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American Financial Group (AFG +1.22%) is an $11 billion market cap property and casualty insurer. It has an impressive 21-year streak of annual dividend increases. And the last dividend hike, announced in Aug. 2026, was a huge 10.2%. Add in a well-above-market dividend yield of nearly 2.5%, and there's good reason for dividend growth investors to do a deep dive here. But there's another piece to the story: stock buybacks.
American Financial Group is doing well A key metric for property and casualty insurers is the combined ratio. This metric compares the company's costs (expenses and claims) to the premiums it earns. A number under 100% means that a company is making a profit. The lower the percentage, the better. American Financial Group's combined ratio in the second quarter of 2026 was 91.6%. But the real story is that it improved from 93.1% in the same quarter of 2025. Things are going well for the company.
Image source: Getty Images.
However, according to industry watcher Marsh, the property and casualty industry is getting more competitive. After a strong period, companies are increasingly competing on price, with property rates falling 12% in the second quarter, more than offsetting a 2% increase in casualty rates. This is why it is notable that American Financial Group continued to buy back stock in the second quarter.
The $26 million stock buyback in the second quarter adds to the $60 million it bought in the first quarter, bringing the year-to-date total to $86 million. Buying back shares helps support earnings because earnings are spread over fewer shares. Notably, while the company's combined ratio was lower year over year in the second quarter, it was higher sequentially from the first quarter's 90.4%. Preparing now for increasing competition could be a good move.
Premium Feature
Moneyball Superscore
70/100
Today's Change
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1.22
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1.74
Current Price
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A reasonably priced dividend growth stock American Financial Group's dividend has been growing at an attractive rate, which often leads investors to award a stock a premium price. However, the insurance company's price-to-book and price-to-sales ratios are roughly in line with their five-year averages. The price-to-earnings ratio, meanwhile, is only slightly above its longer-term average. The stock looks reasonably priced, historically speaking.
While value-conscious investors probably won't find American Financial Group attractive right now, dividend growth investors may still want to take a look. And the stock buybacks are notable because they could help protect earnings as industry competition heats up.
Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
A month has gone by since the last earnings report for American Financial Group (AFG - Free Report) . Shares have lost about 2.8% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is American Financial due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for American Financial Group, Inc. before we dive into how investors and analysts have reacted as of late.
AFG Q2 Earnings Beat on Strong P&C Underwriting, Investment Income
American Financial Group, Inc. reported second-quarter 2026 net operating earnings per share of $2.82, which surpassed the Zacks Consensus Estimate by 17%. The bottom line increased 31.8% year over year, driven by underwriting income and stronger returns from its alternative investment portfolio. Total revenues increased approximately 5.5% year over year, to $2.03 billion from $1.924 billion. The top line also beat the Zacks Consensus Estimate by 0.65%.
The quarterly results benefited from record pretax Property & Casualty ("P&C") operating income, healthy premium growth, improved underwriting margins and higher investment income from alternative investments.
Behind the HeadlinesNet earned premiums rose 2.9% year over year to approximately $1.7 billion in the second quarter of 2026. The figure was slightly below both the Zacks Consensus Estimate and our estimate of $1.71 billion. Net investment income rose 20.1% year over year to $221 million in the quarter under review. The figure was higher than our estimate of $195.4 million and surpassed the Zacks Consensus Estimate of $197.9 million.
Total costs and expenses increased 1.1% year over year to $1.7 billion due to higher underwriting expenses and interest charges, partly offset by lower losses and loss adjustment expenses. Our estimate was $1.72 billion.
Segmental UpdateSpecialty P&C Insurance: The segment generated $1.9 billion in net written premiums, which improved 6% year over year, reflecting new business opportunities, favorable renewal pricing and increased exposures while maintaining disciplined underwriting. The Specialty P&C Insurance segment’s underwriting profit increased 26.3% year over year to $144 million in the quarter, driven by higher underwriting profit across Property & Transportation and Specialty Financial groups. The figure exceeded our estimate of $143 million. Pre-tax core operating earnings before income taxes of the P&C Insurance segment were $350 million, up 28.2% year over year.
Property & Transportation Group: Net written premiums increased 5% year over year to $797 million in the second quarter, driven by crop insurance growth, favorable pricing and higher exposures. The Property & Transportation Group generated underwriting profit of $57 million, more than double the $27 million reported a year ago, driven by stronger transportation and agricultural business performance. The combined ratio improved 490 basis points year over year to 90.3%.
Specialty Casualty Group: Net written premiums increased 6% year over year to $812 million. The Specialty Casualty Group generated underwriting profit of $45 million, down from $49 million in the prior-year quarter, due to lower workers' compensation and executive liability profitability, offset by strength in energy, construction and environmental liability businesses. The combined ratio deteriorated 60 basis points year over year to 94.5%.
Specialty Financial Group: Net written premiums rose 10% year over year to $306 million. In the Specialty Financial Group, underwriting profit of $42 million, up from $38 million in the prior-year quarter, was primarily driven by stronger performance in its fidelity/crime and financial institutions businesses. Catastrophe losses in Specialty Financial Group totaled $10 million in the reported quarter, narrower than the year-ago loss of $19 million. The current combined ratio of 85.6% improved 50 basis points year over year.
Financial UpdateAmerican Financial exited the second quarter of 2026 with total cash and investments of $17.1 billion, which decreased 0.7% from the 2025-end level. Long-term debt of $1.82 billion remained unchanged from the 2025-end level.
As of June 30, 2026, the company’s book value per share, excluding accumulated other comprehensive income (AOCI), was $59.85 compared with $58.38 at the end of 2025. Annualized return on equity was 20.3% in the second quarter, up 530 basis points year over year.
AFG’s Prudent Capital DeploymentAmerican Financial repurchased $26 million of its common stock in the second quarter of 2026. It paid total cash dividends of 88 cents per share, continuing its disciplined capital management strategy.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.
The consensus estimate has shifted 19.27% due to these changes.
VGM ScoresCurrently, American Financial has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. Charting a somewhat similar path, the stock was allocated a score of B on the value side, putting it in the top 40% for value investors.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, American Financial has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Jupiter Topco LLC bought a new position in shares of American Financial Group, Inc. (NYSE:AFG – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 30,500 shares of the insurance provider’s stock, valued at approximately $4,267,000.
Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in American Financial Group in the 2nd quarter worth approximately $1,079,329,000. Norges Bank acquired a new stake in shares of American Financial Group during the 4th quarter worth approximately $114,661,000. Bank of New York Mellon Corp purchased a new position in shares of American Financial Group during the 2nd quarter valued at approximately $102,590,000. Vestor Capital LLC increased its holdings in shares of American Financial Group by 100,006.8% during the 4th quarter. Vestor Capital LLC now owns 600,641 shares of the insurance provider’s stock valued at $82,096,000 after purchasing an additional 600,041 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of American Financial Group by 337.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 431,144 shares of the insurance provider’s stock valued at $55,061,000 after purchasing an additional 332,517 shares during the period. 64.37% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets In other American Financial Group news, VP Mark A. Weiss sold 2,813 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $144.76, for a total transaction of $407,209.88. Following the completion of the sale, the vice president directly owned 6,648 shares in the company, valued at approximately $962,364.48. The trade was a 29.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $135.05, for a total value of $1,535,518.50. Following the transaction, the insider directly owned 584,098 shares of the company’s stock, valued at $78,882,434.90. The trade was a 1.91% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 16,430 shares of company stock worth $2,255,061. Corporate insiders own 16.90% of the company’s stock.
Analyst Ratings Changes A number of analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of American Financial Group from $158.00 to $173.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Piper Sandler lifted their price objective on shares of American Financial Group from $140.00 to $156.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Keefe, Bruyette & Woods increased their target price on shares of American Financial Group from $148.00 to $153.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 11th. Weiss Ratings upgraded American Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, Wall Street Zen upgraded American Financial Group from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, American Financial Group has an average rating of “Hold” and an average target price of $156.00. Check Out Our Latest Analysis on American Financial Group
American Financial Group Stock Performance NYSE:AFG opened at $142.00 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.49 and a current ratio of 0.49. The company has a fifty day moving average of $142.60 and a two-hundred day moving average of $135.14. The stock has a market capitalization of $11.77 billion, a PE ratio of 12.41 and a beta of 0.60. American Financial Group, Inc. has a fifty-two week low of $123.09 and a fifty-two week high of $150.02.
American Financial Group (NYSE:AFG – Get Free Report) last announced its earnings results on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.50. The business had revenue of $2.03 billion for the quarter, compared to analyst estimates of $1.85 billion. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter last year, the business earned $2.14 earnings per share. As a group, research analysts forecast that American Financial Group, Inc. will post 12.13 earnings per share for the current fiscal year.
American Financial Group Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Wednesday, July 15th were issued a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 2.5%. The ex-dividend date was Wednesday, July 15th. American Financial Group’s payout ratio is presently 30.77%.
(Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Deutsche Bank AG acquired a new position in shares of American Financial Group, Inc. (NYSE:AFG – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,498 shares of the insurance provider’s stock, valued at approximately $1,189,000.
Several other large investors have also recently modified their holdings of the business. Cassaday & Co Wealth Management LLC bought a new stake in shares of American Financial Group during the 1st quarter valued at about $26,000. Global Retirement Partners LLC raised its holdings in American Financial Group by 904.8% during the fourth quarter. Global Retirement Partners LLC now owns 211 shares of the insurance provider’s stock worth $29,000 after buying an additional 190 shares during the last quarter. Clearstead Advisors LLC raised its holdings in shares of American Financial Group by 87.7% in the 4th quarter. Clearstead Advisors LLC now owns 259 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 121 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in shares of American Financial Group in the fourth quarter worth approximately $45,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in American Financial Group during the 2nd quarter valued at $46,000. Institutional investors own 64.37% of the company’s stock.
American Financial Group Stock Performance Shares of NYSE AFG opened at $143.55 on Monday. The company has a market cap of $11.90 billion, a PE ratio of 12.55 and a beta of 0.62. American Financial Group, Inc. has a 52-week low of $123.09 and a 52-week high of $150.02. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $142.33 and its 200-day moving average price is $134.96.
American Financial Group (NYSE:AFG – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.50. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the prior year, the business earned $2.14 EPS. The business’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, analysts anticipate that American Financial Group, Inc. will post 12.13 EPS for the current year. American Financial Group Announces Dividend The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Wednesday, July 15th were given a dividend of $0.88 per share. The ex-dividend date was Wednesday, July 15th. This represents a $3.52 annualized dividend and a yield of 2.5%. American Financial Group’s payout ratio is 30.77%.
Insider Buying and Selling at American Financial Group In other American Financial Group news, insider David Lawrence Thompson, Jr. sold 11,370 shares of the company’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total value of $1,535,518.50. Following the completion of the sale, the insider owned 584,098 shares in the company, valued at $78,882,434.90. This represents a 1.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Mark A. Weiss sold 2,813 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $144.76, for a total value of $407,209.88. Following the completion of the sale, the vice president owned 6,648 shares of the company’s stock, valued at approximately $962,364.48. The trade was a 29.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 16,430 shares of company stock valued at $2,255,061. Company insiders own 16.90% of the company’s stock.
Wall Street Analysts Forecast Growth AFG has been the topic of several research analyst reports. Piper Sandler boosted their price objective on American Financial Group from $140.00 to $156.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Wall Street Zen upgraded shares of American Financial Group from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Weiss Ratings upgraded American Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods increased their price objective on American Financial Group from $148.00 to $153.00 and gave the stock a “market perform” rating in a research report on Tuesday, August 11th. Finally, Wells Fargo & Company boosted their price target on shares of American Financial Group from $158.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, American Financial Group has a consensus rating of “Hold” and a consensus price target of $156.00.
Read Our Latest Stock Report on AFG
American Financial Group Company Profile (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of American Financial Group, Inc. (NYSE:AFG – Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 8,011 shares of the insurance provider’s stock, valued at approximately $1,121,000.
Several other institutional investors and hedge funds also recently made changes to their positions in AFG. Cassaday & Co Wealth Management LLC bought a new stake in shares of American Financial Group in the 1st quarter worth $26,000. Global Retirement Partners LLC lifted its holdings in shares of American Financial Group by 904.8% during the fourth quarter. Global Retirement Partners LLC now owns 211 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 190 shares in the last quarter. Clearstead Advisors LLC lifted its holdings in shares of American Financial Group by 87.7% during the fourth quarter. Clearstead Advisors LLC now owns 259 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 121 shares in the last quarter. Keating Financial Advisory Services Inc. bought a new position in shares of American Financial Group during the second quarter valued at $42,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of American Financial Group during the fourth quarter valued at $45,000. Institutional investors own 64.37% of the company’s stock.
Analyst Upgrades and Downgrades Several research firms recently commented on AFG. Keefe, Bruyette & Woods lifted their price objective on American Financial Group from $148.00 to $153.00 and gave the stock a “market perform” rating in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of American Financial Group from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Weiss Ratings raised shares of American Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Wells Fargo & Company lifted their price target on shares of American Financial Group from $158.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, Piper Sandler boosted their price objective on shares of American Financial Group from $140.00 to $156.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $156.00.
Check Out Our Latest Report on AFG Insider Activity In related news, SVP Michelle A. Gillis sold 2,247 shares of the business’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total transaction of $312,333.00. Following the completion of the sale, the senior vice president directly owned 13,135 shares in the company, valued at approximately $1,825,765. The trade was a 14.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Mark A. Weiss sold 2,813 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $144.76, for a total transaction of $407,209.88. Following the sale, the vice president owned 6,648 shares of the company’s stock, valued at $962,364.48. This trade represents a 29.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 16,430 shares of company stock valued at $2,255,061 in the last quarter. 16.90% of the stock is currently owned by insiders.
American Financial Group Stock Performance AFG stock opened at $143.55 on Monday. The company has a market cap of $11.90 billion, a P/E ratio of 12.55 and a beta of 0.62. American Financial Group, Inc. has a 1 year low of $123.09 and a 1 year high of $150.02. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.49 and a quick ratio of 0.49. The stock’s fifty day moving average price is $142.33 and its 200-day moving average price is $134.96.
American Financial Group (NYSE:AFG – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.32 by $0.50. The company had revenue of $2.03 billion during the quarter, compared to analyst estimates of $1.85 billion. American Financial Group had a return on equity of 20.35% and a net margin of 11.51%.American Financial Group’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.14 earnings per share. On average, equities analysts forecast that American Financial Group, Inc. will post 12.13 earnings per share for the current year.
American Financial Group Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Stockholders of record on Wednesday, July 15th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $3.52 annualized dividend and a dividend yield of 2.5%. American Financial Group’s dividend payout ratio is presently 30.77%.
American Financial Group Company Profile (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
Further Reading Five stocks we like better than American Financial Group Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Rubrik’s AI Security Bet Could Power the Next Leg Higher Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Snowflake Is Up Nearly 50% in 2026—What Are Short Sellers Betting Against?
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Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.8% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: American Financial Group (AFG - Free Report) Founded in 1959 and headquartered in Cincinnati, OH, American Financial Group, Inc. is a holding company that, through its subsidiaries, primarily engages in property and casualty insurance. The company focuses on specialized commercial products for businesses. American Financial divested its annuity businesses in May 2021.
AFG is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Finance stock. AFG has a Momentum Style Score of A, and shares are up 1.3% over the past four weeks.
For fiscal 2026, four analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.76 to $12.13 per share. AFG boasts an average earnings surprise of +10.8%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, AFG should be on investors' short list.
CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) announced today that it has completed the previously announced sale of Charleston Harbor Resort & Marina. Consistent with prior estimates, AFG expects to recognize pretax core operating earnings of approximately $125 million ($1.20 per share, after tax) from the sale subject to final cost accounting and customary closing adjustments. The property was owned equally by AFG parent and its Great American Insurance Company s.
Algert Global LLC boosted its holdings in American Financial Group, Inc. (NYSE:AFG – Free Report) by 844.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,320 shares of the insurance provider’s stock after purchasing an additional 96,850 shares during the period. Algert Global LLC owned about 0.13% of American Financial Group worth $15,158,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in American Financial Group during the second quarter valued at approximately $1,079,329,000. Charles Schwab Investment Management Inc. grew its stake in shares of American Financial Group by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,567,721 shares of the insurance provider’s stock valued at $350,956,000 after buying an additional 57,246 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of American Financial Group by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 1,732,557 shares of the insurance provider’s stock valued at $236,645,000 after buying an additional 29,731 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in American Financial Group by 19.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,506,510 shares of the insurance provider’s stock worth $192,395,000 after buying an additional 240,509 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in American Financial Group by 33.2% during the third quarter. Northern Trust Corp now owns 1,026,783 shares of the insurance provider’s stock worth $149,623,000 after buying an additional 255,693 shares during the last quarter. 64.37% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets In related news, SVP Michelle A. Gillis sold 2,247 shares of the company’s stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total value of $312,333.00. Following the transaction, the senior vice president directly owned 13,135 shares in the company, valued at approximately $1,825,765. This represents a 14.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Mark A. Weiss sold 2,813 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $144.76, for a total transaction of $407,209.88. Following the transaction, the vice president directly owned 6,648 shares in the company, valued at approximately $962,364.48. This represents a 29.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,430 shares of company stock worth $2,255,061 in the last 90 days. Company insiders own 16.90% of the company’s stock.
