Logo

AFGC

American Financial Group, Inc.

AFGC

American Financial Group, Inc. • NYSE
$19.25 ▼ -0.16% (-0.03)
Market Cap $10.87 B
52w High $22.21
52w Low $18.01
Dividend Yield 0.96%
P/E 0
Volume 9.66K
Outstanding Shares 564.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.27B ▲ $0 $215M ▲ 9.471% ▲ $2.57 ▲ $0
Q2-2025 $1.864B ▲ $0 $174M ▲ 9.335% ▲ $2.08 ▲ $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 Q4-2024Q1-2025Q2-2025Q3-2025
Corporate and Other
Corporate and Other
 $110.00M ▲$100.00M ▼$0 ▼$90.00M ▲
Property and Casualty Insurance
Property and Casualty Insurance
 $2.05Bn ▲$1.75Bn ▼$1.83Bn ▲$2.22Bn ▲

Five-Year Company Overview

Income Statement

Income Statement American Financial Group shows a clear pattern of steady growth in premiums and overall revenue over the past several years. Core underwriting profits have been consistently positive, suggesting that the company generally prices risk well and avoids chasing volume at the expense of profitability. Earnings jumped strongly earlier in the period and have since settled at a solid but more normalized level, reflecting a mix of strong underwriting and more typical investment results. Overall, profitability looks healthy and reasonably stable for a property & casualty insurer, though results can always be influenced by catastrophic losses and financial market swings.

Balance Sheet

Balance Sheet The balance sheet looks relatively conservative for an insurer. Total assets have grown again in the most recent years after an earlier step-down, likely reflecting portfolio reshaping rather than financial stress. Debt levels are moderate and have edged down over time, which supports financial flexibility. Shareholders’ equity has trended slightly lower from earlier peaks but has recently stabilized and begun to grow again, consistent with a company that returns a fair amount of capital to shareholders while still maintaining a solid capital base to support its insurance operations.

Cash Flow

Cash Flow Cash generation is a notable strength. Operating cash flow has been consistently positive, though it does fluctuate year to year as is typical in insurance due to claim timing and investment flows. Free cash flow is strong because the business is capital-light, with only modest spending needs on physical assets. This pattern suggests the company has ample internal cash to support dividends, buybacks, and selective acquisitions, provided underwriting results remain disciplined and catastrophe experience is manageable.

Competitive Edge

Competitive Edge AFG occupies a focused niche in specialty property and casualty insurance, where deep expertise and tailored products matter more than sheer size. The company’s strength lies in its concentration on specialized lines such as agribusiness, crop, equine, trucking, and financial lines, where long-term underwriting experience and data are difficult for new entrants to replicate. A disciplined approach to risk selection and pricing, combined with a decentralized structure that empowers specialist teams, creates a meaningful competitive moat. The main competitive risks are ongoing pressure from other specialty carriers, potential new insurtech players, and the usual exposure to large loss events that can affect even the best underwriters.

Innovation and R&D

Innovation and R&D Innovation at AFG is tightly linked to improving underwriting and distribution rather than broad, speculative R&D. The company has invested in AI and machine-learning capabilities through the Verikai acquisition, aiming to sharpen risk selection, particularly in complex areas like medical stop-loss. Moving core systems to cloud-based platforms and modern data tools should improve speed, flexibility, and product rollout, including in growth areas like cyber coverage. The push into embedded insurance and digital distribution is designed to meet customers at the point of sale and deepen relationships. The opportunity is to turn these initiatives into a lasting data and service advantage; the risk is execution—integrating technology across many specialty units and ensuring that new tools genuinely enhance underwriting rather than simply add cost and complexity.

Summary

Overall, American Financial Group appears to be a well-run specialty insurer with solid, recurring profits, good cash generation, and a relatively conservative balance sheet. Its edge comes from deep specialization, underwriting discipline, and a willingness to invest in targeted technology rather than chasing broad-scale disruption. Key things to watch going forward include how well it maintains underwriting discipline in a competitive market, the effectiveness of its AI and digital initiatives, and its ability to grow profitably in specialty lines without taking on outsized risk. While no insurer is immune to large losses or market volatility, AFG’s recent track record and strategic focus suggest a business built for resilience as well as growth.