American Financial Group (AFG) 2026 Association of Insurance and Financial Analysts (AIFA) Conference presentation summary

Business overview and strategy

• Specializes in property and casualty insurance with over 150 years of history and a focus on niche markets and risk management solutions.

• Maintains an entrepreneurial culture, strategic alignment of interests, and superior capital management.

• Core values include integrity, discipline, specialization, and customer focus, shaping business priorities and expectations.

• Management and key executives hold significant ownership, with incentive-based programs to align interests and drive performance.

• History of strategic acquisitions, divestitures, and start-ups to focus on core specialty P&C operations.

Financial performance and underwriting

• Achieved a specialty P&C combined ratio of 91.0% for 2025, with 13 consecutive years under 94%.

• Outperformed peers by 7.6 points in combined ratio over the past decade.

• 2025 gross written premiums reached $10.7 billion, with net written premiums at $7.1 billion.

• Core net operating earnings for 2025 were $860 million, with a core operating ROE of 18.2%.

• Maintained double-digit growth in regular dividends, with $6.3 billion returned to shareholders over five years.

Product portfolio and market position

• Offers diversified specialty P&C products across property & transportation, specialty casualty, and specialty financial segments.

• Over 55% of gross written premium comes from businesses with top 10 market rankings in their niches.

• Crop insurance is a major line, ranking #5 in the U.S. with a 12% market share and $2.21 billion in 2025 GWP.

• Maintains strong financial strength ratings (A+ from AM Best and S&P, A1 from Moody’s).