American Financial Group Stock Performance Shares of AFG stock opened at $143.70 on Wednesday. American Financial Group, Inc. has a 52 week low of $123.09 and a 52 week high of $150.02. The company has a market capitalization of $11.92 billion, a price-to-earnings ratio of 12.56 and a beta of 0.62. The company has a 50-day simple moving average of $141.69 and a 200 day simple moving average of $134.67. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.49 and a current ratio of 0.49. American Financial Group (NYSE:AFG – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.50. The firm had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $1.85 billion. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. The business’s revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $2.14 EPS. On average, sell-side analysts predict that American Financial Group, Inc. will post 11.87 earnings per share for the current year.
American Financial Group Dividend Announcement The company also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were given a dividend of $0.88 per share. The ex-dividend date was Wednesday, July 15th. This represents a $3.52 annualized dividend and a yield of 2.4%. American Financial Group’s dividend payout ratio (DPR) is presently 30.77%.
Analysts Set New Price Targets A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of American Financial Group from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Wells Fargo & Company raised their target price on shares of American Financial Group from $158.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Weiss Ratings upgraded American Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Piper Sandler boosted their price target on American Financial Group from $140.00 to $156.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Finally, Keefe, Bruyette & Woods upped their price objective on American Financial Group from $148.00 to $153.00 and gave the company a “market perform” rating in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $156.00.
Read Our Latest Research Report on AFG
American Financial Group Company Profile (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Bank of Nova Scotia purchased a new position in shares of American Financial Group, Inc. (NYSE:AFG – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 48,304 shares of the insurance provider’s stock, valued at approximately $6,760,000. Bank of Nova Scotia owned approximately 0.06% of American Financial Group as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently modified their holdings of AFG. BlackRock Inc. acquired a new stake in shares of American Financial Group during the 2nd quarter worth approximately $1,079,329,000. Norges Bank acquired a new position in shares of American Financial Group during the 4th quarter valued at $114,661,000. Bank of New York Mellon Corp bought a new position in American Financial Group during the second quarter worth $102,590,000. Vestor Capital LLC boosted its stake in American Financial Group by 100,006.8% during the fourth quarter. Vestor Capital LLC now owns 600,641 shares of the insurance provider’s stock worth $82,096,000 after acquiring an additional 600,041 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its stake in American Financial Group by 337.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 431,144 shares of the insurance provider’s stock worth $55,061,000 after acquiring an additional 332,517 shares in the last quarter. 64.37% of the stock is currently owned by institutional investors.
American Financial Group Stock Down 0.5% Shares of NYSE AFG opened at $143.70 on Wednesday. The stock has a market capitalization of $11.92 billion, a P/E ratio of 12.56 and a beta of 0.62. The company has a 50-day moving average price of $141.69 and a 200-day moving average price of $134.67. American Financial Group, Inc. has a 1 year low of $123.09 and a 1 year high of $150.02. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.49 and a quick ratio of 0.49.
American Financial Group (NYSE:AFG – Get Free Report) last posted its earnings results on Tuesday, August 4th. The insurance provider reported $2.82 EPS for the quarter, topping the consensus estimate of $2.32 by $0.50. American Financial Group had a net margin of 11.51% and a return on equity of 20.35%. The company had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same period in the previous year, the firm posted $2.14 earnings per share. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. On average, equities research analysts forecast that American Financial Group, Inc. will post 11.87 EPS for the current fiscal year. American Financial Group Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, July 15th. American Financial Group’s payout ratio is currently 30.77%.
Insiders Place Their Bets In other news, insider David Lawrence Thompson, Jr. sold 11,370 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total value of $1,535,518.50. Following the transaction, the insider owned 584,098 shares in the company, valued at $78,882,434.90. This trade represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michelle A. Gillis sold 2,247 shares of American Financial Group stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total value of $312,333.00. Following the transaction, the senior vice president directly owned 13,135 shares in the company, valued at approximately $1,825,765. The trade was a 14.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 16,430 shares of company stock valued at $2,255,061. Corporate insiders own 16.90% of the company’s stock.
Analyst Upgrades and Downgrades AFG has been the topic of several research reports. Piper Sandler upped their price objective on shares of American Financial Group from $140.00 to $156.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Wells Fargo & Company raised their target price on American Financial Group from $158.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Wall Street Zen raised American Financial Group from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Keefe, Bruyette & Woods boosted their target price on American Financial Group from $148.00 to $153.00 and gave the company a “market perform” rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings raised American Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, American Financial Group currently has an average rating of “Hold” and an average price target of $156.00.
Get Our Latest Stock Analysis on AFG
(Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
See Also Five stocks we like better than American Financial Group Pathward’s Credit Scare Tests Its Comeback Story Wiring the AI Boom: Rumble’s $13.7B Pivot StoneX: Too Far Too Fast? DICK’s Sporting Goods Faces Pain Now for a Bigger Prize Want to see what other hedge funds are holding AFG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for American Financial Group, Inc. (NYSE:AFG – Free Report).
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CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) announced today that Carl H. Lindner III and S. Craig Lindner, Co-Chief Executive Officers, and Brian S. Hertzman, Senior Vice President & Chief Financial Officer, will participate in the 2026 Keefe, Bruyette & Woods Insurance Conference on Wednesday, September 9, 2026.While there will be no Company presentation, AFG will host several investor meetings. The investor material to be used in the meetings will be posted.
BlackRock Inc. purchased a new stake in shares of American Financial Group, Inc. (NYSE:AFG – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,712,799 shares of the insurance provider’s stock, valued at approximately $1,079,329,000. BlackRock Inc. owned approximately 9.28% of American Financial Group at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of AFG. Cassaday & Co Wealth Management LLC acquired a new position in shares of American Financial Group during the 1st quarter worth approximately $26,000. Global Retirement Partners LLC lifted its position in American Financial Group by 904.8% during the fourth quarter. Global Retirement Partners LLC now owns 211 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 190 shares during the period. Clearstead Advisors LLC grew its stake in American Financial Group by 87.7% during the fourth quarter. Clearstead Advisors LLC now owns 259 shares of the insurance provider’s stock worth $35,000 after buying an additional 121 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in American Financial Group in the 2nd quarter valued at about $46,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of American Financial Group in the 4th quarter valued at approximately $45,000. Institutional investors own 64.37% of the company’s stock.
Key Stories Impacting American Financial Group Here are the key news stories impacting American Financial Group this week:
Positive Sentiment: American Financial announced its 21st consecutive dividend increase. Strong underwriting margins, excess capital and continued shareholder returns support the case for sustainable dividend growth. American Financial’s Robust Financial Strength Fuels Dividend Growth Positive Sentiment: Zacks Research raised its FY2026 EPS estimate to $11.72 from $11.00, FY2027 EPS to $11.95 from $11.77, and FY2028 EPS to $11.83 from $11.67. It also increased its Q3 2026, Q1 2027 and Q4 2027 forecasts, signaling improved expectations for near-term insurance profitability. Positive Sentiment: The earnings outlook is supported by AFG’s latest reported results: quarterly EPS of $2.82 exceeded the $2.32 consensus estimate, while revenue grew 5.5% year over year to $2.03 billion. The company also reported a 20.35% return on equity. Analyst Ratings Changes AFG has been the subject of several research analyst reports. Wall Street Zen raised American Financial Group from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Wells Fargo & Company upped their price objective on shares of American Financial Group from $158.00 to $173.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Piper Sandler increased their price objective on shares of American Financial Group from $140.00 to $156.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. Weiss Ratings upgraded shares of American Financial Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of American Financial Group from $148.00 to $153.00 and gave the stock a “market perform” rating in a research note on Tuesday, August 11th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $156.00. Get Our Latest Stock Report on American Financial Group
American Financial Group Stock Down 0.0% AFG opened at $143.59 on Friday. The business’s fifty day simple moving average is $141.29 and its 200 day simple moving average is $134.41. American Financial Group, Inc. has a 52 week low of $123.09 and a 52 week high of $150.02. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.38. The stock has a market cap of $11.91 billion, a PE ratio of 12.55 and a beta of 0.62.
American Financial Group (NYSE:AFG – Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The insurance provider reported $2.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.50. The firm had revenue of $2.03 billion during the quarter, compared to analysts’ expectations of $1.85 billion. American Financial Group had a return on equity of 20.35% and a net margin of 11.51%.The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the prior year, the business earned $2.14 EPS. As a group, research analysts expect that American Financial Group, Inc. will post 11.87 earnings per share for the current fiscal year.
American Financial Group Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 2.5%. The ex-dividend date was Wednesday, July 15th. American Financial Group’s dividend payout ratio is presently 30.77%.
Insider Buying and Selling In related news, VP Mark A. Weiss sold 2,813 shares of the business’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $144.76, for a total transaction of $407,209.88. Following the transaction, the vice president owned 6,648 shares in the company, valued at $962,364.48. The trade was a 29.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Michelle A. Gillis sold 2,247 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total value of $312,333.00. Following the transaction, the senior vice president directly owned 13,135 shares of the company’s stock, valued at $1,825,765. The trade was a 14.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,430 shares of company stock worth $2,255,061 in the last ninety days. 16.90% of the stock is owned by insiders.
(Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Key Takeaways AFG raised its annual dividend 10.2% to $3.88 per share, marking 21 straight years of increases. Strong underwriting margins and premium growth drove record P&C pretax operating income in Q2 2026. AFG returned nearly $100 million to shareholders and expects significant excess capital through 2026. American Financial Group, Inc. (AFG - Free Report) recently announced a substantial increase in its annual common stock dividend, underscoring its commitment to rewarding shareholders. The move reflects the insurer’s strong financial position and long-term growth prospects.
Approved by the board of directors, the regular annual dividend has now been increased to $3.88 per share of common stock from $3.52. This increase represents a remarkable 10.2% rise over the previously declared rate. Effective October 2026, the increased dividend will be paid quarterly at 97 cents per share of common stock. The latest hike marks the 21st consecutive year of dividend increases.
Based on the closing price of $143.65 as of Aug. 20, the company’s dividend yield is 2.4%, which is much above the industry average of 0.2%. This makes the stock an attractive pick for yield-seeking investors.
The 10-year compound annual growth rate for the company's regular annual dividends stands at an impressive 12.1%. This track record underscores its prudent financial management and stability.
Financial Strength and Capital ManagementAFG's compelling and diversified mix of specialty insurance businesses, entrepreneurial culture, disciplined operating philosophy and an astute team of in-house investment professionals continue to position it to create value for shareholders through a variety of insurance market conditions.
During the second quarter of 2026, the insurer returned nearly $100 million to shareholders, including $26 million in share repurchases and an 88-cent-per-share regular quarterly dividend. AFG expects its operations to continue to generate significant excess capital throughout the remainder of 2026, which provides ample opportunity for acquisitions, special dividends, or share repurchases. As of June 30, 2026, AFG held approximately $406 million in cash and investments.
Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of the capital management strategy. In addition, capital will be deployed into AFG’s core businesses as it identifies the potential for healthy, profitable organic growth, and opportunities to expand its specialty niche businesses through acquisitions and start-ups that meet the target return thresholds.
AFG’s strong underwriting margins, healthy premium growth and higher P&C net investment income set a new second-quarter record for pretax P&C operating income. This level of performance contributed to an annualized core operating return on equity of 19%. These results, coupled with effective capital management and an entrepreneurial, opportunistic culture and disciplined operating philosophy, enable us to continue to create value for shareholders. Return on equity, a profitability measure of how efficiently a company utilizes its shareholders' money, was 20.3% in the trailing 12 months, compared favorably with the industry average of 7.4%.
Zacks Rank and Price PerformanceAmerican Financial currently carries a Zacks Rank #3 (Hold). Shares of AFG have gained 6.8% over the past year compared with the industry’s 2.7% growth.
Image Source: Zacks Investment Research
Stocks to ConsiderSome better-ranked stocks from the property and casualty insurance industry are The Hanover Insurance Group, Inc. (THG - Free Report) , Mercury General Corporation (MCY - Free Report) and First American Financial Corporation (FAF - Free Report) . While THG and MCY sport a Zacks Rank #1 (Strong Buy) each, FAF carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Hanover Insurance’s earnings surpassed estimates in each of the last four quarters, the average surprise being 27.33%. Shares of THG have jumped 28.1% in the past year. The Zacks Consensus Estimate for THG’s 2026 and 2027 revenues implies year-over-year growth of 4.6% and 4.5%, respectively.
Mercury General’s earnings surpassed estimates in each of the last four quarters, the average surprise being 70.21%. Shares of MCY have jumped 36.7% in the past year. The Zacks Consensus Estimate for MCY’s 2026 earnings implies year-over-year growth of 61.3%.
First American’s earnings surpassed estimates in each of the last four quarters, with an average surprise of 23.58%. Shares of FAF have gained 11.3% in the past year. The Zacks Consensus Estimate for FAF’s 2026 and 2027 earnings implies year-over-year growth of 17.5% and 4%, respectively.
CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) announced that its Board of Directors approved an increase in the Company's regular annual dividend to $3.88 from $3.52 per share of common stock. The increased dividend, when declared, will be paid on a quarterly basis of $0.97 per share of common stock beginning in October 2026. The new dividend rate is a 10.2% increase over the declared rate. This is the Company's twenty-first consecutive year of dividend increases. The t.
American Financial Group, Inc. (NYSE: AFG) announced that its Board of Directors approved an increase in the Company’s regular annual dividend to $3.88 from $3.52 per share of common stock. The increased dividend, when declared, will be paid on a quarterly basis of $0.97 per share of common stock beginning in October 2026. The new dividend rate is a 10.2% increase over the declared rate. This is the Company’s twenty-first consecutive year of dividend increases. The ten-year compound annual growth rate in AFG’s regular annual dividends paid is 12.1%.
S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “Returning excess capital to shareholders in the form of dividends is an important and effective component of AFG’s capital management strategy. This increase in AFG’s annual dividend reflects our confidence in the Company’s financial condition, liquidity, and prospects for long-term growth.”
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
Forward Looking Statements
This press release, and any related oral statements, contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions, and projections. Examples of such forward-looking statements include statements relating to: the Company's expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases or special dividends; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.
Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: the risks and uncertainties AFG describes in the “Risk Factors” section of its most recent Annual Report on Form 10-K, as updated by its other reports filed with the Securities and Exchange Commission; whether or not the sale of Charleston Harbor Resort & Marina closes and AFG’s net gain as a result of the sale; changes in financial, political and economic conditions, including changes in interest and inflation rates and impacts from tariffs or other trade actions, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business or reputation and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; and the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations.
The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.
Key Takeaways Kinsale Capital's 75.5% combined ratio and 24.4% ROE highlight strong Q2 underwriting performance.GWP rose 3.7% as demand strengthened in SME accounts and several specialty casualty markets.KNSL faces pricing pressure, higher reinsurance retentions and slower commercial property growth. Shares of Kinsale Capital Group, Inc. (KNSL) have gained 19.6% in the past three months compared with the industry’s 4.2% growth.
KNSL shares have benefited from strong earnings, robust underwriting performance and high returns. The insurer has surpassed earnings estimates in each of the last four quarters, with the average being 8.9%. However, its premium valuation and continued weakness in commercial property pricing could limit further upside, while slower premium growth may weigh on future earnings.
Shares of other industry players like American Financial Group, Inc. (AFG - Free Report) , Arch Capital Group Ltd. (ACGL - Free Report) and CNA Financial Corporation (CNA - Free Report) have gained 6.3%, 2.2% and 13.3%, respectively, over the past three months.
3-Month Price Performance: KNSL, CNA, AFG, ACGL & Industry
Image Source: Zacks Investment Research
KNSL’s Growth Projection EncouragesThe Zacks Consensus Estimate for Kinsale Capital’s 2026 earnings per share (EPS) indicates a year-over-year increase of 8.2%. The consensus estimate for revenues is pegged at $1.92 billion, implying a year-over-year improvement of 5.5%.
Image Source: Zacks Investment Research
The consensus estimate for 2027 EPS and revenues indicates an increase of 1.9% and 0.9%, respectively, from the corresponding 2026 estimates.
Earnings have grown 38% in the past five years, better than the industry average of 22.7%. The expected long-term earnings growth rate is 15%, outperforming the industry average of 7.5%.
KNSL’s Efficient Use of Shareholder FundsKinsale Capital’s return on equity (ROE) was 25.8% for the trailing 12 months, better than the industry’s 7.4%, reflecting the company’s efficiency in utilizing shareholders’ funds. This insurer targets mid-teens ROE over the long term.
What’s Driving KNSL StockKinsale Capital prioritizes profitability over premium growth and avoids poorly priced business, helping protect margins in a soft E&S market. In the second quarter of 2026, underwriting income rose 10.5% to $105.4 million, while net earned premiums increased 8.9%. Its 75.5% combined ratio and 24.4% ROE in the second quarter of 2026 highlight strong underwriting performance. Management targets a long-term combined ratio in the mid-80% range.
