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American Financial Group
American Financial Group (AFG) investor relations material
American Financial Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Core Net Operating Earnings per share reached $10.29 for 2025, with a core operating ROE of 18.2% for the year and 25.2% annualized in Q4.
Fourth quarter net earnings were $299 million, with core net operating earnings at $305 million and diluted EPS at $3.65.
Book value per share, excluding AOCI, rose to $58.38 at year-end 2025, up from $56.03 a year earlier.
Fourth quarter marked a record underwriting profit, up 41% year-over-year, driven by strong crop insurance and specialty P&C performance.
Over $700 million was returned to shareholders in 2025 through dividends and buybacks.
Financial highlights
Q4 Core Net Operating Earnings per share were $3.65; full-year diluted EPS was $10.08.
Book value per share growth plus dividends was 17.2% for 2025; including AOCI, growth was 22.3%.
Property and Casualty net written premiums for 2025 were $7.11 billion, nearly flat year-over-year.
P&C net investment income (excluding alternatives) rose 5% year-over-year; alternative investment returns were 0.9% in Q4, down from 4.9% prior year.
Total assets at year-end were $32.7 billion, up from $30.8 billion in 2024.
Outlook and guidance
2026 business plan assumes 3%-5% net written premium growth, a 92.5% combined ratio, 5.25% reinvestment rate, and 8% return on $2.8B alternative investments.
Core Net Operating Earnings per share expected to be ~$11 in 2026, with core operating ROE of ~18%.
Book value per share growth and stable combined ratios suggest continued financial strength.
Optimism for growth in startup businesses and improved underwriting in specialty casualty.
Alternative investment return outlook for 2026?
Strategy for social inflation-exposed businesses?
Capital deployment for organic/M&A growth?
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Latest summaries
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Q1'26 saw double-digit ARR growth, margin gains, and major buybacks, with a strong FY'26 outlook.
Next American Financial Group earnings date
Q1 20266 May, 2026
American Financial Group
Next American Financial Group earnings date
Q1 20266 May, 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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