Logo: The logo is from the following website: http://www.afginc.com http://library.corporate-ir.net/library/89/893/89330/items/330032/AC2C0F6A-6E97-4B5C-B265-6F3D9F248614_AFG_Annual_Report.pdf, Non-free logo, via Wikipedia5
American insurance and investments company
American Financial Group, Inc. is an American financial services holding company headquartered in Cincinnati, Ohio. Its primary businesses are insurance and investments.3 Its chief executive is Carl Lindner III (since 2005).1 Its shares trade on NYSE under the symbol AFG.1Wikipedia text CC BY-SA 4.0
American Financial Group, Inc. is an American financial services holding company headquartered in Cincinnati, Ohio. Its primary businesses are insurance and investments.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue1112131410$8.2B in 2025+32% since 2019Operating income1112131410$1.1B in 2025+69% since 2019Net income1112131410$842.0M in 2025−6% since 2019
Revenue151617$2.0B in Q2 FY2026−13% since Q3 FY2025Operating income151617$316.0M in Q2 FY2026+18% since Q3 FY2025Net income151617$248.0M in Q2 FY2026+15% since Q3 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net earned premiums
$7.0B
$7.0B
$6.5B
Net investment income
$745.0M
$780.0M
$742.0M
Securities
$10.0M
$0
-$36.0M
Subsidiaries
$1.0M
$0
-$4.0M
Investment income
$283.0M
$380.0M
$421.0M
Gain (loss) on change in fair value of assets/liabilities
-$26.0M
$4.0M
$27.0M
Other income
$115.0M
$124.0M
$146.0M
Total revenues
$8.2B
$8.3B
$7.8B
Losses and loss adjustment expenses
$4.4B
$4.5B
$4.0B
Commissions and other underwriting expenses
$2.1B
$2.0B
$1.9B
Interest charges on borrowed money
$80.0M
$76.0M
$76.0M
Expenses of managed investment entities
$241.0M
$338.0M
$405.0M
Other expenses
$333.0M
$319.0M
$305.0M
Total costs and expenses
$7.1B
$7.2B
$6.8B
Earnings before income taxes
$1.1B
$1.1B
$1.1B
Provision for income taxes
$231.0M
$237.0M
$221.0M
Net Earnings
$842.0M
$887.0M
$852.0M
Basic (USD per share)
$10.08
$10.57
$10.06
Diluted (USD per share)
$10.08
$10.57
$10.05
Basic (shares)
83.5M shares
83.9M shares
84.7M shares
Diluted (shares)
83.5M shares
83.9M shares
84.8M shares
No quarter-by-quarter statement was filed.
Total assets181112131410$32.6B in 2025−53% since 2019Total liabilities181112131410$27.8B in 2025−56% since 2019Shareholders’ equity181112131410$4.8B in 2025−23% since 2019Cash181112131410$1.7B in 2025−25% since 2019Long-term debt181112131410$1.8B in 2025+24% since 2019
Total assets151617$33.0B in Q2 FY2026−2% since Q3 FY2025Total liabilities151617$28.2B in Q2 FY2026−3% since Q3 FY2025Shareholders’ equity151617$4.8B in Q2 FY2026+2% since Q3 FY2025Cash151617$1.4B in Q2 FY2026−22% since Q3 FY2025Long-term debt151617$1.8B in Q2 FY2026+0% since Q3 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$1.7B
$1.4B
Fixed maturities, available for sale at fair value (amortized cost $11,101 and $10,687; allowance for expected credit losses of $21 and $34)
$11.1B
$10.4B
Fixed maturities, trading at fair value
$91.0M
$76.0M
Equity securities, at fair value
$785.0M
$751.0M
Investments accounted for using the equity method
$2.4B
$2.3B
Mortgage loans
$947.0M
$791.0M
Real estate and other investments
$159.0M
$153.0M
Total cash and investments
$17.2B
$15.9B
Recoverables from reinsurers
$5.5B
$5.2B
Prepaid reinsurance premiums
$1.1B
$1.0B
Agents balances and premiums receivable
$1.6B
$1.5B
Deferred policy acquisition costs
$333.0M
$320.0M
Assets of managed investment entities
$4.0B
$4.1B
Other receivables
$1.2B
$1.1B
Other assets
$1.3B
$1.4B
Goodwill
$327.0M
$305.0M
$305.0M
Total assets