Kinsale Capital continues to witness healthy growth outside commercial property, with Gross written premium (GWP) rising 3.7% in the second quarter and 4.8% in the first half of 2026. New business submissions increased 6%, while submissions excluding commercial property rose 8%. Strong demand in the small- and medium-sized enterprise market and favorable growth in excess casualty, commercial auto, entertainment, environmental, agribusiness casualty and energy support premium growth.
The company launched nine new products or enhancements in the first half of 2026, with five more set to launch soon and 10 in the pipeline. It also added 24 wholesale brokers and 176 retail brokers to Aspera, expanding market reach and supporting future premium growth.
KNSL is well-positioned to generate an improved expense ratio, given its proprietary technology platform, which includes 17 years of internal data, advanced analytics and machine learning to improve risk selection and pricing. This supports strong loss ratios even in a competitive market.
KNSL’s net investment income increased 19.9% year over year in the second quarter of 2026, supported by growth in the investment portfolio. The investment portfolio generated a 4.5% annualized gross return in the first half of 2026, while new-money yields were around 5.25%. As of June 30, 2026, Kinsale Capital's float increased to $3.4 billion from $3.1 billion at year-end 2025, providing a larger base for investment income.
Kinsale Capital’s operating cash flow supports organic growth, investment portfolio expansion and capital returns. Net cash provided by operating activities was $490.8 million in the first half of 2026 compared with $498.9 million a year earlier. The company repurchased $100 million of shares in the second quarter. In July 2026, the board added $250 million to the authorization, bringing remaining capacity to $337.5 million, providing additional support to EPS and shareholder returns.
Risks for KNSLIntense competition in commercial property and casualty lines is pressuring pricing and growth. Commercial property GWP fell 32.7% in the second quarter of 2026, while overall pricing declined 5.9%. Kinsale Capital’s disciplined underwriting protects margins but may limit premium growth. Rising casualty loss costs and a shift toward longer-tail business could also pressure profitability.
Higher reinsurance retentions are raising KNSL’s expense ratio, while investment volatility has widened accumulated other comprehensive loss. Additionally, Kinsale Capital’s 4.17X price-to-book multiple, well above the P&C industry’s 1.41X, leaves limited room for execution missteps amid slower growth.
End NotesKinsale Capital is poised to gain from its long-term expansion in the United States. E&S market and its focus on smaller, hard-to-place risks, prudent underwriting, lower expense ratio, technology-enabled efficiency, higher investment income and effective capital deployment. Favorable growth estimates and higher return on equity are other positives.
However, given its slower commercial property growth and expensive valuation, it is better to wait for some more time before taking a call on this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Stock to Watch: American Financial Group (AFG - Free Report) Founded in 1872 and headquartered in Cincinnati, OH, American Financial Group, Inc. is a holding company which, through its subsidiaries, engages primarily in property and casualty insurance, with focus on specialized commercial products for businesses. The company also engages in the sale of traditional fixed, fixed-indexed and variable-indexed annuities in the retail, financial institutions, registered investment advisor and education markets.
AFG is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Finance stock. AFG has a Momentum Style Score of A, and shares are up 5% over the past four weeks.
Two analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.36 to $11.73 per share. AFG boasts an average earnings surprise of +10.8%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, AFG should be on investors' short list.
Don't Overlook Hidden Gem Kinsale As Rallies To New HighsAmerican Financial Group NYSE: AFG reported record second-quarter pre-tax property and casualty operating income, supported by stronger underwriting margins, premium growth and higher investment income.
The insurer posted core net operating earnings of $2.82 per share for the second quarter of 2026, up 32% from the prior-year period, according to Co-CEO Craig Lindner. The result produced an annualized core operating return on equity of 19.2%.
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“We’ve set a new second quarter record for pre-tax property and casualty operating income,” Co-CEO Carl Lindner III said, citing the company’s specialty insurance portfolio, underwriting discipline and investment operations.
Investment Income and Capital Deployment Net investment income at the company’s property and casualty operations rose 23% year over year during the quarter, establishing a second-quarter record. Craig Lindner said the increase was driven by improved returns from alternative investments.
AFG’s $17.1 billion investment portfolio was approximately two-thirds invested in fixed maturities as of June 30. The company said it was investing in fixed-maturity securities at yields of about 5.5%, while the duration of its P&C fixed-maturity portfolio, including cash and equivalents, was 3.1 years.
Alternative investments generated an annualized return of approximately 7.1% in the second quarter, compared with 1.2% a year earlier. The company continues to expect long-term annualized returns of 10% or better from its overall alternative investment portfolio.
In April, AFG reached definitive agreements to sell the Charleston Harbor Resort & Marina. The transaction is expected to close in the third quarter, subject to approvals and customary closing conditions. The company expects a pre-tax core operating gain of about $125 million, or $1.20 per share, from the sale. The gain will be reported as net investment income and split equally between AFG’s P&C operations and parent company.
During the quarter, AFG returned nearly $100 million to shareholders, including $26 million in share repurchases and its regular quarterly dividend of $0.88 per share. The company said it expects continued excess capital generation through the rest of 2026, providing flexibility for acquisitions, special dividends or additional repurchases.
Book value per share excluding accumulated other comprehensive income, plus dividends, increased 5% in the quarter.
P&C Underwriting Results Improve AFG’s specialty property and casualty operations produced a 91.5 combined ratio in the second quarter, improving from 93.1 in the year-earlier period. Results included 3.4 points of favorable prior-year reserve development, compared with 0.7 points a year earlier. Catastrophe losses added 1.8 points to the combined ratio, down from 2.3 points in the prior-year quarter.
Second-quarter gross written premiums increased 7%, while net written premiums rose 6%. Renewal rates excluding workers’ compensation increased approximately 5%, while rates including workers’ compensation rose about 4%. The company has recorded overall renewal rate increases for 40 consecutive quarters, Carl Lindner said.
For the first six months of the year, underwriting profit rose 44%, while roughly three-fourths of AFG’s businesses reported higher premiums. The company operates across 36 specialty insurance businesses.
Property and transportation: The segment reported a 90.3 calendar-year combined ratio, improving 4.9 points from the prior-year quarter. Gross and net written premiums rose 8% and 5%, respectively, aided by crop insurance, transportation opportunities, higher exposures and favorable pricing. Renewal rates increased about 8%. Specialty casualty: The segment’s calendar-year combined ratio was 94.5, 0.6 points higher than a year earlier. Gross written premiums rose 5% and net written premiums increased 6%, driven by new business, increased exposures and higher rates across several operations. Specialty financial: The segment reported an 85.6 calendar-year combined ratio, improving by more than half a point year over year. Gross and net written premiums each increased 10%, primarily reflecting growth in the financial institutions business. Commercial Auto, Crop and Workers’ Compensation Within property and transportation, AFG reported a small underwriting profit in commercial auto liability for the second consecutive quarter. Carl Lindner clarified that commercial auto overall remained solidly profitable, while the company continues to focus on pricing that exceeds loss-cost trends in the liability component. Commercial auto liability renewal rates rose 15% in the quarter.
AFG said its crop insurance business entered the year with commodity futures prices in acceptable ranges relative to spring discovery prices, while crop progress reports indicated a solid start to the season. However, the company said moisture conditions through August and early September remain important, and final 2026 crop results will depend on yields and prices in the second half.
The company noted that its crop business creates third-quarter seasonality because most crop premiums are earned in that period, while loss ratios are initially booked conservatively. Most annual crop profitability is recorded in the fourth quarter, when claims and yields become clearer.
Workers’ compensation pricing declined approximately 2% in the second quarter and 3% through the first six months, following what Carl Lindner described as strong results and a strong reserve position. Workers’ compensation premiums grew at a mid-single-digit rate during the quarter, despite lower premiums in California, which represents 14% of the company’s workers’ compensation business.
Management said it remains conservative in businesses exposed to social inflation, including certain casualty lines. CFO Brian Hertzman said segment loss ratios can shift based on business mix and that AFG evaluates businesses based on return on equity rather than the combined ratio alone.
Growth Strategy and Technology Investments AFG said it continues to find growth opportunities despite softening in some insurance markets. Carl Lindner said the company has completed much of its “reset” in social-inflation-exposed businesses through measures including re-underwriting selected classes, reducing limits and raising retentions. He said the company is now better positioned to “play offense versus defense” in certain lines.
Management also discussed artificial intelligence initiatives, saying the company is deploying tools for submission automation, document intelligence, claims workflow automation and AI-enabled recorded statements. Carl Lindner said underwriting applications remain in earlier stages, with pilots focused on training, knowledge retrieval and decision support, while the company is further along in applying AI to claims processes.
Hertzman said AFG’s decentralized business model does not prevent technology sharing, noting that successful tools developed within one business unit can be considered across the organization.
About American Financial Group (NYSE:AFG)American Financial Group, Inc NYSE: AFG is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Key Takeaways AFG beat Q2 earnings estimates on stronger underwriting and higher investment income. Specialty P&C delivered premium growth and improved underwriting profit across all business groups.Higher alternative investment income and disciplined capital deployment supported shareholder value. American Financial Group, Inc. (AFG - Free Report) reported second-quarter 2026 net operating earnings per share of $2.82, which surpassed the Zacks Consensus Estimate by 17%. The bottom line increased 31.8% year over year, driven by underwriting income and stronger returns from its alternative investment portfolio.
Total revenues of $2 billion increased 5% year over year. The top line also beat the Zacks Consensus Estimate by 0.7%.
The quarterly results benefited from record pretax Property & Casualty ("P&C") operating income, healthy premium growth, improved underwriting margins and higher investment income from alternative investments.
Behind the HeadlinesNet earned premiums rose 2.9% year over year to approximately $1.7 billion in the second quarter of 2026. The figure was slightly below both the Zacks Consensus Estimate and our estimate of $1.71 billion.
Net investment income rose 20.1% year over year to $221 million in the quarter under review. The figure was higher than our estimate of $195.4 million and surpassed the Zacks Consensus Estimate of $197.9 million.
Total costs and expenses increased 1.1% year over year to $1.7 billion due to higher underwriting expenses and interest charges, partly offset by lower losses and loss adjustment expenses. Our estimate was $1.72 billion.
Segmental UpdateSpecialty P&C Insurance: The segment generated $1.9 billion in net written premiums, which improved 6% year over year, reflecting new business opportunities, favorable renewal pricing and increased exposures while maintaining disciplined underwriting.
The Specialty P&C Insurance segment’s underwriting profit increased 26.3% year over year to $144 million in the quarter, driven by higher underwriting profit across all three groups. The figure exceeded our estimate of $143 million. Pre-tax core operating earnings before income taxes of the P&C Insurance segment were $350 million, up 28.2% year over year.
Property & Transportation Group: Net written premiums increased 5% year over year to $797 million in the second quarter, driven by crop insurance growth, favorable pricing and higher exposures.
The Property & Transportation Group generated underwriting profit of $57 million, more than double the $27 million reported a year ago, driven by stronger transportation and agricultural business performance. The combined ratio improved 490 basis points year over year to 90.3%.
Specialty Casualty Group: Net written premiums increased 6% year over year to $812 million.
The Specialty Casualty Group generated underwriting profit of $45 million, down from $49 million in the prior-year quarter, due to lower workers' compensation and executive liability profitability, offset by strength in energy, construction and environmental liability businesses. The combined ratio deteriorated 60 basis points year over year to 94.5%.
Specialty Financial Group: Net written premiums rose 10% year over year to $306 million.
In the Specialty Financial Group, underwriting profit of $42 million, up from $38 million in the prior-year quarter, was primarily driven by stronger performance in its fidelity/crime and financial institutions businesses. Catastrophe losses in Specialty Financial Group totaled $10 million in the reported quarter, narrower than the year-ago loss of $39 million. The current combined ratio of 85.6% improved 50 basis points year over year.
Financial UpdateAmerican Financial exited the second quarter of 2026 with total cash and investments of $17.1 billion, which decreased 0.7% from the 2025-end level. Long-term debt of $1.82 billion remained unchanged from the 2025-end level.
As of June 30, 2026, the company’s book value per share, excluding accumulated other comprehensive income (AOCI), was $59.85 compared with $58.38 at the end of 2025.
Annualized return on equity was 20.3% in the second quarter, up 50 basis points year over year.
AFG’s Prudent Capital DeploymentAmerican Financial repurchased $26 million of its common stock in the second quarter of 2026. It paid total cash dividends of 88 cents per share, continuing its disciplined capital management strategy.
AFG’s Zacks RankAmerican Financial currently has a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other InsurersRLI Corp. (RLI - Free Report) reported second-quarter 2026 operating earnings of 83 cents per share, which beat the Zacks Consensus Estimate by 16.9%. The bottom line increased 1.2% from the prior-year quarter’s level.
Operating revenues amounted to $463 million, up 4.9% year over year. The top line beat the Zacks Consensus Estimate by 1.6%. Gross premiums written increased 3.1% year over year to $579.7 million, driven by strong growth in the casualty segment. Our estimate was $592.9 million. Net investment income increased 16.8% year over year to $46 million. The Zacks Consensus Estimate was $42.7 million.
First American Financial Corporation (FAF - Free Report) reported second-quarter 2026 operating earnings of $2.08 per share, which beat the Zacks Consensus Estimate by 15.6% and rose 35.9% year over year. Operating revenues climbed 15% to $2.1 billion, driven by growth in direct premiums, escrow fees, and Information and other revenues. The top line surpassed the consensus estimate by 4.4%.
Direct premiums and escrow fees reached $794.1 million, marking a 14.8% increase from the prior-year level. Investment income totaled $183.7 million, up 14.7% year over year. The figure exceeded both our estimate and the Zacks Consensus Estimate of $182.3 million.
The Hanover Insurance Group, Inc. (THG - Free Report) reported second-quarter 2026 operating earnings of $5.31 per share, up 22.1% year over year. The figure beat the Zacks Consensus Estimate of $3.88 by 36.9%.
Total revenues increased 4.6% year over year to $1.72 billion but missed the consensus mark of $1.73 billion by 0.4%. Net investment income increased 13.4% year over year to $119.6 million, driven by operating cash flows and higher earned yields. Catastrophe losses totaled $91.8 million, contributing 5.7 percentage points to the combined ratio, compared with 7.0 percentage points in the prior-year quarter.
For the quarter ended June 2026, American Financial Group (AFG - Free Report) reported revenue of $1.94 billion, up 4.6% over the same period last year. EPS came in at $2.82, compared to $2.14 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $1.93 billion, representing a surprise of +0.65%. The company delivered an EPS surprise of +17.01%, with the consensus EPS estimate being $2.41.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how American Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Property and Casualty combined ratio - Specialty - Loss and LAE Ratio: 58.9% versus 61.3% estimated by four analysts on average.Property and Casualty combined ratio - Specialty - Underwriting Expense Ratio: 32.6% versus 31.6% estimated by four analysts on average.Property and Casualty combined ratio - Specialty - Combined Ratio: 91.5% versus the four-analyst average estimate of 92.9%.Specialty Casualty - Loss and LAE Ratio: 64.6% compared to the 66% average estimate based on three analysts.Specialty Casualty - Underwriting Expense Ratio: 29.9% versus the three-analyst average estimate of 28.8%.Revenues- Net investment income: $221 million versus $197.85 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +20.1% change.Revenues- Net earned premiums: $1.69 billion versus the four-analyst average estimate of $1.75 billion. The reported number represents a year-over-year change of +2.9%.Specialty Casualty- Net earned premium: $814 million versus $815.28 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +1.9% change.Property and Transportation- Net earned premium: $590 million compared to the $654.89 million average estimate based on three analysts. The reported number represents a change of +2.4% year over year.Specialty Financial- Net earned premium: $290 million versus $288.26 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +6.6% change.Revenues- Other income: $29 million compared to the $31.37 million average estimate based on two analysts. The reported number represents a change of +7.4% year over year.Revenues- Income of managed investment entities- Investment income: $69 million versus $61.39 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +1.5% change.View all Key Company Metrics for American Financial here>>>
Shares of American Financial have returned -0.1% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
American Financial Group (AFG - Free Report) came out with quarterly earnings of $2.82 per share, beating the Zacks Consensus Estimate of $2.41 per share. This compares to earnings of $2.14 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +17.01%. A quarter ago, it was expected that this property and casualty insurer would post earnings of $2.55 per share when it actually produced earnings of $2.47, delivering a surprise of -3.14%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
American Financial, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $1.94 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.65%. This compares to year-ago revenues of $1.86 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
American Financial shares have added about 3.8% since the beginning of the year versus the S&P 500's gain of 11%.
What's Next for American Financial?While American Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for American Financial was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.93 on $2.31 billion in revenues for the coming quarter and $11.37 on $8.07 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, American Integrity Insurance (AII - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 11.
This company is expected to post quarterly earnings of $0.81 per share in its upcoming report, which represents a year-over-year change of -56%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
American Integrity Insurance's revenues are expected to be $93.5 million, up 26.3% from the year-ago quarter.
CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) today reported 2026 second quarter net earnings of $248 million ($2.99 per share) compared to $174 million ($2.07 per share) for the 2025 second quarter. Net earnings included after-tax non-core gains of $14 million ($0.17 per share). By comparison, net earnings for the 2025 second quarter included after-tax non-core losses of $5 million ($0.07 per share loss). Annualized return on equity was 20.3% and 15.0% for the second quarters of 2026 and 2025, respectively, and is calculated excluding accumulated other comprehensive income (AOCI). Other details may be found in the table on the following page.
