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AFGD

American Financial Group, Inc.

AFGD

American Financial Group, Inc. • NYSE
$21.09 ▲ 0.14% (+0.03)
Market Cap $10.96 B
52w High $24.40
52w Low $18.19
Dividend Yield 1.41%
P/E 0
Volume 912
Outstanding Shares 519.71M

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 AFG’s income statement shows a business that has grown steadily while keeping profitability intact. Revenue has climbed at a healthy, consistent pace over the last several years, which suggests the specialty insurance strategy is gaining traction rather than relying on one‑off spikes. Earnings have been solid and generally stable, with only normal insurance and investment‑related bumps along the way. One standout year of unusually high profit earlier in the period looks more like a special situation than a new baseline, and there is some noise in measures that are sensitive to investment market swings. Overall, the pattern is of a company that prioritizes underwriting discipline and profitable growth rather than chasing volume at any price.

Balance Sheet

Balance Sheet The balance sheet reflects a specialty insurer that reshaped itself earlier in the period and then returned to gradual growth. Total assets dropped sharply from an earlier peak, consistent with divestitures and capital returns, and then began to build again at a more measured pace. Debt sits at a manageable level relative to the company’s size and appears to be edging down over time, which reduces financial risk. Equity is lower than it was several years ago, but that largely reflects active capital management rather than ongoing losses; since then, equity has been slowly rebuilding. Cash is modest but reasonable for an insurer that also holds a large, diversified investment portfolio. Overall, the balance sheet looks sound, with no obvious signs of over‑leveraging, but it is less “cushioned” than it once was.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently positive, even in years when accounting earnings were a bit choppy, which is what you want to see from an insurer that relies on underwriting and investment income. Free cash flow has also been positive every year, helped by very light capital spending needs. That means the business regularly produces surplus cash after basic reinvestment, giving management flexibility for dividends, buybacks, and acquisitions. There is some year‑to‑year lumpiness, which is normal in insurance due to claim timing and investment flows, but the underlying trend shows a business that reliably converts its operations into cash.

Competitive Edge

Competitive Edge AFG operates from a position of strength in the niche world of specialty property and casualty insurance. Instead of competing head‑to‑head in crowded, commoditized markets, it focuses on harder‑to‑underwrite areas like crop, marine, equipment, and other specialty lines where expertise matters. This specialization supports stronger underwriting discipline, better risk selection, and more pricing power than a typical generalist insurer. The company also benefits from a long operating history, strong brand reputation, and in‑house investment management, which together help attract both customers and distribution partners. Its decentralized structure lets local teams react quickly to changes in their specific markets. The main risks come from the inherent volatility of specialty lines—such as exposure to weather, agriculture, and large claims—and from the ongoing need to maintain an edge as competitors invest more heavily in analytics and technology.

Innovation and R&D

Innovation and R&D AFG’s approach to innovation is targeted rather than flashy. It has focused on bringing advanced data analytics and artificial intelligence directly into underwriting through acquisitions like Verikai and Radion Health, giving it richer data and more refined risk models in complex areas such as medical stop‑loss and healthcare coverage for smaller businesses. The company is also leaning into embedded insurance, building dedicated teams and products that integrate coverage directly into customer touchpoints, such as ticketing and equipment sales. New offerings like the enhanced contractor equipment product show that product innovation is ongoing at the business‑unit level, supported by the decentralized model. The opportunity is to deepen these capabilities across more lines of business; the risk is execution—integrating insurtech platforms, keeping models accurate, and staying ahead as the entire industry races to adopt similar tools.

Summary

Taken together, AFG looks like a mature specialty insurer that has combined steady growth with disciplined profitability and strong cash generation. The income statement points to a focus on quality of earnings rather than sheer size, the balance sheet shows a company that has returned capital aggressively in the past but remains financially solid, and the cash flows confirm that the core businesses reliably throw off cash. Competitively, AFG’s strength lies in its focused niches, underwriting culture, and decentralized structure, all supported by a growing toolkit in data and AI. Key uncertainties relate to insurance cycle swings, catastrophe and crop exposures, investment market volatility, and the challenge of executing on its technology and acquisition strategy. Overall, the picture is of a specialized insurer with a well‑defined niche, meaningful competitive advantages, and a business model built around profitable growth and active capital management rather than scale alone.