American Financial Group (AFG) BofA Securities 2026 Financial Services Conference presentation summary

Business overview and strategy

• Focuses on specialty property and casualty insurance with over 55% of gross written premium from businesses ranked in the top 10 of their markets.

• Maintains an entrepreneurial culture, strategic alignment of interests, and consistent investment outperformance.

• 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 and profit-sharing to align interests.

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

Financial performance and capital management

• Achieved a 12% CAGR in book value per share plus dividends over the past decade.

• 2025 core net operating earnings were $860 million, with an 18.2% core operating ROE and book value per share of $57.78.

• Returned $707 million to shareholders in 2025, including regular and special dividends and share repurchases.

• Maintains a strong balance sheet with no debt maturities until 2030 and above-target capital levels for all rating agencies.

• Regular annual dividend increased for the 20th consecutive year, with $6.3 billion returned to shareholders over five years.

Specialty P&C operations and underwriting

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

• Diversified portfolio across property & transportation (44%), specialty casualty (43%), and specialty financial (13%).

• Combined ratio of 91.0% for 2025, outperforming peers by 7.5 points over the past decade.

• Specialty P&C businesses showed stable premium volumes and strong underwriting profitability.

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