Core net operating earnings were $234 million ($2.82 per share) for the 2026 second quarter, compared to $179 million ($2.14 per share) in the 2025 second quarter. The year-over-year increase reflects higher underwriting profit and higher returns in AFG’s alternative investment portfolio. Additional details for the 2026 and 2025 second quarters may be found in the table below. Core net operating earnings for the second quarters of 2026 and 2025 generated annualized returns on equity of 19.2% and 15.5%, respectively, which is calculated excluding AOCI.
Three months ended June 30,
Components of Pretax Core Operating Earnings
2026
2025
2026
2025
2026
2025
In millions, except per share amounts
Before Impact of
Alternative
Core Net Operating
Alternative Investments
Investments
Earnings, as reported
P&C Pretax Core Operating Earnings
$
300
$
265
$
50
$
8
$
350
$
273
Other expenses
(26
)
(27
)
—
—
(26
)
(27
)
Holding company interest expense
(24
)
(19
)
—
—
(24
)
(19
)
Pretax Core Operating Earnings
250
219
50
8
300
227
Related provision for income taxes
56
46
10
2
66
48
Core Net Operating Earnings
$
194
$
173
$
40
$
6
$
234
$
179
Core Operating Earnings Per Share
$
2.34
$
2.07
$
0.48
$
0.07
$
2.82
$
2.14
Weighted Avg Diluted Shares Outstanding
83.0
83.5
83.0
83.5
83.0
83.5
AFG’s book value per share was $58.14 at June 30, 2026. AFG repurchased $26 million of its Common Stock (average price of $129.85 per share) and paid cash dividends of $0.88 per share during the second quarter. For the three and six months ended June 30, 2026, AFG’s growth in book value per share plus dividends was 4.8% and 6.3%, respectively.
Book value per share excluding AOCI was $59.85 at June 30, 2026. For the three and six months ended June 30, 2026, AFG’s growth in book value per share excluding AOCI plus dividends was 5.0% and 8.1%, respectively.
AFG’s net earnings, determined in accordance with U.S. generally accepted accounting principles (GAAP), include certain items that may not be indicative of its ongoing core operations. The table below identifies such items and reconciles net earnings to core net operating earnings, a non-GAAP financial measure. AFG believes that its core net operating earnings provides management, financial analysts, ratings agencies, and investors with an understanding of the results from the ongoing operations of the Company by excluding the impact of net realized gains and losses and other items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results because it believes this provides a more comparable measure of its continuing business. Core net operating earnings is also used by AFG’s management as a basis for strategic planning and forecasting.
In millions, except per share amounts
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Components of net earnings:
Core operating earnings before income taxes
$
300
$
227
$
557
$
421
Pretax non-core items:
Realized gains (losses)
16
2
(2
)
5
Earnings before income taxes
316
229
555
426
Provision for income taxes:
Core operating earnings
66
48
117
90
Non-core items
2
7
(1
)
8
Total provision for income taxes
68
55
116
98
Net earnings
$
248
$
174
$
439
$
328
Net earnings:
Core net operating earnings(a)
$
234
$
179
$
440
$
331
Non-core items:
Realized gains (losses)
14
2
(1
)
4
Other
—
(7
)
—
(7
)
Net earnings
$
248
$
174
$
439
$
328
Components of earnings per share:
Core net operating earnings(a)
$
2.82
$
2.14
$
5.29
$
3.96
Non-core items:
Realized gains (losses)
0.17
0.02
(0.01
)
0.05
Other
—
(0.09
)
—
(0.09
)
Diluted net earnings per share
$
2.99
$
2.07
$
5.28
$
3.92
Carl H. Lindner III and S. Craig Lindner, AFG’s Co-Chief Executive Officers, issued this statement: “AFG’s strong underwriting margins, healthy premium growth and higher P&C net investment income set a new second quarter record for pretax P&C operating income. This level of performance contributed to an annualized core operating return on equity of 19%. These results, coupled with effective capital management and our entrepreneurial, opportunistic culture and disciplined operating philosophy enable us to continue to create value for our shareholders.
Messrs. Lindner continued: “AFG continued to have significant excess capital at June 30, 2026. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses as we identify the potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds.”
Specialty Property and Casualty Insurance Operations
The Specialty P&C insurance operations generated a 91.5% combined ratio in the second quarter of 2026, an improvement of 1.6 points from the 93.1% reported in the second quarter of 2025. Second quarter 2026 results include 1.8 points related to catastrophe losses, compared to 2.3 points in the 2025 second quarter. Second quarter 2026 results benefited from 3.4 points of favorable prior year reserve development, compared to 0.7 points in the second quarter of 2025.
Underwriting profit was $144 million for the 2026 second quarter compared to $114 million for the 2025 second quarter. Higher year-over-year underwriting profit in our Property and Transportation Group was the driver of this increase.
Second quarter 2026 gross and net written premiums were up 7% and 6%, respectively, when compared to the second quarter of 2025. This quarterly increase highlights the benefit of diversification across our 36 businesses, particularly as some markets in the P&C industry have softened. We achieved year-over-year premium growth in each of our Specialty P&C Groups overall as a result of new business opportunities, a favorable renewal rate environment, and increased exposures – while maintaining discipline and focusing on underwriting profitability.
Average renewal pricing across our P&C Group, excluding workers’ compensation, was up 5% on average for the quarter, consistent with pricing increases achieved in the first quarter. Average renewal rates including workers’ compensation were up approximately 4% overall, about a point higher than the previous quarter. We believe we are achieving overall renewal rate increases that enable us to meet or exceed targeted returns.
The Property and Transportation Group reported an underwriting profit of $57 million in the second quarter of 2026, compared to $27 million in the second quarter of 2025, reflecting higher underwriting profit in our transportation and agricultural businesses. Catastrophe losses in this group were $12 million in both the second quarters of 2026 and 2025. Overall, the businesses in the Property and Transportation Group achieved a 90.3% calendar year combined ratio in the second quarter, an improvement of 4.9 points from the comparable period in 2025.
Second quarter 2026 gross and net written premiums in this group were 8% and 5% higher, respectively, than the comparable prior year. The increase is primarily attributable to growth in crop insurance products with higher premium cessions, along with new business opportunities, higher exposures, and a favorable rate environment in several of our transportation businesses. Overall renewal rates in this group increased approximately 8% in the second quarter of 2026, two points higher than the pricing achieved in this group for the first quarter of 2026.
The Specialty Casualty Group reported underwriting profit of $45 million in the second quarter of 2026, compared to $49 million in the second quarter of 2025. Higher profitability in our general liability businesses focused on energy, construction and environmental risks, along with our excess and surplus and targeted markets businesses, was more than offset by lower profitability in our workers compensation and executive and professional liability businesses. Underwriting profitability in our workers’ compensation and professional liability businesses continues to be very strong. The businesses in the Specialty Casualty Group achieved a solid 94.5% calendar year combined ratio in the second quarter of 2026, 0.6 points higher than the 93.9% reported in the comparable period in 2025.
Second quarter 2026 gross and net written premiums in this group increased 5% and 6%, respectively, when compared to the same prior year period. New business opportunities, increased exposures and higher rates drove the year-over-year increase in many of our Specialty Casualty businesses. Excluding workers’ compensation, renewal pricing for this group was up approximately 4% in the second quarter. Pricing in this group, including workers’ compensation, was up about 2%.
The Specialty Financial Group reported an underwriting profit of $42 million in the second quarter of 2026, compared to $38 million in the second quarter of 2025, due primarily to higher underwriting profitability in our financial institutions, fidelity / crime, and surety businesses. Catastrophe losses for this group were $10 million in the second quarter of 2026 compared to $19 million in the prior year quarter. This group continued to achieve excellent underwriting margins and reported a combined ratio of 85.6% for the second quarter of 2026, 0.5 points better than the 86.1% reported in the comparable period in 2025.
Second quarter 2026 gross and net written premiums were both up 10% in this group when compared to the prior year period, primarily due to growth in our financial institutions business. Renewal pricing in this group decreased less than 1% in the second quarter, reflecting the strong margins earned on these businesses overall.
Carl Lindner III stated, “I am very pleased with the 44% increase in underwriting profit in the first six months of the year, and happy to see our teams executing on opportunities to grow while achieving renewal rate increases that are helping us meet targeted returns. These results position us well as we enter the second half of the year.”
Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules and in our Quarterly Investor Supplement, which is posted on our website.
Investments
Net Investment Income – Net investment income in our property and casualty insurance operations for the three months ended June 30, 2026 established a new second quarter record, increasing 23% year-over-year. The year-over-year increase was primarily attributable to higher yields on our portfolio of alternative investments. Property and casualty net investment income excluding the impact of alternative investments was flat when compared to the 2025 second quarter.
The annualized return on alternative investments was approximately 7.1% for the 2026 second quarter compared to 1.2% for the prior year quarter. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended December 31, 2025, was approximately 11%. Longer term, we continue to remain optimistic regarding the prospects of attractive returns from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.
In April 2026, AFG reached definitive agreements to sell the Charleston Harbor Resort & Marina. Subject to receipt of necessary third-party approvals and satisfaction of customary closing conditions, the transaction is expected to close in the third quarter of 2026. AFG currently expects to recognize a pretax core operating gain of approximately $125 million on the sale. This transaction was not contemplated in AFG’s original business plan assumptions.
Non-Core Net Realized Gains (Losses) – AFG recorded second quarter 2026 net realized gains of $14 million ($0.17 per share) after tax, which included $10 million ($0.12 per share) in after-tax net gains to adjust equity securities that the Company continued to own at June 30, 2026, to fair value. By comparison, AFG recorded second quarter 2025 net realized gains of $2 million ($0.02 per share) after tax.
After-tax unrealized losses related to fixed maturities were $116 million at June 30, 2026. Our portfolio continues to be high quality, with 97% of our fixed maturity portfolio rated investment grade and 98% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.
More information about the components of our investment portfolio may be found in our Quarterly Investor Supplement, which is posted on our website.
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
Forward Looking Statements
This press release, and any related oral statements, contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions, and projections. Examples of such forward-looking statements include statements relating to: the Company's expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases or special dividends; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.
Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: the risks and uncertainties AFG describes in the “Risk Factors” section of its most recent Annual Report on Form 10-K, as updated by its other reports filed with the Securities and Exchange Commission; whether or not the sale of Charleston Harbor Resort & Marina closes and AFG’s net gain as a result of the sale; changes in financial, political and economic conditions, including changes in interest and inflation rates and impacts from tariffs or other trade actions, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business or reputation and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; and the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations.
The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.
Conference Call
The Company will hold a conference call to discuss 2026 second quarter results at 11:30 a.m. (ET) tomorrow, Wednesday, August 5, 2026. Event registration and access provides two ways to access the call.
Participants should register for the call here now or any time up to and during the time of the call and will immediately receive the dial-in number and a unique PIN to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.
The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click the following link: https://www.afginc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at www.AFGinc.com.
A replay of the webcast will be available via the same link on our website approximately two hours after the completion of the call.
(Financial summaries follow)
This earnings release and AFG’s Quarterly Investor Supplement are available in the Investor Relations section of AFG’s website: www.AFGinc.com.
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA
(In Millions, Except Per Share Data)
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Revenues
Net earned premiums
$
1,694
$
1,647
$
3,303
$
3,227
Net investment income
221
184
408
357
Realized gains (losses) on securities
16
2
(2
)
5
Income of managed investment entities:
Investment income
69
68
136
144
Gain (loss) on change in fair value of
assets/liabilities
1
(4
)
(19
)
(7
)
Other income
29
27
58
54
Total revenues
2,030
1,924
3,884
3,780
Costs and expenses
Losses & loss adjustment expenses
1,000
1,007
1,906
1,972
Commissions and other underwriting expenses
560
534
1,116
1,064
Interest charges on borrowed money
24
19
47
38
Expenses of managed investment entities
58
60
116
128
Other expenses
72
75
144
152
Total costs and expenses
1,714
1,695
3,329
3,354
Earnings before income taxes
316
229
555
426
Provision for income taxes
68
55
116
98
Net earnings
$
248
$
174
$
439
$
328
Diluted earnings per common share
$
2.99
$
2.07
$
5.28
$
3.92
Average number of diluted shares
83.0
83.5
83.1
83.7
Selected Balance Sheet Data:
June 30, 2026
December 31, 2025
Total Cash and investments
$17,069
$17,182
Long-term debt
$1,821
$1,820
Shareholders' equity(b)
$4,821
$4,820
Shareholders' equity (excluding AOCI)
$4,963
$4,870
Book value per share(b)
$58.14
$57.78
Book value per share (excluding AOCI)
$59.85
$58.38
Common Shares Outstanding
82.9
83.4
AMERICAN FINANCIAL GROUP, INC.
SPECIALTY P&C OPERATIONS
(Dollars in Millions)
Three months ended June 30,
Pct. Change
Six months ended June 30,
Pct. Change
2026
2025
2026
2025
Gross written premiums
$
2,850
$
2,653
7
%
$
5,285
$
4,944
7
%
Net written premiums
$
1,915
$
1,803
6
%
$
3,579
$
3,414
5
%
Ratios (GAAP):
Loss & LAE ratio
58.9
%
61.1
%
57.6
%
61.1
%
Underwriting expense ratio
32.6
%
32.0
%
33.3
%
32.5
%
Specialty Combined Ratio
91.5
%
93.1
%
90.9
%
93.6
%
Combined Ratio – P&C Segment
91.6
%
93.1
%
91.0
%
93.6
%
Supplemental Information (c):
Gross Written Premiums:
Property & Transportation
$
1,351
$
1,247
8
%
$
2,350
$
2,144
10
%
Specialty Casualty
1,119
1,062
5
%
2,208
2,130
4
%
Specialty Financial
380
344
10
%
727
670
9
%
$
2,850
$
2,653
7
%
$
5,285
$
4,944
7
%
Net Written Premiums:
Property & Transportation
$
797
$
759
5
%
$
1,393
$
1,322
5
%
Specialty Casualty
812
765
6
%
1,601
1,537
4
%
Specialty Financial
306
279
10
%
585
555
5
%
$
1,915
$
1,803
6
%
$
3,579
$
3,414
5
%
Combined Ratio (GAAP):
Property & Transportation
90.3
%
95.2
%
89.1
%
94.0
%
Specialty Casualty
94.5
%
93.9
%
95.1
%
95.8
%
Specialty Financial
85.6
%
86.1
%
82.8
%
86.5
%
Aggregate Specialty Group
91.5
%
93.1
%
90.9
%
93.6
%
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Reserve Development (Favorable)/Adverse:
Property & Transportation
$
(42
)
$
(13
)
$
(89
)
$
(32
)
Specialty Casualty
(1
)
10
(1
)
22
Specialty Financial
(14
)
(9
)
(37
)
(22
)
Specialty Group
(57
)
(12
)
(127
)
(32
)
Other
2
1
2
1
Total Reserve Development
$
(55
)
$
(11
)
$
(125
)
$
(31
)
Points on Combined Ratio:
Property & Transportation
(7.0
)
(2.2
)
(8.0
)
(3.0
)
Specialty Casualty
(0.1
)
1.2
(0.1
)
1.4
Specialty Financial
(5.1
)
(3.2
)
(6.5
)
(3.9
)
Aggregate Specialty Group
(3.4
)
(0.7
)
(3.9
)
(1.0
)
Total P&C Segment
(3.3
)
(0.7
)
(3.8
)
(1.0
)
AMERICAN FINANCIAL GROUP, INC.
Notes to Financial Schedules
a) Components of core net operating earnings (in millions):
California State Teachers Retirement System lowered its holdings in shares of American Financial Group, Inc. (NYSE:AFG – Free Report) by 16.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 79,660 shares of the insurance provider’s stock after selling 15,556 shares during the quarter. California State Teachers Retirement System owned approximately 0.10% of American Financial Group worth $10,173,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in AFG. Cassaday & Co Wealth Management LLC purchased a new position in shares of American Financial Group during the 1st quarter worth $26,000. Global Retirement Partners LLC increased its stake in shares of American Financial Group by 904.8% in the 4th quarter. Global Retirement Partners LLC now owns 211 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 190 shares in the last quarter. Clearstead Advisors LLC raised its holdings in American Financial Group by 87.7% in the 4th quarter. Clearstead Advisors LLC now owns 259 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 121 shares during the period. Los Angeles Capital Management LLC bought a new position in American Financial Group in the 4th quarter worth $45,000. Finally, CIBC Private Wealth Group LLC lifted its position in American Financial Group by 86.1% during the fourth quarter. CIBC Private Wealth Group LLC now owns 376 shares of the insurance provider’s stock valued at $51,000 after purchasing an additional 174 shares in the last quarter. Institutional investors own 64.37% of the company’s stock.
Analyst Upgrades and Downgrades Several research analysts have recently commented on AFG shares. Keefe, Bruyette & Woods raised their price objective on American Financial Group from $140.00 to $148.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Piper Sandler increased their target price on shares of American Financial Group from $135.00 to $140.00 and gave the stock a “neutral” rating in a report on Tuesday, May 26th. Wells Fargo & Company raised their target price on shares of American Financial Group from $158.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of American Financial Group in a report on Thursday, June 11th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $150.75.
