10-K · February 25, 2026
AFG reported 2025 results showing resilient underwriting and strong cash generation despite modest revenue and earnings declines. Specialty P&C produced net earned premiums of $7,046M and an underwriting gain of $629M…
Earnings analysis · 10-Q
AFG earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
American Financial Group (AFG) reported Q1 2026 results, with net earnings of $191 million ($2.29 per share), reflecting an increase from $154 million ($1.84 per share) in Q1 2025. Revenue for the quarter was $1.61…
Read full summary
American Financial Group (AFG) reported Q1 2026 results, with net earnings of $191 million ($2.29 per share), reflecting an increase from $154 million ($1.84 per share) in Q1 2025. Revenue for the quarter was $1.61 billion, slightly up from $1.58 billion, but below the consensus estimate of $1.76 billion. Management projects ongoing premium growth and improved underwriting results, while acknowledging headwinds from economic and regulatory pressures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $2.29
- Segment
- Property and Casualty Insurance
- Segment
- Other
What stood out
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Earnings Growth Year-Over-Year
AFG’s net earnings rose to $191 million in Q1 2026 from $154 million in Q1 2025, a 24% increase.
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Revenue Performance
Total revenue for Q1 2026 was reported at $1.61 billion, up from $1.58 billion in Q1 2025.
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Underwriting Profit Soars
AFG achieved a 66% increase in underwriting profit for the Specialty P&C segment, reaching $156 million, up from $94 million the previous year.
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Improved Core Net Operating Earnings
Core net operating earnings for Q1 2026 were $206 million, compared to $152 million in Q1 2025, marking a significant 36% increase.
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Cash Flow from Operations
Operating cash flow increased to $474 million in Q1 2026 from $342 million in Q1 2025.
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Stock Buybacks and Dividends
AFG repurchased $60 million worth of shares and paid a special dividend of $125 million in Q1 2026.
What to watch
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Revenue Missed Expectations
Revenue came in at $1.61 billion, missing consensus estimates of $1.76 billion by approximately 8.3%.
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Negative EPS Surprise
Reported EPS of $2.29 was below the expected EPS of $2.55, yielding a surprise of -3.14%.
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Volatility in Investment Returns
Changes in investment returns and economic conditions pose ongoing risks to profitability.
Management's outlook
Management anticipates premium growth and strong underwriting results, and expects improved investment returns in the second half of 2026.
Earlier filings 4
10-Q · November 6, 2025
AFG reported Q3 2025 net earnings of $215 million and diluted EPS of $2.58, up from $181 million and $2.16 in Q3 2024, despite a slight decline in total revenues to $2,331 million from $2,369 million one year earlier.…
10-K · February 25, 2025
AFG presents a stable specialty P&C franchise with consistent underwriting profitability and a sizable investment portfolio. 2024 results show net earnings of $887 million and diluted EPS of $10.57, while management…
10-Q · November 3, 2023
AFG reported third-quarter 2023 total revenues of $2,164 million (up $180 million or 9.1% vs Q3 2022) and diluted EPS of $2.09 (up $0.16 or 8.3% vs Q3 2022). Operating cash flow for the nine months ended September 30,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.