$32.6B
$30.8B
Unpaid losses and loss adjustment expenses
$15.1B
$14.2B
$13.1B
$12.0B
Unearned premiums
$3.7B
$3.6B
Payable to reinsurers
$1.2B
$1.2B
Liabilities of managed investment entities
$3.9B
$4.0B
Long-term debt
$1.8B
$1.5B
Other liabilities
$2.1B
$2.0B
Total liabilities
$27.8B
$26.4B
Common Stock, no par value 200,000,000 shares authorized 83,422,202 and 83,978,258 shares outstanding
$83.0M
$84.0M
Capital surplus
$1.4B
$1.4B
Retained earnings
$3.4B
$3.2B
Accumulated other comprehensive income (loss), net of tax
-$50.0M
-$240.0M
Shareholders equity
$4.8B
$4.5B
Total liabilities and shareholders equity
$32.6B
$30.8B
Fixed maturies, available for sale, amortized cost
$11.1B
$10.7B
Fixed maturities, available for sale, allowance for expected credit losses
$21.0M
$34.0M
$12.0M
$11.0M
Common Stock, par value (USD per share)
$0
$0
Common Stock, shares authorized
200.0M shares
200.0M shares
Common Stock, shares outstanding
83.4M shares
84.0M shares
Common Stock, shares issued
83.4M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$1.7B
$1.4B
Fixed maturities, available for sale at fair value (amortized cost $11,101 and $10,687; allowance for expected credit losses of $21 and $34)
$11.1B
$10.4B
Fixed maturities, trading at fair value
$91.0M
$76.0M
Equity securities, at fair value
$785.0M
$751.0M
Investments accounted for using the equity method
$2.4B
$2.3B
Mortgage loans
$947.0M
$791.0M
Real estate and other investments
$159.0M
$153.0M
Total cash and investments
$17.2B
$15.9B
Recoverables from reinsurers
$5.5B
$5.2B
Prepaid reinsurance premiums
$1.1B
$1.0B
Agents balances and premiums receivable
$1.6B
$1.5B
Deferred policy acquisition costs
$333.0M
$320.0M
Assets of managed investment entities
$4.0B
$4.1B
Other receivables
$1.2B
$1.1B
Other assets
$1.3B
$1.4B
Goodwill
$327.0M
$305.0M
$305.0M
Total assets
$32.6B
$30.8B
Unpaid losses and loss adjustment expenses
$15.1B
$14.2B
$13.1B
$12.0B
Unearned premiums
$3.7B
$3.6B
Payable to reinsurers
$1.2B
$1.2B
Liabilities of managed investment entities
$3.9B
$4.0B
Long-term debt
$1.8B
$1.5B
Other liabilities
$2.1B
$2.0B
Total liabilities
$27.8B
$26.4B
Common Stock, no par value 200,000,000 shares authorized 83,422,202 and 83,978,258 shares outstanding
$83.0M
$84.0M
Capital surplus
$1.4B
$1.4B
Retained earnings
$3.4B
$3.2B
Accumulated other comprehensive income (loss), net of tax
-$50.0M
-$240.0M
Shareholders equity
$4.8B
$4.5B
Total liabilities and shareholders equity
$32.6B
$30.8B
Fixed maturies, available for sale, amortized cost
$11.1B
$10.7B
Fixed maturities, available for sale, allowance for expected credit losses
$21.0M
$34.0M
$12.0M
$11.0M
Common Stock, par value (USD per share)
$0
$0
Common Stock, shares authorized
200.0M shares
200.0M shares
Common Stock, shares outstanding
83.4M shares
84.0M shares
Common Stock, shares issued
83.4M shares
Cash from operations1112131410$1.5B in 2025−38% since 2019Dividends paid1112131410$606.0M in 2025+36% since 2019Share buybacks1112131410$99.0M in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
Period ending
2025-12-31
2024-12-31
2023-12-31
Net earnings
$842.0M
$887.0M
$852.0M
Depreciation and amortization
$86.0M
$81.0M
$78.0M
Realized (gains) losses on investing activities
-$12.0M
$0
$38.0M
Net (purchases) sales of trading securities
$7.0M
-$26.0M
-$5.0M
Reinsurance and other receivables
-$628.0M
-$769.0M
-$794.0M
Other assets
$62.0M
$10.0M
-$19.0M
Insurance claims and reserves
$1.1B
$1.2B
$1.3B
Payable to reinsurers
$3.0M
$5.0M
$151.0M
Other liabilities
$44.0M
-$153.0M
$72.0M
Managed investment entities assets/liabilities
