American Financial Group, Inc. AFG

FinancialsInsuranceUnited States of America

Last close 155.17 USD on Nov 2, 2026, +19.3% year to date

Quant rating

Quant rating A Rank 80 of 799 in Financials

Growth C 478 of 799
Valuation B 161 of 799
Quality B 239 of 799
Revisions B 153 of 799
Momentum A 112 of 799

Wall Street consensus Hold (2.75)Average target 153.33 USD −1.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 12.9B
Enterprise value: 13.2B
52-week range: 123.29 – 156.01
3-year range: 97.51 – 156.01
Dividend yield: 2.52%
Beta (5 years): 0.55
Shares outstanding: 82.9M
Next earnings: Nov 3, 2026

About the company

American Financial Group, Inc. is an insurance holding company. Through the operations of Great American Insurance Group, the Company is engaged primarily in property and casualty insurance, focusing on specialized commercial products for businesses. The Company’s segments include property and casualty insurance and Other. The property and casualty insurance business includes specialty sub-segments: property and transportation, which includes physical damage and liability coverage for buses and trucks and other specialty transportation niches, inland and ocean marine, agricultural-related products and other commercial property coverage; specialty casualty, which includes primarily excess and surplus, executive and professional liability, general liability, umbrella and excess liability, and specialty financial, which includes risk management insurance programs for lending and leasing institutions, fidelity and surety products and trade credit insurance.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	7,161	7,160	6,677	6,202	5,517	–
Revenue growth	0.0%	7.2%	7.7%	12.4%	6.5%	6.7%
EPS (basic, normalized)	10.29	10.75	10.56	11.63	11.59	–
EPS growth	−4.3%	1.8%	−9.2%	0.3%	–	–
Gross margin	–	–	–	–	–	–
Net margin	10.4%	10.8%	11.1%	13.1%	16.5%	12.4%
ROE	18.5%	20.7%	21.5%	19.2%	16.8%	19.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	1,821
Net debt (mil)	–
Total equity (mil)	4,821
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	7,161	0.0%	1.9x	57.78	+6.1%	2.7x	10.29	−4.3%	15.1x
2026	7,384	+3.1%	1.8x	61.31	+6.1%	2.5x	12.60	+22.5%	12.3x
2027	7,667	+3.8%	1.7x	67.05	+9.4%	2.3x	12.16	−3.5%	12.8x
2028	8,130	+6.0%	1.6x	71.10	+6.0%	2.2x	12.66	+4.1%	12.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	7,384	+2.1%	+0.5%	+2.3%	12.60	+1.4%	+8.3%	+11.8%
2027	7,667	0.0%	−1.1%	+1.1%	12.16	−0.2%	+0.5%	+1.3%
2028	8,130	+1.3%	−0.9%	+4.4%	12.66	−0.9%	−0.1%	−3.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,546	1,585	2,055	1,850	1,580	1,647	2,013	1,806	1,609	1,694
Sales mean (mil)	1,718	1,710	1,818	1,719	1,742	1,768	1,993	1,850	1,696	1,734
Surprise	−10.0%	−7.3%	+13.0%	+7.6%	−9.3%	−6.9%	+1.0%	−2.4%	−5.2%	−2.3%
EPS reported	2.76	2.56	2.31	3.12	1.81	2.14	2.69	3.65	2.47	2.82
EPS mean	2.70	2.45	2.47	3.10	2.03	2.08	2.51	3.31	2.54	2.31
Surprise	+2.1%	+4.6%	−6.4%	+0.6%	−10.7%	+2.7%	+7.2%	+10.2%	−2.6%	+22.1%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
AFG American Financial Group, Inc.	12.9B	18.5%	10.4%	2.67x	12.3x	12.8x	2.5x	2.3x
8766 Tokio Marine Holdings, Inc.	106.0B	18.7%	7.3%	2.00x	17.5x	15.9x	2.2x	2.1x
CB Chubb Limited	141.0B	14.4%	17.4%	1.93x	12.7x	12.5x	1.8x	1.6x
PGR The Progressive Corporation	135.6B	38.2%	12.9%	3.96x	12.7x	14.4x	4.0x	3.5x
ZURN Zurich Insurance Group AG	114.3B	25.2%	9.0%	3.55x	16.4x	14.4x	3.7x	3.5x
MRSH Marsh & McLennan Companies, Inc.	97.7B	33.4%	15.4%	6.65x	19.6x	17.9x	6.5x	5.6x
Mean		24.7%	12.1%	3.46x	15.2x	14.7x	3.5x	3.1x
Median		21.9%	11.6%	3.11x	14.6x	14.4x	3.1x	2.9x

