NYSE : AFG
American Financial Group, Inc. — Financial statements
Financials · Insurance - Property & Casualty · United States
Last price 153.1 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 12.70B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 7.12B | 7.05B | 7.04B | 6.53B | 6.08B | 5.40B |
| Total Interest & Dividend Income | 768.00M | 748.00M | 726.00M | 652.00M | 490.00M | 374.00M |
| Gain (Loss) on Sale of Investments | -19.00M | 2.00M | 74.00M | -3.00M | -118.00M | 171.00M |
| Other Revenue | 186.00M | 145.00M | 174.00M | 272.00M | 353.00M | 444.00M |
| Total Revenue | 8.06B | 7.94B | 8.01B | 7.45B | 6.81B | 6.39B |
| Policy Benefits | 4.32B | 4.39B | 4.46B | 4.03B | 3.63B | 3.14B |
| Policy Acquisition & Underwriting Costs | 2.11B | 2.06B | 2.01B | 1.94B | 1.72B | 1.55B |
| Selling, General & Administrative | 42.00M | 42.00M | 41.00M | 36.00M | 36.00M | 41.00M |
| Other Operating Expenses | 258.00M | 266.00M | 264.00M | 253.00M | 210.00M | 203.00M |
| Total Operating Expenses | 6.73B | 6.75B | 6.77B | 6.26B | 5.59B | 4.93B |
| Operating Income | 1.32B | 1.19B | 1.24B | 1.20B | 1.22B | 1.46B |
| Interest Expense | -98.00M | -89.00M | -100.00M | -102.00M | -85.00M | -94.00M |
| EBT Excluding Unusual Items | 1.23B | 1.10B | 1.14B | 1.09B | 1.13B | 1.37B |
| Gain (Loss) on Sale of Assets | 1.00M | 1.00M | -4.00M | 4.00M | ||
| Other Unusual Items | -25.00M | -25.00M | -14.00M | -16.00M | -9.00M | -36.00M |
| Pretax Income | 1.20B | 1.07B | 1.12B | 1.07B | 1.12B | 1.33B |
| Income Tax Expense | 249.00M | 231.00M | 237.00M | 221.00M | 225.00M | 254.00M |
| Earnings From Continuing Ops. | 953.00M | 842.00M | 887.00M | 852.00M | 898.00M | 1.08B |
| Earnings From Discontinued Ops. | 914.00M | |||||
| Net Income to Company | 953.00M | 842.00M | 887.00M | 852.00M | 898.00M | 2.00B |
| Net Income | 953.00M | 842.00M | 887.00M | 852.00M | 898.00M | 2.00B |
| Net Income to Common | 953.00M | 842.00M | 887.00M | 852.00M | 898.00M | 2.00B |
| Shares Outstanding (Basic) | 83.20M | 83.50M | 83.90M | 84.70M | 85.10M | 85.10M |
| Shares Outstanding (Diluted) | 83.20M | 83.50M | 83.90M | 84.80M | 85.30M | 85.60M |
| EPS (Basic) | 11.45 | 10.08 | 10.57 | 10.06 | 10.55 | 23.44 |
| EPS (Diluted) | 11.45 | 10.08 | 10.57 | 10.05 | 10.53 | 23.30 |
| Dividend Per Share | 3.52 | 3.36 | 3.02 | 2.68 | 2.38 | 2.06 |
| Operating Margin | 16.43% | 14.94% | 15.46% | 16.04% | 17.87% | 22.85% |
| Profit Margin | 11.83% | 10.60% | 11.07% | 11.43% | 13.19% | 31.21% |
| EBITDA | 1.42B | 1.27B | 1.32B | 1.27B | 1.32B | 1.65B |
| EBITDA Margin | 17.56% | 16.02% | 16.47% | 17.08% | 19.34% | 25.78% |
| D&A For EBITDA | 91.00M | 86.00M | 81.00M | 78.00M | 100.00M | 187.00M |
| EBIT | 1.32B | 1.19B | 1.24B | 1.20B | 1.22B | 1.46B |
| EBIT Margin | 16.43% | 14.94% | 15.46% | 16.04% | 17.87% | 22.85% |
| Effective Tax Rate | 20.71% | 21.53% | 21.09% | 20.60% | 20.04% | 19.03% |
| Revenue as Reported | 8.28B | 8.17B | 8.32B | 7.83B | 7.04B | 6.55B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 11.26B | 11.05B | 10.40B | 10.38B | 10.10B | |
| Investments in Equity & Preferred Securities | 3.22B | 3.21B | 3.03B | 2.83B | 2.71B | 2.56B |
| Other Investments | 10.36B | |||||
| Total Investments | 15.63B | 15.46B | 14.45B | 14.04B | 13.64B | 13.61B |