$70.0M
-$80.0M
$305.0M
Other operating activities, net
-$7.0M
-$28.0M
-$26.0M
Net cash provided by operating activities
$1.5B
$1.2B
$2.0B
Fixed maturities
-$3.0B
-$2.1B
-$2.0B
Equity securities
-$65.0M
-$187.0M
-$146.0M
Mortgage loans
-$211.0M
-$191.0M
$0
Other investments
-$224.0M
-$247.0M
-$150.0M
Real estate, property and equipment
-$135.0M
-$133.0M
-$72.0M
Businesses
-$7.0M
-$9.0M
-$234.0M
Maturities and redemptions of fixed maturities
$2.4B
$2.1B
$1.3B
Repayments of mortgage loans
$51.0M
$41.0M
$34.0M
Sales of fixed maturities
$124.0M
$124.0M
$650.0M
Sales of equity securities
$120.0M
$179.0M
$164.0M
Sales of other investments
$57.0M
$107.0M
$78.0M
Sales of real estate, property and equipment
$2.0M
$30.0M
$3.0M
Cash and cash equivalents of businesses acquired
$3.0M
$0
$26.0M
Purchases of investments
-$2.1B
-$1.9B
-$1.5B
Proceeds from sales and redemptions of investments
$2.1B
$2.3B
$2.2B
Other investing activities, net
$7.0M
-$5.0M
-$6.0M
Net cash provided by (used in) investing activities
-$835.0M
$95.0M
$414.0M
Additional long-term borrowings
$344.0M
$0
$0
Reductions of long-term debt
$0
$0
-$21.0M
Issuances of Common Stock
$12.0M
$17.0M
$15.0M
Repurchases of Common Stock
-$99.0M
$0
-$213.0M
Cash dividends paid on Common Stock
-$606.0M
-$788.0M
-$684.0M
Issuances of managed investment entities liabilities
$3.0B
$2.3B
$670.0M
Retirements of managed investment entities liabilities
American Financial Group sits at the top of its group. 58 entities, 6 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of American Financial Group
FMR LLCFiled SCHEDULE 13G/A on American Financial Group, latest Aug 6, 2026 (5 filings since Feb 9, 2022)
Carl Lindner IIIFiled SCHEDULE 13D/A on American Financial Group, latest Apr 15, 2026
S. Craig LindnerFiled SCHEDULE 13D/A on American Financial Group, latest Apr 15, 2026
VANGUARD GROUP INCFiled SCHEDULE 13G/A on American Financial Group, latest Mar 26, 2026 (5 filings since Feb 9, 2022)
BlackRockFiled SCHEDULE 13G/A on American Financial Group, latest Oct 17, 2025 (4 filings since Feb 1, 2022)
Edyth B. Lindner Filed SC 13D/A on American Financial Group, latest May 12, 2022
ABA Insurance Services, Inc. Subsidiary · Ohio, United States
AFG Real Estate Holding Company, LLC Subsidiary · Ohio, United States
American Empire Insurance Company Subsidiary · Ohio, United States
American Money Management Corporation Subsidiary · Cincinnati, Ohio, United States
American Real Estate Capital Company, LLC Subsidiary · Ohio, United States
ANNUITY INVESTORS LIFE INSURANCE COMPANY Subsidiary · Cincinnati, Ohio, United States
APU Consolidated, Inc. Subsidiary · Pennsylvania, United States
APU Holding Company Subsidiary · Ohio, United States
Bridgefield Casualty Insurance Company Subsidiary · Florida, United States
Bridgefield Employers Insurance Company Subsidiary · Florida, United States
Bridgefield Indemnity Insurance Company Subsidiary · Ohio, United States
Crop Risk Services, Inc. Subsidiary · Illinois, United States
El Aguila, Compañia de Seguros, S.A. de C.V. Subsidiary · Mexico
Farmers Crop Insurance Alliance, Inc. Subsidiary · Kansas, United States
Gai Holding Bermuda Ltd. Subsidiary · Hamilton, Bermuda
GAI Insurance Company, Ltd. Subsidiary · Bermuda
Great American Alliance Insurance Company Subsidiary · Ohio, United States
Great American Assurance Company Subsidiary · Ohio, United States
and 31 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G; stakes of 5% or more it reported on Schedules 13D and 13G (6 companies). Each entity in the chart links to its source.
