Logo

AFGE

American Financial Group, Inc.

AFGE

American Financial Group, Inc. • NYSE
$17.36 ▼ -0.57% (-0.10)
Market Cap $1.45 B
52w High $19.95
52w Low $16.11
Dividend Yield 0.84%
P/E 0
Volume 10.45K
Outstanding Shares 83.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.331B ▲ $0 $215M ▲ 9.224% ▼ $2.57 ▲ $307M ▲
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 $1.842B ▲ $33.834B ▲ $29.104B ▲ $4.73B ▲
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 American Financial Group shows a clear pattern of steady revenue growth over the last several years, which signals healthy demand in its specialty insurance lines. Profitability from core operations has generally trended upward, even though one year stands out as unusually strong and later years look more “normal” rather than explosive. Earnings after all costs are solid and fairly stable, not spectacular but dependable, suggesting disciplined underwriting and pricing. Overall, the income statement points to a mature insurer growing at a measured pace while keeping a firm grip on profitability.

Balance Sheet

Balance Sheet The balance sheet looks conservative and insurance‑appropriate. Total assets dropped sharply a few years ago, likely tied to a major portfolio shift or business sale, and have since grown gradually from that lower base. Debt levels are modest relative to the overall size of the company and have edged down over time, which reduces financial risk. Equity declined over the period but has stabilized and now inches upward, consistent with an insurer that returns capital to shareholders while still retaining enough to support growth. Liquidity appears adequate, not excessive, indicating a focus on capital efficiency alongside strength.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently positive, with some year‑to‑year swings but no sign of structural weakness. Free cash flow tracks operating cash flow closely because the business requires relatively little ongoing capital spending, which is typical for an insurance company. This combination gives management flexibility to fund growth, absorb shocks, and continue capital returns without straining the underlying business. The main watchpoint is the natural volatility that can come from claims cycles, but the overall cash pattern is healthy and resilient.

Competitive Edge

Competitive Edge AFG’s edge comes from being a focused specialist rather than a broad generalist. It operates many niche insurance businesses—such as agribusiness, equine, executive liability, and specialty human services—where deep expertise matters more than sheer size. A strict culture of underwriting discipline means it tends to walk away from business it cannot price profitably, which supports margins over the long term. Its decentralized structure lets individual specialty teams move quickly and tailor products to very specific client needs. Thoughtful bolt‑on acquisitions further widen its reach in profitable niches. Together, these factors form a durable competitive position in specialty property and casualty insurance, even if the company is not the largest player in the overall market.

Innovation and R&D

Innovation and R&D AFG is not a headline‑grabbing tech disrupter, but it is quietly modern and deliberate with innovation. It uses AI and machine learning—through its Verikai acquisition—to sharpen risk selection and pricing, especially in more complex specialty lines. Moving its core systems to a modern cloud platform should improve efficiency, data quality, and speed to market for new products. Tools like the EagleEye cyber risk platform show how the firm blends insurance with practical risk‑management services for clients. Its push into embedded insurance, where coverage is built into other products or services, opens new distribution channels. Overall, AFG is using technology to reinforce its underwriting strengths rather than chasing flashy experiments.

Summary

American Financial Group comes across as a disciplined specialty insurer with steady growth, solid profitability, and strong cash generation. The financials suggest a company that prioritizes underwriting quality and long‑term stability over rapid expansion. Its balance sheet and cash flows provide a comfortable buffer against the inherent volatility of property and casualty insurance. Competitively, AFG benefits from deep expertise in niche markets, a decentralized and entrepreneurial culture, and a track record of carefully chosen acquisitions. On the innovation front, it is selectively deploying AI, cloud systems, and digital tools to make its core business sharper and more efficient. Key things to watch include how well it executes its digital transformation, how effectively it scales AI across the portfolio, and how it adapts its product mix to evolving risks such as cyber and climate‑related exposures.