| Cash & Equivalents | 1.44B | 1.73B | 1.41B | 1.23B | 872.00M | 2.13B |
| Reinsurance Recoverable | 5.27B | 5.53B | 5.18B | 4.48B | 3.98B | 3.52B |
| Other Receivables | 3.16B | 2.85B | 2.65B | 2.64B | 2.23B | 2.12B |
| Deferred Policy Acquisition Cost | 366.00M | 333.00M | 320.00M | 309.00M | 288.00M | 267.00M |
| Property, Plant & Equipment | 188.00M | 198.00M | 212.00M | 176.00M | 103.00M | 118.00M |
| Goodwill | 327.00M | 327.00M | 305.00M | 305.00M | 246.00M | 246.00M |
| Other Intangible Assets | 179.00M | 189.00M | 203.00M | 213.00M | 108.00M | 39.00M |
| Other Current Assets | 1.38B | 1.09B | 1.01B | 966.00M | 917.00M | 834.00M |
| Long-Term Deferred Tax Assets | 13.00M | 104.00M | 136.00M | 230.00M | 76.00M | |
| Other Long-Term Assets | 5.10B | 4.93B | 5.00B | 5.30B | 6.22B | 5.96B |
| Total Assets | 33.03B | 32.64B | 30.84B | 29.79B | 28.83B | 28.93B |
| Insurance & Annuity Liabilities | 14.84B | 15.09B | 14.18B | 13.09B | 11.97B | 11.07B |
| Unearned Premiums | 4.30B | 3.74B | 3.58B | 3.45B | 3.25B | 3.04B |
| Reinsurance Payable | 1.13B | 1.20B | 1.19B | 1.19B | 1.03B | 920.00M |
| Current Portion of Leases | 39.00M | |||||
| Long-Term Debt | 1.83B | 1.82B | 1.49B | 1.50B | 1.53B | 1.96B |
| Long-Term Leases | 210.00M | 177.00M | 232.00M | 198.00M | 116.00M | 136.00M |
| Other Long-Term Liabilities | 5.91B | 5.76B | 5.70B | 6.11B | 6.88B | 6.78B |
| Total Liabilities | 28.21B | 27.82B | 26.37B | 25.53B | 24.78B | 23.92B |
| Common Stock | 83.00M | 83.00M | 84.00M | 84.00M | 85.00M | 85.00M |
| Additional Paid-In Capital | 1.43B | 1.43B | 1.41B | 1.37B | 1.37B | 1.33B |
| Retained Earnings | 3.45B | 3.36B | 3.21B | 3.12B | 3.14B | 3.48B |
| Comprehensive Income & Other | -142.00M | -50.00M | -240.00M | -319.00M | -543.00M | 119.00M |
| Total Common Equity | 4.82B | 4.82B | 4.47B | 4.26B | 4.05B | 5.01B |
| Shareholders' Equity | 4.82B | 4.82B | 4.47B | 4.26B | 4.05B | 5.01B |
| Total Liabilities & Equity | 33.03B | 32.64B | 30.84B | 29.79B | 28.83B | 28.93B |
| Filing Date Shares Outstanding | 82.92M | 83.30M | 83.98M | 83.66M | 85.20M | 84.93M |
| Total Common Shares Outstanding | 82.92M | 83.42M | 83.98M | 83.64M | 85.20M | 84.92M |
| Total Debt | 2.04B | 2.04B | 1.72B | 1.70B | 1.65B | 2.10B |
| Net Cash (Debt) | -598.00M | -312.00M | -315.00M | -470.00M | -777.00M | 31.00M |
| Net Cash Per Share | -7.19 | -3.74 | -3.75 | -5.54 | -9.11 | 0.36 |
| Book Value Per Share | 58.14 | 57.78 | 53.18 | 50.91 | 47.56 | 59.02 |
| Tangible Book Value | 4.32B | 4.30B | 3.96B | 3.74B | 3.70B | 4.73B |
| Tangible Book Value Per Share | 52.04 | 51.59 | 47.13 | 44.72 | 43.40 | 55.66 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 953.00M | 842.00M | 887.00M | 852.00M | 898.00M | 2.00B |
| Depreciation & Amortization | 91.00M | 86.00M | 81.00M | 78.00M | 100.00M | 187.00M |
| Gain (Loss) on Sale of Assets | -27.00M | -22.00M | 2.00M | -6.00M | -1.02B | |
| Gain (Loss) on Sale of Investments | 17.00M | 10.00M | 36.00M | 116.00M | -110.00M | |
| Reinsurance Recoverable | -1.01B | -628.00M | -769.00M | -794.00M | -644.00M | -350.00M |
| Change in Insurance Reserves / Liabilities | 1.28B | 1.07B | 1.23B | 1.32B | 1.10B | 912.00M |
| Change in Other Net Operating Assets | 255.00M | 176.00M | -223.00M | 358.00M | -390.00M | 130.00M |