What it owns
What American Financial Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
AFG and its insurance subsidiaries lease the majority of their office and storage facilities in numerous cities throughout the United States and internationally, including the Company’s headquarters in Cincinnati, Ohio. Subsidiaries of AFG own several other buildings in downtown Cincinnati. AFG and its affiliates occupy approximately half of the aggregate 640,000 square feet of commercial and office space in these buildings.
Property and casualty subsidiaries own and occupy approximately 90% of the 281,000 square feet of rentable office space on 17.5 acres of land in Richfield, Ohio and 100% of the 135,000 square feet of rentable office space on 1.3 acres of land in Lakeland, Florida.
National General Corporation, run by Gene Klein, acquired Great American in 1968. Carl Lindner, Jr. later acquired National General, and then sold off its other operations.
By December 1988, the company had a flight department at Lunken Airport.
American Financial Group was ranked 486th on the Fortune 500 list in 2004. Through the years American Financial Group has owned a number of subsidiaries, real estate properties, and companies, including The Mountain View Grand Resort & Spa in Whitefield, New Hampshire, The Cincinnatian in Cincinnati, Ohio, The Biltmore in Coral Gables, Florida, Le Pavillon in New Orleans, Louisiana, and the Charleston Harbor Resort and Marina in Charleston, South Carolina. Great American Insurance Group partnered with the Cincinnati Reds baseball team to purchase naming rights for Great American Ball Park upon its opening in 2003.
On December 6, 2006, American Financial sold assets acquired from successors to the dissolution of the Penn Central Railroad including the land under Grand Central Terminal and the 156 miles (251 km) of Metro North track leading to the New York City landmark to Argent Ventures. The company announced in December 2007 that it would combine its offices and move its headquarters to the brand new Great American Insurance Building at Queen City Square in 2011.
American Financial Group was one of the first publicly traded Fortune 500 companies to make political donations after corporations' freedom of speech rights were expanded to include donations as a result of the Citizens United v. FEC decision. Carl Lindner, Jr is a longtime top Republican donor, donating millions of his personal income to candidates and political action committees, which sent ripples in campaign finance circles during the 2010 mid-term elections. American Financial, of which Lindner has a non-majority 42% share, donated $400,000 to the Republican-allied PAC American Crossroads.
American Financial Group's major insurance division operates as Great American Insurance, founded in 1872, and focuses on property and casualty insurance services. Other affiliates and subsidiaries include Great American Custom, Mid-Continent Group, National Interstate, and Republic Indemnity. Insurance specialties also include equine, trucking, executive liability, fidelity and crime, and agribusiness. Great American Financial Resources is a wholly owned subsidiary of American Financial Group and supplies a range of annuities, life insurance products and supplemental insurances to individuals and enterprises.
The parent company, AFG, is owned principally by the family of financier Carl Lindner, Jr., who bought the company in 1973 and served as its chairman until his death in 2011. The senior Lindner's sons, Carl H. Lindner III and S. Craig Lindner serve as co-chief executive officer.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
360 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 44 major events, 209 insider forms, 18 large holders, 69 other. The latest 20:
35 open-market trades by officers, directors and large owners since October 2021: 2 buys and 33 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Year
Executive
Age
Salary
Total pay
2025
S. Craig LindnerCo-Chief Executive Officer (Co-Principal Executive Officer)
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How American Financial Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
5.125% Subordinated Debentures due December 15, 2059
AFGC
New York Stock Exchange
4.50% Subordinated Debentures due September 15, 2060
AFGE
New York Stock Exchange
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks American Financial Group names in Item 1A of its 10-K filed Feb 25, 2026: 28 risks under these headings, as written.19
RISKS RELATING TO AFG’S INSURANCE OPERATIONS, DISTRIBUTION AND PRODUCTS
AFG’s results of operations could be adversely impacted by catastrophes, both natural and man-made, pandemics, severe weather conditions or climate change.
Volatility in crop prices or yields, as a result of weather conditions or other events, could adversely impact AFG’s results of operations.
