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American Financial Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net earnings for Q3 2025 were $215 million ($2.58 per diluted share), with core net operating earnings at $224 million ($2.69 per share), reflecting a 16% year-over-year increase in core EPS and a 19% annualized core operating ROE.
Book value per share excluding AOCI was $57.59 at quarter-end, with growth in book value per share plus dividends of 6.2% for the quarter and 14.9% for the nine months ended September 30, 2025.
The board declared a $2.00 per share special dividend, totaling approximately $167 million, and regular quarterly dividends were increased by 10% to $0.88 per share.
Net investment income increased 5% year-over-year, supported by higher interest rates and larger invested asset balances.
Total assets reached $33.8 billion, and shareholders' equity excluding AOCI was $4.8 billion at quarter-end.
Financial highlights
Underwriting profit in specialty P&C insurance grew 19% year-over-year to $139 million, with a combined ratio of 93.0% for Q3 2025.
Property and Casualty net written premiums were $2.25 billion for Q3 2025, with gross and net written premiums down 2% and 4% year-over-year, mainly due to crop premium timing.
Average renewal pricing increased approximately 5% across the P&C group, marking 37 consecutive quarters of renewal rate increases.
Catastrophe losses for the quarter were $23 million, down from $90 million in the prior year quarter.
Net realized gains on securities were $12 million in Q3 2025, compared to net losses of $2 million in Q3 2024.
Outlook and guidance
Premium growth for full year 2025 is expected in below single digits, with a rebound projected for 2026 due to new startups and completed underwriting actions.
Management expects continued strong underwriting results and premium growth, supported by a favorable P&C market and higher investment yields.
Operations are expected to generate significant excess capital through 2025 and into 2026, supporting further acquisitions, special dividends, or share repurchases.
Capital deployment strategy for excess capital
Specialty Casualty social inflation impact & actions?
Details on non-core A&E charge for former ops
Why no Q3 share repurchases?
How 5% pricing exceeds P&C loss trends?
Drivers of Specialty & Casualty combined ratio rise?
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Next American Financial Group earnings date
Q4 202530 Jan, 2026
Next American Financial Group earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
American Financial Group Inc is a holding company offering property and casualty insurance through its subsidiaries. The company focuses on specialty insurance for commercial clients, including excess and surplus lines, and annuities for retail customers. It is headquartered in Cincinnati, Ohio, and its shares are listed on the NYSE.
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