| Other Operating Activities | 27.00M | -54.00M | -31.00M | -141.00M | -142.00M | |
| Operating Cash Flow | 1.57B | 1.53B | 1.15B | 1.97B | 1.15B | 1.71B |
| Cash Acquisitions | -4.00M | -4.00M | -9.00M | -208.00M | -10.00M | -2.18B |
| Investment in Securities | -1.15B | -321.00M | 609.00M | 813.00M | -686.00M | -1.91B |
| Other Investing Activities | -177.00M | -217.00M | -252.00M | -156.00M | -145.00M | 225.00M |
| Investing Cash Flow | -1.48B | -835.00M | 95.00M | 414.00M | -1.05B | -436.00M |
| Long-Term Debt Issued | 344.00M | |||||
| Total Debt Repaid | -21.00M | -477.00M | ||||
| Net Debt Issued (Repaid) | 344.00M | 344.00M | -21.00M | -477.00M | ||
| Issuance of Common Stock | 10.00M | 12.00M | 17.00M | 15.00M | 16.00M | 66.00M |
| Repurchases of Common Stock | -88.00M | -99.00M | -213.00M | -11.00M | -319.00M | |
| Common Dividends Paid | -284.00M | -272.00M | -243.00M | -218.00M | -193.00M | -164.00M |
| Other Financing Activities | 390.00M | -28.00M | -295.00M | -1.13B | 324.00M | 227.00M |
| Financing Cash Flow | 80.00M | -377.00M | -1.07B | -2.03B | -1.36B | -1.96B |
| Net Cash Flow | 170.00M | 321.00M | 181.00M | 353.00M | -1.26B | -679.00M |
| Levered Free Cash Flow | 142.25M | 304.62M | 170.25M | 143.12M | 498.50M | 4.32B |
| Unlevered Free Cash Flow | 203.50M | 360.25M | 232.75M | 206.88M | 551.62M | 4.38B |
| Cash Interest Paid | 74.00M | 74.00M | 74.00M | 74.00M | 89.00M | 92.00M |
| Cash Income Tax Paid | 168.00M | 168.00M | 201.00M | 201.00M | 242.00M | 212.00M |
| Change in Working Capital | 505.00M | 617.00M | 238.00M | 1.03B | 186.00M | 805.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.87B | 11.40B | 11.49B | 9.96B | 11.69B | 11.65B |
| Enterprise Value | 13.47B | 11.61B | 11.89B | 10.45B | 12.58B | 10.91B |
| PE Ratio | 13.56 | 13.54 | 12.96 | 11.69 | 13.02 | 5.84 |
| PS Ratio | 1.60 | 1.44 | 1.44 | 1.34 | 1.72 | 1.82 |
| PB Ratio | 2.65 | 2.37 | 2.57 | 2.34 | 2.88 | 2.32 |
| P/OCF Ratio | 8.23 | 7.44 | 9.98 | 5.06 | 10.14 | 6.79 |
| EV/Sales Ratio | 1.67 | 1.46 | 1.48 | 1.40 | 1.85 | 1.71 |
| EV/EBITDA Ratio | 9.53 | 9.12 | 9.02 | 8.21 | 9.55 | 6.62 |
| EV/EBIT Ratio | 10.19 | 9.79 | 9.61 | 8.74 | 10.34 | 7.47 |
| Debt / Equity Ratio | 0.42 | 0.42 | 0.39 | 0.40 | 0.41 | 0.42 |
| Debt / EBITDA Ratio | 1.40 | 1.55 | 1.27 | 1.29 | 1.22 | 1.24 |
| Net Debt / Equity Ratio | 0.12 | 0.07 | 0.07 | 0.11 | 0.19 | -0.01 |
| Net Debt / EBITDA Ratio | 0.42 | 0.24 | 0.24 | 0.37 | 0.59 | -0.02 |
| Quick Ratio | 0.86 | 0.94 | 0.87 | 0.85 | 0.73 | 1.08 |
| Current Ratio | 2.08 | 2.27 | 2.16 | 2.02 | 1.87 | 2.18 |
| Asset Turnover | 0.25 | 0.25 | 0.26 | 0.25 | 0.24 | 0.12 |
| Return on Equity (ROE) | 20.41% | 18.14% | 20.34% | 20.51% | 19.81% | 18.32% |
| Return on Assets (ROA) | 2.60% | 2.33% | 2.55% | 2.55% | 2.63% | 1.78% |
| Return on Invested Capital (ROIC) | 15.47% | 14.27% | 16.10% | 16.28% | 15.19% | 14.77% |
| Earnings Yield | 7.37% | 7.39% | 7.72% | 8.55% | 7.68% | 17.13% |
| Dividend Yield | 2.50% | 2.46% | 2.21% | 2.25% | 1.74% | 1.50% |
| Payout Ratio | 44.64% | 32.30% | 27.40% | 25.59% | 21.49% | 8.22% |
| Buyback Yield / Dilution | 0.80% | 0.48% | 1.06% | 0.59% | 0.35% | 4.04% |
| Total Shareholder Return | 3.30% | 2.94% | 3.27% | 2.84% | 2.08% | 5.54% |