Check Out Our Latest Stock Analysis on AFG
American Financial Group Stock Performance NYSE AFG opened at $142.09 on Tuesday. The firm has a market cap of $11.81 billion, a price-to-earnings ratio of 13.51 and a beta of 0.62. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $137.58 and a 200-day moving average price of $132.97. American Financial Group, Inc. has a twelve month low of $122.74 and a twelve month high of $150.02.
American Financial Group Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a yield of 2.5%. The ex-dividend date was Wednesday, July 15th. American Financial Group’s dividend payout ratio is presently 33.46%.
Insider Buying and Selling In other American Financial Group news, SVP Michelle A. Gillis sold 2,247 shares of the stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total transaction of $312,333.00. Following the completion of the transaction, the senior vice president owned 13,135 shares of the company’s stock, valued at $1,825,765. This represents a 14.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of American Financial Group stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total value of $1,535,518.50. Following the completion of the sale, the insider directly owned 584,098 shares in the company, valued at $78,882,434.90. This trade represents a 1.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 16.90% of the company’s stock.
American Financial Group Profile (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Arrowstreet Capital Limited Partnership raised its stake in American Financial Group, Inc. (NYSE:AFG – Free Report) by 337.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 431,144 shares of the insurance provider’s stock after buying an additional 332,517 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.52% of American Financial Group worth $55,061,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in American Financial Group by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,567,721 shares of the insurance provider’s stock worth $350,956,000 after buying an additional 57,246 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of American Financial Group by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 1,732,557 shares of the insurance provider’s stock worth $236,645,000 after purchasing an additional 29,731 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of American Financial Group by 19.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,506,510 shares of the insurance provider’s stock valued at $192,395,000 after purchasing an additional 240,509 shares in the last quarter. Northern Trust Corp raised its holdings in shares of American Financial Group by 33.2% during the 3rd quarter. Northern Trust Corp now owns 1,026,783 shares of the insurance provider’s stock valued at $149,623,000 after purchasing an additional 255,693 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of American Financial Group by 4.3% during the 4th quarter. Morgan Stanley now owns 894,998 shares of the insurance provider’s stock valued at $122,329,000 after purchasing an additional 36,971 shares in the last quarter. Hedge funds and other institutional investors own 64.37% of the company’s stock.
Analyst Ratings Changes A number of brokerages have recently weighed in on AFG. Wells Fargo & Company boosted their price objective on shares of American Financial Group from $158.00 to $173.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of American Financial Group in a research report on Thursday, June 11th. Piper Sandler raised their price target on American Financial Group from $135.00 to $140.00 and gave the company a “neutral” rating in a research report on Tuesday, May 26th. Finally, Keefe, Bruyette & Woods lifted their price objective on American Financial Group from $140.00 to $148.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, American Financial Group has an average rating of “Hold” and a consensus target price of $150.75.
View Our Latest Research Report on American Financial Group
Insider Transactions at American Financial Group In other American Financial Group news, SVP Michelle A. Gillis sold 2,247 shares of the company’s stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total value of $312,333.00. Following the completion of the sale, the senior vice president owned 13,135 shares of the company’s stock, valued at approximately $1,825,765. This represents a 14.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of American Financial Group stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total value of $1,535,518.50. Following the transaction, the insider owned 584,098 shares in the company, valued at approximately $78,882,434.90. This represents a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 16.90% of the stock is currently owned by company insiders.
American Financial Group Trading Up 0.0% AFG stock opened at $143.82 on Tuesday. The business has a fifty day moving average price of $136.97 and a 200 day moving average price of $132.60. American Financial Group, Inc. has a fifty-two week low of $122.11 and a fifty-two week high of $150.02. The stock has a market capitalization of $11.95 billion, a price-to-earnings ratio of 13.67 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.48 and a quick ratio of 0.48.
American Financial Group (NYSE:AFG – Get Free Report) last announced its earnings results on Thursday, April 30th. The insurance provider reported $2.47 earnings per share for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.07). American Financial Group had a return on equity of 19.50% and a net margin of 10.76%.The company had revenue of $1.85 billion during the quarter, compared to the consensus estimate of $1.70 billion. During the same period in the prior year, the firm posted $1.81 earnings per share. The company’s revenue was down .1% on a year-over-year basis. Analysts expect that American Financial Group, Inc. will post 11.37 EPS for the current fiscal year.
American Financial Group Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were paid a $0.88 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $3.52 annualized dividend and a yield of 2.4%. American Financial Group’s dividend payout ratio is presently 33.46%.
About American Financial Group (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Caxton Associates LLP bought a new stake in shares of American Financial Group, Inc. (NYSE:AFG – Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,772 shares of the insurance provider’s stock, valued at approximately $482,000.
Other large investors have also modified their holdings of the company. Royal Bank of Canada lifted its position in American Financial Group by 11.1% in the first quarter. Royal Bank of Canada now owns 75,421 shares of the insurance provider’s stock worth $9,905,000 after purchasing an additional 7,554 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of American Financial Group during the 1st quarter valued at $2,330,000. Jones Financial Companies Lllp increased its holdings in American Financial Group by 145.8% in the first quarter. Jones Financial Companies Lllp now owns 1,278 shares of the insurance provider’s stock worth $168,000 after buying an additional 758 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of American Financial Group by 144.8% in the second quarter. EverSource Wealth Advisors LLC now owns 793 shares of the insurance provider’s stock worth $100,000 after buying an additional 469 shares during the last quarter. Finally, Cerity Partners LLC raised its position in shares of American Financial Group by 62.4% in the second quarter. Cerity Partners LLC now owns 2,941 shares of the insurance provider’s stock valued at $371,000 after purchasing an additional 1,130 shares during the period. Institutional investors and hedge funds own 64.37% of the company’s stock.
Insider Activity at American Financial Group In related news, SVP Michelle A. Gillis sold 2,247 shares of the company’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total transaction of $312,333.00. Following the sale, the senior vice president owned 13,135 shares in the company, valued at $1,825,765. This represents a 14.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of the firm’s stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $135.05, for a total value of $1,535,518.50. Following the completion of the sale, the insider owned 584,098 shares of the company’s stock, valued at approximately $78,882,434.90. This represents a 1.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 16.90% of the stock is currently owned by company insiders.
American Financial Group Trading Up 0.0% AFG stock opened at $143.82 on Tuesday. The company has a fifty day moving average price of $136.97 and a two-hundred day moving average price of $132.60. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.48 and a quick ratio of 0.48. The stock has a market cap of $11.95 billion, a price-to-earnings ratio of 13.67 and a beta of 0.62. American Financial Group, Inc. has a one year low of $122.11 and a one year high of $150.02.
American Financial Group (NYSE:AFG – Get Free Report) last announced its earnings results on Thursday, April 30th. The insurance provider reported $2.47 EPS for the quarter, missing the consensus estimate of $2.54 by ($0.07). The business had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.70 billion. American Financial Group had a return on equity of 19.50% and a net margin of 10.76%.The firm’s revenue for the quarter was down .1% compared to the same quarter last year. During the same period in the prior year, the business posted $1.81 earnings per share. Equities analysts anticipate that American Financial Group, Inc. will post 11.37 EPS for the current year.
American Financial Group Announces Dividend The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Wednesday, July 15th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, July 15th. American Financial Group’s dividend payout ratio (DPR) is currently 33.46%.
Analysts Set New Price Targets Several research firms recently weighed in on AFG. Wells Fargo & Company increased their target price on shares of American Financial Group from $158.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of American Financial Group in a report on Thursday, June 11th. Keefe, Bruyette & Woods boosted their target price on shares of American Financial Group from $140.00 to $148.00 and gave the stock a “market perform” rating in a research note on Wednesday, July 8th. Finally, Piper Sandler boosted their target price on American Financial Group from $135.00 to $140.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, American Financial Group presently has a consensus rating of “Hold” and a consensus target price of $150.75.
Check Out Our Latest Research Report on American Financial Group
American Financial Group Profile (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Entropy Technologies LP purchased a new stake in American Financial Group, Inc. (NYSE:AFG – Free Report) in the first quarter, according to its most recent filing with the SEC. The fund purchased 19,284 shares of the insurance provider’s stock, valued at approximately $2,463,000.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in American Financial Group in the first quarter worth $6,513,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of American Financial Group by 337.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 431,144 shares of the insurance provider’s stock worth $55,061,000 after purchasing an additional 332,517 shares during the period. Caxton Associates LLP acquired a new stake in shares of American Financial Group during the first quarter worth $482,000. Inceptionr LLC bought a new position in shares of American Financial Group in the 1st quarter worth about $1,836,000. Finally, Sei Investments Co. lifted its position in shares of American Financial Group by 13.7% in the 1st quarter. Sei Investments Co. now owns 22,552 shares of the insurance provider’s stock worth $2,880,000 after buying an additional 2,726 shares during the last quarter. 64.37% of the stock is owned by institutional investors and hedge funds.
American Financial Group Stock Performance Shares of AFG opened at $143.51 on Monday. American Financial Group, Inc. has a 1 year low of $122.11 and a 1 year high of $150.02. The company has a market cap of $11.92 billion, a price-to-earnings ratio of 13.64 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.48 and a current ratio of 0.48. The firm has a fifty day moving average of $136.83 and a 200-day moving average of $132.52.
American Financial Group (NYSE:AFG – Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The insurance provider reported $2.47 EPS for the quarter, missing the consensus estimate of $2.54 by ($0.07). American Financial Group had a return on equity of 19.50% and a net margin of 10.76%.The firm had revenue of $1.85 billion for the quarter, compared to the consensus estimate of $1.70 billion. During the same quarter in the prior year, the company posted $1.81 EPS. The firm’s revenue was down .1% on a year-over-year basis. As a group, equities analysts anticipate that American Financial Group, Inc. will post 11.37 earnings per share for the current year.
American Financial Group Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th were given a $0.88 dividend. The ex-dividend date was Wednesday, July 15th. This represents a $3.52 annualized dividend and a yield of 2.5%. American Financial Group’s dividend payout ratio is 33.46%.
Analysts Set New Price Targets Several research analysts have recently commented on AFG shares. Wells Fargo & Company lifted their price target on shares of American Financial Group from $158.00 to $173.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Piper Sandler increased their price objective on shares of American Financial Group from $135.00 to $140.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Keefe, Bruyette & Woods raised their target price on shares of American Financial Group from $140.00 to $148.00 and gave the stock a “market perform” rating in a report on Wednesday, July 8th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of American Financial Group in a research note on Thursday, June 11th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $150.75.
Check Out Our Latest Research Report on AFG
Insider Activity In other news, SVP Michelle A. Gillis sold 2,247 shares of American Financial Group stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total transaction of $312,333.00. Following the sale, the senior vice president owned 13,135 shares of the company’s stock, valued at approximately $1,825,765. The trade was a 14.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total value of $1,535,518.50. Following the transaction, the insider owned 584,098 shares of the company’s stock, valued at approximately $78,882,434.90. This represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 16.90% of the stock is currently owned by corporate insiders.
American Financial Group Profile (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Fifth Third Bancorp grew its stake in shares of American Financial Group, Inc. (NYSE:AFG – Free Report) by 264.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,579 shares of the insurance provider’s stock after buying an additional 15,663 shares during the quarter. Fifth Third Bancorp’s holdings in American Financial Group were worth $2,756,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of AFG. Charles Schwab Investment Management Inc. increased its holdings in American Financial Group by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,567,721 shares of the insurance provider’s stock worth $350,956,000 after purchasing an additional 57,246 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of American Financial Group by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,732,557 shares of the insurance provider’s stock worth $236,645,000 after purchasing an additional 29,731 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of American Financial Group by 12.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,266,001 shares of the insurance provider’s stock valued at $173,045,000 after buying an additional 138,483 shares during the period. Northern Trust Corp increased its stake in shares of American Financial Group by 33.2% in the third quarter. Northern Trust Corp now owns 1,026,783 shares of the insurance provider’s stock valued at $149,623,000 after buying an additional 255,693 shares during the period. Finally, Morgan Stanley raised its holdings in American Financial Group by 4.3% in the 4th quarter. Morgan Stanley now owns 894,998 shares of the insurance provider’s stock valued at $122,329,000 after buying an additional 36,971 shares during the last quarter. 64.37% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In A number of analysts recently weighed in on AFG shares. Keefe, Bruyette & Woods increased their price objective on American Financial Group from $140.00 to $148.00 and gave the company a “market perform” rating in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of American Financial Group in a report on Thursday, June 11th. Wells Fargo & Company increased their price target on American Financial Group from $158.00 to $173.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Finally, Piper Sandler lifted their price objective on American Financial Group from $135.00 to $140.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 26th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $150.75.
Read Our Latest Stock Analysis on AFG
American Financial Group Stock Performance NYSE:AFG opened at $142.25 on Tuesday. American Financial Group, Inc. has a twelve month low of $122.11 and a twelve month high of $150.02. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $11.82 billion, a P/E ratio of 13.52 and a beta of 0.62. The company has a fifty day moving average of $136.15 and a 200-day moving average of $132.36.
American Financial Group (NYSE:AFG – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The insurance provider reported $2.47 earnings per share for the quarter, missing the consensus estimate of $2.54 by ($0.07). The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.70 billion. American Financial Group had a net margin of 10.76% and a return on equity of 19.50%. American Financial Group’s revenue for the quarter was down .1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.81 EPS. As a group, sell-side analysts anticipate that American Financial Group, Inc. will post 11.37 EPS for the current year.
American Financial Group Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Wednesday, July 15th will be issued a $0.88 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $3.52 annualized dividend and a yield of 2.5%. American Financial Group’s dividend payout ratio is presently 33.46%.
Insider Buying and Selling In other American Financial Group news, insider David Lawrence Thompson, Jr. sold 11,370 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $135.05, for a total transaction of $1,535,518.50. Following the transaction, the insider owned 584,098 shares in the company, valued at approximately $78,882,434.90. This represents a 1.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Michelle A. Gillis sold 2,247 shares of American Financial Group stock in a transaction dated Wednesday, June 24th. The shares were sold at an average price of $139.00, for a total transaction of $312,333.00. Following the transaction, the senior vice president owned 13,135 shares of the company’s stock, valued at $1,825,765. This represents a 14.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 16.90% of the stock is owned by corporate insiders.
About American Financial Group (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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Bank of New York Mellon Corp lessened its position in American Financial Group, Inc. (NYSE:AFG – Free Report) by 5.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 778,073 shares of the insurance provider’s stock after selling 40,961 shares during the quarter. Bank of New York Mellon Corp owned 0.94% of American Financial Group worth $99,368,000 at the end of the most recent reporting period.
Several other hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its holdings in American Financial Group by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,567,721 shares of the insurance provider’s stock worth $350,956,000 after purchasing an additional 57,246 shares during the period. Geode Capital Management LLC increased its stake in shares of American Financial Group by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 1,732,557 shares of the insurance provider’s stock valued at $236,645,000 after buying an additional 29,731 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of American Financial Group by 12.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,266,001 shares of the insurance provider’s stock valued at $173,045,000 after acquiring an additional 138,483 shares in the last quarter. Northern Trust Corp lifted its stake in American Financial Group by 33.2% in the third quarter. Northern Trust Corp now owns 1,026,783 shares of the insurance provider’s stock worth $149,623,000 after acquiring an additional 255,693 shares during the period. Finally, Morgan Stanley grew its holdings in American Financial Group by 4.3% during the 4th quarter. Morgan Stanley now owns 894,998 shares of the insurance provider’s stock worth $122,329,000 after acquiring an additional 36,971 shares in the last quarter. 64.37% of the stock is currently owned by institutional investors.
Insider Transactions at American Financial Group In related news, SVP Michelle A. Gillis sold 2,247 shares of the firm’s stock in a transaction dated Wednesday, June 24th. The stock was sold at an average price of $139.00, for a total transaction of $312,333.00. Following the completion of the transaction, the senior vice president directly owned 13,135 shares in the company, valued at $1,825,765. This trade represents a 14.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David Lawrence Thompson, Jr. sold 11,370 shares of the business’s stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $135.05, for a total transaction of $1,535,518.50. Following the sale, the insider owned 584,098 shares in the company, valued at $78,882,434.90. This trade represents a 1.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 16.90% of the company’s stock.
Analysts Set New Price Targets A number of equities research analysts recently commented on AFG shares. Weiss Ratings reissued a “buy (b-)” rating on shares of American Financial Group in a research report on Thursday, June 11th. Keefe, Bruyette & Woods upped their price target on American Financial Group from $140.00 to $148.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Piper Sandler raised their price objective on American Financial Group from $135.00 to $140.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 26th. Finally, Wells Fargo & Company upped their target price on American Financial Group from $158.00 to $173.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $150.75.
Get Our Latest Analysis on AFG
American Financial Group Trading Up 0.3% Shares of AFG stock opened at $142.25 on Tuesday. American Financial Group, Inc. has a 1-year low of $122.11 and a 1-year high of $150.02. The company has a market cap of $11.82 billion, a price-to-earnings ratio of 13.52 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.48 and a quick ratio of 0.48. The stock has a 50 day simple moving average of $136.15 and a 200-day simple moving average of $132.36.
