Wednesday 4 November 2026 Export AFG’s income statement to Excel — free account

American Financial Group, Inc.

AFG Financial Insurance Property & Casualty

American Financial Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.2 billion, down 1.80% from fiscal 2024.

Revenue: +5.51%
EPS: +44.4%
Free cash flow: −68.1%
Total debt: +23.4%

Quarter to June 2026, against a year earlier

153.73 0.73 +0.48%

Follow AFG

Alert me

Market cap: $12.7B
P/E: 13.4×
Fwd P/E: 12.4×
Dividend yield: 2.36%
F-score: 5/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

American Financial Group, Inc. (AFG) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2011: revenue by segment, and margins
Property and casualty insurance	3,217	69.29%
Annuity and Supplemental Insurance	1,455	31.34%
Other	78	1.68%
Gross margin		21.52%
Operating margin		12.02%
Pre-tax margin		12.02%

Revenue by segment $m

Line	FY2011	FY2010	FY2009
Property and casualty insurance	3,217 69.29%	3,043 67.67%	3,055 70.72%
Annuity and Supplemental Insurance	1,455 31.34%	1,417 31.51%	1,256 29.07%
Other	78 1.68%	37 0.82%	9 0.21%
Eliminations	(107) (2.30%)	—	—
Revenue	4,643	4,497	4,320

Operating income by segment $m, and margin

	FY2011	FY2010	FY2009
Property and casualty insurance	‡	‡	‡
Annuity and Supplemental Insurance	‡	‡	‡
Other	‡	‡	‡
Corporate and other	‡	‡	‡
Operating income	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡
	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average renewal pricing excluding workers’ compensation	Q3 FY2026	6.00%	—	—
Combined ratio – P&C segment	Q3 FY2026	94.0%	93.1%	—
Gross written premiums	Q3 FY2026	$4.0B	$3.7B	+8.02%
Loss & LAE ratio	Q3 FY2026	67.8%	67.2%	—
Net written premiums	Q3 FY2026	$2.5B	$2.3B	+8.97%
Property and Transportation combined ratio	Q3 FY2026	93.4%	94.1%	—
Property and Transportation renewal rates	Q3 FY2026	7.00%	6.00%	—
Property & Transportation gross written premiums	Q3 FY2026	$2.2B	$2.0B	+12.10%
Property & Transportation net written premiums	Q3 FY2026	$1.2B	$1.1B	+13.51%
Renewal rates including workers’ compensation	Q3 FY2026	5.00%	5.00%	—
Specialty Casualty combined ratio	Q3 FY2026	94.9%	95.8%	—
Specialty Casualty gross written premiums	Q3 FY2026	$1.3B	$1.3B	+0.37%
Specialty Casualty net written premiums	Q3 FY2026	$935.0M	$914.0M	+2.30%
Specialty Casualty renewal pricing excluding workers’ compensation	Q3 FY2026	6.00%	8.00%	—
Specialty Casualty renewal pricing including workers’ compensation	Q3 FY2026	4.00%	7.00%	—
Specialty combined ratio	Q3 FY2026	93.8%	93.0%	—
Specialty Financial combined ratio	Q3 FY2026	92.5%	81.1%	—
Specialty Financial gross written premiums	Q3 FY2026	$403.0M	$353.0M	+14.16%
Specialty Financial net written premiums	Q3 FY2026	$326.0M	$287.0M	+13.59%
Underwriting expense ratio	Q3 FY2026	26.0%	25.8%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Average renewal pricing excluding workers’ compensation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Combined ratio – P&C segment	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross written premiums	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Loss & LAE ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net written premiums	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Property and Transportation combined ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Property and Transportation renewal rates	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Property & Transportation gross written premiums	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Property & Transportation net written premiums	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Renewal rates including workers’ compensation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Casualty combined ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Casualty gross written premiums	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Casualty net written premiums	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Casualty renewal pricing excluding workers’ compensation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Casualty renewal pricing including workers’ compensation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty combined ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Financial combined ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Financial gross written premiums	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Specialty Financial net written premiums	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Underwriting expense ratio	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.