AFG’s results of operations and revenues may fluctuate as a result of many factors, including cyclical changes in the insurance industry.
AFG’s success will depend on its ability to maintain and enhance effective operating procedures and manage risks on an enterprise-wide basis.
AFG could face unanticipated losses from war, terrorism, political unrest and geopolitical uncertainty which could have a material adverse effect on AFG’s financial condition and results of operations.
AFG’s international operations expose it to investment, political and economic risks, including foreign currency and credit risk.
RISKS RELATING TO THE INSURANCE INDUSTRY
Intense competition could adversely affect AFG’s results of operations.
AFG’s revenues could be adversely affected if it is not able to attract and retain independent agents.
RISKS RELATING TO ESTIMATES, ASSUMPTIONS AND VALUATIONS
AFG’s property and casualty reserves may be inadequate, which could have a material adverse effect on AFG’s results of operations.
The other 19 risks
AFG uses analytical models to assist in its underwriting, reserving and reinsurance purchasing decision-making, and actual results may differ materially from the model outputs and related analyses.
AFG may be exposed to significant risks due to its use or its business partners’ use of AI.
Exposure to mass tort claims could materially adversely affect AFG’s results of operations and financial condition.
RISKS RELATING TO ECONOMIC, POLITICAL AND GLOBAL MARKET CONDITIONS
AFG’s investment portfolio is subject to market risk, including changes in interest rates, which could have a material adverse effect on AFG’s results of operations and financial condition.
General economic, financial market and political conditions and conditions in the markets in which AFG operates may materially adversely affect its investment portfolio, results of operations, financial condition and stock price.
AFG’s alternative investments may be illiquid and volatile in terms of value and returns, which could negatively affect AFG’s investment income and liquidity.
AFG’s access to capital may be limited or may not be available on favorable terms.
RISKS RELATED TO TECHNOLOGY, DATA SECURITY AND PRIVACY
AFG or third parties may experience difficulties with technology or data security, which could have an adverse effect on AFG’s business or reputation.
Any failure to appropriately collect, administer and protect consumer information could adversely affect AFG’s reputation, subject AFG to fines, claims and penalties, and have a material adverse effect on AFG’s business, financial condition and results of operations.
RISKS RELATED TO FINANCIAL STRENGTH, CREDIT AND COUNTERPARTIES
A downgrade or potential downgrade in AFG’s financial strength and/or credit ratings by one or more rating agencies could adversely affect its business, financial condition, results of operations and/or cash flows.
The inability to obtain reinsurance or to collect on ceded reinsurance could adversely affect AFG’s results of operations.
REGULATORY AND LEGAL RISKS
AFG may suffer losses from litigation, including from effects of emerging claim and coverage issues, which could materially and adversely affect AFG’s financial condition and business operations.
AFG is subject to comprehensive regulation, and its ability to earn profits may be restricted by these regulations.
As a holding company, AFG is dependent on the operations of its insurance company subsidiaries to meet its obligations and pay future dividends.
AFG could be adversely impacted by changes to the U.S. Federal income tax laws.
New accounting rules or changes to existing accounting standards could adversely impact AFG’s reported results of operations.
GENERAL RISK FACTORS
Certain shareholders exercise substantial control over AFG’s affairs, which may impede a change of control transaction.
AFG’s business and operations may be negatively impacted by its and its business partners’ failure to recruit and retain key employees.
The price of AFG Common Stock may fluctuate significantly, which may make it difficult for holders to resell Common Stock when they want or at a price they find attractive.
Legal proceedings
AFG and its subsidiaries are involved in litigation from time to time, generally arising in the ordinary course of business. This litigation may include, but is not limited to, general commercial disputes, lawsuits brought by policyholders, employment matters, reinsurance collection matters and actions challenging certain business practices of insurance subsidiaries. Except for the following, management believes that none of the litigation meets the threshold for disclosure under this Item.
AFG’s insurance company subsidiaries and its 100%-owned subsidiary, APU Consolidated, Inc. (including its subsidiaries, “APU”), are parties to litigation and receive claims alleging injuries and damages from asbestos, environmental and other substances and workplace hazards and have established loss accruals for such potential liabilities. None of such litigation or claims is individually material to AFG; however, the ultimate loss for these claims may vary materially from amounts currently recorded as the conditions surrounding resolution of these claims continue to change.