American Financial Group (NYSE:AFG – Get Free Report) last released its earnings results on Thursday, April 30th. The insurance provider reported $2.47 EPS for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.07). American Financial Group had a return on equity of 19.50% and a net margin of 10.76%.The company had revenue of $1.85 billion for the quarter, compared to analysts’ expectations of $1.70 billion. During the same period in the prior year, the firm earned $1.81 EPS. The firm’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities research analysts expect that American Financial Group, Inc. will post 11.37 EPS for the current fiscal year.
American Financial Group Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Wednesday, July 15th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, July 15th. This represents a $3.52 annualized dividend and a dividend yield of 2.5%. American Financial Group’s payout ratio is presently 33.46%.
American Financial Group Profile (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) expects to release its 2026 second quarter results after 5:00 p.m. (ET) on Tuesday, August 4, 2026. The release will be available shortly thereafter on AFG's website at www.AFGinc.com. In conjunction with its release, AFG will hold a conference call to discuss 2026 second quarter results at 11:30 a.m. (ET) on Wednesday, August 5, 2026. There are two ways to access the call. By Telephone Participants should register for the.
American Financial Group (AFG) reported Q1 2026 total assets of $32.35 billion and total debt of $2.03 billion. AFG's total equity stands at approximately $4.68 billion, with EBITDA near $1.32 billion for the quarter. The company's current market capitalization is about $11.86 billion.
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Stock to Watch: American Financial Group (AFG - Free Report) Founded in 1872 and headquartered in Cincinnati, OH, American Financial Group, Inc. is a holding company which, through its subsidiaries, engages primarily in property and casualty insurance, with focus on specialized commercial products for businesses. The company also engages in the sale of traditional fixed, fixed-indexed and variable-indexed annuities in the retail, financial institutions, registered investment advisor and education markets.
AFG is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Finance stock. AFG has a Momentum Style Score of B, and shares are up 9.2% over the past four weeks.
For fiscal 2026, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.39 to $11.37 per share. AFG boasts an average earnings surprise of +7.3%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, AFG should be on investors' short list.
CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) announced that it has declared a regular dividend of $0.88 per share of American Financial Group Common Stock. The dividend is payable on July 24, 2026, to holders of record on July 15, 2026.About American Financial Group, Inc.American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insuranc.
Investors in American Financial Group, Inc. (AFG - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $163.50 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for American Financial shares, but what is the fundamental picture for the company? Currently, American Financial is a Zacks Rank #2 (Buy) in the Insurance - Property and Casualty industry that ranks in the Top 38% of our Zacks Industry Rank. Over the last 60 days, no analysts have increased their earnings estimates for the current quarter, while three analysts have revised their estimates downward. The net effect has taken our Zacks Consensus Estimate for the current quarter from $2.47 per share to $2.41 in that period.
Given the way analysts feel about American Financial right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
Key Takeaways American Financial raised its dividend 10% in 2025, marking 20 consecutive years of increases. AFG declared a $1.50 per share special dividend in February 2026, totaling about $125 million. AFG returned nearly $260 million via dividends and buybacks in first-quarter 2026. American Financial Group, Inc. (AFG - Free Report) has one of the most shareholder-friendly capital allocation policies in the U.S. insurance sector. AFG regularly generates capital that is needed to support underwriting operations. Returning excess capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of American Financial’s capital management strategy.
AFG's shareholder return profile is a major investment attraction. The combination of growing regular dividends, frequent special dividends, opportunistic buybacks and strong underwriting profitability has enabled the company to deliver substantial cash returns to investors over time.
In August 2025, AFG increased its annual dividend by 10% to $3.52 per share, marking its 20th consecutive year of dividend increases. The company's 10-year dividend CAGR is approximately 12.3%. This increase in AFG’s annual dividend reflects its confidence in the company’s financial condition, liquidity and prospects for long-term growth.
AFG, the specialty property & casualty insurer, supplements its regular dividend with large special dividends when excess capital accumulates. In February 2026, the board declared a special cash dividend of $1.50 per share. The aggregate amount of this special dividend will be approximately $125 million. This special-dividend policy has become a major component of the company's total shareholder return strategy and distinguishes it from many peers that rely primarily on regular dividends and buybacks.
Management opportunistically buys back stock when valuations are attractive. During the first quarter of 2026, AFG repurchased approximately $60 million of shares, reducing share count and enhancing per-share earnings growth. AFG returned nearly $260 million to the shareholders through a combination of regular dividends, special dividends and share repurchases in the first quarter of 2026. AFG’s entrepreneurial, opportunistic culture and disciplined operating philosophy continue to position it well for long-term success.
What About Its Peers?RLI Corp. (RLI - Free Report) has one of the most shareholder-friendly capital return programs in the property & casualty insurance industry. The company combines a steadily growing regular dividend, frequent special dividends and opportunistic share repurchases to return excess capital to shareholders while maintaining underwriting discipline. The company has increased its regular dividend for 51 consecutive years, placing it among the longest dividend-growth records in the insurance sector.
First American Financial Corporation (FAF - Free Report) follows a balanced capital-return strategy that combines a steadily growing dividend with opportunistic share repurchases. FAF generally uses a combination of regular dividend increases and selective share repurchases to distribute excess capital. FAF has increased its dividend for more than 15 consecutive years, reflecting management's commitment to returning capital through various housing market environments.
AFG’s Price PerformanceShares of AFG have gained 11.1% in the past year, outperforming the industry.
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AFG’s Expensive ValuationThe stock is overvalued compared with its industry. It is currently trading at a price-to-book ratio of 2.46, above the industry average of 1.41.
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Estimate Movement for AFGThe Zacks Consensus Estimate for AFG’s second-quarter 2026 has moved down 1.6%, and the third-quarter 2026 EPS has moved up 13.5% in the past 60 days. The same for full-year 2026 and 2027 EPS has moved up 3.5% and 2%, respectively, in the past 60 days.
The consensus estimate for AFG’s 2026 and 2027 EPS and revenues indicates a year-over-year increase.
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AFG stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Takeaways AFG expects growth from new business, increased exposure and crop premiums. The insurer has achieved renewal rate increases for 35 consecutive quarters. AFG has raised dividends for 20 straight years, backed by strong underwriting results and capital management. American Financial Group, Inc. (AFG - Free Report) shares have gained 5.5% in the past year against the industry's decline of 1%.
AFG has outperformed its peers, Arch Capital Group Ltd. (ACGL - Free Report) , W.R. Berkley Corporation. (WRB - Free Report) and Kinsale Capital Group, Inc. (KNSL - Free Report) . While ACGL has gained 0.1%, WRB and KNSL have lost 9.1% and 35.4%, respectively, in the same time frame.
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American Financial has been trading above its 50-day simple moving average (SMA), signaling a short-term bullish trend. Its share price, as of June 18, 2026, was $132.90, down 12.9% from its 52-week high of $150.02. The 50-day SMA is a key indicator for traders and analysts to identify support and resistance levels. It is considered particularly important as this is the first marker of an uptrend or downtrend.
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With a market capitalization of $11.04 billion, the average volume of shares traded in the last three months was 0.5 million. AFG has a solid earnings surprise history. It beat estimates in three of the last four quarters and missed in one, the average being 7.25%.
AFG’s Growth Projection EncouragesThe Zacks Consensus Estimate for American Financial’s 2026 earnings per share indicates a year-over-year increase of 10.5%. The consensus estimate for revenues is pegged at $8.02 billion, implying a year-over-year improvement of 0.4%.
The consensus estimate for 2027 earnings per share and revenues indicates an increase of 5.2% and 7.9%, respectively, from the corresponding 2026 estimates.
Average Target Price for AFG Suggests UpsideBased on short-term price targets offered by six analysts, the Zacks average price target is $142.83 per share. The average suggests a potential 7.47% upside from the last closing price.
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AFG’s Favorable Return on CapitalAmerican Financial’s return on equity has also been improving over the last few quarters, reflecting its efficiency in utilizing shareholders’ funds. The trailing 12 months ROE was 19.5%, which compared favorably with the industry average of 7.4%.
Factors Favoring AFGNew business opportunities, increased exposure and a good renewal rate environment, coupled with additional crop premiums from the Crop Risk Services acquisition, position AFG well for growth.
American Financial, a niche player in the P&C market, is likely to benefit from strategic acquisitions and improved pricing. Improved industry fundamentals drive overall growth.
American Financial witnessed average renewal pricing across the entire P&C Group. It intends to maintain satisfactory rates in P&C renewal pricing going forward. AFG has reported overall renewal rate increases for 35 consecutive quarters, and it is expected to achieve overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns. The property and casualty insurer expects to achieve overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.
Its combined ratio has been better than the industry average for more than two decades. Specialty niche focus, product line diversification and underwriting discipline should help AFG outperform the industry’s underwriting results.
Wealth DistributionAmerican Financial has increased its dividend for 20 straight years, apart from paying special dividends occasionally. This reflects its financial stability, which stems from robust operating profitability in the P&C segment, stellar investment performance and effective capital management.
Notably, the 10-year compound annual growth rate for the company's regular annual dividends is pinned at an impressive 12.4%. This track record underscores its prudent financial management and stability. The dividend yield is 2.6%, better than the industry average of 0.2%.
End NotesAmerican Financial’s prudent capital deployment, increased exposures, good renewal rate environment, and improved combined ratio make it an attractive stock. It intends to maintain satisfactory rates in P&C renewal pricing in the future.
American Financial also has a VGM Score of A. Stocks with a favorable VGM Score are those with the most attractive value, best growth, and most promising momentum compared with peers.
American Financial should benefit from strategic acquisitions, new business opportunities, and stronger underwriting profit. Coupled with the impressive dividend history, solid growth projections, and higher return on capital, the time appears right for potential investors to bet on this Zacks Rank #2 (Buy) insurer. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Stewart Information Services (NYSE: STC - Get Free Report) and American Financial Group (NYSE: AFG - Get Free Report) are both finance companies, but which is the better business? We will contrast the two businesses based on the strength of their dividends, risk, earnings, institutional ownership, analyst recommendations, valuation and profitability. Dividends Stewart Information Services pays an
American Financial Group (NYSE: AFG - Get Free Report) and Essent Group (NYSE: ESNT - Get Free Report) are both finance companies, but which is the superior investment? We will compare the two businesses based on the strength of their earnings, analyst recommendations, dividends, institutional ownership, valuation, risk and profitability. Insider and Institutional Ownership 64.4% of American
CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) announced that it has declared a regular dividend of $0.88 per share of American Financial Group Common Stock. The dividend is payable on April 24, 2026, to holders of record on April 15, 2026.
About American Financial Group, Inc.
American Financial Group is an insurance holding company based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
Shares of American Financial Group, Inc. (NYSE:AFG – Get Free Report) have received an average rating of “Hold” from the five research firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $145.25.
A number of analysts have recently weighed in on AFG shares. Weiss Ratings raised American Financial Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 16th. Wells Fargo & Company decreased their price target on American Financial Group from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, February 5th. Finally, Keefe, Bruyette & Woods raised their price target on American Financial Group from $134.00 to $140.00 and gave the stock a “market perform” rating in a report on Wednesday, March 25th.
Check Out Our Latest Stock Analysis on AFG
Insiders Place Their Bets In other American Financial Group news, CFO Brian S. Hertzman sold 1,663 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $133.70, for a total transaction of $222,343.10. Following the sale, the chief financial officer owned 12,073 shares of the company’s stock, valued at approximately $1,614,160.10. The trade was a 12.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 17.40% of the company’s stock.
Institutional Trading of American Financial Group Several large investors have recently made changes to their positions in AFG. Royal Bank of Canada lifted its holdings in shares of American Financial Group by 11.1% in the 1st quarter. Royal Bank of Canada now owns 75,421 shares of the insurance provider’s stock valued at $9,905,000 after buying an additional 7,554 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in American Financial Group during the first quarter worth about $2,330,000. Jones Financial Companies Lllp grew its holdings in American Financial Group by 145.8% during the first quarter. Jones Financial Companies Lllp now owns 1,278 shares of the insurance provider’s stock worth $168,000 after acquiring an additional 758 shares during the period. JPMorgan Chase & Co. raised its position in American Financial Group by 50.9% during the second quarter. JPMorgan Chase & Co. now owns 307,874 shares of the insurance provider’s stock valued at $38,857,000 after acquiring an additional 103,826 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of American Financial Group by 23.0% in the 2nd quarter. American Century Companies Inc. now owns 182,284 shares of the insurance provider’s stock valued at $23,006,000 after purchasing an additional 34,027 shares during the period. 64.37% of the stock is owned by hedge funds and other institutional investors.
American Financial Group Trading Up 1.5% NYSE AFG opened at $129.70 on Tuesday. American Financial Group has a 52 week low of $114.73 and a 52 week high of $150.02. The company has a 50 day moving average price of $129.14 and a 200 day moving average price of $134.30. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.38. The firm has a market cap of $10.80 billion, a PE ratio of 12.88 and a beta of 0.69.
American Financial Group (NYSE:AFG – Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The insurance provider reported $3.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.18 by $0.47. The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $1.79 billion. American Financial Group had a net margin of 10.30% and a return on equity of 18.64%. The business’s revenue for the quarter was down 4.0% on a year-over-year basis. During the same period in the previous year, the company earned $3.12 earnings per share. As a group, sell-side analysts forecast that American Financial Group will post 10.5 EPS for the current fiscal year.
American Financial Group Announces Dividend The business also recently announced a special dividend, which was paid on Wednesday, February 25th. Investors of record on Monday, February 16th were paid a $1.50 dividend. The ex-dividend date was Friday, February 13th. American Financial Group’s dividend payout ratio (DPR) is 34.96%.
American Financial Group Company Profile (Get Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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SG Americas Securities LLC grew its position in American Financial Group, Inc. (NYSE:AFG – Free Report) by 59.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 18,806 shares of the insurance provider’s stock after purchasing an additional 7,040 shares during the period. SG Americas Securities LLC’s holdings in American Financial Group were worth $2,570,000 at the end of the most recent quarter.
Several other institutional investors have also recently modified their holdings of AFG. Royal Bank of Canada boosted its position in American Financial Group by 11.1% in the first quarter. Royal Bank of Canada now owns 75,421 shares of the insurance provider’s stock valued at $9,905,000 after buying an additional 7,554 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in American Financial Group during the 1st quarter worth approximately $2,330,000. Jones Financial Companies Lllp raised its position in American Financial Group by 145.8% during the 1st quarter. Jones Financial Companies Lllp now owns 1,278 shares of the insurance provider’s stock worth $168,000 after buying an additional 758 shares during the last quarter. Prudential Financial Inc. lifted its stake in American Financial Group by 16.5% during the 2nd quarter. Prudential Financial Inc. now owns 7,690 shares of the insurance provider’s stock valued at $971,000 after acquiring an additional 1,087 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of American Financial Group by 452.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 19,871 shares of the insurance provider’s stock valued at $2,508,000 after acquiring an additional 16,274 shares during the last quarter. 64.37% of the stock is currently owned by hedge funds and other institutional investors.
American Financial Group Trading Down 0.0% Shares of American Financial Group stock opened at $129.70 on Friday. The firm has a 50-day simple moving average of $129.18 and a two-hundred day simple moving average of $134.23. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.23 and a current ratio of 0.23. American Financial Group, Inc. has a fifty-two week low of $114.73 and a fifty-two week high of $150.02. The company has a market cap of $10.80 billion, a P/E ratio of 12.88 and a beta of 0.69.
American Financial Group (NYSE:AFG – Get Free Report) last posted its earnings results on Wednesday, February 4th. The insurance provider reported $3.65 EPS for the quarter, beating analysts’ consensus estimates of $3.18 by $0.47. American Financial Group had a return on equity of 18.64% and a net margin of 10.30%.The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same period last year, the firm earned $3.12 EPS. The company’s quarterly revenue was down 4.0% on a year-over-year basis. As a group, equities analysts predict that American Financial Group, Inc. will post 10.5 earnings per share for the current fiscal year.
American Financial Group Dividend Announcement The firm also recently disclosed a special dividend, which was paid on Wednesday, February 25th. Stockholders of record on Monday, February 16th were given a $1.50 dividend. The ex-dividend date was Friday, February 13th. American Financial Group’s payout ratio is 34.96%.
Analyst Upgrades and Downgrades Several brokerages recently issued reports on AFG. Keefe, Bruyette & Woods raised their target price on shares of American Financial Group from $134.00 to $140.00 and gave the stock a “market perform” rating in a report on Wednesday, March 25th. Weiss Ratings raised American Financial Group from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, March 16th. Finally, Wells Fargo & Company reduced their price objective on American Financial Group from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, February 5th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $145.25.
Get Our Latest Analysis on AFG
Insider Buying and Selling at American Financial Group In other news, CFO Brian S. Hertzman sold 1,663 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $133.70, for a total transaction of $222,343.10. Following the transaction, the chief financial officer owned 12,073 shares in the company, valued at $1,614,160.10. This trade represents a 12.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 17.40% of the stock is currently owned by insiders.