Technical analysis

1M+12.3%
3M+10.2%
1Y+27.4%
3Y+83.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, American Financial Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	7,161	7,160	6,677	6,202	5,517	5,179
Other revenue	949	1,039	1,023	672	1,030	580
Total revenue	8,110	8,199	7,700	6,874	6,547	5,759
Losses, benefits and adjustments	5,672	5,701	5,248	5,347	4,704	4,896
Amortization of policy acquisition costs	775	766	720	–	–	–
Selling, general & administrative expenses	42.0	41.0	36.0	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Other operating expenses	547	643	689	488	414	436
Operating income	1,074	1,048	1,007	1,039	1,429	427
Net interest income (expense)	−1.0	76.0	66.0	84.0	−94.0	−88.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,073	1,124	1,073	1,123	1,335	339
Provision for taxes	231	237	221	225	254	25.0
Minority interest	–	–	–	0	0	11.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	842	887	852	898	1,081	325
Extraordinary items	–	–	–	0	914	407
Net income	842	887	852	898	1,995	732
Basic weighted average shares (mil)	83.5	83.9	84.7	85.1	85.1	88.7
Diluted weighted average shares (mil)	83.5	83.9	84.8	85.3	85.6	89.2
Basic EPS, normalized	10.29	10.75	10.56	11.63	11.59	–

Balance sheet in millions of USD, fiscal years

Balance sheet, American Financial Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	1,212	1,123	1,171	886	857	678
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	198	212	176	103	118	159
Goodwill	327	305	305	246	246	176
Intangibles	189	203	213	108	106	34.0
Insurance receivables	7,169	6,708	5,948	5,316	4,784	4,517
Long-term investments	19,505	18,586	18,522	19,087	18,910	16,800
Note receivable	–	–	–	–	–	–
Other long-term assets	–	–	–	–	0	47,885
Deferred policy acquisition costs	333	320	309	288	267	244
Other assets	1,982	1,973	1,918	1,925	1,512	1,552
Total assets	32,642	30,836	29,787	28,831	28,931	73,710
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	216	232	198	116	136	159
Policy liabilities	20,025	18,954	17,724	16,255	15,035	14,002
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	1,820	1,475	1,475	1,496	1,964	1,963
Minority interest	–	–	–	–	–	0
Other liabilities	5,761	5,709	6,132	6,912	6,784	50,797
Total liabilities	27,822	26,370	25,529	24,779	23,919	66,921
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	83.0	84.0	84.0	85.0	85.0	86.0
Additional paid-in capital	1,430	1,411	1,372	1,368	1,330	1,281
Retained earnings (accumulated deficit)	3,357	3,211	3,121	3,142	3,478	4,149
Treasury stock	–	–	–	–	–	–
Other equity	−50.0	−240	−319	−543	119	1,273
Total equity	4,820	4,466	4,258	4,052	5,012	6,789
Total liabilities & shareholders' equity	32,642	30,836	29,787	28,831	28,931	73,710

Cash flow statement in millions of USD, fiscal years

Cash flow statement, American Financial Group, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	842	887	852	898	1,995	721
Depreciation, depletion & amortization	86.0	81.0	78.0	100	187	299
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	0	377	1,192
Changes in working capital	605	184	1,040	155	−845	−29.0
Cash from operations	1,533	1,152	1,970	1,153	1,714	2,183
Investing activities
Capital expenditures	−135	−133	−72.0	−86.0	−62.0	−60.0
Other investing cash flows	−700	228	486	−965	−374	−1,504
Cash from investing	−835	95.0	414	−1,051	−436	−1,564
Financing activities
Financing cash flow items	−28.0	−295	−1,128	324	670	18.0
Cash dividends paid	−606	−788	−684	−1,213	−2,374	−334
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	257	17.0	−219	−472	−253	193
Cash from financing	−377	−1,066	−2,031	−1,361	−1,957	−123
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	321	181	353	−1,259	−679	496
Free cash flow	1,398	1,019	1,898	1,067	1,652	2,123

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.