 511.84M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.27B ▲ $0 $215M ▲ 9.471% ▲ $2.58 ▲ $0
Q2-2025 $1.864B ▲ $0 $174M ▲ 9.335% ▲ $2.07 ▲ $0
Q1-2025 $1.788B ▼ $0 ▼ $154M ▼ 8.613% ▼ $1.84 ▼ $0 ▼
Q4-2024 $2.138B ▼ $41M ▲ $255M ▲ 11.927% ▲ $3.04 ▲ $609M ▲
Q3-2024 $2.29B $0 $181M 7.904% $2.16 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $0 ▼ $0 ▼ $-4.516B ▼ $4.516B
Q2-2025 $1.268B ▼ $30.669B ▲ $26.153B ▲ $4.516B ▲
Q1-2025 $1.276B ▼ $24.244B ▼ $25.902B ▼ $4.392B ▼
Q4-2024 $1.406B ▲ $30.836B ▼ $26.37B ▼ $4.466B ▼
Q3-2024 $1.322B $32.591B $27.883B $4.708B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $215M ▲ $216M ▲ $-130M ▼ $488M ▲ $574M ▲ $175M ▼
Q2-2025 $174M ▲ $191M ▼ $36M ▲ $-235M ▲ $-8M ▲ $191M ▼
Q1-2025 $154M ▼ $342M ▼ $23M ▲ $-495M ▲ $-130M ▼ $342M ▼
Q4-2024 $255M ▲ $674M ▲ $-21M ▼ $-569M ▼ $84M ▼ $641M ▲
Q3-2024 $181M $459M $122M $-380M $201M $530M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Property and Casualty Insurance
Property and Casualty Insurance
 $2.25Bn ▲$2.05Bn ▼$1.75Bn ▼$1.83Bn ▲
Corporate and Other
Corporate and Other
 $120.00M ▲$110.00M ▼$100.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing a business that is expanding at a measured, sustainable pace rather than through sudden surges. Profitability has generally been solid, with earnings staying healthy even as markets and interest rates shifted. There is some year‑to‑year noise in profit levels, likely reflecting catastrophe losses, investment swings, and reserve movements that are normal for a property and casualty insurer. Overall, the income statement suggests a mature specialty insurer that manages to grow while keeping underwriting and overall profitability intact, though results can still be bumpy in individual years.

Balance Sheet

Balance Sheet The balance sheet looks conservatively managed, with a sizable asset base and a moderate level of debt relative to the company’s scale. Cash on hand appears adequate for an insurer that relies more on invested float and liquid securities than on large cash balances. Shareholders’ equity has edged down over time, which likely reflects significant capital returns through dividends and buybacks rather than financial stress. The picture is of a company comfortable using its strong position to return capital, while still keeping leverage at a disciplined and manageable level.

Cash Flow

Cash Flow Cash generation from the core business has been consistently healthy, easily covering the company’s relatively light capital spending needs. Free cash flow has remained strong over the period, even if not at peak levels every single year, which is typical for an insurance business subject to claims volatility and investment cycles. Because capital expenditures are modest, most of the cash produced can be directed to dividends, buybacks, and selective acquisitions. Overall, cash flow quality looks solid, with no sign of chronic shortfalls or dependence on borrowing to fund routine operations.

Competitive Edge

Competitive Edge American Financial Group operates in specialized corners of the property and casualty market, where expertise and underwriting discipline matter more than sheer size. Its focus on niche products—such as equine, trucking, agribusiness, and executive liability—helps it avoid the cut‑throat pricing seen in more commoditized insurance lines. The decentralized structure, with many entrepreneurial business units, allows faster local decisions and more tailored offerings, which can be a real edge in specialty markets. Long‑term outperformance in underwriting metrics and strong credit quality further reinforce its reputation as a disciplined, reliable carrier within its chosen segments.

Innovation and R&D

Innovation and R&D Instead of traditional lab‑style R&D, the company invests in practical technology and data tools that tie directly to underwriting and distribution. The acquisition of an AI and machine‑learning firm is a clear example, giving AFG better risk selection capabilities that can improve pricing accuracy and loss ratios over time. Its embedded insurance initiatives and digital tools—such as portals, e‑claims, and API‑based integrations—aim to make buying and managing insurance more seamless for partners and policyholders. Overall, innovation is focused, incremental, and business‑driven, enhancing efficiency and customer experience rather than chasing speculative tech trends.

Summary

American Financial Group presents as a disciplined specialty insurer with steady top‑line growth, resilient profitability, and consistently strong cash generation. The balance sheet appears sound and conservatively leveraged, giving the company room to return capital while still supporting growth and acquisitions. Its competitive strength lies in deep specialization, decentralized operations, and a long record of underwriting discipline, which together form a meaningful moat in niche markets. Technological investments are targeted and practical, aiming to sharpen underwriting, streamline distribution, and deepen relationships with partners. The main watchpoints are the usual insurance risks—catastrophes, pricing cycles, and investment volatility—but the historical record suggests management is experienced at navigating these cycles while maintaining overall financial strength.