About American Financial Group (Free Report)
American Financial Group, Inc (NYSE: AFG) is a diversified holding company primarily engaged in property and casualty insurance and reinsurance. Through its flagship subsidiary, Great American Insurance Company, the firm underwrites a broad range of specialty insurance products for commercial and industrial clients, including inland marine, excess and surplus lines, executive liability, and environmental liability coverage. In addition, American Financial Group offers supplemental accident and health insurance and assumes reinsurance risks from other insurers, helping to diversify its underwriting portfolio.
The company traces its roots to 1946, when it was founded by Carl Lindner, Sr.
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CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) expects to release its 2026 first quarter results after 5:00 p.m. (ET) on Wednesday, April 29, 2026. The release will be available shortly thereafter on AFG’s website at www.AFGinc.com.
In conjunction with its release, AFG will hold a conference call to discuss 2026 first quarter results at 11:30 a.m. (ET) on Thursday, April 30, 2026. There are two ways to access the call.
By Telephone
Participants should register for the call here now or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique PIN to access the call. Registration details are also available by visiting https://www.AFGinc.com/news-and-events/event-calendar.
While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.
Via the Internet
The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click on the following link: https://www.AFGinc.com/news-and-events/event-calendar. A replay of the webcast will be available via the same link on our website, approximately two hours after the completion of the call.
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
Key Takeaways AFG benefits from new business, pricing strength and Crop Risk Services, boosting growth prospects. AFG posted 35 straight quarters of renewal rate increases, aiming to exceed loss ratio trends. AFG's 20-year dividend growth streak and 12.4% CAGR reflect strong profitability and capital management. American Financial Group, Inc. (AFG - Free Report) has been trading above its 50-day simple moving average (SMA), signaling a short-term bullish trend. Its share price, as of April 15, 2026, was $130.59, down 13% from its 52-week high of $150.02.
The 50-day SMA is a key indicator for traders and analysts to identify support and resistance levels. It is considered particularly important as this is the first marker of an uptrend or downtrend.
Image Source: Zacks Investment Research
With a market capitalization of $10.87 billion, the average volume of shares traded in the last three months was 0.6 million. AFG has a solid earnings surprise history. It beat estimates in three of the last four quarters and missed in one, the average being 3.89%.
Price PerformanceShares of AFG have gained 2.5% year to date against the industry’s decline of 6.8%.
AFG has outperformed its peers, W.R. Berkley Corporation. (WRB - Free Report) , RLI Corp. (RLI - Free Report) and Kinsale Capital Group, Inc. (KNSL - Free Report) . WRB, RLI and KNSL have lost 3.4%, 24.6% and 26%, respectively, in the same time frame.
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AFG’s Growth Projection EncouragesThe Zacks Consensus Estimate for American Financial’s 2026 earnings per share indicates a year-over-year increase of 6.7%. The consensus estimate for revenues is pegged at $8.33 billion, implying a year-over-year improvement of 4.3%.
The consensus estimate for 2027 earnings per share and revenues indicates an increase of 6.8% and 5.4%, respectively, from the corresponding 2026 estimates.
Average Target Price for AFG Suggests UpsideBased on short-term price targets offered by six analysts, the Zacks average price target is $140.83 per share. The average suggests a potential 7.8% upside from the last closing price.
Image Source: Zacks Investment Research
AFG’s Favorable Return on CapitalAmerican Financial’s return on equity has also been improving over the last few quarters, reflecting its efficiency in utilizing shareholders’ funds. The trailing 12 months ROE was 18.6%, which compared favorably with the industry average of 7.3%.
Factors Favoring AFGNew business opportunities, increased exposure and a good renewal rate environment, coupled with additional crop premiums from the Crop Risk Services acquisition, position AFG well for growth.
American Financial, a niche player in the P&C market, is likely to benefit from strategic acquisitions and improved pricing. Improved industry fundamentals drive overall growth.
American Financial witnessed average renewal pricing across the entire P&C Group. It intends to maintain satisfactory rates in P&C renewal pricing going forward. AFG has reported overall renewal rate increases for 35 consecutive quarters, and it is expected to achieve overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns. The property and casualty insurer expects to achieve overall renewal rate increases in excess of prospective loss ratio trends to meet or exceed targeted returns.
Its combined ratio has been better than the industry average for more than two decades. Specialty niche focus, product line diversification and underwriting discipline should help AFG outperform the industry’s underwriting results.
Wealth DistributionAmerican Financial has increased its dividend for 20 straight years, apart from paying special dividends occasionally. This reflects its financial stability, which stems from robust operating profitability in the P&C segment, stellar investment performance and effective capital management.
Notably, the 10-year compound annual growth rate for the company's regular annual dividends is pinned at an impressive 12.4%. This track record underscores its prudent financial management and stability. The dividend yield is 2.7%, better than the industry average of 0.2%.
Wrapping Up: Keep on HoldingAmerican Financial’s prudent capital deployment, increased exposures, good renewal rate environment and improved combined ratio make it an attractive stock. It intends to maintain satisfactory rates in P&C renewal pricing going forward.
American Financial also has a VGM Score of B. Stocks with a favorable VGM Score are those with the most attractive value, best growth and most promising momentum compared with peers. Its impressive dividend history as well as attractive valuations are other positives.
American Financial should benefit from strategic acquisitions, new business opportunities, stronger underwriting profit and favorable growth estimates. It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wall Street expects a year-over-year increase in earnings on higher revenues when American Financial Group (AFG - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on April 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis property and casualty insurer is expected to post quarterly earnings of $2.55 per share in its upcoming report, which represents a year-over-year change of +40.9%.
Revenues are expected to be $1.99 billion, up 7.2% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.37% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for American Financial?For American Financial, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -4.52%.
On the other hand, the stock currently carries a Zacks Rank of #3.
So, this combination makes it difficult to conclusively predict that American Financial will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that American Financial would post earnings of $3.18 per share when it actually produced earnings of $3.65, delivering a surprise of +14.78%.
Over the last four quarters, the company has beaten consensus EPS estimates three times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
American Financial doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
An Industry Player's Expected ResultsAmong the stocks in the Zacks Insurance - Property and Casualty industry, RenaissanceRe (RNR - Free Report) , is soon expected to post earnings of $11.36 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +862.4%. This quarter's revenue is expected to be $2.92 billion, down 6.8% from the year-ago quarter.
The consensus EPS estimate for RenaissanceRe has been revised 1.9% lower over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +4.62%.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP indicates that RenaissanceRe will most likely beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates three times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) today reported 2026 first quarter net earnings of $191 million ($2.29 per share) compared to $154 million ($1.84 per share) for the 2025 first quarter. Net earnings included after-tax non-core net realized losses on securities of $15 million ($0.18 per share loss). By comparison, net earnings for the 2025 first quarter included net after-tax gains of $2 million ($0.03 per share). Annualized return on equity was 15.8% and 13.3% for the first quarters of 2026 and 2025, respectively, and is calculated excluding accumulated other comprehensive income (AOCI). Other details may be found in the table on the following page.
Core net operating earnings were $206 million ($2.47 per share) for the 2026 first quarter compared to $152 million ($1.81 per share) in the 2025 first quarter. The year-over-year increase reflects higher property and casualty (P&C) insurance underwriting profit, which was partially offset by lower returns in AFG’s alternative investment portfolio. Additional details for the 2026 and 2025 first quarters may be found in the table below. Core net operating earnings for the first quarters of 2026 and 2025 generated annualized returns on equity of 17.0% and 13.1%, respectively, which is calculated excluding AOCI.
Three months ended March 31,
Components of Pretax Core Operating Earnings
2026
2025
2026
2025
2026
2025
In millions, except per share amounts
Before Impact of
Alternative
Core Net Operating
Alternative Investments
Investments
Earnings, as reported
P&C Pretax Core Operating Earnings
$
312
$
234
$
(3
)
$
12
$
309
$
246
Other expenses
(29
)
(33
)
—
—
(29
)
(33
)
Holding company interest expense
(23
)
(19
)
—
—
(23
)
(19
)
Pretax Core Operating Earnings
260
182
(3
)
12
257
194
Related provision (credit) for income taxes
52
39
(1
)
3
51
42
Core Net Operating Earnings
$
208
$
143
$
(2
)
$
9
$
206
$
152
Core Operating Earnings Per Share
$
2.50
$
1.70
$
(0.03
)
$
0.11
$
2.47
$
1.81
Weighted Avg Diluted Shares Outstanding
83.3
83.8
83.3
83.8
83.3
83.8
AFG’s book value per share was $56.30 at March 31, 2026. AFG repurchased $60 million of its Common Stock (average price of $127.12 per share) and paid cash dividends of $2.38 per share during the first quarter, including a $1.50 per share special dividend paid in February. For the three months ended March 31, 2026, AFG’s growth in book value per share plus dividends was 1.6%.
Book value per share excluding AOCI was $57.83 per share at March 31, 2026, compared to $58.38 at the end of 2025. For the three months ended March 31, 2026, AFG’s growth in book value per share excluding AOCI plus dividends was 3.1%.
AFG’s net earnings, determined in accordance with U.S. generally accepted accounting principles (GAAP), include certain items that may not be indicative of its ongoing core operations. The table below identifies such items and reconciles net earnings to core net operating earnings, a non-GAAP financial measure. AFG believes that its core net operating earnings provides management, financial analysts, ratings agencies, and investors with an understanding of the results from the ongoing operations of the Company by excluding the impact of net realized gains and losses and other items that are not necessarily indicative of operating trends. AFG’s management uses core net operating earnings to evaluate financial performance against historical results because it believes this provides a more comparable measure of its continuing business. Core net operating earnings is also used by AFG’s management as a basis for strategic planning and forecasting.
In millions, except per share amounts
Three months ended March 31,
2026
2025
Components of net earnings:
Core operating earnings before income taxes
$
257
$
194
Pretax non-core items:
Realized gains (losses)
(18
)
3
Earnings before income taxes
239
197
Provision for income taxes:
Core operating earnings
51
42
Non-core items
(3
)
1
Total provision for income taxes
48
43
Net earnings
$
191
$
154
Net earnings:
Core net operating earnings(a)
$
206
$
152
Non-core items:
Realized gains (losses)
(15
)
2
Net earnings
$
191
$
154
Components of earnings per share:
Core net operating earnings(a)
$
2.47
$
1.81
Non-core items:
Realized gains (losses)
(0.18
)
0.03
Diluted net earnings per share
$
2.29
$
1.84
Footnote (a) is contained in the accompanying Notes to Financial Schedules at the end of this release.
S. Craig Lindner and Carl H. Lindner III, AFG’s Co-Chief Executive Officers, issued this statement: “We are pleased to report a core net operating ROE of 17% in the first quarter. Our specialty P&C businesses produced strong underwriting profitability against a backdrop of lower returns in our alternative investments portfolio. We returned nearly $260 million to our shareholders through a combination of regular dividends, special dividends and share repurchases. Our entrepreneurial, opportunistic culture and disciplined operating philosophy continue to position us well for long-term success.”
Messrs. Lindner continued: “AFG continued to have significant excess capital at March 31, 2026. Returning capital to shareholders in the form of regular and special cash dividends and through opportunistic share repurchases is an important and effective component of our capital management strategy. In addition, our capital will be deployed into AFG’s core businesses as we identify the potential for healthy, profitable organic growth, and opportunities to expand our specialty niche businesses through acquisitions and start-ups that meet our target return thresholds.”
Specialty Property and Casualty Insurance Operations
The Specialty P&C insurance operations generated a strong 90.3% combined ratio in the first quarter of 2026, an improvement of 3.7 points from the 94.0% reported in the first quarter of 2025. First quarter 2026 results include 2.2 points related to catastrophe losses, compared to 4.5 points in the first quarter of 2025. First quarter 2026 results benefited from 4.4 points of favorable prior year reserve development, compared to 1.3 points in the first quarter of 2025. Underwriting profit was $156 million for the 2026 first quarter compared to $94 million in the comparable 2025 period, with each of our Specialty P&C groups reporting higher year-over-year underwriting profit.
First quarter 2026 gross and net written premiums were 6% and 3% higher, respectively, than the comparable period in 2025. We continued to benefit from the diversification across our 36 businesses and achieved premium growth in many of them as a result of a combination of new business opportunities, a good renewal rate environment, and increased exposures – while maintaining discipline and focusing on underwriting profitability.
Average renewal pricing across our P&C Group, excluding workers’ compensation, was up approximately 5% for the quarter, in line with the previous quarter. Average renewal rates including workers’ compensation were up approximately 3% overall. We believe we are achieving overall renewal rate increases that enable us to meet or exceed targeted returns.
The Property and Transportation Group reported an underwriting profit of $65 million in the first quarter of 2026 compared to $37 million in the first quarter of 2025. Nearly all the businesses in this group reported higher year-over-year profitability, led by our agricultural and transportation businesses. Catastrophe losses in this group were $12 million in the first quarter of 2026, compared to $10 million in the first quarter of 2025. The businesses in the Property and Transportation Group achieved an excellent 87.6% calendar year combined ratio overall in the first quarter of 2026, an improvement of 4.9 points from the 92.5% reported in the comparable 2025 period.
First quarter 2026 gross and net written premiums in this group were 11% and 6% higher than the comparable prior year period. The increase is primarily attributable to growth in crop insurance products with higher premium cessions, along with new business opportunities, higher exposures, and a favorable rate environment in several of our transportation businesses. Overall renewal rates in this group increased approximately 6% on average in the first quarter of 2026, consistent with the prior two quarters.
The Specialty Casualty Group reported an underwriting profit of $34 million in the first quarter of 2026 compared to $20 million in the comparable 2025 period. Higher profitability in our targeted markets, workers compensation, and executive and professional liability businesses were the principal drivers of these improved results. Catastrophe losses for this group were $11 million in the first quarter of 2026 compared to $27 million in the prior year quarter. The businesses in the Specialty Casualty Group achieved a 95.8% calendar year combined ratio in the first quarter of 2026, an improvement of 1.8 points from the 97.6% reported in the comparable period in 2025.
First quarter 2026 gross and net written premiums both increased 2% when compared to the same prior year period. Growth from new business opportunities and higher renewals in our targeted markets and workers’ compensation businesses were partially offset by heightened competitive conditions in our excess and surplus lines business. Excluding workers’ compensation, renewal pricing for this group was up approximately 6% in the first quarter, consistent with the prior quarter. Pricing in this group, including workers’ compensation, was up about 3%.
The Specialty Financial Group reported an underwriting profit of $57 million in the first quarter of 2026, compared to $37 million in the comparable 2025 period. While nearly all businesses in this group reported higher year-over-year underwriting profits, the drivers of the higher profitability were our fidelity/crime and financial institutions businesses. Catastrophe losses for this group were $12 million in the first quarter of 2026 compared to $35 million in the first quarter of 2025. This group reported an exceptional 80.0% calendar year combined ratio for the first quarter of 2026, an improvement of 7.0 points from the comparable period in 2025.
Gross and net written premiums increased by 6% and 1%, respectively, in the 2026 first quarter when compared to the same 2025 period, primarily due to growth in our lender services businesses. Net written premiums were tempered by our decision to cede more of the coastal-exposed property business in our financial institutions business beginning in the second quarter of 2025. Renewal pricing in this group was up about 1% in the first quarter of 2026, consistent with the prior quarter and reflecting the strong margins overall earned on these businesses.
Carl Lindner III stated, “Our Specialty P&C businesses are off to a strong start in 2026, producing a 66% year-over-year increase in underwriting profit, with the vast majority reporting growth during the quarter. We are continuing to achieve strong pricing in our social inflation exposed businesses and are confident about the strength of our reserves.”
Further details about AFG’s Specialty P&C operations may be found in the accompanying schedules and in our Quarterly Investor Supplement, which is posted on our website.
Investments
Net Investment Income – Excluding the impact of alternative investments, net investment income in our property and casualty insurance operations for the three months ended March 31, 2026, increased 8% year-over-year primarily as a result of the impact of higher balances of invested assets. Property and casualty net investment income including the impact of alternative investments was approximately 1% lower than the comparable 2025 period.
The annualized return on alternative investments was (0.4%) in first quarter of 2026 compared to 1.8% for the prior year quarter. Earnings from alternative investments may vary from quarter to quarter based on the reported results of the underlying investments and generally are reported on a quarter lag. The average annual return on alternative investments over the five calendar years ended December 31, 2025, was approximately 11%. Longer term, we continue to remain optimistic regarding the prospects of attractive returns from our alternative investment portfolio, with an expectation of annual returns averaging 10% or better.
In April 2026, AFG reached definitive agreements to sell the Charleston Harbor Resort & Marina. Subject to receipt of necessary third-party approvals and satisfaction of customary closing conditions, the transaction is expected to close in the second or third quarter of 2026. AFG currently expects to recognize a pretax core operating gain of approximately $125 million on the sale. This transaction was not contemplated in AFG’s original business plan assumptions.
Non-Core Net Realized Gains (Losses) – AFG recorded first quarter 2026 net realized losses of $15 million ($0.18 per share loss) after tax, which included $13 million ($0.16 per share loss) in after-tax net losses to adjust equity securities that the Company continued to own at March 31, 2026, to fair value. AFG recorded net realized gains of $2 million ($0.03 per share) after tax in the comparable 2025 period.
After-tax unrealized losses related to fixed maturities were $101 million at March 31, 2026. Our portfolio continues to be high quality, with 96% of our fixed maturity portfolio rated investment grade and 98% of our P&C fixed maturity portfolio with a National Association of Insurance Commissioners’ designation of NAIC 1 or 2, its highest two categories.
More information about the components of our investment portfolio may be found in our Quarterly Investor Supplement, which is posted on our website.
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
Forward Looking Statements
This press release, and any related oral statements, contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements in this press release not dealing with historical results are forward-looking and are based on estimates, assumptions, and projections. Examples of such forward-looking statements include statements relating to: the Company's expectations concerning market and other conditions and their effect on future premiums, revenues, earnings, investment activities and the amount and timing of share repurchases or special dividends; recoverability of asset values; expected losses and the adequacy of reserves for asbestos, environmental pollution and mass tort claims; rate changes; and improved loss experience.
Actual results and/or financial condition could differ materially from those contained in or implied by such forward-looking statements for a variety of reasons including, but not limited to: the risks and uncertainties AFG describes in the “Risk Factors” section of its most recent Annual Report on Form 10-K, as updated by its other reports filed with the Securities and Exchange Commission; whether or not the sale of Charleston Harbor Resort & Marina closes and AFG’s net gain as a result of the sale; changes in financial, political and economic conditions, including changes in interest and inflation rates and impacts from tariffs or other trade actions, currency fluctuations and extended economic recessions or expansions in the U.S. and/or abroad; performance of securities markets; new legislation or declines in credit quality or credit ratings that could have a material impact on the valuation of securities in AFG’s investment portfolio; the availability of capital; changes in insurance law or regulation, including changes in statutory accounting rules, including modifications to capital requirements; changes in the legal environment affecting AFG or its customers; tax law and accounting changes; levels of natural catastrophes and severe weather, terrorist activities (including any nuclear, biological, chemical or radiological events), incidents of war or losses resulting from pandemics, civil unrest and other major losses; disruption caused by cyber-attacks or other technology breaches or failures by AFG or its business partners and service providers, which could negatively impact AFG’s business or reputation and/or expose AFG to litigation; development of insurance loss reserves and establishment of other reserves, particularly with respect to amounts associated with asbestos and environmental claims; availability of reinsurance and ability of reinsurers to pay their obligations; competitive pressures; the ability to obtain adequate rates and policy terms; changes in AFG’s credit ratings or the financial strength ratings assigned by major ratings agencies to AFG’s operating subsidiaries; and the impact of the conditions in the international financial markets and the global economy relating to AFG’s international operations.
The forward-looking statements herein are made only as of the date of this press release. The Company assumes no obligation to publicly update any forward-looking statements.
Conference Call
The Company will hold a conference call to discuss 2026 first quarter results at 11:30 a.m. (ET) tomorrow, Thursday, April 30, 2026. There are two ways to access the call.
Participants should register for the call here now, or any time up to and during the time of the call, and will immediately receive the dial-in number and a unique pin to access the call. While you may register at any time up to and during the time of the call, you are encouraged to join the call 10 minutes prior to the start of the event.
The conference call and accompanying webcast slides will also be broadcast live over the internet. To access the event, click the following link: https://www.afginc.com/news-and-events/event-calendar. Alternatively, you can choose Events from the Investor Relations page at www.AFGinc.com.
A replay of the webcast will be available via the same link on our website approximately two hours after the completion of the call.
(Financial summaries follow)
This earnings release and AFG’s Quarterly Investor Supplement are available in the Investor Relations section of AFG’s website: www.AFGinc.com.
AMERICAN FINANCIAL GROUP, INC. AND SUBSIDIARIES
SUMMARY OF EARNINGS AND SELECTED BALANCE SHEET DATA
(In Millions, Except Per Share Data)
Three months ended
March 31,
2026
2025
Revenues
Net earned premiums
$
1,609
$
1,580
Net investment income
187
173
Realized gains (losses) on securities
(18
)
3
Income of managed investment entities:
Investment income
67
76
Gain (loss) on change in fair value of
assets/liabilities
(20
)
(3
)
Other income
29
27
Total revenues
1,854
1,856
Costs and expenses
Losses & loss adjustment expenses
906
965
Commissions and other underwriting expenses
556
530
Interest charges on borrowed money
23
19
Expenses of managed investment entities
58
68
Other expenses
72
77
Total costs and expenses
1,615
1,659
Earnings before income taxes
239
197
Provision for income taxes
48
43
Net earnings
$
191
$
154
Diluted earnings per common share
$
2.29
$
1.84
Average number of diluted shares
83.3
83.8
Selected Balance Sheet Data:
March 31, 2026
December 31, 2025
Total Cash and investments
$17,143
$17,182
Long-term debt
$1,820
$1,820
Shareholders' equity(b)
$4,678
$4,820
Shareholders' equity (excluding AOCI)
$4,805
$4,870
Book value per share(b)
$56.30
$57.78
Book value per share (excluding AOCI)
$57.83
$58.38
Common Shares Outstanding
83.1
83.4
Footnote (b) is contained in the accompanying Notes to Financial Schedules at the end of this release.
AMERICAN FINANCIAL GROUP, INC.
SPECIALTY P&C OPERATIONS
(Dollars in Millions)
Three months ended March 31,
Pct. Change
2026
2025
Gross written premiums
$
2,435
$
2,291
6
%
Net written premiums
$
1,664
$
1,611
3
%
Ratios (GAAP):
Loss & LAE ratio
56.3
%
61.0
%
Underwriting expense ratio
34.0
%
33.0
%
Specialty Combined Ratio
90.3
%
94.0
%
Combined Ratio – P&C Segment
90.4
%
94.1
%
Supplemental Information (c):
Gross Written Premiums:
Property & Transportation
$
999
$
897
11
%
Specialty Casualty
1,089
1,068
2
%
Specialty Financial
347
326
6
%
$
2,435
$
2,291
6
%
Net Written Premiums:
Property & Transportation
$
596
$
563
6
%
Specialty Casualty
789
772
2
%
Specialty Financial
279
276
1
%
$
1,664
$
1,611
3
%
Combined Ratio (GAAP):
Property & Transportation
87.6
%
92.5
%
Specialty Casualty
95.8
%
97.6
%
Specialty Financial
80.0
%
87.0
%
Aggregate Specialty Group
90.3
%
94.0
%
Three months ended March 31,
2026
2025
Reserve Development (Favorable)/Adverse:
Property & Transportation
$
(47
)
$
(19
)
Specialty Casualty
—
12
Specialty Financial
(23
)
(13
)
Specialty Group
(70
)
(20
)
Other
—
—
Total Reserve Development
$
(70
)
$
(20
)
Points on Combined Ratio:
Property & Transportation
(9.0
)
(3.9
)
Specialty Casualty
—
1.6
Specialty Financial
(7.9
)
(4.6
)
Aggregate Specialty Group
(4.4
)
(1.3
)
Total P&C Segment
(4.3
)
(1.3
)
Footnote (c) is contained in the accompanying Notes to Financial Schedules at the end of this release.
AMERICAN FINANCIAL GROUP, INC.
Notes to Financial Schedules
a) Components of core net operating earnings (in millions):
Three months ended March 31,
2026
2025
Core Operating Earnings before Income Taxes:
P&C Insurance Segment
$
309
$
246
Interest and other corporate expenses
(52
)
(52
)
Core operating earnings before income taxes
257
194
Related income taxes
51
42
Core net operating earnings
$
206
$
152
b) Shareholders’ Equity at March 31, 2026, includes ($127 million) ($1.53 per share loss) in Accumulated Other Comprehensive Income (Loss) compared to ($50 million) ($0.60 per share loss) in Accumulated Other Comprehensive Income (Loss) at December 31, 2025.
c) Supplemental Notes:
Property & Transportation includes primarily physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products, and other commercial property coverages. Specialty Casualty includes primarily excess and surplus, general liability, executive liability, professional liability, umbrella and excess liability, specialty coverages in targeted markets, customized programs for small to mid-sized businesses and workers’ compensation insurance. Specialty Financial includes risk management insurance programs for lending and leasing institutions (including equipment leasing and collateral and lender-placed mortgage property insurance), surety and fidelity products and trade credit insurance. More News From American Financial Group, Inc.
American Financial Group (AFG - Free Report) came out with quarterly earnings of $2.47 per share, missing the Zacks Consensus Estimate of $2.55 per share. This compares to earnings of $1.81 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -2.95%. A quarter ago, it was expected that this property and casualty insurer would post earnings of $3.18 per share when it actually produced earnings of $3.65, delivering a surprise of +14.78%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
American Financial, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $1.83 billion for the quarter ended March 2026, missing the Zacks Consensus Estimate by 8.29%. This compares to year-ago revenues of $1.86 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
American Financial shares have lost about 3.9% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for American Financial?While American Financial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for American Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.45 on $2.01 billion in revenues for the coming quarter and $10.98 on $8.33 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Mercury General (MCY - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 5.
This auto insurance company is expected to post quarterly earnings of $2.15 per share in its upcoming report, which represents a year-over-year change of +193.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Mercury General's revenues are expected to be $1.46 billion, up 6.2% from the year-ago quarter.
American Financial Group (AFG - Free Report) reported $1.83 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 1.7%. EPS of $2.47 for the same period compares to $1.81 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.99 billion, representing a surprise of -8.29%. The company delivered an EPS surprise of -2.95%, with the consensus EPS estimate being $2.55.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how American Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Property and Casualty combined ratio - Specialty - Loss and LAE Ratio: 56.3% compared to the 60.5% average estimate based on four analysts.Property and Casualty combined ratio - Specialty - Underwriting Expense Ratio: 34% versus 32.1% estimated by four analysts on average.Property and Casualty combined ratio - Specialty - Combined Ratio - Specialty: 90.3% versus the four-analyst average estimate of 92.8%.Specialty Casualty - Loss and LAE Ratio: 64.7% versus 66.5% estimated by three analysts on average.Specialty Casualty - Underwriting Expense Ratio: 31.1% compared to the 29% average estimate based on three analysts.Revenues- Net investment income: $187 million compared to the $210.21 million average estimate based on four analysts. The reported number represents a change of +8.1% year over year.Revenues- Net earned premiums: $1.61 billion versus the four-analyst average estimate of $1.77 billion. The reported number represents a year-over-year change of +1.8%.Specialty Casualty- Net earned premium: $799 million versus the three-analyst average estimate of $843.8 million. The reported number represents a year-over-year change of +0.6%.Property and Transportation- Net earned premium: $526 million versus $639.68 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +5.2% change.Specialty Financial- Net earned premium: $284 million versus the three-analyst average estimate of $307.92 million. The reported number represents a year-over-year change of -0.7%.Revenues- Other income: $29 million versus the two-analyst average estimate of $28.88 million. The reported number represents a year-over-year change of +7.4%.Revenues- Income of managed investment entities- Investment income: $67 million versus the two-analyst average estimate of $70.11 million. The reported number represents a year-over-year change of -11.8%.View all Key Company Metrics for American Financial here>>>
Shares of American Financial have returned +2.9% over the past month versus the Zacks S&P 500 composite's +12.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
American Financial Group, Inc. (AFG - Free Report) reported first-quarter 2026 net operating earnings per share of $2.47, which missed the Zacks Consensus Estimate of $2.55. However, the bottom line increased 36.5% year over year, driven by underwriting income.
Total revenues of $1.8 billion decreased 1.7% year over year. The decline was due to lower investment income and realized gains (losses) on securities. The top line also missed the Zacks Consensus Estimate by 8.3%.
AFG’s first-quarter results were weighed down by weaker performance in its alternative investment portfolio, which offset strong underwriting results in its Specialty Property & Casualty (“P&C”) insurance segment.
American Financial Group, Inc. price-consensus-eps-surprise-chart | American Financial Group, Inc. Quote
Behind the HeadlinesNet earned premiums rose 1.8% year over year to $1.6 billion in the first quarter of 2026. The figure was below both the Zacks Consensus Estimate and our estimate of $1.8 billion.
Net investment income rose 8.1% year over year to $187 million in the quarter under review. The figure was lower than our estimate of $199.8 million and also missed the Zacks Consensus Estimate of $210.2 million.
Total costs and expenses decreased 2.7% year over year to $1.6 billion due to lower losses & loss adjustment expenses, interest charges on borrowed money and expenses of managed investment entities. The figure was lower than our estimate of $1.8 billion.
Segmental UpdateThe Specialty P&C Insurance segment generated $1.7 billion in net written premiums, which improved 3% year over year, driven by new business, favorable renewal rates and higher exposures, supported by diversified operations and disciplined underwriting.
Net written premiums in the Property & Transportation Group increased 6% year over year to $596 million in the quarter.
Net written premiums at the Specialty Casualty Group increased 2% year over year to $789 million. Further, net written premiums at Specialty Financial Group rose 1% year over year to $279 million.
The Specialty P&C Insurance segment’s underwriting profit increased 66% year over year to $156 million in the quarter, driven by higher underwriting profit across all three groups. The figure exceeded our estimate of $145 million. Pre-tax core operating earnings before income taxes of the P&C Insurance segment were $309 million, up 25.6% year over year.
In the Specialty Financial Group, a higher year-over-year underwriting profit of $57 million was primarily driven by stronger performance in its fidelity/crime and financial institutions businesses. Catastrophe losses in Specialty Financial Group totaled $12 million in the reported quarter, narrower than the year-ago loss of $35 million. The current combined ratio of 80% improved 70 basis points year over year. The results benefited from favorable prior-year reserve development.
Financial UpdateAmerican Financial exited the first quarter of 2026 with total cash and investments of $17.1 billion, which decreased 0.2% from the 2025-end level. Long-term debt of $1.82 billion in the first quarter of 2026 remained the same as the 2025-end level.
As of March 31, 2026, the company’s book value per share, excluding accumulated other comprehensive income (AOCI), was $57.83 compared to $58.38 at the end of 2025. Annualized return on equity was 15.8% in the first quarter, which increased 250 basis points year over year.
AFG’s Prudent Capital DeploymentAmerican Financial returned $259 million to shareholders in the first quarter of 2026, consisting of $125 million in special dividends and $60 million in share repurchases. It paid total cash dividends of $2.38 per share, which included a $1.50 per share special dividend paid in February 2026.
AFG’s Zacks RankAmerican Financial currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other InsurersThe Progressive Corporation’s (PGR - Free Report) first-quarter 2026 earnings per share of $4.96 beat the Zacks Consensus Estimate by 2.5%. The bottom line increased 6.7% year over year. Net premiums written were $23.6 billion in the quarter, up 6.5% from $22.2 billion a year ago.
PGR's Net premiums earned grew 8% to $20.9 billion. The reported figure beat the Zacks Consensus Estimate by 1.5%. Operating revenues grew 8.2% year over year to $22.3 billion, driven by 8% higher net premiums earned, a 12.7% increase in net investment income, a 3.5% rise in fees and other revenues, and 13.5% higher service revenue. The top line missed the Zacks Consensus Estimate by 1.2%.
W.R. Berkley Corporation (WRB - Free Report) reported first-quarter 2026 operating income of $1.30 per share, which beat the Zacks Consensus Estimate by 15%. The bottom line increased 28.7% year over year. Total revenues were $3.7 billion, up 5% year over year, driven by higher net premiums earned, improved net investment income, higher revenues from non-insurance businesses and increased other income. The top line missed the consensus estimate by 0.3%.
W.R. Berkley’s net premiums written were about $3.2 billion, up 1.3% year over year. The figure missed our estimate as well as the Zacks Consensus Estimate of $3.18 billion.
Chubb Limited (CB - Free Report) reported first-quarter 2026 core operating income of $6.82 per share, which outpaced the Zacks Consensus Estimate by 5.2%. The bottom line decreased 85.2% year over year. Total operating revenues improved 11.8% year over year to $15.3 billion. The top line beat the Zacks Consensus Estimate by 3%.
CB's Net premiums written improved 10.7% year over year to $14 billion in the quarter. Our estimate was $13.6 billion, while the Zacks Consensus Estimate was pegged at $13.5 billion. Net investment income was $1.7 billion, up 9.5% year over year. The Zacks Consensus Estimate was pegged at $1.8 billion, and our estimate was $2 billion.
CINCINNATI--(BUSINESS WIRE)--American Financial Group, Inc. (NYSE: AFG) is pleased to announce the promotion of Andrea I. Raible to Assistant Vice President & Controller. Ms. Raible succeeds Robert (Bob) A. Dee, who will retire in June after 41 years of service to the company.
Ms. Raible joined AFG in 2005 and has held positions of increasing responsibility within the company’s finance and accounting areas. In her new role, she will oversee accounting policies and procedures in accordance with Generally Accepted Accounting Principles (GAAP) and other applicable regulations, as well as financial reporting to the Securities and Exchange Commission (SEC).
Ms. Raible earned a bachelor’s degree in accounting from the University of Cincinnati and is a Certified Public Accountant (CPA) in the state of Kentucky.
About American Financial Group, Inc.
American Financial Group is an insurance holding company, based in Cincinnati, Ohio. Through the operations of Great American Insurance Group, AFG is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company.
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